0001104659-20-119866.txt : 20201030 0001104659-20-119866.hdr.sgml : 20201030 20201030120403 ACCESSION NUMBER: 0001104659-20-119866 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20200831 FILED AS OF DATE: 20201030 DATE AS OF CHANGE: 20201030 EFFECTIVENESS DATE: 20201030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brinker Capital Destinations Trust CENTRAL INDEX KEY: 0001688680 IRS NUMBER: 816867493 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23207 FILM NUMBER: 201275997 BUSINESS ADDRESS: STREET 1: 1055 WESTLAKES DRIVE, SUITE 250 CITY: BERWYN STATE: PA ZIP: 19312 BUSINESS PHONE: (610) 407-8348 MAIL ADDRESS: STREET 1: 1055 WESTLAKES DRIVE, SUITE 250 CITY: BERWYN STATE: PA ZIP: 19312 0001688680 S000056100 Destinations Large Cap Equity Fund C000176692 Class I DLCFX C000202452 Class Z DLCZX 0001688680 S000056101 Destinations Multi Strategy Alternatives Fund C000176693 Class I DMSFX C000202453 Class Z DMSZX 0001688680 S000056102 Destinations Small-Mid Cap Equity Fund C000176694 Class I DSMFX C000202454 Class Z DSMZX 0001688680 S000056103 Destinations International Equity Fund C000176695 Class I DIEFX C000202455 Class Z DIEZX 0001688680 S000056104 Destinations Equity Income Fund C000176696 Class I DGEFX C000202456 Class Z DGEZX 0001688680 S000056105 Destinations Real Assets Fund C000176697 Class I DRAFX C000202457 Class Z DRAZX 0001688680 S000056106 Destinations Core Fixed Income Fund C000176698 Class I DCFFX C000202458 Class Z DCFZX 0001688680 S000056107 Destinations Low Duration Fixed Income Fund C000176699 Class I DLDFX C000202459 Class Z DLDZX 0001688680 S000056108 Destinations Global Fixed Income Opportunities Fund C000176700 Class I DGFFX C000202460 Class Z DGFZX 0001688680 S000056109 Destinations Municipal Fixed Income Fund C000176701 Class I DMFFX C000202461 Class Z DMFZX N-CSRS 1 tm2032577d2_ncsrs.htm N-CSRS

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-23207

 

Brinker Capital Destinations Trust

(Exact name of registrant as specified in charter)

 

1055 Westlakes Drive, Suite 250

Berwyn, PA 19312

(Address of principal executive offices) (Zip code)

 

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

 

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

 

Date of fiscal year end:

February 28

 

Date of reporting period:

August 31, 2020

 

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

 

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

 

 

 

