Brinker Capital Destinations Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-23207

Brinker Capital Destinations Trust

(Exact name of registrant as specified in charter)

1055 Westlakes Drive, Suite 250

Berwyn, PA 19312

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

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

Date of fiscal year end:

February 28

Date of reporting period:

August 31, 2019

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

TABLE OF CONTENTS

Semi-Annual Report

August 31, 2019

Destinations Large Cap Equity Fund Class / Ticker : I / DLCFX, Z / DLCZX

Destinations Small-Mid Cap Equity Fund Class / Ticker : I / DSMFX, Z / DSMZX

Destinations International Equity Fund Class / Ticker : I / DIEFX, Z / DIEZX

Destinations Equity Income Fund Class / Ticker : I / DGEFX, Z / DGEZX

Destinations Real Assets Fund Class / Ticker : I / DRAFX, Z / DRAZX

Destinations Core Fixed Income Fund Class / Ticker : I / DCFFX, Z / DCFZX

Destinations Low Duration Fixed Income Fund Class / Ticker : I / DLDFX, Z / DLDZX

Destinations Global Fixed Income Opportunities Fund Class / Ticker : I / DGFFX, Z / DGFZX

Destinations Municipal Fixed Income Fund Class / Ticker : I / DMFFX, Z / DMFZX

Destinations Multi Strategy Alternatives Fund Class / Ticker : I / DMSFX, Z / DMSZX

Beginning on or about May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial advisor. Instead, the reports will be made available on the Funds’ website (www.destinationsfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial advisor.

You may elect to receive all future reports in paper free of charge. You can contact your financial advisor to inform them that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Destinations Funds held in your account.

www.destinationsfunds.com // 877.771.7979

TABLE OF CONTENTS

Table of Contents

	SHAREHOLDER LETTER					1
	FUND EXPENSES					2
	SCHEDULES OF INVESTMENTS					4
	DESTINATIONS LARGE CAP EQUITY FUND					4
	DESTINATIONS SMALL-MID CAP EQUITY FUND					24
	DESTINATIONS INTERNATIONAL EQUITY FUND					35
	DESTINATIONS EQUITY INCOME FUND					52
	DESTINATIONS REAL ASSETS FUND					58
	DESTINATIONS CORE FIXED INCOME FUND					60
	DESTINATIONS LOW DURATION FIXED INCOME FUND					127
	DESTINATIONS GLOBAL FIXED INCOME OPPORTUNITIES FUND					147
	DESTINATIONS MUNICIPAL FIXED INCOME FUND					164
	DESTINATIONS MULTI STRATEGY ALTERNATIVES FUND					219
	STATEMENTS OF ASSETS AND LIABILITIES					235
	STATEMENTS OF OPERATIONS					237
	STATEMENTS OF CHANGES IN NET ASSETS					239
	FINANCIAL HIGHLIGHTS					241
	NOTES TO FINANCIAL STATEMENTS					261
	BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS					293
	ADDITIONAL INFORMATION					295

TABLE OF CONTENTS

Shareholder Letter

Dear Shareholder,

We are pleased to provide the semi-annual report of the Destinations Funds for the six-month reporting period ended August 31, 2019. The semi-annual report will provide you with details such as the Schedule of Investments and Financial Highlights during the Funds’ reporting period.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices to help you while you pursue your objectives and goals. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.destinationsfunds.com. On our website, you can gain immediate access to Destinations Funds information, including:

•

Fund prices and performance,

•

Holdings,

•

Distributions, and

•

A host of fund literature and resources

We want to thank you for your continued confidence in the Destinations Funds and we look forward to helping you meet your financial goals.

Sincerely,

Jason B. Moore
President, Brinker Capital Destinations Trust
August 31, 2019

Important Disclosure:

Mutual fund investing involves risk. The value of your investment in a Fund could go down. Multi-investment management styles may lead to overlapping securities transactions and higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisers and adviser and the allocation of assets amongst them, as well as market fluctuations and industry/economic trends etc.

TABLE OF CONTENTS

Fund Expenses (unaudited)

Example

All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services and shareholder reports. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested on March 1, 2019 and held for the six months ended August 31, 2019.

Actual Expenses

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account during this period, divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

Based on Actual Total Return(1)

Fund	Total Return(2)		Beginning Account Value			Ending Account Value			Annualized Expense Ratios(3)		Expense Paid During the Period(4)
Destinations Large Cap Equity Fund – Class I		3.10%		$	1,000.00		$	1,031.01		0.83%		$	4.25
Destinations Large Cap Equity Fund – Class Z		3.28%			1,000.00			1,032.77		0.68%			3.54
Destinations Small-Mid Cap Equity Fund – Class I		1.50%			1,000.00			1,015.03		1.06%			5.38
Destinations Small-Mid Cap Equity Fund – Class Z		1.63%			1,000.00			1,016.30		0.91%			4.68
Destinations International Equity Fund – Class I		2.85%			1,000.00			1,028.55		1.17%			5.98
Destinations International Equity Fund – Class Z		3.06%			1,000.00			1,030.59		1.02%			5.27
Destinations Equity Income Fund – Class I		1.43%			1,000.00			1,014.31		1.39%			7.06
Destinations Equity Income Fund – Class Z		1.63%			1,000.00			1,016.30		1.24%			6.30
Destinations Real Assets Fund – Class I		(36.70)%			1,000.00			632.97		1.22%			5.02
Destinations Real Assets Fund – Class Z		(36.62)%			1,000.00			633.85		1.07%			4.49
Destinations Core Fixed Income Fund – Class I		6.00%			1,000.00			1,060.01		0.80%			4.15
Destinations Core Fixed Income Fund – Class Z		6.13%			1,000.00			1,061.28		0.65%			3.43
Destinations Low Duration Fixed Income Fund – Class I		1.80%			1,000.00			1,018.03		0.93%			4.73
Destinations Low Duration Fixed Income Fund – Class Z		1.84%			1,000.00			1,018.43		0.78%			4.02
Destinations Global Fixed Income Opportunities Fund – Class I		2.98%			1,000.00			1,029.82		1.00%			5.12
Destinations Global Fixed Income Opportunities Fund – Class Z		3.01%			1,000.00			1,030.10		0.85%			4.35
Destinations Municipal Fixed Income Fund – Class I		5.05%			1,000.00			1,050.55		0.80%			4.13
Destinations Municipal Fixed Income Fund – Class Z		5.12%			1,000.00			1,051.18		0.65%			3.36
Destinations Multi Strategy Alternatives Fund – Class I		(0.36)%			1,000.00			996.39		1.31%			6.59
Destinations Multi Strategy Alternatives Fund – Class Z		(0.32)%			1,000.00			996.83		1.16%			5.89

(1)

For the six months ended August 31, 2019.

(2)

Assumes reinvestment of all distributions, including returns of capital, if any, at net asset value. Total return is not annualized as it may not be representative of the total return for the year. Performance figure may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.

(3)

Annualized Expense Ratios are based on the most recent six month expense ratios, which may differ from expense ratios in the Financial Highlights.

(4)

Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days for Class I and Class Z) in the most recent period, then divided by 365 (to reflect the period).

TABLE OF CONTENTS

Fund Expenses (unaudited) (concluded)

Hypothetical Example for Comparison Purposes

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5.00% per period before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period.You may use the information provided in this table to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5.00% hypothetical example relating to a Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Based on Hypothetical Total Return(1)

Fund	Hypothethical Annualized Total Return		Beginning Account Value			Ending Account Value			Annualized Expense Ratios(2)		Expense Paid During the Period(3)
Destinations Large Cap Equity Fund – Class I		5.00%		$	1,000.00		$	1,021.02		0.83%		$	4.23
Destinations Large Cap Equity Fund – Class Z		5.00%			1,000.00			1,021.73		0.68%			3.52
Destinations Small-Mid Cap Equity Fund – Class I		5.00%			1,000.00			1,019.86		1.06%			5.40
Destinations Small-Mid Cap Equity Fund – Class Z		5.00%			1,000.00			1,020.57		0.91%			4.69
Destinations International Equity Fund – Class I		5.00%			1,000.00			1,019.31		1.17%			5.96
Destinations International Equity Fund – Class Z		5.00%			1,000.00			1,020.01		1.02%			5.24
Destinations Equity Income Fund – Class I		5.00%			1,000.00			1,018.20		1.39%			7.07
Destinations Equity Income Fund – Class Z		5.00%			1,000.00			1,018.95		1.24%			6.31
Destinations Real Assets Fund – Class I		5.00%			1,000.00			1,019.06		1.22%			6.21
Destinations Real Assets Fund – Class Z		5.00%			1,000.00			1,019.71		1.07%			5.55
Destinations Core Fixed Income Fund – Class I		5.00%			1,000.00			1,021.17		0.80%			4.08
Destinations Core Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.88		0.65%			3.36
Destinations Low Duration Fixed Income Fund – Class I		5.00%			1,000.00			1,020.52		0.93%			4.74
Destinations Low Duration Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.22		0.78%			4.02
Destinations Global Fixed Income Opportunities Fund – Class I		5.00%			1,000.00			1,020.16		1.00%			5.09
Destinations Global Fixed Income Opportunities Fund – Class Z		5.00%			1,000.00			1,020.92		0.85%			4.33
Destinations Municipal Fixed Income Fund – Class I		5.00%			1,000.00			1,021.17		0.80%			4.08
Destinations Municipal Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.93		0.65%			3.31
Destinations Multi Strategy Alternatives Fund – Class I		5.00%			1,000.00			1,018.60		1.31%			6.67
Destinations Multi Strategy Alternatives Fund – Class Z		5.00%			1,000.00			1,019.31		1.16%			5.96

(1)

For the six months ended August 31, 2019.

(2)

Annualized Expense Ratios are based on the most recent six month expense ratios, which may differ from net expense ratios in the Financial Highlights.

(3)

Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days for Class I and Class Z) in the period, then divided by 365 (to reflect the period).

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 98.3%
BASIC MATERIALS – 2.2%
Chemicals – 1.7%
	7,603	Air Products & Chemicals Inc.		$	1,717,670
	3,526	Albemarle Corp.(a)			217,660
	39,642	Celanese Corp., Class A Shares			4,494,213
	292,158	CF Industries Holdings Inc.			14,079,094
	84,910	Dow Inc.			3,619,713
	315,518	DuPont de Nemours Inc.			21,433,138
	63,039	Eastman Chemical Co.			4,120,859
	8,761	Ecolab Inc.			1,807,482
	4,543	FMC Corp.			392,197
	3,470	International Flavors & Fragrances Inc.			380,832
	37,002	Linde PLC			6,990,048
	9,607	LyondellBasell Industries NV, Class A Shares			743,390
	241,683	Mosaic Co.			4,444,550
	8,083	PPG Industries Inc.			895,516
	2,793	Sherwin-Williams Co.			1,471,213
		Total Chemicals			66,807,575
Forest Products & Paper – 0.1%
	111,779	International Paper Co.			4,370,559
Iron/Steel – 0.0%
	10,841	Nucor Corp.			530,992
Mining – 0.4%
	338,373	Freeport-McMoRan Inc.			3,109,648
	235,858	Newmont Goldcorp Corp.			9,408,376
		Total Mining			12,518,024
		TOTAL BASIC MATERIALS			84,227,150
COMMUNICATIONS – 17.7%
Advertising – 0.2%
	12,790	Interpublic Group of Cos., Inc.			254,265
	74,397	Omnicom Group Inc.			5,658,636
		Total Advertising			5,912,901
Internet – 12.2%
	270,998	Alibaba Group Holding Ltd., ADR*			47,432,780
	36,886	Alphabet Inc., Class A Shares*			43,913,890
	36,320	Alphabet Inc., Class C Shares*			43,151,792
	68,249	Amazon.com Inc.*			121,230,016
	15,670	Baidu Inc., ADR*			1,637,045
	19,444	Booking Holdings Inc.*			38,234,876
	29,394	eBay Inc.			1,184,284
	4,781	Expedia Group Inc.			622,008
	2,034	F5 Networks Inc.*			261,837

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Internet – (continued)
	507,233	Facebook Inc., Class A Shares*		$	94,177,951
	21,240	IAC/InterActiveCorp*			5,408,554
	77,900	JD.com Inc., ADR*			2,375,950
	3,610	MercadoLibre Inc.*			2,146,506
	56,730	Netflix Inc.*			16,664,438
	12,837	Palo Alto Networks Inc.*			2,613,870
	232,259	Symantec Corp.			5,400,022
	302,500	Tencent Holdings Ltd.			12,530,784
	225,943	Tencent Music Entertainment Group, ADR*			3,005,042
	102,662	TripAdvisor Inc.*			3,900,129
	119,599	Twitter Inc.*			5,100,897
	22,331	VeriSign Inc.*			4,552,174
		Total Internet			455,544,845
Media – 2.1%
	99,644	CBS Corp., Class B Shares			4,191,027
	17,551	Charter Communications Inc., Class A Shares*			7,188,714
	472,093	Comcast Corp., Class A Shares			20,894,836
	5,452	Discovery Inc., Class A Shares*			150,475
	13,154	Discovery Inc., Class C Shares*			342,399
	7,969	DISH Network Corp., Class A Shares*			267,440
	148,131	Fox Corp., Class A Shares			4,913,505
	5,424	Fox Corp., Class B Shares			177,907
	14,393	News Corp., Class A Shares			197,904
	3,678	News Corp., Class B Shares			52,080
	11,907	Viacom Inc., Class B Shares			297,437
	291,021	Walt Disney Co.			39,945,542
		Total Media			78,619,266
Telecommunications – 3.2%
	1,768	Arista Networks Inc.*			400,664
	1,429,904	AT&T Inc.			50,418,415
	32,584	CenturyLink Inc.			370,806
	665,214	Cisco Systems Inc.			31,138,668
	281,570	Corning Inc.			7,841,725
	11,556	Juniper Networks Inc.			267,637
	27,847	Motorola Solutions Inc.			5,037,801
	10,921	T-Mobile US Inc.*			852,384
	416,639	Verizon Communications Inc.			24,231,724
		Total Telecommunications			120,559,824
		TOTAL COMMUNICATIONS			660,636,836

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – 6.7%
Airlines – 0.2%
	4,076	Alaska Air Group Inc.		$	243,419
	14,054	American Airlines Group Inc.			369,761
	110,971	Delta Air Lines Inc.			6,420,782
	17,056	Southwest Airlines Co.			892,370
	7,886	United Airlines Holdings Inc.*			664,868
		Total Airlines			8,591,200
Apparel – 1.3%
	363,986	Canada Goose Holdings Inc.*(a)			13,576,678
	4,868	Capri Holdings Ltd.*			128,418
	12,898	Hanesbrands Inc.			176,187
	367,143	NIKE Inc., Class B Shares			31,023,584
	56,659	PVH Corp.			4,294,752
	1,766	Ralph Lauren Corp., Class A Shares			156,008
	9,780	Tapestry Inc.			201,957
	6,741	Under Armour Inc., Class A Shares*			125,450
	7,087	Under Armour Inc., Class C Shares*			119,912
	11,248	VF Corp.			921,773
		Total Apparel			50,724,719
Auto Manufacturers – 0.4%
	38,075	Ferrari NV			6,006,331
	135,344	Ford Motor Co.			1,241,105
	190,244	General Motors Co.			7,056,150
	11,965	PACCAR Inc.			784,425
		Total Auto Manufacturers			15,088,011
Auto Parts & Equipment – 0.2%
	100,069	Aptiv PLC			8,322,739
	6,917	BorgWarner Inc.			225,701
		Total Auto Parts & Equipment			8,548,440
Distribution/Wholesale – 0.1%
	6,927	Copart Inc.*			522,226
	19,767	Fastenal Co.			605,266
	10,554	LKQ Corp.*			277,254
	1,560	WW Grainger Inc.			426,894
		Total Distribution/Wholesale			1,831,640
Home Builders – 0.3%
	11,678	DR Horton Inc.			577,711
	129,857	Lennar Corp., Class A Shares			6,622,707
	884	NVR Inc.*			3,181,516
	8,422	PulteGroup Inc.			284,663
		Total Home Builders			10,666,597

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Home Furnishings – 0.0%
	4,674	Leggett & Platt Inc.		$	173,826
	2,128	Whirlpool Corp.			295,984
		Total Home Furnishings			469,810
Housewares – 0.0%
	14,327	Newell Brands Inc.			237,828
Leisure Time – 0.5%
	146,676	Carnival Corp.			6,465,478
	5,853	Harley-Davidson Inc.			186,711
	7,403	Norwegian Cruise Line Holdings Ltd.*			375,702
	159,315	Planet Fitness Inc., Class A Shares*			11,249,232
	5,937	Royal Caribbean Cruises Ltd.			619,111
		Total Leisure Time			18,896,234
Lodging – 0.5%
	9,965	Hilton Worldwide Holdings Inc.			920,467
	80,664	Las Vegas Sands Corp.			4,474,432
	9,596	Marriott International Inc., Class A Shares			1,209,672
	138,460	MGM Resorts International			3,885,188
	53,408	Wynn Resorts Ltd.			5,882,891
		Total Lodging			16,372,650
Retail – 3.2%
	2,468	Advance Auto Parts Inc.			340,461
	843	AutoZone Inc.*			928,725
	8,020	Best Buy Co., Inc.			510,473
	5,888	CarMax Inc.*			490,353
	835	Chipotle Mexican Grill Inc., Class A Shares*			700,081
	15,189	Costco Wholesale Corp.			4,477,110
	4,241	Darden Restaurants Inc.			513,076
	26,194	Dollar General Corp.			4,088,621
	221,075	Dollar Tree Inc.*			22,445,745
	171,226	Dollarama Inc.			6,553,213
	7,663	Gap Inc.			120,999
	5,036	Genuine Parts Co.			454,700
	38,002	Home Depot Inc.			8,661,036
	5,605	Kohl’s Corp.			264,892
	7,386	L Brands Inc.			121,943
	184,705	Lowe’s Cos., Inc.			20,723,901
	10,161	Macy’s Inc.			149,977
	43,490	McDonald’s Corp.			9,479,515
	4,088	Nordstrom Inc.(a)			118,429
	2,699	O’Reilly Automotive Inc.*			1,035,768