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

[MISSING IMAGE: img_cov.jpg]
Semi-Annual Report
August 31, 2020
Destinations Large Cap Equity Fund   Class / Ticker : I / DLCFX, Z / DLCZX
Destinations Small-Mid Cap Equity Fund   Class / Ticker : I / DSMFX, Z / DSMZX
Destinations International Equity Fund   Class / Ticker : I / DIEFX, Z / DIEZX
Destinations Equity Income Fund   Class / Ticker : I / DGEFX, Z / DGEZX
Destinations Real Assets Fund   Class / Ticker : I / DRAFX, Z / DRAZX
Destinations Core Fixed Income Fund   Class / Ticker : I / DCFFX, Z / DCFZX
Destinations Low Duration Fixed Income Fund   Class / Ticker : I / DLDFX, Z / DLDZX
Destinations Global Fixed Income Opportunities Fund   Class / Ticker : I / DGFFX, Z / DGFZX
Destinations Municipal Fixed Income Fund   Class / Ticker : I / DMFFX, Z / DMFZX
Destinations Multi Strategy Alternatives Fund   Class / Ticker : I / DMSFX, Z / DMSZX
Beginning on or about May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial advisor. Instead, the reports will be made available on the Funds’ website (www.destinationsfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial advisor.
You may elect to receive all future reports in paper free of charge. You can contact your financial advisor to inform them that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Destinations Funds held in your account.
www.destinationsfunds.com // 877.771.7979​
Table of Contents
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Shareholder Letter
​
Dear Shareholder,
We are pleased to provide the semi-annual report of the Destinations Funds for the six-month reporting period ended August 31, 2020. The semi-annual report will provide you with details such as the Schedule of Investments and Financial Highlights during the Funds’ reporting period.
As we finalize this shareholder report, the world is continuing to deal with unprecedented health, economic and lifestyle challenges stemming from the novel coronavirus (COVID-19) global pandemic. Segments of the economy are starting to reopen but slowing and eliminating the virus from continued human impact are most important. We have a long history of weathering volatile markets, and we are confident that we will continue to meet this current challenge.
As always, we remain committed to providing you with excellent service and a full spectrum of investment choices to help you while you pursue your objectives and goals. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.destinationsfunds.com. On our website, you can gain immediate access to Destinations Funds information, including:
•
Fund prices and performance,
​
•
Holdings,
​
•
Distributions, and
​
•
A host of fund literature and resources
​
We want to thank you for your continued confidence in the Destinations Funds and we look forward to helping you meet your financial goals.
Sincerely,
[MISSING IMAGE: sg_jasonbmoore.jpg]
Jason B. Moore
President, Brinker Capital Destinations Trust
August 31, 2020
Important Disclosure:
Mutual fund investing involves risk. The value of your investment in a Fund could go down. Multi-investment management styles may lead to overlapping securities transactions and higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisers and adviser and the allocation of assets amongst them, as well as market fluctuations and industry/economic trends etc.
1
Fund Expenses (unaudited)
​
Example
All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services and shareholder reports. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of  $1,000 invested on March 1, 2020 and held for the six months ended August 31, 2020.
Actual Expenses
The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account during this period, divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.
Based on Actual Total Return(1)
Fund
​ ​
Total
Return(2)
​ ​
Beginning
Account
Value
​ ​
Ending
Account
Value
​ ​
Annualized
Expense
Ratios(3)
​ ​
Expense
Paid During
the Period(4)
​
Destinations Large Cap Equity Fund – Class I
​ ​ ​ ​ 19.70% ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,196.97 ​ ​ ​ ​ ​ 0.83% ​ ​ ​ ​ $ 4.60 ​ ​
Destinations Large Cap Equity Fund – Class Z
​ ​ ​ ​ 19.69% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,196.89 ​ ​ ​ ​ ​ 0.68% ​ ​ ​ ​ ​ 3.77 ​ ​
Destinations Small-Mid Cap Equity Fund – Class I
​ ​ ​ ​ 9.07% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,090.66 ​ ​ ​ ​ ​ 1.12% ​ ​ ​ ​ ​ 5.90 ​ ​
Destinations Small-Mid Cap Equity Fund – Class Z
​ ​ ​ ​ 9.09% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,090.91 ​ ​ ​ ​ ​ 0.98% ​ ​ ​ ​ ​ 5.16 ​ ​
Destinations International Equity Fund – Class I
​ ​ ​ ​ 17.43% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,174.34 ​ ​ ​ ​ ​ 1.23% ​ ​ ​ ​ ​ 6.74 ​ ​
Destinations International Equity Fund – Class Z
​ ​ ​ ​ 17.55% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,175.46 ​ ​ ​ ​ ​ 1.09% ​ ​ ​ ​ ​ 5.98 ​ ​
Destinations Equity Income Fund – Class I
​ ​ ​ ​ (0.53)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 994.65 ​ ​ ​ ​ ​ 0.92% ​ ​ ​ ​ ​ 4.63 ​ ​
Destinations Equity Income Fund – Class Z
​ ​ ​ ​ (0.50)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 995.00 ​ ​ ​ ​ ​ 0.77% ​ ​ ​ ​ ​ 3.87 ​ ​
Destinations Real Assets Fund – Class I
​ ​ ​ ​ (9.25)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 907.47 ​ ​ ​ ​ ​ 0.89% ​ ​ ​ ​ ​ 4.28 ​ ​
Destinations Real Assets Fund – Class Z
​ ​ ​ ​ (9.51)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 904.94 ​ ​ ​ ​ ​ 0.73% ​ ​ ​ ​ ​ 3.51 ​ ​
Destinations Core Fixed Income Fund – Class I
​ ​ ​ ​ 0.90% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,009.03 ​ ​ ​ ​ ​ 0.78% ​ ​ ​ ​ ​ 3.95 ​ ​
Destinations Core Fixed Income Fund – Class Z
​ ​ ​ ​ 1.05% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,010.49 ​ ​ ​ ​ ​ 0.63% ​ ​ ​ ​ ​ 3.19 ​ ​
Destinations Low Duration Fixed Income Fund – Class I
​ ​ ​ ​ (0.83)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 991.67 ​ ​ ​ ​ ​ 0.94% ​ ​ ​ ​ ​ 4.72 ​ ​
Destinations Low Duration Fixed Income Fund – Class Z
​ ​ ​ ​ (0.74)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 992.55 ​ ​ ​ ​ ​ 0.79% ​ ​ ​ ​ ​ 3.97 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class I
​ ​ ​ ​ 0.03% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,000.34 ​ ​ ​ ​ ​ 0.99% ​ ​ ​ ​ ​ 4.99 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class Z
​ ​ ​ ​ 0.11% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,001.07 ​ ​ ​ ​ ​ 0.84% ​ ​ ​ ​ ​ 4.24 ​ ​
Destinations Municipal Fixed Income Fund – Class I
​ ​ ​ ​ 0.11% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,001.10 ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 4.04 ​ ​
Destinations Municipal Fixed Income Fund – Class Z
​ ​ ​ ​ 0.09% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,000.90 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 3.28 ​ ​
Destinations Multi Strategy Alternatives Fund – Class I
​ ​ ​ ​ 1.82% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.19 ​ ​ ​ ​ ​ 1.42% ​ ​ ​ ​ ​ 7.22 ​ ​
Destinations Multi Strategy Alternatives Fund – Class Z
​ ​ ​ ​ 1.91% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.15 ​ ​ ​ ​ ​ 1.27% ​ ​ ​ ​ ​ 6.46 ​ ​
​
(1)
For the six months ended August 31, 2020.
​
(2)
Assumes reinvestment of all distributions, including returns of capital, if any, at net asset value. Total return is not annualized as it may not be representative of the total return for the year. Performance figure may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.
​
(3)
Annualized Expense Ratios are based on the most recent six month expense ratios, which may differ from expense ratios in the Financial Highlights.
​
(4)
Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days for Class I and Class Z) in the most recent period, then divided by 365 (to reflect the period).
​
2
Fund Expenses (unaudited) (concluded)
​
Hypothetical Example for Comparison Purposes
The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5.00% per period before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period.You may use the information provided in this table to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5.00% hypothetical example relating to a Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Based on Hypothetical Total Return(1)
Fund
​ ​
Hypothethical
Annualized
Total Return
​ ​
Beginning
Account
Value
​ ​
Ending
Account
Value
​ ​
Annualized
Expense
Ratios(2)
​ ​
Expense
Paid During
the Period(3)
​
Destinations Large Cap Equity Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.02 ​ ​ ​ ​ ​ 0.83% ​ ​ ​ ​ $ 4.23 ​ ​
Destinations Large Cap Equity Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.78 ​ ​ ​ ​ ​ 0.68% ​ ​ ​ ​ ​ 3.47 ​ ​
Destinations Small-Mid Cap Equity Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.56 ​ ​ ​ ​ ​ 1.12% ​ ​ ​ ​ ​ 5.70 ​ ​
Destinations Small-Mid Cap Equity Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.27 ​ ​ ​ ​ ​ 0.98% ​ ​ ​ ​ ​ 4.99 ​ ​
Destinations International Equity Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.00 ​ ​ ​ ​ ​ 1.23% ​ ​ ​ ​ ​ 6.26 ​ ​
Destinations International Equity Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.71 ​ ​ ​ ​ ​ 1.09% ​ ​ ​ ​ ​ 5.55 ​ ​
Destinations Equity Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.57 ​ ​ ​ ​ ​ 0.92% ​ ​ ​ ​ ​ 4.69 ​ ​
Destinations Equity Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.32 ​ ​ ​ ​ ​ 0.77% ​ ​ ​ ​ ​ 3.92 ​ ​
Destinations Real Assets Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.72 ​ ​ ​ ​ ​ 0.89% ​ ​ ​ ​ ​ 4.53 ​ ​
Destinations Real Assets Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.53 ​ ​ ​ ​ ​ 0.73% ​ ​ ​ ​ ​ 3.72 ​ ​
Destinations Core Fixed Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.27 ​ ​ ​ ​ ​ 0.78% ​ ​ ​ ​ ​ 3.97 ​ ​
Destinations Core Fixed Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,022.03 ​ ​ ​ ​ ​ 0.63% ​ ​ ​ ​ ​ 3.21 ​ ​
Destinations Low Duration Fixed Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.47 ​ ​ ​ ​ ​ 0.94% ​ ​ ​ ​ ​ 4.79 ​ ​
Destinations Low Duration Fixed Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.22 ​ ​ ​ ​ ​ 0.79% ​ ​ ​ ​ ​ 4.02 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.21 ​ ​ ​ ​ ​ 0.99% ​ ​ ​ ​ ​ 5.04 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.97 ​ ​ ​ ​ ​ 0.84% ​ ​ ​ ​ ​ 4.28 ​ ​
Destinations Municipal Fixed Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.17 ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 4.08 ​ ​
Destinations Municipal Fixed Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.93 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 3.31 ​ ​
Destinations Multi Strategy Alternatives Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.05 ​ ​ ​ ​ ​ 1.42% ​ ​ ​ ​ ​ 7.22 ​ ​
Destinations Multi Strategy Alternatives Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.80 ​ ​ ​ ​ ​ 1.27% ​ ​ ​ ​ ​ 6.46 ​ ​
​
(1)
For the six months ended August 31, 2020.
​
(2)
Annualized Expense Ratios are based on the most recent six month expense ratios, which may differ from net expense ratios in the Financial Highlights.
​
(3)
Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days for Class I and Class Z) in the period, then divided by 365 (to reflect the period).
​
3
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – 98.7% ​
​ BASIC MATERIALS – 2.6% ​
​ Chemicals – 1.7% ​
​ ​ ​ 4,937 ​ ​ ​
Air Products & Chemicals Inc.
​ ​ ​ $ 1,442,888 ​ ​
​ ​ ​ 2,299 ​ ​ ​
Albemarle Corp.
​ ​ ​ ​ 209,232 ​ ​
​ ​ ​ 83,856 ​ ​ ​
Celanese Corp., Class A Shares
​ ​ ​ ​ 8,482,034 ​ ​
​ ​ ​ 440,979 ​ ​ ​
CF Industries Holdings Inc.
​ ​ ​ ​ 14,389,145 ​ ​
​ ​ ​ 16,419 ​ ​ ​
Dow Inc.
​ ​ ​ ​ 740,825 ​ ​
​ ​ ​ 366,012 ​ ​ ​
DuPont de Nemours Inc.
​ ​ ​ ​ 20,408,829 ​ ​
​ ​ ​ 3,038 ​ ​ ​
Eastman Chemical Co.
​ ​ ​ ​ 222,108 ​ ​
​ ​ ​ 5,507 ​ ​ ​
Ecolab Inc.
​ ​ ​ ​ 1,085,319 ​ ​
​ ​ ​ 2,945 ​ ​ ​
FMC Corp.
​ ​ ​ ​ 314,703 ​ ​
​ ​ ​ 2,427 ​ ​ ​
International Flavors & Fragrances Inc.
​ ​ ​ ​ 300,438 ​ ​
​ ​ ​ 30,588 ​ ​ ​
Linde PLC
​ ​ ​ ​ 7,639,047 ​ ​
​ ​ ​ 5,635 ​ ​ ​
LyondellBasell Industries NV, Class A Shares
​ ​ ​ ​ 368,980 ​ ​
​ ​ ​ 7,708 ​ ​ ​
Mosaic Co.
​ ​ ​ ​ 140,517 ​ ​
​ ​ ​ 5,200 ​ ​ ​
PPG Industries Inc.
​ ​ ​ ​ 626,080 ​ ​
​ ​ ​ 30,932 ​ ​ ​
Sherwin-Williams Co.
​ ​ ​ ​ 20,756,919 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chemicals
​ ​ ​ ​ 77,127,064 ​ ​
​ Forest Products & Paper – 0.2% ​
​ ​ ​ 232,236 ​ ​ ​
International Paper Co.
​ ​ ​ ​ 8,423,200 ​ ​
​ Iron/Steel – 0.2% ​
​ ​ ​ 183,957 ​ ​ ​
Nucor Corp.
​ ​ ​ ​ 8,362,685 ​ ​
​ Mining – 0.5% ​
​ ​ ​ 1,270,916 ​ ​ ​
Freeport-McMoRan Inc.
​ ​ ​ ​ 19,838,999 ​ ​
​ ​ ​ 17,912 ​ ​ ​
Newmont Corp.
​ ​ ​ ​ 1,205,119 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mining
​ ​ ​ ​ 21,044,118 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BASIC MATERIALS
 ​ ​ ​ ​ 114,957,067 ​ ​
​ COMMUNICATIONS – 18.5% ​
​ Advertising – 0.0% ​
​ ​ ​ 8,904 ​ ​ ​
Interpublic Group of Cos., Inc.
​ ​ ​ ​ 158,135 ​ ​
​ ​ ​ 4,849 ​ ​ ​
Omnicom Group Inc.
​ ​ ​ ​ 262,282 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Advertising
​ ​ ​ ​ 420,417 ​ ​
​ Internet – 14.8% ​
​ ​ ​ 239,870 ​ ​ ​
Alibaba Group Holding Ltd., ADR*
​ ​ ​ ​ 68,849,886 ​ ​
​ ​ ​ 34,385 ​ ​ ​
Alphabet Inc., Class A Shares*
​ ​ ​ ​ 56,031,389 ​ ​
​ ​ ​ 22,141 ​ ​ ​
Alphabet Inc., Class C Shares*
​ ​ ​ ​ 36,182,379 ​ ​
​ ​ ​ 58,150 ​ ​ ​
Amazon.com Inc.*
​ ​ ​ ​ 200,673,324 ​ ​
​ ​ ​ 26,434 ​ ​ ​
Booking Holdings Inc.*
​ ​ ​ ​ 50,500,835 ​ ​
​ ​ ​ 3,261 ​ ​ ​
CDW Corp.
​ ​ ​ ​ 370,613 ​ ​
​ ​ ​ 4,969 ​ ​ ​
E*TRADE Financial Corp.
​ ​ ​ ​ 268,823 ​ ​
​ ​ ​ 14,740 ​ ​ ​
eBay Inc.
​ ​ ​ ​ 807,457 ​ ​
​ ​ ​ 3,043 ​ ​ ​
Expedia Group Inc.
​ ​ ​ ​ 298,671 ​ ​
See Notes to Financial Statements.
4
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ COMMUNICATIONS – (continued) ​
​ Internet – (continued) ​
​ ​ ​ 1,332 ​ ​ ​
F5 Networks Inc.*
​ ​ ​ $ 176,264 ​ ​
​ ​ ​ 428,658 ​ ​ ​
Facebook Inc., Class A Shares*
​ ​ ​ ​ 125,682,526 ​ ​
​ ​ ​ 8,313 ​ ​ ​
IAC/InterActiveCorp*
​ ​ ​ ​ 1,105,546 ​ ​
​ ​ ​ 6,618 ​ ​ ​
KE Holdings Inc., ADR*
​ ​ ​ ​ 339,437 ​ ​
​ ​ ​ 72,319 ​ ​ ​
Match Group Inc.*
​ ​ ​ ​ 8,076,586 ​ ​
​ ​ ​ 54,678 ​ ​ ​
Netflix Inc.*
​ ​ ​ ​ 28,955,282 ​ ​
​ ​ ​ 12,239 ​ ​ ​
NortonLifeLock Inc.
​ ​ ​ ​ 287,861 ​ ​
​ ​ ​ 66,079 ​ ​ ​
Proofpoint Inc.*
​ ​ ​ ​ 7,246,884 ​ ​
​ ​ ​ 82,100 ​ ​ ​
Roku Inc., Class A Shares*
​ ​ ​ ​ 14,242,708 ​ ​
​ ​ ​ 329,844 ​ ​ ​
Snap Inc., Class A Shares*
​ ​ ​ ​ 7,451,176 ​ ​
​ ​ ​ 27,937 ​ ​ ​
Spotify Technology SA*
​ ​ ​ ​ 7,882,704 ​ ​
​ ​ ​ 121,700 ​ ​ ​
Tencent Holdings Ltd.
​ ​ ​ ​ 8,330,400 ​ ​
​ ​ ​ 233,719 ​ ​ ​
Twitter Inc.*
​ ​ ​ ​ 9,484,317 ​ ​
​ ​ ​ 364,537 ​ ​ ​
Uber Technologies Inc.*
​ ​ ​ ​ 12,259,379 ​ ​
​ ​ ​ 41,843 ​ ​ ​
VeriSign Inc.*
​ ​ ​ ​ 8,987,876 ​ ​
​ ​ ​ 5,100 ​ ​ ​
Wix.com Ltd.*
​ ​ ​ ​ 1,502,613 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Internet
​ ​ ​ ​ 655,994,936 ​ ​
​ Media – 1.5% ​
​ ​ ​ 3,363 ​ ​ ​
Charter Communications Inc., Class A Shares*
​ ​ ​ ​ 2,070,296 ​ ​
​ ​ ​ 549,601 ​ ​ ​
Comcast Corp., Class A Shares
​ ​ ​ ​ 24,627,621 ​ ​
​ ​ ​ 3,462 ​ ​ ​
Discovery Inc., Class A Shares*
​ ​ ​ ​ 76,389 ​ ​
​ ​ ​ 6,953 ​ ​ ​
Discovery Inc., Class C Shares*
​ ​ ​ ​ 138,851 ​ ​
​ ​ ​ 5,570 ​ ​ ​
DISH Network Corp., Class A Shares*
​ ​ ​ ​ 197,846 ​ ​
​ ​ ​ 329,768 ​ ​ ​
Fox Corp., Class A Shares
​ ​ ​ ​ 9,187,337 ​ ​
​ ​ ​ 3,763 ​ ​ ​
Fox Corp., Class B Shares
​ ​ ​ ​ 104,611 ​ ​
​ ​ ​ 8,704 ​ ​ ​
News Corp., Class A Shares
​ ​ ​ ​ 131,605 ​ ​
​ ​ ​ 2,410 ​ ​ ​
News Corp., Class B Shares
​ ​ ​ ​ 36,319 ​ ​
​ ​ ​ 12,297 ​ ​ ​
ViacomCBS Inc., Class B Shares
​ ​ ​ ​ 342,471 ​ ​
​ ​ ​ 193,778 ​ ​ ​
Walt Disney Co.
​ ​ ​ ​ 25,553,505 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Media
​ ​ ​ ​ 62,466,851 ​ ​
​ Telecommunications – 2.2% ​
​ ​ ​ 1,207 ​ ​ ​
Arista Networks Inc.*
​ ​ ​ ​ 269,704 ​ ​
​ ​ ​ 699,111 ​ ​ ​
AT&T Inc.
​ ​ ​ ​ 20,840,499 ​ ​
​ ​ ​ 22,026 ​ ​ ​
CenturyLink Inc.
​ ​ ​ ​ 236,780 ​ ​
​ ​ ​ 651,541 ​ ​ ​
Cisco Systems Inc.
​ ​ ​ ​ 27,508,061 ​ ​
​ ​ ​ 338,964 ​ ​ ​
Corning Inc.
​ ​ ​ ​ 11,002,771 ​ ​
​ ​ ​ 7,145 ​ ​ ​
Juniper Networks Inc.
​ ​ ​ ​ 178,625 ​ ​
​ ​ ​ 91,712 ​ ​ ​
Motorola Solutions Inc.
​ ​ ​ ​ 14,192,432 ​ ​
​ ​ ​ 12,990 ​ ​ ​
T-Mobile US Inc.*
​ ​ ​ ​ 1,515,673 ​ ​
See Notes to Financial Statements.
5
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ COMMUNICATIONS – (continued) ​
​ Telecommunications – (continued) ​
​ ​ ​ 392,148 ​ ​ ​
Verizon Communications Inc.
​ ​ ​ $ 23,242,612 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 98,987,157 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 817,869,361 ​ ​
​ CONSUMER CYCLICAL – 7.2% ​
​ Airlines – 0.2% ​
​ ​ ​ 227,365 ​ ​ ​
Alaska Air Group Inc.
​ ​ ​ ​ 8,855,867 ​ ​
​ ​ ​ 9,853 ​ ​ ​
American Airlines Group Inc.(a)
​ ​ ​ ​ 128,582 ​ ​
​ ​ ​ 12,524 ​ ​ ​
Delta Air Lines Inc.
​ ​ ​ ​ 386,365 ​ ​
​ ​ ​ 11,985 ​ ​ ​
Southwest Airlines Co.
​ ​ ​ ​ 450,396 ​ ​
​ ​ ​ 5,653 ​ ​ ​
United Airlines Holdings Inc.*
​ ​ ​ ​ 203,508 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Airlines
​ ​ ​ ​ 10,024,718 ​ ​
​ Apparel – 1.2% ​
​ ​ ​ 7,828 ​ ​ ​
Hanesbrands Inc.
​ ​ ​ ​ 119,690 ​ ​
​ ​ ​ 417,425 ​ ​ ​
NIKE Inc., Class B Shares
​ ​ ​ ​ 46,705,683 ​ ​
​ ​ ​ 64,636 ​ ​ ​
PVH Corp.
​ ​ ​ ​ 3,604,103 ​ ​
​ ​ ​ 1,062 ​ ​ ​
Ralph Lauren Corp., Class A Shares
​ ​ ​ ​ 73,097 ​ ​
​ ​ ​ 6,295 ​ ​ ​
Tapestry Inc.
​ ​ ​ ​ 92,725 ​ ​
​ ​ ​ 3,383 ​ ​ ​
Under Armour Inc., Class A Shares*
​ ​ ​ ​ 33,187 ​ ​
​ ​ ​ 5,032 ​ ​ ​
Under Armour Inc., Class C Shares*
​ ​ ​ ​ 44,533 ​ ​
​ ​ ​ 7,074 ​ ​ ​
VF Corp.
​ ​ ​ ​ 465,115 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Apparel
​ ​ ​ ​ 51,138,133 ​ ​
​ Auto Manufacturers – 0.8% ​
​ ​ ​ 66,812 ​ ​ ​
Cummins Inc.
​ ​ ​ ​ 13,846,787 ​ ​
​ ​ ​ 41,344 ​ ​ ​
Ferrari NV
​ ​ ​ ​ 8,051,744 ​ ​
​ ​ ​ 88,443 ​ ​ ​
Ford Motor Co.
​ ​ ​ ​ 603,181 ​ ​
​ ​ ​ 435,324 ​ ​ ​
General Motors Co.
​ ​ ​ ​ 12,898,650 ​ ​
​ ​ ​ 7,646 ​ ​ ​
PACCAR Inc.
​ ​ ​ ​ 656,333 ​ ​
​ ​ ​ 26,068 ​ ​ ​
XPeng Inc., ADR*(b)@
​ ​ ​ ​ 534,394 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Auto Manufacturers
​ ​ ​ ​ 36,591,089 ​ ​
​ Auto Parts & Equipment – 0.1% ​
​ ​ ​ 56,893 ​ ​ ​
Aptiv PLC
​ ​ ​ ​ 4,899,625 ​ ​
​ ​ ​ 4,384 ​ ​ ​
BorgWarner Inc.
​ ​ ​ ​ 177,947 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Auto Parts & Equipment
​ ​ ​ ​ 5,077,572 ​ ​
​ Distribution/Wholesale – 0.0% ​
​ ​ ​ 4,564 ​ ​ ​
Copart Inc.*
​ ​ ​ ​ 471,552 ​ ​
​ ​ ​ 12,959 ​ ​ ​
Fastenal Co.
​ ​ ​ ​ 633,177 ​ ​
​ ​ ​ 6,739 ​ ​ ​
LKQ Corp.*
​ ​ ​ ​ 213,896 ​ ​
​ ​ ​ 985 ​ ​ ​
WW Grainger Inc.
​ ​ ​ ​ 359,949 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Distribution/Wholesale
​ ​ ​ ​ 1,678,574 ​ ​
See Notes to Financial Statements.
6
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – (continued) ​
​ Entertainment – 0.3% ​
​ ​ ​ 69,971 ​ ​ ​
DraftKings Inc., Class A Shares*
​ ​ ​ $ 2,474,175 ​ ​
​ ​ ​ 165,611 ​ ​ ​
Live Nation Entertainment Inc.*
​ ​ ​ ​ 9,406,705 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Entertainment
​ ​ ​ ​ 11,880,880 ​ ​
​ Home Builders – 0.3% ​
​ ​ ​ 7,380 ​ ​ ​
DR Horton Inc.
​ ​ ​ ​ 526,711 ​ ​
​ ​ ​ 147,179 ​ ​ ​
Lennar Corp., Class A Shares
​ ​ ​ ​ 11,011,933 ​ ​
​ ​ ​ 78 ​ ​ ​
NVR Inc.*
​ ​ ​ ​ 325,130 ​ ​
​ ​ ​ 5,653 ​ ​ ​
PulteGroup Inc.
​ ​ ​ ​ 252,067 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Home Builders
​ ​ ​ ​ 12,115,841 ​ ​
​ Home Furnishings – 0.1% ​
​ ​ ​ 73,563 ​ ​ ​
Dolby Laboratories Inc., Class A Shares
​ ​ ​ ​ 5,138,376 ​ ​
​ ​ ​ 2,994 ​ ​ ​
Leggett & Platt Inc.
​ ​ ​ ​ 122,754 ​ ​
​ ​ ​ 1,364 ​ ​ ​
Whirlpool Corp.
​ ​ ​ ​ 242,410 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Home Furnishings
​ ​ ​ ​ 5,503,540 ​ ​
​ Housewares – 0.0% ​
​ ​ ​ 8,594 ​ ​ ​
Newell Brands Inc.
​ ​ ​ ​ 137,332 ​ ​
​ Leisure Time – 0.0% ​
​ ​ ​ 10,141 ​ ​ ​
Carnival Corp.
​ ​ ​ ​ 167,124 ​ ​
​ ​ ​ 5,659 ​ ​ ​
Norwegian Cruise Line Holdings Ltd.*
​ ​ ​ ​ 96,825 ​ ​
​ ​ ​ 3,789 ​ ​ ​
Royal Caribbean Cruises Ltd.
​ ​ ​ ​ 260,835 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Leisure Time
​ ​ ​ ​ 524,784 ​ ​
​ Lodging – 0.5% ​
​ ​ ​ 6,250 ​ ​ ​
Hilton Worldwide Holdings Inc.
​ ​ ​ ​ 564,750 ​ ​
​ ​ ​ 256,563 ​ ​ ​
Las Vegas Sands Corp.
​ ​ ​ ​ 13,010,310 ​ ​
​ ​ ​ 6,108 ​ ​ ​
Marriott International Inc., Class A Shares
​ ​ ​ ​ 628,574 ​ ​
​ ​ ​ 10,642 ​ ​ ​
MGM Resorts International
​ ​ ​ ​ 239,445 ​ ​
​ ​ ​ 78,778 ​ ​ ​
Wynn Resorts Ltd.
​ ​ ​ ​ 6,889,136 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Lodging
​ ​ ​ ​ 21,332,215 ​ ​
​ Retail – 3.7% ​
​ ​ ​ 1,542 ​ ​ ​
Advance Auto Parts Inc.
​ ​ ​ ​ 241,030 ​ ​
​ ​ ​ 529 ​ ​ ​
AutoZone Inc.*
​ ​ ​ ​ 632,848 ​ ​
​ ​ ​ 5,075 ​ ​ ​
Best Buy Co., Inc.
​ ​ ​ ​ 562,868 ​ ​
​ ​ ​ 29,115 ​ ​ ​
CarMax Inc.*
​ ​ ​ ​ 3,113,267 ​ ​
​ ​ ​ 39,077 ​ ​ ​
Carvana Co., Class A Shares*
​ ​ ​ ​ 8,439,069 ​ ​
​ ​ ​ 6,350 ​ ​ ​
Chipotle Mexican Grill Inc., Class A Shares*
​ ​ ​ ​ 8,320,278 ​ ​
​ ​ ​ 80,403 ​ ​ ​
Costco Wholesale Corp.
​ ​ ​ ​ 27,952,907 ​ ​
​ ​ ​ 2,896 ​ ​ ​
Darden Restaurants Inc.
​ ​ ​ ​ 250,996 ​ ​
​ ​ ​ 5,604 ​ ​ ​
Dollar General Corp.
​ ​ ​ ​ 1,131,335 ​ ​
​ ​ ​ 205,159 ​ ​ ​
Dollar Tree Inc.*
​ ​ ​ ​ 19,750,657 ​ ​
​ ​ ​ 21,020 ​ ​ ​
Domino’s Pizza Inc.
​ ​ ​ ​ 8,596,339 ​ ​
See Notes to Financial Statements.
7
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – (continued) ​
​ Retail – (continued) ​
​ ​ ​ 4,300 ​ ​ ​
Gap Inc.
​ ​ ​ $ 74,777 ​ ​
​ ​ ​ 3,265 ​ ​ ​
Genuine Parts Co.
​ ​ ​ ​ 308,347 ​ ​
​ ​ ​ 23,999 ​ ​ ​
Home Depot Inc.
​ ​ ​ ​ 6,840,675 ​ ​
​ ​ ​ 3,398 ​ ​ ​
Kohl’s Corp.
​ ​ ​ ​ 72,581 ​ ​
​ ​ ​ 5,247 ​ ​ ​
L Brands Inc.
​ ​ ​ ​ 154,262 ​ ​
​ ​ ​ 183,110 ​ ​ ​
Lowe’s Cos., Inc.
​ ​ ​ ​ 30,156,386 ​ ​
​ ​ ​ 21,798 ​ ​ ​
Lululemon Athletica Inc.*
​ ​ ​ ​ 8,188,855 ​ ​
​ ​ ​ 16,583 ​ ​ ​
McDonald’s Corp.
​ ​ ​ ​ 3,540,802 ​ ​
​ ​ ​ 1,652 ​ ​ ​
O’Reilly Automotive Inc.*
​ ​ ​ ​ 769,221 ​ ​
​ ​ ​ 104,159 ​ ​ ​
Ross Stores Inc.
​ ​ ​ ​ 9,486,802 ​ ​
​ ​ ​ 26,053 ​ ​ ​
Starbucks Corp.
​ ​ ​ ​ 2,200,697 ​ ​
​ ​ ​ 11,161 ​ ​ ​
Target Corp.
​ ​ ​ ​ 1,687,655 ​ ​
​ ​ ​ 2,477 ​ ​ ​
Tiffany & Co.
​ ​ ​ ​ 303,432 ​ ​
​ ​ ​ 26,734 ​ ​ ​
TJX Cos., Inc.
​ ​ ​ ​ 1,464,756 ​ ​
​ ​ ​ 2,530 ​ ​ ​
Tractor Supply Co.
​ ​ ​ ​ 376,540 ​ ​
​ ​ ​ 1,265 ​ ​ ​
Ulta Beauty Inc.*
​ ​ ​ ​ 293,708 ​ ​
​ ​ ​ 16,301 ​ ​ ​
Walgreens Boots Alliance Inc.
​ ​ ​ ​ 619,764 ​ ​
​ ​ ​ 31,635 ​ ​ ​
Walmart Inc.
​ ​ ​ ​ 4,392,520 ​ ​
​ ​ ​ 94,608 ​ ​ ​
Yum! Brands Inc.
​ ​ ​ ​ 9,068,177 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Retail
​ ​ ​ ​ 158,991,551 ​ ​
​ Textiles – 0.0% ​
​ ​ ​ 1,336 ​ ​ ​
Mohawk Industries Inc.*
​ ​ ​ ​ 123,353 ​ ​
​ Toys/Games/Hobbies – 0.0% ​
​ ​ ​ 2,830 ​ ​ ​
Hasbro Inc.
​ ​ ​ ​ 223,400 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 315,342,982 ​ ​
​ CONSUMER NON-CYCLICAL – 25.4% ​
​ Agriculture – 1.4% ​
​ ​ ​ 231,218 ​ ​ ​
Altria Group Inc.
​ ​ ​ ​ 10,113,475 ​ ​
​ ​ ​ 685,779 ​ ​ ​
Archer-Daniels-Midland Co.
​ ​ ​ ​ 30,695,468 ​ ​
​ ​ ​ 251,647 ​ ​ ​
Philip Morris International Inc.
​ ​ ​ ​ 20,078,914 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Agriculture
​ ​ ​ ​ 60,887,857 ​ ​
​ Beverages – 0.8% ​
​ ​ ​ 117,744 ​ ​ ​
Brown-Forman Corp., Class B Shares
​ ​ ​ ​ 8,615,328 ​ ​
​ ​ ​ 86,318 ​ ​ ​
Coca-Cola Co.
​ ​ ​ ​ 4,275,331 ​ ​
​ ​ ​ 3,712 ​ ​ ​
Constellation Brands Inc., Class A Shares
​ ​ ​ ​ 684,790 ​ ​
​ ​ ​ 221,136 ​ ​ ​
Molson Coors Beverage Co., Class B Shares
​ ​ ​ ​ 8,323,559 ​ ​
​ ​ ​ 8,281 ​ ​ ​
Monster Beverage Corp.*
​ ​ ​ ​ 694,445 ​ ​
​ ​ ​ 80,839 ​ ​ ​
PepsiCo Inc.
​ ​ ​ ​ 11,322,310 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Beverages
​ ​ ​ ​ 33,915,763 ​ ​
See Notes to Financial Statements.
8
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Biotechnology – 3.2% ​
​ ​ ​ 222,274 ​ ​ ​
Alexion Pharmaceuticals Inc.*
​ ​ ​ $ 25,388,136 ​ ​
​ ​ ​ 46,733 ​ ​ ​
Amgen Inc.
​ ​ ​ ​ 11,838,404 ​ ​
​ ​ ​ 3,783 ​ ​ ​
Argenx SE, ADR*
​ ​ ​ ​ 874,894 ​ ​
​ ​ ​ 51,437 ​ ​ ​
Biogen Inc.*
​ ​ ​ ​ 14,795,339 ​ ​
​ ​ ​ 478 ​ ​ ​
Bio-Rad Laboratories Inc., Class A Shares*
​ ​ ​ ​ 243,106 ​ ​
​ ​ ​ 16,682 ​ ​ ​
Corteva Inc.
​ ​ ​ ​ 476,271 ​ ​
​ ​ ​ 241,657 ​ ​ ​
Exact Sciences Corp.*
​ ​ ​ ​ 18,194,356 ​ ​
​ ​ ​ 146,372 ​ ​ ​
Gilead Sciences Inc.
​ ​ ​ ​ 9,770,331 ​ ​
​ ​ ​ 69,042 ​ ​ ​
Illumina Inc.*
​ ​ ​ ​ 24,663,183 ​ ​
​ ​ ​ 131,883 ​ ​ ​
Incyte Corp.*
​ ​ ​ ​ 12,706,927 ​ ​
​ ​ ​ 2,252 ​ ​ ​
Regeneron Pharmaceuticals Inc.*
​ ​ ​ ​ 1,396,082 ​ ​
​ ​ ​ 73,788 ​ ​ ​
Vertex Pharmaceuticals Inc.*
​ ​ ​ ​ 20,595,707 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Biotechnology
​ ​ ​ ​ 140,942,736 ​ ​
​ Commercial Services – 4.9% ​
​ ​ ​ 9,597 ​ ​ ​
Automatic Data Processing Inc.
​ ​ ​ ​ 1,334,847 ​ ​
​ ​ ​ 24,690 ​ ​ ​
Avalara Inc.*
​ ​ ​ ​ 3,269,203 ​ ​
​ ​ ​ 23,966 ​ ​ ​
Cintas Corp.
​ ​ ​ ​ 7,986,430 ​ ​
​ ​ ​ 14,581 ​ ​ ​
CoStar Group Inc.*
​ ​ ​ ​ 12,373,437 ​ ​
​ ​ ​ 76,913 ​ ​ ​
Equifax Inc.
​ ​ ​ ​ 12,942,150 ​ ​
​ ​ ​ 1,866 ​ ​ ​
FleetCor Technologies Inc.*
​ ​ ​ ​ 469,206 ​ ​
​ ​ ​ 2,007 ​ ​ ​
Gartner Inc.*
​ ​ ​ ​ 260,549 ​ ​
​ ​ ​ 59,875 ​ ​ ​
Global Payments Inc.
​ ​ ​ ​ 10,575,122 ​ ​
​ ​ ​ 545,282 ​ ​ ​
H&R Block Inc.
​ ​ ​ ​ 7,906,589 ​ ​
​ ​ ​ 8,854 ​ ​ ​
IHS Markit Ltd.
​ ​ ​ ​ 707,612 ​ ​
​ ​ ​ 17,237 ​ ​ ​
MarketAxess Holdings Inc.
​ ​ ​ ​ 8,376,148 ​ ​
​ ​ ​ 3,589 ​ ​ ​
Moody’s Corp.
​ ​ ​ ​ 1,057,463 ​ ​
​ ​ ​ 189,248 ​ ​ ​
New Oriental Education & Technology Group Inc., ADR*
​ ​ ​ ​ 27,749,434 ​ ​
​ ​ ​ 7,921 ​ ​ ​
Nielsen Holdings PLC
​ ​ ​ ​ 121,033 ​ ​
​ ​ ​ 320,993 ​ ​ ​
PayPal Holdings Inc.*
​ ​ ​ ​ 65,527,511 ​ ​
​ ​ ​ 190,684 ​ ​ ​
Quanta Services Inc.
​ ​ ​ ​ 9,772,555 ​ ​
​ ​ ​ 2,668 ​ ​ ​
Robert Half International Inc.
​ ​ ​ ​ 141,938 ​ ​
​ ​ ​ 3,217 ​ ​ ​
Rollins Inc.
​ ​ ​ ​ 177,385 ​ ​
​ ​ ​ 46,154 ​ ​ ​
S&P Global Inc.
​ ​ ​ ​ 16,911,749 ​ ​
​ ​ ​ 121,599 ​ ​ ​
Square Inc., Class A Shares*
​ ​ ​ ​ 19,402,336 ​ ​
​ ​ ​ 34,809 ​ ​ ​
StoneCo Ltd., Class A Shares*
​ ​ ​ ​ 1,775,259 ​ ​
​ ​ ​ 89,705 ​ ​ ​
TransUnion
​ ​ ​ ​ 7,779,218 ​ ​
​ ​ ​ 1,622 ​ ​ ​
United Rentals Inc.*
​ ​ ​ ​ 287,175 ​ ​
​ ​ ​ 3,597 ​ ​ ​
Verisk Analytics Inc., Class A Shares
​ ​ ​ ​ 671,452 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Commercial Services
​ ​ ​ ​ 217,575,801 ​ ​
See Notes to Financial Statements.
9
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Cosmetics/Personal Care – 0.6% ​
​ ​ ​ 19,093 ​ ​ ​
Colgate-Palmolive Co.
​ ​ ​ $ 1,513,311 ​ ​
​ ​ ​ 7,894 ​ ​ ​
Coty Inc., Class A Shares
​ ​ ​ ​ 28,261 ​ ​
​ ​ ​ 71,426 ​ ​ ​
Estee Lauder Cos., Inc., Class A Shares
​ ​ ​ ​ 15,836,573 ​ ​
​ ​ ​ 55,303 ​ ​ ​
Procter & Gamble Co.
​ ​ ​ ​ 7,650,064 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Cosmetics/Personal Care
​ ​ ​ ​ 25,028,209 ​ ​
​ Food – 1.1% ​
​ ​ ​ 3,691 ​ ​ ​
Campbell Soup Co.
​ ​ ​ ​ 194,183 ​ ​
​ ​ ​ 485,424 ​ ​ ​
Conagra Brands Inc.
​ ​ ​ ​ 18,620,865 ​ ​
​ ​ ​ 13,637 ​ ​ ​
General Mills Inc.
​ ​ ​ ​ 872,086 ​ ​
​ ​ ​ 3,277 ​ ​ ​
Hershey Co.
​ ​ ​ ​ 487,093 ​ ​
​ ​ ​ 6,376 ​ ​ ​
Hormel Foods Corp.
​ ​ ​ ​ 325,048 ​ ​
​ ​ ​ 2,574 ​ ​ ​
JM Smucker Co.
​ ​ ​ ​ 309,343 ​ ​
​ ​ ​ 5,466 ​ ​ ​
Kellogg Co.
​ ​ ​ ​ 387,594 ​ ​
​ ​ ​ 13,888 ​ ​ ​
Kraft Heinz Co.
​ ​ ​ ​ 486,636 ​ ​
​ ​ ​ 17,293 ​ ​ ​
Kroger Co.
​ ​ ​ ​ 617,014 ​ ​
​ ​ ​ 3,224 ​ ​ ​
Lamb Weston Holdings Inc.
​ ​ ​ ​ 202,628 ​ ​
​ ​ ​ 2,781 ​ ​ ​
McCormick & Co., Inc.
​ ​ ​ ​ 573,442 ​ ​
​ ​ ​ 478,266 ​ ​ ​
Mondelez International Inc., Class A Shares
​ ​ ​ ​ 27,940,300 ​ ​
​ ​ ​ 11,226 ​ ​ ​
Sysco Corp.
​ ​ ​ ​ 675,132 ​ ​
​ ​ ​ 6,477 ​ ​ ​
Tyson Foods Inc., Class A Shares
​ ​ ​ ​ 406,756 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Food
​ ​ ​ ​ 52,098,120 ​ ​
​ Healthcare-Products – 5.1% ​
​ ​ ​ 162,128 ​ ​ ​
Abbott Laboratories
​ ​ ​ ​ 17,748,152 ​ ​
​ ​ ​ 94,787 ​ ​ ​
ABIOMED Inc.*
​ ​ ​ ​ 29,158,377 ​ ​
​ ​ ​ 173,064 ​ ​ ​
Alcon Inc.*
​ ​ ​ ​ 9,887,661 ​ ​
​ ​ ​ 101,174 ​ ​ ​
Align Technology Inc.*
​ ​ ​ ​ 30,046,655 ​ ​
​ ​ ​ 11,251 ​ ​ ​
Baxter International Inc.
​ ​ ​ ​ 979,625 ​ ​
​ ​ ​ 31,871 ​ ​ ​
Boston Scientific Corp.*
​ ​ ​ ​ 1,307,348 ​ ​
​ ​ ​ 1,118 ​ ​ ​
Cooper Cos., Inc.
​ ​ ​ ​ 351,477 ​ ​
​ ​ ​ 14,046 ​ ​ ​
Danaher Corp.
​ ​ ​ ​ 2,900,078 ​ ​
​ ​ ​ 4,864 ​ ​ ​
DENTSPLY SIRONA Inc.
​ ​ ​ ​ 218,248 ​ ​
​ ​ ​ 372,208 ​ ​ ​
Edwards Lifesciences Corp.*
​ ​ ​ ​ 31,950,335 ​ ​
​ ​ ​ 3,275 ​ ​ ​
Henry Schein Inc.*
​ ​ ​ ​ 217,591 ​ ​
​ ​ ​ 5,638 ​ ​ ​
Hologic Inc.*
​ ​ ​ ​ 336,701 ​ ​
​ ​ ​ 71,601 ​ ​ ​
IDEXX Laboratories Inc.*
​ ​ ​ ​ 28,000,287 ​ ​
​ ​ ​ 22,810 ​ ​ ​
Intuitive Surgical Inc.*
​ ​ ​ ​ 16,670,460 ​ ​
​ ​ ​ 232,477 ​ ​ ​
Medtronic PLC
​ ​ ​ ​ 24,984,303 ​ ​
​ ​ ​ 3,274 ​ ​ ​
ResMed Inc.
​ ​ ​ ​ 591,874 ​ ​
​ ​ ​ 1,927 ​ ​ ​
STERIS PLC
​ ​ ​ ​ 307,626 ​ ​
​ ​ ​ 56,400 ​ ​ ​
Stryker Corp.
​ ​ ​ ​ 11,176,224 ​ ​
See Notes to Financial Statements.
10
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Healthcare-Products – (continued) ​
​ ​ ​ 1,013 ​ ​ ​
Teleflex Inc.
​ ​ ​ $ 398,058 ​ ​
​ ​ ​ 17,476 ​ ​ ​
Thermo Fisher Scientific Inc.
​ ​ ​ ​ 7,496,854 ​ ​
​ ​ ​ 49,395 ​ ​ ​
Varian Medical Systems Inc.*
​ ​ ​ ​ 8,578,430 ​ ​
​ ​ ​ 1,620 ​ ​ ​
West Pharmaceutical Services Inc.
​ ​ ​ ​ 460,015 ​ ​
​ ​ ​ 4,551 ​ ​ ​
Zimmer Biomet Holdings Inc.
​ ​ ​ ​ 641,145 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Products
​ ​ ​ ​ 224,407,524 ​ ​
​ Healthcare-Services – 2.6% ​
​ ​ ​ 59,802 ​ ​ ​
Anthem Inc.
​ ​ ​ ​ 16,835,459 ​ ​
​ ​ ​ 186,203 ​ ​ ​
Centene Corp.*
​ ​ ​ ​ 11,417,968 ​ ​
​ ​ ​ 96,694 ​ ​ ​
DaVita Inc.*
​ ​ ​ ​ 8,389,171 ​ ​
​ ​ ​ 58,334 ​ ​ ​
HCA Healthcare Inc.
​ ​ ​ ​ 7,917,090 ​ ​
​ ​ ​ 29,067 ​ ​ ​
Humana Inc.
​ ​ ​ ​ 12,067,746 ​ ​
​ ​ ​ 4,024 ​ ​ ​
IQVIA Holdings Inc.*
​ ​ ​ ​ 658,930 ​ ​
​ ​ ​ 32,933 ​ ​ ​
Laboratory Corp. of America Holdings*
​ ​ ​ ​ 5,787,975 ​ ​
​ ​ ​ 3,059 ​ ​ ​
Quest Diagnostics Inc.
​ ​ ​ ​ 340,283 ​ ​
​ ​ ​ 166,554 ​ ​ ​
UnitedHealth Group Inc.
​ ​ ​ ​ 52,056,453 ​ ​
​ ​ ​ 1,749 ​ ​ ​
Universal Health Services Inc., Class B Shares
​ ​ ​ ​ 193,002 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Services
​ ​ ​ ​ 115,664,077 ​ ​
​ Household Products/Wares – 0.1% ​
​ ​ ​ 1,845 ​ ​ ​
Avery Dennison Corp.
​ ​ ​ ​ 212,895 ​ ​
​ ​ ​ 5,499 ​ ​ ​
Church & Dwight Co., Inc.
​ ​ ​ ​ 526,969 ​ ​
​ ​ ​ 2,759 ​ ​ ​
Clorox Co.
​ ​ ​ ​ 616,636 ​ ​
​ ​ ​ 7,598 ​ ​ ​
Kimberly-Clark Corp.
​ ​ ​ ​ 1,198,660 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Household Products/Wares
​ ​ ​ ​ 2,555,160 ​ ​
​ Pharmaceuticals – 5.6% ​
​ ​ ​ 115,069 ​ ​ ​
AbbVie Inc.
​ ​ ​ ​ 11,020,158 ​ ​
​ ​ ​ 3,387 ​ ​ ​
AmerisourceBergen Corp., Class A Shares
​ ​ ​ ​ 328,641 ​ ​
​ ​ ​ 69,353 ​ ​ ​
Becton Dickinson & Co.
​ ​ ​ ​ 16,836,828 ​ ​
​ ​ ​ 658,487 ​ ​ ​
Bristol-Myers Squibb Co.
​ ​ ​ ​ 40,957,891 ​ ​
​ ​ ​ 317,696 ​ ​ ​
Cardinal Health Inc.
​ ​ ​ ​ 16,126,249 ​ ​
​ ​ ​ 152,794 ​ ​ ​
Cigna Corp.
​ ​ ​ ​ 27,101,072 ​ ​
​ ​ ​ 290,483 ​ ​ ​
CVS Health Corp.
​ ​ ​ ​ 18,044,804 ​ ​
​ ​ ​ 2,060 ​ ​ ​
DexCom Inc.*
​ ​ ​ ​ 876,345 ​ ​
​ ​ ​ 112,033 ​ ​ ​
Eli Lilly & Co.
​ ​ ​ ​ 16,624,577 ​ ​
​ ​ ​ 46,554 ​ ​ ​
Horizon Therapeutics PLC*
​ ​ ​ ​ 3,497,136 ​ ​
​ ​ ​ 180,441 ​ ​ ​
Johnson & Johnson
​ ​ ​ ​ 27,681,454 ​ ​
​ ​ ​ 3,643 ​ ​ ​
McKesson Corp.
​ ​ ​ ​ 558,982 ​ ​
​ ​ ​ 355,541 ​ ​ ​
Merck & Co., Inc.
​ ​ ​ ​ 30,316,981 ​ ​
​ ​ ​ 11,287 ​ ​ ​
Mylan NV*
​ ​ ​ ​ 184,881 ​ ​
​ ​ ​ 2,908 ​ ​ ​
Perrigo Co. PLC
​ ​ ​ ​ 152,088 ​ ​
See Notes to Financial Statements.
11
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Pharmaceuticals – (continued) ​
​ ​ ​ 623,739 ​ ​ ​
Pfizer Inc.
​ ​ ​ $ 23,571,097 ​ ​
​ ​ ​ 101,448 ​ ​ ​
Sarepta Therapeutics Inc.*
​ ​ ​ ​ 14,854,016 ​ ​
​ ​ ​ 10,598 ​ ​ ​
Zoetis Inc., Class A Shares
​ ​ ​ ​ 1,696,740 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 250,429,940 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
 ​ ​ ​ ​ 1,123,505,187 ​ ​
​ ENERGY – 1.7% ​
​ Energy-Alternate Sources – 0.2% ​
​ ​ ​ 125,222 ​ ​ ​
NextEra Energy Partners LP(a)
​ ​ ​ ​ 7,553,391 ​ ​
​ Oil & Gas – 1.5% ​
​ ​ ​ 8,466 ​ ​ ​
Apache Corp.
​ ​ ​ ​ 125,297 ​ ​
​ ​ ​ 8,829 ​ ​ ​
Cabot Oil & Gas Corp.
​ ​ ​ ​ 167,486 ​ ​
​ ​ ​ 41,668 ​ ​ ​
Chevron Corp.
​ ​ ​ ​ 3,497,195 ​ ​
​ ​ ​ 4,304 ​ ​ ​
Concho Resources Inc.
​ ​ ​ ​ 223,722 ​ ​
​ ​ ​ 561,854 ​ ​ ​
ConocoPhillips
​ ​ ​ ​ 21,288,648 ​ ​
​ ​ ​ 8,546 ​ ​ ​
Devon Energy Corp.
​ ​ ​ ​ 92,895 ​ ​
​ ​ ​ 3,320 ​ ​ ​
Diamondback Energy Inc.
​ ​ ​ ​ 129,347 ​ ​
​ ​ ​ 13,212 ​ ​ ​
EOG Resources Inc.
​ ​ ​ ​ 599,032 ​ ​
​ ​ ​ 94,341 ​ ​ ​
Exxon Mobil Corp.
​ ​ ​ ​ 3,767,980 ​ ​
​ ​ ​ 209,024 ​ ​ ​
Hess Corp.
​ ​ ​ ​ 9,623,465 ​ ​
​ ​ ​ 3,061 ​ ​ ​
HollyFrontier Corp.
​ ​ ​ ​ 73,066 ​ ​
​ ​ ​ 18,498 ​ ​ ​
Marathon Oil Corp.
​ ​ ​ ​ 97,669 ​ ​
​ ​ ​ 322,109 ​ ​ ​
Marathon Petroleum Corp.
​ ​ ​ ​ 11,421,985 ​ ​
​ ​ ​ 10,187 ​ ​ ​
Noble Energy Inc.
​ ​ ​ ​ 101,361 ​ ​
​ ​ ​ 20,559 ​ ​ ​
Occidental Petroleum Corp.
​ ​ ​ ​ 261,922 ​ ​
​ ​ ​ 127,943 ​ ​ ​
Phillips 66
​ ​ ​ ​ 7,480,827 ​ ​
​ ​ ​ 56,119 ​ ​ ​
Pioneer Natural Resources Co.
​ ​ ​ ​ 5,832,448 ​ ​
​ ​ ​ 9,088 ​ ​ ​
Valero Energy Corp.
​ ​ ​ ​ 477,938 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas
​ ​ ​ ​ 65,262,283 ​ ​
​ Oil & Gas Services – 0.0% ​
​ ​ ​ 14,696 ​ ​ ​
Baker Hughes Co., Class A Shares
​ ​ ​ ​ 209,859 ​ ​
​ ​ ​ 19,897 ​ ​ ​
Halliburton Co.
​ ​ ​ ​ 321,933 ​ ​
​ ​ ​ 8,319 ​ ​ ​
National Oilwell Varco Inc.
​ ​ ​ ​ 99,828 ​ ​
​ ​ ​ 30,860 ​ ​ ​
Schlumberger NV
​ ​ ​ ​ 586,649 ​ ​
​ ​ ​ 8,994 ​ ​ ​
TechnipFMC PLC
​ ​ ​ ​ 69,254 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas Services
​ ​ ​ ​ 1,287,523 ​ ​
See Notes to Financial Statements.
12
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ ENERGY – (continued) ​
​ Pipelines – 0.0% ​
​ ​ ​ 44,117 ​ ​ ​
Kinder Morgan Inc.
​ ​ ​ $ 609,697 ​ ​
​ ​ ​ 9,573 ​ ​ ​
ONEOK Inc.
​ ​ ​ ​ 263,066 ​ ​
​ ​ ​ 27,287 ​ ​ ​
Williams Cos., Inc.
​ ​ ​ ​ 566,478 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pipelines
​ ​ ​ ​ 1,439,241 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ENERGY
 ​ ​ ​ ​ 75,542,438 ​ ​
​ FINANCIAL – 11.7% ​
​ Banks – 3.4% ​
​ ​ ​ 174,250 ​ ​ ​
Bank of America Corp.
​ ​ ​ ​ 4,485,195 ​ ​
​ ​ ​ 476,136 ​ ​ ​
Bank of New York Mellon Corp.
​ ​ ​ ​ 17,607,509 ​ ​
​ ​ ​ 211,780 ​ ​ ​
Citigroup Inc.
​ ​ ​ ​ 10,826,194 ​ ​
​ ​ ​ 9,293 ​ ​ ​
Citizens Financial Group Inc.
​ ​ ​ ​ 240,410 ​ ​
​ ​ ​ 3,165 ​ ​ ​
Comerica Inc.
​ ​ ​ ​ 125,112 ​ ​
​ ​ ​ 16,221 ​ ​ ​
Fifth Third Bancorp
​ ​ ​ ​ 335,126 ​ ​
​ ​ ​ 3,784 ​ ​ ​
First Republic Bank
​ ​ ​ ​ 427,251 ​ ​
​ ​ ​ 120,515 ​ ​ ​
Goldman Sachs Group Inc.
​ ​ ​ ​ 24,689,908 ​ ​
​ ​ ​ 22,930 ​ ​ ​
Huntington Bancshares Inc.
​ ​ ​ ​ 215,771 ​ ​
​ ​ ​ 350,317 ​ ​ ​
JPMorgan Chase & Co.
​ ​ ​ ​ 35,098,260 ​ ​
​ ​ ​ 22,143 ​ ​ ​
KeyCorp
​ ​ ​ ​ 272,802 ​ ​
​ ​ ​ 2,916 ​ ​ ​
M&T Bank Corp.
​ ​ ​ ​ 301,106 ​ ​
​ ​ ​ 421,376 ​ ​ ​
Morgan Stanley
​ ​ ​ ​ 22,021,110 ​ ​
​ ​ ​ 4,553 ​ ​ ​
Northern Trust Corp.
​ ​ ​ ​ 372,845 ​ ​
​ ​ ​ 57,998 ​ ​ ​
PNC Financial Services Group Inc.
​ ​ ​ ​ 6,449,378 ​ ​
​ ​ ​ 21,617 ​ ​ ​
Regions Financial Corp.
​ ​ ​ ​ 249,893 ​ ​
​ ​ ​ 71,484 ​ ​ ​
State Street Corp.
​ ​ ​ ​ 4,867,346 ​ ​
​ ​ ​ 1,160 ​ ​ ​
SVB Financial Group*
​ ​ ​ ​ 296,241 ​ ​
​ ​ ​ 514,051 ​ ​ ​
Truist Financial Corp.
​ ​ ​ ​ 19,950,319 ​ ​
​ ​ ​ 30,547 ​ ​ ​
US Bancorp
​ ​ ​ ​ 1,111,911 ​ ​
​ ​ ​ 83,260 ​ ​ ​
Wells Fargo & Co.
​ ​ ​ ​ 2,010,729 ​ ​
​ ​ ​ 3,826 ​ ​ ​
Zions Bancorp N.A.
​ ​ ​ ​ 123,044 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Banks
​ ​ ​ ​ 152,077,460 ​ ​
​ Diversified Financial Services – 3.7% ​
​ ​ ​ 14,744 ​ ​ ​
American Express Co.
​ ​ ​ ​ 1,497,843 ​ ​
​ ​ ​ 2,699 ​ ​ ​
Ameriprise Financial Inc.
​ ​ ​ ​ 423,203 ​ ​
​ ​ ​ 282,464 ​ ​ ​
Ant International Co., Ltd., Class C Shares, Private Placement*(b)(c)@
​ ​ ​ ​ 1,982,897 ​ ​
​ ​ ​ 3,449 ​ ​ ​
BlackRock Inc., Class A Shares
​ ​ ​ ​ 2,049,361 ​ ​
​ ​ ​ 138,345 ​ ​ ​
Capital One Financial Corp.
​ ​ ​ ​ 9,549,955 ​ ​
​ ​ ​ 25,519 ​ ​ ​
Cboe Global Markets Inc.
​ ​ ​ ​ 2,342,389 ​ ​
​ ​ ​ 190,738 ​ ​ ​
Charles Schwab Corp.
​ ​ ​ ​ 6,776,921 ​ ​
​ ​ ​ 8,005 ​ ​ ​
CME Group Inc., Class A Shares
​ ​ ​ ​ 1,407,839 ​ ​
​ ​ ​ 6,994 ​ ​ ​
Discover Financial Services
​ ​ ​ ​ 371,242 ​ ​
See Notes to Financial Statements.
13
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Diversified Financial Services – (continued) ​
​ ​ ​ 6,294 ​ ​ ​
Franklin Resources Inc.
​ ​ ​ $ 132,552 ​ ​
​ ​ ​ 12,222 ​ ​ ​
Intercontinental Exchange Inc.
​ ​ ​ ​ 1,298,343 ​ ​
​ ​ ​ 8,175 ​ ​ ​
Invesco Ltd.
​ ​ ​ ​ 83,385 ​ ​
​ ​ ​ 117,856 ​ ​ ​
LPL Financial Holdings Inc.
​ ​ ​ ​ 9,683,049 ​ ​
​ ​ ​ 349 ​ ​ ​
Maplebear Inc. d/b/a Instacart, Non-voting Shares*(b)(c)@
​ ​ ​ ​ 16,159 ​ ​
​ ​ ​ 6,679 ​ ​ ​
Maplebear Inc. d/b/a Instacart, Private Placement*(b)(c)@
​ ​ ​ ​ 309,238 ​ ​
​ ​ ​ 123,757 ​ ​ ​
Mastercard Inc., Class A Shares
​ ​ ​ ​ 44,328,520 ​ ​
​ ​ ​ 2,615 ​ ​ ​
Nasdaq Inc.
​ ​ ​ ​ 351,508 ​ ​
​ ​ ​ 2,694 ​ ​ ​
Raymond James Financial Inc.
​ ​ ​ ​ 203,990 ​ ​
​ ​ ​ 70,095 ​ ​ ​
Rocket Cos., Inc., Class A Shares*(a)
​ ​ ​ ​ 1,962,660 ​ ​
​ ​ ​ 12,156 ​ ​ ​
Synchrony Financial
​ ​ ​ ​ 301,590 ​ ​
​ ​ ​ 5,046 ​ ​ ​
T Rowe Price Group Inc.
​ ​ ​ ​ 702,454 ​ ​
​ ​ ​ 29,342 ​ ​ ​
Tradeweb Markets Inc., Class A Shares
​ ​ ​ ​ 1,681,003 ​ ​
​ ​ ​ 355,906 ​ ​ ​
Visa Inc., Class A Shares
​ ​ ​ ​ 75,448,513 ​ ​
​ ​ ​ 9,095 ​ ​ ​
Western Union Co.
​ ​ ​ ​ 214,551 ​ ​
​ ​ ​ 48,834 ​ ​ ​
XP Inc., Class A Shares*
​ ​ ​ ​ 2,411,911 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Diversified Financial Services
​ ​ ​ ​ 165,531,076 ​ ​
​ Equity Real Estate Investment Trusts (REITs) – 1.1% ​
​ ​ ​ 2,801 ​ ​ ​
Alexandria Real Estate Equities Inc.
​ ​ ​ ​ 471,632 ​ ​
​ ​ ​ 9,887 ​ ​ ​
American Tower Corp.
​ ​ ​ ​ 2,463,346 ​ ​
​ ​ ​ 3,357 ​ ​ ​
Apartment Investment & Management Co., Class A Shares
​ ​ ​ ​ 120,953 ​ ​
​ ​ ​ 3,141 ​ ​ ​
AvalonBay Communities Inc.
​ ​ ​ ​ 496,466 ​ ​
​ ​ ​ 3,277 ​ ​ ​
Boston Properties Inc.
​ ​ ​ ​ 284,673 ​ ​
​ ​ ​ 9,286 ​ ​ ​
Crown Castle International Corp.
​ ​ ​ ​ 1,515,939 ​ ​
​ ​ ​ 6,044 ​ ​ ​
Digital Realty Trust Inc.
​ ​ ​ ​ 940,749 ​ ​
​ ​ ​ 8,395 ​ ​ ​
Duke Realty Corp.
​ ​ ​ ​ 323,627 ​ ​
​ ​ ​ 1,974 ​ ​ ​
Equinix Inc.
​ ​ ​ ​ 1,559,026 ​ ​
​ ​ ​ 298,475 ​ ​ ​
Equity Residential
​ ​ ​ ​ 16,848,914 ​ ​
​ ​ ​ 1,491 ​ ​ ​
Essex Property Trust Inc.
​ ​ ​ ​ 322,816 ​ ​
​ ​ ​ 2,920 ​ ​ ​
Extra Space Storage Inc.
​ ​ ​ ​ 311,126 ​ ​
​ ​ ​ 1,517 ​ ​ ​
Federal Realty Investment Trust
​ ​ ​ ​ 120,207 ​ ​
​ ​ ​ 12,343 ​ ​ ​
Healthpeak Properties Inc.
​ ​ ​ ​ 341,160 ​ ​
​ ​ ​ 15,459 ​ ​ ​
Host Hotels & Resorts Inc.
​ ​ ​ ​ 173,605 ​ ​
​ ​ ​ 6,257 ​ ​ ​
Iron Mountain Inc.
​ ​ ​ ​ 188,273 ​ ​
​ ​ ​ 10,409 ​ ​ ​
Kimco Realty Corp.
​ ​ ​ ​ 124,804 ​ ​
​ ​ ​ 2,588 ​ ​ ​
Mid-America Apartment Communities Inc.
​ ​ ​ ​ 303,107 ​ ​
​ ​ ​ 16,470 ​ ​ ​
Prologis Inc.
​ ​ ​ ​ 1,677,634 ​ ​
​ ​ ​ 3,315 ​ ​ ​
Public Storage
​ ​ ​ ​ 704,106 ​ ​
​ ​ ​ 7,633 ​ ​ ​
Realty Income Corp.
​ ​ ​ ​ 473,475 ​ ​
​ ​ ​ 3,534 ​ ​ ​
Regency Centers Corp.
​ ​ ​ ​ 140,335 ​ ​
See Notes to Financial Statements.
14
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Equity Real Estate Investment Trusts (REITs) – (continued) ​
​ ​ ​ 2,470 ​ ​ ​
SBA Communications Corp., Class A Shares
​ ​ ​ $ 755,993 ​ ​
​ ​ ​ 6,784 ​ ​ ​
Simon Property Group Inc.
​ ​ ​ ​ 460,294 ​ ​
​ ​ ​ 1,610 ​ ​ ​
SL Green Realty Corp.
​ ​ ​ ​ 75,284 ​ ​
​ ​ ​ 6,610 ​ ​ ​
UDR Inc.
​ ​ ​ ​ 230,094 ​ ​
​ ​ ​ 8,509 ​ ​ ​
Ventas Inc.
​ ​ ​ ​ 350,656 ​ ​
​ ​ ​ 3,600 ​ ​ ​
Vornado Realty Trust
​ ​ ​ ​ 128,988 ​ ​
​ ​ ​ 9,359 ​ ​ ​
Welltower Inc.
​ ​ ​ ​ 538,330 ​ ​
​ ​ ​ 480,770 ​ ​ ​
Weyerhaeuser Co.
​ ​ ​ ​ 14,572,139 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Equity Real Estate Investment Trusts (REITs)
​ ​ ​ ​ 47,017,751 ​ ​
​ Insurance – 3.5% ​
​ ​ ​ 16,257 ​ ​ ​
Aflac Inc.
​ ​ ​ ​ 590,454 ​ ​
​ ​ ​ 171,908 ​ ​ ​
Allstate Corp.
​ ​ ​ ​ 15,987,444 ​ ​
​ ​ ​ 628,626 ​ ​ ​
American International Group Inc.
​ ​ ​ ​ 18,318,162 ​ ​
​ ​ ​ 5,136 ​ ​ ​
Aon PLC, Class A Shares
​ ​ ​ ​ 1,027,149 ​ ​
​ ​ ​ 4,195 ​ ​ ​
Arthur J Gallagher & Co.
​ ​ ​ ​ 441,733 ​ ​
​ ​ ​ 108,020 ​ ​ ​
Assurant Inc.
​ ​ ​ ​ 13,130,911 ​ ​
​ ​ ​ 178,351 ​ ​ ​
Berkshire Hathaway Inc., Class B Shares*
​ ​ ​ ​ 38,887,652 ​ ​
​ ​ ​ 156,555 ​ ​ ​
Chubb Ltd.
​ ​ ​ ​ 19,569,375 ​ ​
​ ​ ​ 3,409 ​ ​ ​
Cincinnati Financial Corp.
​ ​ ​ ​ 270,709 ​ ​
​ ​ ​ 911 ​ ​ ​
Everest Re Group Ltd.
​ ​ ​ ​ 200,493 ​ ​
​ ​ ​ 2,136 ​ ​ ​
Globe Life Inc.
​ ​ ​ ​ 176,177 ​ ​
​ ​ ​ 8,140 ​ ​ ​
Hartford Financial Services Group Inc.
​ ​ ​ ​ 329,263 ​ ​
​ ​ ​ 4,145 ​ ​ ​
Lincoln National Corp.
​ ​ ​ ​ 149,427 ​ ​
​ ​ ​ 5,192 ​ ​ ​
Loews Corp.
​ ​ ​ ​ 186,185 ​ ​
​ ​ ​ 171,798 ​ ​ ​
Marsh & McLennan Cos., Inc.
​ ​ ​ ​ 19,741,308 ​ ​
​ ​ ​ 17,082 ​ ​ ​
MetLife Inc.
​ ​ ​ ​ 656,974 ​ ​
​ ​ ​ 5,706 ​ ​ ​
Principal Financial Group Inc.
​ ​ ​ ​ 240,280 ​ ​
​ ​ ​ 13,078 ​ ​ ​
Progressive Corp.
​ ​ ​ ​ 1,242,933 ​ ​
​ ​ ​ 8,934 ​ ​ ​
Prudential Financial Inc.
​ ​ ​ ​ 605,457 ​ ​
​ ​ ​ 5,580 ​ ​ ​
Travelers Cos., Inc.
​ ​ ​ ​ 647,503 ​ ​
​ ​ ​ 4,281 ​ ​ ​
Unum Group
​ ​ ​ ​ 79,113 ​ ​
​ ​ ​ 268,062 ​ ​ ​
Voya Financial Inc.
​ ​ ​ ​ 13,915,098 ​ ​
​ ​ ​ 35,087 ​ ​ ​
Willis Towers Watson PLC
​ ​ ​ ​ 7,211,431 ​ ​
​ ​ ​ 3,116 ​ ​ ​
WR Berkley Corp.
​ ​ ​ ​ 193,348 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Insurance
​ ​ ​ ​ 153,798,579 ​ ​
​ Real Estate – 0.0% ​
​ ​ ​ 7,655 ​ ​ ​
CBRE Group Inc., Class A Shares*
​ ​ ​ ​ 360,015 ​ ​
​ Savings & Loans – 0.0% ​
​ ​ ​ 9,808 ​ ​ ​
People’s United Financial Inc.
​ ​ ​ ​ 103,769 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 518,888,650 ​ ​
See Notes to Financial Statements.
15
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – 7.9% ​
​ Aerospace/Defense – 2.0% ​
​ ​ ​ 11,967 ​ ​ ​
Boeing Co.
​ ​ ​ $ 2,056,170 ​ ​
​ ​ ​ 58,329 ​ ​ ​
General Dynamics Corp.
​ ​ ​ ​ 8,711,436 ​ ​
​ ​ ​ 8,719 ​ ​ ​
Howmet Aerospace Inc.
​ ​ ​ ​ 152,757 ​ ​
​ ​ ​ 44,597 ​ ​ ​
L3Harris Technologies Inc.
​ ​ ​ ​ 8,060,462 ​ ​
​ ​ ​ 26,527 ​ ​ ​
Lockheed Martin Corp.
​ ​ ​ ​ 10,352,427 ​ ​
​ ​ ​ 101,268 ​ ​ ​
Northrop Grumman Corp.
​ ​ ​ ​ 34,695,429 ​ ​
​ ​ ​ 305,517 ​ ​ ​
Raytheon Technologies Corp.
​ ​ ​ ​ 18,636,537 ​ ​
​ ​ ​ 16,582 ​ ​ ​
Teledyne Technologies Inc.*
​ ​ ​ ​ 5,200,281 ​ ​
​ ​ ​ 1,129 ​ ​ ​
TransDigm Group Inc.
​ ​ ​ ​ 564,127 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Aerospace/Defense
​ ​ ​ ​ 88,429,626 ​ ​
​ Building Materials – 0.9% ​
​ ​ ​ 394,685 ​ ​ ​
Carrier Global Corp.*
​ ​ ​ ​ 11,781,347 ​ ​
​ ​ ​ 3,130 ​ ​ ​
Fortune Brands Home & Security Inc.
​ ​ ​ ​ 263,170 ​ ​
​ ​ ​ 16,426 ​ ​ ​
Johnson Controls International PLC
​ ​ ​ ​ 669,031 ​ ​
​ ​ ​ 212,414 ​ ​ ​
Louisiana-Pacific Corp.
​ ​ ​ ​ 6,996,917 ​ ​
​ ​ ​ 1,413 ​ ​ ​
Martin Marietta Materials Inc.
​ ​ ​ ​ 286,655 ​ ​
​ ​ ​ 6,007 ​ ​ ​
Masco Corp.
​ ​ ​ ​ 350,208 ​ ​
​ ​ ​ 129,588 ​ ​ ​
Vulcan Materials Co.
​ ​ ​ ​ 15,550,560 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Building Materials
​ ​ ​ ​ 35,897,888 ​ ​
​ Electrical Components & Equipment – 0.0% ​
​ ​ ​ 5,080 ​ ​ ​
AMETEK Inc.
​ ​ ​ ​ 511,556 ​ ​
​ ​ ​ 13,320 ​ ​ ​
Emerson Electric Co.
​ ​ ​ ​ 925,340 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electrical Components & Equipment
​ ​ ​ ​ 1,436,896 ​ ​
​ Electronics – 0.7% ​
​ ​ ​ 6,837 ​ ​ ​
Agilent Technologies Inc.
​ ​ ​ ​ 686,572 ​ ​
​ ​ ​ 2,036 ​ ​ ​
Allegion PLC
​ ​ ​ ​ 210,502 ​ ​
​ ​ ​ 6,576 ​ ​ ​
Amphenol Corp., Class A Shares
​ ​ ​ ​ 722,045 ​ ​
​ ​ ​ 218,883 ​ ​ ​
FLIR Systems Inc.
​ ​ ​ ​ 8,076,783 ​ ​
​ ​ ​ 93,100 ​ ​ ​
Fortive Corp.
​ ​ ​ ​ 6,713,441 ​ ​
​ ​ ​ 3,312 ​ ​ ​
Garmin Ltd.
​ ​ ​ ​ 343,156 ​ ​
​ ​ ​ 15,662 ​ ​ ​
Honeywell International Inc.
​ ​ ​ ​ 2,592,844 ​ ​
​ ​ ​ 4,133 ​ ​ ​
Keysight Technologies Inc.*
​ ​ ​ ​ 407,183 ​ ​
​ ​ ​ 532 ​ ​ ​
Mettler-Toledo International Inc.*
​ ​ ​ ​ 516,455 ​ ​
​ ​ ​ 2,524 ​ ​ ​
PerkinElmer Inc.
​ ​ ​ ​ 297,125 ​ ​
​ ​ ​ 26,739 ​ ​ ​
Roper Technologies Inc.
​ ​ ​ ​ 11,422,633 ​ ​
​ ​ ​ 7,316 ​ ​ ​
TE Connectivity Ltd.
​ ​ ​ ​ 706,726 ​ ​
​ ​ ​ 1,402 ​ ​ ​
Waters Corp.*
​ ​ ​ ​ 303,197 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electronics
​ ​ ​ ​ 32,998,662 ​ ​
​ Engineering & Construction – 0.0% ​
​ ​ ​ 2,917 ​ ​ ​
Jacobs Engineering Group Inc.
​ ​ ​ ​ 263,318 ​ ​
See Notes to Financial Statements.
16
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Environmental Control – 0.0% ​
​ ​ ​ 3,717 ​ ​ ​
Pentair PLC
​ ​ ​ $ 167,785 ​ ​
​ ​ ​ 4,622 ​ ​ ​
Republic Services Inc., Class A Shares
​ ​ ​ ​ 428,552 ​ ​
​ ​ ​ 8,595 ​ ​ ​
Waste Management Inc.
​ ​ ​ ​ 979,830 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Environmental Control
​ ​ ​ ​ 1,576,167 ​ ​
​ Hand/Machine Tools – 0.0% ​
​ ​ ​ 1,156 ​ ​ ​
Snap-on Inc.
​ ​ ​ ​ 171,400 ​ ​
​ ​ ​ 3,461 ​ ​ ​
Stanley Black & Decker Inc.
​ ​ ​ ​ 558,259 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Hand/Machine Tools
​ ​ ​ ​ 729,659 ​ ​
​ Machinery-Construction & Mining – 0.5% ​
​ ​ ​ 151,571 ​ ​ ​
Caterpillar Inc.
​ ​ ​ ​ 21,570,069 ​ ​
​ Machinery-Diversified – 0.5% ​
​ ​ ​ 6,981 ​ ​ ​
Deere & Co.
​ ​ ​ ​ 1,466,429 ​ ​
​ ​ ​ 3,116 ​ ​ ​
Dover Corp.
​ ​ ​ ​ 342,261 ​ ​
​ ​ ​ 2,783 ​ ​ ​
Flowserve Corp.
​ ​ ​ ​ 82,599 ​ ​
​ ​ ​ 1,700 ​ ​ ​
IDEX Corp.
​ ​ ​ ​ 306,391 ​ ​
​ ​ ​ 227,375 ​ ​ ​
Ingersoll Rand Inc.*
​ ​ ​ ​ 7,971,768 ​ ​
​ ​ ​ 96,995 ​ ​ ​
Otis Worldwide Corp.
​ ​ ​ ​ 6,100,986 ​ ​
​ ​ ​ 2,616 ​ ​ ​
Rockwell Automation Inc.
​ ​ ​ ​ 603,066 ​ ​
​ ​ ​ 50,722 ​ ​ ​
Westinghouse Air Brake Technologies Corp.
​ ​ ​ ​ 3,375,549 ​ ​
​ ​ ​ 4,085 ​ ​ ​
Xylem Inc.
​ ​ ​ ​ 327,535 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Machinery-Diversified
​ ​ ​ ​ 20,576,584 ​ ​
​ Miscellaneous Manufacturers – 1.6% ​
​ ​ ​ 12,831 ​ ​ ​
3M Co.
​ ​ ​ ​ 2,091,710 ​ ​
​ ​ ​ 166,869 ​ ​ ​
AO Smith Corp.
​ ​ ​ ​ 8,171,575 ​ ​
​ ​ ​ 170,448 ​ ​ ​
Eaton Corp. PLC
​ ​ ​ ​ 17,402,741 ​ ​
​ ​ ​ 195,378 ​ ​ ​
General Electric Co.
​ ​ ​ ​ 1,238,697 ​ ​
​ ​ ​ 6,399 ​ ​ ​
Illinois Tool Works Inc.
​ ​ ​ ​ 1,264,122 ​ ​
​ ​ ​ 26,392 ​ ​ ​
Parker-Hannifin Corp.
​ ​ ​ ​ 5,437,016 ​ ​
​ ​ ​ 220,901 ​ ​ ​
Textron Inc.
​ ​ ​ ​ 8,710,126 ​ ​
​ ​ ​ 239,132 ​ ​ ​
Trane Technologies PLC
​ ​ ​ ​ 28,310,837 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Miscellaneous Manufacturers
​ ​ ​ ​ 72,626,824 ​ ​
​ Packaging & Containers – 0.0% ​
​ ​ ​ 34,545 ​ ​ ​
Amcor PLC
​ ​ ​ ​ 382,068 ​ ​
​ ​ ​ 7,338 ​ ​ ​
Ball Corp.
​ ​ ​ ​ 589,755 ​ ​
​ ​ ​ 2,091 ​ ​ ​
Packaging Corp. of America
​ ​ ​ ​ 211,693 ​ ​
​ ​ ​ 3,606 ​ ​ ​
Sealed Air Corp.
​ ​ ​ ​ 141,716 ​ ​
​ ​ ​ 5,496 ​ ​ ​
WestRock Co.
​ ​ ​ ​ 166,694 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Packaging & Containers
​ ​ ​ ​ 1,491,926 ​ ​
​ Shipbuilding – 0.2% ​
​ ​ ​ 50,788 ​ ​ ​
Huntington Ingalls Industries Inc.
​ ​ ​ ​ 7,695,398 ​ ​
See Notes to Financial Statements.
17
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Transportation – 1.5% ​
​ ​ ​ 3,042 ​ ​ ​
CH Robinson Worldwide Inc.
​ ​ ​ $ 299,029 ​ ​
​ ​ ​ 17,087 ​ ​ ​
CSX Corp.
​ ​ ​ ​ 1,306,472 ​ ​
​ ​ ​ 3,777 ​ ​ ​
Expeditors International of Washington Inc.
​ ​ ​ ​ 333,849 ​ ​
​ ​ ​ 94,784 ​ ​ ​
FedEx Corp.
​ ​ ​ ​ 20,837,315 ​ ​
​ ​ ​ 22,833 ​ ​ ​
JB Hunt Transport Services Inc.
​ ​ ​ ​ 3,208,950 ​ ​
​ ​ ​ 2,170 ​ ​ ​
Kansas City Southern
​ ​ ​ ​ 395,027 ​ ​
​ ​ ​ 18,520 ​ ​ ​
Norfolk Southern Corp.
​ ​ ​ ​ 3,936,056 ​ ​
​ ​ ​ 2,068 ​ ​ ​
Old Dominion Freight Line Inc.
​ ​ ​ ​ 418,108 ​ ​
​ ​ ​ 116,248 ​ ​ ​
Union Pacific Corp.
​ ​ ​ ​ 22,370,765 ​ ​
​ ​ ​ 66,743 ​ ​ ​
United Parcel Service Inc., Class B Shares
​ ​ ​ ​ 10,920,490 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Transportation
​ ​ ​ ​ 64,026,061 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INDUSTRIAL
 ​ ​ ​ ​ 349,319,078 ​ ​
​ TECHNOLOGY – 22.2% ​
​ Computers – 3.7% ​
​ ​ ​ 14,217 ​ ​ ​
Accenture PLC, Class A Shares
​ ​ ​ ​ 3,411,085 ​ ​
​ ​ ​ 869,736 ​ ​ ​
Apple Inc.*
​ ​ ​ ​ 112,230,733 ​ ​
​ ​ ​ 411,830 ​ ​ ​
Cognizant Technology Solutions Corp., Class A Shares
​ ​ ​ ​ 27,534,954 ​ ​
​ ​ ​ 26,202 ​ ​ ​
Crowdstrike Holdings Inc., Class A Shares*
​ ​ ​ ​ 3,294,377 ​ ​
​ ​ ​ 5,444 ​ ​ ​
DXC Technology Co.
​ ​ ​ ​ 108,771 ​ ​
​ ​ ​ 2,947 ​ ​ ​
Fortinet Inc.*
​ ​ ​ ​ 389,019 ​ ​
​ ​ ​ 29,071 ​ ​ ​
Hewlett Packard Enterprise Co.
​ ​ ​ ​ 281,117 ​ ​
​ ​ ​ 32,339 ​ ​ ​
HP Inc.
​ ​ ​ ​ 632,227 ​ ​
​ ​ ​ 63,412 ​ ​ ​
International Business Machines Corp.
​ ​ ​ ​ 7,819,334 ​ ​
​ ​ ​ 91,522 ​ ​ ​
Leidos Holdings Inc.
​ ​ ​ ​ 8,281,826 ​ ​
​ ​ ​ 4,767 ​ ​ ​
NetApp Inc.
​ ​ ​ ​ 225,908 ​ ​
​ ​ ​ 4,988 ​ ​ ​
Seagate Technology PLC
​ ​ ​ ​ 239,374 ​ ​
​ ​ ​ 6,767 ​ ​ ​
Western Digital Corp.
​ ​ ​ ​ 259,988 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Computers
​ ​ ​ ​ 164,708,713 ​ ​
​ Office/Business Equipment – 0.1% ​
​ ​ ​ 3,842 ​ ​ ​
Xerox Holdings Corp.
​ ​ ​ ​ 72,460 ​ ​
​ ​ ​ 20,051 ​ ​ ​
Zebra Technologies Corp., Class A Shares*
​ ​ ​ ​ 5,745,213 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Office/Business Equipment
​ ​ ​ ​ 5,817,673 ​ ​
​ Semiconductors – 5.8% ​
​ ​ ​ 290,639 ​ ​ ​
Advanced Micro Devices Inc.*
​ ​ ​ ​ 26,395,834 ​ ​
​ ​ ​ 8,158 ​ ​ ​
Analog Devices Inc.
​ ​ ​ ​ 953,507 ​ ​
​ ​ ​ 517,202 ​ ​ ​
Applied Materials Inc.
​ ​ ​ ​ 31,859,643 ​ ​
​ ​ ​ 28,089 ​ ​ ​
ASML Holding NV, Class NY Registered Shares, ADR
​ ​ ​ ​ 10,510,342 ​ ​
​ ​ ​ 65,724 ​ ​ ​
Broadcom Inc.
​ ​ ​ ​ 22,816,087 ​ ​
​ ​ ​ 546,183 ​ ​ ​
Intel Corp.
​ ​ ​ ​ 27,828,024 ​ ​
​ ​ ​ 838 ​ ​ ​
IPG Photonics Corp.*
​ ​ ​ ​ 135,530 ​ ​
See Notes to Financial Statements.
18
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ TECHNOLOGY – (continued) ​
​ Semiconductors – (continued) ​
​ ​ ​ 3,450 ​ ​ ​
KLA Corp.
​ ​ ​ $ 707,733 ​ ​
​ ​ ​ 3,239 ​ ​ ​
Lam Research Corp.
​ ​ ​ ​ 1,089,405 ​ ​
​ ​ ​ 207,134 ​ ​ ​
Marvell Technology Group Ltd.
​ ​ ​ ​ 8,032,657 ​ ​
​ ​ ​ 5,880 ​ ​ ​
Maxim Integrated Products Inc.
​ ​ ​ ​ 402,427 ​ ​
​ ​ ​ 54,124 ​ ​ ​
Microchip Technology Inc.
​ ​ ​ ​ 5,937,403 ​ ​
​ ​ ​ 107,037 ​ ​ ​
Micron Technology Inc.*
​ ​ ​ ​ 4,871,254 ​ ​
​ ​ ​ 122,617 ​ ​ ​
NVIDIA Corp.
​ ​ ​ ​ 65,597,643 ​ ​
​ ​ ​ 70,699 ​ ​ ​
NXP Semiconductors NV
​ ​ ​ ​ 8,891,106 ​ ​
​ ​ ​ 63,625 ​ ​ ​
Qorvo Inc.*
​ ​ ​ ​ 8,161,179 ​ ​
​ ​ ​ 187,884 ​ ​ ​
QUALCOMM Inc.
​ ​ ​ ​ 22,376,984 ​ ​
​ ​ ​ 3,742 ​ ​ ​
Skyworks Solutions Inc.
​ ​ ​ ​ 542,029 ​ ​
​ ​ ​ 61,100 ​ ​ ​
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
​ ​ ​ ​ 4,842,175 ​ ​
​ ​ ​ 20,473 ​ ​ ​
Texas Instruments Inc.
​ ​ ​ ​ 2,910,237 ​ ​
​ ​ ​ 5,487 ​ ​ ​
Xilinx Inc.
​ ​ ​ ​ 571,526 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Semiconductors
​ ​ ​ ​ 255,432,725 ​ ​
​ Software – 12.6% ​
​ ​ ​ 244,844 ​ ​ ​
Activision Blizzard Inc.
​ ​ ​ ​ 20,449,371 ​ ​
​ ​ ​ 109,405 ​ ​ ​
Adobe Inc.*
​ ​ ​ ​ 56,167,433 ​ ​
​ ​ ​ 3,566 ​ ​ ​
Akamai Technologies Inc.*
​ ​ ​ ​ 415,189 ​ ​
​ ​ ​ 1,944 ​ ​ ​
ANSYS Inc.*
​ ​ ​ ​ 659,035 ​ ​
​ ​ ​ 39,247 ​ ​ ​
Autodesk Inc.*
​ ​ ​ ​ 9,642,988 ​ ​
​ ​ ​ 2,613 ​ ​ ​
Broadridge Financial Solutions Inc.
​ ​ ​ ​ 359,026 ​ ​
​ ​ ​ 6,183 ​ ​ ​
Cadence Design Systems Inc.*
​ ​ ​ ​ 685,757 ​ ​
​ ​ ​ 6,794 ​ ​ ​
Cerner Corp.
​ ​ ​ ​ 498,476 ​ ​
​ ​ ​ 2,536 ​ ​ ​
Citrix Systems Inc.
​ ​ ​ ​ 368,227 ​ ​
​ ​ ​ 53,200 ​ ​ ​
Datadog Inc., Class A Shares*
​ ​ ​ ​ 4,444,860 ​ ​
​ ​ ​ 6,443 ​ ​ ​
Electronic Arts Inc.*
​ ​ ​ ​ 898,605 ​ ​
​ ​ ​ 2,896 ​ ​ ​
Epic Games Inc., Private Placement*(b)(c)@
​ ​ ​ ​ 1,665,200 ​ ​
​ ​ ​ 122,622 ​ ​ ​
Fidelity National Information Services Inc.
​ ​ ​ ​ 18,497,529 ​ ​
​ ​ ​ 125,080 ​ ​ ​
Fiserv Inc.*
​ ​ ​ ​ 12,455,466 ​ ​
​ ​ ​ 151,625 ​ ​ ​
Intuit Inc.
​ ​ ​ ​ 52,369,759 ​ ​
​ ​ ​ 1,738 ​ ​ ​
Jack Henry & Associates Inc.
​ ​ ​ ​ 287,500 ​ ​
​ ​ ​ 557,234 ​ ​ ​
Microsoft Corp.
​ ​ ​ ​ 125,672,984 ​ ​
​ ​ ​ 83,751 ​ ​ ​
MSCI Inc., Class A Shares
​ ​ ​ ​ 31,261,736 ​ ​
​ ​ ​ 355,955 ​ ​ ​
Oracle Corp.
​ ​ ​ ​ 20,367,745 ​ ​
​ ​ ​ 7,172 ​ ​ ​
Paychex Inc.
​ ​ ​ ​ 548,443 ​ ​
​ ​ ​ 18,733 ​ ​ ​
Paycom Software Inc.*
​ ​ ​ ​ 5,609,784 ​ ​
​ ​ ​ 290,650 ​ ​ ​
salesforce.com Inc.*
​ ​ ​ ​ 79,245,722 ​ ​
​ ​ ​ 73,300 ​ ​ ​
Sea Ltd., ADR*
​ ​ ​ ​ 11,200,973 ​ ​
​ ​ ​ 100,395 ​ ​ ​
ServiceNow Inc.*
​ ​ ​ ​ 48,392,398 ​ ​
See Notes to Financial Statements.
19
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ TECHNOLOGY – (continued) ​
​ Software – (continued) ​
​ ​ ​ 81,310 ​ ​ ​
Slack Technologies Inc., Class A Shares*
​ ​ ​ $ 2,670,220 ​ ​
​ ​ ​ 1,898 ​ ​ ​
Snowflake Inc., Class B Shares, Private Placement*(b)(c)@
​ ​ ​ ​ 73,585 ​ ​
​ ​ ​ 187,029 ​ ​ ​
Splunk Inc.*
​ ​ ​ ​ 41,021,071 ​ ​
​ ​ ​ 20,012 ​ ​ ​
Stripe Inc., Class B Shares, Private Placement*(b)(c)@
​ ​ ​ ​ 313,988 ​ ​
​ ​ ​ 3,341 ​ ​ ​
Synopsys Inc.*
​ ​ ​ ​ 739,363 ​ ​
​ ​ ​ 2,509 ​ ​ ​
Take-Two Interactive Software Inc.*
​ ​ ​ ​ 429,516 ​ ​
​ ​ ​ 20,830 ​ ​ ​
Temenos AG, Class Registered Shares
​ ​ ​ ​ 3,359,900 ​ ​
​ ​ ​ 903 ​ ​ ​
Tyler Technologies Inc.*
​ ​ ​ ​ 311,815 ​ ​
​ ​ ​ 18,259 ​ ​ ​
Workday Inc., Class A Shares*
​ ​ ​ ​ 4,376,865 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 555,460,529 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 981,419,640 ​ ​
​ UTILITIES – 1.5% ​
​ Electric – 1.5% ​
​ ​ ​ 14,955 ​ ​ ​
AES Corp.
​ ​ ​ ​ 265,451 ​ ​
​ ​ ​ 5,632 ​ ​ ​
Alliant Energy Corp.
​ ​ ​ ​ 304,973 ​ ​
​ ​ ​ 5,423 ​ ​ ​
Ameren Corp.
​ ​ ​ ​ 429,014 ​ ​
​ ​ ​ 11,183 ​ ​ ​
American Electric Power Co., Inc.
​ ​ ​ ​ 881,556 ​ ​
​ ​ ​ 12,220 ​ ​ ​
CenterPoint Energy Inc.
​ ​ ​ ​ 245,255 ​ ​
​ ​ ​ 6,264 ​ ​ ​
CMS Energy Corp.
​ ​ ​ ​ 378,909 ​ ​
​ ​ ​ 7,530 ​ ​ ​
Consolidated Edison Inc.
​ ​ ​ ​ 537,190 ​ ​
​ ​ ​ 18,729 ​ ​ ​
Dominion Energy Inc.
​ ​ ​ ​ 1,469,103 ​ ​
​ ​ ​ 4,310 ​ ​ ​
DTE Energy Co.
​ ​ ​ ​ 511,468 ​ ​
​ ​ ​ 16,408 ​ ​ ​
Duke Energy Corp.
​ ​ ​ ​ 1,318,219 ​ ​
​ ​ ​ 291,174 ​ ​ ​
Edison International
​ ​ ​ ​ 15,280,812 ​ ​
​ ​ ​ 4,429 ​ ​ ​
Entergy Corp.
​ ​ ​ ​ 439,091 ​ ​
​ ​ ​ 5,144 ​ ​ ​
Evergy Inc.
​ ​ ​ ​ 273,764 ​ ​
​ ​ ​ 7,416 ​ ​ ​
Eversource Energy
​ ​ ​ ​ 635,625 ​ ​
​ ​ ​ 244,566 ​ ​ ​
Exelon Corp.
​ ​ ​ ​ 9,026,931 ​ ​
​ ​ ​ 152,115 ​ ​ ​
FirstEnergy Corp.
​ ​ ​ ​ 4,348,968 ​ ​
​ ​ ​ 10,925 ​ ​ ​
NextEra Energy Inc.
​ ​ ​ ​ 3,049,932 ​ ​
​ ​ ​ 5,618 ​ ​ ​
NRG Energy Inc.
​ ​ ​ ​ 193,315 ​ ​
​ ​ ​ 2,481 ​ ​ ​
Pinnacle West Capital Corp.
​ ​ ​ ​ 181,981 ​ ​
​ ​ ​ 761,013 ​ ​ ​
PPL Corp.
​ ​ ​ ​ 21,026,789 ​ ​
​ ​ ​ 11,126 ​ ​ ​
Public Service Enterprise Group Inc.
​ ​ ​ ​ 581,222 ​ ​
​ ​ ​ 6,498 ​ ​ ​
Sempra Energy
​ ​ ​ ​ 803,478 ​ ​
​ ​ ​ 23,586 ​ ​ ​
Southern Co.
​ ​ ​ ​ 1,230,718 ​ ​
​ ​ ​ 6,952 ​ ​ ​
WEC Energy Group Inc.
​ ​ ​ ​ 654,044 ​ ​
​ ​ ​ 11,708 ​ ​ ​
Xcel Energy Inc.
​ ​ ​ ​ 813,413 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electric
​ ​ ​ ​ 64,881,221 ​ ​
See Notes to Financial Statements.
20
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ UTILITIES – (continued) ​
​ Gas – 0.0% ​
​ ​ ​ 2,757 ​ ​ ​
Atmos Energy Corp.
​ ​ ​ $ 275,204 ​ ​
​ ​ ​ 9,089 ​ ​ ​
NiSource Inc.
​ ​ ​ ​ 201,412 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Gas
​ ​ ​ ​ 476,616 ​ ​
​ Water – 0.0% ​
​ ​ ​ 4,084 ​ ​ ​
American Water Works Co., Inc.
​ ​ ​ ​ 577,233 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL UTILITIES
 ​ ​ ​ ​ 65,935,070 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $3,115,131,870)
​ ​ ​
​
4,362,779,473
 ​ ​
​ PREFERRED STOCKS – 0.2% ​
​ COMMUNICATIONS – 0.0% ​
​ Internet – 0.0% ​
​ ​ ​ 2,858 ​ ​ ​
DoorDash Inc., Series G, Private Placement*(b)(c)@
​ ​ ​ ​ 656,000 ​ ​
​ ​ ​ 1,463 ​ ​ ​
DoorDash Inc., Series H, Private Placement*(b)(c)@
​ ​ ​ ​ 335,804 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Internet
​ ​ ​ ​ 991,804 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 991,804 ​ ​
​ CONSUMER CYCLICAL – 0.2% ​
​ Auto Manufacturers – 0.2% ​
​ ​ ​ 48,210 ​ ​ ​
Aurora Innovation Inc., Series B, Private Placement*(b)(c)@
​ ​ ​ ​ 445,475 ​ ​
​ ​ ​ 213,270 ​ ​ ​
Rivian Automotive Inc., Series D, Private Placement*(b)(c)@
​ ​ ​ ​ 3,303,552 ​ ​
​ ​ ​ 348,850 ​ ​ ​
Rivian Automotive Inc., Series E, Private Placement*(b)(c)@
​ ​ ​ ​ 5,403,687 ​ ​
​ ​ ​ 9,549 ​ ​ ​
Waymo LLC, Series A2, Private Placement*(b)(c)@
​ ​ ​ ​ 819,946 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Auto Manufacturers
​ ​ ​ ​ 9,972,660 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 9,972,660 ​ ​
​ FINANCIAL – 0.0% ​
​ Diversified Financial Services – 0.0% ​
​ ​ ​ 13,638 ​ ​ ​
Maplebear Inc. d/b/a Instacart, Series G*(b)(c)@
​ ​ ​ ​ 655,877 ​ ​
​ INDUSTRIAL – 0.0% ​
​ Electrical Components & Equipment – 0.0% ​
​ ​ ​ 48,400 ​ ​ ​
GM Cruise Holdings LLC, Class F Shares, Private Placement*(b)(c)@
​ ​ ​ ​ 883,300 ​ ​
​ TECHNOLOGY – 0.0% ​
​ Software – 0.0% ​
​ ​ ​ 15,057 ​ ​ ​
Magic Leap Inc., Series D, Private Placement*(b)(c)@
​ ​ ​ ​ 81,308 ​ ​
​ ​ ​ 51,900 ​ ​ ​
Uipath Inc., Series D1, Private Placement*(b)(c)@
​ ​ ​ ​ 965,001 ​ ​
​ ​ ​ 8,715 ​ ​ ​
Uipath Inc., Series D2, Private Placement*(b)(c)@
​ ​ ​ ​ 162,042 ​ ​
​ ​ ​ 1,878 ​ ​ ​
Uipath Inc., Series E, Private Placement*(b)(c)@
​ ​ ​ ​ 34,919 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 1,243,270 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 1,243,270 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL PREFERRED STOCKS
(Cost – $12,614,175)
​ ​ ​
​
13,746,911
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $3,127,746,045)
​ ​ ​
​
4,376,526,384
 ​ ​
See Notes to Financial Statements.
21
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Face Amount†
​ ​ ​
​ SHORT-TERM INVESTMENTS – 1.1% ​
​ TIME DEPOSITS – 1.1% ​
​ ​ $ 17,058,116 ​ ​ ​
ANZ National Bank – London, 0.010% due 9/1/20
​ ​ ​ $ 17,058,116 ​ ​
​ ​ ​ 19,915CHF ​ ​ ​
BNP Paribas SA – Paris, (1.430)% due 9/1/20
​ ​ ​ ​ 22,033 ​ ​
​ ​ ​ ​ ​ ​ ​ Brown Brothers Harriman – Grand Cayman: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4 ​ ​ ​
0.010% due 9/1/20
​ ​ ​ ​ 4 ​ ​
​ ​ ​ 4GBP ​ ​ ​
0.010% due 9/1/20
​ ​ ​ ​ 6 ​ ​
​ ​ ​ 50,281CAD ​ ​ ​
0.030% due 9/1/20
​ ​ ​ ​ 38,553 ​ ​
​ ​ ​ 151,249HKD ​ ​ ​
0.150% due 9/1/20
​ ​ ​ ​ 19,516 ​ ​
​ ​ ​ 8,407,126 ​ ​ ​
Citibank – New York, 0.010% due 9/1/20
​ ​ ​ ​ 8,407,126 ​ ​
​ ​ ​ 16,634,389 ​ ​ ​
JPMorgan Chase & Co. – New York, 0.010% due 9/1/20
​ ​ ​ ​ 16,634,389 ​ ​
​ ​ ​ 6,698,809 ​ ​ ​
Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20
​ ​ ​ ​ 6,698,809 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $48,878,552)
​ ​ ​
​
48,878,552
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2% ​
​ MONEY MARKET FUND – 0.2% ​
​ ​ $ 6,728,123 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 0.054%(d)
(Cost – $6,728,123)
​ ​ ​ ​ 6,728,123 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 100.2%
(Cost – $3,183,352,720)
​ ​ ​
​
4,432,133,059
 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (0.2)%
​ ​ ​ ​ (8,605,186) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
​ ​ ​ $ 4,423,527,873 ​ ​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan (See Note 5).
​
(b)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $18,642,372 and represents 0.42% 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.
​
@
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
​ ​ ​ ​ 6/7/2018 ​ ​ ​ ​ $ 1,584,623 ​ ​ ​ ​ $ 1,982,897 ​ ​ ​ ​ ​ 0.05% ​ ​
Aurora Innovation Inc., Series B, Private Placement
​ ​ ​ ​ 3/1/2019 ​ ​ ​ ​ ​ 445,475 ​ ​ ​ ​ ​ 445,475 ​ ​ ​ ​ ​ 0.01% ​ ​
DoorDash Inc., Series G, Private Placement
​ ​ ​ ​ 11/12/2019 ​ ​ ​ ​ ​ 542,154 ​ ​ ​ ​ ​ 656,000 ​ ​ ​ ​ ​ 0.01% ​ ​
DoorDash Inc., Series H, Private Placement
​ ​ ​ ​ 6/17/2020 ​ ​ ​ ​ ​ 335,804 ​ ​ ​ ​ ​ 335,804 ​ ​ ​ ​ ​ 0.01% ​ ​
Epic Games Inc., Private Placement
​ ​ ​ ​ 6/18/2020 ​ ​ ​ ​ ​ 1,665,200 ​ ​ ​ ​ ​ 1,665,200 ​ ​ ​ ​ ​ 0.04% ​ ​
GM Cruise Holdings LLC, Class F Shares, Private Placement
​ ​ ​ ​ 5/7/2019 ​ ​ ​ ​ ​ 883,300 ​ ​ ​ ​ ​ 883,300 ​ ​ ​ ​ ​ 0.02% ​ ​
See Notes to Financial Statements.
22
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
Security
​ ​
Acquisition
Date
​ ​
Acquisition
Cost
​ ​
Market
Value
​ ​
Percent of
Net Assets
​
Magic Leap Inc., Series D, Private Placement
​ ​ ​ ​ 10/12/2017 ​ ​ ​ ​ ​ 406,539 ​ ​ ​ ​ ​ 81,308 ​ ​ ​ ​ ​ 0.00%* ​ ​
Maplebear Inc. d/b/a Instacart, Non-voting Shares
​ ​ ​ ​ 8/7/2020 ​ ​ ​ ​ ​ 16,171 ​ ​ ​ ​ ​ 16,159 ​ ​ ​ ​ ​ 0.00%* ​ ​
Maplebear Inc. d/b/a Instacart, Private Placement
​ ​ ​ ​ 8/7/2020 ​ ​ ​ ​ ​ 309,464 ​ ​ ​ ​ ​ 309,238 ​ ​ ​ ​ ​ 0.01% ​ ​
Maplebear Inc. d/b/a Instacart, Series G
​ ​ ​ ​ 7/2/2020 ​ ​ ​ ​ ​ 655,877 ​ ​ ​ ​ ​ 655,877 ​ ​ ​ ​ ​ 0.01% ​ ​
Rivian Automotive Inc., Series D, Private Placement
​ ​ ​ ​ 12/23/2019 ​ ​ ​ ​ ​ 2,291,373 ​ ​ ​ ​ ​ 3,303,552 ​ ​ ​ ​ ​ 0.08% ​ ​
Rivian Automotive Inc., Series E, Private Placement
​ ​ ​ ​ 7/10/2020 ​ ​ ​ ​ ​ 5,403,687 ​ ​ ​ ​ ​ 5,403,687 ​ ​ ​ ​ ​ 0.12% ​ ​
Snowflake Inc., Class B Shares, Private Placement
​ ​ ​ ​ 3/17/2020 ​ ​ ​ ​ ​ 73,617 ​ ​ ​ ​ ​ 73,585 ​ ​ ​ ​ ​ 0.00%* ​ ​
Stripe Inc., Class B Shares, Private Placement
​ ​ ​ ​ 12/17/2019 ​ ​ ​ ​ ​ 313,988 ​ ​ ​ ​ ​ 313,988 ​ ​ ​ ​ ​ 0.01% ​ ​
Uipath Inc., Series D1, Private Placement
​ ​ ​ ​ 4/26/2019 ​ ​ ​ ​ ​ 680,784 ​ ​ ​ ​ ​ 965,001 ​ ​ ​ ​ ​ 0.02% ​ ​
Uipath Inc., Series D2, Private Placement
​ ​ ​ ​ 4/26/2019 ​ ​ ​ ​ ​ 114,317 ​ ​ ​ ​ ​ 162,042 ​ ​ ​ ​ ​ 0.00% ​ ​
Uipath Inc., Series E, Private Placement
​ ​ ​ ​ 7/9/2020 ​ ​ ​ ​ ​ 34,919 ​ ​ ​ ​ ​ 34,919 ​ ​ ​ ​ ​ 0.00%* ​ ​
Waymo LLC, Series A2, Private Placement
​ ​ ​ ​ 5/8/2020 ​ ​ ​ ​ ​ 819,946 ​ ​ ​ ​ ​ 819,946 ​ ​ ​ ​ ​ 0.02% ​ ​
XPeng Inc., ADR
​ ​ ​ ​ 8/27/2020 ​ ​ ​ ​ ​ 391,020 ​ ​ ​ ​ ​ 534,394 ​ ​ ​ ​ ​ 0.01% ​ ​
Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18,642,372 ​ ​ ​ ​ ​ 0.42% ​ ​
​
​
*
Position represents less than 0.05%.
​
Abbreviations used in this schedule:
ADR
 —    American Depositary Receipts
​
LLC
 —    Limited Liability Company
​
PLC
 —    Public Limited Company
​
Summary of Investments by Security Sector^
​
Consumer Non-cyclical
​ ​ ​ ​ 25.3% ​ ​
​
Technology
​ ​ ​ ​ 22.2 ​ ​
​
Communications
​ ​ ​ ​ 18.5 ​ ​
​
Financial
​ ​ ​ ​ 11.7 ​ ​
​
Industrial
​ ​ ​ ​ 7.9 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 7.3 ​ ​
​
Basic Materials
​ ​ ​ ​ 2.6 ​ ​
​
Energy
​ ​ ​ ​ 1.7 ​ ​
​
Utilities
​ ​ ​ ​ 1.5 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 1.1 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.2 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^ As a percentage of total investments.
See Notes to Financial Statements.
23
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Large Cap Equity Fund (concluded)
​
At August 31, 2020, Destinations Large Cap Equity Fund had open exchange traded futures contracts as described below.
The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:
Open Futures Contracts
​ ​
Number of
Contracts
​ ​
Expiration
Date (Month/Year)
​ ​
Notional
Amounts
​ ​
Market Value
​ ​
Unrealized
Appreciation
​
Contracts to Buy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
S&P 500 E-mini Index September Futures
​ ​ ​ ​ 46 ​ ​ ​ ​ ​ 9/20 ​ ​ ​ ​ $ 7,171,754 ​ ​ ​ ​ $ 8,047,700 ​ ​ ​ ​ $ 875,946 ​ ​
At August 31, 2020, Destinations Large Cap Equity Fund had deposited cash of  $558,000 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
​
See Notes to Financial Statements.
24
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – 95.4% ​
​ BASIC MATERIALS – 3.5% ​
​ Chemicals – 3.2% ​
​ ​ ​ 26,083 ​ ​ ​
Cabot Corp.
​ ​ ​ $ 965,332 ​ ​
​ ​ ​ 78,800 ​ ​ ​
Celanese Corp., Class A Shares
​ ​ ​ ​ 7,970,620 ​ ​
​ ​ ​ 29,944 ​ ​ ​
Ingevity Corp.*
​ ​ ​ ​ 1,681,954 ​ ​
​ ​ ​ 21,282 ​ ​ ​
Innospec Inc.
​ ​ ​ ​ 1,589,553 ​ ​
​ ​ ​ 100,532 ​ ​ ​
Olin Corp.
​ ​ ​ ​ 1,130,985 ​ ​
​ ​ ​ 81,000 ​ ​ ​
PPG Industries Inc.
​ ​ ​ ​ 9,752,400 ​ ​
​ ​ ​ 15,784 ​ ​ ​
Rogers Corp.*
​ ​ ​ ​ 1,788,485 ​ ​
​ ​ ​ 18,352 ​ ​ ​
Sensient Technologies Corp.
​ ​ ​ ​ 1,013,397 ​ ​
​ ​ ​ 125,429 ​ ​ ​
Valvoline Inc.
​ ​ ​ ​ 2,558,752 ​ ​
​ ​ ​ 56,675 ​ ​ ​
WR Grace & Co.
​ ​ ​ ​ 2,307,239 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chemicals
​ ​ ​ ​ 30,758,717 ​ ​
​ Mining – 0.3% ​
​ ​ ​ 53,246 ​ ​ ​
Arconic Corp.*
​ ​ ​ ​ 1,184,724 ​ ​
​ ​ ​ 196,286 ​ ​ ​
Livent Corp.*
​ ​ ​ ​ 1,664,505 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mining
​ ​ ​ ​ 2,849,229 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BASIC MATERIALS
 ​ ​ ​ ​ 33,607,946 ​ ​
​ COMMUNICATIONS – 5.7% ​
​ Internet – 3.1% ​
​ ​ ​ 25,963 ​ ​ ​
Cardlytics Inc.*
​ ​ ​ ​ 1,969,294 ​ ​
​ ​ ​ 307,988 ​ ​ ​
CarParts.com Inc.*
​ ​ ​ ​ 4,327,231 ​ ​
​ ​ ​ 308,510 ​ ​ ​
ChannelAdvisor Corp.*
​ ​ ​ ​ 5,189,138 ​ ​
​ ​ ​ 24,901 ​ ​ ​
Cogent Communications Holdings Inc.
​ ​ ​ ​ 1,674,841 ​ ​
​ ​ ​ 17,420 ​ ​ ​
Fiverr International Ltd.*
​ ​ ​ ​ 2,101,723 ​ ​
​ ​ ​ 721,222 ​ ​ ​
Limelight Networks Inc.*
​ ​ ​ ​ 4,089,329 ​ ​
​ ​ ​ 522,245 ​ ​ ​
Magnite Inc.*
​ ​ ​ ​ 3,838,501 ​ ​
​ ​ ​ 67,459 ​ ​ ​
Open Lending Corp., Class A Shares*(a)
​ ​ ​ ​ 1,474,654 ​ ​
​ ​ ​ 19,680 ​ ​ ​
Overstock.com Inc.*
​ ​ ​ ​ 1,722,000 ​ ​
​ ​ ​ 179,348 ​ ​ ​
Upwork Inc.*
​ ​ ​ ​ 2,731,470 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Internet
​ ​ ​ ​ 29,118,181 ​ ​
​ Media – 0.3% ​
​ ​ ​ 29,621 ​ ​ ​
Nexstar Media Group Inc., Class A Shares
​ ​ ​ ​ 2,843,912 ​ ​
​ Telecommunications – 2.3% ​
​ ​ ​ 125,000 ​ ​ ​
Motorola Solutions Inc.
​ ​ ​ ​ 19,343,750 ​ ​
​ ​ ​ 225,724 ​ ​ ​
Viavi Solutions Inc.*
​ ​ ​ ​ 3,010,029 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 22,353,779 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 54,315,872 ​ ​
See Notes to Financial Statements.
25
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – 12.1% ​
​ Apparel – 0.7% ​
​ ​ ​ 23,425 ​ ​ ​
Carter’s Inc.
​ ​ ​ $ 1,865,099 ​ ​
​ ​ ​ 66,811 ​ ​ ​
Crocs Inc.*
​ ​ ​ ​ 2,666,427 ​ ​
​ ​ ​ 22,181 ​ ​ ​
Oxford Industries Inc.
​ ​ ​ ​ 1,098,625 ​ ​
​ ​ ​ 37,061 ​ ​ ​
Steven Madden Ltd.
​ ​ ​ ​ 784,211 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Apparel
​ ​ ​ ​ 6,414,362 ​ ​
​ Auto Manufacturers – 0.1% ​
​ ​ ​ 49,394 ​ ​ ​
GreenPower Motor Co., Inc.*(b)
​ ​ ​ ​ 975,532 ​ ​
​ Auto Parts & Equipment – 1.5% ​
​ ​ ​ 268,800 ​ ​ ​
BorgWarner Inc.
​ ​ ​ ​ 10,910,592 ​ ​
​ ​ ​ 126,268 ​ ​ ​
Shyft Group Inc.
​ ​ ​ ​ 2,521,572 ​ ​
​ ​ ​ 49,731 ​ ​ ​
XPEL Inc.*
​ ​ ​ ​ 1,238,302 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Auto Parts & Equipment
​ ​ ​ ​ 14,670,466 ​ ​
​ Entertainment – 0.5% ​
​ ​ ​ 119,188 ​ ​ ​
GAN Ltd.*(a)
​ ​ ​ ​ 2,449,313 ​ ​
​ ​ ​ 85,079 ​ ​ ​
Twin River Worldwide Holdings Inc.
​ ​ ​ ​ 2,035,940 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Entertainment
​ ​ ​ ​ 4,485,253 ​ ​
​ Home Builders – 1.5% ​
​ ​ ​ 78,709 ​ ​ ​
Century Communities Inc.*
​ ​ ​ ​ 2,808,337 ​ ​
​ ​ ​ 41,145 ​ ​ ​
Installed Building Products Inc.*
​ ​ ​ ​ 3,572,209 ​ ​
​ ​ ​ 32,781 ​ ​ ​
LGI Homes Inc.*
​ ​ ​ ​ 3,666,883 ​ ​
​ ​ ​ 68,716 ​ ​ ​
Skyline Champion Corp.*
​ ​ ​ ​ 1,961,155 ​ ​
​ ​ ​ 34,245 ​ ​ ​
Winnebago Industries Inc.
​ ​ ​ ​ 1,848,545 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Home Builders
​ ​ ​ ​ 13,857,129 ​ ​
​ Home Furnishings – 1.0% ​
​ ​ ​ 115,500 ​ ​ ​
Dolby Laboratories Inc., Class A Shares
​ ​ ​ ​ 8,067,675 ​ ​
​ ​ ​ 105,473 ​ ​ ​
Purple Innovation Inc., Class A Shares*
​ ​ ​ ​ 1,994,494 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Home Furnishings
​ ​ ​ ​ 10,062,169 ​ ​
​ Leisure Time – 2.6% ​
​ ​ ​ 95,351 ​ ​ ​
Callaway Golf Co.
​ ​ ​ ​ 1,989,022 ​ ​
​ ​ ​ 119,367 ​ ​ ​
Camping World Holdings Inc., Class A Shares
​ ​ ​ ​ 3,468,805 ​ ​
​ ​ ​ 48,665 ​ ​ ​
Fox Factory Holding Corp.*
​ ​ ​ ​ 4,905,919 ​ ​
​ ​ ​ 65,300 ​ ​ ​
Malibu Boats Inc., Class A Shares*
​ ​ ​ ​ 3,385,805 ​ ​
​ ​ ​ 240,477 ​ ​ ​
Nautilus Inc.*
​ ​ ​ ​ 2,849,652 ​ ​
​ ​ ​ 75,354 ​ ​ ​
OneWater Marine Inc., Class A Shares*
​ ​ ​ ​ 2,153,617 ​ ​
​ ​ ​ 309,444 ​ ​ ​
Vista Outdoor Inc.*
​ ​ ​ ​ 6,006,308 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Leisure Time
​ ​ ​ ​ 24,759,128 ​ ​
See Notes to Financial Statements.
26
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – (continued) ​
​ Retail – 4.2% ​
​ ​ ​ 30,500 ​ ​ ​
Advance Auto Parts Inc.
​ ​ ​ $ 4,767,455 ​ ​
​ ​ ​ 85,102 ​ ​ ​
American Eagle Outfitters Inc.
​ ​ ​ ​ 1,073,136 ​ ​
​ ​ ​ 192,282 ​ ​ ​
At Home Group Inc.*
​ ​ ​ ​ 3,674,509 ​ ​
​ ​ ​ 46,528 ​ ​ ​
BJ’s Wholesale Club Holdings Inc.*
​ ​ ​ ​ 2,066,308 ​ ​
​ ​ ​ 88,787 ​ ​ ​
BMC Stock Holdings Inc.*
​ ​ ​ ​ 3,544,377 ​ ​
​ ​ ​ 111,097 ​ ​ ​
El Pollo Loco Holdings Inc.*
​ ​ ​ ​ 1,985,303 ​ ​
​ ​ ​ 24,226 ​ ​ ​
Freshpet Inc.*
​ ​ ​ ​ 2,752,074 ​ ​
​ ​ ​ 288,816 ​ ​ ​
GrowGeneration Corp.*(a)
​ ​ ​ ​ 4,608,059 ​ ​
​ ​ ​ 105,457 ​ ​ ​
Lovesac Co.*(a)
​ ​ ​ ​ 2,791,447 ​ ​
​ ​ ​ 52,556 ​ ​ ​
MarineMax Inc.*
​ ​ ​ ​ 1,545,672 ​ ​
​ ​ ​ 116,773 ​ ​ ​
Sonic Automotive Inc., Class A Shares
​ ​ ​ ​ 4,934,827 ​ ​
​ ​ ​ 193,745 ​ ​ ​
Sportsman’s Warehouse Holdings Inc.*
​ ​ ​ ​ 3,040,828 ​ ​
​ ​ ​ 17,989 ​ ​ ​
Texas Roadhouse Inc., Class A Shares
​ ​ ​ ​ 1,133,127 ​ ​
​ ​ ​ 367,631 ​ ​ ​
Waitr Holdings Inc.*(a)
​ ​ ​ ​ 1,481,553 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Retail
​ ​ ​ ​ 39,398,675 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 114,622,714 ​ ​
​ CONSUMER NON-CYCLICAL – 22.6% ​
​ Agriculture – 1.2% ​
​ ​ ​ 173,398 ​ ​ ​
Darling Ingredients Inc.*
​ ​ ​ ​ 5,543,534 ​ ​
​ ​ ​ 21,662 ​ ​ ​
Sanderson Farms Inc.
​ ​ ​ ​ 2,533,588 ​ ​
​ ​ ​ 96,141 ​ ​ ​
Turning Point Brands Inc.
​ ​ ​ ​ 2,778,475 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Agriculture
​ ​ ​ ​ 10,855,597 ​ ​
​ Beverages – 0.4% ​
​ ​ ​ 141,871 ​ ​ ​
Celsius Holdings Inc.*(a)
​ ​ ​ ​ 2,755,135 ​ ​
​ ​ ​ 35,983 ​ ​ ​
MGP Ingredients Inc.
​ ​ ​ ​ 1,279,196 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Beverages
​ ​ ​ ​ 4,034,331 ​ ​
​ Biotechnology – 3.5% ​
​ ​ ​ 57,696 ​ ​ ​
Apellis Pharmaceuticals Inc.*
​ ​ ​ ​ 1,778,768 ​ ​
​ ​ ​ 78,828 ​ ​ ​
Applied Therapeutics Inc.*
​ ​ ​ ​ 1,899,755 ​ ​
​ ​ ​ 56,352 ​ ​ ​
Black Diamond Therapeutics Inc.*
​ ​ ​ ​ 1,621,247 ​ ​
​ ​ ​ 90,132 ​ ​ ​
Crinetics Pharmaceuticals Inc.*
​ ​ ​ ​ 1,444,816 ​ ​
​ ​ ​ 142,141 ​ ​ ​
Gamida Cell Ltd.*
​ ​ ​ ​ 619,735 ​ ​
​ ​ ​ 94,035 ​ ​ ​
Immunovant Inc.*(a)
​ ​ ​ ​ 3,193,429 ​ ​
​ ​ ​ 13,993 ​ ​ ​
Mirati Therapeutics Inc.*
​ ​ ​ ​ 2,090,134 ​ ​
​ ​ ​ 76,330 ​ ​ ​
NeoGenomics Inc.*
​ ​ ​ ​ 2,973,053 ​ ​
​ ​ ​ 73,640 ​ ​ ​
Relay Therapeutics Inc.*
​ ​ ​ ​ 2,959,592 ​ ​
​ ​ ​ 97,485 ​ ​ ​
SpringWorks Therapeutics Inc.*
​ ​ ​ ​ 4,329,309 ​ ​
​ ​ ​ 30,687 ​ ​ ​
Turning Point Therapeutics Inc.*
​ ​ ​ ​ 2,399,110 ​ ​
​ ​ ​ 73,913 ​ ​ ​
Twist Bioscience Corp.*
​ ​ ​ ​ 5,168,736 ​ ​
See Notes to Financial Statements.
27
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Biotechnology – (continued) ​
​ ​ ​ 68,405 ​ ​ ​
Xenon Pharmaceuticals Inc.*
​ ​ ​ $ 831,121 ​ ​
​ ​ ​ 55,709 ​ ​ ​
Y-mAbs Therapeutics Inc.*
​ ​ ​ ​ 2,397,158 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Biotechnology
​ ​ ​ ​ 33,705,963 ​ ​
​ Commercial Services – 2.0% ​
​ ​ ​ 107,064 ​ ​ ​
Aspen Group Inc.*(a)
​ ​ ​ ​ 1,368,278 ​ ​
​ ​ ​ 44,000 ​ ​ ​
Global Payments Inc.
​ ​ ​ ​ 7,771,280 ​ ​
​ ​ ​ 52,590 ​ ​ ​
Huron Consulting Group Inc.*
​ ​ ​ ​ 2,281,354 ​ ​
​ ​ ​ 41,337 ​ ​ ​
K12 Inc.*
​ ​ ​ ​ 1,538,150 ​ ​
​ ​ ​ 59,095 ​ ​ ​
Kelly Services Inc., Class A Shares
​ ​ ​ ​ 1,122,214 ​ ​
​ ​ ​ 58,004 ​ ​ ​
Korn Ferry
​ ​ ​ ​ 1,769,122 ​ ​
​ ​ ​ 63,780 ​ ​ ​
Repay Holdings Corp., Class A Shares*
​ ​ ​ ​ 1,613,634 ​ ​
​ ​ ​ 174,892 ​ ​ ​
Team Inc.*
​ ​ ​ ​ 1,114,062 ​ ​
​ ​ ​ 133,062 ​ ​ ​
Universal Technical Institute Inc.*
​ ​ ​ ​ 938,087 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Commercial Services
​ ​ ​ ​ 19,516,181 ​ ​
​ Cosmetics/Personal Care – 0.2% ​
​ ​ ​ 81,779 ​ ​ ​
elf Beauty Inc.*
​ ​ ​ ​ 1,597,144 ​ ​
​ Food – 2.7% ​
​ ​ ​ 41,983 ​ ​ ​
Cal-Maine Foods Inc.*
​ ​ ​ ​ 1,620,124 ​ ​
​ ​ ​ 72,978 ​ ​ ​
Hain Celestial Group Inc.*
​ ​ ​ ​ 2,392,949 ​ ​
​ ​ ​ 27,000 ​ ​ ​
Hershey Co.
​ ​ ​ ​ 4,013,280 ​ ​
​ ​ ​ 203,328 ​ ​ ​
Hostess Brands Inc., Class A Shares*
​ ​ ​ ​ 2,610,732 ​ ​
​ ​ ​ 108,700 ​ ​ ​
Kroger Co.
​ ​ ​ ​ 3,878,416 ​ ​
​ ​ ​ 134,700 ​ ​ ​
Sysco Corp.
​ ​ ​ ​ 8,100,858 ​ ​
​ ​ ​ 80,543 ​ ​ ​
TreeHouse Foods Inc.*
​ ​ ​ ​ 3,448,046 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Food
​ ​ ​ ​ 26,064,405 ​ ​
​ Healthcare-Products – 6.9% ​
​ ​ ​ 299,250 ​ ​ ​
Alphatec Holdings Inc.*
​ ​ ​ ​ 1,792,507 ​ ​
​ ​ ​ 63,360 ​ ​ ​
Axonics Modulation Technologies Inc.*(a)
​ ​ ​ ​ 2,677,594 ​ ​
​ ​ ​ 80,415 ​ ​ ​
Castle Biosciences Inc.*
​ ​ ​ ​ 3,677,378 ​ ​
​ ​ ​ 16,800 ​ ​ ​
Cooper Cos., Inc.
​ ​ ​ ​ 5,281,584 ​ ​
​ ​ ​ 144,112 ​ ​ ​
Envista Holdings Corp.*
​ ​ ​ ​ 3,457,247 ​ ​
​ ​ ​ 138,849 ​ ​ ​
GenMark Diagnostics Inc.*
​ ​ ​ ​ 1,800,872 ​ ​
​ ​ ​ 20,799 ​ ​ ​
Inari Medical Inc.*
​ ​ ​ ​ 1,662,672 ​ ​
​ ​ ​ 48,523 ​ ​ ​
Inspire Medical Systems Inc.*
​ ​ ​ ​ 5,796,072 ​ ​
​ ​ ​ 51,879 ​ ​ ​
Integra LifeSciences Holdings Corp.*
​ ​ ​ ​ 2,479,297 ​ ​
​ ​ ​ 92,143 ​ ​ ​
Natera Inc.*
​ ​ ​ ​ 5,870,431 ​ ​
​ ​ ​ 34,739 ​ ​ ​
NuVasive Inc.*
​ ​ ​ ​ 1,810,944 ​ ​
​ ​ ​ 96,248 ​ ​ ​
OrthoPediatrics Corp.*
​ ​ ​ ​ 4,850,899 ​ ​
​ ​ ​ 88,109 ​ ​ ​
Quanterix Corp.*
​ ​ ​ ​ 3,136,680 ​ ​
See Notes to Financial Statements.
28
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Healthcare-Products – (continued) ​
​ ​ ​ 144,770 ​ ​ ​
SeaSpine Holdings Corp.*
​ ​ ​ $ 1,926,889 ​ ​
​ ​ ​ 44,727 ​ ​ ​
Tandem Diabetes Care Inc.*
​ ​ ​ ​ 5,041,627 ​ ​
​ ​ ​ 13,700 ​ ​ ​
Teleflex Inc.
​ ​ ​ ​ 5,383,415 ​ ​
​ ​ ​ 57,800 ​ ​ ​
Zimmer Biomet Holdings Inc.
​ ​ ​ ​ 8,142,864 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Products
​ ​ ​ ​ 64,788,972 ​ ​
​ Healthcare-Services – 1.6% ​
​ ​ ​ 15,511 ​ ​ ​
Fulgent Genetics Inc.*
​ ​ ​ ​ 458,505 ​ ​
​ ​ ​ 10,300 ​ ​ ​
Humana Inc.
​ ​ ​ ​ 4,276,251 ​ ​
​ ​ ​ 69,900 ​ ​ ​
Quest Diagnostics Inc.
​ ​ ​ ​ 7,775,676 ​ ​
​ ​ ​ 112,251 ​ ​ ​
SI-BONE Inc.*
​ ​ ​ ​ 2,449,317 ​ ​
​ ​ ​ 44,637 ​ ​ ​
Vapotherm Inc.*
​ ​ ​ ​ 1,388,657 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Services
​ ​ ​ ​ 16,348,406 ​ ​
​ Household Products/Wares – 1.0% ​
​ ​ ​ 68,000 ​ ​ ​
Avery Dennison Corp.
​ ​ ​ ​ 7,846,520 ​ ​
​ ​ ​ 28,525 ​ ​ ​
Spectrum Brands Holdings Inc.
​ ​ ​ ​ 1,700,090 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Household Products/Wares
​ ​ ​ ​ 9,546,610 ​ ​
​ Pharmaceuticals – 3.0% ​
​ ​ ​ 83,695 ​ ​ ​
AdaptHealth Corp., Class A Shares*
​ ​ ​ ​ 1,776,845 ​ ​
​ ​ ​ 49,201 ​ ​ ​
Aeglea BioTherapeutics Inc.*
​ ​ ​ ​ 357,937 ​ ​
​ ​ ​ 24,488 ​ ​ ​
Axsome Therapeutics Inc.*
​ ​ ​ ​ 1,795,215 ​ ​
​ ​ ​ 292,599 ​ ​ ​
Cytokinetics Inc.*
​ ​ ​ ​ 7,010,672 ​ ​
​ ​ ​ 27,457 ​ ​ ​
Global Blood Therapeutics Inc.*
​ ​ ​ ​ 1,723,750 ​ ​
​ ​ ​ 113,418 ​ ​ ​
Merus NV*
​ ​ ​ ​ 1,368,955 ​ ​
​ ​ ​ 51,580 ​ ​ ​
MyoKardia Inc.*
​ ​ ​ ​ 5,644,915 ​ ​
​ ​ ​ 120,060 ​ ​ ​
Odonate Therapeutics Inc.*
​ ​ ​ ​ 1,938,969 ​ ​
​ ​ ​ 77,143 ​ ​ ​
Prestige Consumer Healthcare Inc.*
​ ​ ​ ​ 2,810,319 ​ ​
​ ​ ​ 110,145 ​ ​ ​
Revance Therapeutics Inc.*
​ ​ ​ ​ 3,219,538 ​ ​
​ ​ ​ 76,889 ​ ​ ​
scPharmaceuticals Inc.*
​ ​ ​ ​ 658,170 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 28,305,285 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
 ​ ​ ​ ​ 214,762,894 ​ ​
​ ENERGY – 2.0% ​
​ Energy-Alternate Sources – 1.0% ​
​ ​ ​ 223,849 ​ ​ ​
Plug Power Inc.*
​ ​ ​ ​ 2,905,560 ​ ​
​ ​ ​ 167,261 ​ ​ ​
Sunnova Energy International Inc.*
​ ​ ​ ​ 3,967,431 ​ ​
​ ​ ​ 93,119 ​ ​ ​
TPI Composites Inc.*
​ ​ ​ ​ 2,859,684 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Energy-Alternate Sources
​ ​ ​ ​ 9,732,675 ​ ​
See Notes to Financial Statements.
29
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ ENERGY – (continued) ​
​ Oil & Gas – 0.8% ​
​ ​ ​ 39,544 ​ ​ ​
Murphy USA Inc.*
​ ​ ​ $ 5,332,904 ​ ​
​ ​ ​ 122,342 ​ ​ ​
Parsley Energy Inc., Class A Shares
​ ​ ​ ​ 1,315,176 ​ ​
​ ​ ​ 67,819 ​ ​ ​
PDC Energy Inc.*
​ ​ ​ ​ 1,026,780 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas
​ ​ ​ ​ 7,674,860 ​ ​
​ Oil & Gas Services – 0.2% ​
​ ​ ​ 31,599 ​ ​ ​
DMC Global Inc.
​ ​ ​ ​ 1,119,553 ​ ​
​ ​ ​ 87,992 ​ ​ ​
Select Energy Services Inc., Class A Shares*
​ ​ ​ ​ 419,722 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas Services
​ ​ ​ ​ 1,539,275 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ENERGY
 ​ ​ ​ ​ 18,946,810 ​ ​
​ FINANCIAL – 16.9% ​
​ Banks – 3.7% ​
​ ​ ​ 122,145 ​ ​ ​
Bank of NT Butterfield & Son Ltd.
​ ​ ​ ​ 3,078,054 ​ ​
​ ​ ​ 110,504 ​ ​ ​
BankUnited Inc.
​ ​ ​ ​ 2,583,584 ​ ​
​ ​ ​ 422,708 ​ ​ ​
First Horizon National Corp.
​ ​ ​ ​ 4,036,861 ​ ​
​ ​ ​ 382,788 ​ ​ ​
FNB Corp.
​ ​ ​ ​ 2,870,910 ​ ​
​ ​ ​ 125,331 ​ ​ ​
Live Oak Bancshares Inc.
​ ​ ​ ​ 2,779,842 ​ ​
​ ​ ​ 184,843 ​ ​ ​
Pinnacle Financial Partners Inc.
​ ​ ​ ​ 7,384,478 ​ ​
​ ​ ​ 68,131 ​ ​ ​
Triumph Bancorp Inc.*
​ ​ ​ ​ 1,945,821 ​ ​
​ ​ ​ 164,736 ​ ​ ​
Umpqua Holdings Corp.
​ ​ ​ ​ 1,858,222 ​ ​
​ ​ ​ 99,391 ​ ​ ​
Univest Financial Corp.
​ ​ ​ ​ 1,599,201 ​ ​
​ ​ ​ 49,159 ​ ​ ​
Western Alliance Bancorp
​ ​ ​ ​ 1,735,313 ​ ​
​ ​ ​ 148,900 ​ ​ ​
Zions Bancorp N.A.
​ ​ ​ ​ 4,788,624 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Banks
​ ​ ​ ​ 34,660,910 ​ ​
​ Diversified Financial Services – 2.8% ​
​ ​ ​ 264,600 ​ ​ ​
Capital One Financial Corp.
​ ​ ​ ​ 18,265,338 ​ ​
​ ​ ​ 20,573 ​ ​ ​
Cohen & Steers Inc.
​ ​ ​ ​ 1,244,667 ​ ​
​ ​ ​ 67,513 ​ ​ ​
I3 Verticals Inc., Class A Shares*
​ ​ ​ ​ 1,882,938 ​ ​
​ ​ ​ 230,700 ​ ​ ​
Synchrony Financial
​ ​ ​ ​ 5,723,667 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Diversified Financial Services
​ ​ ​ ​ 27,116,610 ​ ​
​ Equity Real Estate Investment Trusts (REITs) – 4.1% ​
​ ​ ​ 278,900 ​ ​ ​
American Homes 4 Rent, Class A Shares
​ ​ ​ ​ 7,987,696 ​ ​
​ ​ ​ 113,180 ​ ​ ​
Blackstone Mortgage Trust Inc., Class A Shares
​ ​ ​ ​ 2,690,289 ​ ​
​ ​ ​ 152,983 ​ ​ ​
Columbia Property Trust Inc.
​ ​ ​ ​ 1,805,199 ​ ​
​ ​ ​ 102,053 ​ ​ ​
Corporate Office Properties Trust
​ ​ ​ ​ 2,514,586 ​ ​
​ ​ ​ 89,268 ​ ​ ​
Dynex Capital Inc.
​ ​ ​ ​ 1,414,005 ​ ​
​ ​ ​ 58,300 ​ ​ ​
Federal Realty Investment Trust
​ ​ ​ ​ 4,619,692 ​ ​
​ ​ ​ 149,051 ​ ​ ​
Lexington Realty Trust
​ ​ ​ ​ 1,694,710 ​ ​
​ ​ ​ 464,100 ​ ​ ​
Medical Properties Trust Inc.
​ ​ ​ ​ 8,622,978 ​ ​
See Notes to Financial Statements.
30
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Equity Real Estate Investment Trusts (REITs) – (continued) ​
​ ​ ​ 22,700 ​ ​ ​
SBA Communications Corp., Class A Shares
​ ​ ​ $ 6,947,789 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Equity Real Estate Investment Trusts (REITs)
​ ​ ​ ​ 38,296,944 ​ ​
​ Insurance – 5.6% ​
​ ​ ​ 180,273 ​ ​ ​
BRP Group Inc., Class A Shares*
​ ​ ​ ​ 4,959,310 ​ ​
​ ​ ​ 38,563 ​ ​ ​
Goosehead Insurance Inc., Class A Shares
​ ​ ​ ​ 3,962,734 ​ ​
​ ​ ​ 27,805 ​ ​ ​
Hanover Insurance Group Inc.
​ ​ ​ ​ 2,849,735 ​ ​
​ ​ ​ 115,900 ​ ​ ​
Hartford Financial Services Group Inc.
​ ​ ​ ​ 4,688,155 ​ ​
​ ​ ​ 69,965 ​ ​ ​
James River Group Holdings Ltd.
​ ​ ​ ​ 3,407,995 ​ ​
​ ​ ​ 30,355 ​ ​ ​
Kemper Corp.
​ ​ ​ ​ 2,357,369 ​ ​
​ ​ ​ 12,748 ​ ​ ​
Kinsale Capital Group Inc.
​ ​ ​ ​ 2,641,768 ​ ​
​ ​ ​ 212,902 ​ ​ ​
MGIC Investment Corp.
​ ​ ​ ​ 1,952,311 ​ ​
​ ​ ​ 79,831 ​ ​ ​
NMI Holdings Inc., Class A Shares*
​ ​ ​ ​ 1,369,102 ​ ​
​ ​ ​ 51,389 ​ ​ ​
Palomar Holdings Inc.*
​ ​ ​ ​ 5,773,554 ​ ​
​ ​ ​ 96,700 ​ ​ ​
Progressive Corp.
​ ​ ​ ​ 9,190,368 ​ ​
​ ​ ​ 99,353 ​ ​ ​
Trean Insurance Group Inc.*
​ ​ ​ ​ 1,554,874 ​ ​
​ ​ ​ 38,500 ​ ​ ​
Willis Towers Watson PLC
​ ​ ​ ​ 7,912,905 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Insurance
​ ​ ​ ​ 52,620,180 ​ ​
​ Investment Companies – 0.1% ​
​ ​ ​ 177,051 ​ ​ ​
Grid Dynamics Holdings Inc.*
​ ​ ​ ​ 1,313,718 ​ ​
​ Private Equity – 0.3% ​
​ ​ ​ 255,752 ​ ​ ​
Hercules Capital Inc.
​ ​ ​ ​ 2,869,537 ​ ​
​ Real Estate – 0.0% ​
​ ​ ​ 63,448 ​ ​ ​
Newmark Group Inc., Class A Shares
​ ​ ​ ​ 281,075 ​ ​
​ Savings & Loans – 0.3% ​
​ ​ ​ 251,833 ​ ​ ​
Sterling Bancorp
​ ​ ​ ​ 2,938,891 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 160,097,865 ​ ​
​ INDUSTRIAL – 18.2% ​
​ Aerospace/Defense – 1.2% ​
​ ​ ​ 36,413 ​ ​ ​
Hexcel Corp.
​ ​ ​ ​ 1,434,308 ​ ​
​ ​ ​ 59,900 ​ ​ ​
L3Harris Technologies Inc.
​ ​ ​ ​ 10,826,326 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Aerospace/Defense
​ ​ ​ ​ 12,260,634 ​ ​
​ Building Materials – 1.7% ​
​ ​ ​ 261,300 ​ ​ ​
Carrier Global Corp.
​ ​ ​ ​ 7,799,805 ​ ​
​ ​ ​ 51,022 ​ ​ ​
Forterra Inc.*
​ ​ ​ ​ 676,042 ​ ​
​ ​ ​ 69,279 ​ ​ ​
Griffon Corp.
​ ​ ​ ​ 1,505,433 ​ ​
​ ​ ​ 46,033 ​ ​ ​
Masonite International Corp.*
​ ​ ​ ​ 4,202,353 ​ ​
​ ​ ​ 107,397 ​ ​ ​
PGT Innovations Inc.*
​ ​ ​ ​ 1,947,107 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Building Materials
​ ​ ​ ​ 16,130,740 ​ ​
See Notes to Financial Statements.
31
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Electrical Components & Equipment – 3.4% ​
​ ​ ​ 75,900 ​ ​ ​
AMETEK Inc.
​ ​ ​ $ 7,643,130 ​ ​
​ ​ ​ 22,092 ​ ​ ​
Belden Inc.
​ ​ ​ ​ 744,059 ​ ​
​ ​ ​ 69,000 ​ ​ ​
Emerson Electric Co.
​ ​ ​ ​ 4,793,430 ​ ​
​ ​ ​ 235,000 ​ ​ ​
Energizer Holdings Inc.
​ ​ ​ ​ 10,878,150 ​ ​
​ ​ ​ 126,780 ​ ​ ​
nLight Inc.*
​ ​ ​ ​ 2,961,581 ​ ​
​ ​ ​ 60,778 ​ ​ ​
Vicor Corp.*
​ ​ ​ ​ 5,289,509 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electrical Components & Equipment
​ ​ ​ ​ 32,309,859 ​ ​
​ Electronics – 3.5% ​
​ ​ ​ 112,100 ​ ​ ​
Agilent Technologies Inc.
​ ​ ​ ​ 11,257,082 ​ ​
​ ​ ​ 189,000 ​ ​ ​
FLIR Systems Inc.
​ ​ ​ ​ 6,974,100 ​ ​
​ ​ ​ 27,300 ​ ​ ​
Garmin Ltd.
​ ​ ​ ​ 2,828,553 ​ ​
​ ​ ​ 30,300 ​ ​ ​
Hubbell Inc., Class B Shares
​ ​ ​ ​ 4,391,076 ​ ​
​ ​ ​ 64,900 ​ ​ ​
PerkinElmer Inc.
​ ​ ​ ​ 7,640,028 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electronics
​ ​ ​ ​ 33,090,839 ​ ​
​ Engineering & Construction – 0.6% ​
​ ​ ​ 17,627 ​ ​ ​
EMCOR Group Inc.
​ ​ ​ ​ 1,322,201 ​ ​
​ ​ ​ 51,600 ​ ​ ​
Jacobs Engineering Group Inc.
​ ​ ​ ​ 4,657,932 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Engineering & Construction
​ ​ ​ ​ 5,980,133 ​ ​
​ Environmental Control – 1.6% ​
​ ​ ​ 26,451 ​ ​ ​
Casella Waste Systems Inc., Class A Shares*
​ ​ ​ ​ 1,485,225 ​ ​
​ ​ ​ 41,889 ​ ​ ​
Clean Harbors Inc.*
​ ​ ​ ​ 2,559,418 ​ ​
​ ​ ​ 115,260 ​ ​ ​
Harsco Corp.*
​ ​ ​ ​ 1,630,929 ​ ​
​ ​ ​ 86,277 ​ ​ ​
Montrose Environmental Group Inc.*
​ ​ ​ ​ 2,432,149 ​ ​
​ ​ ​ 71,000 ​ ​ ​
Republic Services Inc., Class A Shares
​ ​ ​ ​ 6,583,120 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Environmental Control
​ ​ ​ ​ 14,690,841 ​ ​
​ Hand/Machine Tools – 0.9% ​
​ ​ ​ 25,635 ​ ​ ​
Regal Beloit Corp.
​ ​ ​ ​ 2,534,276 ​ ​
​ ​ ​ 38,500 ​ ​ ​
Stanley Black & Decker Inc.
​ ​ ​ ​ 6,210,050 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Hand/Machine Tools
​ ​ ​ ​ 8,744,326 ​ ​
​ Machinery-Construction & Mining – 0.6% ​
​ ​ ​ 174,184 ​ ​ ​
Bloom Energy Corp., Class A Shares*
​ ​ ​ ​ 2,727,721 ​ ​
​ ​ ​ 54,751 ​ ​ ​
BWX Technologies Inc.
​ ​ ​ ​ 3,044,703 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Machinery-Construction & Mining
​ ​ ​ ​ 5,772,424 ​ ​
​ Machinery-Diversified – 2.6% ​
​ ​ ​ 58,867 ​ ​ ​
Altra Industrial Motion Corp.
​ ​ ​ ​ 2,298,756 ​ ​
​ ​ ​ 30,634 ​ ​ ​
Chart Industries Inc.*
​ ​ ​ ​ 2,013,266 ​ ​
​ ​ ​ 50,322 ​ ​ ​
CIRCOR International Inc.*
​ ​ ​ ​ 1,492,047 ​ ​
​ ​ ​ 71,534 ​ ​ ​
Ichor Holdings Ltd.*
​ ​ ​ ​ 1,799,795 ​ ​
See Notes to Financial Statements.
32
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Machinery-Diversified – (continued) ​
​ ​ ​ 26,200 ​ ​ ​
IDEX Corp.
​ ​ ​ $ 4,722,026 ​ ​
​ ​ ​ 27,600 ​ ​ ​
Nordson Corp.
​ ​ ​ ​ 5,147,124 ​ ​
​ ​ ​ 102,400 ​ ​ ​
Otis Worldwide Corp.
​ ​ ​ ​ 6,440,960 ​ ​
​ ​ ​ 24,606 ​ ​ ​
SPX FLOW Inc.*
​ ​ ​ ​ 1,069,869 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Machinery-Diversified
​ ​ ​ ​ 24,983,843 ​ ​
​ Miscellaneous Manufacturers – 1.1% ​
​ ​ ​ 73,702 ​ ​ ​
Enerpac Tool Group Corp., Class A Shares
​ ​ ​ ​ 1,533,002 ​ ​
​ ​ ​ 32,798 ​ ​ ​
EnPro Industries Inc.
​ ​ ​ ​ 1,919,339 ​ ​
​ ​ ​ 31,939 ​ ​ ​
Hillenbrand Inc.
​ ​ ​ ​ 1,012,786 ​ ​
​ ​ ​ 54,541 ​ ​ ​
ITT Inc.
​ ​ ​ ​ 3,425,720 ​ ​
​ ​ ​ 32,400 ​ ​ ​
Standex International Corp.
​ ​ ​ ​ 1,874,016 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Miscellaneous Manufacturers
​ ​ ​ ​ 9,764,863 ​ ​
​ Packaging & Containers – 0.4% ​
​ ​ ​ 120,521 ​ ​ ​
O-I Glass Inc.
​ ​ ​ ​ 1,311,268 ​ ​
​ ​ ​ 46,032 ​ ​ ​
Silgan Holdings Inc.
​ ​ ​ ​ 1,751,978 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Packaging & Containers
​ ​ ​ ​ 3,063,246 ​ ​
​ Transportation – 0.6% ​
​ ​ ​ 47,322 ​ ​ ​
ArcBest Corp.
​ ​ ​ ​ 1,600,430 ​ ​
​ ​ ​ 26,607 ​ ​ ​
CryoPort Inc.*
​ ​ ​ ​ 1,476,156 ​ ​
​ ​ ​ 47,690 ​ ​ ​
Echo Global Logistics Inc.*
​ ​ ​ ​ 1,302,891 ​ ​
​ ​ ​ 70,338 ​ ​ ​
Marten Transport Ltd.
​ ​ ​ ​ 1,277,338 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Transportation
​ ​ ​ ​ 5,656,815 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INDUSTRIAL
 ​ ​ ​ ​ 172,448,563 ​ ​
​ TECHNOLOGY – 11.6% ​
​ Computers – 1.5% ​
​ ​ ​ 14,697 ​ ​ ​
CACI International Inc., Class A Shares*
​ ​ ​ ​ 3,441,891 ​ ​
​ ​ ​ 67,863 ​ ​ ​
Endava PLC, ADR*
​ ​ ​ ​ 3,697,855 ​ ​
​ ​ ​ 47,861 ​ ​ ​
ExlService Holdings Inc.*
​ ​ ​ ​ 3,048,267 ​ ​
​ ​ ​ 93,123 ​ ​ ​
Virtusa Corp.*
​ ​ ​ ​ 3,682,083 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Computers
​ ​ ​ ​ 13,870,096 ​ ​
​ Semiconductors – 6.1% ​
​ ​ ​ 66,871 ​ ​ ​
FormFactor Inc.*
​ ​ ​ ​ 1,747,339 ​ ​
​ ​ ​ 29,473 ​ ​ ​
Inphi Corp.*
​ ​ ​ ​ 3,359,333 ​ ​
​ ​ ​ 42,000 ​ ​ ​
KLA Corp.
​ ​ ​ ​ 8,615,880 ​ ​
​ ​ ​ 81,348 ​ ​ ​
MACOM Technology Solutions Holdings Inc.*
​ ​ ​ ​ 2,898,429 ​ ​
​ ​ ​ 173,000 ​ ​ ​
Marvell Technology Group Ltd.
​ ​ ​ ​ 6,708,940 ​ ​
​ ​ ​ 50,600 ​ ​ ​
NXP Semiconductors NV
​ ​ ​ ​ 6,363,456 ​ ​
​ ​ ​ 18,965 ​ ​ ​
Semtech Corp.*
​ ​ ​ ​ 1,112,297 ​ ​
See Notes to Financial Statements.
33
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ TECHNOLOGY – (continued) ​
​ Semiconductors – (continued) ​
​ ​ ​ 119,617 ​ ​ ​
SiTime Corp.*
​ ​ ​ $ 7,880,368 ​ ​
​ ​ ​ 202,911 ​ ​ ​
Ultra Clean Holdings Inc.*
​ ​ ​ ​ 4,975,378 ​ ​
​ ​ ​ 144,100 ​ ​ ​
Xilinx Inc.
​ ​ ​ ​ 15,009,456 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Semiconductors
​ ​ ​ ​ 58,670,876 ​ ​
​ Software – 4.0% ​
​ ​ ​ 39,936 ​ ​ ​
Bandwidth Inc., Class A Shares*
​ ​ ​ ​ 6,289,121 ​ ​
​ ​ ​ 57,600 ​ ​ ​
Citrix Systems Inc.
​ ​ ​ ​ 8,363,520 ​ ​
​ ​ ​ 145,644 ​ ​ ​
Digital Turbine Inc.*
​ ​ ​ ​ 3,523,128 ​ ​
​ ​ ​ 66,662 ​ ​ ​
Domo Inc., Class B Shares*
​ ​ ​ ​ 2,714,477 ​ ​
​ ​ ​ 13,482 ​ ​ ​
Everbridge Inc.*
​ ​ ​ ​ 2,003,560 ​ ​
​ ​ ​ 18,252 ​ ​ ​
Five9 Inc.*
​ ​ ​ ​ 2,326,035 ​ ​
​ ​ ​ 47,067 ​ ​ ​
IBEX Ltd.*
​ ​ ​ ​ 752,601 ​ ​
​ ​ ​ 48,318 ​ ​ ​
ManTech International Corp., Class A Shares
​ ​ ​ ​ 3,616,602 ​ ​
​ ​ ​ 49,344 ​ ​ ​
Model N Inc.*
​ ​ ​ ​ 1,940,206 ​ ​
​ ​ ​ 61,920 ​ ​ ​
Phreesia Inc.*
​ ​ ​ ​ 1,952,957 ​ ​
​ ​ ​ 25,130 ​ ​ ​
Schrodinger Inc.*
​ ​ ​ ​ 1,519,360 ​ ​
​ ​ ​ 95,998 ​ ​ ​
SVMK Inc.*
​ ​ ​ ​ 2,389,390 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 37,390,957 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 109,931,929 ​ ​
​ UTILITIES – 2.8% ​
​ Electric – 2.6% ​
​ ​ ​ 57,400 ​ ​ ​
Ameren Corp.
​ ​ ​ ​ 4,540,914 ​ ​
​ ​ ​ 51,842 ​ ​ ​
Ameresco Inc., Class A Shares*
​ ​ ​ ​ 1,769,886 ​ ​
​ ​ ​ 32,216 ​ ​ ​
Black Hills Corp.
​ ​ ​ ​ 1,806,673 ​ ​
​ ​ ​ 77,900 ​ ​ ​
CMS Energy Corp.
​ ​ ​ ​ 4,712,171 ​ ​
​ ​ ​ 30,686 ​ ​ ​
Hawaiian Electric Industries Inc.
​ ​ ​ ​ 1,062,043 ​ ​
​ ​ ​ 33,608 ​ ​ ​
IDACORP Inc.
​ ​ ​ ​ 3,021,359 ​ ​
​ ​ ​ 113,547 ​ ​ ​
Portland General Electric Co.
​ ​ ​ ​ 4,331,818 ​ ​
​ ​ ​ 29,500 ​ ​ ​
Sempra Energy
​ ​ ​ ​ 3,647,675 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electric
​ ​ ​ ​ 24,892,539 ​ ​
​ Gas – 0.2% ​
​ ​ ​ 36,605 ​ ​ ​
Spire Inc.
​ ​ ​ ​ 2,130,777 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL UTILITIES
 ​ ​ ​ ​ 27,023,316 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $739,513,118)
​ ​ ​
​
905,757,909
 ​ ​
See Notes to Financial Statements.
34
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ EXCHANGE TRADED FUNDS (ETFs) – 3.0% ​
​ ​ ​ 74,668 ​ ​ ​
iShares Core S&P Mid-Cap
​ ​ ​ $ 14,378,817 ​ ​
​ ​ ​ 194,033 ​ ​ ​
iShares Core S&P Small-Cap
​ ​ ​ ​ 14,352,621 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $29,413,546)
​ ​ ​
​
28,731,438
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $768,926,664)
​ ​ ​
​
934,489,347
 ​ ​
​
Face Amount
​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 1.5% ​
​ TIME DEPOSITS – 1.5% ​
​ ​ $ 7,631,987 ​ ​ ​
ANZ National Bank – London, 0.010% due 9/1/20
​ ​ ​ ​ 7,631,987 ​ ​
​ ​ ​ 2,367,215 ​ ​ ​
Citibank – New York, 0.010% due 9/1/20
​ ​ ​ ​ 2,367,215 ​ ​
​ ​ ​ 3,812,659 ​ ​ ​
JPMorgan Chase & Co. – New York, 0.010% due 9/1/20
​ ​ ​ ​ 3,812,659 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $13,811,861)
​ ​ ​
​
13,811,861
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.6% ​
​ MONEY MARKET FUND – 1.6% ​
​ ​ ​ 15,585,626 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 0.054%(c)
(Cost – $15,585,626)
​ ​ ​ ​ 15,585,626 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 101.5%
(Cost – $798,324,151)
​ ​ ​
​
963,886,834
 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (1.5)%
​ ​ ​ ​ (14,169,895) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 949,716,939 ​ ​
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan (See Note 5).
​
(b)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $975,532 and represents 0.10% of net assets.
​
(c)
Represents investment of collateral received from securities lending transactions.
​
Abbreviations used in this schedule:
ADR
 —     American Depositary Receipts
​
PLC
 —     Public Limited Company
​
See Notes to Financial Statements.
35
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Small-Mid Cap Equity Fund (concluded)
​
Summary of Investments by Security Sector^
​
Consumer Non-cyclical
​ ​ ​ ​ 22.3% ​ ​
​
Industrial
​ ​ ​ ​ 17.9 ​ ​
​
Financial
​ ​ ​ ​ 16.6 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 11.9 ​ ​
​
Technology
​ ​ ​ ​ 11.4 ​ ​
​
Communications
​ ​ ​ ​ 5.6 ​ ​
​
Basic Materials
​ ​ ​ ​ 3.5 ​ ​
​
Utilities
​ ​ ​ ​ 2.8 ​ ​
​
Energy
​ ​ ​ ​ 2.0 ​ ​
​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 3.0 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 1.4 ​ ​
​
Money Market Fund
​ ​ ​ ​ 1.6 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
See Notes to Financial Statements.
36
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – 94.1% ​
​ Australia – 1.0% ​
​ ​ ​ 177,488 ​ ​ ​
Appen Ltd.
​ ​ ​ $ 4,501,615 ​ ​
​ ​ ​ 774,413 ​ ​ ​
Elmo Software Ltd.*(a)
​ ​ ​ ​ 3,270,938 ​ ​
​ ​ ​ 969,811 ​ ​ ​
Nanosonics Ltd.*(a)
​ ​ ​ ​ 4,314,676 ​ ​
​ ​ ​ 305,250 ​ ​ ​
Pro Medicus Ltd.
​ ​ ​ ​ 5,810,744 ​ ​
​ ​ ​ 1,228,595 ​ ​ ​
South32 Ltd.
​ ​ ​ ​ 1,869,283 ​ ​
​ ​ ​ 228,953 ​ ​ ​
Treasury Wine Estates Ltd.
​ ​ ​ ​ 1,544,582 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Australia
​ ​ ​ ​ 21,311,838 ​ ​
​ Austria – 0.2% ​
​ ​ ​ 169,957 ​ ​ ​
Erste Group Bank AG*
​ ​ ​ ​ 4,129,648 ​ ​
​ Belgium – 0.1% ​
​ ​ ​ 16,379 ​ ​ ​
Galapagos NV*
​ ​ ​ ​ 2,224,688 ​ ​
​ Bermuda – 0.4% ​
​ ​ ​ 194,018 ​ ​ ​
Golar LNG Ltd.*
​ ​ ​ ​ 2,008,086 ​ ​
​ ​ ​ 494,716 ​ ​ ​
Hiscox Ltd.*
​ ​ ​ ​ 5,267,551 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Bermuda
​ ​ ​ ​ 7,275,637 ​ ​
​ Brazil – 1.9% ​
​ ​ ​ 96,026 ​ ​ ​
Afya Ltd., Class A Shares*
​ ​ ​ ​ 2,455,385 ​ ​
​ ​ ​ 317,908 ​ ​ ​
B3 SA – Brasil Bolsa Balcao
​ ​ ​ ​ 3,411,316 ​ ​
​ ​ ​ 443,596 ​ ​ ​
Localiza Rent a Car SA
​ ​ ​ ​ 3,904,344 ​ ​
​ ​ ​ 368,794 ​ ​ ​
Notre Dame Intermedica Participacoes SA
​ ​ ​ ​ 4,987,068 ​ ​
​ ​ ​ 146,110 ​ ​ ​
Pagseguro Digital Ltd., Class A Shares*
​ ​ ​ ​ 6,157,076 ​ ​
​ ​ ​ 771,851 ​ ​ ​
Rumo SA*
​ ​ ​ ​ 3,183,355 ​ ​
​ ​ ​ 140,005 ​ ​ ​
StoneCo Ltd., Class A Shares*
​ ​ ​ ​ 7,140,255 ​ ​
​ ​ ​ 111,710 ​ ​ ​
Suzano SA*
​ ​ ​ ​ 1,023,385 ​ ​
​ ​ ​ 132,154 ​ ​ ​
XP Inc., Class A Shares*
​ ​ ​ ​ 6,527,086 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Brazil
​ ​ ​ ​ 38,789,270 ​ ​
​ Canada – 1.5% ​
​ ​ ​ 43,725 ​ ​ ​
Agnico Eagle Mines Ltd.
​ ​ ​ ​ 3,605,418 ​ ​
​ ​ ​ 30,065 ​ ​ ​
Descartes Systems Group Inc.*
​ ​ ​ ​ 1,834,744 ​ ​
​ ​ ​ 82,032 ​ ​ ​
Equitable Group Inc.(a)
​ ​ ​ ​ 4,861,412 ​ ​
​ ​ ​ 58,274 ​ ​ ​
Franco-Nevada Corp.
​ ​ ​ ​ 8,765,228 ​ ​
​ ​ ​ 3,423 ​ ​ ​
Lightspeed POS Inc.*
​ ​ ​ ​ 118,894 ​ ​
​ ​ ​ 104,955 ​ ​ ​
Magna International Inc.
​ ​ ​ ​ 5,101,863 ​ ​
​ ​ ​ 732,769 ​ ​ ​
Seven Generations Energy Ltd., Class A Shares*
​ ​ ​ ​ 2,314,836 ​ ​
​ ​ ​ 42,800 ​ ​ ​
TMX Group Ltd.
​ ​ ​ ​ 4,499,874 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Canada
​ ​ ​ ​ 31,102,269 ​ ​
See Notes to Financial Statements.
37
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ China – 11.4% ​
​ ​ ​ 65,903 ​ ​ ​
58.com Inc., ADR*
​ ​ ​ $ 3,648,390 ​ ​
​ ​ ​ 3,178,000 ​ ​ ​
AK Medical Holdings Ltd.(a)
​ ​ ​ ​ 8,087,798 ​ ​
​ ​ ​ 156,696 ​ ​ ​
Alibaba Group Holding Ltd., ADR*
​ ​ ​ ​ 44,976,453 ​ ​
​ ​ ​ 36,448 ​ ​ ​
Baidu Inc., ADR*
​ ​ ​ ​ 4,540,327 ​ ​
​ ​ ​ 426,421 ​ ​ ​
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 3,714,215 ​ ​
​ ​ ​ 651,200 ​ ​ ​
BTG Hotels Group Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 1,828,312 ​ ​
​ ​ ​ 1,369,463 ​ ​ ​
China Conch Venture Holdings Ltd.
​ ​ ​ ​ 5,922,475 ​ ​
​ ​ ​ 291,939 ​ ​ ​
China Literature Ltd.*(a)(c)
​ ​ ​ ​ 1,798,487 ​ ​
​ ​ ​ 1,712,311 ​ ​ ​
China Mengniu Dairy Co., Ltd.*
​ ​ ​ ​ 8,380,269 ​ ​
​ ​ ​ 200,691 ​ ​ ​
China Tourism Group Duty Free Corp., Ltd, Class A Shares(b)
​ ​ ​ ​ 6,083,448 ​ ​
​ ​ ​ 73,428 ​ ​ ​
GDS Holdings Ltd., ADR*(a)
​ ​ ​ ​ 5,943,262 ​ ​
​ ​ ​ 454,025 ​ ​ ​
Glodon Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 4,610,881 ​ ​
​ ​ ​ 626,000 ​ ​ ​
Gree Electric Appliances Inc. of Zhuhai, Class A Shares(b)
​ ​ ​ ​ 4,968,733 ​ ​
​ ​ ​ 927,853 ​ ​ ​
Hangzhou Hikvision Digital Technology Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 5,059,094 ​ ​
​ ​ ​ 180,585 ​ ​ ​
Hangzhou Tigermed Consulting Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 2,948,454 ​ ​
​ ​ ​ 486,231 ​ ​ ​
Han’s Laser Technology Industry Group Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 2,631,161 ​ ​
​ ​ ​ 916,877 ​ ​ ​
Hua Hong Semiconductor Ltd.*(a)(c)
​ ​ ​ ​ 3,293,775 ​ ​
​ ​ ​ 1,326 ​ ​ ​
KE Holdings Inc., ADR*
​ ​ ​ ​ 68,011 ​ ​
​ ​ ​ 1,649,407 ​ ​ ​
Kingdee International Software Group Co., Ltd.*
​ ​ ​ ​ 4,208,802 ​ ​
​ ​ ​ 936,553 ​ ​ ​
Kingsoft Corp., Ltd
​ ​ ​ ​ 5,004,452 ​ ​
​ ​ ​ 19,865 ​ ​ ​
Kweichow Moutai Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 5,172,077 ​ ​
​ ​ ​ 168,744 ​ ​ ​
LexinFintech Holdings Ltd., ADR*
​ ​ ​ ​ 1,317,891 ​ ​
​ ​ ​ 113,769 ​ ​ ​
Li Auto Inc., ADR*
​ ​ ​ ​ 1,854,435 ​ ​
​ ​ ​ 169,106 ​ ​ ​
Meituan Dianping, Class B Shares*
​ ​ ​ ​ 5,558,144 ​ ​
​ ​ ​ 545,662 ​ ​ ​
Midea Group Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 5,610,754 ​ ​
​ ​ ​ 25,419 ​ ​ ​
New Oriental Education & Technology Group Inc., ADR*
​ ​ ​ ​ 3,727,188 ​ ​
​ ​ ​ 6,412 ​ ​ ​
Nongfu Spring Co., Ltd.*(d)
​ ​ ​ ​ 17,788 ​ ​
​ ​ ​ 462,453 ​ ​ ​
Ping An Insurance Group Co. of China Ltd., Class H Shares(e)
​ ​ ​ ​ 4,900,200 ​ ​
​ ​ ​ 413,977 ​ ​ ​
SF Holding Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 5,132,804 ​ ​
​ ​ ​ 261,480 ​ ​ ​
Shanghai Henlius Biotech Inc., Class H Shares*(a)(c)(e)​
​ ​ ​ ​ 1,853,621 ​ ​
​ ​ ​ 458,600 ​ ​ ​
Shanghai Kindly Medical Instruments Co., Ltd., Class H Shares(e)
​ ​ ​ ​ 3,601,615 ​ ​
​ ​ ​ 83,138 ​ ​ ​
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 4,149,675 ​ ​
​ ​ ​ 293,035 ​ ​ ​
Shenzhou International Group Holdings Ltd.
​ ​ ​ ​ 4,699,392 ​ ​
​ ​ ​ 3,878,019 ​ ​ ​
Sino Biopharmaceutical Ltd.
​ ​ ​ ​ 4,445,089 ​ ​
​ ​ ​ 328,489 ​ ​ ​
Tencent Holdings Ltd.
​ ​ ​ ​ 22,385,850 ​ ​
​ ​ ​ 16,395 ​ ​ ​
Tencent Holdings Ltd., ADR
​ ​ ​ ​ 1,120,434 ​ ​
​ ​ ​ 152,454 ​ ​ ​
Tencent Music Entertainment Group, ADR*
​ ​ ​ ​ 2,382,856 ​ ​
​ ​ ​ 606,060 ​ ​ ​
Venustech Group Inc., Class A Shares(b)
​ ​ ​ ​ 3,367,707 ​ ​
See Notes to Financial Statements.
38
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ China – (continued) ​
​ ​ ​ 896,725 ​ ​ ​
WH Group Ltd.(c)
​ ​ ​ $ 771,995 ​ ​
​ ​ ​ 2,077,741 ​ ​ ​
Xiaomi Corp., Class B Shares*(c)
​ ​ ​ ​ 6,297,051 ​ ​
​ ​ ​ 336,000 ​ ​ ​
Yihai International Holding Ltd.*
​ ​ ​ ​ 5,295,952 ​ ​
​ ​ ​ 34,094 ​ ​ ​
Yum China Holdings Inc.
​ ​ ​ ​ 1,967,565 ​ ​
​ ​ ​ 271,681 ​ ​ ​
Yunnan Baiyao Group Co., Ltd., Class A Shares(b)
​ ​ ​ ​ 4,584,934 ​ ​
​ ​ ​ 98,955 ​ ​ ​
Zai Lab Ltd., ADR*
​ ​ ​ ​ 7,854,058 ​ ​
​ ​ ​ 52,736 ​ ​ ​
ZTO Express Cayman Inc., ADR
​ ​ ​ ​ 1,768,238 ​ ​
​ ​ ​ ​ ​ ​ ​
Total China
​ ​ ​ ​ 237,554,112 ​ ​
​ Denmark – 0.6% ​
​ ​ ​ 29,231 ​ ​ ​
Jyske Bank AS, Class Registered Shares*
​ ​ ​ ​ 870,026 ​ ​
​ ​ ​ 121,510 ​ ​ ​
Novozymes AS, Class B Shares
​ ​ ​ ​ 7,174,119 ​ ​
​ ​ ​ 33,694 ​ ​ ​
Royal Unibrew AS
​ ​ ​ ​ 3,525,019 ​ ​
​ ​ ​ 38,759 ​ ​ ​
Sydbank AS*
​ ​ ​ ​ 651,082 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Denmark
​ ​ ​ ​ 12,220,246 ​ ​
​ Egypt – 0.5% ​
​ ​ ​ 18,181,040 ​ ​ ​
Cleopatra Hospital*
​ ​ ​ ​ 5,808,310 ​ ​
​ ​ ​ 3,056,344 ​ ​ ​
Fawry for Banking & Payment Technology Services SAE*
​ ​ ​ ​ 4,791,364 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Egypt
​ ​ ​ ​ 10,599,674 ​ ​
​ Finland – 0.0% ​
​ ​ ​ 89,004 ​ ​ ​
Wartsila OYJ Abp
​ ​ ​ ​ 760,278 ​ ​
​ France – 6.3% ​
​ ​ ​ 20,190 ​ ​ ​
Air Liquide SA
​ ​ ​ ​ 3,353,929 ​ ​
​ ​ ​ 61,415 ​ ​ ​
Aubay
​ ​ ​ ​ 2,447,431 ​ ​
​ ​ ​ 16,917 ​ ​ ​
Cie Generale des Etablissements Michelin SCA
​ ​ ​ ​ 1,908,775 ​ ​
​ ​ ​ 119,521 ​ ​ ​
Danone SA
​ ​ ​ ​ 7,865,810 ​ ​
​ ​ ​ 6,034 ​ ​ ​
Dassault Aviation SA*
​ ​ ​ ​ 5,487,202 ​ ​
​ ​ ​ 31,313 ​ ​ ​
Dassault Systemes SE
​ ​ ​ ​ 5,895,365 ​ ​
​ ​ ​ 68,304 ​ ​ ​
Esker SA
​ ​ ​ ​ 12,475,582 ​ ​
​ ​ ​ 77,443 ​ ​ ​
EssilorLuxottica SA*
​ ​ ​ ​ 10,374,374 ​ ​
​ ​ ​ 135,383 ​ ​ ​
Legrand SA
​ ​ ​ ​ 11,287,471 ​ ​
​ ​ ​ 42,435 ​ ​ ​
L’Oreal SA
​ ​ ​ ​ 14,038,399 ​ ​
​ ​ ​ 8,574 ​ ​ ​
LVMH Moet Hennessy Louis Vuitton SE
​ ​ ​ ​ 4,025,374 ​ ​
​ ​ ​ 44,821 ​ ​ ​
MGI Digital Graphic Technology*(a)
​ ​ ​ ​ 2,354,451 ​ ​
​ ​ ​ 81,935 ​ ​ ​
Pernod Ricard SA
​ ​ ​ ​ 14,044,445 ​ ​
​ ​ ​ 69,460 ​ ​ ​
Sanofi
​ ​ ​ ​ 7,034,473 ​ ​
​ ​ ​ 139,003 ​ ​ ​
Schneider Electric SE
​ ​ ​ ​ 17,238,348 ​ ​
​ ​ ​ 160,939 ​ ​ ​
Thales SA
​ ​ ​ ​ 12,572,306 ​ ​
​ ​ ​ ​ ​ ​ ​
Total France
​ ​ ​ ​ 132,403,735 ​ ​
See Notes to Financial Statements.
39
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Germany – 5.8% ​
​ ​ ​ 57,233 ​ ​ ​
Atoss Software AG(a)
​ ​ ​ $ 8,746,240 ​ ​
​ ​ ​ 129,746 ​ ​ ​
Bayer AG, Class Registered Shares
​ ​ ​ ​ 8,573,281 ​ ​
​ ​ ​ 169,728 ​ ​ ​
Deutsche Wohnen SE
​ ​ ​ ​ 9,034,162 ​ ​
​ ​ ​ 183,993 ​ ​ ​
Elmos Semiconductor SE
​ ​ ​ ​ 4,773,317 ​ ​
​ ​ ​ 135,068 ​ ​ ​
Evotec SE*(a)
​ ​ ​ ​ 3,604,211 ​ ​
​ ​ ​ 115,935 ​ ​ ​
GEA Group AG
​ ​ ​ ​ 4,228,612 ​ ​
​ ​ ​ 139,173 ​ ​ ​
Henkel AG & Co. KGaA
​ ​ ​ ​ 14,181,760 ​ ​
​ ​ ​ 20,039 ​ ​ ​
Hypoport SE*
​ ​ ​ ​ 11,998,256 ​ ​
​ ​ ​ 28,721 ​ ​ ​
Infineon Technologies AG
​ ​ ​ ​ 793,687 ​ ​
​ ​ ​ 48,105 ​ ​ ​
Knorr-Bremse AG
​ ​ ​ ​ 6,113,230 ​ ​
​ ​ ​ 19,648 ​ ​ ​
LEG Immobilien AG
​ ​ ​ ​ 2,892,197 ​ ​
​ ​ ​ 44,810 ​ ​ ​
Mensch und Maschine Software SE
​ ​ ​ ​ 2,715,898 ​ ​
​ ​ ​ 15,805 ​ ​ ​
MorphoSys AG*
​ ​ ​ ​ 1,988,187 ​ ​
​ ​ ​ 79,486 ​ ​ ​
Nexus AG
​ ​ ​ ​ 4,031,595 ​ ​
​ ​ ​ 86,459 ​ ​ ​
SAP SE
​ ​ ​ ​ 14,212,026 ​ ​
​ ​ ​ 2,209 ​ ​ ​
Sartorius AG
​ ​ ​ ​ 935,534 ​ ​
​ ​ ​ 60,165 ​ ​ ​
Symrise AG, Class A Shares
​ ​ ​ ​ 8,289,485 ​ ​
​ ​ ​ 99,984 ​ ​ ​
TAG Immobilien AG*
​ ​ ​ ​ 2,983,642 ​ ​
​ ​ ​ 55,640 ​ ​ ​
TeamViewer AG*(c)
​ ​ ​ ​ 3,016,056 ​ ​
​ ​ ​ 83,005 ​ ​ ​
Vonovia SE
​ ​ ​ ​ 5,943,312 ​ ​
​ ​ ​ 19,712 ​ ​ ​
Zalando SE*(c)
​ ​ ​ ​ 1,722,432 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Germany
​ ​ ​ ​ 120,777,120 ​ ​
​ Greece – 0.2% ​
​ ​ ​ 475,568 ​ ​ ​
Sarantis SA
​ ​ ​ ​ 4,954,388 ​ ​
​ Hong Kong – 1.5% ​
​ ​ ​ 1,036,000 ​ ​ ​
AIA Group Ltd.
​ ​ ​ ​ 10,540,471 ​ ​
​ ​ ​ 246,000 ​ ​ ​
CK Hutchison Holdings Ltd.
​ ​ ​ ​ 1,596,556 ​ ​
​ ​ ​ 414,355 ​ ​ ​
Galaxy Entertainment Group Ltd.
​ ​ ​ ​ 3,235,575 ​ ​
​ ​ ​ 58,644 ​ ​ ​
Hong Kong Exchanges & Clearing Ltd.
​ ​ ​ ​ 2,948,090 ​ ​
​ ​ ​ 161,619 ​ ​ ​
New Frontier Health Corp.*(a)
​ ​ ​ ​ 1,260,628 ​ ​
​ ​ ​ 552,711 ​ ​ ​
Techtronic Industries Co., Ltd.
​ ​ ​ ​ 6,984,725 ​ ​
​ ​ ​ 1,520,000 ​ ​ ​
Vitasoy International Holdings Ltd.(a)
​ ​ ​ ​ 5,402,691 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Hong Kong
​ ​ ​ ​ 31,968,736 ​ ​
​ Hungary – 0.0% ​
​ ​ ​ 8,246 ​ ​ ​
Wizz Air Holdings PLC*(c)
​ ​ ​ ​ 432,326 ​ ​
See Notes to Financial Statements.
40
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ India – 7.2% ​
​ ​ ​ 320,670 ​ ​ ​
Aavas Financiers Ltd.*
​ ​ ​ $ 6,068,350 ​ ​
​ ​ ​ 520,991 ​ ​ ​
Amara Raja Batteries Ltd.
​ ​ ​ ​ 5,179,908 ​ ​
​ ​ ​ 114,501 ​ ​ ​
Asian Paints Ltd.
​ ​ ​ ​ 2,959,187 ​ ​
​ ​ ​ 629,889 ​ ​ ​
Axis Bank Ltd.*
​ ​ ​ ​ 4,217,925 ​ ​
​ ​ ​ 102,312 ​ ​ ​
Bajaj Finance Ltd.
​ ​ ​ ​ 4,830,164 ​ ​
​ ​ ​ 707,156 ​ ​ ​
Berger Paints India Ltd.
​ ​ ​ ​ 5,188,823 ​ ​
​ ​ ​ 443,471 ​ ​ ​
Bharti Airtel Ltd.
​ ​ ​ ​ 3,100,685 ​ ​
​ ​ ​ 68,257 ​ ​ ​
Britannia Industries Ltd.
​ ​ ​ ​ 3,464,246 ​ ​
​ ​ ​ 2,801,059 ​ ​ ​
City Union Bank Ltd.
​ ​ ​ ​ 5,152,550 ​ ​
​ ​ ​ 124,400 ​ ​ ​
Divi’s Laboratories Ltd.
​ ​ ​ ​ 5,275,221 ​ ​
​ ​ ​ 208,784 ​ ​ ​
Dr Lal PathLabs Ltd.
​ ​ ​ ​ 5,012,044 ​ ​
​ ​ ​ 69,678 ​ ​ ​
Dr Reddy’s Laboratories Ltd.
​ ​ ​ ​ 4,034,828 ​ ​
​ ​ ​ 26,955 ​ ​ ​
Dr Reddy’s Laboratories Ltd., ADR
​ ​ ​ ​ 1,567,972 ​ ​
​ ​ ​ 1,353,973 ​ ​ ​
Edelweiss Financial Services Ltd.*
​ ​ ​ ​ 1,477,937 ​ ​
​ ​ ​ 481,278 ​ ​ ​
Gulf Oil Lubricants India Ltd.
​ ​ ​ ​ 4,339,433 ​ ​
​ ​ ​ 244,310 ​ ​ ​
HDFC Bank Ltd.*
​ ​ ​ ​ 3,691,156 ​ ​
​ ​ ​ 239,544 ​ ​ ​
Hemisphere Properties India Ltd.*(b)(c)(d)​
​ ​ ​ ​ 527,578 ​ ​
​ ​ ​ 101,267 ​ ​ ​
Hindustan Unilever Ltd.
​ ​ ​ ​ 2,912,324 ​ ​
​ ​ ​ 462,731 ​ ​ ​
Housing Development Finance Corp., Ltd
​ ​ ​ ​ 11,484,253 ​ ​
​ ​ ​ 154,371 ​ ​ ​
ICICI Lombard General Insurance Co., Ltd.
​ ​ ​ ​ 2,633,523 ​ ​
​ ​ ​ 2,463,598 ​ ​ ​
JM Financial Ltd.
​ ​ ​ ​ 2,725,084 ​ ​
​ ​ ​ 243,133 ​ ​ ​
Kotak Mahindra Bank Ltd.*
​ ​ ​ ​ 4,623,018 ​ ​
​ ​ ​ 33,848 ​ ​ ​
Maruti Suzuki India Ltd.
​ ​ ​ ​ 3,143,584 ​ ​
​ ​ ​ 622,894 ​ ​ ​
Max Financial Services Ltd.*
​ ​ ​ ​ 4,984,056 ​ ​
​ ​ ​ 484,609 ​ ​ ​
Metropolis Healthcare Ltd.
​ ​ ​ ​ 12,499,382 ​ ​
​ ​ ​ 191,687 ​ ​ ​
Muthoot Finance Ltd.
​ ​ ​ ​ 2,988,071 ​ ​
​ ​ ​ 690,565 ​ ​ ​
Nippon Life India Asset Management Ltd.(c)
​ ​ ​ ​ 2,541,184 ​ ​
​ ​ ​ 4,020,770 ​ ​ ​
NTPC Ltd.
​ ​ ​ ​ 5,310,018 ​ ​
​ ​ ​ 407,091 ​ ​ ​
Reliance Industries Ltd.
​ ​ ​ ​ 11,167,867 ​ ​
​ ​ ​ 320,155 ​ ​ ​
SBI Life Insurance Co., Ltd.*(c)
​ ​ ​ ​ 3,618,989 ​ ​
​ ​ ​ 231,692 ​ ​ ​
Spandana Sphoorty Financial Ltd.*
​ ​ ​ ​ 1,940,395 ​ ​
​ ​ ​ 207,571 ​ ​ ​
Supreme Industries Ltd.
​ ​ ​ ​ 3,814,700 ​ ​
​ ​ ​ 306,121 ​ ​ ​
Tata Communications Ltd.
​ ​ ​ ​ 3,597,987 ​ ​
​ ​ ​ 496,441 ​ ​ ​
Tata Consumer Products Ltd.
​ ​ ​ ​ 3,615,379 ​ ​
​ ​ ​ 112,808 ​ ​ ​
Titan Co., Ltd.
​ ​ ​ ​ 1,685,687 ​ ​
​ ​ ​ ​ ​ ​ ​
Total India
​ ​ ​ ​ 151,373,508 ​ ​
See Notes to Financial Statements.
41
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Indonesia – 1.0% ​
​ ​ ​ 32,614,500 ​ ​ ​
Ace Hardware Indonesia Tbk PT
​ ​ ​ $ 3,459,483 ​ ​
​ ​ ​ 25,404,900 ​ ​ ​
Bank BTPN Syariah Tbk PT
​ ​ ​ ​ 6,780,712 ​ ​
​ ​ ​ 2,997,000 ​ ​ ​
Bank Central Asia Tbk PT
​ ​ ​ ​ 6,452,504 ​ ​
​ ​ ​ 55,865,700 ​ ​ ​
Sarana Menara Nusantara Tbk PT@
​ ​ ​ ​ 3,968,162 ​ ​
​ ​ ​ 595,845 ​ ​ ​
Telekomunikasi Indonesia Persero Tbk PT
​ ​ ​ ​ 116,770 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 20,777,631 ​ ​
​ Ireland – 0.8% ​
​ ​ ​ 193,016 ​ ​ ​
Experian PLC
​ ​ ​ ​ 7,198,594 ​ ​
​ ​ ​ 36,727 ​ ​ ​
Kerry Group PLC, Class A Shares
​ ​ ​ ​ 4,827,978 ​ ​
​ ​ ​ 46,100 ​ ​ ​
Ryanair Holdings PLC, ADR*
​ ​ ​ ​ 3,729,490 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Ireland
​ ​ ​ ​ 15,756,062 ​ ​
​ Israel – 0.4% ​
​ ​ ​ 57,722 ​ ​ ​
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.
​ ​ ​ ​ 3,471,941 ​ ​
​ ​ ​ 18,526 ​ ​ ​
Wix.com Ltd.*
​ ​ ​ ​ 5,458,315 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Israel
​ ​ ​ ​ 8,930,256 ​ ​
​ Italy – 0.7% ​
​ ​ ​ 415,374 ​ ​ ​
Banca Mediolanum SpA
​ ​ ​ ​ 3,078,313 ​ ​
​ ​ ​ 143,209 ​ ​ ​
Carel Industries SpA(b)
​ ​ ​ ​ 3,503,677 ​ ​
​ ​ ​ 18,038 ​ ​ ​
DiaSorin SpA
​ ​ ​ ​ 3,260,865 ​ ​
​ ​ ​ 177,235 ​ ​ ​
Gruppo MutuiOnline SpA(b)
​ ​ ​ ​ 4,907,639 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Italy
​ ​ ​ ​ 14,750,494 ​ ​
​ Japan – 16.4% ​
​ ​ ​ 109,326 ​ ​ ​
Atrae Inc.*
​ ​ ​ ​ 3,501,735 ​ ​
​ ​ ​ 669,422 ​ ​ ​
Avant Corp.
​ ​ ​ ​ 6,552,969 ​ ​
​ ​ ​ 207,068 ​ ​ ​
BASE Inc.*(a)
​ ​ ​ ​ 17,778,557 ​ ​
​ ​ ​ 234,700 ​ ​ ​
Chiba Bank Ltd.
​ ​ ​ ​ 1,214,758 ​ ​
​ ​ ​ 30,600 ​ ​ ​
Daiichi Sankyo Co., Ltd.
​ ​ ​ ​ 2,730,285 ​ ​
​ ​ ​ 15,600 ​ ​ ​
Disco Corp.
​ ​ ​ ​ 3,624,317 ​ ​
​ ​ ​ 310,200 ​ ​ ​
eGuarantee Inc.
​ ​ ​ ​ 6,586,591 ​ ​
​ ​ ​ 163,912 ​ ​ ​
en-japan Inc.
​ ​ ​ ​ 4,728,833 ​ ​
​ ​ ​ 68,400 ​ ​ ​
Ezaki Glico Co., Ltd.
​ ​ ​ ​ 2,903,200 ​ ​
​ ​ ​ 106,200 ​ ​ ​
Freee KK*
​ ​ ​ ​ 5,853,305 ​ ​
​ ​ ​ 197,600 ​ ​ ​
Fujitsu General Ltd.
​ ​ ​ ​ 5,156,585 ​ ​
​ ​ ​ 230,200 ​ ​ ​
Hachijuni Bank Ltd.
​ ​ ​ ​ 888,513 ​ ​
​ ​ ​ 40,500 ​ ​ ​
Hennge KK*(a)
​ ​ ​ ​ 1,942,573 ​ ​
​ ​ ​ 59,310 ​ ​ ​
Hirose Electric Co., Ltd.
​ ​ ​ ​ 6,709,993 ​ ​
​ ​ ​ 28,800 ​ ​ ​
Hoshizaki Corp.
​ ​ ​ ​ 2,199,416 ​ ​
​ ​ ​ 780,130 ​ ​ ​
Infomart Corp.
​ ​ ​ ​ 5,364,628 ​ ​
See Notes to Financial Statements.
42
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Japan – (continued) ​
​ ​ ​ 95,600 ​ ​ ​
IR Japan Holdings Ltd.
​ ​ ​ $ 11,670,321 ​ ​
​ ​ ​ 148,500 ​ ​ ​
Ito En Ltd.
​ ​ ​ ​ 8,971,129 ​ ​
​ ​ ​ 231,300 ​ ​ ​
Japan Elevator Service Holdings Co., Ltd.
​ ​ ​ ​ 7,994,822 ​ ​
​ ​ ​ 222,668 ​ ​ ​
Japan Material Co., Ltd.
​ ​ ​ ​ 2,957,852 ​ ​
​ ​ ​ 213,400 ​ ​ ​
Kansai Paint Co., Ltd.
​ ​ ​ ​ 5,081,653 ​ ​
​ ​ ​ 195,700 ​ ​ ​
Kao Corp.
​ ​ ​ ​ 14,889,606 ​ ​
​ ​ ​ 7,938 ​ ​ ​
Keyence Corp.
​ ​ ​ ​ 3,267,358 ​ ​
​ ​ ​ 89,400 ​ ​ ​
Kobayashi Pharmaceutical Co., Ltd.
​ ​ ​ ​ 7,956,733 ​ ​
​ ​ ​ 8,200 ​ ​ ​
Kose Corp.
​ ​ ​ ​ 959,655 ​ ​
​ ​ ​ 38,800 ​ ​ ​
Kusuri no Aoki Holdings Co., Ltd.
​ ​ ​ ​ 3,311,158 ​ ​
​ ​ ​ 76,800 ​ ​ ​
M&A Capital Partners Co., Ltd.*
​ ​ ​ ​ 2,812,025 ​ ​
​ ​ ​ 387,700 ​ ​ ​
Mebuki Financial Group Inc.
​ ​ ​ ​ 938,146 ​ ​
​ ​ ​ 129,500 ​ ​ ​
Medley Inc.*(a)
​ ​ ​ ​ 5,544,831 ​ ​
​ ​ ​ 221,000 ​ ​ ​
Miroku Jyoho Service Co., Ltd.
​ ​ ​ ​ 4,510,647 ​ ​
​ ​ ​ 196,900 ​ ​ ​
Mitsubishi Electric Corp.
​ ​ ​ ​ 2,703,207 ​ ​
​ ​ ​ 94,500 ​ ​ ​
Murata Manufacturing Co., Ltd.
​ ​ ​ ​ 5,589,483 ​ ​
​ ​ ​ 163,200 ​ ​ ​
Nihon Kohden Corp.
​ ​ ​ ​ 5,596,924 ​ ​
​ ​ ​ 401,200 ​ ​ ​
Nippon Telegraph & Telephone Corp.
​ ​ ​ ​ 9,131,041 ​ ​
​ ​ ​ 23,100 ​ ​ ​
Nissin Foods Holdings Co., Ltd.
​ ​ ​ ​ 2,312,031 ​ ​
​ ​ ​ 207,300 ​ ​ ​
Nomura Research Institute Ltd.
​ ​ ​ ​ 5,517,351 ​ ​
​ ​ ​ 345,200 ​ ​ ​
North Pacific Bank Ltd.
​ ​ ​ ​ 724,943 ​ ​
​ ​ ​ 37,600 ​ ​ ​
Obic Co., Ltd.
​ ​ ​ ​ 6,663,348 ​ ​
​ ​ ​ 86,900 ​ ​ ​
Omron Corp.
​ ​ ​ ​ 6,357,533 ​ ​
​ ​ ​ 67,000 ​ ​ ​
ORIX Corp.
​ ​ ​ ​ 827,118 ​ ​
​ ​ ​ 178,900 ​ ​ ​
Otsuka Holdings Co., Ltd.
​ ​ ​ ​ 7,851,170 ​ ​
​ ​ ​ 227,100 ​ ​ ​
Outsourcing Inc.
​ ​ ​ ​ 1,873,495 ​ ​
​ ​ ​ 129,500 ​ ​ ​
Pan Pacific International Holdings Corp.
​ ​ ​ ​ 3,046,672 ​ ​
​ ​ ​ 237,400 ​ ​ ​
Persol Holdings Co., Ltd.
​ ​ ​ ​ 3,690,917 ​ ​
​ ​ ​ 1,023,706 ​ ​ ​
Prestige International Inc.
​ ​ ​ ​ 8,613,814 ​ ​
​ ​ ​ 428,396 ​ ​ ​
Rakus Co., Ltd.
​ ​ ​ ​ 11,409,754 ​ ​
​ ​ ​ 157,700 ​ ​ ​
Rohto Pharmaceutical Co., Ltd.
​ ​ ​ ​ 5,009,553 ​ ​
​ ​ ​ 402,900 ​ ​ ​
Santen Pharmaceutical Co., Ltd.
​ ​ ​ ​ 7,682,049 ​ ​
​ ​ ​ 92,900 ​ ​ ​
Secom Co., Ltd.
​ ​ ​ ​ 8,776,421 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Seven & i Holdings Co., Ltd.
​ ​ ​ ​ 4,205,566 ​ ​
​ ​ ​ 236,800 ​ ​ ​
Shimadzu Corp.
​ ​ ​ ​ 7,060,270 ​ ​
​ ​ ​ 12,400 ​ ​ ​
SMC Corp.
​ ​ ​ ​ 6,770,984 ​ ​
​ ​ ​ 137,838 ​ ​ ​
SMS Co., Ltd.
​ ​ ​ ​ 3,797,817 ​ ​
​ ​ ​ 50,200 ​ ​ ​
Sohgo Security Services Co., Ltd.
​ ​ ​ ​ 2,344,999 ​ ​
See Notes to Financial Statements.
43
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Japan – (continued) ​
​ ​ ​ 132,800 ​ ​ ​
Stanley Electric Co., Ltd.
​ ​ ​ $ 3,801,239 ​ ​
​ ​ ​ 55,400 ​ ​ ​
Suzuki Motor Corp.
​ ​ ​ ​ 2,264,050 ​ ​
​ ​ ​ 505,700 ​ ​ ​
Systena Corp.
​ ​ ​ ​ 8,141,705 ​ ​
​ ​ ​ 275,240 ​ ​ ​
Takeda Pharmaceutical Co., Ltd.
​ ​ ​ ​ 10,236,826 ​ ​
​ ​ ​ 182,400 ​ ​ ​
Terumo Corp.
​ ​ ​ ​ 7,401,101 ​ ​
​ ​ ​ 158,800 ​ ​ ​
Toyo Suisan Kaisha Ltd.
​ ​ ​ ​ 9,015,731 ​ ​
​ ​ ​ 148,290 ​ ​ ​
YAKUODO Holdings Co., Ltd.
​ ​ ​ ​ 3,526,997 ​ ​
​ ​ ​ 136,000 ​ ​ ​
Yokogawa Electric Corp.
​ ​ ​ ​ 2,216,159 ​ ​
​ ​ ​ 1,380,300 ​ ​ ​
Z Holdings Corp.
​ ​ ​ ​ 9,158,640 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Japan
​ ​ ​ ​ 341,921,102 ​ ​
​ Malaysia – 0.1% ​
​ ​ ​ 468,000 ​ ​ ​
Carlsberg Brewery Malaysia Bhd
​ ​ ​ ​ 2,451,465 ​ ​
​ Mexico – 1.0% ​
​ ​ ​ 34,113 ​ ​ ​
Fomento Economico Mexicano SAB de CV, ADR
​ ​ ​ ​ 1,989,811 ​ ​
​ ​ ​ 278,770 ​ ​ ​
Gruma SAB de CV, Class B Shares
​ ​ ​ ​ 3,293,738 ​ ​
​ ​ ​ 1,271,781 ​ ​ ​
Grupo Mexico SAB de CV, Class B Shares
​ ​ ​ ​ 3,394,749 ​ ​
​ ​ ​ 2,284,208 ​ ​ ​
Qualitas Controladora SAB de CV
​ ​ ​ ​ 8,999,645 ​ ​
​ ​ ​ 1,215,667 ​ ​ ​
Wal-Mart de Mexico SAB de CV
​ ​ ​ ​ 2,911,577 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mexico
​ ​ ​ ​ 20,589,520 ​ ​
​ Netherlands – 2.7% ​
​ ​ ​ 1,182 ​ ​ ​
Adyen NV*(c)
​ ​ ​ ​ 1,992,801 ​ ​
​ ​ ​ 57,912 ​ ​ ​
Akzo Nobel NV
​ ​ ​ ​ 5,730,978 ​ ​
​ ​ ​ 21,194 ​ ​ ​
ASML Holding NV
​ ​ ​ ​ 7,947,458 ​ ​
​ ​ ​ 32,931 ​ ​ ​
Core Laboratories NV
​ ​ ​ ​ 689,246 ​ ​
​ ​ ​ 28,757 ​ ​ ​
Euronext NV(c)
​ ​ ​ ​ 3,495,705 ​ ​
​ ​ ​ 78,995 ​ ​ ​
Heineken NV
​ ​ ​ ​ 7,318,651 ​ ​
​ ​ ​ 192,727 ​ ​ ​
Koninklijke Philips NV
​ ​ ​ ​ 9,113,951 ​ ​
​ ​ ​ 75,029 ​ ​ ​
NXP Semiconductors NV
​ ​ ​ ​ 9,435,647 ​ ​
​ ​ ​ 103,711 ​ ​ ​
Prosus NV*
​ ​ ​ ​ 10,374,527 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Netherlands
​ ​ ​ ​ 56,098,964 ​ ​
​ Norway – 0.5% ​
​ ​ ​ 110,918 ​ ​ ​
Medistim ASA*
​ ​ ​ ​ 3,100,848 ​ ​
​ ​ ​ 785,438 ​ ​ ​
Pexip Holding ASA*
​ ​ ​ ​ 7,416,779 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Norway
​ ​ ​ ​ 10,517,627 ​ ​
​ Peru – 0.2% ​
​ ​ ​ 23,914 ​ ​ ​
Credicorp Ltd.
​ ​ ​ ​ 3,120,299 ​ ​
See Notes to Financial Statements.
44
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Philippines – 0.6% ​
​ ​ ​ 3,717,382 ​ ​ ​
Ayala Land Inc.
​ ​ ​ $ 2,198,254 ​ ​
​ ​ ​ 1,003,924 ​ ​ ​
BDO Unibank Inc.
​ ​ ​ ​ 1,778,188 ​ ​
​ ​ ​ 2,885,928 ​ ​ ​
Philippine Seven Corp.(b)
​ ​ ​ ​ 7,202,278 ​ ​
​ ​ ​ 101,335 ​ ​ ​
SM Investments Corp.
​ ​ ​ ​ 1,775,199 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Philippines
​ ​ ​ ​ 12,953,919 ​ ​
​ Poland – 0.1% ​
​ ​ ​ 416,383 ​ ​ ​
Powszechny Zaklad Ubezpieczen SA*
​ ​ ​ ​ 3,066,919 ​ ​
​ Portugal – 0.6% ​
​ ​ ​ 654,820 ​ ​ ​
Galp Energia SGPS SA
​ ​ ​ ​ 7,007,177 ​ ​
​ ​ ​ 379,530 ​ ​ ​
Jeronimo Martins SGPS SA
​ ​ ​ ​ 6,228,117 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Portugal
​ ​ ​ ​ 13,235,294 ​ ​
​ Russia – 0.9% ​
​ ​ ​ 121,811 ​ ​ ​
HeadHunter Group PLC, ADR
​ ​ ​ ​ 2,484,944 ​ ​
​ ​ ​ 28,731 ​ ​ ​
Novatek PJSC, GDR
​ ​ ​ ​ 4,255,061 ​ ​
​ ​ ​ 685,216 ​ ​ ​
Sberbank of Russia PJSC, ADR*
​ ​ ​ ​ 8,354,302 ​ ​
​ ​ ​ 67,483 ​ ​ ​
Yandex NV, Class A Shares*
​ ​ ​ ​ 4,604,365 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Russia
​ ​ ​ ​ 19,698,672 ​ ​
​ Singapore – 0.2% ​
​ ​ ​ 3,536,400 ​ ​ ​
Sheng Siong Group Ltd.
​ ​ ​ ​ 4,557,403 ​ ​
​ South Africa – 0.9% ​
​ ​ ​ 117,342 ​ ​ ​
Bid Corp., Ltd
​ ​ ​ ​ 1,936,285 ​ ​
​ ​ ​ 175,365 ​ ​ ​
Bidvest Group Ltd.
​ ​ ​ ​ 1,408,059 ​ ​
​ ​ ​ 26,458 ​ ​ ​
Capitec Bank Holdings Ltd.
​ ​ ​ ​ 1,301,730 ​ ​
​ ​ ​ 75,046 ​ ​ ​
Naspers Ltd., Class N Shares
​ ​ ​ ​ 13,660,820 ​ ​
​ ​ ​ ​ ​ ​ ​
Total South Africa
​ ​ ​ ​ 18,306,894 ​ ​
​ South Korea – 3.3% ​
​ ​ ​ 45,174 ​ ​ ​
Korea Shipbuilding & Offshore Engineering Co., Ltd.*
​ ​ ​ ​ 3,266,476 ​ ​
​ ​ ​ 101,285 ​ ​ ​
LEENO Industrial Inc.
​ ​ ​ ​ 10,787,090 ​ ​
​ ​ ​ 3,030 ​ ​ ​
LG Household & Health Care Ltd.
​ ​ ​ ​ 3,770,302 ​ ​
​ ​ ​ 53,240 ​ ​ ​
NAVER Corp.
​ ​ ​ ​ 14,386,553 ​ ​
​ ​ ​ 389,362 ​ ​ ​
NICE Information Service Co., Ltd.
​ ​ ​ ​ 5,883,682 ​ ​
​ ​ ​ 670,198 ​ ​ ​
Samsung Electronics Co., Ltd.
​ ​ ​ ​ 30,481,544 ​ ​
​ ​ ​ ​ ​ ​ ​
Total South Korea
​ ​ ​ ​ 68,575,647 ​ ​
​ Spain – 0.6% ​
​ ​ ​ 206,423 ​ ​ ​
Amadeus IT Group SA
​ ​ ​ ​ 11,651,842 ​ ​
See Notes to Financial Statements.
45
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Sweden – 2.2% ​
​ ​ ​ 77,437 ​ ​ ​
Assa Abloy AB, Class B Shares
​ ​ ​ $ 1,791,659 ​ ​
​ ​ ​ 312,595 ​ ​ ​
Biotage AB
​ ​ ​ ​ 6,088,176 ​ ​
​ ​ ​ 125,939 ​ ​ ​
Cellavision AB
​ ​ ​ ​ 4,605,958 ​ ​
​ ​ ​ 151,191 ​ ​ ​
Epiroc AB, Class A Shares
​ ​ ​ ​ 2,252,947 ​ ​
​ ​ ​ 143,124 ​ ​ ​
Essity AB, Class B Shares*
​ ​ ​ ​ 4,926,829 ​ ​
​ ​ ​ 477,248 ​ ​ ​
Fortnox AB
​ ​ ​ ​ 16,602,887 ​ ​
​ ​ ​ 177,937 ​ ​ ​
Svenska Handelsbanken AB, Class A Shares*
​ ​ ​ ​ 1,788,974 ​ ​
​ ​ ​ 306,632 ​ ​ ​
Swedbank AB, Class A Shares*
​ ​ ​ ​ 5,201,839 ​ ​
​ ​ ​ 142,277 ​ ​ ​
Xvivo Perfusion AB*
​ ​ ​ ​ 3,323,005 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Sweden
​ ​ ​ ​ 46,582,274 ​ ​
​ Switzerland – 5.6% ​
​ ​ ​ 47,444 ​ ​ ​
Alcon Inc.*
​ ​ ​ ​ 2,694,145 ​ ​
​ ​ ​ 71 ​ ​ ​
Chocoladefabriken Lindt & Spruengli AG
​ ​ ​ ​ 604,716 ​ ​
​ ​ ​ 48,667 ​ ​ ​
Cie Financiere Richemont SA, Class Registered Shares
​ ​ ​ ​ 3,222,791 ​ ​
​ ​ ​ 6,002 ​ ​ ​
Geberit AG, Class Registered Shares
​ ​ ​ ​ 3,455,465 ​ ​
​ ​ ​ 5,346 ​ ​ ​
Givaudan SA, Class Registered Shares
​ ​ ​ ​ 22,433,533 ​ ​
​ ​ ​ 177,385 ​ ​ ​
Julius Baer Group Ltd.
​ ​ ​ ​ 8,492,532 ​ ​
​ ​ ​ 16,814 ​ ​ ​
Lonza Group AG, Class Registered Shares
​ ​ ​ ​ 10,418,914 ​ ​
​ ​ ​ 317,709 ​ ​ ​
Nestle SA, Class Registered Shares
​ ​ ​ ​ 38,178,671 ​ ​
​ ​ ​ 16,525 ​ ​ ​
Roche Holding AG
​ ​ ​ ​ 5,775,442 ​ ​
​ ​ ​ 12,940 ​ ​ ​
Schindler Holding AG
​ ​ ​ ​ 3,450,445 ​ ​
​ ​ ​ 3,365 ​ ​ ​
SGS SA, Class Registered Shares
​ ​ ​ ​ 8,700,046 ​ ​
​ ​ ​ 17,822 ​ ​ ​
Sika AG, Class Registered Shares
​ ​ ​ ​ 4,268,934 ​ ​
​ ​ ​ 20,893 ​ ​ ​
Temenos AG, Class Registered Shares
​ ​ ​ ​ 3,368,323 ​ ​
​ ​ ​ 220,031 ​ ​ ​
UBS Group AG, Class Registered Shares
​ ​ ​ ​ 2,678,559 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Switzerland
​ ​ ​ ​ 117,742,516 ​ ​
​ Taiwan – 3.9% ​
​ ​ ​ 1,183,000 ​ ​ ​
Bioteque Corp.
​ ​ ​ ​ 5,633,977 ​ ​
​ ​ ​ 532,000 ​ ​ ​
Chief Telecom Inc.
​ ​ ​ ​ 7,061,123 ​ ​
​ ​ ​ 790,000 ​ ​ ​
Delta Electronics Inc.
​ ​ ​ ​ 5,068,750 ​ ​
​ ​ ​ 36,381 ​ ​ ​
Ginko International Co., Ltd.
​ ​ ​ ​ 156,647 ​ ​
​ ​ ​ 299,820 ​ ​ ​
Poya International Co., Ltd.
​ ​ ​ ​ 5,858,043 ​ ​
​ ​ ​ 1,125,000 ​ ​ ​
Taiwan Semiconductor Manufacturing Co., Ltd.
​ ​ ​ ​ 16,348,132 ​ ​
​ ​ ​ 422,904 ​ ​ ​
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
​ ​ ​ ​ 33,515,142 ​ ​
​ ​ ​ 248,550 ​ ​ ​
Voltronic Power Technology Corp.
​ ​ ​ ​ 8,739,487 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Taiwan
​ ​ ​ ​ 82,381,301 ​ ​
See Notes to Financial Statements.
46
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Thailand – 0.6% ​
​ ​ ​ 2,697,986 ​ ​ ​
CP ALL PCL, Class F Shares(b)@
​ ​ ​ $ 5,515,844 ​ ​
​ ​ ​ 1,845,600 ​ ​ ​
TQM Corp. PCL, Class F Shares(b)
​ ​ ​ ​ 7,486,980 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Thailand
​ ​ ​ ​ 13,002,824 ​ ​
​ United Arab Emirates – 0.4% ​
​ ​ ​ 439,095 ​ ​ ​
First Abu Dhabi Bank PJSC
​ ​ ​ ​ 1,363,539 ​ ​
​ ​ ​ 1,209,149 ​ ​ ​
Network International Holdings PLC(c)
​ ​ ​ ​ 6,051,539 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Arab Emirates
​ ​ ​ ​ 7,415,078 ​ ​
​ United Kingdom – 8.2% ​
​ ​ ​ 181,850 ​ ​ ​
4imprint Group PLC*
​ ​ ​ ​ 5,310,099 ​ ​
​ ​ ​ 480,806 ​ ​ ​
Amcor PLC
​ ​ ​ ​ 5,319,918 ​ ​
​ ​ ​ 243,777 ​ ​ ​
Avon Rubber PLC
​ ​ ​ ​ 12,448,192 ​ ​
​ ​ ​ 202,576 ​ ​ ​
boohoo Group PLC*
​ ​ ​ ​ 783,457 ​ ​
​ ​ ​ 189,657 ​ ​ ​
Burberry Group PLC
​ ​ ​ ​ 3,685,980 ​ ​
​ ​ ​ 227,378 ​ ​ ​
Compass Group PLC
​ ​ ​ ​ 3,709,680 ​ ​
​ ​ ​ 149,793 ​ ​ ​
Craneware PLC(a)
​ ​ ​ ​ 3,462,585 ​ ​
​ ​ ​ 26,430 ​ ​ ​
Croda International PLC
​ ​ ​ ​ 2,080,640 ​ ​
​ ​ ​ 310,536 ​ ​ ​
Diageo PLC
​ ​ ​ ​ 10,387,409 ​ ​
​ ​ ​ 79,279 ​ ​ ​
Farfetch Ltd., Class A Shares*
​ ​ ​ ​ 2,195,236 ​ ​
​ ​ ​ 215,097 ​ ​ ​
FDM Group Holdings PLC
​ ​ ​ ​ 3,001,823 ​ ​
​ ​ ​ 438,499 ​ ​ ​
Future PLC
​ ​ ​ ​ 8,781,833 ​ ​
​ ​ ​ 623,291 ​ ​ ​
GB Group PLC*
​ ​ ​ ​ 6,082,245 ​ ​
​ ​ ​ 186,155 ​ ​ ​
Halma PLC
​ ​ ​ ​ 5,519,331 ​ ​
​ ​ ​ 220,151 ​ ​ ​
HomeServe PLC
​ ​ ​ ​ 3,822,786 ​ ​
​ ​ ​ 377,713 ​ ​ ​
IMI PLC
​ ​ ​ ​ 5,321,733 ​ ​
​ ​ ​ 83,151 ​ ​ ​
Intertek Group PLC
​ ​ ​ ​ 6,531,297 ​ ​
​ ​ ​ 4,065,342 ​ ​ ​
Johnson Service Group PLC
​ ​ ​ ​ 5,793,013 ​ ​
​ ​ ​ 32,205 ​ ​ ​
Linde PLC
​ ​ ​ ​ 8,080,001 ​ ​
​ ​ ​ 67,714 ​ ​ ​
London Stock Exchange Group PLC
​ ​ ​ ​ 7,965,469 ​ ​
​ ​ ​ 309,651 ​ ​ ​
Patisserie Holdings PLC*(b)(d)
​ ​ ​ ​ 4,139 ​ ​
​ ​ ​ 142,539 ​ ​ ​
Reckitt Benckiser Group PLC
​ ​ ​ ​ 14,345,725 ​ ​
​ ​ ​ 99,537 ​ ​ ​
Smith & Nephew PLC
​ ​ ​ ​ 2,024,448 ​ ​
​ ​ ​ 104,459 ​ ​ ​
Spectris PLC
​ ​ ​ ​ 3,541,158 ​ ​
​ ​ ​ 66,838 ​ ​ ​
Spirax-Sarco Engineering PLC
​ ​ ​ ​ 9,153,467 ​ ​
​ ​ ​ 1,394,726 ​ ​ ​
Strix Group PLC
​ ​ ​ ​ 4,146,207 ​ ​
​ ​ ​ 669,557 ​ ​ ​
Trainline PLC*
​ ​ ​ ​ 3,543,532 ​ ​
​ ​ ​ 209,906 ​ ​ ​
Unilever NV
​ ​ ​ ​ 12,174,822 ​ ​
​ ​ ​ 847,722 ​ ​ ​
YouGov PLC(b)
​ ​ ​ ​ 11,320,276 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Kingdom
​ ​ ​ ​ 170,536,501 ​ ​
See Notes to Financial Statements.
47
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ United States – 3.6% ​
​ ​ ​ 2,052 ​ ​ ​
Alphabet Inc., Class A Shares*
​ ​ ​ $ 3,343,796 ​ ​
​ ​ ​ 53,719 ​ ​ ​
Analog Devices Inc.
​ ​ ​ ​ 6,278,677 ​ ​
​ ​ ​ 31,918 ​ ​ ​
ANSYS Inc.*
​ ​ ​ ​ 10,820,521 ​ ​
​ ​ ​ 1,490 ​ ​ ​
Booking Holdings Inc.*
​ ​ ​ ​ 2,846,570 ​ ​
​ ​ ​ 179,118 ​ ​ ​
Cadence Design Systems Inc.*
​ ​ ​ ​ 19,865,977 ​ ​
​ ​ ​ 102,057 ​ ​ ​
Colgate-Palmolive Co.
​ ​ ​ ​ 8,089,038 ​ ​
​ ​ ​ 18,738 ​ ​ ​
Nordson Corp.
​ ​ ​ ​ 3,494,450 ​ ​
​ ​ ​ 141,102 ​ ​ ​
Philip Morris International Inc.
​ ​ ​ ​ 11,258,529 ​ ​
​ ​ ​ 15,954 ​ ​ ​
Royalty Pharma PLC, Class A Shares*
​ ​ ​ ​ 660,176 ​ ​
​ ​ ​ 18,141 ​ ​ ​
Texas Instruments Inc.
​ ​ ​ ​ 2,578,743 ​ ​
​ ​ ​ 18,000 ​ ​ ​
Visa Inc., Class A Shares
​ ​ ​ ​ 3,815,820 ​ ​
​ ​ ​ 32,259 ​ ​ ​
Waste Connections Inc.
​ ​ ​ ​ 3,226,868 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 76,279,165 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $1,420,029,281)
​ ​ ​
​
1,968,777,142
 ​ ​
​ EXCHANGE TRADED FUNDS (ETFs) – 2.9% ​
​ United States – 2.9% ​
​ ​ ​ 465,853 ​ ​ ​
iShares Core MSCI EAFE
​ ​ ​ ​ 28,617,350 ​ ​
​ ​ ​ 589,637 ​ ​ ​
iShares Core MSCI Emerging Markets
​ ​ ​ ​ 31,427,652 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 60,045,002 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $56,670,670)
​ ​ ​
​
60,045,002
 ​ ​
​ PREFERRED STOCK – 0.0% ​
​ United Kingdom – 0.0% ​
​ ​ ​ 1,899 ​ ​ ​
Roofoods Ltd. Series G*(b)(d)@
(Cost – $793,594)
​ ​ ​ ​ 793,594 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,477,493,545)
​ ​ ​
​
2,029,615,738
 ​ ​
​
Face Amount†
​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 3.0% ​
​ TIME DEPOSITS – 3.0% ​
​ ​ $ 20,012,084 ​ ​ ​
Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.010% due 9/1/20
​ ​ ​ $ 20,012,084 ​ ​
​ ​ ​ 20,083,470 ​ ​ ​
Barclays Bank PLC – London, 0.010% due 9/1/20
​ ​ ​ ​ 20,083,470 ​ ​
​ ​ ​ ​ ​ ​ ​ BNP Paribas SA – Paris: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 146,267CHF ​ ​ ​
(1.430)% due 9/1/20
​ ​ ​ ​ 161,817 ​ ​
​ ​ ​ 678,961EUR ​ ​ ​
(0.690)% due 9/1/20
​ ​ ​ ​ 810,272 ​ ​
​ ​ ​ ​ ​ ​ ​ Brown Brothers Harriman – Grand Cayman: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 460DKK ​ ​ ​
(0.650)% due 9/1/20
​ ​ ​ ​ 74 ​ ​
See Notes to Financial Statements.
48
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
​
Face Amount†
​ ​
Security
 ​ ​
Value
 ​
​ SHORT-TERM INVESTMENTS – (continued) ​
​ TIME DEPOSITS – (continued) ​
​ ​ ​ 1,620SEK ​ ​ ​
(0.250)% due 9/1/20
​ ​ ​ $ 187 ​ ​
​ ​ ​ 20NOK ​ ​ ​
(0.150)% due 9/1/20
​ ​ ​ ​ 2 ​ ​
​ ​ ​ 125,180AUD ​ ​ ​
0.010% due 9/1/20
​ ​ ​ ​ 92,345 ​ ​
​ ​ ​ 4NZD ​ ​ ​
0.010% due 9/1/20
​ ​ ​ ​ 3 ​ ​
​ ​ ​ 124,546SGD ​ ​ ​
0.010% due 9/1/20
​ ​ ​ ​ 91,541 ​ ​
​ ​ ​ 148GBP ​ ​ ​
0.010% due 9/1/20
​ ​ ​ ​ 198 ​ ​
​ ​ ​ 14,914CAD ​ ​ ​
0.030% due 9/1/20
​ ​ ​ ​ 11,436 ​ ​
​ ​ ​ 81,959HKD ​ ​ ​
0.150% due 9/1/20
​ ​ ​ ​ 10,575 ​ ​
​ ​ ​ 18,995ZAR ​ ​ ​
4.500% due 9/1/20
​ ​ ​ ​ 1,121 ​ ​
​ ​ ​ 113,120GBP ​ ​ ​
Citibank – London, 0.010% due 9/1/20
​ ​ ​ ​ 151,213 ​ ​
​ ​ ​ 2,480,258HKD ​ ​ ​
Hong Kong & Shanghai Bank – Hong Kong, 0.150% due 9/1/20
​ ​ ​ ​ 320,027 ​ ​
​ ​ ​ 11,447,380 ​ ​ ​
JPMorgan Chase & Co. – New York, 0.010% due 9/1/20
​ ​ ​ ​ 11,447,380 ​ ​
​ ​ ​ ​ ​ ​ ​ Sumitomo Mitsui Banking Corp. – Tokyo: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 88,590,640JPY ​ ​ ​
(0.230)% due 9/1/20
​ ​ ​ ​ 836,353 ​ ​
​ ​ ​ 8,532,256 ​ ​ ​
0.010% due 9/1/20
​ ​ ​ ​ 8,532,256 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $62,562,354)
​ ​ ​
​
62,562,354
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.9% ​
​ MONEY MARKET FUND – 1.9% ​
​ ​ ​ 39,244,796 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 0.054%(f)
(Cost – $39,244,796)
​ ​ ​ ​ 39,244,796 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 101.9% (Cost – $1,579,300,695)
​ ​ ​ ​ 2,131,422,888 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (1.9)%
​ ​ ​ ​ (39,839,670) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 2,091,583,218 ​ ​
​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan (See Note 5).
​
(b)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $101,124,254 and represents 4.83% of net assets.
​
(c)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $37,413,539 and represents 1.79% 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)
Security trades on the Hong Kong exchange.
​
(f)
Represents investment of collateral received from securities lending transactions.
​
See Notes to Financial Statements.
49
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (continued)
​
@
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
​
CP ALL PCL, Class F Shares
​ ​ ​ ​ 3/23/2020 ​ ​ ​ ​ $ 30,091 ​ ​ ​ ​ $ 5,515,844 ​ ​ ​ ​ ​ 0.26% ​ ​
Roofoods Ltd. Series G
​ ​ ​ ​ 5/16/19 ​ ​ ​ ​ ​ 793,594 ​ ​ ​ ​ ​ 793,594 ​ ​ ​ ​ ​ 0.04% ​ ​
Sarana Menara Nusantara Tbk PT
​ ​ ​ ​ 4/3/17 ​ ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 3,968,162 ​ ​ ​ ​ ​ 0.19% ​ ​
Total
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,277,600 ​ ​ ​ ​ ​ 0.49% ​ ​
Abbreviations used in this schedule:
​
ADR
—    American Depositary Receipts
​
 ​
​
GDR
—    Global Depositary Receipts
​
 ​
​
PCL
—    Public Company Limited
​
 ​
​
PLC
—    Public Limited Company
​
 ​
Summary of Investments by Security Sector^
​ ​ ​ ​
​
Consumer Non-cyclical
​ ​ ​ ​ 30.6% ​ ​
​
Technology
​ ​ ​ ​ 15.7 ​ ​
​
Industrial
​ ​ ​ ​ 12.2 ​ ​
​
Financial
​ ​ ​ ​ 11.7 ​ ​
​
Communications
​ ​ ​ ​ 11.0 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 5.6 ​ ​
​
Basic Materials
​ ​ ​ ​ 4.2 ​ ​
​
Energy
​ ​ ​ ​ 1.2 ​ ​
​
Utilities
​ ​ ​ ​ 0.2 ​ ​
​
Diversified
​ ​ ​ ​ 0.1 ​ ​
​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 2.8 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 2.9 ​ ​
​
Money Market Fund
​ ​ ​ ​ 1.8 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
Schedule of Options Contracts Written
Equity Options
​
Number of
Contracts
​ ​
Notional
Amount
​ ​
Security Name
​ ​
Counterparty
​ ​
Expiration
Date
​ ​
Exercise
Rate
​ ​
Value
​
​
64
​ ​
$177,216
​ ​ Farfetch Ltd. ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 10/16/20 ​ ​ ​
$25.00
​ ​ ​ $ 26,880 ​ ​
​
118
​ ​
$326,742
​ ​ Farfetch Ltd. ​ ​ ​ ​ JPM ​ ​ ​ ​ ​ 10/16/20 ​ ​ ​
$26.00
​ ​ ​ ​ 38,940 ​ ​
​
97
​ ​
$1,219,872
​ ​ NXP Semiconductors NV ​ ​ ​ ​ JPM ​ ​ ​ ​ ​ 9/18/20 ​ ​ ​
$120.00
​ ​ ​ ​ 74,933 ​ ​
​
47
​ ​
$591,072
​ ​ NXP Semiconductors NV ​ ​ ​ ​ JPM ​ ​ ​ ​ ​ 9/18/20 ​ ​ ​
$130.00
​ ​ ​ ​ 10,152 ​ ​
​
11
​ ​
$138,336
​ ​ NXP Semiconductors NV ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​
$140.00
​ ​ ​ ​ 7,150 ​ ​
​
11
​ ​
$138,336
​ ​ NXP Semiconductors NV ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​
$145.00
​ ​ ​ ​ 5,203 ​ ​
​
50
​ ​
$628,800
​ ​ NXP Semiconductors NV ​ ​ ​ ​ JPM ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​
$150.00
​ ​ ​ ​ 19,000 ​ ​
​
18
​ ​
CHF 262,440
​ ​ Temenos AG ​ ​ ​ ​ GSC ​ ​ ​ ​ ​ 9/18/20 ​ ​ ​
CHF 160.00
​ ​ ​ ​ 398 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received – $179,936)		 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 182,656 ​ ​
​
See Notes to Financial Statements.
50
Schedules of Investments
August 31, 2020 (unaudited)
Destinations International Equity Fund (concluded)
​
At August 31, 2020, Destinations International Equity Fund had open forward foreign currency contracts as described below.
The unrealized (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 Buy: ​ ​ ​ ​ ​ ​ ​ ​
Hong Kong Dollar
​ ​ ​ ​ 139,247 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ $ 17,966 ​ ​ ​ ​ ​ 9/8/20 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (1) ​ ​ ​ ​ $ (1) ​ ​
Contracts to Sell: ​ ​ ​ ​ ​ ​ ​ ​
Japanese Yen
​ ​ ​ ​ 289,675,000 ​ ​ ​ ​ ​ JPM ​ ​ ​ ​ ​ 2,735,152 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (4,162) ​ ​ ​ ​ $ (4,162) ​ ​
Japanese Yen
​ ​ ​ ​ 1,563,100,000 ​ ​ ​ ​ ​ HSBC ​ ​ ​ ​ ​ 14,797,510 ​ ​ ​ ​ ​ 2/19/21 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,277) ​ ​ ​ ​ ​ (2,277) ​ ​
Japanese Yen
​ ​ ​ ​ 795,000,000 ​ ​ ​ ​ ​ MSC ​ ​ ​ ​ ​ 7,526,083 ​ ​ ​ ​ ​ 2/19/21 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,949) ​ ​ ​ ​ ​ (1,949) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (8,388) ​ ​ ​ ​ $ (8,388) ​ ​
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts ​ ​ ​ $ — ​ ​ ​ ​ $ (8,389) ​ ​ ​ ​ $ (8,389) ​ ​
​
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:
​
BBH
—    Brown Brothers Harriman & Co.
​
 ​
​
GSC
—    Goldman Sachs & Co.
​
 ​
​
HSBC
—    HSBC Bank USA
​
 ​
​
JPM
—    JPMorgan Chase & Co.
​
 ​
​
MSC
—    Morgan Stanley
​
 ​
​
See Notes to Financial Statements.
51
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Equity Income Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – 86.2% ​
​ BASIC MATERIALS – 1.0% ​
​ Chemicals – 1.0% ​
​ ​ ​ 32,833 ​ ​ ​
DuPont de Nemours Inc.
​ ​ ​ $ 1,830,768 ​ ​
​ ​ ​ 52,187 ​ ​ ​
Nutrien Ltd.
​ ​ ​ ​ 1,933,104 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chemicals
​ ​ ​ ​ 3,763,872 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BASIC MATERIALS
 ​ ​ ​ ​ 3,763,872 ​ ​
​ COMMUNICATIONS – 14.7% ​
​ Media – 0.9% ​
​ ​ ​ 74,552 ​ ​ ​
Comcast Corp., Class A Shares
​ ​ ​ ​ 3,340,675 ​ ​
​ Telecommunications – 13.8% ​
​ ​ ​ 384,047 ​ ​ ​
AT&T Inc.
​ ​ ​ ​ 11,448,441 ​ ​
​ ​ ​ 189,200 ​ ​ ​
BCE Inc.
​ ​ ​ ​ 8,132,612 ​ ​
​ ​ ​ 211,759 ​ ​ ​
Cisco Systems Inc.
​ ​ ​ ​ 8,940,465 ​ ​
​ ​ ​ 83,685 ​ ​ ​
Nippon Telegraph & Telephone Corp.
​ ​ ​ ​ 1,905,182 ​ ​
​ ​ ​ 112,887 ​ ​ ​
SK Telecom Co., Ltd., ADR
​ ​ ​ ​ 2,593,014 ​ ​
​ ​ ​ 146,867 ​ ​ ​
Telefonica Brasil SA
​ ​ ​ ​ 1,282,208 ​ ​
​ ​ ​ 200,926 ​ ​ ​
Verizon Communications Inc.
​ ​ ​ ​ 11,908,884 ​ ​
​ ​ ​ 4,498,593 ​ ​ ​
Vodafone Group PLC
​ ​ ​ ​ 6,701,438 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 52,912,244 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 56,252,919 ​ ​
​ CONSUMER CYCLICAL – 2.3% ​
​ Distribution/Wholesale – 0.7% ​
​ ​ ​ 155,100 ​ ​ ​
Mitsui & Co., Ltd.
​ ​ ​ ​ 2,802,562 ​ ​
​ Home Builders – 0.2% ​
​ ​ ​ 519,800 ​ ​ ​
Taylor Wimpey PLC
​ ​ ​ ​ 851,182 ​ ​
​ Retail – 0.6% ​
​ ​ ​ 6,275 ​ ​ ​
Genuine Parts Co.
​ ​ ​ ​ 592,611 ​ ​
​ ​ ​ 10,307 ​ ​ ​
Lowe’s Cos., Inc.
​ ​ ​ ​ 1,697,460 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Retail
​ ​ ​ ​ 2,290,071 ​ ​
​ Toys/Games/Hobbies – 0.8% ​
​ ​ ​ 5,461 ​ ​ ​
Nintendo Co., Ltd.
​ ​ ​ ​ 2,925,250 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 8,869,065 ​ ​
​ CONSUMER NON-CYCLICAL – 27.3% ​
​ Agriculture – 5.4% ​
​ ​ ​ 221,250 ​ ​ ​
British American Tobacco PLC
​ ​ ​ ​ 7,490,019 ​ ​
​ ​ ​ 164,591 ​ ​ ​
Philip Morris International Inc.
​ ​ ​ ​ 13,132,716 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Agriculture
​ ​ ​ ​ 20,622,735 ​ ​
​ Beverages – 2.7% ​
​ ​ ​ 101,911 ​ ​ ​
Coca-Cola Co.
​ ​ ​ ​ 5,047,652 ​ ​
​ ​ ​ 38,585 ​ ​ ​
PepsiCo Inc.
​ ​ ​ ​ 5,404,215 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Beverages
​ ​ ​ ​ 10,451,867 ​ ​
See Notes to Financial Statements.
52
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Biotechnology – 2.1% ​
​ ​ ​ 8,300 ​ ​ ​
Amgen Inc.
​ ​ ​ $ 2,102,556 ​ ​
​ ​ ​ 84,750 ​ ​ ​
Gilead Sciences Inc.
​ ​ ​ ​ 5,657,062 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Biotechnology
​ ​ ​ ​ 7,759,618 ​ ​
​ Cosmetics/Personal Care – 1.6% ​
​ ​ ​ 105,550 ​ ​ ​
Unilever PLC
​ ​ ​ ​ 6,292,791 ​ ​
​ Food – 1.1% ​
​ ​ ​ 75,700 ​ ​ ​
Seven & i Holdings Co., Ltd.
​ ​ ​ ​ 2,453,416 ​ ​
​ ​ ​ 924,000 ​ ​ ​
Tingyi Cayman Islands Holding Corp.
​ ​ ​ ​ 1,735,894 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Food
​ ​ ​ ​ 4,189,310 ​ ​
​ Healthcare-Services – 1.2% ​
​ ​ ​ 9,796 ​ ​ ​
Anthem Inc.
​ ​ ​ ​ 2,757,770 ​ ​
​ ​ ​ 21,886 ​ ​ ​
Fresenius Medical Care AG & Co. KGaA
​ ​ ​ ​ 1,855,998 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Services
​ ​ ​ ​ 4,613,768 ​ ​
​ Household Products/Wares – 0.4% ​
​ ​ ​ 16,213 ​ ​ ​
Henkel AG & Co. KGaA
​ ​ ​ ​ 1,655,466 ​ ​
​ Pharmaceuticals – 12.8% ​
​ ​ ​ 116,201 ​ ​ ​
AbbVie Inc.
​ ​ ​ ​ 11,128,570 ​ ​
​ ​ ​ 13,733 ​ ​ ​
AstraZeneca PLC
​ ​ ​ ​ 1,531,023 ​ ​
​ ​ ​ 23,384 ​ ​ ​
Bayer AG, Class Registered Shares
​ ​ ​ ​ 1,549,925 ​ ​
​ ​ ​ 81,110 ​ ​ ​
Bristol-Myers Squibb Co.
​ ​ ​ ​ 5,045,042 ​ ​
​ ​ ​ 511,894 ​ ​ ​
GlaxoSmithKline PLC
​ ​ ​ ​ 10,072,518 ​ ​
​ ​ ​ 68,025 ​ ​ ​
Merck & Co., Inc.
​ ​ ​ ​ 5,800,492 ​ ​
​ ​ ​ 268,125 ​ ​ ​
Pfizer Inc.
​ ​ ​ ​ 10,132,444 ​ ​
​ ​ ​ 4,112 ​ ​ ​
Roche Holding AG
​ ​ ​ ​ 1,436,175 ​ ​
​ ​ ​ 21,284 ​ ​ ​
Sanofi
​ ​ ​ ​ 2,155,725 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 48,851,914 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
 ​ ​ ​ ​ 104,437,469 ​ ​
​ ENERGY – 7.7% ​
​ Oil & Gas – 4.7% ​
​ ​ ​ 132,832 ​ ​ ​
Chevron Corp.
​ ​ ​ ​ 11,148,590 ​ ​
​ ​ ​ 175,350 ​ ​ ​
Exxon Mobil Corp.
​ ​ ​ ​ 7,003,479 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas
​ ​ ​ ​ 18,152,069 ​ ​
​ Pipelines – 3.0% ​
​ ​ ​ 195,100 ​ ​ ​
Enbridge Inc.
​ ​ ​ ​ 6,242,542 ​ ​
​ ​ ​ 150,065 ​ ​ ​
Enterprise Products Partners LP
​ ​ ​ ​ 2,635,141 ​ ​
​ ​ ​ 49,700 ​ ​ ​
TC Energy Corp.
​ ​ ​ ​ 2,324,186 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pipelines
​ ​ ​ ​ 11,201,869 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ENERGY
 ​ ​ ​ ​ 29,353,938 ​ ​
See Notes to Financial Statements.
53
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – 10.0% ​
​ Banks – 7.4% ​
​ ​ ​ 91,285 ​ ​ ​
Bank of America Corp.
​ ​ ​ $ 2,349,676 ​ ​
​ ​ ​ 97,075 ​ ​ ​
Canadian Imperial Bank of Commerce
​ ​ ​ ​ 7,708,240 ​ ​
​ ​ ​ 53,098 ​ ​ ​
Citigroup Inc.
​ ​ ​ ​ 2,714,370 ​ ​
​ ​ ​ 219,016 ​ ​ ​
ING Groep NV
​ ​ ​ ​ 1,778,387 ​ ​
​ ​ ​ 23,652 ​ ​ ​
JPMorgan Chase & Co.
​ ​ ​ ​ 2,369,694 ​ ​
​ ​ ​ 288,675 ​ ​ ​
KeyCorp
​ ​ ​ ​ 3,556,476 ​ ​
​ ​ ​ 250,880 ​ ​ ​
Oversea-Chinese Banking Corp., Ltd
​ ​ ​ ​ 1,598,713 ​ ​
​ ​ ​ 36,850 ​ ​ ​
PNC Financial Services Group Inc.
​ ​ ​ ​ 4,097,720 ​ ​
​ ​ ​ 207,900 ​ ​ ​
Regions Financial Corp.
​ ​ ​ ​ 2,403,324 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Banks
​ ​ ​ ​ 28,576,600 ​ ​
​ Diversified Financial Services – 0.6% ​
​ ​ ​ 12,082 ​ ​ ​
Deutsche Boerse AG
​ ​ ​ ​ 2,283,915 ​ ​
​ Equity Real Estate Investment Trusts (REITs) – 0.4% ​
​ ​ ​ 46,250 ​ ​ ​
National Retail Properties Inc.
​ ​ ​ ​ 1,639,100 ​ ​
​ Insurance – 1.6% ​
​ ​ ​ 57,047 ​ ​ ​
Ageas SA/NV
​ ​ ​ ​ 2,396,412 ​ ​
​ ​ ​ 9,159 ​ ​ ​
Allianz SE, Class Registered Shares
​ ​ ​ ​ 1,984,077 ​ ​
​ ​ ​ 7,683 ​ ​ ​
Everest Re Group Ltd.
​ ​ ​ ​ 1,690,875 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Insurance
​ ​ ​ ​ 6,071,364 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 38,570,979 ​ ​
​ INDUSTRIAL – 6.5% ​
​ Aerospace/Defense – 1.1% ​
​ ​ ​ 15,368 ​ ​ ​
General Dynamics Corp.
​ ​ ​ ​ 2,295,211 ​ ​
​ ​ ​ 20,953 ​ ​ ​
Thales SA
​ ​ ​ ​ 1,637,848 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Aerospace/Defense
​ ​ ​ ​ 3,933,059 ​ ​
​ Miscellaneous Manufacturers – 1.8% ​
​ ​ ​ 16,775 ​ ​ ​
3M Co.
​ ​ ​ ​ 2,734,660 ​ ​
​ ​ ​ 18,748 ​ ​ ​
Eaton Corp. PLC
​ ​ ​ ​ 1,914,171 ​ ​
​ ​ ​ 16,548 ​ ​ ​
Siemens AG, Class Registered Shares
​ ​ ​ ​ 2,284,098 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Miscellaneous Manufacturers
​ ​ ​ ​ 6,932,929 ​ ​
​ Transportation – 3.6% ​
​ ​ ​ 75,202 ​ ​ ​
Deutsche Post AG, Class Registered Shares
​ ​ ​ ​ 3,421,120 ​ ​
​ ​ ​ 63,150 ​ ​ ​
United Parcel Service Inc., Class B Shares
​ ​ ​ ​ 10,332,603 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Transportation
​ ​ ​ ​ 13,753,723 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INDUSTRIAL
 ​ ​ ​ ​ 24,619,711 ​ ​
​ TECHNOLOGY – 4.6% ​
​ Computers – 1.4% ​
​ ​ ​ 24,810 ​ ​ ​
Amdocs Ltd.
​ ​ ​ ​ 1,519,116 ​ ​
​ ​ ​ 32,400 ​ ​ ​
International Business Machines Corp.
​ ​ ​ ​ 3,995,244 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Computers
​ ​ ​ ​ 5,514,360 ​ ​
See Notes to Financial Statements.
54
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ TECHNOLOGY – (continued) ​
​ Semiconductors – 1.5% ​
​ ​ ​ 6,696 ​ ​ ​
Broadcom Inc.
​ ​ ​ $ 2,324,516 ​ ​
​ ​ ​ 45,770 ​ ​ ​
Infineon Technologies AG
​ ​ ​ ​ 1,265,044 ​ ​
​ ​ ​ 59,790 ​ ​ ​
Samsung Electronics Co., Ltd.
​ ​ ​ ​ 2,391,489 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Semiconductors
​ ​ ​ ​ 5,981,049 ​ ​
​ Software – 1.7% ​
​ ​ ​ 16,104 ​ ​ ​
Microsoft Corp.
​ ​ ​ ​ 3,631,935 ​ ​
​ ​ ​ 43,876 ​ ​ ​
Oracle Corp.
​ ​ ​ ​ 2,510,585 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 6,142,520 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 17,637,929 ​ ​
​ UTILITIES – 12.1% ​
​ Electric – 9.5% ​
​ ​ ​ 122,200 ​ ​ ​
Dominion Energy Inc.
​ ​ ​ ​ 9,585,368 ​ ​
​ ​ ​ 110,330 ​ ​ ​
Duke Energy Corp.
​ ​ ​ ​ 8,863,912 ​ ​
​ ​ ​ 43,671 ​ ​ ​
Evergy Inc.
​ ​ ​ ​ 2,324,171 ​ ​
​ ​ ​ 214,725 ​ ​ ​
PPL Corp.
​ ​ ​ ​ 5,932,852 ​ ​
​ ​ ​ 47,475 ​ ​ ​
Public Service Enterprise Group Inc.
​ ​ ​ ​ 2,480,094 ​ ​
​ ​ ​ 140,160 ​ ​ ​
Southern Co.
​ ​ ​ ​ 7,313,549 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electric
​ ​ ​ ​ 36,499,946 ​ ​
​ Gas – 2.1% ​
​ ​ ​ 716,938 ​ ​ ​
National Grid PLC
​ ​ ​ ​ 8,080,949 ​ ​
​ Water – 0.5% ​
​ ​ ​ 72,271 ​ ​ ​
Veolia Environnement SA
​ ​ ​ ​ 1,742,214 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL UTILITIES
 ​ ​ ​ ​ 46,323,109 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $321,026,751)
​ ​ ​
​
329,828,991
 ​ ​
​ EXCHANGE TRADED FUNDS (ETFs) – 10.0% ​
​ ​ ​ 773,777 ​ ​ ​
iShares Core Dividend Growth(a)
​ ​ ​ ​ 31,817,710 ​ ​
​ ​ ​ 75,579 ​ ​ ​
iShares Core High Dividend(a)
​ ​ ​ ​ 6,403,809 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $33,021,196)
​ ​ ​
​
38,221,519
 ​ ​
​ CONVERTIBLE PREFERRED STOCKS – 1.5% ​
​ CONSUMER NON-CYCLICAL – 0.3% ​
​ Healthcare-Products – 0.3% ​
​ ​ ​ 16,940 ​ ​ ​
Avantor Inc., 6.250%
​ ​ ​ ​ 1,243,227 ​ ​
​ TECHNOLOGY – 0.9% ​
​ Semiconductors – 0.6% ​
​ ​ ​ 1,750 ​ ​ ​
Broadcom Inc., 8.000%
​ ​ ​ ​ 2,152,850 ​ ​
​ Software – 0.3% ​
​ ​ ​ 23,640 ​ ​ ​
Change Healthcare Inc., 6.000%
​ ​ ​ ​ 1,233,535 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 3,386,385 ​ ​
See Notes to Financial Statements.
55
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ CONVERTIBLE PREFERRED STOCKS – (continued) ​
​ UTILITIES – 0.3% ​
​ Electric – 0.3% ​
​ ​ ​ 29,050 ​ ​ ​
CenterPoint Energy Inc., 7.000%
​ ​ ​ $ 1,090,827 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost – $5,901,079)
​ ​ ​
​
5,720,439
 ​ ​
​ EQUITY LINKED NOTE – 0.3% ​
​ FINANCIAL – 0.3% ​
​ Diversified Financial Services – 0.3% ​
​ ​ ​ 6,600 ​ ​ ​
Citigroup Global Markets Holdings Inc.*(b)(c)(d)
(Cost – $951,102)
​ ​ ​ ​ 952,032 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $360,900,128)
​ ​ ​
​
374,722,981
 ​ ​
​
Face Amount
​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 1.7% ​
​ TIME DEPOSITS – 1.7% ​
​ ​ $ 2,690,474 ​ ​ ​
ANZ National Bank – London, 0.010% due 9/1/20
​ ​ ​ $ 2,690,474 ​ ​
​ ​ ​ 768 ​ ​ ​
Brown Brothers Harriman – Grand Cayman, 0.010% due 9/1/20
​ ​ ​ ​ 768 ​ ​
​ ​ ​ 1,821,852 ​ ​ ​
JPMorgan Chase & Co. – New York, 0.010% due 9/1/20
​ ​ ​ ​ 1,821,852 ​ ​
​ ​ ​ 2,179,702 ​ ​ ​
Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20
​ ​ ​ ​ 2,179,702 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $6,692,796)
​ ​ ​
​
6,692,796
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.3% ​
​ MONEY MARKET FUND – 0.3% ​
​ ​ $ 959,784 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 0.054%(e)
(Cost – $959,784)
​ ​ ​ $ 959,784 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 100.0%
(Cost – $368,552,708)
​ ​ ​ ​ 382,375,561 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – 0.0%
​ ​ ​ ​ (60,812) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 382,314,749 ​ ​
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan (See Note 5).
​
(b)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(c)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $952,032 and represents 0.25% of net assets.
​
(d)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $952,032 and represents 0.25% of net assets.
​
(e)
Represents investment of collateral received from securities lending transactions.
​
See Notes to Financial Statements.
56
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Equity Income Fund (concluded)
​
Abbreviations used in this schedule:
ADR
 —  American Depositary Receipts
​
LP
 —  Limited Partnership
​
PLC
 —  Public Limited Company
​
Summary of Investments by Security Sector^
​
Consumer Non-cyclical
​ ​ ​ ​ 27.6% ​ ​
​
Communications
​ ​ ​ ​ 14.7 ​ ​
​
Utilities
​ ​ ​ ​ 12.4 ​ ​
​
Financial
​ ​ ​ ​ 10.3 ​ ​
​
Energy
​ ​ ​ ​ 7.7 ​ ​
​
Industrial
​ ​ ​ ​ 6.4 ​ ​
​
Technology
​ ​ ​ ​ 5.5 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 2.3 ​ ​
​
Basic Materials
​ ​ ​ ​ 1.0 ​ ​
​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 10.0 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 1.8 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.3 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
See Notes to Financial Statements.
57
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Real Assets Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ EXCHANGE TRADED FUNDS (ETFs) – 107.3% ​
​ United States – 107.3% ​
​ ​ ​ 87 ​ ​ ​
iShares Core US REIT
​ ​ ​ $ 3,969 ​ ​
​ ​ ​ 103 ​ ​ ​
iShares Global Infrastructure
​ ​ ​ ​ 4,093 ​ ​
​ ​ ​ 237 ​ ​ ​
iShares North American Natural Resources
​ ​ ​ ​ 5,243 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 13,305 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $13,803)
​ ​ ​
​
13,305
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $13,803)
​ ​ ​
​
13,305
 ​ ​
​
Face Amount
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 129.2% ​
​ TIME DEPOSIT – 129.2% ​
​ ​ $ 16,015 ​ ​ ​
Brown Brothers Harriman – Grand Cayman, 0.010% due 9/1/20
(Cost – $16,015)
​ ​ ​ ​ 16,015 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 236.5%
(Cost – $29,818)
​ ​ ​
​
29,320
 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (136.5)%
​ ​ ​ ​ (16,920) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 12,400 ​ ​
Abbreviations used in this schedule:
REIT   —   Real Estate Investment Trust
Summary of Investments by Security Sector^
​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 45.4% ​ ​
​
Short-Term Investments
​ ​ ​ ​ 54.6 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
See Notes to Financial Statements.
58
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 23.6% ​
​ U.S. GOVERNMENT OBLIGATIONS – 23.1% ​
​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bonds: ​
​ ​ $ 1,000,000 ​ ​ ​
5.250% due 11/15/28
​ ​ ​ $ 1,376,680 ​ ​
​ ​ ​ 500,000 ​ ​ ​
6.250% due 5/15/30
​ ​ ​ ​ 763,535 ​ ​
​ ​ ​ 600,000 ​ ​ ​
5.375% due 2/15/31
​ ​ ​ ​ 883,852 ​ ​
​ ​ ​ 2,050,000 ​ ​ ​
4.500% due 5/15/38
​ ​ ​ ​ 3,189,271 ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.375% due 11/15/39
​ ​ ​ ​ 466,102 ​ ​
​ ​ ​ 630,000 ​ ​ ​
1.125% due 8/15/40
​ ​ ​ ​ 615,727 ​ ​
​ ​ ​ 2,850,000 ​ ​ ​
3.875% due 8/15/40
​ ​ ​ ​ 4,198,184 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
4.375% due 5/15/41
​ ​ ​ ​ 4,720,781 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
3.125% due 11/15/41
​ ​ ​ ​ 3,356,348 ​ ​
​ ​ ​ 950,000 ​ ​ ​
3.000% due 5/15/42
​ ​ ​ ​ 1,254,557 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
2.750% due 8/15/42
​ ​ ​ ​ 4,454,844 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.750% due 11/15/42
​ ​ ​ ​ 1,271,367 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
2.875% due 5/15/43
​ ​ ​ ​ 4,537,148 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.750% due 11/15/43
​ ​ ​ ​ 442,617 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
3.125% due 8/15/44
​ ​ ​ ​ 4,055,039 ​ ​
​ ​ ​ 1,475,000 ​ ​ ​
2.500% due 2/15/45
​ ​ ​ ​ 1,802,323 ​ ​
​ ​ ​ 600,000 ​ ​ ​
2.875% due 8/15/45
​ ​ ​ ​ 782,742 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.500% due 2/15/46
​ ​ ​ ​ 1,225,391 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
2.500% due 5/15/46
​ ​ ​ ​ 3,066,406 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
2.875% due 11/15/46
​ ​ ​ ​ 2,232,645 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
3.000% due 2/15/47
​ ​ ​ ​ 4,701,348 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
3.000% due 5/15/47
​ ​ ​ ​ 1,345,078 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
2.750% due 8/15/47
​ ​ ​ ​ 1,418,914 ​ ​
​ ​ ​ 550,000 ​ ​ ​
2.750% due 11/15/47
​ ​ ​ ​ 710,467 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.000% due 8/15/48
​ ​ ​ ​ 677,871 ​ ​
​ ​ ​ 21,900,000 ​ ​ ​
2.875% due 5/15/49
​ ​ ​ ​ 29,181,750 ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.250% due 8/15/49
​ ​ ​ ​ 354,891 ​ ​
​ ​ ​ 12,450,000 ​ ​ ​
2.000% due 2/15/50
​ ​ ​ ​ 14,012,086 ​ ​
​ ​ ​ 17,700,000 ​ ​ ​
1.250% due 5/15/50
​ ​ ​ ​ 16,693,312 ​ ​
​ ​ ​ ​ ​ ​ ​ U.S. Treasury Notes: ​
​ ​ ​ 30,300,000 ​ ​ ​
1.500% due 8/31/21
​ ​ ​ ​ 30,700,055 ​ ​
​ ​ ​ 2,200,000 ​ ​ ​
2.000% due 11/15/21
​ ​ ​ ​ 2,249,242 ​ ​
​ ​ ​ 8,000,000 ​ ​ ​
2.125% due 12/31/21
​ ​ ​ ​ 8,209,687 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
1.875% due 1/31/22
​ ​ ​ ​ 4,096,719 ​ ​
​ ​ ​ 500,000 ​ ​ ​
1.750% due 2/28/22
​ ​ ​ ​ 511,992 ​ ​
​ ​ ​ 2,700,000 ​ ​ ​
1.875% due 2/28/22
​ ​ ​ ​ 2,769,820 ​ ​
See Notes to Financial Statements.
59
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued) ​
​ U.S. GOVERNMENT OBLIGATIONS – (continued) ​
​ ​ $ 6,000,000 ​ ​ ​
1.875% due 3/31/22
​ ​ ​ $ 6,163,359 ​ ​
​ ​ ​ 800,000 ​ ​ ​
1.750% due 4/30/22
​ ​ ​ ​ 821,344 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​
0.125% due 6/30/22
​ ​ ​ ​ 9,996,875 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
1.750% due 6/30/22
​ ​ ​ ​ 4,117,187 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
1.875% due 7/31/22
​ ​ ​ ​ 3,099,258 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
1.625% due 8/15/22
​ ​ ​ ​ 1,543,535 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.625% due 8/31/22
​ ​ ​ ​ 1,029,727 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
1.375% due 10/15/22
​ ​ ​ ​ 2,052,187 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
1.875% due 10/31/22
​ ​ ​ ​ 1,764,016 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
1.625% due 11/15/22
​ ​ ​ ​ 2,581,641 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
2.000% due 11/30/22
​ ​ ​ ​ 1,302,148 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
1.500% due 1/15/23
​ ​ ​ ​ 2,580,566 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
1.750% due 1/31/23
​ ​ ​ ​ 2,597,363 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
1.500% due 3/31/23
​ ​ ​ ​ 5,174,805 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
1.625% due 5/31/23
​ ​ ​ ​ 5,202,930 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
1.375% due 8/31/23
​ ​ ​ ​ 4,146,094 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
1.625% due 10/31/23
​ ​ ​ ​ 2,615,332 ​ ​
​ ​ ​ 9,000,000 ​ ​ ​
2.250% due 12/31/23
​ ​ ​ ​ 9,619,102 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
2.750% due 2/15/24
​ ​ ​ ​ 5,442,383 ​ ​
​ ​ ​ 23,000,000 ​ ​ ​
2.125% due 2/29/24
​ ​ ​ ​ 24,553,398 ​ ​
​ ​ ​ 9,500,000 ​ ​ ​
2.125% due 3/31/24
​ ​ ​ ​ 10,156,094 ​ ​
​ ​ ​ 2,600,000 ​ ​ ​
2.000% due 4/30/24
​ ​ ​ ​ 2,770,930 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.500% due 5/15/24
​ ​ ​ ​ 2,170,234 ​ ​
​ ​ ​ 900,000 ​ ​ ​
2.000% due 5/31/24
​ ​ ​ ​ 960,363 ​ ​
​ ​ ​ 4,500,000 ​ ​ ​
1.750% due 6/30/24
​ ​ ​ ​ 4,765,078 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
2.000% due 6/30/24
​ ​ ​ ​ 4,273,750 ​ ​
​ ​ ​ 23,000,000 ​ ​ ​
2.125% due 7/31/24
​ ​ ​ ​ 24,721,406 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.875% due 8/31/24
​ ​ ​ ​ 1,066,055 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
1.500% due 9/30/24
​ ​ ​ ​ 1,472,898 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
2.125% due 9/30/24
​ ​ ​ ​ 1,508,336 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
1.500% due 10/31/24
​ ​ ​ ​ 1,684,562 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
2.250% due 11/15/24
​ ​ ​ ​ 4,339,219 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
2.125% due 11/30/24
​ ​ ​ ​ 4,320,469 ​ ​
​ ​ ​ 2,400,000 ​ ​ ​
2.250% due 12/31/24
​ ​ ​ ​ 2,607,844 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
2.000% due 2/15/25
​ ​ ​ ​ 2,694,434 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
0.500% due 3/31/25
​ ​ ​ ​ 1,213,828 ​ ​
​ ​ ​ 7,000,000 ​ ​ ​
0.375% due 4/30/25
​ ​ ​ ​ 7,038,555 ​ ​
See Notes to Financial Statements.
60
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued) ​
​ U.S. GOVERNMENT OBLIGATIONS – (continued) ​
​ ​ $ 1,900,000 ​ ​ ​
2.125% due 5/15/25
​ ​ ​ $ 2,065,285 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
0.250% due 6/30/25
​ ​ ​ ​ 1,499,180 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
0.250% due 7/31/25
​ ​ ​ ​ 1,998,281 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.875% due 7/31/25
​ ​ ​ ​ 2,254,062 ​ ​
​ ​ ​ 3,200,000 ​ ​ ​
2.000% due 8/15/25
​ ​ ​ ​ 3,471,125 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.750% due 8/31/25
​ ​ ​ ​ 2,245,156 ​ ​
​ ​ ​ 25,300,000 ​ ​ ​
2.250% due 11/15/25
​ ​ ​ ​ 27,839,883 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
1.625% due 2/15/26
​ ​ ​ ​ 5,348,047 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.500% due 2/28/26
​ ​ ​ ​ 2,236,172 ​ ​
​ ​ ​ 21,050,000 ​ ​ ​
1.625% due 5/15/26
​ ​ ​ ​ 22,550,635 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
1.875% due 6/30/26
​ ​ ​ ​ 2,716,602 ​ ​
​ ​ ​ 2,250,000 ​ ​ ​
1.625% due 10/31/26
​ ​ ​ ​ 2,416,113 ​ ​
​ ​ ​ 2,100,000 ​ ​ ​
2.250% due 2/15/27
​ ​ ​ ​ 2,342,074 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
0.500% due 4/30/27
​ ​ ​ ​ 4,009,375 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.375% due 5/15/27
​ ​ ​ ​ 450,500 ​ ​
​ ​ ​ 16,400,000 ​ ​ ​
0.500% due 6/30/27
​ ​ ​ ​ 16,423,062 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
0.375% due 7/31/27
​ ​ ​ ​ 1,091,578 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.250% due 8/15/27
​ ​ ​ ​ 2,241,562 ​ ​
​ ​ ​ 4,220,000 ​ ​ ​
2.250% due 11/15/27
​ ​ ​ ​ 4,741,236 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
2.750% due 2/15/28
​ ​ ​ ​ 5,812,500 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.875% due 8/15/28
​ ​ ​ ​ 1,179,297 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
3.125% due 11/15/28
​ ​ ​ ​ 1,804,570 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.625% due 2/15/29
​ ​ ​ ​ 1,165,977 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.375% due 5/15/29
​ ​ ​ ​ 574,141 ​ ​
​ ​ ​ 5,500,000 ​ ​ ​
1.625% due 8/15/29
​ ​ ​ ​ 5,971,797 ​ ​
​ ​ ​ 16,000,000 ​ ​ ​
1.500% due 2/15/30
​ ​ ​ ​ 17,215,000 ​ ​
​ ​ ​ 10,300,000 ​ ​ ​
0.625% due 5/15/30
​ ​ ​ ​ 10,229,187 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
0.625% due 8/15/30
​ ​ ​ ​ 1,090,891 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT OBLIGATIONS
​ ​ ​ ​ 489,479,384 ​ ​
​ U.S. GOVERNMENT AGENCIES – 0 .5% ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Banks (FHLB): ​
​ ​ ​ 1,000,000 ​ ​ ​
1.375% due 2/18/21
​ ​ ​ ​ 1,005,717 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
3.625% due 6/11/21
​ ​ ​ ​ 2,054,419 ​ ​
​ ​ ​ 250,000 ​ ​ ​
0.500% due 4/14/25
​ ​ ​ ​ 251,310 ​ ​
​ ​ ​ 555,000 ​ ​ ​
3.125% due 6/13/25
​ ​ ​ ​ 625,921 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC): ​
​ ​ ​ 1,645,000 ​ ​ ​
2.375% due 1/13/22
​ ​ ​ ​ 1,694,771 ​ ​
See Notes to Financial Statements.
61
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued) ​
​ U.S. GOVERNMENT AGENCIES – (continued) ​
​ ​ $ 95,000 ​ ​ ​
0.125% due 7/25/22
​ ​ ​ $ 94,927 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.750% due 6/19/23
​ ​ ​ ​ 534,765 ​ ​
​ ​ ​ 100,000 ​ ​ ​
0.375% due 7/21/25
​ ​ ​ ​ 99,732 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
6.250% due 7/15/32
​ ​ ​ ​ 2,031,884 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA): ​
​ ​ ​ 350,000 ​ ​ ​
2.625% due 1/11/22
​ ​ ​ ​ 361,678 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.875% due 4/5/22
​ ​ ​ ​ 1,027,247 ​ ​
​ ​ ​ 150,000 ​ ​ ​
7.250% due 5/15/30
​ ​ ​ ​ 235,761 ​ ​
​ ​ ​ 10,000 ​ ​ ​
0.875% due 8/5/30
​ ​ ​ ​ 9,857 ​ ​
​ ​ ​ 425,000 ​ ​ ​
6.625% due 11/15/30
​ ​ ​ ​ 651,917 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT AGENCIES
 ​ ​ ​ ​ 10,679,906 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS
(Cost – $465,117,912)
​ ​ ​
​
500,159,290
 ​ ​
​ MORTGAGE-BACKED SECURITIES – 20.0% ​
​ FHLMC – 3.7% ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC), Gold: ​
​ ​ ​ 2,660,852 ​ ​ ​
2.500% due 2/1/32
​ ​ ​ ​ 2,798,678 ​ ​
​ ​ ​ 24,072,743 ​ ​ ​
3.000% due 3/1/32 – 4/1/50
​ ​ ​ ​ 25,687,642 ​ ​
​ ​ ​ 3,955,896 ​ ​ ​
3.030% due 1/1/50
​ ​ ​ ​ 4,317,360 ​ ​
​ ​ ​ 26,607,127 ​ ​ ​
3.500% due 6/1/33 – 2/1/48
​ ​ ​ ​ 29,219,012 ​ ​
​ ​ ​ 4,591,996 ​ ​ ​
4.000% due 5/1/46 – 1/1/49
​ ​ ​ ​ 5,049,973 ​ ​
​ ​ ​ 2,650,679 ​ ​ ​
4.500% due 9/1/46 – 3/1/49
​ ​ ​ ​ 2,900,717 ​ ​
​ ​ ​ 59,467 ​ ​ ​
5.000% due 10/1/48
​ ​ ​ ​ 65,278 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC), Gold UMBS: ​
​ ​ ​ 226,487 ​ ​ ​
2.500% due 6/1/50
​ ​ ​ ​ 240,833 ​ ​
​ ​ ​ 4,168,447 ​ ​ ​
3.000% due 8/1/34 – 8/1/50
​ ​ ​ ​ 4,412,776 ​ ​
​ ​ ​ 1,806,716 ​ ​ ​
3.500% due 6/1/33 – 5/1/50
​ ​ ​ ​ 1,904,601 ​ ​
​ ​ ​ 987,247 ​ ​ ​
4.000% due 7/1/29 – 5/1/50
​ ​ ​ ​ 1,059,953 ​ ​
​ ​ ​ 293,397 ​ ​ ​
4.500% due 7/1/48
​ ​ ​ ​ 317,180 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FHLMC
 ​ ​ ​ ​ 77,974,003 ​ ​
​ FNMA – 14.0% ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA), UMBS: ​
​ ​ ​ 4,725,000 ​ ​ ​
2.000% due 9/1/35 – 9/1/50(a)
​ ​ ​ ​ 4,882,559 ​ ​
​ ​ ​ 9,893,501 ​ ​ ​
2.000% due 6/1/50
​ ​ ​ ​ 10,222,547 ​ ​
​ ​ ​ 27,288,500 ​ ​ ​
2.500% due 1/1/32 – 8/1/50
​ ​ ​ ​ 28,793,598 ​ ​
​ ​ ​ 17,934,000 ​ ​ ​
2.500% due 9/1/35 – 9/1/50(a)
​ ​ ​ ​ 18,861,958 ​ ​
​ ​ ​ 50,894,593 ​ ​ ​
3.000% due 2/1/32 – 7/1/50
​ ​ ​ ​ 54,304,764 ​ ​
See Notes to Financial Statements.
62
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ MORTGAGE-BACKED SECURITIES – (continued) ​
​ FNMA – (continued) ​
​ ​ $ 7,994,000 ​ ​ ​
3.000% due 9/1/35 – 10/1/50(a)
​ ​ ​ $ 8,419,447 ​ ​
​ ​ ​ 55,718,357 ​ ​ ​
3.500% due 7/1/26 – 7/1/50
​ ​ ​ ​ 60,469,217 ​ ​
​ ​ ​ 1,342,000 ​ ​ ​
3.500% due 9/1/35 – 9/1/50(a)
​ ​ ​ ​ 1,416,112 ​ ​
​ ​ ​ 21,256,534 ​ ​ ​
4.000% due 7/1/26 – 5/1/50
​ ​ ​ ​ 23,041,449 ​ ​
​ ​ ​ 331,000 ​ ​ ​
4.000% due 9/1/35 – 9/1/50(a)
​ ​ ​ ​ 352,697 ​ ​
​ ​ ​ 3,222,524 ​ ​ ​
4.500% due 5/1/48 – 6/1/49
​ ​ ​ ​ 3,497,421 ​ ​
​ ​ ​ 2,175,000 ​ ​ ​
4.500% due 9/1/50(a)
​ ​ ​ ​ 2,349,425 ​ ​
​ ​ ​ 4,751,594 ​ ​ ​
5.000% due 4/1/40 – 1/1/49
​ ​ ​ ​ 5,467,185 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA): ​ ​
​ ​ ​ 12,100,000 ​ ​ ​
2.220% due 12/1/29
​ ​ ​ ​ 13,128,913 ​ ​
​ ​ ​ 3,700,000 ​ ​ ​
2.310% due 12/1/29
​ ​ ​ ​ 4,041,355 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
2.315% due 12/1/29
​ ​ ​ ​ 3,280,310 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​
2.410% due 10/1/29
​ ​ ​ ​ 10,965,144 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
2.490% due 9/1/28
​ ​ ​ ​ 1,871,364 ​ ​
​ ​ ​ 12,150,578 ​ ​ ​
2.690% due 8/1/30
​ ​ ​ ​ 13,548,943 ​ ​
​ ​ ​ 4,845,978 ​ ​ ​
2.697% due 5/1/44(b)
​ ​ ​ ​ 5,022,020 ​ ​
​ ​ ​ 4,443,000 ​ ​ ​
2.760% due 9/1/31
​ ​ ​ ​ 5,006,618 ​ ​
​ ​ ​ 10,900,000 ​ ​ ​
2.960% due 9/1/34
​ ​ ​ ​ 12,266,954 ​ ​
​ ​ ​ 6,065,051 ​ ​ ​
3.000% due 4/1/53
​ ​ ​ ​ 6,458,222 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FNMA
 ​ ​ ​ ​ 297,668,222 ​ ​
​ GNMA – 2.3% ​
​ ​ ​ ​ ​ ​ ​ Government National Mortgage Association (GNMA): ​
​ ​ ​ 1,265,000 ​ ​ ​
2.500% due 9/1/50(a)
​ ​ ​ ​ 1,333,241 ​ ​
​ ​ ​ 5,842,000 ​ ​ ​
3.000% due 9/1/50(a)
​ ​ ​ ​ 6,151,443 ​ ​
​ ​ ​ 4,366,500 ​ ​ ​
3.500% due 9/1/50(a)
​ ​ ​ ​ 4,595,741 ​ ​
​ ​ ​ 875,000 ​ ​ ​
4.000% due 9/1/50(a)
​ ​ ​ ​ 932,012 ​ ​
​ ​ ​ 550,000 ​ ​ ​
4.500% due 9/1/50(a)
​ ​ ​ ​ 590,455 ​ ​
​ ​ ​ 275,000 ​ ​ ​
5.000% due 9/1/50(a)
​ ​ ​ ​ 298,246 ​ ​
​ ​ ​ ​ ​ ​ ​ Government National Mortgage Association (GNMA) II: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,573,649 ​ ​ ​
2.500% due 12/20/46 – 8/20/50
​ ​ ​ ​ 1,663,072 ​ ​
​ ​ ​ 9,404,646 ​ ​ ​
3.000% due 7/20/45 – 8/20/50
​ ​ ​ ​ 9,933,016 ​ ​