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
	22,370	Restaurant Brands International Inc.		$	1,754,927
	12,640	Ross Stores Inc.			1,339,966
	67,366	Starbucks Corp.			6,504,861
	68,263	Target Corp.			7,306,871
	3,637	Tiffany & Co.			308,672
	41,970	TJX Cos., Inc.			2,307,091
	4,127	Tractor Supply Co.			420,459
	1,944	Ulta Beauty Inc.*			462,147
	27,242	Walgreens Boots Alliance Inc.			1,394,518
	48,658	Walmart Inc.			5,559,663
	125,773	Yum China Holdings Inc.			5,713,867
	43,528	Yum! Brands Inc.			5,083,200
		Total Retail			120,335,260
Textiles – 0.0%
	2,088	Mohawk Industries Inc.*			248,242
Toys/Games/Hobbies – 0.0%
	3,924	Hasbro Inc.			433,484
		TOTAL CONSUMER CYCLICAL			252,444,115
CONSUMER NON-CYCLICAL – 23.5%
Agriculture – 0.9%
	147,930	Altria Group Inc.			6,470,458
	480,696	Archer-Daniels-Midland Co.			18,290,483
	112,471	Philip Morris International Inc.			8,108,035
		Total Agriculture			32,868,976
Beverages – 0.9%
	72,564	Brown-Forman Corp., Class B Shares			4,280,551
	132,609	Coca-Cola Co.			7,298,799
	5,775	Constellation Brands Inc., Class A Shares			1,180,121
	6,370	Molson Coors Brewing Co., Class B Shares			327,163
	91,004	Monster Beverage Corp.*			5,339,205
	98,182	PepsiCo Inc.			13,424,425
		Total Beverages			31,850,264
Biotechnology – 2.6%
	183,214	Alexion Pharmaceuticals Inc.*			18,460,643
	40,398	Amgen Inc.			8,427,831
	28,943	Biogen Inc.*			6,360,224
	24,358	Celgene Corp.*			2,357,854
	25,689	Corteva Inc.			753,202
	157,049	Exact Sciences Corp.*			18,723,382
	43,820	Gilead Sciences Inc.			2,784,323

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	75,427	Illumina Inc.*		$	21,220,632
	6,052	Incyte Corp.*			495,175
	209,283	Nektar Therapeutics, Class A Shares*			3,677,102
	2,716	Regeneron Pharmaceuticals Inc.*			787,776
	86,520	Vertex Pharmaceuticals Inc.*			15,575,330
		Total Biotechnology			99,623,474
Commercial Services – 3.4%
	15,032	Automatic Data Processing Inc.			2,553,035
	2,988	Cintas Corp.			788,235
	49,240	Equifax Inc.			7,207,751
	2,953	FleetCor Technologies Inc.*			881,175
	3,090	Gartner Inc.*			413,040
	5,412	Global Payments Inc.			898,284
	147,429	H&R Block Inc.			3,570,730
	12,423	IHS Markit Ltd.*			815,073
	11,829	MarketAxess Holdings Inc.			4,703,447
	5,617	Moody’s Corp.			1,210,913
	213,822	New Oriental Education & Technology Group Inc., ADR*			24,247,415
	11,841	Nielsen Holdings PLC			245,819
	289,345	PayPal Holdings Inc.*			31,553,072
	126,098	Quanta Services Inc.			4,274,722
	3,986	Robert Half International Inc.			213,131
	5,277	Rollins Inc.			173,138
	29,641	S&P Global Inc.			7,712,292
	279,432	Square Inc., Class A Shares*			17,280,075
	66,954	Total System Services Inc.			8,986,566
	83,460	TransUnion			6,981,429
	2,731	United Rentals Inc.*			307,401
	5,653	Verisk Analytics Inc., Class A Shares			913,186
		Total Commercial Services			125,929,929
Cosmetics/Personal Care – 0.7%
	138,751	Colgate-Palmolive Co.			10,288,387
	14,924	Coty Inc., Class A Shares			142,524
	7,573	Estee Lauder Cos., Inc., Class A Shares			1,499,378
	86,633	Procter & Gamble Co.			10,415,885
	69,852	Unilever NV, Class NY Registered Shares, ADR			4,337,111
		Total Cosmetics/Personal Care			26,683,285
Food – 1.6%
	6,257	Campbell Soup Co.			281,565
	951,692	Conagra Brands Inc.			26,989,985

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Food – (continued)
	20,681	General Mills Inc.		$	1,112,638
	4,820	Hershey Co.			763,873
	9,228	Hormel Foods Corp.			393,205
	3,860	JM Smucker Co.			405,918
	8,698	Kellogg Co.			546,234
	20,972	Kraft Heinz Co.			535,206
	27,861	Kroger Co.			659,749
	4,933	Lamb Weston Holdings Inc			347,234
	4,183	McCormick & Co., Inc.,			681,285
	431,854	Mondelez International Inc., Class A Shares			23,846,978
	16,164	Sysco Corp.			1,201,470
	10,182	Tyson Foods Inc., Class A Shares			947,333
		Total Food			58,712,673
Healthcare-Products – 4.7%
	282,331	Abbott Laboratories			24,088,481
	21,528	ABIOMED Inc.*			4,156,411
	60,612	Alcon Inc.*			3,692,568
	74,730	Align Technology Inc.*			13,683,810
	16,292	Baxter International Inc.			1,432,881
	70,028	Becton Dickinson & Co.			17,781,510
	143,034	Boston Scientific Corp.*			6,111,843
	1,682	Cooper Cos., Inc.			520,999
	21,760	Danaher Corp.			3,091,878
	8,081	DENTSPLY SIRONA Inc.			421,424
	94,481	Edwards Lifesciences Corp.*			20,959,665
	5,175	Henry Schein Inc.*			318,884
	9,158	Hologic Inc.*			452,130
	82,718	IDEXX Laboratories Inc.*			23,966,713
	22,160	Intuitive Surgical Inc.*			11,331,294
	199,772	Medtronic PLC			21,553,401
	4,873	ResMed Inc.			678,809
	64,536	Stryker Corp.			14,240,514
	1,564	Teleflex Inc.			569,171
	13,760	Thermo Fisher Scientific Inc.			3,949,946
	38,497	Varian Medical Systems Inc.*			4,077,987
	7,073	Zimmer Biomet Holdings Inc.			984,562
		Total Healthcare-Products			178,064,881
Healthcare-Services – 2.4%
	49,524	Anthem Inc.			12,951,517
	115,472	Centene Corp.*			5,383,305

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Services – (continued)
	69,682	DaVita Inc.*		$	3,927,974
	48,335	HCA Healthcare Inc.			5,809,867
	13,902	Humana Inc.			3,937,185
	5,466	IQVIA Holdings Inc.*			848,050
	26,860	Laboratory Corp. of America Holdings*			4,500,662
	4,620	Quest Diagnostics Inc.			472,949
	187,390	UnitedHealth Group Inc.			43,849,260
	2,887	Universal Health Services Inc., Class B Shares			417,402
	28,991	WellCare Health Plans Inc.*			7,849,023
		Total Healthcare-Services			89,947,194
Household Products/Wares – 0.1%
	2,885	Avery Dennison Corp.			333,419
	8,473	Church & Dwight Co., Inc.			675,976
	4,399	Clorox Co.			695,746
	11,874	Kimberly-Clark Corp.			1,675,540
		Total Household Products/Wares			3,380,681
Pharmaceuticals – 6.2%
	111,225	AbbVie Inc.			7,311,932
	10,733	Allergan PLC			1,714,275
	67,169	AmerisourceBergen Corp., Class A Shares			5,525,994
	598,246	Bristol-Myers Squibb Co.			28,757,685
	357,433	Cardinal Health Inc.			15,416,085
	160,003	Cigna Corp.			24,635,662
	319,368	CVS Health Corp.			19,455,899
	64,493	Eli Lilly & Co.			7,285,774
	270,366	Johnson & Johnson			34,704,180
	6,556	McKesson Corp.			906,498
	400,139	Merck & Co., Inc.			34,600,019
	232,451	Mylan NV*			4,525,821
	100,834	Novartis AG, ADR			9,086,152
	3,997	Perrigo Co. PLC			186,980
	834,898	Pfizer Inc.			29,680,624
	77,373	Sarepta Therapeutics Inc.*			6,975,176
	16,532	Zoetis Inc., Class A Shares			2,089,975
		Total Pharmaceuticals			232,858,731
		TOTAL CONSUMER NON-CYCLICAL			879,920,088
ENERGY – 4.8%
Oil & Gas – 4.0%
	12,902	Apache Corp.			278,296
	14,576	Cabot Oil & Gas Corp.			249,541

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Oil & Gas – (continued)
	65,792	Chevron Corp.		$	7,745,034
	3,503	Cimarex Energy Co.			149,859
	60,447	Concho Resources Inc.			4,421,698
	314,978	ConocoPhillips			16,435,552
	14,981	Devon Energy Corp.			329,432
	5,313	Diamondback Energy Inc			521,099
	20,043	EOG Resources Inc.			1,486,990
	218,180	Exxon Mobil Corp.			14,940,967
	3,500	Helmerich & Payne Inc.			131,565
	205,940	Hess Corp.			12,963,923
	5,306	HollyFrontier Corp.			235,374
	1,248,624	Marathon Oil Corp.			14,783,708
	250,775	Marathon Petroleum Corp.			12,340,638
	16,137	Noble Energy Inc.			364,374
	511,056	Occidental Petroleum Corp.			22,220,715
	125,012	Phillips 66			12,329,933
	148,327	Pioneer Natural Resources Co.			18,306,518
	105,075	Valero Energy Corp.			7,910,046
		Total Oil & Gas			148,145,262
Oil & Gas Services – 0.7%
	125,708	Apergy Corp.*			3,265,894
	17,433	Baker Hughes a GE Co., Class A Shares			378,122
	926,115	Halliburton Co.			17,448,006
	12,999	National Oilwell Varco Inc.			265,570
	147,770	Schlumberger Ltd.			4,792,181
	14,257	TechnipFMC PLC			354,144
		Total Oil & Gas Services			26,503,917
Pipelines – 0.1%
	66,539	Kinder Morgan Inc.			1,348,745
	14,256	ONEOK Inc.			1,016,168
	41,852	Williams Cos., Inc.			987,707
		Total Pipelines			3,352,620
		TOTAL ENERGY			178,001,799
FINANCIAL – 16.3%
Banks – 5.1%
	1,134,881	Bank of America Corp.			31,220,576
	374,035	Bank of New York Mellon Corp.			15,731,912
	362,758	BB&T Corp.			17,285,419
	342,943	Citigroup Inc.			22,068,382
	16,073	Citizens Financial Group Inc.			542,303

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
	5,552	Comerica Inc.		$	342,281
	26,788	Fifth Third Bancorp			708,543
	5,656	First Republic Bank			507,456
	113,300	Goldman Sachs Group Inc.			23,103,003
	35,816	Huntington Bancshares Inc.			474,562
	313,339	JPMorgan Chase & Co.			34,423,423
	35,637	KeyCorp			591,574
	4,702	M&T Bank Corp.			687,480
	222,829	Morgan Stanley			9,245,175
	7,401	Northern Trust Corp.			650,770
	15,590	PNC Financial Services Group Inc.			2,010,019
	35,494	Regions Financial Corp.			518,922
	47,754	Signature Bank			5,570,504
	12,778	State Street Corp.			655,639
	15,120	SunTrust Banks Inc.			930,031
	1,799	SVB Financial Group*			350,121
	229,073	US Bancorp			12,069,856
	230,908	Wells Fargo & Co.			10,753,386
	6,440	Zions Bancorp NA			264,620
		Total Banks			190,705,957
Diversified Financial Services – 4.2%
	1,896	Affiliated Managers Group Inc.			145,290
	1,555	Alliance Data Systems Corp.			191,187
	45,430	American Express Co.			5,468,409
	26,193	Ameriprise Financial Inc.			3,378,373
	282,464	Ant International Co., Ltd., Class C Shares, Private Placement*(b)(c)@			1,584,623
	4,112	BlackRock Inc., Class A Shares			1,737,567
	45,450	Capital One Financial Corp.			3,936,879
	35,240	Cboe Global Markets Inc.			4,199,198
	577,541	Charles Schwab Corp.			22,102,494
	12,364	CME Group Inc., Class A Shares			2,686,574
	11,260	Discover Financial Services			900,462
	8,644	E*TRADE Financial Corp.			360,800
	9,963	Franklin Resources Inc.			261,828
	64,037	Intercontinental Exchange Inc.			5,986,179
	13,533	Invesco Ltd.			212,468
	10,051	Jefferies Financial Group Inc.			187,351
	37,767	LPL Financial Holdings Inc.			2,830,637
	111,673	Mastercard Inc., Class A Shares			31,421,432
	3,856	Nasdaq Inc.			384,983

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Diversified Financial Services – (continued)
	39,512	Raymond James Financial Inc.		$	3,102,087
	22,076	Synchrony Financial			707,536
	8,073	T Rowe Price Group Inc.			893,035
	115,458	TD Ameritrade Holding Corp.			5,127,490
	319,895	Visa Inc., Class A Shares			57,843,414
	15,741	Western Union Co.			348,191
		Total Diversified Financial Services			155,998,487
Equity Real Estate Investment Trusts (REITs) – 1.5%
	3,901	Alexandria Real Estate Equities Inc.			584,526
	15,267	American Tower Corp.			3,514,311
	5,128	Apartment Investment & Management Co., Class A Shares			261,528
	4,815	AvalonBay Communities Inc.			1,023,477
	5,337	Boston Properties Inc.			685,377
	29,028	Crown Castle International Corp.			4,213,995
	7,194	Digital Realty Trust Inc.			889,394
	11,996	Duke Realty Corp.			399,107
	2,904	Equinix Inc.			1,615,437
	235,609	Equity Residential			19,970,219
	2,270	Essex Property Trust Inc.			729,260
	4,300	Extra Space Storage Inc.			524,256
	2,477	Federal Realty Investment Trust			320,053
	16,375	HCP Inc.			568,376
	25,251	Host Hotels & Resorts Inc.			405,026
	9,608	Iron Mountain Inc.			306,015
	15,032	Kimco Realty Corp.			276,288
	3,801	Macerich Co.			108,443
	3,872	Mid-America Apartment Communities Inc.			490,505
	21,786	Prologis Inc.			1,821,745
	5,184	Public Storage			1,372,412
	10,873	Realty Income Corp.			802,536
	5,704	Regency Centers Corp.			367,965
	3,911	SBA Communications Corp., Class A Shares			1,026,364
	56,017	Simon Property Group Inc.			8,343,172
	2,812	SL Green Realty Corp.			225,579
	9,679	UDR Inc.			466,334
	12,759	Ventas Inc.			936,383
	5,877	Vornado Realty Trust			355,382
	13,986	Welltower Inc.			1,252,586
	180,782	Weyerhaeuser Co.			4,756,374
		Total Equity Real Estate Investment Trusts (REITs)			58,612,425

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – 5.1%
	25,796	Aflac Inc.		$	1,294,443
	191,614	Allstate Corp.			19,619,357
	582,690	American International Group Inc.			30,323,188
	8,307	Aon PLC			1,618,619
	6,507	Arthur J Gallagher & Co.			590,250
	69,420	Assurant Inc.			8,538,660
	344,733	Berkshire Hathaway Inc., Class B Shares*			70,122,140
	73,621	Chubb Ltd.			11,505,490
	5,143	Cincinnati Financial Corp.			578,536
	1,354	Everest Re Group Ltd.			319,381
	3,402	Globe Life Inc.			303,663
	134,269	Hartford Financial Services Group Inc.			7,825,197
	7,294	Lincoln National Corp.			385,707
	9,420	Loews Corp.			452,819
	202,461	Marsh & McLennan Cos., Inc.			20,223,829
	32,719	MetLife Inc.			1,449,452
	8,986	Principal Financial Group Inc.			478,235
	20,170	Progressive Corp.			1,528,886
	13,904	Prudential Financial Inc.			1,113,571
	8,961	Travelers Cos., Inc.			1,316,909
	7,179	Unum Group			182,418
	170,824	Voya Financial Inc.			8,425,040
	11,311	Willis Towers Watson PLC			2,239,239
		Total Insurance			190,435,029
Private Equity – 0.2%
	113,859	Brookfield Asset Management Inc., Class A Shares(a)			5,876,263
Real Estate – 0.2%
	10,851	CBRE Group Inc., Class A Shares*			567,182
	54,319	Jones Lang LaSalle Inc.			7,281,462
		Total Real Estate			7,848,644
Savings & Loans – 0.0%
	13,276	People’s United Financial Inc.			190,776
		TOTAL FINANCIAL			609,667,581
INDUSTRIAL – 8.7%
Aerospace/Defense – 3.7%
	14,200	Arconic Inc.			366,928
	89,478	Boeing Co.			32,578,045
	30,437	General Dynamics Corp.			5,821,685
	57,526	L3Harris Technologies Inc.			12,161,572
	18,844	Lockheed Martin Corp.			7,238,169