​ ​ ​ 12,336,271 ​ ​ ​
3.500% due 5/20/43 – 3/20/50
​ ​ ​ ​ 13,163,451 ​ ​
​ ​ ​ 6,378,563 ​ ​ ​
4.000% due 9/20/45 – 11/20/48
​ ​ ​ ​ 6,878,501 ​ ​
See Notes to Financial Statements.
63
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ MORTGAGE-BACKED SECURITIES – (continued) ​
​ GNMA – (continued) ​
​ ​ $ 2,663,112 ​ ​ ​
4.500% due 2/20/47 – 8/20/49
​ ​ ​ $ 2,879,711 ​ ​
​ ​ ​ 767,008 ​ ​ ​
5.000% due 3/20/48 – 4/20/49
​ ​ ​ ​ 833,863 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL GNMA
 ​ ​ ​ ​ 49,252,752 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL MORTGAGE-BACKED SECURITIES
(Cost – $404,326,878)
​ ​ ​
​
424,894,977
 ​ ​
​ CORPORATE BONDS & NOTES – 19.2% ​
​ Basic Materials – 0.8% ​
​ ​ ​ ​ ​ ​ ​ Air Products & Chemicals Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.000% due 11/3/21
​ ​ ​ ​ 360,692 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.050% due 5/15/30
​ ​ ​ ​ 105,560 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.125% due
5/15/28(c)
​ ​ ​ ​ 432,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Arconic Corp.: ​ ​
​ ​ ​ 210,000 ​ ​ ​
Secured Notes, 6.125% due 2/15/28(c)
​ ​ ​ ​ 221,550 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Senior Secured Notes, 6.000% due 5/15/25(c)
​ ​ ​ ​ 63,600 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV,
Company Guaranteed Notes, 4.750% due 6/15/27(c)
​ ​ ​ ​ 314,250 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Barrick North America Finance LLC, Company Guaranteed Notes, 5.750% due
5/1/43
​ ​ ​ ​ 145,473 ​ ​
​ ​ ​ 200,000 ​ ​ ​
BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 4.125% due
2/24/42
​ ​ ​ ​ 252,007 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Braskem Idesa SAPI, Senior Secured Notes, 7.450% due 11/15/29(c)
​ ​ ​ ​ 374,000 ​ ​
​ ​ ​ 700,000 ​ ​ ​
Braskem Netherlands Finance BV, Company Guaranteed Notes, 8.500% (5-Year
CMT Index + 8.220)% due 1/23/81(b)(c)
​ ​ ​ ​ 733,902 ​ ​
​ ​ ​ ​ ​ ​ ​ CNAC HK Finbridge Co., Ltd., Company Guaranteed Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.500% due 7/19/22
​ ​ ​ ​ 310,617 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.375% due 6/19/24
​ ​ ​ ​ 317,247 ​ ​
​ ​ ​ 800,000 ​ ​ ​
CSN Islands XII Corp., Company Guaranteed Notes, 7.000%(d)
​ ​ ​ ​ 670,000 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CSN Resources SA, Company Guaranteed Notes, 7.625% due 4/17/26(c)
​ ​ ​ ​ 200,002 ​ ​
​ ​ ​ ​ ​ ​ ​ Dow Chemical Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.150% due 5/15/24
​ ​ ​ ​ 107,724 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.625% due 10/1/44
​ ​ ​ ​ 288,342 ​ ​
​ ​ ​ ​ ​ ​ ​ DuPont de Nemours Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.169% due 5/1/23
​ ​ ​ ​ 305,900 ​ ​
​ ​ ​ 375,000 ​ ​ ​
5.419% due 11/15/48
​ ​ ​ ​ 510,832 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Eastman Chemical Co., Senior Unsecured Notes, 3.800% due 3/15/25
​ ​ ​ ​ 166,210 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Ecolab Inc., Senior Unsecured Notes, 4.800% due 3/24/30
​ ​ ​ ​ 126,678 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Freeport-McMoRan Inc., Company Guaranteed Notes, 4.625% due 8/1/30
​ ​ ​ ​ 106,874 ​ ​
See Notes to Financial Statements.
64
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Basic Materials – (continued) ​
​ ​ $ 560,000 ​ ​ ​
Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(c)
​ ​ ​ $ 628,096 ​ ​
​ ​ ​ 95,000 ​ ​ ​
Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(c)
​ ​ ​ ​ 95,237 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Illuminate Buyer LLC/Illuminate Holdings IV Inc., Senior Unsecured Notes,
9.000% due 7/1/28(c)
​ ​ ​ ​ 140,075 ​ ​
​ ​ ​ ​ ​ ​ ​ International Paper Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.000% due 2/15/27
​ ​ ​ ​ 110,008 ​ ​
​ ​ ​ 100,000 ​ ​ ​
7.300% due 11/15/39
​ ​ ​ ​ 145,177 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.400% due 8/15/47
​ ​ ​ ​ 120,089 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Inversiones CMPC SA, Company Guaranteed Notes, 4.750% due 9/15/24
​ ​ ​ ​ 659,504 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Kraton Polymers LLC/Kraton Polymers Capital Corp., Company Guaranteed
Notes, 7.000% due 4/15/25(c)
​ ​ ​ ​ 165,125 ​ ​
​ ​ ​ 100,000 ​ ​ ​
LYB International Finance II BV, Company Guaranteed Notes, 3.500% due
3/2/27
​ ​ ​ ​ 111,242 ​ ​
​ ​ ​ ​ ​ ​ ​ LYB International Finance III LLC, Company Guaranteed Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.200% due 10/15/49
​ ​ ​ ​ 110,111 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.200% due 5/1/50
​ ​ ​ ​ 109,927 ​ ​
​ ​ ​ 600,000 ​ ​ ​
MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(c)
​ ​ ​ ​ 655,500 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Mosaic Co., Senior Unsecured Notes, 4.050% due 11/15/27
​ ​ ​ ​ 110,752 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Newmont Corp., Company Guaranteed Notes, 2.800% due 10/1/29
​ ​ ​ ​ 271,282 ​ ​
​ ​ ​ 85,000 ​ ​ ​
Novelis Corp., Company Guaranteed Notes, 4.750% due 1/30/30(c)
​ ​ ​ ​ 86,145 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Nucor Corp., Senior Unsecured Notes, 5.200% due 8/1/43
​ ​ ​ ​ 130,646 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Nutrien Ltd., Senior Unsecured Notes, 6.125% due 1/15/41
​ ​ ​ ​ 198,669 ​ ​
​ ​ ​ ​ ​ ​ ​ POSCO, Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.375% due 11/12/22
​ ​ ​ ​ 204,999 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.375% due 1/17/23
​ ​ ​ ​ 409,766 ​ ​
​ ​ ​ 100,000 ​ ​ ​
PPG Industries Inc., Senior Unsecured Notes, 2.800% due 8/15/29
​ ​ ​ ​ 108,516 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 5.200% due 11/2/40
​ ​ ​ ​ 285,783 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Schweitzer-Mauduit International Inc., Company Guaranteed Notes, 6.875% due
10/1/26(c)
​ ​ ​ ​ 172,000 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Sherwin-Williams Co., Senior Unsecured Notes, 4.500% due 6/1/47
​ ​ ​ ​ 126,375 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 4.375% due
1/28/25
​ ​ ​ ​ 218,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Southern Copper Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.875% due 4/23/25
​ ​ ​ ​ 137,762 ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.750% due 4/16/40
​ ​ ​ ​ 179,695 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Syngenta Finance NV, Company Guaranteed Notes, 5.676% due 4/24/48
​ ​ ​ ​ 854,122 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Teck Resources Ltd., Senior Unsecured Notes, 6.000% due 8/15/40
​ ​ ​ ​ 108,034 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
UPL Corp., Ltd., Senior Unsecured Notes, 3.250% due 10/13/21
​ ​ ​ ​ 1,109,649 ​ ​
See Notes to Financial Statements.
65
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Basic Materials – (continued) ​
​ ​ ​ ​ ​ ​ ​ Vale Overseas Ltd., Company Guaranteed Notes: ​ ​
​ ​ $ 100,000 ​ ​ ​
6.250% due 8/10/26
​ ​ ​ $ 118,850 ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.875% due 11/21/36
​ ​ ​ ​ 166,045 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250% due
4/23/26(c)
​ ​ ​ ​ 324,000 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
Vedanta Resources Ltd., Senior Unsecured Notes, 6.125% due 8/9/24
​ ​ ​ ​ 1,234,445 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Westlake Chemical Corp., Company Guaranteed Notes, 5.000% due 8/15/46
​ ​ ​ ​ 114,006 ​ ​
​ ​ ​ 255,000 ​ ​ ​
WR Grace & Co.-Conn, Company Guaranteed Notes, 4.875% due 6/15/27(c)
​ ​ ​ ​ 267,112 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Basic Materials
​ ​ ​ ​ 16,100,704 ​ ​
​ Communications – 2.0% ​
​ ​ ​ ​ ​ ​ ​ Alibaba Group Holding Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.600% due 11/28/24
​ ​ ​ ​ 221,138 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.000% due 12/6/37
​ ​ ​ ​ 239,724 ​ ​
​ ​ ​ ​ ​ ​ ​ Alphabet Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
1.900% due 8/15/40
​ ​ ​ ​ 194,463 ​ ​
​ ​ ​ 800,000 ​ ​ ​
2.250% due 8/15/60
​ ​ ​ ​ 759,845 ​ ​
​ ​ ​ 255,000 ​ ​ ​
Altice France SA, Senior Secured Notes, 7.375% due 5/1/26(c)
​ ​ ​ ​ 270,721 ​ ​
​ ​ ​ ​ ​ ​ ​ Amazon.com Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 845,000 ​ ​ ​
2.800% due 8/22/24
​ ​ ​ ​ 920,033 ​ ​
​ ​ ​ 215,000 ​ ​ ​
3.800% due 12/5/24
​ ​ ​ ​ 243,511 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.150% due 8/22/27
​ ​ ​ ​ 286,219 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.050% due 8/22/47
​ ​ ​ ​ 129,271 ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.500% due 6/3/50
​ ​ ​ ​ 301,764 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.250% due 8/22/57
​ ​ ​ ​ 136,120 ​ ​
​ ​ ​ 250,000 ​ ​ ​
America Movil SAB de CV, Senior Unsecured Notes, 4.375% due 7/16/42
​ ​ ​ ​ 304,615 ​ ​
​ ​ ​ ​ ​ ​ ​ AT&T Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 3/1/27
​ ​ ​ ​ 292,737 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.300% due 2/15/30
​ ​ ​ ​ 119,466 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.750% due 6/1/31
​ ​ ​ ​ 105,940 ​ ​
​ ​ ​ 960,000 ​ ​ ​
2.250% due 2/1/32
​ ​ ​ ​ 973,045 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.250% due 3/1/37
​ ​ ​ ​ 314,816 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.350% due 9/1/40
​ ​ ​ ​ 320,627 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.375% due 3/1/41
​ ​ ​ ​ 141,180 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 6/1/41
​ ​ ​ ​ 105,877 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.850% due 7/15/45
​ ​ ​ ​ 297,040 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.750% due 5/15/46
​ ​ ​ ​ 179,075 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.500% due 3/9/48
​ ​ ​ ​ 234,252 ​ ​
See Notes to Financial Statements.
66
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 200,000 ​ ​ ​
3.650% due 6/1/51
​ ​ ​ $ 208,819 ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.300% due 2/1/52
​ ​ ​ ​ 396,034 ​ ​
​ ​ ​ 300,000 ​ ​ ​
5.700% due 3/1/57
​ ​ ​ ​ 409,029 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.850% due 6/1/60
​ ​ ​ ​ 106,041 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
​ ​ ​ ​ 1,004,090 ​ ​
​ ​ ​ ​ ​ ​ ​ Baidu Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.875% due 11/14/28
​ ​ ​ ​ 239,632 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.425% due 4/7/30
​ ​ ​ ​ 222,516 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Bell Canada Inc., Company Guaranteed Notes, 4.464% due 4/1/48
​ ​ ​ ​ 63,469 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Booking Holdings Inc., Senior Unsecured Notes, 4.625% due 4/13/30
​ ​ ​ ​ 120,680 ​ ​
​ ​ ​ 100,000 ​ ​ ​
British Telecommunications PLC, Senior Unsecured Notes, 9.625%
due 12/15/30
​ ​ ​ ​ 162,791 ​ ​
​ ​ ​ 200,000 ​ ​ ​
C&W Senior Financing DAC, Senior Unsecured Notes, 6.875% due 9/15/27
​ ​ ​ ​ 209,420 ​ ​
​ ​ ​ ​ ​ ​ ​ CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 740,000 ​ ​ ​
5.750% due 2/15/26(c)
​ ​ ​ ​ 775,564 ​ ​
​ ​ ​ 265,000 ​ ​ ​
4.750% due 3/1/30(c)
​ ​ ​ ​ 284,703 ​ ​
​ ​ ​ 125,000 ​ ​ ​
4.500% due 8/15/30(c)
​ ​ ​ ​ 132,656 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(c)
​ ​ ​ ​ 83,750 ​ ​
​ ​ ​ ​ ​ ​ ​ CenturyLink Inc.: ​ ​
​ ​ ​ 125,000 ​ ​ ​
Senior Secured Notes, 4.000% due 2/15/27(c)
​ ​ ​ ​ 127,016 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Senior Unsecured Notes, 5.125% due 12/15/26(c)
​ ​ ​ ​ 139,998 ​ ​
​ ​ ​ ​ ​ ​ ​
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
 ​ ​
​ ​ ​ 780,000 ​ ​ ​
4.464% due 7/23/22
​ ​ ​ ​ 831,160 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.908% due 7/23/25
​ ​ ​ ​ 290,868 ​ ​
​ ​ ​ 350,000 ​ ​ ​
5.050% due 3/30/29
​ ​ ​ ​ 422,144 ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.484% due 10/23/45
​ ​ ​ ​ 333,955 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.800% due 3/1/50
​ ​ ​ ​ 113,715 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.700% due 4/1/51
​ ​ ​ ​ 49,555 ​ ​
​ ​ ​ 175,000 ​ ​ ​
Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(c)
​ ​ ​ ​ 180,906 ​ ​
​ ​ ​ ​ ​ ​ ​ Cisco Systems Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.200% due 9/20/23
​ ​ ​ ​ 158,119 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.625% due 3/4/24
​ ​ ​ ​ 111,140 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.500% due 1/15/40
​ ​ ​ ​ 146,641 ​ ​
See Notes to Financial Statements.
67
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 126,000 ​ ​ ​
Clear Channel Worldwide Holdings Inc., Company Guaranteed Notes, 9.250%
due 2/15/24
​ ​ ​ $ 123,480 ​ ​
​ ​ ​ ​ ​ ​ ​ Comcast Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.000% due 2/1/24
​ ​ ​ ​ 270,206 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 2/1/27
​ ​ ​ ​ 282,749 ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.150% due 10/15/28
​ ​ ​ ​ 605,681 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.400% due 8/15/35
​ ​ ​ ​ 191,163 ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.400% due 7/15/46
​ ​ ​ ​ 441,909 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.969% due 11/1/47
​ ​ ​ ​ 240,510 ​ ​
​ ​ ​ 970,000 ​ ​ ​
4.700% due 10/15/48
​ ​ ​ ​ 1,298,041 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.999% due 11/1/49
​ ​ ​ ​ 120,758 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.950% due 10/15/58
​ ​ ​ ​ 214,487 ​ ​
​ ​ ​ ​ ​ ​ ​ CommScope Inc., Senior Secured Notes: ​ ​
​ ​ ​ 105,000 ​ ​ ​
5.500% due 3/1/24(c)
​ ​ ​ ​ 108,412 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.000% due 3/1/26(c)
​ ​ ​ ​ 106,250 ​ ​
​ ​ ​ ​ ​ ​ ​ Corning Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.900% due 11/15/49
​ ​ ​ ​ 114,694 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.450% due 11/15/79
​ ​ ​ ​ 62,477 ​ ​
​ ​ ​ ​ ​ ​ ​ CSC Holdings LLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 295,000 ​ ​ ​
5.750% due 1/15/30(c)
​ ​ ​ ​ 321,550 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.625% due 12/1/30(c)
​ ​ ​ ​ 204,542 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Deutsche Telekom International Finance BV, Company Guaranteed Notes,
8.750% due 6/15/30
​ ​ ​ ​ 156,840 ​ ​
​ ​ ​ 165,000 ​ ​ ​
Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes,
5.375% due 8/15/26(c)
​ ​ ​ ​ 128,700 ​ ​
​ ​ ​ ​ ​ ​ ​ Digicel Group 0.5 Ltd.: ​ ​
​ ​ ​ 51,222 ​ ​ ​
Senior Unsecured Notes, 8.000% due 4/1/25(c)(e)
​ ​ ​ ​ 18,312 ​ ​
​ ​ ​ 76,581 ​ ​ ​
Subordinated Notes, 7.000%(c)(d)(e)
​ ​ ​ ​ 9,190 ​ ​
​ ​ ​ ​ ​ ​ ​ Discovery Communications LLC, Company Guaranteed Notes: ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.800% due 3/13/24
​ ​ ​ ​ 437,333 ​ ​
​ ​ ​ 350,000 ​ ​ ​
4.125% due 5/15/29
​ ​ ​ ​ 399,982 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.650% due 5/15/50
​ ​ ​ ​ 114,221 ​ ​
​ ​ ​ 160,000 ​ ​ ​
DISH DBS Corp., Company Guaranteed Notes, 5.875% due 11/15/24
​ ​ ​ ​ 169,116 ​ ​
​ ​ ​ 100,000 ​ ​ ​
eBay Inc., Senior Unsecured Notes, 4.000% due 7/15/42
​ ​ ​ ​ 110,620 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36
​ ​ ​ ​ 155,900 ​ ​
​ ​ ​ ​ ​ ​ ​ Expedia Group Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
3.800% due 2/15/28
​ ​ ​ ​ 998,083 ​ ​
See Notes to Financial Statements.
68
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 65,000 ​ ​ ​
3.250% due 2/15/30
​ ​ ​ $ 61,429 ​ ​
​ ​ ​ ​ ​ ​ ​ Fox Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.709% due 1/25/29
​ ​ ​ ​ 240,011 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.576% due 1/25/49
​ ​ ​ ​ 68,594 ​ ​
​ ​ ​ ​ ​ ​ ​ Frontier Communications Corp.: ​ ​
​ ​ ​ ​ ​ ​ ​ Senior Unsecured Notes: ​ ​
​ ​ ​ 45,000 ​ ​ ​
8.500% due 4/15/20(f)(h)
​ ​ ​ ​ 18,675 ​ ​
​ ​ ​ 100,000 ​ ​ ​
7.125% due 1/15/23(f)(h)
​ ​ ​ ​ 41,000 ​ ​
​ ​ ​ 80,000 ​ ​ ​
Secured Notes, 8.500% due 4/1/26(c)(f)(h)
​ ​ ​ ​ 81,000 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Senior Secured Notes, 8.000% due 4/1/27(c)(f)(h)
​ ​ ​ ​ 125,625 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due
1/22/30(c)
​ ​ ​ ​ 394,004 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., Senior Secured Notes,
9.875% due 5/1/24(c)
​ ​ ​ ​ 192,400 ​ ​
​ ​ ​ ​ ​ ​ ​ Gray Television Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 65,000 ​ ​ ​
5.125% due 10/15/24(c)
​ ​ ​ ​ 66,449 ​ ​
​ ​ ​ 190,000 ​ ​ ​
7.000% due 5/15/27(c)
​ ​ ​ ​ 206,150 ​ ​
​ ​ ​ 80,000 ​ ​ ​
GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(c)
​ ​ ​ ​ 83,700 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Grupo Televisa SAB, Senior Unsecured Notes, 4.625% due 1/30/26
​ ​ ​ ​ 279,837 ​ ​
​ ​ ​ 120,000 ​ ​ ​
GTT Communications Inc., Company Guaranteed Notes, 7.875% due
12/31/24(c)
​ ​ ​ ​ 44,387 ​ ​
​ ​ ​ ​ ​ ​ ​ iHeartCommunications Inc.: ​ ​
​ ​ ​ 25,000 ​ ​ ​
Company Guaranteed Notes, 8.375% due 5/1/27
​ ​ ​ ​ 25,125 ​ ​
​ ​ ​ 105,000 ​ ​ ​
Senior Secured Notes, 5.250% due 8/15/27(c)
​ ​ ​ ​ 104,737 ​ ​
​ ​ ​ ​ ​ ​ ​ Intelsat Jackson Holdings SA, Company Guaranteed Notes: ​ ​
​ ​ ​ 110,000 ​ ​ ​
5.500% due 8/1/23(f)
​ ​ ​ ​ 73,150 ​ ​
​ ​ ​ 190,000 ​ ​ ​
8.500% due 10/15/24(c)(f)
​ ​ ​ ​ 129,200 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Interpublic Group of Cos., Inc., Senior Unsecured Notes, 4.750% due 3/30/30
​ ​ ​ ​ 120,172 ​ ​
​ ​ ​ 800,000 ​ ​ ​
JD.com Inc., Senior Unsecured Notes, 3.375% due 1/14/30
​ ​ ​ ​ 874,237 ​ ​
​ ​ ​ ​ ​ ​ ​ Level 3 Financing Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 160,000 ​ ​ ​
4.625% due 9/15/27(c)
​ ​ ​ ​ 167,600 ​ ​
​ ​ ​ 120,000 ​ ​ ​
4.250% due 7/1/28(c)
​ ​ ​ ​ 123,510 ​ ​
​ ​ ​ ​ ​ ​ ​ Match Group Holdings II LLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 255,000 ​ ​ ​
5.000% due 12/15/27(c)
​ ​ ​ ​ 271,894 ​ ​
​ ​ ​ 65,000 ​ ​ ​
4.625% due 6/1/28(c)
​ ​ ​ ​ 68,446 ​ ​
See Notes to Financial Statements.
69
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Motorola Solutions Inc., Senior Unsecured Notes, 4.600% due 5/23/29
​ ​ ​ $ 234,534 ​ ​
​ ​ ​ ​ ​ ​ ​ Netflix Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 140,000 ​ ​ ​
5.875% due 2/15/25
​ ​ ​ ​ 161,700 ​ ​
​ ​ ​ 75,000 ​ ​ ​
5.375% due 11/15/29(c)
​ ​ ​ ​ 90,187 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Network i2i Ltd., Company Guaranteed Notes, 5.650% (5-Year CMT Index +
4.277)%(b)(c)(d)
​ ​ ​ ​ 201,100 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Nexstar Broadcasting Inc., Company Guaranteed Notes, 5.625% due 7/15/27(c)
​ ​ ​ ​ 116,050 ​ ​
​ ​ ​ 690,000 ​ ​ ​
Omnicom Group Inc., Senior Unsecured Notes, 2.450% due 4/30/30
​ ​ ​ ​ 712,683 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.600%
due 4/15/26
​ ​ ​ ​ 112,647 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Ooredoo International Finance Ltd., Company Guaranteed Notes, 3.250% due
2/21/23
​ ​ ​ ​ 838,928 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Orange SA, Senior Unsecured Notes, 9.000% due 3/1/31
​ ​ ​ ​ 409,442 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Radiate Holdco LLC/Radiate Finance Inc., Senior Unsecured Notes, 6.875% due
2/15/23(c)
​ ​ ​ ​ 184,500 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Rogers Communications Inc., Company Guaranteed Notes, 5.000% due
3/15/44
​ ​ ​ ​ 195,381 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Scripps Escrow Inc., Company Guaranteed Notes, 5.875% due 7/15/27(c)
​ ​ ​ ​ 125,000 ​ ​
​ ​ ​ 600,000 ​ ​ ​
SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 4.500% due
9/8/21
​ ​ ​ ​ 619,958 ​ ​
​ ​ ​ ​ ​ ​ ​ Sirius XM Radio Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 145,000 ​ ​ ​
5.375% due 7/15/26(c)
​ ​ ​ ​ 151,706 ​ ​
​ ​ ​ 110,000 ​ ​ ​
5.500% due 7/1/29(c)
​ ​ ​ ​ 120,811 ​ ​
​ ​ ​ 190,000 ​ ​ ​
4.125% due 7/1/30(c)
​ ​ ​ ​ 199,975 ​ ​
​ ​ ​ 415,000 ​ ​ ​
Sprint Capital Corp., Company Guaranteed Notes, 6.875% due 11/15/28
​ ​ ​ ​ 530,885 ​ ​
​ ​ ​ 395,000 ​ ​ ​
Sprint Corp., Company Guaranteed Notes, 7.125% due 6/15/24
​ ​ ​ ​ 459,073 ​ ​
​ ​ ​ 100,000 ​ ​ ​
TD Ameritrade Holding Corp., Senior Unsecured Notes, 2.750% due 10/1/29
​ ​ ​ ​ 112,155 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22
​ ​ ​ ​ 208,880 ​ ​
​ ​ ​ ​ ​ ​ ​ Telefonica Emisiones SA, Company Guaranteed Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.103% due 3/8/27
​ ​ ​ ​ 229,196 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.213% due 3/8/47
​ ​ ​ ​ 243,094 ​ ​
​ ​ ​ ​ ​ ​ ​ Telesat Canada/Telesat LLC: ​ ​
​ ​ ​ 130,000 ​ ​ ​
Company Guaranteed Notes, 6.500% due 10/15/27(c)
​ ​ ​ ​ 133,536 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Senior Secured Notes, 4.875% due 6/1/27(c)
​ ​ ​ ​ 131,950 ​ ​
​ ​ ​ 100,000 ​ ​ ​
TELUS Corp., Senior Unsecured Notes, 3.700% due 9/15/27
​ ​ ​ ​ 113,010 ​ ​
​ ​ ​ 900,000 ​ ​ ​
Tencent Holdings Ltd., Senior Unsecured Notes, 2.390% due 6/3/30(c)
​ ​ ​ ​ 932,429 ​ ​
See Notes to Financial Statements.
70
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 55,000 ​ ​ ​
Terrier Media Buyer Inc., Company Guaranteed Notes, 8.875% due 12/15/27(c)
​ ​ ​ $ 56,941 ​ ​
​ ​ ​ ​ ​ ​ ​ Time Warner Cable LLC, Senior Secured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.000% due 9/1/21
​ ​ ​ ​ 153,479 ​ ​
​ ​ ​ 150,000 ​ ​ ​
7.300% due 7/1/38
​ ​ ​ ​ 213,029 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.500% due 9/15/42
​ ​ ​ ​ 167,383 ​ ​
​ ​ ​ ​ ​ ​ ​ T-Mobile USA Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​ Senior Secured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.500% due 4/15/25(c)
​ ​ ​ ​ 220,960 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.750% due 4/15/27(c)
​ ​ ​ ​ 226,182 ​ ​
​ ​ ​ 1,370,000 ​ ​ ​
3.875% due 4/15/30(c)
​ ​ ​ ​ 1,565,787 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.375% due 4/15/40(c)
​ ​ ​ ​ 60,133 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.500% due 4/15/50(c)
​ ​ ​ ​ 122,148 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Company Guaranteed Notes, 4.500% due 2/1/26
​ ​ ​ ​ 516,155 ​ ​
​ ​ ​ ​ ​ ​ ​ TWDC Enterprises 18 Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.450% due 3/4/22
​ ​ ​ ​ 154,844 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.150% due 9/17/25
​ ​ ​ ​ 139,435 ​ ​
​ ​ ​ ​ ​ ​ ​ Uber Technologies Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 130,000 ​ ​ ​
8.000% due 11/1/26(c)
​ ​ ​ ​ 137,747 ​ ​
​ ​ ​ 70,000 ​ ​ ​
7.500% due 9/15/27(c)
​ ​ ​ ​ 73,384 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Univision Communications Inc., Senior Secured Notes, 6.625% due 6/1/27(c)
​ ​ ​ ​ 135,675 ​ ​
​ ​ ​ ​ ​ ​ ​ Verizon Communications Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 400,000 ​ ​ ​
5.150% due 9/15/23
​ ​ ​ ​ 454,421 ​ ​
​ ​ ​ 493,000 ​ ​ ​
4.329% due 9/21/28
​ ​ ​ ​ 597,225 ​ ​
​ ​ ​ 500,000 ​ ​ ​
5.250% due 3/16/37
​ ​ ​ ​ 676,817 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.522% due 9/15/48
​ ​ ​ ​ 130,826 ​ ​
​ ​ ​ 350,000 ​ ​ ​
5.012% due 4/15/49
​ ​ ​ ​ 485,681 ​ ​
​ ​ ​ ​ ​ ​ ​ ViacomCBS Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.950% due 1/15/31
​ ​ ​ ​ 119,387 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.900% due 10/15/40
​ ​ ​ ​ 124,088 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.850% due 9/1/43
​ ​ ​ ​ 124,538 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.950% due 5/19/50
​ ​ ​ ​ 58,038 ​ ​
​ ​ ​ 165,000 ​ ​ ​
ViaSat Inc., Senior Unsecured Notes, 6.500% due 7/15/28(c)
​ ​ ​ ​ 170,775 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Virgin Media Finance PLC, Senior Unsecured Notes, 5.000% due 7/15/30(c)
​ ​ ​ ​ 205,940 ​ ​
​ ​ ​ ​ ​ ​ ​ Vodafone Group PLC, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 350,000 ​ ​ ​
4.375% due 5/30/28
​ ​ ​ ​ 418,876 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.375% due 2/19/43
​ ​ ​ ​ 292,531 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.250% due 5/30/48
​ ​ ​ ​ 130,583 ​ ​
See Notes to Financial Statements.
71
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 200,000 ​ ​ ​
VTR Finance NV, Senior Unsecured Notes, 6.375% due 7/15/28(c)
​ ​ ​ $ 213,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Walt Disney Co., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.375% due 11/15/26
​ ​ ​ ​ 283,965 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.000% due 9/1/29
​ ​ ​ ​ 103,974 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.750% due 11/15/46
​ ​ ​ ​ 191,571 ​ ​
​ ​ ​ 50,000 ​ ​ ​
2.750% due 9/1/49
​ ​ ​ ​ 49,028 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.700% due 3/23/50
​ ​ ​ ​ 198,285 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.600% due 1/13/51
​ ​ ​ ​ 113,059 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.800% due 5/13/60
​ ​ ​ ​ 116,195 ​ ​
​ ​ ​ ​ ​ ​ ​ Zayo Group Holdings Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 160,000 ​ ​ ​
Senior Secured Notes, 4.000% due 3/1/27(c)
​ ​ ​ ​ 158,200 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Senior Unsecured Notes, 6.125% due 3/1/28(c)
​ ​ ​ ​ 67,113 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Communications
​ ​ ​ ​ 42,679,136 ​ ​
​ Consumer Cyclical – 1.4% ​
​ ​ ​ 96,523 ​ ​ ​
American Airlines 2019-1 Class AA Pass-Through Trust, Pass-Thru Certificates,
3.150% due 2/15/32
​ ​ ​ ​ 90,462 ​ ​
​ ​ ​ 115,000 ​ ​ ​
American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.250% due
3/15/26
​ ​ ​ ​ 117,211 ​ ​
​ ​ ​ ​ ​ ​ ​ American Honda Finance Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 225,000 ​ ​ ​
2.050% due 1/10/23
​ ​ ​ ​ 233,453 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.900% due 2/16/24
​ ​ ​ ​ 160,880 ​ ​
​ ​ ​ 170,000 ​ ​ ​
Aramark Services Inc., Company Guaranteed Notes, 6.375% due 5/1/25(c)
​ ​ ​ ​ 178,075 ​ ​
​ ​ ​ ​ ​ ​ ​ Asbury Automotive Group Inc., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 38,000 ​ ​ ​
4.500% due 3/1/28(c)
​ ​ ​ ​ 38,855 ​ ​
​ ​ ​ 38,000 ​ ​ ​
4.750% due 3/1/30(c)
​ ​ ​ ​ 39,382 ​ ​
​ ​ ​ 250,000 ​ ​ ​
AutoZone Inc., Senior Unsecured Notes, 3.125% due 4/18/24
​ ​ ​ ​ 269,600 ​ ​
​ ​ ​ ​ ​ ​ ​ Beacon Roofing Supply Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 215,000 ​ ​ ​
Company Guaranteed Notes, 4.875% due 11/1/25(c)
​ ​ ​ ​ 213,145 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Senior Secured Notes, 4.500% due 11/15/26(c)
​ ​ ​ ​ 92,700 ​ ​
​ ​ ​ 215,000 ​ ​ ​
Boyd Gaming Corp., Company Guaranteed Notes, 4.750% due 12/1/27
​ ​ ​ ​ 214,194 ​ ​
​ ​ ​ 370,000 ​ ​ ​
Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(c)
​ ​ ​ ​ 392,200 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes,
5.250% due 10/15/25(c)
​ ​ ​ ​ 191,474 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Carnival Corp., Senior Secured Notes, 11.500% due 4/1/23(c)
​ ​ ​ ​ 72,510 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Carvana Co., Company Guaranteed Notes, 8.875% due 10/1/23(c)
​ ​ ​ ​ 78,585 ​ ​
​ ​ ​ 280,000 ​ ​ ​
Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29
​ ​ ​ ​ 271,354 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Century Communities Inc., Company Guaranteed Notes, 6.750% due 6/1/27
​ ​ ​ ​ 123,912 ​ ​
See Notes to Financial Statements.
72
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – (continued) ​
​ ​ $ 500,000 ​ ​ ​
CK Hutchison International 20 Ltd., Company Guaranteed Notes, 2.500% due
5/8/30(c)
​ ​ ​ $ 525,193 ​ ​
​ ​ ​ ​ ​ ​ ​ Clarios Global LP/Clarios US Finance Co.: ​ ​
​ ​ ​ 80,000 ​ ​ ​
Company Guaranteed Notes, 8.500% due 5/15/27(c)
​ ​ ​ ​ 84,943 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Senior Secured Notes, 6.250% due 5/15/26(c)
​ ​ ​ ​ 159,094 ​ ​
​ ​ ​ 165,000 ​ ​ ​
Colt Merger Sub Inc., Senior Secured Notes, 6.250% due 7/1/25(c)
​ ​ ​ ​ 174,644 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Constellation Merger Sub Inc., Senior Unsecured Notes, 8.500% due 9/15/25(c)
​ ​ ​ ​ 119,000 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Costco Wholesale Corp., Senior Unsecured Notes, 2.300% due 5/18/22
​ ​ ​ ​ 310,541 ​ ​
​ ​ ​ 235,000 ​ ​ ​
Dana Financing Luxembourg SARL, Company Guaranteed Notes, 5.750% due
4/15/25(c)
​ ​ ​ ​ 243,633 ​ ​
​ ​ ​ ​ ​ ​ ​ Dana Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 45,000 ​ ​ ​
5.375% due 11/15/27
​ ​ ​ ​ 47,727 ​ ​
​ ​ ​ 110,000 ​ ​ ​
5.625% due 6/15/28
​ ​ ​ ​ 116,050 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Dealer Tire LLC/DT Issuer LLC, Senior Unsecured Notes, 8.000% due
2/1/28(c)
​ ​ ​ ​ 59,775 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Delta Air Lines Inc., Senior Secured Notes, 7.000% due 5/1/25(c)
​ ​ ​ ​ 54,736 ​ ​
​ ​ ​ 775,000 ​ ​ ​
Dollar General Corp., Senior Unsecured Notes, 3.500% due 4/3/30
​ ​ ​ ​ 889,123 ​ ​
​ ​ ​ 720,000 ​ ​ ​
Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25
​ ​ ​ ​ 816,037 ​ ​
​ ​ ​ 215,000 ​ ​ ​
eG Global Finance PLC, Senior Secured Notes, 8.500% due 10/30/25(c)
​ ​ ​ ​ 230,050 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Falabella SA, Senior Unsecured Notes, 3.750% due 4/30/23
​ ​ ​ ​ 207,764 ​ ​
​ ​ ​ ​ ​ ​ ​ Ford Motor Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 70,000 ​ ​ ​
9.000% due 4/22/25
​ ​ ​ ​ 81,919 ​ ​
​ ​ ​ 170,000 ​ ​ ​
7.450% due 7/16/31
​ ​ ​ ​ 198,102 ​ ​
​ ​ ​ ​ ​ ​ ​ Ford Motor Credit Co. LLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 400,000 ​ ​ ​
5.750% due 2/1/21
​ ​ ​ ​ 404,246 ​ ​
​ ​ ​ 400,000 ​ ​ ​
4.389% due 1/8/26
​ ​ ​ ​ 406,928 ​ ​
​ ​ ​ ​ ​ ​ ​ General Motors Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.125% due 10/1/25
​ ​ ​ ​ 234,704 ​ ​
​ ​ ​ 75,000 ​ ​ ​
6.250% due 10/2/43
​ ​ ​ ​ 87,167 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.400% due 4/1/48
​ ​ ​ ​ 109,624 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.950% due 4/1/49
​ ​ ​ ​ 58,752 ​ ​
​ ​ ​ ​ ​ ​ ​ General Motors Financial Co., Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​ Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.450% due 1/14/22
​ ​ ​ ​ 513,583 ​ ​
​ ​ ​ 860,000 ​ ​ ​
1.294% (3-Month USD-LIBOR + 0.990)% due 1/5/23(b)
​ ​ ​ ​ 851,316 ​ ​
​ ​ ​ 415,000 ​ ​ ​
3.950% due 4/13/24
​ ​ ​ ​ 443,098 ​ ​
See Notes to Financial Statements.
73
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – (continued) ​
​ ​ $ 100,000 ​ ​ ​
4.350% due 1/17/27
​ ​ ​ $ 108,294 ​ ​
​ ​ ​ ​ ​ ​ ​ Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.100% due 1/17/24
​ ​ ​ ​ 274,660 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.650% due 1/17/29
​ ​ ​ ​ 176,212 ​ ​
​ ​ ​ 105,000 ​ ​ ​
Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(c)
​ ​ ​ ​ 99,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Golden Nugget Inc.: ​ ​
​ ​ ​ 50,000 ​ ​ ​
Company Guaranteed Notes, 8.750% due 10/1/25(c)
​ ​ ​ ​ 37,250 ​ ​
​ ​ ​ 280,000 ​ ​ ​
Senior Unsecured Notes, 6.750% due 10/15/24(c)
​ ​ ​ ​ 239,400 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(c)
​ ​ ​ ​ 49,886 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Hasbro Inc., Senior Unsecured Notes, 3.900% due 11/19/29
​ ​ ​ ​ 104,914 ​ ​
​ ​ ​ ​ ​ ​ ​ Hilton Domestic Operating Co., Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 10,000 ​ ​ ​
5.375% due 5/1/25(c)
​ ​ ​ ​ 10,483 ​ ​
​ ​ ​ 10,000 ​ ​ ​
5.750% due 5/1/28(c)
​ ​ ​ ​ 10,575 ​ ​
​ ​ ​ ​ ​ ​ ​ Home Depot Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.625% due 6/1/22
​ ​ ​ ​ 259,896 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.500% due 4/15/27
​ ​ ​ ​ 109,436 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.950% due 6/15/29
​ ​ ​ ​ 225,484 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.700% due 4/15/30
​ ​ ​ ​ 110,726 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.300% due 4/15/40
​ ​ ​ ​ 113,963 ​ ​
​ ​ ​ 700,000 ​ ​ ​
3.900% due 6/15/47
​ ​ ​ ​ 850,544 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.350% due 4/15/50
​ ​ ​ ​ 113,771 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.500% due 9/15/56
​ ​ ​ ​ 296,176 ​ ​
​ ​ ​ 830,000 ​ ​ ​
Hyundai Capital America, Senior Unsecured Notes, 3.000% due 2/10/27(c)
​ ​ ​ ​ 868,028 ​ ​
​ ​ ​ 210,000 ​ ​ ​
IAA Inc., Senior Unsecured Notes, 5.500% due 6/15/27(c)
​ ​ ​ ​ 221,283 ​ ​
​ ​ ​ 155,000 ​ ​ ​
Installed Building Products Inc., Company Guaranteed Notes, 5.750% due
2/1/28(c)
​ ​ ​ ​ 163,525 ​ ​
​ ​ ​ ​ ​ ​ ​ IRB Holding Corp.: ​ ​
​ ​ ​ 230,000 ​ ​ ​
Company Guaranteed Notes, 6.750% due 2/15/26(c)
​ ​ ​ ​ 233,737 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Senior Secured Notes, 7.000% due 6/15/25(c)
​ ​ ​ ​ 106,750 ​ ​
​ ​ ​ 255,000 ​ ​ ​
KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(c)
​ ​ ​ ​ 256,912 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Kohl’s Corp., Senior Unsecured Notes, 9.500% due 5/15/25
​ ​ ​ ​ 120,385 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26
​ ​ ​ ​ 153,042 ​ ​
​ ​ ​ ​ ​ ​ ​ Latam Finance Ltd., Company Guaranteed Notes: ​ ​
​ ​ ​ 400,000 ​ ​ ​
6.875% due 4/11/24(f)
​ ​ ​ ​ 139,500 ​ ​
​ ​ ​ 600,000 ​ ​ ​
7.000% due 3/1/26(c)(f)
​ ​ ​ ​ 208,500 ​ ​
See Notes to Financial Statements.
74
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – (continued) ​
​ ​ $ 165,000 ​ ​ ​
Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 6.375% due
2/1/24(c)
​ ​ ​ $ 168,712 ​ ​
​ ​ ​ ​ ​ ​ ​ Live Nation Entertainment Inc.: ​ ​
​ ​ ​ 310,000 ​ ​ ​
Company Guaranteed Notes, 5.625% due 3/15/26(c)
​ ​ ​ ​ 305,350 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Senior Secured Notes, 6.500% due 5/15/27(c)
​ ​ ​ ​ 81,935 ​ ​
​ ​ ​ ​ ​ ​ ​ Lowe’s Cos., Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 4/15/26
​ ​ ​ ​ 271,791 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.700% due 4/15/46
​ ​ ​ ​ 282,274 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.550% due 4/5/49
​ ​ ​ ​ 126,845 ​ ​
​ ​ ​ 250,000 ​ ​ ​
LTF Merger Sub Inc., Company Guaranteed Notes, 8.500% due 6/15/23(c)
​ ​ ​ ​ 230,000 ​ ​
​ ​ ​ 130,000 ​ ​ ​
M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28
​ ​ ​ ​ 134,875 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Marriott International Inc., Senior Unsecured Notes, 3.600% due 4/15/24
​ ​ ​ ​ 258,732 ​ ​
​ ​ ​ 210,000 ​ ​ ​
Marriott Ownership Resorts Inc./ILG LLC, Company Guaranteed Notes, 6.500%
due 9/15/26
​ ​ ​ ​ 218,138 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Mattamy Group Corp., Senior Unsecured Notes, 4.625% due 3/1/30(c)
​ ​ ​ ​ 143,150 ​ ​
​ ​ ​ ​ ​ ​ ​ McDonald’s Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.500% due 3/1/27
​ ​ ​ ​ 282,963 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 7/1/27
​ ​ ​ ​ 114,297 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.125% due 3/1/30
​ ​ ​ ​ 207,807 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.600% due 7/1/30
​ ​ ​ ​ 116,305 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.875% due 12/9/45
​ ​ ​ ​ 97,305 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.450% due 3/1/47
​ ​ ​ ​ 186,124 ​ ​
​ ​ ​ ​ ​ ​ ​ MGM Resorts International, Company Guaranteed Notes: ​ ​
​ ​ ​ 165,000 ​ ​ ​
6.750% due 5/1/25
​ ​ ​ ​ 176,550 ​ ​
​ ​ ​ 76,000 ​ ​ ​
5.750% due 6/15/25
​ ​ ​ ​ 81,434 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
Senior Secured Notes, 6.500% due 6/20/27(c)
​ ​ ​ ​ 197,600 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Murphy Oil USA Inc., Company Guaranteed Notes, 4.750% due 9/15/29
​ ​ ​ ​ 129,730 ​ ​
​ ​ ​ 220,000 ​ ​ ​
NCL Corp., Ltd., Senior Unsecured Notes, 3.625% due 12/15/24(c)
​ ​ ​ ​ 150,975 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Newell Brands Inc., Senior Unsecured Notes, 4.875% due 6/1/25
​ ​ ​ ​ 70,429 ​ ​
​ ​ ​ ​ ​ ​ ​ NIKE Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.850% due 3/27/30
​ ​ ​ ​ 223,592 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.375% due 3/27/50
​ ​ ​ ​ 114,448 ​ ​
​ ​ ​ ​ ​ ​ ​ Nordstrom Inc.: ​ ​
​ ​ ​ 40,000 ​ ​ ​
Senior Secured Notes, 8.750% due 5/15/25(c)
​ ​ ​ ​ 44,142 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Senior Unsecured Notes, 4.000% due 3/15/27
​ ​ ​ ​ 87,718 ​ ​
​ ​ ​ 230,000 ​ ​ ​
Penn National Gaming Inc., Senior Unsecured Notes, 5.625% due 1/15/27(c)
​ ​ ​ ​ 238,050 ​ ​
See Notes to Financial Statements.
75
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Performance Food Group Inc., Company Guaranteed Notes, 5.500% due
10/15/27(c)
​ ​ ​ $ 208,500 ​ ​
​ ​ ​ ​ ​ ​ ​ PetSmart Inc.: ​ ​
​ ​ ​ 140,000 ​ ​ ​
Company Guaranteed Notes, 7.125% due 3/15/23(c)
​ ​ ​ ​ 141,035 ​ ​
​ ​ ​ 106,000 ​ ​ ​
Senior Secured Notes, 5.875% due 6/1/25(c)
​ ​ ​ ​ 109,048 ​ ​
​ ​ ​ 220,000 ​ ​ ​
Resideo Funding Inc., Company Guaranteed Notes, 6.125% due 11/1/26(c)
​ ​ ​ ​ 221,650 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Ross Stores Inc., Senior Unsecured Notes, 4.800% due 4/15/30
​ ​ ​ ​ 120,563 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28
​ ​ ​ ​ 226,600 ​ ​
​ ​ ​ ​ ​ ​ ​ Scientific Games International Inc.: ​ ​
​ ​ ​ 80,000 ​ ​ ​
Company Guaranteed Notes, 8.250% due 3/15/26(c)
​ ​ ​ ​ 82,410 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Secured Notes, 5.000% due 10/15/25(c)
​ ​ ​ ​ 197,876 ​ ​
​ ​ ​ 155,000 ​ ​ ​
Scotts Miracle-Gro Co., Company Guaranteed Notes, 4.500% due 10/15/29
​ ​ ​ ​ 165,841 ​ ​
​ ​ ​ 280,000 ​ ​ ​
Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875% due
7/31/24(c)
​ ​ ​ ​ 271,516 ​ ​
​ ​ ​ 95,000 ​ ​ ​
Six Flags Theme Parks Inc., Senior Secured Notes, 7.000% due 7/1/25(c)
​ ​ ​ ​ 102,809 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Southwest Airlines Co., Senior Unsecured Notes, 2.625% due 2/10/30
​ ​ ​ ​ 93,677 ​ ​
​ ​ ​ ​ ​ ​ ​ Staples Inc.: ​ ​
​ ​ ​ 130,000 ​ ​ ​
Senior Secured Notes, 7.500% due 4/15/26(c)
​ ​ ​ ​ 115,726 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Senior Unsecured Notes, 10.750% due 4/15/27(c)
​ ​ ​ ​ 38,225 ​ ​
​ ​ ​ ​ ​ ​ ​ Starbucks Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.100% due 3/1/23
​ ​ ​ ​ 265,947 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.550% due 8/15/29
​ ​ ​ ​ 172,523 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.450% due 8/15/49
​ ​ ​ ​ 90,949 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 11/15/50
​ ​ ​ ​ 105,949 ​ ​
​ ​ ​ 235,000 ​ ​ ​
Stars Group Holdings BV/Stars Group US Co.-Borrower LLC, Company
Guaranteed Notes, 7.000% due 7/15/26(c)
​ ​ ​ ​ 250,510 ​ ​
​ ​ ​ 225,000 ​ ​ ​
Superior Plus LP/Superior General Partner Inc., Senior Unsecured Notes, 7.000%
due 7/15/26(c)
​ ​ ​ ​ 241,875 ​ ​
​ ​ ​ ​ ​ ​ ​ Target Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.900% due 1/15/22
​ ​ ​ ​ 103,597 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.500% due 7/1/24
​ ​ ​ ​ 139,040 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.375% due 4/15/29
​ ​ ​ ​ 232,836 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.900% due 11/15/47
​ ​ ​ ​ 129,687 ​ ​
​ ​ ​ 320,000 ​ ​ ​
Tempur Sealy International Inc., Company Guaranteed Notes, 5.500% due
6/15/26
​ ​ ​ ​ 334,800 ​ ​
​ ​ ​ 100,000 ​ ​ ​
TJX Cos., Inc., Senior Unsecured Notes, 4.500% due 4/15/50
​ ​ ​ ​ 126,556 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Toyota Motor Corp., Senior Unsecured Notes, 3.419% due 7/20/23
​ ​ ​ ​ 810,992 ​ ​
​ ​ ​ 155,000 ​ ​ ​
TRI Pointe Group Inc., Company Guaranteed Notes, 5.700% due 6/15/28
​ ​ ​ ​ 170,888 ​ ​
See Notes to Financial Statements.
76
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – (continued) ​
​ ​ $ 235,000 ​ ​ ​
Twin River Worldwide Holdings Inc., Senior Unsecured Notes, 6.750% due
6/1/27(c)
​ ​ ​ $ 232,650 ​ ​
​ ​ ​ 100,000 ​ ​ ​
United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Thru Certificates,
2.700% due 5/1/32
​ ​ ​ ​ 92,208 ​ ​
​ ​ ​ ​ ​ ​ ​ Viking Cruises Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 360,000 ​ ​ ​
Company Guaranteed Notes, 5.875% due 9/15/27(c)
​ ​ ​ ​ 255,600 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Senior Secured Notes, 13.000% due 5/15/25(c)
​ ​ ​ ​ 55,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Walgreens Boots Alliance Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.450% due 6/1/26
​ ​ ​ ​ 164,861 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.800% due 11/18/44
​ ​ ​ ​ 82,204 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.100% due 4/15/50
​ ​ ​ ​ 75,291 ​ ​
​ ​ ​ ​ ​ ​ ​ Walmart Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.550% due 4/11/23
​ ​ ​ ​ 263,628 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 4/22/24
​ ​ ​ ​ 273,170 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.250% due 7/8/29
​ ​ ​ ​ 233,485 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.300% due 4/22/44
​ ​ ​ ​ 331,334 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.050% due 6/29/48
​ ​ ​ ​ 193,495 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Whirlpool Corp., Senior Unsecured Notes, 4.600% due 5/15/50
​ ​ ​ ​ 123,359 ​ ​
​ ​ ​ 245,000 ​ ​ ​
William Carter Co., Company Guaranteed Notes, 5.625% due 3/15/27(c)
​ ​ ​ ​ 260,283 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Wolverine Escrow LLC, Senior Secured Notes, 9.000% due 11/15/26(c)
​ ​ ​ ​ 88,550 ​ ​
​ ​ ​ 100,000 ​ ​ ​
WW Grainger Inc., Senior Unsecured Notes, 4.200% due 5/15/47
​ ​ ​ ​ 121,233 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Wyndham Hotels & Resorts Inc., Company Guaranteed Notes, 4.375% due
8/15/28(c)
​ ​ ​ ​ 141,078 ​ ​
​ ​ ​ ​ ​ ​ ​ Yum! Brands Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​
7.750% due 4/1/25(c)
​ ​ ​ ​ 72,556 ​ ​
​ ​ ​ 130,000 ​ ​ ​
4.750% due 1/15/30(c)
​ ​ ​ ​ 143,325 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Cyclical
​ ​ ​ ​ 29,085,529 ​ ​
​ Consumer Non-cyclical – 3.0% ​
​ ​ ​ ​ ​ ​ ​ Abbott Laboratories, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 140,000 ​ ​ ​
3.750% due 11/30/26
​ ​ ​ ​ 163,777 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.900% due 11/30/46
​ ​ ​ ​ 285,748 ​ ​
​ ​ ​ ​ ​ ​ ​ AbbVie Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.250% due 10/1/22(c)
​ ​ ​ ​ 104,905 ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.850% due 5/14/23
​ ​ ​ ​ 369,889 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.750% due 11/14/23
​ ​ ​ ​ 328,715 ​ ​
​ ​ ​ 450,000 ​ ​ ​
3.850% due 6/15/24(c)
​ ​ ​ ​ 496,441 ​ ​
​ ​ ​ 405,000 ​ ​ ​
3.800% due 3/15/25(c)
​ ​ ​ ​ 452,755 ​ ​
See Notes to Financial Statements.
77
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 250,000 ​ ​ ​
3.200% due 11/21/29(c)
​ ​ ​ $ 276,693 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.550% due 3/15/35(c)
​ ​ ​ ​ 124,777 ​ ​
​ ​ ​ 84,000 ​ ​ ​
4.750% due 3/15/45(c)
​ ​ ​ ​ 103,290 ​ ​
​ ​ ​ 475,000 ​ ​ ​
4.450% due 5/14/46
​ ​ ​ ​ 572,576 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.250% due 11/21/49(c)
​ ​ ​ ​ 240,724 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950%
due 1/19/22
​ ​ ​ ​ 204,495 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Aetna Inc., Senior Unsecured Notes, 3.875% due 8/15/47
​ ​ ​ ​ 116,093 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Air Medical Group Holdings Inc., Senior Unsecured Notes, 6.375% due
5/15/23(c)
​ ​ ​ ​ 147,969 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Air Methods Corp., Senior Unsecured Notes, 8.000% due 5/15/25(c)
​ ​ ​ ​ 101,100 ​ ​
​ ​ ​ ​ ​ ​ ​ Albertsons Cos., Inc./Safeway Inc./New Albertsons LP/Albertsons LLC: ​ ​
​ ​ ​ ​ ​ ​ ​ Company Guaranteed Notes: ​ ​
​ ​ ​ 135,000 ​ ​ ​
4.625% due 1/15/27(c)
​ ​ ​ ​ 142,646 ​ ​
​ ​ ​ 125,000 ​ ​ ​
4.875% due 2/15/30(c)
​ ​ ​ ​ 134,375 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Senior Unsecured Notes, 3.500% due 3/15/29(c)
​ ​ ​ ​ 141,050 ​ ​
​ ​ ​ ​ ​ ​ ​ Allied Universal Holdco LLC/Allied Universal Finance Corp.: ​ ​
​ ​ ​ 130,000 ​ ​ ​
Senior Secured Notes, 6.625% due 7/15/26(c)
​ ​ ​ ​ 139,425 ​ ​
​ ​ ​ 255,000 ​ ​ ​
Senior Unsecured Notes, 9.750% due 7/15/27(c)
​ ​ ​ ​ 282,413 ​ ​
​ ​ ​ ​ ​ ​ ​ Altria Group Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.000% due 1/31/24
​ ​ ​ ​ 82,925 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.800% due 2/14/29
​ ​ ​ ​ 298,983 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.375% due 1/31/44
​ ​ ​ ​ 185,386 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.875% due 9/16/46
​ ​ ​ ​ 259,436 ​ ​
​ ​ ​ 100,000 ​ ​ ​
AmerisourceBergen Corp., Senior Unsecured Notes, 2.800% due 5/15/30
​ ​ ​ ​ 107,914 ​ ​
​ ​ ​ ​ ​ ​ ​ Amgen Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.650% due 5/11/22
​ ​ ​ ​ 311,253 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.600% due 8/19/26
​ ​ ​ ​ 164,619 ​ ​
​ ​ ​ 700,000 ​ ​ ​
2.450% due 2/21/30
​ ​ ​ ​ 745,689 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.950% due 10/1/41
​ ​ ​ ​ 198,848 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.400% due 5/1/45
​ ​ ​ ​ 124,161 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.563% due 6/15/48
​ ​ ​ ​ 129,172 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.663% due 6/15/51
​ ​ ​ ​ 132,152 ​ ​
​ ​ ​ ​ ​ ​ ​
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
 ​ ​
​ ​ ​ 63,000 ​ ​ ​
3.650% due 2/1/26
​ ​ ​ ​ 71,160 ​ ​
​ ​ ​ 450,000 ​ ​ ​
4.700% due 2/1/36
​ ​ ​ ​ 536,699 ​ ​
See Notes to Financial Statements.
78
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 150,000 ​ ​ ​
4.900% due 2/1/46
​ ​ ​ $ 184,469 ​ ​
​ ​ ​ 134,000 ​ ​ ​
Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 3.300% due
2/1/23
​ ​ ​ ​ 142,566 ​ ​
​ ​ ​ ​ ​ ​ ​ Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.000% due 4/13/28
​ ​ ​ ​ 231,698 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.950% due 1/15/42
​ ​ ​ ​ 303,290 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.750% due 7/15/42
​ ​ ​ ​ 213,229 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.600% due 4/15/48
​ ​ ​ ​ 297,368 ​ ​
​ ​ ​ 645,000 ​ ​ ​
5.550% due 1/23/49
​ ​ ​ ​ 870,460 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.500% due 6/1/50
​ ​ ​ ​ 121,025 ​ ​
​ ​ ​ ​ ​ ​ ​ Anthem Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 1,185,000 ​ ​ ​
3.300% due 1/15/23
​ ​ ​ ​ 1,261,972 ​ ​
​ ​ ​ 35,000 ​ ​ ​
2.375% due 1/15/25
​ ​ ​ ​ 37,320 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.650% due 12/1/27
​ ​ ​ ​ 229,625 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.650% due 1/15/43
​ ​ ​ ​ 126,843 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.375% due 12/1/47
​ ​ ​ ​ 187,689 ​ ​
​ ​ ​ ​ ​ ​ ​ Archer-Daniels-Midland Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.250% due 3/27/30
​ ​ ​ ​ 114,846 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.750% due 9/15/47
​ ​ ​ ​ 124,193 ​ ​
​ ​ ​ 110,000 ​ ​ ​
ASGN Inc., Company Guaranteed Notes, 4.625% due 5/15/28(c)
​ ​ ​ ​ 113,850 ​ ​
​ ​ ​ ​ ​ ​ ​ AstraZeneca PLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.375% due 11/16/25
​ ​ ​ ​ 394,577 ​ ​
​ ​ ​ 200,000 ​ ​ ​
1.375% due 8/6/30
​ ​ ​ ​ 195,865 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.375% due 11/16/45
​ ​ ​ ​ 131,634 ​ ​
​ ​ ​ 265,000 ​ ​ ​
Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(c)
​ ​ ​ ​ 280,291 ​ ​
​ ​ ​ ​ ​ ​ ​ B&G Foods Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 105,000 ​ ​ ​
5.250% due 4/1/25
​ ​ ​ ​ 108,645 ​ ​
​ ​ ​ 85,000 ​ ​ ​
5.250% due 9/15/27
​ ​ ​ ​ 90,896 ​ ​
​ ​ ​ 52,000 ​ ​ ​
Banner Health, Unsecured Notes, 3.181% due 1/1/50
​ ​ ​ ​ 56,698 ​ ​
​ ​ ​ ​ ​ ​ ​ BAT Capital Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.222% due 8/15/24
​ ​ ​ ​ 107,842 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.557% due 8/15/27
​ ​ ​ ​ 218,616 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.390% due 8/15/37
​ ​ ​ ​ 108,884 ​ ​
​ ​ ​ ​ ​ ​ ​ Bausch Health Cos., Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​ Company Guaranteed Notes: ​ ​
​ ​ ​ 235,000 ​ ​ ​
7.000% due 1/15/28(c)
​ ​ ​ ​ 250,275 ​ ​
​ ​ ​ 120,000 ​ ​ ​
6.250% due 2/15/29(c)
​ ​ ​ ​ 125,442 ​ ​
See Notes to Financial Statements.
79
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 135,000 ​ ​ ​
5.250% due 1/30/30(c)
​ ​ ​ $ 134,189 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Senior Secured Notes, 7.000% due 3/15/24(c)
​ ​ ​ ​ 67,532 ​ ​
​ ​ ​ ​ ​ ​ ​ Becton Dickinson & Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 1,280,000 ​ ​ ​
2.894% due 6/6/22
​ ​ ​ ​ 1,328,837 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.363% due 6/6/24
​ ​ ​ ​ 217,627 ​ ​
​ ​ ​ 163,000 ​ ​ ​
3.700% due 6/6/27
​ ​ ​ ​ 184,719 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.685% due 12/15/44
​ ​ ​ ​ 125,990 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Biogen Inc., Senior Unsecured Notes, 5.200% due 9/15/45
​ ​ ​ ​ 136,160 ​ ​
​ ​ ​ ​ ​ ​ ​ Boston Scientific Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.000% due 3/1/29
​ ​ ​ ​ 174,799 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.700% due 3/1/49
​ ​ ​ ​ 132,925 ​ ​
​ ​ ​ ​ ​ ​ ​ Bristol-Myers Squibb Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.750% due 2/15/23
​ ​ ​ ​ 105,809 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.875% due 8/15/25
​ ​ ​ ​ 575,589 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.250% due 2/27/27
​ ​ ​ ​ 287,110 ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.400% due 7/26/29
​ ​ ​ ​ 466,792 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.000% due 8/15/45
​ ​ ​ ​ 142,343 ​ ​
​ ​ ​ 1,180,000 ​ ​ ​
4.350% due 11/15/47
​ ​ ​ ​ 1,573,105 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.250% due 10/26/49
​ ​ ​ ​ 199,112 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Campbell Soup Co., Senior Unsecured Notes, 3.950% due 3/15/25
​ ​ ​ ​ 281,565 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Cardinal Health Inc., Senior Unsecured Notes, 4.368% due 6/15/47
​ ​ ​ ​ 110,847 ​ ​
​ ​ ​ 230,000 ​ ​ ​
Catalent Pharma Solutions Inc., Company Guaranteed Notes, 5.000% due
7/15/27(c)
​ ​ ​ ​ 242,650 ​ ​
​ ​ ​ ​ ​ ​ ​ Centene Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 285,000 ​ ​ ​
5.375% due 8/15/26(c)
​ ​ ​ ​ 301,744 ​ ​
​ ​ ​ 160,000 ​ ​ ​
4.250% due 12/15/27
​ ​ ​ ​ 168,000 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Charles River Laboratories International Inc., Company Guaranteed Notes,
4.250% due 5/1/28(c)
​ ​ ​ ​ 136,825 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Children’s Hospital Corp., Company Guaranteed Notes, 4.115% due 1/1/47
​ ​ ​ ​ 126,900 ​ ​
​ ​ ​ ​ ​ ​ ​ Cigna Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.400% due 9/17/21
​ ​ ​ ​ 515,611 ​ ​
​ ​ ​ 660,000 ​ ​ ​
1.165% (3-Month USD-LIBOR + 0.890)% due 7/15/23(b)
​ ​ ​ ​ 667,424 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.800% due 8/15/38
​ ​ ​ ​ 125,811 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.800% due 7/15/46
​ ​ ​ ​ 192,056 ​ ​
​ ​ ​ 675,000 ​ ​ ​
4.900% due 12/15/48
​ ​ ​ ​ 891,761 ​ ​
See Notes to Financial Statements.
80
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 300,000 ​ ​ ​
Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22
​ ​ ​ $ 311,092 ​ ​
​ ​ ​ ​ ​ ​ ​ Coca-Cola Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.200% due 5/25/22
​ ​ ​ ​ 258,504 ​ ​
​ ​ ​ 100,000 ​ ​ ​
1.750% due 9/6/24
​ ​ ​ ​ 104,922 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.125% due 9/6/29
​ ​ ​ ​ 107,185 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.200% due 3/25/50
​ ​ ​ ​ 131,496 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.600% due 6/1/50
​ ​ ​ ​ 151,995 ​ ​
​ ​ ​ ​ ​ ​ ​ CommonSpirit Health, Senior Secured Notes: ​ ​
​ ​ ​ 36,000 ​ ​ ​
3.817% due 10/1/49
​ ​ ​ ​ 40,205 ​ ​
​ ​ ​ 13,000 ​ ​ ​
4.187% due 10/1/49
​ ​ ​ ​ 13,881 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Conagra Brands Inc., Senior Unsecured Notes, 4.850% due 11/1/28
​ ​ ​ ​ 305,270 ​ ​
​ ​ ​ ​ ​ ​ ​ Constellation Brands Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.700% due 5/9/22
​ ​ ​ ​ 362,214 ​ ​
​ ​ ​ 580,000 ​ ​ ​
3.150% due 8/1/29
​ ​ ​ ​ 630,485 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.250% due 11/15/48
​ ​ ​ ​ 67,185 ​ ​
​ ​ ​ ​ ​ ​ ​ Senior Unsecured Notes: ​ ​
​ ​ ​ 160,000 ​ ​ ​
2.875% due 5/1/30
​ ​ ​ ​ 172,073 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.750% due 5/1/50
​ ​ ​ ​ 109,842 ​ ​
​ ​ ​ ​ ​ ​ ​ CVS Health Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 7/20/22
​ ​ ​ ​ 105,395 ​ ​
​ ​ ​ 752,000 ​ ​ ​
3.700% due 3/9/23
​ ​ ​ ​ 809,463 ​ ​
​ ​ ​ 37,000 ​ ​ ​
4.100% due 3/25/25
​ ​ ​ ​ 42,193 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.875% due 7/20/25
​ ​ ​ ​ 339,549 ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.875% due 6/1/26
​ ​ ​ ​ 381,056 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.300% due 3/25/28
​ ​ ​ ​ 294,317 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.750% due 4/1/30
​ ​ ​ ​ 115,502 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.780% due 3/25/38
​ ​ ​ ​ 306,233 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.125% due 7/20/45
​ ​ ​ ​ 128,868 ​ ​
​ ​ ​ 300,000 ​ ​ ​
5.050% due 3/25/48
​ ​ ​ ​ 389,427 ​ ​
​ ​ ​ 85,000 ​ ​ ​
DaVita Inc., Company Guaranteed Notes, 4.625% due 6/1/30(c)
​ ​ ​ ​ 89,356 ​ ​
​ ​ ​ ​ ​ ​ ​ DH Europe Finance II SARL, Company Guaranteed Notes: ​ ​
​ ​ ​ 25,000 ​ ​ ​
2.600% due 11/15/29
​ ​ ​ ​ 27,195 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.250% due 11/15/39
​ ​ ​ ​ 56,101 ​ ​
See Notes to Financial Statements.
81
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 210,000 ​ ​ ​
Diageo Capital PLC, Company Guaranteed Notes, 2.375% due 10/24/29
​ ​ ​ $ 224,904 ​ ​
​ ​ ​ 138,000 ​ ​ ​
Duke University Health System Inc., Senior Unsecured Notes, 3.920% due
6/1/47
​ ​ ​ ​ 176,127 ​ ​
​ ​ ​ ​ ​ ​ ​ Eli Lilly & Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.375% due 3/15/29
​ ​ ​ ​ 232,691 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.950% due 3/15/49
​ ​ ​ ​ 160,146 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Emergent BioSolutions Inc., Company Guaranteed Notes, 3.875% due
8/15/28(c)
​ ​ ​ ​ 60,912 ​ ​
​ ​ ​ 420,861 ​ ​ ​
ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23
​ ​ ​ ​ 421,918 ​ ​
​ ​ ​ ​ ​ ​ ​ Encompass Health Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 65,000 ​ ​ ​
4.500% due 2/1/28
​ ​ ​ ​ 66,649 ​ ​
​ ​ ​ 20,000 ​ ​ ​
4.750% due 2/1/30
​ ​ ​ ​ 20,866 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Envision Healthcare Corp., Company Guaranteed Notes, 8.750% due
10/15/26(c)
​ ​ ​ ​ 39,600 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Estee Lauder Cos., Inc., Senior Unsecured Notes, 4.150% due 3/15/47
​ ​ ​ ​ 125,946 ​ ​
​ ​ ​ ​ ​ ​ ​ Garda World Security Corp.: ​ ​
​ ​ ​ 220,000 ​ ​ ​
Senior Secured Notes, 4.625% due 2/15/27(c)
​ ​ ​ ​ 226,050 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Unsecured Notes, 8.750% due 5/15/25(c)
​ ​ ​ ​ 203,000 ​ ​
​ ​ ​ 100,000 ​ ​ ​
General Mills Inc., Senior Unsecured Notes, 4.700% due 4/17/48
​ ​ ​ ​ 136,684 ​ ​
​ ​ ​ ​ ​ ​ ​ Gilead Sciences Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 275,000 ​ ​ ​
2.950% due 3/1/27
​ ​ ​ ​ 307,660 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.150% due 3/1/47
​ ​ ​ ​ 319,974 ​ ​
​ ​ ​ ​ ​ ​ ​ GlaxoSmithKline Capital Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.625% due 5/15/25
​ ​ ​ ​ 569,356 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.200% due 3/18/43
​ ​ ​ ​ 64,190 ​ ​
​ ​ ​ 300,000 ​ ​ ​
GlaxoSmithKline Capital PLC, Company Guaranteed Notes, 3.375% due
6/1/29
​ ​ ​ ​ 346,584 ​ ​
​ ​ ​ ​ ​ ​ ​ Global Payments Inc., Senior Unsecured Notes: ​
​ ​ ​ 125,000 ​ ​ ​
4.800% due 4/1/26
​ ​ ​ $ 147,218 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.150% due 8/15/49
​ ​ ​ ​ 117,499 ​ ​
​ ​ ​ ​ ​ ​ ​ HCA Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​ Company Guaranteed Notes: ​ ​
​ ​ ​ 340,000 ​ ​ ​
5.375% due 9/1/26
​ ​ ​ ​ 385,900 ​ ​
​ ​ ​ 215,000 ​ ​ ​
3.500% due 9/1/30
​ ​ ​ ​ 225,476 ​ ​
​ ​ ​ ​ ​ ​ ​ Senior Secured Notes: ​ ​
​ ​ ​ 625,000 ​ ​ ​
4.125% due 6/15/29
​ ​ ​ ​ 719,247 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.250% due 6/15/49
​ ​ ​ ​ 124,902 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Hershey Co., Senior Unsecured Notes, 2.450% due 11/15/29
​ ​ ​ ​ 108,937 ​ ​
See Notes to Financial Statements.
82
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 160,000 ​ ​ ​
H-Food Holdings LLC/Hearthside Finance Co., Inc., Senior Unsecured Notes,
8.500% due 6/1/26(c)
​ ​ ​ $ 156,800 ​ ​
​ ​ ​ 105,000 ​ ​ ​
Hill-Rom Holdings Inc., Company Guaranteed Notes, 4.375% due 9/15/27(c)
​ ​ ​ ​ 109,784 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Horizon Therapeutics USA Inc., Company Guaranteed Notes, 5.500% due
8/1/27(c)
​ ​ ​ ​ 217,782 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Humana Inc., Senior Unsecured Notes, 4.800% due 3/15/47
​ ​ ​ ​ 132,301 ​ ​
​ ​ ​ 205,000 ​ ​ ​
IQVIA Inc., Company Guaranteed Notes, 5.000% due 5/15/27(c)
​ ​ ​ ​ 215,784 ​ ​
​ ​ ​ 70,000 ​ ​ ​
Jaguar Holding Co. II/PPD Development LP, Company Guaranteed Notes,
5.000% due 6/15/28(c)
​ ​ ​ ​ 74,200 ​ ​
​ ​ ​ ​ ​ ​ ​ JBS USA LUX SA/JBS USA Finance Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 20,000 ​ ​ ​
5.875% due 7/15/24(c)
​ ​ ​ ​ 20,400 ​ ​
​ ​ ​ 30,000 ​ ​ ​
5.750% due 6/15/25(c)
​ ​ ​ ​ 30,975 ​ ​
​ ​ ​ 175,000 ​ ​ ​
6.750% due 2/15/28(c)
​ ​ ​ ​ 193,813 ​ ​
​ ​ ​ ​ ​ ​ ​ JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.: ​ ​
​ ​ ​ 125,000 ​ ​ ​
Company Guaranteed Notes, 6.500% due 4/15/29(c)
​ ​ ​ ​ 141,899 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Senior Unsecured Notes, 5.500% due 1/15/30(c)
​ ​ ​ ​ 99,983 ​ ​
​ ​ ​ 100,000 ​ ​ ​
JM Smucker Co., Senior Unsecured Notes, 3.550% due 3/15/50
​ ​ ​ ​ 107,594 ​ ​
​ ​ ​ ​ ​ ​ ​ Johnson & Johnson, Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.250% due 3/3/22
​ ​ ​ ​ 257,230 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.950% due 3/3/27
​ ​ ​ ​ 168,302 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.625% due 3/3/37
​ ​ ​ ​ 303,924 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.700% due 3/1/46
​ ​ ​ ​ 123,741 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.450% due 9/1/60
​ ​ ​ ​ 97,596 ​ ​
​ ​ ​ 81,000 ​ ​ ​
Kaiser Foundation Hospitals, Company Guaranteed Notes, 3.266% due
11/1/49
​ ​ ​ ​ 90,419 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Kellogg Co., Senior Unsecured Notes, 4.500% due 4/1/46
​ ​ ​ ​ 63,157 ​ ​
​ ​ ​ ​ ​ ​ ​ Keurig Dr Pepper Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.597% due 5/25/28
​ ​ ​ ​ 301,953 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.085% due 5/25/48
​ ​ ​ ​ 135,886 ​ ​
​ ​ ​ ​ ​ ​ ​ Kimberly-Clark Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.200% due 7/30/46
​ ​ ​ ​ 115,514 ​ ​
​ ​ ​ 50,000 ​ ​ ​
2.875% due 2/7/50
​ ​ ​ ​ 54,249 ​ ​
​ ​ ​ ​ ​ ​ ​ Kraft Heinz Foods Co., Company Guaranteed Notes: ​ ​
​ ​ ​ 129,000 ​ ​ ​
3.950% due 7/15/25
​ ​ ​ ​ 140,307 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.000% due 7/15/35
​ ​ ​ ​ 173,478 ​ ​
​ ​ ​ 420,000 ​ ​ ​
5.200% due 7/15/45
​ ​ ​ ​ 475,936 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Kroger Co., Senior Unsecured Notes, 4.450% due 2/1/47
​ ​ ​ ​ 244,794 ​ ​
See Notes to Financial Statements.
83
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 175,000 ​ ​ ​
Kronos Acquisition Holdings Inc., Company Guaranteed Notes, 9.000% due
8/15/23(c)
​ ​ ​ $ 177,625 ​ ​
​ ​ ​ 1,740,000 ​ ​ ​
Laboratory Corp. of America Holdings, Senior Unsecured Notes, 3.600% due
2/1/25
​ ​ ​ ​ 1,941,369 ​ ​
​ ​ ​ ​ ​ ​ ​ LifePoint Health Inc., Senior Secured Notes: ​ ​
​ ​ ​ 85,000 ​ ​ ​
6.750% due 4/15/25(c)
​ ​ ​ ​ 91,800 ​ ​
​ ​ ​ 145,000 ​ ​ ​
4.375% due 2/15/27(c)
​ ​ ​ ​ 144,275 ​ ​
​ ​ ​ 100,000 ​ ​ ​
McKesson Corp., Senior Unsecured Notes, 4.883% due 3/15/44
​ ​ ​ ​ 122,871 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Medtronic Global Holdings SCA, Company Guaranteed Notes, 3.350% due
4/1/27
​ ​ ​ ​ 286,409 ​ ​
​ ​ ​ ​ ​ ​ ​ Medtronic Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.150% due 3/15/22
​ ​ ​ ​ 260,865 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.625% due 3/15/45
​ ​ ​ ​ 102,961 ​ ​
​ ​ ​ 21,000 ​ ​ ​
Memorial Sloan-Kettering Cancer Center, Unsecured Notes, 2.955% due
1/1/50
​ ​ ​ ​ 22,502 ​ ​
​ ​ ​ ​ ​ ​ ​ Merck & Co., Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.900% due 3/7/24
​ ​ ​ ​ 324,676 ​ ​
​ ​ ​ 300,000 ​ ​ ​
1.450% due 6/24/30
​ ​ ​ ​ 304,285 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.700% due 2/10/45
​ ​ ​ ​ 303,629 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Molina Healthcare Inc., Senior Unsecured Notes, 4.375% due 6/15/28(c)
​ ​ ​ ​ 57,475 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46
​ ​ ​ ​ 154,545 ​ ​
​ ​ ​ ​ ​ ​ ​ Moody’s Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.750% due 12/15/21
​ ​ ​ ​ 308,739 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.550% due 8/18/60
​ ​ ​ ​ 92,775 ​ ​
​ ​ ​ 250,000 ​ ​ ​
MPH Acquisition Holdings LLC, Company Guaranteed Notes, 7.125% due
6/1/24(c)
​ ​ ​ ​ 253,825 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Mylan NV, Company Guaranteed Notes, 5.250% due 6/15/46
​ ​ ​ ​ 156,146 ​ ​
​ ​ ​ 10,000 ​ ​ ​
Northwell Healthcare Inc., Secured Notes, 4.260% due 11/1/47
​ ​ ​ ​ 11,731 ​ ​
​ ​ ​ ​ ​ ​ ​ Novartis Capital Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.400% due 5/17/22
​ ​ ​ ​ 258,874 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.100% due 5/17/27
​ ​ ​ ​ 168,162 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.200% due 8/14/30
​ ​ ​ ​ 214,534 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.400% due 5/6/44
​ ​ ​ ​ 66,309 ​ ​
​ ​ ​ 50,000 ​ ​ ​
2.750% due 8/14/50
​ ​ ​ ​ 52,863 ​ ​
​ ​ ​ ​ ​ ​ ​ Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, Senior Unsecured Notes: ​
​ ​ ​ 25,000 ​ ​ ​
7.375% due 6/1/25(c)
​ ​ ​ ​ 26,000 ​ ​
​ ​ ​ 135,000 ​ ​ ​
7.250% due 2/1/28(c)
​ ​ ​ ​ 139,725 ​ ​
​ ​ ​ ​ ​ ​ ​ PayPal Holdings Inc., Senior Unsecured Notes: ​ ​
See Notes to Financial Statements.
84
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 35,000 ​ ​ ​
2.400% due 10/1/24
​ ​ ​ $ 37,337 ​ ​
​ ​ ​ 70,000 ​ ​ ​
2.850% due 10/1/29
​ ​ ​ ​ 77,467 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.300% due 6/1/30
​ ​ ​ ​ 212,671 ​ ​
​ ​ ​ ​ ​ ​ ​ PepsiCo Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.750% due 3/5/22
​ ​ ​ ​ 518,640 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.250% due 3/19/25
​ ​ ​ ​ 107,388 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.375% due 10/6/26
​ ​ ​ ​ 164,066 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.750% due 3/19/30
​ ​ ​ ​ 112,033 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.450% due 10/6/46
​ ​ ​ ​ 292,244 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.625% due 3/19/50
​ ​ ​ ​ 242,152 ​ ​
​ ​ ​ ​ ​ ​ ​ Pfizer Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.800% due 3/11/22
​ ​ ​ ​ 519,067 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 12/15/36
​ ​ ​ ​ 306,831 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.125% due 12/15/46
​ ​ ​ ​ 191,972 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 3/15/49
​ ​ ​ ​ 127,198 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.700% due 5/28/50
​ ​ ​ ​ 103,771 ​ ​
​ ​ ​ ​ ​ ​ ​ Philip Morris International Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.625% due 2/18/22
​ ​ ​ ​ 515,212 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.375% due 8/15/29
​ ​ ​ ​ 284,714 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.100% due 5/1/30
​ ​ ​ ​ 207,260 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.125% due 3/4/43
​ ​ ​ ​ 117,928 ​ ​
​ ​ ​ 165,000 ​ ​ ​
Pilgrim’s Pride Corp., Company Guaranteed Notes, 5.875% due 9/30/27(c)
​ ​ ​ ​ 175,313 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Polaris Intermediate Corp., Senior Unsecured Notes, 8.500% due 12/1/22(c)(e)
​ ​ ​ ​ 121,950 ​ ​
​ ​ ​ ​ ​ ​ ​ Post Holdings Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 45,000 ​ ​ ​
5.500% due 12/15/29(c)
​ ​ ​ ​ 49,329 ​ ​
​ ​ ​ 190,000 ​ ​ ​
4.625% due 4/15/30(c)
​ ​ ​ ​ 198,313 ​ ​
​ ​ ​ ​ ​ ​ ​ Prime Security Services Borrower LLC/Prime Finance Inc.: ​ ​
​ ​ ​ 115,000 ​ ​ ​
Secured Notes, 6.250% due 1/15/28(c)
​ ​ ​ ​ 120,750 ​ ​
​ ​ ​ 85,000 ​ ​ ​
Senior Secured Notes, 3.375% due 8/31/27(c)
​ ​ ​ ​ 84,695 ​ ​
​ ​ ​ ​ ​ ​ ​ Procter & Gamble Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.150% due 8/11/22
​ ​ ​ ​ 311,283 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.500% due 10/25/47
​ ​ ​ ​ 188,982 ​ ​
​ ​ ​ 8,000 ​ ​ ​
Providence St Joseph Health Obligated Group, Unsecured Notes, 3.930% due
10/1/48
​ ​ ​ ​ 9,555 ​ ​
​ ​ ​ 400,000 ​ ​ ​
PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.125% due 9/5/29
​ ​ ​ ​ 416,732 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(c)
​ ​ ​ ​ 170,000 ​ ​
See Notes to Financial Statements.
85
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 165,000 ​ ​ ​
Refinitiv US Holdings Inc., Company Guaranteed Notes, 8.250% due
11/15/26(c)
​ ​ ​ $ 182,738 ​ ​
​ ​ ​ ​ ​ ​ ​ Reynolds American Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 1,565,000 ​ ​ ​
4.000% due 6/12/22
​ ​ ​ ​ 1,658,274 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.850% due 8/15/45
​ ​ ​ ​ 308,841 ​ ​
​ ​ ​ 650,000 ​ ​ ​
Royalty Pharma PLC, Senior Unsecured Notes, 3.300% due 9/2/40(c)
​ ​ ​ ​ 633,905 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Sabre GLBL Inc., Senior Secured Notes, 9.250% due 4/15/25(c)
​ ​ ​ ​ 83,438 ​ ​
​ ​ ​ 305,000 ​ ​ ​
Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(c)
​ ​ ​ ​ 327,652 ​ ​
​ ​ ​ 250,000 ​ ​ ​
ServiceMaster Co. LLC, Company Guaranteed Notes, 5.125% due 11/15/24(c)
​ ​ ​ ​ 255,000 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes,
2.875% due 9/23/23
​ ​ ​ ​ 133,102 ​ ​
​ ​ ​ 650,000 ​ ​ ​
Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(c)
​ ​ ​ ​ 680,074 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Spectrum Brands Inc., Company Guaranteed Notes, 5.000% due 10/1/29(c)
​ ​ ​ ​ 135,200 ​ ​
​ ​ ​ 7,000 ​ ​ ​
Stanford Health Care, Unsecured Notes, 3.795% due 11/15/48
​ ​ ​ ​ 8,742 ​ ​
​ ​ ​ ​ ​ ​ ​ Stryker Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.375% due 11/1/25
​ ​ ​ ​ 392,785 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.900% due 6/15/50
​ ​ ​ ​ 103,871 ​ ​
​ ​ ​ ​ ​ ​ ​ Sysco Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.550% due 3/15/25
​ ​ ​ ​ 381,981 ​ ​
​ ​ ​ 360,000 ​ ​ ​
3.250% due 7/15/27
​ ​ ​ ​ 387,741 ​ ​
​ ​ ​ 425,000 ​ ​ ​
3.300% due 2/15/50
​ ​ ​ ​ 392,073 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.600% due 4/1/50
​ ​ ​ ​ 137,945 ​ ​
​ ​ ​ ​ ​ ​ ​ Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.000% due 11/26/28
​ ​ ​ ​ 309,269 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.175% due 7/9/50
​ ​ ​ ​ 203,214 ​ ​
​ ​ ​ ​ ​ ​ ​ Tenet Healthcare Corp.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Secured Notes:
 ​ ​
​ ​ ​ 190,000 ​ ​ ​
4.875% due 1/1/26(c)
​ ​ ​ ​ 197,600 ​ ​
​ ​ ​ 80,000 ​ ​ ​
5.125% due 11/1/27(c)
​ ​ ​ ​ 84,400 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Secured Notes, 6.250% due 2/1/27(c)
​ ​ ​ ​ 210,000 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Senior Unsecured Notes, 7.000% due 8/1/25
​ ​ ​ ​ 185,850 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Thermo Fisher Scientific Inc., Senior Unsecured Notes, 4.100% due 8/15/47
​ ​ ​ ​ 191,583 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Tyson Foods Inc., Senior Unsecured Notes, 4.550% due 6/2/47
​ ​ ​ ​ 188,223 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Unilever Capital Corp., Company Guaranteed Notes, 3.125% due 3/22/23
​ ​ ​ ​ 533,932 ​ ​
​ ​ ​ ​ ​ ​ ​ United Rentals North America Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 15,000 ​ ​ ​
5.250% due 1/15/30
​ ​ ​ ​ 16,659 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.000% due 7/15/30
​ ​ ​ ​ 156,750 ​ ​
See Notes to Financial Statements.
86
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 25,000 ​ ​ ​
3.875% due 2/15/31
​ ​ ​ $ 25,719 ​ ​
​ ​ ​ ​ ​ ​ ​ UnitedHealth Group Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
1.250% due 1/15/26
​ ​ ​ ​ 102,576 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.850% due 6/15/28
​ ​ ​ ​ 413,618 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.000% due 5/15/30
​ ​ ​ ​ 209,382 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.750% due 7/15/45
​ ​ ​ ​ 135,659 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 4/15/47
​ ​ ​ ​ 321,042 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.700% due 8/15/49
​ ​ ​ ​ 180,859 ​ ​
​ ​ ​ ​ ​ ​ ​ Upjohn Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 230,000 ​ ​ ​
1.650% due 6/22/25(c)
​ ​ ​ ​ 236,236 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 6/22/50(c)
​ ​ ​ ​ 108,885 ​ ​
​ ​ ​ 15,000 ​ ​ ​
US Foods Inc., Senior Secured Notes, 6.250% due 4/15/25(c)
​ ​ ​ ​ 15,900 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 9/12/22
​ ​ ​ ​ 133,551 ​ ​
​ ​ ​ 253,000 ​ ​ ​
Verscend Escrow Corp., Senior Unsecured Notes, 9.750% due 8/15/26(c)
​ ​ ​ ​ 274,505 ​ ​
​ ​ ​ 145,000 ​ ​ ​
Vizient Inc., Senior Unsecured Notes, 6.250% due 5/15/27(c)
​ ​ ​ ​ 154,063 ​ ​
​ ​ ​ 180,000 ​ ​ ​
West Street Merger Sub Inc., Senior Unsecured Notes, 6.375% due 9/1/25(c)
​ ​ ​ ​ 185,121 ​ ​
​ ​ ​ 17,000 ​ ​ ​
Yale University, Unsecured Notes, 2.402% due 4/15/50
​ ​ ​ ​ 17,540 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 3.550% due 3/20/30
​ ​ ​ ​ 111,816 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Zoetis Inc., Senior Unsecured Notes, 3.950% due 9/12/47
 ​ ​ ​ ​ 123,122 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Non-cyclical
​ ​ ​ ​ 63,413,693 ​ ​
​ Energy – 1.9% ​
​ ​ ​ 150,000 ​ ​ ​
Aker BP ASA, Senior Unsecured Notes, 4.750% due 6/15/24(c)
​ ​ ​ ​ 154,513 ​ ​
​ ​ ​ 105,000 ​ ​ ​
Antero Midstream Partners LP/Antero Midstream Finance Corp., Company
Guaranteed Notes, 5.750% due 3/1/27(c)
​ ​ ​ ​ 93,712 ​ ​
​ ​ ​ ​ ​ ​ ​ Apache Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 70,000 ​ ​ ​
4.625% due 11/15/25
​ ​ ​ ​ 71,575 ​ ​
​ ​ ​ 135,000 ​ ​ ​
4.375% due 10/15/28
​ ​ ​ ​ 133,982 ​ ​
​ ​ ​ ​ ​ ​ ​
Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor Inc., Senior Unsecured Notes:
 ​ ​
​ ​ ​ 145,000 ​ ​ ​
3.337% due 12/15/27
​ ​ ​ ​ 157,939 ​ ​
​ ​ ​ 35,000 ​ ​ ​
3.138% due 11/7/29
​ ​ ​ ​ 37,486 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.486% due 5/1/30
​ ​ ​ ​ 117,063 ​ ​
​ ​ ​ ​ ​ ​ ​ BP Capital Markets America Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.520% due 9/19/22
​ ​ ​ ​ 104,014 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.224% due 4/14/24
​ ​ ​ ​ 378,462 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.000% due 2/24/50
​ ​ ​ ​ 147,554 ​ ​
​ ​ ​ 300,000 ​ ​ ​
BP Capital Markets PLC, Company Guaranteed Notes, 3.994% due 9/26/23
​ ​ ​ ​ 330,705 ​ ​
See Notes to Financial Statements.
87
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 600,000 ​ ​ ​
Canacol Energy Ltd., Company Guaranteed Notes, 7.250% due 5/3/25
​ ​ ​ $ 621,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Canadian Natural Resources Ltd., Senior Unsecured Notes: ​ ​
​ ​ ​ 1,045,000 ​ ​ ​
2.950% due 1/15/23
​ ​ ​ ​ 1,088,435 ​ ​
​ ​ ​ 125,000 ​ ​ ​
5.850% due 2/1/35
​ ​ ​ ​ 153,805 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Cenovus Energy Inc., Senior Unsecured Notes, 5.375% due 7/15/25
​ ​ ​ ​ 137,368 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Cheniere Corpus Christi Holdings LLC, Senior Secured Notes, 5.125% due
6/30/27
​ ​ ​ ​ 168,980 ​ ​
​ ​ ​ ​ ​ ​ ​ Cheniere Energy Partners LP: ​ ​
​ ​ ​ 185,000 ​ ​ ​
Company Guaranteed Notes, 5.625% due 10/1/26
​ ​ ​ ​ 193,915 ​ ​
​ ​ ​ 285,000 ​ ​ ​
Senior Secured Notes, 5.250% due 10/1/25
​ ​ ​ ​ 291,623 ​ ​
​ ​ ​ ​ ​ ​ ​ Chevron Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.498% due 3/3/22
​ ​ ​ ​ 257,839 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.191% due 6/24/23
​ ​ ​ ​ 321,386 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.236% due 5/11/30
​ ​ ​ ​ 106,574 ​ ​
​ ​ ​ 400,000 ​ ​ ​
CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22
​ ​ ​ ​ 418,718 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNOOC Finance 2013 Ltd., Company Guaranteed Notes, 3.000% due 5/9/23
​ ​ ​ ​ 210,396 ​ ​
​ ​ ​ 1,050,000 ​ ​ ​
CNOOC Finance 2015 USA LLC, Company Guaranteed Notes, 3.500% due
5/5/25
​ ​ ​ ​ 1,158,591 ​ ​
​ ​ ​ ​ ​ ​ ​ CNPC Global Capital Ltd., Company Guaranteed Notes: ​ ​
​ ​ ​ 600,000 ​ ​ ​
1.125% due 6/23/23
​ ​ ​ ​ 601,128 ​ ​
​ ​ ​ 200,000 ​ ​ ​
1.350% due 6/23/25
​ ​ ​ ​ 201,270 ​ ​
​ ​ ​ 180,000 ​ ​ ​
CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured
Notes, 6.500% due 3/15/26(c)
​ ​ ​ ​ 180,266 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Concho Resources Inc., Company Guaranteed Notes, 3.750% due 10/1/27
​ ​ ​ ​ 109,682 ​ ​
​ ​ ​ ​ ​ ​ ​ ConocoPhillips Co., Company Guaranteed Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.950% due 3/15/26
​ ​ ​ ​ 180,486 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.950% due 3/15/46
​ ​ ​ ​ 302,145 ​ ​
​ ​ ​ 255,000 ​ ​ ​
CSI Compressco LP/CSI Compressco Finance Inc., Senior Secured Notes,
7.500% due 4/1/25(c)
​ ​ ​ ​ 226,950 ​ ​
​ ​ ​ ​ ​ ​ ​ Delek & Avner Tamar Bond Ltd., Senior Secured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.082% due 12/30/23(c)
​ ​ ​ ​ 203,509 ​ ​
​ ​ ​ 300,000 ​ ​ ​
5.412% due 12/30/25(c)
​ ​ ​ ​ 298,456 ​ ​
​ ​ ​ ​ ​ ​ ​ Devon Energy Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 75,000 ​ ​ ​
5.600% due 7/15/41
​ ​ ​ ​ 78,403 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.000% due 6/15/45
​ ​ ​ ​ 49,748 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Diamondback Energy Inc., Company Guaranteed Notes, 3.500% due 12/1/29
​ ​ ​ ​ 101,692 ​ ​
​ ​ ​ ​ ​ ​ ​ Ecopetrol SA, Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
5.375% due 6/26/26
​ ​ ​ ​ 333,300 ​ ​
See Notes to Financial Statements.
88
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 100,000 ​ ​ ​
6.875% due 4/29/30
​ ​ ​ $ 120,375 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Enable Midstream Partners LP, Senior Unsecured Notes, 4.150% due 9/15/29
​ ​ ​ ​ 93,209 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Enbridge Energy Partners LP, Company Guaranteed Notes, 5.500% due
9/15/40
​ ​ ​ ​ 182,521 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Enbridge Inc., Company Guaranteed Notes, 4.000% due 10/1/23
​ ​ ​ ​ 108,678 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes,
6.625% due 7/15/25(c)
​ ​ ​ ​ 93,882 ​ ​
​ ​ ​ ​ ​ ​ ​ Energy Transfer Operating LP, Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
5.875% due 1/15/24
​ ​ ​ ​ 555,391 ​ ​
​ ​ ​ 420,000 ​ ​ ​
4.750% due 1/15/26
​ ​ ​ ​ 458,116 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.125% due 12/15/45
​ ​ ​ ​ 101,524 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.300% due 4/15/47
​ ​ ​ ​ 192,107 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.000% due 6/15/48
​ ​ ​ ​ 153,721 ​ ​
​ ​ ​ 75,000 ​ ​ ​
5.000% due 5/15/50
​ ​ ​ ​ 71,716 ​ ​
​ ​ ​ ​ ​ ​ ​ Enterprise Products Operating LLC, Company Guaranteed Notes: ​ ​
​ ​ ​ 770,000 ​ ​ ​
3.750% due 2/15/25
​ ​ ​ ​ 860,842 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.125% due 7/31/29
​ ​ ​ ​ 218,228 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.800% due 1/31/30
​ ​ ​ ​ 160,091 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.900% due 5/15/46
​ ​ ​ ​ 291,713 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.200% due 1/31/50
​ ​ ​ ​ 217,585 ​ ​
​ ​ ​ 75,000 ​ ​ ​
EOG Resources Inc., Senior Unsecured Notes, 4.950% due 4/15/50
​ ​ ​ ​ 95,473 ​ ​
​ ​ ​ 50,000 ​ ​ ​
EQM Midstream Partners LP, Senior Unsecured Notes, 6.500% due 7/1/27(c)
​ ​ ​ ​ 54,750 ​ ​
​ ​ ​ 125,000 ​ ​ ​
EQT Corp., Senior Unsecured Notes, 7.875% due 2/1/25
​ ​ ​ ​ 143,491 ​ ​
​ ​ ​ ​ ​ ​ ​ Equinor ASA, Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.450% due 1/17/23
​ ​ ​ ​ 261,877 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.700% due 3/1/24
​ ​ ​ ​ 111,223 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.250% due 11/18/49
​ ​ ​ ​ 107,197 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.700% due 4/6/50
​ ​ ​ ​ 116,341 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes,
8.125% due 5/1/25
​ ​ ​ ​ 116,100 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Extraction Oil & Gas Inc., Company Guaranteed Notes, 5.625% due 2/1/26(c)(f)
​ ​ ​ ​ 11,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Exxon Mobil Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
1.571% due 4/15/23
​ ​ ​ $ 103,110 ​ ​
​ ​ ​ 645,000 ​ ​ ​
2.992% due 3/19/25
​ ​ ​ ​ 708,202 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.043% due 3/1/26
​ ​ ​ ​ 556,783 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.294% due 3/19/27
​ ​ ​ ​ 113,769 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.482% due 3/19/30
​ ​ ​ ​ 232,191 ​ ​
See Notes to Financial Statements.
89
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 100,000 ​ ​ ​
3.567% due 3/6/45
​ ​ ​ $ 111,796 ​ ​
​ ​ ​ 51,000 ​ ​ ​
4.327% due 3/19/50
​ ​ ​ ​ 65,140 ​ ​
​ ​ ​ 149,000 ​ ​ ​
3.452% due 4/15/51
​ ​ ​ ​ 166,075 ​ ​
​ ​ ​ 105,000 ​ ​ ​
FTS International Inc., Senior Secured Notes, 6.250% due 5/1/22
​ ​ ​ ​ 36,750 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
Geopark Ltd., Company Guaranteed Notes, 6.500% due 9/21/24
​ ​ ​ ​ 1,354,500 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Gran Tierra Energy Inc., Company Guaranteed Notes, 7.750% due 5/23/27(c)
​ ​ ​ ​ 83,947 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes,
6.250% due 2/15/25
​ ​ ​ ​ 461,709 ​ ​
​ ​ ​ 175,000 ​ ​ ​
Gulfport Energy Corp., Company Guaranteed Notes, 6.375% due 5/15/25
​ ​ ​ ​ 103,250 ​ ​
​ ​ ​ ​ ​ ​ ​ Halliburton Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 620,000 ​ ​ ​
2.920% due 3/1/30
​ ​ ​ ​ 628,454 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.000% due 11/15/45
​ ​ ​ ​ 164,241 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47
​ ​ ​ ​ 113,918 ​ ​
​ ​ ​ ​ ​ ​ ​ Hess Midstream Operations LP, Company Guaranteed Notes: ​ ​
​ ​ ​ 160,000 ​ ​ ​
5.625% due 2/15/26(c)
​ ​ ​ ​ 166,470 ​ ​
​ ​ ​ 145,000 ​ ​ ​
5.125% due 6/15/28(c)
​ ​ ​ ​ 149,077 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 6.250% due
11/1/28(c)
​ ​ ​ ​ 178,600 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Hunt Oil Co. of Peru LLC Sucursal Del Peru, Senior Unsecured Notes, 6.375%
due 6/1/28
​ ​ ​ ​ 200,200 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Indian Oil Corp., Ltd., Senior Unsecured Notes, 5.625% due 8/2/21
​ ​ ​ ​ 619,500 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Indigo Natural Resources LLC, Senior Unsecured Notes, 6.875% due
2/15/26(c)
​ ​ ​ ​ 92,025 ​ ​
​ ​ ​ ​ ​ ​ ​ Kinder Morgan Energy Partners LP, Company Guaranteed Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.250% due 9/1/24
​ ​ ​ ​ 111,518 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.950% due 1/15/38
​ ​ ​ ​ 198,887 ​ ​
​ ​ ​ 75,000 ​ ​ ​
5.000% due 8/15/42
​ ​ ​ ​ 83,543 ​ ​
​ ​ ​ ​ ​ ​ ​ Kinder Morgan Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.300% due 6/1/25
​ ​ ​ ​ 227,041 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.050% due 2/15/46
​ ​ ​ ​ 177,089 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Magellan Midstream Partners LP, Senior Unsecured Notes, 3.950% due 3/1/50
​ ​ ​ ​ 104,994 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Marathon Oil Corp., Senior Unsecured Notes, 5.200% due 6/1/45
​ ​ ​ ​ 49,689 ​ ​
​ ​ ​ ​ ​ ​ ​ Marathon Petroleum Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.700% due 5/1/25
​ ​ ​ ​ 228,303 ​ ​
​ ​ ​ 75,000 ​ ​ ​
6.500% due 3/1/41
​ ​ ​ ​ 95,680 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Medco Bell Pte Ltd., Senior Secured Notes, 6.375% due 1/30/27(c)
​ ​ ​ ​ 282,000 ​ ​
​ ​ ​ 215,000 ​ ​ ​
MEG Energy Corp., Company Guaranteed Notes, 7.125% due 2/1/27(c)
​ ​ ​ ​ 205,706 ​ ​
See Notes to Financial Statements.
90
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 120,000 ​ ​ ​
Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500% due
1/15/26(c)
​ ​ ​ $ 82,200 ​ ​
​ ​ ​ ​ ​ ​ ​ MPLX LP, Senior Unsecured Notes: ​ ​
​ ​ ​ 425,000 ​ ​ ​
1.750% due 3/1/26
​ ​ ​ ​ 424,871 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.125% due 3/1/27
​ ​ ​ ​ 221,221 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.200% due 3/1/47
​ ​ ​ ​ 282,841 ​ ​
​ ​ ​ 105,000 ​ ​ ​
Nabors Industries Ltd., Company Guaranteed Notes, 7.250% due 1/15/26(c)
​ ​ ​ ​ 47,250 ​ ​
​ ​ ​ 90,000 ​ ​ ​
NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed
Notes, 7.500% due 4/15/26
​ ​ ​ ​ 59,850 ​ ​
​ ​ ​ ​ ​ ​ ​ Noble Energy Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.850% due 1/15/28
​ ​ ​ ​ 170,147 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.950% due 8/15/47
​ ​ ​ ​ 130,960 ​ ​
​ ​ ​ 265,000 ​ ​ ​
NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26
​ ​ ​ ​ 277,341 ​ ​
​ ​ ​ ​ ​ ​ ​ Oasis Petroleum Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.875% due 3/15/22
​ ​ ​ ​ 24,297 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.250% due 5/1/26(c)
​ ​ ​ ​ 18,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Occidental Petroleum Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 160,000 ​ ​ ​
2.700% due 8/15/22
​ ​ ​ ​ 157,308 ​ ​
​ ​ ​ 95,000 ​ ​ ​
8.000% due 7/15/25
​ ​ ​ ​ 103,361 ​ ​
​ ​ ​ 275,000 ​ ​ ​
3.500% due 8/15/29
​ ​ ​ ​ 236,500 ​ ​
​ ​ ​ 225,000 ​ ​ ​
6.625% due 9/1/30
​ ​ ​ ​ 231,188 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21
​ ​ ​ ​ 202,975 ​ ​
​ ​ ​ ​ ​ ​ ​ ONEOK Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 7/13/27
​ ​ ​ ​ 104,383 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.200% due 7/15/48
​ ​ ​ ​ 98,126 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.450% due 9/1/49
​ ​ ​ ​ 134,916 ​ ​
​ ​ ​ 400,000 ​ ​ ​
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22
​ ​ ​ ​ 404,088 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Ovintiv Inc., Company Guaranteed Notes, 6.500% due 2/1/38
​ ​ ​ ​ 94,760 ​ ​
​ ​ ​ 260,000 ​ ​ ​
Par Petroleum LLC/Par Petroleum Finance Corp., Senior Secured Notes, 7.750%
due 12/15/25(c)
​ ​ ​ ​ 239,200 ​ ​
​ ​ ​ 205,000 ​ ​ ​
Parkland Corp., Company Guaranteed Notes, 5.875% due 7/15/27(c)
​ ​ ​ ​ 218,838 ​ ​
​ ​ ​ 210,000 ​ ​ ​
Parsley Energy LLC/Parsley Finance Corp., Company Guaranteed Notes, 5.625%
due 10/15/27(c)
​ ​ ​ ​ 217,350 ​ ​
​ ​ ​ 85,000 ​ ​ ​
PBF Holding Co. LLC/PBF Finance Corp., Company Guaranteed Notes, 6.000%
due 2/15/28(c)
​ ​ ​ ​ 71,676 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Peabody Energy Corp., Senior Secured Notes, 6.000% due 3/31/22(c)
​ ​ ​ ​ 62,775 ​ ​
​ ​ ​ 450,000 ​ ​ ​
Pertamina Persero PT, Senior Unsecured Notes, 4.300% due 5/20/23
​ ​ ​ ​ 481,500 ​ ​
See Notes to Financial Statements.
91
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 750,000 ​ ​ ​
Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30
​ ​ ​ $ 575,123 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Petronas Capital Ltd., Company Guaranteed Notes, 3.500% due 4/21/30(c)
​ ​ ​ ​ 226,579 ​ ​
​ ​ ​ ​ ​ ​ ​ Phillips 66, Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.300% due 4/1/22
​ ​ ​ ​ 264,866 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.875% due 11/15/44
​ ​ ​ ​ 181,993 ​ ​
​ ​ ​ ​ ​ ​ ​ Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.500% due 12/15/26
​ ​ ​ ​ 108,996 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.900% due 2/15/45
​ ​ ​ ​ 95,515 ​ ​
​ ​ ​ 200,000 ​ ​ ​
PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 2.587% due
6/10/27(c)
​ ​ ​ ​ 207,583 ​ ​
​ ​ ​ 235,000 ​ ​ ​
QEP Resources Inc., Senior Unsecured Notes, 5.250% due 5/1/23
​ ​ ​ ​ 192,700 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Rattler Midstream LP, Company Guaranteed Notes, 5.625% due 7/15/25(c)
​ ​ ​ ​ 116,325 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Reliance Industries Ltd., Senior Unsecured Notes, 5.400% due 2/14/22
​ ​ ​ ​ 1,586,330 ​ ​
​ ​ ​ ​ ​ ​ ​ Sabine Pass Liquefaction LLC, Senior Secured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.750% due 5/15/24
​ ​ ​ ​ 114,561 ​ ​
​ ​ ​ 620,000 ​ ​ ​
5.000% due 3/15/27
​ ​ ​ ​ 704,598 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.200% due 3/15/28
​ ​ ​ ​ 110,021 ​ ​
​ ​ ​ ​ ​ ​ ​ Shell International Finance BV, Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
1.750% due 9/12/21
​ ​ ​ ​ 253,791 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 9/12/26
​ ​ ​ ​ 273,574 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.875% due 11/13/28
​ ​ ​ ​ 235,631 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.375% due 11/7/29
​ ​ ​ ​ 266,112 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.750% due 4/6/30
​ ​ ​ ​ 219,661 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 5/10/46
​ ​ ​ ​ 118,600 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.750% due 9/12/46
​ ​ ​ ​ 170,557 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
Sinopec Group Overseas Development 2018 Ltd., Company Guaranteed Notes,
2.700% due 5/13/30(c)
​ ​ ​ ​ 1,376,648 ​ ​
​ ​ ​ 305,000 ​ ​ ​
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Company
Guaranteed Notes, 7.500% due 6/15/25(c)
​ ​ ​ ​ 273,356 ​ ​
​ ​ ​ ​ ​ ​ ​ Suncor Energy Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.600% due 12/1/24
​ ​ ​ ​ 165,347 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.500% due 6/15/38
​ ​ ​ ​ 131,304 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Sunoco Logistics Partners Operations LP, Company Guaranteed Notes, 4.250%
due 4/1/24
​ ​ ​ ​ 106,313 ​ ​
​ ​ ​ ​ ​ ​ ​ Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 195,000 ​ ​ ​
5.500% due 2/15/26
​ ​ ​ ​ 200,924 ​ ​
See Notes to Financial Statements.
92
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 105,000 ​ ​ ​
6.000% due 4/15/27
​ ​ ​ $ 111,771 ​ ​
​ ​ ​ ​ ​ ​ ​
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
 ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.500% due 7/15/27
​ ​ ​ ​ 135,000 ​ ​
​ ​ ​ 240,000 ​ ​ ​
4.875% due 2/1/31(c)
​ ​ ​ ​ 241,812 ​ ​
​ ​ ​ 125,000 ​ ​ ​
TerraForm Power Operating LLC, Company Guaranteed Notes, 4.250% due
1/31/23(c)
​ ​ ​ ​ 129,400 ​ ​
​ ​ ​ ​ ​ ​ ​ Total Capital International SA, Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.700% due 1/15/24
​ ​ ​ ​ 551,038 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.750% due 4/10/24
​ ​ ​ ​ 222,280 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.461% due 7/12/49
​ ​ ​ ​ 55,437 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.127% due 5/29/50
​ ​ ​ ​ 157,061 ​ ​
​ ​ ​ 715,000 ​ ​ ​
3.386% due 6/29/60
​ ​ ​ ​ 775,100 ​ ​
​ ​ ​ ​ ​ ​ ​ TransCanada PipeLines Ltd., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.875% due 1/15/26
​ ​ ​ ​ 297,141 ​ ​
​ ​ ​ 75,000 ​ ​ ​
7.625% due 1/15/39
​ ​ ​ ​ 116,966 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.875% due 5/15/48
​ ​ ​ ​ 128,280 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.100% due 3/15/49
​ ​ ​ ​ 132,836 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 7.850% due
2/1/26
​ ​ ​ ​ 326,777 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Transocean Inc., Company Guaranteed Notes, 8.000% due 2/1/27(c)
​ ​ ​ ​ 33,688 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(c)
​ ​ ​ ​ 249,000 ​ ​
​ ​ ​ 110,500 ​ ​ ​
Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(c)
​ ​ ​ ​ 97,240 ​ ​
​ ​ ​ 325,000 ​ ​ ​
USA Compression Partners LP/USA Compression Finance Corp., Company
Guaranteed Notes, 6.875% due 9/1/27
​ ​ ​ ​ 336,375 ​ ​
​ ​ ​ ​ ​ ​ ​ Valero Energy Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 545,000 ​ ​ ​
2.850% due 4/15/25
​ ​ ​ ​ 582,855 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 4/1/29
​ ​ ​ ​ 281,192 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.900% due 3/15/45
​ ​ ​ ​ 88,716 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., Company Guaranteed Notes,
8.750% due 4/15/23(c)
​ ​ ​ ​ 38,400 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Viper Energy Partners LP, Company Guaranteed Notes, 5.375% due 11/1/27(c)
​ ​ ​ ​ 128,750 ​ ​
​ ​ ​ 4,000 ​ ​ ​
Weatherford International Ltd., Company Guaranteed Notes, 11.000% due
12/1/24(c)
​ ​ ​ ​ 2,680 ​ ​
​ ​ ​ ​ ​ ​ ​ Western Midstream Operating LP, Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.100% due 2/1/25
​ ​ ​ ​ 149,643 ​ ​
​ ​ ​ 155,000 ​ ​ ​
5.050% due 2/1/30
​ ​ ​ ​ 158,906 ​ ​
See Notes to Financial Statements.
93
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 240,000 ​ ​ ​
Whiting Petroleum Corp., Company Guaranteed Notes, 6.625% due 1/15/26(f)
​ ​ ​ $ 56,400 ​ ​
​ ​ ​ ​ ​ ​ ​ Williams Cos., Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 415,000 ​ ​ ​
3.750% due 6/15/27
​ ​ ​ ​ 458,075 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.300% due 4/15/40
​ ​ ​ ​ 125,714 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.100% due 9/15/45
​ ​ ​ ​ 174,670 ​ ​
​ ​ ​ ​ ​ ​ ​ WPX Energy Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 155,000 ​ ​ ​
5.250% due 10/15/27
​ ​ ​ ​ 154,179 ​ ​
​ ​ ​ 120,000 ​ ​ ​
5.875% due 6/15/28
​ ​ ​ ​ 121,800 ​ ​
​ ​ ​ 90,000 ​ ​ ​
4.500% due 1/15/30
​ ​ ​ ​ 85,950 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Energy
​ ​ ​ ​ 42,575,540 ​ ​
​ Financial – 5.6% ​
​ ​ ​ ​ ​ ​ ​ AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes: ​
​ ​ ​ 350,000 ​ ​ ​
3.500% due 5/26/22
​ ​ ​ ​ 351,907 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.500% due 7/15/25
​ ​ ​ ​ 217,522 ​ ​
​ ​ ​ 30,000 ​ ​ ​
Aflac Inc., Senior Unsecured Notes, 4.750% due 1/15/49
​ ​ ​ ​ 38,977 ​ ​
​ ​ ​ ​ ​ ​ ​ Air Lease Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 830,000 ​ ​ ​
3.250% due 3/1/25
​ ​ ​ ​ 843,401 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.625% due 4/1/27
​ ​ ​ ​ 252,236 ​ ​
​ ​ ​ ​ ​ ​ ​ Alexandria Real Estate Equities Inc., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.950% due 1/15/28
​ ​ ​ ​ 287,899 ​ ​
​ ​ ​ 1,065,000 ​ ​ ​
1.875% due 2/1/33
​ ​ ​ ​ 1,052,774 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior
Unsecured Notes, 6.750% due 10/15/27(c)
​ ​ ​ ​ 137,800 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Allstate Corp., Senior Unsecured Notes, 4.500% due 6/15/43
​ ​ ​ ​ 128,807 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Ally Financial Inc., Company Guaranteed Notes, 8.000% due 11/1/31
​ ​ ​ ​ 135,848 ​ ​
​ ​ ​ 50,000 ​ ​ ​
American Campus Communities Operating Partnership LP, Company Guaranteed
Notes, 2.850% due 2/1/30
​ ​ ​ ​ 49,907 ​ ​
​ ​ ​ 500,000 ​ ​ ​
American Express Co., Subordinated Notes, 3.625% due 12/5/24
​ ​ ​ ​ 555,609 ​ ​
​ ​ ​ ​ ​ ​ ​ American International Group Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.500% due 6/30/25
​ ​ ​ ​ 213,862 ​ ​
​ ​ ​ 75,000 ​ ​ ​
3.750% due 7/10/25
​ ​ ​ ​ 84,117 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.200% due 4/1/28
​ ​ ​ ​ 291,629 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.400% due 6/30/30
​ ​ ​ ​ 221,450 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.500% due 7/16/44
​ ​ ​ ​ 175,954 ​ ​
​ ​ ​ ​ ​ ​ ​ American Tower Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 1/31/23
​ ​ ​ ​ 106,840 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 6/1/25
​ ​ ​ ​ 113,576 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.800% due 8/15/29
​ ​ ​ ​ 288,836 ​ ​
See Notes to Financial Statements.
94
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 100,000 ​ ​ ​
Aon PLC, Company Guaranteed Notes, 4.750% due 5/15/45
​ ​ ​ $ 131,104 ​ ​
​ ​ ​ 310,000 ​ ​ ​
AssuredPartners Inc., Senior Unsecured Notes, 7.000% due 8/15/25(c)
​ ​ ​ ​ 318,525 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Athene Holding Ltd., Senior Unsecured Notes, 6.150% due 4/3/30
​ ​ ​ ​ 120,866 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Australia & New Zealand Banking Group Ltd., Senior Unsecured Notes, 2.050%
due 11/21/22
​ ​ ​ ​ 259,163 ​ ​
​ ​ ​ 250,000 ​ ​ ​
AvalonBay Communities Inc., Senior Unsecured Notes, 3.300% due 6/1/29
​ ​ ​ ​ 284,011 ​ ​
​ ​ ​ 510,000 ​ ​ ​
Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.250% due
2/15/27(c)
​ ​ ​ ​ 438,150 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22
​ ​ ​ ​ 319,500 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due
4/21/25
​ ​ ​ ​ 313,503 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Banco BTG Pactual SA, Subordinated Notes, 7.750% (5-Year CMT Index +
5.257)% due 2/15/29(b)(c)
​ ​ ​ ​ 416,004 ​ ​
​ ​ ​ ​ ​ ​ ​ Banco de Credito del Peru, Subordinated Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.125% (3-Month USD-LIBOR + 7.043)% due 4/24/27(b)
​ ​ ​ ​ 210,540 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.125% (5-Year CMT Index + 3.000)% due 7/1/30(b)(c)
​ ​ ​ ​ 201,250 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23
​ ​ ​ ​ 809,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Banco Macro SA, Subordinated Notes: ​ ​
​ ​ ​ 650,000 ​ ​ ​
6.750% (5-Year USD Swap Rate + 5.463)% due 11/4/26(b)
​ ​ ​ ​ 559,007 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.750% (5-Year USD Swap Rate + 5.463)% due 11/4/26(b)(c)
​ ​ ​ ​ 172,002 ​ ​
​ ​ ​ ​ ​ ​ ​ Banco Mercantil del Norte SA, Junior Subordinated Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
6.875% (5-Year CMT Index + 5.035)% (b)(d)
​ ​ ​ ​ 504,375 ​ ​
​ ​ ​ 800,000 ​ ​ ​
7.625% (5-Year CMT Index + 5.353)% (b)(d)
​ ​ ​ ​ 814,000 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco Nacional de Panama, Senior Unsecured Notes, 2.500% due 8/11/30(c)
​ ​ ​ ​ 202,000 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco Santander SA, Senior Unsecured Notes, 4.379% due 4/12/28
​ ​ ​ ​ 228,932 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of America Corp.: ​ ​
​ ​ ​ ​ ​ ​ ​ Senior Unsecured Notes: ​ ​
​ ​ ​ 430,000 ​ ​ ​
3.004% (3-Month USD-LIBOR + 0.790)% due 12/20/23(b)
​ ​ ​ ​ 453,170 ​ ​
​ ​ ​ 750,000 ​ ​ ​
3.875% due 8/1/25
​ ​ ​ ​ 856,188 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.366% (3-Month USD-LIBOR + 0.810)% due 1/23/26(b)
​ ​ ​ ​ 549,698 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.015% (3-Month USD-LIBOR + 0.640)% due 2/13/26(b)
​ ​ ​ ​ 104,198 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.419% (3-Month USD-LIBOR + 1.040)% due 12/20/28(b)
​ ​ ​ ​ 279,375 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.974% (3-Month USD-LIBOR + 1.210)% due 2/7/30(b)
​ ​ ​ ​ 291,779 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.496% (3-Month USD-LIBOR + 0.990)% due 2/13/31(b)
​ ​ ​ ​ 210,747 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.592% (SOFR rate + 2.150)% due 4/29/31(b)
​ ​ ​ ​ 212,819 ​ ​
​ ​ ​ 1,340,000 ​ ​ ​
1.898% (SOFR rate + 1.530)% due 7/23/31(b)
​ ​ ​ ​ 1,351,924 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.443% (3-Month USD-LIBOR + 1.990)% due 1/20/48(b)
​ ​ ​ ​ 128,581 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.330% (3-Month USD-LIBOR + 1.520)% due 3/15/50(b)
​ ​ ​ ​ 194,025 ​ ​
See Notes to Financial Statements.
95
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 300,000 ​ ​ ​
4.083% (3-Month USD-LIBOR + 3.150)% due 3/20/51(b)
​ ​ ​ $ 373,462 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 7.750% due 5/14/38
​ ​ ​ ​ 414,246 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Bank of Montreal, Senior Unsecured Notes, 1.850% due 5/1/25
​ ​ ​ ​ 209,991 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of New York Mellon Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.450% due 8/11/23
​ ​ ​ ​ 271,954 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.400% due 1/29/28
​ ​ ​ ​ 290,418 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of Nova Scotia, Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.700% due 3/7/22
​ ​ ​ ​ 519,393 ​ ​
​ ​ ​ 520,000 ​ ​ ​
1.625% due 5/1/23
​ ​ ​ ​ 535,336 ​ ​
​ ​ ​ 520,000 ​ ​ ​
3.400% due 2/11/24
​ ​ ​ ​ 568,262 ​ ​
​ ​ ​ ​ ​ ​ ​ Barclays PLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.610% (3-Month USD-LIBOR + 1.400)% due 2/15/23(b)
​ ​ ​ ​ 210,274 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.852% (3-Month USD-LIBOR + 2.452)% due 5/7/26(b)
​ ​ ​ ​ 211,179 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.950% due 1/10/47
​ ​ ​ ​ 335,455 ​ ​
​ ​ ​ ​ ​ ​ ​ BBVA Bancomer SA, Subordinated Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.350% (5-Year CMT Index + 3.000)% due 11/12/29(b)
​ ​ ​ ​ 198,000 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.125% (5-Year CMT Index + 2.650)% due 1/18/33(b)
​ ​ ​ ​ 192,000 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23
​ ​ ​ ​ 1,030,198 ​ ​
​ ​ ​ ​ ​ ​ ​ Berkshire Hathaway Finance Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.200% due 8/15/48
​ ​ ​ ​ 191,860 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.250% due 1/15/49
​ ​ ​ ​ 64,637 ​ ​
​ ​ ​ ​ ​ ​ ​ Berkshire Hathaway Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.750% due 3/15/23
​ ​ ​ ​ 264,368 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.125% due 3/15/26
​ ​ ​ ​ 280,030 ​ ​
​ ​ ​ ​ ​ ​ ​ Boston Properties LP, Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.200% due 1/15/25
​ ​ ​ ​ 108,686 ​ ​
​ ​ ​ 1,610,000 ​ ​ ​
3.650% due 2/1/26
​ ​ ​ ​ 1,797,039 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.400% due 6/21/29
​ ​ ​ ​ 273,668 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Brighthouse Financial Inc., Senior Unsecured Notes, 3.700% due 6/22/27
​ ​ ​ ​ 105,111 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Brixmor Operating Partnership LP, Senior Unsecured Notes, 3.900% due
3/15/27
​ ​ ​ ​ 104,569 ​ ​
​ ​ ​ ​ ​ ​ ​ Brookfield Finance Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
4.000% due 4/1/24
​ ​ ​ ​ 386,188 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.850% due 3/29/29
​ ​ ​ ​ 59,550 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 3.100% due
4/2/24
​ ​ ​ ​ 270,780 ​ ​
​ ​ ​ ​ ​ ​ ​ Capital One Financial Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.050% due 3/9/22
​ ​ ​ ​ 259,188 ​ ​
See Notes to Financial Statements.
96
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 200,000 ​ ​ ​
3.900% due 1/29/24
​ ​ ​ $ 218,656 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 3/9/27
​ ​ ​ ​ 277,308 ​ ​
​ ​ ​ 125,000 ​ ​ ​
CBRE Services Inc., Company Guaranteed Notes, 5.250% due 3/15/25
​ ​ ​ ​ 144,302 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Charles Schwab Corp., Senior Unsecured Notes, 3.200% due 3/2/27
​ ​ ​ ​ 280,322 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26
​ ​ ​ ​ 285,886 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CIMB Bank Bhd, Senior Unsecured Notes, 1.048% (3-Month USD-LIBOR +
0.780)% due 10/9/24(b)
​ ​ ​ ​ 195,992 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.750% due 4/25/22
​ ​ ​ ​ 518,028 ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.044% (3-Month USD-LIBOR + 1.023)% due 6/1/24(b)
​ ​ ​ ​ 544,244 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.106% (SOFR rate + 2.750)% due 4/8/26(b)
​ ​ ​ ​ 325,486 ​ ​
​ ​ ​ 1,790,000 ​ ​ ​
3.668% (3-Month USD-LIBOR + 1.390)% due 7/24/28(b)
​ ​ ​ ​ 2,020,929 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.980% (3-Month USD-LIBOR + 1.338)% due 3/20/30(b)
​ ​ ​ ​ 232,283 ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.412% (SOFR rate + 3.914)% due 3/31/31(b)
​ ​ ​ ​ 364,346 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.316% (SOFR rate + 4.548)% due 3/26/41(b)
​ ​ ​ ​ 139,487 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.650% due 7/23/48
​ ​ ​ ​ 133,911 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.450% due 9/29/27
​ ​ ​ ​ 290,192 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.300% due 5/6/44
​ ​ ​ ​ 134,130 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.750% due 5/18/46
​ ​ ​ ​ 191,622 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26
​ ​ ​ ​ 275,859 ​ ​
​ ​ ​ 100,000 ​ ​ ​
CME Group Inc., Senior Unsecured Notes, 5.300% due 9/15/43
​ ​ ​ ​ 145,736 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Comerica Inc., Senior Unsecured Notes, 4.000% due 2/1/29
​ ​ ​ ​ 57,660 ​ ​
​ ​ ​ 875,000 ​ ​ ​
Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due
7/12/47(c)
​ ​ ​ ​ 1,074,485 ​ ​
​ ​ ​ ​ ​ ​ ​ Cooperatieve Rabobank UA: ​ ​
​ ​ ​ ​ ​ ​ ​
Company Guaranteed Notes:
 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.375% due 8/4/25
​ ​ ​ ​ 285,067 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 7/21/26
​ ​ ​ ​ 281,828 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Senior Unsecured Notes, 2.750% due 1/10/23
​ ​ ​ ​ 263,671 ​ ​
​ ​ ​ 225,000 ​ ​ ​
Credit Acceptance Corp., Company Guaranteed Notes, 6.625% due 3/15/26
​ ​ ​ ​ 240,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.800% due 6/9/23
​ ​ ​ ​ 324,016 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 3/26/25
​ ​ ​ ​ 276,830 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.550% due 4/17/26
​ ​ ​ ​ 293,183 ​ ​
​ ​ ​ ​ ​ ​ ​ Credito Real SAB de CV SOFOM ER: ​ ​
​ ​ ​ 300,000 ​ ​ ​
Company Guaranteed Notes, 9.500% due 2/7/26(c)
​ ​ ​ ​ 281,250 ​ ​
See Notes to Financial Statements.
97
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 803,000 ​ ​ ​
Junior Subordinated Notes, 9.125% (5-Year CMT Index + 7.026)% (b)(d)
​ ​ ​ $ 632,122 ​ ​
​ ​ ​ ​ ​ ​ ​ Crown Castle International Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.150% due 7/15/23
​ ​ ​ ​ 320,633 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.650% due 9/1/27
​ ​ ​ ​ 113,247 ​ ​
​ ​ ​ 795,000 ​ ​ ​
4.300% due 2/15/29
​ ​ ​ ​ 938,627 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 11/15/49
​ ​ ​ ​ 116,445 ​ ​
​ ​ ​ 50,000 ​ ​ ​
CubeSmart LP, Company Guaranteed Notes, 3.000% due 2/15/30
​ ​ ​ ​ 53,440 ​ ​
​ ​ ​ ​ ​ ​ ​ DBS Group Holdings Ltd.: ​ ​
​ ​ ​ 1,350,000 ​ ​ ​
Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390)% (b)(d)
​ ​ ​ ​ 1,368,562 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Unsecured Notes, 0.865% (3-Month USD-LIBOR + 0.620)% due
7/25/22(b)
​ ​ ​ ​ 201,128 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590)%
due 12/11/28(b)
​ ​ ​ ​ 326,466 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Deutsche Bank AG, Senior Unsecured Notes, 3.950% due 2/27/23
​ ​ ​ ​ 528,271 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Digital Realty Trust LP, Company Guaranteed Notes, 3.600% due 7/1/29
​ ​ ​ ​ 288,752 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27
​ ​ ​ ​ 1,224,561 ​ ​
​ ​ ​ 40,000 ​ ​ ​
Duke Realty LP, Senior Unsecured Notes, 2.875% due 11/15/29
​ ​ ​ ​ 43,912 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Enstar Group Ltd., Senior Unsecured Notes, 4.500% due 3/10/22
​ ​ ​ ​ 209,166 ​ ​
​ ​ ​ ​ ​ ​ ​ Equinix Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 30,000 ​ ​ ​
2.625% due 11/18/24
​ ​ ​ ​ 32,104 ​ ​
​ ​ ​ 35,000 ​ ​ ​
3.200% due 11/18/29
​ ​ ​ ​ 38,609 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.150% due 7/15/30
​ ​ ​ ​ 205,094 ​ ​
​ ​ ​ ​ ​ ​ ​ Equitable Holdings Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.900% due 4/20/23
​ ​ ​ ​ 269,363 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.000% due 4/20/48
​ ​ ​ ​ 59,019 ​ ​
​ ​ ​ 250,000 ​ ​ ​
ERP Operating LP, Senior Unsecured Notes, 3.000% due 7/1/29
​ ​ ​ ​ 277,815 ​ ​
​ ​ ​ 190,000 ​ ​ ​
ESH Hospitality Inc., Company Guaranteed Notes, 5.250% due 5/1/25(c)
​ ​ ​ ​ 192,850 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Essex Portfolio LP, Company Guaranteed Notes, 2.650% due 3/15/32
​ ​ ​ ​ 105,816 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Federal Realty Investment Trust, Senior Unsecured Notes, 3.200% due 6/15/29
​ ​ ​ ​ 158,010 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Fifth Third Bancorp, Senior Unsecured Notes, 3.950% due 3/14/28
​ ​ ​ ​ 294,154 ​ ​
​ ​ ​ 250,000 ​ ​ ​
First Republic Bank, Senior Unsecured Notes, 1.912% (SOFR rate + 0.620)% due
2/12/24(b)
​ ​ ​ ​ 257,362 ​ ​
​ ​ ​ 200,000 ​ ​ ​
GE Capital Funding LLC, Company Guaranteed Notes, 4.400% due 5/15/30(c)
​ ​ ​ ​ 210,807 ​ ​
​ ​ ​ ​ ​ ​ ​ GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.373% due 11/15/25
​ ​ ​ ​ 264,941 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.418% due 11/15/35
​ ​ ​ ​ 206,496 ​ ​
​ ​ ​ ​ ​ ​ ​ Gilex Holding SARL, Senior Secured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
8.500% due 5/2/23(c)
​ ​ ​ ​ 205,002 ​ ​
​ ​ ​ 450,000 ​ ​ ​
8.500% due 5/2/23
​ ​ ​ ​ 461,254 ​ ​
See Notes to Financial Statements.
98
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 195,000 ​ ​ ​
Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% due
9/15/24(c)(e)
​ ​ ​ $ 114,962 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21
​ ​ ​ ​ 1,231,380 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Globe Life Inc., Senior Unsecured Notes, 2.150% due 8/15/30
​ ​ ​ ​ 100,490 ​ ​
​ ​ ​ 150,000 ​ ​ ​
GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due
1/15/29
​ ​ ​ ​ 165,897 ​ ​
​ ​ ​ ​ ​ ​ ​ Goldman Sachs Group Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.350% due 11/15/21
​ ​ ​ ​ 502,016 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.750% due 1/24/22
​ ​ ​ ​ 214,677 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.000% due 4/26/22
​ ​ ​ ​ 508,177 ​ ​
​ ​ ​ 1,645,000 ​ ​ ​
1.450% (3-Month USD-LIBOR + 1.170)% due 5/15/26(b)
​ ​ ​ ​ 1,663,095 ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.223% (3-Month USD-LIBOR + 1.301)% due 5/1/29(b)
​ ​ ​ ​ 352,407 ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.750% due 10/21/45
​ ​ ​ ​ 398,466 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 10/21/25
​ ​ ​ ​ 284,597 ​ ​
​ ​ ​ 175,000 ​ ​ ​
6.750% due 10/1/37
​ ​ ​ ​ 255,668 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.150% due 5/22/45
​ ​ ​ ​ 331,282 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22
​ ​ ​ ​ 410,000 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Hartford Financial Services Group Inc., Senior Unsecured Notes, 3.600% due
8/19/49
​ ​ ​ ​ 111,664 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Healthcare Trust of America Holdings LP, Company Guaranteed Notes, 3.100%
due 2/15/30
​ ​ ​ ​ 105,570 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Healthpeak Properties Inc., Senior Unsecured Notes, 3.500% due 7/15/29
​ ​ ​ ​ 168,223 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Highwoods Realty LP, Senior Unsecured Notes, 3.050% due 2/15/30
​ ​ ​ ​ 103,405 ​ ​
​ ​ ​ ​ ​ ​ ​ Host Hotels & Resorts LP, Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.875% due 4/1/24
​ ​ ​ ​ 103,929 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.375% due 12/15/29
​ ​ ​ ​ 48,570 ​ ​
​ ​ ​ ​ ​ ​ ​ HSBC Holdings PLC: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.262% (3-Month USD-LIBOR + 1.055)% due 3/13/23(b)
​ ​ ​ ​ 519,975 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.600% due 5/25/23
​ ​ ​ ​ 215,043 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.041% (3-Month USD-LIBOR + 1.546)% due 3/13/28(b)
​ ​ ​ ​ 280,971 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.583% (3-Month USD-LIBOR + 1.535)% due 6/19/29(b)
​ ​ ​ ​ 233,487 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.950% due 3/31/30
​ ​ ​ ​ 246,039 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.973% (3-Month USD-LIBOR + 1.610)% due 5/22/30(b)
​ ​ ​ ​ 227,386 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 5.250% due 3/14/44
​ ​ ​ ​ 324,644 ​ ​
See Notes to Financial Statements.
99
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Huntington Bancshares Inc., Senior Unsecured Notes, 2.625% due 8/6/24
​ ​ ​ $ 214,101 ​ ​
​ ​ ​ ​ ​ ​ ​
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
 ​ ​
​ ​ ​ 255,000 ​ ​ ​
6.250% due 5/15/26
​ ​ ​ ​ 272,212 ​ ​
​ ​ ​ 135,000 ​ ​ ​
5.250% due 5/15/27
​ ​ ​ ​ 143,437 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22
​ ​ ​ ​ 311,253 ​ ​
​ ​ ​ ​ ​ ​ ​ ING Groep NV, Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.150% due 3/29/22
​ ​ ​ ​ 520,114 ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.100% due 10/2/23
​ ​ ​ ​ 331,124 ​ ​
​ ​ ​ ​ ​ ​ ​ Intercontinental Exchange Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.100% due 6/15/30
​ ​ ​ ​ 207,052 ​ ​
​ ​ ​ 25,000 ​ ​ ​
4.250% due 9/21/48
​ ​ ​ ​ 31,275 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.000% due 9/15/60
​ ​ ​ ​ 206,588 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Company Guaranteed Notes, 3.750% due 12/1/25
​ ​ ​ ​ 284,501 ​ ​
​ ​ ​ ​ ​ ​ ​ Iron Mountain Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 70,000 ​ ​ ​
4.875% due 9/15/29(c)
​ ​ ​ ​ 72,730 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.500% due 2/15/31(c)
​ ​ ​ ​ 102,687 ​ ​
​ ​ ​ 105,000 ​ ​ ​
iStar Inc., Senior Unsecured Notes, 4.750% due 10/1/24
​ ​ ​ ​ 104,212 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Jefferies Group LLC/Jefferies Group Capital Finance Inc., Senior Unsecured
Notes, 4.850% due 1/15/27
​ ​ ​ ​ 113,491 ​ ​
​ ​ ​ ​ ​ ​ ​ JPMorgan Chase & Co.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 750,000 ​ ​ ​
4.500% due 1/24/22
​ ​ ​ ​ 793,259 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.972% due 1/15/23
​ ​ ​ ​ 258,817 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.207% (3-Month USD-LIBOR + 0.695)% due 4/1/23(b)
​ ​ ​ ​ 312,865 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.005% (SOFR rate + 1.585)% due 3/13/26(b)
​ ​ ​ ​ 104,299 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.083% (SOFR rate + 1.850)% due 4/22/26(b)
​ ​ ​ ​ 104,936 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.782% (3-Month USD-LIBOR + 1.337)% due 2/1/28(b)
​ ​ ​ ​ 286,434 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.509% (3-Month USD-LIBOR + 0.945)% due 1/23/29(b)
​ ​ ​ ​ 282,474 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.005% (3-Month USD-LIBOR + 1.120)% due 4/23/29(b)
​ ​ ​ ​ 291,008 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.522% (SOFR rate + 2.040)% due 4/22/31(b)
​ ​ ​ ​ 107,070 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.882% (3-Month USD-LIBOR + 1.360)% due 7/24/38(b)
​ ​ ​ ​ 299,946 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.109% (SOFR rate + 2.460)% due 4/22/41(b)
​ ​ ​ ​ 110,027 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.400% due 1/6/42
​ ​ ​ ​ 218,742 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.260% (3-Month USD-LIBOR + 1.580)% due 2/22/48(b)
​ ​ ​ ​ 253,143 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.964% (3-Month USD-LIBOR + 1.380)% due 11/15/48(b)
​ ​ ​ ​ 122,730 ​ ​
See Notes to Financial Statements.
100
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 200,000 ​ ​ ​
3.109% (SOFR rate + 2.440)% due 4/22/51(b)
​ ​ ​ $ 215,080 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.875% due 9/10/24
​ ​ ​ ​ 222,789 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.625% due 12/1/27
​ ​ ​ ​ 224,977 ​ ​
​ ​ ​ 250,000 ​ ​ ​
KeyBank NA, Senior Unsecured Notes, 3.375% due 3/7/23
​ ​ ​ ​ 267,453 ​ ​
​ ​ ​ 100,000 ​ ​ ​
KeyCorp, Senior Unsecured Notes, 2.550% due 10/1/29
​ ​ ​ ​ 106,511 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Kilroy Realty LP, Company Guaranteed Notes, 3.050% due 2/15/30
​ ​ ​ ​ 103,902 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Kimco Realty Corp., Senior Unsecured Notes, 3.800% due 4/1/27
​ ​ ​ ​ 218,153 ​ ​
​ ​ ​ ​ ​ ​ ​ Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.500% due 2/15/22
​ ​ ​ ​ 516,510 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.125% due 3/7/22
​ ​ ​ ​ 514,498 ​ ​
​ ​ ​ 500,000 ​ ​ ​
1.750% due 8/22/22
​ ​ ​ ​ 515,155 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.375% due 12/29/22
​ ​ ​ ​ 524,956 ​ ​
​ ​ ​ 200,000 ​ ​ ​
1.625% due 2/15/23
​ ​ ​ ​ 206,835 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.500% due 11/20/24
​ ​ ​ ​ 109,087 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.875% due 4/3/28
​ ​ ​ ​ 291,645 ​ ​
​ ​ ​ ​ ​ ​ ​ Landwirtschaftliche Rentenbank, Government Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.375% due 6/10/25
​ ​ ​ ​ 272,882 ​ ​
​ ​ ​ 75,000 ​ ​ ​
1.750% due 7/27/26
​ ​ ​ ​ 80,220 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Lincoln National Corp., Senior Unsecured Notes, 3.800% due 3/1/28
​ ​ ​ ​ 283,327 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Lloyds Banking Group PLC, Subordinated Notes, 4.344% due 1/9/48
​ ​ ​ ​ 249,111 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Loews Corp., Senior Unsecured Notes, 4.125% due 5/15/43
​ ​ ​ ​ 56,475 ​ ​
​ ​ ​ ​ ​ ​ ​ Macquarie Group Ltd., Senior Unsecured Notes: ​ ​
​ ​ ​ 520,000 ​ ​ ​
3.189% (3-Month USD-LIBOR + 1.023)% due 11/28/23(b)(c)
​ ​ ​ ​ 544,175 ​ ​
​ ​ ​ 1,275,000 ​ ​ ​
4.150% (3-Month USD-LIBOR + 1.330)% due 3/27/24(b)(c)
​ ​ ​ ​ 1,371,545 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542)% due 10/29/26(b)
​ ​ ​ ​ 1,326,975 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Manulife Financial Corp., Subordinated Notes, 4.061% (5-Year USD 1100 Run
ICE Swap Rate + 1.647)% due 2/24/32(b)
​ ​ ​ ​ 266,855 ​ ​
​ ​ ​ ​ ​ ​ ​ Markel Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 95,000 ​ ​ ​
3.350% due 9/17/29
​ ​ ​ ​ 103,829 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.000% due 5/20/49
​ ​ ​ ​ 65,438 ​ ​
​ ​ ​ ​ ​ ​ ​ Marsh & McLennan Cos., Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.875% due 3/15/24
​ ​ ​ ​ 110,775 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.900% due 3/15/49
​ ​ ​ ​ 140,395 ​ ​
​ ​ ​ 815,000 ​ ​ ​
Massachusetts Mutual Life Insurance Co., Subordinated Notes, 3.375% due
4/15/50(c)
​ ​ ​ ​ 842,323 ​ ​
​ ​ ​ ​ ​ ​ ​ Mastercard Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.350% due 3/26/30
​ ​ ​ ​ 234,551 ​ ​
See Notes to Financial Statements.
101
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 100,000 ​ ​ ​
3.950% due 2/26/48
​ ​ ​ $ 125,049 ​ ​
​ ​ ​ ​ ​ ​ ​ MetLife Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.600% due 4/10/24
​ ​ ​ ​ 111,257 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.600% due 5/13/46
​ ​ ​ ​ 327,678 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Mexarrend SAPI de CV, Senior Unsecured Notes, 10.250% due 7/24/24(c)
​ ​ ​ ​ 376,250 ​ ​
​ ​ ​ 235,000 ​ ​ ​
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc.,
Company Guaranteed Notes, 5.750% due 2/1/27
 ​ ​ ​ ​ 259,969 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Mid-America Apartments LP, Senior Unsecured Notes, 3.750% due 6/15/24
​ ​ ​ ​ 271,821 ​ ​
​ ​ ​ ​ ​ ​ ​ Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.998% due 2/22/22
​ ​ ​ ​ 518,786 ​ ​
​ ​ ​ 900,000 ​ ​ ​
0.981% (3-Month USD-LIBOR + 0.740)% due 3/2/23(b)
​ ​ ​ ​ 902,954 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.407% due 3/7/24
​ ​ ​ ​ 217,903 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.741% due 3/7/29
​ ​ ​ ​ 288,223 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.195% due 7/18/29
​ ​ ​ ​ 222,078 ​ ​
​ ​ ​ ​ ​ ​ ​ Mizuho Financial Group Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.953% due 2/28/22
​ ​ ​ ​ 259,090 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.663% due 2/28/27
​ ​ ​ ​ 281,673 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.625% due 11/17/21
​ ​ ​ ​ 513,476 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.125% due 1/23/23
​ ​ ​ ​ 530,126 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
3.737% (3-Month USD-LIBOR + 0.847)% due 4/24/24(b)
​ ​ ​ ​ 1,728,733 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.188% (SOFR rate + 1.990)% due 4/28/26(b)
​ ​ ​ ​ 105,195 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.591% (3-Month USD-LIBOR + 1.340)% due 7/22/28(b)
​ ​ ​ ​ 282,311 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.772% (3-Month USD-LIBOR + 1.140)% due 1/24/29(b)
​ ​ ​ ​ 172,284 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.622% (SOFR rate + 3.120)% due 4/1/31(b)
​ ​ ​ ​ 116,132 ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.375% due 7/24/42
​ ​ ​ ​ 395,717 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.597% (SOFR rate + 4.840)% due 3/24/51(b)
​ ​ ​ ​ 153,677 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 4.350% due 9/8/26
​ ​ ​ ​ 291,847 ​ ​
​ ​ ​ 260,000 ​ ​ ​
MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes,
5.000% due 10/15/27
​ ​ ​ ​ 274,950 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22
​ ​ ​ ​ 305,253 ​ ​
​ ​ ​ 250,000 ​ ​ ​
National Australia Bank Ltd., Senior Unsecured Notes, 3.375% due 1/14/26
​ ​ ​ ​ 283,036 ​ ​
​ ​ ​ 100,000 ​ ​ ​
National Retail Properties Inc., Senior Unsecured Notes, 2.500% due 4/15/30
​ ​ ​ ​ 98,219 ​ ​
​ ​ ​ ​ ​ ​ ​ Nationstar Mortgage Holdings Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 30,000 ​ ​ ​
6.000% due 1/15/27(c)
​ ​ ​ ​ 31,809 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.500% due 8/15/28(c)
​ ​ ​ ​ 157,762 ​ ​
See Notes to Financial Statements.
102
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ ​ ​ ​ ​ ​ Natwest Group PLC, Senior Unsecured Notes: ​ ​
​ ​ $ 200,000 ​ ​ ​
3.875% due 9/12/23
​ ​ ​ $ 217,018 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.892% (3-Month USD-LIBOR + 1.754)% due 5/18/29(b)
​ ​ ​ ​ 297,471 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.445% (3-Month USD-LIBOR + 1.871)% due 5/8/30(b)
​ ​ ​ ​ 234,962 ​ ​
​ ​ ​ ​ ​ ​ ​ Navient Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
6.500% due 6/15/22
​ ​ ​ ​ 312,750 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.000% due 3/15/27
​ ​ ​ ​ 96,586 ​ ​
​ ​ ​ ​ ​ ​ ​ NFP Corp.: ​ ​
​ ​ ​ 20,000 ​ ​ ​
Senior Secured Notes, 7.000% due 5/15/25(c)
​ ​ ​ ​ 21,500 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Senior Unsecured Notes, 6.875% due 8/15/28(c)
​ ​ ​ ​ 141,156 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Nomura Holdings Inc., Senior Unsecured Notes, 2.679% due 7/16/30
​ ​ ​ ​ 207,591 ​ ​
​ ​ ​ 400,000 ​ ​ ​
NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(c)
​ ​ ​ ​ 401,854 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Northern Trust Corp., Subordinated Notes, 3.950% due 10/30/25
​ ​ ​ ​ 231,894 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
Nuveen Finance LLC, Senior Unsecured Notes, 4.125% due 11/1/24(c)
​ ​ ​ ​ 1,418,047 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 1.500% due
2/12/25
​ ​ ​ ​ 523,534 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Omega Healthcare Investors Inc., Company Guaranteed Notes, 4.500% due
4/1/27
​ ​ ​ ​ 106,010 ​ ​
​ ​ ​ ​ ​ ​ ​ OneMain Finance Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 115,000 ​ ​ ​
7.125% due 3/15/26
​ ​ ​ ​ 131,962 ​ ​
​ ​ ​ 40,000 ​ ​ ​
6.625% due 1/15/28
​ ​ ​ ​ 45,660 ​ ​
​ ​ ​ 90,000 ​ ​ ​
5.375% due 11/15/29
​ ​ ​ ​ 95,737 ​ ​
​ ​ ​ 450,000 ​ ​ ​
Operadora de Servicios Mega SA de CV Sofom ER, Senior Unsecured Notes,
8.250% due 2/11/25(c)
​ ​ ​ ​ 396,000 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 4.250% due
6/19/24
​ ​ ​ ​ 879,406 ​ ​
​ ​ ​ 500,000 ​ ​ ​
PNC Bank NA, Senior Unsecured Notes, 2.625% due 2/17/22
​ ​ ​ ​ 515,742 ​ ​
​ ​ ​ ​ ​ ​ ​ PNC Financial Services Group Inc.: ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Unsecured Notes, 2.550% due 1/22/30
​ ​ ​ ​ 217,221 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Subordinated Notes, 3.900% due 4/29/24
​ ​ ​ ​ 166,221 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Principal Financial Group Inc., Company Guaranteed Notes, 3.700% due
5/15/29
​ ​ ​ ​ 291,116 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Progressive Corp., Senior Unsecured Notes, 4.125% due 4/15/47
​ ​ ​ ​ 161,375 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Prologis LP, Senior Unsecured Notes, 2.250% due 4/15/30
​ ​ ​ ​ 106,473 ​ ​
​ ​ ​ ​ ​ ​ ​ Prudential Financial Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 143,000 ​ ​ ​
3.935% due 12/7/49
​ ​ ​ ​ 162,516 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.700% due 3/13/51
​ ​ ​ ​ 111,303 ​ ​
See Notes to Financial Statements.
103
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 250,000 ​ ​ ​
Junior Subordinated Notes, 5.625% (3-Month USD-LIBOR + 3.920)% due
6/15/43(b)
​ ​ ​ $ 268,384 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Radiant Access Ltd., Company Guaranteed Notes, 4.600%(d)
​ ​ ​ ​ 1,496,250 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Realogy Group LLC/Realogy Co.-Issuer Corp., Secured Notes, 7.625% due
6/15/25(c)
​ ​ ​ ​ 78,890 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Regency Centers LP, Company Guaranteed Notes, 4.400% due 2/1/47
​ ​ ​ ​ 84,464 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Regions Financial Corp., Senior Unsecured Notes, 3.800% due 8/14/23
​ ​ ​ ​ 218,112 ​ ​
​ ​ ​ ​ ​ ​ ​ Royal Bank of Canada: ​ ​
​ ​ ​ 1,995,000 ​ ​ ​
Senior Unsecured Notes, 2.550% due 7/16/24
​ ​ ​ ​ 2,144,686 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 4.650% due 1/27/26
​ ​ ​ ​ 296,036 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26
​ ​ ​ ​ 217,792 ​ ​
​ ​ ​ ​ ​ ​ ​ Santander Holdings USA Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.700% due 3/28/22
​ ​ ​ ​ 259,711 ​ ​
​ ​ ​ 835,000 ​ ​ ​
3.400% due 1/18/23
​ ​ ​ ​ 876,037 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.500% due 6/7/24
​ ​ ​ ​ 215,146 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Santander UK Group Holdings PLC, Senior Unsecured Notes, 3.373% (3-Month
USD-LIBOR + 1.080)% due 1/5/24(b)
​ ​ ​ ​ 263,035 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
SBA Tower Trust, Asset Backed, 3.168% due 4/11/22(c)
​ ​ ​ ​ 1,518,926 ​ ​
​ ​ ​ ​ ​ ​ ​ Simon Property Group LP, Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.375% due 10/1/24
​ ​ ​ ​ 108,483 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.450% due 9/13/29
​ ​ ​ ​ 99,981 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.250% due 11/30/46
​ ​ ​ ​ 55,266 ​ ​
​ ​ ​ 65,000 ​ ​ ​
3.250% due 9/13/49
​ ​ ​ ​ 60,791 ​ ​
​ ​ ​ ​ ​ ​ ​ SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 697,533 ​ ​ ​
zero coupon, due 12/5/22(c)
​ ​ ​ ​ 676,614 ​ ​
​ ​ ​ 507,297 ​ ​ ​
zero coupon, due 12/5/22
​ ​ ​ ​ 492,083 ​ ​
​ ​ ​ 200,000 ​ ​ ​
State Street Corp., Senior Unsecured Notes, 2.400% due 1/24/30
​ ​ ​ ​ 217,032 ​ ​
​ ​ ​ ​ ​ ​ ​ Sumitomo Mitsui Financial Group Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.778% due 10/18/22
​ ​ ​ ​ 261,821 ​ ​
​ ​ ​ 630,000 ​ ​ ​
1.013% (3-Month USD-LIBOR + 0.740)% due 1/17/23(b)
​ ​ ​ ​ 632,416 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.102% due 1/17/23
​ ​ ​ ​ 265,102 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.448% due 9/27/24
​ ​ ​ ​ 212,795 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.632% due 7/14/26
​ ​ ​ ​ 108,637 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 3.202% due 9/17/29
​ ​ ​ ​ 271,262 ​ ​
​ ​ ​ 200,000 ​ ​ ​
SURA Asset Management SA, Company Guaranteed Notes, 4.875% due
4/17/24
​ ​ ​ ​ 218,244 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Synchrony Bank, Senior Unsecured Notes, 3.000% due 6/15/22
​ ​ ​ ​ 361,743 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 3/11/24
​ ​ ​ ​ 272,675 ​ ​
See Notes to Financial Statements.
104
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ ​ ​ ​ ​ ​ Travelers Cos., Inc., Senior Unsecured Notes: ​ ​
​ ​ $ 125,000 ​ ​ ​
5.350% due 11/1/40
​ ​ ​ $ 174,645 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.100% due 3/4/49
​ ​ ​ ​ 124,882 ​ ​
​ ​ ​ ​ ​ ​ ​ Truist Bank: ​ ​
​ ​ ​ 250,000 ​ ​ ​
Senior Unsecured Notes, 3.200% due 4/1/24
​ ​ ​ ​ 272,968 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 2.636% (5-Year CMT Index + 1.150)% due 9/17/29(b)
​ ​ ​ ​ 258,695 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Truist Financial Corp., Senior Unsecured Notes, 2.750% due 4/1/22
​ ​ ​ ​ 518,169 ​ ​
​ ​ ​ 100,000 ​ ​ ​
UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30
​ ​ ​ ​ 111,092 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
Unifin Financiera SAB de CV, Junior Subordinated Notes, 8.875% (5-Year CMT
Index + 6.308)%(b)(d)
​ ​ ​ ​ 1,130,500 ​ ​
​ ​ ​ ​ ​ ​ ​ United Overseas Bank Ltd.: ​ ​
​ ​ ​ 300,000 ​ ​ ​
Junior Subordinated Notes, 3.875% (5-Year USD Swap Rate + 1.794)%(b)(d)
​ ​ ​ ​ 306,000 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236)% due
9/16/26(b)
​ ​ ​ ​ 1,020,740 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Unum Group, Senior Unsecured Notes, 4.000% due 6/15/29
​ ​ ​ ​ 109,290 ​ ​
​ ​ ​ ​ ​ ​ ​ US Bancorp, Senior Unsecured Notes: ​ ​
​ ​ ​ 750,000 ​ ​ ​
2.625% due 1/24/22
​ ​ ​ ​ 773,385 ​ ​
​ ​ ​ 400,000 ​ ​ ​
1.375% due 7/22/30
​ ​ ​ ​ 396,035 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Ventas Realty LP, Company Guaranteed Notes, 4.375% due 2/1/45
​ ​ ​ ​ 103,118 ​ ​
​ ​ ​ 200,000 ​ ​ ​
VEREIT Operating Partnership LP, Company Guaranteed Notes, 3.400% due
1/15/28
​ ​ ​ ​ 206,984 ​ ​
​ ​ ​ ​ ​ ​ ​ VICI Properties LP/VICI Note Co., Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 25,000 ​ ​ ​
3.750% due 2/15/27(c)
​ ​ ​ ​ 24,937 ​ ​
​ ​ ​ 125,000 ​ ​ ​
4.125% due 8/15/30(c)
​ ​ ​ ​ 125,275 ​ ​
​ ​ ​ ​ ​ ​ ​ Visa Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 650,000 ​ ​ ​
2.800% due 12/14/22
​ ​ ​ ​ 685,850 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.050% due 4/15/30
​ ​ ​ ​ 212,533 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.150% due 12/14/35
​ ​ ​ ​ 129,727 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.300% due 12/14/45
​ ​ ​ ​ 132,455 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Voya Financial Inc., Company Guaranteed Notes, 3.650% due 6/15/26
​ ​ ​ ​ 226,312 ​ ​
​ ​ ​ ​ ​ ​ ​ Wells Fargo & Co.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 550,000 ​ ​ ​
2.625% due 7/22/22
​ ​ ​ ​ 572,145 ​ ​
​ ​ ​ 1,060,000 ​ ​ ​
3.069% due 1/24/23
​ ​ ​ ​ 1,096,601 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.000% due 4/22/26
​ ​ ​ ​ 274,155 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.000% due 10/23/26
​ ​ ​ ​ 220,664 ​ ​
​ ​ ​ 1,125,000 ​ ​ ​
3.584% (3-Month USD-LIBOR + 1.310)% due 5/22/28(b)
​ ​ ​ ​ 1,260,209 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.150% due 1/24/29
​ ​ ​ ​ 294,710 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.013% (3-Month USD-LIBOR + 4.240)% due 4/4/51(b)
​ ​ ​ ​ 272,270 ​ ​
See Notes to Financial Statements.
105
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​
​ ​ $ 500,000 ​ ​ ​
3.450% due 2/13/23
​ ​ ​ $ 531,570 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.900% due 11/17/45
​ ​ ​ ​ 254,220 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.400% due 6/14/46
​ ​ ​ ​ 298,526 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.750% due 12/7/46
​ ​ ​ ​ 315,248 ​ ​
​ ​ ​ 1,670,000 ​ ​ ​
Welltower Inc., Senior Unsecured Notes, 4.125% due 3/15/29
​ ​ ​ ​ 1,875,683 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Western Union Co., Senior Unsecured Notes, 3.600% due 3/15/22
​ ​ ​ ​ 260,277 ​ ​
​ ​ ​ ​ ​ ​ ​ Westpac Banking Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.650% due 5/15/23
​ ​ ​ ​ 271,272 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.350% due 2/19/25
​ ​ ​ ​ 213,771 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.350% due 3/8/27
​ ​ ​ ​ 286,980 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.650% due 1/16/30
​ ​ ​ ​ 110,820 ​ ​
​ ​ ​ 75,000 ​ ​ ​
WeWork Cos., Inc., Company Guaranteed Notes, 7.875% due 5/1/25(c)
​ ​ ​ ​ 49,875 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Weyerhaeuser Co., Senior Unsecured Notes, 4.625% due 9/15/23
​ ​ ​ ​ 278,374 ​ ​
​ ​ ​ ​ ​ ​ ​ Willis North America Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.500% due 9/15/28
​ ​ ​ ​ 59,551 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.950% due 9/15/29
​ ​ ​ ​ 108,251 ​ ​
​ ​ ​ 745,000 ​ ​ ​
3.875% due 9/15/49
​ ​ ​ ​ 856,167 ​ ​
​ ​ ​ 55,000 ​ ​ ​
XHR LP, Senior Secured Notes, 6.375% due 8/15/25(c)
​ ​ ​ ​ 56,444 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Zions Bancorp NA, Subordinated Notes, 3.250% due 10/29/29
​ ​ ​ ​ 249,899 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Financial
​ ​ ​ ​ 117,837,741 ​ ​
​ Government – 0.4% ​
​ ​ ​ 250,000 ​ ​ ​
African Development Bank, Senior Unsecured Notes, 1.625% due 9/16/22
​ ​ ​ ​ 257,153 ​ ​
​ ​ ​ ​ ​ ​ ​ Asian Development Bank, Senior Unsecured Notes: ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
2.000% due 2/16/22
​ ​ ​ ​ 1,537,816 ​ ​
​ ​ ​ 500,000 ​ ​ ​
1.875% due 1/24/30
​ ​ ​ ​ 546,208 ​ ​
​ ​ ​ ​ ​ ​ ​ European Investment Bank, Senior Unsecured Notes: ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
2.625% due 5/20/22
​ ​ ​ ​ 1,457,561 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.250% due 1/29/24
​ ​ ​ ​ 550,292 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.625% due 3/15/24
​ ​ ​ ​ 270,573 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.250% due 6/24/24
​ ​ ​ ​ 537,121 ​ ​
​ ​ ​ ​ ​ ​ ​ Inter-American Development Bank, Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
0.500% due 5/24/23
​ ​ ​ ​ 201,345 ​ ​
​ ​ ​ 500,000 ​ ​ ​
0.875% due 4/3/25
​ ​ ​ ​ 510,410 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.375% due 7/7/27
​ ​ ​ ​ 556,450 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.375% due 1/24/44
​ ​ ​ ​ 305,140 ​ ​
​ ​ ​ 500,000 ​ ​ ​
International Finance Corp., Senior Unsecured Notes, 2.875% due 7/31/23
​ ​ ​ ​ 537,845 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25
​ ​ ​ ​ 324,138 ​ ​
See Notes to Financial Statements.
106
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Government – (continued) ​
​ ​ $ 500,000 ​ ​ ​
Svensk Exportkredit AB, Senior Unsecured Notes, 2.375% due 3/9/22
​ ​ ​ $ 515,555 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Government
​ ​ ​ ​ 8,107,607 ​ ​
​ Industrial – 1.5% ​
​ ​ ​ ​ ​ ​ ​ 3M Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.750% due 3/1/22
​ ​ ​ ​ 259,225 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.375% due 3/1/29
​ ​ ​ ​ 287,554 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.250% due 8/26/49
​ ​ ​ ​ 113,245 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Advanced Drainage Systems Inc., Company Guaranteed Notes, 5.000% due
9/30/27(c)
​ ​ ​ ​ 135,574 ​ ​
​ ​ ​ 255,000 ​ ​ ​
AECOM, Company Guaranteed Notes, 5.125% due 3/15/27
​ ​ ​ ​ 279,620 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Agilent Technologies Inc., Senior Unsecured Notes, 2.750% due 9/15/29
​ ​ ​ ​ 70,301 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Allegion PLC, Company Guaranteed Notes, 3.500% due 10/1/29
​ ​ ​ ​ 108,883 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Amphenol Corp., Senior Unsecured Notes, 2.800% due 2/15/30
​ ​ ​ ​ 109,565 ​ ​
​ ​ ​ 615,000 ​ ​ ​
Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28
​ ​ ​ ​ 672,417 ​ ​
​ ​ ​ 230,000 ​ ​ ​
Berry Global Inc., Secured Notes, 5.625% due 7/15/27(c)
​ ​ ​ ​ 243,225 ​ ​
​ ​ ​ ​ ​ ​ ​ Boeing Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.125% due 3/1/22
​ ​ ​ ​ 503,869 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.875% due 5/1/25
​ ​ ​ ​ 217,556 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.200% due 3/1/29
​ ​ ​ ​ 99,095 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.150% due 5/1/30
​ ​ ​ ​ 223,933 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.705% due 5/1/40
​ ​ ​ ​ 115,943 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.650% due 3/1/47
​ ​ ​ ​ 215,602 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.805% due 5/1/50
​ ​ ​ ​ 298,652 ​ ​
​ ​ ​ ​ ​ ​ ​ Bombardier Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 105,000 ​ ​ ​
6.000% due 10/15/22(c)
​ ​ ​ ​ 89,250 ​ ​
​ ​ ​ 110,000 ​ ​ ​
7.875% due 4/15/27(c)
​ ​ ​ ​ 79,717 ​ ​
​ ​ ​ ​ ​ ​ ​ Builders FirstSource Inc.: ​ ​
​ ​ ​ 140,000 ​ ​ ​
Company Guaranteed Notes, 5.000% due 3/1/30(c)
​ ​ ​ ​ 149,450 ​ ​
​ ​ ​ 64,000 ​ ​ ​
Senior Secured Notes, 6.750% due 6/1/27(c)
​ ​ ​ ​ 69,760 ​ ​
​ ​ ​ ​ ​ ​ ​ Burlington Northern Santa Fe LLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.250% due 6/15/27
​ ​ ​ ​ 170,722 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.150% due 4/1/45
​ ​ ​ ​ 126,025 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.125% due 6/15/47
​ ​ ​ ​ 313,750 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.550% due 2/15/50
​ ​ ​ ​ 118,662 ​ ​
​ ​ ​ 95,000 ​ ​ ​
BWX Technologies Inc., Company Guaranteed Notes, 4.125% due 6/30/28(c)
​ ​ ​ ​ 99,037 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Canadian National Railway Co., Senior Unsecured Notes, 4.450% due 1/20/49
​ ​ ​ ​ 137,026 ​ ​
​ ​ ​ ​ ​ ​ ​ Canadian Pacific Railway Co.: ​ ​
​ ​ ​ 250,000 ​ ​ ​
Company Guaranteed Notes, 4.000% due 6/1/28
​ ​ ​ ​ 294,627 ​ ​
See Notes to Financial Statements.
107
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ $ 100,000 ​ ​ ​
Senior Unsecured Notes, 2.900% due 2/1/25
​ ​ ​ $ 109,153 ​ ​
​ ​ ​ 660,000 ​ ​ ​
Carrier Global Corp., Senior Unsecured Notes, 3.577% due 4/5/50(c)
​ ​ ​ ​ 699,291 ​ ​
​ ​ ​ ​ ​ ​ ​ Caterpillar Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 1,510,000 ​ ​ ​
3.400% due 5/15/24
​ ​ ​ ​ 1,658,102 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.600% due 9/19/29
​ ​ ​ ​ 274,440 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.803% due 8/15/42
​ ​ ​ ​ 122,465 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.250% due 4/9/50
​ ​ ​ ​ 112,168 ​ ​
​ ​ ​ ​ ​ ​ ​ Clean Harbors Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.875% due 7/15/27(c)
​ ​ ​ ​ 262,280 ​ ​
​ ​ ​ 45,000 ​ ​ ​
5.125% due 7/15/29(c)
​ ​ ​ ​ 49,424 ​ ​
​ ​ ​ 270,000 ​ ​ ​
Colfax Corp., Company Guaranteed Notes, 6.375% due 2/15/26(c)
​ ​ ​ ​ 290,250 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Crown Americas LLC/Crown Americas Capital Corp. IV, Company Guaranteed
Notes, 4.500% due 1/15/23
​ ​ ​ ​ 141,753 ​ ​
​ ​ ​ ​ ​ ​ ​ CSX Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.600% due 11/1/26
​ ​ ​ ​ 274,337 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.300% due 3/1/48
​ ​ ​ ​ 126,045 ​ ​
​ ​ ​ 745,000 ​ ​ ​
3.350% due 9/15/49
​ ​ ​ ​ 833,647 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.500% due 8/1/54
​ ​ ​ ​ 262,123 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Deere & Co., Senior Unsecured Notes, 3.750% due 4/15/50
​ ​ ​ ​ 122,694 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Eaton Corp., Company Guaranteed Notes, 4.150% due 11/2/42
​ ​ ​ ​ 124,562 ​ ​
​ ​ ​ 165,000 ​ ​ ​
Energizer Holdings Inc., Company Guaranteed Notes, 7.750% due 1/15/27(c)
​ ​ ​ ​ 180,722 ​ ​
​ ​ ​ ​ ​ ​ ​ FedEx Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.400% due 1/14/22
​ ​ ​ ​ 312,023 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.300% due 3/15/27
​ ​ ​ ​ 110,338 ​ ​
​ ​ ​ 310,000 ​ ​ ​
4.750% due 11/15/45
​ ​ ​ ​ 376,921 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.400% due 1/15/47
​ ​ ​ ​ 229,945 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.250% due 5/15/50
​ ​ ​ ​ 131,561 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35
​ ​ ​ ​ 230,600 ​ ​
​ ​ ​ 225,000 ​ ​ ​
Flex Acquisition Co., Inc., Senior Unsecured Notes, 6.875% due 1/15/25(c)
​ ​ ​ ​ 229,342 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Fortune Brands Home & Security Inc., Senior Unsecured Notes, 3.250% due
9/15/29
​ ​ ​ ​ 111,566 ​ ​
​ ​ ​ 265,000 ​ ​ ​
frontdoor Inc., Company Guaranteed Notes, 6.750% due 8/15/26(c)
​ ​ ​ ​ 284,875 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Gates Global LLC/Gates Corp., Company Guaranteed Notes, 6.250% due
1/15/26(c)
​ ​ ​ ​ 164,800 ​ ​
​ ​ ​ 100,000 ​ ​ ​
GATX Corp., Senior Unsecured Notes, 3.850% due 3/30/27
​ ​ ​ ​ 108,336 ​ ​
​ ​ ​ ​ ​ ​ ​ General Dynamics Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.625% due 4/1/30
​ ​ ​ ​ 118,595 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.250% due 4/1/40
​ ​ ​ ​ 125,418 ​ ​
See Notes to Financial Statements.
108
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ ​ ​ ​ ​ ​ General Electric Co., Senior Unsecured Notes: ​ ​
​ ​ $ 200,000 ​ ​ ​
3.450% due 5/1/27
​ ​ ​ $ 212,335 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.625% due 5/1/30
​ ​ ​ ​ 102,948 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.750% due 3/15/32
​ ​ ​ ​ 250,496 ​ ​
​ ​ ​ 430,000 ​ ​ ​
5.875% due 1/14/38
​ ​ ​ ​ 496,568 ​ ​
​ ​ ​ 12,000 ​ ​ ​
4.125% due 10/9/42
​ ​ ​ ​ 12,035 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.350% due 5/1/50
​ ​ ​ ​ 101,606 ​ ​
​ ​ ​ ​ ​ ​ ​ GFL Environmental Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Secured Notes:
 ​ ​
​ ​ ​ 65,000 ​ ​ ​
4.250% due 6/1/25(c)
​ ​ ​ ​ 66,219 ​ ​
​ ​ ​ 105,000 ​ ​ ​
3.750% due 8/1/25(c)
​ ​ ​ ​ 105,651 ​ ​
​ ​ ​ 160,000 ​ ​ ​
5.125% due 12/15/26(c)
​ ​ ​ ​ 168,934 ​ ​
​ ​ ​ 54,000 ​ ​ ​
Senior Unsecured Notes, 8.500% due 5/1/27(c)
​ ​ ​ ​ 58,745 ​ ​
​ ​ ​ 310,000 ​ ​ ​
Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28
​ ​ ​ ​ 328,987 ​ ​
​ ​ ​ 85,000 ​ ​ ​
Hillman Group Inc., Company Guaranteed Notes, 6.375% due 7/15/22(c)
​ ​ ​ ​ 83,300 ​ ​
​ ​ ​ ​ ​ ​ ​ Honeywell International Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
1.850% due 11/1/21
​ ​ ​ ​ 508,304 ​ ​
​ ​ ​ 75,000 ​ ​ ​
2.500% due 11/1/26
​ ​ ​ ​ 82,578 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.800% due 6/1/50
​ ​ ​ ​ 108,056 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Howmet Aerospace Inc., Senior Unsecured Notes, 6.875% due 5/1/25
​ ​ ​ ​ 114,264 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Illinois Tool Works Inc., Senior Unsecured Notes, 2.650% due 11/15/26
​ ​ ​ ​ 111,403 ​ ​
​ ​ ​ 20,000 ​ ​ ​
Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co.-Issuer LLC,
Senior Secured Notes, 6.000% due 9/15/28(c)
​ ​ ​ ​ 20,400 ​ ​
​ ​ ​ 240,000 ​ ​ ​
Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(c)
​ ​ ​ ​ 241,200 ​ ​
​ ​ ​ ​ ​ ​ ​ John Deere Capital Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.950% due 4/1/22
​ ​ ​ ​ 520,761 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.250% due 9/14/26
​ ​ ​ ​ 108,540 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.800% due 9/8/27
​ ​ ​ ​ 278,868 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Johnson Controls International PLC, Senior Unsecured Notes, 4.500% due
2/15/47
​ ​ ​ ​ 120,075 ​ ​
​ ​ ​ ​ ​ ​ ​ Kansas City Southern, Company Guaranteed Notes: ​ ​
​ ​ ​ 60,000 ​ ​ ​
2.875% due 11/15/29
​ ​ ​ ​ 62,270 ​ ​
​ ​ ​ 75,000 ​ ​ ​
3.500% due 5/1/50
​ ​ ​ ​ 77,125 ​ ​
​ ​ ​ 30,000 ​ ​ ​
Kenan Advantage Group Inc., Senior Unsecured Notes, 7.875% due 7/31/23(c)
​ ​ ​ ​ 28,569 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Kratos Defense & Security Solutions Inc., Senior Secured Notes, 6.500% due
11/30/25(c)
​ ​ ​ ​ 168,000 ​ ​
​ ​ ​ 250,000 ​ ​ ​
L3Harris Technologies Inc., Senior Unsecured Notes, 4.400% due 6/15/28
​ ​ ​ ​ 298,133 ​ ​
​ ​ ​ ​ ​ ​ ​ Lockheed Martin Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.550% due 1/15/26
​ ​ ​ ​ 285,360 ​ ​
See Notes to Financial Statements.
109
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ $ 150,000 ​ ​ ​
4.700% due 5/15/46
​ ​ ​ $ 204,463 ​ ​
​ ​ ​ 155,000 ​ ​ ​
Masonite International Corp., Company Guaranteed Notes, 5.750% due
9/15/26(c)
​ ​ ​ ​ 162,728 ​ ​
​ ​ ​ ​ ​ ​ ​ Norfolk Southern Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.900% due 6/15/26
​ ​ ​ ​ 277,666 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.800% due 8/1/28
​ ​ ​ ​ 295,882 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.400% due 11/1/49
​ ​ ​ ​ 110,936 ​ ​
​ ​ ​ ​ ​ ​ ​ Northrop Grumman Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.550% due 10/15/22
​ ​ ​ ​ 209,215 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.030% due 10/15/47
​ ​ ​ ​ 243,566 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Otis Worldwide Corp., Senior Unsecured Notes, 2.565% due 2/15/30(c)
​ ​ ​ ​ 106,691 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Owens Corning, Senior Unsecured Notes, 3.400% due 8/15/26
​ ​ ​ ​ 107,676 ​ ​
​ ​ ​ ​ ​ ​ ​ Parker-Hannifin Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.250% due 3/1/27
​ ​ ​ ​ 110,344 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.100% due 3/1/47
​ ​ ​ ​ 181,149 ​ ​
​ ​ ​ ​ ​ ​ ​ Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 40,000 ​ ​ ​
3.400% due 11/15/26(c)
​ ​ ​ ​ 43,902 ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.200% due 4/1/27(c)
​ ​ ​ ​ 337,829 ​ ​
​ ​ ​ 50,000 ​ ​ ​
PerkinElmer Inc., Senior Unsecured Notes, 3.300% due 9/15/29
​ ​ ​ ​ 55,450 ​ ​
​ ​ ​ ​ ​ ​ ​ Raytheon Technologies Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.200% due 3/15/24(c)
​ ​ ​ ​ 108,080 ​ ​
​ ​ ​ 75,000 ​ ​ ​
3.950% due 8/16/25
​ ​ ​ ​ 85,793 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.450% due 11/16/38
​ ​ ​ ​ 246,640 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.500% due 6/1/42
​ ​ ​ ​ 126,580 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.750% due 11/1/46
​ ​ ​ ​ 143,964 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.625% due 11/16/48
​ ​ ​ ​ 262,217 ​ ​
​ ​ ​ ​ ​ ​ ​ Republic Services Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 8/15/24
​ ​ ​ ​ 267,020 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.050% due 3/1/50
​ ​ ​ ​ 106,325 ​ ​
​ ​ ​ 25,000 ​ ​ ​
Rockwell Automation Inc., Senior Unsecured Notes, 4.200% due 3/1/49
​ ​ ​ ​ 32,974 ​ ​
​ ​ ​ ​ ​ ​ ​ Roper Technologies Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 25,000 ​ ​ ​
1.000% due 9/15/25
​ ​ ​ ​ 25,159 ​ ​
​ ​ ​ 570,000 ​ ​ ​
4.200% due 9/15/28
​ ​ ​ ​ 683,367 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.950% due 9/15/29
​ ​ ​ ​ 274,183 ​ ​
​ ​ ​ ​ ​ ​ ​ Ryder System Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.800% due 3/1/22
​ ​ ​ ​ 309,441 ​ ​
​ ​ ​ 30,000 ​ ​ ​
2.500% due 9/1/24
​ ​ ​ ​ 31,727 ​ ​
​ ​ ​ 90,000 ​ ​ ​
2.900% due 12/1/26
​ ​ ​ ​ 96,679 ​ ​
See Notes to Financial Statements.
110
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ $ 225,000 ​ ​ ​
Silgan Holdings Inc., Senior Unsecured Notes, 4.125% due 2/1/28
​ ​ ​ $ 233,156 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Snap-on Inc., Senior Unsecured Notes, 3.100% due 5/1/50
​ ​ ​ ​ 104,860 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Stanley Black & Decker Inc., Senior Unsecured Notes, 3.400% due 3/1/26
​ ​ ​ ​ 282,974 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Stevens Holding Co., Inc., Company Guaranteed Notes, 6.125% due 10/1/26(c)
​ ​ ​ ​ 215,500 ​ ​
​ ​ ​ 797,025 ​ ​ ​
Stoneway Capital Corp., Senior Secured Notes, 10.000% due 3/1/27(f)
​ ​ ​ ​ 382,580 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22
​ ​ ​ ​ 209,000 ​ ​
​ ​ ​ 215,000 ​ ​ ​
Tervita Corp., Secured Notes, 7.625% due 12/1/21(c)
​ ​ ​ ​ 180,600 ​ ​
​ ​ ​ ​ ​ ​ ​ Textron Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.000% due 6/1/30
​ ​ ​ ​ 104,916 ​ ​
​ ​ ​ 1,330,000 ​ ​ ​
2.450% due 3/15/31
​ ​ ​ ​ 1,315,699 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Titan Acquisition Ltd./Titan Co.-Borrower LLC, Senior Unsecured Notes,
7.750% due 4/15/26(c)
​ ​ ​ ​ 55,413 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Trane Technologies Luxembourg Finance SA, Company Guaranteed Notes,
3.800% due 3/21/29
​ ​ ​ ​ 292,611 ​ ​
​ ​ ​ ​ ​ ​ ​ TransDigm Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Company Guaranteed Notes:
 ​ ​
​ ​ ​ 140,000 ​ ​ ​
6.375% due 6/15/26
​ ​ ​ ​ 143,126 ​ ​
​ ​ ​ 125,000 ​ ​ ​
5.500% due 11/15/27
​ ​ ​ ​ 122,025 ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Secured Notes:
 ​ ​
​ ​ ​ 35,000 ​ ​ ​
8.000% due 12/15/25(c)
​ ​ ​ ​ 38,063 ​ ​
​ ​ ​ 220,000 ​ ​ ​
6.250% due 3/15/26(c)
​ ​ ​ ​ 232,146 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Trident TPI Holdings Inc., Company Guaranteed Notes, 6.625% due 11/1/25(c)
​ ​ ​ ​ 138,250 ​ ​
​ ​ ​ ​ ​ ​ ​ Triumph Group Inc.: ​ ​
​ ​ ​ 109,000 ​ ​ ​
Company Guaranteed Notes, 7.750% due 8/15/25
​ ​ ​ ​ 64,583 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Secured Notes, 6.250% due 9/15/24(c)
​ ​ ​ ​ 44,991 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Trivium Packaging Finance BV, Senior Secured Notes, 5.500% due 8/15/26(c)
​ ​ ​ ​ 210,924 ​ ​
​ ​ ​ ​ ​ ​ ​ Union Pacific Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.950% due 9/10/28
​ ​ ​ ​ 237,641 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.350% due 8/15/46
​ ​ ​ ​ 270,883 ​ ​
​ ​ ​ 590,000 ​ ​ ​
4.300% due 3/1/49
​ ​ ​ ​ 758,719 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.250% due 2/5/50
​ ​ ​ ​ 164,338 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.875% due 2/1/55
​ ​ ​ ​ 150,345 ​ ​
​ ​ ​ ​ ​ ​ ​ United Parcel Service Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.450% due 4/1/30
​ ​ ​ ​ 251,442 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.750% due 11/15/47
​ ​ ​ ​ 180,545 ​ ​
​ ​ ​ 50,000 ​ ​ ​
5.300% due 4/1/50
​ ​ ​ ​ 73,529 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Vertical US Newco Inc., Senior Secured Notes, 5.250% due 7/15/27(c)
​ ​ ​ ​ 208,250 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Vulcan Materials Co., Senior Unsecured Notes, 4.500% due 6/15/47
​ ​ ​ ​ 115,989 ​ ​
See Notes to Financial Statements.
111
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ $ 100,000 ​ ​ ​
Waste Management Inc., Company Guaranteed Notes, 4.150% due 7/15/49
​ ​ ​ $ 125,551 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(c)
​ ​ ​ ​ 133,539 ​ ​
​ ​ ​ ​ ​ ​ ​ WRKCo Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 740,000 ​ ​ ​
3.750% due 3/15/25
​ ​ ​ ​ 831,576 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.900% due 3/15/29
​ ​ ​ ​ 307,648 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Industrial
​ ​ ​ ​ 32,330,849 ​ ​
​ Technology – 1.1% ​
​ ​ ​ 625,000 ​ ​ ​
Activision Blizzard Inc., Senior Unsecured Notes, 2.500% due 9/15/50
​ ​ ​ ​ 586,328 ​ ​
​ ​ ​ ​ ​ ​ ​ Apple Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 130,000 ​ ​ ​
1.700% due 9/11/22
​ ​ ​ ​ 133,866 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.850% due 2/23/23
​ ​ ​ ​ 529,247 ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.400% due 5/3/23
​ ​ ​ ​ 316,660 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.000% due 2/9/24
​ ​ ​ ​ 270,467 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.050% due 9/11/26
​ ​ ​ ​ 215,013 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.350% due 2/9/27
​ ​ ​ ​ 286,108 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.000% due 6/20/27
​ ​ ​ ​ 169,137 ​ ​
​ ​ ​ 95,000 ​ ​ ​
2.200% due 9/11/29
​ ​ ​ ​ 102,673 ​ ​
​ ​ ​ 1,675,000 ​ ​ ​
1.250% due 8/20/30
​ ​ ​ ​ 1,673,432 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.375% due 5/13/45
​ ​ ​ ​ 131,249 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.650% due 2/23/46
​ ​ ​ ​ 136,873 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.250% due 2/9/47
​ ​ ​ ​ 197,085 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 11/13/47
​ ​ ​ ​ 301,868 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.650% due 5/11/50
​ ​ ​ ​ 102,729 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Applied Materials Inc., Senior Unsecured Notes, 4.350% due 4/1/47
​ ​ ​ ​ 135,083 ​ ​
​ ​ ​ ​ ​ ​ ​ Ascend Learning LLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 205,000 ​ ​ ​
6.875% due 8/1/25(c)
​ ​ ​ ​ 211,150 ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.875% due 8/1/25(c)
​ ​ ​ ​ 128,750 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Banff Merger Sub Inc., Senior Unsecured Notes, 9.750% due 9/1/26(c)
​ ​ ​ ​ 63,981 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Black Knight InfoServ LLC, Company Guaranteed Notes, 3.625% due
9/1/28(c)
​ ​ ​ ​ 116,474 ​ ​
​ ​ ​ 15,000 ​ ​ ​
Boxer Parent Co., Inc., Senior Secured Notes, 7.125% due 10/2/25(c)
​ ​ ​ ​ 16,295 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes,
3.625% due 1/15/24
​ ​ ​ ​ 107,978 ​ ​
​ ​ ​ ​ ​ ​ ​ Broadcom Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.700% due 4/15/25
​ ​ ​ ​ 228,558 ​ ​
​ ​ ​ 795,000 ​ ​ ​
3.150% due 11/15/25
​ ​ ​ ​ 860,619 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.250% due 4/15/26
​ ​ ​ ​ 226,766 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.750% due 4/15/29
​ ​ ​ ​ 292,441 ​ ​
See Notes to Financial Statements.
112
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – (continued) ​
​ ​ $ 100,000 ​ ​ ​
5.000% due 4/15/30
​ ​ ​ $ 118,852 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.300% due 11/15/32
​ ​ ​ ​ 115,268 ​ ​
​ ​ ​ 75,000 ​ ​ ​
BY Crown Parent LLC/BY Bond Finance Inc., Senior Secured Notes, 4.250%
due 1/31/26(c)
​ ​ ​ ​ 76,586 ​ ​
​ ​ ​ 45,000 ​ ​ ​
Camelot Finance SA, Senior Secured Notes, 4.500% due 11/1/26(c)
​ ​ ​ ​ 46,562 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Castle US Holding Corp., Senior Unsecured Notes, 9.500% due 2/15/28(c)
​ ​ ​ ​ 57,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Dell International LLC/EMC Corp., Senior Secured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.450% due 6/15/23(c)
​ ​ ​ ​ 110,433 ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.020% due 6/15/26(c)
​ ​ ​ ​ 294,327 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.300% due 10/1/29(c)
​ ​ ​ ​ 114,051 ​ ​
​ ​ ​ 100,000 ​ ​ ​
8.100% due 7/15/36(c)
​ ​ ​ ​ 132,874 ​ ​
​ ​ ​ ​ ​ ​ ​ Dun & Bradstreet Corp.: ​ ​
​ ​ ​ 92,000 ​ ​ ​
Company Guaranteed Notes, 10.250% due 2/15/27(c)
​ ​ ​ ​ 104,880 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Senior Secured Notes, 6.875% due 8/15/26(c)
​ ​ ​ ​ 108,500 ​ ​
​ ​ ​ 150,000 ​ ​ ​
DXC Technology Co., Senior Unsecured Notes, 4.750% due 4/15/27
​ ​ ​ ​ 167,024 ​ ​
​ ​ ​ ​ ​ ​ ​ Fiserv Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.200% due 7/1/26
​ ​ ​ ​ 224,187 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.500% due 7/1/29
​ ​ ​ ​ 284,338 ​ ​
​ ​ ​ 360,000 ​ ​ ​
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3
SARL/Greeneden US Ho, Company Guaranteed Notes, 10.000% due
11/30/24(c)
​ ​ ​ ​ 382,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Hewlett Packard Enterprise Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.250% due 4/1/23
​ ​ ​ ​ 259,194 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.200% due 10/15/35
​ ​ ​ ​ 187,219 ​ ​
​ ​ ​ 100,000 ​ ​ ​
HP Inc., Senior Unsecured Notes, 6.000% due 9/15/41
​ ​ ​ ​ 122,482 ​ ​
​ ​ ​ ​ ​ ​ ​ Intel Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.700% due 12/15/22
​ ​ ​ ​ 528,039 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.400% due 3/25/25
​ ​ ​ ​ 56,101 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.100% due 5/19/46
​ ​ ​ ​ 309,478 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.750% due 3/25/50
​ ​ ​ ​ 342,730 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.100% due 2/15/60
​ ​ ​ ​ 371,567 ​ ​
​ ​ ​ ​ ​ ​ ​ International Business Machines Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 1/27/22
​ ​ ​ ​ 257,746 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.300% due 5/15/26
​ ​ ​ ​ 113,517 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 1/27/27
​ ​ ​ ​ 282,946 ​ ​
​ ​ ​ 100,000 ​ ​ ​
1.700% due 5/15/27
​ ​ ​ ​ 103,490 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.500% due 5/15/29
​ ​ ​ ​ 289,806 ​ ​
​ ​ ​ 200,000 ​ ​ ​
1.950% due 5/15/30
​ ​ ​ ​ 206,598 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 6/20/42
​ ​ ​ ​ 119,644 ​ ​
See Notes to Financial Statements.
113
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – (continued) ​
​ ​ $ 100,000 ​ ​ ​
4.250% due 5/15/49
​ ​ ​ $ 126,382 ​ ​
​ ​ ​ 125,000 ​ ​ ​
KLA Corp., Senior Unsecured Notes, 4.650% due 11/1/24
​ ​ ​ ​ 143,553 ​ ​
​ ​ ​ ​ ​ ​ ​ Lam Research Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 3/15/29
​ ​ ​ ​ 119,620 ​ ​
​ ​ ​ 100,000 ​ ​ ​
1.900% due 6/15/30
​ ​ ​ ​ 103,429 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Logan Merger Sub Inc., Company Guaranteed Notes, 5.500% due 9/1/27(c)
​ ​ ​ ​ 66,869 ​ ​
​ ​ ​ ​ ​ ​ ​ Micron Technology Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 800,000 ​ ​ ​
2.497% due 4/24/23
​ ​ ​ ​ 835,382 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.327% due 2/6/29
​ ​ ​ ​ 119,397 ​ ​
​ ​ ​ ​ ​ ​ ​ Microsoft Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.400% due 2/6/22
​ ​ ​ ​ 102,850 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.875% due 2/6/24
​ ​ ​ ​ 269,793 ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.125% due 11/3/25
​ ​ ​ ​ 448,600 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 2/6/27
​ ​ ​ ​ 286,003 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.450% due 8/8/36
​ ​ ​ ​ 300,051 ​ ​
​ ​ ​ 550,000 ​ ​ ​
2.525% due 6/1/50
​ ​ ​ ​ 575,403 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.950% due 8/8/56
​ ​ ​ ​ 197,072 ​ ​
​ ​ ​ 40,000 ​ ​ ​
MSCI Inc., Company Guaranteed Notes, 3.625% due 9/1/30(c)
​ ​ ​ ​ 41,962 ​ ​
​ ​ ​ 410,000 ​ ​ ​
NetApp Inc., Senior Unsecured Notes, 1.875% due 6/22/25
​ ​ ​ ​ 426,464 ​ ​
​ ​ ​ ​ ​ ​ ​ NVIDIA Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.850% due 4/1/30
​ ​ ​ ​ 111,464 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 4/1/50
​ ​ ​ ​ 113,040 ​ ​
​ ​ ​ 200,000 ​ ​ ​
NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes,
3.400% due 5/1/30(c)
​ ​ ​ ​ 221,423 ​ ​
​ ​ ​ ​ ​ ​ ​ Oracle Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
1.900% due 9/15/21
​ ​ ​ ​ 507,855 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.950% due 11/15/24
​ ​ ​ ​ 109,162 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.650% due 7/15/26
​ ​ ​ ​ 109,683 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.950% due 4/1/30
​ ​ ​ ​ 447,629 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.850% due 7/15/36
​ ​ ​ ​ 293,575 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.600% due 4/1/40