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Aerospace/Defense – (continued)
	95,408	Northrop Grumman Corp.		$	35,097,741
	128,345	Raytheon Co.			23,784,895
	1,690	TransDigm Group Inc.			909,761
	151,354	United Technologies Corp.			19,712,345
		Total Aerospace/Defense			137,671,141
Building Materials – 0.7%
	5,070	Fortune Brands Home & Security Inc.			258,874
	27,485	Johnson Controls International PLC			1,173,335
	51,453	Martin Marietta Materials Inc.			13,057,228
	10,209	Masco Corp.			415,812
	89,117	Vulcan Materials Co.			12,587,776
		Total Building Materials			27,493,025
Electrical Components & Equipment – 0.1%
	8,000	AMETEK Inc.			687,440
	21,198	Emerson Electric Co.			1,263,189
		Total Electrical Components & Equipment			1,950,629
Electronics – 1.0%
	10,914	Agilent Technologies Inc.			776,094
	3,146	Allegion PLC			302,865
	10,318	Amphenol Corp., Class A Shares			903,238
	140,756	Avnet Inc.			5,896,269
	88,234	FLIR Systems Inc.			4,347,289
	87,373	Fortive Corp.			6,194,746
	4,005	Garmin Ltd.			326,688
	103,977	Honeywell International Inc.			17,116,694
	6,403	Keysight Technologies Inc.*			620,195
	862	Mettler-Toledo International Inc.*			566,153
	3,732	PerkinElmer Inc.			308,636
	11,511	TE Connectivity Ltd.			1,050,033
	2,520	Waters Corp.*			533,963
		Total Electronics			38,942,863
Engineering & Construction – 0.0%
	3,934	Jacobs Engineering Group Inc.			349,575
Environmental Control – 0.6%
	5,724	Pentair PLC			205,606
	7,523	Republic Services Inc., Class A Shares			671,428
	172,402	Waste Management Inc.			20,576,178
		Total Environmental Control			21,453,212

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Hand/Machine Tools – 0.0%
	1,859	Snap-on Inc.		$	276,396
	5,234	Stanley Black & Decker Inc.			695,389
		Total Hand/Machine Tools			971,785
Machinery-Construction & Mining – 0.1%
	19,672	Caterpillar Inc.			2,340,968
Machinery-Diversified – 0.9%
	31,371	Cummins Inc.			4,682,749
	42,599	Deere & Co.			6,599,011
	4,970	Dover Corp.			465,888
	4,696	Flowserve Corp.			200,425
	64,106	Hexagon AB, Class B Shares			2,847,936
	2,613	IDEX Corp.			430,387
	4,163	Rockwell Automation Inc.			636,065
	26,822	Roper Technologies Inc.			9,837,237
	86,598	Wabtec Corp.			5,993,448
	6,117	Xylem Inc.			468,624
		Total Machinery-Diversified			32,161,770
Miscellaneous Manufacturers – 0.5%
	19,909	3M Co.			3,219,684
	88,881	AO Smith Corp.			4,134,744
	14,635	Eaton Corp. PLC			1,181,337
	480,828	General Electric Co.			3,966,831
	10,335	Illinois Tool Works Inc.			1,548,803
	8,254	Ingersoll-Rand PLC			999,477
	4,422	Parker-Hannifin Corp.			733,035
	96,910	Textron Inc.			4,360,950
		Total Miscellaneous Manufacturers			20,144,861
Packaging & Containers – 0.0%
	55,384	Amcor PLC*			543,871
	11,732	Ball Corp.			943,370
	3,147	Packaging Corp. of America			316,525
	5,622	Sealed Air Corp.			223,868
	8,561	WestRock Co.			292,615
		Total Packaging & Containers			2,320,249
Shipbuilding – 0.1%
	20,367	Huntington Ingalls Industries Inc.			4,256,703
Transportation – 1.0%
	4,674	CH Robinson Worldwide Inc.			394,906
	26,484	CSX Corp.			1,774,958
	5,865	Expeditors International of Washington Inc.			417,002

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – (continued)
	51,099	FedEx Corp.		$	8,104,812
	36,496	JB Hunt Transport Services Inc.			3,943,028
	3,438	Kansas City Southern			432,500
	9,220	Norfolk Southern Corp.			1,604,741
	78,602	Union Pacific Corp.			12,730,380
	57,774	United Parcel Service Inc., Class B Shares			6,855,463
		Total Transportation			36,257,790
		TOTAL INDUSTRIAL			326,314,571
TECHNOLOGY – 16.3%
Computers – 2.1%
	22,029	Accenture PLC, Class A Shares			4,365,487
	251,165	Apple Inc.			52,428,182
	19,635	Cognizant Technology Solutions Corp., Class A Shares			1,205,393
	9,311	DXC Technology Co.			309,311
	4,886	Fortinet Inc.*			386,873
	47,725	Hewlett Packard Enterprise Co.			659,560
	53,507	HP Inc.			978,643
	112,661	International Business Machines Corp.			15,268,945
	4,979	Leidos Holdings Inc.			434,966
	8,685	NetApp Inc.			417,401
	8,826	Seagate Technology PLC			443,153
	58,850	Western Digital Corp.			3,370,340
		Total Computers			80,268,254
Office/Business Equipment – 0.1%
	146,335	Xerox Holdings Corp.			4,242,252
Semiconductors – 4.2%
	158,513	Advanced Micro Devices Inc.*			4,985,234
	12,771	Analog Devices Inc.			1,402,639
	495,255	Applied Materials Inc.			23,782,145
	28,360	ASML Holding NV, Class NY Registered Shares, ADR			6,313,220
	95,393	Broadcom Inc.			26,961,878
	490,927	Intel Corp.			23,274,849
	1,285	IPG Photonics Corp.*			158,993
	5,647	KLA Corp.			835,191
	5,215	Lam Research Corp.			1,097,810
	226,461	Marvell Technology Group Ltd.			5,428,270
	9,544	Maxim Integrated Products Inc.			520,530
	54,380	Microchip Technology Inc.			4,694,625
	100,036	Micron Technology Inc.*			4,528,630
	162,837	NVIDIA Corp.			27,276,826

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Semiconductors – (continued)
	4,482	Qorvo Inc.*		$	320,149
	210,810	QUALCOMM Inc.			16,394,694
	6,056	Skyworks Solutions Inc.			455,835
	65,185	Texas Instruments Inc.			8,066,644
	8,770	Xilinx Inc.			912,606
		Total Semiconductors			157,410,768
Software – 9.9%
	469,141	Activision Blizzard Inc.			23,738,534
	92,458	Adobe Inc.*			26,305,226
	5,493	Akamai Technologies Inc.*			489,591
	2,859	ANSYS Inc.*			590,555
	5,591	Atlassian Corp. PLC, Class A Shares*			752,045
	34,212	Autodesk Inc.*			4,886,158
	3,966	Broadridge Financial Solutions Inc.			513,359
	9,628	Cadence Design Systems Inc.*			659,325
	11,239	Cerner Corp.			774,479
	4,381	Citrix Systems Inc.			407,345
	10,173	Electronic Arts Inc.*			953,007
	131,088	Fidelity National Information Services Inc.			17,856,807
	136,114	Fiserv Inc.*			14,556,031
	60,827	Intuit Inc.			17,540,074
	2,600	Jack Henry & Associates Inc.			376,896
	666,978	Microsoft Corp.			91,949,587
	72,233	MSCI Inc., Class A Shares			16,948,029
	598,453	Oracle Corp.			31,155,463
	11,047	Paychex Inc.			902,540
	313,421	salesforce.com Inc.*			48,915,616
	97,885	ServiceNow Inc.*			25,630,208
	77,410	Slack Technologies Inc., Class A Shares*			2,217,022
	187,567	Splunk Inc.*			20,973,742
	5,116	Synopsys Inc.*			725,500
	3,866	Take-Two Interactive Software Inc.*			510,196
	19,530	Temenos AG*			3,271,443
	90,276	Teradata Corp.*			2,786,820
	41,413	VMware Inc., Class A Shares			5,857,455
	30,993	Workday Inc., Class A Shares*			5,494,439
	2,652	Zoom Video Communications Inc., Class A Shares*(a)			243,109
		Total Software			367,980,601
		TOTAL TECHNOLOGY			609,901,875