​ ​ ​ ​ 112,706 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 7/15/46
​ ​ ​ ​ 293,069 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.000% due 11/15/47
​ ​ ​ ​ 235,148 ​ ​
​ ​ ​ 840,000 ​ ​ ​
3.600% due 4/1/50
​ ​ ​ ​ 937,432 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.850% due 4/1/60
​ ​ ​ ​ 115,373 ​ ​
​ ​ ​ ​ ​ ​ ​ QUALCOMM Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 209,000 ​ ​ ​
1.300% due 5/20/28(c)
​ ​ ​ ​ 209,458 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.650% due 5/20/35
​ ​ ​ ​ 134,964 ​ ​
See Notes to Financial Statements.
114
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – (continued) ​
​ ​ $ 100,000 ​ ​ ​
4.300% due 5/20/47
​ ​ ​ $ 128,024 ​ ​
​ ​ ​ 80,000 ​ ​ ​
Riverbed Technology Inc., Company Guaranteed Notes, 8.875% due 3/1/23(c)
​ ​ ​ ​ 56,000 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Science Applications International Corp., Company Guaranteed Notes, 4.875%
due 4/1/28(c)
​ ​ ​ ​ 62,175 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Seagate HDD Cayman, Company Guaranteed Notes, 4.125% due 1/15/31(c)
​ ​ ​ ​ 216,384 ​ ​
​ ​ ​ 40,000 ​ ​ ​
ServiceNow Inc., Senior Unsecured Notes, 1.400% due 9/1/30
​ ​ ​ ​ 39,283 ​ ​
​ ​ ​ 230,000 ​ ​ ​
Sophia LP/Sophia Finance Inc., Senior Unsecured Notes, 9.000% due
9/30/23(c)
​ ​ ​ ​ 231,150 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Senior Unsecured
Notes, 6.750% due 6/1/25(c)
​ ​ ​ ​ 357,445 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Texas Instruments Inc., Senior Unsecured Notes, 3.875% due 3/15/39
​ ​ ​ ​ 124,777 ​ ​
​ ​ ​ 200,000 ​ ​ ​
VMware Inc., Senior Unsecured Notes, 3.900% due 8/21/27
​ ​ ​ ​ 222,357 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Technology
​ ​ ​ ​ 22,981,175 ​ ​
​ Utilities – 1.5% ​
​ ​ ​ 510,000 ​ ​ ​
AEP Texas Inc., Senior Unsecured Notes, 3.450% due 1/15/50
​ ​ ​ ​ 555,606 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad
It, Company Guaranteed Notes, 7.950% due 5/11/26
​ ​ ​ ​ 1,330,888 ​ ​
​ ​ ​ ​ ​ ​ ​ AES Gener SA, Junior Subordinated Notes: ​ ​
​ ​ ​ 900,000 ​ ​ ​
7.125% (5-Year USD Swap Rate + 4.644)% due 3/26/79(b)(c)
​ ​ ​ ​ 960,920 ​ ​
​ ​ ​ 300,000 ​ ​ ​
7.125% (5-Year USD Swap Rate + 4.644)% due 3/26/79(b)
​ ​ ​ ​ 320,307 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.350% (5-Year CMT Index + 4.917)% due 10/7/79(b)(c)
​ ​ ​ ​ 209,100 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.350% (5-Year CMT Index + 4.917)% due 10/7/79(b)
​ ​ ​ ​ 209,100 ​ ​
​ ​ ​ 400,000 ​ ​ ​
AES Panama Generation Holdings SRL, Senior Secured Notes, 4.375% due
5/31/30(c)
​ ​ ​ ​ 420,000 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Ameren Corp., Senior Unsecured Notes, 2.500% due 9/15/24
​ ​ ​ ​ 69,379 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Ameren Illinois Co., 1st Mortgage Notes, 3.700% due 12/1/47
​ ​ ​ ​ 59,516 ​ ​
​ ​ ​ ​ ​ ​ ​ American Water Capital Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 9/1/28
​ ​ ​ ​ 292,531 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.150% due 6/1/49
​ ​ ​ ​ 62,537 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Arizona Public Service Co., Senior Unsecured Notes, 4.250% due 3/1/49
​ ​ ​ ​ 125,510 ​ ​
​ ​ ​ ​ ​ ​ ​ Atmos Energy Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.125% due 3/15/49
​ ​ ​ ​ 124,082 ​ ​
​ ​ ​ 65,000 ​ ​ ​
3.375% due 9/15/49
​ ​ ​ ​ 74,135 ​ ​
​ ​ ​ ​ ​ ​ ​ Berkshire Hathaway Energy Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.125% due 4/1/36
​ ​ ​ ​ 288,651 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.150% due 11/15/43
​ ​ ​ ​ 206,494 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.450% due 1/15/49
​ ​ ​ ​ 128,508 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.250% due 10/15/50(c)
​ ​ ​ ​ 63,509 ​ ​
See Notes to Financial Statements.
115
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Utilities – (continued) ​
​ ​ $ 85,000 ​ ​ ​
Black Hills Corp., Senior Unsecured Notes, 3.050% due 10/15/29
​ ​ ​ $ 92,568 ​ ​
​ ​ ​ ​ ​ ​ ​ Calpine Corp.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​
​ ​ ​ 60,000 ​ ​ ​
5.125% due 3/15/28(c)
​ ​ ​ ​ 63,000 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.625% due 2/1/29(c)
​ ​ ​ ​ 76,681 ​ ​
​ ​ ​ 95,000 ​ ​ ​
Senior Secured Notes, 4.500% due 2/15/28(c)
​ ​ ​ ​ 98,481 ​ ​
​ ​ ​ ​ ​ ​ ​ CenterPoint Energy Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.850% due 2/1/24
​ ​ ​ ​ 274,490 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.700% due 9/1/49
​ ​ ​ ​ 112,121 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Clearway Energy Operating LLC, Company Guaranteed Notes, 4.750% due
3/15/28(c)
​ ​ ​ ​ 141,412 ​ ​
​ ​ ​ 760,000 ​ ​ ​
Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35
​ ​ ​ ​ 815,222 ​ ​
​ ​ ​ ​ ​ ​ ​ Commonwealth Edison Co., 1st Mortgage Notes: ​ ​
​ ​ ​ 75,000 ​ ​ ​
3.750% due 8/15/47
​ ​ ​ ​ 89,763 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.000% due 3/1/48
​ ​ ​ ​ 94,108 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.200% due 11/15/49
​ ​ ​ ​ 54,897 ​ ​
​ ​ ​ ​ ​ ​ ​ Consolidated Edison Co. of New York Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.950% due 3/1/43
​ ​ ​ ​ 292,235 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.125% due 5/15/49
​ ​ ​ ​ 123,125 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.950% due 4/1/50
​ ​ ​ ​ 119,266 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Consumers Energy Co., 1st Mortgage Notes, 3.100% due 8/15/50
​ ​ ​ ​ 109,429 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Dominion Energy Gas Holdings LLC, Senior Unsecured Notes, 3.900% due
11/15/49
​ ​ ​ ​ 86,133 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Dominion Energy Inc., Senior Unsecured Notes, 4.600% due 3/15/49
​ ​ ​ ​ 66,934 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Dominion Energy South Carolina Inc., 1st Mortgage Notes, 5.100% due 6/1/65
​ ​ ​ ​ 152,245 ​ ​
​ ​ ​ 100,000 ​ ​ ​
DTE Electric Co., General and Refunding Mortgage Bonds, 3.750% due
8/15/47
​ ​ ​ ​ 118,956 ​ ​
​ ​ ​ 100,000 ​ ​ ​
DTE Energy Co., Senior Unsecured Notes, 2.950% due 3/1/30
​ ​ ​ ​ 108,102 ​ ​
​ ​ ​ ​ ​ ​ ​ Duke Energy Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 2,100,000 ​ ​ ​
2.650% due 9/1/26
​ ​ ​ ​ 2,292,290 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.750% due 9/1/46
​ ​ ​ ​ 402,144 ​ ​
​ ​ ​ ​ ​ ​ ​ Duke Energy Progress LLC, 1st Mortgage Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.300% due 4/1/38
​ ​ ​ ​ 379,611 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.200% due 8/15/45
​ ​ ​ ​ 124,994 ​ ​
​ ​ ​ 234,750 ​ ​ ​
Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29
​ ​ ​ ​ 247,786 ​ ​
​ ​ ​ 900,000 ​ ​ ​
Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25
​ ​ ​ ​ 736,884 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Energuate Trust, Company Guaranteed Notes, 5.875% due 5/3/27
​ ​ ​ ​ 208,040 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Entergy Corp., Senior Unsecured Notes, 2.800% due 6/15/30
​ ​ ​ ​ 272,049 ​ ​
See Notes to Financial Statements.
116
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Utilities – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Entergy Louisiana LLC, Collateral Trust, 4.000% due 3/15/33
​ ​ ​ $ 251,026 ​ ​
​ ​ ​ ​ ​ ​ ​ Essential Utilities Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.704% due 4/15/30
​ ​ ​ ​ 107,992 ​ ​
​ ​ ​ 815,000 ​ ​ ​
3.351% due 4/15/50
​ ​ ​ ​ 880,893 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Evergy Inc., Senior Unsecured Notes, 2.900% due 9/15/29
​ ​ ​ ​ 270,365 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Eversource Energy, Senior Unsecured Notes, 2.900% due 10/1/24
​ ​ ​ ​ 108,273 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Exelon Corp., Senior Unsecured Notes, 4.700% due 4/15/50
​ ​ ​ ​ 128,396 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Exelon Generation Co. LLC, Senior Unsecured Notes, 3.400% due 3/15/22
​ ​ ​ ​ 520,504 ​ ​
​ ​ ​ ​ ​ ​ ​ FirstEnergy Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.900% due 7/15/27
​ ​ ​ ​ 109,641 ​ ​
​ ​ ​ 600,000 ​ ​ ​
4.850% due 7/15/47
​ ​ ​ ​ 736,436 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.400% due 3/1/50
​ ​ ​ ​ 100,486 ​ ​
​ ​ ​ ​ ​ ​ ​ Florida Power & Light Co., 1st Mortgage Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.125% due 12/1/25
​ ​ ​ ​ 278,789 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.700% due 12/1/47
​ ​ ​ ​ 123,023 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.950% due 3/1/48
​ ​ ​ ​ 191,418 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.150% due 10/1/49
​ ​ ​ ​ 56,698 ​ ​
​ ​ ​ ​ ​ ​ ​ Georgia Power Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.200% due 9/15/24
​ ​ ​ ​ 105,822 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.250% due 3/30/27
​ ​ ​ ​ 220,018 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.300% due 3/15/42
​ ​ ​ ​ 118,160 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due
5/6/25(c)
​ ​ ​ ​ 206,895 ​ ​
​ ​ ​ 751,200 ​ ​ ​
LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(c)
​ ​ ​ ​ 863,880 ​ ​
​ ​ ​ 100,000 ​ ​ ​
MidAmerican Energy Co., 1st Mortgage Notes, 3.100% due 5/1/27
​ ​ ​ ​ 112,374 ​ ​
​ ​ ​ ​ ​ ​ ​ Minejesa Capital BV, Senior Secured Notes: ​ ​
​ ​ ​ 400,000 ​ ​ ​
4.625% due 8/10/30
​ ​ ​ ​ 415,044 ​ ​
​ ​ ​ 500,000 ​ ​ ​
5.625% due 8/10/37
​ ​ ​ ​ 527,500 ​ ​
​ ​ ​ 255,000 ​ ​ ​
Monongahela Power Co., 1st Mortgage Notes, 5.400% due 12/15/43(c)
​ ​ ​ ​ 353,832 ​ ​
​ ​ ​ ​ ​ ​ ​ National Rural Utilities Cooperative Finance Corp., Collateral Trust: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.050% due 2/15/22
​ ​ ​ ​ 258,030 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.300% due 3/15/49
​ ​ ​ ​ 65,067 ​ ​
​ ​ ​ ​ ​ ​ ​ NextEra Energy Capital Holdings Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 845,000 ​ ​ ​
2.750% due 5/1/25
​ ​ ​ ​ 918,944 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.550% due 5/1/27
​ ​ ​ ​ 144,125 ​ ​
​ ​ ​ ​ ​ ​ ​ NiSource Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.490% due 5/15/27
​ ​ ​ ​ 169,372 ​ ​
See Notes to Financial Statements.
117
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Utilities – (continued) ​
​ ​ $ 100,000 ​ ​ ​
4.375% due 5/15/47
​ ​ ​ $ 124,088 ​ ​
​ ​ ​ ​ ​ ​ ​ Northern States Power Co., 1st Mortgage Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.600% due 5/15/46
​ ​ ​ ​ 179,304 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.600% due 9/15/47
​ ​ ​ ​ 118,643 ​ ​
​ ​ ​ ​ ​ ​ ​ NSTAR Electric Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.250% due 5/15/29
​ ​ ​ ​ 171,740 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.950% due 4/1/30
​ ​ ​ ​ 121,063 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Oglethorpe Power Corp., 1st Mortgage Notes, 5.050% due 10/1/48
​ ​ ​ ​ 59,274 ​ ​
​ ​ ​ ​ ​ ​ ​ Oncor Electric Delivery Co. LLC, Senior Secured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.300% due 6/1/42
​ ​ ​ ​ 141,294 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.100% due 9/15/49
​ ​ ​ ​ 109,853 ​ ​
​ ​ ​ ​ ​ ​ ​ Pacific Gas & Electric Co., 1st Mortgage Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.150% due 1/1/26
​ ​ ​ ​ 207,080 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.500% due 2/1/31
​ ​ ​ ​ 194,335 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.500% due 7/1/40
​ ​ ​ ​ 104,893 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.950% due 7/1/50
​ ​ ​ ​ 219,371 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 8/1/50
​ ​ ​ ​ 93,329 ​ ​
​ ​ ​ 50,000 ​ ​ ​
PacifiCorp, 1st Mortgage Notes, 4.150% due 2/15/50
​ ​ ​ ​ 63,084 ​ ​
​ ​ ​ 850,000 ​ ​ ​
Pampa Energia SA, Senior Unsecured Notes, 7.500% due 1/24/27
​ ​ ​ ​ 723,329 ​ ​
​ ​ ​ 220,000 ​ ​ ​
Pattern Energy Operations LP/Pattern Energy Operations Inc., Company
Guaranteed Notes, 4.500% due 8/15/28(c)
​ ​ ​ ​ 231,550 ​ ​
​ ​ ​ 250,000 ​ ​ ​
PECO Energy Co., 1st Ref Notes, 4.150% due 10/1/44
​ ​ ​ ​ 313,162 ​ ​
​ ​ ​ 75,000 ​ ​ ​
PG&E Corp., Senior Secured Notes, 5.000% due 7/1/28
​ ​ ​ ​ 74,812 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Pike Corp., Senior Unsecured Notes, 5.500% due 9/1/28(c)
​ ​ ​ ​ 140,700 ​ ​
​ ​ ​ ​ ​ ​ ​ PPL Capital Funding Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.400% due 6/1/23
​ ​ ​ ​ 106,591 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.100% due 5/15/26
​ ​ ​ ​ 278,016 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.125% due 4/15/30
​ ​ ​ ​ 295,346 ​ ​
​ ​ ​ 50,000 ​ ​ ​
PPL Electric Utilities Corp., 1st Mortgage Notes, 3.000% due 10/1/49
​ ​ ​ ​ 53,761 ​ ​
​ ​ ​ ​ ​ ​ ​ Public Service Electric & Gas Co., 1st Mortgage Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.200% due 5/15/29
​ ​ ​ ​ 227,556 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.050% due 5/1/48
​ ​ ​ ​ 127,768 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Public Service Enterprise Group Inc., Senior Unsecured Notes, 2.650% due
11/15/22
​ ​ ​ ​ 104,538 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Puget Sound Energy Inc., 1st Mortgage Notes, 4.223% due 6/15/48
​ ​ ​ ​ 190,078 ​ ​
​ ​ ​ 100,000 ​ ​ ​
San Diego Gas & Electric Co., 1st Mortgage Notes, 6.000% due 6/1/39
​ ​ ​ ​ 145,360 ​ ​
See Notes to Financial Statements.
118
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Utilities – (continued) ​
​ ​ $ 125,000 ​ ​ ​
Sempra Energy, Senior Unsecured Notes, 4.050% due 12/1/23
​ ​ ​ $ 137,247 ​ ​
​ ​ ​ ​ ​ ​ ​ Southern California Edison Co., 1st Ref Notes: ​ ​
​ ​ ​ 125,000 ​ ​ ​
4.050% due 3/15/42
​ ​ ​ ​ 137,039 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 4/1/47
​ ​ ​ ​ 272,071 ​ ​
​ ​ ​ ​ ​ ​ ​ Southern California Gas Co., 1st Mortgage Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.150% due 9/15/24
​ ​ ​ ​ 162,847 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.950% due 2/15/50
​ ​ ​ ​ 126,339 ​ ​
​ ​ ​ ​ ​ ​ ​ Southern Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 810,000 ​ ​ ​
3.700% due 4/30/30
​ ​ ​ ​ 928,201 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.400% due 7/1/46
​ ​ ​ ​ 178,840 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Southern Co. Gas Capital Corp, Company Guaranteed Notes, 4.400% due
5/30/47
​ ​ ​ ​ 181,015 ​ ​
​ ​ ​ ​ ​ ​ ​ Southwestern Electric Power Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.900% due 4/1/45
​ ​ ​ ​ 275,553 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.850% due 2/1/48
​ ​ ​ ​ 111,888 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Southwestern Public Service Co., 1st Mortgage Notes, 4.500% due 8/15/41
​ ​ ​ ​ 126,537 ​ ​
​ ​ ​ 362,800 ​ ​ ​
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Notes, 6.750% due
4/24/33
​ ​ ​ ​ 395,694 ​ ​
​ ​ ​ 300,000 ​ ​ ​
State Grid Overseas Investment 2013 Ltd., Company Guaranteed Notes, 3.125%
due 5/22/23
​ ​ ​ ​ 316,960 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Talen Energy Supply LLC, Senior Secured Notes, 6.625% due 1/15/28(c)
​ ​ ​ ​ 110,266 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Union Electric Co., 1st Mortgage Notes, 3.250% due 10/1/49
​ ​ ​ ​ 56,146 ​ ​
​ ​ ​ ​ ​ ​ ​ Virginia Electric & Power Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.950% due 1/15/22
​ ​ ​ ​ 102,619 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.500% due 3/15/27
​ ​ ​ ​ 170,537 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 1/15/43
​ ​ ​ ​ 305,513 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Washington Gas Light Co., Senior Unsecured Notes, 3.650% due 9/15/49
​ ​ ​ ​ 56,673 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Wisconsin Power & Light Co., Senior Unsecured Notes, 3.000% due 7/1/29
​ ​ ​ ​ 169,836 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Wisconsin Public Service Corp., Senior Unsecured Notes, 3.300% due 9/1/49
​ ​ ​ ​ 55,410 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Utilities
​ ​ ​ ​ 30,893,891 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Cost – $384,333,293)
​ ​ ​
​
406,005,865
​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – 18.7% ​
​ ​ ​ ​ ​ ​ ​ 20 Times Square Trust: ​ ​
​ ​ ​ 370,000 ​ ​ ​
Series 2018-20TS, Class F, 3.203% due 5/15/35(b)(c)
​ ​ ​ ​ 337,801 ​ ​
​ ​ ​ 353,000 ​ ​ ​
Series 2018-20TS, Class G, 3.203% due 5/15/35(b)(c)
​ ​ ​ ​ 311,725 ​ ​
​ ​ ​ ​ ​ ​ ​ Alternative Loan Trust: ​ ​
​ ​ ​ 977,577 ​ ​ ​
Series 2005-28CB, Class 1A7, 5.500% due 8/25/35
​ ​ ​ ​ 965,585 ​ ​
See Notes to Financial Statements.
119
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 7,547,208 ​ ​ ​
Series 2005-7CB, Class 2A2, 4.875% (1-Month USD-LIBOR + 5.050)% due
3/1/38(b)(g)
​ ​ ​ $ 910,933 ​ ​
​ ​ ​ 7,547,208 ​ ​ ​
Series 2005-7CB, Class 2A5, 0.625% (1-Month USD-LIBOR + 0.450)% due
3/1/38(b)
​ ​ ​ ​ 6,175,628 ​ ​
​ ​ ​ ​ ​ ​ ​ Angel Oak Mortgage Trust I LLC: ​ ​
​ ​ ​ 845,417 ​ ​ ​
Series 2018-3, Class A1, 3.649% due 9/25/48(b)(c)
​ ​ ​ ​ 861,188 ​ ​
​ ​ ​ 921,570 ​ ​ ​
Series 2018-3, Class A2, 3.751% due 9/25/48(b)(c)
​ ​ ​ ​ 938,599 ​ ​
​ ​ ​ 880,032 ​ ​ ​
Series 2018-3, Class A3, 3.853% due 9/25/48(b)(c)
​ ​ ​ ​ 894,981 ​ ​
​ ​ ​ 744,246 ​ ​ ​
Ashford Hospitality Trust, Series 2018-ASHF, Class A, 1.062% (1-Month
USD-LIBOR + 0.900)% due 4/15/35(b)(c)
​ ​ ​ ​ 697,770 ​ ​
​ ​ ​ 8,650,159 ​ ​ ​
Banc of America Funding Trust, Series 2007-1, Class TA2, 0.305% (1-Month
USD-LIBOR + 0.130)% due 1/25/37(b)
​ ​ ​ ​ 7,018,580 ​ ​
​ ​ ​ ​ ​ ​ ​ BANK: ​ ​
​ ​ ​ 12,216,581 ​ ​ ​
Series 2017-BNK4, Class XA, 1.570% due 5/15/50(b)(g)
​ ​ ​ ​ 812,940 ​ ​
​ ​ ​ 16,184,691 ​ ​ ​
Series 2018-BN10, Class XA, 0.879% due 2/15/61(b)(g)
​ ​ ​ ​ 721,889 ​ ​
​ ​ ​ 16,096,692 ​ ​ ​
Series 2019-BN16, Class XA, 1.124% due 2/15/52(b)(g)
​ ​ ​ ​ 1,032,514 ​ ​
​ ​ ​ ​ ​ ​ ​ BBCMS Mortgage Trust: ​ ​
​ ​ ​ 178,000 ​ ​ ​
Series 2017-DELC, Class C, 1.362% (1-Month USD-LIBOR + 1.200)% due
8/15/36(b)(c)
​ ​ ​ ​ 165,071 ​ ​
​ ​ ​ 203,000 ​ ​ ​
Series 2017-DELC, Class D, 1.862% (1-Month USD-LIBOR + 1.700)% due
8/15/36(b)(c)
​ ​ ​ ​ 183,681 ​ ​
​ ​ ​ 408,000 ​ ​ ​
Series 2017-DELC, Class E, 2.662% (1-Month USD-LIBOR + 2.500)% due
8/15/36(b)(c)
​ ​ ​ ​ 367,130 ​ ​
​ ​ ​ 407,000 ​ ​ ​
Series 2017-DELC, Class F, 3.662% (1-Month USD-LIBOR + 3.500)% due
8/15/36(b)(c)
​ ​ ​ ​ 363,325 ​ ​
​ ​ ​ 1,236,000 ​ ​ ​
Series 2018-TALL, Class F, 3.397% (1-Month USD-LIBOR + 3.235)% due
3/15/37(b)(c)
​ ​ ​ ​ 1,105,916 ​ ​
​ ​ ​ ​ ​ ​ ​ BBCMS Trust: ​ ​
​ ​ ​ 103,488 ​ ​ ​
Series 2018-BXH, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due
10/15/37(b)(c)
​ ​ ​ ​ 97,884 ​ ​
​ ​ ​ 1,083,000 ​ ​ ​
Series 2018-CBM, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due
7/15/37(b)(c)
​ ​ ​ ​ 1,028,509 ​ ​
​ ​ ​ 3,829,691 ​ ​ ​
Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 3.298% due 2/25/36(b)
​ ​ ​ ​ 3,178,479 ​ ​
​ ​ ​ ​ ​ ​ ​ Benchmark Mortgage Trust: ​ ​
​ ​ ​ 200,000 ​ ​ ​
Series 2018-B4, Class A2, 3.976% due 7/15/51
​ ​ ​ ​ 214,071 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Series 2018-B5, Class A4, 4.208% due 7/15/51
​ ​ ​ ​ 713,523 ​ ​
​ ​ ​ 35,544,402 ​ ​ ​
Series 2018-B7, Class XA, 0.600% due 5/15/53(b)(g)
​ ​ ​ ​ 995,887 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Series 2019-B11, Class A4, 3.281% due 5/15/52
​ ​ ​ ​ 846,758 ​ ​
​ ​ ​ 35,595,632 ​ ​ ​
Series 2019-B9, Class XA, 1.212% due 3/15/52(b)(g)
​ ​ ​ ​ 2,571,806 ​ ​
​ ​ ​ 6,151,930 ​ ​ ​
Series 2020-B18, Class XA, 1.919% due 7/15/53(b)(g)
​ ​ ​ ​ 760,071 ​ ​
See Notes to Financial Statements.
120
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 997,000 ​ ​ ​
BHMS, Series 2018-ATLS, Class A, 1.412% (1-Month USD-LIBOR + 1.250)%
due 7/15/35(b)(c)
​ ​ ​ $ 953,310 ​ ​
​ ​ ​ ​ ​ ​ ​ BX Commercial Mortgage Trust: ​ ​
​ ​ ​ 984,000 ​ ​ ​
Series 2018-BIOA, Class D, 1.483% (1-Month USD-LIBOR + 1.321)% due
3/15/37(b)(c)
​ ​ ​ ​ 964,282 ​ ​
​ ​ ​ 483,122 ​ ​ ​
Series 2018-IND, Class A, 0.912% (1-Month USD-LIBOR + 0.750)% due
11/15/35(b)(c)
​ ​ ​ ​ 481,307 ​ ​
​ ​ ​ ​ ​ ​ ​ BX Trust: ​ ​
​ ​ ​ 193,395 ​ ​ ​
Series 2017-SLCT, Class D, 2.212% (1-Month USD-LIBOR + 2.050)% due
7/15/34(b)(c)
​ ​ ​ ​ 188,349 ​ ​
​ ​ ​ 474,300 ​ ​ ​
Series 2017-SLCT, Class E, 3.312% (1-Month USD-LIBOR + 3.150)% due
7/15/34(b)(c)
​ ​ ​ ​ 460,814 ​ ​
​ ​ ​ 112,516 ​ ​ ​
Series 2018-EXCL, Class A, 1.250% (1-Month USD-LIBOR + 1.088)% due
9/15/37(b)(c)
​ ​ ​ ​ 102,727 ​ ​
​ ​ ​ 903,000 ​ ​ ​
Series 2018-GW, Class A, 0.962% (1-Month USD-LIBOR + 0.800)% due
5/15/35(b)(c)
​ ​ ​ ​ 867,445 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Series 2018-GW, Class D, 1.932% (1-Month USD-LIBOR + 1.770)% due
5/15/35(b)(c)
​ ​ ​ ​ 92,989 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
Series 2019-OC11, Class E, 4.075% due 12/9/41(b)(c)
​ ​ ​ ​ 1,445,361 ​ ​
​ ​ ​ 1,145,000 ​ ​ ​
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 1.232%
(1-Month USD-LIBOR + 1.070)% due 12/15/37(b)(c)
​ ​ ​ ​ 1,144,305 ​ ​
​ ​ ​ ​ ​ ​ ​ CD Mortgage Trust: ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2017-CD3, Class A4, 3.631% due 2/10/50
​ ​ ​ ​ 453,412 ​ ​
​ ​ ​ 19,956,012 ​ ​ ​
Series 2017-CD4, Class XA, 1.454% due 5/10/50(b)(g)
​ ​ ​ ​ 1,235,137 ​ ​
​ ​ ​ 16,051,344 ​ ​ ​
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XA, 1.772% due
6/15/50(b)(g)
​ ​ ​ ​ 1,191,981 ​ ​
​ ​ ​ 7,335,888 ​ ​ ​
CIM Trust, Series 2017-6, Class A1, 3.015% due 6/25/57(b)(c)
​ ​ ​ ​ 7,375,262 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Commercial Mortgage Trust: ​ ​
​ ​ ​ 36,655,506 ​ ​ ​
Series 2015-GC35, Class XA, 0.978% due 11/10/48(b)(g)
​ ​ ​ ​ 1,028,564 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
Series 2016-GC37, Class A4, 3.314% due 4/10/49
​ ​ ​ ​ 1,375,872 ​ ​
​ ​ ​ 1,180,000 ​ ​ ​
Series 2019-GC43, Class A4, 3.038% due 11/10/52
​ ​ ​ ​ 1,319,696 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Mortgage Loan Trust: ​ ​
​ ​ ​ 6,337,566 ​ ​ ​
Series 2018-A, Class A1, 4.000% due 1/25/68(b)(c)
​ ​ ​ ​ 6,357,617 ​ ​
​ ​ ​ 2,699,740 ​ ​ ​
Series 2019-B, Class A1, 3.258% due 4/25/66(b)(c)
​ ​ ​ ​ 2,718,598 ​ ​
​ ​ ​ ​ ​ ​ ​ Commercial Mortgage Trust: ​ ​
​ ​ ​ 240,834,752 ​ ​ ​
Series 2013-CR9, Class XA, 0.141% due 7/10/45(b)(g)
​ ​ ​ ​ 524,273 ​ ​
​ ​ ​ 1,127,000 ​ ​ ​
Series 2016-GCT, Class F, 3.577% due 8/10/29(b)(c)
​ ​ ​ ​ 1,106,710 ​ ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Commercial Mortgage Capital Trust: ​ ​
​ ​ ​ 713,000 ​ ​ ​
Series 2017-LSTK, Class C, 3.229% due 4/5/33(c)
​ ​ ​ ​ 696,319 ​ ​
​ ​ ​ 848,000 ​ ​ ​
Series 2017-LSTK, Class D, 3.442% due 4/5/33(b)(c)
​ ​ ​ ​ 816,007 ​ ​
​ ​ ​ 1,246,000 ​ ​ ​
Series 2017-LSTK, Class E, 3.442% due 4/5/33(b)(c)
​ ​ ​ ​ 1,165,651 ​ ​
See Notes to Financial Statements.
121
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 69,653,000 ​ ​ ​
Series 2017-LSTK, Class XACP, 0.000% due 4/5/33(b)(c)(g)
​ ​ ​ $ 697 ​ ​
​ ​ ​ 25,355,000 ​ ​ ​
Series 2017-LSTK, Class XBCP, 0.000% due 4/5/33(b)(c)(g)
​ ​ ​ ​ 254 ​ ​
​ ​ ​ 4,549,141 ​ ​ ​
Series 2019-RPL2, Class A1, 3.858% due 11/25/58(b)(c)
​ ​ ​ ​ 4,682,563 ​ ​
​ ​ ​ 1,205,000 ​ ​ ​
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class C, 5.054% due
11/15/51(b)
​ ​ ​ ​ 1,288,773 ​ ​
​ ​ ​ 2,432,661 ​ ​ ​
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6,
5.500% due 10/25/35
​ ​ ​ ​ 1,999,708 ​ ​
​ ​ ​ 1,155,000 ​ ​ ​
CSMC, Series 2020-NET, Class A, 2.257% due 8/15/37(c)
​ ​ ​ ​ 1,191,423 ​ ​
​ ​ ​ 663,260 ​ ​ ​
CSWF, Series 2018-TOP, Class A, 1.162% (1-Month USD-LIBOR + 1.000)%
due 8/15/35(b)(c)
​ ​ ​ ​ 643,515 ​ ​
​ ​ ​ 920,714 ​ ​ ​
DBGS Mortgage Trust, Series 2018-BIOD, Class A, 0.965% (1-Month
USD-LIBOR + 0.803)% due 5/15/35(b)(c)
​ ​ ​ ​ 917,246 ​ ​
​ ​ ​ 907,266 ​ ​ ​
Exantas Capital Corp., Ltd., Series 2019-RSO7, Class A, 1.162% (1-Month
USD-LIBOR + 1.000)% due 4/15/36(b)(c)
​ ​ ​ ​ 882,589 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC), REMICS: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,348,788 ​ ​ ​
Series 4116, Class AP, 1.350% due 8/15/42
​ ​ ​ ​ 2,359,737 ​ ​
​ ​ ​ 9,171,251 ​ ​ ​
Series 4223, Class SB, 5.243% (1-Month USD-LIBOR + 5.431)% due
7/15/43(b)
​ ​ ​ ​ 10,228,272 ​ ​
​ ​ ​ 4,435,878 ​ ​ ​
Series 4610, Class LA, 2.500% due 1/15/41
​ ​ ​ ​ 4,541,079 ​ ​
​ ​ ​ 12,263,464 ​ ​ ​
Series 4640, Class VB, 3.000% due 3/15/37
​ ​ ​ ​ 12,836,718 ​ ​
​ ​ ​ 8,076,473 ​ ​ ​
Series 4653, Class Z, 3.000% due 2/15/47
​ ​ ​ ​ 8,482,485 ​ ​
​ ​ ​ 8,565,788 ​ ​ ​
Series 4655, Class CZ, 3.000% due 2/15/47
​ ​ ​ ​ 9,002,063 ​ ​
​ ​ ​ 7,991,098 ​ ​ ​
Series 4664, Class TC, 3.000% due 6/15/41
​ ​ ​ ​ 8,121,337 ​ ​
​ ​ ​ 8,000,000 ​ ​ ​
Series 4749, Class LV, 3.500% due 4/15/38
​ ​ ​ ​ 8,385,338 ​ ​
​ ​ ​ 11,079,308 ​ ​ ​
Series 4750, Class PA, 3.000% due 7/15/46
​ ​ ​ ​ 11,488,193 ​ ​
​ ​ ​ 8,546,253 ​ ​ ​
Federal Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4745, Class EC,
3.000% due 12/15/44
​ ​ ​ ​ 8,882,465 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA), REMICS: ​ ​
​ ​ ​ 3,175,874 ​ ​ ​
Series 2014-11, Class KZ, 2.500% due 10/25/41
​ ​ ​ ​ 3,289,886 ​ ​
​ ​ ​ 3,812,348 ​ ​ ​
Series 2015-55, Class PD, 2.500% due 3/25/43
​ ​ ​ ​ 3,894,193 ​ ​
​ ​ ​ 411,676 ​ ​ ​
Series 2016-61, Class MZ, 3.000% due 9/25/46
​ ​ ​ ​ 411,220 ​ ​
​ ​ ​ 10,569,439 ​ ​ ​
Series 2017-107, Class GA, 3.000% due 8/25/45
​ ​ ​ ​ 10,870,178 ​ ​
​ ​ ​ 18,522,324 ​ ​ ​
Series 2017-12, Class TA, 3.000% due 4/25/42
​ ​ ​ ​ 18,848,680 ​ ​
​ ​ ​ 7,731,019 ​ ​ ​
Series 2017-24, Class LG, 3.000% due 4/25/37
​ ​ ​ ​ 8,688,600 ​ ​
​ ​ ​ 11,382,787 ​ ​ ​
Series 2017-32, Class CA, 3.000% due 10/25/42
​ ​ ​ ​ 11,586,602 ​ ​
​ ​ ​ 11,604,325 ​ ​ ​
Series 2018-33, Class C, 3.000% due 5/25/48
​ ​ ​ ​ 12,179,532 ​ ​
​ ​ ​ 5,127,514 ​ ​ ​
Series 2018-38, Class LA, 3.000% due 6/25/48
​ ​ ​ ​ 5,388,991 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
FMC GMSR Issuer Trust, Series 2019-GT2, Class A, 4.230% due 9/25/24(b)(c)
​ ​ ​ ​ 3,897,150 ​ ​
​ ​ ​ ​ ​ ​ ​ Freddie Mac Multifamily Structured Pass-Through Certificates: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,750,000 ​ ​ ​
Series K020, Class A2, 2.373% due 5/25/22
​ ​ ​ ​ 1,796,322 ​ ​
See Notes to Financial Statements.
122
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 1,540,000 ​ ​ ​
Series K062, Class A2, 3.413% due 12/25/26
​ ​ ​ $ 1,770,946 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Series K078, Class A2, 3.854% due 6/25/28
​ ​ ​ ​ 359,523 ​ ​
​ ​ ​ 2,321,233 ​ ​ ​
FWDSecuritization Trust, Series 2019-INV1, Class A3, 3.110% due
6/25/49(b)(c)
​ ​ ​ ​ 2,327,755 ​ ​
​ ​ ​ 3,431,189 ​ ​ ​
Government National Mortgage Association (GNMA), Series 2012-32, Class Z,
3.500% due 3/20/42
​ ​ ​ ​ 3,701,767 ​ ​
​ ​ ​ ​ ​ ​ ​ Great Wolf Trust: ​ ​
​ ​ ​ 500,000 ​ ​ ​
Series 2019-WOLF, Class E, 2.894% (1-Month USD-LIBOR + 2.732)% due
12/15/36(b)(c)
​ ​ ​ ​ 449,922 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Series 2019-WOLF, Class F, 3.293% (1-Month USD-LIBOR + 3.131)% due
12/15/36(b)(c)
​ ​ ​ ​ 434,949 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Corp. Trust: ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class A, 1.062% (1-Month USD-LIBOR + 0.900)% due
7/15/31(b)(c)
​ ​ ​ ​ 385,701 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class D, 1.762% (1-Month USD-LIBOR + 1.600)% due
7/15/31(b)(c)
​ ​ ​ ​ 364,226 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class E, 2.262% (1-Month USD-LIBOR + 2.100)% due
7/15/31(b)(c)
​ ​ ​ ​ 362,966 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class F, 2.962% (1-Month USD-LIBOR + 2.800)% due
7/15/31(b)(c)
​ ​ ​ ​ 357,849 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class G, 4.087% (1-Month USD-LIBOR + 3.925)% due
7/15/31(b)(c)
​ ​ ​ ​ 347,734 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
Series 2019-SOHO, Class E, 2.037% (1-Month USD-LIBOR + 1.875)% due
6/15/36(b)(c)
​ ​ ​ ​ 1,169,486 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Trust: ​ ​
​ ​ ​ 896,614 ​ ​ ​
Series 2012-GC6, Class A3, 3.482% due 1/10/45
​ ​ ​ ​ 916,555 ​ ​
​ ​ ​ 10,469,902 ​ ​ ​
Series 2017-GS7, Class XA, 1.272% due 8/10/50(b)(g)
​ ​ ​ ​ 614,788 ​ ​
​ ​ ​ 14,787,859 ​ ​ ​
Series 2020-GC45, Class XA, 0.675% due 2/13/53(b)(g)
​ ​ ​ ​ 757,372 ​ ​
​ ​ ​ 7,600,209 ​ ​ ​
HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 0.311%
(1-Month USD-LIBOR + 0.150)% due 1/25/47(b)
​ ​ ​ ​ 6,725,953 ​ ​
​ ​ ​ 1,018,754 ​ ​ ​
HPLY Trust, Series 2019-HIT, Class F, 3.312% (1-Month USD-LIBOR +
3.150)% due 11/15/36(b)(c)
​ ​ ​ ​ 870,812 ​ ​
​ ​ ​ 33,247 ​ ​ ​
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2017-FL10,
Class D, 2.062% (1-Month USD-LIBOR + 1.900)% due 6/15/32(b)(c)
​ ​ ​ ​ 31,810 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Chase Commercial Mortgage Securities Trust: ​ ​
​ ​ ​ 725,982 ​ ​ ​
Series 2012-C8, Class A3, 2.829% due 10/15/45
​ ​ ​ ​ 747,740 ​ ​
​ ​ ​ 755,226 ​ ​ ​
Series 2018-LAQ, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due
6/15/32(b)(c)
​ ​ ​ ​ 718,349 ​ ​
​ ​ ​ 805,000 ​ ​ ​
Series 2018-WPT, Class FFX, 5.542% due 7/5/33(c)
​ ​ ​ ​ 758,646 ​ ​
​ ​ ​ 823,000 ​ ​ ​
Series 2020-ACE, Class C, 3.694% due 1/10/37(b)(c)
​ ​ ​ ​ 703,341 ​ ​
See Notes to Financial Statements.
123
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 805,000 ​ ​ ​
Series 2020-LOOP, Class E, 3.861% due 12/5/38(b)(c)
​ ​ ​ $ 720,240 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Mortgage Trust: ​ ​
​ ​ ​ 3,905,281 ​ ​ ​
Series 2006-S1, Class 2A9, 6.500% due 4/25/36
​ ​ ​ ​ 4,312,745 ​ ​
​ ​ ​ 8,099,749 ​ ​ ​
Series 2006-S4, Class A7, 6.000% due 1/25/37
​ ​ ​ ​ 5,376,011 ​ ​
​ ​ ​ 2,434,628 ​ ​ ​
Series 2018-7FRB, Class A2, 0.925% (1-Month USD-LIBOR + 0.750)% due
4/25/46(b)(c)
​ ​ ​ ​ 2,407,528 ​ ​
​ ​ ​ ​ ​ ​ ​ JPMBB Commercial Mortgage Securities Trust: ​ ​
​ ​ ​ 1,667,000 ​ ​ ​
Series 2015-C27, Class C, 4.445% due 2/15/48(b)
​ ​ ​ ​ 1,657,329 ​ ​
​ ​ ​ 1,205,000 ​ ​ ​
Series 2015-C28, Class C, 4.291% due 10/15/48(b)
​ ​ ​ ​ 1,115,353 ​ ​
​ ​ ​ ​ ​ ​ ​ JPMDB Commercial Mortgage Securities Trust: ​ ​
​ ​ ​ 1,123,000 ​ ​ ​
Series 2020-COR7, Class B, 3.294% due 5/13/53(b)
​ ​ ​ ​ 1,204,972 ​ ​
​ ​ ​ 9,666,888 ​ ​ ​
Series 2020-COR7, Class XA, 1.786% due 5/13/53(b)(g)
​ ​ ​ ​ 1,138,228 ​ ​
​ ​ ​ 1,452,004 ​ ​ ​
Legacy Mortgage Asset Trust, Series 2019-SL3, Class A, step bond to yield,
3.474% due 11/25/61(c)
​ ​ ​ ​ 1,444,616 ​ ​
​ ​ ​ 5,339,137 ​ ​ ​
Lehman XS Trust, Series 2007-4N, Class 1A3, 0.415% (1-Month USD-LIBOR +
0.240)% due 3/25/47(b)
​ ​ ​ ​ 4,661,215 ​ ​
​ ​ ​ ​ ​ ​ ​ Manhattan West: ​ ​
​ ​ ​ 1,158,000 ​ ​ ​
Series 2020-1MW, Class C, 2.412% due 9/10/39(b)(c)
​ ​ ​ ​ 1,140,287 ​ ​
​ ​ ​ 1,158,000 ​ ​ ​
Series 2020-1MW, Class D, 2.412% due 9/10/39(b)(c)
​ ​ ​ ​ 1,106,703 ​ ​
​ ​ ​ 7,791,309 ​ ​ ​
Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750%
due 8/25/36
​ ​ ​ ​ 4,779,675 ​ ​
​ ​ ​ 1,107,000 ​ ​ ​
MF1 Ltd., Series 2020-FL3, Class A, 2.212% (1-Month USD-LIBOR + 2.050)%
due 7/15/35(b)(c)
​ ​ ​ ​ 1,111,333 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley Bank of America Merrill Lynch Trust: ​ ​
​ ​ ​ 421,194 ​ ​ ​
Series 2014-C15, Class A3, 3.773% due 4/15/47
​ ​ ​ ​ 454,229 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
Series 2014-C17, Class C, 4.657% due 8/15/47(b)
​ ​ ​ ​ 1,904,665 ​ ​
​ ​ ​ 18,164,272 ​ ​ ​
Series 2014-C19, Class XA, 1.150% due 12/15/47(b)(g)
​ ​ ​ ​ 592,782 ​ ​
​ ​ ​ 852,000 ​ ​ ​
Series 2016-C31, Class C, 4.455% due 11/15/49(b)
​ ​ ​ ​ 754,635 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley Capital I Trust: ​ ​
​ ​ ​ 1,964,000 ​ ​ ​
Series 2011-C1, Class D, 5.675% due 9/15/47(b)(c)
​ ​ ​ ​ 1,973,415 ​ ​
​ ​ ​ 17,436,487 ​ ​ ​
Series 2016-UB11, Class XA, 1.741% due 8/15/49(b)(g)
​ ​ ​ ​ 1,110,143 ​ ​
​ ​ ​ 14,189,764 ​ ​ ​
Series 2016-UB12, Class XA, 0.896% due 12/15/49(b)(g)
​ ​ ​ ​ 466,575 ​ ​
​ ​ ​ 1,083,000 ​ ​ ​
Series 2018-SUN, Class A, 1.312% (1-Month USD-LIBOR + 1.150)% due
7/15/35(b)(c)
​ ​ ​ ​ 1,043,596 ​ ​
​ ​ ​ 1,356,000 ​ ​ ​
Series 2019-H7, Class AS, 3.524% due 7/15/52
​ ​ ​ ​ 1,506,531 ​ ​
​ ​ ​ 583,000 ​ ​ ​
Series 2019-H7, Class B, 3.725% due 7/15/52
​ ​ ​ ​ 602,552 ​ ​
​ ​ ​ 22,124,407 ​ ​ ​
Series 2019-L3, Class XA, 0.766% due 11/15/52(b)(g)
​ ​ ​ ​ 1,100,388 ​ ​
​ ​ ​ 806,000 ​ ​ ​
Series 2020-L4, Class B, 3.082% due 2/15/53
​ ​ ​ ​ 829,028 ​ ​
​ ​ ​ 254,168 ​ ​ ​
Motel 6 Trust, Series 2017-MTL6, Class A, 1.082% (1-Month USD-LIBOR +
0.920)% due 8/15/34(b)(c)
​ ​ ​ ​ 248,768 ​ ​
See Notes to Financial Statements.
124
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 2,192,000 ​ ​ ​
MRCD Mortgage Trust, Series 2019-PARK, Class G, 2.718% due 12/15/36(c)
​ ​ ​ $ 1,978,022 ​ ​
​ ​ ​ 1,122,000 ​ ​ ​
MSCG Trust, Series 2018-SELF, Class A, 1.062% (1-Month USD-LIBOR +
0.900)% due 10/15/37(b)(c)
​ ​ ​ ​ 1,112,159 ​ ​
​ ​ ​ ​ ​ ​ ​ New Residential Mortgage Loan Trust: ​ ​
​ ​ ​ 2,446,166 ​ ​ ​
Series 2020-NPL1, Class A1, step bond to yield, 4.335% due 7/25/60(c)
​ ​ ​ ​ 2,445,884 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
Series 2020-RPL2, Class A1, 3.578% due 8/25/25(b)(c)
​ ​ ​ ​ 1,400,080 ​ ​
​ ​ ​ ​ ​ ​ ​ PMT Credit Risk Transfer Trust: ​ ​
​ ​ ​ 2,484,538 ​ ​ ​
Series 2019-2R, Class A, 2.920% (1-Month USD-LIBOR + 2.750)% due
5/27/23(b)(c)(h)
​ ​ ​ ​ 2,326,247 ​ ​
​ ​ ​ 1,841,896 ​ ​ ​
Series 2019-3R, Class A, 2.870% (1-Month USD-LIBOR + 2.700)% due
10/27/22(b)(c)
​ ​ ​ ​ 1,765,783 ​ ​
​ ​ ​ 9,437,201 ​ ​ ​
PRPM, Series 2019-GS1, Class A1, 3.500% due 10/25/24(b)(c)
​ ​ ​ ​ 9,395,602 ​ ​
​ ​ ​ 6,746,878 ​ ​ ​
PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due 1/25/24(c)
​ ​ ​ ​ 6,795,257 ​ ​
​ ​ ​ ​ ​ ​ ​ Rali Trust: ​ ​
​ ​ ​ 1,995,984 ​ ​ ​
Series 2005-QS13, Class 1A3, 5.500% due 9/25/35
​ ​ ​ ​ 1,886,791 ​ ​
​ ​ ​ 22,411,050 ​ ​ ​
Series 2007-QH5, Class AII, 0.405% (1-Month USD-LIBOR + 0.230)% due
6/25/37(b)
​ ​ ​ ​ 10,984,577 ​ ​
​ ​ ​ 5,001,718 ​ ​ ​
Residential Asset Securitization Trust, Series 2005-A8CB, Class A6, 5.000% due
7/25/35
​ ​ ​ ​ 4,157,118 ​ ​
​ ​ ​ 3,100,000 ​ ​ ​
Residential Mortgage Loan Trust, Series 2020-1, Class M1, 3.242% due
2/25/24(b)(c)
​ ​ ​ ​ 2,931,457 ​ ​
​ ​ ​ ​ ​ ​ ​ Rosslyn Portfolio Trust: ​ ​
​ ​ ​ 366,007 ​ ​ ​
Series 2017-ROSS, Class A, 1.939% (1-Month USD-LIBOR + 0.950)% due
6/15/33(b)(c)
​ ​ ​ ​ 359,749 ​ ​
​ ​ ​ 366,007 ​ ​ ​
Series 2017-ROSS, Class B, 2.239% (1-Month USD-LIBOR + 1.250)% due
6/15/33(b)(c)
​ ​ ​ ​ 353,299 ​ ​
​ ​ ​ ​ ​ ​ ​ Seasoned Credit Risk Transfer Trust: ​ ​
​ ​ ​ 6,043,245 ​ ​ ​
Series 2019-4, Class MV, 3.000% due 2/25/59
​ ​ ​ ​ 6,756,059 ​ ​
​ ​ ​ 9,799,878 ​ ​ ​
Series 2020-2, Class MT, 2.000% due 11/25/59
​ ​ ​ ​ 10,028,278 ​ ​
​ ​ ​ 5,670,955 ​ ​ ​
UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.713% due
6/15/50(b)(g)
​ ​ ​ ​ 443,855 ​ ​
​ ​ ​ 4,251,936 ​ ​ ​
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 1.079%
due 3/10/46(b)(c)(g)
​ ​ ​ ​ 75,991 ​ ​
​ ​ ​ 6,400,000 ​ ​ ​
Verus Securitization Trust, Series 2019-INV2, Class M1, 3.499% due 7/25/59(b)(c)
​ ​ ​ ​ 6,417,169 ​ ​
​ ​ ​ ​ ​ ​ ​ Wells Fargo Commercial Mortgage Trust: ​ ​
​ ​ ​ 295,000 ​ ​ ​
Series 2010-C1, Class C, 5.800% due 11/15/43(b)(c)
​ ​ ​ ​ 294,349 ​ ​
​ ​ ​ 275,000 ​ ​ ​
Series 2015-C31, Class A4, 3.695% due 11/15/48
​ ​ ​ ​ 306,886 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2015-LC20, Class A3, 3.086% due 4/15/50
​ ​ ​ ​ 1,025,932 ​ ​
​ ​ ​ 2,581,000 ​ ​ ​
Series 2015-NXS4, Class E, 3.820% due 12/15/48(b)(c)
​ ​ ​ ​ 1,783,993 ​ ​
​ ​ ​ 10,258,234 ​ ​ ​
Series 2017-C38, Class XA, 1.195% due 7/15/50(b)(g)
​ ​ ​ ​ 549,715 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
Series 2017-C42, Class A4, 3.589% due 12/15/50
​ ​ ​ ​ 1,362,044 ​ ​
See Notes to Financial Statements.
125
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 1,000,000 ​ ​ ​
Series 2017-RC1, Class A4, 3.631% due 1/15/60
​ ​ ​ $ 1,112,815 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2018-C44, Class A5, 4.212% due 5/15/51
​ ​ ​ ​ 1,181,492 ​ ​
​ ​ ​ 806,000 ​ ​ ​
Series 2020-C55, Class AS, 2.937% due 2/15/53
​ ​ ​ ​ 859,288 ​ ​
​ ​ ​ 7,689,000 ​ ​ ​
Series 2020-C57, Class XA, 2.238% due 8/15/53(b)(g)
​ ​ ​ ​ 1,158,841 ​ ​
​ ​ ​ 1,441,430 ​ ​ ​
WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440% due
4/15/45
​ ​ ​ ​ 1,462,343 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $403,565,202)
​ ​ ​
​
397,476,848
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ASSET-BACKED SECURITIES – 8.0% ​
​ ​ ​ ​ ​ ​ ​ 522 Funding CLO I Ltd.: ​ ​
​ ​ ​ 500,000 ​ ​ ​
Series 2018-3A, Class A, 1.502% (3-Month USD-LIBOR + 1.230)% due
10/20/31(b)(c)
​ ​ ​ ​ 494,027 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Series 2019-1A, Class A1, 1.665% (3-Month USD-LIBOR + 1.390)% due
1/15/33(b)(c)
​ ​ ​ ​ 499,499 ​ ​
​ ​ ​ 1,868,646 ​ ​ ​
Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(c)
​ ​ ​ ​ 1,688,813 ​ ​
​ ​ ​ 1,798,122 ​ ​ ​
AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(c)
​ ​ ​ ​ 1,632,870 ​ ​
​ ​ ​ 500,000 ​ ​ ​
AGL Core CLO 5 Ltd., Series 2020-5A, Class B, 3.079% (3-Month
USD-LIBOR + 2.780)% due 7/20/30(b)(c)
​ ​ ​ ​ 500,174 ​ ​
​ ​ ​ 500,000 ​ ​ ​
ALM 2020 Ltd., Series 2020-1A, Class A2, 2.125% (3-Month USD-LIBOR +
1.850)% due 10/15/29(b)(c)
​ ​ ​ ​ 497,666 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.820% due
3/18/24
​ ​ ​ ​ 519,768 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class B, 1.747% (3-Month
USD-LIBOR + 1.500)% due 1/28/31(b)(c)
​ ​ ​ ​ 977,568 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Apidos CLO XII, Series 2013-12A, Class CR, 2.075% (3-Month USD-LIBOR +
1.800)% due 4/15/31(b)(c)
​ ​ ​ ​ 474,921 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Bain Capital Credit CLO Ltd., Series 2019-3A, Class B2, 2.141% (3-Month
USD-LIBOR + 1.870)% due 10/21/32(b)(c)
​ ​ ​ ​ 973,794 ​ ​
​ ​ ​ 991,833 ​ ​ ​
Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A,
1.295% (3-Month USD-LIBOR + 1.050)% due 7/27/31(b)(c)
​ ​ ​ ​ 975,736 ​ ​
​ ​ ​ ​ ​ ​ ​ Carrington Mortgage Loan Trust: ​ ​
​ ​ ​ 2,661,630 ​ ​ ​
Series 2006-NC4, Class A3, 0.335% (1-Month USD-LIBOR + 0.160)% due
10/25/36(b)
​ ​ ​ ​ 2,514,458 ​ ​
​ ​ ​ 6,449,304 ​ ​ ​
Series 2007-RFC1, Class A3, 0.315% (1-Month USD-LIBOR + 0.140)% due
12/25/36(b)
​ ​ ​ ​ 6,038,372 ​ ​
​ ​ ​ 1,615,995 ​ ​ ​
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125% due
6/15/43(c)
​ ​ ​ ​ 1,505,843 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
CFIP CLO Ltd., Series 2014-1A, Class AR, 1.586% (3-Month USD-LIBOR +
1.320)% due 7/13/29(b)(c)
​ ​ ​ ​ 995,443 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
CIFC Funding Ltd., Series 2020-1A, Class B, 2.542% (3-Month USD-LIBOR +
2.300)% due 7/15/32(b)(c)
​ ​ ​ ​ 1,003,747 ​ ​
See Notes to Financial Statements.
126
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 600,000 ​ ​ ​
Citibank Credit Card Issuance Trust, Series 2018-A6, Class A6, 3.210% due
12/7/24
​ ​ ​ $ 638,393 ​ ​
​ ​ ​ 1,394,000 ​ ​ ​
CLNC Ltd., Series 2019-FL1, Class A, 1.411% (1-Month USD-LIBOR +
1.250)% due 8/20/35(b)(c)
​ ​ ​ ​ 1,359,962 ​ ​
​ ​ ​ 5,606,679 ​ ​ ​
Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4,
Class AV4, 0.415% (1-Month USD-LIBOR + 0.240)% due 5/25/36(b)
​ ​ ​ ​ 4,512,471 ​ ​
​ ​ ​ 7,512,587 ​ ​ ​
CSMC Trust, Series 2018-RPL8, Class A1, 4.125% due 7/25/58(b)(c)
​ ​ ​ ​ 7,541,914 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
CVP CLO Ltd., Series 2017-1A, Class A, 1.612% (3-Month USD-LIBOR +
1.340)% due 7/20/30(b)(c)
​ ​ ​ ​ 993,683 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.505% (3-Month
USD-LIBOR + 1.230)% due 10/15/29(b)(c)
​ ​ ​ ​ 989,451 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Flatiron CLO 17 Ltd., Series 2017-1A, Class B, 1.880% (3-Month
USD-LIBOR + 1.600)% due 5/15/30(b)(c)
​ ​ ​ ​ 784,662 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Fort Washington CLO, Series 2019-1A, Class A, 1.692% (3-Month
USD-LIBOR + 1.420)% due 10/20/32(b)(c)
​ ​ ​ ​ 491,023 ​ ​
​ ​ ​ 35,145 ​ ​ ​
Freed ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(c)
​ ​ ​ ​ 35,177 ​ ​
​ ​ ​ 320,000 ​ ​ ​
GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800% due
7/20/23
​ ​ ​ ​ 322,482 ​ ​
​ ​ ​ 53,000 ​ ​ ​
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3,
1.490% due 12/16/24
​ ​ ​ ​ 54,212 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, 1.645% (3-Month
USD-LIBOR + 1.370)% due 4/15/33(b)(c)
​ ​ ​ ​ 998,268 ​ ​
​ ​ ​ ​ ​ ​ ​ Halsey Point CLO I Ltd.: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2019-1A, Class A1A1, 1.622% (3-Month USD-LIBOR + 1.350)% due
1/20/33(b)(c)
​ ​ ​ ​ 990,024 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2019-1A, Class B1, 2.472% (3-Month USD-LIBOR + 2.200)% due
1/20/33(b)(c)
​ ​ ​ ​ 1,000,031 ​ ​
​ ​ ​ 4,302,411 ​ ​ ​
Helios Issuer LLC, Series 2017-1A, Class A, 4.940% due 9/20/49(c)
​ ​ ​ ​ 4,525,818 ​ ​
​ ​ ​ 4,851,191 ​ ​ ​
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425% due 11/15/39(c)
​ ​ ​ ​ 4,409,446 ​ ​
​ ​ ​ ​ ​ ​ ​ Invitation Homes Trust: ​ ​
​ ​ ​ 2,240,000 ​ ​ ​
Series 2018-SFR1, Class C, 1.412% (1-Month USD-LIBOR + 1.250)% due
3/17/37(b)(c)
​ ​ ​ ​ 2,235,789 ​ ​
​ ​ ​ 1,425,000 ​ ​ ​
Series 2018-SFR1, Class D, 1.612% (1-Month USD-LIBOR + 1.450)% due
3/17/37(b)(c)
​ ​ ​ ​ 1,409,318 ​ ​
​ ​ ​ 970,000 ​ ​ ​
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.846% due 7/30/47(c)
​ ​ ​ ​ 990,360 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
LCM XV LP, Series 15A, Class DR, 3.972% (3-Month USD-LIBOR + 3.700)%
due 7/20/30(b)(c)
​ ​ ​ ​ 945,702 ​ ​
​ ​ ​ 443,111 ​ ​ ​
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, step bond to yield,
3.200% due 5/25/59(c)
​ ​ ​ ​ 440,651 ​ ​
​ ​ ​ 1,237,000 ​ ​ ​
LoanCore Issuer Ltd., Series 2019-CRE2, Class AS, 1.662% (1-Month
USD-LIBOR + 1.500)% due 5/15/36(b)(c)
​ ​ ​ ​ 1,203,121 ​ ​
See Notes to Financial Statements.
127
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 21,228,156 ​ ​ ​
Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A3, 0.365% (1-Month
USD-LIBOR + 0.190)% due 3/25/46(b)
​ ​ ​ $ 10,215,021 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Madison Park Funding XXV Ltd., Series 2017-25A, Class A2, 1.995% (3-Month
USD-LIBOR + 1.750)% due 4/25/29(b)(c)
​ ​ ​ ​ 495,124 ​ ​
​ ​ ​ 593,708 ​ ​ ​
Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 1.567% (3-Month
USD-LIBOR + 1.320)% due 10/28/25(b)(c)
​ ​ ​ ​ 592,622 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Marble Point CLO XIV Ltd., Series 2018-2A, Class A1, 1.602% (3-Month
USD-LIBOR + 1.330)% due 1/20/32(b)(c)
​ ​ ​ ​ 992,239 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
MP CLO III Ltd., Series 2013-1A, Class AR, 1.522% (3-Month USD-LIBOR +
1.250)% due 10/20/30(b)(c)
​ ​ ​ ​ 991,115 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
MP CLO IV Ltd., Series 2013-2A, Class ARR, 1.525% (3-Month USD-LIBOR +
1.280)% due 7/25/29(b)(c)
​ ​ ​ ​ 994,411 ​ ​
​ ​ ​ 39,220 ​ ​ ​
Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.740% due
8/16/21
​ ​ ​ ​ 39,241 ​ ​
​ ​ ​ 492,590 ​ ​ ​
Northwoods Capital XI-B Ltd., Series 2018-11BA, Class A1, 1.372% (3-Month
USD-LIBOR + 1.100)% due 4/19/31(b)(c)
​ ​ ​ ​ 483,769 ​ ​
​ ​ ​ 988,761 ​ ​ ​
Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 1.550% (3-Month
USD-LIBOR + 1.270)% due 11/15/30(b)(c)
​ ​ ​ ​ 980,461 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
OFSI Fund IX Ltd., Series 2018-1A, Class A, 1.425% (3-Month USD-LIBOR +
1.150)% due 7/15/31(b)(c)
​ ​ ​ ​ 986,790 ​ ​
​ ​ ​ 12,985,853 ​ ​ ​
Option One Mortgage Loan Trust, Series 2007-6, Class 1A1, 0.365% (1-Month
USD-LIBOR + 0.190)% due 7/25/37(b)
​ ​ ​ ​ 11,563,849 ​ ​
​ ​ ​ ​ ​ ​ ​ Pretium Mortgage Credit Partners I LLC: ​ ​
​ ​ ​ 943,017 ​ ​ ​
Series 2019-CFL1, Class A1, step bond to yield, 3.721% due 1/25/59(c)
​ ​ ​ ​ 938,122 ​ ​
​ ​ ​ 4,900,277 ​ ​ ​
Series 2020-NPL2, Class A1, step bond to yield, 3.721% due 2/27/60(c)
​ ​ ​ ​ 4,905,921 ​ ​
​ ​ ​ ​ ​ ​ ​ PRPM LLC: ​ ​
​ ​ ​ 3,986,095 ​ ​ ​
Series 2019-2A, Class A1, step bond to yield, 3.967% due 4/25/24(c)
​ ​ ​ ​ 4,017,117 ​ ​
​ ​ ​ 2,170,452 ​ ​ ​
Series 2019-3A, Class A1, step bond to yield, 3.351% due 7/25/24(c)
​ ​ ​ ​ 2,157,026 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Regatta XI Funding Ltd., Series 2018-1A, Class B, 1.923% (3-Month
USD-LIBOR + 1.650)% due 7/17/31(b)(c)
​ ​ ​ ​ 983,328 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 1.462% (3-Month
USD-LIBOR + 1.190)% due 10/20/30(b)(c)
​ ​ ​ ​ 991,703 ​ ​
​ ​ ​ 25,000 ​ ​ ​
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.110% due
12/15/25
​ ​ ​ ​ 26,836 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due
8/25/47(c)
​ ​ ​ ​ 1,052,187 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class A, 1.635% (3-Month
USD-LIBOR + 1.360)% due 4/15/30(b)(c)
​ ​ ​ ​ 494,956 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, 1.425% (3-Month
USD-LIBOR + 1.180)% due 10/26/31(b)(c)
​ ​ ​ ​ 494,625 ​ ​
See Notes to Financial Statements.
128
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ ​ ​ ​ ​ ​ Steele Creek CLO Ltd.: ​ ​
​ ​ $ 1,000,000 ​ ​ ​
Series 2015-1A, Class AR, 1.507% (3-Month USD-LIBOR + 1.260)% due
5/21/29(b)(c)
​ ​ ​ $ 989,685 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2016-1A, Class AR, 1.433% (3-Month USD-LIBOR + 1.120)% due
6/15/31(b)(c)
​ ​ ​ ​ 981,316 ​ ​
​ ​ ​ 5,872,118 ​ ​ ​
Structured Asset Investment Loan Trust, Series 2005-5, Class M5, 1.150%
(1-Month USD-LIBOR + 0.975)% due 6/25/35(b)
​ ​ ​ ​ 5,446,200 ​ ​
​ ​ ​ 1,965,762 ​ ​ ​
Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(c)
​ ​ ​ ​ 2,042,532 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Symphony CLO XV Ltd., Series 2014-15A, Class AR2, 1.533% (3-Month
USD-LIBOR + 1.260)% due 1/17/32(b)(c)
​ ​ ​ ​ 991,651 ​ ​
​ ​ ​ 1,965,000 ​ ​ ​
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318% due 11/25/48(c)
​ ​ ​ ​ 2,009,448 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
THL Credit Wind River CLO Ltd., Series 2014-2A, Class AR, 1.415% (3-Month
USD-LIBOR + 1.140)% due 1/15/31(b)(c)
​ ​ ​ ​ 983,649 ​ ​
​ ​ ​ 1,394,000 ​ ​ ​
TRTX Issuer Ltd., Series 2019-FL3, Class AS, 1.612% (1-Month USD-LIBOR +
1.450)% due 10/15/34(b)(c)
​ ​ ​ ​ 1,348,761 ​ ​
​ ​ ​ 1,750,000 ​ ​ ​
Venture 32 CLO Ltd., Series 2018-32A, Class A1, 1.372% (3-Month
USD-LIBOR + 1.100)% due 7/18/31(b)(c)
​ ​ ​ ​ 1,720,325 ​ ​
​ ​ ​ 993,913 ​ ​ ​
Venture XV CLO Ltd., Series 2013-15A, Class A1R2, 1.645% (3-Month
USD-LIBOR + 1.370)% due 7/15/32(b)(c)
​ ​ ​ ​ 982,345 ​ ​
​ ​ ​ ​ ​ ​ ​ Vericrest Opportunity Loan Trust: ​ ​
​ ​ ​ 1,310,286 ​ ​ ​
Series 2019-NPL2, Class A1, step bond to yield, 3.967% due 2/25/49(c)
​ ​ ​ ​ 1,310,082 ​ ​
​ ​ ​ 2,169,472 ​ ​ ​
Series 2019-NPL4, Class A1A, step bond to yield, 3.352% due 8/25/49(c)
​ ​ ​ ​ 2,160,731 ​ ​
​ ​ ​ 4,443,388 ​ ​ ​
Series 2020-NPL5, Class A1A, step bond to yield, 2.982% due 3/25/50(c)
​ ​ ​ ​ 4,410,074 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Vibrant CLO X Ltd., Series 2018-10A, Class A1, 1.472% (3-Month
USD-LIBOR + 1.200)% due 10/20/31(b)(c)
​ ​ ​ ​ 493,331 ​ ​
​ ​ ​ 2,156,736 ​ ​ ​
VOLT LXXX LLC, Series 2019-NPL6, Class A1A, step bond to yield, 3.228%
due 10/25/49(c)
​ ​ ​ ​ 2,137,746 ​ ​
​ ​ ​ 9,455,099 ​ ​ ​
VOLT LXXXV LLC, Series 2020-NPL1, Class A1A, step bond to yield, 3.228%
due 1/25/50(c)
​ ​ ​ ​ 9,408,875 ​ ​
​ ​ ​ 4,361,417 ​ ​ ​
VOLT LXXXVII LLC, Series 2020-NPL3, Class A1A, step bond to yield,
2.981% due 2/25/50(c)
​ ​ ​ ​ 4,329,513 ​ ​
​ ​ ​ 9,431,099 ​ ​ ​
WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE4, Class 1A,
0.345% (1-Month USD-LIBOR + 0.170)% due 7/25/47(b)
​ ​ ​ ​ 7,614,830 ​ ​
​ ​ ​ 12,525,090 ​ ​ ​
Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE3,
Class 1A, 0.330% (1-Month USD-LIBOR + 0.155)% due 8/25/36(b)
​ ​ ​ ​ 11,647,314 ​ ​
​ ​ ​ ​ ​ ​ ​ Wellfleet CLO Ltd.: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2017-3A, Class A1, 1.423% (3-Month USD-LIBOR + 1.150)% due
1/17/31(b)(c)
​ ​ ​ ​ 986,914 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Series 2018-2A, Class A1, 1.472% (3-Month USD-LIBOR + 1.200)% due
10/20/31(b)(c)
​ ​ ​ ​ 493,379 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
York CLO-6 Ltd., Series 2019-1A, Class A1, 1.608% (3-Month USD-LIBOR +
1.350)% due 7/22/32(b)(c)
​ ​ ​ ​ 3,993,964 ​ ​
See Notes to Financial Statements.
129
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 984,534 ​ ​ ​
Zais CLO 5 Ltd., Series 2016-2A, Class A1, 1.805% (3-Month USD-LIBOR +
1.530)% due 10/15/28(b)(c)
​ ​ ​ $ 978,138 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost – $169,187,894)
​ ​ ​
​
170,021,923
 ​ ​
​ SENIOR LOANS(b) – 1.9% ​
​ ​ ​ 248,559 ​ ​ ​
1011778 B.C. Unlimited Liability Co., 1.906% (1-Month USD-LIBOR +
0.175)% due 11/19/26
​ ​ ​ ​ 238,928 ​ ​
​ ​ ​ 212,939 ​ ​ ​
Access CIG LLC, due 2/27/25(i)
​ ​ ​ ​ 205,320 ​ ​
​ ​ ​ 143,562 ​ ​ ​
Achilles Acquisition LLC, 4.188% (1-Month USD-LIBOR + 0.400)% due
10/13/25
​ ​ ​ ​ 139,733 ​ ​
​ ​ ​ 154,127 ​ ​ ​
Acrisure LLC, 3.656% (1-Month USD-LIBOR + 0.350)% due 2/15/27
​ ​ ​ ​ 147,609 ​ ​
​ ​ ​ 41,448 ​ ​ ​
Advanced Drainage Systems Inc., 2.438% (1-Month USD-LIBOR + 0.225)% due
7/31/26
​ ​ ​ ​ 41,060 ​ ​
​ ​ ​ 243,020 ​ ​ ​
Agiliti Health Inc., 3.188% (1-Month USD-LIBOR + 0.300)% due 1/4/26
​ ​ ​ ​ 237,552 ​ ​
​ ​ ​ 126,357 ​ ​ ​
Air Methods Corp., 4.500% (3-Month USD-LIBOR + 0.350)% due 4/22/24
​ ​ ​ ​ 110,703 ​ ​
​ ​ ​ 154,638 ​ ​ ​
Aldevron LLC, 5.250% (1-Month USD-LIBOR + 0.425)% due 10/12/26
​ ​ ​ ​ 154,542 ​ ​
​ ​ ​ 201,728 ​ ​ ​
Alera Group Intermediate Holdings Inc., 5.072% (6-Month USD-LIBOR +
0.400)% due 8/1/25
​ ​ ​ ​ 198,198 ​ ​
​ ​ ​ 238,870 ​ ​ ​
AlixPartners LLP, 2.656% (1-Month USD-LIBOR + 0.250)% due 4/4/24
​ ​ ​ ​ 233,376 ​ ​
​ ​ ​ 108,900 ​ ​ ​
Alliant Holdings Intermediate LLC, 3.433% (1-Month USD-LIBOR + 0.325)%
due 5/9/25
​ ​ ​ ​ 106,081 ​ ​
​ ​ ​ 243,775 ​ ​ ​
Allied Universal Holdco LLC, 4.406% (1-Month USD-LIBOR + 0.425)% due
7/10/26
​ ​ ​ ​ 241,825 ​ ​
​ ​ ​ 206,868 ​ ​ ​
Alterra Mountain Co., 2.906% (1-Month USD-LIBOR + 0.275)% due 7/31/24
​ ​ ​ ​ 198,399 ​ ​
​ ​ ​ 251,860 ​ ​ ​
Altice France SA, due 8/14/26(i)
​ ​ ​ ​ 248,082 ​ ​
​ ​ ​ 25,000 ​ ​ ​
Amentum Government Services Holdings LLC, 4.156% (1-Month
USD-LIBOR + 0.400)% due 1/29/27
​ ​ ​ ​ 24,906 ​ ​
​ ​ ​ ​ ​ ​ ​ American Airlines Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 74,235 ​ ​ ​
2.162% (1-Month USD-LIBOR + 0.200)% due 12/15/23
​ ​ ​ ​ 57,779 ​ ​
​ ​ ​ 25,000 ​ ​ ​
1.906% (1-Month USD-LIBOR + 0.175)% due 1/29/27
​ ​ ​ ​ 17,156 ​ ​
​ ​ ​ 72,426 ​ ​ ​
American Tire Distributors Inc., 8.500% (3-Month USD-LIBOR + 0.750)% due
9/2/24
​ ​ ​ ​ 62,033 ​ ​
​ ​ ​ 243,857 ​ ​ ​
Applied Systems Inc., 4.250% (3-Month USD-LIBOR + 0.325)% due 9/19/24
​ ​ ​ ​ 242,581 ​ ​
​ ​ ​ ​ ​ ​ ​ Aramark Intermediate HoldCo Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 135,000 ​ ​ ​
1.911% (1-Month USD-LIBOR + 0.175)% due 3/11/25
​ ​ ​ ​ 128,655 ​ ​
​ ​ ​ 59,850 ​ ​ ​
1.911% (1-Month USD-LIBOR + 0.175)% due 1/15/27
​ ​ ​ ​ 56,962 ​ ​
​ ​ ​ 242,886 ​ ​ ​
Ascend Learning LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 7/12/24
​ ​ ​ ​ 241,064 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Asplundh Tree Expert LLC, due 8/18/27(i)
​ ​ ​ ​ 120,037 ​ ​
​ ​ ​ 248,291 ​ ​ ​
AssuredPartners Inc., 3.656% (1-Month USD-LIBOR + 0.350)% due 2/12/27
​ ​ ​ ​ 241,907 ​ ​
​ ​ ​ ​ ​ ​ ​ Asurion LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 282,545 ​ ​ ​
3.156% (1-Month USD-LIBOR + 0.300)% due 11/3/23
​ ​ ​ ​ 277,366 ​ ​
See Notes to Financial Statements.
130
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 131,993 ​ ​ ​
6.656% (1-Month USD-LIBOR + 0.650)% due 8/4/25
​ ​ ​ $ 132,191 ​ ​
​ ​ ​ 121,262 ​ ​ ​
athenahealth Inc., 4.818% (3-Month USD-LIBOR + 0.450)% due 2/11/26
​ ​ ​ ​ 120,126 ​ ​
​ ​ ​ 113,274 ​ ​ ​
Auris Luxembourg III SARL, 3.906% (1-Month USD-LIBOR + 0.375)% due
2/27/26
​ ​ ​ ​ 103,504 ​ ​
​ ​ ​ 59,502 ​ ​ ​
Avantor Funding Inc., 3.250% (1-Month USD-LIBOR + 0.225)% due 11/21/24
​ ​ ​ ​ 58,833 ​ ​
​ ​ ​ 170,187 ​ ​ ​
Avaya Inc., 4.412% (1-Month USD-LIBOR + 0.425)% due 12/15/24
​ ​ ​ ​ 165,153 ​ ​
​ ​ ​ 121,872 ​ ​ ​
Aventiv Technologies LLC, 5.500% (3-Month USD-LIBOR + 0.450)% due
11/1/24
​ ​ ​ ​ 97,190 ​ ​
​ ​ ​ 251,822 ​ ​ ​
Axalta Coating Systems Dutch Holding B BV, 2.058% (3-Month USD-LIBOR +
0.175)% due 6/1/24
​ ​ ​ ​ 245,086 ​ ​
​ ​ ​ 121,073 ​ ​ ​
Azalea TopCo Inc., 3.760% (3-Month USD-LIBOR + 0.350)% due 7/24/26
​ ​ ​ ​ 117,592 ​ ​
​ ​ ​ 168,834 ​ ​ ​
Bass Pro Group LLC, 6.072% (3-Month USD-LIBOR + 0.500)% due 9/25/24
​ ​ ​ ​ 168,149 ​ ​
​ ​ ​ ​ ​ ​ ​ Bausch Health Cos., Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 78,481 ​ ​ ​
3.183% (1-Month USD-LIBOR + 0.300)% due 6/2/25
​ ​ ​ ​ 77,141 ​ ​
​ ​ ​ 144,000 ​ ​ ​
2.933% (1-Month USD-LIBOR + 0.275)% due 11/27/25
​ ​ ​ ​ 140,940 ​ ​
​ ​ ​ 78,000 ​ ​ ​
BellRing Brands LLC, 6.000% (1-Month USD-LIBOR + 0.500)% due 10/21/24
​ ​ ​ ​ 77,878 ​ ​
​ ​ ​ ​ ​ ​ ​ Berry Global Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 26,700 ​ ​ ​
2.155% (1-Month USD-LIBOR + 0.200)% due 10/1/22
​ ​ ​ ​ 26,306 ​ ​
​ ​ ​ 230,825 ​ ​ ​
2.155% (1-Month USD-LIBOR + 0.200)% due 7/1/26
​ ​ ​ ​ 223,584 ​ ​
​ ​ ​ 215,399 ​ ​ ​
BJ’s Wholesale Club Inc., 2.164% (1-Month USD-LIBOR + 0.200)% due 2/3/24
​ ​ ​ ​ 213,306 ​ ​
​ ​ ​ 143,454 ​ ​ ​
Blackhawk Network Holdings Inc., 3.156% (1-Month USD-LIBOR + 0.300)%
due 6/15/25
​ ​ ​ ​ 135,078 ​ ​
​ ​ ​ 133,401 ​ ​ ​
Blackstone CQP Holdco LP, 3.806% (3-Month USD-LIBOR + 0.350)% due
9/30/24
​ ​ ​ ​ 130,844 ​ ​
​ ​ ​ 166,464 ​ ​ ​
Boxer Parent Co., Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due 10/2/25
​ ​ ​ ​ 163,205 ​ ​
​ ​ ​ 174,371 ​ ​ ​
Brand Energy & Infrastructure Services Inc., 5.250% (3-Month USD-LIBOR +
0.425)% due 6/21/24
​ ​ ​ ​ 160,421 ​ ​
​ ​ ​ 126,174 ​ ​ ​
Brazos Delaware II LLC, 4.171% (1-Month USD-LIBOR + 0.400)% due 5/21/25
​ ​ ​ ​ 91,738 ​ ​
​ ​ ​ 92,796 ​ ​ ​
Bright Bidco BV, 4.572% (6-Month USD-LIBOR + 0.350)% due 6/30/24
​ ​ ​ ​ 41,108 ​ ​
​ ​ ​ 115,580 ​ ​ ​
Brookfield WEC Holdings Inc., 3.750% (1-Month USD-LIBOR + 0.300)% due
8/1/25
​ ​ ​ ​ 113,516 ​ ​
​ ​ ​ 164,588 ​ ​ ​
Buckeye Partners LP, 2.906% (1-Month USD-LIBOR + 0.275)% due 11/1/26
​ ​ ​ ​ 161,648 ​ ​
​ ​ ​ 115,000 ​ ​ ​
BY Crown Parent LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 2/2/26
​ ​ ​ ​ 114,066 ​ ​
​ ​ ​ ​ ​ ​ ​ Caesars Resort Collection LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 213,359 ​ ​ ​
2.906% (1-Month USD-LIBOR + 0.275)% due 12/23/24
​ ​ ​ ​ 200,158 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.726% (3-Month USD-LIBOR + 0.450)% due 7/21/25
​ ​ ​ ​ 96,813 ​ ​
​ ​ ​ ​ ​ ​ ​ Calpine Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 283,792 ​ ​ ​
2.410% (1-Month USD-LIBOR + 0.225)% due 4/5/26
​ ​ ​ ​ 277,211 ​ ​
​ ​ ​ 14,888 ​ ​ ​
2.156% (1-Month USD-LIBOR + 0.200)% due 8/12/26
​ ​ ​ ​ 14,436 ​ ​
​ ​ ​ 243,775 ​ ​ ​
Camelot U.S. Acquisition 1 Co., 3.156% (1-Month USD-LIBOR + 0.300)% due
10/30/26
​ ​ ​ ​ 239,204 ​ ​
See Notes to Financial Statements.
131
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 206,066 ​ ​ ​
Capri Acquisitions BidCo Ltd., 3.261% (3-Month USD-LIBOR + 0.300)% due
11/1/24
​ ​ ​ $ 205,423 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Carnival Corp., 8.500% (1-Month USD-LIBOR + 0.750)% due 6/30/25
​ ​ ​ ​ 58,787 ​ ​
​ ​ ​ 259,479 ​ ​ ​
Castle US Holding Corp., due 1/29/27(i)
​ ​ ​ ​ 249,424 ​ ​
​ ​ ​ 81,496 ​ ​ ​
Catalent Pharma Solutions Inc., 3.250% (1-Month USD-LIBOR + 0.225)% due
5/18/26
​ ​ ​ ​ 80,952 ​ ​
​ ​ ​ 174,584 ​ ​ ​
Cengage Learning Inc., 5.250% (3-Month USD-LIBOR + 0.425)% due 6/7/23
​ ​ ​ ​ 143,377 ​ ​
​ ​ ​ 243,862 ​ ​ ​
CenturyLink Inc., 2.406% (1-Month USD-LIBOR + 0.225)% due 3/15/27
​ ​ ​ ​ 235,276 ​ ​
​ ​ ​ 245,000 ​ ​ ​
Change Healthcare Holdings LLC, 3.500% (3-Month USD-LIBOR + 0.250)%
due 3/1/24
​ ​ ​ ​ 240,169 ​ ​
​ ​ ​ 78,491 ​ ​ ​
Charter NEX US Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due 5/16/24
​ ​ ​ ​ 77,134 ​ ​
​ ​ ​ 244,370 ​ ​ ​
CHG Healthcare Services Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due
6/7/23
​ ​ ​ ​ 240,399 ​ ​
​ ​ ​ 204,289 ​ ​ ​
CHG PPC Parent LLC, 2.906% (1-Month USD-LIBOR + 0.275)% due 3/31/25
​ ​ ​ ​ 197,138 ​ ​
​ ​ ​ 65,204 ​ ​ ​
Cincinnati Bell Inc., 4.250% (1-Month USD-LIBOR + 0.325)% due 10/2/24
​ ​ ​ ​ 65,137 ​ ​
​ ​ ​ 211,899 ​ ​ ​
Clarios Global LP, 3.658% (1-Month USD-LIBOR + 0.350)% due 4/30/26
​ ​ ​ ​ 207,461 ​ ​
​ ​ ​ 24,813 ​ ​ ​
Clear Channel Outdoor Holdings Inc., 3.761% (3-Month USD-LIBOR + 0.350)%
due 8/21/26
​ ​ ​ ​ 22,495 ​ ​
​ ​ ​ 77,029 ​ ​ ​
ClubCorp Holdings Inc., 3.058% (3-Month USD-LIBOR + 0.275)% due 9/18/24
​ ​ ​ ​ 66,768 ​ ​
​ ​ ​ 184,324 ​ ​ ​
Compass Power Generation LLC, 4.500% (1-Month USD-LIBOR + 0.350)% due
12/20/24
​ ​ ​ ​ 180,715 ​ ​
​ ​ ​ 64,838 ​ ​ ​
Connect Finco SARL, 5.500% (1-Month USD-LIBOR + 0.450)% due 12/11/26
​ ​ ​ ​ 63,014 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Conservice Midco LLC, due 5/13/27(i)
​ ​ ​ ​ 98,440 ​ ​
​ ​ ​ 165,000 ​ ​ ​
CornerStone OnDemand Inc., 4.433% (1-Month USD-LIBOR + 0.425)% due
4/22/27
​ ​ ​ ​ 164,546 ​ ​
​ ​ ​ 58,237 ​ ​ ​
Covia Holdings Corp., 8.250% (3-Month USD-LIBOR + 0.500)% due 6/1/25(f)
​ ​ ​ ​ 40,257 ​ ​
​ ​ ​ ​ ​ ​ ​ CSC Holdings LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 15,544 ​ ​ ​
2.408% (1-Month USD-LIBOR + 0.225)% due 7/17/25
​ ​ ​ ​ 14,980 ​ ​
​ ​ ​ 54,175 ​ ​ ​
2.408% (1-Month USD-LIBOR + 0.225)% due 1/15/26
​ ​ ​ ​ 52,211 ​ ​
​ ​ ​ 168,727 ​ ​ ​
2.658% (1-Month USD-LIBOR + 0.250)% due 4/15/27
​ ​ ​ ​ 163,063 ​ ​
​ ​ ​ 111,288 ​ ​ ​
CSM Bakery Solutions Ltd., 7.250% (3-Month USD-LIBOR + 0.625)% due
1/4/22
​ ​ ​ ​ 103,331 ​ ​
​ ​ ​ 241,546 ​ ​ ​
Cvent Inc., 3.906% (1-Month USD-LIBOR + 0.375)% due 11/29/24
​ ​ ​ ​ 208,486 ​ ​
​ ​ ​ 39,689 ​ ​ ​
Cyanco Intermediate 2 Corp., 3.656% (1-Month USD-LIBOR + 0.350)% due
3/16/25
​ ​ ​ ​ 38,449 ​ ​
​ ​ ​ 102,236 ​ ​ ​
Cyxtera DC Holdings Inc., 4.000% (3-Month USD-LIBOR + 0.300)% due 5/1/24
​ ​ ​ ​ 88,945 ​ ​
​ ​ ​ 124,688 ​ ​ ​
DCert Buyer Inc., 4.156% (1-Month USD-LIBOR + 0.400)% due 10/16/26
​ ​ ​ ​ 123,052 ​ ​
​ ​ ​ 14,925 ​ ​ ​
Dealer Tire LLC, 4.406% (1-Month USD-LIBOR + 0.425)% due 12/12/25
​ ​ ​ ​ 14,564 ​ ​
​ ​ ​ 260,000 ​ ​ ​
Deerfield Dakota Holding LLC, 4.750% (1-Month USD-LIBOR + 0.375)% due
4/9/27
​ ​ ​ ​ 259,025 ​ ​
​ ​ ​ 234,979 ​ ​ ​
Dell International LLC, 2.750% (1-Month USD-LIBOR + 0.200)% due 9/19/25
​ ​ ​ ​ 233,217 ​ ​
See Notes to Financial Statements.
132
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 200,726 ​ ​ ​
Dentalcorp Health Services ULC, 4.750% (1-Month USD-LIBOR + 0.375)% due
6/6/25
​ ​ ​ $ 187,679 ​ ​
​ ​ ​ 69,468 ​ ​ ​
Dhanani Group Inc., 3.906% (1-Month USD-LIBOR + 0.375)% due 7/20/25
​ ​ ​ ​ 65,879 ​ ​
​ ​ ​ 218,713 ​ ​ ​
Diamond BC BV, 3.260% (3-Month USD-LIBOR + 0.300)% due 9/6/24
​ ​ ​ ​ 206,002 ​ ​
​ ​ ​ 99,775 ​ ​ ​
Diamond Sports Group LLC, due 8/24/26(i)
​ ​ ​ ​ 84,185 ​ ​
​ ​ ​ 53,598 ​ ​ ​
Digicel International Finance Ltd., 0.000% (3-Month USD-LIBOR + 0.325)%
due 5/27/24
​ ​ ​ ​ 46,764 ​ ​
​ ​ ​ 245,316 ​ ​ ​
Dun & Bradstreet Corp., 3.920% (1-Month USD-LIBOR + 0.375)% due 2/6/26
​ ​ ​ ​ 244,580 ​ ​
​ ​ ​ ​ ​ ​ ​ Dynasty Acquisition Co., Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 109,262 ​ ​ ​
3.808% (3-Month USD-LIBOR + 0.350)% due 4/6/26
​ ​ ​ ​ 96,514 ​ ​
​ ​ ​ 117,353 ​ ​ ​
Dynatrace LLC, 2.406% (1-Month USD-LIBOR + 0.225)% due 8/22/25
​ ​ ​ ​ 115,446 ​ ​
​ ​ ​ 252,704 ​ ​ ​
E.W. Scripps Co., 2.656% (1-Month USD-LIBOR + 0.250)% due 5/1/26
​ ​ ​ ​ 245,754 ​ ​
​ ​ ​ 204,485 ​ ​ ​
EAB Global Inc., 4.750% (3-Month USD-LIBOR + 0.375)% due 11/15/24
​ ​ ​ ​ 197,839 ​ ​
​ ​ ​ 247,893 ​ ​ ​
Edelman Financial Center LLC, 3.170% (1-Month USD-LIBOR + 0.300)% due
7/21/25
​ ​ ​ ​ 239,837 ​ ​
​ ​ ​ 68,507 ​ ​ ​
EG Group Ltd., 5.072% (6-Month USD-LIBOR + 0.400)% due 2/7/25
​ ​ ​ ​ 66,302 ​ ​
​ ​ ​ 240,000 ​ ​ ​
Elanco Animal Health Inc., due 8/1/27(i)
​ ​ ​ ​ 235,099 ​ ​
​ ​ ​ 126,871 ​ ​ ​
Envision Healthcare Corp., 3.906% (1-Month USD-LIBOR + 0.375)% due
10/10/25
​ ​ ​ ​ 91,563 ​ ​
​ ​ ​ 78,781 ​ ​ ​
Equinox Holdings Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due 3/8/24
​ ​ ​ ​ 58,495 ​ ​
​ ​ ​ 77,833 ​ ​ ​
ESH Hospitality Inc., 2.156% (1-Month USD-LIBOR + 0.200)% due 9/18/26
​ ​ ​ ​ 75,243 ​ ​
​ ​ ​ 69,466 ​ ​ ​
Excelitas Technologies Corp., 4.500% (3-Month USD-LIBOR + 0.350)% due
12/2/24
​ ​ ​ ​ 68,163 ​ ​
​ ​ ​ 48,702 ​ ​ ​
Exgen Renewables IV LLC, 4.000% (3-Month USD-LIBOR + 0.300)% due
11/28/24
​ ​ ​ ​ 48,275 ​ ​
​ ​ ​ 154,870 ​ ​ ​
Filtration Group Corp., 3.156% (1-Month USD-LIBOR + 0.300)% due 3/31/25
​ ​ ​ ​ 152,112 ​ ​
​ ​ ​ ​ ​ ​ ​ Flex Acquisition Co., Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​
4.000% (3-Month USD-LIBOR + 0.300)% due 12/29/23
​ ​ ​ ​ 62,702 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.546% (3-Month USD-LIBOR + 0.325)% due 6/29/25
​ ​ ​ ​ 120,104 ​ ​
​ ​ ​ 108,623 ​ ​ ​
Flexera Software LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 2/26/25
​ ​ ​ ​ 107,621 ​ ​
​ ​ ​ 183,437 ​ ​ ​
Flutter Entertainment PLC, 3.808% (3-Month USD-LIBOR + 0.350)% due
7/10/25
​ ​ ​ ​ 183,557 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Formula One Management Ltd., 3.500% (1-Month USD-LIBOR + 0.250)% due
2/1/24
​ ​ ​ ​ 242,033 ​ ​
​ ​ ​ 59,583 ​ ​ ​
Forterra Finance LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 10/25/23
​ ​ ​ ​ 58,540 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Froneri International Ltd., 2.406% (1-Month USD-LIBOR + 0.225)% due
1/29/27
​ ​ ​ ​ 240,490 ​ ​
​ ​ ​ 52,356 ​ ​ ​
Frontdoor Inc., 2.688% (1-Month USD-LIBOR + 0.250)% due 8/16/25
​ ​ ​ ​ 51,244 ​ ​
​ ​ ​ 65,351 ​ ​ ​
Frontera Generation Holdings LLC, 5.250% (3-Month USD-LIBOR + 0.425)%
due 5/2/25
​ ​ ​ ​ 27,447 ​ ​
See Notes to Financial Statements.
133
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 205,000 ​ ​ ​
Garda World Security Corp., 4.930% (1-Month USD-LIBOR + 0.475)% due
10/30/26
​ ​ ​ $ 204,129 ​ ​
​ ​ ​ 39,795 ​ ​ ​
Gates Global LLC, 3.750% (1-Month USD-LIBOR + 0.275)% due 4/1/24
​ ​ ​ ​ 39,279 ​ ​
​ ​ ​ 239,400 ​ ​ ​
Genesee & Wyoming Inc., 2.308% (3-Month USD-LIBOR + 0.200)% due
12/30/26
​ ​ ​ ​ 235,345 ​ ​
​ ​ ​ 241,931 ​ ​ ​
Gentiva Health Services Inc., 3.438% (1-Month USD-LIBOR + 0.325)% due
7/2/25
​ ​ ​ ​ 239,512 ​ ​
​ ​ ​ 122,410 ​ ​ ​
Getty Images Inc., 4.688% (1-Month USD-LIBOR + 0.450)% due 2/19/26
​ ​ ​ ​ 115,703 ​ ​
​ ​ ​ 100,000 ​ ​ ​
GFL Environmental Inc., 4.000% (3-Month USD-LIBOR + 0.300)% due 5/30/25
​ ​ ​ ​ 99,375 ​ ​
​ ​ ​ 136,132 ​ ​ ​
Global Medical Response Inc., 4.250% (3-Month USD-LIBOR + 0.325)% due
4/28/22
​ ​ ​ ​ 134,722 ​ ​
​ ​ ​ ​ ​ ​ ​ Go Daddy Operating Co. LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 246,784 ​ ​ ​
1.906% (1-Month USD-LIBOR + 0.175)% due 2/15/24
​ ​ ​ ​ 242,403 ​ ​
​ ​ ​ 145,000 ​ ​ ​
2.656% (1-Month USD-LIBOR + 0.250)% due 8/10/27
​ ​ ​ ​ 143,659 ​ ​
​ ​ ​ 247,667 ​ ​ ​
GOBP Holdings Inc., 3.744% (3-Month USD-LIBOR + 0.275)% due 10/22/25
​ ​ ​ ​ 242,218 ​ ​
​ ​ ​ 255,223 ​ ​ ​
Golden Nugget Inc., due 10/4/23(i)
​ ​ ​ ​ 227,692 ​ ​
​ ​ ​ 257,922 ​ ​ ​
GoodRx Inc., due 10/10/25(i)
​ ​ ​ ​ 254,861 ​ ​
​ ​ ​ 118,444 ​ ​ ​
Graftech International Ltd., 4.500% (1-Month USD-LIBOR + 0.350)% due
2/12/25
​ ​ ​ ​ 116,668 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Graham Packaging Co., Inc., 4.500% (1-Month USD-LIBOR + 0.375)% due
8/4/27
​ ​ ​ ​ 134,730 ​ ​
​ ​ ​ 89,774 ​ ​ ​
Granite US Holdings Corp., 6.322% (3-Month USD-LIBOR + 0.525)% due
9/30/26
​ ​ ​ ​ 86,632 ​ ​
​ ​ ​ 245,924 ​ ​ ​
Gray Television Inc., 2.656% (1-Month USD-LIBOR + 0.250)% due 1/2/26
​ ​ ​ ​ 240,630 ​ ​
​ ​ ​ 242,295 ​ ​ ​
Greeneden U.S. Holdings I LLC, 3.406% (1-Month USD-LIBOR + 0.325)% due
12/1/23
​ ​ ​ ​ 238,106 ​ ​
​ ​ ​ 4,975 ​ ​ ​
Grifols Worldwide Operations Ltd., 2.113% (1-Week USD-LIBOR + 0.200)%
due 11/15/27
​ ​ ​ ​ 4,870 ​ ​
​ ​ ​ 81,564 ​ ​ ​
GTT Communications Inc., 2.910% (1-Month USD-LIBOR + 0.275)% due
5/31/25
​ ​ ​ ​ 64,172 ​ ​
​ ​ ​ 92,084 ​ ​ ​
Gulf Finance LLC, 6.250% (1-Month USD-LIBOR + 0.525)% due 8/25/23
​ ​ ​ ​ 63,261 ​ ​
​ ​ ​ 250,364 ​ ​ ​
Harbor Freight Tools USA Inc., due 8/18/23(i)
​ ​ ​ ​ 246,206 ​ ​
​ ​ ​ 39,389 ​ ​ ​
Hayward Industries Inc., 3.656% (1-Month USD-LIBOR + 0.350)% due 8/5/24
​ ​ ​ ​ 38,699 ​ ​
​ ​ ​ 103,681 ​ ​ ​
HD Supply Inc., 1.906% (1-Month USD-LIBOR + 0.175)% due 10/17/23
​ ​ ​ ​ 102,981 ​ ​
​ ​ ​ 59,400 ​ ​ ​
Hexion Inc., 3.800% (3-Month USD-LIBOR + 0.350)% due 7/1/26
​ ​ ​ ​ 58,435 ​ ​
​ ​ ​ 209,061 ​ ​ ​
H-Food Holdings LLC, 3.844% (1-Month USD-LIBOR + 0.369)% due 5/23/25
​ ​ ​ ​ 203,051 ​ ​
​ ​ ​ 210,000 ​ ​ ​
Hilton Worldwide Finance LLC, 1.925% (1-Month USD-LIBOR + 0.175)% due
6/22/26
​ ​ ​ ​ 202,037 ​ ​
​ ​ ​ ​ ​ ​ ​ Hyland Software Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 248,481 ​ ​ ​
due 7/1/24(i)
​ ​ ​ ​ 245,020 ​ ​
​ ​ ​ 45,596 ​ ​ ​
7.750% (1-Month USD-LIBOR + 0.700)% due 7/7/25
​ ​ ​ ​ 45,539 ​ ​
See Notes to Financial Statements.
134
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 233,538 ​ ​ ​
IAA Inc., 2.438% (1-Month USD-LIBOR + 0.225)% due 6/28/26
​ ​ ​ $ 230,034 ​ ​
​ ​ ​ 107,173 ​ ​ ​
iHeartCommunications Inc., 3.156% (1-Month USD-LIBOR + 0.300)% due
5/1/26
​ ​ ​ ​ 101,508 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Illuminate Buyer LLC, 4.308% (3-Month USD-LIBOR + 0.400)% due 6/30/27
​ ​ ​ ​ 149,100 ​ ​
​ ​ ​ 159,600 ​ ​ ​
Informatica LLC, 3.406% (1-Month USD-LIBOR + 0.325)% due 2/25/27
​ ​ ​ ​ 156,009 ​ ​
​ ​ ​ 44,888 ​ ​ ​
Ingersoll-Rand Services Co., 1.906% (1-Month USD-LIBOR + 0.175)% due
3/1/27
​ ​ ​ ​ 43,464 ​ ​
​ ​ ​ ​ ​ ​ ​ Intelsat Jackson Holdings SA: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 18,420 ​ ​ ​
5.050% (3-Month USD-LIBOR + 0.550)% due 7/13/22
​ ​ ​ ​ 18,727 ​ ​
​ ​ ​ 245,000 ​ ​ ​
8.000% (1-Month USD-LIBOR + 0.475)% due 11/27/23(f)
​ ​ ​ ​ 246,497 ​ ​
​ ​ ​ 208,366 ​ ​ ​
ION Trading Technologies SARL, 5.072% (3-Month USD-LIBOR + 0.400)%
due 11/21/24
​ ​ ​ ​ 203,342 ​ ​
​ ​ ​ ​ ​ ​ ​ Iqvia Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 172,342 ​ ​ ​
1.906% (1-Month USD-LIBOR + 0.175)% due 1/17/25
​ ​ ​ ​ 168,357 ​ ​
​ ​ ​ 84,670 ​ ​ ​
2.058% (3-Month USD-LIBOR + 0.175)% due 6/11/25
​ ​ ​ ​ 82,712 ​ ​
​ ​ ​ 259,122 ​ ​ ​
IRB Holding Corp., due 2/5/25(i)
​ ​ ​ ​ 249,211 ​ ​
​ ​ ​ 253,771 ​ ​ ​
IRI Holdings Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due 12/1/25
​ ​ ​ ​ 247,904 ​ ​
​ ​ ​ 248,274 ​ ​ ​
Iron Mountain Information Management LLC, 1.906% (1-Month USD-LIBOR +
0.175)% due 1/2/26
​ ​ ​ ​ 239,894 ​ ​
​ ​ ​ 188,424 ​ ​ ​
Jaguar Holding Co. I LLC, 3.500% (1-Month USD-LIBOR + 0.250)% due
8/18/22
​ ​ ​ ​ 187,953 ​ ​
​ ​ ​ 255,944 ​ ​ ​
JBS USA Lux SA, 3.072% (3-Month USD-LIBOR + 0.200)% due 5/1/26
​ ​ ​ ​ 248,345 ​ ​
​ ​ ​ 251,163 ​ ​ ​
KAR Auction Services Inc., 2.438% (1-Month USD-LIBOR + 0.225)% due
9/19/26
​ ​ ​ ​ 243,000 ​ ​
​ ​ ​ 80,003 ​ ​ ​
KBR Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due 2/5/27
​ ​ ​ ​ 79,503 ​ ​
​ ​ ​ 114,425 ​ ​ ​
Kestrel Bidco Inc., 4.000% (3-Month USD-LIBOR + 0.300)% due 12/11/26
​ ​ ​ ​ 94,759 ​ ​
​ ​ ​ 99,488 ​ ​ ​
Kindred Healthcare LLC, 5.188% (1-Month USD-LIBOR + 0.500)% due 7/2/25
​ ​ ​ ​ 98,494 ​ ​
​ ​ ​ 76,461 ​ ​ ​
Klockner Pentaplast of America Inc., 5.250% (3-Month USD-LIBOR + 0.425)%
due 6/30/22
​ ​ ​ ​ 74,071 ​ ​
​ ​ ​ 144,437 ​ ​ ​
Kronos Acquisition Intermediate Inc., 5.000% (3-Month USD-LIBOR + 0.400)%
due 5/15/23
​ ​ ​ ​ 142,992 ​ ​
​ ​ ​ 6,994 ​ ​ ​
Lealand Finance Co. BV, 4.156% (1-Month USD-LIBOR + 0.400)% due 6/30/25
​ ​ ​ ​ 5,648 ​ ​
​ ​ ​ 254,888 ​ ​ ​
Level 3 Financing Inc., 1.906% (1-Month USD-LIBOR + 0.175)% due 3/1/27
​ ​ ​ ​ 246,658 ​ ​
​ ​ ​ 178,570 ​ ​ ​
Life Time Fitness Inc., 3.750% (3-Month USD-LIBOR + 0.275)% due 6/10/22
​ ​ ​ ​ 166,963 ​ ​
​ ​ ​ 204,957 ​ ​ ​
LifePoint Health Inc., 3.906% (1-Month USD-LIBOR + 0.375)% due 11/16/25
​ ​ ​ ​ 200,712 ​ ​
​ ​ ​ 239,299 ​ ​ ​
Lineage Logistics LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 2/27/25
​ ​ ​ ​ 237,057 ​ ​
​ ​ ​ 35,093 ​ ​ ​
Lions Gate Capital Holdings LLC, 2.406% (1-Month USD-LIBOR + 0.225)%
due 3/24/25
​ ​ ​ ​ 33,975 ​ ​
​ ​ ​ 85,000 ​ ​ ​
LogMeIn Inc., due 8/14/27(i)
​ ​ ​ ​ 82,839 ​ ​
​ ​ ​ 128,166 ​ ​ ​
Lower Cadence Holdings LLC, 4.156% (1-Month USD-LIBOR + 0.400)% due
5/22/26
​ ​ ​ ​ 117,593 ​ ​
See Notes to Financial Statements.
135
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 133,065 ​ ​ ​
Lucid Energy Group II Borrower LLC, 4.000% (1-Month USD-LIBOR +
0.300)% due 2/17/25
​ ​ ​ $ 112,374 ​ ​
​ ​ ​ 163,943 ​ ​ ​
Mavis Tire Express Services Corp., 3.558% (3-Month USD-LIBOR + 0.325)%
due 3/20/25
​ ​ ​ ​ 157,139 ​ ​
​ ​ ​ ​ ​ ​ ​ MED ParentCo LP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 16,738 ​ ​ ​
4.359% (3-Month USD-LIBOR + 0.425)% due 8/31/26
​ ​ ​ ​ 15,664 ​ ​
​ ​ ​ 95,395 ​ ​ ​
4.406% (1-Month USD-LIBOR + 0.425)% due 8/31/26
​ ​ ​ ​ 89,273 ​ ​
​ ​ ​ 144,716 ​ ​ ​
Messer Industries GmbH, 2.808% (3-Month USD-LIBOR + 0.250)% due 3/2/26
​ ​ ​ ​ 141,580 ​ ​
​ ​ ​ 205,000 ​ ​ ​
Milano Acquisition Corp., due 8/17/27(i)
​ ​ ​ ​ 203,206 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Mileage Plus Holdings LLC, 6.250% (3-Month USD-LIBOR + 0.525)% due
6/21/27
​ ​ ​ ​ 111,169 ​ ​
​ ​ ​ 201,396 ​ ​ ​
Minotaur Acquisition Inc., 5.156% (1-Month USD-LIBOR + 0.500)% due
3/27/26
​ ​ ​ ​ 191,830 ​ ​
​ ​ ​ 218,824 ​ ​ ​
Mister Car Wash Holdings Inc., due 5/14/26(i)
​ ​ ​ ​ 205,226 ​ ​
​ ​ ​ ​ ​ ​ ​ Misys Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 131,499 ​ ​ ​
4.500% (3-Month USD-LIBOR + 0.350)% due 6/13/24
​ ​ ​ ​ 123,634 ​ ​
​ ​ ​ 45,000 ​ ​ ​
8.250% (3-Month USD-LIBOR + 0.725)% due 6/13/25
​ ​ ​ ​ 41,562 ​ ​
​ ​ ​ ​ ​ ​ ​ Mitchell International Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 122,155 ​ ​ ​
3.406% (1-Month USD-LIBOR + 0.325)% due 11/29/24
​ ​ ​ ​ 115,972 ​ ​
​ ​ ​ 30,000 ​ ​ ​
7.405% (1-Month USD-LIBOR + 0.725)% due 12/1/25
​ ​ ​ ​ 27,450 ​ ​
​ ​ ​ 61,992 ​ ​ ​
MLN US HoldCo LLC, 4.655% (1-Month USD-LIBOR + 0.450)% due 11/30/25
​ ​ ​ ​ 52,422 ​ ​
​ ​ ​ ​ ​ ​ ​ Motion Acquisition Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 39,800 ​ ​ ​
4.322% (3-Month USD-LIBOR + 0.325)% due 11/12/26
​ ​ ​ ​ 36,783 ​ ​
​ ​ ​ 110,117 ​ ​ ​
MPH Acquisition Holdings LLC, 3.750% (3-Month USD-LIBOR + 0.275)% due
6/7/23
​ ​ ​ ​ 108,878 ​ ​
​ ​ ​ 61,173 ​ ​ ​
NASCAR Holdings LLC, 2.920% (1-Month USD-LIBOR + 0.275)% due
10/19/26
​ ​ ​ ​ 59,993 ​ ​
​ ​ ​ 44,663 ​ ​ ​
NCR Corp., 2.660% (1-Month USD-LIBOR + 0.250)% due 8/28/26
​ ​ ​ ​ 43,267 ​ ​
​ ​ ​ 245,498 ​ ​ ​
Nexstar Broadcasting Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due
9/18/26
​ ​ ​ ​ 240,622 ​ ​
​ ​ ​ 248,101 ​ ​ ​
Nouryon Finance BV, 3.164% (1-Month USD-LIBOR + 0.300)% due 10/1/25
​ ​ ​ ​ 240,541 ​ ​
​ ​ ​ 44,663 ​ ​ ​
ON Semiconductor Corp., 2.156% (1-Month USD-LIBOR + 0.200)% due
9/19/26
​ ​ ​ ​ 43,965 ​ ​
​ ​ ​ 249,125 ​ ​ ​
Option Care Health Inc., 4.656% (1-Month USD-LIBOR + 0.450)% due 8/6/26
​ ​ ​ ​ 248,086 ​ ​
​ ​ ​ 44,325 ​ ​ ​
Outcomes Group Holdings Inc., 3.808% (3-Month USD-LIBOR + 0.350)% due
10/24/25
​ ​ ​ ​ 42,810 ​ ​
​ ​ ​ 253,963 ​ ​ ​
Parexel International Corp., due 9/27/24(i)
​ ​ ​ ​ 245,138 ​ ​
​ ​ ​ ​ ​ ​ ​ Pathway Vet Alliance LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 193,730 ​ ​ ​
4.156% (1-Month USD-LIBOR + 0.400)% due 3/31/27
​ ​ ​ ​ 189,916 ​ ​
​ ​ ​ 48,305 ​ ​ ​
PCI Gaming Authority, 2.656% (1-Month USD-LIBOR + 0.250)% due 5/29/26
​ ​ ​ ​ 46,721 ​ ​
​ ​ ​ 196,264 ​ ​ ​
Peak 10 Holding Corp., 3.808% (3-Month USD-LIBOR + 0.350)% due 8/1/24
​ ​ ​ ​ 164,944 ​ ​
See Notes to Financial Statements.
136
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 44,436 ​ ​ ​
Penn National Gaming Inc., 3.000% (3-Month USD-LIBOR + 0.225)% due
10/15/25
​ ​ ​ $ 42,814 ​ ​
​ ​ ​ 201,117 ​ ​ ​
PetSmart Inc., 5.000% (3-Month USD-LIBOR + 0.400)% due 3/11/22
​ ​ ​ ​ 200,552 ​ ​
​ ​ ​ 130,000 ​ ​ ​
PG&E Corp., 5.500% (3-Month USD-LIBOR + 0.450)% due 6/23/25
​ ​ ​ ​ 127,807 ​ ​
​ ​ ​ 39,796 ​ ​ ​
Phoenix Services International LLC, 4.750% (1-Month USD-LIBOR + 0.375)%
due 3/1/25
​ ​ ​ ​ 37,434 ​ ​
​ ​ ​ 65,751 ​ ​ ​
Ply Gem Midco Inc., 3.918% (1-Month USD-LIBOR + 0.375)% due 4/12/25
​ ​ ​ ​ 64,436 ​ ​
​ ​ ​ 160,498 ​ ​ ​
PODS LLC, 3.750% (1-Month USD-LIBOR + 0.275)% due 12/6/24
​ ​ ​ ​ 157,488 ​ ​
​ ​ ​ 77,794 ​ ​ ​
PowerTeam Services LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 3/6/25
​ ​ ​ ​ 75,096 ​ ​
​ ​ ​ 54,113 ​ ​ ​
Prairie ECI Acquiror LP, 4.906% (1-Month USD-LIBOR + 0.475)% due 3/11/26
​ ​ ​ ​ 48,499 ​ ​
​ ​ ​ 144,275 ​ ​ ​
Pregis TopCo LLC, 3.906% (1-Month USD-LIBOR + 0.375)% due 7/31/26
​ ​ ​ ​ 141,931 ​ ​
​ ​ ​ 25,000 ​ ​ ​
Presidio Holdings Inc., 3.770% (3-Month USD-LIBOR + 0.350)% due 1/22/27
​ ​ ​ ​ 24,563 ​ ​
​ ​ ​ 183,824 ​ ​ ​
Prime Security Services Borrower LLC, 4.250% (3-Month USD-LIBOR +
0.325)% due 9/23/26
​ ​ ​ ​ 183,043 ​ ​
​ ​ ​ 69,467 ​ ​ ​
Pro Mach Group Inc., 2.920% (1-Month USD-LIBOR + 0.275)% due 3/7/25
​ ​ ​ ​ 66,276 ​ ​
​ ​ ​ 251,763 ​ ​ ​
Project Alpha Intermediate Holding Inc., due 4/26/24(i)
​ ​ ​ ​ 249,875 ​ ​
​ ​ ​ 39,800 ​ ​ ​
Pug LLC, 3.656% (1-Month USD-LIBOR + 0.350)% due 2/12/27
​ ​ ​ ​ 33,697 ​ ​
​ ​ ​ 201,831 ​ ​ ​
Radiate HoldCo LLC, 3.750% (1-Month USD-LIBOR + 0.300)% due 2/1/24
​ ​ ​ ​ 198,439 ​ ​
​ ​ ​ 202,696 ​ ​ ​
Radiology Partners Inc., 5.667% (3-Month USD-LIBOR + 0.425)% due 7/9/25
​ ​ ​ ​ 193,153 ​ ​
​ ​ ​ 410,788 ​ ​ ​
Refinitiv US Holdings Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due
10/1/25
​ ​ ​ ​ 406,971 ​ ​
​ ​ ​ 186,986 ​ ​ ​
Renaissance Holding Corp., 3.406% (1-Month USD-LIBOR + 0.325)% due
5/30/25
​ ​ ​ ​ 183,379 ​ ​
​ ​ ​ 136,125 ​ ​ ​
RentPath LLC, 0.000% (3-Month USD-LIBOR + 0.380)% due 12/17/21(f)
​ ​ ​ ​ 105,497 ​ ​
​ ​ ​ 47,855 ​ ​ ​
Reynolds Consumer Products LLC, 1.906% (1-Month USD-LIBOR + 0.175)%
due 2/4/27
​ ​ ​ ​ 47,027 ​ ​
​ ​ ​ 188,798 ​ ​ ​
Reynolds Group Holdings Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due
2/5/23
​ ​ ​ ​ 185,898 ​ ​
​ ​ ​ 69,650 ​ ​ ​
RPI 2019 Intermediate Finance Trust, 1.906% (1-Week USD-LIBOR + 0.175)%
due 2/11/27
​ ​ ​ ​ 69,367 ​ ​
​ ​ ​ 57,750 ​ ​ ​
RPI Intermediate Finance Trust, 1.906% (1-Month USD-LIBOR + 0.175)% due
2/11/27
​ ​ ​ ​ 57,461 ​ ​
​ ​ ​ 95,000 ​ ​ ​
RSA Security LLC, due 6/29/27(i)
​ ​ ​ ​ 94,763 ​ ​
​ ​ ​ 45,000 ​ ​ ​
Ryan Specialty Group LLC, due 7/23/27(i)
​ ​ ​ ​ 44,803 ​ ​
​ ​ ​ 89,877 ​ ​ ​
Sabre GLBL Inc., due 2/22/24(i)
​ ​ ​ ​ 83,377 ​ ​
​ ​ ​ 56,025 ​ ​ ​
Science Applications International Corp., 2.406% (1-Month USD-LIBOR +
0.225)% due 3/12/27
​ ​ ​ ​ 55,605 ​ ​
​ ​ ​ 154,349 ​ ​ ​
Scientific Games International Inc., 3.472% (3-Month USD-LIBOR + 0.275)%
due 8/14/24
​ ​ ​ ​ 144,013 ​ ​
​ ​ ​ 144,440 ​ ​ ​
Sedgwick Claims Management Services Inc., 3.406% (1-Month USD-LIBOR +
0.325)% due 12/31/25
​ ​ ​ ​ 139,505 ​ ​
See Notes to Financial Statements.
137
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 240,000 ​ ​ ​
Select Medical Corp., 2.680% (1-Month USD-LIBOR + 0.250)% due 3/6/25
​ ​ ​ $ 232,999 ​ ​
​ ​ ​ 39,800 ​ ​ ​
Servicemaster Co. LLC, 1.906% (1-Month USD-LIBOR + 0.175)% due
11/5/26
​ ​ ​ ​ 39,120 ​ ​
​ ​ ​ 249,609 ​ ​ ​
Severin Acquisition LLC, 3.405% (1-Month USD-LIBOR + 0.325)% due
8/1/25
​ ​ ​ ​ 241,914 ​ ​
​ ​ ​ 208,425 ​ ​ ​
Sinclair Television Group Inc., 2.660% (1-Month USD-LIBOR + 0.250)% due
9/30/26
​ ​ ​ ​ 202,589 ​ ​
​ ​ ​ 179,620 ​ ​ ​
SIWF Holdings Inc., due 6/15/25(i)
​ ​ ​ ​ 169,441 ​ ​
​ ​ ​ 86,819 ​ ​ ​
Six Flags Theme Parks Inc., 1.910% (1-Month USD-LIBOR + 0.175)% due
4/17/26
​ ​ ​ ​ 81,349 ​ ​
​ ​ ​ 19,900 ​ ​ ​
SMG US Midco 2 Inc., 2.730% (1-Month USD-LIBOR + 0.250)% due
1/23/25
​ ​ ​ ​ 16,890 ​ ​
​ ​ ​ 243,750 ​ ​ ​
SolarWinds Holdings Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due
2/5/24
​ ​ ​ ​ 240,323 ​ ​
​ ​ ​ ​ ​ ​ ​ Solenis Holdings LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 120,120 ​ ​ ​
4.256% (3-Month USD-LIBOR + 0.400)% due 6/26/25
​ ​ ​ ​ 117,849 ​ ​
​ ​ ​ 5,000 ​ ​ ​
8.756% (3-Month USD-LIBOR + 0.850)% due 6/26/26
​ ​ ​ ​ 4,483 ​ ​
​ ​ ​ 243,940 ​ ​ ​
Solera LLC, 2.938% (1-Month USD-LIBOR + 0.275)% due 3/3/23
​ ​ ​ ​ 239,476 ​ ​
​ ​ ​ 242,205 ​ ​ ​
Sophia LP, 4.250% (3-Month USD-LIBOR + 0.325)% due 9/30/22
​ ​ ​ ​ 241,236 ​ ​
​ ​ ​ 244,388 ​ ​ ​
Sotera Health Holdings LLC, 5.500% (3-Month USD-LIBOR + 0.450)% due
12/11/26
​ ​ ​ ​ 243,715 ​ ​
​ ​ ​ 246,338 ​ ​ ​
Sound Inpatient Physicians Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due
6/27/25
​ ​ ​ ​ 240,364 ​ ​
​ ​ ​ 61,181 ​ ​ ​
Southern Graphics Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due
12/31/22
​ ​ ​ ​ 35,434 ​ ​
​ ​ ​ 133,221 ​ ​ ​
SS&C Technologies Holdings Inc., 1.906% (1-Month USD-LIBOR + 0.175)%
due 4/16/25
​ ​ ​ ​ 129,300 ​ ​
​ ​ ​ 74,119 ​ ​ ​
Staples Inc., 5.251% (3-Month USD-LIBOR + 0.500)% due 4/16/26
​ ​ ​ ​ 62,754 ​ ​
​ ​ ​ 30,000 ​ ​ ​
STG-Fairway Holdings LLC, 4.322% (3-Month USD-LIBOR + 0.325)% due
1/31/27
​ ​ ​ ​ 28,875 ​ ​
​ ​ ​ 34,825 ​ ​ ​
Sunshine Luxembourg VII SARL, 5.322% (6-Month USD-LIBOR + 0.425)% due
10/1/26
​ ​ ​ ​ 34,702 ​ ​
​ ​ ​ 245,000 ​ ​ ​
Surf Holdings SARL, 3.827% (3-Month USD-LIBOR + 0.350)% due 3/5/27
​ ​ ​ ​ 238,944 ​ ​
​ ​ ​ 31,747 ​ ​ ​
Syncreon Group BV, 6.000% (3-Month USD-LIBOR + 0.500)% due 10/1/24
​ ​ ​ ​ 29,643 ​ ​
​ ​ ​ 99,350 ​ ​ ​
TAMKO Building Products LLC, 3.406% (1-Month USD-LIBOR + 0.325)% due
5/29/26
​ ​ ​ ​ 98,356 ​ ​
​ ​ ​ 1,417 ​ ​ ​
Tapstone Energy Holdings III LLC, 5.000% (1-Month USD-LIBOR + 0.400)%
due 4/17/24(j)
​ ​ ​ ​ 1,417 ​ ​
​ ​ ​ 64,577 ​ ​ ​
Team Health Holdings Inc., 3.750% (1-Month USD-LIBOR + 0.275)% due
2/6/24
​ ​ ​ ​ 53,626 ​ ​
​ ​ ​ ​ ​ ​ ​ Tech Data Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 180,000 ​ ​ ​
3.656% (1-Month USD-LIBOR + 0.350)% due 6/30/25
​ ​ ​ ​ 180,180 ​ ​
See Notes to Financial Statements.
138
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 80,000 ​ ​ ​
5.656% (1-Month USD-LIBOR + 0.550)% due 6/30/25
​ ​ ​ $ 76,600 ​ ​
​ ​ ​ 159,200 ​ ​ ​
Telesat Canada, 2.910% (1-Month USD-LIBOR + 0.275)% due 12/7/26
​ ​ ​ ​ 153,760 ​ ​
​ ​ ​ 216,334 ​ ​ ​
Tempo Acquisition LLC, 3.750% (1-Month USD-LIBOR + 0.325)% due
11/2/26
​ ​ ​ ​ 211,603 ​ ​
​ ​ ​ 144,275 ​ ​ ​
Terrier Media Buyer Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due
12/17/26
​ ​ ​ ​ 141,254 ​ ​
​ ​ ​ ​ ​ ​ ​ TIBCO Software Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 239,350 ​ ​ ​
3.910% (1-Month USD-LIBOR + 0.375)% due 6/30/26
​ ​ ​ ​ 230,853 ​ ​
​ ​ ​ 15,000 ​ ​ ​
7.410% (1-Month USD-LIBOR + 0.725)% due 3/3/28
​ ​ ​ ​ 14,550 ​ ​
​ ​ ​ 197,515 ​ ​ ​
Titan Acquisition Ltd., 3.361% (3-Month USD-LIBOR + 0.300)% due 3/28/25
​ ​ ​ ​ 186,158 ​ ​
​ ​ ​ 156,934 ​ ​ ​
TKC Holdings Inc., 4.750% (3-Month USD-LIBOR + 0.375)% due 2/1/23
​ ​ ​ ​ 146,930 ​ ​
​ ​ ​ 155,000 ​ ​ ​
T-Mobile USA Inc., 3.156% (1-Month USD-LIBOR + 0.300)% due 4/1/27
​ ​ ​ ​ 155,330 ​ ​
​ ​ ​ 38,646 ​ ​ ​
Trans Union LLC, 1.906% (1-Month USD-LIBOR + 0.175)% due 11/16/26
​ ​ ​ ​ 37,680 ​ ​
​ ​ ​ 193,467 ​ ​ ​
TransDigm Inc., 2.406% (1-Month USD-LIBOR + 0.225)% due 12/9/25
​ ​ ​ ​ 183,159 ​ ​
​ ​ ​ 104,935 ​ ​ ​
Travel Leaders Group LLC, 4.156% (1-Month USD-LIBOR + 0.400)% due
1/25/24
​ ​ ​ ​ 74,504 ​ ​
​ ​ ​ 69,776 ​ ​ ​
Travelport Finance (Luxembourg) SARL, 6.072% (3-Month USD-LIBOR +
0.500)% due 5/29/26
​ ​ ​ ​ 46,477 ​ ​
​ ​ ​ 69,466 ​ ​ ​
Trident TPI Holdings Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due
10/17/24
​ ​ ​ ​ 68,285 ​ ​
​ ​ ​ ​ ​ ​ ​ Uber Technologies Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 9,897 ​ ​ ​
3.656% (1-Month USD-LIBOR + 0.350)% due 7/13/23
​ ​ ​ ​ 9,711 ​ ​
​ ​ ​ 202,321 ​ ​ ​
5.000% (1-Month USD-LIBOR + 0.400)% due 4/4/25
​ ​ ​ ​ 199,902 ​ ​
​ ​ ​ 246,204 ​ ​ ​
UFC Holdings LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 4/29/26
​ ​ ​ ​ 242,703 ​ ​
​ ​ ​ 64,313 ​ ​ ​
UGI Energy Services LLC, 3.906% (1-Month USD-LIBOR + 0.375)% due
8/13/26
​ ​ ​ ​ 63,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Ultimate Software Group Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 118,686 ​ ​ ​
3.906% (1-Month USD-LIBOR + 0.375)% due 5/4/26
​ ​ ​ ​ 117,715 ​ ​
​ ​ ​ 185,000 ​ ​ ​
4.750% (3-Month USD-LIBOR + 0.400)% due 5/4/26
​ ​ ​ ​ 184,654 ​ ​
​ ​ ​ 20,000 ​ ​ ​
7.500% (3-Month USD-LIBOR + 0.675)% due 5/3/27
​ ​ ​ ​ 20,375 ​ ​
​ ​ ​ 64,509 ​ ​ ​
United Natural Foods Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due
10/22/25
​ ​ ​ ​ 62,815 ​ ​
​ ​ ​ 29,850 ​ ​ ​
Univar Solutions USA Inc., 2.156% (1-Month USD-LIBOR + 0.200)% due
7/1/26
​ ​ ​ ​ 28,955 ​ ​
​ ​ ​ 36,844 ​ ​ ​
Univision Communications Inc., 4.750% (1-Month USD-LIBOR + 0.375)% due
3/15/26
​ ​ ​ ​ 35,969 ​ ​
​ ​ ​ 54,863 ​ ​ ​
Upstream Newco Inc., 4.656% (1-Month USD-LIBOR + 0.450)% due 11/20/26
​ ​ ​ ​ 51,639 ​ ​
​ ​ ​ 208,425 ​ ​ ​
US Foods Inc., 3.072% (3-Month USD-LIBOR + 0.200)% due 9/13/26
​ ​ ​ ​ 199,083 ​ ​
​ ​ ​ 108,590 ​ ​ ​
USIC Holdings Inc., 4.250% (1-Month USD-LIBOR + 0.325)% due 12/8/23
​ ​ ​ ​ 105,423 ​ ​
​ ​ ​ 240,573 ​ ​ ​
Verscend Holding Corp., 4.656% (1-Month USD-LIBOR + 0.450)% due 8/27/25
​ ​ ​ ​ 238,569 ​ ​
​ ​ ​ 247,148 ​ ​ ​
Vertafore Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due 7/2/25
​ ​ ​ ​ 246,930 ​ ​
See Notes to Financial Statements.
139
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 300,000 ​ ​ ​
Vertical Midco GmbH, 4.570% (6-Month USD-LIBOR + 0.425)% due 7/30/27
​ ​ ​ $ 297,189 ​ ​
​ ​ ​ 259,917 ​ ​ ​
VICI Properties 1 LLC, 1.933% (1-Month USD-LIBOR + 0.175)% due 12/20/24
​ ​ ​ ​ 249,845 ​ ​
​ ​ ​ 53,732 ​ ​ ​
Victory Capital Holdings Inc., 2.799% (3-Month USD-LIBOR + 0.250)% due
7/1/26
​ ​ ​ ​ 52,859 ​ ​
​ ​ ​ 243,520 ​ ​ ​
Virgin Media Bristol LLC, 2.662% (1-Month USD-LIBOR + 0.250)% due
1/31/28
​ ​ ​ ​ 236,755 ​ ​
​ ​ ​ 238,856 ​ ​ ​
Vistra Operations Co. LLC, 1.907% (1-Month USD-LIBOR + 0.175)% due
12/31/25
​ ​ ​ ​ 234,700 ​ ​
​ ​ ​ 249,488 ​ ​ ​
VS Buyer LLC, due 2/28/27(i)
​ ​ ​ ​ 245,433 ​ ​
​ ​ ​ 168,454 ​ ​ ​
Wand Newco 3 Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due 2/5/26
​ ​ ​ ​ 161,822 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Web.com Group Inc., 3.933% (1-Month USD-LIBOR + 0.375)% due 10/10/25
​ ​ ​ ​ 62,709 ​ ​
​ ​ ​ 203,963 ​ ​ ​
Whatabrands LLC, 2.905% (1-Month USD-LIBOR + 0.275)% due 7/31/26
​ ​ ​ ​ 198,609 ​ ​
​ ​ ​ 244,985 ​ ​ ​
Wink Holdco Inc., 4.000% (1-Month USD-LIBOR + 0.300)% due 12/2/24
​ ​ ​ ​ 239,243 ​ ​
​ ​ ​ 244,388 ​ ​ ​
Zayo Group Holdings Inc., 3.156% (1-Month USD-LIBOR + 0.300)% due 3/9/27
​ ​ ​ ​ 237,009 ​ ​
​ ​ ​ 39,800 ​ ​ ​
Zelis Cost Management Buyer Inc., 4.906% (1-Month USD-LIBOR + 0.475)%
due 9/30/26
​ ​ ​ ​ 39,759 ​ ​
​ ​ ​ 20,000 ​ ​ ​
Ziggo Financing Partnership, 2.662% (1-Month USD-LIBOR + 0.250)% due
4/30/28
​ ​ ​ ​ 19,313 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SENIOR LOANS
(Cost – $40,492,119)
​ ​ ​
​
39,879,733
 ​ ​
​ SOVEREIGN BONDS – 1.1% ​
​ Canada – 0.2% ​
​ ​ ​ 500,000 ​ ​ ​
Canada Government International Bond, 1.625% due 1/22/25
​ ​ ​ ​ 527,524 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Export Development Canada, 1.750% due 7/18/22
​ ​ ​ ​ 256,912 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Province of Alberta Canada, 3.350% due 11/1/23
​ ​ ​ ​ 544,235 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Province of Ontario Canada, 2.400% due 2/8/22
​ ​ ​ ​ 1,029,660 ​ ​
​ ​ ​ ​ ​ ​ ​ Province of Quebec Canada: ​ ​
​ ​ ​ 750,000 ​ ​ ​
2.375% due 1/31/22
​ ​ ​ ​ 771,626 ​ ​
​ ​ ​ 400,000 ​ ​ ​
1.350% due 5/28/30
​ ​ ​ ​ 412,001 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Canada
​ ​ ​ ​ 3,541,958 ​ ​
​ Chile – 0.0% ​
​ ​ ​ 200,000 ​ ​ ​
Chile Government International Bond, 3.860% due 6/21/47
​ ​ ​ ​ 246,200 ​ ​
​ Colombia – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Colombia Government International Bond: ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.875% due 4/25/27
​ ​ ​ ​ 434,400 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.000% due 1/30/30
​ ​ ​ ​ 205,000 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.125% due 1/18/41
​ ​ ​ ​ 130,250 ​ ​
See Notes to Financial Statements.
140
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SOVEREIGN BONDS – (continued) ​
​ Colombia – (continued) ​
​ ​ $ 250,000 ​ ​ ​
5.625% due 2/26/44
​ ​ ​ $ 316,250 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Colombia
​ ​ ​ ​ 1,085,900 ​ ​
​ Indonesia – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Indonesia Government International Bond: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.375% due 4/15/23
​ ​ ​ ​ 527,010 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.850% due 10/15/30
​ ​ ​ ​ 229,178 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.350% due 2/11/49
​ ​ ​ ​ 269,300 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
Perusahaan Penerbit SBSN Indonesia III, 3.750% due 3/1/23
​ ​ ​ ​ 1,376,843 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 2,402,331 ​ ​
​ Israel – 0.0% ​
​ ​ ​ 200,000 ​ ​ ​
Israel Government International Bond, 3.875% due 7/3/50
​ ​ ​ ​ 238,452 ​ ​
​ ​ ​ 200,000 ​ ​ ​
State of Israel, 2.500% due 1/15/30
​ ​ ​ ​ 215,569 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Israel
​ ​ ​ ​ 454,021 ​ ​
​ Italy – 0.0% ​
​ ​ ​ ​ ​ ​ ​ Republic of Italy Government International Bond: ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.875% due 10/17/29
​ ​ ​ ​ 204,933 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.375% due 6/15/33
​ ​ ​ ​ 125,340 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Italy
​ ​ ​ ​ 330,273 ​ ​
​ Japan – 0.0% ​
​ ​ ​ ​ ​ ​ ​ Japan Bank for International Cooperation: ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.500% due 5/23/24
​ ​ ​ ​ 214,744 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.875% due 6/1/27
​ ​ ​ ​ 283,386 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.750% due 11/16/27
​ ​ ​ ​ 282,810 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.000% due 10/17/29
​ ​ ​ ​ 216,890 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Japan
​ ​ ​ ​ 997,830 ​ ​
​ Mexico – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Mexico Government International Bond: ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.750% due 1/11/28
​ ​ ​ ​ 377,881 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.500% due 4/22/29
​ ​ ​ ​ 225,100 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.250% due 4/16/30
​ ​ ​ ​ 206,500 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.750% due 4/27/32
​ ​ ​ ​ 228,900 ​ ​
​ ​ ​ 750,000 ​ ​ ​
4.600% due 1/23/46
​ ​ ​ ​ 821,257 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mexico
​ ​ ​ ​ 1,859,638 ​ ​
​ Panama – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Panama Government International Bond: ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.000% due 9/22/24
​ ​ ​ ​ 548,755 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.750% due 3/16/25
​ ​ ​ ​ 219,202 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.875% due 3/17/28
​ ​ ​ ​ 227,502 ​ ​
See Notes to Financial Statements.
141
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SOVEREIGN BONDS – (continued) ​
​ Panama – (continued) ​
​ ​ $ 200,000 ​ ​ ​
3.160% due 1/23/30
​ ​ ​ $ 217,750 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.500% due 5/15/47
​ ​ ​ ​ 321,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Panama
​ ​ ​ ​ 1,534,209 ​ ​
​ Peru – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Peruvian Government International Bond: ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.392% due 1/23/26
​ ​ ​ ​ 367,850 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.844% due 6/20/30
​ ​ ​ ​ 274,000 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.783% due 1/23/31
​ ​ ​ ​ 1,087,500 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.625% due 11/18/50
​ ​ ​ ​ 164,450 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Peru
​ ​ ​ ​ 1,893,800 ​ ​
​ Philippines – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Philippine Government International Bond: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.200% due 1/21/24
​ ​ ​ ​ 221,454 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.457% due 5/5/30
​ ​ ​ ​ 427,008 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.950% due 1/20/40
​ ​ ​ ​ 589,130 ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.950% due 5/5/45
​ ​ ​ ​ 211,604 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Philippines
​ ​ ​ ​ 1,449,196 ​ ​
​ Poland – 0.0% ​
​ ​ ​ 500,000 ​ ​ ​
Republic of Poland Government International Bond, 4.000% due 1/22/24
​ ​ ​ ​ 557,461 ​ ​
​ Qatar – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Qatar Government International Bond: ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.875% due 4/23/23
​ ​ ​ ​ 429,854 ​ ​
​ ​ ​ 800,000 ​ ​ ​
3.375% due 3/14/24
​ ​ ​ ​ 862,320 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Qatar
​ ​ ​ ​ 1,292,174 ​ ​
​ Saudi Arabia – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Saudi Government International Bond: ​ ​
​ ​ ​ 900,000 ​ ​ ​
2.375% due 10/26/21
​ ​ ​ ​ 914,076 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.875% due 3/4/23
​ ​ ​ ​ 416,560 ​ ​
​ ​ ​ 800,000 ​ ​ ​
2.900% due 10/22/25(c)
​ ​ ​ ​ 848,032 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Saudi Arabia
​ ​ ​ ​ 2,178,668 ​ ​
​ South Korea – 0.0% ​
​ ​ ​ 250,000 ​ ​ ​
Export-Import Bank of Korea, 2.625% due 5/26/26
​ ​ ​ ​ 273,110 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Korea Electric Power Corp., 1.125% due 6/15/25(c)
​ ​ ​ ​ 402,004 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Korea International Bond, 2.500% due 6/19/29
​ ​ ​ ​ 220,887 ​ ​
​ ​ ​ ​ ​ ​ ​
Total South Korea
​ ​ ​ ​ 896,001 ​ ​
​ Supranational – 0.1% ​
​ ​ ​ ​ ​ ​ ​ International Bank for Reconstruction & Development: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.375% due 9/20/21
​ ​ ​ ​ 1,011,640 ​ ​
See Notes to Financial Statements.
142
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Security
​ ​
Value
​
​ SOVEREIGN BONDS – (continued) ​
​ Supranational – (continued) ​
​ ​ $ 500,000 ​ ​ ​
2.500% due 3/19/24
​ ​ ​ $ 538,055 ​ ​
​ ​ ​ 500,000 ​ ​ ​
0.625% due 4/22/25
​ ​ ​ ​ 505,202 ​ ​
​ ​ ​ 250,000 ​ ​ ​
1.875% due 10/27/26
​ ​ ​ ​ 270,762 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 11/22/27
​ ​ ​ ​ 282,229 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Supranational
​ ​ ​ ​ 2,607,888 ​ ​
​ Thailand – 0.0% ​
​ ​ ​ 500,000 ​ ​ ​
Export Import Bank of Thailand, 1.106% due 5/23/24(b)
​ ​ ​ ​ 494,895 ​ ​
​ United Arab Emirates – 0.0% ​
​ ​ ​ ​ ​ ​ ​ Abu Dhabi Government International Bond: ​
​ ​ ​ 200,000 ​ ​ ​
0.750% due 9/2/23(c)(h)
​ ​ ​ ​ 200,110 ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.500% due 4/16/25(c)
​ ​ ​ ​ 317,985 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.125% due 4/16/30(c)
​ ​ ​ ​ 335,689 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Arab Emirates
​ ​ ​ ​ 853,784 ​ ​
​ Uruguay – 0.0% ​
​ ​ ​ ​ ​ ​ ​ Uruguay Government International Bond: ​
​ ​ ​ 250,000 ​ ​ ​
4.375% due 1/23/31
​ ​ ​ ​ 299,377 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.125% due 11/20/45
​ ​ ​ ​ 302,500 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Uruguay
​ ​ ​ ​ 601,877 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SOVEREIGN BONDS
(Cost – $23,848,618)
​ ​ ​
​
25,278,104
 ​ ​
​
Face Amount/Units
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – 0.2% ​
​ California – 0.1% ​ ​
​ ​ $ 125,000 ​ ​ ​ AA ​ ​
Bay Area Toll Authority, Revenue Bonds, Series F2, 6.263% due 4/1/49
​ ​ ​ $ 226,975 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA+ ​ ​
Los Angeles Community College District, GO, Series E, 6.750% due
8/1/49
 ​ ​ ​ ​ 183,669 ​ ​
​ ​ ​ 150,000 ​ ​ ​ AA+ ​ ​
Los Angeles Department of Water & Power Power System Revenue,
Revenue Bonds, Series B, 6.603% due 7/1/50
​ ​ ​ ​ 271,851 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A+ ​ ​
Los Angeles Unified School District, GO, Series RY, 6.758% due 7/1/34
​ ​ ​ ​ 224,517 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of California, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 25,000 ​ ​ ​ AA- ​ ​
3.500% due 4/1/28
​ ​ ​ ​ 29,038 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
4.600% due 4/1/38
​ ​ ​ ​ 48,324 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA- ​ ​
7.500% due 4/1/34
​ ​ ​ ​ 167,160 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA- ​ ​
7.550% due 4/1/39
​ ​ ​ ​ 353,480 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA- ​ ​
7.600% due 11/1/40
​ ​ ​ ​ 228,354 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ University of California, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Series AJ, 4.601% due 5/15/31
​ ​ ​ ​ 122,525 ​ ​
​ ​ ​ 25,000 ​ ​ ​ AA ​ ​
Series AX, 3.063% due 7/1/25
​ ​ ​ ​ 27,747 ​ ​
See Notes to Financial Statements.
143
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ California – (continued) ​ ​
​ ​ $ 75,000 ​ ​ ​ AA ​ ​
Series R, 5.770% due 5/15/43
​ ​ ​ $ 110,529 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total California
​ ​ ​ ​ 1,994,169 ​ ​
​ Florida – 0.0% ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
County of Miami-Dade FL Aviation Revenue, Revenue Bonds, Series C,
4.280% due 10/1/41
​ ​ ​ ​ 21,696 ​ ​
​ Georgia – 0.0% ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
Municipal Electric Authority of Georgia, Revenue Bonds, 6.637% due
4/1/57
​ ​ ​ ​ 147,575 ​ ​
​ Illinois – 0.0% ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Chicago O’Hare International Airport, Revenue Bonds, Series C, 4.472%
due 1/1/49
​ ​ ​ ​ 26,578 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Illinois, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​ BBB- ​ ​
5.100% due 6/1/33
​ ​ ​ ​ 255,895 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB- ​ ​
Series 3, 6.725% due 4/1/35
​ ​ ​ ​ 112,108 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Illinois
​ ​ ​ ​ 394,581 ​ ​
​ Massachusetts – 0.0% ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Commonwealth of Massachusetts, GO, Series E, 5.456% due 12/1/39
​ ​ ​ ​ 142,970 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA+ ​ ​
Commonwealth of Massachusetts Transportation Fund Revenue, Revenue
Bonds, 5.731% due 6/1/40
​ ​ ​ ​ 144,248 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Massachusetts
​ ​ ​ ​ 287,218 ​ ​
​ Missouri – 0.0% ​
​ ​ ​ 100,000 ​ ​ ​ AA+ ​ ​
Health & Educational Facilities Authority of the State of Missouri, Revenue
Bonds, 3.652% due 8/15/57
​ ​ ​ ​ 123,125 ​ ​
​ Nevada – 0.0% ​
​ ​ ​ 100,000 ​ ​ ​ AA- ​ ​
County of Clark Department of Aviation, Revenue Bonds, Series C, 6.820%
due 7/1/45
​ ​ ​ ​ 163,873 ​ ​
​ New Jersey – 0.0% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Turnpike Authority, Revenue Bonds: ​ ​
​ ​ ​ 100,000 ​ ​ ​ A+ ​ ​
7.102% due 1/1/41
​ ​ ​ ​ 168,654 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A+ ​ ​
Series F, 7.414% due 1/1/40
​ ​ ​ ​ 173,130 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New Jersey
​ ​ ​ ​ 341,784 ​ ​
​ New York – 0.1% ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
City of New York NY, GO, 5.517% due 10/1/37
​ ​ ​ ​ 142,833 ​ ​
​ ​ ​ 150,000 ​ ​ ​ AA ​ ​
Metropolitan Transportation Authority, Revenue Bonds, Series C, 7.336%
due 11/15/39
​ ​ ​ ​ 242,646 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA+ ​ ​
New York City Water & Sewer System, Revenue Bonds, Series AA, 5.440%
due 6/15/43
​ ​ ​ ​ 195,506 ​ ​
See Notes to Financial Statements.
144
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount/Units
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New York – (continued) ​
​ ​ $ 100,000 ​ ​ ​ Aa1(k) ​ ​
New York State Dormitory Authority, Revenue Bonds, 3.110% due
2/15/39
 ​ ​ ​ $ 110,805 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A+ ​ ​
Port Authority of New York & New Jersey, Revenue Bonds, 4.458% due
10/1/62
​ ​ ​ ​ 261,236 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New York
​ ​ ​ ​ 953,026 ​ ​
​ Ohio – 0.0% ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
American Municipal Power Inc., Revenue Bonds, Series B, 8.084% due
2/15/50
​ ​ ​ ​ 188,804 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Ohio State University, Revenue Bonds, 3.798% due 12/1/46
​ ​ ​ ​ 126,679 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Ohio
​ ​ ​ ​ 315,483 ​ ​
​ Texas – 0.0% ​
​ ​ ​ 50,000 ​ ​ ​ Aa1(k) ​ ​
Grand Parkway Transportation Corp., Revenue Bonds, 3.236% due
10/1/52
​ ​ ​ ​ 52,561 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AAA ​ ​
State of Texas, GO, Series A, 5.517% due 4/1/39
​ ​ ​ ​ 113,262 ​ ​
​ ​ ​ 95,000 ​ ​ ​ Aaa(k) ​ ​
Texas Transportation Commission, GO, 2.472% due 10/1/44
​ ​ ​ ​ 95,925 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Texas
​ ​ ​ ​ 261,748 ​ ​
​ Wisconsin – 0.0% ​
​ ​ ​ 10,000 ​ ​ ​ AA- ​ ​
State of Wisconsin, Revenue Bonds, Series C, 3.154% due 5/1/27
​ ​ ​ ​ 11,271 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $4,212,018)
​ ​ ​
​
5,015,549
 ​ ​
​
Shares/Units
​ ​ ​ ​ ​
Security
​ ​
Value
​
​ OPEN-END FUND – 1.1% ​
​ ​ ​ 138,280 ​ ​ ​ ​ ​ ​ iShares 20+ Year Treasury Bond
(Cost – $22,056,877) 		​ ​ ​ ​ 22,427,633 ​ ​
​ COMMON STOCKS – 0.0% ​
​ DIVERSIFIED – 0.0% ​
​ SPACs – 0.0% ​
​ ​ ​ 1,640 ​ ​ ​ ​ ​ ​
Foresight Energy LLC/Foresight Energy Finance Corp.(h)(j)
​ ​ ​ ​ 27,078 ​ ​
​ ENERGY – 0.0% ​
​ Oil & Gas – 0.0% ​
​ ​ ​ 1,842 ​ ​ ​ ​ ​ ​
Tapstone Energy LLC/Tapstone Energy Finance Corp.(h)(j)
​ ​ ​ ​ 4,163 ​ ​
See Notes to Financial Statements.
145
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Shares/Units
​ ​ ​ ​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ ENERGY – (continued) ​
​ Oil & Gas Services – 0.0% ​
​ ​ ​ 659 ​ ​ ​ ​ ​ ​
Weatherford International PLC*
​ ​ ​ $ 1,997 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL ENERGY
 ​ ​ ​ ​ 6,160 ​ ​
​ INDUSTRIAL – 0.0% ​
​ Engineering & Construction – 0.0% ​
​ ​ ​ 3,092 ​ ​ ​ ​ ​ ​
Mcdermott International Ltd.*
​ ​ ​ ​ 9,121 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $58,726)
​ ​ ​
​
42,359
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,917,199,537)
​ ​ ​
​
1,991,202,281
 ​ ​
​
Face Amount/Units
​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 8.7% ​
​ TIME DEPOSITS – 4.9% ​
​ ​ $ 17,572,359 ​ ​ ​ ​ ​ ​
Citibank – New York, 0.010% due 9/1/20
​ ​ ​ ​ 17,572,359 ​ ​
​ ​ ​ 86,216,027 ​ ​ ​ ​ ​ ​
JPMorgan Chase & Co. – New York, 0.010% due 9/1/20
​ ​ ​ ​ 86,216,027 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $103,788,386)
​ ​ ​
​
103,788,386
 ​ ​
​ U.S. GOVERNMENT OBLIGATIONS – 3.8%
 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills: ​ ​
​ ​ ​ 20,700,000 ​ ​ ​ ​ ​ ​
0.145% due 10/29/20(l)
​ ​ ​ ​ 20,695,164 ​ ​
​ ​ ​ 29,000,000 ​ ​ ​ ​ ​ ​
0.160% due 11/27/20(l)
​ ​ ​ ​ 28,992,816 ​ ​
​ ​ ​ 31,000,000 ​ ​ ​ ​ ​ ​
0.151% due 12/3/20(l)
​ ​ ​ ​ 30,991,191 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $80,671,877)
​ ​ ​
​
80,679,171
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $184,460,263)
​ ​ ​
​
184,467,557
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 102.5%
(Cost – $2,101,659,800)
​ ​ ​
​
2,175,669,838
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (2.5)%
​ ​ ​ ​ (53,158,889) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 2,122,510,949 ​ ​
​
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
This security is traded on a TBA basis (See Note 5).
​
(b)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.
​
(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
​
See Notes to Financial Statements.
146
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Core Fixed Income Fund (concluded)
​
of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $287,741,959 and represents 13.56% of net assets.
(d)
Security is perpetual in nature and has no stated maturity date.
​
(e)
Payment in-kind security for which part of the income earned may be paid as additional principal.
​
(f)
Security is currently in default.
​
(g)
Interest only security.
​
(h)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $2,823,898 and represents 0.13% of net assets.
​
(i)
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
​
(j)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(k)
Rating by Moody’s Investors Service. All ratings are unaudited.
​
(l)
Rate shown represents yield-to-maturity.
​
Abbreviations used in this schedule:
CLO
 —    Collateralized Loan Obligation
​
CMT
 —   Constant Maturity Treasury Index
​
GO
 —   General Obligation
​
LIBOR
 —   London Interbank Offered Rate
​
LLC
 —   Limited Liability Company
​
LP
 —   Limited Partnership
​
PLC
 —   Public Limited Company
​
REMICS
 —   Real Estate Mortgage Investment Conduit
​
SARL
 —   Société à Responsabilité Limitée
​
SOFR
 —   Secured Overnight Financing Rate
​
UMBS
 —   Uniform Mortgage Backed Securities
​
Summary of Investments by Security Type^
​
U.S. Government Agencies & Obligations
​ ​ ​ ​ 23.0% ​ ​
​
Mortgage-Backed Securities
​ ​ ​ ​ 19.5 ​ ​
​
Corporate Bonds & Notes
​ ​ ​ ​ 18.7 ​ ​
​
Collateralized Mortgage Obligations
​ ​ ​ ​ 18.3 ​ ​
​
Asset-Backed Securities
​ ​ ​ ​ 7.8 ​ ​
​
Senior Loans
​ ​ ​ ​ 1.8 ​ ​
​
Sovereign Bonds
​ ​ ​ ​ 1.2 ​ ​
​
Open-End Fund
​ ​ ​ ​ 1.0 ​ ​
​
Municipal Bonds
​ ​ ​ ​ 0.2 ​ ​
​
Common Stocks
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 8.5 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
See Notes to Financial Statements.
147
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – 50.2% ​
​ Basic Materials – 1.5% ​
​ ​ $ 4,613,000 ​ ​ ​
Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due
9/30/24(a)
 ​ ​ ​ $ 4,771,595 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNAC HK Finbridge Co., Ltd., Company Guaranteed Notes, 3.500%
due 7/19/22
​ ​ ​ ​ 207,078 ​ ​
​ ​ ​ 40,000 ​ ​ ​
DuPont de Nemours Inc., Senior Unsecured Notes, 3.766% due 11/15/20
​ ​ ​ ​ 40,280 ​ ​
​ ​ ​ 200,000 ​ ​ ​
LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24
​ ​ ​ ​ 215,338 ​ ​
​ ​ ​ 200,000 ​ ​ ​
MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(a)
​ ​ ​ ​ 218,500 ​ ​
​ ​ ​ 20,000 ​ ​ ​
Nutrien Ltd., Senior Unsecured Notes, 1.900% due 5/13/23
​ ​ ​ ​ 20,711 ​ ​
​ ​ ​ 200,000 ​ ​ ​
POSCO, Senior Unsecured Notes, 2.375% due 11/12/22
​ ​ ​ ​ 204,998 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Basic Materials
​ ​ ​ ​ 5,678,500 ​ ​
​ Communications – 11.3% ​
​ ​ ​ 105,000 ​ ​ ​
AT&T Inc., Senior Unsecured Notes, 4.450% due 4/1/24
​ ​ ​ ​ 117,909 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
​ ​ ​ ​ 200,818 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Baidu Inc., Senior Unsecured Notes, 3.075% due 4/7/25
​ ​ ​ ​ 213,924 ​ ​
​ ​ ​ 2,613,000EUR ​ ​ ​
Catena Media PLC, Company Guaranteed Notes, 5.500% (3-Month EURIBOR +
5.500)% due 3/2/22(b)
​ ​ ​ ​ 3,098,864 ​ ​
​ ​ ​ 1,022,000EUR ​ ​ ​
CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR +
7.000)% due 7/3/23(b)
​ ​ ​ ​ 1,250,146 ​ ​
​ ​ ​ 4,297,000 ​ ​ ​
CenturyLink Inc., Senior Unsecured Notes, 6.450% due 6/15/21
​ ​ ​ ​ 4,443,657 ​ ​
​ ​ ​ 967,000 ​ ​ ​
Cogent Communications Group Inc., Senior Secured Notes, 5.375% due
3/1/22(a)
​ ​ ​ ​ 996,010 ​ ​
​ ​ ​ 4,246,000 ​ ​ ​
DISH DBS Corp., Company Guaranteed Notes, 6.750% due 6/1/21
​ ​ ​ ​ 4,352,150 ​ ​
​ ​ ​ 115,000 ​ ​ ​
eBay Inc., Senior Unsecured Notes, 2.750% due 1/30/23
​ ​ ​ ​ 120,748 ​ ​
​ ​ ​ 3,990,000 ​ ​ ​
HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(a)
​ ​ ​ ​ 3,720,675 ​ ​
​ ​ ​ 200,000 ​ ​ ​
JD.com Inc., Senior Unsecured Notes, 3.125% due 4/29/21
​ ​ ​ ​ 202,261 ​ ​
​ ​ ​ 2,813,000 ​ ​ ​
Level 3 Financing Inc., Company Guaranteed Notes, 5.125% due 5/1/23
​ ​ ​ ​ 2,813,000 ​ ​
​ ​ ​ 6,468,000EUR ​ ​ ​
Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000)% due
8/9/22(a)(b)
​ ​ ​ ​ 7,603,359 ​ ​
​ ​ ​ 1,395,000 ​ ​ ​
Netflix Inc., Senior Unsecured Notes, 5.375% due 2/1/21
​ ​ ​ ​ 1,421,156 ​ ​
​ ​ ​ 1,238,000 ​ ​ ​
NortonLifeLock Inc., Senior Unsecured Notes, 4.200% due 9/15/20
​ ​ ​ ​ 1,238,371 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.625%
due 5/1/22
​ ​ ​ ​ 120,797 ​ ​
​ ​ ​ 200,000 ​ ​ ​
SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 3.250% due
6/30/25
​ ​ ​ ​ 219,904 ​ ​
​ ​ ​ 2,102,000 ​ ​ ​
Sirius XM Radio Inc., Company Guaranteed Notes, 3.875% due 8/1/22(a)
​ ​ ​ ​ 2,120,392 ​ ​
​ ​ ​ 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
​ ​ ​ ​ 208,880 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Tencent Holdings Ltd., Senior Unsecured Notes, 1.810% due 1/26/26(a)
​ ​ ​ ​ 204,418 ​ ​
​ ​ ​ 1,810,000 ​ ​ ​
T-Mobile USA Inc., Company Guaranteed Notes, 6.000% due 3/1/23
​ ​ ​ ​ 1,812,263 ​ ​
See Notes to Financial Statements.
148
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 1,581,000 ​ ​ ​
VeriSign Inc., Senior Unsecured Notes, 4.625% due 5/1/23
​ ​ ​ $ 1,598,786 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Verizon Communications Inc., Senior Unsecured Notes, 1.380% (3-Month
USD-LIBOR + 1.100)% due 5/15/25(b)
​ ​ ​ ​ 112,409 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Communications
​ ​ ​ ​ 42,439,897 ​ ​
​ Consumer Cyclical – 5.4% ​
​ ​ ​ 175,000 ​ ​ ​
Daimler Finance North America LLC, Company Guaranteed Notes, 2.300% due
2/12/21(a)
​ ​ ​ ​ 176,289 ​ ​
​ ​ ​ 2,002,000 ​ ​ ​
Delta Air Lines Inc., Senior Unsecured Notes, 3.400% due 4/19/21
​ ​ ​ ​ 2,006,662 ​ ​
​ ​ ​ ​ ​ ​ ​ Dollar Tree Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​
3.700% due 5/15/23
​ ​ ​ ​ 80,829 ​ ​
​ ​ ​ 35,000 ​ ​ ​
4.000% due 5/15/25
​ ​ ​ ​ 39,668 ​ ​
​ ​ ​ 1,700,000EUR ​ ​ ​
European Lingerie Group AB, Senior Secured Notes, 7.750% (3-Month
EURIBOR + 7.750)% due 2/22/21(b)(c)
​ ​ ​ ​ 1,379,570 ​ ​
​ ​ ​ 2,554,000 ​ ​ ​
Ford Motor Credit Co. LLC, Senior Unsecured Notes, 1.227% (3-Month
USD-LIBOR + 0.930)% due 9/24/20(b)
​ ​ ​ ​ 2,552,627 ​ ​
​ ​ ​ 7,000,000SEK ​ ​ ​
Gaming Innovation Group PLC, Senior Secured Notes, 9.098% (3-Month
STIBOR + 9.000)% due 6/28/22(b)
​ ​ ​ ​ 742,511 ​ ​
​ ​ ​ 7,212,720 ​ ​ ​
Hawaiian Airlines 2013-1 Class B Pass-Through Certificates, 4.950% due
1/15/22
​ ​ ​ ​ 6,545,775 ​ ​
​ ​ ​ 663,000 ​ ​ ​
Hawaiian Airlines 2020-1 Class B Pass-Through Certificates, 11.250% due
9/15/25(a)
​ ​ ​ ​ 667,155 ​ ​
​ ​ ​ 4,576,000 ​ ​ ​
Hercules Achievement, Inc./Varsity Brands Holding Co., Inc., Senior Secured
Notes, 9.000% (3-Month USD-LIBOR + 8.000)% due 12/22/24(a)(b)
​ ​ ​ ​ 4,072,640 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Hyundai Capital America, Senior Unsecured Notes, 2.850% due 11/1/22(a)
​ ​ ​ ​ 119,063 ​ ​
​ ​ ​ 1,698,000 ​ ​ ​
Macy’s Retail Holdings LLC, Company Guaranteed Notes, 2.875% due
2/15/23
​ ​ ​ ​ 1,405,095 ​ ​
​ ​ ​ 90,000 ​ ​ ​
McDonald’s Corp., Senior Unsecured Notes, 2.625% due 1/15/22
​ ​ ​ ​ 92,869 ​ ​
​ ​ ​ 400,000EUR ​ ​ ​
SB Holdco PLC, Secured Notes, 8.000% (3-Month EURIBOR + 8.000)% due
7/13/22(b)
​ ​ ​ ​ 464,233 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Target Corp., Senior Unsecured Notes, 2.900% due 1/15/22
​ ​ ​ ​ 56,978 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Cyclical
​ ​ ​ ​ 20,401,964 ​ ​
​ Consumer Non-cyclical – 3.8% ​
​ ​ ​ 105,000 ​ ​ ​
AbbVie Inc., Senior Unsecured Notes, 2.300% due 11/21/22(a)
​ ​ ​ ​ 109,114 ​ ​
​ ​ ​ ​ ​ ​ ​ Anthem Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.500% due 11/21/20
​ ​ ​ ​ 100,490 ​ ​
​ ​ ​ 10,000 ​ ​ ​
3.300% due 1/15/23
​ ​ ​ ​ 10,650 ​ ​
​ ​ ​ 5,297,000 ​ ​ ​
APX Group Inc., Senior Secured Notes, 7.875% due 12/1/22
​ ​ ​ ​ 5,355,002 ​ ​
​ ​ ​ 115,000 ​ ​ ​
AstraZeneca PLC, Senior Unsecured Notes, 2.375% due 11/16/20
​ ​ ​ ​ 115,501 ​ ​
​ ​ ​ 70,000 ​ ​ ​
BAT Capital Corp., Company Guaranteed Notes, 2.764% due 8/15/22
​ ​ ​ ​ 72,796 ​ ​
See Notes to Financial Statements.
149
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 115,000 ​ ​ ​
Bristol-Myers Squibb Co., Senior Unsecured Notes, 2.600% due 5/16/22
​ ​ ​ $ 119,533 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Cardinal Health Inc., Senior Unsecured Notes, 2.616% due 6/15/22
​ ​ ​ ​ 113,717 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Cigna Corp., Company Guaranteed Notes, 3.400% due 9/17/21
​ ​ ​ ​ 113,435 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22
​ ​ ​ ​ 119,252 ​ ​
​ ​ ​ 2,649,000 ​ ​ ​
Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(a)
​ ​ ​ ​ 2,738,404 ​ ​
​ ​ ​ 46,000 ​ ​ ​
CVS Health Corp., Senior Unsecured Notes, 3.700% due 3/9/23
​ ​ ​ ​ 49,515 ​ ​
​ ​ ​ 280,574 ​ ​ ​
ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23
​ ​ ​ ​ 281,278 ​ ​
​ ​ ​ 200,000 ​ ​ ​
HPHT Finance 19 Ltd., Company Guaranteed Notes, 2.875% due 11/5/24
​ ​ ​ ​ 207,296 ​ ​
​ ​ ​ 2,122,000 ​ ​ ​
Ingles Markets Inc., Senior Unsecured Notes, 5.750% due 6/15/23
​ ​ ​ ​ 2,153,830 ​ ​
​ ​ ​ ​ ​ ​ ​ Mondelez International Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​
0.625% due 7/1/22
​ ​ ​ ​ 45,205 ​ ​
​ ​ ​ 70,000 ​ ​ ​
3.625% due 5/7/23
​ ​ ​ ​ 75,377 ​ ​
​ ​ ​ 1,896,000 ​ ​ ​
Nielsen Co. Luxembourg SARL, Company Guaranteed Notes, 5.500% due
10/1/21(a)
​ ​ ​ ​ 1,898,370 ​ ​
​ ​ ​ ​ ​ ​ ​
PayPal Holdings Inc., Senior Unsecured Notes:
​ ​ ​ ​ ​ ​ ​
​ ​ ​ 95,000 ​ ​ ​
2.200% due 9/26/22
​ ​ ​ ​ 98,507 ​ ​
​ ​ ​ 15,000 ​ ​ ​
1.350% due 6/1/23
​ ​ ​ ​ 15,348 ​ ​
​ ​ ​ 85,000 ​ ​ ​
PepsiCo Inc., Senior Unsecured Notes, 0.750% due 5/1/23
​ ​ ​ ​ 86,059 ​ ​
​ ​ ​ 200,000 ​ ​ ​
PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26
​ ​ ​ ​ 213,678 ​ ​
​ ​ ​ 35,000 ​ ​ ​
Reynolds American Inc., Company Guaranteed Notes, 4.000% due 6/12/22
​ ​ ​ ​ 37,086 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Royalty Pharma PLC, Senior Unsecured Notes, 0.750% due 9/2/23(a)
​ ​ ​ ​ 109,923 ​ ​
​ ​ ​ 35,000 ​ ​ ​
Upjohn Inc., Company Guaranteed Notes, 1.125% due 6/22/22(a)
​ ​ ​ ​ 35,315 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Non-cyclical
​ ​ ​ ​ 14,274,681 ​ ​
​ Energy – 4.1% ​
​ ​ ​ 6,236,000 ​ ​ ​
CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(a)
​ ​ ​ ​ 6,220,410 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22
​ ​ ​ ​ 209,359 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due
4/28/21
​ ​ ​ ​ 204,398 ​ ​
​ ​ ​ 1,173,000 ​ ​ ​
CNX Resources Corp., Company Guaranteed Notes, 5.875% due 4/15/22
​ ​ ​ ​ 1,177,927 ​ ​
​ ​ ​ 39,699 ​ ​ ​
Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due
12/30/20(a)
​ ​ ​ ​ 39,656 ​ ​
​ ​ ​ 85,000 ​ ​ ​
Exxon Mobil Corp., Senior Unsecured Notes, 1.571% due 4/15/23
​ ​ ​ ​ 87,644 ​ ​
​ ​ ​ ​ ​ ​ ​
Martin Midstream Partners LP/Martin Midstream Finance Corp.:
​ ​ ​ ​ ​ ​ ​
​ ​ ​ 789,000 ​ ​ ​
Company Guaranteed Notes, 7.250% due 2/15/21
​ ​ ​ ​ 741,660 ​ ​
​ ​ ​ 906,875 ​ ​ ​
Senior Secured Notes, 10.000% due 2/29/24(a)
​ ​ ​ ​ 941,790 ​ ​
​ ​ ​ 200,000 ​ ​ ​
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22
​ ​ ​ ​ 202,044 ​ ​
See Notes to Financial Statements.
150
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 3,156,000 ​ ​ ​
PBF Logistics LP/PBF Logistics Finance Corp., Company Guaranteed Notes,
6.875% due 5/15/23
​ ​ ​ $ 3,130,405 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22
​ ​ ​ ​ 206,052 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Reliance Industries Ltd., Senior Unsecured Notes, 5.400% due 2/14/22
​ ​ ​ ​ 264,388 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Saudi Arabian Oil Co., Senior Unsecured Notes, 2.750% due 4/16/22
​ ​ ​ ​ 205,311 ​ ​
​ ​ ​ 80,000 ​ ​ ​
Schlumberger Holdings Corp., Senior Unsecured Notes, 3.750% due 5/1/24(a)
​ ​ ​ ​ 87,081 ​ ​
​ ​ ​ ​ ​ ​ ​ SESI LLC, Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,961,000 ​ ​ ​
7.125% due 12/15/21(a)
​ ​ ​ ​ 1,465,570 ​ ​
​ ​ ​ 640,000 ​ ​ ​
7.125% due 12/15/21
​ ​ ​ ​ 179,200 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Energy
​ ​ ​ ​ 15,362,895 ​ ​
​ Financial – 6.2% ​
​ ​ ​ 115,000 ​ ​ ​
American Express Co., Senior Unsecured Notes, 3.700% due 11/5/21
​ ​ ​ ​ 119,250 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.625% due
5/1/22(a)
​ ​ ​ ​ 58,071 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23
​ ​ ​ ​ 151,688 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index +
7.782)% (b)(d)
​ ​ ​ ​ 201,000 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20
​ ​ ​ ​ 200,880 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Bank of America Corp., Senior Unsecured Notes, 1.117% (3-Month USD-LIBOR
+ 0.790)% due 3/5/24(b)
​ ​ ​ ​ 120,818 ​ ​
​ ​ ​ ​ ​ ​ ​ Capital One Financial Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 95,000 ​ ​ ​
2.400% due 10/30/20
​ ​ ​ ​ 95,154 ​ ​
​ ​ ​ 20,000 ​ ​ ​
3.200% due 1/30/23
​ ​ ​ ​ 21,142 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Citigroup Inc., Senior Unsecured Notes, 1.269% (3-Month USD-LIBOR +
1.023)% due 6/1/24(b)
​ ​ ​ ​ 181,649 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Crown Castle International Corp., Senior Unsecured Notes, 1.350% due
7/15/25
​ ​ ​ ​ 121,938 ​ ​
​ ​ ​ 3,476,000 ​ ​ ​
CTO Realty Growth Inc., Senior Unsecured Notes, 3.875% due 4/15/25(a)
​ ​ ​ ​ 3,110,744 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21
​ ​ ​ ​ 205,230 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due
5/18/21
​ ​ ​ ​ 206,500 ​ ​
​ ​ ​ 2,875,000 ​ ​ ​
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes, 6.250% due 2/1/22
​ ​ ​ ​ 2,907,344 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22
​ ​ ​ ​ 103,751 ​ ​
​ ​ ​ 47,494 ​ ​ ​
Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due
11/30/25
​ ​ ​ ​ 43,770 ​ ​
​ ​ ​ 120,000 ​ ​ ​
JPMorgan Chase & Co., Senior Unsecured Notes, 3.207% (3-Month
USD-LIBOR + 0.695)% due 4/1/23(b)
​ ​ ​ ​ 125,146 ​ ​
See Notes to Financial Statements.
151
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 90,000 ​ ​ ​
Macquarie Bank Ltd., Senior Unsecured Notes, 2.100% due 10/17/22(a)
​ ​ ​ $ 93,137 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542)% due 10/29/26(b)
​ ​ ​ ​ 204,150 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 1.506% (3-Month
USD-LIBOR + 1.200)% due 12/29/21(b)
​ ​ ​ ​ 115,089 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Morgan Stanley, Senior Unsecured Notes, 1.188% (3-Month USD-LIBOR +
0.930)% due 7/22/22(b)
​ ​ ​ ​ 115,745 ​ ​
​ ​ ​ 200,000 ​ ​ ​
NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(a)
​ ​ ​ ​ 200,927 ​ ​
​ ​ ​ 162,358 ​ ​ ​
Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon,
due 6/2/25
​ ​ ​ ​ 151,804 ​ ​
​ ​ ​ 85,000 ​ ​ ​
Prudential Financial Inc., Senior Unsecured Notes, 3.500% due 5/15/24
​ ​ ​ ​ 94,479 ​ ​
​ ​ ​ 3,306,000 ​ ​ ​
SBA Communications Corp., Senior Unsecured Notes, 4.000% due 10/1/22
​ ​ ​ ​ 3,328,216 ​ ​
​ ​ ​ 85,000 ​ ​ ​
Simon Property Group LP, Senior Unsecured Notes, 2.000% due 9/13/24
​ ​ ​ ​ 87,945 ​ ​
​ ​ ​ 16,250,000SEK ​ ​ ​
Stockwik Förvaltning AB, Senior Secured Notes, 0.000% (3-Month STIBOR +
7.000)% due 9/3/23(b)(e)(f)
​ ​ ​ ​ 1,906,858 ​ ​
​ ​ ​ 4,770,000 ​ ​ ​
StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(a)
​ ​ ​ ​ 5,163,525 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 2.058% due
7/14/21
​ ​ ​ ​ 121,729 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23
​ ​ ​ ​ 261,266 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Toronto-Dominion Bank, Senior Unsecured Notes, 0.558% (SOFR rate +
0.480)% due 1/27/23(b)
​ ​ ​ ​ 110,242 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Truist Financial Corp., Senior Unsecured Notes, 2.200% due 3/16/23
​ ​ ​ ​ 57,347 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Unifin Financiera SAB de CV, Company Guaranteed Notes, 7.000% due
1/15/25
​ ​ ​ ​ 163,500 ​ ​
​ ​ ​ 200,000 ​ ​ ​
United Overseas Bank Ltd., Subordinated Notes, 3.500% (5-Year USD Swap
Rate + 2.236)% due 9/16/26(b)
​ ​ ​ ​ 204,148 ​ ​
​ ​ ​ 2,069,000 ​ ​ ​
VEREIT Inc., Senior Unsecured Notes, 3.750% due 12/15/20
​ ​ ​ ​ 2,069,163 ​ ​
​ ​ ​ 5,040,000SEK ​ ​ ​
VNV Global AB, Senior Secured Notes, 5.750% due 10/4/22
​ ​ ​ ​ 594,331 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Wells Fargo & Co., Senior Unsecured Notes, 1.654% (SOFR rate + 1.600)% due
6/2/24(b)
​ ​ ​ ​ 117,571 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Welltower Inc., Senior Unsecured Notes, 3.625% due 3/15/24
​ ​ ​ ​ 124,331 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Financial
​ ​ ​ ​ 23,259,578 ​ ​
​ Industrial – 9.7% ​
​ ​ ​ 2,800,000 ​ ​ ​
Altera Shuttle Tankers LLC, Senior Unsecured Notes, 7.125% due 8/15/22
​ ​ ​ ​ 2,856,000 ​ ​
​ ​ ​ 3,888,000 ​ ​ ​
ATS Automation Tooling Systems Inc., Company Guaranteed Notes, 6.500% due
6/15/23(a)
​ ​ ​ ​ 3,932,557 ​ ​
​ ​ ​ 1,677,000 ​ ​ ​
Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/23(a)
​ ​ ​ ​ 1,341,600 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Briggs & Stratton Corp., Senior Unsecured Notes, 6.875% due 12/15/20(c)
​ ​ ​ ​ 12,675 ​ ​
See Notes to Financial Statements.
152
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ $ 13,300,000NOK ​ ​ ​
Bulk Industrier AS, Senior Secured Notes, 6.570% (3-Month NOK-LIBOR +
6.250)% due 7/14/23(a)(b)
​ ​ ​ $ 1,536,904 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Carrier Global Corp., Senior Unsecured Notes, 1.923% due 2/15/23(a)
​ ​ ​ ​ 123,518 ​ ​
​ ​ ​ 935,000 ​ ​ ​
Dycom Industries Inc., Senior Unsecured Notes, 0.750% due 9/15/21
​ ​ ​ ​ 902,275 ​ ​
​ ​ ​ 2,774,000 ​ ​ ​
FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(a)
​ ​ ​ ​ 2,690,780 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Golar LNG Partners LP, Senior Unsecured Notes, 6.506% (3-Month USD-LIBOR
+ 6.250)% due 11/22/21(b)
​ ​ ​ ​ 522,000 ​ ​
​ ​ ​ 5,443,000 ​ ​ ​
Great Lakes Dredge & Dock Corp., Company Guaranteed Notes, 8.000% due
5/15/22
​ ​ ​ ​ 5,636,063 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Honeywell International Inc., Senior Unsecured Notes, 0.483% due 8/19/22
​ ​ ​ ​ 55,124 ​ ​
​ ​ ​ 1,030,000 ​ ​ ​
Louisiana-Pacific Corp., Senior Unsecured Notes, 4.875% due 9/15/24
​ ​ ​ ​ 1,055,750 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​
MPC Container Ships Invest BV, Senior Secured Notes, 5.056% (3-Month
USD-LIBOR + 4.750)% due 9/22/22(b)
​ ​ ​ ​ 1,444,500 ​ ​
​ ​ ​ 25,000 ​ ​ ​
Northrop Grumman Corp., Senior Unsecured Notes, 3.250% due 8/1/23
​ ​ ​ ​ 27,070 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes,
2.700% due 11/1/24(a)
​ ​ ​ ​ 121,665 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24
​ ​ ​ ​ 122,829 ​ ​
​ ​ ​ 2,199,000 ​ ​ ​
SFL Corp., Ltd., Senior Unsecured Notes, 5.750% due 10/15/21
​ ​ ​ ​ 2,102,459 ​ ​
​ ​ ​ 37,500,000NOK ​ ​ ​
Stolt-Nielsen Ltd., Senior Unsecured Notes, 4.880% (3-Month NOK-LIBOR +
4.500)% due 6/29/23(a)(b)
​ ​ ​ ​ 4,313,708 ​ ​
​ ​ ​ ​ ​ ​ ​ Tecnoglass Inc., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
8.200% due 1/31/22
​ ​ ​ ​ 209,000 ​ ​
​ ​ ​ 2,287,000 ​ ​ ​
8.200% due 1/31/22(a)
​ ​ ​ ​ 2,389,915 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Union Pacific Corp., Senior Unsecured Notes, 3.200% due 6/8/21
​ ​ ​ ​ 117,505 ​ ​
​ ​ ​ 1,144,000 ​ ​ ​
Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24
​ ​ ​ ​ 1,161,160 ​ ​
​ ​ ​ 1,099,000 ​ ​ ​
WESCO Distribution Inc., Company Guaranteed Notes, 5.375% due 12/15/21
​ ​ ​ ​ 1,106,385 ​ ​
​ ​ ​ 2,855,000 ​ ​ ​
XPO Logistics Inc., Company Guaranteed Notes, 6.500% due 6/15/22(a)
​ ​ ​ ​ 2,863,779 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Industrial
​ ​ ​ ​ 36,645,221 ​ ​
​ Technology – 7.8% ​
​ ​ ​ 60,000 ​ ​ ​
Analog Devices Inc., Senior Unsecured Notes, 2.950% due 1/12/21
​ ​ ​ ​ 60,577 ​ ​
​ ​ ​ 1,087,000EUR ​ ​ ​
Azerion Holding BV, Senior Secured Notes, 8.500% (3-Month EURIBOR +
8.500)% due 3/17/23(b)
​ ​ ​ ​ 1,297,226 ​ ​
​ ​ ​ ​ ​ ​ ​ Dell International LLC/EMC Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 8,428,000 ​ ​ ​
Company Guaranteed Notes, 5.875% due 6/15/21(a)
​ ​ ​ ​ 8,441,148 ​ ​
​ ​ ​ 1,244,000 ​ ​ ​
Senior Secured Notes, 5.850% due 7/15/25(a)
​ ​ ​ ​ 1,459,351 ​ ​
​ ​ ​ 5,898,000 ​ ​ ​
MagnaChip Semiconductor Corp., Senior Unsecured Notes, 6.625% due
7/15/21
​ ​ ​ ​ 5,898,000 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Microchip Technology Inc., Senior Secured Notes, 3.922% due 6/1/21
​ ​ ​ ​ 112,495 ​ ​
​ ​ ​ 35,000 ​ ​ ​
Micron Technology Inc., Senior Unsecured Notes, 2.497% due 4/24/23
​ ​ ​ ​ 36,548 ​ ​
See Notes to Financial Statements.
153
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – (continued) ​
​ ​ $ 5,032,000 ​ ​ ​
NCR Corp., Company Guaranteed Notes, 5.000% due 7/15/22
​ ​ ​ $ 5,023,295 ​ ​
​ ​ ​ 35,000 ​ ​ ​
Oracle Corp., Senior Unsecured Notes, 2.500% due 4/1/25
​ ​ ​ ​ 37,729 ​ ​
​ ​ ​ ​ ​ ​ ​ Xerox Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 372,000 ​ ​ ​
2.750% due 9/1/20
​ ​ ​ ​ 372,000 ​ ​
​ ​ ​ 6,504,000 ​ ​ ​
4.500% due 5/15/21
​ ​ ​ ​ 6,632,389 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Technology
​ ​ ​ ​ 29,370,758 ​ ​
​ Utilities – 0.4% ​
​ ​ ​ 200,000 ​ ​ ​
AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate +
4.644)% due 3/26/79(a)(b)
​ ​ ​ ​ 213,538 ​ ​
​ ​ ​ ​ ​ ​ ​ DTE Energy Co., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 10,000 ​ ​ ​
2.250% due 11/1/22
​ ​ ​ ​ 10,355 ​ ​
​ ​ ​ 50,000 ​ ​ ​
2.529% due 10/1/24
​ ​ ​ ​ 53,256 ​ ​
​ ​ ​ 45,000 ​ ​ ​
1.050% due 6/1/25
​ ​ ​ ​ 45,225 ​ ​
​ ​ ​ 156,500 ​ ​ ​
Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29
​ ​ ​ ​ 165,190 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25
​ ​ ​ ​ 163,752 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Entergy Corp., Senior Unsecured Notes, 0.900% due 9/15/25
​ ​ ​ ​ 114,939 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23
​ ​ ​ ​ 228,629 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due
5/6/25(a)
​ ​ ​ ​ 206,895 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured
Notes, 5.500% due 11/22/21
​ ​ ​ ​ 209,600 ​ ​
​ ​ ​ 105,000 ​ ​ ​
PSEG Power LLC, Company Guaranteed Notes, 3.850% due 6/1/23
​ ​ ​ ​ 113,288 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Utilities
​ ​ ​ ​ 1,524,667 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Cost – $190,485,936)
​ ​ ​
​
188,958,161
 ​ ​
​ SENIOR LOANS(b) – 15.3% ​
​ ​ ​ 6,111,202 ​ ​ ​
Advanced Disposal Services Inc., 3.000% (1-Week USD-LIBOR + 2.250)% due
11/10/23
​ ​ ​ ​ 6,079,546 ​ ​
​ ​ ​ 2,663,171 ​ ​ ​
Capri Acquisitions BidCo Ltd., 3.261% (3-Month USD-LIBOR + 3.000)% due
11/1/24
​ ​ ​ ​ 2,654,862 ​ ​
​ ​ ​ 1,335,000 ​ ​ ​
Chefs’ Warehouse Inc., due 6/22/22(g)
​ ​ ​ ​ 1,176,389 ​ ​
​ ​ ​ 6,752,130 ​ ​ ​
Cincinnati Bell Inc., due 10/2/24(g)
​ ​ ​ ​ 6,745,108 ​ ​
​ ​ ​ 1,909,577 ​ ​ ​
Crestwood Holdings LLC, 7.660% (1-Month USD-LIBOR + 7.500)% due
3/6/23
​ ​ ​ ​ 1,243,612 ​ ​
​ ​ ​ 4,769,000 ​ ​ ​
Ellie Mae Inc., 4.058% (3-Month USD-LIBOR + 3.750)% due 4/17/26
​ ​ ​ ​ 4,763,516 ​ ​
​ ​ ​ 4,764,000 ​ ​ ​
EP Energy LLC, due 11/23/21(e)(g)
​ ​ ​ ​ 4,761,022 ​ ​
​ ​ ​ ​ ​ ​ ​ Fieldwood Energy LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 478,730 ​ ​ ​
due 8/4/21(f)(g)
​ ​ ​ ​ 478,730 ​ ​
See Notes to Financial Statements.
154
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 5,080,000 ​ ​ ​
9.750% (1-Month USD-LIBOR + 8.750)% due 4/11/22(c)
​ ​ ​ $ 1,219,200 ​ ​
​ ​ ​ 6,201,840 ​ ​ ​
First Brands Group LLC, 8.500% (2-Month USD-LIBOR + 7.500)% due
2/2/24
​ ​ ​ ​ 6,077,803 ​ ​
​ ​ ​ 4,916,195 ​ ​ ​
Golden Nugget Online Gaming Inc., 13.000% (3-Month USD-LIBOR +
12.000)% due 10/4/23
​ ​ ​ ​ 5,555,300 ​ ​
​ ​ ​ 664,000 ​ ​ ​
Intelsat Jackson Holdings SA, 6.500% (3-Month USD-LIBOR + 5.500)% due
7/13/22
​ ​ ​ ​ 675,069 ​ ​
​ ​ ​ 796,614 ​ ​ ​
Internap Holding LLC, 7.500% (3-Month USD-LIBOR + 6.500)% due 5/8/25
​ ​ ​ ​ 438,138 ​ ​
​ ​ ​ 2,483,753 ​ ​ ​
Lealand Finance Co. BV, 3.156% (1-Month USD-LIBOR + 3.000)% due
6/28/24(g)
​ ​ ​ ​ 2,210,540 ​ ​
​ ​ ​ 523,687 ​ ​ ​
Monitronics International Inc., 7.750% (1-Month USD-LIBOR + 6.500)% due
3/29/24
​ ​ ​ ​ 392,504 ​ ​
​ ​ ​ 1,912,854 ​ ​ ​
Party City Holdings Inc., 3.250% (1-Month USD-LIBOR + 2.500)% due
8/19/22
​ ​ ​ ​ 1,339,342 ​ ​
​ ​ ​ 4,329,000 ​ ​ ​
WCA Waste Systems Inc., 2.656% (1-Month USD-LIBOR + 2.500)% due
8/11/23(g)
​ ​ ​ ​ 4,312,766 ​ ​
​ ​ ​ 7,590,550 ​ ​ ​
Windstream Services LLC, 2.660% (1-Month USD-LIBOR + 2.500)% due
2/26/21
​ ​ ​ ​ 7,495,668 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SENIOR LOANS
(Cost – $62,160,622)
​ ​ ​
​
57,619,115
 ​ ​
​ ASSET-BACKED SECURITIES – 6.6% ​
​ ​ ​ 1,000,000 ​ ​ ​
522 Funding CLO I Ltd., Series 2019-4A, Class A, 1.622% (3-Month
USD-LIBOR + 1.350)% due 4/20/30(a)(b)
​ ​ ​ ​ 993,700 ​ ​
​ ​ ​ 467,162 ​ ​ ​
Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(a)
​ ​ ​ ​ 422,203 ​ ​
​ ​ ​ ​ ​ ​ ​ AccessLex Institute: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 255,016 ​ ​ ​
Series 2004-2, Class A3, 0.435% (3-Month USD-LIBOR + 0.190)% due
10/25/24(b)
​ ​ ​ ​ 245,380 ​ ​
​ ​ ​ 258,228 ​ ​ ​
Series 2007-A, Class A3, 0.550% (3-Month USD-LIBOR + 0.300)% due
5/25/36(b)
​ ​ ​ ​ 248,356 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Affirm Asset Securitization Trust, Series 2020-A, Class A, 2.100% due
2/18/25(a)
​ ​ ​ ​ 200,288 ​ ​
​ ​ ​ 1,194,264 ​ ​ ​
Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.950% due 10/25/58(a)(b)
​ ​ ​ ​ 1,197,344 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Aqua Finance Trust, Series 2020-AA, Class A, 1.900% due 7/17/46(a)
​ ​ ​ ​ 149,924 ​ ​
​ ​ ​ 291,141 ​ ​ ​
Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1, Class A, 2.990%
due 7/15/24(a)
​ ​ ​ ​ 295,431 ​ ​
​ ​ ​ 574,817 ​ ​ ​
Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step
bond to yield, 3.475% due 6/28/34(a)
​ ​ ​ ​ 569,206 ​ ​
​ ​ ​ 352,000 ​ ​ ​
BSPRT Issuer Ltd., Series 2019-FL5, Class A, 1.312% (1-Month USD-LIBOR +
1.150)% due 5/15/29(a)(b)
​ ​ ​ ​ 346,466 ​ ​
​ ​ ​ 991,833 ​ ​ ​
Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A,
1.295% (3-Month USD-LIBOR + 1.050)% due 7/27/31(a)(b)
​ ​ ​ ​ 975,736 ​ ​
See Notes to Financial Statements.
155
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 500,000 ​ ​ ​
Catamaran CLO Ltd., Series 2018-1A, Class A1, 1.495% (3-Month
USD-LIBOR + 1.250)% due 10/25/31(a)(b)
​ ​ ​ $ 493,461 ​ ​
​ ​ ​ 478,254 ​ ​ ​
Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.980% due
8/25/50(a)
​ ​ ​ ​ 487,021 ​ ​
​ ​ ​ 156,505 ​ ​ ​
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 2.075% (1-Month
USD-LIBOR + 1.900)% due 10/25/44(a)(b)
​ ​ ​ ​ 156,822 ​ ​
​ ​ ​ 172,194 ​ ​ ​
DT Auto Owner Trust, Series 2020-2A, Class A, 1.140% due 1/16/24(a)
​ ​ ​ ​ 172,740 ​ ​
​ ​ ​ 117,526 ​ ​ ​
Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650% due
1/25/41(a)
​ ​ ​ ​ 118,990 ​ ​
​ ​ ​ 333,187 ​ ​ ​
Freed ABS Trust, Series 2020-FP1, Class A, 2.520% due 3/18/27(a)
​ ​ ​ ​ 333,253 ​ ​
​ ​ ​ 35,145 ​ ​ ​
Freed ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(a)
​ ​ ​ ​ 35,177 ​ ​
​ ​ ​ 399,541 ​ ​ ​
Genesis Private Label Amortizing Trust, Series 2020-1, Class A, 2.080% due
7/20/30(a)(f)
​ ​ ​ ​ 400,033 ​ ​
​ ​ ​ ​ ​ ​ ​ GLS Auto Receivables Issuer Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 103,019 ​ ​ ​
Series 2019-1A, Class A, 3.370% due 1/17/23(a)
​ ​ ​ ​ 103,805 ​ ​
​ ​ ​ 158,514 ​ ​ ​
Series 2019-2A, Class A, 3.060% due 4/17/23(a)
​ ​ ​ ​ 160,103 ​ ​
​ ​ ​ 63,533 ​ ​ ​
GLS Auto Receivables Trust, Series 2018-3A, Class A, 3.350% due 8/15/22(a)
​ ​ ​ ​ 63,743 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Greywolf CLO V Ltd., Series 2015-1A, Class A1R, 1.405% (3-Month
USD-LIBOR + 1.160)% due 1/27/31(a)(b)
​ ​ ​ ​ 494,761 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 1.452% (3-Month
USD-LIBOR + 1.180)% due 10/20/31(a)(b)
​ ​ ​ ​ 989,515 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Hayfin Kingsland VIII Ltd., Series 2018-8A, Class A, 1.392% (3-Month
USD-LIBOR + 1.120)% due 4/20/31(a)(b)
​ ​ ​ ​ 492,767 ​ ​
​ ​ ​ 463,343 ​ ​ ​
Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.740% due 2/25/39(a)
​ ​ ​ ​ 479,023 ​ ​
​ ​ ​ ​ ​ ​ ​ Invitation Homes Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 181,255 ​ ​ ​
Series 2017-SFR2, Class A, 1.012% (1-Month USD-LIBOR + 0.850)% due
12/17/36(a)(b)
​ ​ ​ ​ 179,915 ​ ​
​ ​ ​ 177,658 ​ ​ ​
Series 2018-SFR1, Class A, 0.862% (1-Month USD-LIBOR + 0.700)% due
3/17/37(a)(b)
​ ​ ​ ​ 174,958 ​ ​
​ ​ ​ 95,776 ​ ​ ​
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX, 2.340% due
10/25/48(a)
​ ​ ​ ​ 95,972 ​ ​
​ ​ ​ 173,000 ​ ​ ​
LMREC Inc., Series 2019-CRE3, Class A, 1.583% (1-Month USD-LIBOR +
1.400)% due 12/22/35(a)(b)
​ ​ ​ ​ 169,887 ​ ​
​ ​ ​ 173,000 ​ ​ ​
LoanCore Issuer Ltd., Series 2019-CRE2, Class A, 1.292% (1-Month
USD-LIBOR + 1.130)% due 5/15/36(a)(b)
​ ​ ​ ​ 169,996 ​ ​
​ ​ ​ 194,166 ​ ​ ​
Marlette Funding Trust, Series 2019-2A, Class A, 3.130% due 7/16/29(a)
​ ​ ​ ​ 196,194 ​ ​
​ ​ ​ 896,373 ​ ​ ​
MFA LLC, Series 2017-NPL1, Class A1, step bond to yield, 3.352% due
11/25/47(a)
​ ​ ​ ​ 900,010 ​ ​
​ ​ ​ 341,000 ​ ​ ​
NLY Commercial Mortgage Trust, Series 2019-FL2, Class AS, 1.762% (1-Month
USD-LIBOR + 1.600)% due 2/15/36(a)(b)
​ ​ ​ ​ 330,194 ​ ​
See Notes to Financial Statements.
156
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 207,197 ​ ​ ​
NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.193%
due 1/25/23(a)
​ ​ ​ $ 208,068 ​ ​
​ ​ ​ 989,121 ​ ​ ​
Ocean Trails CLO V, Series 2014-5A, Class ARR, 1.546% (3-Month
USD-LIBOR + 1.280)% due 10/13/31(a)(b)
​ ​ ​ ​ 980,787 ​ ​
​ ​ ​ 250,000 ​ ​ ​
OCP CLO Ltd., Series 2014-5A, Class A1R, 1.325% (3-Month USD-LIBOR +
1.080)% due 4/26/31(a)(b)
​ ​ ​ ​ 247,232 ​ ​
​ ​ ​ 47,681 ​ ​ ​
Prosper Marketplace Issuance Trust, Series 2019-2A, Class A, 3.200% due
9/15/25(a)
​ ​ ​ ​ 47,765 ​ ​
​ ​ ​ 994,727 ​ ​ ​
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 1.485% (3-Month
USD-LIBOR + 1.210)% due 10/15/30(a)(b)
​ ​ ​ ​ 986,883 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Regatta Funding LP, Series 2013-2A, Class A1R2, 1.525% (3-Month
USD-LIBOR + 1.250)% due 1/15/29(a)(b)
​ ​ ​ ​ 998,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Sofi Professional Loan Program LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 280,729 ​ ​ ​
Series 2015-C, Class A2, 2.510% due 8/25/33(a)
​ ​ ​ ​ 282,676 ​ ​
​ ​ ​ 107,934 ​ ​ ​
Series 2019-A, Class A1FX, 3.180% due 6/15/48(a)
​ ​ ​ ​ 108,545 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 1.522% (3-Month
USD-LIBOR + 1.250)% due 10/20/31(a)(b)
​ ​ ​ ​ 985,713 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 1.392% (3-Month
USD-LIBOR + 1.120)% due 1/21/31(a)(b)
​ ​ ​ ​ 492,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Steele Creek CLO Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2015-1A, Class AR, 1.507% (3-Month USD-LIBOR + 1.260)% due
5/21/29(a)(b)
​ ​ ​ ​ 989,685 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2018-2A, Class A, 1.470% (3-Month USD-LIBOR + 1.200)% due
8/18/31(a)(b)
​ ​ ​ ​ 985,107 ​ ​
​ ​ ​ 320,833 ​ ​ ​
TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330% due 5/20/39(a)
​ ​ ​ ​ 320,704 ​ ​
​ ​ ​ 273,606 ​ ​ ​
Tesla Auto Lease Trust, Series 2018-B, Class A, 3.710% due 8/20/21(a)
​ ​ ​ ​ 276,625 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.732% (3-Month USD-LIBOR +
1.460)% due 7/20/32(a)(b)
​ ​ ​ ​ 998,000 ​ ​
​ ​ ​ 360,004 ​ ​ ​
Triton Container Finance IV LLC, Series 2017-2A, Class A, 3.620% due
8/20/42(a)
​ ​ ​ ​ 361,040 ​ ​
​ ​ ​ ​ ​ ​ ​ Vericrest Opportunity Loan Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,230,629 ​ ​ ​
Series 2019-NPL7, Class A1A, step bond to yield, 3.179% due 10/25/49(a)
​ ​ ​ ​ 1,221,109 ​ ​
​ ​ ​ 290,535 ​ ​ ​
Series 2019-NPL8, Class A1A, step bond to yield, 3.278% due 11/25/49(a)
​ ​ ​ ​ 290,543 ​ ​
​ ​ ​ 1,022,145 ​ ​ ​
Series 2020-NPL2, Class A1A, step bond to yield, 2.981% due 2/25/50(a)
​ ​ ​ ​ 1,011,540 ​ ​
​ ​ ​ 365,277 ​ ​ ​
VOLT LXXXIV LLC, Series 2019-NP10, Class A1A, step bond to yield, 3.426%
due 12/27/49(a)
​ ​ ​ ​ 364,614 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost – $25,116,612)
​ ​ ​
​
25,000,010
 ​ ​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – 5.3% ​
​ ​ ​ ​ ​ ​ ​ BANK: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,531,420 ​ ​ ​
Series 2017-BNK4, Class XA, 1.570% due 5/15/50(b)(h)
​ ​ ​ ​ 101,907 ​ ​
See Notes to Financial Statements.
157
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 1,843,067 ​ ​ ​
Series 2017-BNK6, Class XA, 0.968% due 7/15/60(b)(h)
​ ​ ​ $ 77,212 ​ ​
​ ​ ​ 192,000 ​ ​ ​
BBCMS 2017-DELC Mortgage Trust, Series 2017-DELC, Class B, 1.192%
(1-Month USD-LIBOR + 1.030)% due 8/15/36(a)(b)
​ ​ ​ ​ 180,940 ​ ​
​ ​ ​ 240,000 ​ ​ ​
BBCMS 2018-TALL Mortgage Trust, Series 2018-TALL, Class B, 1.133%
(1-Month USD-LIBOR + 0.971)% due 3/15/37(a)(b)
​ ​ ​ ​ 227,520 ​ ​
​ ​ ​ 200,000 ​ ​ ​
BBCMS 2019-BWAY Mortgage Trust, Series 2019-BWAY, Class A, 1.118%
(1-Month USD-LIBOR + 0.956)% due 11/25/34(a)(b)
​ ​ ​ ​ 194,544 ​ ​
​ ​ ​ 75,000 ​ ​ ​
BHMS, Series 2018-ATLS, Class A, 1.412% (1-Month USD-LIBOR + 1.250)%
due 7/15/35(a)(b)
​ ​ ​ ​ 71,713 ​ ​
​ ​ ​ 118,000 ​ ​ ​
BX Commercial Mortgage Trust, Series 2018-BIOA, Class E, 2.113% (1-Month
USD-LIBOR + 1.951)% due 3/15/37(a)(b)
​ ​ ​ ​ 113,863 ​ ​
​ ​ ​ 323,000 ​ ​ ​
BX Trust, Series 2019-MMP, Class B, 1.462% (1-Month USD-LIBOR + 1.300)%
due 8/15/36(a)(b)
​ ​ ​ ​ 319,274 ​ ​
​ ​ ​ ​ ​ ​ ​ BXMT Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 117,000 ​ ​ ​
Series 2017-FL1, Class C, 2.112% (1-Month USD-LIBOR + 1.950)% due
6/15/35(a)(b)
​ ​ ​ ​ 115,555 ​ ​
​ ​ ​ 192,000 ​ ​ ​
Series 2020-FL2, Class C, 1.812% (1-Month USD-LIBOR + 1.650)% due
2/16/37(a)(b)
​ ​ ​ ​ 185,280 ​ ​
​ ​ ​ 1,669,194 ​ ​ ​
CD Mortgage Trust, Series 2017-CD4, Class XA, 1.454% due 5/10/50(b)(h)
​ ​ ​ ​ 103,311 ​ ​
​ ​ ​ ​ ​ ​ ​ CFCRE Commercial Mortgage Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,333,000 ​ ​ ​
Series 2017-C8, Class XA, 1.772% due 6/15/50(b)(h)
​ ​ ​ ​ 98,989 ​ ​
​ ​ ​ 287,000 ​ ​ ​
Series 2017-C8, Class XB, 1.113% due 6/15/50(b)(h)
​ ​ ​ ​ 15,806 ​ ​
​ ​ ​ 296,902 ​ ​ ​
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 0.952%
(1-Month USD-LIBOR + 0.790)% due 7/15/32(a)(b)
​ ​ ​ ​ 296,158 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Commercial Mortgage Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 178,000 ​ ​ ​
Series 2018-TBR, Class B, 1.312% (1-Month USD-LIBOR + 1.150)% due
12/15/36(a)(b)
​ ​ ​ ​ 160,731 ​ ​
​ ​ ​ 386,000 ​ ​ ​
Series 2019-PRM, Class D, 4.350% due 5/10/36(a)
​ ​ ​ ​ 399,773 ​ ​
​ ​ ​ 892,460 ​ ​ ​
Citigroup Mortgage Loan Trust, Series 2018-C, Class A1, step bond to yield,
4.125% due 3/25/59(a)
​ ​ ​ ​ 899,734 ​ ​
​ ​ ​ 678,669 ​ ​ ​
COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.853% due 3/25/65(a)(b)
​ ​ ​ ​ 681,242 ​ ​
​ ​ ​ ​ ​ ​ ​ Commercial Mortgage Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 20,677,098 ​ ​ ​
Series 2013-CR9, Class XA, 0.141% due 7/10/45(b)(h)
​ ​ ​ ​ 45,012 ​ ​
​ ​ ​ 1,538,717 ​ ​ ​
Series 2013-LC6, Class XA, 1.484% due 1/10/46(b)(h)
​ ​ ​ ​ 37,094 ​ ​
​ ​ ​ 303,859 ​ ​ ​
Series 2014-CR15, Class A2, 2.928% due 2/10/47
​ ​ ​ ​ 307,425 ​ ​
​ ​ ​ 325,000 ​ ​ ​
Series 2014-FL5, Class C, 1.561% (1-Month USD-LIBOR + 2.150)% due
10/15/31(a)(b)
​ ​ ​ ​ 285,369 ​ ​
​ ​ ​ 344,000 ​ ​ ​
Series 2014-FL5, Class D, 1.561% (1-Month USD-LIBOR + 4.000)% due
10/15/31(a)(b)
​ ​ ​ ​ 288,022 ​ ​
​ ​ ​ 227,000 ​ ​ ​
Series 2018-HCLV, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due
9/15/33(a)(b)
​ ​ ​ ​ 219,048 ​ ​
See Notes to Financial Statements.
158
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Commercial Mortgage Capital Trust: ​ ​
​ ​ $ 70,000 ​ ​ ​
Series 2017-CHOP, Class D, 2.062% (1-Month USD-LIBOR + 1.900)% due
7/15/32(a)(b)
​ ​ ​ $ 58,510 ​ ​
​ ​ ​ 573,000 ​ ​ ​
Series 2017-CHOP, Class E, 3.462% (1-Month USD-LIBOR + 3.300)% due
7/15/32(a)(b)
​ ​ ​ ​ 451,979 ​ ​
​ ​ ​ 107,000 ​ ​ ​
Series 2017-LSTK, Class C, 3.229% due 4/5/33(a)
​ ​ ​ ​ 104,497 ​ ​
​ ​ ​ 128,000 ​ ​ ​
Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)
​ ​ ​ ​ 123,171 ​ ​
​ ​ ​ 47,000 ​ ​ ​
Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)
​ ​ ​ ​ 43,969 ​ ​
​ ​ ​ 8,157,000 ​ ​ ​
Series 2017-LSTK, Class XACP, −% due 4/5/33(a)(b)(h)​
​ ​ ​ ​ 82 ​ ​
​ ​ ​ 2,969,000 ​ ​ ​
Series 2017-LSTK, Class XBCP, −% due 4/5/33(a)(b)(h)​
​ ​ ​ ​ 30 ​ ​
​ ​ ​ 344,000 ​ ​ ​
Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ,
Class A, 1.412% (1-Month USD-LIBOR + 1.250)% due 1/15/34(a)(b)
​ ​ ​ ​ 331,850 ​ ​
​ ​ ​ ​ ​ ​ ​ CSAIL Commercial Mortgage Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 813,383 ​ ​ ​
Series 2017-C8, Class XA, 1.381% due 6/15/50(b)(h)
​ ​ ​ ​ 41,943 ​ ​
​ ​ ​ 4,786,861 ​ ​ ​
Series 2017-CX10, Class XA, 0.856% due 11/15/50(b)(h)
​ ​ ​ ​ 190,633 ​ ​
​ ​ ​ 3,506,471 ​ ​ ​
Series 2018-CX12, Class XA, 0.770% due 8/15/51(b)(h)
​ ​ ​ ​ 133,666 ​ ​
​ ​ ​ ​ ​ ​ ​ Deephaven Residential Mortgage Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 66,858 ​ ​ ​
Series 2017-1A, Class A1, 2.725% due 12/26/46(a)(b)
​ ​ ​ ​ 66,782 ​ ​
​ ​ ​ 66,858 ​ ​ ​
Series 2017-1A, Class A2, 2.928% due 12/26/46(a)(b)
​ ​ ​ ​ 66,826 ​ ​
​ ​ ​ 137,747 ​ ​ ​
Series 2018-3A, Class A2, 3.891% due 8/25/58(a)(b)
​ ​ ​ ​ 137,971 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp., REMICS: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 446,132 ​ ​ ​
Series 4703, Class FA, 0.512% (1-Month USD-LIBOR + 0.350)% due
7/15/47(b)
​ ​ ​ ​ 445,348 ​ ​
​ ​ ​ 1,347,250 ​ ​ ​
Series 4710, Class KA, 3.500% due 10/15/42
​ ​ ​ ​ 1,363,147 ​ ​
​ ​ ​ 666,321 ​ ​ ​
Series 4911, Class MB, 3.000% due 9/25/49
​ ​ ​ ​ 694,001 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association, REMICS: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 346,539 ​ ​ ​
Series 2012-110, Class MF, 0.635% (1-Month USD-LIBOR + 0.460)% due
10/25/42(b)
​ ​ ​ ​ 348,271 ​ ​
​ ​ ​ 48,853 ​ ​ ​
Series 2013-81, Class EF, 0.525% (1-Month USD-LIBOR + 0.350)% due
12/25/42(b)
​ ​ ​ ​ 48,898 ​ ​
​ ​ ​ 440,321 ​ ​ ​
Series 2014-84, Class BF, 0.521% (1-Month USD-LIBOR + 0.350)% due
12/25/44(b)
​ ​ ​ ​ 441,407 ​ ​
​ ​ ​ 135,434 ​ ​ ​
Series 2018-55, Class FA, 0.475% (1-Month USD-LIBOR + 0.300)% due
8/25/48(b)
​ ​ ​ ​ 135,632 ​ ​
​ ​ ​ 239,000 ​ ​ ​
GB Trust, Series 2020-FLIX, Class D, 2.517% (1-Month USD-LIBOR + 2.350)%
due 8/15/37(a)(b)
​ ​ ​ ​ 239,592 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Corp. Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 161,000 ​ ​ ​
Series 2012-ALOH, Class A, 3.551% due 4/10/34(a)
​ ​ ​ ​ 162,352 ​ ​
​ ​ ​ 77,000 ​ ​ ​
Series 2017-500K, Class E, 1.750% (1-Month USD-LIBOR + 1.500)% due
7/15/32(a)(b)
​ ​ ​ ​ 76,033 ​ ​
See Notes to Financial Statements.
159
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 53,000 ​ ​ ​
Series 2017-500K, Class F, 2.150% (1-Month USD-LIBOR + 1.800)% due
7/15/32(a)(b)
​ ​ ​ $ 52,202 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,205,492 ​ ​ ​
Series 2016-GS4, Class XA, 0.680% due 11/10/49(b)(h)
​ ​ ​ ​ 120,767 ​ ​
​ ​ ​ 1,758,383 ​ ​ ​
Series 2017-GS6, Class XA, 1.183% due 5/10/50(b)(h)
​ ​ ​ ​ 102,736 ​ ​
​ ​ ​ 3,601,955 ​ ​ ​
Series 2017-GS8, Class XA, 1.119% due 11/10/50(b)(h)
​ ​ ​ ​ 186,287 ​ ​
​ ​ ​ 78,000 ​ ​ ​
Hilton Orlando Trust, Series 2018-ORL, Class B, 1.212% (1-Month
USD-LIBOR + 1.050)% due 12/15/34(a)(b)
​ ​ ​ ​ 72,921 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Chase Commercial Mortgage Securities Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,512,665 ​ ​ ​
Series 2014-C20, Class XA, 1.092% due 7/15/47(b)(h)
​ ​ ​ ​ 47,741 ​ ​
​ ​ ​ 4,075,000 ​ ​ ​
Series 2020-MKST, Class XCP, 2.628% due 12/15/36(a)(b)(h)​
​ ​ ​ ​ 136,770 ​ ​
​ ​ ​ 1,170,796 ​ ​ ​
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class XA,
1.436% due 11/15/48(b)(h)
​ ​ ​ ​ 36,909 ​ ​
​ ​ ​ ​ ​ ​ ​ MF1 Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 244,000 ​ ​ ​
Series 2019-FL2, Class A, 1.305% (1-Month USD-LIBOR + 1.130)% due
12/25/34(a)(b)
​ ​ ​ ​ 239,274 ​ ​
​ ​ ​ 225,000 ​ ​ ​
Series 2020-FL3, Class A, 2.212% (1-Month USD-LIBOR + 2.050)% due
7/15/35(a)(b)
​ ​ ​ ​ 225,881 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley Capital I Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 164,000 ​ ​ ​
Series 2011-C1, Class D, 5.675% due 9/15/47(a)(b)
​ ​ ​ ​ 164,786 ​ ​
​ ​ ​ 1,459,372 ​ ​ ​
Series 2016-UB11, Class XA, 1.741% due 8/15/49(b)(h)
​ ​ ​ ​ 92,915 ​ ​
​ ​ ​ 4,101,060 ​ ​ ​
Series 2016-UB12, Class XA, 0.896% due 12/15/49(b)(h)
​ ​ ​ ​ 134,847 ​ ​
​ ​ ​ 76,000 ​ ​ ​
Series 2017-ASHF, Class D, 2.362% (1-Month USD-LIBOR + 2.200)% due
11/15/34(a)(b)
​ ​ ​ ​ 63,880 ​ ​
​ ​ ​ 186,000 ​ ​ ​
Series 2017-CLS, Class E, 2.112% (1-Month USD-LIBOR + 1.950)% due
11/15/34(a)(b)
​ ​ ​ ​ 181,786 ​ ​
​ ​ ​ 206,000 ​ ​ ​
Series 2017-CLS, Class F, 2.762% (1-Month USD-LIBOR + 2.600)% due
11/15/34(a)(b)
​ ​ ​ ​ 200,281 ​ ​
​ ​ ​ 974,004 ​ ​ ​
Series 2017-H1, Class XA, 1.583% due 6/15/50(b)(h)
​ ​ ​ ​ 62,543 ​ ​
​ ​ ​ ​ ​ ​ ​ Natixis Commercial Mortgage Securities Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 350,000 ​ ​ ​
Series 2018-850T, Class C, 1.315% (1-Month USD-LIBOR + 1.154)% due
7/15/33(a)(b)
​ ​ ​ ​ 337,007 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Series 2018-850T, Class D, 1.615% (1-Month USD-LIBOR + 1.454)% due
7/15/33(a)(b)
​ ​ ​ ​ 336,683 ​ ​
​ ​ ​ ​ ​ ​ ​ New Residential Mortgage Loan Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 587,080 ​ ​ ​
Series 2020-NPL1, Class A1, step bond to yield, 4.335% due 7/25/60(a)
​ ​ ​ ​ 587,012 ​ ​
​ ​ ​ 644,304 ​ ​ ​
Series 2020-NQM1, Class A2, 2.718% due 1/26/60(a)(b)
​ ​ ​ ​ 649,264 ​ ​
​ ​ ​ 244,000 ​ ​ ​
PFP Ltd., Series 2019-6, Class A, 1.208% (1-Month USD-LIBOR + 1.050)% due
4/14/37(a)(b)
​ ​ ​ ​ 236,680 ​ ​
See Notes to Financial Statements.
160
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 674,688 ​ ​ ​
PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due
1/25/24(a)
​ ​ ​ $ 679,526 ​ ​
​ ​ ​ 454,074 ​ ​ ​
RCO Trust, Series 2017-INV1, Class A, 3.197% due 11/25/52(a)(b)
​ ​ ​ ​ 458,553 ​ ​
​ ​ ​ 29,861 ​ ​ ​
Rosslyn Portfolio Trust, Series 2017-ROSS, Class B, 2.239% (1-Month
USD-LIBOR + 1.250)% due 6/15/33(a)(b)
​ ​ ​ ​ 28,824 ​ ​
​ ​ ​ 348,865 ​ ​ ​
Shelter Growth CRE Issuer Ltd., Series 2019-FL2, Class B, 2.462% (1-Month
USD-LIBOR + 2.300)% due 5/15/36(a)(b)
​ ​ ​ ​ 332,168 ​ ​
​ ​ ​ 162,201 ​ ​ ​
SLIDE, Series 2018-FUN, Class A, 1.062% (1-Month USD-LIBOR + 0.900)%
due 6/15/31(a)(b)
​ ​ ​ ​ 156,100 ​ ​
​ ​ ​ ​ ​ ​ ​ UBS Commercial Mortgage Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,680,139 ​ ​ ​
Series 2012-C1, Class XA, 2.250% due 5/10/45(a)(b)(h)​
​ ​ ​ ​ 37,690 ​ ​
​ ​ ​ 1,098,777 ​ ​ ​
Series 2017-C1, Class XA, 1.713% due 6/15/50(b)(h)
​ ​ ​ ​ 85,999 ​ ​
​ ​ ​ 386,000 ​ ​ ​
Series 2018-NYCH, Class D, 2.262% (1-Month USD-LIBOR + 2.100)% due
2/15/32(a)(b)
​ ​ ​ ​ 351,297 ​ ​
​ ​ ​ ​ ​ ​ ​ Verus Securitization Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,162,094 ​ ​ ​
Series 2019-INV2, Class A3, 3.219% due 7/25/59(a)(b)
​ ​ ​ ​ 1,184,003 ​ ​
​ ​ ​ 378,242 ​ ​ ​
Series 2020-2, Class A1, 2.226% due 5/25/60(a)(b)
​ ​ ​ ​ 380,416 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Vista Point Securitization Trust, Series 2020-2, Class A1, 1.475% due
4/25/65(a)(b)
​ ​ ​ ​ 399,677 ​ ​
​ ​ ​ 262,040 ​ ​ ​
VMC Finance LLC, Series 2018-FL2, Class A, 1.082% (1-Month USD-LIBOR +
0.920)% due 10/15/35(a)(b)
​ ​ ​ ​ 257,297 ​ ​
​ ​ ​ ​ ​ ​ ​ Wells Fargo Commercial Mortgage Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,611,465 ​ ​ ​
Series 2015-LC22, Class XA, 0.924% due 9/15/58(b)(h)
​ ​ ​ ​ 83,359 ​ ​
​ ​ ​ 4,988,671 ​ ​ ​
Series 2015-NXS2, Class XA, 0.809% due 7/15/58(b)(h)
​ ​ ​ ​ 136,458 ​ ​
​ ​ ​ 3,460,448 ​ ​ ​
Series 2018-C46, Class XA, 1.107% due 8/15/51(b)(h)
​ ​ ​ ​ 174,618 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $22,112,501)
​ ​ ​ ​ 20,147,269 ​ ​
​ Face
Amount/Units†		 ​ ​
Rating††
​ ​
Security
 ​ ​
Value
 ​
​ MUNICIPAL BONDS – 1.7% ​
​ New York – 0.6% ​
​ ​ $ 2,369,000 ​ ​ ​
BBB+
​ ​
Metropolitan Transportation Authority New York Refunding, Series D,
5.000% due 11/15/20
​ ​ ​ ​ 2,382,930 ​ ​
​ Texas – 1.1% ​
​ ​ ​ 4,105,000 ​ ​ ​
A-
​ ​
Mission Texas Economic Development Corp. Solid Waste Disposal Revenue
Various Waste Management Incorporate Project, Series A, 0.400% due
5/1/46(b)(i)
​ ​ ​ ​ 4,105,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $6,489,204)
​ ​ ​
​
6,487,930
 ​ ​
See Notes to Financial Statements.
161
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ U.S. GOVERNMENT OBLIGATIONS – 1.4% ​
​ ​ ​ ​ ​ ​ ​ U.S. Treasury Notes: ​ ​
​ ​ $ 1,320,000 ​ ​ ​
2.625% due 5/15/21
​ ​ ​ $ 1,342,894 ​ ​
​ ​ ​ 1,320,000 ​ ​ ​
1.500% due 9/30/21
​ ​ ​ ​ 1,339,078 ​ ​
​ ​ ​ 530,000 ​ ​ ​
1.375% due 1/31/22
​ ​ ​ ​ 539,151 ​ ​
​ ​ ​ 760,000 ​ ​ ​
0.125% due 5/15/23
​ ​ ​ ​ 759,525 ​ ​
​ ​ ​ 1,255,000 ​ ​ ​
2.250% due 12/31/23
​ ​ ​ ​ 1,341,330 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $5,254,535)
​ ​ ​
​
5,321,978
 ​ ​
​ MORTGAGE-BACKED SECURITIES – 0.6% ​
​ FHLMC – 0.3% ​
​ ​ ​ 995,109 ​ ​ ​
Federal Home Loan Mortgage Corp. (FHLMC)., Gold UMBS, 2.000% due
7/1/35
​ ​ ​ ​ 1,035,306 ​ ​
​ FNMA – 0.3% ​
​ ​ ​ 600,000 ​ ​ ​
Federal National Mortgage Association (FNMA), 2.670% due 9/1/21
​ ​ ​ ​ 608,357 ​ ​
​ ​ ​ 695,582 ​ ​ ​
Federal National Mortgage Association (FNMA), UMBS, 2.000% due 8/1/35
​ ​ ​ ​ 724,043 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FNMA
 ​ ​ ​ ​ 1,332,400 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL MORTGAGE-BACKED SECURITIES
(Cost – $2,353,159)
​ ​ ​
​
2,367,706
 ​ ​
​ SOVEREIGN BONDS – 0.5% ​
​ Colombia – 0.1% ​
​ ​ ​ 200,000 ​ ​ ​
Colombia Government International Bond, 2.625% due 3/15/23
​ ​ ​ ​ 205,202 ​ ​
​ Dominican Republic – 0.0% ​
​ ​ ​ 100,000 ​ ​ ​
Dominican Republic International Bond, 7.500% due 5/6/21
​ ​ ​ ​ 103,501 ​ ​
​ Indonesia – 0.1% ​
​ ​ ​ 200,000 ​ ​ ​
Indonesia Government International Bond, 3.375% due 4/15/23
​ ​ ​ ​ 210,804 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Perusahaan Penerbit SBSN Indonesia III, 3.300% due 11/21/22
​ ​ ​ ​ 313,128 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 523,932 ​ ​
​ Peru – 0.0% ​
​ ​ ​ 100,000 ​ ​ ​
Peruvian Government International Bond, 2.392% due 1/23/26
​ ​ ​ ​ 105,100 ​ ​
​ Qatar – 0.1% ​
​ ​ ​ 200,000 ​ ​ ​
Qatar Government International Bond, 2.375% due 6/2/21
​ ​ ​ ​ 201,848 ​ ​
​ Saudi Arabia – 0.1% ​
​ ​ ​ 250,000 ​ ​ ​
Saudi Government International Bond, 2.875% due 3/4/23
​ ​ ​ ​ 260,350 ​ ​
​ United Arab Emirates – 0.1% ​
​ ​ ​ 200,000 ​ ​ ​
Abu Dhabi Government International Bond, 2.500% due 4/16/25(a)
​ ​ ​ ​ 211,990 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SOVEREIGN BONDS
(Cost – $1,584,106)
​ ​ ​
​
1,611,923
 ​ ​
See Notes to Financial Statements.
162
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ EXCHANGE TRADED FUND (ETF) – 5.4% ​
​ ​ ​ 393,240 ​ ​ ​ iShares Core 1-5 Year USD Bond(j)
(Cost – $19,980,226) 		​ ​ ​ $ 20,326,576 ​ ​
​ COMMON STOCKS – 0.9% ​
​ BASIC MATERIALS – 0.1% ​
​ Forest Products & Paper – 0.1% ​
​ ​ ​ 20,309 ​ ​ ​
Appvion Inc.*(e)(f)
​ ​ ​ ​ 201,059 ​ ​
​ COMMUNICATIONS – 0.0% ​
​ Internet – 0.0% ​
​ ​ ​ 175,417 ​ ​ ​
Internap Loan Equity*(e)(f)
​ ​ ​ ​ 1,754 ​ ​
​ DIVERSIFIED – 0.8% ​
​ SPACs – 0.8% ​
​ ​ ​ 196,351 ​ ​ ​
Foley Trasimene Acquisition Corp. II*
​ ​ ​ ​ 1,967,437 ​ ​
​ ​ ​ 56,100 ​ ​ ​
Forum Merger III Corp.*
​ ​ ​ ​ 559,878 ​ ​
​ ​ ​ 56,100 ​ ​ ​
Horizon Acquisition Corp.*
​ ​ ​ ​ 566,049 ​ ​
​ ​ ​ ​ ​ ​ ​
Total SPACs
​ ​ ​ ​ 3,093,364 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL DIVERSIFIED
 ​ ​ ​ ​ 3,093,364 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $4,301,061)
​ ​ ​
​
3,296,177
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $339,837,962)
​ ​ ​ ​ 331,136,845 ​ ​
​
Face Amount†
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 15.7% ​
​ COMMERCIAL PAPER – 1.4% ​
​ ​ $ 5,374,000 ​ ​ ​
Bemis Co., Inc., 0.250% due 9/3/20(k)
(Cost – $5,373,925)
​ ​ ​ ​ 5,373,935 ​ ​
​ TIME DEPOSITS – 14.3% ​
​ ​ ​ 43,445,479 ​ ​ ​
Banco Santander SA – Frankfurt, 0.010% due 9/1/20
​ ​ ​ ​ 43,445,479 ​ ​
​ ​ ​ 5,207,087 ​ ​ ​
Barclays Bank PLC – London, 0.010% due 9/1/20
​ ​ ​ ​ 5,207,087 ​ ​
​ ​ ​ 5,272,597 ​ ​ ​
Citibank – New York, 0.010% due 9/1/20
​ ​ ​ ​ 5,272,597 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $53,925,163)
​ ​ ​
​
53,925,163
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $59,299,088)
​ ​ ​
​
59,299,098
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.7% ​
​ MONEY MARKET FUND – 1.7% ​
​ ​ ​ 6,567,375 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 0.054%(l)
(Cost – $6,567,375)
​ ​ ​ ​ 6,567,375 ​ ​
See Notes to Financial Statements.
163
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
Face Amount†
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​
TOTAL INVESTMENTS – 105.3%
(Cost – $405,704,425)
​ ​ ​ $ 397,003,318 ​ ​
​ ​ ​
Liabilities in Excess of Other Assets – (5.3)%
​ ​ ​ ​ (20,107,294) ​ ​
​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 376,896,024 ​ ​
​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $119,797,143 and represents 31.79% of net assets.
​
(b)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.
​
(c)
Security is currently in default.
​
(d)
Security is perpetual in nature and has no stated maturity date.
​
(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)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $7,297,004 and represents 1.94% of net assets.
​
(g)
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.
​
(h)
Interest only security.
​
(i)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).
​
(j)
All or a portion of this security is on loan (See Note 5).
​
(k)
Rate shown represents yield-to-maturity.
​
(l)
Represents investment of collateral received from securities lending transactions.
​
Abbreviations used in this schedule:
ABS
 —   Asset-Backed Security
​
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
​
SARL
 —   Société à responsabilité limitée
​
SOFR
 —    Secured Overnight Financing Rate
​
SPACs
 —   Special Purpose Acquisition Companies
​
STIBOR
 —   Stockholm Interbank Offered Rate
​
See Notes to Financial Statements.
164
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Low Duration Fixed Income Fund (concluded)
​
Summary of Investments by Security Type^
​
Corporate Bonds & Notes
​ ​ ​ ​ 47.6% ​ ​
​
Senior Loans
​ ​ ​ ​ 14.5 ​ ​
​
Asset-Backed Securities
​ ​ ​ ​ 6.3 ​ ​
​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 5.1 ​ ​
​
Collateralized Mortgage Obligations
​ ​ ​ ​ 5.1 ​ ​
​
Municipal Bonds
​ ​ ​ ​ 1.6 ​ ​
​
U.S. Government Obligations
​ ​ ​ ​ 1.3 ​ ​
​
Common Stocks
​ ​ ​ ​ 0.8 ​ ​
​
Mortgage-Backed Securities
​ ​ ​ ​ 0.6 ​ ​
​
Sovereign Bonds
​ ​ ​ ​ 0.4 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 15.0 ​ ​
​
Money Market Fund
​ ​ ​ ​ 1.7 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
At August 31, 2020, 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 were as follows:
Foreign Currency
​ ​
Local
Currency
​ ​
Counterparty
​ ​
Market
Value
​ ​
Settlement
Date
​ ​
Unrealized
Appreciation
​ ​
Unrealized
(Depreciation)
​ ​
Unrealized
Appreciation/​
(Depreciation)
​
Contracts to Sell: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Euro
​ ​ ​ ​ 10,320,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ $ 12,319,328 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (189,717) ​ ​ ​ ​ $ (189,717) ​ ​
Euro
​ ​ ​ ​ 1,351,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 1,612,734 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ 3,778 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,778 ​ ​
Euro
​ ​ ​ ​ 1,007,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 1,202,090 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (12,067) ​ ​ ​ ​ ​ (12,067) ​ ​
Norwegian Krone
​ ​ ​ ​ 4,570,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 523,184 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (11,422) ​ ​ ​ ​ ​ (11,422) ​ ​
Norwegian Krone
​ ​ ​ ​ 37,325,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 4,273,053 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (146,532) ​ ​ ​ ​ ​ (146,532) ​ ​
Norwegian Krone
​ ​ ​ ​ 6,900,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 789,928 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (5,148) ​ ​ ​ ​ ​ (5,148) ​ ​
Swedish Krona
​ ​ ​ ​ 11,375,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 1,315,272 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (14,854) ​ ​ ​ ​ ​ (14,854) ​ ​
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts ​ ​ ​ $ 3,778 ​ ​ ​ ​ $ (379,740) ​ ​ ​ ​ $ (375,962) ​ ​
​
​ Currency Abbreviations used in this schedule: ​ ​ Counterparty Abbreviations used in this schedule: ​
​
EUR
 —   Euro
​
 ​ ​
BBH
 —   Brown Brothers Harriman & Co.
​
 ​
​
NOK
 —   Norwegian Krone
​
 ​ ​
​
SEK
 —   Swedish Krona
​
 ​ ​
See Notes to Financial Statements.
165
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – 66.8% ​
​ Australia – 0.3% ​
​ ​ $ 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)
​ ​ ​ $ 657,167 ​ ​
​ ​ ​ ​ ​ ​ ​ QBE Insurance Group Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
Junior Subordinated Notes, 5.875% (5-Year CMT Index + 5.513%)(a)(b)(c)​
​ ​ ​ ​ 212,750 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
Subordinated Notes, 6.750% (USD Swap Rate + 4.300%) due 12/2/44(a)@
​ ​ ​ ​ 1,465,750 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Australia
​ ​ ​ ​ 2,335,667 ​ ​
​ Bahamas – 0.5% ​
​ ​ ​ 3,616,000 ​ ​ ​
Silversea Cruise Finance Ltd., Senior Secured Notes, 7.250% due 2/1/25(b)
​ ​ ​ ​ 3,631,061 ​ ​
​ Bermuda – 1.3% ​
​ ​ ​ 600,000 ​ ​ ​
Credicorp Ltd., Senior Unsecured Notes, 2.750% due 6/17/25(b)
​ ​ ​ ​ 612,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Digicel Group 0.5 Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 352,000 ​ ​ ​
Senior Unsecured Notes, 8.000% due 4/1/25(b)(d)
​ ​ ​ ​ 125,840 ​ ​
​ ​ ​ 58,300 ​ ​ ​
Subordinated Notes, 7.000%(b)(c)(d)​
​ ​ ​ ​ 6,996 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Geopark Ltd., Company Guaranteed Notes, 6.500% due 9/21/24
​ ​ ​ ​ 967,500 ​ ​
​ ​ ​ 3,326,000 ​ ​ ​
SFL Corp., Ltd., Senior Unsecured Notes, 5.750% due 10/15/21
​ ​ ​ ​ 3,179,981 ​ ​
​ ​ ​ 4,800,000 ​ ​ ​
Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22
​ ​ ​ ​ 4,944,316 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Bermuda
​ ​ ​ ​ 9,837,383 ​ ​
​ Brazil – 1.4% ​
​ ​ ​ ​ ​ ​ ​ Banco Bradesco SA: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
Senior Unsecured Notes, 2.850% due 1/27/23(b)
​ ​ ​ ​ 2,542,225 ​ ​
​ ​ ​ 2,900,000 ​ ​ ​
Subordinated Notes, 5.900% due 1/16/21
​ ​ ​ ​ 2,939,904 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Banco BTG Pactual SA, Subordinated Notes, 7.750% (5-Year CMT Index +
5.257%) due 2/15/29(a)(b)
​ ​ ​ ​ 520,005 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index +
7.782%)(a)(c)
​ ​ ​ ​ 1,909,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Itau Unibanco Holding SA, Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
5.750% due 1/22/21
​ ​ ​ ​ 1,925,127 ​ ​
​ ​ ​ 400,000 ​ ​ ​
6.200% due 12/21/21
​ ​ ​ ​ 420,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Brazil
​ ​ ​ ​ 10,256,761 ​ ​
​ British Virgin Islands – 3.2% ​
​ ​ ​ 3,700,000 ​ ​ ​
CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22
​ ​ ​ ​ 3,873,145 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
CNOOC Finance 2013 Ltd., Company Guaranteed Notes, 3.000% due 5/9/23
​ ​ ​ ​ 2,629,950 ​ ​
​ ​ ​ ​ ​ ​ ​ CNPC General Capital Ltd., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,965,000 ​ ​ ​
3.950% due 4/19/22
​ ​ ​ ​ 5,190,622 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.400% due 4/16/23
​ ​ ​ ​ 530,311 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due
4/28/21
​ ​ ​ ​ 1,226,388 ​ ​
See Notes to Financial Statements.
166
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ British Virgin Islands – (continued) ​
​ ​ $ 4,800,000 ​ ​ ​
Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due
11/12/20
​ ​ ​ $ 4,831,200 ​ ​
​ ​ ​ ​ ​ ​ ​ Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
2.000% due 9/29/21
​ ​ ​ ​ 1,518,180 ​ ​
​ ​ ​ 800,000 ​ ​ ​
2.000% due 9/29/21(b)
​ ​ ​ ​ 809,696 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
Sinopec Group Overseas Development 2018 Ltd., Company Guaranteed Notes,
2.150% due 5/13/25(b)
​ ​ ​ ​ 3,119,970 ​ ​
​ ​ ​ 400,000 ​ ​ ​
State Grid Overseas Investment 2013 Ltd., Company Guaranteed Notes, 3.125%
due 5/22/23
​ ​ ​ ​ 422,613 ​ ​
​ ​ ​ ​ ​ ​ ​
Total British Virgin Islands
​ ​ ​ ​ 24,152,075 ​ ​
​ Canada – 0.8% ​
​ ​ ​ 950,000 ​ ​ ​
Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR +
5.440%) due 6/15/76(a)
​ ​ ​ ​ 1,064,000 ​ ​
​ ​ ​ 280,000 ​ ​ ​
Enbridge Inc., Subordinated Notes, 5.750% (5-Year CMT Index + 5.314%) due
7/15/80(a)
​ ​ ​ ​ 294,683 ​ ​
​ ​ ​ 3,600,000 ​ ​ ​
MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(b)
​ ​ ​ ​ 3,933,000 ​ ​
​ ​ ​ 1,153,000CAD ​ ​ ​
WildBrain Ltd., Subordinated Notes, 5.875% due 9/30/24(b)
​ ​ ​ ​ 574,643 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Canada
​ ​ ​ ​ 5,866,326 ​ ​
​ Cayman Islands – 3.7% ​
​ ​ ​ 3,400,000 ​ ​ ​
Alibaba Group Holding Ltd., Senior Unsecured Notes, 2.800% due 6/6/23
​ ​ ​ ​ 3,596,981 ​ ​
​ ​ ​ ​ ​ ​ ​ Baidu Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
3.500% due 11/28/22
​ ​ ​ ​ 1,156,848 ​ ​
​ ​ ​ 2,400,000 ​ ​ ​
3.875% due 9/29/23
​ ​ ​ ​ 2,588,172 ​ ​
​ ​ ​ 650,000 ​ ​ ​
3.075% due 4/7/25
​ ​ ​ ​ 695,253 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22
​ ​ ​ ​ 1,435,000 ​ ​
​ ​ ​ 4,300,000 ​ ​ ​
HPHT Finance 19 Ltd., Company Guaranteed Notes, 2.875% due 11/5/24
​ ​ ​ ​ 4,456,864 ​ ​
​ ​ ​ 474,941 ​ ​ ​
Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due
11/30/25
​ ​ ​ ​ 437,696 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
JD.com Inc., Senior Unsecured Notes, 3.125% due 4/29/21
​ ​ ​ ​ 1,213,568 ​ ​
​ ​ ​ 2,600,000 ​ ​ ​
Latam Finance Ltd., Company Guaranteed Notes, 6.875% due 4/11/24(e)
​ ​ ​ ​ 906,750 ​ ​
​ ​ ​ 344,198 ​ ​ ​
Peru Enhanced Pass-Through Finance Ltd., Pass Thru Certificates, zero coupon,
due 6/2/25
​ ​ ​ ​ 321,825 ​ ​
​ ​ ​ ​ ​ ​ ​ SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,211,823 ​ ​ ​
zero coupon, due 12/5/22
​ ​ ​ ​ 3,115,500 ​ ​
​ ​ ​ 1,943,581 ​ ​ ​
zero coupon, due 12/5/22(b)
​ ​ ​ ​ 1,885,293 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22
​ ​ ​ ​ 1,985,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Tencent Holdings Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 374,000 ​ ​ ​
3.280% due 4/11/24
​ ​ ​ ​ 399,838 ​ ​
See Notes to Financial Statements.
167
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Cayman Islands – (continued) ​
​ ​ $ 3,500,000 ​ ​ ​
1.810% due 1/26/26(b)
​ ​ ​ $ 3,577,317 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Cayman Islands
​ ​ ​ ​ 27,772,405 ​ ​
​ 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)
​ ​ ​ ​ 1,067,689 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)
​ ​ ​ ​ 1,067,688 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Unsecured Notes, 5.000% due 7/14/25
​ ​ ​ ​ 193,906 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Banco Santander Chile, Senior Unsecured Notes, 2.500% due 12/15/20
​ ​ ​ ​ 797,480 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Colbun SA, Senior Unsecured Notes, 4.500% due 7/10/24
​ ​ ​ ​ 438,172 ​ ​
​ ​ ​ ​ ​ ​ ​ Corp. Nacional del Cobre de Chile, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.875% due 11/3/21
​ ​ ​ ​ 515,000 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
3.000% due 7/17/22
​ ​ ​ ​ 1,133,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.500% due 8/13/23
​ ​ ​ ​ 545,040 ​ ​
​ ​ ​ 941,348 ​ ​ ​
Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29
​ ​ ​ ​ 993,621 ​ ​
​ ​ ​ 1,524,000 ​ ​ ​
Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25
​ ​ ​ ​ 1,247,790 ​ ​
​ ​ ​ 5,135,000 ​ ​ ​
Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22
​ ​ ​ ​ 5,340,400 ​ ​
​ ​ ​ 6,000,000 ​ ​ ​
Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22
​ ​ ​ ​ 6,266,400 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chile
​ ​ ​ ​ 19,606,186 ​ ​
​ Colombia – 1.3% ​
​ ​ ​ 902,000 ​ ​ ​
Colombia Telecomunicaciones SA ESP, Senior Unsecured Notes, 5.375% due
9/27/22
​ ​ ​ ​ 904,399 ​ ​
​ ​ ​ 3,945,000 ​ ​ ​
Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due
5/18/21
​ ​ ​ ​ 4,073,212 ​ ​
​ ​ ​ 4,500,000 ​ ​ ​
Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21
​ ​ ​ ​ 4,566,938 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Colombia
​ ​ ​ ​ 9,544,549 ​ ​
​ Denmark – 0.1% ​
​ ​ ​ 600,000EUR ​ ​ ​
Georg Jensen AS, Secured Notes, 6.000% (3-Month EURIBOR + 6.000%) due
5/15/23(a)
​ ​ ​ ​ 589,793 ​ ​
​ Dominican Republic – 0.1% ​
​ ​ ​ 1,100,000 ​ ​ ​
Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23
​ ​ ​ ​ 1,112,375 ​ ​
​ France – 0.4% ​
​ ​ ​ 1,000,000 ​ ​ ​
BNP Paribas SA, Junior Subordinated Notes, 6.625% (5-Year USD Swap Rate +
4.149%)(a)(b)(c)
​ ​ ​ ​ 1,066,250 ​ ​
​ ​ ​ 1,075,000 ​ ​ ​
Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap
Rate + 6.185%)(a)(b)(c)
​ ​ ​ ​ 1,273,875 ​ ​
See Notes to Financial Statements.
168
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ France – (continued) ​
​ ​ $ 790,000 ​ ​ ​
Societe Generale SA, Junior Subordinated Notes, 7.875% (5-Year USD Swap
Rate + 4.979%)(a)(b)(c)
​ ​ ​ $ 854,187 ​ ​
​ ​ ​ ​ ​ ​ ​
Total France
​ ​ ​ ​ 3,194,312 ​ ​
​ Germany – 0.4% ​
​ ​ ​ 2,640,000EUR ​ ​ ​
LifeFit Group, Secured Notes, 7.500% (3-Month EURIBOR + 7.500%) due
7/26/23(a)
​ ​ ​ ​ 3,084,414 ​ ​
​ Hong Kong – 0.8% ​
​ ​ ​ 6,000,000 ​ ​ ​
CNAC HK Finbridge Co., Ltd., Company Guaranteed Notes, 3.500% due 7/19/22
​ ​ ​ ​ 6,212,351 ​ ​
​ India – 2.4% ​
​ ​ ​ ​ ​ ​ ​ Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,350,000 ​ ​ ​
3.950% due 1/19/22
​ ​ ​ ​ 3,425,290 ​ ​
​ ​ ​ 900,000 ​ ​ ​
3.375% due 7/24/24
​ ​ ​ ​ 920,621 ​ ​
​ ​ ​ ​ ​ ​ ​ Indian Oil Corp., Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,995,000 ​ ​ ​
5.625% due 8/2/21
​ ​ ​ ​ 3,092,338 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
5.750% due 8/1/23
​ ​ ​ ​ 2,195,630 ​ ​
​ ​ ​ 900,000 ​ ​ ​
ONGC Videsh Ltd., Company Guaranteed Notes, 3.750% due 5/7/23
​ ​ ​ ​ 935,442 ​ ​
​ ​ ​ ​ ​ ​ ​ Reliance Industries Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,700,000 ​ ​ ​
4.500% due 10/19/20
​ ​ ​ ​ 3,715,452 ​ ​
​ ​ ​ 3,150,000 ​ ​ ​
5.400% due 2/14/22
​ ​ ​ ​ 3,331,294 ​ ​
​ ​ ​ ​ ​ ​ ​
Total India
​ ​ ​ ​ 17,616,067 ​ ​
​ Indonesia – 0.1% ​
​ ​ ​ 1,000,000 ​ ​ ​
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured
Notes, 5.500% due 11/22/21
​ ​ ​ ​ 1,048,000 ​ ​
​ Ireland – 0.2% ​
​ ​ ​ 1,700,000 ​ ​ ​
C&W Senior Financing DAC, Senior Unsecured Notes, 7.500% due 10/15/26
​ ​ ​ ​ 1,814,750 ​ ​
​ Israel – 0.2% ​
​ ​ ​ 615,090 ​ ​ ​
Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due
12/30/20(b)
​ ​ ​ ​ 614,431 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23
​ ​ ​ ​ 571,573 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Israel
​ ​ ​ ​ 1,186,004 ​ ​
​ Italy – 1.8% ​
​ ​ ​ 365,000 ​ ​ ​
Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap
Rate + 5.462%)(a)(b)(c)
​ ​ ​ ​ 392,375 ​ ​
​ ​ ​ 10,374,000EUR ​ ​ ​
Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%) due
8/9/22(a)(b)
​ ​ ​ ​ 12,194,998 ​ ​
​ ​ ​ 445,000 ​ ​ ​
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate +
5.180%)(a)(c)@
​ ​ ​ ​ 480,889 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Italy
​ ​ ​ ​ 13,068,262 ​ ​
See Notes to Financial Statements.
169
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Luxembourg – 0.1% ​
​ ​ $ 400,000 ​ ​ ​
Swiss Re Finance Luxembourg SA, Company Guaranteed Notes, 5.000% (5-Year
CMT Index + 3.582%) due 4/2/49(a)(b)
​ ​ ​ $ 456,974 ​ ​
​ Malaysia – 1.6% ​
​ ​ ​ 6,300,000 ​ ​ ​
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
​ ​ ​ ​ 6,325,767 ​ ​
​ ​ ​ 1,715,000 ​ ​ ​
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(a)
​ ​ ​ ​ 1,750,586 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25
​ ​ ​ ​ 1,080,460 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22
​ ​ ​ ​ 1,545,390 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Wakala Global Sukuk Bhd, Senior Unsecured Notes, 4.646% due 7/6/21
​ ​ ​ ​ 1,032,020 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Malaysia
​ ​ ​ ​ 11,734,223 ​ ​
​ Marshall Islands – 0.7% ​
​ ​ ​ 4,043,000 ​ ​ ​
Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/23(b)
​ ​ ​ ​ 3,234,400 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
Golar LNG Partners LP, Senior Unsecured Notes, 6.506% (3-Month
USD-LIBOR + 6.250%) due 11/22/21(a)
​ ​ ​ ​ 1,044,000 ​ ​
​ ​ ​ 5,000,000NOK ​ ​ ​
Teekay LNG Partners LP, Senior Unsecured Notes, 5.380% (3-Month
NOK-LIBOR + 5.150%) due 9/2/25(a)(g)
​ ​ ​ ​ 572,351 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Marshall Islands
​ ​ ​ ​ 4,850,751 ​ ​
​ Mauritius – 0.4% ​
​ ​ ​ 3,000,000 ​ ​ ​
UPL Corp., Ltd., Senior Unsecured Notes, 3.250% due 10/13/21
​ ​ ​ ​ 3,026,315 ​ ​
​ Mexico – 3.4% ​
​ ​ ​ 5,400,000 ​ ​ ​
Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT
Index + 5.035%)(a)(c)
​ ​ ​ ​ 5,447,250 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year
CMT Index + 3.000%) due 8/11/26(a)
​ ​ ​ ​ 5,000,050 ​ ​
​ ​ ​ ​ ​ ​ ​
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
Senior Unsecured Notes, 5.375% due 4/17/25(b)
​ ​ ​ ​ 2,818,750 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%) due 10/1/28(a)(b)
​ ​ ​ ​ 210,700 ​ ​
​ ​ ​ ​ ​ ​ ​ BBVA Bancomer SA, Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
6.500% due 3/10/21
​ ​ ​ ​ 1,534,125 ​ ​
​ ​ ​ 457,000 ​ ​ ​
6.750% due 9/30/22
​ ​ ​ ​ 495,274 ​ ​
​ ​ ​ 1,943,000 ​ ​ ​
5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)
​ ​ ​ ​ 1,923,570 ​ ​
​ ​ ​ ​ ​ ​ ​ Cemex SAB de CV, Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
6.125% due 5/5/25
​ ​ ​ ​ 513,125 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
7.750% due 4/16/26
​ ​ ​ ​ 1,051,925 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Fomento Economico Mexicano SAB de CV, Senior Unsecured Notes, 2.875%
due 5/10/23
​ ​ ​ ​ 364,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Grupo Bimbo SAB de CV: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
Company Guaranteed Notes, 4.500% due 1/25/22
​ ​ ​ ​ 1,460,102 ​ ​
See Notes to Financial Statements.
170
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Mexico – (continued) ​
​ ​ $ 800,000 ​ ​ ​
Junior Subordinated Notes, 5.950% (5-Year CMT Index + 3.280%) (a)(c)
​ ​ ​ $ 845,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Unifin Financiera SAB de CV, Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,450,000 ​ ​ ​
7.250% due 9/27/23
​ ​ ​ ​ 2,070,250 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
7.000% due 1/15/25
​ ​ ​ ​ 1,389,750 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mexico
​ ​ ​ ​ 25,123,871 ​ ​
​ Multinational – 1.5% ​
​ ​ ​ 10,883,000 ​ ​ ​
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750%
due 10/1/26(b)
​ ​ ​ ​ 11,236,697 ​ ​
​ Netherlands – 1.1% ​
​ ​ ​ 1,090,000 ​ ​ ​
AerCap Holdings NV, Company Guaranteed Notes, 5.875% (5-Year CMT
Index + 4.535%) due 10/10/79(a)(b)
​ ​ ​ ​ 880,404 ​ ​
​ ​ ​ 400,000 ​ ​ ​
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad
It, Company Guaranteed Notes, 7.950% due 5/11/26
​ ​ ​ ​ 409,504 ​ ​
​ ​ ​ 1,498,000 ​ ​ ​
Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due
9/30/24(b)
​ ​ ​ ​ 1,549,501 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Equate Petrochemical BV, Company Guaranteed Notes, 4.250% due 11/3/26
​ ​ ​ ​ 855,693 ​ ​
​ ​ ​ 600,000 ​ ​ ​
ING Groep NV, Junior Subordinated Notes, 5.750% (5-Year CMT Index +
4.342%)(a)(c)
​ ​ ​ ​ 634,248 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
MPC Container Ships Invest BV, Senior Secured Notes, 5.056% (3-Month
USD-LIBOR + 4.750%) due 9/22/22(a)
​ ​ ​ ​ 2,407,500 ​ ​
​ ​ ​ 1,644,000 ​ ​ ​
Petrobras Global Finance BV, Company Guaranteed Notes, 5.375% due
1/27/21
 ​ ​ ​ ​ 1,666,687 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Netherlands
​ ​ ​ ​ 8,403,537 ​ ​
​ Norway – 0.3% ​
​ ​ ​ 2,200,000 ​ ​ ​
Jacktel AS, Senior Secured Notes, 10.000% due 12/4/23(b)
​ ​ ​ ​ 539,000 ​ ​
​ ​ ​ 13,500,000NOK ​ ​ ​
Wallenius Wilhelmsen ASA, Senior Unsecured Notes, 6.010% (3-Month
NOK-LIBOR + 5.750%) due 9/9/24(a)(g)
​ ​ ​ ​ 1,545,347 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Norway
​ ​ ​ ​ 2,084,347 ​ ​
​ Panama – 1.6% ​
​ ​ ​ ​ ​ ​ ​ Banistmo SA, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
3.650% due 9/19/22
​ ​ ​ ​ 1,017,000 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.650% due 9/19/22(b)
​ ​ ​ ​ 305,100 ​ ​
​ ​ ​ 4,274,266 ​ ​ ​
ENA Norte Trust, Pass Thru Certificates, 4.950% due 4/25/23
​ ​ ​ ​ 4,284,995 ​ ​
​ ​ ​ 2,900,000 ​ ​ ​
Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21
​ ​ ​ ​ 2,975,835 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22
​ ​ ​ ​ 3,052,530 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Panama
​ ​ ​ ​ 11,635,460 ​ ​
​ Peru – 0.7% ​
​ ​ ​ 4,100,000 ​ ​ ​
Banco de Credito del Peru, Subordinated Notes, 6.125% (3-Month USD-LIBOR
+ 7.043%) due 4/24/27(a)
​ ​ ​ ​ 4,316,070 ​ ​
See Notes to Financial Statements.
171
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Peru – (continued) ​
​ ​ $ 500,000 ​ ​ ​
Scotiabank Peru SAA, Subordinated Notes, 4.500% (3-Month USD-LIBOR +
3.856%) due 12/13/27(a)
​ ​ ​ $ 531,190 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Peru
​ ​ ​ ​ 4,847,260 ​ ​
​ Philippines – 0.6% ​
​ ​ ​ 700,000 ​ ​ ​
Bank of the Philippine Islands, Senior Unsecured Notes, 2.500% due 9/10/24
​ ​ ​ ​ 714,523 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23
​ ​ ​ ​ 3,090,595 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22
​ ​ ​ ​ 836,142 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Philippines
​ ​ ​ ​ 4,641,260 ​ ​
​ Portugal – 0.0% ​
​ ​ ​ 70,068 ​ ​ ​
Invepar, zero coupon due 12/30/28(f)(g)
​ ​ ​ ​ 2,996 ​ ​
​ Saudi Arabia – 0.3% ​
​ ​ ​ 2,100,000 ​ ​ ​
Saudi Arabian Oil Co., Senior Unsecured Notes, 2.750% due 4/16/22
​ ​ ​ ​ 2,155,768 ​ ​
​ Singapore – 3.8% ​
​ ​ ​ ​ ​ ​ ​ DBS Group Holdings Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(a)(c)
​ ​ ​ ​ 4,055,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Senior Unsecured Notes, 2.850% due 4/16/22
​ ​ ​ ​ 516,182 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate +
1.590%) due 12/11/28(a)
​ ​ ​ ​ 544,110 ​ ​
​ ​ ​ 5,190,000 ​ ​ ​
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22
​ ​ ​ ​ 5,243,042 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 4.250% due
6/19/24
​ ​ ​ ​ 219,852 ​ ​
​ ​ ​ 450,000 ​ ​ ​
PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26
​ ​ ​ ​ 480,776 ​ ​
​ ​ ​ ​ ​ ​ ​ SingTel Group Treasury Pte Ltd., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
3.250% due 6/30/25
​ ​ ​ ​ 1,319,422 ​ ​
​ ​ ​ 2,100,000 ​ ​ ​
2.375% due 10/3/26
​ ​ ​ ​ 2,247,399 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22
​ ​ ​ ​ 3,112,860 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23
​ ​ ​ ​ 4,180,259 ​ ​
​ ​ ​ ​ ​ ​ ​ United Overseas Bank Ltd., Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,500,000 ​ ​ ​
3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a)
​ ​ ​ ​ 4,593,330 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
3.750% (5-Year CMT Index + 1.500%) due 4/15/29(a)
​ ​ ​ ​ 2,032,036 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Singapore
​ ​ ​ ​ 28,544,268 ​ ​
​ South Korea – 1.7% ​
​ ​ ​ 2,200,000 ​ ​ ​
Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due
5/6/25(b)
​ ​ ​ ​ 2,275,850 ​ ​
​ ​ ​ 3,100,000 ​ ​ ​
LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24
​ ​ ​ ​ 3,337,733 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(b)
​ ​ ​ ​ 2,009,270 ​ ​
​ ​ ​ ​ ​ ​ ​ POSCO, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
See Notes to Financial Statements.
172
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ South Korea – (continued) ​
​ ​ $ 2,000,000 ​ ​ ​
2.375% due 11/12/22
​ ​ ​ $ 2,049,986 ​ ​
​ ​ ​ 1,844,000 ​ ​ ​
2.375% due 1/17/23
​ ​ ​ ​ 1,889,021 ​ ​
​ ​ ​ 700,000 ​ ​ ​
2.750% due 7/15/24
​ ​ ​ ​ 733,664 ​ ​
​ ​ ​ ​ ​ ​ ​
Total South Korea
​ ​ ​ ​ 12,295,524 ​ ​
​ Sweden – 0.1% ​
​ ​ ​ 3,750,000SEK ​ ​ ​
VNV Global AB, Senior Secured Notes, 5.750% due 10/4/22
​ ​ ​ ​ 442,210 ​ ​
​ Switzerland – 0.4% ​
​ ​ ​ 1,455,000 ​ ​ ​
Credit Suisse Group AG, Junior Subordinated Notes, 6.375% (5-Year CMT
Index + 4.822%)(a)(b)(c)
​ ​ ​ ​ 1,582,313 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
UBS Group AG, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate +
4.866%)(a)(c)@
​ ​ ​ ​ 1,582,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Switzerland
​ ​ ​ ​ 3,164,313 ​ ​
​ Thailand – 0.4% ​
​ ​ ​ ​ ​ ​ ​ Bangkok Bank PCL, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
4.800% due 10/18/20
​ ​ ​ ​ 1,305,720 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​
3.875% due 9/27/22
​ ​ ​ ​ 1,893,296 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Thailand
​ ​ ​ ​ 3,199,016 ​ ​
​ United Kingdom – 1.8% ​
​ ​ ​ ​ ​ ​ ​ AstraZeneca PLC, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,326,000 ​ ​ ​
0.700% due 4/8/26
​ ​ ​ ​ 1,317,154 ​ ​
​ ​ ​ 1,989,000 ​ ​ ​
1.375% due 8/6/30
​ ​ ​ ​ 1,947,878 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
Barclays PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate +
4.842%)(a)(c)
​ ​ ​ ​ 1,376,881 ​ ​
​ ​ ​ 1,421,000EUR ​ ​ ​
CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR +
7.000%) due 7/3/23(a)
​ ​ ​ ​ 1,738,217 ​ ​
​ ​ ​ 1,225,000 ​ ​ ​
Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD
Swap Rate + 4.760%)(a)(c)
​ ​ ​ ​ 1,326,062 ​ ​
​ ​ ​ 1,145,000 ​ ​ ​
Natwest Group PLC, Junior Subordinated Notes, 8.625% (5-Year USD Swap
Rate + 7.598%)(a)(c)
​ ​ ​ ​ 1,203,590 ​ ​
​ ​ ​ 2,400,000EUR ​ ​ ​
SB Holdco PLC, Secured Notes, 8.000% (3-Month EURIBOR + 8.000%) due
7/13/22(a)
​ ​ ​ ​ 2,785,395 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Standard Chartered PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap
Rate + 5.723%)(a)(b)(c)
​ ​ ​ ​ 433,728 ​ ​
​ ​ ​ ​ ​ ​ ​ Vedanta Resources Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​
7.125% due 5/31/23
​ ​ ​ ​ 648,400 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.125% due 8/9/24
​ ​ ​ ​ 154,306 ​ ​
​ ​ ​ 370,000 ​ ​ ​
Vodafone Group PLC, Junior Subordinated Notes, 7.000% (5-Year USD Swap
Rate + 4.873%) due 4/4/79(a)
​ ​ ​ ​ 445,164 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Kingdom
​ ​ ​ ​ 13,376,775 ​ ​
See Notes to Financial Statements.
173
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ United States – 24.7% ​
​ ​ $ 1,632,000 ​ ​ ​
Allegheny Technologies Inc., Senior Unsecured Notes, 7.875% due 8/15/23
​ ​ ​ $ 1,714,742 ​ ​
​ ​ ​ 1,989,000 ​ ​ ​
Alphabet Inc., Senior Unsecured Notes, 1.100% due 8/15/30
​ ​ ​ ​ 1,978,001 ​ ​
​ ​ ​ 395,000 ​ ​ ​
American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month
USD-LIBOR + 2.868%) due 4/1/48(a)
​ ​ ​ ​ 435,887 ​ ​
​ ​ ​ 3,007,000 ​ ​ ​
Anagram International Inc./Anagram Holdings LLC, Senior Secured Notes,
15.000% due 8/15/25(b)(d)
​ ​ ​ ​ 3,157,350 ​ ​
​ ​ ​ 11,016,000 ​ ​ ​
APX Group Inc., Senior Secured Notes, 7.875% due 12/1/22
​ ​ ​ ​ 11,136,625 ​ ​
​ ​ ​ 760,000 ​ ​ ​
Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135%)
due 3/27/48(a)
​ ​ ​ ​ 813,808 ​ ​
​ ​ ​ 1,269,000 ​ ​ ​
Assured Guaranty Municipal Holdings Inc., Company Guaranteed Notes, 6.400%
(1-Month USD-LIBOR + 2.215%) due 12/15/66(a)(b)
​ ​ ​ ​ 1,266,734 ​ ​
​ ​ ​ 6,697,000 ​ ​ ​
At Home Holding III Inc., Senior Secured Notes, 8.750% due 9/1/25(b)
​ ​ ​ ​ 6,840,985 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of America Corp., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 400,000 ​ ​ ​
6.100% (3-Month USD-LIBOR + 3.898%)(a)(c)
​ ​ ​ ​ 448,820 ​ ​
​ ​ ​ 850,000 ​ ​ ​
6.300% (3-Month USD-LIBOR + 4.553%)(a)(c)
​ ​ ​ ​ 982,907 ​ ​
​ ​ ​ 360,000 ​ ​ ​
Bank of New York Mellon Corp., Junior Subordinated Notes, 4.700% (5-Year
CMT Index + 4.358%)(a)(c)
​ ​ ​ ​ 390,960 ​ ​
​ ​ ​ 264,000 ​ ​ ​
Briggs & Stratton Corp., Senior Unsecured Notes, 6.875% due 12/15/20(e)
​ ​ ​ ​ 17,160 ​ ​
​ ​ ​ 205,000 ​ ​ ​
Capital One Financial Corp., Junior Subordinated Notes, 4.046% (3-Month
USD-LIBOR + 3.800%)(a)(c)
​ ​ ​ ​ 185,012 ​ ​
​ ​ ​ 1,005,000 ​ ​ ​
CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month
USD-LIBOR + 3.270%)(a)(c)
​ ​ ​ ​ 1,022,587 ​ ​
​ ​ ​ 850,000 ​ ​ ​
Charles Schwab Corp., Junior Subordinated Notes, 5.375% (5-Year CMT Index +
4.971%)(a)(c)
​ ​ ​ ​ 932,875 ​ ​
​ ​ ​ 1,401,000 ​ ​ ​
Chefs’ Warehouse Inc., Senior Unsecured Notes, 1.875% due 12/1/24(b)
​ ​ ​ ​ 1,035,882 ​ ​
​ ​ ​ 290,000 ​ ​ ​
CIT Group Inc., Junior Subordinated Notes, 5.800% (3-Month USD-LIBOR +
3.972%)(a)(c)
​ ​ ​ ​ 235,173 ​ ​
​ ​ ​ 9,591,000 ​ ​ ​
CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(b)
​ ​ ​ ​ 9,567,022 ​ ​
​ ​ ​ 1,889,000 ​ ​ ​
Citigroup Inc., Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR +
3.905%)(a)(c)
​ ​ ​ ​ 2,039,742 ​ ​
​ ​ ​ 835,000 ​ ​ ​
Citizens Financial Group Inc., Junior Subordinated Notes, 6.375% (3-Month
USD-LIBOR + 3.157%)(a)(c)
​ ​ ​ ​ 839,175 ​ ​
​ ​ ​ 1,324,000 ​ ​ ​
Clearway Energy Operating LLC, Company Guaranteed Notes, 4.750% due
3/15/28(b)
​ ​ ​ ​ 1,386,890 ​ ​
​ ​ ​ 1,075,000 ​ ​ ​
CoBank ACB, Junior Subordinated Notes, 6.250% (3-Month USD-LIBOR +
4.660%)(a)(b)(c)
​ ​ ​ ​ 1,128,750 ​ ​
​ ​ ​ 440,175 ​ ​ ​
Continental Airlines Class A Pass-Through Trust, Pass Thru Certificates, 5.983%
due 4/19/22
​ ​ ​ ​ 418,676 ​ ​
See Notes to Financial Statements.
174
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ United States – (continued) ​
​ ​ $ 151,947 ​ ​ ​
Continental Airlines Class A-1 Pass-Through Trust, Pass Thru Certificates,
7.707% due 4/2/21
​ ​ ​ $ 150,146 ​ ​
​ ​ ​ ​ ​ ​ ​ CTO Realty Growth Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,683,000 ​ ​ ​
3.875% due 4/15/25
​ ​ ​ ​ 2,420,707 ​ ​
​ ​ ​ 2,412,000 ​ ​ ​
3.875% due 4/15/25(b)
​ ​ ​ ​ 2,158,549 ​ ​
​ ​ ​ ​ ​ ​ ​ CVS Health Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 335,000 ​ ​ ​
1.300% due 8/21/27
​ ​ ​ ​ 332,892 ​ ​
​ ​ ​ 670,000 ​ ​ ​
1.750% due 8/21/30
​ ​ ​ ​ 661,729 ​ ​
​ ​ ​ 535,000 ​ ​ ​
Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(b)(c)
​ ​ ​ ​ 492,200 ​ ​
​ ​ ​ 5,164,000 ​ ​ ​
Dell International LLC/EMC Corp., Company Guaranteed Notes, 7.125% due
6/15/24(b)
​ ​ ​ ​ 5,361,730 ​ ​
​ ​ ​ 2,127,000 ​ ​ ​
Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes,
12.750% due 12/1/26(b)
​ ​ ​ ​ 1,807,950 ​ ​
​ ​ ​ 310,000 ​ ​ ​
Discover Financial Services, Junior Subordinated Notes, 6.125% (5-Year CMT
Index + 5.783%)(a)(c)
​ ​ ​ ​ 334,304 ​ ​
​ ​ ​ 5,786,000 ​ ​ ​
DISH DBS Corp., Company Guaranteed Notes, 6.750% due 6/1/21
​ ​ ​ ​ 5,930,650 ​ ​
​ ​ ​ 1,321,000 ​ ​ ​
Donnelley Financial Solutions Inc., Company Guaranteed Notes, 8.250% due
10/15/24
​ ​ ​ ​ 1,373,840 ​ ​
​ ​ ​ ​ ​ ​ ​ EP Energy LLC/Everest Acquisition Finance Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 11,986,000 ​ ​ ​
Secured Notes, 9.375% due 5/1/24(b)(e)
​ ​ ​ ​ 1,199 ​ ​
​ ​ ​ 12,619,000 ​ ​ ​
Senior Secured Notes, 8.000% due 11/29/24(b)(e)
​ ​ ​ ​ 12,619 ​ ​
​ ​ ​ 615,000 ​ ​ ​
Equitable Holdings Inc., Junior Subordinated Notes, 4.950% (5-Year CMT
Index + 4.736%)(a)(c)
​ ​ ​ ​ 632,189 ​ ​
​ ​ ​ 2,933,000 ​ ​ ​
Ferrellgas LP/Ferrellgas Finance Corp., Senior Secured Notes, 10.000% due
4/15/25(b)
​ ​ ​ ​ 3,189,637 ​ ​
​ ​ ​ 310,000 ​ ​ ​
Fifth Third Bancorp, Junior Subordinated Notes, 4.500% (5-Year CMT Index +
4.215%)(a)(c)
​ ​ ​ ​ 317,440 ​ ​
​ ​ ​ 5,913,000 ​ ​ ​
FXI Holdings Inc., Senior Secured Notes, 12.250% due 11/15/26(b)
​ ​ ​ ​ 6,454,453 ​ ​
​ ​ ​ 1,195,000 ​ ​ ​
General Electric Co., Junior Subordinated Notes, 5.000% (3-Month
USD-LIBOR + 3.330%)(a)(c)
​ ​ ​ ​ 931,550 ​ ​
​ ​ ​ 1,025,000 ​ ​ ​
General Motors Financial Co., Inc., Junior Subordinated Notes, 5.750% (3-Month
USD-LIBOR + 3.598%)(a)(c)
​ ​ ​ ​ 998,278 ​ ​
​ ​ ​ 1,399,000 ​ ​ ​
Goldman Sachs Group Inc., Junior Subordinated Notes, 5.500% (5-Year CMT
Index + 3.623%)(a)(c)
​ ​ ​ ​ 1,514,138 ​ ​
​ ​ ​ 7,207,324 ​ ​ ​
Hawaiian Airlines Class A Pass-Through Certificates, Pass Thru Certificates,
3.900% due 1/15/26
​ ​ ​ ​ 6,215,033 ​ ​
​ ​ ​ 994,925 ​ ​ ​
Hawaiian Airlines Class B Pass-Through Certificates, 4.950% due 1/15/22
​ ​ ​ ​ 902,927 ​ ​
​ ​ ​ ​ ​ ​ ​ HC2 Holdings Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,195,000 ​ ​ ​
Senior Secured Notes, 11.500% due 12/1/21(b)
​ ​ ​ ​ 4,844,338 ​ ​
​ ​ ​ 1,112,000 ​ ​ ​
Senior Unsecured Notes, 7.500% due 6/1/22(b)
​ ​ ​ ​ 873,922 ​ ​
See Notes to Financial Statements.
175
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ United States – (continued) ​
​ ​ $ 5,959,000 ​ ​ ​
Hercules Achievement Inc./Varsity Brands Holding Co., Inc., Senior Secured
Notes, 9.000% (3-Month USD-LIBOR + 8.000%) due 12/22/24(a)(b)
​ ​ ​ $ 5,303,510 ​ ​
​ ​ ​ 1,745,000 ​ ​ ​
Huntington Bancshares Inc., Junior Subordinated Notes, 5.625% (5-Year CMT
Index + 4.945%)(a)(c)
​ ​ ​ ​ 1,950,037 ​ ​
​ ​ ​ 3,319,000 ​ ​ ​
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes, 4.750% due 9/15/24
​ ​ ​ ​ 3,426,867 ​ ​
​ ​ ​ ​ ​ ​ ​ JPMorgan Chase & Co., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 790,000 ​ ​ ​
5.000% (SOFR + 3.380%)(a)(c)
​ ​ ​ ​ 811,176 ​ ​
​ ​ ​ 1,345,000 ​ ​ ​
6.750% (3-Month USD-LIBOR + 3.780%)(a)(c)
​ ​ ​ ​ 1,503,037 ​ ​
​ ​ ​ 475,000 ​ ​ ​
KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR +
3.606%)(a)(c)
​ ​ ​ ​ 485,545 ​ ​
​ ​ ​ ​ ​ ​ ​ Land O’ Lakes Inc., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 415,000 ​ ​ ​
7.000%(b)(c)
​ ​ ​ ​ 371,944 ​ ​
​ ​ ​ 1,655,000 ​ ​ ​
7.250%(b)(c)
​ ​ ​ ​ 1,567,119 ​ ​
​ ​ ​ 3,833,000 ​ ​ ​
Level 3 Financing Inc., Company Guaranteed Notes, 5.125% due 5/1/23
​ ​ ​ ​ 3,833,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​
M&T Bank Corp., Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR +
3.520%)(a)(c)
​ ​ ​ ​ 526,725 ​ ​
​ ​ ​ 370,000 ​ ​ ​
Markel Corp., Junior Subordinated Notes, 6.000% (5-Year CMT Index +
5.662%)(a)(c)
​ ​ ​ ​ 396,825 ​ ​
​ ​ ​ ​ ​ ​ ​ Martin Midstream Partners LP/Martin Midstream Finance Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,587,055 ​ ​ ​
Secured Notes, 11.500% due 2/28/25(b)
​ ​ ​ ​ 3,201,447 ​ ​
​ ​ ​ 570,576 ​ ​ ​
Senior Secured Notes, 10.000% due 2/29/24(b)
​ ​ ​ ​ 592,543 ​ ​
​ ​ ​ 790,000 ​ ​ ​
MetLife Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR +
2.959%)(a)(c)
​ ​ ​ ​ 872,950 ​ ​
​ ​ ​ 954,000 ​ ​ ​
Michael Kors USA Inc., Company Guaranteed Notes, 4.250% due 11/1/24(b)
​ ​ ​ ​ 905,184 ​ ​
​ ​ ​ 335,000 ​ ​ ​
Motorola Solutions Inc., Senior Unsecured Notes, 2.300% due 11/15/30
​ ​ ​ ​ 333,951 ​ ​
​ ​ ​ 9,926,000 ​ ​ ​
Mueller Industries Inc., Subordinated Notes, 6.000% due 3/1/27
​ ​ ​ ​ 10,064,368 ​ ​
​ ​ ​ 510,000 ​ ​ ​
NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index +
2.843%)(a)(c)
​ ​ ​ ​ 507,450 ​ ​
​ ​ ​ 1,855,000 ​ ​ ​
Oceaneering International Inc., Senior Unsecured Notes, 4.650% due 11/15/24
​ ​ ​ ​ 1,268,356 ​ ​
​ ​ ​ 1,989,000 ​ ​ ​
ORBCOMM Inc., Senior Secured Notes, 8.000% due 4/1/24(b)
​ ​ ​ ​ 1,934,303 ​ ​
​ ​ ​ 4,364,000 ​ ​ ​
PBF Logistics LP/PBF Logistics Finance Corp., Company Guaranteed Notes,
6.875% due 5/15/23
​ ​ ​ ​ 4,328,608 ​ ​
​ ​ ​ 647,000 ​ ​ ​
PNC Financial Services Group Inc., Junior Subordinated Notes, 5.000%
(3-Month USD-LIBOR + 3.300%)(a)(c)
​ ​ ​ ​ 689,055 ​ ​
​ ​ ​ 480,000 ​ ​ ​
Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38
​ ​ ​ ​ 552,064 ​ ​
​ ​ ​ 1,175,000 ​ ​ ​
Regions Financial Corp., Junior Subordinated Notes, 5.750% (5-Year CMT Index
+ 5.430%)(a)(c)
​ ​ ​ ​ 1,274,875 ​ ​
​ ​ ​ 875,000 ​ ​ ​
SBL Holdings Inc., Junior Subordinated Notes, 7.000% (5-Year CMT Index +
5.580%)(a)(b)(c)
​ ​ ​ ​ 752,500 ​ ​
See Notes to Financial Statements.
176
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ United States – (continued) ​
​ ​ $ 300,000 ​ ​ ​
Sempra Energy, Junior Subordinated Notes, 4.875% (5-Year CMT Index +
4.550%)(a)(c)
​ ​ ​ $ 313,530 ​ ​
​ ​ ​ ​ ​ ​ ​ SESI LLC, Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,758,000 ​ ​ ​
7.125% due 12/15/21
​ ​ ​ ​ 1,052,240 ​ ​
​ ​ ​ 5,992,000 ​ ​ ​
7.125% due 12/15/21(b)
​ ​ ​ ​ 2,217,040 ​ ​
​ ​ ​ 3,475,000 ​ ​ ​
7.750% due 9/15/24
​ ​ ​ ​ 831,846 ​ ​
​ ​ ​ 6,211,000 ​ ​ ​
StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(b)
​ ​ ​ ​ 6,723,408 ​ ​
​ ​ ​ 1,156,000 ​ ​ ​
StorCentric Inc., Senior Secured Notes, 5.875% due 2/19/23(b)(f)
​ ​ ​ ​ 1,165,089 ​ ​
​ ​ ​ 7,225,000 ​ ​ ​
Tapestry Inc., Senior Unsecured Notes, 4.250% due 4/1/25
​ ​ ​ ​ 7,391,365 ​ ​
​ ​ ​ 1,326,000 ​ ​ ​
Textron Inc., Senior Unsecured Notes, 2.450% due 3/15/31
​ ​ ​ ​ 1,311,742 ​ ​
​ ​ ​ 4,378,000 ​ ​ ​
T-Mobile USA Inc., Company Guaranteed Notes, 6.000% due 3/1/23
​ ​ ​ ​ 4,383,473 ​ ​
​ ​ ​ 193,026 ​ ​ ​
Toll Road Investors Partnership II LP, Senior Secured Notes, zero coupon, due
2/15/45(b)
​ ​ ​ ​ 61,544 ​ ​
​ ​ ​ ​ ​ ​ ​ Triumph Group Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,533,000 ​ ​ ​
Secured Notes, 6.250% due 9/15/24(b)
​ ​ ​ ​ 2,890,029 ​ ​
​ ​ ​ 2,652,000 ​ ​ ​
Senior Secured Notes, 8.875% due 6/1/24(b)
​ ​ ​ ​ 2,797,860 ​ ​
​ ​ ​ ​ ​ ​ ​ Truist Financial Corp., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 385,000 ​ ​ ​
4.800% (5-Year CMT Index + 3.003%)(a)(c)
​ ​ ​ ​ 399,444 ​ ​
​ ​ ​ 1,160,000 ​ ​ ​
4.950% (5-Year CMT Index + 4.605%)(a)(c)
​ ​ ​ ​ 1,255,549 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
Voya Financial Inc., Junior Subordinated Notes, 6.125% (5-Year CMT Index +
3.358%)(a)(c)
​ ​ ​ ​ 1,144,000 ​ ​
​ ​ ​ 1,873,000 ​ ​ ​
W&T Offshore Inc., Secured Notes, 9.750% due 11/1/23(b)
​ ​ ​ ​ 1,358,300 ​ ​
​ ​ ​ 1,490,000 ​ ​ ​
Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24
​ ​ ​ ​ 1,512,350 ​ ​
​ ​ ​ 1,560,000 ​ ​ ​
Wells Fargo & Co., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR +
3.990%)(a)(c)
​ ​ ​ ​ 1,721,866 ​ ​
​ ​ ​ 1,326,000 ​ ​ ​
XPO Logistics Inc., Company Guaranteed Notes, 6.250% due 5/1/25(b)
​ ​ ​ ​ 1,415,505 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 183,287,802 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Cost – 494,659,336)
​ ​ ​
​
496,438,108
​ ​
​ SENIOR LOANS – 7.3%(a) ​
​ ​ ​ 988,764 ​ ​ ​
Appvion Operations Inc., 7.000% (3-Month USD-LIBOR + 6.000%)
due 6/12/26
​ ​ ​ ​ 964,045 ​ ​
​ ​ ​ 6,417,244 ​ ​ ​
Crestwood Holdings LLC, 7.660% (1-Month USD-LIBOR + 7.500%)
due 3/6/23
​ ​ ​ ​ 4,179,230 ​ ​
​ ​ ​ 8,261,000 ​ ​ ​
Fieldwood Energy LLC, 6.250% (3-Month USD-LIBOR + 5.250%) due
4/11/22(e)
​ ​ ​ ​ 1,982,640 ​ ​
​ ​ ​ 13,526,374 ​ ​ ​
First Brands Group LLC, 8.500% (2-Month USD-LIBOR + 7.500%)
due 2/2/24
​ ​ ​ ​ 13,255,846 ​ ​
See Notes to Financial Statements.
177
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ SENIOR LOANS – (continued) ​
​ ​ $ 2,168,000 ​ ​ ​
General Nutrition Centers Inc., 10.000% (1-Month USD-LIBOR + 9.000%) due
12/31/22
​ ​ ​ $ 2,098,906 ​ ​
​ ​ ​ 6,699,086 ​ ​ ​
Golden Nugget Online Gaming Inc., 13.000% (2-Month USD-LIBOR +
12.000%) due 10/4/23
​ ​ ​ ​ 7,569,967 ​ ​
​ ​ ​ 1,726,193 ​ ​ ​
GTT Communications Inc., 2.910% (1-Month USD-LIBOR + 2.750%) due
5/31/25
​ ​ ​ ​ 1,358,117 ​ ​
​ ​ ​ 3,778,853 ​ ​ ​
IEA Energy Services LLC, 7.058% (3-Month USD-LIBOR + 6.750%) due
9/25/24
​ ​ ​ ​ 3,690,692 ​ ​
​ ​ ​ 2,668,507 ​ ​ ​
Internap Holding LLC, 7.500% (3-Month USD-LIBOR + 6.500%) due 5/8/25
​ ​ ​ ​ 1,467,679 ​ ​
​ ​ ​ 4,430,542 ​ ​ ​
Lealand Finance Co., BV due 6/30/25(h)
​ ​ ​ ​ 3,577,663 ​ ​
​ ​ ​ 713,606 ​ ​ ​
Monitronics International Inc., 7.750% (1-Month USD-LIBOR + 6.500%) due
3/29/24
​ ​ ​ ​ 534,848 ​ ​
​ ​ ​ 2,645,055 ​ ​ ​
Party City Holdings Inc., 3.250% (3-Month USD-LIBOR + 2.500%) due 8/19/22
​ ​ ​ ​ 1,852,015 ​ ​
​ ​ ​ 4,567,591 ​ ​ ​
Pixelle Specialty Solutions LLC, 7.500% (1-Month USD-LIBOR + 6.500%) due
10/31/24
​ ​ ​ ​ 4,430,563 ​ ​
​ ​ ​ 2,450,000 ​ ​ ​
Production Resource Group LLC, 9.250% (3-Month USD-LIBOR + 6.000%) due
8/21/24(e)
​ ​ ​ ​ 1,347,500 ​ ​
​ ​ ​ 1,144,361 ​ ​ ​
RA Acquisition Purchaser LLC, 11.000% (3-Month USD-LIBOR + 10.000%)
due 5/31/23(g)
​ ​ ​ ​ 1,144,361 ​ ​
​ ​ ​ 5,128,903 ​ ​ ​
Windstream Services LLC, 2.660% (1-Month USD-LIBOR + 2.500%) due
2/26/21
​ ​ ​ ​ 5,064,792 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL SENIOR LOANS ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $64,131,048)
​ ​ ​
​
54,518,864
 ​ ​
​ SOVEREIGN BONDS – 6.4% ​
​ Brazil – 0.8% ​
​ ​ ​ 6,000,000 ​ ​ ​
Brazilian Government International Bond, 2.875% due 6/6/25
​ ​ ​ ​ 6,072,000 ​ ​
​ Colombia – 0.6% ​
​ ​ ​ ​ ​ ​ ​ Colombia Government International Bond: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
4.375% due 7/12/21
​ ​ ​ ​ 2,571,200 ​ ​
​ ​ ​ 2,100,000 ​ ​ ​
2.625% due 3/15/23
​ ​ ​ ​ 2,154,621 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Colombia
​ ​ ​ ​ 4,725,821 ​ ​
​ Dominican Republic – 0.4% ​
​ ​ ​ 3,160,000 ​ ​ ​
Dominican Republic International Bond, 7.500% due 5/6/21
​ ​ ​ ​ 3,270,632 ​ ​
​ India – 0.3% ​
​ ​ ​ 2,000,000 ​ ​ ​
Export-Import Bank of India, 3.125% due 7/20/21
​ ​ ​ ​ 2,013,663 ​ ​
​ Indonesia – 1.3% ​
​ ​ ​ ​ ​ ​ ​ Indonesia Government International Bond: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
3.750% due 4/25/22
​ ​ ​ ​ 1,561,350 ​ ​
​ ​ ​ 2,200,000 ​ ​ ​
2.950% due 1/11/23
​ ​ ​ ​ 2,289,496 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.375% due 4/15/23
​ ​ ​ ​ 316,206 ​ ​
See Notes to Financial Statements.
178
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
​ ​
Security
​ ​
Value
​
​ SOVEREIGN BONDS – (continued) ​
​ Indonesia – (continued) ​
​ ​ ​ ​ ​ ​ ​ Perusahaan Penerbit SBSN Indonesia III: ​ ​ ​ ​ ​ ​ ​
​ ​ $ 1,000,000 ​ ​ ​
3.400% due 3/29/22
​ ​ ​ $ 1,035,900 ​ ​
​ ​ ​ 3,018,000 ​ ​ ​
3.300% due 11/21/22
​ ​ ​ ​ 3,150,068 ​ ​
​ ​ ​ 1,321,000 ​ ​ ​
3.750% due 3/1/23
​ ​ ​ ​ 1,399,084 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 9,752,104 ​ ​
​ Mexico – 0.6% ​
​ ​ ​ 2,600,000 ​ ​ ​
Mexico Government International Bond, 3.900% due 4/27/25
​ ​ ​ ​ 2,860,000 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Nacional Financiera SNC, 3.375% due 11/5/20
​ ​ ​ ​ 1,500,870 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mexico
​ ​ ​ ​ 4,360,870 ​ ​
​ Peru – 0.3% ​
​ ​ ​ 1,900,000 ​ ​ ​
Peruvian Government International Bond, 2.392% due 1/23/26
​ ​ ​ ​ 1,996,900 ​ ​
​ Qatar – 0.4% ​
​ ​ ​ ​ ​ ​ ​ Qatar Government International Bond: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,300,000 ​ ​ ​
2.375% due 6/2/21
​ ​ ​ ​ 2,321,252 ​ ​
​ ​ ​ 900,000 ​ ​ ​
4.500% due 1/20/22
​ ​ ​ ​ 943,686 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Qatar
​ ​ ​ ​ 3,264,938 ​ ​
​ Saudi Arabia – 0.9% ​
​ ​ ​ ​ ​ ​ ​ Saudi Government International Bond: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
2.375% due 10/26/21
​ ​ ​ ​ 3,554,740 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
2.875% due 3/4/23
​ ​ ​ ​ 3,124,200 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Saudi Arabia
​ ​ ​ ​ 6,678,940 ​ ​
​ South Korea – 0.3% ​
​ ​ ​ 1,900,000 ​ ​ ​
Korea Electric Power Corp., 1.125% due 6/15/25(b)
​ ​ ​ ​ 1,909,518 ​ ​
​ United Arab Emirates – 0.5% ​
​ ​ ​ ​ ​ ​ ​ Abu Dhabi Government International Bond: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
0.750% due 9/2/23(b)(f)
​ ​ ​ ​ 2,001,094 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
2.500% due 4/16/25(b)
​ ​ ​ ​ 1,695,920 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Arab Emirates
​ ​ ​ ​ 3,697,014 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SOVEREIGN BONDS
(Cost – $46,793,409)
​ ​ ​
​
47,742,400
 ​ ​
​
Face Amount
 ​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – 1.0% ​
​ California – 0.2% ​ ​
​ ​ ​ 1,250,000 ​ ​ ​ BBB+ ​ ​
California Pollution Control Financing Authority, Revenue Bonds, Series A,
0.500% due 8/1/23(a)(b)(i)
​ ​ ​ ​ 1,249,900 ​ ​
​ Texas – 0.8% ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ BBB+ ​ ​
Mission Economic Development Corp., Revenue Bonds, 0.500% due
1/1/26(a)(i)
​ ​ ​ ​ 999,920 ​ ​
See Notes to Financial Statements.
179
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount
 ​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​ ​
​ ​ $ 4,840,000 ​ ​ ​ A- ​ ​
Mission Economic Development Corp., Solid Waste Disposal Revenue
Various Waste Management Incorporate Project Series A, 0.400% due
5/1/46(a)(i)
​ ​ ​ $  4,840,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Texas
​ ​ ​ ​ 5,839,920 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $7,090,000)
​ ​ ​
​
7,089,820
 ​ ​
​
Shares/Units
​ ​ ​ ​ ​ ​ ​
​ COMMON STOCKS – 4.5% ​
​ Canada – 0.0% ​
​ ​ ​ 21,182 ​ ​ ​
Frontera Energy Corp.
​ ​ ​ ​ 44,423 ​ ​
​ United States – 4.5% ​
​ ​ ​ 103,773 ​ ​ ​
Alpine Income Property Trust Inc.
​ ​ ​ ​ 1,505,746 ​ ​
​ ​ ​ 267,281 ​ ​ ​
Appvion Inc.*(f)(g)
​ ​ ​ ​ 2,646,082 ​ ​
​ ​ ​ 97,508 ​ ​ ​
Ceres Acquisition Corp., Class A Shares*(f)
​ ​ ​ ​ 924,376 ​ ​
​ ​ ​ 39,130 ​ ​ ​
CTO Realty Growth Inc.
​ ​ ​ ​ 1,650,112 ​ ​
​ ​ ​ 352 ​ ​ ​
Energy Harbor Corp.*(g)
​ ​ ​ ​ 6,776 ​ ​
​ ​ ​ 271,559 ​ ​ ​
Foley Trasimene Acquisition Corp. II*(f)
​ ​ ​ ​ 2,721,021 ​ ​
​ ​ ​ 468,811 ​ ​ ​
Fortress Value Acquisition Corp. II*
​ ​ ​ ​ 4,758,432 ​ ​
​ ​ ​ 77,588 ​ ​ ​
Forum Merger III Corp.*
​ ​ ​ ​ 774,328 ​ ​
​ ​ ​ 77,588 ​ ​ ​
Horizon Acquisition Corp.*
​ ​ ​ ​ 782,863 ​ ​
​ ​ ​ 587,615 ​ ​ ​
Internap Loan Equity*(f)(g)
​ ​ ​ ​ 5,876 ​ ​
​ ​ ​ 39,787 ​ ​ ​
Ladder Capital Corp., Class A Shares
​ ​ ​ ​ 296,413 ​ ​
​ ​ ​ 251,150 ​ ​ ​
Mcdermott International Ltd.*
​ ​ ​ ​ 740,893 ​ ​
​ ​ ​ 27,417 ​ ​ ​
Pershing Square Tontine Holdings Ltd.*
​ ​ ​ ​ 586,998 ​ ​
​ ​ ​ 52 ​ ​ ​
Real Alloy Holding Inc.*(f)(g)
​ ​ ​ ​ 1,119,901 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Stable Road Acquisition Corp., Class A Shares*
​ ​ ​ ​ 4,965,000 ​ ​
​ ​ ​ 914,461 ​ ​ ​
Subversive Capital Acquisition Corp., Class A Shares*(f)
​ ​ ​ ​ 9,007,441 ​ ​
​ ​ ​ 45,000 ​ ​ ​
Tuscan Holdings Corp. II*
​ ​ ​ ​ 448,650 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 32,940,908 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $36,994,882)
​ ​ ​
​
32,985,331
 ​ ​
​ PREFERRED STOCKS – 2.0% ​
​ Bermuda – 0.3% ​
​ ​ ​ 30,926 ​ ​ ​
Aspen Insurance Holdings Ltd., 5.625%(c)
​ ​ ​ ​ 765,419 ​ ​
​ ​ ​ 20,430 ​ ​ ​
Athene Holding Ltd., 6.375% (5-Year CMT Index + 5.970%) *(a)(c)
​ ​ ​ ​ 553,040 ​ ​
​ ​ ​ 6,150 ​ ​ ​
Axis Capital Holdings Ltd., 5.500%(c)
​ ​ ​ ​ 156,517 ​ ​
​ ​ ​ 19,388 ​ ​ ​
Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015%)(a)(c)
​ ​ ​ ​ 517,466 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Bermuda
​ ​ ​ ​ 1,992,442 ​ ​
See Notes to Financial Statements.
180
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ PREFERRED STOCKS – (continued) ​
​ United States – 1.7% ​
​ ​ ​ 12,415 ​ ​ ​
Air Lease Corp., 6.150% (3-Month USD-LIBOR + 3.650%)(a)(c)
​ ​ ​ $ 291,008 ​ ​
​ ​ ​ 30,635 ​ ​ ​
American Equity Investment Life Holding Co., 6.625% (5-Year CMT Index +
6.297%)*(a)(c)
​ ​ ​ ​ 780,886 ​ ​
​ ​ ​ 3,000 ​ ​ ​
CoBank ACB, 6.250% (3-Month USD-LIBOR + 4.557%)(a)(b)(c)​
​ ​ ​ ​ 312,000 ​ ​
​ ​ ​ 1,000 ​ ​ ​
Dairy Farmers of America Inc., 7.875%(b)(c)(f)​
​ ​ ​ ​ 90,500 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Delphi Financial Group Inc., 3.470% (3-Month USD-LIBOR + 3.190%)(a)(c)
​ ​ ​ ​ 1,000,000 ​ ​
​ ​ ​ 18,970 ​ ​ ​
Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010%)(a)(b)(c)​
​ ​ ​ ​ 2,029,790 ​ ​
​ ​ ​ 25,550 ​ ​ ​
GMAC Capital Trust I, 6.065% (3-Month USD-LIBOR + 5.785%)(a)(c)
​ ​ ​ ​ 626,741 ​ ​
​ ​ ​ 6,650 ​ ​ ​
Great Elm Capital Corp., 6.500%(c)
​ ​ ​ ​ 155,543 ​ ​
​ ​ ​ 77,421 ​ ​ ​
Monmouth Real Estate Investment Corp., 6.125%(c)
​ ​ ​ ​ 1,933,977 ​ ​
​ ​ ​ 73,505 ​ ​ ​
Morgan Stanley, 5.850% (3-Month USD-LIBOR + 3.491%)(a)(c)(j)​
​ ​ ​ ​ 2,075,781 ​ ​
​ ​ ​ 18,115 ​ ​ ​
New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR +
3.821%)(a)(c)
​ ​ ​ ​ 490,554 ​ ​
​ ​ ​ 49,161 ​ ​ ​
NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643%)(a)(c)
​ ​ ​ ​ 838,687 ​ ​
​ ​ ​ 14,500 ​ ​ ​
Synchrony Financial, 5.625%(c)
​ ​ ​ ​ 352,640 ​ ​
​ ​ ​ 60,924 ​ ​ ​
WESCO International Inc. (5-Year CMT Index + 10.325%)*(a)(c)
​ ​ ​ ​ 1,691,859 ​ ​
​ ​ ​ 6,915 ​ ​ ​
Wintrust Financial Corp., 6.875% (5-Year CMT Index + 6.507%)*(a)(c)
​ ​ ​ ​ 183,870 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 12,853,836 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL PREFERRED STOCKS
(Cost – $15,016,156)
​ ​ ​
​
14,846,278
​ ​
​ CONVERTIBLE PREFERRED STOCK – 0.2% ​
​ Canada – 0.2% ​
​ ​ ​ 27,331 ​ ​ ​
GFL Environmental Inc., 6.000%
(Cost – $1,406,092)
​ ​ ​ ​ 1,295,216 ​ ​
​ EXCHANGE TRADED FUND (ETF) – 0.1% ​
​ United States – 0.2% ​
​ ​ ​ 13,099 ​ ​ ​
iShares iBoxx High Yield Corporate Bond
(Cost – $1,079,756)
 ​ ​ ​ ​ 1,113,808 ​ ​
​ WARRANTS – 0.0% ​
​ Bermuda – 0.0% ​
​ ​ ​ 558,670 ​ ​ ​
McDermott International Inc.*(f)(g)
​ ​ ​ ​ 83,800 ​ ​
​ ​ ​ 502,803 ​ ​ ​
WT PUR COM*(f)(g)
​ ​ ​ ​ 120,673 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Bermuda
​ ​ ​ ​ 204,473 ​ ​
​ Brazil – 0.0% ​
​ ​ ​ 58,463 ​ ​ ​
OAS finance Ltd. Warrants*(g)
​ ​ ​ ​ — ​ ​
​ United States – 0.0% ​
​ ​ ​ 40,375 ​ ​ ​
Tuscan Holdings Corp. II*(f)
​ ​ ​ ​ 19,380 ​ ​
See Notes to Financial Statements.
181
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
WARRANTS – (continued) ​
​ ​ ​
TOTAL WARRANTS
(Cost – $386,497)
​ ​ ​
$
   223,853
 ​ ​
​ Number of
Contracts 		​ ​
Notional
Amounts
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ PURCHASED OPTIONS – 0.0% ​
​ United States – 0.0% ​
​ ​ ​ 222 ​ ​ ​ $658,230 ​ ​
Barrick Gold Corp., Call $22.00, expires 01/15/2021
​ ​ ​ ​ 188,700 ​ ​
​ ​ ​ 238 ​ ​ ​ $323,204 ​ ​
Crestwood Equity Partners LP, Put $10.00, expires 12/18/2020
​ ​ ​ ​ 17,850 ​ ​
​ ​ ​ 595 ​ ​ ​ $808,010 ​ ​
Crestwood Equity Partners LP, Put $10.00, expires 01/15/2021
​ ​ ​ ​ 61,880 ​ ​
​ ​ ​ 127 ​ ​ ​ $170,688 ​ ​
Hawaiian Holdings Inc., Put $8.00, expires 12/18/2020
​ ​ ​ ​ 5,080 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 273,510 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL PURCHASED OPTIONS
(Cost – $316,099)
​ ​ ​
​
273,510
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $667,873,275)
​ ​ ​
​
656,527,188
 ​ ​
​
Face Amount
​ ​
Security
​ ​
Value
​
​ SHORT-TERM INVESTMENTS – 12.6% ​
​ COMMERCIAL PAPERS – 2.6% ​
​ ​ ​ ​ ​ ​ ​ Dow Chemical Co.: ​ ​ ​ ​ ​ ​ ​
​ ​ $ 4,000,000 ​ ​ ​
0.180% due 9/28/20(k)
​ ​ ​ ​ 3,999,412 ​ ​
​ ​ ​ 6,000,000 ​ ​ ​
0.180% due 9/30/20(k)
​ ​ ​ ​ 5,999,050 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
Glencore Funding LLC, 0.450% due 10/15/20(k)
​ ​ ​ ​ 3,997,875 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
Walt Disney Co., 1.155% due 10/1/20(k)
​ ​ ​ ​ 4,999,501 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMERCIAL PAPERS
(Cost – $18,991,599)
​ ​ ​
​
18,995,838
 ​ ​
​ TIME DEPOSITS – 10.0% ​
​ ​ ​ 65,809,508 ​ ​ ​
Banco Santander SA – Frankfurt, 0.010% due 9/1/20
​ ​ ​ ​ 65,809,508 ​ ​
​ ​ ​ 3,522,875 ​ ​ ​
China Construction Bank – New York, 0.010% due 9/1/20
​ ​ ​ ​ 3,522,875 ​ ​
​ ​ ​ 5,272,951 ​ ​ ​
JPMorgan Chase & Co. – New York, 0.010% due 9/1/20
​ ​ ​ ​ 5,272,951 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $74,605,334)
​ ​ ​
​
74,605,334
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $93,596,933)
​ ​ ​
​
93,601,172
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0% ​
​ MONEY MARKET FUND – 0.0% ​
​ ​ ​ 11,580 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 0.054%(l)
(Cost – $11,580)
​ ​ ​ ​ 11,580 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 100.9%
(Cost – $761,481,788)
​ ​ ​
​
750,139,940
 ​ ​
See Notes to Financial Statements.
182
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
Face Amount
​ ​
Security
​ ​
Value
​
​ ​ ​
Liabilities in Excess of Other Assets – (0.9%)
​ ​ ​ $ (6,354,693) ​ ​
​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 743,785,247 ​ ​
​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.
​
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $159,331,462 and represents 21.42% of net assets.
​
(c)
Security is perpetual in nature and has no stated maturity date.
​
(d)
Payment in-kind security for which part of the income earned may be paid as additional principal.
​
(e)
Security is currently in default.
​
(f)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $19,908,229 and represents 2.68% of net assets.
​
(g)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(h)
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.
​
(i)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).
​
(j)
All or a portion of this security is on loan. (See note 5).
​
(k)
Rate shown represents yield-to-maturity.
​
(l)
Represents investment of collateral received from securities lending transactions.
​
@
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 ​ ​ ​ ​ $ 1,465,750 ​ ​ ​ ​ ​ 0.20% ​ ​
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap
Rate + 5.180%)
​ ​
5/4/17
 ​ ​ ​ ​ 328,006 ​ ​ ​ ​ ​ 480,889 ​ ​ ​ ​ ​ 0.06% ​ ​
UBS Group AG, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.866%)
​ ​
4/18/17
 ​ ​ ​ ​ 1,300,500 ​ ​ ​ ​ ​ 1,582,000 ​ ​ ​ ​ ​ 0.21% ​ ​
Total
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,528,639 ​ ​ ​ ​ ​ 0.47% ​ ​
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
​
See Notes to Financial Statements.
183
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
PCL
 —  Public Company Limited
​
PLC
 —  Public Limited Company
​
SOFR
 —  Secured Overnight Financing Rate
​
Summary of Investments by Security Type^
​ ​ ​ ​
​
Corporate Bonds & Notes
​ ​ ​ ​ 66.2% ​ ​
​
Senior Loans
​ ​ ​ ​ 7.3 ​ ​
​
Sovereign Bonds
​ ​ ​ ​ 6.4 ​ ​
​
Common Stocks
​ ​ ​ ​ 4.4 ​ ​
​
Preferred Stocks
​ ​ ​ ​ 2.0 ​ ​
​
Municipal Bonds
​ ​ ​ ​ 0.9 ​ ​
​
Convertible Preferred Stock
​ ​ ​ ​ 0.2 ​ ​
​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 0.1 ​ ​
​
Purchased Options
​ ​ ​ ​ 0.0* ​ ​
​
Warrants
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 12.5 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.0* ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
Schedule of Options Contracts Written
Equity Options
​
Number of
Contracts
​ ​
Notional
Amount
​ ​
Security Name
​ ​
Counterparty
​ ​
Expiration
Date
​ ​
Exercise
Rate
​ ​
Value
​
​
222
​ ​ ​ $ 68,455,920 ​ ​ ​
Barrick Gold Corp.
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​ ​ $ 24.00 ​ ​ ​ ​ $ 23,088 ​ ​
​
265
​ ​ ​ $ 77,228 ​ ​ ​
Briggs & Stratton Corp.
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​ ​ $ 1.00 ​ ​ ​ ​ ​ 1,325 ​ ​
​
199
​ ​ ​ $ 212,567 ​ ​ ​
Briggs & Stratton Corp.
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​ ​ $ 5.00 ​ ​ ​ ​ ​ 995 ​ ​
​
11
​ ​ ​ $ 955,434 ​ ​ ​
Crestwood Equity Partners LP
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 10/16/20 ​ ​ ​ ​ $ 7.50 ​ ​ ​ ​ ​ 6,930 ​ ​
​
238
​ ​ ​ $ 70,767,566 ​ ​ ​
Crestwood Equity Partners LP
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 12/18/20 ​ ​ ​ ​ $ 15.00 ​ ​ ​ ​ ​ 42,840 ​ ​
​
595
​ ​ ​ $ 63,832,790 ​ ​ ​
Crestwood Equity Partners LP
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​ ​ $ 20.00 ​ ​ ​ ​ ​ 44,625 ​ ​
​
134
​ ​ ​ $ 63,275,907 ​ ​ ​
GFL Environmental Inc.
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​ ​ $ 20.00 ​ ​ ​ ​ ​ 36,850 ​ ​
​
608
​ ​ ​ $ 32,977,920 ​ ​ ​
iShares iBoxx High Yield Corp.
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 9/18/20 ​ ​ ​ ​ $ 110.00 ​ ​ ​ ​ ​ 2,432 ​ ​
​
332
​ ​ ​ $ 6,430,840 ​ ​ ​
Ladder Capital Corp.
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 9/18/20 ​ ​ ​ ​ $ 7.50 ​ ​ ​ ​ ​ 8,632 ​ ​
​
186
​ ​ ​ $ 100,392,012 ​ ​ ​
Magellan Midstream Partners LP
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 10/16/20 ​ ​ ​ ​ $ 37.50 ​ ​ ​ ​ ​ 26,412 ​ ​
​
159
​ ​ ​ $ 379,104,813 ​ ​ ​
SPDR Gold Trust
​ ​ ​ ​ CIBC ​ ​ ​ ​ ​ 1/15/21 ​ ​ ​ ​ $ 157.00 ​ ​ ​ ​ ​ 20,511 ​ ​
​ TOTAL OPTIONS CONTRACTS WRITTEN
  (Premiums received – $818,848)		 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 214,640 ​ ​
See Notes to Financial Statements.
184
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
At August 31, 2020, Destinations Global Fixed Income Opportunities Fund had open forward foreign currency contracts as described below.
The unrealized (depreciation) on the open contracts was as follows:
Foreign Currency
​ ​
Local
Currency
​ ​
Counterparty
​ ​
Market
Value
​ ​
Settlement
Date
​ ​
Unrealized
Appreciation
​ ​
Unrealized
(Depreciation)
​ ​
Unrealized
(Depreciation)
​
Contracts to Sell: ​ ​ ​ ​ ​ ​ ​ ​
Canadian Dollar
​ ​ ​ ​ 821,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ $ 629,529 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (14,529) ​ ​ ​ ​ $ (14,529) ​ ​
Euro
​ ​ ​ ​ 17,230,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 20,568,026 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (316,746) ​ ​ ​ ​ ​ (316,746) ​ ​
Norwegian Krone
​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 572,412 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (11,949) ​ ​ ​ ​ ​ (11,949) ​ ​
Norwegian Krone
​ ​ ​ ​ 10,125,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 1,159,134 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (7,554) ​ ​ ​ ​ ​ (7,554) ​ ​
Swedish Krona
​ ​ ​ ​ 3,845,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 444,591 ​ ​ ​ ​ ​ 9/15/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (5,021) ​ ​ ​ ​ ​ (5,021) ​ ​
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts ​ ​ ​ $    — ​ ​ ​ ​ $ (355,799) ​ ​ ​ ​ $ (355,799) ​ ​
​
​ Currency Abbreviations used in this schedule: ​ ​ Counterparty Abbreviations used in this schedule: ​
​
CAD
 —    Canadian Dollar
​
 ​ ​
BBH
 —    Brown Brothers Harriman & Co.
​
 ​
​
EUR
 —    Euro
​
 ​ ​
CIBC
 —    CIBC World Markets Corp.
​
 ​
​
NOK
 —    Norwegian Krone
​
 ​ ​
​
SEK
 —    Swedish Krona
​
 ​ ​
See Notes to Financial Statements.
185
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Global Fixed Income Opportunities Fund (concluded)
​
​
Face Amount†
​ ​
Security
​ ​
Value
​
​ SECURITIES SOLD SHORT – 0.7% ​
​ CORPORATE BONDS & NOTES – 0.6% ​
​ Consumer Non-cyclical – 0.1% ​
​ ​ $ 840,000 ​ ​ ​
McKesson Corp., Senior Unsecured Notes, 3.950% due 2/16/28
​ ​ ​ $ 983,488 ​ ​
​ Financial – 0.2% ​
​ ​ ​ 1,014,000 ​ ​ ​
Capital One Financial Corp., Senior Unsecured Notes, 3.450% due 4/30/21
​ ​ ​ ​ 1,032,012 ​ ​
​ Industrial – 0.3% ​
​ ​ ​ 2,009,000 ​ ​ ​
GFL Environmental Inc., Senior Unsecured Notes, 7.000% due 6/1/26(a)
​ ​ ​ ​ 2,109,450 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Proceeds – $3,927,605)
​ ​ ​
​
4,124,950
 ​ ​
​
Shares/Units
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ COMMON STOCK – 0.1% ​
​ INDUSTRIAL – 0.0% ​
​ Machinery-Diversified – 0.0% ​
​ ​ ​ 116,500 ​ ​ ​
Briggs & Stratton Corp.*
​ ​ ​ ​ 17,009 ​ ​
​ Energy – 0.1% ​
​ Pipelines- 0.1% ​
​ ​ ​ 58,500 ​ ​ ​
Crestwood Equity Partners LP
​ ​ ​ ​ 794,430 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Proceeds – $703,697)
​ ​ ​
​
811,439
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SECURITIES SOLD SHORT – 0.7%
(Proceeds – $4,631,302)
​ ​ ​ $ 4,936,389 ​ ​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
Restricted security that may be purchased from “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $2,109,450 and represents 0.28% of net assets.
​
See Notes to Financial Statements.
186
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – 87.5% ​
​ Alabama – 1.5% ​
​ ​ $ 2,000,000 ​ ​ ​ AA- ​ ​
Auburn University, Revenue Bonds, Series A, 5.000% due 6/1/35
​ ​ ​ $ 2,523,080 ​ ​
​ ​ ​ 1,835,000 ​ ​ ​ Aa2(a) ​ ​
Black Belt Energy Gas District, Revenue Bonds, Series A, 4.000% due
7/1/46(b)
​ ​ ​ ​ 1,877,462 ​ ​
​ ​ ​ 355,000 ​ ​ ​ AA- ​ ​
County of Jefferson AL, GO, Series B, 5.000% due 4/1/21
​ ​ ​ ​ 364,418 ​ ​
​ ​ ​ 2,540,000 ​ ​ ​ A3(a) ​ ​
Lower Alabama Gas District, Revenue Bonds, 4.000% due 12/1/50(b)
​ ​ ​ ​ 2,917,393 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mobile County Board of School Commissioners, Special Tax: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 260,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/28
​ ​ ​ ​ 314,982 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/29
​ ​ ​ ​ 211,040 ​ ​
​ ​ ​ 180,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/30
​ ​ ​ ​ 216,162 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/31
​ ​ ​ ​ 221,255 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/32
​ ​ ​ ​ 172,667 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/33
​ ​ ​ ​ 254,977 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​ A3(a) ​ ​
Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000%
due 6/1/49(b)
​ ​ ​ ​ 3,874,010 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Alabama
​ ​ ​ ​ 12,947,446 ​ ​
​ Alaska – 0.2% ​
​ ​ ​ 1,000,000 ​ ​ ​ AA+ ​ ​
Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due
6/1/30
​ ​ ​ ​ 1,221,370 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA- ​ ​
State of Alaska, GO, Series A, 5.000% due 8/1/33
​ ​ ​ ​ 256,405 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Alaska
​ ​ ​ ​ 1,477,775 ​ ​
​ Arizona – 3.7% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Arizona Department of Transportation State Highway Fund Revenue,
Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 6,257,850 ​ ​
​ ​ ​ 3,810,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/1/34
​ ​ ​ ​ 4,668,012 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39
​ ​ ​ ​ 2,557,720 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​ A+ ​ ​
Chandler Industrial Development Authority, Revenue Bonds, 5.000% due
6/1/49(b)(c)
​ ​ ​ ​ 2,079,144 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Glendale AZ, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/23
​ ​ ​ ​ 116,851 ​ ​
​ ​ ​ 230,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/27
​ ​ ​ ​ 272,561 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/28
​ ​ ​ ​ 253,562 ​ ​
​ ​ ​ 235,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/29
​ ​ ​ ​ 276,184 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/32
​ ​ ​ ​ 101,409 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
City of Glendale AZ, GO, AGM-Insured, 4.000% due 7/1/21
​ ​ ​ ​ 67,049 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds,
AGM:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 64,863 ​ ​
See Notes to Financial Statements.
187
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Arizona – (continued) ​
​ ​ $ 60,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/25
​ ​ ​ $ 73,192 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/26
​ ​ ​ ​ 127,355 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Phoenix Civic Improvement Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/27(c)
​ ​ ​ ​ 80,782 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/28(c)
​ ​ ​ ​ 110,918 ​ ​
​ ​ ​ 6,365,000 ​ ​ ​ AAA ​ ​
Series B, 4.000% due 7/1/29
​ ​ ​ ​ 7,118,107 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 7/1/21
​ ​ ​ ​ 31,199 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AAA ​ ​
City of Scottsdale AZ, GO, 5.000% due 7/1/23
​ ​ ​ ​ 1,135,460 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A+ ​ ​
Coconino County Pollution Control Corp., Revenue Bonds, 1.875% due
9/1/32(b)(c)
​ ​ ​ ​ 161,466 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Pima AZ Sewer System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/22
​ ​ ​ ​ 16,321 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/23
​ ​ ​ ​ 32,601 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series B, Prerefunded 7/1/21 @ 100, 5.000% due 7/1/25(d)
​ ​ ​ ​ 62,270 ​ ​
​ ​ ​ 820,000 ​ ​ ​ AAA ​ ​
Maricopa County Community College District, GO, Series D, 4.250% due
7/1/25
​ ​ ​ ​ 847,683 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maricopa County Industrial Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​ AA- ​ ​
5.000% due 1/1/46(b)
​ ​ ​ ​ 982,128 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/1/47
​ ​ ​ ​ 237,750 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/22
​ ​ ​ ​ 73,930 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/23
​ ​ ​ ​ 159,590 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA- ​ ​
Series A, 4.000% due 1/1/24
​ ​ ​ ​ 210,776 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/24
​ ​ ​ ​ 68,534 ​ ​
​ ​ ​ 225,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/25
​ ​ ​ ​ 265,979 ​ ​
​ ​ ​ 735,000 ​ ​ ​ A2(a) ​ ​
Series B, 5.000% due 9/1/45(b)
​ ​ ​ ​ 871,365 ​ ​
​ ​ ​ 430,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 1/1/48(b)
​ ​ ​ ​ 470,360 ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 1/1/48(b)
​ ​ ​ ​ 340,843 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
McAllister Academic Village LLC, Revenue Bonds, 5.000% due 7/1/21
​ ​ ​ ​ 51,999 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA+ ​ ​
Salt River Project Agricultural Improvement & Power District, Revenue
Bonds, Series A, 5.000% due 1/1/33
​ ​ ​ ​ 185,364 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Arizona, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 245,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/20
​ ​ ​ ​ 245,946 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/21
​ ​ ​ ​ 226,109 ​ ​
​ ​ ​ 225,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/22
​ ​ ​ ​ 247,288 ​ ​
​ ​ ​ 300,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/23
​ ​ ​ ​ 343,638 ​ ​
​ ​ ​ 310,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/24
​ ​ ​ ​ 369,173 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Western Maricopa Education Center District No 402, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 560,000 ​ ​ ​ AA- ​ ​
Series B, 4.000% due 7/1/21
​ ​ ​ ​ 577,651 ​ ​
See Notes to Financial Statements.
188
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Arizona – (continued) ​
​ ​ $ 330,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 7/1/25
​ ​ ​ $ 402,376 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Arizona
​ ​ ​ ​ 32,843,358 ​ ​
​ Arkansas – 0.0% ​
​ ​ ​ 90,000 ​ ​ ​ Aa2(a) ​ ​
Little Rock School District, GO, 3.000% due 2/1/22
​ ​ ​ ​ 93,504 ​ ​
​ California – 5.7% ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
Alameda Corridor Transportation Authority, Revenue Bonds, Series A,
5.000% due 10/1/23
​ ​ ​ ​ 67,738 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bay Area Toll Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 210,000 ​ ​ ​ AA ​ ​
Series B, 2.850% due 4/1/47(b)
​ ​ ​ ​ 228,211 ​ ​
​ ​ ​ 195,000 ​ ​ ​ AA ​ ​
Series C, 2.100% due 4/1/45(b)
​ ​ ​ ​ 198,933 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ California Health Facilities Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 129,561 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 8/15/35
​ ​ ​ ​ 88,055 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ California State Public Works Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/22
​ ​ ​ ​ 64,543 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/23
​ ​ ​ ​ 156,081 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.250% due 10/1/24
​ ​ ​ ​ 121,212 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.250% due 10/1/25
​ ​ ​ ​ 121,122 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 12/1/21
​ ​ ​ ​ 74,201 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series G, 5.000% due 11/1/23
​ ​ ​ ​ 33,096 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series G, 5.000% due 11/1/24
​ ​ ​ ​ 33,068 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AA- ​ ​
City of Riverside CA Sewer Revenue, Revenue Bonds, Series A, 5.000% due
8/1/36
​ ​ ​ ​ 3,811,710 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden State Tobacco Securitization Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 175,000 ​ ​ ​ A+ ​ ​
Series A, AMBAC, zero coupon, due 6/1/24
​ ​ ​ ​ 169,608 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/1/29
​ ​ ​ ​ 161,611 ​ ​
​ ​ ​ 115,000 ​ ​ ​ BBB ​ ​
Series A1, 5.000% due 6/1/25
​ ​ ​ ​ 136,862 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
Series A1, 5.000% due 6/1/26
​ ​ ​ ​ 36,592 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Los Angeles County Metropolitan Transportation Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,550,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 6/1/31
​ ​ ​ ​ 6,208,384 ​ ​
​ ​ ​ 5,150,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 6/1/33
​ ​ ​ ​ 6,931,179 ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA- ​ ​
Los Angeles Department of Water & Power Power System Revenue,
Revenue Bonds, Series A, 5.000% due 7/1/29
​ ​ ​ ​ 346,240 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ Aa3(a) ​ ​
Los Angeles Unified School District, GO, Series A, 5.000% due 7/1/27
​ ​ ​ ​ 1,940,280 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Modesto Irrigation District, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/22
​ ​ ​ ​ 31,161 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/23
​ ​ ​ ​ 114,426 ​ ​
See Notes to Financial Statements.
189
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ California – (continued) ​
​ ​ $ 170,000 ​ ​ ​ Aa3(a) ​ ​
Oakland Alameda County Coliseum Authority, Revenue Bonds, Series A,
5.000% due 2/1/23
​ ​ ​ $ 179,930 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oakland Unified School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
5.000% due 8/1/26
​ ​ ​ ​ 120,394 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 8/1/28
​ ​ ​ ​ 35,730 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AA+ ​ ​
Ohlone Community College District, GO, Series A, Prerefunded 8/1/21 @
100, 5.000% due 8/1/38(d)
​ ​ ​ ​ 1,566,420 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Port of Oakland, Revenue Bonds, Series P, 5.000% due 5/1/22(c)
​ ​ ​ ​ 155,923 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Sacramento City Financing Authority, Series A, NPFG, zero coupon, due
12/1/26
​ ​ ​ ​ 81,543 ​ ​
​ ​ ​ 255,000 ​ ​ ​ AA- ​ ​
San Diego Convention Center Expansion Financing Authority, Revenue
Bonds, Series A, Prerefunded 4/15/22 @ 100, 5.000% due 4/15/23(d)
​ ​ ​ ​ 274,737 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A ​ ​
San Francisco City & County Airport Comm-San Francisco International
Airport, Revenue Bonds, Series A, 5.000% due 5/1/37(c)
​ ​ ​ ​ 228,725 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of California, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 10,000,000 ​ ​ ​ AA ​ ​
AGM, 5.250% due 8/1/32
​ ​ ​ ​ 14,314,100 ​ ​
​ ​ ​ 760,000 ​ ​ ​ AA- ​ ​
4.000% due 3/1/26
​ ​ ​ ​ 907,303 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/29
​ ​ ​ ​ 100,467 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA- ​ ​
5.000% due 4/1/30
​ ​ ​ ​ 1,372,370 ​ ​
​ ​ ​ 760,000 ​ ​ ​ AA- ​ ​
5.000% due 8/1/30
​ ​ ​ ​ 974,388 ​ ​
​ ​ ​ 3,125,000 ​ ​ ​ AA- ​ ​
4.000% due 12/1/30(b)
​ ​ ​ ​ 3,208,375 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AA- ​ ​
5.000% due 4/1/36
​ ​ ​ ​ 3,873,060 ​ ​
​ ​ ​ 435,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 8/1/26
​ ​ ​ ​ 549,409 ​ ​
​ ​ ​ 205,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 8/1/29
​ ​ ​ ​ 256,742 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AAA ​ ​
State of California Department of Water Resources, Revenue Bonds,
Series AI, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/25(d)
​ ​ ​ ​ 68,918 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Union Elementary School District, GO, Series A, NPFG, zero coupon, due
9/1/20
​ ​ ​ ​ 40,000 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A1(a) ​ ​
Washington Township Health Care District, GO, Series A, 5.500% due
8/1/40
​ ​ ​ ​ 113,192 ​ ​
​ ​ ​ 230,000 ​ ​ ​ AA- ​ ​
West Contra Costa Unified School District, GO, 5.000% due 8/1/26
​ ​ ​ ​ 248,890 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total California
​ ​ ​ ​ 49,874,490 ​ ​
​ Colorado – 1.8% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City & County of Denver CO Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/24(c)
​ ​ ​ ​ 76,081 ​ ​
​ ​ ​ 315,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/26(c)
​ ​ ​ ​ 387,986 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/27(c)
​ ​ ​ ​ 37,813 ​ ​
​ ​ ​ 195,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/28(c)
​ ​ ​ ​ 243,662 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/29(c)
​ ​ ​ ​ 179,796 ​ ​
See Notes to Financial Statements.
190
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Colorado – (continued) ​
​ ​ $ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/30(c)
​ ​ ​ $ 141,569 ​ ​
​ ​ ​ 915,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 11/15/30
​ ​ ​ ​ 1,197,369 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colorado Health Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 655,000 ​ ​ ​ #Aaa(a) ​ ​
zero coupon, due 7/15/22
​ ​ ​ ​ 650,487 ​ ​
​ ​ ​ 2,115,000 ​ ​ ​ AA ​ ​
5.000% due 11/15/36(b)
​ ​ ​ ​ 2,419,898 ​ ​
​ ​ ​ 220,000 ​ ​ ​ A- ​ ​
2.800% due 5/15/42(b)
​ ​ ​ ​ 229,937 ​ ​
​ ​ ​ 190,000 ​ ​ ​ Baa1(a) ​ ​
5.000% due 9/1/46
​ ​ ​ ​ 214,732 ​ ​
​ ​ ​ 640,000 ​ ​ ​ AA ​ ​
5.000% due 11/15/49(b)
​ ​ ​ ​ 803,360 ​ ​
​ ​ ​ 500,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 8/1/44
​ ​ ​ ​ 602,070 ​ ​
​ ​ ​ 325,000 ​ ​ ​ BBB+ ​ ​
Series B-2, 5.000% due 8/1/49(b)
​ ​ ​ ​ 383,022 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB+ ​ ​
Series D3, 5.000% due 10/1/38(b)
​ ​ ​ ​ 230,690 ​ ​
​ ​ ​ 135,000 ​ ​ ​ AA ​ ​
Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250%
due 11/1/49
​ ​ ​ ​ 152,240 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ E-470 Public Highway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
zero coupon, due 9/1/35
​ ​ ​ ​ 43,235 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
zero coupon, due 9/1/37
​ ​ ​ ​ 57,355 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A ​ ​
zero coupon, due 9/1/38
​ ​ ​ ​ 71,743 ​ ​
​ ​ ​ 165,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 9/1/34
​ ​ ​ ​ 218,995 ​ ​
​ ​ ​ 140,000 ​ ​ ​ A ​ ​
Series B, NPFG, zero coupon, due 9/1/20
​ ​ ​ ​ 140,000 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AAA ​ ​
Metro Wastewater Reclamation District, Revenue Bonds, Series A,
Prerefunded 4/1/22 @ 100, 4.000% due 4/1/30(d)
​ ​ ​ ​ 1,589,910 ​ ​
​ ​ ​ 2,250,000 ​ ​ ​ AA- ​ ​
State of Colorado, COP, Series A, 4.000% due 12/15/36
​ ​ ​ ​ 2,654,708 ​ ​
​ ​ ​ 1,435,000 ​ ​ ​ Aa1(a) ​ ​
University of Colorado, Revenue Bonds, Series C, 2.000% due 6/1/54(b)
​ ​ ​ ​ 1,519,981 ​ ​
​ ​ ​ 210,000 ​ ​ ​ AA ​ ​
University of Colorado Hospital Authority, Revenue Bonds, Series C,
5.000% due 11/15/38(b)
​ ​ ​ ​ 218,656 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vauxmont Metropolitan District, GO, AGM: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 150,000 ​ ​ ​ AA ​ ​
5.000% due 12/1/21
​ ​ ​ ​ 157,704 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA ​ ​
5.000% due 12/15/27
​ ​ ​ ​ 148,513 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA ​ ​
5.000% due 12/15/29
​ ​ ​ ​ 141,552 ​ ​
​ ​ ​ 135,000 ​ ​ ​ AA ​ ​
5.000% due 12/15/31
​ ​ ​ ​ 158,182 ​ ​
​ ​ ​ 285,000 ​ ​ ​ AA ​ ​
5.000% due 12/1/34
​ ​ ​ ​ 358,128 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Colorado
​ ​ ​ ​ 15,429,374 ​ ​
​ Connecticut – 1.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Connecticut State Health & Educational Facilities Authority, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,075,000 ​ ​ ​ AAA ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 1,464,279 ​ ​
​ ​ ​ 410,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/34
​ ​ ​ ​ 518,896 ​ ​
​ ​ ​ 505,000 ​ ​ ​ AA- ​ ​
Series B, 1.800% due 7/1/49(b)
​ ​ ​ ​ 525,054 ​ ​
See Notes to Financial Statements.
191
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Connecticut – (continued) ​
​ ​ $ 65,000 ​ ​ ​ A- ​ ​
Series S, 5.000% due 7/1/26
​ ​ ​ $ 79,804 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series S, 5.000% due 7/1/29
​ ​ ​ ​ 37,923 ​ ​
​ ​ ​ 4,465,000 ​ ​ ​ AAA ​ ​
Series V1, 0.010% due 7/1/36(b)
​ ​ ​ ​ 4,465,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Connecticut, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 3/15/26
​ ​ ​ ​ 110,682 ​ ​
​ ​ ​ 375,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/26
​ ​ ​ ​ 462,184 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/30
​ ​ ​ ​ 195,222 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/34
​ ​ ​ ​ 215,659 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/35
​ ​ ​ ​ 75,839 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/15/26
​ ​ ​ ​ 214,254 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series E, 5.000% due 9/15/23
​ ​ ​ ​ 93,039 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
Series E, 5.000% due 10/15/26
​ ​ ​ ​ 124,864 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A ​ ​
Series E, 5.000% due 10/15/29
​ ​ ​ ​ 184,246 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​ A ​ ​
Series F, 5.000% due 9/15/26
​ ​ ​ ​ 1,993,312 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AAA ​ ​
Town of Greenwich CT, GO, 5.000% due 1/15/23
​ ​ ​ ​ 1,670,715 ​ ​
​ ​ ​ 330,000 ​ ​ ​ A+ ​ ​
University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27
​ ​ ​ ​ 420,552 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Connecticut
​ ​ ​ ​ 12,851,524 ​ ​
​ Delaware – 0.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Delaware River & Bay Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/22
​ ​ ​ ​ 90,347 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/24
​ ​ ​ ​ 39,990 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/25
​ ​ ​ ​ 91,123 ​ ​
​ ​ ​ 220,000 ​ ​ ​ A ​ ​
Delaware State Economic Development Authority, Revenue Bonds, 1.050%
due 1/1/31(b)
​ ​ ​ ​ 221,848 ​ ​
​ ​ ​ 3,160,000 ​ ​ ​ NR ​ ​
State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000% due
7/1/27(d)
​ ​ ​ ​ 3,717,298 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Delaware
​ ​ ​ ​ 4,160,606 ​ ​
​ District of Columbia – 1.0% ​
​ ​ ​ 2,000,000 ​ ​ ​ AA+ ​ ​
District of Columbia, GO, Series C, 5.000% due 6/1/34
​ ​ ​ ​ 2,319,380 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AAA ​ ​
District of Columbia, Revenue Bonds, Series A, 5.000% due 12/1/36(e)
​ ​ ​ ​ 126,221 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan Washington Airports Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/21(c)
​ ​ ​ ​ 94,439 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/22(c)
​ ​ ​ ​ 54,461 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/23(c)
​ ​ ​ ​ 84,746 ​ ​
​ ​ ​ 2,625,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/24(c)
​ ​ ​ ​ 3,068,914 ​ ​
​ ​ ​ 225,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/25(c)
​ ​ ​ ​ 270,911 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/28(c)
​ ​ ​ ​ 147,216 ​ ​
See Notes to Financial Statements.
192
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ District of Columbia – (continued) ​
​ ​ $ 120,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/29(c)
​ ​ ​ $ 152,638 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/30(c)
​ ​ ​ ​ 119,949 ​ ​
​ ​ ​ 205,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/31(c)
​ ​ ​ ​ 255,173 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/34(c)
​ ​ ​ ​ 72,827 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/36(c)
​ ​ ​ ​ 66,295 ​ ​
​ ​ ​ 195,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 10/1/22(c)
​ ​ ​ ​ 204,072 ​ ​
​ ​ ​ 210,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 10/1/23(c)
​ ​ ​ ​ 219,746 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 10/1/24(c)
​ ​ ​ ​ 198,713 ​ ​
​ ​ ​ 255,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 10/1/25(c)
​ ​ ​ ​ 266,467 ​ ​
​ ​ ​ 400,000 ​ ​ ​ A- ​ ​
Metropolitan Washington Airports Authority Dulles Toll Road Revenue,
Revenue Bonds, 4.000% due 10/1/35
​ ​ ​ ​ 452,920 ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA- ​ ​
Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B,
5.000% due 7/1/34
​ ​ ​ ​ 297,281 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total District of Columbia
​ ​ ​ ​ 8,472,369 ​ ​
​ Florida – 4.9% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brevard County School District, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 95,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 110,611 ​ ​
​ ​ ​ 215,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 7/1/30
​ ​ ​ ​ 248,385 ​ ​
​ ​ ​ 85,000 ​ ​ ​ Aa3(a) ​ ​
Series C, 5.000% due 7/1/24
​ ​ ​ ​ 99,390 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Citizens Property Insurance Inc., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 80,000 ​ ​ ​ A+ ​ ​
Series A1, 5.000% due 6/1/21
​ ​ ​ ​ 82,724 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A1, 5.000% due 6/1/22
​ ​ ​ ​ 64,756 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Clearwater FL Water & Sewer Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
5.000% due 12/1/21
​ ​ ​ ​ 42,416 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/23(d)
​ ​ ​ ​ 68,842 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA+ ​ ​
Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/24(d)
​ ​ ​ ​ 74,138 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Jacksonville FL, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/22
​ ​ ​ ​ 125,510 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/23
​ ​ ​ ​ 169,877 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A+ ​ ​
City of Tampa FL, Revenue Bonds, 5.000% due 9/1/28
​ ​ ​ ​ 59,017 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Broward FL Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
5.000% due 10/1/30(c)
​ ​ ​ ​ 73,325 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
5.000% due 10/1/31(c)
​ ​ ​ ​ 109,245 ​ ​
​ ​ ​ 120,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/29(c)
​ ​ ​ ​ 140,701 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/31(c)
​ ​ ​ ​ 98,894 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/32(c)
​ ​ ​ ​ 133,249 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/29(c)
​ ​ ​ ​ 1,287,780 ​ ​
See Notes to Financial Statements.
193
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 90,000 ​ ​ ​ A ​ ​
Series Q1, 5.000% due 10/1/23
​ ​ ​ $ 97,716 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A+ ​ ​
County of Clay FL Sales Surtax Revenue, Revenue Bonds, 5.000% due
10/1/25
​ ​ ​ ​ 226,878 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
County of Hillsborough FL Solid Waste & Resource Recovery Revenue,
Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/20(c)
​ ​ ​ ​ 40,000 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/21(c)
​ ​ ​ ​ 41,850 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/22(c)
​ ​ ​ ​ 54,455 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/23(c)
​ ​ ​ ​ 67,861 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/24(c)
​ ​ ​ ​ 76,070 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/25(c)
​ ​ ​ ​ 78,301 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/26(c)
​ ​ ​ ​ 80,122 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Miami-Dade FL, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 160,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/28
​ ​ ​ ​ 195,112 ​ ​
​ ​ ​ 120,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/29
​ ​ ​ ​ 145,684 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/30
​ ​ ​ ​ 259,795 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 70,828 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA ​ ​
County of Miami-Dade FL, GO, Series A, 5.000% due 11/1/23
​ ​ ​ ​ 137,832 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Miami-Dade FL Aviation Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 175,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/21(c)
​ ​ ​ ​ 183,475 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/22(c)
​ ​ ​ ​ 92,047 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/24(c)
​ ​ ​ ​ 312,794 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/27(c)
​ ​ ​ ​ 63,106 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/29(c)
​ ​ ​ ​ 91,448 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 84,177 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 35,862 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/33(c)
​ ​ ​ ​ 180,856 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/35(c)
​ ​ ​ ​ 78,859 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Series A1, 5.000% due 10/1/22
​ ​ ​ ​ 90,296 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​ A2(a) ​ ​
Series A1, Prerefunded 10/1/20 @ 100, 5.375% due 10/1/41(d)
​ ​ ​ ​ 1,807,578 ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/20(c)
​ ​ ​ ​ 105,380 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/24
​ ​ ​ ​ 70,446 ​ ​
​ ​ ​ 295,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 10/1/35
​ ​ ​ ​ 295,994 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/37
​ ​ ​ ​ 243,662 ​ ​
​ ​ ​ 500,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/40(c)
​ ​ ​ ​ 587,855 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Miami-Dade FL Transit System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/21
​ ​ ​ ​ 36,360 ​ ​
See Notes to Financial Statements.
194
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 50,000 ​ ​ ​ AA ​ ​
Series Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(d)
​ ​ ​ $ 54,335 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Duval County Public Schools, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 125,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/27
​ ​ ​ ​ 149,696 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/28
​ ​ ​ ​ 35,848 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/30
​ ​ ​ ​ 226,742 ​ ​
​ ​ ​ 255,000 ​ ​ ​ BBB+ ​ ​
Escambia County Health Facilities Authority, Revenue Bonds, 4.000% due
8/15/45
​ ​ ​ ​ 279,834 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Florida Municipal Power Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A2(a) ​ ​
5.000% due 10/1/24
​ ​ ​ ​ 35,152 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A2(a) ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 53,969 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 10/1/22
​ ​ ​ ​ 87,925 ​ ​
​ ​ ​ 355,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/26
​ ​ ​ ​ 386,386 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 67,321 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 73,162 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AA ​ ​
Florida’s Turnpike Enterprise, Revenue Bonds, Series C, 4.375%
due 7/1/37
​ ​ ​ ​ 2,729,700 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Orlando Aviation Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/28(c)
​ ​ ​ ​ 124,325 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/30(c)
​ ​ ​ ​ 73,460 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Halifax Hospital Medical Center, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
5.000% due 6/1/28
​ ​ ​ ​ 40,420 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
5.000% due 6/1/35
​ ​ ​ ​ 78,947 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillsborough County Port District, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 850,000 ​ ​ ​ A(f) ​ ​
Series B, 5.000% due 6/1/33(c)
​ ​ ​ ​ 1,014,993 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A(f) ​ ​
Series B, 5.000% due 6/1/38(c)
​ ​ ​ ​ 217,403 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indian River County District School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/24
​ ​ ​ ​ 86,831 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 71,666 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A ​ ​
JEA Electric System Revenue, Revenue Bonds, Series B, 5.000% due
10/1/26
​ ​ ​ ​ 247,460 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lake County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 6/1/25
​ ​ ​ ​ 34,827 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 6/1/26
​ ​ ​ ​ 57,884 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 6/1/28
​ ​ ​ ​ 17,341 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lee Memorial Health System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 550,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/33
​ ​ ​ ​ 695,195 ​ ​
​ ​ ​ 755,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/33(b)
​ ​ ​ ​ 878,850 ​ ​
​ ​ ​ 415,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/35
​ ​ ​ ​ 520,792 ​ ​
See Notes to Financial Statements.
195
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 60,000 ​ ​ ​ AA ​ ​
Manatee County School District, Revenue Bonds, AGM-Insured, 5.000%
due 10/1/25
​ ​ ​ $ 71,978 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Miami-Dade County Expressway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/31
​ ​ ​ ​ 53,671 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/32
​ ​ ​ ​ 136,523 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/33
​ ​ ​ ​ 112,316 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/34
​ ​ ​ ​ 35,414 ​ ​
​ ​ ​ 235,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/40
​ ​ ​ ​ 235,663 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/44
​ ​ ​ ​ 94,524 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orange County Health Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/39
​ ​ ​ ​ 234,436 ​ ​
​ ​ ​ 365,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/42
​ ​ ​ ​ 382,462 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 10/1/42
​ ​ ​ ​ 157,176 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orange County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ Aa2(a) ​ ​
Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(d)
​ ​ ​ ​ 125,516 ​ ​
​ ​ ​ 200,000 ​ ​ ​ Aa2(a) ​ ​
Series C, 5.000% due 8/1/29
​ ​ ​ ​ 242,804 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orlando Utilities Commission, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/23
​ ​ ​ ​ 57,323 ​ ​
​ ​ ​ 25,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 30,815 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 10/1/20
​ ​ ​ ​ 100,391 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Palm Beach County Health Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 10,000 ​ ​ ​ WD(f) ​ ​
5.000% due 12/1/23
​ ​ ​ ​ 11,504 ​ ​
​ ​ ​ 20,000 ​ ​ ​ WD(f) ​ ​
5.000% due 12/1/24
​ ​ ​ ​ 23,889 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Palm Beach County School District, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 55,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/22
​ ​ ​ ​ 59,996 ​ ​
​ ​ ​ 35,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/23
​ ​ ​ ​ 39,680 ​ ​
​ ​ ​ 40,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/24
​ ​ ​ ​ 47,204 ​ ​
​ ​ ​ 135,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/25
​ ​ ​ ​ 164,993 ​ ​
​ ​ ​ 705,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/26
​ ​ ​ ​ 887,144 ​ ​
​ ​ ​ 135,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/25
​ ​ ​ ​ 164,993 ​ ​
​ ​ ​ 300,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/26
​ ​ ​ ​ 365,670 ​ ​
​ ​ ​ 240,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 291,494 ​ ​
​ ​ ​ 160,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/28
​ ​ ​ ​ 193,896 ​ ​
​ ​ ​ 695,000 ​ ​ ​ Aa3(a) ​ ​
Series D, 5.000% due 8/1/26
​ ​ ​ ​ 847,136 ​ ​
​ ​ ​ 315,000 ​ ​ ​ Aa3(a) ​ ​
Series D, 5.000% due 8/1/27
​ ​ ​ ​ 382,586 ​ ​
​ ​ ​ 110,000 ​ ​ ​ Aa3(a) ​ ​
Series D, 5.000% due 8/1/28
​ ​ ​ ​ 133,304 ​ ​
See Notes to Financial Statements.
196
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 250,000 ​ ​ ​ AA+ ​ ​
Palm Beach County Solid Waste Authority, Revenue Bonds, 5.000% due
10/1/24
​ ​ ​ $ 262,720 ​ ​
​ ​ ​ 300,000 ​ ​ ​ AA ​ ​
Pasco County School Board, COP, Series D, AGM-Insured, 5.000% due
8/1/30
​ ​ ​ ​ 402,993 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ School Board of Miami-Dade County, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 570,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 5/1/31
​ ​ ​ ​ 689,273 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 5/1/27
​ ​ ​ ​ 144,697 ​ ​
​ ​ ​ 220,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 272,930 ​ ​
​ ​ ​ 395,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 5/1/28
​ ​ ​ ​ 470,461 ​ ​
​ ​ ​ 340,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 11/1/24
​ ​ ​ ​ 403,624 ​ ​
​ ​ ​ 355,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 11/1/25
​ ​ ​ ​ 419,819 ​ ​
​ ​ ​ 230,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 11/1/26
​ ​ ​ ​ 271,370 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 2/1/29
​ ​ ​ ​ 139,875 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 2/1/30
​ ​ ​ ​ 230,090 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ School District of Broward County, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/21
​ ​ ​ ​ 161,130 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/22
​ ​ ​ ​ 157,599 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 48,556 ​ ​
​ ​ ​ 460,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/26
​ ​ ​ ​ 534,333 ​ ​
​ ​ ​ 265,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/27
​ ​ ​ ​ 315,554 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/28
​ ​ ​ ​ 136,520 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/32
​ ​ ​ ​ 84,007 ​ ​
​ ​ ​ 120,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d)
​ ​ ​ ​ 130,172 ​ ​
​ ​ ​ 580,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(d)
​ ​ ​ ​ 629,167 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/25
​ ​ ​ ​ 71,760 ​ ​
​ ​ ​ 335,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/26
​ ​ ​ ​ 400,308 ​ ​
​ ​ ​ 230,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/27
​ ​ ​ ​ 273,877 ​ ​
​ ​ ​ 390,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/28
​ ​ ​ ​ 462,981 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Seminole County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa3(a) ​ ​
Series C, 5.000% due 7/1/23
​ ​ ​ ​ 67,781 ​ ​
​ ​ ​ 50,000 ​ ​ ​ Aa3(a) ​ ​
Series C, 5.000% due 7/1/24
​ ​ ​ ​ 58,652 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA ​ ​
South Florida Water Management District, COP, 5.000% due 10/1/30
​ ​ ​ ​ 138,867 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Miami Health Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/24
​ ​ ​ ​ 87,446 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/25
​ ​ ​ ​ 144,364 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ St Lucie County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 67,238 ​ ​
See Notes to Financial Statements.
197
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 125,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/27
​ ​ ​ $ 139,855 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Florida, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,995,000 ​ ​ ​ AAA ​ ​
5.000% due 7/1/32
​ ​ ​ ​ 7,894,156 ​ ​
​ ​ ​ 289,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 6/1/22
​ ​ ​ ​ 299,485 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
Series E, 5.000% due 6/1/24
​ ​ ​ ​ 150,216 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA+ ​ ​
State of Florida Department of Transportation, Revenue Bonds, 5.000% due
7/1/27
​ ​ ​ ​ 2,579,300 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tampa Bay Water, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA+ ​ ​
Series A, NPFG, 6.000% due 10/1/29
​ ​ ​ ​ 100,828 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA+ ​ ​
Series NPFG, 5.500% due 10/1/22
​ ​ ​ ​ 77,661 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volusia County Educational Facility Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 150,000 ​ ​ ​ A3(a) ​ ​
4.000% due 10/15/36
​ ​ ​ ​ 173,145 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A3(a) ​ ​
5.000% due 10/15/44
​ ​ ​ ​ 98,025 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A3(a) ​ ​
5.000% due 10/15/49
​ ​ ​ ​ 182,703 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volusia County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 600,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 8/1/24
​ ​ ​ ​ 698,628 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/1/32
​ ​ ​ ​ 174,745 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Florida
​ ​ ​ ​ 43,193,435 ​ ​
​ Georgia – 3.9% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/27
​ ​ ​ ​ 36,110 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/29
​ ​ ​ ​ 83,959 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/40
​ ​ ​ ​ 2,351,600 ​ ​
​ ​ ​ 205,000 ​ ​ ​ #Aaa(a) ​ ​
Colquitt County Development Authority, Revenue Bonds, zero coupon, due
12/1/21
​ ​ ​ ​ 204,209 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds,
Series A, 5.250% due 10/1/25
​ ​ ​ ​ 47,376 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DeKalb County Hospital Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 170,000 ​ ​ ​ WD(f) ​ ​
Series Prerefunded 9/1/20 @ 100, 6.000% due 9/1/30(d)
​ ​ ​ ​ 170,000 ​ ​
​ ​ ​ 310,000 ​ ​ ​ WD(f) ​ ​
Series Prerefunded 9/1/20 @ 100, 6.125% due 9/1/40(d)
​ ​ ​ ​ 310,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Authority of Burke County, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 600,000 ​ ​ ​ A- ​ ​
1.700% due 12/1/49(b)
​ ​ ​ ​ 612,690 ​ ​
​ ​ ​ 830,000 ​ ​ ​ A- ​ ​
2.925% due 11/1/53(b)
​ ​ ​ ​ 884,647 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA- ​ ​
Fulton County Development Authority, Revenue Bonds, 5.000% due
6/15/44
​ ​ ​ ​ 190,971 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Main Street Natural Gas Inc., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 4.000% due 4/1/48(b)
​ ​ ​ ​ 5,486,900 ​ ​
​ ​ ​ 840,000 ​ ​ ​ Aa2(a) ​ ​
Series C, 4.000% due 8/1/48(b)
​ ​ ​ ​ 927,881 ​ ​
See Notes to Financial Statements.
198
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Georgia – (continued) ​
​ ​ $ 195,000 ​ ​ ​ A3(a) ​ ​
Monroe County Development Authority, Revenue Bonds, 2.350% due
10/1/48(b)
​ ​ ​ $ 195,989 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal Electric Authority of Georgia, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 265,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/21
​ ​ ​ ​ 268,967 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/27
​ ​ ​ ​ 199,461 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/30
​ ​ ​ ​ 187,933 ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series GG, 5.000% due 1/1/24
​ ​ ​ ​ 115,588 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series GG, 5.000% due 1/1/25
​ ​ ​ ​ 38,489 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A ​ ​
Series GG, 5.000% due 1/1/26
​ ​ ​ ​ 159,114 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal Gas Authority of Georgia, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series Q, 5.000% due 10/1/22
​ ​ ​ ​ 65,680 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
Series S, 5.000% due 10/1/22
​ ​ ​ ​ 38,313 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
Series S, 5.000% due 10/1/24
​ ​ ​ ​ 76,602 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Series U, 5.000% due 10/1/24
​ ​ ​ ​ 47,277 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Georgia, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/1/29
​ ​ ​ ​ 6,616,000 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 8/1/30
​ ​ ​ ​ 6,952,650 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/1/32
​ ​ ​ ​ 3,339,275 ​ ​
​ ​ ​ 3,835,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 7/1/29
​ ​ ​ ​ 4,955,625 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Georgia
​ ​ ​ ​ 34,563,306 ​ ​
​ Hawaii – 0.1% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City & County of Honolulu HI, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ Aa1(a) ​ ​
Series D, 5.000% due 9/1/22
​ ​ ​ ​ 125,998 ​ ​
​ ​ ​ 90,000 ​ ​ ​ Aa1(a) ​ ​
Series D, 5.000% due 9/1/26
​ ​ ​ ​ 113,873 ​ ​
​ ​ ​ 500,000 ​ ​ ​ AA+ ​ ​
State of Hawaii, GO, Series FH, 5.000% due 10/1/28
​ ​ ​ ​ 627,380 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Hawaii
​ ​ ​ ​ 867,251 ​ ​
​ Idaho – 0.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Idaho Housing & Finance Association, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/21
​ ​ ​ ​ 93,485 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/22
​ ​ ​ ​ 108,089 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/23
​ ​ ​ ​ 50,350 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/24
​ ​ ​ ​ 40,545 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/25
​ ​ ​ ​ 41,816 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/27
​ ​ ​ ​ 119,304 ​ ​
​ ​ ​ 75,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 4.000% due 1/1/50
​ ​ ​ ​ 83,797 ​ ​
See Notes to Financial Statements.
199
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Idaho – (continued) ​
​ ​ $ 2,380,000 ​ ​ ​ Aa1(a) ​ ​
Kootenai County School District No 271 Coeur d’Alene, GO, 4.000% due
9/15/28
​ ​ ​ $ 2,849,265 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Idaho
​ ​ ​ ​ 3,386,651 ​ ​
​ Illinois – 4.8% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago Midway International Airport, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/29(c)
​ ​ ​ ​ 75,518 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/30(c)
​ ​ ​ ​ 115,551 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/31(c)
​ ​ ​ ​ 80,444 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/32(c)
​ ​ ​ ​ 209,602 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/22
​ ​ ​ ​ 31,639 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/24
​ ​ ​ ​ 107,603 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago O’Hare International Airport, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ BBB+ ​ ​
5.000% due 7/1/38(c)
​ ​ ​ ​ 86,231 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/22
​ ​ ​ ​ 52,821 ​ ​
​ ​ ​ 125,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/24(c)
​ ​ ​ ​ 141,451 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/25(c)
​ ​ ​ ​ 1,056,100 ​ ​
​ ​ ​ 270,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/29
​ ​ ​ ​ 327,729 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/48(c)
​ ​ ​ ​ 235,686 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/22(c)
​ ​ ​ ​ 210,408 ​ ​
​ ​ ​ 285,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/32
​ ​ ​ ​ 330,557 ​ ​
​ ​ ​ 120,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/53
​ ​ ​ ​ 142,992 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/22
​ ​ ​ ​ 68,668 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/23
​ ​ ​ ​ 87,893 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/24
​ ​ ​ ​ 51,192 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/25
​ ​ ​ ​ 76,322 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/26
​ ​ ​ ​ 72,335 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/33
​ ​ ​ ​ 81,509 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/34
​ ​ ​ ​ 92,891 ​ ​
​ ​ ​ 420,000 ​ ​ ​ A ​ ​
Series C, Prerefunded 1/1/21 @ 100, 6.500% due 1/1/41(d)
​ ​ ​ ​ 428,753 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/27(c)
​ ​ ​ ​ 73,150 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/28(c)
​ ​ ​ ​ 18,153 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/31(c)
​ ​ ​ ​ 101,080 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/33(c)
​ ​ ​ ​ 53,003 ​ ​
​ ​ ​ 500,000 ​ ​ ​ A+ ​ ​
Chicago Transit Authority, Revenue Bonds, Series A, 4.000% due 12/1/50
​ ​ ​ ​ 549,720 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds,
5.000% due 1/1/23
​ ​ ​ ​ 41,878 ​ ​
See Notes to Financial Statements.
200
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 30,000 ​ ​ ​ AA ​ ​
City of Chicago IL Waterworks Revenue, Revenue Bonds, AGM-Insured,
5.250% due 11/1/33
​ ​ ​ $ 30,105 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cook County Forest Preserve District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 12/15/23
​ ​ ​ ​ 32,245 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 12/15/24
​ ​ ​ ​ 43,212 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/15/25
​ ​ ​ ​ 64,717 ​ ​
​ ​ ​ 155,000 ​ ​ ​ Aaa(a) ​ ​
Cook Kane Lake & McHenry Counties Community College District No 512,
GO, Series B, 5.000% due 12/1/24
​ ​ ​ ​ 184,678 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Cook IL, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 565,000 ​ ​ ​ A+ ​ ​
Series A, 5.250% due 11/15/24
​ ​ ​ ​ 571,571 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 11/15/22
​ ​ ​ ​ 64,970 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 11/15/23
​ ​ ​ ​ 156,906 ​ ​
​ ​ ​ 540,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 11/15/24
​ ​ ​ ​ 583,843 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series C, AGM, 5.000% due 11/15/25
​ ​ ​ ​ 16,341 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
Series G, 5.000% due 11/15/25
​ ​ ​ ​ 85,652 ​ ​
​ ​ ​ 35,000 ​ ​ ​ Aa3(a) ​ ​
Grundy & Will Counties Community Unit School District No 1 Coal City,
GO, 5.000% due 2/1/29
​ ​ ​ ​ 42,825 ​ ​
​ ​ ​ 835,000 ​ ​ ​ AA+ ​ ​
Illinois Development Finance Authority, Revenue Bonds, zero coupon, due
7/15/23
​ ​ ​ ​ 824,061 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/25
​ ​ ​ ​ 48,320 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/26
​ ​ ​ ​ 74,507 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/26
​ ​ ​ ​ 81,498 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A3(a) ​ ​
5.000% due 8/15/27
​ ​ ​ ​ 29,387 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 5/15/28
​ ​ ​ ​ 83,788 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/28
​ ​ ​ ​ 76,756 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
5.000% due 5/15/29
​ ​ ​ ​ 47,664 ​ ​
​ ​ ​ 150,000 ​ ​ ​ AAA ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 189,941 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/29
​ ​ ​ ​ 26,953 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A3(a) ​ ​
5.000% due 12/1/29
​ ​ ​ ​ 130,261 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
5.000% due 1/1/30
​ ​ ​ ​ 183,165 ​ ​
​ ​ ​ 330,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/30
​ ​ ​ ​ 444,678 ​ ​
​ ​ ​ 255,000 ​ ​ ​ AAA ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 318,985 ​ ​
​ ​ ​ 235,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/1/32
​ ​ ​ ​ 251,309 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A3(a) ​ ​
5.000% due 8/15/35
​ ​ ​ ​ 198,712 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A ​ ​
5.000% due 1/1/36
​ ​ ​ ​ 199,451 ​ ​
​ ​ ​ 870,000 ​ ​ ​ A ​ ​
5.000% due 1/1/38
​ ​ ​ ​ 1,030,724 ​ ​
​ ​ ​ 315,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/1/38
​ ​ ​ ​ 338,105 ​ ​
See Notes to Financial Statements.
201
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 100,000 ​ ​ ​ AA+ ​ ​
2.250% due 11/15/42(b)
​ ​ ​ $ 102,735 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/43
​ ​ ​ ​ 100,736 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​ A ​ ​
5.000% due 1/1/44
​ ​ ​ ​ 1,523,041 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A3(a) ​ ​
5.000% due 12/1/46
​ ​ ​ ​ 113,638 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB+ ​ ​
5.000% due 8/1/49
​ ​ ​ ​ 26,810 ​ ​
​ ​ ​ 4,360,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/57(b)
​ ​ ​ ​ 4,811,565 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/21
​ ​ ​ ​ 10,533 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 5/15/23
​ ​ ​ ​ 48,075 ​ ​
​ ​ ​ 495,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 2/15/24
​ ​ ​ ​ 564,424 ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 2/15/25
​ ​ ​ ​ 111,869 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 2/15/26
​ ​ ​ ​ 54,466 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/27
​ ​ ​ ​ 35,628 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/28
​ ​ ​ ​ 41,374 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/29
​ ​ ​ ​ 64,762 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/30
​ ​ ​ ​ 89,182 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/32
​ ​ ​ ​ 116,329 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/34
​ ​ ​ ​ 58,568 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/34
​ ​ ​ ​ 17,018 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/34
​ ​ ​ ​ 68,617 ​ ​
​ ​ ​ 255,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/36
​ ​ ​ ​ 296,983 ​ ​
​ ​ ​ 20,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 8/1/47
​ ​ ​ ​ 21,473 ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA- ​ ​
Series A, Prerefunded 8/15/26 @ 100, 5.000% due 8/15/33(d)
​ ​ ​ ​ 120,298 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/15/26
​ ​ ​ ​ 100,527 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/22
​ ​ ​ ​ 37,219 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/24
​ ​ ​ ​ 17,170 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/26
​ ​ ​ ​ 91,310 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/28
​ ​ ​ ​ 247,912 ​ ​
​ ​ ​ 135,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/29
​ ​ ​ ​ 166,451 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/31
​ ​ ​ ​ 61,096 ​ ​
​ ​ ​ 365,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/32
​ ​ ​ ​ 443,555 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/33
​ ​ ​ ​ 175,364 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA+ ​ ​
Series C, 3.750% due 2/15/34
​ ​ ​ ​ 38,827 ​ ​
​ ​ ​ 160,000 ​ ​ ​ AA+ ​ ​
Series C, 4.000% due 2/15/36
​ ​ ​ ​ 179,661 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/36
​ ​ ​ ​ 77,910 ​ ​
​ ​ ​ 205,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/41
​ ​ ​ ​ 242,966 ​ ​
​ ​ ​ 1,055,000 ​ ​ ​ AA+ ​ ​
Series E, 1.750% due 11/15/42(b)
​ ​ ​ ​ 1,062,448 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series L, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/22(d)
​ ​ ​ ​ 63,547 ​ ​
See Notes to Financial Statements.
202
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 20,000 ​ ​ ​ NR ​ ​
Series Prerefunded 2/15/27 @ 100, 4.000% due 2/15/41(d)
​ ​ ​ $ 24,397 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Municipal Electric Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 2/1/22
​ ​ ​ ​ 1,064,350 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 2/1/28
​ ​ ​ ​ 345,390 ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 2/1/31
​ ​ ​ ​ 124,279 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois State Toll Highway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 12/1/31
​ ​ ​ ​ 60,020 ​ ​
​ ​ ​ 175,000 ​ ​ ​ AA- ​ ​
Series D, 5.000% due 1/1/24
​ ​ ​ ​ 200,702 ​ ​
​ ​ ​ 255,000 ​ ​ ​ Aa3(a) ​ ​
Kane Cook & DuPage Counties School District No U-46 Elgin, GO,
Series B, AMBAC-Insured, zero coupon, due 1/1/22
​ ​ ​ ​ 253,748 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 260,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/26
​ ​ ​ ​ 309,681 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 70,231 ​ ​
​ ​ ​ 155,000 ​ ​ ​ Baa2(a) ​ ​
Lake County Community High School District No 117 Antioch, GO,
Series B, NPFG, zero coupon, due 12/1/20
​ ​ ​ ​ 154,659 ​ ​
​ ​ ​ 230,000 ​ ​ ​ AA ​ ​
McHenry & Kane Counties Community Consolidated School District No
158 Huntley, GO, AGM-Insured, zero coupon, due 1/1/24
​ ​ ​ ​ 222,086 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
McHenry County Community Unit School District No 200 Woodstock, GO:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 215,000 ​ ​ ​ Aa2(a) ​ ​
Series B, NPFG, zero coupon, due 1/15/24
​ ​ ​ ​ 208,554 ​ ​
​ ​ ​ 225,000 ​ ​ ​ Aa2(a) ​ ​
Series B, NPFG, zero coupon, due 1/15/25
​ ​ ​ ​ 215,368 ​ ​
​ ​ ​ 170,000 ​ ​ ​ Aa2(a) ​ ​
Series B, NPFG, zero coupon, due 1/15/26
​ ​ ​ ​ 159,746 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ McHenry County Conservation District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
5.000% due 2/1/24
​ ​ ​ ​ 75,112 ​ ​
​ ​ ​ 175,000 ​ ​ ​ AA+ ​ ​
5.000% due 2/1/27
​ ​ ​ ​ 209,276 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA ​ ​
Regional Transportation Authority, Revenue Bonds, Series A, 5.000% due
7/1/21
​ ​ ​ ​ 72,434 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Illinois, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 345,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 1/1/21
​ ​ ​ ​ 346,021 ​ ​
​ ​ ​ 120,000 ​ ​ ​ BBB- ​ ​
5.000% due 11/1/20
​ ​ ​ ​ 120,703 ​ ​
​ ​ ​ 80,000 ​ ​ ​ BBB- ​ ​
5.000% due 3/1/21
​ ​ ​ ​ 81,370 ​ ​
​ ​ ​ 45,000 ​ ​ ​ BBB- ​ ​
5.000% due 8/1/21
​ ​ ​ ​ 46,395 ​ ​
​ ​ ​ 225,000 ​ ​ ​ BBB- ​ ​
5.000% due 1/1/22
​ ​ ​ ​ 235,118 ​ ​
​ ​ ​ 145,000 ​ ​ ​ BBB- ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 152,309 ​ ​
​ ​ ​ 190,000 ​ ​ ​ BBB- ​ ​
5.000% due 8/1/22
​ ​ ​ ​ 201,791 ​ ​
​ ​ ​ 45,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/23
​ ​ ​ ​ 48,077 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB- ​ ​
5.000% due 4/1/23
​ ​ ​ ​ 235,941 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB- ​ ​
5.000% due 8/1/23
​ ​ ​ ​ 107,859 ​ ​
​ ​ ​ 225,000 ​ ​ ​ BBB- ​ ​
5.000% due 6/1/25
​ ​ ​ ​ 250,389 ​ ​
See Notes to Financial Statements.
203
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 65,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/26
​ ​ ​ $ 70,176 ​ ​
​ ​ ​ 3,005,000 ​ ​ ​ BBB- ​ ​
5.000% due 6/1/26
​ ​ ​ ​ 3,388,979 ​ ​
​ ​ ​ 270,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/27
​ ​ ​ ​ 302,280 ​ ​
​ ​ ​ 180,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/28
​ ​ ​ ​ 203,386 ​ ​
​ ​ ​ 60,000 ​ ​ ​ BBB- ​ ​
5.000% due 4/1/28
​ ​ ​ ​ 64,483 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB- ​ ​
5.000% due 5/1/28
​ ​ ​ ​ 26,901 ​ ​
​ ​ ​ 165,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/29
​ ​ ​ ​ 185,397 ​ ​
​ ​ ​ 305,000 ​ ​ ​ BBB- ​ ​
5.250% due 2/1/31
​ ​ ​ ​ 327,723 ​ ​
​ ​ ​ 70,000 ​ ​ ​ BBB- ​ ​
5.000% due 5/1/32
​ ​ ​ ​ 74,444 ​ ​
​ ​ ​ 190,000 ​ ​ ​ BBB- ​ ​
5.000% due 5/1/33
​ ​ ​ ​ 201,522 ​ ​
​ ​ ​ 115,000 ​ ​ ​ BBB- ​ ​
5.500% due 7/1/38
​ ​ ​ ​ 121,514 ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB- ​ ​
Series A, 4.000% due 1/1/23
​ ​ ​ ​ 66,645 ​ ​
​ ​ ​ 105,000 ​ ​ ​ BBB- ​ ​
Series A, 5.000% due 1/1/33
​ ​ ​ ​ 107,706 ​ ​
​ ​ ​ 365,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/21
​ ​ ​ ​ 377,341 ​ ​
​ ​ ​ 360,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/22
​ ​ ​ ​ 382,939 ​ ​
​ ​ ​ 365,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/23
​ ​ ​ ​ 394,156 ​ ​
​ ​ ​ 365,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/24
​ ​ ​ ​ 400,982 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 10/1/26
​ ​ ​ ​ 1,698,450 ​ ​
​ ​ ​ 620,000 ​ ​ ​ BBB- ​ ​
Series D, 5.000% due 11/1/23
​ ​ ​ ​ 665,086 ​ ​
​ ​ ​ 405,000 ​ ​ ​ BBB- ​ ​
Series D, 5.000% due 11/1/25
​ ​ ​ ​ 448,367 ​ ​
​ ​ ​ 390,000 ​ ​ ​ BBB- ​ ​
Series D, 5.000% due 11/1/26
​ ​ ​ ​ 436,141 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ University of Illinois, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A- ​ ​
6.250% due 10/1/38
​ ​ ​ ​ 128,134 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A- ​ ​
6.000% due 10/1/42
​ ​ ​ ​ 126,746 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Will County Community Unit School District No 365 Valley View, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,420,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 5.000% due 11/1/25
​ ​ ​ ​ 2,940,663 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA ​ ​
Series B, AGM, zero coupon, due 11/1/26
​ ​ ​ ​ 155,364 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA ​ ​
Will County School District No 86 Joliet, GO, AGM-Insured, zero coupon,
due 11/1/21
​ ​ ​ ​ 198,836 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Illinois
​ ​ ​ ​ 41,950,663 ​ ​
​ Indiana – 2.6% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 315,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/24
​ ​ ​ ​ 370,494 ​ ​
​ ​ ​ 340,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 412,770 ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA ​ ​
Series B, AGM, 5.000% due 10/1/20
​ ​ ​ ​ 240,900 ​ ​
​ ​ ​ 160,000 ​ ​ ​ AA ​ ​
Series B, AGM, 5.000% due 10/1/21
​ ​ ​ ​ 168,016 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Whiting IN, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 415,000 ​ ​ ​ A- ​ ​
5.250% due 1/1/21
​ ​ ​ ​ 421,835 ​ ​
See Notes to Financial Statements.
204
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Indiana – (continued) ​
​ ​ $ 370,000 ​ ​ ​ A- ​ ​
5.000% due 12/1/44(b)(c)
​ ​ ​ $ 452,843 ​ ​
​ ​ ​ 1,020,000 ​ ​ ​ A- ​ ​
5.000% due 11/1/45(b)(c)
​ ​ ​ ​ 1,115,176 ​ ​
​ ​ ​ 300,000 ​ ​ ​ A- ​ ​
County of St Joseph IN, Revenue Bonds, 4.000% due 4/1/38
​ ​ ​ ​ 326,880 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indiana Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 32,128 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/25
​ ​ ​ ​ 100,841 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/25
​ ​ ​ ​ 35,993 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/26
​ ​ ​ ​ 36,901 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/29
​ ​ ​ ​ 18,166 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
5.000% due 2/1/35
​ ​ ​ ​ 6,533,500 ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA- ​ ​
5.000% due 3/1/36
​ ​ ​ ​ 273,756 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/36
​ ​ ​ ​ 70,817 ​ ​
​ ​ ​ 535,000 ​ ​ ​ AA ​ ​
1.650% due 12/1/42(b)
​ ​ ​ ​ 541,720 ​ ​
​ ​ ​ 320,000 ​ ​ ​ AA ​ ​
2.250% due 12/1/58(b)
​ ​ ​ ​ 336,490 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA ​ ​
Series A, 5.250% due 10/1/24
​ ​ ​ ​ 121,109 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 71,225 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/26
​ ​ ​ ​ 82,827 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/28
​ ​ ​ ​ 41,211 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/23(d)
​ ​ ​ ​ 48,192 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/30(d)
​ ​ ​ ​ 32,128 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA- ​ ​
Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/41(d)
​ ​ ​ ​ 165,996 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indiana Health Facility Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA+ ​ ​
Series A2, 2.000% due 11/15/36(b)
​ ​ ​ ​ 1,034,840 ​ ​
​ ​ ​ 7,500,000 ​ ​ ​ AA+ ​ ​
Series E, 0.080% due 11/15/39(b)
​ ​ ​ ​ 7,500,000 ​ ​
​ ​ ​ 295,000 ​ ​ ​ Aaa(a) ​ ​
Indiana Housing & Community Development Authority, Revenue Bonds,
Series B, 3.500% due 1/1/49
​ ​ ​ ​ 324,609 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indiana Municipal Power Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/24
​ ​ ​ ​ 21,722 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/25
​ ​ ​ ​ 21,718 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/26
​ ​ ​ ​ 59,705 ​ ​
​ ​ ​ 10,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d)
​ ​ ​ ​ 10,877 ​ ​
​ ​ ​ 10,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/25(d)
​ ​ ​ ​ 10,877 ​ ​
​ ​ ​ 25,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/26(d)
​ ​ ​ ​ 27,191 ​ ​
​ ​ ​ 515,000 ​ ​ ​ AAA ​ ​
Indiana University, Revenue Bonds, Series W-1, 5.000% due 8/1/26
​ ​ ​ ​ 610,620 ​ ​
See Notes to Financial Statements.
205
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Indiana – (continued) ​
​ ​ $ 255,000 ​ ​ ​ A1(a) ​ ​
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds,
5.000% due 1/1/25(c)
​ ​ ​ $ 295,996 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lake Central Multi-District School Building Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Series B, 4.000% due 1/15/22
​ ​ ​ ​ 42,010 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/22
​ ​ ​ ​ 32,609 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/23
​ ​ ​ ​ 88,742 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/24
​ ​ ​ ​ 133,022 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/25
​ ​ ​ ​ 138,503 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Indiana
​ ​ ​ ​ 22,404,955 ​ ​
​ Iowa – 1.4% ​
​ ​ ​ 1,155,000 ​ ​ ​ Aa1(a) ​ ​
City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25
​ ​ ​ ​ 1,354,134 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Iowa Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,840,000 ​ ​ ​ AAA ​ ​
5.000% due 8/1/31
​ ​ ​ ​ 4,884,672 ​ ​
​ ​ ​ 90,000 ​ ​ ​ BBB(f) ​ ​
Series A, 5.000% due 5/15/43
​ ​ ​ ​ 95,512 ​ ​
​ ​ ​ 105,000 ​ ​ ​ BBB(f) ​ ​
Series A, 5.000% due 5/15/48
​ ​ ​ ​ 110,924 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ A3(a) ​ ​
PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b)
​ ​ ​ ​ 6,099,300 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Iowa
​ ​ ​ ​ 12,544,542 ​ ​
​ Kansas – 0.1% ​
​ ​ ​ 1,000,000 ​ ​ ​ Aa2(a) ​ ​
Geary County Unified School District No 475, GO, Series B, 5.000% due
9/1/20
​ ​ ​ ​ 1,000,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Wyandotte County-Kansas City Unified Government Utility System
Revenue, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 130,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 9/1/24
​ ​ ​ ​ 142,267 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 9/1/30
​ ​ ​ ​ 35,875 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 9/1/32
​ ​ ​ ​ 41,541 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 9/1/23
​ ​ ​ ​ 32,831 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 9/1/24
​ ​ ​ ​ 49,246 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Kansas
​ ​ ​ ​ 1,301,760 ​ ​
​ Kentucky – 1.3% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kenton County Airport Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 25,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/25
​ ​ ​ ​ 29,471 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/26
​ ​ ​ ​ 18,179 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 53,541 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/30
​ ​ ​ ​ 59,223 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ A1(a) ​ ​
Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due
1/1/49(b)
​ ​ ​ ​ 5,617,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kentucky State Property & Building Commission, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 160,000 ​ ​ ​ A- ​ ​
5.000% due 4/1/27
​ ​ ​ ​ 197,846 ​ ​
See Notes to Financial Statements.
206
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Kentucky – (continued) ​
​ ​ $ 145,000 ​ ​ ​ A- ​ ​
5.000% due 5/1/28
​ ​ ​ $ 183,044 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
5.000% due 5/1/29
​ ​ ​ ​ 18,800 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/31
​ ​ ​ ​ 50,534 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 10/1/27
​ ​ ​ ​ 122,216 ​ ​
​ ​ ​ 165,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/29
​ ​ ​ ​ 195,306 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/30
​ ​ ​ ​ 200,206 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/32
​ ​ ​ ​ 75,847 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/33
​ ​ ​ ​ 92,964 ​ ​
​ ​ ​ 325,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 11/1/26
​ ​ ​ ​ 398,190 ​ ​
​ ​ ​ 1,445,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 11/1/27
​ ​ ​ ​ 1,758,926 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/21
​ ​ ​ ​ 56,724 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/26
​ ​ ​ ​ 42,388 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/27
​ ​ ​ ​ 37,167 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/28
​ ​ ​ ​ 36,890 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Louisville/Jefferson County Metropolitan Government, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​ A ​ ​
5.000% due 10/1/47(b)
​ ​ ​ ​ 242,296 ​ ​
​ ​ ​ 525,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/29
​ ​ ​ ​ 632,258 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/32
​ ​ ​ ​ 112,811 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.500% due 10/1/33
​ ​ ​ ​ 78,273 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A ​ ​
Series A, 5.750% due 10/1/38
​ ​ ​ ​ 206,728 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB+ ​ ​
Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/28(d)
​ ​ ​ ​ 108,184 ​ ​
​ ​ ​ 335,000 ​ ​ ​ BBB+ ​ ​
Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/29(d)
​ ​ ​ ​ 362,416 ​ ​
​ ​ ​ 355,000 ​ ​ ​ A+ ​ ​
University of Louisville, Revenue Bonds, Series C, 3.000% due 9/1/21
​ ​ ​ ​ 364,141 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Kentucky
​ ​ ​ ​ 11,351,569 ​ ​
​ Louisiana – 0.3% ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
City of New Orleans LA, GO, 5.000% due 12/1/20
​ ​ ​ ​ 91,053 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AA ​ ​
Louisiana Local Government Environmental Facilities & Community
Development Authority, Revenue Bonds, 5.000% due 10/1/26
​ ​ ​ ​ 1,859,955 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Louisiana Public Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/15/22
​ ​ ​ ​ 44,162 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/15/23
​ ​ ​ ​ 97,593 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Orleans Aviation Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/24(c)
​ ​ ​ ​ 78,942 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/25(c)
​ ​ ​ ​ 98,782 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/27(c)
​ ​ ​ ​ 75,122 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/29(c)
​ ​ ​ ​ 11,984 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/31(c)
​ ​ ​ ​ 23,705 ​ ​
See Notes to Financial Statements.
207
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Louisiana – (continued) ​
​ ​ $ 20,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/36(c)
​ ​ ​ $ 23,271 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/37(c)
​ ​ ​ ​ 17,403 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Series D2, 5.000% due 1/1/26(c)
​ ​ ​ ​ 23,837 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series D2, 5.000% due 1/1/29(c)
​ ​ ​ ​ 17,976 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Series D2, 5.000% due 1/1/30(c)
​ ​ ​ ​ 23,830 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series D2, 5.000% due 1/1/32(c)
​ ​ ​ ​ 53,085 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series D2, 5.000% due 1/1/35(c)
​ ​ ​ ​ 40,855 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series D2, 5.000% due 1/1/38(c)
​ ​ ​ ​ 17,362 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Louisiana
​ ​ ​ ​ 2,598,917 ​ ​
​ Maine – 0.3% ​
​ ​ ​ 2,500,000 ​ ​ ​ AA+ ​ ​
Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due
11/15/39
​ ​ ​ ​ 2,688,575 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maine Turnpike Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/25
​ ​ ​ ​ 78,770 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 72,234 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Maine
​ ​ ​ ​ 2,839,579 ​ ​
​ Maryland – 4.1% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Baltimore MD, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 7/1/28
​ ​ ​ ​ 132,113 ​ ​
​ ​ ​ 195,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 7/1/31
​ ​ ​ ​ 242,436 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 7/1/33
​ ​ ​ ​ 246,324 ​ ​
​ ​ ​ 170,000 ​ ​ ​ AA- ​ ​
Series D, 5.000% due 7/1/33
​ ​ ​ ​ 207,058 ​ ​
​ ​ ​ 4,325,000 ​ ​ ​ AAA ​ ​
County of Harford MD, GO, Series B, 5.000% due 7/1/26
​ ​ ​ ​ 5,472,552 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
County of Howard MD, GO, Series D, 5.000% due 2/15/30
​ ​ ​ ​ 3,267,050 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Prince George’s MD, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,595,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/15/22
​ ​ ​ ​ 3,920,383 ​ ​
​ ​ ​ 5,805,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/15/29
​ ​ ​ ​ 7,704,106 ​ ​
​ ​ ​ 2,065,000 ​ ​ ​ AAA ​ ​
Series C, Prerefunded 8/1/23 @ 100, 4.000% due 8/1/26(d)
​ ​ ​ ​ 2,290,952 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Community Development Administration, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 385,000 ​ ​ ​ Aa1(a) ​ ​
Series B, 4.000% due 9/1/49
​ ​ ​ ​ 429,406 ​ ​
​ ​ ​ 320,000 ​ ​ ​ Aa1(a) ​ ​
Series C, 5.000% due 9/1/28
​ ​ ​ ​ 411,482 ​ ​
​ ​ ​ 310,000 ​ ​ ​ Aa1(a) ​ ​
Series C, 3.500% due 3/1/50
​ ​ ​ ​ 341,840 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 7/1/33
​ ​ ​ ​ 74,330 ​ ​
​ ​ ​ 50,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 7/1/34
​ ​ ​ ​ 57,054 ​ ​
​ ​ ​ 20,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 7/1/35
​ ​ ​ ​ 22,758 ​ ​
​ ​ ​ 50,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 7/1/36
​ ​ ​ ​ 56,729 ​ ​
See Notes to Financial Statements.
208
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Maryland – (continued) ​
​ ​ $ 155,000 ​ ​ ​ BBB+ ​ ​
Series A, 4.000% due 7/1/42
​ ​ ​ $ 164,219 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/24(d)
​ ​ ​ ​ 38,035 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d)
​ ​ ​ ​ 32,601 ​ ​
​ ​ ​ 300,000 ​ ​ ​ AA- ​ ​
Maryland State Transportation Authority, Revenue Bonds, 5.000% due
7/1/34
​ ​ ​ ​ 403,020 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Maryland, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AAA ​ ​
5.000% due 8/1/33
​ ​ ​ ​ 4,087,140 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 8/1/31
​ ​ ​ ​ 2,689,040 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AAA ​ ​
State of Maryland Department of Transportation, Revenue Bonds, 3.500%
due 10/1/33
​ ​ ​ ​ 3,363,120 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Maryland
​ ​ ​ ​ 35,653,748 ​ ​
​ Massachusetts – 1.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth of Massachusetts, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 7/1/22
​ ​ ​ ​ 97,976 ​ ​
​ ​ ​ 520,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 4/1/23
​ ​ ​ ​ 583,913 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Massachusetts Bay Transportation Authority, Revenue Bonds, Series A,
5.000% due 7/1/45
​ ​ ​ ​ 52,502 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Massachusetts Development Finance Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/23
​ ​ ​ ​ 50,483 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 133,755 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
5.000% due 7/1/30
​ ​ ​ ​ 63,991 ​ ​
​ ​ ​ 235,000 ​ ​ ​ A ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 298,960 ​ ​
​ ​ ​ 500,000 ​ ​ ​ Baa2(a) ​ ​
5.000% due 7/1/34
​ ​ ​ ​ 594,445 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/15/22
​ ​ ​ ​ 70,922 ​ ​
​ ​ ​ 145,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 11/15/23 @ 100, 6.250% due 11/15/28(d)(g)
​ ​ ​ ​ 165,744 ​ ​
​ ​ ​ 500,000 ​ ​ ​ AA+ ​ ​
Series N, 1.450% due 7/1/41(b)
​ ​ ​ ​ 501,935 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ WR(a) ​ ​
Series Prerefunded 9/1/20 @ 100, 5.000% due 9/1/45(d)
​ ​ ​ ​ 5,000,000 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA- ​ ​
Series S, 5.000% due 7/1/30
​ ​ ​ ​ 132,155 ​ ​
​ ​ ​ 585,000 ​ ​ ​ A+ ​ ​
Series S-1, 5.000% due 10/1/24
​ ​ ​ ​ 683,672 ​ ​
​ ​ ​ 335,000 ​ ​ ​ AA- ​ ​
Series S4, 5.000% due 7/1/38(b)
​ ​ ​ ​ 386,747 ​ ​
​ ​ ​ 1,170,000 ​ ​ ​ AA ​ ​
Massachusetts Transportation Trust Fund Metropolitan Highway System
Revenue, Revenue Bonds, Series A, 5.000% due 1/1/39(b)
​ ​ ​ ​ 1,290,311 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AA- ​ ​
University of Massachusetts Building Authority, Revenue Bonds, Series 1,
4.000% due 11/1/43
​ ​ ​ ​ 2,641,050 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Massachusetts
​ ​ ​ ​ 12,748,561 ​ ​
​ Michigan – 1.6% ​
​ ​ ​ 160,000 ​ ​ ​ AA ​ ​
City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds,
Series G, AGM-Insured, 0.798% (3-Month USD-LIBOR) due 7/1/32(b)
​ ​ ​ ​ 156,419 ​ ​
See Notes to Financial Statements.
209
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Michigan – (continued) ​
​ ​ $ 85,000 ​ ​ ​ Aa1(a) ​ ​
Clarkston Community Schools, GO, 5.000% due 5/1/22
​ ​ ​ $ 91,610 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA ​ ​
Detroit City School District, GO, Series A, AGM-Insured, 5.250% due
5/1/30
​ ​ ​ ​ 1,359,120 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA ​ ​
Detroit Downtown Development Authority, Series A, AGM-Insured, 5.000%
due 7/1/37
​ ​ ​ ​ 174,876 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Rapids Public Schools, GO, AGM: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/27
​ ​ ​ ​ 51,083 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/29
​ ​ ​ ​ 69,270 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/30
​ ​ ​ ​ 122,029 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/31
​ ​ ​ ​ 176,407 ​ ​
​ ​ ​ 20,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/32
​ ​ ​ ​ 24,295 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/33
​ ​ ​ ​ 109,108 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kalamazoo Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ A2(a) ​ ​
5.000% due 5/15/27
​ ​ ​ ​ 120,972 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A2(a) ​ ​
5.000% due 5/15/28
​ ​ ​ ​ 90,321 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AAA ​ ​
Kent County Building Authority, Revenue Bonds, 5.500% due 6/1/22
​ ​ ​ ​ 109,276 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kent Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 11/15/20
​ ​ ​ ​ 30,267 ​ ​
​ ​ ​ 20,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 11/15/21
​ ​ ​ ​ 21,050 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 310,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 7/1/22
​ ​ ​ ​ 336,877 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 11/1/23
​ ​ ​ ​ 1,428,513 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/23
​ ​ ​ ​ 51,261 ​ ​
​ ​ ​ 750,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 11/1/24
​ ​ ​ ​ 889,665 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/24
​ ​ ​ ​ 58,925 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/25
​ ​ ​ ​ 103,133 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/26
​ ​ ​ ​ 49,732 ​ ​
​ ​ ​ 10,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 11,929 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/27
​ ​ ​ ​ 44,519 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A+ ​ ​
5.000% due 8/15/28
​ ​ ​ ​ 177,338 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/28
​ ​ ​ ​ 75,991 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 35,676 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 8/15/29
​ ​ ​ ​ 66,348 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 41,242 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/32
​ ​ ​ ​ 35,196 ​ ​
​ ​ ​ 315,000 ​ ​ ​ A ​ ​
5.000% due 11/15/32
​ ​ ​ ​ 375,609 ​ ​
​ ​ ​ 25,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/33
​ ​ ​ ​ 29,215 ​ ​
See Notes to Financial Statements.
210
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Michigan – (continued) ​
​ ​ $ 205,000 ​ ​ ​ A ​ ​
5.000% due 11/15/36
​ ​ ​ $ 218,719 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
5.000% due 11/15/42
​ ​ ​ ​ 47,778 ​ ​
​ ​ ​ 735,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/44(b)
​ ​ ​ ​ 870,821 ​ ​
​ ​ ​ 45,000 ​ ​ ​ WR(a) ​ ​
Series A, 5.000% due 6/1/21
​ ​ ​ ​ 46,605 ​ ​
​ ​ ​ 65,000 ​ ​ ​ WR(a) ​ ​
Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(d)
​ ​ ​ ​ 70,379 ​ ​
​ ​ ​ 140,000 ​ ​ ​ WR(a) ​ ​
Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(d)
​ ​ ​ ​ 151,586 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan State Building Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 495,000 ​ ​ ​ AA- ​ ​
Series I, 5.000% due 10/15/34
​ ​ ​ ​ 603,860 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA- ​ ​
Series I, 5.000% due 4/15/35
​ ​ ​ ​ 97,436 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan State Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 700,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/20
​ ​ ​ ​ 707,805 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/24
​ ​ ​ ​ 53,033 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/25
​ ​ ​ ​ 48,533 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/26
​ ​ ​ ​ 74,597 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/27
​ ​ ​ ​ 50,879 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/28
​ ​ ​ ​ 75,991 ​ ​
​ ​ ​ 180,000 ​ ​ ​ AA+ ​ ​
Series C, 2.400% due 11/15/47(b)
​ ​ ​ ​ 188,379 ​ ​
​ ​ ​ 710,000 ​ ​ ​ AA+ ​ ​
Series F5, 4.000% due 11/15/47(b)
​ ​ ​ ​ 800,717 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan Strategic Fund, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
1.450% due 8/1/29(b)
​ ​ ​ ​ 291,406 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
1.450% due 9/1/30(b)
​ ​ ​ ​ 35,170 ​ ​
​ ​ ​ 500,000 ​ ​ ​ A ​ ​
1.800% due 10/1/49(b)(c)
​ ​ ​ ​ 518,775 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portage Public Schools, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/27
​ ​ ​ ​ 42,905 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/29
​ ​ ​ ​ 109,993 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royal Oak Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 9/1/22
​ ​ ​ ​ 32,642 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 9/1/24
​ ​ ​ ​ 68,821 ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA ​ ​
State of Michigan, Revenue Bonds, 5.000% due 3/15/27
​ ​ ​ ​ 120,352 ​ ​
​ ​ ​ 280,000 ​ ​ ​ AA+ ​ ​
State of Michigan Trunk Line Revenue, Revenue Bonds, AGM-Insured,
5.500% due 11/1/20
​ ​ ​ ​ 282,464 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warren Consolidated Schools, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 130,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/30
​ ​ ​ ​ 158,799 ​ ​
​ ​ ​ 140,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/31
​ ​ ​ ​ 170,324 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/32
​ ​ ​ ​ 175,608 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wayne County Airport Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 12/1/29
​ ​ ​ ​ 6,233 ​ ​
See Notes to Financial Statements.
211
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Michigan – (continued) ​
​ ​ $ 10,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 12/1/30
​ ​ ​ $ 12,391 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 12/1/31
​ ​ ​ ​ 12,326 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 12/1/36
​ ​ ​ ​ 18,140 ​ ​
​ ​ ​ 620,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 12/1/29(c)
​ ​ ​ ​ 759,444 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 12/1/30(c)
​ ​ ​ ​ 18,253 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 12/1/31(c)
​ ​ ​ ​ 18,158 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 12/1/33(c)
​ ​ ​ ​ 11,984 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 12/1/36(c)
​ ​ ​ ​ 29,674 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 12/1/22
​ ​ ​ ​ 65,699 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 12/1/23
​ ​ ​ ​ 73,796 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 12/1/24
​ ​ ​ ​ 82,175 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 12/1/25
​ ​ ​ ​ 84,573 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 12/1/26
​ ​ ​ ​ 55,671 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 12/1/27
​ ​ ​ ​ 56,881 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Michigan
​ ​ ​ ​ 13,937,047 ​ ​
​ Minnesota – 1.9% ​
​ ​ ​ 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(d)
​ ​ ​ ​ 49,464 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Metropolitan Council, GO, Series I, 3.000% due 3/1/27
​ ​ ​ ​ 2,587,875 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Minnesota, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 8/1/32
​ ​ ​ ​ 1,339,950 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 8/1/37
​ ​ ​ ​ 6,398,100 ​ ​
​ ​ ​ 4,835,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 6,295,025 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Minnesota
​ ​ ​ ​ 16,670,414 ​ ​
​ Mississippi – 0.3% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 225,000 ​ ​ ​ A2(a) ​ ​
5.000% due 1/1/30
​ ​ ​ ​ 292,264 ​ ​
​ ​ ​ 435,000 ​ ​ ​ A2(a) ​ ​
5.000% due 1/1/34
​ ​ ​ ​ 551,310 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/40(b)
​ ​ ​ ​ 205,738 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Mississippi, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 160,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 204,747 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/34
​ ​ ​ ​ 1,572,125 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Mississippi
​ ​ ​ ​ 2,826,184 ​ ​
See Notes to Financial Statements.
212
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Missouri – 0.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Health & Educational Facilities Authority of the State of Missouri, Revenue
Bonds:
 ​ ​
​ ​ $ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/29
​ ​ ​ $ 36,003 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/30
​ ​ ​ ​ 35,755 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/31
​ ​ ​ ​ 35,606 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/36
​ ​ ​ ​ 99,239 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/30
​ ​ ​ ​ 83,638 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/32
​ ​ ​ ​ 94,778 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/36
​ ​ ​ ​ 75,903 ​ ​
​ ​ ​ 20,000 ​ ​ ​ AA- ​ ​
Series B, 4.000% due 2/1/40
​ ​ ​ ​ 21,724 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/45
​ ​ ​ ​ 120,581 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due
5/1/37
​ ​ ​ ​ 3,107,850 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA+ ​ ​
Missouri Housing Development Commission, Revenue Bonds, 4.000% due
5/1/50
​ ​ ​ ​ 95,130 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Missouri
​ ​ ​ ​ 3,806,207 ​ ​
​ Montana – 0.1% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Montana Board of Housing, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA+ ​ ​
Series A-1, 4.000% due 12/1/47(c)
​ ​ ​ ​ 100,625 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Series B, 4.000% due 6/1/50
​ ​ ​ ​ 45,655 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Montana Facility Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+(f) ​ ​
5.000% due 2/15/21
​ ​ ​ ​ 35,687 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+(f) ​ ​
5.000% due 2/15/22
​ ​ ​ ​ 42,506 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+(f) ​ ​
5.000% due 2/15/23
​ ​ ​ ​ 66,284 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+(f) ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 68,526 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+(f) ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 70,654 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A+(f) ​ ​
5.000% due 2/15/26
​ ​ ​ ​ 108,932 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Montana
​ ​ ​ ​ 538,869 ​ ​
​ Nebraska – 0.1% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nebraska Investment Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 230,000 ​ ​ ​ AA+ ​ ​
Series B, 4.000% due 9/1/49(c)
​ ​ ​ ​ 253,968 ​ ​
​ ​ ​ 265,000 ​ ​ ​ AA+ ​ ​
Series E, 3.750% due 9/1/49(c)
​ ​ ​ ​ 287,445 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nebraska Public Power District, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/31
​ ​ ​ ​ 138,873 ​ ​
​ ​ ​ 125,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/34
​ ​ ​ ​ 149,280 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/36
​ ​ ​ ​ 184,213 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Nebraska
​ ​ ​ ​ 1,013,779 ​ ​
See Notes to Financial Statements.
213
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Nevada – 0.8% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Carson City NV, Revenue Bonds: ​ ​
​ ​ $ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/24
​ ​ ​ $ 22,895 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/28
​ ​ ​ ​ 18,170 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/30
​ ​ ​ ​ 23,935 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/32
​ ​ ​ ​ 23,625 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/34
​ ​ ​ ​ 23,417 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Clark County School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/15/21
​ ​ ​ ​ 77,614 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/15/23
​ ​ ​ ​ 72,607 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/15/25
​ ​ ​ ​ 202,167 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 6/15/23
​ ​ ​ ​ 1,117,030 ​ ​
​ ​ ​ 280,000 ​ ​ ​ A+ ​ ​
County of Clark Department of Aviation, Revenue Bonds, Series C, 5.000%
due 7/1/21(c)
​ ​ ​ ​ 289,951 ​ ​
​ ​ ​ 2,250,000 ​ ​ ​ AA+ ​ ​
County of Clark NV, GO, Series A, 5.000% due 6/1/35
​ ​ ​ ​ 2,808,540 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​ A+ ​ ​
County of Washoe NV, Revenue Bonds, 2.050% due 3/1/36(b)(c)
​ ​ ​ ​ 1,318,499 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Las Vegas Valley Water District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 6/1/32
​ ​ ​ ​ 104,415 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 6/1/33
​ ​ ​ ​ 177,481 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 6/1/34
​ ​ ​ ​ 189,334 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 6/1/22
​ ​ ​ ​ 32,516 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 6/1/23
​ ​ ​ ​ 65,000 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 6/1/24
​ ​ ​ ​ 64,955 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 6/1/25
​ ​ ​ ​ 32,434 ​ ​
​ ​ ​ 130,000 ​ ​ ​ AA+ ​ ​
Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49
​ ​ ​ ​ 145,309 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Nevada, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
5.000% due 8/1/21
​ ​ ​ ​ 41,771 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA+ ​ ​
5.000% due 3/1/25
​ ​ ​ ​ 89,310 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Nevada
​ ​ ​ ​ 6,940,975 ​ ​
​ 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
​ ​ ​ ​ 1,558,240 ​ ​
​ ​ ​ 740,000 ​ ​ ​ A- ​ ​
New Hampshire Business Finance Authority, Revenue Bonds, 2.150% due
7/1/27(b)(c)
​ ​ ​ ​ 759,588 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
New Hampshire Health & Education Facilities Authority Act, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ BBB+ ​ ​
4.000% due 7/1/22
​ ​ ​ ​ 42,051 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 46,524 ​ ​
​ ​ ​ 35,000 ​ ​ ​ BBB+ ​ ​
5.000% due 7/1/26
​ ​ ​ ​ 37,123 ​ ​
​ ​ ​ 135,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/26
​ ​ ​ ​ 164,539 ​ ​
See Notes to Financial Statements.
214
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New Hampshire – (continued) ​
​ ​ $ 145,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/27
​ ​ ​ $ 175,892 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/28
​ ​ ​ ​ 72,192 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/30
​ ​ ​ ​ 88,103 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
5.000% due 8/1/30
​ ​ ​ ​ 80,657 ​ ​
​ ​ ​ 210,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/30
​ ​ ​ ​ 249,041 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A- ​ ​
4.000% due 10/1/38
​ ​ ​ ​ 27,114 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A2(a) ​ ​
Series A, Prerefunded 10/1/22 @ 100, 5.000% due 10/1/43(d)
​ ​ ​ ​ 76,788 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Hampshire State Turnpike System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/22
​ ​ ​ ​ 69,384 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/23
​ ​ ​ ​ 69,293 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/24
​ ​ ​ ​ 53,221 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New Hampshire
​ ​ ​ ​ 3,569,750 ​ ​
​ New Jersey – 2.3% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camden County Improvement Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ BBB+ ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 67,759 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB+ ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 33,822 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Bayonne NJ, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 55,249 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/32
​ ​ ​ ​ 36,661 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/33
​ ​ ​ ​ 36,509 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ BBB+ ​ ​
5.000% due 3/1/25
​ ​ ​ ​ 43,379 ​ ​
​ ​ ​ 850,000 ​ ​ ​ BBB+ ​ ​
5.000% due 11/1/34
​ ​ ​ ​ 1,010,063 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ BBB+ ​ ​
Series EEE, 5.000% due 6/15/30
​ ​ ​ ​ 1,194,730 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB+ ​ ​
Series II, 5.000% due 3/1/21
​ ​ ​ ​ 225,291 ​ ​
​ ​ ​ 270,000 ​ ​ ​ BBB+ ​ ​
Series NN, 5.000% due 3/1/23
​ ​ ​ ​ 294,616 ​ ​
​ ​ ​ 370,000 ​ ​ ​ BBB+ ​ ​
Series NN, 5.000% due 3/1/24
​ ​ ​ ​ 402,749 ​ ​
​ ​ ​ 580,000 ​ ​ ​ BBB+ ​ ​
Series XX, 5.000% due 6/15/26
​ ​ ​ ​ 663,311 ​ ​
​ ​ ​ 55,000 ​ ​ ​ Baa1(a) ​ ​
New Jersey Educational Facilities Authority, Revenue Bonds, Series A,
5.000% due 7/1/29
​ ​ ​ ​ 64,721 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Health Care Facilities Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 620,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/42(b)
​ ​ ​ ​ 743,194 ​ ​
​ ​ ​ 625,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/45(b)
​ ​ ​ ​ 769,856 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/28
​ ​ ​ ​ 18,449 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/33
​ ​ ​ ​ 53,926 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
New Jersey Higher Education Student Assistance Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
Series 1A, 5.000% due 12/1/22(c)
​ ​ ​ ​ 43,285 ​ ​
See Notes to Financial Statements.
215
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New Jersey – (continued) ​
​ ​ $ 100,000 ​ ​ ​ AA ​ ​
Series 1A, 5.000% due 12/1/24(c)
​ ​ ​ $ 114,240 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
Series 1B, 5.000% due 12/1/21(c)
​ ​ ​ ​ 41,920 ​ ​
​ ​ ​ 165,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/22
​ ​ ​ ​ 179,012 ​ ​
​ ​ ​ 115,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/23
​ ​ ​ ​ 128,908 ​ ​
​ ​ ​ 65,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/24
​ ​ ​ ​ 75,097 ​ ​
​ ​ ​ 125,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/25
​ ​ ​ ​ 148,204 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Transportation Trust Fund Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ A+ ​ ​
5.000% due 6/15/24
​ ​ ​ ​ 5,659,800 ​ ​
​ ​ ​ 435,000 ​ ​ ​ A+ ​ ​
5.000% due 6/15/27
​ ​ ​ ​ 512,125 ​ ​
​ ​ ​ 1,320,000 ​ ​ ​ BBB+ ​ ​
5.000% due 12/15/28
​ ​ ​ ​ 1,606,242 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB+ ​ ​
4.000% due 12/15/39
​ ​ ​ ​ 107,563 ​ ​
​ ​ ​ 200,000 ​ ​ ​ BBB+ ​ ​
5.000% due 12/15/39
​ ​ ​ ​ 235,278 ​ ​
​ ​ ​ 870,000 ​ ​ ​ BBB+ ​ ​
Series A, zero coupon, due 12/15/27
​ ​ ​ ​ 721,717 ​ ​
​ ​ ​ 195,000 ​ ​ ​ BBB+ ​ ​
Series A, zero coupon, due 12/15/28
​ ​ ​ ​ 156,160 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 12/15/33
​ ​ ​ ​ 258,623 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 12/15/34
​ ​ ​ ​ 2,343,320 ​ ​
​ ​ ​ 215,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/23
​ ​ ​ ​ 229,046 ​ ​
​ ​ ​ 345,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/24
​ ​ ​ ​ 366,870 ​ ​
​ ​ ​ 360,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/25
​ ​ ​ ​ 403,708 ​ ​
​ ​ ​ 215,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/26
​ ​ ​ ​ 240,084 ​ ​
​ ​ ​ 145,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/29
​ ​ ​ ​ 152,720 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Turnpike Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series C1, 0.449% (1-Month USD-LIBOR) due 1/1/21(b)
​ ​ ​ ​ 59,962 ​ ​
​ ​ ​ 555,000 ​ ​ ​ A+ ​ ​
Series C5, 0.569% (1-Month USD-LIBOR) due 1/1/28(b)
​ ​ ​ ​ 554,822 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New Jersey
​ ​ ​ ​ 20,052,991 ​ ​
​ New Mexico – 0.1% ​
​ ​ ​ 490,000 ​ ​ ​ AA ​ ​
New Mexico Hospital Equipment Loan Council, Revenue Bonds, Series B,
5.000% due 8/1/49(b)
​ ​ ​ ​ 574,662 ​ ​
​ ​ ​ 180,000 ​ ​ ​ Aaa(a) ​ ​
New Mexico Mortgage Finance Authority, Revenue Bonds, Series D,
3.750% due 1/1/50
​ ​ ​ ​ 199,903 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New Mexico
​ ​ ​ ​ 774,565 ​ ​
​ New York – 9.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of New York NY, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/1/22
​ ​ ​ ​ 207,182 ​ ​
​ ​ ​ 5,880,000 ​ ​ ​ AA ​ ​
Series B1, 5.000% due 11/1/30
​ ​ ​ ​ 7,823,693 ​ ​
​ ​ ​ 2,035,000 ​ ​ ​ AA ​ ​
Series B1, 5.000% due 12/1/38
​ ​ ​ ​ 2,445,297 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 8/1/27
​ ​ ​ ​ 106,201 ​ ​
See Notes to Financial Statements.
216
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New York – (continued) ​
​ ​ $ 5,000,000 ​ ​ ​ AA ​ ​
Series D1, 5.000% due 12/1/34
​ ​ ​ $ 6,280,700 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA ​ ​
Series F1, 5.000% due 4/1/43
​ ​ ​ ​ 1,206,340 ​ ​
​ ​ ​ 2,825,000 ​ ​ ​ AA+ ​ ​
Series F4, 0.080% due 6/1/44(b)
​ ​ ​ ​ 2,825,000 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
Series H, 5.000% due 1/1/36
​ ​ ​ ​ 2,490,220 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
Series J, 5.000% due 8/1/22
​ ​ ​ ​ 98,139 ​ ​
​ ​ ​ 1,925,000 ​ ​ ​ AA ​ ​
County of Nassau NY, GO, Series A, AGM-Insured, 5.000% due 4/1/32
​ ​ ​ ​ 2,421,534 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hudson Yards Infrastructure Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 2/15/32
​ ​ ​ ​ 140,701 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 2/15/35
​ ​ ​ ​ 259,858 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long Island Power Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 9/1/22
​ ​ ​ ​ 65,713 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 9/1/23
​ ​ ​ ​ 51,358 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 9/1/24
​ ​ ​ ​ 47,474 ​ ​
​ ​ ​ 1,020,000 ​ ​ ​ A ​ ​
Series B, 1.650% due 9/1/49(b)
​ ​ ​ ​ 1,051,630 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan Transportation Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 245,000 ​ ​ ​ BBB+ ​ ​
5.000% due 11/15/29
​ ​ ​ ​ 269,573 ​ ​
​ ​ ​ 300,000 ​ ​ ​ BBB+ ​ ​
5.000% due 11/15/31
​ ​ ​ ​ 333,777 ​ ​
​ ​ ​ 125,000 ​ ​ ​ BBB+ ​ ​
Series A1, 5.000% due 11/15/35
​ ​ ​ ​ 133,784 ​ ​
​ ​ ​ 145,000 ​ ​ ​ BBB+ ​ ​
Series A1, 5.000% due 11/15/36
​ ​ ​ ​ 155,179 ​ ​
​ ​ ​ 270,000 ​ ​ ​ BBB+ ​ ​
Series B, 5.000% due 11/15/30
​ ​ ​ ​ 295,099 ​ ​
​ ​ ​ 290,000 ​ ​ ​ BBB+ ​ ​
Series C1, 5.000% due 11/15/27
​ ​ ​ ​ 320,691 ​ ​
​ ​ ​ 685,000 ​ ​ ​ BBB+ ​ ​
Series C1, 5.000% due 11/15/28
​ ​ ​ ​ 743,019 ​ ​
​ ​ ​ 290,000 ​ ​ ​ BBB+ ​ ​
Series C2, zero coupon, due 11/15/33
​ ​ ​ ​ 178,498 ​ ​
​ ​ ​ 415,000 ​ ​ ​ BBB+ ​ ​
Series D1, 5.000% due 11/15/30
​ ​ ​ ​ 442,822 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MTA Hudson Rail Yards Trust Obligations, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 370,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 11/15/51
​ ​ ​ ​ 388,596 ​ ​
​ ​ ​ 860,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 11/15/56
​ ​ ​ ​ 955,469 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AA ​ ​
New York City Transitional Finance Authority Building Aid Revenue,
Revenue Bonds, Series S1, 5.000% due 7/15/29
​ ​ ​ ​ 3,786,330 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
New York City Transitional Finance Authority Future Tax Secured Revenue,
Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
5.000% due 11/1/30
​ ​ ​ ​ 3,386,850 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
4.000% due 11/1/40
​ ​ ​ ​ 2,880,775 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
0.020% due 8/1/45(b)
​ ​ ​ ​ 2,500,000 ​ ​
​ ​ ​ 160,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 11/1/21
​ ​ ​ ​ 168,787 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
Series B, 4.000% due 2/1/21
​ ​ ​ ​ 147,236 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 2/1/21
​ ​ ​ ​ 101,955 ​ ​
See Notes to Financial Statements.
217
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New York – (continued) ​
​ ​ $ 275,000 ​ ​ ​ AAA ​ ​
Series C2, 5.000% due 5/1/32
​ ​ ​ $ 347,399 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York City Water & Sewer System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,725,000 ​ ​ ​ AA+ ​ ​
5.000% due 6/15/23
​ ​ ​ ​ 1,954,028 ​ ​
​ ​ ​ 4,285,000 ​ ​ ​ AA+ ​ ​
0.020% due 6/15/50(b)
​ ​ ​ ​ 4,285,000 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series AA, 5.000% due 6/15/32
​ ​ ​ ​ 5,184,750 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York State Dormitory Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 385,000 ​ ​ ​ AA ​ ​
5.000% due 5/15/23
​ ​ ​ ​ 412,300 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA- ​ ​
2.000% due 7/1/33
​ ​ ​ ​ 2,045,580 ​ ​
​ ​ ​ 750,000 ​ ​ ​ A- ​ ​
5.000% due 5/1/48(b)
​ ​ ​ ​ 839,184 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.250% due 3/15/38
​ ​ ​ ​ 5,052,080 ​ ​
​ ​ ​ 2,150,000 ​ ​ ​ AAA ​ ​
New York State Environmental Facilities Corp., Revenue Bonds, Series A,
5.000% due 6/15/33
​ ​ ​ ​ 2,780,036 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
New York State Thruway Authority Highway & Bridge Trust Fund, Revenue
Bonds, Series A1, 5.000% due 4/1/21
​ ​ ​ ​ 61,681 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York State Urban Development Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 285,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 3/15/22
​ ​ ​ ​ 295,415 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 3/15/32
​ ​ ​ ​ 98,281 ​ ​
​ ​ ​ 175,000 ​ ​ ​ AA- ​ ​
Onondaga Civic Development Corp., Revenue Bonds, Series A, 5.000% due
12/1/33
​ ​ ​ ​ 233,314 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ A+ ​ ​
Port Authority of New York & New Jersey, Revenue Bonds, Series 207,
5.000% due 9/15/24(c)
​ ​ ​ ​ 5,859,000 ​ ​
​ ​ ​ 400,000 ​ ​ ​ AA+ ​ ​
Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, 4.000% due
10/15/32
​ ​ ​ ​ 440,128 ​ ​
​ ​ ​ 3,775,000 ​ ​ ​ AA+ ​ ​
State of New York, GO, Series A, Prerefunded 2/15/21 @ 100, 5.000% due
2/15/41(d)
​ ​ ​ ​ 3,858,012 ​ ​
​ ​ ​ 90,000 ​ ​ ​ Aa1(a) ​ ​
State of New York Mortgage Agency, Revenue Bonds, Series 211, 3.500%
due 10/1/32(c)
​ ​ ​ ​ 98,078 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Triborough Bridge & Tunnel Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,000,000 ​ ​ ​ AA- ​ ​
Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(d)
​ ​ ​ ​ 4,256,080 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 11/15/23
​ ​ ​ ​ 96,816 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 11/15/24
​ ​ ​ ​ 131,301 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New York
​ ​ ​ ​ 83,037,943 ​ ​
​ North Carolina – 1.3% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of New Hanover NC, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 25,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 31,547 ​ ​
​ ​ ​ 205,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/47
​ ​ ​ ​ 241,699 ​ ​
​ ​ ​ 655,000 ​ ​ ​ A ​ ​
North Carolina Medical Care Commission, Revenue Bonds, 2.200% due
12/1/48(b)
​ ​ ​ ​ 664,248 ​ ​
See Notes to Financial Statements.
218