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
UTILITIES – 2.1%
Electric – 2.1%
	22,269	AES Corp.		$	341,384
	7,883	Alliant Energy Corp.			413,463
	8,428	Ameren Corp.			650,220
	58,779	American Electric Power Co., Inc.			5,357,706
	17,199	CenterPoint Energy Inc.			476,240
	9,750	CMS Energy Corp.			614,738
	11,297	Consolidated Edison Inc.			1,004,303
	27,712	Dominion Energy Inc.			2,151,283
	6,279	DTE Energy Co.			814,135
	25,145	Duke Energy Corp.			2,331,947
	397,617	Edison International			28,735,781
	6,560	Entergy Corp.			740,230
	9,049	Evergy Inc.			588,185
	11,090	Eversource Energy			888,642
	33,535	Exelon Corp.			1,584,864
	17,214	FirstEnergy Corp.			791,844
	38,531	NextEra Energy Inc.			8,441,371
	9,847	NRG Energy Inc.			358,431
	3,760	Pinnacle West Capital Corp.			358,366
	204,849	PPL Corp.			6,053,288
	17,457	Public Service Enterprise Group Inc.			1,055,625
	50,322	Sempra Energy			7,127,105
	35,948	Southern Co.			2,094,330
	10,895	WEC Energy Group Inc.			1,043,414
	17,776	Xcel Energy Inc.			1,141,575
		Total Electric			75,158,470
Gas – 0.0%
	3,956	Atmos Energy Corp.			436,070
	12,886	NiSource Inc.			380,781
		Total Gas			816,851
Water – 0.0%
	6,235	American Water Works Co., Inc.			793,840
		TOTAL UTILITIES			76,769,161
		TOTAL COMMON STOCKS (Cost – $3,167,332,879)			3,677,883,176

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
PREFERRED STOCKS – 0.1%
CONSUMER CYCLICAL – 0.1%
Auto Manufacturers – 0.1%
	48,210	Aurora Innovation Inc., Series B, Private Placement*(b)(c)@		$	445,475
	48,400	GM Cruise Holdings LLC, Class F Shares, Private Placement*(b)(c)@			883,300
		TOTAL CONSUMER CYCLICAL			1,328,775
TECHNOLOGY – 0.0%
Software – 0.0%
	15,057	Magic Leap Inc., Series D, Private Placement*(b)(c)@			365,885
	17,300	Uipath Inc, Series D1, Private Placement*(b)(c)@			680,784
	2,905	Uipath Inc, Series D2, Private Placement*(b)(c)@			114,317
		Total Software			1,160,986
		TOTAL TECHNOLOGY			1,160,986
		TOTAL PREFERRED STOCKS (Cost – $2,530,415)			2,489,761
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $3,169,863,294)			3,680,372,937

Face Amount†
SHORT-TERM INVESTMENTS – 1.7%
TIME DEPOSITS – 1.7%
	$	14,023,459	Banco Santander SA – Frankfurt, 1.490% due 9/3/19		14,023,459
		9,060,984	Barclays Bank PLC – London, 1.490% due 9/3/19		9,060,984
		279,567HKD	BNP Paribas – Paris, 0.750% due 9/2/19		35,655
			Brown Brothers Harriman – Grand Cayman:
		5,551CHF	(1.580)% due 9/2/19		5,608
		4GBP	0.370% due 9/2/19		5
		18,014CAD	0.870% due 9/3/19		13,532
		21,684,959	Citibank – New York, 1.490% due 9/3/19		21,684,959
		16,113,688	JPMorgan Chase & Co. – New York, 1.490% due 9/3/19		16,113,688
			TOTAL TIME DEPOSITS (Cost – $60,937,890)		60,937,890
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5%
MONEY MARKET FUND – 0.5%
		19,637,880	Federated Government Obligations Fund, Premier Class, 2.012%(d) (Cost – $19,637,880)		19,637,880
			TOTAL INVESTMENTS – 100.6% (Cost – $3,250,439,064#)		3,760,948,707
			Liabilities in Excess of Other Assets – (0.6)%		(20,954,007)
			TOTAL NET ASSETS – 100.0%	$	3,739,994,700

†

Face amount denominated in U.S. dollars, unless otherwise noted.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (continued)

Non-income producing security.

(a)

All or a portion of this security is on loan (See Note 5).

(b)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $4,074,384 and represents 0.11% of net assets.

(c)

Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.

(d)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold only to qualified buyers.

Security	Acquisition Date			Acquisition Cost			Market Value			Percent of Net Assets
Ant International Co., Ltd., Class C Shares, Private Placement		6/7/18			$	1,584,623		$	1,584,623		0.04%
Aurora Innovation Inc., Series B, Private Placement		3/1/19				445,475			445,475		0.01%
GM Cruise Holdings LLC, Class F Shares, Private Placement		5/7/19				883,300			883,300		0.03%
Magic Leap Inc., Series D, Private Placement		10/12/17				406,539			365,885		0.01%
Uipath Inc, Series D1, Private Placement		4/26/19				680,784			680,784		0.02%
Uipath Inc, Series D2, Private Placement		4/26/19				114,317			114,317		0.00%
Total			��					$	4,074,384		0.11%

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

LLC

— Limited Liability Company

PLC

— Public Limited Company

Summary of Investments by Security Sector^

	Consumer Non-cyclical					23.5%
	Communications					17.7
	Technology					16.2
	Financial					16.2
	Industrial					8.7
	Consumer Cyclical					6.7
	Energy					4.7
	Basic Materials					2.2
	Utilities					2.0
	Short-Term Investments					1.6
	Money Market Fund					0.5
						100.0%

As a percentage of total investments.

At August 31, 2019, Destinations Large Cap Equity Fund had open exchange traded futures contracts as described below.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Large Cap Equity Fund (concluded)

The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amounts			Market Value			Unrealized Appreciation
Contracts to Buy:
S&P 500 E-mini Index September Futures		74		9/19		$	10,757,515		$	10,821,575		$	64,060

At August 31, 2019, Destinations Large Cap Equity Fund had deposited cash of $466,200 with a broker or brokers as margin collateral on open exchange traded futures contracts.

Currency Abbreviations used in this schedule:

CAD

— Canadian Dollar

CHF

— Swiss Franc

GBP

— British Pound

HKD

— Hong Kong Dollar

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 91.0%
BASIC MATERIALS – 3.3%
Chemicals – 2.2%
	19,676	Cabot Corp.		$	787,040
	37,411	HB Fuller Co.			1,594,083
	17,049	Ingevity Corp.*			1,298,622
	93,196	Olin Corp.			1,582,468
	61,500	PPG Industries Inc.			6,813,585
	45,155	Sensient Technologies Corp.			2,949,525
	145,592	Valvoline Inc.			3,290,379
	35,693	WR Grace & Co.			2,416,773
		Total Chemicals			20,732,475
Iron/Steel – 0.6%
	91,052	Allegheny Technologies Inc.*			1,804,651
	80,400	Nucor Corp.			3,937,992
		Total Iron/Steel			5,742,643
Mining – 0.5%
1 88,097		Constellium SE, Class A Shares*			2,264,688
	204,540	Livent Corp.*			1,257,921
	82,103	SSR Mining Inc.*			1,348,131
		Total Mining			4,870,740
		TOTAL BASIC MATERIALS			31,345,858
COMMUNICATIONS – 5.4%
Advertising – 2.1%
	320,300	Interpublic Group of Cos., Inc.			6,367,564
	112,000	Omnicom Group Inc.			8,518,720
	521,378	Telaria Inc.*			5,203,352
		Total Advertising			20,089,636
Internet – 1.6%
	81,875	Cardlytics Inc.*			3,076,044
	29,109	Cogent Communications Holdings Inc.			1,772,447
	56,228	EverQuote Inc., Class A Shares*			1,258,945
	29,564	Mimecast Ltd.*			1,210,055
	75,662	Perficient Inc.*			2,787,388
	498,452	Rubicon Project Inc.*			5,099,164
		Total Internet			15,204,043
Media – 0.6%
	48,950	Meredith Corp.			2,143,031
	24,206	Nexstar Media Group Inc., Class A Shares			2,393,731
	22,050	Tribune Media Co., Class A Shares			1,027,089
		Total Media			5,563,851