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ North Carolina – (continued) ​
​ ​ $ 105,000 ​ ​ ​ Aa3(a) ​ ​
Raleigh Durham Airport Authority, Revenue Bonds, Series A, 5.000% due
5/1/29(c)
​ ​ ​ $ 134,950 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of North Carolina, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 330,000 ​ ​ ​ AA ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 353,206 ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA ​ ​
5.000% due 3/1/23
​ ​ ​ ​ 323,591 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​ AAA ​ ​
University of North Carolina at Chapel Hill, Revenue Bonds, Series B,
0.454% (1-Month USD-LIBOR) due 12/1/34(b)
​ ​ ​ ​ 9,998,800 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total North Carolina
​ ​ ​ ​ 11,748,041 ​ ​
​ Ohio – 0.8% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ American Municipal Power Inc., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
5.000% due 2/15/21
​ ​ ​ ​ 45,969 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
5.000% due 2/15/22
​ ​ ​ ​ 64,076 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
5.000% due 2/15/42
​ ​ ​ ​ 42,239 ​ ​
​ ​ ​ 800,000 ​ ​ ​ A ​ ​
Series A, 2.300% due 2/15/38(b)
​ ​ ​ ​ 810,864 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(d)
​ ​ ​ ​ 69,425 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/24(d)
​ ​ ​ ​ 64,085 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Cleveland OH Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/26
​ ​ ​ ​ 34,823 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/28
​ ​ ​ ​ 51,966 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/29
​ ​ ​ ​ 74,855 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/30
​ ​ ​ ​ 68,879 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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(d)
​ ​ ​ ​ 37,231 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/27(d)
​ ​ ​ ​ 47,869 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
Columbus City School District, GO, 5.000% due 12/1/32
​ ​ ​ ​ 67,424 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Allen OH Hospital Facilities Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 125,000 ​ ​ ​ A+ ​ ​
5.000% due 12/1/29
​ ​ ​ ​ 166,206 ​ ​
​ ​ ​ 125,000 ​ ​ ​ A+ ​ ​
5.000% due 12/1/30
​ ​ ​ ​ 165,794 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 8/1/47(b)
​ ​ ​ ​ 85,482 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Franklin OH, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa2(a) ​ ​
5.000% due 11/1/25
​ ​ ​ ​ 72,943 ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa2(a) ​ ​
5.000% due 11/1/26
​ ​ ​ ​ 74,682 ​ ​
​ ​ ​ 140,000 ​ ​ ​ A- ​ ​
County of Hamilton OH, Revenue Bonds, 5.250% due 6/1/26
​ ​ ​ ​ 149,818 ​ ​
​ ​ ​ 135,000 ​ ​ ​ BBB ​ ​
County of Lucas OH, Revenue Bonds, Series A, Prerefunded 11/15/21 @
100, 6.500% due 11/15/37(d)
​ ​ ​ ​ 145,057 ​ ​
​ ​ ​ 465,000 ​ ​ ​ A3(a) ​ ​
County of Scioto OH, Revenue Bonds, 5.000% due 2/15/29
​ ​ ​ ​ 532,210 ​ ​
​ ​ ​ 285,000 ​ ​ ​ Aa3(a) ​ ​
Miami University, Revenue Bonds, Series A, 5.000% due 9/1/30
​ ​ ​ ​ 385,927 ​ ​
See Notes to Financial Statements.
219
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Ohio – (continued) ​
​ ​ $ 60,000 ​ ​ ​ Aaa(a) ​ ​
Ohio Housing Finance Agency, Revenue Bonds, Series B, 4.500% due
3/1/50
​ ​ ​ $ 68,318 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA ​ ​
Ohio State University, Revenue Bonds, 5.000% due 12/1/30
​ ​ ​ ​ 1,396,280 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AAA ​ ​
Ohio Water Development Authority Water Pollution Control Loan Fund,
Revenue Bonds, Series A, 0.070% due 12/1/36(b)
​ ​ ​ ​ 2,000,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Ohio, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/27
​ ​ ​ ​ 94,495 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 185,633 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
4.000% due 1/15/50
​ ​ ​ ​ 100,938 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Ohio
​ ​ ​ ​ 7,103,488 ​ ​
​ Oklahoma – 0.1% ​
​ ​ ​ 560,000 ​ ​ ​ AA- ​ ​
Canadian County Educational Facilities Authority, Revenue Bonds, 5.000%
due 9/1/26
​ ​ ​ ​ 699,160 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand River Dam Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 6/1/27
​ ​ ​ ​ 40,727 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 6/1/28
​ ​ ​ ​ 52,200 ​ ​
​ ​ ​ 90,000 ​ ​ ​ WR(a) ​ ​
Oklahoma Development Finance Authority, Revenue Bonds, Series
Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(d)
​ ​ ​ ​ 96,196 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oklahoma Municipal Power Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/26
​ ​ ​ ​ 59,468 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/27
​ ​ ​ ​ 207,181 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/28
​ ​ ​ ​ 70,801 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/29
​ ​ ​ ​ 52,939 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/27
​ ​ ​ ​ 71,033 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Oklahoma
​ ​ ​ ​ 1,349,705 ​ ​
​ Oregon – 1.0% ​
​ ​ ​ 85,000 ​ ​ ​ Aa1(a) ​ ​
Hillsboro School District No 1J, GO, 5.000% due 6/15/30
​ ​ ​ ​ 108,294 ​ ​
​ ​ ​ 3,800,000 ​ ​ ​ A+ ​ ​
Oregon State Business Development Commission, Revenue Bonds,
Series 232, 2.400% due 12/1/40(b)
​ ​ ​ ​ 3,997,144 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Port of Portland OR Airport Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 300,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/28(c)
​ ​ ​ ​ 376,854 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 208,265 ​ ​
​ ​ ​ 205,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/32(c)
​ ​ ​ ​ 241,988 ​ ​
​ ​ ​ 2,675,000 ​ ​ ​ AA+ ​ ​
Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32
​ ​ ​ ​ 3,469,555 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Oregon
​ ​ ​ ​ 8,402,100 ​ ​
​ Pennsylvania – 1.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Philadelphia PA, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 550,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 8/1/22
​ ​ ​ ​ 595,760 ​ ​
See Notes to Financial Statements.
220
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Pennsylvania – (continued) ​
​ ​ $ 1,000,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 2/1/24
​ ​ ​ $ 1,145,290 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 102,321 ​ ​
​ ​ ​ 300,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/29
​ ​ ​ ​ 359,529 ​ ​
​ ​ ​ 320,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/30
​ ​ ​ ​ 382,477 ​ ​
​ ​ ​ 335,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/31
​ ​ ​ ​ 399,337 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Philadelphia PA Airport Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 155,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 7/1/22(c)
​ ​ ​ ​ 167,307 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 7/1/30(c)
​ ​ ​ ​ 60,130 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 7/1/31(c)
​ ​ ​ ​ 83,780 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,010,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 6/1/28
​ ​ ​ ​ 1,304,435 ​ ​
​ ​ ​ 500,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 6/1/25
​ ​ ​ ​ 600,385 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth of Pennsylvania, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 7/1/21
​ ​ ​ ​ 62,363 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​ A+ ​ ​
5.000% due 1/1/24
​ ​ ​ ​ 1,384,164 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/27
​ ​ ​ ​ 331,139 ​ ​
​ ​ ​ 810,000 ​ ​ ​ A+ ​ ​
5.000% due 9/15/29
​ ​ ​ ​ 1,008,029 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Authority of Southcentral Pennsylvania, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 190,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 6/1/38
​ ​ ​ ​ 237,975 ​ ​
​ ​ ​ 310,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 6/1/39
​ ​ ​ ​ 387,168 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Lehigh County Industrial Development Authority, Revenue Bonds, Series A,
1.800% due 9/1/29(b)
​ ​ ​ ​ 1,012,280 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Montgomery County Higher Education & Health Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 325,000 ​ ​ ​ A ​ ​
5.000% due 9/1/33
​ ​ ​ ​ 406,672 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series A, AMBAC, 6.000% due 6/1/22
​ ​ ​ ​ 124,416 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A+ ​ ​
Northampton County General Purpose Authority, Revenue Bonds, 5.000%
due 11/1/27
​ ​ ​ ​ 1,269,650 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Pennsylvania Economic Development Financing Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
5.000% due 3/1/21
​ ​ ​ ​ 91,986 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 63,985 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pennsylvania Higher Educational Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/15/27
​ ​ ​ ​ 44,712 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/15/28
​ ​ ​ ​ 44,299 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/15/30
​ ​ ​ ​ 75,157 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pennsylvania Turnpike Commission, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 15,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/22
​ ​ ​ ​ 16,489 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/23
​ ​ ​ ​ 17,129 ​ ​
See Notes to Financial Statements.
221
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Pennsylvania – (continued) ​
​ ​ $ 45,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/29
​ ​ ​ $ 56,872 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/34
​ ​ ​ ​ 36,830 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A2, 5.000% due 12/1/28
​ ​ ​ ​ 42,415 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A2, 5.000% due 12/1/33
​ ​ ​ ​ 43,181 ​ ​
​ ​ ​ 250,000 ​ ​ ​ A- ​ ​
Philadelphia Authority for Industrial Development, Revenue Bonds, 4.000%
due 11/1/21
​ ​ ​ ​ 259,337 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia Gas Works Co., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
5.000% due 8/1/23
​ ​ ​ ​ 33,254 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
5.000% due 8/1/24
​ ​ ​ ​ 22,871 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A ​ ​
5.000% due 8/1/25
​ ​ ​ ​ 29,381 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Pittsburgh School District, GO, Series A, 5.000% due 9/1/20
​ ​ ​ ​ 30,000 ​ ​
​ ​ ​ 250,000 ​ ​ ​ AA ​ ​
Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A,
AGM-Insured, 5.000% due 9/1/44
​ ​ ​ ​ 312,870 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ School District of Philadelphia, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 405,000 ​ ​ ​ A2(a) ​ ​
Series C, 5.000% due 9/1/20
​ ​ ​ ​ 405,000 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A2(a) ​ ​
Series C, 5.000% due 9/1/21
​ ​ ​ ​ 175,000 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A2(a) ​ ​
State Public School Building Authority, Revenue Bonds, 5.000%
due 6/1/26
​ ​ ​ ​ 47,332 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Pennsylvania
​ ​ ​ ​ 13,272,707 ​ ​
​ Rhode Island – 0.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rhode Island Health & Educational Building Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 5/15/25
​ ​ ​ ​ 287,045 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/29
​ ​ ​ ​ 2,555,300 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA+ ​ ​
Rhode Island Housing & Mortgage Finance Corp./RI, Revenue Bonds,
Series 70, 4.000% due 10/1/49
​ ​ ​ ​ 172,559 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rhode Island Student Loan Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,125,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 12/1/26(c)
​ ​ ​ ​ 1,312,470 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
Series A, 3.500% due 12/1/34(c)
​ ​ ​ ​ 92,065 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tobacco Settlement Financing Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 55,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 6/1/27
​ ​ ​ ​ 63,276 ​ ​
​ ​ ​ 70,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 6/1/28
​ ​ ​ ​ 80,354 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Rhode Island
​ ​ ​ ​ 4,563,069 ​ ​
​ South Carolina – 2.0% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beaufort-Jasper Water & Sewer Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 3/1/22
​ ​ ​ ​ 32,170 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 3/1/24
​ ​ ​ ​ 34,937 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 3/1/25
​ ​ ​ ​ 36,229 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
County of Charleston SC, GO, Series C, 5.000% due 11/1/27
​ ​ ​ ​ 3,280,750 ​ ​
See Notes to Financial Statements.
222
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ South Carolina – (continued) ​
​ ​ $ 8,000,000 ​ ​ ​ Aa2(a) ​ ​
Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000%
due 10/1/48(b)
​ ​ ​ $ 8,868,720 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Scago Educational Facilities Corp. for Colleton School District, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A- ​ ​
5.000% due 12/1/27
​ ​ ​ ​ 132,991 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A- ​ ​
5.000% due 12/1/29
​ ​ ​ ​ 109,053 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Carolina Jobs-Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/22
​ ​ ​ ​ 69,059 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/24
​ ​ ​ ​ 34,326 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/25
​ ​ ​ ​ 59,167 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/26
​ ​ ​ ​ 60,756 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Carolina Ports Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
5.000% due 7/1/28(c)
​ ​ ​ ​ 82,696 ​ ​
​ ​ ​ 140,000 ​ ​ ​ A+ ​ ​
5.000% due 7/1/30(c)
​ ​ ​ ​ 175,475 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Carolina Public Service Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,080,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/49
​ ​ ​ ​ 2,307,074 ​ ​
​ ​ ​ 515,000 ​ ​ ​ A ​ ​
Series A, 5.500% due 12/1/54
​ ​ ​ ​ 579,493 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/35
​ ​ ​ ​ 221,504 ​ ​
​ ​ ​ 275,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/36
​ ​ ​ ​ 330,102 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/25
​ ​ ​ ​ 135,150 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/26
​ ​ ​ ​ 134,258 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/27
​ ​ ​ ​ 104,903 ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/46
​ ​ ​ ​ 118,120 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A ​ ​
Series E, 5.500% due 12/1/53
​ ​ ​ ​ 210,974 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
South Carolina State Housing Finance & Development Authority, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 220,000 ​ ​ ​ Aaa(a) ​ ​
Series A, 4.000% due 1/1/50
​ ​ ​ ​ 249,053 ​ ​
​ ​ ​ 170,000 ​ ​ ​ Aaa(a) ​ ​
Series A, 4.000% due 7/1/50
​ ​ ​ ​ 193,911 ​ ​
​ ​ ​ 50,000 ​ ​ ​ Aa3(a) ​ ​
South Carolina Transportation Infrastructure Bank, Revenue Bonds,
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 60,646 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total South Carolina
​ ​ ​ ​ 17,621,517 ​ ​
​ South Dakota – 0.0% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Dakota Health & Educational Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/23
​ ​ ​ ​ 33,700 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 17,415 ​ ​
​ ​ ​ 10,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 12,547 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/33
​ ​ ​ ​ 60,452 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/35
​ ​ ​ ​ 48,085 ​ ​
See Notes to Financial Statements.
223
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ South Dakota – (continued) ​
​ ​ $ 35,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/24
​ ​ ​ $ 41,090 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/25
​ ​ ​ ​ 40,969 ​ ​
​ ​ ​ 5,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/26
​ ​ ​ ​ 5,841 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total South Dakota
​ ​ ​ ​ 260,099 ​ ​
​ Tennessee – 1.2% ​
​ ​ ​ 1,585,000 ​ ​ ​ AAA ​ ​
City of Chattanooga TN, GO, Series A, 4.000% due 2/1/33
​ ​ ​ ​ 1,951,832 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greeneville Health & Educational Facilities Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 7/1/29
​ ​ ​ ​ 37,345 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 7/1/30
​ ​ ​ ​ 43,316 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Knox County Health Educational & Housing Facility Board, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ BBB ​ ​
5.000% due 9/1/22
​ ​ ​ ​ 37,529 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
5.000% due 4/1/24
​ ​ ​ ​ 33,790 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
5.000% due 9/1/24
​ ​ ​ ​ 34,204 ​ ​
​ ​ ​ 40,000 ​ ​ ​ BBB ​ ​
5.000% due 4/1/25
​ ​ ​ ​ 46,309 ​ ​
​ ​ ​ 6,240,000 ​ ​ ​ Aa2(a) ​ ​
Tennergy Corp., Revenue Bonds, Series A, 5.000% due 2/1/50(b)
​ ​ ​ ​ 7,301,736 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tennessee Energy Acquisition Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 675,000 ​ ​ ​ A3(a) ​ ​
4.000% due 11/1/49(b)
​ ​ ​ ​ 771,464 ​ ​
​ ​ ​ 350,000 ​ ​ ​ A3(a) ​ ​
Series A, 4.000% due 5/1/48(b)
​ ​ ​ ​ 378,066 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Tennessee
​ ​ ​ ​ 10,635,591 ​ ​
​ Texas – 11.4% ​
​ ​ ​ 1,895,000 ​ ​ ​ AAA ​ ​
Alamo Community College District, GO, 5.000% due 8/15/34
​ ​ ​ ​ 2,364,373 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Austin Community College District, Revenue Bonds, AMBAC-Insured, zero
coupon, due 2/1/22
​ ​ ​ ​ 39,744 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central Texas Regional Mobility Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/31
​ ​ ​ ​ 82,144 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/32
​ ​ ​ ​ 169,548 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/35
​ ​ ​ ​ 110,342 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/36
​ ​ ​ ​ 52,173 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/31
​ ​ ​ ​ 40,577 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/32
​ ​ ​ ​ 34,666 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/34
​ ​ ​ ​ 69,131 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/40
​ ​ ​ ​ 182,555 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
City of Arlington TX, Special Tax, Series C, 5.000% due 2/15/45
​ ​ ​ ​ 91,605 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Austin TX Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 165,000 ​ ​ ​ A ​ ​
5.000% due 11/15/26(c)
​ ​ ​ ​ 190,174 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
5.000% due 11/15/29(c)
​ ​ ​ ​ 91,710 ​ ​
See Notes to Financial Statements.
224
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 45,000 ​ ​ ​ AA ​ ​
City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A,
5.000% due 11/15/23
​ ​ ​ $ 49,662 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Dallas TX, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 130,000 ​ ​ ​ AA- ​ ​
5.000% due 2/15/23
​ ​ ​ ​ 138,388 ​ ​
​ ​ ​ 170,000 ​ ​ ​ AA- ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 196,928 ​ ​
​ ​ ​ 2,060,000 ​ ​ ​ AA- ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 2,468,642 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AAA ​ ​
City of Dallas TX Waterworks & Sewer System Revenue, Revenue Bonds,
Series A, 5.000% due 10/1/27
​ ​ ​ ​ 3,662,940 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Houston TX, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 3/1/22
​ ​ ​ ​ 2,143,760 ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 3/1/23
​ ​ ​ ​ 67,014 ​ ​
​ ​ ​ 290,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 3/1/24
​ ​ ​ ​ 336,620 ​ ​
​ ​ ​ 120,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 3/1/25
​ ​ ​ ​ 144,140 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Houston TX Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 350,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/23(c)
​ ​ ​ ​ 375,858 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 7/1/26(c)
​ ​ ​ ​ 60,472 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 7/1/27(c)
​ ​ ​ ​ 74,126 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 7/1/28(c)
​ ​ ​ ​ 37,736 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A1(a) ​ ​
Series B, 5.000% due 7/1/28
​ ​ ​ ​ 114,964 ​ ​
​ ​ ​ 360,000 ​ ​ ​ A1(a) ​ ​
Series B, 5.000% due 7/1/29
​ ​ ​ ​ 456,606 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A1(a) ​ ​
Series B, 5.000% due 7/1/30
​ ​ ​ ​ 239,421 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 7/1/25
​ ​ ​ ​ 1,794,000 ​ ​
​ ​ ​ 2,005,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 7/1/26
​ ​ ​ ​ 2,457,809 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Houston TX Combined Utility System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​ Aa2(a) ​ ​
Series B, 4.000% due 11/15/21
​ ​ ​ ​ 261,468 ​ ​
​ ​ ​ 70,000 ​ ​ ​ Aa2(a) ​ ​
Series B, 5.000% due 11/15/33
​ ​ ​ ​ 86,456 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 5/15/28
​ ​ ​ ​ 87,349 ​ ​
​ ​ ​ 355,000 ​ ​ ​ Aa2(a) ​ ​
Series C, 5.000% due 11/15/30
​ ​ ​ ​ 493,567 ​ ​
​ ​ ​ 1,040,000 ​ ​ ​ AAA ​ ​
City of Irving TX, GO, 5.500% due 8/15/23
​ ​ ​ ​ 1,199,775 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of San Antonio TX Airport System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/27(c)
​ ​ ​ ​ 612,600 ​ ​
​ ​ ​ 480,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/28(c)
​ ​ ​ ​ 601,757 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
5.250% due 2/1/25
​ ​ ​ ​ 109,223 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/29
​ ​ ​ ​ 58,040 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/30
​ ​ ​ ​ 38,495 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/31
​ ​ ​ ​ 57,449 ​ ​
See Notes to Financial Statements.
225
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 35,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/33
​ ​ ​ $ 44,220 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA- ​ ​
1.750% due 2/1/49(b)
​ ​ ​ ​ 1,043,680 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AA- ​ ​
Series 2019, 2.750% due 2/1/48(b)
​ ​ ​ ​ 1,574,970 ​ ​
​ ​ ​ 205,000 ​ ​ ​ AA- ​ ​
Series B, 2.000% due 2/1/33(b)
​ ​ ​ ​ 207,399 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Harris TX, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 8/15/24
​ ​ ​ ​ 32,674 ​ ​
​ ​ ​ 110,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 8/15/25
​ ​ ​ ​ 119,739 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Travis TX, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 3/1/24
​ ​ ​ ​ 98,988 ​ ​
​ ​ ​ 1,490,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 3/1/38
​ ​ ​ ​ 1,924,052 ​ ​
​ ​ ​ 2,215,000 ​ ​ ​ AAA ​ ​
County of Williamson TX, GO, 5.000% due 2/15/30
​ ​ ​ ​ 2,792,894 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cypress-Fairbanks Independent School District, GO, PSF-GTD, : ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/22
​ ​ ​ ​ 155,114 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/23
​ ​ ​ ​ 161,881 ​ ​
​ ​ ​ 725,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 842,015 ​ ​
​ ​ ​ 620,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 746,945 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/27
​ ​ ​ ​ 129,154 ​ ​
​ ​ ​ 1,975,000 ​ ​ ​ AAA ​ ​
4.000% due 2/15/32
​ ​ ​ ​ 2,298,505 ​ ​
​ ​ ​ 210,000 ​ ​ ​ AA+ ​ ​
Dallas Area Rapid Transit, Revenue Bonds, AMBAC-Insured, 5.250% due
12/1/29
​ ​ ​ ​ 288,655 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A2(a) ​ ​
Dallas County Utility & Reclamation District, GO, 5.000% due 2/15/24
​ ​ ​ ​ 212,994 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas Independent School District, GO, PSF-GTD, : ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/36(b)
​ ​ ​ ​ 48,070 ​ ​
​ ​ ​ 40,000 ​ ​ ​ NR ​ ​
Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(b)(d)
​ ​ ​ ​ 42,754 ​ ​
​ ​ ​ 20,000 ​ ​ ​ Aaa(a) ​ ​
Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(d)
​ ​ ​ ​ 21,377 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas/Fort Worth International Airport, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/26(c)
​ ​ ​ ​ 92,245 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/27(c)
​ ​ ​ ​ 37,944 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/28(c)
​ ​ ​ ​ 86,657 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/30(c)
​ ​ ​ ​ 167,516 ​ ​
​ ​ ​ 330,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/31(c)
​ ​ ​ ​ 356,129 ​ ​
​ ​ ​ 420,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/32(c)
​ ​ ​ ​ 452,508 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/33(c)
​ ​ ​ ​ 312,057 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 11/1/34(c)
​ ​ ​ ​ 75,278 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ A ​ ​
Series E, 5.000% due 11/1/22(c)
​ ​ ​ ​ 1,636,320 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AAA ​ ​
Denton Independent School District, GO, PSF-GTD-Insured, zero coupon,
due 8/15/25
​ ​ ​ ​ 82,966 ​ ​
See Notes to Financial Statements.
226
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 155,000 ​ ​ ​ AAA ​ ​
Fort Bend Independent School District, GO, Series D, PSF-GTD-Insured,
1.500% due 8/1/42(b)
​ ​ ​ $ 156,497 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Worth Independent School District, GO, PSF-GTD, : ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 80,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/22
​ ​ ​ ​ 85,580 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/26
​ ​ ​ ​ 130,810 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Parkway Transportation Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 150,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 192,019 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/32
​ ​ ​ ​ 158,931 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/33
​ ​ ​ ​ 240,508 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/34
​ ​ ​ ​ 182,971 ​ ​
​ ​ ​ 70,000 ​ ​ ​ BBB ​ ​
Series A, 5.125% due 10/1/43
​ ​ ​ ​ 72,809 ​ ​
​ ​ ​ 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(d)
​ ​ ​ ​ 1,018,781 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,025,000 ​ ​ ​ A+ ​ ​
5.000% due 6/1/24
​ ​ ​ ​ 1,186,612 ​ ​
​ ​ ​ 590,000 ​ ​ ​ A+ ​ ​
5.000% due 7/1/49(b)
​ ​ ​ ​ 675,208 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Harris County Flood Control District, Revenue Bonds, Series A, Prerefunded
10/1/20 @ 100, 5.000% due 10/1/39(d)
​ ​ ​ ​ 5,019,350 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Irving Hospital Authority, Revenue Bonds: ​ ​
​ ​ ​ 15,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/24
​ ​ ​ ​ 17,585 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/26
​ ​ ​ ​ 24,511 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/27
​ ​ ​ ​ 18,252 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/29
​ ​ ​ ​ 24,043 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/31
​ ​ ​ ​ 35,659 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/35
​ ​ ​ ​ 46,920 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/36
​ ​ ​ ​ 35,090 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/39
​ ​ ​ ​ 40,682 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/44
​ ​ ​ ​ 51,848 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lamar Consolidated Independent School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 7,280,000 ​ ​ ​ AAA ​ ​
PSF-GTD, 5.000% due 2/15/31
​ ​ ​ ​ 9,135,599 ​ ​
​ ​ ​ 7,050,000 ​ ​ ​ AAA ​ ​
PSF-GTD, 5.000% due 2/15/34
​ ​ ​ ​ 8,694,342 ​ ​
​ ​ ​ 1,225,000 ​ ​ ​ AA+ ​ ​
Lewisville Independent School District, GO, Series B, 5.000% due 8/15/28
​ ​ ​ ​ 1,491,009 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Love Field Airport Modernization Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
5.000% due 11/1/30(c)
​ ​ ​ ​ 46,188 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
5.000% due 11/1/31(c)
​ ​ ​ ​ 103,541 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lower Colorado River Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,135,000 ​ ​ ​ A ​ ​
5.000% due 5/15/22
​ ​ ​ ​ 1,172,580 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A ​ ​
5.000% due 5/15/26
​ ​ ​ ​ 247,542 ​ ​
See Notes to Financial Statements.
227
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 135,000 ​ ​ ​ A ​ ​
5.000% due 5/15/32
​ ​ ​ $ 171,913 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 5/15/34
​ ​ ​ ​ 88,409 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 5/15/36
​ ​ ​ ​ 87,774 ​ ​
​ ​ ​ 195,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/25
​ ​ ​ ​ 234,425 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/27
​ ​ ​ ​ 102,054 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/28
​ ​ ​ ​ 101,967 ​ ​
​ ​ ​ 245,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/29
​ ​ ​ ​ 292,900 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/22
​ ​ ​ ​ 27,030 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/23
​ ​ ​ ​ 22,422 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/24
​ ​ ​ ​ 40,721 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/26
​ ​ ​ ​ 48,149 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Hope Cultural Education Facilities Finance Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/15/24
​ ​ ​ ​ 70,212 ​ ​
​ ​ ​ 70,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/15/25
​ ​ ​ ​ 84,591 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/15/26
​ ​ ​ ​ 55,704 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/15/27
​ ​ ​ ​ 57,174 ​ ​
​ ​ ​ 70,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/15/30
​ ​ ​ ​ 87,261 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newark Higher Education Finance Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A3(a) ​ ​
5.000% due 4/1/27
​ ​ ​ ​ 75,379 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A3(a) ​ ​
5.000% due 4/1/28
​ ​ ​ ​ 46,165 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AAA ​ ​
North East Independent School District, GO, Series B, PSF-GTD-Insured,
1.420% due 8/1/40(b)
​ ​ ​ ​ 125,485 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Harris County Regional Water Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
4.000% due 12/15/23
​ ​ ​ ​ 32,426 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA- ​ ​
4.000% due 12/15/24
​ ​ ​ ​ 59,447 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Texas Tollway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/23
​ ​ ​ ​ 55,339 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/24
​ ​ ​ ​ 166,140 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/30
​ ​ ​ ​ 42,276 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/33
​ ​ ​ ​ 48,626 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/39
​ ​ ​ ​ 234,590 ​ ​
​ ​ ​ 1,615,000 ​ ​ ​ WD(f) ​ ​
Series A, Prerefunded 9/1/21 @ 100, 5.500% due 9/1/41(d)
​ ​ ​ ​ 1,700,401 ​ ​
​ ​ ​ 30,000 ​ ​ ​ WD(f) ​ ​
Series A, Prerefunded 9/1/21 @ 100, 6.000% due 9/1/41(d)
​ ​ ​ ​ 31,730 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/25
​ ​ ​ ​ 218,781 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/29
​ ​ ​ ​ 341,867 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/30
​ ​ ​ ​ 188,600 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/31
​ ​ ​ ​ 23,899 ​ ​
See Notes to Financial Statements.
228
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/32
​ ​ ​ $ 103,089 ​ ​
​ ​ ​ 685,000 ​ ​ ​ Aaa(a) ​ ​
Northside Independent School District, GO, PSF-GTD-Insured, 2.750% due
8/1/48(b)
​ ​ ​ ​ 727,449 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Permanent University Fund – University of Texas System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ Aaa(a) ​ ​
Series B, 5.000% due 7/1/22
​ ​ ​ ​ 54,403 ​ ​
​ ​ ​ 50,000 ​ ​ ​ Aaa(a) ​ ​
Series B, 5.000% due 7/1/29
​ ​ ​ ​ 61,675 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AAA ​ ​
Rockwall Independent School District, GO, PSF-GTD-Insured, zero coupon,
due 2/15/25
​ ​ ​ ​ 48,340 ​ ​
​ ​ ​ 1,195,000 ​ ​ ​ Aaa(a) ​ ​
San Antonio Independent School District, GO, Series A, PSF-GTD-Insured,
5.000% due 8/1/28
​ ​ ​ ​ 1,487,978 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Antonio Public Facilities Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 140,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/15/23
​ ​ ​ ​ 152,496 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/15/24
​ ​ ​ ​ 234,053 ​ ​
​ ​ ​ 270,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/15/25
​ ​ ​ ​ 293,698 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Antonio Water System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 175,000 ​ ​ ​ NR ​ ​
5.000% due 5/15/22
​ ​ ​ ​ 189,209 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 5/15/36
​ ​ ​ ​ 2,546,200 ​ ​
​ ​ ​ 390,000 ​ ​ ​ AA ​ ​
Series B, 2.000% due 5/1/44(b)
​ ​ ​ ​ 402,168 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Spring Branch Independent School District, GO, Series Prerefunded 2/1/21
@ 100, PSF-GTD-Insured, 5.000% due 2/1/41(d)
​ ​ ​ ​ 5,100,100 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Texas, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 360,000 ​ ​ ​ AAA ​ ​
4.000% due 8/1/21(c)
​ ​ ​ ​ 372,247 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​ AAA ​ ​
5.000% due 8/1/21
​ ​ ​ ​ 3,655,892 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
5.000% due 10/1/24
​ ​ ​ ​ 2,920,900 ​ ​
​ ​ ​ 150,000 ​ ​ ​ AAA ​ ​
5.000% due 8/1/26(c)
​ ​ ​ ​ 177,722 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AAA ​ ​
5.500% due 8/1/26(c)
​ ​ ​ ​ 255,472 ​ ​
​ ​ ​ 240,000 ​ ​ ​ AAA ​ ​
1.850% due 8/1/29(b)
​ ​ ​ ​ 240,218 ​ ​
​ ​ ​ 615,000 ​ ​ ​ AAA ​ ​
2.250% due 8/1/29(b)
​ ​ ​ ​ 615,978 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 8/1/21(c)
​ ​ ​ ​ 46,941 ​ ​
​ ​ ​ 350,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 8/1/25(c)
​ ​ ​ ​ 396,907 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 8/1/21(c)
​ ​ ​ ​ 41,726 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 196,286 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/25
​ ​ ​ ​ 33,623 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/26
​ ​ ​ ​ 50,212 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/28
​ ​ ​ ​ 49,959 ​ ​
​ ​ ​ 110,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/33
​ ​ ​ ​ 121,484 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
5.000% due 2/15/34
​ ​ ​ ​ 71,731 ​ ​
See Notes to Financial Statements.
229
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 155,000 ​ ​ ​ A ​ ​
5.500% due 9/1/43
​ ​ ​ $ 170,041 ​ ​
​ ​ ​ 400,000 ​ ​ ​ A(f) ​ ​
Series B, 5.000% due 11/15/40
​ ​ ​ ​ 449,288 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AAA ​ ​
Texas A&M University, Revenue Bonds, Series C, 5.000% due 5/15/23
​ ​ ​ ​ 186,123 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Department of Housing & Community Affairs, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 413,670 ​ ​ ​ Aaa(a) ​ ​
2.950% due 7/1/36
​ ​ ​ ​ 447,909 ​ ​
​ ​ ​ 430,000 ​ ​ ​ AA+ ​ ​
Series A, 4.000% due 3/1/50
​ ​ ​ ​ 490,505 ​ ​
​ ​ ​ 600,000 ​ ​ ​ AA+ ​ ​
Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28
​ ​ ​ ​ 783,336 ​ ​
​ ​ ​ 135,000 ​ ​ ​ Aa2(a) ​ ​
Texas State University System, Revenue Bonds, Series A, 5.000% due
3/15/29
​ ​ ​ ​ 169,965 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Water Development Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AAA ​ ​
3.000% due 8/1/21
​ ​ ​ ​ 1,026,020 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/22
​ ​ ​ ​ 134,781 ​ ​
​ ​ ​ 180,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/25
​ ​ ​ ​ 218,380 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 10/15/25
​ ​ ​ ​ 92,511 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/26
​ ​ ​ ​ 156,326 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/29
​ ​ ​ ​ 246,698 ​ ​
​ ​ ​ 505,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/30
​ ​ ​ ​ 652,208 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA ​ ​
University of Houston, Revenue Bonds, Series A, 5.000% due 2/15/30
​ ​ ​ ​ 230,031 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ University of Texas System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 8/15/22
​ ​ ​ ​ 98,453 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AAA ​ ​
Series D, 5.000% due 8/15/21
​ ​ ​ ​ 68,007 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AAA ​ ​
Series D, 5.000% due 8/15/22
​ ​ ​ ​ 76,574 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AAA ​ ​
Series E, 5.000% due 8/15/22
​ ​ ​ ​ 87,514 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AAA ​ ​
Series J, 5.000% due 8/15/22
​ ​ ​ ​ 98,453 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Texas
​ ​ ​ ​ 99,830,310 ​ ​
​ Utah – 0.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salt Lake City Corp. Airport Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/26(c)
​ ​ ​ ​ 42,594 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/28(c)
​ ​ ​ ​ 141,897 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/30(c)
​ ​ ​ ​ 193,240 ​ ​
​ ​ ​ 375,000 ​ ​ ​ AAA ​ ​
State of Utah, GO, Series B, 5.000% due 7/1/22
​ ​ ​ ​ 408,090 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A- ​ ​
Utah Associated Municipal Power Systems, Revenue Bonds, Series A,
Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(d)
​ ​ ​ ​ 93,111 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ A+ ​ ​
Utah Transit Authority, Revenue Bonds, Series A, NPFG, 5.000% due
6/15/31
​ ​ ​ ​ 3,264,625 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Utah
​ ​ ​ ​ 4,143,557 ​ ​
See Notes to Financial Statements.
230
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Vermont – 0.2% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vermont Student Assistance Corp., Revenue Bonds: ​ ​
​ ​ $ 750,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 6/15/29(c)
​ ​ ​ $ 906,255 ​ ​
​ ​ ​ 675,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 6/15/30(c)
​ ​ ​ ​ 821,509 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Vermont
​ ​ ​ ​ 1,727,764 ​ ​
​ Virginia – 2.4% ​
​ ​ ​ 195,000 ​ ​ ​ A+ ​ ​
Arlington County Industrial Development Authority, Revenue Bonds,
5.000% due 7/1/32
​ ​ ​ ​ 257,256 ​ ​
​ ​ ​ 315,000 ​ ​ ​ AAA ​ ​
City of Chesapeake VA, GO, Series A, 5.000% due 8/1/34
​ ​ ​ ​ 430,596 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB+ ​ ​
City of Chesapeake VA Chesapeake Expressway Toll Road Revenue,
Revenue Bonds, Series A, 5.000% due 7/15/22
​ ​ ​ ​ 31,411 ​ ​
​ ​ ​ 2,635,000 ​ ​ ​ AAA ​ ​
City of Suffolk VA, GO, Series A, 5.000% due 2/1/27
​ ​ ​ ​ 3,390,138 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24
​ ​ ​ ​ 5,517,850 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fredericksburg Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/27
​ ​ ​ ​ 45,144 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/29
​ ​ ​ ​ 44,835 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/33
​ ​ ​ ​ 49,798 ​ ​
​ ​ ​ 3,180,000 ​ ​ ​ AA ​ ​
Hampton Roads Transportation Accountability Commission, Revenue
Bonds, Series A, 5.000% due 7/1/35
​ ​ ​ ​ 4,023,654 ​ ​
​ ​ ​ 1,065,000 ​ ​ ​ A- ​ ​
King George County Economic Development Authority, Revenue Bonds,
2.500% due 6/1/23(b)(c)
​ ​ ​ ​ 1,101,125 ​ ​
​ ​ ​ 320,000 ​ ​ ​ AA ​ ​
Norfolk Economic Development Authority, Revenue Bonds, Series B,
5.000% due 11/1/48(b)
​ ​ ​ ​ 412,896 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stafford County Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/32
​ ​ ​ ​ 58,211 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/34
​ ​ ​ ​ 75,214 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A3(a) ​ ​
4.000% due 6/15/37
​ ​ ​ ​ 21,822 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Virginia College Building Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,805,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/32
​ ​ ​ ​ 3,652,390 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA+ ​ ​
Series D, 5.000% due 2/1/26
​ ​ ​ ​ 205,432 ​ ​
​ ​ ​ 265,000 ​ ​ ​ AA+ ​ ​
Series E, 5.000% due 2/1/30
​ ​ ​ ​ 343,766 ​ ​
​ ​ ​ 305,000 ​ ​ ​ AA+ ​ ​
Series E, 5.000% due 2/1/31
​ ​ ​ ​ 393,261 ​ ​
​ ​ ​ 360,000 ​ ​ ​ AA+ ​ ​
Virginia Commonwealth Transportation Board, Revenue Bonds, Series A,
5.000% due 5/15/30
​ ​ ​ ​ 463,302 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB- ​ ​
Virginia Small Business Financing Authority, Revenue Bonds, 5.000% due
1/1/40(c)
​ ​ ​ ​ 228,089 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Winchester Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 1/1/32
​ ​ ​ ​ 70,325 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A+ ​ ​
5.000% due 1/1/33
​ ​ ​ ​ 87,539 ​ ​
See Notes to Financial Statements.
231
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Virginia – (continued) ​
​ ​ $ 100,000 ​ ​ ​ BBB+ ​ ​
York County Economic Development Authority, Revenue Bonds, Series A,
1.900% due 5/1/33(b)
​ ​ ​ $ 103,263 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Virginia
​ ​ ​ ​ 21,007,317 ​ ​
​ Washington – 3.3% ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Chelan County Public Utility District No 1, Revenue Bonds, Series A,
NPFG, zero coupon, due 6/1/24
​ ​ ​ ​ 58,348 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Tacoma WA Electric System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 37,673 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/36
​ ​ ​ ​ 42,688 ​ ​
​ ​ ​ 3,330,000 ​ ​ ​ AA+ ​ ​
County of King WA Sewer Revenue, Revenue Bonds, Series A, 5.000% due
7/1/22
​ ​ ​ ​ 3,624,472 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Grant County Public Utility District No 2 Priest Rapids Hydroelectric
Project, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 1/1/22
​ ​ ​ ​ 31,912 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/23(d)
​ ​ ​ ​ 32,630 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d)
​ ​ ​ ​ 70,698 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Port of Seattle WA, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 25,000 ​ ​ ​ A ​ ​
5.000% due 6/1/23(c)
​ ​ ​ ​ 27,778 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/27
​ ​ ​ ​ 41,915 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/29
​ ​ ​ ​ 82,823 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 5/1/29(c)
​ ​ ​ ​ 102,959 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 10/1/26(c)
​ ​ ​ ​ 1,181,420 ​ ​
​ ​ ​ 980,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 10/1/27(c)
​ ​ ​ ​ 1,153,783 ​ ​
​ ​ ​ 135,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 10/1/29(c)
​ ​ ​ ​ 157,841 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Washington, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series 2017A, 5.000% due 8/1/27
​ ​ ​ ​ 63,017 ​ ​
​ ​ ​ 3,430,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 8/1/32
​ ​ ​ ​ 4,423,051 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/1/33
​ ​ ​ ​ 6,525,050 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series R2017A, 5.000% due 8/1/28
​ ​ ​ ​ 62,818 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series R2017A, 5.000% due 8/1/30
​ ​ ​ ​ 62,620 ​ ​
​ ​ ​ 355,000 ​ ​ ​ AA+ ​ ​
Series R2018C, 5.000% due 8/1/30
​ ​ ​ ​ 452,401 ​ ​
​ ​ ​ 725,000 ​ ​ ​ AA+ ​ ​
Series R2018D, 5.000% due 8/1/32
​ ​ ​ ​ 918,611 ​ ​
​ ​ ​ 640,000 ​ ​ ​ AA+ ​ ​
Series R2018D, 5.000% due 8/1/33
​ ​ ​ ​ 808,333 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series R2018D, 5.000% due 8/1/35
​ ​ ​ ​ 6,297,750 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tobacco Settlement Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 6/1/23
​ ​ ​ ​ 77,750 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
5.000% due 6/1/24
​ ​ ​ ​ 110,811 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Washington Health Care Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
See Notes to Financial Statements.
232
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Washington – (continued) ​
​ ​ $ 5,000 ​ ​ ​ A ​ ​
5.000% due 7/1/25
​ ​ ​ $ 5,954 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
5.000% due 7/1/26
​ ​ ​ ​ 73,284 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 88,657 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/28
​ ​ ​ ​ 77,660 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+ ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 46,882 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 112,117 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
5.000% due 7/1/34
​ ​ ​ ​ 24,250 ​ ​
​ ​ ​ 780,000 ​ ​ ​ A ​ ​
5.000% due 7/1/42
​ ​ ​ ​ 925,127 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/24
​ ​ ​ ​ 125,092 ​ ​
​ ​ ​ 440,000 ​ ​ ​ BBB+ ​ ​
Series A2, 5.000% due 8/1/39
​ ​ ​ ​ 535,088 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Washington Higher Education Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 15,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/29
​ ​ ​ ​ 16,847 ​ ​
​ ​ ​ 35,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 39,045 ​ ​
​ ​ ​ 40,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 44,408 ​ ​
​ ​ ​ 210,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/33
​ ​ ​ ​ 230,544 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Washington
​ ​ ​ ​ 28,794,107 ​ ​
​ West Virginia – 1.8% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of West Virginia, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 9,860,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 12/1/34
​ ​ ​ ​ 12,637,956 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 6/1/35
​ ​ ​ ​ 2,558,500 ​ ​
​ ​ ​ 190,000 ​ ​ ​ BBB+ ​ ​
West Virginia Hospital Finance Authority, Revenue Bonds, 5.000% due
1/1/33
​ ​ ​ ​ 232,798 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total West Virginia
​ ​ ​ ​ 15,429,254 ​ ​
​ Wisconsin – 0.5% ​
​ ​ ​ 160,000 ​ ​ ​ A ​ ​
Public Finance Authority, Revenue Bonds, 5.000% due 1/1/31
​ ​ ​ ​ 204,867 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wisconsin Health & Educational Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 400,000 ​ ​ ​ A2(a) ​ ​
5.000% due 10/1/23
​ ​ ​ ​ 447,036 ​ ​
​ ​ ​ 255,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/24
​ ​ ​ ​ 299,742 ​ ​
​ ​ ​ 325,000 ​ ​ ​ A2(a) ​ ​
5.000% due 10/1/25
​ ​ ​ ​ 384,391 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB+ ​ ​
5.000% due 5/1/26
​ ​ ​ ​ 28,346 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/1/27
​ ​ ​ ​ 53,015 ​ ​
​ ​ ​ 195,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/27
​ ​ ​ ​ 225,689 ​ ​
​ ​ ​ 50,000 ​ ​ ​ BBB+ ​ ​
5.000% due 5/1/28
​ ​ ​ ​ 56,139 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB+ ​ ​
5.000% due 5/1/29
​ ​ ​ ​ 27,984 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/1/32
​ ​ ​ ​ 31,549 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/1/39
​ ​ ​ ​ 73,170 ​ ​
​ ​ ​ 1,505,000 ​ ​ ​ AA ​ ​
5.000% due 8/15/54(b)
​ ​ ​ ​ 1,700,847 ​ ​
See Notes to Financial Statements.
233
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Wisconsin – (continued) ​
​ ​ $ 30,000 ​ ​ ​ WR(a) ​ ​
Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/25(d)
​ ​ ​ $ 33,898 ​ ​
​ ​ ​ 200,000 ​ ​ ​ WR(a) ​ ​
Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/36(d)
​ ​ ​ ​ 225,988 ​ ​
​ ​ ​ 50,000 ​ ​ ​ NR ​ ​
Series C, Prerefunded 8/15/22 @ 100, 5.000% due 8/15/32(d)
​ ​ ​ ​ 54,614 ​ ​
​ ​ ​ 35,000 ​ ​ ​ WD(f) ​ ​
Series Prerefunded 8/15/25 @ 100, 4.000% due 2/15/38(d)
​ ​ ​ ​ 41,098 ​ ​
​ ​ ​ 550,000 ​ ​ ​ AA ​ ​
Wisconsin Housing & Economic Development Authority, Revenue Bonds,
Series A, 3.500% due 9/1/50
​ ​ ​ ​ 611,457 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Wisconsin
​ ​ ​ ​ 4,499,830 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $724,999,279)
​ ​ ​
​
767,112,563
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $724,999,279)
​ ​ ​
​
767,112,563
 ​ ​
​ SHORT-TERM INVESTMENTS – 14.7% ​
​ MUNICIPAL BONDS – 5.0% ​
​ ​ ​ 5,000,000 ​ ​ ​ SP-1+ ​ ​
City of Los Angeles CA, Revenue Notes, 4.000% due 6/24/21
​ ​ ​ ​ 5,154,850 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​ MIG1(a) ​ ​
School District of Broward County, Revenue Notes, 2.000% due 6/30/21
​ ​ ​ ​ 10,149,300 ​ ​
​ ​ ​ 15,000,000 ​ ​ ​ SP-1+ ​ ​
State of Colorado, Revenue Notes, 4.000% due 6/25/21
​ ​ ​ ​ 15,464,850 ​ ​
​ ​ ​ 12,500,000 ​ ​ ​ SP-1+ ​ ​
State of Texas, Revenue Notes, 4.000% due 8/26/21
​ ​ ​ ​ 12,966,375 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $43,725,448)
​ ​ ​
​
43,735,375
 ​ ​
​ TIME DEPOSITS – 9.7% ​
​ ​ ​ 28,268,926 ​ ​ ​ ​ ​ ​
ANZ National Bank – London, 0.010% due 9/1/20
​ ​ ​ ​ 28,268,926 ​ ​
​ ​ ​ 982,486 ​ ​ ​ ​ ​ ​
Citibank – New York, 0.010% due 9/1/20
​ ​ ​ ​ 982,486 ​ ​
​ ​ ​ 3,897,577 ​ ​ ​ ​ ​ ​
Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20
​ ​ ​ ​ 3,897,577 ​ ​
​ ​ ​ 51,606,344 ​ ​ ​ ​ ​ ​
Sumitomo Mitsui Banking Corp. – Tokyo, 0.010% due 9/1/20
​ ​ ​ ​ 51,606,344 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $84,755,333)
​ ​ ​
​
84,755,333
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $128,480,781)
​ ​ ​
​
128,490,708
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 102.2%
(Cost – $853,480,060)
​ ​ ​
​
895,603,271
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (2.2)%
​ ​ ​ ​ (19,285,822) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 876,317,449 ​ ​
​
​
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
​
(a)
Rating by Moody’s Investors Service. All ratings are unaudited.
​
(b)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.
​
(c)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).
​
(d)
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.
​
See Notes to Financial Statements.
234
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Municipal Fixed Income Fund (concluded)
​
(e)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $126,221 and represents 0.01% of net assets.
​
(f)
Rating by Fitch Ratings Service. All ratings are unaudited.
​
(g)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $165,744 and represents 0.02% of net assets.
​
Abbreviations used in this schedule:
AGM
 —  Assured Guaranty Municipal Corporation
​
AMBAC
 —  American Bond Assurance Corporation
​
COP
 —  Certificate of Participation
​
GO
 —  General Obligation
​
LIBOR
 —  London Interbank Offered Rate
​
LLC
 —  Limited Liability Company
​
MTA
 —  Metropolitan Transportation Authority
​
NPFG
 —  National Public Finance Guarantee Corporation
​
PSF-GTD
 —  Permanent School Fund Guaranteed
​
See pages 254-255 for definitions of ratings.
Summary of Investments by Security Industry^
​
General Obligation
​ ​ ​ ​ 43.2% ​ ​
​
Education
​ ​ ​ ​ 13.2 ​ ​
​
Health Care Providers & Services
​ ​ ​ ​ 7.9 ​ ​
​
Water and Sewer
​ ​ ​ ​ 6.3 ​ ​
​
Transportation
​ ​ ​ ​ 5.6 ​ ​
​
Airport
​ ​ ​ ​ 3.6 ​ ​
​
Power
​ ​ ​ ​ 1.8 ​ ​
​
Development
​ ​ ​ ​ 1.3 ​ ​
​
Single Family Housing
​ ​ ​ ​ 1.0 ​ ​
​
Utilities
​ ​ ​ ​ 0.8 ​ ​
​
Student Loan
​ ​ ​ ​ 0.5 ​ ​
​
Pollution
​ ​ ​ ​ 0.2 ​ ​
​
Multifamily Housing
​ ​ ​ ​ 0.1 ​ ​
​
Nursing Homes
​ ​ ​ ​ 0.1 ​ ​
​
Tobacco Settlement
​ ​ ​ ​ 0.1 ​ ​
​
Bond Bank
​ ​ ​ ​ 0.0* ​ ​
​
Facilities
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 14.3 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
See Notes to Financial Statements.
235
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund
​
​ Face
Amount/Units 		​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – 17.8% ​
​ ​ ​ ​ ​ ​ ​ Alternative Loan Trust: ​ ​
​ ​ $ 2,763,457 ​ ​ ​
Series 2005-61, Class 2A2, 0.555% (1-Month USD-LIBOR + 0.380)% due
12/25/35(a)
​ ​ ​ $ 2,321,797 ​ ​
​ ​ ​ 491,871 ​ ​ ​
Series 2005-81, Class A1, 0.455% (1-Month USD-LIBOR + 0.280)% due
2/25/37(a)
​ ​ ​ ​ 430,645 ​ ​
​ ​ ​ 941,856 ​ ​ ​
Series 2006-OA8, Class 1A1, 0.365% (1-Month USD-LIBOR + 0.190)% due
7/25/46(a)
​ ​ ​ ​ 815,792 ​ ​
​ ​ ​ 1,052,916 ​ ​ ​
Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 0.335% (1-Month
USD-LIBOR + 0.160)% due 2/25/34(a)
​ ​ ​ ​ 972,813 ​ ​
​ ​ ​ ​ ​ ​ ​
Federal National Mortgage Association (FNMA), Connecticut Avenue
Securities@:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,395,386 ​ ​ ​
Series 2015-C04, Class 1M2, 5.875% (1-Month USD-LIBOR + 5.700)% due
4/25/28(a)
​ ​ ​ ​ 2,503,443 ​ ​
​ ​ ​ 9,134,427 ​ ​ ​
Series 2016-C01, Class 1M2, 6.925% (1-Month USD-LIBOR + 6.750)% due
8/25/28(a)
​ ​ ​ ​ 9,670,467 ​ ​
​ ​ ​ 1,402,245 ​ ​ ​
Series 2016-C01, Class 2M2, 7.125% (1-Month USD-LIBOR + 6.950)% due
8/25/28(a)
​ ​ ​ ​ 1,479,560 ​ ​
​ ​ ​ 3,854,325 ​ ​ ​
Series 2016-C03, Class 1M2, 5.475% (1-Month USD-LIBOR + 5.300)% due
10/25/28(a)
​ ​ ​ ​ 4,009,011 ​ ​
​ ​ ​ 3,825,679 ​ ​ ​
Series 2016-C03, Class 2M2, 6.075% (1-Month USD-LIBOR + 5.900)% due
10/25/28(a)
​ ​ ​ ​ 4,012,778 ​ ​
​ ​ ​ 7,346,339 ​ ​ ​
Series 2016-C05, Class 2M2, 4.625% (1-Month USD-LIBOR + 4.450)% due
1/25/29(a)
​ ​ ​ ​ 7,605,489 ​ ​
​ ​ ​ 10,493,017 ​ ​ ​
Series 2016-C07, Class 2M2, 4.525% (1-Month USD-LIBOR + 4.350)% due
5/25/29(a)
​ ​ ​ ​ 10,808,127 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​
Series 2017-C01, Class 1M2C, 3.725% (1-Month USD-LIBOR + 3.550)% due
7/25/29(a)
​ ​ ​ ​ 1,818,850 ​ ​
​ ​ ​ 14,710,579 ​ ​ ​
Series 2017-C02, Class 2M2, 3.825% (1-Month USD-LIBOR + 3.650)% due
9/25/29(a)
​ ​ ​ ​ 14,931,807 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2017-C02, Class 2M2C, 3.825% (1-Month USD-LIBOR + 3.650)% due
9/25/29(a)
​ ​ ​ ​ 985,608 ​ ​
​ ​ ​ 14,735,083 ​ ​ ​
Series 2017-C03, Class 1M2, 3.175% (1-Month USD-LIBOR + 3.000)% due
10/25/29(a)
​ ​ ​ ​ 14,820,819 ​ ​
​ ​ ​ 11,433,157 ​ ​ ​
Series 2017-C05, Class 1M2, 2.375% (1-Month USD-LIBOR + 2.200)% due
1/25/30(a)
​ ​ ​ ​ 11,204,300 ​ ​
​ ​ ​ 2,841,101 ​ ​ ​
Series 2017-C07, Class 1M2, 2.575% (1-Month USD-LIBOR + 2.400)% due
5/25/30(a)
​ ​ ​ ​ 2,798,376 ​ ​
​ ​ ​ 13,817,261 ​ ​ ​
Series 2018-C01, Class 1M2, 2.425% (1-Month USD-LIBOR + 2.250)% due
7/25/30(a)
​ ​ ​ ​ 13,558,111 ​ ​
​ ​ ​ 8,188,441 ​ ​ ​
Series 2018-C03, Class 1M2, 2.325% (1-Month USD-LIBOR + 2.150)% due
10/25/30(a)
​ ​ ​ ​ 8,014,297 ​ ​
See Notes to Financial Statements.
236
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units 		​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 4,600,000 ​ ​ ​
Freddie Mac STACR REMIC Trust, Series 2020-DNA4, Class M2, 3.908%
(1-Month USD-LIBOR + 3.750)% due 8/25/50(a)(b)
​ ​ ​ $ 4,643,858 ​ ​
​ ​ ​ 5,009,883 ​ ​ ​
Freddie Mac STACR Trust, Series 2019-DNA3, Class M2, 2.225% (1-Month
USD-LIBOR + 2.050)% due 7/25/49(a)(b)
​ ​ ​ ​ 4,896,873 ​ ​
​ ​ ​ ​ ​ ​ ​ Freddie Mac Structured Agency Credit Risk Debt Notes@: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,891,485 ​ ​ ​
Series 2015-DNA3, Class M3, 4.875% (1-Month USD-LIBOR + 4.700)% due
4/25/28(a)
​ ​ ​ ​ 1,967,287 ​ ​
​ ​ ​ 1,305,938 ​ ​ ​
Series 2015-HQA1, Class M3, 4.875% (1-Month USD-LIBOR + 4.700)% due
3/25/28(a)
​ ​ ​ ​ 1,341,962 ​ ​
​ ​ ​ 7,085,932 ​ ​ ​
Series 2016-DNA1, Class M3, 5.725% (1-Month USD-LIBOR + 5.550)% due
7/25/28(a)
​ ​ ​ ​ 7,494,114 ​ ​
​ ​ ​ 566,403 ​ ​ ​
Series 2016-DNA2, Class M3, 4.825% (1-Month USD-LIBOR + 4.650)% due
10/25/28(a)
​ ​ ​ ​ 586,933 ​ ​
​ ​ ​ 3,321,525 ​ ​ ​
Series 2016-DNA3, Class M3, 5.175% (1-Month USD-LIBOR + 5.000)% due
12/25/28(a)
​ ​ ​ ​ 3,454,738 ​ ​
​ ​ ​ 5,280,832 ​ ​ ​
Series 2016-HQA1, Class M3, 6.525% (1-Month USD-LIBOR + 6.350)% due
9/25/28(a)
​ ​ ​ ​ 5,585,878 ​ ​
​ ​ ​ 1,383,848 ​ ​ ​
Series 2017-DNA1, Class M2, 3.425% (1-Month USD-LIBOR + 3.250)% due
7/25/29(a)
​ ​ ​ ​ 1,417,020 ​ ​
​ ​ ​ 4,745,241 ​ ​ ​
Series 2017-DNA2, Class M2, 3.625% (1-Month USD-LIBOR + 3.450)% due
10/25/29(a)
​ ​ ​ ​ 4,857,329 ​ ​
​ ​ ​ 9,407,293 ​ ​ ​
Series 2017-HQA1, Class M2, 3.725% (1-Month USD-LIBOR + 3.550)% due
8/25/29(a)
​ ​ ​ ​ 9,595,869 ​ ​
​ ​ ​ 3,041,000 ​ ​ ​
Series 2017-HQA1, Class M2B, 3.725% (1-Month USD-LIBOR + 3.550)%
due 8/25/29(a)
​ ​ ​ ​ 2,910,510 ​ ​
​ ​ ​ 9,456,170 ​ ​ ​
Series 2017-HQA2, Class M2, 2.825% (1-Month USD-LIBOR + 2.650)% due
12/25/29(a)
​ ​ ​ ​ 9,325,858 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $170,707,658)
​ ​ ​
​
170,840,319
 ​ ​
​ CORPORATE BONDS & NOTES – 8.3% ​
​ Communications – 2.2% ​
​ ​ ​ 6,446,000 ​ ​ ​
Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(b)(c)
​ ​ ​ ​ 6,663,552 ​ ​
​ ​ ​ 11,271,000 ​ ​ ​
Consolidated Communications Inc., Company Guaranteed Notes, 6.500% due
10/1/22(c)
​ ​ ​ ​ 11,017,403 ​ ​
​ ​ ​ 3,931,500 ​ ​ ​
HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(b)(c)
​ ​ ​ ​ 3,666,124 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Communications
​ ​ ​ ​ 21,347,079 ​ ​
​ Consumer Cyclical – 0.7% ​
​ ​ ​ 7,515,000 ​ ​ ​
Arrow Bidco LLC, Senior Secured Notes, 9.500% due 3/15/24(b)(c)
​ ​ ​ ​ 6,162,300 ​ ​
​ Consumer Non-cyclical – 0.7% ​
​ ​ ​ 2,800,000 ​ ​ ​
Cytokinetics Inc., Senior Unsecured Notes, 4.000% due 11/15/26
​ ​ ​ ​ 6,777,871 ​ ​
See Notes to Financial Statements.
237
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units 		​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – 0.4% ​
​ ​ $ 4,652,700 ​ ​ ​
Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(b)
​ ​ ​ $ 4,166,586 ​ ​
​ Financial – 3.9% ​
​ ​ ​ 1,834,723 ​ ​ ​
BlackRock Capital Investment Corp., Senior Unsecured Notes, 5.000% due
6/15/22
​ ​ ​ ​ 1,811,855 ​ ​
​ ​ ​ 983,385 ​ ​ ​
BlackRock TCP Capital Corp., Senior Unsecured Notes, 4.625% due 3/1/22
​ ​ ​ ​ 983,361 ​ ​
​ ​ ​ 19,003 ​ ​ ​
Capital Southwest Corp., Corporate Unsecured Notes, 5.950% due 12/15/22
​ ​ ​ ​ 476,975 ​ ​
​ ​ ​ 7,013,000 ​ ​ ​
Fidelity & Guaranty Life Holdings Inc., Company Guaranteed Notes, 5.500% due
5/1/25(b)(c)
​ ​ ​ ​ 7,731,832 ​ ​
​ ​ ​ 8,756,000 ​ ​ ​
ILFC E-Capital Trust I, Limited Guaranteed Notes, 3.020% due 12/21/65(a)(b)(c)
​ ​ ​ ​ 4,465,560 ​ ​
​ ​ ​ 13,243,000 ​ ​ ​
JPMorgan Chase & Co., Junior Subordinated Notes, 3.738% (3-Month
USD-LIBOR + 3.470)% (a)(d)
​ ​ ​ ​ 12,817,238 ​ ​
​ ​ ​ 45,195 ​ ​ ​
Portman Ridge Finance Corp., Corporate Unsecured Notes, 6.125% due
9/30/22
 ​ ​ ​ ​ 1,114,961 ​ ​
​ ​ ​ 28,346 ​ ​ ​
TriplePoint Venture Growth BDC Corp., Corporate Unsecured Notes, 5.750% due
7/15/22
​ ​ ​ ​ 717,154 ​ ​
​ ​ ​ 9,662,000 ​ ​ ​
USB Realty Corp., Junior Subordinated Notes, 1.422% (3-Month USD-LIBOR +
1.147)% (a)(b)(c)(d)​
​ ​ ​ ​ 7,705,445 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Financial
​ ​ ​ ​ 37,824,381 ​ ​
​ Industrial – 0.4% ​
​ ​ ​ 3,200,000 ​ ​ ​
Fortress Transportation & Infrastructure Investors LLC, Senior Unsecured Notes,
9.750% due 8/1/27(b)
​ ​ ​ ​ 3,412,064 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL CORPORATE BONDS & NOTES ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $76,789,927)
​ ​ ​
​
79,690,281
 ​ ​
​ ASSET-BACKED SECURITIES – 8.1% ​
​ ​ ​ 3,500,000 ​ ​ ​
Aames Mortgage Investment Trust, Series 2005-4, Class M3, 0.955% (1-Month
USD-LIBOR + 0.780)% due 10/25/35(a)
​ ​ ​ ​ 3,423,723 ​ ​
​ ​ ​ 2,172,264 ​ ​ ​
ABFC Trust, Series 2005-WF1, Class M2, 0.775% (1-Month USD-LIBOR +
0.600)% due 10/25/34(a)
​ ​ ​ ​ 2,112,779 ​ ​
​ ​ ​ 1,952,643 ​ ​ ​
Accredited Mortgage Loan Trust, Series 2006-2, Class A4, 0.435% (1-Month
USD-LIBOR + 0.260)% due 9/25/36(a)
​ ​ ​ ​ 1,894,508 ​ ​
​ ​ ​ 460,000 ​ ​ ​
Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 0.605% (1-Month
USD-LIBOR + 0.430)% due 12/25/35(a)
​ ​ ​ ​ 429,584 ​ ​
​ ​ ​ 880,000 ​ ​ ​
Allegro CLO IV Ltd., Series 2016-1A, Class ER, 7.555% (3-Month USD-LIBOR
+ 7.280)% due 1/15/30(a)(b)
​ ​ ​ ​ 662,155 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class DR, 6.825%
(3-Month USD-LIBOR + 6.550)% due 7/15/29(a)(b)
​ ​ ​ ​ 927,836 ​ ​
​ ​ ​ 1,028,488 ​ ​ ​
BNC Mortgage Loan Trust, Series 2006-2, Class A4, 0.335% (1-Month
USD-LIBOR + 0.160)% due 11/25/36(a)
​ ​ ​ ​ 978,831 ​ ​
See Notes to Financial Statements.
238
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units 		​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 410,000 ​ ​ ​
Brookside Mill CLO Ltd., Series 2013-1A, Class ER, 5.773% (3-Month
USD-LIBOR + 5.500)% due 1/17/28(a)(b)
​ ​ ​ $ 294,824 ​ ​
​ ​ ​ 1,350,000 ​ ​ ​
Carlyle Global Market Strategies CLO 2015-3 Ltd., Series 2015-3A, Class ER,
8.497% (3-Month USD-LIBOR + 8.250)% due 7/28/28(a)(b)
​ ​ ​ ​ 793,388 ​ ​
​ ​ ​ 690,000 ​ ​ ​
Countrywide Asset-Backed Certificates, Series 2007-BC1, Class 2A4, 0.405%
(1-Month USD-LIBOR + 0.230)% due 5/25/37(a)
​ ​ ​ ​ 595,272 ​ ​
​ ​ ​ 740,000 ​ ​ ​
Crown Point CLO 5 Ltd., Series 2018-5A, Class E, 5.923% (3-Month
USD-LIBOR + 5.650)% due 7/17/28(a)(b)
​ ​ ​ ​ 494,520 ​ ​
​ ​ ​ 1,774,218 ​ ​ ​
CWABS Asset-Backed Certificates Trust, Series 2007-12, Class 2A3, 0.975%
(1-Month USD-LIBOR + 0.800)% due 8/25/47(a)
​ ​ ​ ​ 1,745,804 ​ ​
​ ​ ​ 470,962 ​ ​ ​
Ellington Loan Acquisition Trust, Series 2007-1, Class M1, 2.275% (1-Month
USD-LIBOR + 2.100)% due 5/25/37(a)(b)
​ ​ ​ ​ 364,071 ​ ​
​ ​ ​ ​ ​ ​ ​ Home Equity Asset Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,569,486 ​ ​ ​
Series 2004-2, Class M1, 0.970% (1-Month USD-LIBOR + 0.795)% due
7/25/34(a)
​ ​ ​ ​ 3,509,152 ​ ​
​ ​ ​ 1,415,000 ​ ​ ​
Series 2005-5, Class M4, 1.120% (1-Month USD-LIBOR + 0.945)% due
11/25/35(a)
​ ​ ​ ​ 1,330,140 ​ ​
​ ​ ​ 2,834,390 ​ ​ ​
Series 2005-7, Class M1, 0.625% (1-Month USD-LIBOR + 0.450)% due
1/25/36(a)
​ ​ ​ ​ 2,810,178 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 0.565%
(1-Month USD-LIBOR + 0.390)% due 1/25/36(a)
​ ​ ​ ​ 1,964,464 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
JMP Credit Advisors CLO IIIR Ltd., Series 2014-1RA, Class E, 5.973%
(3-Month USD-LIBOR + 5.700)% due 1/17/28(a)(b)
​ ​ ​ ​ 743,464 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Mortgage Acquisition Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,300,000 ​ ​ ​
Series 2007-CH4, Class A5, 0.415% (1-Month USD-LIBOR + 0.240)% due
5/25/37(a)
​ ​ ​ ​ 4,153,096 ​ ​
​ ​ ​ 1,277,241 ​ ​ ​
Series 2007-CH5, Class A5, 0.435% (1-Month USD-LIBOR + 0.260)% due
6/25/37(a)
​ ​ ​ ​ 1,253,808 ​ ​
​ ​ ​ 2,700,000 ​ ​ ​
KVK CLO 2018-1 Ltd., Series 2018-1A, Class E, 6.103% (3-Month
USD-LIBOR + 5.850)% due 5/20/29(a)(b)
​ ​ ​ ​ 1,749,025 ​ ​
​ ​ ​ 1,355,169 ​ ​ ​
Longfellow Place CLO Ltd., Series 2013-1A, Class ERR, 7.975% (3-Month
USD-LIBOR + 7.700)% due 4/15/29(a)(b)
​ ​ ​ ​ 829,965 ​ ​
​ ​ ​ 1,480,741 ​ ​ ​
Merrill Lynch Mortgage Investors Trust, Series 2005-FM1, Class M1, 0.895%
(1-Month USD-LIBOR + 7.200)% due 5/25/36(a)
​ ​ ​ ​ 1,445,506 ​ ​
​ ​ ​ 1,320,703 ​ ​ ​
Option One Mortgage Loan Trust, Series 2005-3, Class M2, 0.910% (1-Month
USD-LIBOR + 0.735)% due 8/25/35(a)
​ ​ ​ ​ 1,303,833 ​ ​
​ ​ ​ 1,820,000 ​ ​ ​
OZLM IX Ltd., Series 2014-9A, Class DRR, 6.392% (3-Month USD-LIBOR +
6.120)% due 10/20/31(a)(b)
​ ​ ​ ​ 1,460,805 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
OZLM XI Ltd., Series 2015-11A, Class DR, 7.268% (3-Month USD-LIBOR +
7.000)% due 10/30/30(a)(b)
​ ​ ​ ​ 1,644,238 ​ ​
See Notes to Financial Statements.
239
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units 		​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 3,574,081 ​ ​ ​
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates,
Series 2005-WCW2, Class M2, 0.970% (1-Month USD-LIBOR + 0.795)% due
7/25/35(a)
​ ​ ​ $ 3,508,244 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
People’s Choice Home Loan Securities Trust, Series 2005-1, Class M5, 1.675%
(1-Month USD-LIBOR + 1.500)% due 1/25/35(a)
​ ​ ​ ​ 2,287,774 ​ ​
​ ​ ​ 1,620,971 ​ ​ ​
SG Mortgage Securities Trust, Series 2006-OPT2, Class A3B, 0.285% (1-Month
USD-LIBOR + 0.110)% due 10/25/36(a)
​ ​ ​ ​ 1,606,396 ​ ​
​ ​ ​ ​ ​ ​ ​ Soundview Home Loan Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 733,985 ​ ​ ​
Series 2007-1, Class 2A3, 0.345% (1-Month USD-LIBOR + 0.170)% due
3/25/37(a)
​ ​ ​ ​ 731,203 ​ ​
​ ​ ​ 2,360,000 ​ ​ ​
Series 2007-OPT3, Class 2A4, 0.425% (1-Month USD-LIBOR + 0.250)% due
8/25/37(a)
​ ​ ​ ​ 1,938,190 ​ ​
​ ​ ​ 380,000 ​ ​ ​
Steele Creek CLO 2016-1 Ltd., Series 2016-1A, Class ER, 6.063% (3-Month
USD-LIBOR + 5.750)% due 6/15/31(a)(b)
​ ​ ​ ​ 256,179 ​ ​
​ ​ ​ 3,860,926 ​ ​ ​
Structured Asset Investment Loan Trust, Series 2004-7, Class A7, 1.015%
(1-Month USD-LIBOR + 0.840)% due 8/25/34(a)
​ ​ ​ ​ 3,841,885 ​ ​
​ ​ ​ ​ ​ ​ ​ Structured Asset Securities Corp. Mortgage Loan Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2005-WF4, Class M6, 1.180% (1-Month USD-LIBOR + 1.005)% due
11/25/35(a)
​ ​ ​ ​ 960,281 ​ ​
​ ​ ​ 14,913,322 ​ ​ ​
Series 2006-BC6, Class A1, 0.335% (1-Month USD-LIBOR + 0.160)% due
1/25/37(a)
​ ​ ​ ​ 14,066,615 ​ ​
​ ​ ​ 3,496,659 ​ ​ ​
Series 2006-BC6, Class A4, 0.345% (1-Month USD-LIBOR + 0.170)% due
1/25/37(a)
​ ​ ​ ​ 3,427,669 ​ ​
​ ​ ​ 3,683,884 ​ ​ ​
Series 2006-GEL1, Class M2, 0.975% (1-Month USD-LIBOR + 0.800)% due
11/25/35(a)(b)
​ ​ ​ ​ 3,644,766 ​ ​
​ ​ ​ 3,151,787 ​ ​ ​
Series 2006-GEL1, Class M3, 2.425% (1-Month USD-LIBOR + 2.250)% due
11/25/35(a)(b)
​ ​ ​ ​ 2,686,709 ​ ​
​ ​ ​ 641,418 ​ ​ ​
Trinitas CLO III Ltd., Series 2015-3A, Class E, 5.525% (3-Month USD-LIBOR +
5.250)% due 7/15/27(a)(b)
​ ​ ​ ​ 385,984 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL ASSET-BACKED SECURITIES ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $74,100,661)
​ ​ ​
​
78,256,864
 ​ ​
​
Shares/Units
​ ​ ​ ​ ​ ​ ​
​ COMMON STOCKS – 22.5% ​
​ COMMUNICATIONS – 1.2% ​
​ Internet – 0.7% ​
​ ​ $ 49,933 ​ ​ ​
IAC/InterActiveCorp*
​ ​ ​ $ 6,640,590 ​ ​
​ Telecommunications – 0.5% ​
​ ​ ​ 539,226 ​ ​ ​
Consolidated Communications Holdings Inc.*
​ ​ ​ ​ 4,195,178 ​ ​
​ ​ ​ 320,512 ​ ​ ​
HC2 Holdings Inc.*(e)
​ ​ ​ ​ 801,280 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 4,996,458 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ $ 11,637,048 ​ ​
See Notes to Financial Statements.
240
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – 0.4% ​
​ Retail – 0.4% ​
​ ​ ​ 34,234 ​ ​ ​
Tiffany & Co.
​ ​ ​ $ 4,193,665 ​ ​
​ CONSUMER NON-CYCLICAL – 10.9% ​
​ Biotechnology – 3.7% ​
​ ​ ​ 15,665 ​ ​ ​
Argenx SE, ADR*(c)
​ ​ ​ ​ 3,622,844 ​ ​
​ ​ ​ 34,290 ​ ​ ​
Ascendis Pharma AS, ADR*(c)
​ ​ ​ ​ 5,081,092 ​ ​
​ ​ ​ 102,435 ​ ​ ​
Black Diamond Therapeutics Inc.*
​ ​ ​ ​ 2,947,055 ​ ​
​ ​ ​ 214,369 ​ ​ ​
Crinetics Pharmaceuticals Inc.*
​ ​ ​ ​ 3,436,335 ​ ​
​ ​ ​ 719,372 ​ ​ ​
Gamida Cell Ltd.*(e)
​ ​ ​ ​ 3,136,462 ​ ​
​ ​ ​ 338,029 ​ ​ ​
Orchard Therapeutics PLC, ADR*(c)
​ ​ ​ ​ 2,004,512 ​ ​
​ ​ ​ 298,893 ​ ​ ​
Relay Therapeutics Inc.*
​ ​ ​ ​ 12,012,510 ​ ​
​ ​ ​ 58,332 ​ ​ ​
SpringWorks Therapeutics Inc.*
​ ​ ​ ​ 2,590,524 ​ ​
​ ​ ​ 32,488 ​ ​ ​
Sutro Biopharma Inc.*
​ ​ ​ ​ 325,205 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Biotechnology
​ ​ ​ ​ 35,156,539 ​ ​
​ Healthcare-Products – 1.2% ​
​ ​ ​ 202,255 ​ ​ ​
Alphatec Holdings Inc.*
​ ​ ​ ​ 1,211,507 ​ ​
​ ​ ​ 323,280 ​ ​ ​
SeaSpine Holdings Corp.*
​ ​ ​ ​ 4,302,857 ​ ​
​ ​ ​ 207,498 ​ ​ ​
Wright Medical Group NV*(e)
​ ​ ​ ​ 6,272,664 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Products
​ ​ ​ ​ 11,787,028 ​ ​
​ Healthcare-Services – 1.2% ​
​ ​ ​ 200,000 ​ ​ ​
Invitae Corp.*
​ ​ ​ ​ 6,992,000 ​ ​
​ ​ ​ 220,711 ​ ​ ​
SI-BONE Inc.*(c)
​ ​ ​ ​ 4,815,914 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Services
​ ​ ​ ​ 11,807,914 ​ ​
​ Pharmaceuticals – 4.8% ​
​ ​ ​ 575,346 ​ ​ ​
AdaptHealth Corp., Class A Shares*
​ ​ ​ ​ 12,214,596 ​ ​
​ ​ ​ 566,155 ​ ​ ​
Cytokinetics Inc.*(c)
​ ​ ​ ​ 13,565,074 ​ ​
​ ​ ​ 88,215 ​ ​ ​
Merus NV*
​ ​ ​ ​ 1,064,755 ​ ​
​ ​ ​ 110,000 ​ ​ ​
MyoKardia Inc.*(c)
​ ​ ​ ​ 12,038,400 ​ ​
​ ​ ​ 360,406 ​ ​ ​
Odonate Therapeutics Inc.*
​ ​ ​ ​ 5,820,557 ​ ​
​ ​ ​ 210,060 ​ ​ ​
scPharmaceuticals Inc.*
​ ​ ​ ​ 1,798,114 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 46,501,496 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
 ​ ​ ​ ​ 105,252,977 ​ ​
​ DIVERSIFIED – 5.4% ​
​ SPACs – 5.4% ​
​ ​ ​ 100,702 ​ ​ ​
Agba Acquisition Ltd.*(f)
​ ​ ​ ​ 1,044,280 ​ ​
​ ​ ​ 1 ​ ​ ​
Alussa Energy Acquisition Corp.*
​ ​ ​ ​ 10 ​ ​
​ ​ ​ 87,674 ​ ​ ​
Alussa Energy Acquisition Corp., Class A Shares*
​ ​ ​ ​ 863,589 ​ ​
​ ​ ​ 1 ​ ​ ​
Amplitude Healthcare Acquisition Corp.*(f)
​ ​ ​ ​ 10 ​ ​
​ ​ ​ 62,006 ​ ​ ​
Amplitude Healthcare Acquisition Corp., Class A Shares*
​ ​ ​ ​ 616,960 ​ ​
​ ​ ​ 5,142 ​ ​ ​
Artius Acquisition Inc.*
​ ​ ​ ​ 51,677 ​ ​
​ ​ ​ 3,611 ​ ​ ​
ARYA Sciences Acquisition Corp. II*
​ ​ ​ ​ 40,010 ​ ​
​ ​ ​ 16,309 ​ ​ ​
Brilliant Acquisition Corp.*
​ ​ ​ ​ 163,905 ​ ​
​ ​ ​ 5,463 ​ ​ ​
Capstar Special Purpose Acquisition Corp.*
​ ​ ​ ​ 55,668 ​ ​
See Notes to Financial Statements.
241
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ DIVERSIFIED – (continued) ​
​ SPACs – (continued) ​
​ ​ ​ 1 ​ ​ ​
CC Neuberger Principal Holdings I*
​ ​ ​ $ 11 ​ ​
​ ​ ​ 61,662 ​ ​ ​
CC Neuberger Principal Holdings I, Class A Shares*
​ ​ ​ ​ 633,885 ​ ​
​ ​ ​ 24,648 ​ ​ ​
CF Finance Acquisition Corp., Class A Shares*
​ ​ ​ ​ 255,353 ​ ​
​ ​ ​ 42,614 ​ ​ ​
Chardan Healthcare Acquisition 2 Corp.*
​ ​ ​ ​ 417,617 ​ ​
​ ​ ​ 1 ​ ​ ​
Churchill Capital Corp. II*
​ ​ ​ ​ 11 ​ ​
​ ​ ​ 18,906 ​ ​ ​
Churchill Capital Corp. II, Class A Shares*
​ ​ ​ ​ 198,324 ​ ​
​ ​ ​ 310,200 ​ ​ ​
Churchill Capital Corp. IV*
​ ​ ​ ​ 3,083,388 ​ ​
​ ​ ​ 25,600 ​ ​ ​
CIIG Merger Corp., Class A Shares*
​ ​ ​ ​ 259,328 ​ ​
​ ​ ​ 46,368 ​ ​ ​
Collective Growth Corp., Class A Shares*
​ ​ ​ ​ 456,725 ​ ​
​ ​ ​ 1 ​ ​ ​
dMY Technology Group Inc.*
​ ​ ​ ​ 12 ​ ​
​ ​ ​ 77,632 ​ ​ ​
dMY Technology Group Inc., Class A Shares*
​ ​ ​ ​ 881,900 ​ ​
​ ​ ​ 51,907 ​ ​ ​
East Stone Acquisition Corp.*
​ ​ ​ ​ 513,879 ​ ​
​ ​ ​ 25,081 ​ ​ ​
FinTech Acquisition Corp. III*(f)
​ ​ ​ ​ 280,656 ​ ​
​ ​ ​ 688,303 ​ ​ ​
Flying Eagle Acquisition Corp., Class A Shares*
​ ​ ​ ​ 7,399,257 ​ ​
​ ​ ​ 13,476 ​ ​ ​
Fortress Value Acquisition Corp., Class A Shares*
​ ​ ​ ​ 181,926 ​ ​
​ ​ ​ 7,477 ​ ​ ​
Fusion Acquisition Corp.*
​ ​ ​ ​ 74,994 ​ ​
​ ​ ​ 38,120 ​ ​ ​
GigCapital2 Inc.*(f)
​ ​ ​ ​ 409,409 ​ ​
​ ​ ​ 44,282 ​ ​ ​
GigCapital3 Inc.*
​ ​ ​ ​ 437,064 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Gores Holdings IV Inc., Class A Shares*
​ ​ ​ ​ 2,124,000 ​ ​
​ ​ ​ 92,012 ​ ​ ​
Greenrose Acquisition Corp.*(e)
​ ​ ​ ​ 907,238 ​ ​
​ ​ ​ 85,388 ​ ​ ​
Greenvision Acquisition Corp.*
​ ​ ​ ​ 859,857 ​ ​
​ ​ ​ 1,356 ​ ​ ​
GS Acquisition Holdings Corp. II*
​ ​ ​ ​ 14,224 ​ ​
​ ​ ​ 35,473 ​ ​ ​
GX Acquisition Corp.*
​ ​ ​ ​ 395,524 ​ ​
​ ​ ​ 26,238 ​ ​ ​
Haymaker Acquisition Corp. II, Class A Shares*
​ ​ ​ ​ 264,479 ​ ​
​ ​ ​ 1 ​ ​ ​
Healthcare Merger Corp.*
​ ​ ​ ​ 11 ​ ​
​ ​ ​ 12,800 ​ ​ ​
Healthcare Merger Corp., Class A Shares*
​ ​ ​ ​ 130,560 ​ ​
​ ​ ​ 32,628 ​ ​ ​
Hennessy Capital Acquisition Corp. IV, Class A Shares*
​ ​ ​ ​ 352,056 ​ ​
​ ​ ​ 40,972 ​ ​ ​
Insurance Acquisition Corp., Class A Shares*(e)
​ ​ ​ ​ 549,025 ​ ​
​ ​ ​ 89,382 ​ ​ ​
InterPrivate Acquisition Corp.*(f)
​ ​ ​ ​ 883,988 ​ ​
​ ​ ​ 1,676 ​ ​ ​
Juniper Industrial Holdings Inc., Class A Shares*
​ ​ ​ ​ 16,659 ​ ​
​ ​ ​ 21,751 ​ ​ ​
Kensington Capital Acquisition Corp.*
​ ​ ​ ​ 226,210 ​ ​
​ ​ ​ 2 ​ ​ ​
Landcadia Holdings II Inc.*
​ ​ ​ ​ 34 ​ ​
​ ​ ​ 309,644 ​ ​ ​
Landcadia Holdings II Inc., Class A Shares*
​ ​ ​ ​ 4,706,589 ​ ​
​ ​ ​ 2,813 ​ ​ ​
LF Capital Acquisition Corp., Class A Shares*
​ ​ ​ ​ 29,649 ​ ​
​ ​ ​ 30,687 ​ ​ ​
LifeSci Acquisition Corp.*
​ ​ ​ ​ 308,404 ​ ​
​ ​ ​ 102,252 ​ ​ ​
LIV Capital Acquisition Corp., Class A Shares*
​ ​ ​ ​ 1,007,182 ​ ​
​ ​ ​ 1 ​ ​ ​
Live Oak Acquisition Corp.*
​ ​ ​ ​ 10 ​ ​
​ ​ ​ 46,308 ​ ​ ​
Live Oak Acquisition Corp., Class A Shares*
​ ​ ​ ​ 455,208 ​ ​
​ ​ ​ 311,200 ​ ​ ​
Longview Acquisition Corp.*
​ ​ ​ ​ 3,146,232 ​ ​
​ ​ ​ 14,195 ​ ​ ​
Malacca Straits Acquisition Co., Ltd., Class C Shares*
​ ​ ​ ​ 139,821 ​ ​
​ ​ ​ 101,645 ​ ​ ​
Merida Merger Corp. I*
​ ​ ​ ​ 1,006,286 ​ ​
​ ​ ​ 10,785 ​ ​ ​
Monocle Acquisition Corp.*
​ ​ ​ ​ 110,978 ​ ​
See Notes to Financial Statements.
242
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ DIVERSIFIED – (continued) ​
​ SPACs – (continued) ​
​ ​ ​ 30,698 ​ ​ ​
Mountain Crest Acquisition Corp.*
​ ​ ​ $ 314,655 ​ ​
​ ​ ​ 33,225 ​ ​ ​
Newborn Acquisition Corp.*
​ ​ ​ ​ 329,592 ​ ​
​ ​ ​ 1 ​ ​ ​
Osprey Technology Acquisition Corp.*
​ ​ ​ ​ 10 ​ ​
​ ​ ​ 49,580 ​ ​ ​
Osprey Technology Acquisition Corp., Class A Shares*
​ ​ ​ ​ 496,792 ​ ​
​ ​ ​ 193,500 ​ ​ ​
Panacea Acquisition Corp.*(f)
​ ​ ​ ​ 2,169,135 ​ ​
​ ​ ​ 39,682 ​ ​ ​
Pershing Square Tontine Holdings Ltd.*
​ ​ ​ ​ 849,592 ​ ​
​ ​ ​ 70,600 ​ ​ ​
Pivotal Investment Corp. II, Class A Shares*
​ ​ ​ ​ 712,354 ​ ​
​ ​ ​ 79,152 ​ ​ ​
Property Solutions Acquisition Corp.*
​ ​ ​ ​ 779,647 ​ ​
​ ​ ​ 32,032 ​ ​ ​
PropTech Acquisition Corp., Class A Shares*
​ ​ ​ ​ 334,414 ​ ​
​ ​ ​ 41,579 ​ ​ ​
PTK Acquisition Corp.*
​ ​ ​ ​ 412,464 ​ ​
​ ​ ​ 154,400 ​ ​ ​
RedBall Acquisition Corp.*
​ ​ ​ ​ 1,582,600 ​ ​
​ ​ ​ 28,426 ​ ​ ​
Roth CH Acquisition I Co*(f)
​ ​ ​ ​ 281,418 ​ ​
​ ​ ​ 43,473 ​ ​ ​
Schultze Special Purpose Acquisition Corp.*
​ ​ ​ ​ 440,381 ​ ​
​ ​ ​ 1 ​ ​ ​
South Mountain Merger Corp.*
​ ​ ​ ​ 11 ​ ​
​ ​ ​ 51,278 ​ ​ ​
South Mountain Merger Corp., Class A Shares*
​ ​ ​ ​ 518,933 ​ ​
​ ​ ​ 16,858 ​ ​ ​
Stable Road Acquisition Corp., Class A Shares*
​ ​ ​ ​ 167,400 ​ ​
​ ​ ​ 372,628 ​ ​ ​
Sustainable Opportunities Acquisition Corp., Class A Shares*
​ ​ ​ ​ 3,666,660 ​ ​
​ ​ ​ 32,225 ​ ​ ​
Tuscan Holdings Corp.*(f)
​ ​ ​ ​ 338,363 ​ ​
​ ​ ​ 61,012 ​ ​ ​
Yunhong International, Class A Shares*
​ ​ ​ ​ 597,918 ​ ​
​ ​ ​ ​ ​ ​ ​
Total SPACs
​ ​ ​ ​ 49,946,411 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL DIVERSIFIED
 ​ ​ ​ ​ 49,946,411 ​ ​
​ FINANCIAL – 3.9% ​
​ Banks – 0.6% ​
​ ​ ​ 652,220 ​ ​ ​
HarborOne Bancorp Inc.
​ ​ ​ ​ 5,641,703 ​ ​
​ Equity Real Estate Investment Trusts (REITs) – 1.1% ​
​ ​ ​ 234,531 ​ ​ ​
MGM Growth Properties LLC, Class A Shares
​ ​ ​ ​ 6,583,285 ​ ​
​ ​ ​ 100,194 ​ ​ ​
Taubman Centers Inc.
​ ​ ​ ​ 3,837,430 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Equity Real Estate Investment Trusts (REITs)
​ ​ ​ ​ 10,420,715 ​ ​
​ Investment Companies – 1.5% ​
​ ​ ​ 240,396 ​ ​ ​
Bain Capital Specialty Finance Inc.(e)
​ ​ ​ ​ 2,586,661 ​ ​
​ ​ ​ 1,142,462 ​ ​ ​
Barings BDC Inc.
​ ​ ​ ​ 9,299,641 ​ ​
​ ​ ​ 569,155 ​ ​ ​
Oaktree Specialty Lending Corp.
​ ​ ​ ​ 2,845,775 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Investment Companies
​ ​ ​ ​ 14,732,077 ​ ​
​ Savings & Loans – 0.7% ​
​ ​ ​ 462,369 ​ ​ ​
Waterstone Financial Inc.
​ ​ ​ ​ 7,162,096 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 37,956,591 ​ ​
​ UTILITIES – 0.7% ​
​ Electric – 0.7% ​
​ ​ ​ 364,182 ​ ​ ​
Vistra Corp.
​ ​ ​ ​ 7,003,220 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL COMMON STOCKS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $181,971,887)
​ ​ ​
​
215,989,912
 ​ ​
See Notes to Financial Statements.
243
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ CLOSED-END FUNDS – 11.1% ​
​ ​ ​ 403,607 ​ ​ ​
Aberdeen Emerging Markets Equity Income Fund Inc., Class Common Shares
​ ​ ​ $ 2,716,275 ​ ​
​ ​ ​ 298,522 ​ ​ ​
Aberdeen Total Dynamic Dividend Fund, Class Common Shares(c)
​ ​ ​ ​ 2,450,866 ​ ​
​ ​ ​ 105,783 ​ ​ ​
BlackRock California Municipal Income Trust, Class Common Shares
​ ​ ​ ​ 1,423,839 ​ ​
​ ​ ​ 545,021 ​ ​ ​
BlackRock Debt Strategies Fund Inc., Class Common Shares(c)
​ ​ ​ ​ 5,450,210 ​ ​
​ ​ ​ 34,698 ​ ​ ​
BlackRock New York Municipal Bond Trust, Class Common Shares
​ ​ ​ ​ 553,780 ​ ​
​ ​ ​ 191,247 ​ ​ ​
BlackRock New York Municipal Income Quality Trust, Class Common Shares
​ ​ ​ ​ 2,549,323 ​ ​
​ ​ ​ 535,835 ​ ​ ​
BlackRock Resources & Commodities Strategy Trust, Class Common Shares
​ ​ ​ ​ 3,488,286 ​ ​
​ ​ ​ 346,252 ​ ​ ​
BrandywineGLOBAL Global Income Opportunities Fund Inc., Class Common
Shares(c)(e)
​ ​ ​ ​ 4,283,137 ​ ​
​ ​ ​ 35,051 ​ ​ ​
Calamos Long/Short Equity & Dynamic Income Trust, Class Common Shares
​ ​ ​ ​ 547,146 ​ ​
​ ​ ​ 196,370 ​ ​ ​
Clough Global Equity Fund, Class Common Shares
​ ​ ​ ​ 2,342,694 ​ ​
​ ​ ​ 353,939 ​ ​ ​
Clough Global Opportunities Fund, Class Common Shares(e)
​ ​ ​ ​ 3,426,130 ​ ​
​ ​ ​ 49,144 ​ ​ ​
DTF Tax-Free Income Inc.
​ ​ ​ ​ 705,708 ​ ​
​ ​ ​ 227,221 ​ ​ ​
Eaton Vance Floating-Rate Income Plus Fund, Class Common Shares
​ ​ ​ ​ 3,294,705 ​ ​
​ ​ ​ 377,872 ​ ​ ​
Eaton Vance Ltd. Duration Income Fund, Class Common Shares(c)
​ ​ ​ ​ 4,436,217 ​ ​
​ ​ ​ 42,199 ​ ​ ​
Eaton Vance Municipal Bond Fund, Class Common Shares(e)
​ ​ ​ ​ 550,064 ​ ​
​ ​ ​ 95,415 ​ ​ ​
Eaton Vance Senior Income Trust
​ ​ ​ ​ 555,315 ​ ​
​ ​ ​ 43,635 ​ ​ ​
First Eagle Alternative Capital BDC Inc.
​ ​ ​ ​ 1,095,238 ​ ​
​ ​ ​ 14,146 ​ ​ ​
First Eagle Senior Loan Fund, Class Common Shares
​ ​ ​ ​ 174,562 ​ ​
​ ​ ​ 290,661 ​ ​ ​
First Trust MLP & Energy Income Fund, Class Common Shares
​ ​ ​ ​ 1,531,783 ​ ​
​ ​ ​ 106,384 ​ ​ ​
First Trust New Opportunities MLP & Energy Fund, Class Common Shares
​ ​ ​ ​ 425,536 ​ ​
​ ​ ​ 125,394 ​ ​ ​
Fortress Transportation & Infrastructure Investors LLC, Class Common Shares
​ ​ ​ ​ 1,987,495 ​ ​
​ ​ ​ 24,494 ​ ​ ​
General American Investors Co., Inc., Class Preferred Shares(d)
​ ​ ​ ​ 678,239 ​ ​
​ ​ ​ 298,496 ​ ​ ​
Highland Global Allocation Fund, Class Common Shares
​ ​ ​ ​ 1,999,923 ​ ​
​ ​ ​ 205,225 ​ ​ ​
Highland Income Fund, Class Z Shares
​ ​ ​ ​ 1,822,398 ​ ​
​ ​ ​ 151,506 ​ ​ ​
Invesco Dynamic Credit Opportunities Fund, Class Common Shares
​ ​ ​ ​ 1,372,644 ​ ​
​ ​ ​ 150,280 ​ ​ ​
Invesco High Income Trust II, Class Common Shares
​ ​ ​ ​ 1,908,556 ​ ​
​ ​ ​ 279,777 ​ ​ ​
Kayne Anderson Midstream/Energy Fund Inc., Class Common Shares
​ ​ ​ ​ 1,281,379 ​ ​
​ ​ ​ 277,350 ​ ​ ​
NexPoint Strategic Opportunities Fund, Class Common Shares
​ ​ ​ ​ 2,607,090 ​ ​
​ ​ ​ 59,606 ​ ​ ​
Nuveen AMT-Free Municipal Credit Income Fund, Class Common Shares
​ ​ ​ ​ 931,642 ​ ​
​ ​ ​ 178,908 ​ ​ ​
Nuveen Credit Strategies Income Fund, Class Common Shares
​ ​ ​ ​ 1,091,339 ​ ​
​ ​ ​ 142,444 ​ ​ ​
Nuveen Georgia Quality Municipal Income Fund, Class Common Shares
​ ​ ​ ​ 1,764,881 ​ ​
​ ​ ​ 78,040 ​ ​ ​
Nuveen Michigan Quality Municipal Income Fund, Class Common Shares
​ ​ ​ ​ 1,098,023 ​ ​
​ ​ ​ 31,030 ​ ​ ​
Nuveen New York Municipal Value Fund 2, Class Common Shares
​ ​ ​ ​ 465,140 ​ ​
​ ​ ​ 146,267 ​ ​ ​
Nuveen Quality Municipal Income Fund, Class Common Shares
​ ​ ​ ​ 2,109,170 ​ ​
​ ​ ​ 125,982 ​ ​ ​
Nuveen S&P 500 Buy-Write Income Fund, Class Common Shares(e)
​ ​ ​ ​ 1,497,926 ​ ​
​ ​ ​ 561,646 ​ ​ ​
PGIM Global High Yield Fund Inc., Class Common Shares(c)(e)
​ ​ ​ ​ 7,554,139 ​ ​
​ ​ ​ 111,895 ​ ​ ​
PGIM High Yield Bond Fund Inc., Class Common Shares(e)
​ ​ ​ ​ 1,573,244 ​ ​
​ ​ ​ 234,848 ​ ​ ​
PIMCO Energy & Tactical Credit Opportunities Fund, Class Common Shares
​ ​ ​ ​ 1,726,133 ​ ​
​ ​ ​ 280,212 ​ ​ ​
Pioneer Floating Rate Trust, Class Common Shares
​ ​ ​ ​ 2,737,671 ​ ​
​ ​ ​ 53,104 ​ ​ ​
Royce Global Value Trust Inc.
​ ​ ​ ​ 690,352 ​ ​
​ ​ ​ 308,302 ​ ​ ​
Royce Micro-Capital Trust Inc., Class Common Shares(e)
​ ​ ​ ​ 2,506,495 ​ ​
​ ​ ​ 134,711 ​ ​ ​
Source Capital Inc., Class Common Shares(e)
​ ​ ​ ​ 4,996,431 ​ ​
​ ​ ​ 86,503 ​ ​ ​
Special Opportunities Fund Inc., Class Common Shares(e)
​ ​ ​ ​ 1,107,238 ​ ​
See Notes to Financial Statements.
244
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ CLOSED-END FUNDS – (continued) ​
​ ​ ​ 351,623 ​ ​ ​
Voya Natural Resources Equity Income Fund, Class Common Shares(e)
​ ​ ​ $ 907,187 ​ ​
​ ​ ​ 2,997,693 ​ ​ ​
Voya Prime Rate Trust, Class Common Shares(c)(e)
​ ​ ​ ​ 13,219,826 ​ ​
​ ​ ​ 554,648 ​ ​ ​
Western Asset Global High Income Fund Inc., Class Common Shares(e)
​ ​ ​ ​ 5,452,190 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL CLOSED-END FUNDS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $105,079,566)
​ ​ ​
​
107,087,565
 ​ ​
​ OPEN-END FUND – 11.7% ​
​ ​ ​ 9,794,790 ​ ​ ​
JPMorgan Strategic Income Opportunities Fund, Class R6 Shares
​ ​ ​ ​ 112,248,288 ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $113,589,180)
 ​ ​ ​ ​ ​ ​ ​
​ PREFERRED STOCKS – 1.2% ​
​ FINANCIAL – 1.2% ​
​ Banks – 0.4% ​
​ ​ ​ 165,290 ​ ​ ​
GMAC Capital Trust I, 6.065%(a)
​ ​ ​ ​ 4,054,564 ​ ​
​ Investment Companies – 0.8% ​
​ ​ ​ 37,280 ​ ​ ​
First Eagle Alternative Capital BDC Inc., 6.125%
​ ​ ​ ​ 920,816 ​ ​
​ ​ ​ 44,789 ​ ​ ​
Monroe Capital Corp., 5.750%
​ ​ ​ ​ 1,073,144 ​ ​
​ ​ ​ 64,864 ​ ​ ​
MVC Capital Inc., 6.250%
​ ​ ​ ​ 1,636,078 ​ ​
​ ​ ​ ​ ​ ​ ​ Oxford Square Capital Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 54,401 ​ ​ ​
6.250%
​ ​ ​ ​ 1,294,744 ​ ​
​ ​ ​ 39,915 ​ ​ ​
6.500%
​ ​ ​ ​ 983,905 ​ ​
​ ​ ​ 55,209 ​ ​ ​
PennantPark Investment Corp., 5.500%(e)
​ ​ ​ ​ 1,338,818 ​ ​
​ ​ ​ 23,559 ​ ​ ​
Stellus Capital Investment Corp., 5.750%(e)
​ ​ ​ ​ 584,734 ​ ​
​ ​ ​ 4,252 ​ ​ ​
WhiteHorse Finance Inc., 6.500%
​ ​ ​ ​ 109,574 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Investment Companies
​ ​ ​ ​ 7,941,813 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 11,996,377 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL PREFERRED STOCKS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $10,311,695)
​ ​ ​
​
11,996,377
 ​ ​
​ WARRANTS – 0.2% ​
​ CONSUMER CYCLICAL – 0.0% ​
​ Distribution/Wholesale – 0.0% ​
​ ​ ​ 15,116 ​ ​ ​
Whole Earth Brands Inc.*(f)
​ ​ ​ ​ 12,546 ​ ​
​ Entertainment – 0.0% ​
​ ​ ​ 16,736 ​ ​ ​
Hall of Fame Resort & Entertainment Co.*(f)
​ ​ ​ ​ 11,381 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 23,927 ​ ​
​ DIVERSIFIED – 0.2% ​
​ SPACs – 0.2% ​
​ ​ ​ 100,702 ​ ​ ​
Agba Acquisition Ltd.*(f)
​ ​ ​ ​ 20,745 ​ ​
​ ​ ​ 41,641 ​ ​ ​
Alberton Acquisition Corp.*(f)
​ ​ ​ ​ 4,997 ​ ​
​ ​ ​ 43,837 ​ ​ ​
Alussa Energy Acquisition Corp.*(f)
​ ​ ​ ​ 26,653 ​ ​
​ ​ ​ 31,003 ​ ​ ​
Amplitude Healthcare Acquisition Corp.*(f)
​ ​ ​ ​ 29,763 ​ ​
​ ​ ​ 42,105 ​ ​ ​
Andina Acquisition Corp. III*(f)
​ ​ ​ ​ 11,789 ​ ​
​ ​ ​ 27,894 ​ ​ ​
Atlas Technical Consultants Inc.*(f)
​ ​ ​ ​ 14,923 ​ ​
​ ​ ​ 25,362 ​ ​ ​
Big Rock Partners Acquisition Corp.*(f)
​ ​ ​ ​ 6,341 ​ ​
​ ​ ​ 32,931 ​ ​ ​
BiomX Inc.*(f)
​ ​ ​ ​ 16,828 ​ ​
​ ​ ​ 16,309 ​ ​ ​
Brilliant Acquisition Corp.*(f)
​ ​ ​ ​ 2,773 ​ ​
See Notes to Financial Statements.
245
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ WARRANTS – (continued) ​
​ DIVERSIFIED – (continued) ​
​ SPACs – (continued) ​
​ ​ ​ 20,554 ​ ​ ​
CC Neuberger Principal Holdings I*(f)
​ ​ ​ $ 26,720 ​ ​
​ ​ ​ 18,486 ​ ​ ​
CF Finance Acquisition Corp.*(f)
​ ​ ​ ​ 18,255 ​ ​
​ ​ ​ 42,614 ​ ​ ​
Chardan Healthcare Acquisition 2 Corp.*(f)
​ ​ ​ ​ 25,568 ​ ​
​ ​ ​ 6,302 ​ ​ ​
Churchill Capital Corp. II*(f)
​ ​ ​ ​ 12,604 ​ ​
​ ​ ​ 12,800 ​ ​ ​
CIIG Merger Corp.*(f)
​ ​ ​ ​ 10,496 ​ ​
​ ​ ​ 23,184 ​ ​ ​
Collective Growth Corp.*(f)
​ ​ ​ ​ 16,461 ​ ​
​ ​ ​ 38,816 ​ ​ ​
dMY Technology Group Inc.*(f)
​ ​ ​ ​ 87,724 ​ ​
​ ​ ​ 51,907 ​ ​ ​
East Stone Acquisition Corp.*(f)
​ ​ ​ ​ 8,824 ​ ​
​ ​ ​ 133,104 ​ ​ ​
Flying Eagle Acquisition Corp.*(f)
​ ​ ​ ​ 400,324 ​ ​
​ ​ ​ 4,492 ​ ​ ​
Fortress Value Acquisition Corp.*(f)
​ ​ ​ ​ 13,746 ​ ​
​ ​ ​ 33,210 ​ ​ ​
GigCapital3 Inc.*(f)
​ ​ ​ ​ 18,262 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Gores Holdings IV Inc.*(f)
​ ​ ​ ​ 208,000 ​ ​
​ ​ ​ 43,099 ​ ​ ​
Graf Industrial Corp.*(f)
​ ​ ​ ​ 153,001 ​ ​
​ ​ ​ 92,012 ​ ​ ​
Greenrose Acquisition Corp.*(f)
​ ​ ​ ​ 18,402 ​ ​
​ ​ ​ 85,388 ​ ​ ​
Greenvision Acquisition Corp.*(f)
​ ​ ​ ​ 29,800 ​ ​
​ ​ ​ 8,746 ​ ​ ​
Haymaker Acquisition Corp. II*(f)
​ ​ ​ ​ 10,933 ​ ​
​ ​ ​ 6,400 ​ ​ ​
Healthcare Merger Corp.*(f)
​ ​ ​ ​ 12,480 ​ ​
​ ​ ​ 24,471 ​ ​ ​
Hennessy Capital Acquisition Corp. IV*(f)
​ ​ ​ ​ 41,845 ​ ​
​ ​ ​ 20,486 ​ ​ ​
Insurance Acquisition Corp.*(f)
​ ​ ​ ​ 67,604 ​ ​
​ ​ ​ 44,691 ​ ​ ​
InterPrivate Acquisition Corp.*
​ ​ ​ ​ 22,346 ​ ​
​ ​ ​ 838 ​ ​ ​
Juniper Industrial Holdings Inc.*(f)
​ ​ ​ ​ 796 ​ ​
​ ​ ​ 14,462 ​ ​ ​
KLDiscovery Inc.*(f)
​ ​ ​ ​ 4,628 ​ ​
​ ​ ​ 16,225 ​ ​ ​
Landcadia Holdings II Inc.*(f)
​ ​ ​ ​ 86,317 ​ ​
​ ​ ​ 38,865 ​ ​ ​
Legacy Acquisition Corp.*(f)
​ ​ ​ ​ 13,797 ​ ​
​ ​ ​ 30,854 ​ ​ ​
Leisure Acquisition Corp.*(f)
​ ​ ​ ​ 9,876 ​ ​
​ ​ ​ 2,813 ​ ​ ​
LF Capital Acquisition Corp.*(f)
​ ​ ​ ​ 4,698 ​ ​
​ ​ ​ 30,687 ​ ​ ​
LifeSci Acquisition Corp.*(f)
​ ​ ​ ​ 22,402 ​ ​
​ ​ ​ 102,252 ​ ​ ​
LIV Capital Acquisition Corp.*(f)
​ ​ ​ ​ 51,126 ​ ​
​ ​ ​ 23,154 ​ ​ ​
Live Oak Acquisition Corp.*(f)
​ ​ ​ ​ 19,912 ​ ​
​ ​ ​ 50,822 ​ ​ ​
Merida Merger Corp. I*(f)
​ ​ ​ ​ 39,641 ​ ​
​ ​ ​ 28,503 ​ ​ ​
Meten EdtechX Education Group Ltd.*(f)
​ ​ ​ ​ 9,406 ​ ​
​ ​ ​ 10,785 ​ ​ ​
Monocle Acquisition Corp.*(f)
​ ​ ​ ​ 4,314 ​ ​
​ ​ ​ 33,225 ​ ​ ​
Newborn Acquisition Corp.*(f)
​ ​ ​ ​ 4,449 ​ ​
​ ​ ​ 18,239 ​ ​ ​
Opes Acquisition Corp.*(f)
​ ​ ​ ​ 37,572 ​ ​
​ ​ ​ 24,790 ​ ​ ​
Osprey Technology Acquisition Corp.*(f)
​ ​ ​ ​ 27,269 ​ ​
​ ​ ​ 23,533 ​ ​ ​
Pivotal Investment Corp. II*(f)
​ ​ ​ ​ 22,333 ​ ​
​ ​ ​ 21,318 ​ ​ ​
Roth CH Acquisition I Co*(f)
​ ​ ​ ​ 18,120 ​ ​
​ ​ ​ 43,473 ​ ​ ​
Schultze Special Purpose Acquisition Corp.*(f)
​ ​ ​ ​ 25,214 ​ ​
​ ​ ​ 25,639 ​ ​ ​
South Mountain Merger Corp.*(f)
​ ​ ​ ​ 33,331 ​ ​
​ ​ ​ 8,429 ​ ​ ​
Stable Road Acquisition Corp.*(f)
​ ​ ​ ​ 5,479 ​ ​
​ ​ ​ 186,314 ​ ​ ​
Sustainable Opportunities Acquisition Corp.*(f)
​ ​ ​ ​ 172,434 ​ ​
​ ​ ​ 4,232 ​ ​ ​
Trident Acquisitions Corp.*(f)
​ ​ ​ ​ 973 ​ ​
See Notes to Financial Statements.
246
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ WARRANTS – (continued) ​
​ DIVERSIFIED – (continued) ​
​ SPACs – (continued) ​
​ ​ ​ 23,299 ​ ​ ​
X4 Pharmaceuticals Inc.*
​ ​ ​ $ 58 ​ ​
​ ​ ​ 30,506 ​ ​ ​
Yunhong International*(f)
​ ​ ​ ​ 4,728 ​ ​
​ ​ ​ ​ ​ ​ ​
Total SPACs
​ ​ ​ ​ 1,957,080 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL DIVERSIFIED
 ​ ​ ​ ​ 1,957,080 ​ ​
​ ENERGY – 0.0% ​
​ Oil & Gas – 0.0% ​
​ ​ ​ 18,561 ​ ​ ​
Brooge Energy Ltd.*(f)
​ ​ ​ ​ 9,652 ​ ​
​ FINANCIAL – 0.0% ​
​ Investment Companies – 0.0% ​
​ ​ ​ 76,557 ​ ​ ​
8i Enterprises Acquisition Corp.*(f)
​ ​ ​ ​ 96,462 ​ ​
​ TECHNOLOGY – 0.0% ​
​ Software – 0.0% ​
​ ​ ​ 5,402 ​ ​ ​
Global Blue Group Holding AG*(f)
​ ​ ​ ​ 3,997 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL WARRANTS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $1,613,179)
​ ​ ​
​
2,091,118
 ​ ​
​ RIGHTS – 0.0% ​
​ ​ ​ 76,557 ​ ​ ​
8i Enterprises Acquisition Corp.*
​ ​ ​ ​ 76,557 ​ ​
​ ​ ​ 100,702 ​ ​ ​
Agba Acquisition Ltd.*(f)
​ ​ ​ ​ 20,161 ​ ​
​ ​ ​ 41,641 ​ ​ ​
Alberton Acquisition Corp.*(f)
​ ​ ​ ​ 7,953 ​ ​
​ ​ ​ 42,105 ​ ​ ​
Andina Acquisition Corp. III*(f)
​ ​ ​ ​ 16,421 ​ ​
​ ​ ​ 50,724 ​ ​ ​
Big Rock Partners Acquisition Corp.*(f)
​ ​ ​ ​ 10,601 ​ ​
​ ​ ​ 16,309 ​ ​ ​
Brilliant Acquisition Corp.*(f)
​ ​ ​ ​ 3,019 ​ ​
​ ​ ​ 51,907 ​ ​ ​
East Stone Acquisition Corp.*(f)
​ ​ ​ ​ 10,895 ​ ​
​ ​ ​ 85,388 ​ ​ ​
Greenvision Acquisition Corp.*(f)
​ ​ ​ ​ 30,740 ​ ​
​ ​ ​ 33,225 ​ ​ ​
Newborn Acquisition Corp.*(f)
​ ​ ​ ​ 6,479 ​ ​
​ ​ ​ 61,012 ​ ​ ​
Yunhong International*(f)
​ ​ ​ ​ 11,592 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL RIGHTS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $137,868)
​ ​ ​
​
194,418
 ​ ​
​ Number of
Contracts 		​ ​
Notional
Amounts
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ PURCHASED SWAPTION – 0.3% ​ ​
​ Interest Rate Swaption – 0.3% ​ ​
​ ​ $ 22,500,000 ​ ​ ​
55,350
​ ​
10-Year Constant Maturity Swap, 3-Month USD-LIBOR, Call, 1.91, expires
12/23/20,
​ ​ ​ ​ 2,615,360 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL PURCHASED SWAPTION
(Cost – $148,500)
​ ​ ​
​
2,615,360
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $734,450,496)
​ ​ ​
​
781,010,502
 ​ ​
See Notes to Financial Statements.
247
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Face Amount†
​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 17.4% ​
​ TIME DEPOSITS – 17.4% ​
​ ​ $ 22,825,810 ​ ​ ​
Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.010% due 9/1/20
​ ​ ​ $ 22,825,810 ​ ​
​ ​ ​ 53,573,654 ​ ​ ​
Barclays Bank PLC – London, 0.010% due 9/1/20
​ ​ ​ ​ 53,573,654 ​ ​
​ ​ ​ 26 ​ ​ ​
Brown Brothers Harriman – Grand Cayman, 0.010% due 9/1/20
​ ​ ​ ​ 26 ​ ​
​ ​ ​ 65,174,325 ​ ​ ​
China Construction Bank – New York, 0.010% due 9/1/20
​ ​ ​ ​ 65,174,325 ​ ​
​ ​ ​ 22,166,255 ​ ​ ​
Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20
​ ​ ​ ​ 22,166,255 ​ ​
​ ​ ​ 4,047,752 ​ ​ ​
Sumitomo Mitsui Banking Corp. – Tokyo, 0.010% due 9/1/20
​ ​ ​ ​ 4,047,752 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $167,787,822)
​ ​ ​
​
167,787,822
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.0% ​
​ MONEY MARKET FUND – 1.0% ​
​ ​ ​ 9,658,436 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 0.054%(g)
(Cost – $9,658,436)
​ ​ ​ ​ 9,658,436 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 99.6%
(Cost – $911,896,380)
​ ​ ​
​
958,456,760
 ​ ​
​ ​ ​ ​ ​ ​ ​
Other Assets in Excess of Liabilities – 0.4%
​ ​ ​ ​ 3,492,032 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 961,948,792 ​ ​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.
​
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $70,452,123 and represents 7.32% of net assets.
​
(c)
All or a portion of this security is pledged by the Fund as collateral for short sales or derivative transactions.
​
(d)
Security is perpetual in nature and has no stated maturity date.
​
(e)
All or a portion of this security is on loan (See Note 5).
​
(f)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $6,732,192 and represents 0.7% of net assets.
​
(g)
Represents investment of collateral received from securities lending transactions.
​
@
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.
​
See Notes to Financial Statements.
248
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
Security
​ ​
Acquisition
Date
​ ​
Acquisition
Cost
​ ​
Market
Value
​ ​
Percent of
Net Assets
​
Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-C04, Class 1M2, 5.875% (1-Month USD-LIBOR +
5.700%) due 4/25/28
​ ​ ​ ​ 7/27/2020 ​ ​ ​ ​ $ 2,003,142 ​ ​ ​ ​ $ 2,503,443 ​ ​ ​ ​ ​ 0.26% ​ ​
Series 2016-C01, Class 1M2, 6.925% (1-Month USD-LIBOR +
6.750%) due 8/25/28
​ ​ ​ ​ 7/27/2020 ​ ​ ​ ​ ​ 9,257,141 ​ ​ ​ ​ ​ 9,670,467 ​ ​ ​ ​ ​ 1.01% ​ ​
Series 2016-C01, Class 2M2, 7.125% (1-Month USD-LIBOR +
6.950%) due 8/25/28
​ ​ ​ ​ 6/22/2020 ​ ​ ​ ​ ​ 1,481,500 ​ ​ ​ ​ ​ 1,479,560 ​ ​ ​ ​ ​ 0.15% ​ ​
Series 2016-C03, Class 1M2, 5.475% (1-Month USD-LIBOR +
5.300%) due 10/25/28
​ ​ ​ ​ 3/25/2020 ​ ​ ​ ​ ​ 3,777,754 ​ ​ ​ ​ ​ 4,009,011 ​ ​ ​ ​ ​ 0.42% ​ ​
Series 2016-C03, Class 2M2, 6.075% (1-Month USD-LIBOR +
5.900%) due 10/25/28
​ ​ ​ ​ 4/27/2020 ​ ​ ​ ​ ​ 3,678,367 ​ ​ ​ ​ ​ 4,012,778 ​ ​ ​ ​ ​ 0.42% ​ ​
Series 2016-C05, Class 2M2, 4.625% (1-Month USD-LIBOR +
4.450%) due 1/25/29
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 7,593,952 ​ ​ ​ ​ ​ 7,605,489 ​ ​ ​ ​ ​ 0.79% ​ ​
Series 2016-C07, Class 2M2, 4.525% (1-Month USD-LIBOR +
4.350%) due 5/25/29
​ ​ ​ ​ 6/10/2020 ​ ​ ​ ​ ​ 11,046,704 ​ ​ ​ ​ ​ 10,808,127 ​ ​ ​ ​ ​ 1.12% ​ ​
Series 2017-C01, Class 1M2C, 3.725% (1-Month USD-LIBOR + 3.550%) due 7/25/29
​ ​ ​ ​ 4/16/2020 ​ ​ ​ ​ ​ 1,494,000 ​ ​ ​ ​ ​ 1,818,850 ​ ​ ​ ​ ​ 0.19% ​ ​
Series 2017-C02, Class 2M2, 3.825% (1-Month USD-LIBOR +
3.650%) due 9/25/29
​ ​ ​ ​ 4/27/2020 ​ ​ ​ ​ ​ 15,492,062 ​ ​ ​ ​ ​ 14,931,807 ​ ​ ​ ​ ​ 1.55% ​ ​
Series 2017-C02, Class 2M2C, 3.825% (1-Month USD-LIBOR + 3.650%) due 9/25/29
​ ​ ​ ​ 5/19/2020 ​ ​ ​ ​ ​ 867,500 ​ ​ ​ ​ ​ 985,608 ​ ​ ​ ​ ​ 0.10% ​ ​
Series 2017-C03, Class 1M2, 3.175% (1-Month USD-LIBOR +
3.000%) due 10/25/29
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 15,215,806 ​ ​ ​ ​ ​ 14,820,819 ​ ​ ​ ​ ​ 1.54% ​ ​
Series 2017-C05, Class 1M2, 2.375% (1-Month USD-LIBOR +
2.200%) due 1/25/30
​ ​ ​ ​ 4/27/2020 ​ ​ ​ ​ ​ 11,569,881 ​ ​ ​ ​ ​ 11,204,300 ​ ​ ​ ​ ​ 1.16% ​ ​
Series 2017-C07, Class 1M2, 2.575% (1-Month USD-LIBOR +
2.400%) due 5/25/30
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 2,749,701 ​ ​ ​ ​ ​ 2,798,376 ​ ​ ​ ​ ​ 0.29% ​ ​
Series 2018-C01, Class 1M2, 2.425% (1-Month USD-LIBOR +
2.250%) due 7/25/30
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 13,934,432 ​ ​ ​ ​ ​ 13,558,111 ​ ​ ​ ​ ​ 1.41% ​ ​
Series 2018-C03, Class 1M2, 2.325% (1-Month USD-LIBOR +
2.150%) due 10/25/30
​ ​ ​ ​ 7/27/2020 ​ ​ ​ ​ ​ 8,253,053 ​ ​ ​ ​ ​ 8,014,297 ​ ​ ​ ​ ​ 0.83% ​ ​
Freddie Mac Structured Agency Credit Risk Debt Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-DNA3, Class M3, 4.875% (1-Month USD-LIBOR +
4.700%) due 4/25/28
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 1,961,233 ​ ​ ​ ​ ​ 1,967,287 ​ ​ ​ ​ ​ 0.20% ​ ​
Series 2015-HQA1, Class M3, 4.875% (1-Month USD-LIBOR +
4.700%) due 3/25/28
​ ​ ​ ​ 7/14/2020 ​ ​ ​ ​ ​ 1,341,851 ​ ​ ​ ​ ​ 1,341,962 ​ ​ ​ ​ ​ 0.14% ​ ​
Series 2016-DNA1, Class M3, 5.725% (1-Month USD-LIBOR +
5.550%) due 7/25/28
​ ​ ​ ​ 6/9/2020 ​ ​ ​ ​ ​ 7,483,737 ​ ​ ​ ​ ​ 7,494,114 ​ ​ ​ ​ ​ 0.78% ​ ​
Series 2016-DNA2, Class M3, 4.825% (1-Month USD-LIBOR +
4.650%) due 10/25/28
​ ​ ​ ​ 4/27/2020 ​ ​ ​ ​ ​ 467,282 ​ ​ ​ ​ ​ 586,933 ​ ​ ​ ​ ​ 0.06% ​ ​
Series 2016-DNA3, Class M3, 5.175% (1-Month USD-LIBOR +
5.000%) due 12/25/28
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 3,424,804 ​ ​ ​ ​ ​ 3,454,738 ​ ​ ​ ​ ​ 0.36% ​ ​
Series 2016-HQA1, Class M3, 6.525% (1-Month USD-LIBOR +
6.350%) due 9/25/28
​ ​ ​ ​ 3/6/2020 ​ ​ ​ ​ ​ 5,558,741 ​ ​ ​ ​ ​ 5,585,878 ​ ​ ​ ​ ​ 0.58% ​ ​
See Notes to Financial Statements.
249
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
Security
​ ​
Acquisition
Date
​ ​
Acquisition
Cost
​ ​
Market
Value
​ ​
Percent of
Net Assets
​
Series 2017-DNA1, Class M2, 3.425% (1-Month USD-LIBOR +
3.250%) due 7/25/29
​ ​ ​ ​ 7/27/2020 ​ ​ ​ ​ $ 1,396,605 ​ ​ ​ ​ $ 1,417,020 ​ ​ ​ ​ ​ 0.15% ​ ​
Series 2017-DNA2, Class M2, 3.625% (1-Month USD-LIBOR +
3.450%) due 10/25/29
​ ​ ​ ​ 3/9/2020 ​ ​ ​ ​ ​ 4,826,045 ​ ​ ​ ​ ​ 4,857,329 ​ ​ ​ ​ ​ 0.50% ​ ​
Series 2017-HQA1, Class M2, 3.725% (1-Month USD-LIBOR +
3.550%) due 8/25/29
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 9,715,141 ​ ​ ​ ​ ​ 9,595,869 ​ ​ ​ ​ ​ 1.00% ​ ​
Series 2017-HQA1, Class M2B, 3.725% (1-Month USD-LIBOR
+ 3.550%) due 8/25/29
​ ​ ​ ​ 8/4/2020 ​ ​ ​ ​ ​ 2,913,183 ​ ​ ​ ​ ​ 2,910,510 ​ ​ ​ ​ ​ 0.30% ​ ​
Series 2017-HQA2, Class M2, 2.825% (1-Month USD-LIBOR +
2.650%) due 12/25/29
​ ​ ​ ​ 8/25/2020 ​ ​ ​ ​ ​ 9,703,222 ​ ​ ​ ​ ​ 9,325,858 ​ ​ ​ ​ ​ 0.97% ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 156,758,541 ​ ​ ​ ​ ​ 16.28% ​ ​
​
Abbreviations used in this schedule:
ABS
 —     Asset-Based Security
​
ADR
 —     American Depositary Receipts
​
AMT
 —     Alternative Minimum Tax
​
CLO
 —     Collateralized Loan Obligation
​
LIBOR
 —     London Interbank Offered Rate
​
LLC
 —     Limited Liability Company
​
PLC
 —     Public Limited Company
​
SPACs
 —     Special Purpose Acquisition Companies
​
Summary of Investments by Security Type^
​
Common Stocks
​ ​ ​ ​ 22.5% ​ ​
​
Collateralized Mortgage Obligations
​ ​ ​ ​ 17.8 ​ ​
​
Open-End Fund
​ ​ ​ ​ 11.7 ​ ​
​
Closed-End Funds
​ ​ ​ ​ 11.2 ​ ​
​
Corporate Bonds & Notes
​ ​ ​ ​ 8.3 ​ ​
​
Asset-Backed Securities
​ ​ ​ ​ 8.2 ​ ​
​
Preferred Stocks
​ ​ ​ ​ 1.3 ​ ​
​
Purchased Option
​ ​ ​ ​ 0.3 ​ ​
​
Warrants
​ ​ ​ ​ 0.2 ​ ​
​
Rights
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 17.5 ​ ​
​
Money Market Fund
​ ​ ​ ​ 1.0 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
*
Fund will pay or receive the volatility of the reference asset depending on whether the realized volatility of the reference asset exceeds or is less than the fixed rate. For contracts where the Fund has elected to receive the volatility of the reference asset, it will receive a net payment of the difference between the realized volatility and the fixed rate multiplied by the notional amount if the realized volatility exceeds the fixed rate; the Fund will make a net payment of the absolute value of the difference of the realized volatility and the fixed rate multiplied by the notional amount if the realized
​
See Notes to Financial Statements.
250
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
volatility is less than the fixed rate. For contracts where the Fund has elected to pay the volatility of the reference asset, it will make a net payment of the difference between the realized volatility and the fixed rate multiplied by the notional amount if the realized volatility exceeds the fixed rate; the Fund will receive a net payment of the absolute value of the difference of the realized and the fixed rate multiplied by the notional amount if the realized volatility is less than the fixed rate.
Schedule of Options Contracts Written
Interest Rate Swaptions
Number of
Contracts 		​ ​
Notional
Amount
​ ​
Security Name
​ ​
Counterparty
​ ​
Expiration
Date
​ ​
Exercise
Rate
​ ​
Value
​
45,000,000
 ​ ​
110,700
​ ​ 10-Year Constant Maturity Swap, 3-Month
USD-LIBOR, Put 		​ ​
GSC
​ ​
12/23/20
​ ​
$2.21
​ ​
$6,137
​
45,000,000
 ​ ​
110,700
​ ​ 10-Year Constant Maturity Swap, 3-Month
USD-LIBOR, Call 		​ ​
GSC
​ ​
12/23/20
​ ​
1.16
​ ​
2,039,143
​
​ ​ ​ ​ ​ ​ TOTAL SWAPTIONS CONTRACTS WRITTEN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
$2,045,280
​
At August 31, 2020, Destinations Multi Strategy Alternatives Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:
OTC Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection(1)
Reference
Obligation 		​ ​
Fixed Deal
Receive
Rate
​ ​
Maturity
Date
​ ​
Payment
Frequency(2)
​ ​
Counter-
party
​ ​
Implied Credit
Spread at
8/31/20(3)
​ ​
Notional
Amounts
​ ​
Market
Value
​ ​
Upfront
Premiums
Paid/ (Received)
​ ​
Unrealized
Appreciation/​
(Depreciation)
​
CDX IG CDSI Series 31 5Y
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/23 ​ ​ ​
3-Month
 ​ ​
GSC
​ ​ ​ ​ 2.143% ​ ​ ​ ​ ​ USD10,000,000 ​ ​ ​ ​ $ (352,484) ​ ​ ​ ​ $ (750,000) ​ ​ ​ ​ $ 397,516 ​ ​
CDX IG CDSI Series 31 5Y
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/23 ​ ​ ​
3-Month
 ​ ​
GSC
​ ​ ​ ​ 2.143% ​ ​ ​ ​ ​ USD20,000,000 ​ ​ ​ ​ ​ (704,969) ​ ​ ​ ​ ​ (1,206,00) ​ ​ ​ ​ ​ 501,031 ​ ​
CDX.NA.IG.33
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/24 ​ ​ ​
3-Month
 ​ ​
MSCS
​ ​ ​ ​ 2.836% ​ ​ ​ ​ ​ USD10,000,000 ​ ​ ​ ​ ​ (743,308) ​ ​ ​ ​ ​ (1,152,000) ​ ​ ​ ​ ​ 408,692 ​ ​
CDX.NA.IG.33
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/24 ​ ​ ​
3-Month
 ​ ​
MSCS
​ ​ ​ ​ 2.836% ​ ​ ​ ​ ​ USD10,000,000 ​ ​ ​ ​ ​ (743,308) ​ ​ ​ ​ ​ (2,040,000) ​ ​ ​ ​ ​ 1,296,691 ​ ​
CDX.NA.IG.33
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/24 ​ ​ ​
3-Month
 ​ ​
MSCS
​ ​ ​ ​ 2.836% ​ ​ ​ ​ ​ USD10,000,000 ​ ​ ​ ​ ​ (743,308) ​ ​ ​ ​ ​ (670,000) ​ ​ ​ ​ ​ (73,308) ​ ​
CDX.NA.IG.33
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/24 ​ ​ ​
3-Month
 ​ ​
MSCS
​ ​ ​ ​ 2.836% ​ ​ ​ ​ ​ USD10,000,000 ​ ​ ​ ​ ​ (743,308) ​ ​ ​ ​ ​ (2,600,000) ​ ​ ​ ​ ​ 1,856,692 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,030,685) ​ ​ ​ ​ $ (8,418,000) ​ ​ ​ ​ $ 4,387,314 ​ ​
​
(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.
​
See Notes to Financial Statements.
251
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
Counterparty Abbreviations used in this schedule:
GSC
 —    Goldman Sachs & Co.
​
MSCS
 —    Morgan Stanley Capital Services LLC
​
​
Face Amount
​ ​
Security
​ ​
Value
​
​ SECURITIES SOLD SHORT – 7.2% ​
​ CORPORATE BONDS & NOTES – 0.5% ​
​ Communications – 0.4% ​
​ ​ $ 3,744,000 ​ ​ ​
Outfront Media Capital LLC/Outfront Media Capital Corp., Company
Guaranteed Notes, 5.000% due 8/15/27(a)
​ ​ ​ $ 3,677,357 ​ ​
​ Financial – 0.1% ​
​ ​ ​ 790,000 ​ ​ ​
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc.,
Company Guaranteed Notes, 4.625% due 6/15/25(a)
​ ​ ​ ​ 833,687 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Proceeds – $4,334,992)
​ ​ ​
​
4,511,044
 ​ ​
​
Shares/Units
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ EXCHANGE TRADED FUNDS (ETFs) – 6.3% ​
​ ​ ​ 275,000 ​ ​ ​
Invesco Senior Loan
​ ​ ​ ​ 6,014,250 ​ ​
​ ​ ​ 74,986 ​ ​ ​
iShares iBoxx High Yield Corporate Bond
​ ​ ​ ​ 6,376,060 ​ ​
​ ​ ​ 70,293 ​ ​ ​
iShares Nasdaq Biotechnology
​ ​ ​ ​ 9,531,731 ​ ​
​ ​ ​ 275,161 ​ ​ ​
SPDR S&P Biotech
​ ​ ​ ​ 30,765,751 ​ ​
​ ​ ​ 211,541 ​ ​ ​
SPDR S&P Regional Banking
​ ​ ​ ​ 8,176,060 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Exchange Traded Funds (ETFs)
​ ​ ​ ​ 60,863,852 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Proceeds – $56,152,428)
​ ​ ​
​
60,863,852
 ​ ​
​ COMMON STOCKS – 0.4% ​
​ COMMUNICATIONS – 0.4% ​
​ Internet – 0.4% ​
​ ​ ​ 244,668 ​ ​ ​
ANGI Homeservices Inc., Class A Shares*
​ ​ ​ ​ 3,394,768 ​ ​
​ Telecommunications – 0.0% ​
​ ​ ​ 12,450 ​ ​ ​
Cincinnati Bell Inc.*
​ ​ ​ ​ 187,497 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 3,582,265 ​ ​
​ CONSUMER NON-CYCLICAL – 0.0% ​
​ Pharmaceuticals – 0.0% ​
​ ​ ​ 5,289 ​ ​ ​
Herbalife Nutrition Ltd.*
​ ​ ​ ​ 259,954 ​ ​
​ FINANCIAL – 0.0% ​
​ Diversified Financial Services – 0.0% ​
​ ​ ​ 9,746 ​ ​ ​
AerCap Holdings NV*
​ ​ ​ ​ 288,189 ​ ​
See Notes to Financial Statements.
252
Schedules of Investments
August 31, 2020 (unaudited)
Destinations Multi Strategy Alternatives Fund (concluded)
​
Shares/Units
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
COMMON STOCKS – (continued) ​
Diversified Financial Services – (continued) ​
​ ​ ​
TOTAL COMMON STOCKS
(Proceeds – $4,622,501)
​ ​ ​
$
4,130,408
 ​ ​
​ ​ ​
TOTAL SECURITIES SOLD SHORT – 7.2%
(Proceeds – $65,109,921)
​ ​ ​ $ 69,505,304 ​ ​
​
*
Non-income producing security.
​
(a)
Restricted security that may be purchased from “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $4,511,044 and represents 0.47% of net assets.
​
See Notes to Financial Statements.
253
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.
254
Ratings (unaudited) (concluded)
​
Ca — Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.
C — Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.
e — Expected.
u — Upgraded.
Fitch Ratings Service (“Fitch”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.
AAA — Bonds rated “AAA” have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.
AAApre — Stable Outlook rating is based on the pledge of securities in the escrow deposit fund securing the bonds and reflects the lien of the refunded bondholders on the escrow trust funds and that all amounts have been invested in direct non-callable obligations of the United States.
AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.
NR — Indicates that the bond is not rated by Standard & Poor’s, Moody’s, or Fitch.
WD, WR — Indicates that the bonds rating has been withdrawn and the issuer is no longer rated by Standard & Poor’s, Moody’s or Fitch.
Short-Term Security Ratings
SP-1 — Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
A-1 — Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
VMIG 1 — Moody’s highest rating for issues having a demand feature — VRDO.
MIG1 — Moody’s highest rating for short-term municipal obligations.
P-1 — Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.
F-1 — Fitch’s highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.
F-2 — Fitch’s rating indicating a good capacity for timely payment of financial commitments.
255
Statements of Assets and Liabilities
August 31, 2020 (unaudited)
​
​ ​ ​
Destinations
Large Cap
Equity Fund
​ ​
Destinations
Small-Mid
Cap Equity
Fund
​ ​
Destinations
International
Equity Fund
​ ​
Destinations
Equity
Income
Fund
​ ​
Destinations
Real Assets
Fund
​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Investments, at value(1)(2)
​ ​ ​ $ 4,432,133,059 ​ ​ ​ ​ $ 963,886,834 ​ ​ ​ ​ $ 2,131,422,888 ​ ​ ​ ​ $ 382,375,561 ​ ​ ​ ​ $ 29,320 ​ ​
      Foreign currency, at value(3)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,240,242 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Cash
​ ​ ​ ​ 461 ​ ​ ​ ​ ​ 165 ​ ​ ​ ​ ​ 499 ​ ​ ​ ​ ​ 44 ​ ​ ​ ​ ​ — ​ ​
      Unrealized appreciation on unfunded loan commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Receivable for securities sold
​ ​ ​ ​ 7,209,703 ​ ​ ​ ​ ​ 5,843,107 ​ ​ ​ ​ ​ 1,343,345 ​ ​ ​ ​ ​ 693,627 ​ ​ ​ ​ ​ — ​ ​
      Dividends and interest receivable
​ ​ ​ ​ 5,150,022 ​ ​ ​ ​ ​ 693,427 ​ ​ ​ ​ ​ 3,322,574 ​ ​ ​ ​ ​ 1,763,306 ​ ​ ​ ​ ​ — ​ ​
      Receivable for Fund shares sold.
​ ​ ​ ​ 2,126,050 ​ ​ ​ ​ ​ 418,048 ​ ​ ​ ​ ​ 934,710 ​ ​ ​ ​ ​ 98,086 ​ ​ ​ ​ ​ — ​ ​
      Receivable for expense reimbursement
​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,319 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Unrealized appreciation on open forward foreign currency
contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Variation margin on open future contracts (Note 4).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Unrealized appreciation on swap contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Deposits with counterparty(4)
​ ​ ​ ​ 558,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Cash held at Broker
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Prepaid expenses
​ ​ ​ ​ 47,687 ​ ​ ​ ​ ​ 9,395 ​ ​ ​ ​ ​ 24,269 ​ ​ ​ ​ ​ 5,602 ​ ​ ​ ​ ​ 845 ​ ​
      Prepaid Chief Compliance Officer expense
​ ​ ​ ​ 1,723 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,050 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Prepaid offering fees
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
 Total Assets
​ ​ ​
​
4,447,226,705
 ​ ​ ​ ​
​
970,856,295
 ​ ​ ​ ​
​
2,138,289,577
 ​ ​ ​ ​
​
384,936,226
 ​ ​ ​ ​
​
30,165
 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Payable for collateral received from securities on loan
​ ​ ​ ​ 6,728,123 ​ ​ ​ ​ ​ 15,585,626 ​ ​ ​ ​ ​ 39,244,796 ​ ​ ​ ​ ​ 959,784 ​ ​ ​ ​ ​ — ​ ​
      Payable for Fund shares repurchased
​ ​ ​ ​ 2,717,115 ​ ​ ​ ​ ​ 566,898 ​ ​ ​ ​ ​ 1,227,698 ​ ​ ​ ​ ​ 373,917 ​ ​ ​ ​ ​ — ​ ​
      Payable for securities purchased
​ ​ ​ ​ 11,079,208 ​ ​ ​ ​ ​ 4,053,428 ​ ​ ​ ​ ​ 2,364,411 ​ ​ ​ ​ ​ 968,881 ​ ​ ​ ​ ​ — ​ ​
      Investment management fee payable
​ ​ ​ ​ 2,145,244 ​ ​ ​ ​ ​ 683,218 ​ ​ ​ ​ ​ 1,650,987 ​ ​ ​ ​ ​ 208,123 ​ ​ ​ ​ ​ 4 ​ ​
      Transfer agent fees payable
​ ​ ​ ​ 455,324 ​ ​ ​ ​ ​ 97,863 ​ ​ ​ ​ ​ 226,747 ​ ​ ​ ​ ​ 32,923 ​ ​ ​ ​ ​ 28 ​ ​
      Custody fee payable
​ ​ ​ ​ 229,789 ​ ​ ​ ​ ​ 68,964 ​ ​ ​ ​ ​ 295,221 ​ ​ ​ ​ ​ 46,101 ​ ​ ​ ​ ​ 9,948 ​ ​
      Trustees’ fees payable.
​ ​ ​ ​ 43,146 ​ ​ ​ ​ ​ 9,619 ​ ​ ​ ​ ​ 24,252 ​ ​ ​ ​ ​ 5,365 ​ ​ ​ ​ ​ 7 ​ ​
      Registration fees payable.
​ ​ ​ ​ 135,020 ​ ​ ​ ​ ​ 43,423 ​ ​ ​ ​ ​ 55,786 ​ ​ ​ ​ ​ 16,920 ​ ​ ​ ​ ​ — ​ ​
      Shareholder services
​ ​ ​ ​ 89,731 ​ ​ ​ ​ ​ 7,560 ​ ​ ​ ​ ​ 38,233 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1 ​ ​
      Variation margin on open future contracts (Note 4).
​ ​ ​ ​ 12,420 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Upfront premiums received on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Unrealized depreciation on unfunded loan commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Unrealized depreciation on swap contracts(6) (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Securities sold short(5) (Note 5).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Due to custodian(3)
​ ​ ​ ​ 26 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
 Options contracts written, at value(6) (Note 4).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 182,656 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Unrealized depreciation on open forward foreign currency
contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,389 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Foreign capital gains tax payable
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,294,251 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Investment interest payable on securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Accrued Chief Compliance Officer expense
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
      Accrued expenses.
​ ​ ​ ​ 63,686 ​ ​ ​ ​ ​ 22,757 ​ ​ ​ ​ ​ 92,932 ​ ​ ​ ​ ​ 9,463 ​ ​ ​ ​ ​ 7,597 ​ ​
      Other expenses
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 180 ​ ​
      Total Liabilities
​ ​ ​
​
23,698,832
 ​ ​ ​ ​
​
21,139,356
 ​ ​ ​ ​
​
46,706,359
 ​ ​ ​ ​
​
2,621,477
 ​ ​ ​ ​
​
17,765
 ​ ​
Total Net Assets
 ​ ​ ​ $ 4,423,527,873 ​ ​ ​ ​ $ 949,716,939 ​ ​ ​ ​ $ 2,091,583,218 ​ ​ ​ ​ $ 382,314,749 ​ ​ ​ ​ $ 12,400 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Par value
​ ​ ​ $ 315,158 ​ ​ ​ ​ $ 80,781 ​ ​ ​ ​ $ 158,858 ​ ​ ​ ​ $ 40,115 ​ ​ ​ ​ $ 5 ​ ​
      Paid-in capital in excess of par value
​ ​ ​ ​ 3,171,738,007 ​ ​ ​ ​ ​ 820,028,540 ​ ​ ​ ​ ​ 1,638,707,674 ​ ​ ​ ​ ​ 407,623,446 ​ ​ ​ ​ ​ 199,140,449 ​ ​
      Total distributable earnings (losses).
​ ​ ​ ​ 1,251,474,708 ​ ​ ​ ​ ​ 129,607,618 ​ ​ ​ ​ ​ 452,716,686 ​ ​ ​ ​ ​ (25,348,812) ​ ​ ​ ​ ​ (199,128,054) ​ ​
Total Net Assets
 ​ ​ ​ $ 4,423,527,873 ​ ​ ​ ​ $ 949,716,939 ​ ​ ​ ​ $ 2,091,583,218 ​ ​ ​ ​ $ 382,314,749 ​ ​ ​ ​ $ 12,400 ​ ​
Total Net Assets Class I
 ​ ​ ​ $ 4,177,901,589 ​ ​ ​ ​ $ 898,266,888 ​ ​ ​ ​ $ 1,977,316,008 ​ ​ ​ ​ $ 361,677,979 ​ ​ ​ ​ $ 6,444 ​ ​
Total Net Assets Class Z
 ​ ​ ​ $ 245,626,284 ​ ​ ​ ​ $ 51,450,051 ​ ​ ​ ​ $ 114,267,210 ​ ​ ​ ​ $ 20,636,770 ​ ​ ​ ​ $ 5,956 ​ ​
Shares Outstanding Class I
 ​ ​ ​ ​ 293,895,444 ​ ​ ​ ​ ​ 75,422,527 ​ ​ ​ ​ ​ 148,995,182 ​ ​ ​ ​ ​ 37,884,813 ​ ​ ​ ​ ​ 2,457 ​ ​
Shares Outstanding Class Z
 ​ ​ ​ ​ 21,262,742 ​ ​ ​ ​ ​ 5,358,207 ​ ​ ​ ​ ​ 9,862,902 ​ ​ ​ ​ ​ 2,230,168 ​ ​ ​ ​ ​ 2,427 ​ ​
Net Asset Value Class I
 ​ ​ ​ $ 14.22 ​ ​ ​ ​ $ 11.91 ​ ​ ​ ​ $ 13.27 ​ ​ ​ ​ $ 9.55 ​ ​ ​ ​ $ 2.62 ​ ​
Net Asset Value Class Z
 ​ ​ ​ $ 11.55 ​ ​ ​ ​ $ 9.60 ​ ​ ​ ​ $ 11.59 ​ ​ ​ ​ $ 9.25 ​ ​ ​ ​ $ 2.45 ​ ​
(1) Investments, at cost.
​ ​ ​ $ 3,183,352,720 ​ ​ ​ ​ $ 798,324,151 ​ ​ ​ ​ $ 1,579,300,695 ​ ​ ​ ​ $ 368,552,708 ​ ​ ​ ​ $ 29,818 ​ ​
(2) Includes securities on loan
​ ​ ​ $ 6,541,671 ​ ​ ​ ​ $ 14,887,508 ​ ​ ​ ​ $ 35,257,864 ​ ​ ​ ​ $ 934,883 ​ ​ ​ ​ $ — ​ ​
(3) Foreign currency, at cost.
​ ​ ​ $ (26) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,232,669 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(4) Related to futures contracts
​ ​ ​ $ 558,000 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(5) Proceeds received .
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(6) Premiums received
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 179,936 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
See Notes to Financial Statements.
256
Statements of Assets and Liabilities
August 31, 2020 (concluded)
​
​ ​ ​
Destinations
Core Fixed
Income Fund
 ​ ​
Destinations
Low
Duration
Fixed Income
Fund
 ​ ​
Destinations
Global
Fixed Income
Opportunities
Fund
 ​ ​
Destinations
Municipal
Fixed
Income Fund
 ​ ​
Destinations
Multi Strategy
Alternatives
Fund
 ​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
   Investments, at value(1),(2)
​ ​ ​ $ 2,175,669,838 ​ ​ ​ ​ $ 397,003,318 ​ ​ ​ ​ $ 750,139,940 ​ ​ ​ ​ $ 895,603,271 ​ ​ ​ ​ $ 958,456,760 ​ ​
   Foreign currency, at value(3).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Cash.
​ ​ ​ ​ 798 ​ ​ ​ ​ ​ 498 ​ ​ ​ ​ ​ 652 ​ ​ ​ ​ ​ 588 ​ ​ ​ ​ ​ 1,473 ​ ​
   Unrealized appreciation on unfunded loan commitments
​ ​ ​ ​ 351 ​ ​ ​ ​ ​ 38,840 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Receivable for securities sold
​ ​ ​ ​ 9,597,297 ​ ​ ​ ​ ​ 7,320,473 ​ ​ ​ ​ ​ 12,593,831 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,672,217 ​ ​
   Dividends and interest receivable
​ ​ ​ ​ 8,331,926 ​ ​ ​ ​ ​ 2,924,570 ​ ​ ​ ​ ​ 8,882,761 ​ ​ ​ ​ ​ 6,574,081 ​ ​ ​ ​ ​ 1,651,678 ​ ​
   Receivable for Fund shares sold.
​ ​ ​ ​ 1,368,621 ​ ​ ​ ​ ​ 195,688 ​ ​ ​ ​ ​ 354,981 ​ ​ ​ ​ ​ 365,950 ​ ​ ​ ​ ​ 480,871 ​ ​
   Receivable for expense reimbursement
​ ​ ​ ​ — ​ ​ ​ ​ ​ 647 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,468 ​ ​ ​ ​ ​ — ​ ​
   Unrealized appreciation on open forward foreign currency
contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,778 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Variation margin on open future contracts (Note 4).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Unrealized appreciation on swap contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,460,622 ​ ​
   Deposits with counterparty(4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 30,641,153 ​ ​
   Cash held at Broker
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,138,502 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 62,773,227 ​ ​
   Prepaid expenses
​ ​ ​ ​ 33,701 ​ ​ ​ ​ ​ 14,283 ​ ​ ​ ​ ​ 10,182 ​ ​ ​ ​ ​ 20,593 ​ ​ ​ ​ ​ 12,432 ​ ​
   Prepaid Chief Compliance Officer expense
​ ​ ​ ​ 1,941 ​ ​ ​ ​ ​ 6 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 751 ​ ​
   Prepaid offering fees
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Assets
 ​ ​ ​ ​ 2,195,004,473 ​ ​ ​ ​ ​ 407,502,101 ​ ​ ​ ​ ​ 782,120,849 ​ ​ ​ ​ ​ 902,572,951 ​ ​ ​ ​ ​ 1,062,151,184 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
   Payable for collateral received from securities on loan
​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,567,375 ​ ​ ​ ​ ​ 11,580 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,658,436 ​ ​
   Payable for Fund shares repurchased
​ ​ ​ ​ 1,322,654 ​ ​ ​ ​ ​ 160,265 ​ ​ ​ ​ ​ 445,829 ​ ​ ​ ​ ​ 271,778 ​ ​ ​ ​ ​ 488,264 ​ ​
   Payable for securities purchased
​ ​ ​ ​ 69,568,650 ​ ​ ​ ​ ​ 23,143,722 ​ ​ ​ ​ ​ 31,650,682 ​ ​ ​ ​ ​ 25,225,348 ​ ​ ​ ​ ​ 8,942,567 ​ ​
   Investment management fee payable
​ ​ ​ ​ 937,963 ​ ​ ​ ​ ​ 206,641 ​ ​ ​ ​ ​ 437,488 ​ ​ ​ ​ ​ 376,659 ​ ​ ​ ​ ​ 744,880 ​ ​
   Transfer agent fees payable
​ ​ ​ ​ 237,616 ​ ​ ​ ​ ​ 41,121 ​ ​ ​ ​ ​ 77,195 ​ ​ ​ ​ ​ 93,256 ​ ​ ​ ​ ​ 101,930 ​ ​
   Custody fee payable
​ ​ ​ ​ 246,276 ​ ​ ​ ​ ​ 58,313 ​ ​ ​ ​ ​ 79,394 ​ ​ ​ ​ ​ 128,932 ​ ​ ​ ​ ​ 84,897 ​ ​
   Trustees’ fees payable.
​ ​ ​ ​ 25,438 ​ ​ ​ ​ ​ 4,107 ​ ​ ​ ​ ​ 8,654 ​ ​ ​ ​ ​ 11,214 ​ ​ ​ ​ ​ 10,401 ​ ​
   Registration fees payable.
​ ​ ​ ​ 75,409 ​ ​ ​ ​ ​ 33,753 ​ ​ ​ ​ ​ 40,089 ​ ​ ​ ​ ​ 117,401 ​ ​ ​ ​ ​ 60,350 ​ ​
   Shareholder services
​ ​ ​ ​ 39,501 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,235 ​ ​ ​ ​ ​ 19,037 ​ ​ ​ ​ ​ 13,281 ​ ​
   Variation margin on open future contracts (Note 4).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Upfront premiums received on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,418,000 ​ ​
   Unrealized depreciation on unfunded loan commitments
​ ​ ​ ​ 343 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Unrealized depreciation on swap contracts(6) (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 73,308 ​ ​
   Securities sold short(5) (Note 5).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,936,389 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 69,505,304 ​ ​
   Due to custodian(3)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 23 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Options contracts written, at value(6) (Note 4).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 214,640 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Swaptions contracts written, at value (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,045,280 ​ ​
   Unrealized depreciation on open forward foreign currency
contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 379,740 ​ ​ ​ ​ ​ 355,799 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Foreign capital gains tax payable
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Investment interest payable on securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 48,298 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,048 ​ ​
   Accrued Chief Compliance Officer expense
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 699 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Accrued expenses.
​ ​ ​ ​ 39,674 ​ ​ ​ ​ ​ 11,017 ​ ​ ​ ​ ​ 22,631 ​ ​ ​ ​ ​ 11,877 ​ ​ ​ ​ ​ 38,446 ​ ​
   Other expenses
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
   Total Liabilities
​ ​ ​
​
72,493,524
 ​ ​ ​ ​
​
30,606,077
 ​ ​ ​ ​
​
38,335,602
 ​ ​ ​ ​
​
26,255,502
 ​ ​ ​ ​
​
100,202,392
 ​ ​
Total Net Assets
 ​ ​ ​ $ 2,122,510,949 ​ ​ ​ ​ $ 376,896,024 ​ ​ ​ ​ $ 743,785,247 ​ ​ ​ ​ $ 876,317,449 ​ ​ ​ ​ $ 961,948,792 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
   Par value
​ ​ ​ $ 203,730 ​ ​ ​ ​ $ 39,706 ​ ​ ​ ​ $ 77,339 ​ ​ ​ ​ $ 83,254 ​ ​ ​ ​ $ 98,634 ​ ​
   Paid-in capital in excess of par value
​ ​ ​ ​ 2,041,641,793 ​ ​ ​ ​ ​ 391,447,903 ​ ​ ​ ​ ​ 778,642,377 ​ ​ ​ ​ ​ 832,160,166 ​ ​ ​ ​ ​ 977,775,132 ​ ​
   Total distributable earnings (losses).
​ ​ ​ ​ 80,665,426 ​ ​ ​ ​ ​ (14,591,585) ​ ​ ​ ​ ​ (34,934,469) ​ ​ ​ ​ ​ 44,074,029 ​ ​ ​ ​ ​ (15,924,974) ​ ​
Total Net Assets
 ​ ​ ​ $ 2,122,510,949 ​ ​ ​ ​ $ 376,896,024 ​ ​ ​ ​ $ 743,785,247 ​ ​ ​ ​ $ 876,317,449 ​ ​ ​ ​ $ 961,948,792 ​ ​
Total Net Assets Class I
 ​ ​ ​ $ 2,012,825,835 ​ ​ ​ ​ $ 359,540,832 ​ ​ ​ ​ $ 707,918,443 ​ ​ ​ ​ $ 854,684,599 ​ ​ ​ ​ $ 915,706,374 ​ ​
Total Net Assets Class Z
 ​ ​ ​ $ 109,685,114 ​ ​ ​ ​ $ 17,355,192 ​ ​ ​ ​ $ 35,866,804 ​ ​ ​ ​ $ 21,632,850 ​ ​ ​ ​ $ 46,242,418 ​ ​
Shares Outstanding Class I
 ​ ​ ​ ​ 193,455,810 ​ ​ ​ ​ ​ 37,911,983 ​ ​ ​ ​ ​ 73,668,490 ​ ​ ​ ​ ​ 81,204,357 ​ ​ ​ ​ ​ 93,781,795 ​ ​
Shares Outstanding Class Z
 ​ ​ ​ ​ 10,274,321 ​ ​ ​ ​ ​ 1,793,843 ​ ​ ​ ​ ​ 3,670,822 ​ ​ ​ ​ ​ 2,049,696 ​ ​ ​ ​ ​ 4,851,785 ​ ​
Net Asset Value Class I
 ​ ​ ​ $ 10.40 ​ ​ ​ ​ $ 9.48 ​ ​ ​ ​ $ 9.61 ​ ​ ​ ​ $ 10.53 ​ ​ ​ ​ $ 9.76 ​ ​
Net Asset Value Class Z
 ​ ​ ​ $ 10.68 ​ ​ ​ ​ $ 9.67 ​ ​ ​ ​ $ 9.77 ​ ​ ​ ​ $ 10.55 ​ ​ ​ ​ $ 9.53 ​ ​
(1) Investments, at cost.
​ ​ ​ $ 2,101,659,800 ​ ​ ​ ​ $ 405,704,426 ​ ​ ​ ​ $ 761,481,788 ​ ​ ​ ​ $ 853,480,060 ​ ​ ​ ​ $ 911,896,380 ​ ​
(2) Includes securities on loan
​ ​ ​ $ — ​ ​ ​ ​ $ 6,435,405 ​ ​ ​ ​ $ 11,296 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 8,088,158 ​ ​
(3) Foreign currency, at cost.
​ ​ ​ $ — ​ ​ ​ ​ $ (23) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(4) Related to futures contracts
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(5) Proceeds received .
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,631,302 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 65,109,921 ​ ​
(6) Premiums received
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 818,848 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
See Notes to Financial Statements.
257
Statements of Operations
For the Six Months Ended August 31, 2020 (unaudited)
​
​ ​ ​
Destinations
Large Cap
Equity Fund
​ ​
Destinations
Small-Mid
Cap Equity
Fund
​ ​
Destinations
International
Equity
Fund
​ ​
Destinations
Equity
Income
Fund
​ ​
Destinations
Real Assets
Fund
​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends.
​ ​ ​ $ 30,084,588 ​ ​ ​ ​ $ 5,858,993 ​ ​ ​ ​ $ 17,295,227 ​ ​ ​ ​ $ 9,732,152 ​ ​ ​ ​ $ 4,321 ​ ​
Interest
​ ​ ​ ​ 33,550 ​ ​ ​ ​ ​ 10,618 ​ ​ ​ ​ ​ 22,397 ​ ​ ​ ​ ​ 4,595 ​ ​ ​ ​ ​ 11 ​ ​
Income from securities lending
​ ​ ​ ​ 111,030 ​ ​ ​ ​ ​ 131,173 ​ ​ ​ ​ ​ 394,426 ​ ​ ​ ​ ​ 26,092 ​ ​ ​ ​ ​ — ​ ​
Less: Foreign taxes withheld (Note 5).
​ ​ ​ ​ (19,062) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,797,590) ​ ​ ​ ​ ​ (312,268) ​ ​ ​ ​ ​ — ​ ​
Miscellaneous income
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investment Income
 ​ ​ ​ ​ 30,210,106 ​ ​ ​ ​ ​ 6,000,784 ​ ​ ​ ​ ​ 15,914,460 ​ ​ ​ ​ ​ 9,450,571 ​ ​ ​ ​ ​ 4,332 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment management fee (Note 7).
​ ​ ​ ​ 14,578,851 ​ ​ ​ ​ ​ 3,880,546 ​ ​ ​ ​ ​ 9,376,730 ​ ​ ​ ​ ​ 1,577,711 ​ ​ ​ ​ ​ 1,069 ​ ​
Transfer agent fees
​ ​ ​ ​ 2,818,685 ​ ​ ​ ​ ​ 621,313 ​ ​ ​ ​ ​ 1,362,134 ​ ​ ​ ​ ​ 287,191 ​ ​ ​ ​ ​ 157 ​ ​
Custody fees
​ ​ ​ ​ 470,412 ​ ​ ​ ​ ​ 134,825 ​ ​ ​ ​ ​ 625,610 ​ ​ ​ ​ ​ 86,851 ​ ​ ​ ​ ​ — ​ ​
Trustees’ fees
​ ​ ​ ​ 128,842 ​ ​ ​ ​ ​ 28,990 ​ ​ ​ ​ ​ 64,212 ​ ​ ​ ​ ​ 14,274 ​ ​ ​ ​ ​ 13 ​ ​
Insurance
​ ​ ​ ​ 36,062 ​ ​ ​ ​ ​ 8,766 ​ ​ ​ ​ ​ 18,568 ​ ​ ​ ​ ​ 4,335 ​ ​ ​ ​ ​ 187 ​ ​
Audit and tax
​ ​ ​ ​ 24,363 ​ ​ ​ ​ ​ 7,968 ​ ​ ​ ​ ​ 31,970 ​ ​ ​ ​ ​ 5,745 ​ ​ ​ ​ ​ — ​ ​
Legal expense
​ ​ ​ ​ 70,810 ​ ​ ​ ​ ​ 16,457 ​ ​ ​ ​ ​ 30,668 ​ ​ ​ ​ ​ 7,555 ​ ​ ​ ​ ​ 1 ​ ​
Chief Compliance Officer expense
​ ​ ​ ​ 65,094 ​ ​ ​ ​ ​ 15,838 ​ ​ ​ ​ ​ 31,241 ​ ​ ​ ​ ​ 8,039 ​ ​ ​ ​ ​ 1 ​ ​
Shareholder services
​ ​ ​ ​ 109,815 ​ ​ ​ ​ ​ 26,346 ​ ​ ​ ​ ​ 56,593 ​ ​ ​ ​ ​ 13,935 ​ ​ ​ ​ ​ 158 ​ ​
Registration fees
​ ​ ​ ​ 90,926 ​ ​ ​ ​ ​ 33,990 ​ ​ ​ ​ ​ 50,658 ​ ​ ​ ​ ​ 21,473 ​ ​ ​ ​ ​ 13 ​ ​
Miscellaneous expense
​ ​ ​ ​ 55,507 ​ ​ ​ ​ ​ 14,725 ​ ​ ​ ​ ​ 36,420 ​ ​ ​ ​ ​ 8,891 ​ ​ ​ ​ ​ 1 ​ ​
Interest and dividend expense.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Expenses
 ​ ​ ​ ​ 18,449,367 ​ ​ ​ ​ ​ 4,789,764 ​ ​ ​ ​ ​ 11,684,804 ​ ​ ​ ​ ​ 2,036,000 ​ ​ ​ ​ ​ 1,600 ​ ​
Less: Fee waivers and/or expense reimbursement (Note 7)
​ ​ ​ ​ (2,483,159) ​ ​ ​ ​ ​ (28,808) ​ ​ ​ ​ ​ (173,219) ​ ​ ​ ​ ​ (231,717) ​ ​ ​ ​ ​ (652) ​ ​
Net Expenses
 ​ ​ ​ ​ 15,966,208 ​ ​ ​ ​ ​ 4,760,956 ​ ​ ​ ​ ​ 11,511,585 ​ ​ ​ ​ ​ 1,804,283 ​ ​ ​ ​ ​ 948 ​ ​
Net Investment Income (Loss)
 ​ ​ ​ $ 14,243,898 ​ ​ ​ ​ $ 1,239,828 ​ ​ ​ ​ $ 4,402,875 ​ ​ ​ ​ $ 7,646,288 ​ ​ ​ ​ $ 3,384 ​ ​
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS, OPTIONS
CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS,
SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Realized Gain (Loss) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ $ (79,431,761) ​ ​ ​ ​ $ (58,524,890) ​ ​ ​ ​ $ (66,350,473) ​ ​ ​ ​ $ (46,481,588) ​ ​ ​ ​ $ (97,943) ​ ​
Futures contracts
​ ​ ​ ​ (255,380) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward sale commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Option written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 214,958 ​ ​ ​ ​ ​ 56,750 ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 142,124 ​ ​ ​ ​ ​ — ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward foreign currency contracts.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (855,785) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Foreign currency transactions
​ ​ ​ ​ 1,676 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (151,989) ​ ​ ​ ​ ​ (94,604) ​ ​ ​ ​ ​ (2) ​ ​
Realized Gain (Loss)
 ​ ​ ​
​
(79,685,465)
 ​ ​ ​ ​
​
(58,524,890)
 ​ ​ ​ ​
​
(67,143,289)
 ​ ​ ​ ​
​
(46,377,318)
 ​ ​ ​ ​
​
(97,945)
 ​ ​
Change in Net Unrealized Appreciation (Depreciation) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 803,274,805 ​ ​ ​ ​ ​ 131,365,047 ​ ​ ​ ​ ​ 355,347,882* ​ ​ ​ ​ ​ 29,254,649 ​ ​ ​ ​ ​ 44,481 ​ ​
Futures contracts
​ ​ ​ ​ 1,679,978 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unfunded loan commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Options contracts written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (99,093) ​ ​ ​ ​ ​ 27,230 ​ ​ ​ ​ ​ — ​ ​
Forward sale commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward foreign currency contracts.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 583,111 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Foreign currency transactions
​ ​ ​ ​ 2,134 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 156,136 ​ ​ ​ ​ ​ 27,101 ​ ​ ​ ​ ​ 1 ​ ​
Change in Net Unrealized Appreciation (Depreciation):.
 ​ ​ ​
​
804,956,917
 ​ ​ ​ ​
​
131,365,047
 ​ ​ ​ ​
​
355,988,036
 ​ ​ ​ ​
​
29,308,980
 ​ ​ ​ ​
​
44,482
 ​ ​
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Securities Short Sold, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions
 ​ ​ ​ ​ 725,271,452 ​ ​ ​ ​ ​ 72,840,157 ​ ​ ​ ​ ​ 288,844,747 ​ ​ ​ ​ ​ (17,068,338) ​ ​ ​ ​ ​ (53,463) ​ ​
Total Increase (Decrease) in Net Assets from Operations.
 ​ ​ ​ $ 739,515,350 ​ ​ ​ ​ $ 74,079,985 ​ ​ ​ ​ $ 293,247,622 ​ ​ ​ ​ $ (9,422,050) ​ ​ ​ ​ $ (50,079) ​ ​
​
*
Includes accrued foreign capital gains tax of  $1,294,251 for Destinations International Equity Fund.
​
See Notes to Financial Statements.
258
Statements of Operations
For the Six Months Ended August 31, 2020 (concluded)
​
​ ​ ​
Destinations
Core Fixed
Income Fund
 ​ ​
Destinations
Low
Duration
Fixed Income
Fund
 ​ ​
Destinations
Global
Fixed Income
Opportunities
Fund
 ​ ​
Destinations
Municipal
Fixed
Income Fund
 ​ ​
Destinations
Multi Strategy
Alternatives
Fund
 ​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends.
​ ​ ​ $ 147,714 ​ ​ ​ ​ $ 153,670 ​ ​ ​ ​ $ 631,855 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 7,328,301 ​ ​
Interest
​ ​ ​ ​ 32,153,823 ​ ​ ​ ​ ​ 8,484,336 ​ ​ ​ ​ ​ 18,547,478 ​ ​ ​ ​ ​ 9,317,014 ​ ​ ​ ​ ​ 7,527,937 ​ ​
Income from securities lending
​ ​ ​ ​ 1,471 ​ ​ ​ ​ ​ 31,665 ​ ​ ​ ​ ​ 1,096 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 122,431 ​ ​
Less: Foreign taxes withheld (Note 5).
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,533) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Miscellaneous income
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investment Income
 ​ ​ ​
​
32,303,008
 ​ ​ ​ ​
​
8,669,671
 ​ ​ ​ ​
​
19,176,896
 ​ ​ ​ ​
​
9,317,014
 ​ ​ ​ ​
​
14,978,669
 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment management fee (Note 7).
​ ​ ​ ​ 6,713,926 ​ ​ ​ ​ ​ 1,233,025 ​ ​ ​ ​ ​ 3,017,217 ​ ​ ​ ​ ​ 3,057,391 ​ ​ ​ ​ ​ 6,096,420 ​ ​
Transfer agent fees
​ ​ ​ ​ 1,503,246 ​ ​ ​ ​ ​ 257,610 ​ ​ ​ ​ ​ 518,338 ​ ​ ​ ​ ​ 653,845 ​ ​ ​ ​ ​ 659,486 ​ ​
Custody fees
​ ​ ​ ​ 416,872 ​ ​ ​ ​ ​ 84,858 ​ ​ ​ ​ ​ 136,471 ​ ​ ​ ​ ​ 246,766 ​ ​ ​ ​ ​ 161,246 ​ ​
Trustees’ fees
​ ​ ​ ​ 69,143 ​ ​ ​ ​ ​ 11,538 ​ ​ ​ ​ ​ 24,000 ​ ​ ​ ​ ​ 29,748 ​ ​ ​ ​ ​ 29,967 ​ ​
Insurance
​ ​ ​ ​ 18,655 ​ ​ ​ ​ ​ 2,071 ​ ​ ​ ​ ​ 7,183 ​ ​ ​ ​ ​ 8,392 ​ ​ ​ ​ ​ 8,694 ​ ​
Audit and tax
​ ​ ​ ​ 17,089 ​ ​ ​ ​ ​ 6,792 ​ ​ ​ ​ ​ 9,389 ​ ​ ​ ​ ​ 6,876 ​ ​ ​ ​ ​ 12,792 ​ ​
Legal expense
​ ​ ​ ​ 30,747 ​ ​ ​ ​ ​ 5,997 ​ ​ ​ ​ ​ 3,987 ​ ​ ​ ​ ​ 14,360 ​ ​ ​ ​ ​ 20,712 ​ ​
Chief Compliance Officer expense
​ ​ ​ ​ 30,545 ​ ​ ​ ​ ​ 5,263 ​ ​ ​ ​ ​ 11,837 ​ ​ ​ ​ ​ 14,639 ​ ​ ​ ​ ​ 13,680 ​ ​
Shareholder services
​ ​ ​ ​ 57,923 ​ ​ ​ ​ ​ 10,834 ​ ​ ​ ​ ​ 21,980 ​ ​ ​ ​ ​ 25,926 ​ ​ ​ ​ ​ 26,560 ​ ​
Registration fees
​ ​ ​ ​ 50,112 ​ ​ ​ ​ ​ 32,123 ​ ​ ​ ​ ​ 30,172 ​ ​ ​ ​ ​ 68,122 ​ ​ ​ ​ ​ 33,631 ​ ​
Broker fees on securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 16,943 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 225,278 ​ ​
Miscellaneous expense
​ ​ ​ ​ 30,492 ​ ​ ​ ​ ​ 7,168 ​ ​ ​ ​ ​ 13,844 ​ ​ ​ ​ ​ 14,542 ​ ​ ​ ​ ​ 97,861 ​ ​
Interest and dividend expense.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 76,673 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 695,292 ​ ​
Total Expenses
 ​ ​ ​
​
8,938,750
 ​ ​ ​ ​
​
1,657,279
 ​ ​ ​ ​
​
3,888,034
 ​ ​ ​ ​
​
4,140,607
 ​ ​ ​ ​
​
8,081,619
 ​ ​
Less: Fee waivers and/or expense reimbursement (Note 7)
​ ​ ​ ​ (955,767) ​ ​ ​ ​ ​ (10,347) ​ ​ ​ ​ ​ (391,148) ​ ​ ​ ​ ​ (673,958) ​ ​ ​ ​ ​ (1,710,493) ​ ​
Net Expenses
 ​ ​ ​
​
7,982,983
 ​ ​ ​ ​
​
1,646,932
 ​ ​ ​ ​
​
3,496,886
 ​ ​ ​ ​
​
3,466,649
 ​ ​ ​ ​
​
6,371,126
 ​ ​
Net Investment Income (Loss)
 ​ ​ ​ $ 24,320,025 ​ ​ ​ ​ $ 7,022,739 ​ ​ ​ ​ $ 15,680,010 ​ ​ ​ ​ $ 5,850,365 ​ ​ ​ ​ $ 8,607,543 ​ ​
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS, OPTIONS
CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS,
SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Realized Gain (Loss) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ $ 6,990,748 ​ ​ ​ ​ $ (4,249,868) ​ ​ ​ ​ $ (12,371,296) ​ ​ ​ ​ $ 4,631,995 ​ ​ ​ ​ $ (40,703,436) ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward sale commitments
​ ​ ​ ​ (31,789) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,885 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Option written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 539,248 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 126,413 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (258,167) ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 353,333 ​ ​
Forward foreign currency contracts.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (633,312) ​ ​ ​ ​ ​ (987,291) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Foreign currency transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (243,394) ​ ​ ​ ​ ​ (347,729) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Realized Gain (Loss)
 ​ ​ ​
​
6,958,959
 ​ ​ ​ ​
​
(5,126,574)
 ​ ​ ​ ​
​
(13,028,770)
 ​ ​ ​ ​
​
4,631,995
 ​ ​ ​ ​
​
(40,608,270)
 ​ ​
Change in Net Unrealized Appreciation (Depreciation) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ (10,176,122) ​ ​ ​ ​ ​ (2,889,482) ​ ​ ​ ​ ​ (4,582,550) ​ ​ ​ ​ ​ (10,624,932) ​ ​ ​ ​ ​ 51,657,085 ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unfunded loan commitments
​ ​ ​ ​ 104 ​ ​ ​ ​ ​ 38,840 ​ ​ ​ ​ ​ 21,767 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Options contracts written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 696,268 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Swaptions contracts written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (758,343) ​ ​
Forward sale commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (25,128) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,809,577) ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,588,219 ​ ​
Forward foreign currency contracts.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (269,711) ​ ​ ​ ​ ​ (190,500) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Foreign currency transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,186) ​ ​ ​ ​ ​ (43,613) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in Net Unrealized Appreciation (Depreciation):.
 ​ ​ ​
​
(10,176,018)
 ​ ​ ​ ​
​
(3,121,539)
 ​ ​ ​ ​
​
(4,123,756)
 ​ ​ ​ ​
​
(10,624,932)
 ​ ​ ​ ​
​
50,677,384
 ​ ​
Net Gain (Loss) on Investments, Futures Contracts, Options
Contracts Written, Forward Sale Commitments, Securities Short
Sold, Swap Contracts, Forward Foreign Currency Contracts and
Foreign Currency Transactions
 ​ ​ ​
​
(3,217,059)
 ​ ​ ​ ​
​
(8,248,113)
 ​ ​ ​ ​
​
(17,152,526)
 ​ ​ ​ ​
​
(5,992,937)
 ​ ​ ​ ​
​
10,069,114
 ​ ​
Total Increase (Decrease) in Net Assets from Operations.
 ​ ​ ​ $ 21,102,966 ​ ​ ​ ​ $ (1,225,374) ​ ​ ​ ​ $ (1,472,516) ​ ​ ​ ​ $ (142,572) ​ ​ ​ ​ $ 18,676,657 ​ ​
See Notes to Financial Statements.
259
Statements of Changes in Net Assets
For the Six Months Ended August 31, 2020 and Year Ended February 29, 2020
​
​ ​ ​
Destinations Large
Cap Equity Fund
​ ​
Destinations Small-Mid
Cap Equity Fund
​ ​
Destinations International
Equity Fund
​
​ ​ ​
August 31,
2020
​ ​
February 29,
2020
​ ​
August 31,
2020
​ ​
February 29,
2020
​ ​
August 31,
2020
​ ​
February 29,
2020
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
​ ​ ​ $ 14,243,898 ​ ​ ​ ​ $ 32,504,725 ​ ​ ​ ​ $ 1,239,828 ​ ​ ​ ​ $ 5,482,939 ​ ​ ​ ​ $ 4,402,875 ​ ​ ​ ​ $ 14,166,306 ​ ​
Net realized gain (loss)
​ ​ ​ ​ (79,685,465) ​ ​ ​ ​ ​ 116,742,791 ​ ​ ​ ​ ​ (58,524,890) ​ ​ ​ ​ ​ 70,257,036 ​ ​ ​ ​ ​ (67,143,289) ​ ​ ​ ​ ​ (10,345,207) ​ ​
Change in unrealized appreciation (depreciation).
​ ​ ​ ​ 804,956,917 ​ ​ ​ ​ ​ (4,621,536) ​ ​ ​ ​ ​ 131,365,047 ​ ​ ​ ​ ​ (67,644,492) ​ ​ ​ ​ ​ 355,988,036 ​ ​ ​ ​ ​ 68,360,504 ​ ​
Increase (Decrease) in Net Assets From Operations
 ​ ​ ​ ​ 739,515,350 ​ ​ ​ ​ ​ 144,625,980 ​ ​ ​ ​ ​ 74,079,985 ​ ​ ​ ​ ​ 8,095,483 ​ ​ ​ ​ ​ 293,247,622 ​ ​ ​ ​ ​ 72,181,603 ​ ​
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ — ​ ​ ​ ​ ​ (70,387,255) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (39,088,932) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (14,409,188) ​ ​
Class Z.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,910,206) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,479,931) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (967,627) ​ ​
Decrease in Net Assets From Distributions to
Shareholders
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (75,297,461) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (41,568,863) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (15,376,815) ​ ​
FUND SHARE TRANSACTIONS : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ 307,864,235 ​ ​ ​ ​ ​ 687,696,868 ​ ​ ​ ​ ​ 52,725,208 ​ ​ ​ ​ ​ 151,392,598 ​ ​ ​ ​ ​ 144,910,295 ​ ​ ​ ​ ​ 484,248,356 ​ ​
Class Z
​ ​ ​ ​ 41,117,592 ​ ​ ​ ​ ​ 157,982,878 ​ ​ ​ ​ ​ 8,216,625 ​ ​ ​ ​ ​ 37,418,996 ​ ​ ​ ​ ​ 19,773,961 ​ ​ ​ ​ ​ 78,919,083 ​ ​
Reinvestment of distributions:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ — ​ ​ ​ ​ ​ 70,064,855 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 38,932,538 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,344,776 ​ ​
Class Z
​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,805,308 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,425,248 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 945,298 ​ ​
Cost of shares repurchased:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (480,363,425) ​ ​ ​ ​ ​ (606,829,956) ​ ​ ​ ​ ​ (114,302,846) ​ ​ ​ ​ ​ (232,103,803) ​ ​ ​ ​ ​ (329,344,599) ​ ​ ​ ​ ​ (289,422,489) ​ ​
Class Z
​ ​ ​ ​ (35,152,055) ​ ​ ​ ​ ​ (28,981,976) ​ ​ ​ ​ ​ (7,345,202) ​ ​ ​ ​ ​ (9,090,425) ​ ​ ​ ​ ​ (20,584,238) ​ ​ ​ ​ ​ (13,517,569) ​ ​
Increase (Decrease) in Net Assets From Fund Share Transactions
 ​ ​ ​ ​ (166,533,653) ​ ​ ​ ​ ​ 284,737,977 ​ ​ ​ ​ ​ (60,706,215) ​ ​ ​ ​ ​ (11,024,848) ​ ​ ​ ​ ​ (185,244,581) ​ ​ ​ ​ ​ 275,517,455 ​ ​
Increase (Decrease) in Net Assets.
 ​ ​ ​ ​ 572,981,697 ​ ​ ​ ​ ​ 354,066,496 ​ ​ ​ ​ ​ 13,373,770 ​ ​ ​ ​ ​ (44,498,228) ​ ​ ​ ​ ​ 108,003,041 ​ ​ ​ ​ ​ 332,322,243 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 3,850,546,176 ​ ​ ​ ​ ​ 3,496,479,680 ​ ​ ​ ​ ​ 936,343,169 ​ ​ ​ ​ ​ 980,841,397 ​ ​ ​ ​ ​ 1,983,580,177 ​ ​ ​ ​ ​ 1,651,257,934 ​ ​
End of period
 ​ ​ ​ $ 4,423,527,873 ​ ​ ​ ​ $ 3,850,546,176 ​ ​ ​ ​ $ 949,716,939 ​ ​ ​ ​ $ 936,343,169 ​ ​ ​ ​ ​ 2,091,583,218 ​ ​ ​ ​ $ 1,983,580,177 ​ ​
​
​ ​ ​
Destinations Equity
Income Fund
​ ​
Destinations Real
Assets Fund
​
​ ​ ​
August 31,
2020
​ ​
February 29,
2020
​ ​
August 31,
2020
​ ​
February 29,
2020
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
​ ​ ​ $ 7,646,288 ​ ​ ​ ​ $ 15,351,335 ​ ​ ​ ​ $ 3,384 ​ ​ ​ ​ $ 420,459 ​ ​
Net realized gain (loss)
​ ​ ​ ​ (46,377,318) ​ ​ ​ ​ ​ 7,689,707 ​ ​ ​ ​ ​ (97,945) ​ ​ ​ ​ ​ (184,051,995) ​ ​
Change in unrealized appreciation (depreciation).
​ ​ ​ ​ 29,308,980 ​ ​ ​ ​ ​ (28,733,491) ​ ​ ​ ​ ​ 44,482 ​ ​ ​ ​ ​ 104,177,946 ​ ​
Increase (Decrease) in Net Assets From Operations
 ​ ​ ​ ​ (9,422,050) ​ ​ ​ ​ ​ (5,692,449) ​ ​ ​ ​ ​ (50,079) ​ ​ ​ ​ ​ (79,453,590) ​ ​
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (5,237,159) ​ ​ ​ ​ ​ (18,227,009) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (452,917) ​ ​
Class Z.
​ ​ ​ ​ (295,563) ​ ​ ​ ​ ​ (771,020) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (6,496) ​ ​
Decrease in Net Assets From Distributions to Shareholders
 ​ ​ ​ ​ (5,532,722) ​ ​ ​ ​ ​ (18,998,029) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (459,413) ​ ​
FUND SHARE TRANSACTIONS : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ 19,840,618 ​ ​ ​ ​ ​ 158,290,331 ​ ​ ​ ​ ​ 381 ​ ​ ​ ​ ​ 15,254,257 ​ ​
Class Z
​ ​ ​ ​ 4,836,809 ​ ​ ​ ​ ​ 16,258,551 ​ ​ ​ ​ ​ 155 ​ ​ ​ ​ ​ 4,902,446 ​ ​
Reinvestment of distributions:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ 5,205,718 ​ ​ ​ ​ ​ 18,155,522 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 449,817 ​ ​
Class Z
​ ​ ​ ​ 273,688 ​ ​ ​ ​ ​ 741,452 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,372 ​ ​
Cost of shares repurchased:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (89,755,537) ​ ​ ​ ​ ​ (103,715,628) ​ ​ ​ ​ ​ (313,515) ​ ​ ​ ​ ​ (151,381,248) ​ ​
Class Z
​ ​ ​ ​ (5,156,322) ​ ​ ​ ​ ​ (4,556,237) ​ ​ ​ ​ ​ (6,129) ​ ​ ​ ​ ​ (6,519,094) ​ ​
Increase (Decrease) in Net Assets From Fund Share Transactions
 ​ ​ ​ ​ (64,755,026) ​ ​ ​ ​ ​ 85,173,991 ​ ​ ​ ​ ​ (319,108) ​ ​ ​ ​ ​ (137,290,450) ​ ​
Increase (Decrease) in Net Assets.
 ​ ​ ​ ​ (79,709,798) ​ ​ ​ ​ ​ 60,483,513 ​ ​ ​ ​ ​ (369,187) ​ ​ ​ ​ ​ (217,203,453) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 462,024,547 ​ ​ ​ ​ ​ 401,541,034 ​ ​ ​ ​ ​ 381,587 ​ ​ ​ ​ ​ 217,585,040 ​ ​
End of period
 ​ ​ ​ $ 382,314,749 ​ ​ ​ ​ $ 462,024,547 ​ ​ ​ ​ $ 12,400 ​ ​ ​ ​ $ 381,587 ​ ​
See Notes to Financial Statements.
260
Statements of Changes in Net Assets
For the Six Months Ended August 31, 2020 and Year Ended February 29, 2020 (concluded)
​
​ ​ ​
Destinations Core
Fixed Income Fund
​ ​
Destinations Low Duration
Fixed Income Fund
​ ​
Destinations Global Fixed
Income Opportunities Fund
​
​ ​ ​
August 31,
2020
​ ​
February 29,
2020
​ ​
August 31,
2020
​ ​
February 29,
2020
​ ​
August 31,
2020
​ ​
February 29,
2020
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
​ ​ ​ $ 24,320,025 ​ ​ ​ ​ $ 53,209,166 ​ ​ ​ ​ $ 7,022,739 ​ ​ ​ ​ $ 12,784,338 ​ ​ ​ ​ $ 15,680,010 ​ ​ ​ ​ $ 31,298,365 ​ ​
Net realized gain (loss)
​ ​ ​ ​ 6,958,959 ​ ​ ​ ​ ​ 4,395,533 ​ ​ ​ ​ ​ (5,126,574) ​ ​ ​ ​ ​ 941,198 ​ ​ ​ ​ ​ (13,028,770) ​ ​ ​ ​ ​ (1,190,867) ​ ​
Change in unrealized appreciation (depreciation).
​ ​ ​ ​ (10,176,018) ​ ​ ​ ​ ​ 103,247,183 ​ ​ ​ ​ ​ (3,121,539) ​ ​ ​ ​ ​ (3,508,510) ​ ​ ​ ​ ​ (4,123,756) ​ ​ ​ ​ ​ 2,480,370 ​ ​
Increase (Decrease) in Net Assets From Operations
 ​ ​ ​ ​ 21,102,966 ​ ​ ​ ​ ​ 160,851,882 ​ ​ ​ ​ ​ (1,225,374) ​ ​ ​ ​ ​ 10,217,026 ​ ​ ​ ​ ​ (1,472,516) ​ ​ ​ ​ ​ 32,587,868 ​ ​
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (21,237,391) ​ ​ ​ ​ ​ (50,516,772) ​ ​ ​ ​ ​ (6,552,893) ​ ​ ​ ​ ​ (12,933,632) ​ ​ ​ ​ ​ (15,324,830) ​ ​ ​ ​ ​ (30,641,902) ​ ​
Class Z.
​ ​ ​ ​ (1,186,777) ​ ​ ​ ​ ​ (2,007,044) ​ ​ ​ ​ ​ (315,073) ​ ​ ​ ​ ​ (443,298) ​ ​ ​ ​ ​ (766,879) ​ ​ ​ ​ ​ (1,110,273) ​ ​
Decrease in Net Assets From Distributions to
Shareholders
 ​ ​ ​ ​ (22,424,168) ​ ​ ​ ​ ​ (52,523,816) ​ ​ ​ ​ ​ (6,867,966) ​ ​ ​ ​ ​ (13,376,930) ​ ​ ​ ​ ​ (16,091,709) ​ ​ ​ ​ ​ (31,752,175) ​ ​
FUND SHARE TRANSACTIONS : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ 301,446,148 ​ ​ ​ ​ ​ 348,432,072 ​ ​ ​ ​ ​ 91,344,319 ​ ​ ​ ​ ​ 65,581,427 ​ ​ ​ ​ ​ 98,407,227 ​ ​ ​ ​ ​ 120,893,391 ​ ​
Class Z
​ ​ ​ ​ 28,100,871 ​ ​ ​ ​ ​ 80,705,308 ​ ​ ​ ​ ​ 5,705,491 ​ ​ ​ ​ ​ 13,490,093 ​ ​ ​ ​ ​ 8,864,171 ​ ​ ​ ​ ​ 26,572,816 ​ ​
Reinvestment of distributions:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ 21,123,811 ​ ​ ​ ​ ​ 50,302,690 ​ ​ ​ ​ ​ 6,515,453 ​ ​ ​ ​ ​ 12,874,976 ​ ​ ​ ​ ​ 15,236,814 ​ ​ ​ ​ ​ 30,502,657 ​ ​
Class Z
​ ​ ​ ​ 1,140,406 ​ ​ ​ ​ ​ 1,957,744 ​ ​ ​ ​ ​ 302,062 ​ ​ ​ ​ ​ 432,843 ​ ​ ​ ​ ​ 728,882 ​ ​ ​ ​ ​ 1,080,878 ​ ​
Cost of shares repurchased:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (204,482,792) ​ ​ ​ ​ ​ (315,867,814) ​ ​ ​ ​ ​ (51,002,230) ​ ​ ​ ​ ​ (140,784,379) ​ ​ ​ ​ ​ (122,408,069) ​ ​ ​ ​ ​ (187,943,047) ​ ​
Class Z
​ ​ ​ ​ (18,087,077) ​ ​ ​ ​ ​ (16,349,302) ​ ​ ​ ​ ​ (2,619,540) ​ ​ ​ ​ ​ (5,578,498) ​ ​ ​ ​ ​ (7,063,820) ​ ​ ​ ​ ​ (7,700,048) ​ ​
Increase (Decrease) in Net Assets From Fund Share Transactions
 ​ ​ ​ ​ 129,241,367 ​ ​ ​ ​ ​ 149,180,698 ​ ​ ​ ​ ​ 50,245,555 ​ ​ ​ ​ ​ (53,983,538) ​ ​ ​ ​ ​ (6,234,795) ​ ​ ​ ​ ​ (16,593,353) ​ ​
Increase (Decrease) in Net Assets.
 ​ ​ ​ ​ 127,920,165 ​ ​ ​ ​ ​ 257,508,764 ​ ​ ​ ​ ​ 42,152,215 ​ ​ ​ ​ ​ (57,143,442) ​ ​ ​ ​ ​ (23,799,020) ​ ​ ​ ​ ​ (15,757,660) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 1,994,590,784 ​ ​ ​ ​ ​ 1,737,082,020 ​ ​ ​ ​ ​ 334,743,809 ​ ​ ​ ​ ​ 391,887,251 ​ ​ ​ ​ ​ 767,584,267 ​ ​ ​ ​ ​ 783,341,927 ​ ​
End of period
 ​ ​ ​ $ 2,122,510,949 ​ ​ ​ ​ $ 1,994,590,784 ​ ​ ​ ​ $ 376,896,024 ​ ​ ​ ​ $ 334,743,809 ​ ​ ​ ​ $ 743,785,247 ​ ​ ​ ​ $ 767,584,267 ​ ​
​
​ ​ ​
Destinations Municipal
Fixed Income Fund
​ ​
Destinations Multi Strategy
Alternatives Fund
​
​ ​ ​
August 31,
2020
​ ​
February 29,
2020
​ ​
August 31,
2020
​ ​
February 29,
2020
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
​ ​ ​ $ 5,850,365 ​ ​ ​ ​ $ 13,932,748 ​ ​ ​ ​ $ 8,607,543 ​ ​ ​ ​ $ 35,814,829 ​ ​
Net realized gain (loss)
​ ​ ​ ​ 4,631,995 ​ ​ ​ ​ ​ 5,438,656 ​ ​ ​ ​ ​ (40,608,270) ​ ​ ​ ​ ​ (20,667,942) ​ ​
Change in unrealized appreciation (depreciation).
​ ​ ​ ​ (10,624,932) ​ ​ ​ ​ ​ 43,620,176 ​ ​ ​ ​ ​ 50,677,384 ​ ​ ​ ​ ​ 18,032,204 ​ ​
Increase (Decrease) in Net Assets From Operations
 ​ ​ ​ ​ (142,572) ​ ​ ​ ​ ​ 62,991,580 ​ ​ ​ ​ ​ 18,676,657 ​ ​ ​ ​ ​ 33,179,091 ​ ​
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (7,329,354) ​ ​ ​ ​ ​ (19,976,187) ​ ​ ​ ​ ​ (7,359,602) ​ ​ ​ ​ ​ (41,009,701) ​ ​
Class Z.
​ ​ ​ ​ (188,646) ​ ​ ​ ​ ​ (388,838) ​ ​ ​ ​ ​ (388,249) ​ ​ ​ ​ ​ (1,515,766) ​ ​
Decrease in Net Assets From Distributions to Shareholders
 ​ ​ ​ ​ (7,518,000) ​ ​ ​ ​ ​ (20,365,025) ​ ​ ​ ​ ​ (7,747,851) ​ ​ ​ ​ ​ (42,525,467) ​ ​
FUND SHARE TRANSACTIONS : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ 87,317,722 ​ ​ ​ ​ ​ 141,594,898 ​ ​ ​ ​ ​ 100,662,879 ​ ​ ​ ​ ​ 140,648,524 ​ ​
Class Z
​ ​ ​ ​ 7,473,709 ​ ​ ​ ​ ​ 9,524,563 ​ ​ ​ ​ ​ 9,507,370 ​ ​ ​ ​ ​ 32,455,097 ​ ​
Reinvestment of distributions:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ 7,277,128 ​ ​ ​ ​ ​ 19,854,143 ​ ​ ​ ​ ​ 7,324,290 ​ ​ ​ ​ ​ 40,884,655 ​ ​
Class Z
​ ​ ​ ​ 176,219 ​ ​ ​ ​ ​ 376,396 ​ ​ ​ ​ ​ 373,046 ​ ​ ​ ​ ​ 1,477,184 ​ ​
Cost of shares repurchased:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (110,832,816) ​ ​ ​ ​ ​ (186,875,852) ​ ​ ​ ​ ​ (90,521,134) ​ ​ ​ ​ ​ (181,461,416) ​ ​
Class Z
​ ​ ​ ​ (4,425,632) ​ ​ ​ ​ ​ (4,237,551) ​ ​ ​ ​ ​ (5,744,752) ​ ​ ​ ​ ​ (7,529,152) ​ ​
Increase (Decrease) in Net Assets From Fund Share Transactions
 ​ ​ ​ ​ (13,013,670) ​ ​ ​ ​ ​ (19,763,403) ​ ​ ​ ​ ​ 21,601,699 ​ ​ ​ ​ ​ 26,474,892 ​ ​
Increase (Decrease) in Net Assets.
 ​ ​ ​ ​ (20,674,242) ​ ​ ​ ​ ​ 22,863,152 ​ ​ ​ ​ ​ 32,530,505 ​ ​ ​ ​ ​ 17,128,516 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 896,991,691 ​ ​ ​ ​ ​ 874,128,539 ​ ​ ​ ​ ​ 929,418,287 ​ ​ ​ ​ ​ 912,289,771 ​ ​
End of period
 ​ ​ ​ $ 876,317,449 ​ ​ ​ ​ $ 896,991,691 ​ ​ ​ ​ $ 961,948,792 ​ ​ ​ ​ $ 929,418,287 ​ ​
See Notes to Financial Statements.
261
Financial Highlights
Destinations Large Cap Equity Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 11.88 ​ ​ ​ ​ $ 11.61 ​ ​ ​ ​ $ 11.71 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.04 ​ ​ ​ ​ ​ 0.10 ​ ​ ​ ​ ​ 0.11 ​ ​ ​ ​ ​ 0.10 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 2.30 ​ ​ ​ ​ ​ 0.40 ​ ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 1.69 ​ ​
Total Income from Operations
​ ​ ​ ​ 2.34 ​ ​ ​ ​ ​ 0.50 ​ ​ ​ ​ ​ 0.29 ​ ​ ​ ​ ​ 1.79 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ (0.08) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.29) ​ ​ ​ ​ ​ — ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (0.39) ​ ​ ​ ​ ​ (0.08) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 14.22 ​ ​ ​ ​ $ 11.88 ​ ​ ​ ​ $ 11.61 ​ ​ ​ ​ $ 11.71 ​ ​
Total Return(3)
 ​ ​ ​ ​ 19.70%(4) ​ ​ ​ ​ ​ 4.18% ​ ​ ​ ​ ​ 2.73% ​ ​ ​ ​ ​ 17.89%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 4,178 ​ ​ ​ ​ $ 3,651 ​ ​ ​ ​ $ 3,427 ​ ​ ​ ​ $ 2,804 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.96%(5) ​ ​ ​ ​ ​ 0.95% ​ ​ ​ ​ ​ 0.97% ​ ​ ​ ​ ​ 0.98%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.83%(5) ​ ​ ​ ​ ​ 0.82% ​ ​ ​ ​ ​ 0.85% ​ ​ ​ ​ ​ 0.85%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 0.72%(5) ​ ​ ​ ​ ​ 0.84% ​ ​ ​ ​ ​ 0.91% ​ ​ ​ ​ ​ 0.97%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 26%(4) ​ ​ ​ ​ ​ 49% ​ ​ ​ ​ ​ 28% ​ ​ ​ ​ ​ 52%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
262
Financial Highlights (continued)
Destinations Large Cap Equity Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.65 ​ ​ ​ ​ $ 9.46 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.04 ​ ​ ​ ​ ​ 0.10 ​ ​ ​ ​ ​ 0.07 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 1.86 ​ ​ ​ ​ ​ 0.34 ​ ​ ​ ​ ​ (0.21) ​ ​
Total Income from Operations
​ ​ ​ ​ 1.90 ​ ​ ​ ​ ​ 0.44 ​ ​ ​ ​ ​ (0.14) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.12) ​ ​ ​ ​ ​ (0.11) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.29) ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.25) ​ ​ ​ ​ ​ (0.40) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 11.55 ​ ​ ​ ​ $ 9.65 ​ ​ ​ ​ $ 9.46 ​ ​
Total Return(3)
 ​ ​ ​ ​ 19.69%(4) ​ ​ ​ ​ ​ 4.45% ​ ​ ​ ​ ​ (0.94)%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 246 ​ ​ ​ ​ $ 200 ​ ​ ​ ​ $ 70 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.81%(5) ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.82%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.68%(5) ​ ​ ​ ​ ​ 0.67% ​ ​ ​ ​ ​ 0.70%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 0.87%(5) ​ ​ ​ ​ ​ 0.96% ​ ​ ​ ​ ​ 1.06%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 22%(4) ​ ​ ​ ​ ​ 49% ​ ​ ​ ​ ​ 28%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
263
Financial Highlights (continued)
Destinations Small Mid Cap Equity
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.92 ​ ​ ​ ​ $ 11.31 ​ ​ ​ ​ $ 10.98 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ 0.06 ​ ​ ​ ​ ​ 0.06 ​ ​ ​ ​ ​ 0.04 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 0.98 ​ ​ ​ ​ ​ 0.04 ​ ​ ​ ​ ​ 0.84 ​ ​ ​ ​ ​ 1.04 ​ ​
Total Income from Operations
​ ​ ​ ​ 0.99 ​ ​ ​ ​ ​ 0.10 ​ ​ ​ ​ ​ 0.90 ​ ​ ​ ​ ​ 1.08 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.06) ​ ​ ​ ​ ​ (0.05) ​ ​ ​ ​ ​ (0.04) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.43) ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.06) ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.49) ​ ​ ​ ​ ​ (0.57) ​ ​ ​ ​ ​ (0.10) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 11.91 ​ ​ ​ ​ $ 10.92 ​ ​ ​ ​ $ 11.31 ​ ​ ​ ​ $ 10.98 ​ ​
Total Return(3)
 ​ ​ ​ ​ 9.07%(4) ​ ​ ​ ​ ​ 0.52% ​ ​ ​ ​ ​ 9.02% ​ ​ ​ ​ ​ 10.83%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 898 ​ ​ ​ ​ $ 890 ​ ​ ​ ​ $ 962 ​ ​ ​ ​ $ 701 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 1.13%(5) ​ ​ ​ ​ ​ 1.11% ​ ​ ​ ​ ​ 1.12% ​ ​ ​ ​ ​ 1.14%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 1.12%(5) ​ ​ ​ ​ ​ 1.08% ​ ​ ​ ​ ​ 1.03% ​ ​ ​ ​ ​ 1.03%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 0.28%(5) ​ ​ ​ ​ ​ 0.54% ​ ​ ​ ​ ​ 0.53% ​ ​ ​ ​ ​ 0.41%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 75%(4) ​ ​ ​ ​ ​ 110% ​ ​ ​ ​ ​ 85% ​ ​ ​ ​ ​ 112%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
264
Financial Highlights (continued)
Destinations Small Mid Cap Equity
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 8.80 ​ ​ ​ ​ $ 9.20 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.02 ​ ​ ​ ​ ​ 0.06 ​ ​ ​ ​ ​ 0.04 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 0.78 ​ ​ ​ ​ ​ 0.05 ​ ​ ​ ​ ​ (0.25) ​ ​
Total Income from Operations
​ ​ ​ ​ 0.80 ​ ​ ​ ​ ​ 0.11 ​ ​ ​ ​ ​ (0.21) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.07) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.43) ​ ​ ​ ​ ​ (0.52) ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.51) ​ ​ ​ ​ ​ (0.59) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.60 ​ ​ ​ ​ $ 8.80 ​ ​ ​ ​ $ 9.20 ​ ​
Total Return(3)
 ​ ​ ​ ​ 9.09%(4) ​ ​ ​ ​ ​ 0.69% ​ ​ ​ ​ ​ (1.24)%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 51 ​ ​ ​ ​ $ 46 ​ ​ ​ ​ $ 19 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.99%(5) ​ ​ ​ ​ ​ 0.97% ​ ​ ​ ​ ​ 0.97%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.98%(5) ​ ​ ​ ​ ​ 0.94% ​ ​ ​ ​ ​ 0.88%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 0.42%(5) ​ ​ ​ ​ ​ 0.66% ​ ​ ​ ​ ​ 0.68%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 75%(4) ​ ​ ​ ​ ​ 110% ​ ​ ​ ​ ​ 85%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
265
Financial Highlights (continued)
Destinations International Equity Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 11.30 ​ ​ ​ ​ $ 10.86 ​ ​ ​ ​ $ 11.69 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.03 ​ ​ ​ ​ ​ 0.09 ​ ​ ​ ​ ​ 0.09 ​ ​ ​ ​ ​ 0.07 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 1.94 ​ ​ ​ ​ ​ 0.44 ​ ​ ​ ​ ​ (0.77) ​ ​ ​ ​ ​ 1.70 ​ ​
Total Income from Operations
​ ​ ​ ​ 1.97 ​ ​ ​ ​ ​ 0.53 ​ ​ ​ ​ ​ (0.68) ​ ​ ​ ​ ​ 1.77 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ (0.12) ​ ​ ​ ​ ​ (0.07) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.08) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 13.27 ​ ​ ​ ​ $ 11.30 ​ ​ ​ ​ $ 10.86 ​ ​ ​ ​ $ 11.69 ​ ​
Total Return(3)
 ​ ​ ​ ​ 17.43%(4) ​ ​ ​ ​ ​ 4.83% ​ ​ ​ ​ ​ (5.71)% ​ ​ ​ ​ ​ 17.70%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 1,977 ​ ​ ​ ​ $ 1,884 ​ ​ ​ ​ $ 1,618 ​ ​ ​ ​ $ 1,413 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 1.25%(5) ​ ​ ​ ​ ​ 1.25% ​ ​ ​ ​ ​ 1.28% ​ ​ ​ ​ ​ 1.30%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 1.23%(5) ​ ​ ​ ​ ​ 1.17% ​ ​ ​ ​ ​ 1.18% ​ ​ ​ ​ ​ 1.15%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 0.46%(5) ​ ​ ​ ​ ​ 0.77% ​ ​ ​ ​ ​ 0.83% ​ ​ ​ ​ ​ 0.69%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 21%(4) ​ ​ ​ ​ ​ 27% ​ ​ ​ ​ ​ 32% ​ ​ ​ ​ ​ 50%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
266
Financial Highlights (continued)
Destinations International Equity Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.86 ​ ​ ​ ​ $ 9.48 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.03 ​ ​ ​ ​ ​ 0.06 ​ ​ ​ ​ ​ 0.02 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 1.70 ​ ​ ​ ​ ​ 0.43 ​ ​ ​ ​ ​ (0.38) ​ ​
Total Income from Operations
​ ​ ​ ​ 1.73 ​ ​ ​ ​ ​ 0.49 ​ ​ ​ ​ ​ (0.36) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ (0.13) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ (0.16) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 11.59 ​ ​ ​ ​ $ 9.86 ​ ​ ​ ​ $ 9.48 ​ ​
Total Return(3)
 ​ ​ ​ ​ 17.55%(4) ​ ​ ​ ​ ​ 5.05% ​ ​ ​ ​ ​ (3.43)%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 114 ​ ​ ​ ​ $ 99 ​ ​ ​ ​ $ 33 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 1.10%(5) ​ ​ ​ ​ ​ 1.10% ​ ​ ​ ​ ​ 1.13%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 1.09%(5) ​ ​ ​ ​ ​ 1.02% ​ ​ ​ ​ ​ 1.03%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 0.60%(5) ​ ​ ​ ​ ​ 0.62% ​ ​ ​ ​ ​ 0.98%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 21%(4) ​ ​ ​ ​ ​ 27% ​ ​ ​ ​ ​ 32%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
267
Financial Highlights (continued)
Destinations Equity Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.74 ​ ​ ​ ​ $ 10.20 ​ ​ ​ ​ $ 10.14 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ 0.31 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.24) ​ ​ ​ ​ ​ (0.40) ​ ​ ​ ​ ​ 0.39 ​ ​ ​ ​ ​ 0.12 ​ ​
Total Income from Operations
​ ​ ​ ​ (0.06) ​ ​ ​ ​ ​ (0.05) ​ ​ ​ ​ ​ 0.71 ​ ​ ​ ​ ​ 0.43 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.32) ​ ​ ​ ​ ​ (0.29) ​ ​ ​ ​ ​ (0.26) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ (0.36) ​ ​ ​ ​ ​ (0.03) ​ ​
Total Distributions.
​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.41) ​ ​ ​ ​ ​ (0.65) ​ ​ ​ ​ ​ (0.29) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.55 ​ ​ ​ ​ $ 9.74 ​ ​ ​ ​ $ 10.20 ​ ​ ​ ​ $ 10.14 ​ ​
Total Return(3)
 ​ ​ ​ ​ (0.53)%(4) ​ ​ ​ ​ ​ (0.78)% ​ ​ ​ ​ ​ 7.52% ​ ​ ​ ​ ​ 4.34%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 362 ​ ​ ​ ​ $ 441 ​ ​ ​ ​ $ 391 ​ ​ ​ ​ $ 320 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 1.04%(5) ​ ​ ​ ​ ​ 1.03% ​ ​ ​ ​ ​ 1.04% ​ ​ ​ ​ ​ 1.05%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.92%(5) ​ ​ ​ ​ ​ 0.88% ​ ​ ​ ​ ​ 0.87% ​ ​ ​ ​ ​ 0.93%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 3.87%(5) ​ ​ ​ ​ ​ 3.31% ​ ​ ​ ​ ​ 3.13% ​ ​ ​ ​ ​ 3.18%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 34%(4) ​ ​ ​ ​ ​ 43% ​ ​ ​ ​ ​ 74% ​ ​ ​ ​ ​ 57%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
268
Financial Highlights (continued)
Destinations Equity Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.44 ​ ​ ​ ​ $ 9.89 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.36 ​ ​ ​ ​ ​ 0.20 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.24) ​ ​ ​ ​ ​ (0.38) ​ ​ ​ ​ ​ 0.21 ​ ​
Total Income from Operations
​ ​ ​ ​ (0.06) ​ ​ ​ ​ ​ (0.02) ​ ​ ​ ​ ​ 0.41 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.34) ​ ​ ​ ​ ​ (0.16) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ (0.36) ​ ​
Total Distributions.
​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.43) ​ ​ ​ ​ ​ (0.52) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.25 ​ ​ ​ ​ $ 9.44 ​ ​ ​ ​ $ 9.89 ​ ​
Total Return(3)
 ​ ​ ​ ​ (0.50)%(4) ​ ​ ​ ​ ​ (0.58)% ​ ​ ​ ​ ​ 4.51%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 21 ​ ​ ​ ​ ​ 21 ​ ​ ​ ​ $ 10 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.89%(5) ​ ​ ​ ​ ​ 0.88% ​ ​ ​ ​ ​ 0.89%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.77%(5) ​ ​ ​ ​ ​ 0.74% ​ ​ ​ ​ ​ 0.72%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 4.01%(5) ​ ​ ​ ​ ​ 3.46% ​ ​ ​ ​ ​ 3.28%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 34%(4) ​ ​ ​ ​ ​ 43% ​ ​ ​ ​ ​ 74%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
269
Financial Highlights (continued)
Destinations Real Assets Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 2.81 ​ ​ ​ ​ $ 6.43 ​ ​ ​ ​ $ 8.94 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.04 ​ ​ ​ ​ ​ 0.02 ​ ​ ​ ​ ​ 0.02 ​ ​ ​ ​ ​ 0.00(3) ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (2.75) ​ ​ ​ ​ ​ (2.52) ​ ​ ​ ​ ​ (0.78) ​ ​
Total Income from Operations
​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ (2.73) ​ ​ ​ ​ ​ (2.50) ​ ​ ​ ​ ​ (0.78) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.89) ​ ​ ​ ​ ​ (0.00)(3) ​ ​ ​ ​ ​ (0.04) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.24) ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.89) ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.28) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 2.62 ​ ​ ​ ​ $ 2.81 ​ ​ ​ ​ $ 6.43 ​ ​ ​ ​ $ 8.94 ​ ​
Total Return(4)
 ​ ​ ​ ​ (9.25)%(5) ​ ​ ​ ​ ​ (44.29)% ​ ​ ​ ​ ​ (27.95)% ​ ​ ​ ​ ​ (7.95)%(5) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 214 ​ ​ ​ ​ $ 223 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 1.49%(6) ​ ​ ​ ​ ​ 1.27% ​ ​ ​ ​ ​ 1.24% ​ ​ ​ ​ ​ 1.29%(6) ​ ​
Net expenses(7)
​ ​ ​ ​ 0.89%(6) ​ ​ ​ ​ ​ 1.14% ​ ​ ​ ​ ​ 1.20% ​ ​ ​ ​ ​ 1.19%(6) ​ ​
Net investment income(7)
​ ​ ​ ​ 3.13%(6) ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.21% ​ ​ ​ ​ ​ 0.02%(6) ​ ​
Portfolio Turnover Rate(8)
 ​ ​ ​ ​ 5%(5) ​ ​ ​ ​ ​ 198% ​ ​ ​ ​ ​ 66% ​ ​ ​ ​ ​ 58%(5) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Amounts represent less than 0.01.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
270
Financial Highlights (continued)
Destinations Real Assets Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 2.63 ​ ​ ​ ​ $ 6.50 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.03 ​ ​ ​ ​ ​ 0.03 ​ ​ ​ ​ ​ 0.02 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.21) ​ ​ ​ ​ ​ (2.61) ​ ​ ​ ​ ​ (3.50) ​ ​
Total Income from Operations
​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (2.58) ​ ​ ​ ​ ​ (3.48) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ (1.29) ​ ​ ​ ​ ​ (0.01) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (1.29) ​ ​ ​ ​ ​ (0.02) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 2.45 ​ ​ ​ ​ $ 2.63 ​ ​ ​ ​ $ 6.50 ​ ​
Total Return(3)
 ​ ​ ​ ​ (9.51)%(4) ​ ​ ​ ​ ​ (41.64)% ​ ​ ​ ​ ​ (34.79)%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 4 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 1.34%(5) ​ ​ ​ ​ ​ 1.04% ​ ​ ​ ​ ​ 1.09%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.73% (5) ​ ​ ​ ​ ​ 0.91% ​ ​ ​ ​ ​ 1.05%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 3.27% (5) ​ ​ ​ ​ ​ 0.50% ​ ​ ​ ​ ​ 0.36%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 5%(4) ​ ​ ​ ​ ​ 198% ​ ​ ​ ​ ​ 66%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
271
Financial Highlights (continued)
Destinations Core Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.42 ​ ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.12 ​ ​ ​ ​ ​ 0.28 ​ ​ ​ ​ ​ 0.28 ​ ​ ​ ​ ​ 0.21 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ 0.59 ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.17) ​ ​
Total Income from Operations
​ ​ ​ ​ 0.09 ​ ​ ​ ​ ​ 0.87 ​ ​ ​ ​ ​ 0.27 ​ ​ ​ ​ ​ 0.04 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ (0.28) ​ ​ ​ ​ ​ (0.27) ​ ​ ​ ​ ​ (0.19) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.02) ​ ​
Total Distributions.
​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ (0.28) ​ ​ ​ ​ ​ (0.27) ​ ​ ​ ​ ​ (0.21) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.40 ​ ​ ​ ​ $ 10.42 ​ ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 9.83 ​ ​
Total Return(3)
 ​ ​ ​ ​ 0.90%(4) ​ ​ ​ ​ ​ 8.97% ​ ​ ​ ​ ​ 2.77% ​ ​ ​ ​ ​ 0.34%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 2,013 ​ ​ ​ ​ $ 1,896 ​ ​ ​ ​ $ 1,708 ​ ​ ​ ​ $ 1,500 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.87%(5) ​ ​ ​ ​ ​ 0.88% ​ ​ ​ ​ ​ 0.89% ​ ​ ​ ​ ​ 0.90%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.78%(5) ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.81% ​ ​ ​ ​ ​ 0.82%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 2.35%(5) ​ ​ ​ ​ ​ 2.80% ​ ​ ​ ​ ​ 2.85% ​ ​ ​ ​ ​ 2.22%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 37%(4) ​ ​ ​ ​ ​ 43% ​ ​ ​ ​ ​ 64% ​ ​ ​ ​ ​ 170%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
272
Financial Highlights (continued)
Destinations Core Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.69 ​ ​ ​ ​ $ 10.08 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.13 ​ ​ ​ ​ ​ 0.30 ​ ​ ​ ​ ​ 0.20 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.02) ​ ​ ​ ​ ​ 0.61 ​ ​ ​ ​ ​ 0.03 ​ ​
Total Income from Operations
​ ​ ​ ​ 0.11 ​ ​ ​ ​ ​ 0.91 ​ ​ ​ ​ ​ 0.23 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.12) ​ ​ ​ ​ ​ (0.30) ​ ​ ​ ​ ​ (0.15) ​ ​
Total Distributions.
​ ​ ​ ​ (0.12) ​ ​ ​ ​ ​ (0.30) ​ ​ ​ ​ ​ (0.15) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.68 ​ ​ ​ ​ $ 10.69 ​ ​ ​ ​ $ 10.08 ​ ​
Total Return(3)
 ​ ​ ​ ​ 1.05%(4) ​ ​ ​ ​ ​ 9.11% ​ ​ ​ ​ ​ 2.29%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 110 ​ ​ ​ ​ $ 99 ​ ​ ​ ​ $ 29 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.72%(5) ​ ​ ​ ​ ​ 0.73% ​ ​ ​ ​ ​ 0.74%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.63%(5) ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 0.66%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 2.50%(5) ​ ​ ​ ​ ​ 2.90% ​ ​ ​ ​ ​ 3.00%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 37%(4) ​ ​ ​ ​ ​ 43% ​ ​ ​ ​ ​ 64%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
273
Financial Highlights (continued)
Destinations Low Duration Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.75 ​ ​ ​ ​ $ 9.84 ​ ​ ​ ​ $ 9.90 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.19 ​ ​ ​ ​ ​ 0.33 ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ 0.27 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.28) ​ ​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.12) ​ ​
Total Income from Operations
​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ 0.25 ​ ​ ​ ​ ​ 0.27 ​ ​ ​ ​ ​ 0.15 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.34) ​ ​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ (0.25) ​ ​
Total Distributions.
​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.34) ​ ​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ (0.25) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.48 ​ ​ ​ ​ $ 9.75 ​ ​ ​ ​ $ 9.84 ​ ​ ​ ​ $ 9.90 ​ ​
Total Return(3)
 ​ ​ ​ ​ (0.83)%(4) ​ ​ ​ ​ ​ 2.59% ​ ​ ​ ​ ​ 2.79% ​ ​ ​ ​ ​ 1.52%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 360 ​ ​ ​ ​ $ 320 ​ ​ ​ ​ $ 386 ​ ​ ​ ​ $ 178 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.95%(5) ​ ​ ​ ​ ​ 0.96% ​ ​ ​ ​ ​ 0.97% ​ ​ ​ ​ ​ 1.00%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.94%(5) ​ ​ ​ ​ ​ 0.94% ​ ​ ​ ​ ​ 0.93% ​ ​ ​ ​ ​ 0.94%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 3.98%(5) ​ ​ ​ ​ ​ 3.30% ​ ​ ​ ​ ​ 3.51% ​ ​ ​ ​ ​ 2.84%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 95%(4) ​ ​ ​ ​ ​ 138% ​ ​ ​ ​ ​ 120% ​ ​ ​ ​ ​ 32%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
274
Financial Highlights (continued)
Destinations Low Duration Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.94 ​ ​ ​ ​ $ 10.03 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.20 ​ ​ ​ ​ ​ 0.34 ​ ​ ​ ​ ​ 0.22 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.28) ​ ​ ​ ​ ​ (0.07) ​ ​ ​ ​ ​ (0.03) ​ ​
Total Income from Operations
​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ 0.27 ​ ​ ​ ​ ​ 0.19 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ (0.36) ​ ​ ​ ​ ​ (0.16) ​ ​
Total Distributions.
​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ (0.36) ​ ​ ​ ​ ​ (0.16) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.67 ​ ​ ​ ​ $ 9.94 ​ ​ ​ ​ $ 10.03 ​ ​
Total Return(3)
 ​ ​ ​ ​ (0.74)%(4) ​ ​ ​ ​ ​ 2.69% ​ ​ ​ ​ ​ 1.82%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 17 ​ ​ ​ ​ $ 14 ​ ​ ​ ​ $ 6 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.80%(5) ​ ​ ​ ​ ​ 0.82% ​ ​ ​ ​ ​ 0.82%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.79%(5) ​ ​ ​ ​ ​ 0.81% ​ ​ ​ ​ ​ 0.78%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 4.13%(5) ​ ​ ​ ​ ​ 3.40% ​ ​ ​ ​ ​ 3.66%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 95%(4) ​ ​ ​ ​ ​ 138% ​ ​ ​ ​ ​ 120%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
275
Financial Highlights (continued)
Destinations Global Fixed Income Opportunities Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 9.82 ​ ​ ​ ​ $ 9.99 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.21 ​ ​ ​ ​ ​ 0.39 ​ ​ ​ ​ ​ 0.38 ​ ​ ​ ​ ​ 0.37 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.22) ​ ​ ​ ​ ​ 0.02 ​ ​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.02) ​ ​
Total Income from Operations
​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ 0.41 ​ ​ ​ ​ ​ 0.20 ​ ​ ​ ​ ​ 0.35 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.21) ​ ​ ​ ​ ​ (0.40) ​ ​ ​ ​ ​ (0.37) ​ ​ ​ ​ ​ (0.35) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions.
​ ​ ​ ​ (0.21) ​ ​ ​ ​ ​ (0.40) ​ ​ ​ ​ ​ (0.37) ​ ​ ​ ​ ​ (0.36) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.61 ​ ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 9.82 ​ ​ ​ ​ $ 9.99 ​ ​
Total Return(3)
 ​ ​ ​ ​ 0.03%(4) ​ ​ ​ ​ ​ 4.18% ​ ​ ​ ​ ​ 2.20% ​ ​ ​ ​ ​ 3.34%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 708 ​ ​ ​ ​ $ 733 ​ ​ ​ ​ $ 769 ​ ​ ​ ​ $ 601 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
​ ​ ​ ​ 1.10%(5) ​ ​ ​ ​ ​ 1.11% ​ ​ ​ ​ ​ 1.09% ​ ​ ​ ​ ​ 1.10%(5) ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.99%(5) ​ ​ ​ ​ ​ 1.00% ​ ​ ​ ​ ​ 0.98% ​ ​ ​ ​ ​ 0.99%(5) ​ ​
Net investment income(7)
​ ​ ​ ​ 4.41%(5) ​ ​ ​ ​ ​ 3.92% ​ ​ ​ ​ ​ 3.90% ​ ​ ​ ​ ​ 3.88%(5) ​ ​
Portfolio Turnover Rate(8)
 ​ ​ ​ ​ 95%(4) ​ ​ ​ ​ ​ 84% ​ ​ ​ ​ ​ 79% ​ ​ ​ ​ ​ 64%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.02%, 0.03% and 0.00%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020 and the year ended February 28, 2019, respectively. Ratios include borrowing expense on short sales which represent less than 0.00% for the period ended August 31, 2020.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
276
Financial Highlights (continued)
Destinations Global Fixed Income Opportunities Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.99 ​ ​ ​ ​ $ 9.98 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.22 ​ ​ ​ ​ ​ 0.41 ​ ​ ​ ​ ​ 0.26 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.22) ​ ​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ (0.08) ​ ​
Total Income from Operations
​ ​ ​ ​ 0.00 ​ ​ ​ ​ ​ 0.42 ​ ​ ​ ​ ​ 0.18 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.22) ​ ​ ​ ​ ​ (0.41) ​ ​ ​ ​ ​ (0.20) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Distributions.
​ ​ ​ ​ (0.22) ​ ​ ​ ​ ​ (0.41) ​ ​ ​ ​ ​ (0.20) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.77 ​ ​ ​ ​ $ 9.99 ​ ​ ​ ​ $ 9.98 ​ ​
Total Return(3)
 ​ ​ ​ ​ 0.11%(4) ​ ​ ​ ​ ​ 4.26% ​ ​ ​ ​ ​ 1.72%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 36 ​ ​ ​ ​ $ 34 ​ ​ ​ ​ $ 14 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
​ ​ ​ ​ 0.95%(5) ​ ​ ​ ​ ​ 0.96% ​ ​ ​ ​ ​ 0.94%(5) ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.84%(5) ​ ​ ​ ​ ​ 0.85% ​ ​ ​ ​ ​ 0.83%(5) ​ ​
Net investment income(7)
​ ​ ​ ​ 4.56%(5) ​ ​ ​ ​ ​ 4.06% ​ ​ ​ ​ ​ 4.05%(5) ​ ​
Portfolio Turnover Rate(8)
 ​ ​ ​ ​ 95%(4) ​ ​ ​ ​ ​ 84% ​ ​ ​ ​ ​ 79%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.02%, 0.03% and 0.00%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020 and the period ended February 28, 2019, respectively. Ratios include borrowing expense on short sales which represent less than 0.00% for the period ended August 31, 2020.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
277
Financial Highlights (continued)
Destinations Municipal Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.61 ​ ​ ​ ​ $ 10.11 ​ ​ ​ ​ $ 9.93 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.07 ​ ​ ​ ​ ​ 0.16 ​ ​ ​ ​ ​ 0.17 ​ ​ ​ ​ ​ 0.08 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.06) ​ ​ ​ ​ ​ 0.58 ​ ​ ​ ​ ​ 0.15 ​ ​ ​ ​ ​ (0.09) ​ ​
Total Income from Operations
​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ 0.74 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ (0.01) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ (0.20) ​ ​ ​ ​ ​ (0.14) ​ ​ ​ ​ ​ (0.05) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.04) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions.
​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ (0.24) ​ ​ ​ ​ ​ (0.14) ​ ​ ​ ​ ​ (0.06) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.53 ​ ​ ​ ​ $ 10.61 ​ ​ ​ ​ $ 10.11 ​ ​ ​ ​ $ 9.93 ​ ​
Total Return(3)
 ​ ​ ​ ​ 0.11%(4) ​ ​ ​ ​ ​ 7.38% ​ ​ ​ ​ ​ 3.30% ​ ​ ​ ​ ​ (0.14)%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 855 ​ ​ ​ ​ $ 878 ​ ​ ​ ​ $ 862 ​ ​ ​ ​ $ 230 ​ ​
Ratios to Average Net Assets:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.95%(5) ​ ​ ​ ​ ​ 0.95% ​ ​ ​ ​ ​ 0.95% ​ ​ ​ ​ ​ 0.97%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.80%(5) ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.80%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 1.34%(5) ​ ​ ​ ​ ​ 1.56% ​ ​ ​ ​ ​ 1.71% ​ ​ ​ ​ ​ 0.79%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 19%(4) ​ ​ ​ ​ ​ 38% ​ ​ ​ ​ ​ 84% ​ ​ ​ ​ ​ 69%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
278
Financial Highlights (continued)
Destinations Municipal Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.64 ​ ​ ​ ​ $ 10.14 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.13 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ (0.07) ​ ​ ​ ​ ​ 0.57 ​ ​ ​ ​ ​ 0.11 ​ ​
Total Income from Operations
​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ 0.75 ​ ​ ​ ​ ​ 0.24 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ (0.21) ​ ​ ​ ​ ​ (0.10) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.04) ​ ​ ​ ​ ​ — ​ ​
Total Distributions.
​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ (0.25) ​ ​ ​ ​ ​ (0.10) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.55 ​ ​ ​ ​ $ 10.64 ​ ​ ​ ​ $ 10.14 ​ ​
Total Return(3)
 ​ ​ ​ ​ 0.09%(4) ​ ​ ​ ​ ​ 7.51% ​ ​ ​ ​ ​ 2.42%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 21 ​ ​ ​ ​ $ 19 ​ ​ ​ ​ $ 12 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses
​ ​ ​ ​ 0.80%(5) ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.80%(5) ​ ​
Net expenses(6)
​ ​ ​ ​ 0.65%(5) ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 0.65%(5) ​ ​
Net investment income(6)
​ ​ ​ ​ 1.49%(5) ​ ​ ​ ​ ​ 1.71% ​ ​ ​ ​ ​ 1.86%(5) ​ ​
Portfolio Turnover Rate(7)
 ​ ​ ​ ​ 19%(4) ​ ​ ​ ​ ​ 38% ​ ​ ​ ​ ​ 84%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Reflects fee waivers and/or expense reimbursements.
​
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
279
Financial Highlights (continued)
Destinations Multi Strategy Alternatives Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class I
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019
​ ​
2018(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.67 ​ ​ ​ ​ $ 9.76 ​ ​ ​ ​ $ 10.20 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.09 ​ ​ ​ ​ ​ 0.37 ​ ​ ​ ​ ​ 0.40 ​ ​ ​ ​ ​ 0.27 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ (0.02) ​ ​ ​ ​ ​ (0.32) ​ ​ ​ ​ ​ 0.13 ​ ​
Total Income from Operations
​ ​ ​ ​ 0.17 ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ 0.40 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.41) ​ ​ ​ ​ ​ (0.35) ​ ​ ​ ​ ​ (0.20) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ — ​ ​
Total Distributions.
​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.44) ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.20) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.76 ​ ​ ​ ​ $ 9.67 ​ ​ ​ ​ $ 9.76 ​ ​ ​ ​ $ 10.20 ​ ​
Total Return(3)
 ​ ​ ​ ​ 1.82%(4) ​ ​ ​ ​ ​ 3.76% ​ ​ ​ ​ ​ 1.10% ​ ​ ​ ​ ​ 3.94%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 916 ​ ​ ​ ​ $ 888 ​ ​ ​ ​ $ 897 ​ ​ ​ ​ $ 909 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
​ ​ ​ ​ 1.80%(5) ​ ​ ​ ​ ​ 1.73% ​ ​ ​ ​ ​ 1.71% ​ ​ ​ ​ ​ 1.73%(5) ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 1.42%(5) ​ ​ ​ ​ ​ 1.34% ​ ​ ​ ​ ​ 1.23% ​ ​ ​ ​ ​ 1.25%(5) ​ ​
Net investment income(7)
​ ​ ​ ​ 1.90%(5) ​ ​ ​ ​ ​ 3.86% ​ ​ ​ ​ ​ 4.01% ​ ​ ​ ​ ​ 2.82%(5) ​ ​
Portfolio Turnover Rate(8)
 ​ ​ ​ ​ 65%(4) ​ ​ ​ ​ ​ 119% ​ ​ ​ ​ ​ 109% ​ ​ ​ ​ ​ 111%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.16%, 0.16%, 0.12% and 0.12%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020, the year ended February 28, 2019 and the period ended February 28, 2018, respectively. Ratios include borrowing expense on short sales which represent less than 0.05% for the period ended August 31, 2020.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
280
Financial Highlights (continued)
Destinations Multi Strategy Alternatives Fund
​
For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:
​ ​ ​
Class Z
​
​ ​ ​
2020(1)
​ ​
2020
​ ​
2019(1)
​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.44 ​ ​ ​ ​ $ 9.54 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(2)
​ ​ ​ ​ 0.09 ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ 0.31 ​ ​
Net realized and unrealized gain
​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.35) ​ ​
Total Income from Operations
​ ​ ​ ​ 0.17 ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ (0.04) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.42) ​ ​ ​ ​ ​ (0.25) ​ ​
Net realized gain.
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ (0.17) ​ ​
Total Distributions.
​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.45) ​ ​ ​ ​ ​ (0.42) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.53 ​ ​ ​ ​ $ 9.44 ​ ​ ​ ​ $ 9.54 ​ ​
Total Return(3)
 ​ ​ ​ ​ 1.91%(4) ​ ​ ​ ​ ​ 3.87% ​ ​ ​ ​ ​ (0.21)%(4) ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 46 ​ ​ ​ ​ $ 41 ​ ​ ​ ​ $ 15 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
​ ​ ​ ​ 1.65%(5) ​ ​ ​ ​ ​ 1.59% ​ ​ ​ ​ ​ 1.56%(5) ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 1.27%(5) ​ ​ ​ ​ ​ 1.20% ​ ​ ​ ​ ​ 1.08%(5) ​ ​
Net investment income(7)
​ ​ ​ ​ 2.04%(5) ​ ​ ​ ​ ​ 3.75% ​ ​ ​ ​ ​ 4.16%(5) ​ ​
Portfolio Turnover Rate(8)
 ​ ​ ​ ​ 65%(4) ​ ​ ​ ​ ​ 119% ​ ​ ​ ​ ​ 109%(4) ​ ​
​
(1)
Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.
​
(2)
Per share amounts have been calculated using the average shares method.
​
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(4)
Not annualized.
​
(5)
Annualized.
​
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.16%, 0.16% and 0.20%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020 and the period ended February 28, 2019, respectively. Ratios include borrowing expense on short sales which represent less than 0.05% for the period ended August 31, 2020.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
See Notes to Financial Statements.
281
Notes to Financial Statements
August 31, 2020 (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 Investments, LLC (“Brinker Capital” or the “Adviser”), formerly Brinker Capital, Inc., 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.
On September 24, 2020, Brinker Capital, Inc., a wholly-owned subsidiary of Brinker Capital Holdings, Inc. and the owners of Brinker Capital, was sold to a new owner: GT Polaris Inc., a newly formed entity controlled by funds affiliated with Genstar Capital Partners LLC and TA Associates Management, L.P. (“Buyer”). This transaction occurred contemporaneously with Buyer’s acquisition of Orion Advisor Solutions and its affiliates (“Orion”), including Orion’s subsidiary CLS Investments, LLC, an SEC-registered investment adviser (“CLS”). As part of the transaction, Brinker Capital’s business was combined with CLS’s business and renamed Brinker Capital Investments, LLC.
2. Accounting Policies
The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies.
Each class of shares represents an interest in the same portfolio of investments of each fund and has equal rights to voting, redemption, dividends and liquidation, except that each class bears different class expenses and each has exclusive voting rights with respect to matters that relate solely to that class or for which the interests of one class differ from the interests of another class. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
3. Investment valuation
Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the bid price. For equity securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the NewYork Stock Exchange (“NYSE”).
Futures contracts are valued at the settlement price in the market where such contracts are principally traded. Foreign currency forward contracts are valued at the current Business Day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.
Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the bid price. Investments in registered open-end management investment companies are valued at reported net asset value per share.
Securities pledged by the Funds as collateral, if any, are identified as such in the Schedules of Investments.
282
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
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.
283
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
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:
​ ​ ​
Total Fair Value at
August 31, 2020
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Large Cap Equity Fund  ​
Investments, at value  ​
Common Stocks: 
 ​
Basic Materials
​ ​ ​ $ 114,957,067 ​ ​ ​ ​ $ 114,957,067 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ — ​ ​
Communications
​ ​ ​ ​ 817,869,361 ​ ​ ​ ​ ​ 817,869,361 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Consumer Cyclical
​ ​ ​ ​ 315,342,982 ​ ​ ​ ​ ​ 315,342,982 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Consumer Non-cyclical
​ ​ ​ ​ 1,123,505,187 ​ ​ ​ ​ ​ 1,123,505,187 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Energy
​ ​ ​ ​ 75,542,438 ​ ​ ​ ​ ​ 75,542,438 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Financial
​ ​ ​ ​ 518,888,650 ​ ​ ​ ​ ​ 516,580,356 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,308,294 ​ ​
284
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value atAugust 31, 2020
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Large Cap Equity Fund (continued) ​
Investments, at value (continued) ​
Common Stocks: (continued)
 ​
Industrial
​ ​ ​ ​ 349,319,078 ​ ​ ​ ​ ​ 349,319,078 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Technology
​ ​ ​ ​ 981,419,640 ​ ​ ​ ​ ​ 979,366,866 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,052,774 ​ ​
Utilities
​ ​ ​ ​ 65,935,070 ​ ​ ​ ​ ​ 65,935,070 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Preferred Stocks
​ ​ ​ ​ 13,746,911 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,746,911 ​ ​
Short-Term Investments:
 ​
Time Deposits
​ ​ ​ ​ 48,878,552 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 48,878,552 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 6,728,123 ​ ​ ​ ​ ​ 6,728,123 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 4,432,133,059 ​ ​ ​ ​ $ 4,365,146,528 ​ ​ ​ ​ $ 48,878,552 ​ ​ ​ ​ $ 18,107,979 ​ ​
Other Financial Instruments – Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contract
​ ​ ​ $ 875,946 ​ ​ ​ ​ $ 875,946 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 875,946 ​ ​ ​ ​ $ 875,946 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Destinations Small-Mid Cap Equity Fund  ​
Investments, at value  ​
Common Stocks
​ ​ ​ $ 905,757,909 ​ ​ ​ ​ $ 905,757,909 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 28,731,438 ​ ​ ​ ​ ​ 28,731,438 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 13,811,861 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,811,861 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 15,585,626 ​ ​ ​ ​ ​ 15,585,626 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 963,886,834 ​ ​ ​ ​ $ 950,074,973 ​ ​ ​ ​ $ 13,811,861 ​ ​ ​ ​ $ — ​ ​
Destinations International Equity Fund  ​
Investments, at value   ​
Common Stocks:  
 ​
Australia
​ ​ ​ $ 21,311,838 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 21,311,838 ​ ​ ​ ​ $ — ​ ​
Austria
​ ​ ​ ​ 4,129,648 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,129,648 ​ ​ ​ ​ ​ — ​ ​
Belgium
​ ​ ​ ​ 2,224,688 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,224,688 ​ ​ ​ ​ ​ — ​ ​
Bermuda
​ ​ ​ ​ 7,275,637 ​ ​ ​ ​ ​ 2,008,086 ​ ​ ​ ​ ​ 5,267,551 ​ ​ ​ ​ ​ — ​ ​
Brazil
​ ​ ​ ​ 38,789,270 ​ ​ ​ ​ ​ 22,279,802 ​ ​ ​ ​ ​ 16,509,468 ​ ​ ​ ​ ​ — ​ ​
Canada
​ ​ ​ ​ 31,102,269 ​ ​ ​ ​ ​ 31,102,269 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
China
​ ​ ​ ​ 237,554,112 ​ ​ ​ ​ ​ 81,169,108 ​ ​ ​ ​ ​ 156,367,216 ​ ​ ​ ​ ​ 17,788 ​ ​
Denmark
​ ​ ​ ​ 12,220,246 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,220,246 ​ ​ ​ ​ ​ — ​ ​
Egypt
​ ​ ​ ​ 10,599,674 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,599,674 ​ ​ ​ ​ ​ — ​ ​
Finland
​ ​ ​ ​ 760,278 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 760,278 ​ ​ ​ ​ ​ — ​ ​
France
​ ​ ​ ​ 132,403,735 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 132,403,735 ​ ​ ​ ​ ​ — ​ ​
Germany
​ ​ ​ ​ 120,777,120 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 120,777,120 ​ ​ ​ ​ ​ — ​ ​
Greece
​ ​ ​ ​ 4,954,388 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,954,388 ​ ​ ​ ​ ​ — ​ ​
Hong Kong
​ ​ ​ ​ 31,968,736 ​ ​ ​ ​ ​ 1,260,628 ​ ​ ​ ​ ​ 30,708,108 ​ ​ ​ ​ ​ — ​ ​
Hungary
​ ​ ​ ​ 432,326 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 432,326 ​ ​ ​ ​ ​ — ​ ​
India
​ ​ ​ ​ 151,373,508 ​ ​ ​ ​ ​ 1,567,972 ​ ​ ​ ​ ​ 149,277,958 ​ ​ ​ ​ ​ 527,578 ​ ​
Indonesia
​ ​ ​ ​ 20,777,631 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 20,777,631 ​ ​ ​ ​ ​ — ​ ​
Ireland
​ ​ ​ ​ 15,756,062 ​ ​ ​ ​ ​ 3,729,490 ​ ​ ​ ​ ​ 12,026,572 ​ ​ ​ ​ ​ — ​ ​
Israel
​ ​ ​ ​ 8,930,256 ​ ​ ​ ​ ​ 5,458,315 ​ ​ ​ ​ ​ 3,471,941 ​ ​ ​ ​ ​ — ​ ​
Italy
​ ​ ​ ​ 14,750,494 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,750,494 ​ ​ ​ ​ ​ — ​ ​
Japan
​ ​ ​ ​ 341,921,102 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 341,921,102 ​ ​ ​ ​ ​ — ​ ​
Malaysia
​ ​ ​ ​ 2,451,465 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,451,465 ​ ​ ​ ​ ​ — ​ ​
Mexico
​ ​ ​ ​ 20,589,520 ​ ​ ​ ​ ​ 1,989,811 ​ ​ ​ ​ ​ 18,599,709 ​ ​ ​ ​ ​ — ​ ​
285
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value atAugust 31, 2020
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations International Equity Fund (continued) ​
Investments, at value  (continued) ​
Common Stocks:  (continued)
 ​
Netherlands
​ ​ ​ ​ 56,098,964 ​ ​ ​ ​ ​ 10,124,893 ​ ​ ​ ​ ​ 45,974,071 ​ ​ ​ ​ ​ — ​ ​
Norway
​ ​ ​ ​ 10,517,627 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,517,627 ​ ​ ​ ​ ​ — ​ ​
Peru
​ ​ ​ ​ 3,120,299 ​ ​ ​ ​ ​ 3,120,299 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Philippines
​ ​ ​ ​ 12,953,919 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,953,919 ​ ​ ​ ​ ​ — ​ ​
Poland
​ ​ ​ ​ 3,066,919 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,066,919 ​ ​ ​ ​ ​ — ​ ​
Portugal
​ ​ ​ ​ 13,235,294 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,235,294 ​ ​ ​ ​ ​ — ​ ​
Russia
​ ​ ​ ​ 19,698,672 ​ ​ ​ ​ ​ 14,928,383 ​ ​ ​ ​ ​ 4,770,289 ​ ​ ​ ​ ​ — ​ ​
Singapore
​ ​ ​ ​ 4,557,403 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,557,403 ​ ​ ​ ​ ​ — ​ ​
South Africa
​ ​ ​ ​ 18,306,894 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,306,894 ​ ​ ​ ​ ​ — ​ ​
South Korea
​ ​ ​ ​ 68,575,647 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 68,575,647 ​ ​ ​ ​ ​ — ​ ​
Spain
​ ​ ​ ​ 11,651,842 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,651,842 ​ ​ ​ ​ ​ — ​ ​
Sweden
​ ​ ​ ​ 46,582,274 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 46,582,274 ​ ​ ​ ​ ​ — ​ ​
Switzerland
​ ​ ​ ​ 117,742,516 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 117,742,516 ​ ​ ​ ​ ​ — ​ ​
Taiwan
​ ​ ​ ​ 82,381,301 ​ ​ ​ ​ ​ 33,515,142 ​ ​ ​ ​ ​ 48,866,159 ​ ​ ​ ​ ​ — ​ ​
Thailand
​ ​ ​ ​ 13,002,824 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,002,824 ​ ​ ​ ​ ​ — ​ ​
United Arab Emirates
​ ​ ​ ​ 7,415,078 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,415,078 ​ ​ ​ ​ ​ — ​ ​
United Kingdom
​ ​ ​ ​ 170,536,501 ​ ​ ​ ​ ​ 2,195,236 ​ ​ ​ ​ ​ 168,337,126 ​ ​ ​ ​ ​ 4,139 ​ ​
United States
​ ​ ​ ​ 76,279,165 ​ ​ ​ ​ ​ 76,279,165 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 60,045,002 ​ ​ ​ ​ ​ 60,045,002 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Preferred Stock
​ ​ ​ ​ 793,594 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 793,594 ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 62,562,354 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 62,562,354 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 39,244,796 ​ ​ ​ ​ ​ 39,244,796 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 2,131,422,888 ​ ​ ​ ​ $ 390,018,397 ​ ​ ​ ​ $ 1,740,061,392 ​ ​ ​ ​ $ 1,343,099 ​ ​
Other Financial Instruments – Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Options Contracts Written
​ ​ ​ $ (182,656) ​ ​ ​ ​ $ (107,723) ​ ​ ​ ​ $ (74,933) ​ ​ ​ ​ $ — ​ ​
Forward Foreign Currency Contracts
​ ​ ​ ​ (8,389) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (8,389) ​ ​ ​ ​ ​ — ​ ​
Total Other Financial Instruments – Liabilities
 ​ ​ ​ $ (191,045) ​ ​ ​ ​ $ (107,723) ​ ​ ​ ​ $ (83,322) ​ ​ ​ ​ $ — ​ ​
Destinations Equity Income Fund ​
Investments, at value ​
Common Stocks
​ ​ ​ $ 329,828,991 ​ ​ ​ ​ $ 329,828,991 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Convertible Preferred Stocks
​ ​ ​ ​ 5,720,439 ​ ​ ​ ​ ​ 5,720,439 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Equity Linked Note
​ ​ ​ ​ 952,032 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 952,032 ​ ​ ​ ​ ​ — ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 38,221,519 ​ ​ ​ ​ ​ 38,221,519 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 6,692,796 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,692,796 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 959,784 ​ ​ ​ ​ ​ 959,784 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 382,375,561 ​ ​ ​ ​ $ 374,730,733 ​ ​ ​ ​ $ 7,644,828 ​ ​ ​ ​ $ — ​ ​
Destinations Real Assets Fund ​
Investments, at value ​
Exchange Traded Funds (ETFs)
​ ​ ​ $ 13,305 ​ ​ ​ ​ $ 13,305 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposit
​ ​ ​ ​ 16,015 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 16,015 ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 29,320 ​ ​ ​ ​ $ 13,305 ​ ​ ​ ​ $ 16,015 ​ ​ ​ ​ $ — ​ ​
​
286
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value atAugust 31, 2020
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Core Fixed Income Fund  ​
Investments, at value  ​
U.S. Government Agencies & Obligations
​ ​ ​ $ 500,159,290 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 500,159,290 ​ ​ ​ ​ $ — ​ ​
Mortgage-Backed Securities
​ ​ ​ ​ 424,894,977 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 424,894,977 ​ ​ ​ ​ ​ — ​ ​
Corporate Bonds & Notes
​ ​ ​ ​ 406,005,865 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 406,005,865 ​ ​ ​ ​ ​ — ​ ​
Collateralized Mortgage Obligations
​ ​ ​ ​ 397,476,848 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 397,476,848 ​ ​ ​ ​ ​ — ​ ​
Asset-Backed Securities
​ ​ ​ ​ 170,021,923 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 170,021,923 ​ ​ ​ ​ ​ — ​ ​
Senior Loans
​ ​ ​ ​ 39,879,733 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 39,879,733 ​ ​ ​ ​ ​ — ​ ​
Sovereign Bonds
​ ​ ​ ​ 25,278,104 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 25,278,104 ​ ​ ​ ​ ​ — ​ ​
Municipal Bonds
​ ​ ​ ​ 5,015,549 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,015,549 ​ ​ ​ ​ ​ — ​ ​
Open-End Fund
​ ​ ​ ​ 22,427,633 ​ ​ ​ ​ ​ 22,427,633 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Common Stocks:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Diversified
​ ​ ​ ​ 27,078 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,078 ​ ​
Energy
​ ​ ​ ​ 6,160 ​ ​ ​ ​ ​ 1,997 ​ ​ ​ ​ ​ 4,163 ​ ​ ​ ​ ​ — ​ ​
Industrial
​ ​ ​ ​ 9,121 ​ ​ ​ ​ ​ 9,121 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 103,788,386 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 103,788,386 ​ ​ ​ ​ ​ — ​ ​
U.S. Government Obligations
​ ​ ​ ​ 80,679,171 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 80,679,171 ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 2,175,669,838 ​ ​ ​ ​ $ 22,438,751 ​ ​ ​ ​ $ 2,153,204,009 ​ ​ ​ ​ $ 27,078 ​ ​
Destinations Low Duration Fixed Income Fund ​
Investments, at value ​
Corporate Bonds & Notes
​ ​ ​ $ 188,958,161 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 188,958,161 ​ ​ ​ ​ $ — ​ ​
Senior Loans
​ ​ ​ ​ 57,619,115 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 52,858,093 ​ ​ ​ ​ ​ 4,761,022 ​ ​
Asset-Backed Securities
​ ​ ​ ​ 25,000,010 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 25,000,010 ​ ​ ​ ​ ​ — ​ ​
Collateralized Mortgage Obligations
​ ​ ​ ​ 20,147,269 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 20,147,269 ​ ​ ​ ​ ​ — ​ ​
Municipal Bonds
​ ​ ​ ​ 6,487,930 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,487,930 ​ ​ ​ ​ ​ — ​ ​
U.S. Government Agencies & Obligations
​ ​ ​ ​ 5,321,978 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,321,978 ​ ​ ​ ​ ​ — ​ ​
Mortgage-Backed Securities
​ ​ ​ ​ 2,367,706 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,367,706 ​ ​ ​ ​ ​ — ​ ​
Sovereign Bonds
​ ​ ​ ​ 1,611,923 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,611,923 ​ ​ ​ ​ ​ — ​ ​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 20,326,576 ​ ​ ​ ​ ​ 20,326,576 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Common Stocks:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Basic Materials
​ ​ ​ ​ 201,059 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 201,059 ​ ​
Communications
​ ​ ​ ​ 1,754 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,754 ​ ​
Diversified
​ ​ ​ ​ 3,093,364 ​ ​ ​ ​ ​ 3,093,364 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Commercial Paper
​ ​ ​ ​ 5,373,935 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,373,935 ​ ​ ​ ​ ​ — ​ ​
Time Deposits
​ ​ ​ ​ 53,925,163 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 53,925,163 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 6,567,375 ​ ​ ​ ​ ​ 6,567,375 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 397,003,318 ​ ​ ​ ​ $ 29,987,315 ​ ​ ​ ​ $ 362,052,168 ​ ​ ​ ​ $ 4,963,835 ​ ​
Other Financial Instruments – Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward Foreign Currency Contract
​ ​ ​ $ 3,778 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,778 ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 3,778 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,778 ​ ​ ​ ​ $ — ​ ​
Other Financial Instruments – Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward Foreign Currency Contracts
​ ​ ​ $$ (379,740)) ​ ​ ​ ​ $ — ​ ​ ​ ​ $$ (379,740) ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Liabilities
 ​ ​ ​ $$ (379,740) ​ ​ ​ ​ $ — ​ ​ ​ ​ $$ (379,740) ​ ​ ​ ​ $ — ​ ​
Destinations Global Fixed Income Opportunities Fund  ​
Investments, at value   ​
Corporate Bonds & Notes
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Australia
​ ​ ​ $ 2,335,667 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 2,335,667 ​ ​ ​ ​ $ — ​ ​
287
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value atAugust 31, 2020
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Global Fixed Income Opportunities Fund (continued) ​
Investments, at value  (continued) ​
Bahamas
​ ​ ​ ​ 3,631,061 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,631,061 ​ ​ ​ ​ ​ — ​ ​
Bermuda
​ ​ ​ ​ 9,837,383 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,837,383 ​ ​ ​ ​ ​ — ​ ​
Brazil
​ ​ ​ ​ 10,256,761 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,256,761 ​ ​ ​ ​ ​ — ​ ​
British Virgin Islands
​ ​ ​ ​ 24,152,075 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 24,152,075 ​ ​ ​ ​ ​ — ​ ​
Canada
​ ​ ​ ​ 5,866,326 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,866,326 ​ ​ ​ ​ ​ — ​ ​
Cayman Islands
​ ​ ​ ​ 27,772,405 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,772,405 ​ ​ ​ ​ ​ — ​ ​
Chile
​ ​ ​ ​ 19,606,186 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 19,606,186 ​ ​ ​ ​ ​ — ​ ​
Colombia
​ ​ ​ ​ 9,544,549 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,544,549 ​ ​ ​ ​ ​ — ​ ​
Denmark
​ ​ ​ ​ 589,793 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 589,793 ​ ​ ​ ​ ​ — ​ ​
Dominican Republic
​ ​ ​ ​ 1,112,375 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,112,375 ​ ​ ​ ​ ​ — ​ ​
France
​ ​ ​ ​ 3,194,312 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,194,312 ​ ​ ​ ​ ​ — ​ ​
Germany
​ ​ ​ ​ 3,084,414 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,084,414 ​ ​ ​ ​ ​ — ​ ​
Hong Kong
​ ​ ​ ​ 6,212,351 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,212,351 ​ ​ ​ ​ ​ — ​ ​
India
​ ​ ​ ​ 17,616,067 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,616,067 ​ ​ ​ ​ ​ — ​ ​
Indonesia
​ ​ ​ ​ 1,048,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,048,000 ​ ​ ​ ​ ​ — ​ ​
Ireland
​ ​ ​ ​ 1,814,750 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,814,750 ​ ​ ​ ​ ​ — ​ ​
Israel
​ ​ ​ ​ 1,186,004 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,186,004 ​ ​ ​ ​ ​ — ​ ​
Italy
​ ​ ​ ​ 13,068,262 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,068,262 ​ ​ ​ ​ ​ — ​ ​
Luxembourg
​ ​ ​ ​ 456,974 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 456,974 ​ ​ ​ ​ ​ — ​ ​
Malaysia
​ ​ ​ ​ 11,734,223 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,734,223 ​ ​ ​ ​ ​ — ​ ​
Marshall Island
​ ​ ​ ​ 4,850,751 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,278,400 ​ ​ ​ ​ ​ 572,351 ​ ​
Mauritius
​ ​ ​ ​ 3,026,315 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,026,315 ​ ​ ​ ​ ​ — ​ ​
Mexico
​ ​ ​ ​ 25,123,871 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 25,123,871 ​ ​ ​ ​ ​ — ​ ​
Multinational
​ ​ ​ ​ 11,236,697 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,236,697 ​ ​ ​ ​ ​ — ​ ​
Netherlands
​ ​ ​ ​ 8,403,537 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,403,537 ​ ​ ​ ​ ​ — ​ ​
Norway
​ ​ ​ ​ 2,084,347 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,084,347 ​ ​ ​ ​ ​ — ​ ​
Panama
​ ​ ​ ​ 11,635,460 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,635,460 ​ ​ ​ ​ ​ — ​ ​
Peru
​ ​ ​ ​ 4,847,260 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,847,260 ​ ​ ​ ​ ​ — ​ ​
Philippines
​ ​ ​ ​ 4,641,260 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,641,260 ​ ​ ​ ​ ​ — ​ ​
Portugal
​ ​ ​ ​ 2,996 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,996 ​ ​
Saudi Arabia
​ ​ ​ ​ 2,155,768 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,155,768 ​ ​ ​ ​ ​ — ​ ​
Singapore
​ ​ ​ ​ 28,544,268 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 28,544,268 ​ ​ ​ ​ ​ — ​ ​
South Korea
​ ​ ​ ​ 12,295,524 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,295,524 ​ ​ ​ ​ ​ — ​ ​
Sweden
​ ​ ​ ​ 442,210 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 442,210 ​ ​ ​ ​ ​ — ​ ​
Switzerland
​ ​ ​ ​ 3,164,313 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,164,313 ​ ​ ​ ​ ​ — ​ ​
Thailand
​ ​ ​ ​ 3,199,016 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,199,016 ​ ​ ​ ​ ​ — ​ ​
United Kingdom
​ ​ ​ ​ 13,376,775 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,376,775 ​ ​ ​ ​ ​ — ​ ​
United States
​ ​ ​ ​ 183,287,802 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 183,287,802 ​ ​ ​ ​ ​ — ​ ​
Senior Loans
​ ​ ​ ​ 54,518,864 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 53,374,503 ​ ​ ​ ​ ​ 1,144,361 ​ ​
Sovereign Bonds
​ ​ ​ ​ 47,742,400 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 47,742,400 ​ ​ ​ ​ ​ — ​ ​
Municipal Bonds
​ ​ ​ ​ 7,089,820 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,089,820 ​ ​ ​ ​ ​ — ​ ​
Preferred Stocks:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Bermuda
​ ​ ​ ​ 1,992,442 ​ ​ ​ ​ ​ 1,992,442 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
United States
​ ​ ​ ​ 12,853,836 ​ ​ ​ ​ ​ 11,763,336 ​ ​ ​ ​ ​ 1,090,500 ​ ​ ​ ​ ​ — ​ ​
Common Stocks:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Canada
​ ​ ​ ​ 44,423 ​ ​ ​ ​ ​ 44,423 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
United States
​ ​ ​ ​ 32,940,908 ​ ​ ​ ​ ​ 29,162,273 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,778,635 ​ ​
Convertible Preferred Stock
​ ​ ​ ​ 1,295,216 ​ ​ ​ ​ ​ 1,295,216 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 1,113,808 ​ ​ ​ ​ ​ 1,113,808 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
288
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value atAugust 31, 2020
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Global Fixed Income Opportunities Fund (continued) ​
Investments, at value  (continued) ​
Warrants:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Bermuda
​ ​ ​ ​ 204,473 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 204,473 ​ ​ ​ ​ ​ — ​ ​
Brazil
​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ —* ​ ​
United States
​ ​ ​ ​ 19,380 ​ ​ ​ ​ ​ 19,380 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Purchased Options
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
United States
​ ​ ​ ​ 273,510 ​ ​ ​ ​ ​ 250,580 ​ ​ ​ ​ ​ 22,930 ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Commercial Papers
​ ​ ​ ​ 18,995,838 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,995,838 ​ ​ ​ ​ ​ — ​ ​
Time Deposits
​ ​ ​ ​ 74,605,334 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 74,605,334 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 11,580 ​ ​ ​ ​ ​ 11,580 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 750,139,940 ​ ​ ​ ​ $ 45,653,038 ​ ​ ​ ​ $ 698,988,559 ​ ​ ​ ​ $ 5,498,343 ​ ​
Other Financial Instruments – Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward Foreign Currency Contract
​ ​ ​ $ (355,799) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (355,799) ​ ​ ​ ​ $ — ​ ​
Options Contracts Written
​ ​ ​ ​ (214,640) ​ ​ ​ ​ ​ (94,982) ​ ​ ​ ​ ​ (119,658) ​ ​ ​ ​ ​ — ​ ​
Securities Sold Short:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ ​ (811,439) ​ ​ ​ ​ ​ (811,439) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Corporate Bonds & Notes
​ ​ ​ ​ (4,124,950) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,124,950) ​ ​ ​ ​ ​ — ​ ​
Total Other Financial Instruments – Liabilities
 ​ ​ ​ $ (5,506,828) ​ ​ ​ ​ $ (906,421) ​ ​ ​ ​ $ (4,600,407) ​ ​ ​ ​ $ — ​ ​
Destinations Municipal Fixed Income Fund ​
Investments, at value ​
Municipal Bonds
​ ​ ​ $ 767,112,563 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 767,112,563 ​ ​ ​ ​ $ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 84,755,333 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 84,755,333 ​ ​ ​ ​ ​ — ​ ​
Municipal Bonds
​ ​ ​ ​ 43,735,375 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 43,735,375 ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 895,603,271 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 895,603,271 ​ ​ ​ ​ $ — ​ ​
Destinations Multi Strategy Alternatives Fund  ​
Investments, at value  ​
Collateralized Mortgage Obligations
​ ​ ​ $ 170,840,319 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 170,840,319 ​ ​ ​ ​ $ — ​ ​
Corporate Bonds & Notes:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Communications
​ ​ ​ ​ 21,347,079 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 21,347,079 ​ ​ ​ ​ ​ — ​ ​
Consumer Cyclical
​ ​ ​ ​ 6,162,300 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,162,300 ​ ​ ​ ​ ​ — ​ ​
Consumer Non-cyclical
​ ​ ​ ​ 6,777,871 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,777,871 ​ ​ ​ ​ ​ — ​ ​
Energy
​ ​ ​ ​ 4,166,586 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,166,586 ​ ​ ​ ​ ​ — ​ ​
Financial
​ ​ ​ ​ 37,824,381 ​ ​ ​ ​ ​ 2,309,090 ​ ​ ​ ​ ​ 35,515,291 ​ ​ ​ ​ ​ — ​ ​
Industrial
​ ​ ​ ​ 3,412,064 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,412,064 ​ ​ ​ ​ ​ — ​ ​
Asset-Backed Securities
​ ​ ​ ​ 78,256,864 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 78,256,864 ​ ​ ​ ​ ​ — ​ ​
Common Stocks
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Communications
​ ​ ​ ​ 11,637,048 ​ ​ ​ ​ ​ 11,637,048 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Consumer cyclical
​ ​ ​ ​ 4,193,665 ​ ​ ​ ​ ​ 4,193,665 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Consumer Non-cyclical
​ ​ ​ ​ 105,252,977 ​ ​ ​ ​ ​ 105,252,977 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Diversified
​ ​ ​ ​ 49,946,411 ​ ​ ​ ​ ​ 49,946,411 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Financial
​ ​ ​ ​ 37,956,591 ​ ​ ​ ​ ​ 37,956,591 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Utilities
​ ​ ​ ​ 7,003,220 ​ ​ ​ ​ ​ 7,003,220 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Open-End Fund
​ ​ ​ ​ 112,248,288 ​ ​ ​ ​ ​ 112,248,288 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Closed-End Funds
​ ​ ​ ​ 107,087,565 ​ ​ ​ ​ ​ 107,087,565 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Preferred Stocks:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Financial
​ ​ ​ ​ 11,996,377 ​ ​ ​ ​ ​ 10,923,233 ​ ​ ​ ​ ​ 1,073,144 ​ ​ ​ ​ ​ — ​ ​
289
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value atAugust 31, 2020
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Multi Strategy Alternatives Fund (continued) ​
Investments, at value (continued) ​
Warrants
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Consumer Cyclical
​ ​ ​ $ 23,927 ​ ​ ​ ​ $ 23,927 ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​
Diversified
​ ​ ​ ​ 1,957,080 ​ ​ ​ ​ ​ 1,957,080 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Energy
​ ​ ​ ​ 9,652 ​ ​ ​ ​ ​ 9,652 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Financial
​ ​ ​ ​ 96,462 ​ ​ ​ ​ ​ 96,462 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Technology
​ ​ ​ ​ 3,997 ​ ​ ​ ​ ​ 3,997 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Rights
​ ​ ​ ​ 194,418 ​ ​ ​ ​ ​ 194,418 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Purchased Swaption
​ ​ ​ ​ 2,615,360 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,615,360 ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 167,787,822 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 167,787,822 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 9,658,436 ​ ​ ​ ​ ​ 9,658,436 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 958,456,760 ​ ​ ​ ​ $ 460,502,060 ​ ​ ​ ​ $ 497,954,700 ​ ​ ​ ​ $ — ​ ​
Other Financial Instruments – Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
OTC Credit Default Swaps
​ ​ ​ $ 4,460,622 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,460,622 ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 4,460,622 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,460,622 ​ ​ ​ ​ $ — ​ ​
Other Financial Instruments – Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
OTC Credit Default Swaps
​ ​ ​ $ (73,308) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (73,308) ​ ​ ​ ​ $ — ​ ​
Swaption Contracts Written
​ ​ ​ ​ (2,045,280) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,045,280) ​ ​ ​ ​ ​ — ​ ​
Securities Sold Short:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ (60,863,852) ​ ​ ​ ​ ​ (60,863,852) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Common Stocks
​ ​ ​ ​ (4,130,408) ​ ​ ​ ​ ​ (4,130,408) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Corporate Bonds & Notes
​ ​ ​ ​ (4,511,044) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,511,044) ​ ​ ​ ​ ​ — ​ ​
Total Other Financial Instruments – Liabilities
 ​ ​ ​ $ (71,623,892) ​ ​ ​ ​ $ (64,994,260) ​ ​ ​ ​ $ (6,629,632) ​ ​ ​ ​ $ — ​ ​
​
​
*
Includes securities that are fair valued by the Board at $0.
​
The level classification by major category of investments is the same as the category presentation in the Schedules of Investments.
The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period February 29, 2020 through August 31, 2020:
​ ​ ​
Total
​ ​
Common
Stocks
​ ​
Corporate
Bonds &
Notes
​ ​
Preferred
Stocks
​ ​
Senior
Loans
​ ​
Warrants
​ ​
Municipal
Bonds
​
Destinations Large Cap Equity Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Balance as of February 29, 2020
​ ​ ​ $ 7,412,866 ​ ​ ​ ​ $ 2,130,232 ​ ​ ​ ​ $  — ​ ​ ​ ​ $ 5,282,634 ​ ​ ​ ​ $  — ​ ​ ​ ​ $  — ​ ​ ​ ​ $  — ​ ​
Purchases
​ ​ ​ ​ 9,314,684 ​ ​ ​ ​ ​ 2,064,452 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,250,232 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ 1,380,429 ​ ​ ​ ​ ​ 166,384 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,214,045 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2020
​ ​ ​ $ 18,107,979 ​ ​ ​ ​ $ 4,361,068 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 13,746,911 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2020
​ ​ ​ $ 1,380,429 ​ ​ ​ ​ $ 166,384 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,214,045 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
290
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total
​ ​
Common
Stocks
​ ​
Corporate
Bonds &
Notes
​ ​
Preferred
Stocks
​ ​
Senior
Loans
​ ​
Warrants
​ ​
MunicipalBonds
​
Destinations International Equity Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Balance as of February 29, 2020
​ ​ ​ $ 1,330,359 ​ ​ ​ ​ $ 536,765 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 793,594 ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ 12,740 ​ ​ ​ ​ ​ 12,740 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2020
​ ​ ​ $ 1,343,099 ​ ​ ​ ​ $ 549,505 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 793,594 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2020
​ ​ ​ $ 12,740 ​ ​ ​ ​ $ 12,740 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Destinations Core Fixed Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Balance as of February 29, 2020
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ 14,975 ​ ​ ​ ​ ​ 14,975 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued Discounts (premiums)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ 12,103 ​ ​ ​ ​ ​ 12,103 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2020
​ ​ ​ $ 27,078 ​ ​ ​ ​ $ 27,078 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2020
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Destinations Low Duration Fixed Income Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Balance as of February 29, 2020
​ ​ ​ $ 4,962,081 ​ ​ ​ ​ $ 201,059 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,761,022 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ 819,890 ​ ​ ​ ​ ​ 819,890 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued Discounts (premiums)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ (818,136) ​ ​ ​ ​ ​ (818,136) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2020
​ ​ ​ $ 4,963,835 ​ ​ ​ ​ $ 202,813 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,761,022* ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2020
​ ​ ​ $ (818,136) ​ ​ ​ ​ $ (818,136) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $       — ​ ​
​
*
The following table summarizes the valuation technique used and unobservable input approved by the Valuation Committee to determine the fair value of certain, material Level 3 investments.
​
​ ​ ​
Fair Value at
August 31, 2020
​ ​
Valuation technique
​ ​
Unobservable Input
​ ​
Range
​
Senior Loans
​ ​ ​ $ 4,761,022 ​ ​ ​
Transaction Analysis
​ ​
Transaction Price
 ​ ​ ​ $ 99.9375 ​ ​
291
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total
​ ​
Common
Stocks
​ ​
Corporate
Bonds &
Notes
​ ​
Preferred
Stocks
​ ​
Senior
Loans
​ ​
Warrants
​ ​
Municipal
Bonds
​
Destinations Global Fixed Income Opportunities Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Balance as of February 29, 2020
​ ​ ​ $ 6,455,082 ​ ​ ​ ​ $ 4,229,139 ​ ​ ​ ​ $ 1,156,106 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,069,837 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ 3,278,723 ​ ​ ​ ​ ​ 2,646,219 ​ ​ ​ ​ ​ 557,980 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 74,524 ​ ​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued Discounts (premiums)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ (3,070,373) ​ ​ ​ ​ ​ (3,096,723) ​ ​ ​ ​ ​ 26,350 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ (1,165,089) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,165,089) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2020
​ ​ ​ $ 5,498,343 ​ ​ ​ ​ $ 3,778,635 ​ ​ ​ ​ $ 575,347 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,144,361 ​ ​ ​ ​ $ —* ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2020
​ ​ ​ $ (3,070,373) ​ ​ ​ ​ $ (3,096,723) ​ ​ ​ ​ $ 26,350 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
​
*
Includes securities that are fair valued at $0.
​
​
Destinations Multi Strategy Alternatives Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Balance as of February 29, 2020
​ ​ ​ $ 942,645 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 942,475 ​ ​ ​ ​ $ 170 ​ ​
​
Purchases
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
Accrued Discounts (premiums)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
Total realized gain (loss)
​ ​ ​ ​ (5,584,466) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (5,584,454) ​ ​ ​ ​ ​ (12) ​ ​
​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ 4,641,821 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,641,979 ​ ​ ​ ​ ​ (158) ​ ​
​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
Balance as of August 31, 2020
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
​
Change in unrealized appreciation
(depreciation) from Investments held
as of August 31, 2020
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
4. Accounting for Derivative Instruments
Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. All open derivative positions at period end for each Fund are disclosed in the Fund’s Schedule of Investments. The following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:
(a)
Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.
​
292
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.
(b)
Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.
​
When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(c)
Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.
​
A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own.
The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.
(d)
Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.
​
Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
293
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
(e)
Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and changes in Net Assets. Details of purchased swaptions contracts held at period end are included on the Fund’s Schedule of Investments under the caption “Purchased Options”.
​
Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.
When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.
Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.
(f)
Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.
​
Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap. Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.
i.
Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has
​
294
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.
Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.
For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.
Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.
ii.
Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.
​
The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.
iii.
Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.
​
iv.
Total Return Swaps. Certain Funds may enter into total return swaps to gain exposure and benefit from reference asset (single asset, or a basket of assets) without actually having to own it. Total return swaps are agreements where the total return of a reference asset is paid in exchange for periodic cash flows, either fixed or variable, and typically a floating rate such as LIBOR +/- a basis point spread. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gain or loss from swap contracts on the Statement of Operations.
​
295
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
v.
Variance Swaps. Certain Funds may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual “variance” as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its “volatility”) over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.
​
The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2020:
Destinations Large Cap Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Asset derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on open futures contracts(a)
​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 875,946 ​ ​ ​ ​ $ 875,946 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 875,946 ​ ​ ​ ​ $ 875,946 ​ ​
Effect of Derivative Instruments on the Statements of Operations of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on futures contracts
​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ (255,380) ​ ​ ​ ​ $ (255,380) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (255,380) ​ ​ ​ ​ $ (255,380) ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
futures contracts
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,679,978 ​ ​ ​ ​ $ 1,679,978 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,679,978 ​ ​ ​ ​ $ 1,679,978 ​ ​
Destinations International Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Liability derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Options contracts written outstanding(d)
​ ​ ​ $    — ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 182,656 ​ ​ ​ ​ $ 182,656 ​ ​
Unrealized depreciation on forward foreign currency contracts(e)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,389 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,389 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 8,389 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 182,656 ​ ​ ​ ​ $ 191,045 ​ ​
​
296
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Effect of Derivative Instruments on the Statements of Operations of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on options contracts written
​ ​ ​ $    — ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 214,958 ​ ​ ​ ​ $ 214,958 ​ ​
Net realized gain (loss) on forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ (855,785) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (855,785) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ (855,785) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 214,958 ​ ​ ​ ​ $ (640,827) ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
options contracts written
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (99,093) ​ ​ ​ ​ $ (99,093) ​ ​
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 583,111 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 583,111 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 583,111 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (99,093) ​ ​ ​ ​ $ 484,018 ​ ​
Destinations Equity Income Fund
Effect of Derivative Instruments on the Statements of Operations of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on options contracts written
​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 56,750 ​ ​ ​ ​ $ 56,750 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 56,750 ​ ​ ​ ​ $ 56,750 ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
options contracts written
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 27,230 ​ ​ ​ ​ $ 27,230 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 27,230 ​ ​ ​ ​ $ 27,230 ​ ​
​
297
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Destinations Low Duration Fixed Income Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Asset derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on forward foreign currency contracts(f)
​ ​ ​ $    — ​ ​ ​ ​ $ 3,778 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 3,778 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,778 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,778 ​ ​
Liability derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on forward foreign currency contracts(e)
​ ​ ​ $ — ​ ​ ​ ​ $ 379,740 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 379,740 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 379,740 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 379,740 ​ ​
Effect of Derivative Instruments on the Statements of Operations of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on forward foreign currency contracts
​ ​ ​ $    — ​ ​ ​ ​ $ (633,312) ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ (633,312) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ (633,312) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (633,312) ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
​ ​ ​ $ — ​ ​ ​ ​ $ (269,711) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (269,711) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ (269,711) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (269,711) ​ ​
Destinations Global Fixed Income Opportunities Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Liability derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Options contracts written outstanding(d)
​ ​ ​ $    — ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 214,640 ​ ​ ​ ​ $ 214,640 ​ ​
Unrealized depreciation on forward foreign currency contracts(e)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 355,799 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 355,799 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 355,799 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 214,640 ​ ​ ​ ​ $ 570,439 ​ ​
​
298
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Effect of Derivative Instruments on the Statements of Operations of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on options contracts written
​ ​ ​ $    — ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 539,248 ​ ​ ​ ​ $ 539,248 ​ ​
Net realized gain (loss) on forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ (987,291) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (987,291) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ (987,291) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 539,248 ​ ​ ​ ​ $ (448,043) ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
options contracts written
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 696,268 ​ ​ ​ ​ $ 696,268 ​ ​
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ (190,500) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (190,500) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ (190,500) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 696,268 ​ ​ ​ ​ $ 505,768 ​ ​
Destinations Multi Strategy Alternatives Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Asset derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on swap contracts(g)
​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 4,460,622 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 4,460,622 ​ ​
Interest rate purchased swaption contracts(h)
​ ​ ​ ​ 2,615,360 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,615,360 ​ ​
​ ​ ​ ​ $ 2,615,360 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,460,622 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 7,075,982 ​ ​
Liability derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on swap contracts(i)
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 73,308 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 73,308 ​ ​
Interest rate swaptions contracts written
outstanding(d)
​ ​ ​ ​ 2,045,280 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,045,280 ​ ​
​ ​ ​ ​ $ 2,045,280 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 73,308 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 2,118,588 ​ ​
​
299
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2020
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on swap contracts
​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 353,333 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 353,333 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 353,333 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 353,333 ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
interest rate swaptions contracts written
​ ​ ​ $ (758,343) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (758,343) ​ ​
Net change in unrealized appreciation (depreciation) on
interest rate purchased swaption contracts
​ ​ ​ ​ (793,694) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (793,694) ​ ​
Net change in unrealized appreciation (depreciation) on
swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,588,219 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,588,219 ​ ​
​ ​ ​ ​ $ (1,552,037) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,588,219 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 2,036,182 ​ ​
​
(a)
Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the “Open Futures Contracts” table.
​
(b)
Statements of Operations location: Net realized gain (loss) from investments, foreign currency transactions, futures contracts, options contracts written, swaptions contracts written swap contracts.
​
(c)
Statements of Operations location: Change in net unrealized appreciation (depreciation) from investments, foreign currency transactions, futures contracts, options contracts written, swaptions contracts written and swap contracts.
​
(d)
Statements of Assets and Liabilities location: Options contracts written, at value, swaptions contracts written, at value.
​
(e)
Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.
​
(f)
Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.
​
(g)
Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.
​
(h)
Statements of Assets and Liabilities location: Investments, at value.
​
(i)
Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.
​
The average notional amounts of futures contracts, swaps contracts, forward foreign currency contracts, and the average market value of purchased options and options contracts written during the year ended August 31, 2020 were as follows:
Destinations Large Cap Equity Fund
​ ​ ​
Average notional amounts
​
Futures contracts
​ ​ ​ $ 7,835,700 ​ ​
Destinations International Equity Fund
​ ​ ​
Average notional amounts
​
Option contracts written
​ ​ ​ $ 112,311 ​ ​
Forward foreign currency contracts
​ ​ ​ ​ 24,161,947 ​ ​
300
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Destinations Equity Income Fund
​ ​ ​
Average notional amounts
​
Option contracts written
​ ​ ​ $ 83,980 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​
Average notional amounts
​
Forward foreign currency contracts
​ ​ ​ $ 15,127,166 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​
Average notional amounts
​
Option contracts purchases . . . . . . . . . . . . . . . . . .
​ ​ ​ $ 233,283 ​ ​
Option contracts written . . . . . . . . . . . . . . .. . . . .
​ ​ ​ ​ 605,706 ​ ​
Forward foreign currency contracts
​ ​ ​ ​ 20,704,141 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​
Average notional amounts
​
Interest Rate Swaption contracts purchased
​ ​ ​ $ 3,604,021 ​ ​
Interest Rate Swaption contracts written
​ ​ ​ ​ 2,209,436 ​ ​
Swap contracts
​ ​ ​ ​ 67,142,857 ​ ​
5. Accounting for Other Instruments
(a)
Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities.
​
However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.
(b)
Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.
​
(c)
Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned
​
301
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities,the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances. See Note 5(o).
The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2020.
Gross Amounts Not Offset in the Statements of Assets and Liabilities
​
​ ​ ​
Gross Asset
Amount
Presented in
Statements of
Assets and
Liabilities(a)
​ ​
Financial
Instrument
​ ​
Collateral
Received(b)(c)
​ ​
Net
Amount
(Not Less
than $0)
​
Destinations Large Cap Equity Fund
​ ​ ​ $ 6,541,671 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ (6,541,671) ​ ​ ​ ​ $     — ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 14,887,508 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (14,887,508) ​ ​ ​ ​ ​ — ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 35,257,864 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (35,257,864) ​ ​ ​ ​ ​ — ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 934,883 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (934,883) ​ ​ ​ ​ ​ — ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 6,435,405 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (6,435,405) ​ ​ ​ ​ ​ — ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 11,296 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (11,296) ​ ​ ​ ​ ​ — ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 8,088,158 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (8,088,158) ​ ​ ​ ​ ​ — ​ ​
​
(a)
Represents market value of securities on loan at period end.
​
(b)
The Funds received cash collateral of  $6,728,123, $15,585,626, $39,244,796, $959,784, $6,567,375, $11,580 and $9,658,436, respectively, which was subsequently invested in Federated Government Obligations Fund as reported in the Schedules of Investments.
​
(c)
The actual collateral received could be greater than the amount shown here due to overcollateralization.
​
The Funds have adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), “Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. ASU No. 2014-11 is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.
302
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
The table below represents the disaggregation at August 31, 2020 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.
​ ​ ​
Remaining Contractual Maturity of the Agreements
As of August 31, 2020
​
​ ​ ​
Overnight
and
Continuous
​ ​
< 30 days
​ ​
Between
30 & 90
days
​ ​
> 90 days
​ ​
Total
​
Destinations Large Cap Equity Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks . . . . . . . . . . . . .
​ ​ ​ $ 6,728,123 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 6,728,123 ​ ​
Total Borrowings
 ​ ​ ​ $ 6,728,123 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 6,728,123 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,728,123 ​ ​
Destinations Small-Mid Cap Equity Fund ​
Securities Lending Transactions Common Stocks
​ ​ ​ $ 15,585,626 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 15,585,626 ​ ​
Total Borrowings
 ​ ​ ​ $ 15,585,626 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 15,585,626 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 15,585,626 ​ ​
Destinations International Equity Fund ​
Securities Lending Transactions Common Stocks
​ ​ ​ $ 39,244,796 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 39,244,796 ​ ​
Total Borrowings
 ​ ​ ​ $ 39,244,796 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 39,244,796 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 39,244,796 ​ ​
Destinations Equity Income Fund ​
Securities Lending Transactions Exchange Traded Funds (ETFs)
​ ​ ​ $ 959,784 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 959,784 ​ ​
Total Borrowings
 ​ ​ ​ $ 959,784 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 959,784 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 959,784 ​ ​
Destinations Low Duration Fixed Income Fund ​
Securities Lending Transactions Exchange Traded Fund (ETF)
​ ​ ​ $ 6,567,375 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 6,567,375 ​ ​
Total Borrowings
​ ​ ​ $ 6,567,375 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 6,567,375 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,567,375 ​ ​
Destinations Global Fixed Income Opportunities Fund ​
Securities Lending Transactions Preferred Stocks
​ ​ ​ $ 11,580 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 11,580 ​ ​
Total Borrowings
 ​ ​ ​ $ 11,580 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 11,580 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 11,580 ​ ​
​
303
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
​ ​ ​
Remaining Contractual Maturity of the Agreements
As of August 31, 2020
​
​ ​ ​
Overnight
and
Continuous
​ ​
< 30 days
​ ​
Between
30 & 90
days
​ ​
> 90 days
​ ​
Total
​
Destinations Multi Strategy Alternatives Fund ​
Securities Lending Transactions Closed-End Funds
​ ​ ​ $ 240,363 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 240,363 ​ ​
Common Stocks
 ​ ​ ​ ​ 9,369,903 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,369,903 ​ ​
Preferred Stocks
 ​ ​ ​ ​ 48,170 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 48,170 ​ ​
Total Borrowings
 ​ ​ ​ $ 9,658,436 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 9,658,436 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,658,436 ​ ​
​
​
(d)
To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in “Net realized gain (loss) on investments” on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations.
​
Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.
TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments”. The proceeds and value of these commitments are recorded as Forward Sale Commitments at value in the Statements of Assets and Liabilities.
(e)
Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.
​
The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.
(f)
Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar
​
304
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.
Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.
(g)
Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence.Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations.Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.
​
(h)
Foreign Investments. Dividends or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Foreign taxes paid by a Fund will reduce the return from the Fund’s investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If, as of the end of a Fund’s taxable year, more than 50% of the Fund’s assets consist of foreign securities, that Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by that Fund during that taxable year to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the IRC. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders’ federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to their shareholders the respective amounts per share of the Fund’s income from sources within, and taxes paid to, foreign countries and U.S. possessions. Shareholders of Funds that do not hold sufficient foreign securities to meet the above 50% threshold will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by those Funds.
​
(i)
Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
​
305
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
(j)
Distributions to Shareholders. The Funds distribute their investment income periodically. It is the policy of the Destinations Equity Income and Destinations Multi Strategy Alternatives Funds to distribute their investment income quarterly. It is the policy of the Destinations Large Cap Equity, Destinations Small-Mid Cap Equity, Destinations International Equity and Destinations Real Assets Funds to distribute their investment income annually. It is the policy of the Destinations Core Fixed Income, Destinations Municipal Fixed Income, Destinations Global Fixed Income Opportunities and Destinations Low Duration Fixed Income Funds to distribute their investment income monthly. The Funds will make distributions of any undistributed capital gains earned annually. A Fund may make an additional payment of dividends or other distributions if it deems it to be desirable or necessary at other times during any year.
​
(k)
All distributions will be paid in cash. Generally, distributions are taxable events for shareholders whether the distributions are received in cash or reinvested.
​
(l)
Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken on the 2018 tax returns.
​
(m)
Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.
​
(n)
Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board.
​
(o)
Indemnification. In the normal course of business, the Funds may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.
​
(p)
Senior Floating-Rate Loans. Certain Funds may purchase assignments of, and participations in, senior secured floating rate and fixed rate loans (“Senior Loans”) originated, negotiated and structured by a U.S. or foreign
​
306
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, a Fund typically succeeds to all the rights and obligations under the loan of the assigning Lender and becomes a lender under the credit agreement with respect to the debt obligation purchased. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more restricted than, those held by the assigning Lender. Participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement or any rights of setoff against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.
In connection with bank loan interests, Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The fund is obligated to fund these commitments at borrower’s discretion. In connection with these commitments, Funds earn a commitment fee, which is included in interest income in the Statement of Operations and recognized respectively over the commitment period. Funds have sufficient cash/securities to cover commitments.
The following table summarizes the Funds’ wholly and partially unfunded loans positions as of August 31, 2020.
​ ​ ​
Principal
​ ​
Unfunded
Bank Loan
Interest
(Cost)
​ ​
Value of
Underlying
Bank Loan
Interest
(Value)
​ ​
Unrealized
Appreciation/​
(Depreciation)
​
Destinations Core Fixed Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Intelsat Jackson Holdings SA (partially unfunded)
​ ​ ​ $ 18,420 ​ ​ ​ ​ $ 18,420 ​ ​ ​ ​ $ 18,727 ​ ​ ​ ​ $ 307 ​ ​
MED ParentCo LP (partially unfunded)
​ ​ ​ ​ 7,166 ​ ​ ​ ​ ​ 7,049 ​ ​ ​ ​ ​ 6,706 ​ ​ ​ ​ ​ (343) ​ ​
Pathway Vet Alliance LLC (wholly unfunded)
​ ​ ​ ​ 15,784 ​ ​ ​ ​ ​ 15,430 ​ ​ ​ ​ ​ 15,474 ​ ​ ​ ​ ​ 44 ​ ​
​ ​ ​ ​ $ 41,370 ​ ​ ​ ​ $ 40,899 ​ ​ ​ ​ $ 40,907 ​ ​ ​ ​ $ 8 ​ ​
Destinations Low Duration Fixed Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Fieldwood Energy LLC (partially unfunded)
​ ​ ​ $ 4,308,570 ​ ​ ​ ​ $ 4,308,570 ​ ​ ​ ​ $ 4,308,570 ​ ​ ​ ​ $ — ​ ​
Intelsat Jackson Holdings SA (partially unfunded)
​ ​ ​ ​ 664,000 ​ ​ ​ ​ ​ 636,229 ​ ​ ​ ​ ​ 675,069 ​ ​ ​ ​ ​ 38,840 ​ ​
​ ​ ​ ​ $ 4,972,570 ​ ​ ​ ​ $ 4,944,799 ​ ​ ​ ​ $ 4,983,639 ​ ​ ​ ​ $ 38,840 ​ ​
​
(q)
Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.
​
307
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by the
Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by a counterparty for the benefit of a Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of such deposits due to brokers at August 31, 2020 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 3).
For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.
The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of August 31, 2020.
​ ​ ​
Assets
 ​ ​
Liabilities
 ​
Derivative Instruments(a)
​ ​
Gross Amounts of
Recognized Assets
Presented in the
Statements of
Assets and Liabilities
​ ​
Gross Amounts of
Recognized Liabilities
Presented in the
Statements of
Assets and Liabilities
​
Destinations International Equity Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency contracts
​ ​ ​ $ — ​ ​ ​ ​ $ 8,389 ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ — ​ ​ ​ ​ $ 8,389 ​ ​
Destinations Low Duration Fixed Income Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency contracts
​ ​ ​ $ 3,778 ​ ​ ​ ​ $ 379,740 ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ 3,778 ​ ​ ​ ​ $ 379,740 ​ ​
Destinations Global Fixed Income Opportunities Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency contracts
​ ​ ​ $ — ​ ​ ​ ​ $ 355,799 ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ — ​ ​ ​ ​ $ 355,799 ​ ​
Destinations Multi Strategy Alternatives Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Swaptions contracts
​ ​ ​ $ 2,615,360 ​ ​ ​ ​ $ 2,045,280 ​ ​
Swap contracts(b)
​ ​ ​ ​ 4,460,622 ​ ​ ​ ​ ​ 73,308 ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ 7,075,982 ​ ​ ​ ​ $ 2,118,588 ​ ​
​
308
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of August 31, 2020.
Counterparty
​ ​
Gross amounts of
Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities
​ ​
Financial
Instruments
Available for
Offset(c)
​ ​
Other Cash
Collateral(e)
​ ​
Net
Amount(d)
​
Destinations International Equity Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Brown Brothers Harriman & Co.
​ ​ ​ $ 1 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 1 ​ ​
HSBC Bank USA
​ ​ ​ ​ 2,277 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,277 ​ ​
JPMorgan Chase & Co.
​ ​ ​ ​ 4,162 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,162 ​ ​
Morgan Stanley
​ ​ ​ ​ 1,949 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,949 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 8,389 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 8,389 ​ ​
​
Counterparty
​ ​
Gross amounts of
Recognized Assets
presented in the
Statements of
Assets and
Liabilities
​ ​
Financial
Instruments
Available for
Offset(a)
​ ​
Other Cash
Collateral(e)
​ ​
Net
Amount(b)
​
Destinations Low Duration Fixed Income Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Brown Brothers Harriman & Co.
​ ​ ​ $ 3,778 ​ ​ ​ ​ $ (3,778) ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 3,778 ​ ​ ​ ​ $ (3,778) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
​
Counterparty
​ ​
Gross amounts of
Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities
​ ​
Financial
Instruments
Available for
Offset(c)
​ ​
Other Cash
Collateral(e)
​ ​
Net
Amount(d)
​
Destinations Low Duration Fixed Income Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Brown Brothers Harriman & Co.
​ ​ ​ $ 379,740 ​ ​ ​ ​ $ (3,778) ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 375,962 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 379,740 ​ ​ ​ ​ $ (3,778) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 375,962 ​ ​
​
Counterparty
​ ​
Gross amounts of
Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities
​ ​
Financial
Instruments
Available for
Offset(c)
​ ​
Other Cash
Collateral(e)
​ ​
Net
Amount(d)
​
Destinations Global Fixed Income Opportunities Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Brown Brothers Harriman & Co.
​ ​ ​ $ 355,799 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 355,799 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 355,799 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 355,799 ​ ​
​
309
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
Counterparty
​ ​
Gross amounts of
Recognized Assets
presented in the
Statements of
Assets and
Liabilities
​ ​
Financial
Instruments
Available for
Offset(a)
​ ​
Other Cash
Collateral(e)
​ ​
Net
Amount(b)
​
Destinations Multi Strategy Alternatives Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Goldman Sachs & Co
​ ​ ​ $ 3,513,907 ​ ​ ​ ​ $ (2,045,280) ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 1,468,627 ​ ​
Morgan Stanley Capital Services LLC
​ ​ ​ ​ 3,562,075 ​ ​ ​ ​ ​ (73,308) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,488,767 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 7,075,982 ​ ​ ​ ​ $ (2,118,588) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,957,394 ​ ​
​
Counterparty
​ ​
Gross amounts of
Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities
​ ​
Financial
Instruments
Available for
Offset(c)
​ ​
Other Cash
Collateral(e)
​ ​
Net
Amount(d)
​
Destinations Multi Strategy Alternatives Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Goldman Sachs & Co
​ ​ ​ $ 2,045,280 ​ ​ ​ ​ $ (2,045,280) ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​
Morgan Stanley Capital Services LLC
​ ​ ​ ​ 73,308 ​ ​ ​ ​ ​ (73,308) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Over-the-counter derivative
instruments
 ​ ​ ​ $ 2,118,588 ​ ​ ​ ​ $ (2,118,588) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
​
(a)
Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.
​
(b)
Net amount represents the new amount receivable from the counterparty in the event of default.
​
(c)
Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.
​
(d)
Net amount represents the net amount payable to the counterparty in the event of default.
​
(e)
In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
​
6. Significant Risks and Uncertainties
(a)
Global Health Events. An outbreak of COVID-19, the respiratory disease caused by the SARS-CoV-2 coronavirus was first detected in China in December 2019 and subsequently rapidly developed into a global pandemic. Such global health events and pandemics have the ability to affect — quickly, drastically and substantially — global, national and regional financial and commercial and residential real estate markets, industries, sectors, the economic forces of supply and demand for commodities, good and services, labor markets, and credit and banking markets, and can substantially strain health care systems, government infrastructure and stability, and social structures and behaviors. The coronavirus, in particular, has resulted in enhanced health screenings, healthcare service preparation and delivery, increased strain on hospital resources and staff, increased demand for and strain on government medical resources, disruptions to supply chains and customer activity, lower consumer spending in certain sectors, closing of non-essential businesses, rapid increases in unemployment, government economic stimulus measures, social distancing, bans on large social gatherings and travel, border closings, shelter-in-place orders, quarantines, cancellations, school closings and a significant portion of the workforce working from home, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, is having and may have an unprecedented impact on the economies of many nations, individual companies
​
310
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
6. Significant Risks and Uncertainties (continued)
and the market in general and could cause further disruptions that cannot necessarily be foreseen. The impact of a pandemic may last for an extended period of time.
(b)
Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.
​
(c)
Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
​
(d)
Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.
​
(e)
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
​
(f)
LIBOR Replacement Risk. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit London Inter-Bank Offered Rate (LIBOR) rates after 2021. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments.
​
7. Investment Management Agreement
Brinker Capital Investments, LLC, formerly Brinker Capital, Inc., serves as investment adviser to the Trust pursuant to an investment advisory agreement (“Advisory Agreement”) between the Trust and Brinker Capital. Each Sub-adviser serves as investment adviser to a Fund pursuant to separate written agreements with the Adviser on behalf of the Funds (“Sub-advisory Agreements”). Under the Advisory Agreement, each Fund pays Brinker Capital an investment advisory fee calculated daily at an annual rate based on each Fund’s average daily net assets and paid monthly in arrears. Brinker Capital pays each Sub-adviser a sub-advisory fee from its investment advisory fees.
The maximum allowable annual management fee represents the total amount that could be charged to each Fund. The aggregate subadvisory fee expected to be paid by Brinker Capital to the Sub-advisers and the maximum fee expected to be retained by Brinker Capital for the Trust’s current fiscal year are indicated below:
Fund
​ ​
Subadvisory
Fee
​ ​
Brinker
Capital Inc.
Fee
​ ​
Maximum
Allowable
Annual
Management
Fee
​
Destinations Large Cap Equity Fund
​ ​ ​ ​ 0.23% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.75% ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 0.52% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.90% ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 0.59% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 1.00% ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 0.29% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.80% ​ ​
311
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
7. Investment Management Agreement (continued)
Fund
​ ​
Subadvisory
Fee
​ ​
Brinker
Capital Inc.
Fee
​ ​
Maximum
Allowable
Annual
Management
Fee
​
Destinations Real Assets Fund
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 1.00% ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 0.17% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.65% ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.70% ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 0.35% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.85% ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 0.16% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.70% ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 0.58% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 1.35% ​ ​
Each Fund’s actual advisory fees may be less than the amounts set forth above due to the effect of additional voluntary fee waivers. Effective June 30, 2020, Brinker Capital has contractually agreed to waive a portion of its advisory fee with respect to any Fund until the period ended June 30, 2021 in order to keep the Fund’s management fees from exceeding 0.39% more than the total amount of sub-advisory fees paid by Brinker Capital with respect to such Fund. The agreement may be amended or terminated only with the consent of the Board of Trustees.
For the period ended August 31, 2020, the amounts waived by the Adviser were as follows:
Fund
​ ​ ​ ​ ​ ​ ​
Destinations Large Cap Equity Fund
​ ​ ​ $ 2,483,159 ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 28,808 ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 173,219 ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 231,717 ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 652 ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 955,767 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 10,347 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 391,148 ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 673,958 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 1,710,493 ​ ​
8. Class Specific Expenses
The costs of managing and administering a Fund are spread among shareholders of each class of shares. These operating costs cover such things as investment management, custody, auditing, administrative and transfer agency expenses, fees and expenses of Trustees, and, to the extent applicable to a share class, shareholder servicing.
Shares of different classes are available to different eligible investors.
Class I Shares. Class I Shares are intended for investors participating in Destinations, an investment advisory program, sponsored by Brinker Capital or through certain third party advisory programs which includes a sub-transfer agent fee. The sub-transfer agent fee is calculated at a maximum annual rate of 0.15% of the average daily net assets of the I share class.
Class Z Shares. Class Z Shares are intended for investors participating in Destinations, an investment advisory program, available through certain third party advisory program that does not include a sub-transfer agent fee.
For the period ended August 31, 2020, class specific expenses were as follows:
Fund
​ ​
Sub-Transfer Agent
Fees
​
​ ​ ​
Class I
​
Destinations Large Cap Equity Fund
​ ​ ​ $ 2,760,005 ​ ​
312
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
8. Class Specific Expenses (continued)
Fund
​ ​
Sub-Transfer Agent
Fees
​
​ ​ ​
Class I
​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 608,606 ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 1,332,930 ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 280,941 ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 153 ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 1,470,893 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 252,368 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 507,640 ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 640,118 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 645,899 ​ ​
9. Investments
During the period ended August 31, 2020, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:
Fund
​ ​
Investments
​ ​
U.S. Government & Agency Obligations
​
​
Purchases
​ ​
Sales
​ ​
Purchases
​ ​
Sales
​
Destinations Large Cap Equity Fund
​ ​ ​
$
1,017,952,150
​ ​ ​ ​
$
1,159,894,549
​ ​ ​ ​
$
—
​ ​ ​ ​
$
—
​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 637,707,620 ​ ​ ​ ​ ​ 692,162,338 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 377,174,588 ​ ​ ​ ​ ​ 571,581,435 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 131,711,417 ​ ​ ​ ​ ​ 196,252,214 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 9,984 ​ ​ ​ ​ ​ 284,034 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 804,991,354 ​ ​ ​ ​ ​ 708,585,869 ​ ​ ​ ​ ​ 563,394,996 ​ ​ ​ ​ ​ 509,737,278 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 300,379,911 ​ ​ ​ ​ ​ 277,965,871 ​ ​ ​ ​ ​ 6,446,189 ​ ​ ​ ​ ​ 4,361,692 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 596,019,534 ​ ​ ​ ​ ​ 578,776,930 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 127,575 ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 144,663,177 ​ ​ ​ ​ ​ 217,109,447 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 499,582,797 ​ ​ ​ ​ ​ 534,865,748 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
At August 31, 2020, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
Fund
​ ​
Aggregate Cost
For Federal Income
Tax Purposes
​ ​
Gross
Unrealized
Appreciation
​ ​
Gross
Unrealized
(Depreciation)
​ ​
Net Unrealized
Appreciation
(Depreciation)
​
Destinations Large Cap Equity Fund
​ ​ ​ $ 3,183,352,720 ​ ​ ​ ​ $ 1,370,787,624 ​ ​ ​ ​ $ (121,131,339) ​ ​ ​ ​ $ 1,249,656,285 ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 798,324,151 ​ ​ ​ ​ ​ 208,431,252 ​ ​ ​ ​ ​ (42,868,569) ​ ​ ​ ​ ​ 165,562,683 ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 1,579,300,695 ​ ​ ​ ​ ​ 630,109,772 ​ ​ ​ ​ ​ (77,998,688) ​ ​ ​ ​ ​ 552,111,084 ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 368,552,708 ​ ​ ​ ​ ​ 37,551,528 ​ ​ ​ ​ ​ (23,728,675) ​ ​ ​ ​ ​ 13,822,853 ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 29,818 ​ ​ ​ ​ ​ 176 ​ ​ ​ ​ ​ (674) ​ ​ ​ ​ ​ (498) ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 2,101,904,953 ​ ​ ​ ​ ​ 103,966,464 ​ ​ ​ ​ ​ (30,201,579) ​ ​ ​ ​ ​ 73,764,885 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 405,957,173 ​ ​ ​ ​ ​ 4,422,826 ​ ​ ​ ​ ​ (13,752,643) ​ ​ ​ ​ ​ (9,329,817) ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 762,295,198 ​ ​ ​ ​ ​ 20,790,918 ​ ​ ​ ​ ​ (32,697,767) ​ ​ ​ ​ ​ (11,906,849) ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 858,593,963 ​ ​ ​ ​ ​ 37,791,423 ​ ​ ​ ​ ​ (782,115) ​ ​ ​ ​ ​ 37,009,308 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 911,896,755 ​ ​ ​ ​ ​ 69,942,321 ​ ​ ​ ​ ​ (21,040,282) ​ ​ ​ ​ ​ 48,902,039 ​ ​
313
Notes to Financial Statements
August 31, 2020 (unaudited) (continued)
​
10. Shares of Beneficial Interest
At August 31, 2020, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At August 31, 2020, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.
Transactions in shares of each Fund’s Class were as follows:
​ ​ ​
Period ended
August 31, 2020
​ ​
Period ended
August 31, 2020
​ ​
Year ended
February 29, 2020
​ ​
Year ended
February 29, 2020
​
​ ​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​
​ ​ ​
Class I
​ ​
Class Z
​ ​
Class I
​ ​
Class Z
​
Destinations Large Cap Equity Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 27,266,436 ​ ​ ​ ​ ​ 307,864,235 ​ ​ ​ ​ ​ 4,318,228 ​ ​ ​ ​ ​ 41,117,592 ​ ​ ​ ​ ​ 55,833,978 ​ ​ ​ ​ ​ 687,696,868 ​ ​ ​ ​ ​ 15,736,460 ​ ​ ​ ​ ​ 157,982,878 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,452,518 ​ ​ ​ ​ ​ 70,064,855 ​ ​ ​ ​ ​ 460,720 ​ ​ ​ ​ ​ 4,805,308 ​ ​
Shares repurchased
​ ​ ​ ​ (40,715,288) ​ ​ ​ ​ ​ (480,363,425) ​ ​ ​ ​ ​ (3,758,853) ​ ​ ​ ​ ​ (35,152,055) ​ ​ ​ ​ ​ (49,220,911) ​ ​ ​ ​ ​ (606,829,956) ​ ​ ​ ​ ​ (2,851,258) ​ ​ ​ ​ ​ (28,981,976) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (13,448,852) ​ ​ ​ ​ ​ (172,499,190) ​ ​ ​ ​ ​ 559,375 ​ ​ ​ ​ ​ 5,965,537 ​ ​ ​ ​ ​ 12,065,585 ​ ​ ​ ​ ​ 150,931,767 ​ ​ ​ ​ ​ 13,345,922 ​ ​ ​ ​ ​ 133,806,210 ​ ​
Destinations Small-Mid Cap Equity Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 5,306,887 ​ ​ ​ ​ ​ 52,725,208 ​ ​ ​ ​ ​ 1,015,047 ​ ​ ​ ​ ​ 8,216,625 ​ ​ ​ ​ ​ 12,974,190 ​ ​ ​ ​ ​ 151,392,598 ​ ​ ​ ​ ​ 3,926,655 ​ ​ ​ ​ ​ 37,418,996 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,236,287 ​ ​ ​ ​ ​ 38,932,538 ​ ​ ​ ​ ​ 250,284 ​ ​ ​ ​ ​ 2,425,248 ​ ​
Shares repurchased
​ ​ ​ ​ (11,376,361) ​ ​ ​ ​ ​ (114,302,846) ​ ​ ​ ​ ​ (915,906) ​ ​ ​ ​ ​ (7,345,202) ​ ​ ​ ​ ​ (19,809,318) ​ ​ ​ ​ ​ (232,103,803) ​ ​ ​ ​ ​ (950,305) ​ ​ ​ ​ ​ (9,090,425) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (6,069,474) ​ ​ ​ ​ ​ (61,577,638) ​ ​ ​ ​ ​ 99,141 ​ ​ ​ ​ ​ 871,423 ​ ​ ​ ​ ​ (3,598,841) ​ ​ ​ ​ ​ (41,778,667) ​ ​ ​ ​ ​ 3,226,634 ​ ​ ​ ​ ​ 30,753,819 ​ ​
Destinations International Equity Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 12,810,310 ​ ​ ​ ​ ​ 144,910,295 ​ ​ ​ ​ ​ 1,994,271 ​ ​ ​ ​ ​ 19,773,961 ​ ​ ​ ​ ​ 41,598,348 ​ ​ ​ ​ ​ 484,248,356 ​ ​ ​ ​ ​ 7,845,508 ​ ​ ​ ​ ​ 78,919,083 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,187,481 ​ ​ ​ ​ ​ 14,344,776 ​ ​ ​ ​ ​ 89,687 ​ ​ ​ ​ ​ 945,298 ​ ​
Shares repurchased
​ ​ ​ ​ (30,512,020) ​ ​ ​ ​ ​ (329,344,599) ​ ​ ​ ​ ​ (2,202,487) ​ ​ ​ ​ ​ (20,584,238) ​ ​ ​ ​ ​ (25,123,957) ​ ​ ​ ​ ​ (289,422,489) ​ ​ ​ ​ ​ (1,334,948) ​ ​ ​ ​ ​ (13,517,569) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (17,701,710) ​ ​ ​ ​ ​ (184,434,304) ​ ​ ​ ​ ​ (208,216) ​ ​ ​ ​ ​ (810,277) ​ ​ ​ ​ ​ 17,661,872 ​ ​ ​ ​ ​ 209,170,643 ​ ​ ​ ​ ​ 6,600,247 ​ ​ ​ ​ ​ 66,346,812 ​ ​
Destinations Equity Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 2,230,857 ​ ​ ​ ​ ​ 19,840,618 ​ ​ ​ ​ ​ 560,675 ​ ​ ​ ​ ​ 4,836,809 ​ ​ ​ ​ ​ 14,986,440 ​ ​ ​ ​ ​ 158,290,331 ​ ​ ​ ​ ​ 1,587,337 ​ ​ ​ ​ ​ 16,258,551 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 592,552 ​ ​ ​ ​ ​ 5,205,718 ​ ​ ​ ​ ​ 32,087 ​ ​ ​ ​ ​ 273,688 ​ ​ ​ ​ ​ 1,691,913 ​ ​ ​ ​ ​ 18,155,522 ​ ​ ​ ​ ​ 71,021 ​ ​ ​ ​ ​ 741,452 ​ ​
Shares repurchased
​ ​ ​ ​ (10,219,739) ​ ​ ​ ​ ​ (89,755,537) ​ ​ ​ ​ ​ (605,123) ​ ​ ​ ​ ​ (5,156,322) ​ ​ ​ ​ ​ (9,777,889) ​ ​ ​ ​ ​ (103,715,628) ​ ​ ​ ​ ​ (445,465) ​ ​ ​ ​ ​ (4,556,237) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (7,396,330) ​ ​ ​ ​ ​ (64,709,201) ​ ​ ​ ​ ​ (12,361) ​ ​ ​ ​ ​ (45,825) ​ ​ ​ ​ ​ 6,900,464 ​ ​ ​ ​ ​ 72,730,225 ​ ​ ​ ​ ​ 1,212,893 ​ ​ ​ ​ ​ 12,443,766 ​ ​
Destinations Real Assets Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 131 ​ ​ ​ ​ ​ 381 ​ ​ ​ ​ ​ 58 ​ ​ ​ ​ ​ 155 ​ ​ ​ ​ ​ 2,779,890 ​ ​ ​ ​ ​ 15,254,257 ​ ​ ​ ​ ​ 937,465 ​ ​ ​ ​ ​ 4,902,446 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 138,405 ​ ​ ​ ​ ​ 449,817 ​ ​ ​ ​ ​ 1,159 ​ ​ ​ ​ ​ 3,372 ​ ​
Shares repurchased
​ ​ ​ ​ (128,501) ​ ​ ​ ​ ​ (313,515) ​ ​ ​ ​ ​ (2,714) ​ ​ ​ ​ ​ (6,129) ​ ​ ​ ​ ​ (35,993,638) ​ ​ ​ ​ ​ (151,381,248) ​ ​ ​ ​ ​ (1,545,939) ​ ​ ​ ​ ​ (6,519,094) ​ ​
Net Decrease
​ ​ ​ ​ (128,370) ​ ​ ​ ​ ​ (313,134) ​ ​ ​ ​ ​ (2,656) ​ ​ ​ ​ ​ (5,974) ​ ​ ​ ​ ​ (33,075,343) ​ ​ ​ ​ ​ (135,677,174) ​ ​ ​ ​ ​ (607,315) ​ ​ ​ ​ ​ (1,613,276) ​ ​
Destinations Core Fixed Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 29,397,984 ​ ​ ​ ​ ​ 301,446,148 ​ ​ ​ ​ ​ 2,671,810 ​ ​ ​ ​ ​ 28,100,871 ​ ​ ​ ​ ​ 34,380,206 ​ ​ ​ ​ ​ 348,432,072 ​ ​ ​ ​ ​ 7,760,079 ​ ​ ​ ​ ​ 80,705,308 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 2,057,455 ​ ​ ​ ​ ​ 21,123,811 ​ ​ ​ ​ ​ 108,263 ​ ​ ​ ​ ​ 1,140,406 ​ ​ ​ ​ ​ 4,959,666 ​ ​ ​ ​ ​ 50,302,690 ​ ​ ​ ​ ​ 187,545 ​ ​ ​ ​ ​ 1,957,744 ​ ​
Shares repurchased
​ ​ ​ ​ (19,993,345) ​ ​ ​ ​ ​ (204,482,792) ​ ​ ​ ​ ​ (1,727,957) ​ ​ ​ ​ ​ (18,087,077) ​ ​ ​ ​ ​ (31,128,067) ​ ​ ​ ​ ​ (315,867,814) ​ ​ ​ ​ ​ (1,562,545) ​ ​ ​ ​ ​ (16,349,302) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ 11,462,094 ​ ​ ​ ​ ​ 118,087,167 ​ ​ ​ ​ ​ 1,052,116 ​ ​ ​ ​ ​ 11,154,200 ​ ​ ​ ​ ​ 8,211,805 ​ ​ ​ ​ ​ 82,866,948 ​ ​ ​ ​ ​ 6,385,079 ​ ​ ​ ​ ​ 66,313,750 ​ ​
Destinations Low Duration Fixed Income Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 9,826,050 ​ ​ ​ ​ ​ 91,344,319 ​ ​ ​ ​ ​ 599,885 ​ ​ ​ ​ ​ 5,705,491 ​ ​ ​ ​ ​ 6,658,834 ​ ​ ​ ​ ​ 65,581,427 ​ ​ ​ ​ ​ 1,341,971 ​ ​ ​ ​ ​ 13,490,093 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 697,832 ​ ​ ​ ​ ​ 6,515,453 ​ ​ ​ ​ ​ 31,710 ​ ​ ​ ​ ​ 302,062 ​ ​ ​ ​ ​ 1,310,138 ​ ​ ​ ​ ​ 12,874,976 ​ ​ ​ ​ ​ 43,242 ​ ​ ​ ​ ​ 432,843 ​ ​
Shares repurchased
​ ​ ​ ​ (5,472,785) ​ ​ ​ ​ ​ (51,002,230) ​ ​ ​ ​ ​ (275,837) ​ ​ ​ ​ ​ (2,619,540) ​ ​ ​ ​ ​ (14,321,550) ​ ​ ​ ​ ​ (140,784,379) ​ ​ ​ ​ ​ (557,121) ​ ​ ​ ​ ​ (5,578,498) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ 5,051,097 ​ ​ ​ ​ ​ 46,857,542 ​ ​ ​ ​ ​ 355,758 ​ ​ ​ ​ ​ 3,388,013 ​ ​ ​ ​ ​ (6,352,578) ​ ​ ​ ​ ​ (62,327,976) ​ ​ ​ ​ ​ 828,092 ​ ​ ​ ​ ​ 8,344,438 ​ ​
Destinations Global Fixed Income Opportunities Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 10,647,727 ​ ​ ​ ​ ​ 98,407,227 ​ ​ ​ ​ ​ 938,657 ​ ​ ​ ​ ​ 8,864,171 ​ ​ ​ ​ ​ 12,198,838 ​ ​ ​ ​ ​ 120,893,391 ​ ​ ​ ​ ​ 2,633,293 ​ ​ ​ ​ ​ 26,572,816 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 1,634,048 ​ ​ ​ ​ ​ 15,236,814 ​ ​ ​ ​ ​ 76,844 ​ ​ ​ ​ ​ 728,882 ​ ​ ​ ​ ​ 3,083,228 ​ ​ ​ ​ ​ 30,502,657 ​ ​ ​ ​ ​ 107,530 ​ ​ ​ ​ ​ 1,080,878 ​ ​
Shares repurchased
​ ​ ​ ​ (13,265,348) ​ ​ ​ ​ ​ (122,408,069) ​ ​ ​ ​ ​ (759,649) ​ ​ ​ ​ ​ (7,063,820) ​ ​ ​ ​ ​ (18,945,526) ​ ​ ​ ​ ​ (187,943,047) ​ ​ ​ ​ ​ (763,975) ​ ​ ​ ​ ​ (7,700,048) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (983,573) ​ ​ ​ ​ ​ (8,764,028) ​ ​ ​ ​ ​ 255,852 ​ ​ ​ ​ ​ 2,529,233 ​ ​ ​ ​ ​ (3,663,460) ​ ​ ​ ​ ​ (36,546,999) ​ ​ ​ ​ ​ 1,976,848 ​ ​ ​ ​ ​ 19,953,646 ​ ​
Destinations Municipal Fixed Income Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 8,461,370 ​ ​ ​ ​ ​ 87,317,722 ​ ​ ​ ​ ​ 721,157 ​ ​ ​ ​ ​ 7,473,709 ​ ​ ​ ​ ​ 13,652,537 ​ ​ ​ ​ ​ 141,594,898 ​ ​ ​ ​ ​ 915,589 ​ ​ ​ ​ ​ 9,524,563 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 700,682 ​ ​ ​ ​ ​ 7,277,128 ​ ​ ​ ​ ​ 16,917 ​ ​ ​ ​ ​ 176,219 ​ ​ ​ ​ ​ 1,910,895 ​ ​ ​ ​ ​ 19,854,143 ​ ​ ​ ​ ​ 36,105 ​ ​ ​ ​ ​ 376,396 ​ ​
Shares repurchased
​ ​ ​ ​ (10,750,900) ​ ​ ​ ​ ​ (110,832,816) ​ ​ ​ ​ ​ (429,477) ​ ​ ​ ​ ​ (4,425,632) ​ ​ ​ ​ ​ (18,012,053) ​ ​ ​ ​ ​ (186,875,852) ​ ​ ​ ​ ​ (406,771) ​ ​ ​ ​ ​ (4,237,551) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (1,588,848) ​ ​ ​ ​ ​ (16,237,966) ​ ​ ​ ​ ​ 308,597 ​ ​ ​ ​ ​ 3,224,296 ​ ​ ​ ​ ​ (2,448,621) ​ ​ ​ ​ ​ (25,426,811) ​ ​ ​ ​ ​ 544,923 ​ ​ ​ ​ ​ 5,663,408 ​ ​
​
314
Notes to Financial Statements
August 31, 2020 (unaudited) (concluded)
​
10. Shares of Beneficial Interest (concluded)
​ ​ ​
Period ended
August 31, 2020
​ ​
Period ended
August 31, 2020
​ ​
Year ended
February 29, 2020
​ ​
Year ended
February 29, 2020
​
​ ​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​
​ ​ ​
Class I
​ ​
Class Z
​ ​
Class I
​ ​
Class Z
​
Destinations Multi Strategy Alternatives
Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 11,200,919 ​ ​ ​ ​ ​ 100,662,879 ​ ​ ​ ​ ​ 1,069,761 ​ ​ ​ ​ ​ 9,507,370 ​ ​ ​ ​ ​ 14,551,118 ​ ​ ​ ​ ​ 140,648,524 ​ ​ ​ ​ ​ 3,440,337 ​ ​ ​ ​ ​ 32,455,097 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 809,270 ​ ​ ​ ​ ​ 7,324,290 ​ ​ ​ ​ ​ 42,197 ​ ​ ​ ​ ​ 373,046 ​ ​ ​ ​ ​ 4,267,551 ​ ​ ​ ​ ​ 40,884,655 ​ ​ ​ ​ ​ 158,287 ​ ​ ​ ​ ​ 1,477,184 ​ ​
Shares repurchased
​ ​ ​ ​ (10,074,175) ​ ​ ​ ​ ​ (90,521,134) ​ ​ ​ ​ ​ (653,252) ​ ​ ​ ​ ​ (5,744,752) ​ ​ ​ ​ ​ (18,854,124) ​ ​ ​ ​ ​ (181,461,416) ​ ​ ​ ​ ​ (801,300) ​ ​ ​ ​ ​ (7,529,152) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ 1,936,014 ​ ​ ​ ​ ​ 17,466,035 ​ ​ ​ ​ ​ 458,706 ​ ​ ​ ​ ​ 4,135,664 ​ ​ ​ ​ ​ (35,455) ​ ​ ​ ​ ​ 71,763 ​ ​ ​ ​ ​ 2,797,324 ​ ​ ​ ​ ​ 26,403,129 ​ ​
​
11. Subsequent Events
On September 24, 2020, Brinker Capital, Inc., a wholly-owned subsidiary of Brinker Capital Holdings, Inc. and the owners of Brinker Capital, was sold to a new owner: GT Polaris Inc., a newly formed entity controlled by funds affiliated with Genstar Capital Partners LLC and TA Associates Management, L.P. (“Buyer”). This transaction occurred contemporaneously with Buyer’s acquisition of Orion Advisor Solutions and its affiliates (“Orion”), including Orion’s subsidiary CLS Investments, LLC, an SEC-registered investment adviser (“CLS”). As part of the transaction, Brinker Capital’s business was combined with CLS’s business and renamed Brinker Capital Investments, LLC.
Other than the above-mentioned disclosure, Management has not identified any other events or transactions that would require recognition or disclosure in the financial statements.
315
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited)
​
Approval of New Advisory and Sub-advisory Agreements
Brinker Capital Destinations Trust (“Trust” and, each series thereof a “Fund,” and together, the “Funds”) and Brinker Capital Investments, LLC (formerly known as Brinker Capital, Inc.) (the “Manager”), have entered into an investment management agreement (the “Management Agreement”). Pursuant to the Management Agreement, the Manager selects investments in third-party funds, serves as “manager of managers” for the Trust, and selects and oversees professional money managers (each, a “Sub-adviser” and collectively, the “Sub-advisers”) who are responsible for investing the portion of assets of the Funds allocated to each of them pursuant to a separate investment advisory agreement (a “Sub-advisory Agreement” and collectively, the “Sub-advisory Agreements” and, together with the Management Agreement, the “Agreements”) between the Manager and each Sub-adviser.
Brinker Capital, Inc. (“Brinker”), a subsidiary of Brinker Capital Holdings, Inc. (“Brinker Holdings”) previously served as investment adviser to each Fund. On June 26, 2020, Brinker Holdings entered into an agreement, pursuant to which GT Polaris, Inc. (“GT Polaris”), a newly formed entity, acquired, through various subsidiaries, 100% of the issued and outstanding equity interests of Brinker Holdings (the “Transaction”). GT Polaris is indirectly owned and controlled by investment funds affiliated with Genstar Capital Partners LLC and investment funds affiliated with TA Associates Management, L.P. Consummation of the Transaction was conditioned upon the contemporaneous acquisition of Orion Advisor Solutions, LLC and certain of its affiliates (collectively, “Orion”) by GT Polaris, including Orion’s subsidiary CLS Investments, LLC, an SEC-registered investment adviser (“CLS”). Following consummation of the Transaction on September 24, 2020, Brinker’s business was integrated with CLS, resulting in a combined investment adviser, the Manager. The Transaction was deemed a change of control of Brinker under the Investment Company Act of 1940, as amended (the “1940 Act”) and resulted in the assignment and automatic termination of the advisory agreement between the Trust, on behalf of each Fund, and Brinker (the “Prior Management Agreement”) and the sub-advisory agreements between Brinker and each existing Sub-adviser to the Funds (the “Prior Sub-advisory Agreements”).
Section 15 of the 1940 requires that the initial approval of a Fund’s investment advisory agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Agreements (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any investment advisory agreement be approved at least annually (after an initial period of up to two years), which requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission.
As discussed in greater detail below, at a virtual meeting1 held on July 13, 2020 (the “July 13th Meeting”), the Board, including a majority of the Independent Trustees, approved the Management Agreement and unanimously recommended the approval of the Management Agreement to each Fund’s shareholders (the “Shareholders”). In order to obtain shareholder approval, a notice, proxy statement and proxy card for a Special Meeting of Shareholders (the “Shareholder Meeting”) of the Funds was filed and appropriately provided to the Shareholders or their representatives. Shareholders of each Fund were asked to approve the Management Agreement, so that Brinker’s management of the Funds could continue without interruption. The Shareholder Meeting occurred at 11 a.m., Eastern Time, on Monday, August 31, 2020. Shareholders of record of each Fund as of the close of business on Friday, July 24, 2020, were entitled to vote at the Shareholder Meeting. At the Shareholder Meeting the proposal was approved.
In addition to the approval of the Management Agreement, at the July 13th Meeting, the Board, including a majority of the Independent Trustees, also approved new Sub-Advisory Agreements between the Manager and existing Sub-advisers for an initial two-year period that would become effective after Shareholder approval of the Management Agreement and the closing of the Transaction. The Independent Trustees requested and received information from Brinker and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and to evaluate the prior performance of Brinker and the Sub-advisers. The Board also considered information provided by Brinker during prior meetings, specifically at an in-person
​
1
As a result of the impact of the coronavirus and COVID-19 pandemic, the U.S. Securities and Exchange Commission (“SEC”) had issued orders dated March 13, 2020, March 25, 2020 and June 19, 2020 that conditionally exempt registered investment companies and their investment advisers, as well as principal underwriters from such in-person voting requirements through December 31, 2020.
​
316
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (continued)
​
meeting held on December 3-4, 2019 (the “December Meeting”). The Independent Trustees were assisted in their review by Fund counsel and counsel to those Trustees who are Independent and/or not an affiliated person of the Trust and met in executive sessions separate from representatives of Brinker and the Sub-advisers. The Board approved the Sub-advisory Agreements with the following Sub-advisers on behalf of the indicated Fund(s):
​
Sub-adviser Name
​ ​
Fund(s)
​
​
BAMCO, Inc.
 ​ ​
♦
Destinations International Equity Fund
​
 ​
​
BlackRock Investment Management, Inc.
 ​ ​
♦
Destinations Core Fixed Income Fund
​
 ​
​ ​ ​ ​
♦
Destinations Large Cap Equity Fund
​
 ​
​
Ceredex Value Advisors LLC
 ​ ​
♦
Destinations Small-Mid Cap Equity Fund
​
 ​
​
Columbia Management Investment Advisers, LLC
 ​ ​
♦
Destinations Large Cap Equity Fund
​
 ​
​
CrossingBridge Advisors, LLC
 ​ ​
♦
Destinations Global Fixed Income Opportunities Fund
​
 ​
​ ​ ​ ​
♦
Destinations Low Duration Fixed Income Fund
​
 ​
​
Delaware Investments Fund Advisers/ Macquarie Investment Management
 ​ ​
♦
Destinations Large Cap Equity Fund
​
 ​
​
DoubleLine Capital LP
 ​ ​
♦
Destinations Core Fixed Income Fund
​
 ​
​ ​ ​ ​
♦
Destinations Global Fixed Income Opportunities Fund
​
 ​
​ ​ ​ ​
♦
Destinations Low Duration Fixed Income Fund
​
 ​
​
Driehaus Capital Management LLC
 ​ ​
♦
Destinations Multi Strategy Alternatives Fund
​
 ​
​ ​ ​ ​
♦
Destinations Small-Mid Cap Equity Fund
​
 ​
​
Federated Equity Management Company of Pennsylvania
 ​ ​
♦
Destinations Equity Income Fund
​
 ​
​
LMCG Investments, LLC
 ​ ​
♦
Destinations Small-Mid Cap Equity Fund
​
 ​
​ ​ ​ ​
♦
Destinations Multi Strategy Alternatives Fund
​
 ​
​
MFS Investment Management
 ​ ​
♦
Destinations International Equity Fund
​
 ​
​
Mellon Investments Corporation
 ​ ​
♦
Destinations Large Cap Equity Fund
​
 ​
​
Northern Trust Investments, Inc.
 ​ ​
♦
Destinations Municipal Fixed Income Fund
​
 ​
​
Nuveen Asset Management, LLC
 ​ ​
♦
Destinations Global Fixed Income Opportunities Fund
​
 ​
​
NWQ Investment Management Company, LLC
 ​ ​
♦
Destinations Equity Income Fund
​
 ​
​
RiverNorth Capital Management, LLC
 ​ ​
♦
Destinations Multi Strategy Alternatives Fund
​
 ​
​
Strategas Asset Management, LLC
 ​ ​
♦
Destinations Large Cap Equity Fund
​
 ​
​
T. Rowe Price Associates, Inc.
 ​ ​
♦
Destinations International Equity Fund
​
 ​
​ ​ ​ ​
♦
Destinations Large Cap Equity Fund
​
 ​
​
Wasatch Advisors Inc
 ​ ​
♦
Destinations International Equity Fund
​
 ​
In voting to renew the Agreements, the Trustees considered whether the approval of the Agreements would be in the best interests of the respective Fund and its shareholders, an evaluation based on several factors including those discussed below.
Nature, Extent and Quality of the Services Provided Under the Agreements
The Board received and considered information regarding the nature, extent and quality of services that had been provided to the Funds by Brinker under the Prior Management Agreement. In considering the nature, extent and quality of the services to be provided by the Manager, the Board reviewed the portfolio management services currently provided by Brinker and to be
317
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (continued)
​
provided by the Manager to the Funds, including the quality of the continuing portfolio management personnel, the resources expected to be made available to the Manager after the consummation of the Transaction and Brinker’s prior compliance history and compliance program. The Trustees reviewed the terms of the proposed Management Agreement, and noted that the Management Agreement had the same advisory fee as, and does not materially differ from, the Prior Management Agreement. The Trustees also reviewed Brinker’s current investment and risk management approaches for the Funds and was informed by Brinker that currently there are no material changes expected to be made to those approaches as a result of the Transaction. The Trustees also considered other services to be provided to the Funds by the Manager such as monitoring adherence to each Fund’s investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to each Fund by the Manager under the Management Agreement would be satisfactory.
The Board received and considered information regarding the nature, extent and quality of services that had been provided to the Funds by the Sub-advisers under the Prior Sub-advisory Agreements. The Trustees considered information regarding the process by which Brinker selected and recommended the Sub-advisers to the Board and Brinker’s ongoing supervision of the Sub-advisers, including Brinker’s process for determining how Fund assets were allocated among the applicable Sub-advisers. The Independent Trustees noted that Brinker monitored and evaluated the performance of each Fund’s Sub-advisers, including the Sub-advisers’ compliance with the investment objective, policies, and restrictions of the relevant Fund. The Board also received a description of the administrative and other services provided to the Trust and its shareholders. The Board noted information received at Board meetings related to the services provided by Brinker about the management of the Trust’s affairs and its role in coordinating the activities of the Sub-advisers and the Trust’s other service providers. The Board considered each Sub-adviser’s specific responsibilities in all aspects of the day-to-day management of the portion of the respective Fund assets allocated to it, as well as the qualifications, experience and responsibilities of the portfolio managers for the portion of the Fund assets managed by that Sub-adviser and other key personnel of the Sub-adviser. The Board specifically took into account each Sub-adviser’s investment process and capabilities, evaluated, as applicable, how the Sub-adviser complemented each of the other Sub-advisers to that Fund.
The Trustees also discussed the terms of the new Sub-advisory Agreements and considered Brinker’s favorable assessment of the nature and quality of the Sub-advisers’ services. The Board also reviewed information received from Brinker and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act and those of Brinker and each Sub-adviser.
The Board concluded, in the context of its full deliberations, that, overall, the nature, extent and quality of services expected to be provided under the Agreements were adequate and appropriate
Fund Performance
As to each Fund, at the July 13th Meeting, the Board received and considered performance information that had been provided by Broadridge Financial Solutions (“Broadridge”), an independent provider of investment company data, for each Fund and for all retail and institutional funds, regardless of asset size or primary channel of distribution, in each Fund’s Lipper category. In connection with its most recent approval of the continuation of the Prior Management Agreement and the Prior Sub-advisory Agreements and other meetings held during the course of the first half of the Funds’ fiscal year, the Board was provided with reports regarding each Fund’s performance over various time periods. As part of these meetings, Brinker and its representatives provided information regarding and, as applicable, led discussions of factors impacting Brinker’s and the Sub-advisers’ performance for the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that it was appropriate to take into account the Board’s consideration of Brinker’s and the Sub-advisers’ performance at meetings held prior to the July 13th Meeting. In doing so, the Trustees determined that Brinker’s and the Sub-advisers’ performance was satisfactory, or, where Brinker’s or the Sub-advisers’ performance was materially below a Fund’s benchmarks and/or peer group, the Trustees were satisfied by the reasons for underperformance and/or the steps taken by Brinker and the Sub-advisers in an effort to improve performance. Based on this information and Brinker’s representation that the portfolio managers for the Funds were not expected to change in connection with the Transaction, the Board concluded, within the context of its full deliberations, that the investment results that Brinker and the Sub-advisers had been able to achieve for each Fund were sufficient to support approval of the Management Agreement and the Sub-advisory Agreements.
318
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (continued)
​
Management Fees and Expense Ratios
As to each Fund, at the December Meeting, the Board reviewed and considered the contractual management fees (“Contractual Management Fees”) payable by each Fund to Brinker and by Brinker to the Sub-advisers in light of the nature, extent and quality of the management and sub-advisory services provided by Brinker and the Sub-advisers, respectively. The Board also reviewed and considered whether fee waiver and/or expense reimbursement arrangements were in place for a Fund and considered the actual fee rate (after taking any such waivers and reimbursements into account) (“Actual Management Fee”) and whether any fee waivers and expense reimbursements could be discontinued. The Board noted that the compensation paid to the Sub-advisers is paid by Brinker, not the Funds, and, accordingly, that the retention of the Sub-advisers would not increase the fees or expenses otherwise incurred by a Fund and its shareholders. Further, the Board considered that, as a result of the contractual advisory fee waivers, Brinker would not retain a different percentage of the overall advisory fee based on the Sub-advisers selected, the fees charged to Sub-advisers or the allocation of a Fund’s assets among Sub-advisers. The Board also reviewed with management the scope of services provided to the Funds by Brinker, noting that the Funds are provided with regulatory compliance services, office facilities and Trust officers (including the Trust’s chief financial, chief operational and chief compliance officers), and that Brinker coordinates and oversees the provision of services to each Fund by other fund service providers, including the Sub-advisers. The Board also considered and discussed information about the Sub-advisers’ fees and comparable information for other sub-advised funds and accounts managed by the Sub-advisers. Additionally, the Board received and considered information comparing each Funds’ Contractual Management Fees and Actual Management Fees and the Fund’s actual total expenses with those of a group of funds selected by Broadridge.
With respect to the cost of advisory services, the Board considered that the investment advisory fee proposed to be payable to the Manager under the Management Agreement is the same as the investment advisory fee currently payable to Brinker under the Prior Management Agreement. The Board determined, in the context of its full deliberations, that, as to each Fund, the management fee paid by the Fund to Brinker and the sub-advisory fees paid by Brinker to the Sub-advisers were reasonable in light of comparative performance and expense information and the nature, extent and quality of the services provided to the Fund under the Prior Management Agreement and Prior Sub-Advisory Agreements.
Profitability
The Board considered Brinker’s profitability from its management of the Funds when it most recently approved the continuation of the Prior Management Agreement, as discussed below, but determined that such profitability may change as a result of the changes to Brinker’s ownership structure and operations that will occur after the consummation of the Transaction. Accordingly, the Trustees did not make any conclusions regarding the Manager’s profitability but will do so during future considerations of the Management Agreement. The Board noted Brinker’s expectation that if the Transaction is successful, the Funds’ assets likely will increase.
At the December Meeting, the Board considered the profits realized by Brinker under the Prior Management Agreement, in connection with the operation of the Funds, and whether the amount of profit was a fair entrepreneurial profit for the management of the Funds. In particular, the Board considered that Brinker retained a maximum amount of compensation (as a percentage of Fund assets) from each Fund as a result of the contractual fee waivers. The Board also considered the profitability of Brinker for providing advisory services to the Funds as an overall complex, noting that Brinker implemented its model-based investment advice through allocations of assets among the Funds. The Board also considered the Funds’ operating expenses and the impact of any fee waivers and expense reimbursements on the Brinker’s profits. As to each Fund, the Board concluded, in the context of its full deliberations that Brinker’s level of profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.
At the December Meeting, the Board considered the fees payable under each Prior Sub-advisory Agreement, noting that the fees were paid to the proposed Sub-advisers by Brinker and, thus, would not impact the fees paid by the Funds. The Board recognized that, because each Sub-adviser’s fee would be paid by Brinker, and not the applicable Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Prior Management Agreement. To the extent available, the Board also reviewed information provided by the Sub-advisers with respect to the relevant Sub-adviser’s profitability in providing sub-advisory services to the Funds.
319
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (continued)
​
Economies of Scale
With respect to economies of scale, the Board considered Brinker’s economies of scale from its management of the Funds when it most recently approved the continuation of the Prior Management Agreement, but determined that such economies of scale may change as a result of the changes to Brinker’s ownership structure and operations that will occur after the consummation of the Transaction. Accordingly, the Trustees did not make any conclusions regarding the extent to which economies of scale would be realized by the Manager as the assets of the Funds grow, but will do so during future considerations of the Management Agreement. The Board noted Brinker’s expectation that if the Transaction is successful, the Funds’ assets likely will increase, which could result in economies of scale that could be passed onto the Funds’ Shareholders.
As to each Fund, at the December Meeting, the Board considered information regarding whether there have been economies of scale with respect to the Brinker’s management of the Fund under the Prior Management Agreement, whether the Fund has appropriately benefited from any economies of scale and whether there is potential for realization of any further economies of scale. The Board considered the various ways economies of scale could be realized and shared with Fund investors, and whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. As to each Fund, the Board also noted that to the extent the Fund’s assets increase over time, the Fund and its shareholders should realize economies of scale as certain expenses, such as fixed fund fees, become a smaller percentage of overall assets.
Other Benefits to the Manager and the Sub-advisers
As to each Fund, the Board considered other benefits received or that could be expected to be received by the Manager, the Sub-advisers and their affiliates as a result of their relationship with the Funds, including soft dollar arrangements, receipt of brokerage and the opportunity to offer additional products and services to Fund shareholders.
In light of the Manager’s costs of providing investment management and other services to the Funds and the Manager’s ongoing commitment to the Funds and each Sub-adviser’s day-to-day management of the portion of the respective Fund’s assets allocated to it, the profits and ancillary benefits that the Manager, the Sub-advisers and their affiliates received under the Prior Management Agreement and Prior Sub-advisory Agreements were considered reasonable.
Although formal Board action was not taken with respect to the conclusions discussed above, those conclusions formed, in part, the basis for the Board’s approval of the Agreements at the Board Meeting. The Board concluded, in the exercise of its reasonable judgment, that the terms of the Agreements, including the compensation proposed to be paid thereunder, are reasonable in relation to the services expected to be provided by the Manager and Sub-advisers to the Funds and that the appointment of the Manager and the Sub-advisers and the approval of the Agreements, respectively, would be in the best interest of the Funds and their Shareholders.
Based on the Trustees’ deliberations and their evaluation of the information described above and other factors and information they believed relevant, the Board, including all of the Independent Trustees, unanimously approved (i) the appointment of the Manager as investment adviser to the Funds and the Management Agreement and unanimously recommended that the Funds’ Shareholders vote in favor of approving the Management Agreement and (ii) the Sub-advisory Agreements. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
Seix Investment Advisors LLC
At a meeting of the Board held on July 29, 2020 (the “July 29th Meeting”), Brinker recommended and the Board, including all of Independent Trustees as defined in the 1940 Act, approved two sub-advisory agreements for the management of the Destinations Municipal Fixed Income Fund (the “Municipal Fund”), one between Seix Investment Advisors LLC (“Seix”) and Brinker (the “Seix Sub-advisory Agreement”), and the other between Seix and the Manager that would become effective after Shareholder approval of the Management Agreement and the closing of the Transaction (the “New Seix Sub-advisory Agreement,” and together with the Seix Sub-advisory Agreement, the “Seix Agreements”). Pursuant to the Seix Agreements, Seix would provide day-to-day management for the portion of the Municipal Fund’s assets proposed to be allocated to it. The Board also considered information provided by Brinker during prior meetings. In doing so, the Trustees requested and received information from the Brinker and Seix that they deemed reasonably necessary for their review of the Seix
320
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (continued)
​
Agreements and to evaluate the performance of the Sub-adviser. The Trustees were assisted in their review by Fund counsel and counsel to those Trustees who are Independent Trustees and/or not an affiliated person of the Trust and met in executive sessions separate from representatives of Brinker and the Sub-adviser.
In voting to approve the Seix Agreements, the Trustees considered whether the approval of the Seix Agreements would be in the best interests of the respective Fund and its shareholders, an evaluation based on several factors including those discussed below.
Nature, Extent and Quality of the Services Provided Under the Seix Agreements
The Board received and considered information regarding the nature, extent and quality of services proposed to be provided to the Municipal Fund by Seix under the Seix Agreements. The Trustees considered information regarding the process by which Brinker selected and recommended Seix to the Board and the supervisory activities over Seix, including monitoring Seix’s compliance with the investment objectives, policies, and restrictions of the Municipal Fund. The Board considered Seix’s proposed specific responsibilities in all aspects of the day-to-day management of the portion of the Municipal Fund’s assets proposed to be allocated to it, as well as the qualifications, experience and responsibilities of the persons proposed to serve as the portfolio managers for the Municipal Fund’s assets to be managed by Seix and of other key personnel of Seix. The Board specifically took into account Seix’s investment process and capabilities, evaluating, as applicable, how Seix would complement the other Sub-adviser to the Fund. The Trustees discussed the terms of the Seix Agreements and considered Brinker’s favorable assessment of the nature and quality of Seix’s services expected to be provided to the Municipal Fund. The Board also reviewed information received from Brinker and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act and those of Brinker and of Seix.
The Board then discussed with representatives of Brinker, the portfolio management strategy proposed to be employed by Seix. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by Seix were adequate and appropriate in light of  (i) Seix’s experience and the qualifications of its investment personnel in providing portfolio management services to other investment portfolios, (ii) the portfolio management and research resources expected to be applied by Seix in managing the portion of the Municipal Fund’s assets allocated to it, (iii) how Seix was expected to complement the Municipal Fund’s existing Sub-adviser, (iv) Seix’s compliance program, and (v) Brinker’s recommendation to engage Seix.
Fund Performance
Because Seix was to be newly-appointed for the Municipal Fund, the Board could not consider their investment performance in managing the respective Fund’s assets as a factor in evaluating the proposed Seix Agreements during the July 29th Meeting.
The Board, however, received information from management regarding Seix’s historical performance returns managing investment mandates similar to that of the Municipal Fund, with such performance compared to a relevant index. The Board discussed with representatives of Brinker the investment strategy to be employed by Seix in the management of the respective Fund’s assets. The Board discussed the reputation and experience of Seix, its portfolio managers’ experience, and Brinker’s experience and reputation in selecting, evaluating, and overseeing investment managers. The Board determined that these factors supported a decision to approve the Seix Agreements.
Sub-advisory Fees and Expense Ratios; Economies of Scale and Other Benefits
The Board considered the proposed fees payable under the Seix Agreements, noting that the proposed fee would be paid to Brinker or the Manager, as applicable, and, thus, would not impact the fees paid by the Municipal Fund. The Board concluded that the proposed fee payable to Seix with respect to the assets to be managed by Seix were reasonable and appropriate. The Board recognized that, because Seix’s fee would be paid by Brinker or the Manager, and not the Municipal Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and Brinker and the Trust and the Manager. The Board received and considered a profitability analysis of Brinker and the Manager with respect to the addition of Seix as a sub-adviser to the Municipal Fund and determined that Brinker’s and the Manager’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the Municipal Fund, noting in particular the existence of an ongoing contractual fee waiver that limits the total amount of advisory fees that may be retained by Brinker or the Manager to 39 basis points of the Municipal Fund’s assets. Similarly, the Board recognized that, because Seix’s fee would be paid by Brinker or the Manager, and not the Municipal Fund, an analysis of
321
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (concluded)
​
economies of scale with respect to Seix was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and Brinker and the Trust and the Manager. Accordingly, economies of scale with respect to Seix were not considered relevant at that time to the Board’s decision to approve the Seix Agreements. The Board also concluded that any other benefits that could be expected to accrue to Seix by virtue of its relationship with the Municipal Fund were reasonable.
After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, with the advice of Fund counsel and independent legal counsel, resolved to approve the proposed Seix Agreements for an initial two-year period, having determined that the Seix Agreements would be in the best interests of the Municipal Fund.
322
Additional Information (unaudited)
​
TRUSTEES AND OFFICERS OF THE TRUST
The Trust’s Board of Trustees (“Board” or “Trustees”) is responsible for overseeing the Trust’s management and operations. The Board approves all significant agreements between the Trust and the companies that furnish services to the Funds, including agreements with the Trust’s distributor, the Manager, the Sub-advisers, custodian, transfer agent and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.
Brinker Capital Investments, LLC (formerly known as Brinker Capital, Inc.) (the “Manager”), serves as the investment adviser for the Funds. The Funds employ a “multi-manager” strategy. The Manager selects and oversees professional money managers (each a “Sub-adviser”) who are responsible for investing the assets of the Funds allocated to them. In addition to investment advisory services, the Manager monitors and supervises the services provided to the Trust by its administrator. The Manager also is responsible for conducting all operations of the Trust, except those operations contracted to the Sub-advisers, the custodian, the transfer agent and the administrator.
The names of the Trustees and officers of the Trust, their addresses and years of birth, together with information as to their principal business occupations and, for the Trustees, other board memberships they have held during the past five years, are set forth below. The executive officers of the Trust are employees of organizations that provide services to the Funds. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and officers. The SAI may be obtained without charge by calling 1-877-771-7979.
Name, Address and
Date of Birth
​ ​
Position(s)
Held with
Trust
​ ​
Term of Office
and Length of
Time Served*
​ ​
Principal
Occupation(s)
During Past
Five Years
​ ​
Number
of Funds
in Fund
Complex
Overseen
by Trustee
​ ​
Other Board
Memberships Held
During Past Five
Years by Trustee
​
INDEPENDENT TRUSTEES* ​
Ellyn L. Brown
Brown Associates
11055 Greenspring Ave,
Annex A
Lutherville, MD 21093
Birth Year 1950
​ ​ Chair of the Board of Trustees ​ ​ Chair as of April 1, 201 ; Trustee Since 2017 ​ ​ Retired Attorney since 2006. Former Principal of Brown & Associates from 1996 to 2006. ​ ​
10
​ ​ CNO Financial Group, Inc. since 2012, Walter Investment Management Corp. from 2013 to 2017, NYSE-Euronext (and predecessor entities) from 2006 to 2013, NYSE Regulation, Inc. from 2010 to 2014. Financial Industry Regulatory Authority, Inc. (FINRA) from 2007 to 2012, Financial Accounting Foundation, Inc. from 2007 to 2012. ​
J. Scott Coleman, CFA
7 Forest Road
Wayne, PA 19087
Birth Year: 1960
​ ​ Trustee ​ ​ Since 2017 ​ ​ President and Managing Partner of Woodland Park Consulting, LLC since 2017. President and CEO of Optimum Fund Trust from 2011 to 2015. President of Delaware Distributors from 2008 to 2015. Executive Vice President, Head of Distribution and Marketing, Delaware Investments 2008 to 2015. In addition, Head of Macquarie Investment Management EMEA Distribution from 2012 to 2015. Managing Director at Goldman Sachs & Co. from 2001 to 2008. ​ ​
10
​ ​
Optimum Fund Trust from 2011 to 2015.
​
323
Additional Information (unaudited) (continued)
​
Name, Address and
Date of Birth
​ ​
Position(s)
Held with
Trust
​ ​
Term of Office
and Length of
Time Served*
​ ​
Principal
Occupation(s)
During Past
Five Years
​ ​
Number
of Funds
in Fund
Complex
Overseen
by Trustee
​ ​
Other Board
Memberships Held
During Past Five
Years by Trustee
​
Nicholas Marsini, Jr.
120 St. Moritz Drive
Wilmington, DE 19807
Birth Year: 1955
​ ​ Trustee, Chair of Audit Committee ​ ​ Since 2017 ​ ​ Retired since 2016. Regional President of PNC Delaware from 2011 to 2016. Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from 1997 to 2010. ​ ​
10
​ ​ FundVantage Trust, Third Avenue Trust, Third Avenue Variable Series Trust. ​
Gregory E. McGowan Franklin Templeton
300 SE 2nd Street
Fort Lauderdale, FL 33301
Birth Year: 1949
​ ​ Trustee ​ ​ Since 2017 ​ ​ President and CEO, GEMPENN Global Consultancy, Inc. since 2016. Senior Strategic Advisor, Franklin Templeton Investments in 2016. Executive Vice President, Director and General Counsel of Templeton International, Inc. from 1992 to 2016. Executive Vice President, Secretary and General Counsel of Templeton Global Advisors Limited (a Bahamian corporation) from 1992 to 2016. ​ ​
10
​ ​ Global Capital PLC (Malta Public Company), Franklin Templeton Sealand Fund Management Co. Ltd., China Life Franklin Asset Management Company Limited, Templeton Investment Counsel LLC, Franklin Templeton Trustee Services Private Limited (India), Franklin Templeton International Services S.A. (Luxembourg), Franklin Templeton Investments (Asia) Limited, Franklin Templeton Investments Japan Ltd., Templeton Asset Management Ltd. (Singapore), Franklin Templeton Holding Limited (Mauritius), Franklin Templeton Investment Services Mexico, S. de R. L. ​
​
 ​
*
Each Trustee remains in office until he or she resigns, retires or is removed.
​
 ​
INTERESTED TRUSTEES* ​
Joseph V. Del Raso
Pepper Hamilton LLP
3000 Two Logan Square,
18th & Arch Streets
Philadelphia, PA 19103-2799
Birth Year: 1952
​ ​ Trustee ​ ​ Since 2017 (Chair of the Board until April 1, 2018). ​ ​ Partner at Pepper Hamilton LLP (law firm) since 1998. ​ ​
10
​ ​ Global Capital PLC (Malta Public Company). ​
Noreen D. Beaman
Brinker Capital Investments, LLC
1055 Westlakes Drive,
Suite 250
Berwyn, PA 19312
Birth Year: 1964
​ ​ Trustee and Chief Executive Officer ​ ​ Since 2018 ​ ​ President of Brinker Capital Investments, LLC since 2020.** Chief Executive Officer of Brinker Capital, Inc. from 2012 to 2020. ​ ​
10
​ ​ PIMCO RIA Advisory Board, MMI Board of Governors, MMI Leadership Pathway, Envestnet Institute Women In Wealth; St. Peter’s University Board of Trustees (2014 to 2017). ​
​
*
Each Trustee remains in office until he or she resigns, retires or is removed.
​
**
Reflects the current title following the closing of the Transaction, which occurred after the end of the period covered by the report.
​
324
Additional Information (unaudited) (continued)
​
Name, Address and
Date of Birth 		​ ​
Position(s) Held
with Trust
​ ​
Term of Office and
Length of Time
Served
​ ​
Principal Occupation(s)
During Past Five Years
​
OFFICERS* ​ ​ ​ ​
Philip Green, Jr.
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1970
​ ​ Chief Financial Officer & Treasurer ​ ​
Since January 2017
​ ​ Chief Financial Officer of Brinker Capital Investments, LLC since 2000. ​
Brian Ferko
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1971
​ ​ Chief Compliance Officer & Anti- Money Laundering Officer ​ ​
Since January 2017
​ ​ Chief Compliance Officer of Brinker Capital Investments, LLC since 2015; Chief Compliance Officer of Brinker Capital Investments, LLC contracted through Cipperman Compliance Services from 2010 to 2015; Chief Operating Officer of CCS from 2012 to 2015. ​
Jason B. Moore
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1972
​ ​ President ​ ​
Since January 2017
​ ​ Chief Solutions Officer of Brinker Capital Investments, LLC since 2019; Chief Administrative Officer of Brinker Capital Investments, LLC from 2016 to 2019; Managing Director of Morgan Stanley from 2012 to 2016. ​
Donna Marley
Brinker Capital
Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1955
 ​ ​ Chief Operating Officer ​ ​ Since April 2017 ​ ​ Senior Vice President of Funds of Brinker Capital Investments, LLC since 2017; Executive Director of Morgan Stanley from 2009 to 2017. ​
Peter Townsend
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1977
​ ​ Secretary & Deputy Chief Compliance Officer ​ ​
Since January 2017
​ ​ Deputy Funds Chief Compliance Officer of Brinker Capital Investments, LLC since 2017; Director of Compliance of Penn Capital Management Company, Inc. from 2015 to 2017; Director of Compliance of Cipperman Compliance Services from 2013 to 2015; Associate of J.P. Morgan Chase & Co. from 2008 to 2013. ​
Jeff Raupp, CFA
Brinker Capital
Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1969
​ ​ Chief Investment Officer ​ ​
Since January 2017
​ ​ Chief Investment Officer of Brinker Capital Investments, LLC since 2018; Director of Investments of Brinker Capital Investments, LLC since 2017; Senior Vice President of Brinker Capital Investments, LLC in 2016; Senior Investment Manager of Brinker Capital Investments, LLC from 2008 to 2016. ​
325
Additional Information (unaudited) (continued)
​
Name, Address and
Date of Birth 		​ ​
Position(s) Held
with Trust
​ ​
Term of Office and
Length of Time
Served
​ ​
Principal Occupation(s)
During Past Five Years
​
Amy Magnotta, CFA Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1978
​ ​ Investment Officer ​ ​
Since January 2017
​ ​ Senior Vice President and Head of Discretionary Portfolios of Brinker Capital Investments, LLC since 2017; Senior Investment Manager of Brinker Capital Investments, LLC from 2008 to 2017. ​
Leigh Lowman, CFA Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1982
​ ​ Investment Officer ​ ​
Since January 2017
​ ​ Investment Manager of Brinker Capital Investments, LLC since 2017; Senior Investment Analyst of Brinker Capital Investments, LLC from 2015 to 2017; Outreach Analyst of The Investment Fund for Foundations from 2014 to 2015; Senior Associate of Mondrian Investment Partners from 2011 to 2014. ​
Christopher Hart
Brinker Capital
Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1971
​ ​ Investment Officer ​ ​
Since January 2017
​ ​ Senior Vice President and Head of Platform Manager Research of Brinker Capital Investments, LLC since 2017; Senior Vice President of Brinker Capital Investments, LLC in 2016; Core Investment Manager of Brinker Capital Investments, LLC from 2014 to 2016; Investment Director of RS Investments 2013; Vice President/Investment Officer of Morgan Stanley Smith Barney from 2006 to 2013. ​
Timothy Holland, CFA Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1969
​ ​ Investment Officer ​ ​ Since June 2017 ​ ​ Senior Vice President and Global Investment Strategist of Brinker Capital Investments, LLC since 2017; Co-Head US Sub Advisory of Pictet Asset Management in 2016; Portfolio Manager and Partner of TAMRO Capital Partners from 2005 to 2016. ​
Kristen Pilipzeck
Brinker Capital
Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1987
​ ​ Investment Officer ​ ​ Since March 2019 ​ ​ Investment Analyst of Brinker Capital Investments, LLC since 2017; Operations Associate of Brinker Capital Investments, LLC from 2010 to 2017. ​
​
*
The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
​
326
Additional Information (unaudited) (continued)
​
Board Composition and Leadership Structure
Four of the six Trustees on the Board (66.67%) are not “interested persons” (as defined in the 1940 Act) of the Trust and are not affiliated with the Manager or any Sub-adviser (“Independent Trustees”). Ms. Brown, an Independent Trustee, serves as Chair of the Board. There are three primary committees of the Board: the Audit Committee, the Governance Committee and the Valuation Committee. The Audit Committee is chaired by Mr. Marsini and includes all of the Independent Trustees. The Governance Committee is chaired by Mr. Del Raso and includes Ms. Beaman and Messrs. McGowan and Coleman. The Valuation Committee includes Messrs. Marsini and McGowan. The Board has determined that this leadership structure is appropriate given (i) the specific characteristics and circumstances of the Trust, (ii) the services that the Manager and its affiliates and the Sub-advisers provide to the Trust, and (iii) the potential conflicts of interest that could arise from these relationships. The Board believes that the existing Board structure is appropriate because, among other things, it allows the Independent Trustees to exercise independent business judgment in evaluating the Trust’s management and service providers.
Board Oversight of Risk Management
The Board considers risk management as part of its general oversight responsibilities. As is the case with virtually all mutual funds, service providers to the Trust, primarily the Manager and its affiliates and the Sub-advisers, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its scheduled meetings, or the Chair of the Board or the appropriate Committees, acting between Board meetings, regularly interacts with and receives reports from senior personnel of service providers, including, the Manager’s investment officers, the Trust’s and the Manager’s Chief Compliance Officer (“CCO”) and the Sub-advisers’ portfolio management personnel. The Board’s Audit Committee meets during its scheduled meetings, and between meetings the Audit Committee Chair maintains contact with the Trust’s independent registered public accounting firm and the Trust’s Chief Financial Officer. The Board receives periodic presentations from senior personnel of the Manager or its affiliates regarding investment performance of the Funds and the applicable investment risk management process. The Board also receives periodic presentations from senior personnel of the Manager or its affiliates and the Sub-advisers regarding risk management, as well as periodic presentations regarding specific operational, compliance or investment areas, such as business continuity, anti-money laundering, cybersecurity, personal trading, valuation, credit, investment research, portfolio trading and transactions, and securities lending. The Board has adopted policies and procedures designed to address certain risks to the Funds. In addition, the Manager and other service providers to the Trust have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds, many of which are reviewed by the Board. Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all risks applicable to the Funds. The Board also receives reports from counsel to the Trust, also counsel to the Manager and the Independent Trustees’ own independent legal counsel regarding regulatory compliance and governance matters. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities.
Individual Trustee Qualifications
The Board believes that each Trustee’s experience, qualifications, attributes or skills individually and in combination with those of the other Trustees support the conclusion that the Board possesses the requisite attributes and skills to effectively oversee the management of the Trust and protect the interests of Fund shareholders. The Board believes that the significance of each Trustee’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness. The Board also believes that Trustees must have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with each other and with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that the Trustees satisfy this standard. Experience relevant to this ability may be achieved through a Trustee’s educational background; business, professional training or practice (e.g., accounting or law), public service or academic positions; experience from service as a board member (including the Board of the Trust) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; or other life experiences. The Board noted that most of the Trustees had experience serving as directors on the boards of operating companies and/or other investment companies. The Board considered that the various Trustees have or had careers in the financial services or investment management industries, including holding executive positions in companies engaged in these industries, which allows these Trustees to bring valuable, relevant experience as members of the Board.
327
Additional Information (unaudited) (concluded)
​
Board Committees
The Trust has an Audit Committee. The members of the Audit Committee consist of all the Independent Trustees of the Trust, namely Ms. Brown, Mr. Coleman, Mr. Marsini, Jr. and Mr. McGowan. The Trust also has a Governance Committee composed of Ms. Beaman, Mr. Coleman, Mr. Del Raso and Mr. McGowan. Third, the Trust has a Valuation Committee, composed of Mr. Marsini and Mr. McGowan. The Board at times may constitute other committees of the Board to assist in the evaluation of specific matters.
The Audit Committee oversees each Fund’s audit, accounting and financial reporting policies and practices and its internal controls. The Audit Committee approves, and recommends to the Board for its ratification, the selection, appointment, retention or termination of the Trust’s independent registered public accounting firm and reviews the compensation of the independent registered public accounting firm. The Audit Committee also pre-approves all audit and permissible non-audit services provided to each Fund by the independent registered public accounting firm and all permissible non-audit services provided by the Trust’s independent registered public accounting firm to the Manager and any advisory affiliates. The Audit Committee met three times during the Trust’s most recent fiscal year.
The primary responsibility of the Governance Committee is to support the Board in providing effective and efficient governance of the Trust. The Governance Committee reviews and considers, on behalf of all of the Trustees, the Trust’s Management Agreement, Sub-advisory Agreements, and agreements with the Trust’s distributor, and assists the Trustees in fulfilling their responsibilities relating to the Board’s evaluation and consideration of these arrangements. The Governance Committee also reviews the compensation to be paid to the Board and coordinates the Board’s annual self-assessment for the purposes of evaluating the performance and effectiveness of the Board. The Governance Committee met four times during the Trust’s most recent fiscal year.
The Valuation Committee oversees the implementation and application of the Trust’s pricing and valuation procedures and recommends to the Board any proposed changes to the procedures, as needed. The Valuation Committee has delegated daily authority to a pricing team at the Manager to make all necessary determinations of fair value of the portfolios securities for which market quotations are not readily available or are deemed unreliable. All actions of the Manager’s pricing team must be reported to and are subject to review by the Valuation Committee. The Board or the Valuation Committee must approve any material changes to the fair value procedures used by the Manager’s pricing team. Upon the request of the Board, a member of the Valuation Committee, or its delegee, will provide a report on the prior meeting of the Valuation Committee at the next scheduled quarterly meeting of the Board. The Valuation Committee met four times during the Trust’s most recent fiscal year.
328
[MISSING IMAGE: lg_brinkernew-4c.jpg] 
Brinker Capital Destinations Trust
Investment Adviser
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com
Legal Counsel
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, PA 19103
www.morganlewis.com
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, PA 19102
www.taitweller.com
This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund’s risk, objectives, fees and expenses, experience of its management, and other information.
Visit www.destinationsfunds.com for more information.
DSA_SAR​