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units			Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Telecommunications – 1.1%
		35,300	Motorola Solutions Inc.		$	6,386,123
		94,631	Sonim Technologies Inc.*(a)			687,021
		236,432	Viavi Solutions Inc.*			3,284,040
			Total Telecommunications			10,357,184
			TOTAL COMMUNICATIONS			51,214,714
CONSUMER CYCLICAL – 7.8%
Airlines – 0.2%
		203,074	Controladora Vuela Cia de Aviacion SAB de CV, ADR*			1,805,328
Apparel – 1.1%
		21,717	Carter’s Inc.			1,986,671
		18,010	Oxford Industries Inc.			1,256,738
		79,900	PVH Corp.			6,056,420
		34,526	Steven Madden Ltd.			1,146,954
			Total Apparel			10,446,783
Auto Manufacturers – 0.3%
		286,700	Ford Motor Co.			2,629,039
Auto Parts & Equipment – 0.8%
		199,700	BorgWarner Inc.			6,516,211
		26,786	Douglas Dynamics Inc.			1,118,583
			Total Auto Parts & Equipment			7,634,794
Home Builders – 1.3%
		73,691	Century Communities Inc.*			2,076,612
		37,637	Installed Building Products Inc.*			2,141,922
		49,297	LGI Homes Inc.*			4,018,199
	��	158,160	Skyline Champion Corp.*			4,428,480
			Total Home Builders			12,665,213
Leisure Time – 1.4%
		74,500	Brunswick Corp.			3,471,700
		76,221	Callaway Golf Co.			1,353,685
		128,170	Lindblad Expeditions Holdings Inc.*			2,391,652
		119,235	OneSpaWorld Holdings Ltd.*			1,871,989
		31,600	Royal Caribbean Cruises Ltd.			3,295,248
		93,074	Vista Outdoor Inc.*			520,284
			Total Leisure Time			12,904,558
Lodging – 0.4%
		162,412	Century Casinos Inc.*			1,247,324
		84,000	MGM Resorts International			2,357,040
			Total Lodging			3,604,364

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Office Furnishings – 0.3%
	119,246	Knoll Inc.		$	2,749,813
Retail – 1.7%
	119,614	Boot Barn Holdings Inc.*			4,096,779
	34,209	Freshpet Inc.*			1,678,978
	86,661	GMS Inc.*			2,553,033
	81,120	Lovesac Co.*			1,395,264
	82,622	Michaels Cos., Inc.*			468,467
	74,061	PetIQ Inc., Class A Shares*			2,344,771
	81,273	Sonic Automotive Inc., Class A Shares			2,187,056
	22,787	Wingstop Inc.			2,282,574
		Total Retail			17,006,922
Toys/Games/Hobbies – 0.3%
	117,146	Funko Inc., Class A Shares*(a)			2,810,333
		TOTAL CONSUMER CYCLICAL			74,257,147
CONSUMER NON-CYCLICAL – 21.2%
Agriculture – 0.7%
	198,945	Darling Ingredients Inc.*			3,700,377
	32,018	Turning Point Brands Inc.(a)			1,147,845
	133,113	Village Farms International Inc.*(a)			1,397,686
		Total Agriculture			6,245,908
Biotechnology – 2.2%
	22,433	Allakos Inc.*(a)			1,984,423
	34,952	Argenx SE, ADR*			4,594,440
	148,869	NeoGenomics Inc.*			3,718,748
	142,488	Orchard Therapeutics PLC, ADR*(a)			2,108,822
	85,753	Twist Bioscience Corp.*			2,489,410
	68,562	Veracyte Inc.*			1,816,893
	174,689	Vericel Corp.*			2,889,356
	41,005	Y-mAbs Therapeutics Inc.*			1,089,503
		Total Biotechnology			20,691,595
Commercial Services – 3.1%
	112,502	Career Education Corp.*			2,307,416
	49,100	Global Payments Inc.			8,149,618
	48,583	Huron Consulting Group Inc.*			2,973,765
	133,432	I3 Verticals Inc., Class A Shares*			3,018,232
	15,648	ICF International Inc.			1,324,760
	54,786	Kelly Services Inc., Class A Shares			1,326,369
	53,773	Korn Ferry			2,101,449
	36,086	Matthews International Corp., Class A Shares			1,057,681

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – (continued)
	167,356	R1 RCM Inc.*		$	1,951,371
	161,261	Team Inc.*			2,657,581
	24,311	Vectrus Inc.*			983,623
	52,963	Willdan Group Inc.*			1,914,612
		Total Commercial Services			29,766,477
Cosmetics/Personal Care – 0.4%
	226,411	elf Beauty Inc.*			3,695,028
Food – 2.6%
	35,717	Cal-Maine Foods Inc.			1,447,967
	90,850	Hain Celestial Group Inc.*			1,730,693
	189,335	Hostess Brands Inc., Class A Shares*			2,654,477
	133,200	Kellogg Co.			8,364,960
	137,900	Kroger Co.			3,265,472
	46,233	Performance Food Group Co.*			2,163,242
	9,983	Sanderson Farms Inc.			1,493,656
	85,076	TreeHouse Foods Inc.*			4,309,099
		Total Food			25,429,566
Healthcare-Products – 5.0%
	238,641	Alphatec Holdings Inc.*			1,248,092
	101,346	BioLife Solutions Inc.*(a)			2,096,849
	87,621	Inspire Medical Systems Inc.*			6,090,536
	17,964	Integra LifeSciences Holdings Corp.*			1,078,199
	12,593	iRhythm Technologies Inc.*			958,579
	105,631	OrthoPediatrics Corp.*			3,400,262
	63,165	Patterson Cos., Inc.			1,056,119
	35,223	Tactile Systems Technology Inc.*			1,776,648
	62,124	Tandem Diabetes Care Inc.*			4,499,641
	176,400	Zimmer Biomet Holdings Inc.			24,554,880
	86,191	Zynex Inc.(a)			770,548
		Total Healthcare-Products			47,530,353
Healthcare-Services – 3.1%
	62,458	Castle Biosciences Inc.*			1,743,828
	72,500	Humana Inc.			20,532,725
	124,396	Natera Inc.*			4,098,848
	110,861	SI-BONE Inc.*			2,155,138
	56,590	Vapotherm Inc.*			656,444
		Total Healthcare-Services			29,186,983
Household Products/Wares – 0.2%
	26,444	Spectrum Brands Holdings Inc.			1,477,426

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Pharmaceuticals – 3.9%
	96,600	AmerisourceBergen Corp., Class A Shares		$	7,947,282
	336,583	Cytokinetics Inc.*			4,728,991
	27,508	Global Blood Therapeutics Inc.*			1,264,818
	98,881	Kura Oncology Inc.*			1,501,014
	35,014	Mirati Therapeutics Inc.*			2,870,098
	76,288	MyoKardia Inc.*			4,102,006
	78,522	Odonate Therapeutics Inc.*			2,419,263
	83,022	Prestige Consumer Healthcare Inc.*			2,646,741
	38,807	Principia Biopharma Inc.*			1,540,638
	62,126	Ra Pharmaceuticals Inc.*			1,689,827
	33,545	Reata Pharmaceuticals Inc., Class A Shares*			2,586,320
	38,856	Sutro Biopharma Inc.*			313,568
	57,871	Tricida Inc.*			2,019,119
	35,529	Turning Point Therapeutics Inc.*(a)			1,937,396
		Total Pharmaceuticals			37,567,081
		TOTAL CONSUMER NON-CYCLICAL			201,590,417
DIVERSIFIED – 0.2%
Holding Companies-Diversified – 0.2%
	181,537	Repay Holdings Corp.*			2,305,520
		TOTAL DIVERSIFIED			2,305,520
ENERGY – 4.9%
Energy-Alternate Sources – 0.1%
	74,796	Sunrun Inc.*			1,146,623
Oil & Gas – 4.6%
	243,669	Callon Petroleum Co.*			1,001,480
	108,148	Carrizo Oil & Gas Inc.*			896,547
	116,500	Diamondback Energy Inc.			11,426,320
	332,600	Marathon Petroleum Corp.			16,367,246
	56,071	Murphy USA Inc.*			5,012,747
	399,500	Noble Energy Inc.			9,020,710
	124,819	SRC Energy Inc.*			626,591
		Total Oil & Gas			44,351,641
Oil & Gas Services – 0.2%
	22,560	DMC Global Inc.			979,781
	81,568	Select Energy Services Inc., Class A Shares*			665,595
		Total Oil & Gas Services			1,645,376
		TOTAL ENERGY			47,143,640