 

 

 

ITEM 2. CODE OF ETHICS.

 

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

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

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

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

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

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

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

 

ITEM 6. INVESTMENTS.

 

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

 

(b)Not Applicable.

 

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

 

Not Applicable.

 

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

 

Not Applicable.

 

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

 

Not Applicable.

 

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

 

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

 

ITEM 11. CONTROLS AND PROCEDURES.

 

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

 

 

 

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

 

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

 

Not Applicable.

 

ITEM 13. EXHIBITS.

 

(a)(1) Not Applicable.

 

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

 

(a)(3) Not Applicable.

 

(a)(4) Not Applicable.

 

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

 

 

 

SIGNATURES

 

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

 

 

Brinker Capital Destinations Trust  
   
   
By: /s/ Jason B. Moore  
  Jason B. Moore  
  President  
     
Date: October 30, 2020  

 

 

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

 

 

By: /s/ Jason B. Moore  
  Jason B. Moore  
  President  
     
Date: October 30, 2020  

 

 

By: /s/ Philip Green, Jr.  
  Philip Green, Jr.  
  Chief Financial Officer and Treasurer  
     
Date: October 30, 2020  

 

 

 

 EX-99.CERT 2 tm2032577d2_ex99-cert.htm CERTIFICATIONS

Exhibit 99.CERT

 

Exhibit 13(a)(2)

 

CERTIFICATION

 

I, Jason B. Moore, certify that:

 

1.I have reviewed this report on Form N-CSR of Brinker Capital Destinations Trust (the “Registrant”);

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Date: October 30, 2020 /s/ Jason B. Moore
    Jason B. Moore
    President

 

 

 

Exhibit 13(a)(2)

 

CERTIFICATION

 

I, Philip Green, Jr., certify that:

 

1.I have reviewed this report on Form N-CSR of Brinker Capital Destinations Trust (the “Registrant”);

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Date: October 30, 2020 /s/ Philip Green, Jr.
    Philip Green, Jr.
    Chief Financial Officer and Treasurer

 

 

 EX-99.906 CERT 3 tm2032577d2_ex99-906cert.htm CERTIFICATIONS

Exhibit 99.906 CERT

 

Exhibit 13(b)

 

CERTIFICATION PURSUANT TO 18 U.S.C. Section 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

 

I, Jason B. Moore, President of Brinker Capital Destinations Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1.       The Form N-CSR of the Registrant for the semi-annual period ended August 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.       The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

Date: October 30, 2020 /s/ Jason B. Moore
    Jason B. Moore, President
     

 

 

 

Exhibit 13(b)

 

CERTIFICATION PURSUANT TO 18 U.S.C. Section 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

 

I, Philip Green, Jr., Chief Financial Officer of Brinker Capital Destinations Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1.       The Form N-CSR of the Registrant for the semi-annual period ended August 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.       The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

Date: October 30, 2020 /s/ Philip Green, Jr.
    Philip Green, Jr., Chief Financial Officer and Treasurer
     

 

 

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