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – 19.5%
Banks – 5.2%
	81,355	Bank of NT Butterfield & Son Ltd.		$	2,242,144
	90,891	BankUnited Inc.			2,886,698
	36,145	Eagle Bancorp Inc.			1,472,547
	156,871	First Horizon National Corp.			2,483,268
	358,087	FNB Corp.			3,849,435
	50,775	IBERIABANK Corp.			3,502,967
	93,273	OFG Bancorp			1,913,962
	227,700	PacWest Bancorp			7,760,016
	216,800	Pinnacle Financial Partners Inc.			11,418,856
	17,192	TCF Financial Corp.			662,923
	91,118	Univest Financial Corp.			2,306,197
	214,200	Zions Bancorp N.A.			8,801,478
		Total Banks			49,300,491
Diversified Financial Services – 1.1%
	93,600	Affiliated Managers Group Inc.			7,172,568
	89,783	Meta Financial Group Inc.			2,775,193
	67,201	Paysign Inc.*(a)			893,101
		Total Diversified Financial Services			10,840,862
Equity Real Estate Investment Trusts (REITs) – 6.4%
	166,400	American Campus Communities Inc.			7,734,272
	333,900	American Homes 4 Rent, Class A Shares			8,541,162
	64,769	Americold Realty Trust			2,358,887
	111,000	Blackstone Mortgage Trust Inc., Class A Shares			3,862,800
	67,500	Boston Properties Inc.			8,668,350
	110,369	Columbia Property Trust Inc.			2,360,793
	82,258	Corporate Office Properties Trust			2,376,433
	279,300	Cousins Properties Inc.			9,691,710
	71,859	Dynex Capital Inc.			1,014,649
	137,143	Lexington Realty Trust			1,424,916
	418,900	Medical Properties Trust Inc.			7,787,351
	180,500	MGM Growth Properties LLC, Class A Shares			5,566,620
		Total Equity Real Estate Investment Trusts (REITs)			61,387,943
Insurance – 5.7%
	25,400	Assurant Inc.			3,124,200
	50,147	eHealth Inc.*			4,177,747
	62,042	Goosehead Insurance Inc., Class A Shares			2,868,822
	9,124	Hanover Insurance Group Inc.			1,214,861
	212,800	Hartford Financial Services Group Inc.			12,401,984
	23,793	James River Group Holdings Ltd.			1,172,519

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – (continued)
	41,499	Kinsale Capital Group Inc.		$	4,076,447
	93,201	MGIC Investment Corp.			1,178,993
	81,253	Palomar Holdings Inc.*			2,765,039
	78,084	ProAssurance Corp.			3,050,742
	112,600	Progressive Corp.			8,535,080
	47,000	Willis Towers Watson PLC			9,304,590
		Total Insurance			53,871,024
Private Equity – 0.3%
	238,436	Hercules Capital Inc.(a)			3,130,665
Real Estate – 0.2%
	91,905	Redfin Corp.*(a)			1,552,275
Savings & Loans – 0.6%
	95,386	Banc of California Inc.			1,389,774
	235,583	Sterling Bancorp			4,492,568
		Total Savings & Loans			5,882,342
		TOTAL FINANCIAL			185,965,602
INDUSTRIAL – 11.6%
Aerospace/Defense – 0.9%
	135,256	Kratos Defense & Security Solutions Inc.*			2,701,062
	69,100	Spirit AeroSystems Holdings Inc., Class A Shares			5,569,460
		Total Aerospace/Defense			8,270,522
Building Materials – 1.0%
	337,700	Louisiana-Pacific Corp.			8,118,308
	21,211	Masonite International Corp.*			1,132,455
		Total Building Materials			9,250,763
Electrical Components & Equipment – 2.2%
	25,259	Belden Inc.			1,152,063
	380,400	Energizer Holdings Inc.			14,645,400
	37,324	Generac Holdings Inc.*			2,910,899
	19,800	Hubbell Inc., Class B Shares			2,596,572
		Total Electrical Components & Equipment			21,304,934
Electronics – 1.5%
	93,000	Agilent Technologies Inc.			6,613,230
	103,300	FLIR Systems Inc.			5,089,591
	296,009	Fluidigm Corp.*			1,651,730
	44,999	Stoneridge Inc.*			1,381,919
		Total Electronics			14,736,470

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Engineering & Construction – 0.4%
	47,696	Arcosa Inc.		$	1,549,643
	17,779	EMCOR Group Inc.			1,554,596
		Total Engineering & Construction			3,104,239
Environmental Control – 0.4%
	34,883	Casella Waste Systems Inc., Class A Shares*			1,587,177
	32,153	Clean Harbors Inc.*			2,364,853
		Total Environmental Control			3,952,030
Hand/Machine Tools – 0.5%
	159,393	Milacron Holdings Corp.*			2,526,379
	28,683	Regal Beloit Corp.			2,033,625
		Total Hand/Machine Tools			4,560,004
Machinery-Construction & Mining – 0.3%
	43,016	BWX Technologies Inc.			2,546,547
Machinery-Diversified – 1.7%
	54,577	Altra Industrial Motion Corp.			1,418,456
	38,893	Columbus McKinnon Corp.			1,258,967
	47,900	Rockwell Automation Inc.			7,318,641
	22,814	SPX FLOW Inc.*			769,060
	68,900	Xylem Inc.			5,278,429
		Total Machinery-Diversified			16,043,553
Metal Fabricate/Hardware – 0.4%
	38,712	CIRCOR International Inc.*			1,330,531
	70,236	Mayville Engineering Co., Inc.*			928,520
	59,726	TriMas Corp.*			1,754,750
		Total Metal Fabricate/Hardware			4,013,801
Miscellaneous Manufacturers – 1.9%
	59,249	Actuant Corp., Class A Shares			1,315,920
	30,578	EnPro Industries Inc.			1,904,398
	45,628	Federal Signal Corp.			1,355,608
	20,897	Hexcel Corp.			1,758,483
	50,066	ITT Inc.			2,849,757
	43,300	Parker-Hannifin Corp.			7,177,841
	29,982	Standex International Corp.			2,061,262
		Total Miscellaneous Manufacturers			18,423,269
Packaging & Containers – 0.3%
	112,171	Owens-Illinois Inc.			1,140,779
	52,903	Silgan Holdings Inc.			1,574,393
		Total Packaging & Containers			2,715,172

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – 0.1%
	16,246	Saia Inc.*		$	1,389,683
		TOTAL INDUSTRIAL			110,310,987
TECHNOLOGY – 11.3%
Computers – 3.6%
	18,307	CACI International Inc., Class A Shares*			4,069,463
	33,811	Carbon Black Inc.*			882,467
	227,111	Conduent Inc.*			1,478,493
	125,796	Endava PLC, ADR*			4,728,672
	41,898	ExlService Holdings Inc.*			2,836,494
	63,301	Kornit Digital Ltd.*			1,785,721
	50,642	Mercury Systems Inc.*			4,336,474
	71,224	Tufin Software Technologies Ltd.*(a)			1,283,456
	32,393	Virtusa Corp.*			1,170,683
	174,500	Western Digital Corp.			9,993,615
	27,758	Zscaler Inc.*			1,908,085
		Total Computers			34,473,623
Semiconductors – 3.3%
	116,079	Adesto Technologies Corp.*			1,184,006
	56,000	Cabot Microelectronics Corp.			6,980,400
	52,393	Impinj Inc.*(a)			1,906,057
	81,602	Inphi Corp.*			4,993,227
	277,891	MACOM Technology Solutions Holdings Inc.*			5,457,779
	21,541	Semtech Corp.*			904,076
	93,000	Xilinx Inc.			9,677,580
		Total Semiconductors			31,103,125
Software – 4.4%
	28,554	Alteryx Inc., Class A Shares*			4,067,517
	63,596	Bandwidth Inc., Class A Shares*			5,544,935
	200,711	Digital Turbine Inc.*			1,527,411
	66,749	Everbridge Inc.*			5,753,764
	143,618	Fastly Inc., Class A Shares*(a)			4,538,329
	40,333	Five9 Inc.*			2,549,449
	19,148	Health Catalyst Inc.*			763,239
	45,049	ManTech International Corp., Class A Shares			3,166,044
	67,929	Phreesia Inc.*			1,818,460
	37,901	PROS Holdings Inc.*			2,691,729
	79,871	Smartsheet Inc., Class A Shares*			3,881,731
	150,244	SVMK Inc.*			2,515,084
	13,129	Tabula Rasa HealthCare Inc.*			745,727

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	59,752	Upland Software Inc.*		$	2,270,576
		Total Software			41,833,995
		TOTAL TECHNOLOGY			107,410,743
UTILITIES – 5.8%
Electric – 5.8%
	24,499	Black Hills Corp.			1,879,318
	80,200	CMS Energy Corp.			5,056,610
	131,300	Edison International			9,489,051
	251,300	FirstEnergy Corp.			11,559,800
	41,529	Hawaiian Electric Industries Inc.			1,843,888
	20,275	IDACORP Inc.			2,226,398
	68,377	Portland General Electric Co.			3,889,967
	225,100	Public Service Enterprise Group Inc.			13,611,797
	44,500	Sempra Energy			6,302,535
		Total Electric			55,859,364
		TOTAL UTILITIES			55,859,364
		TOTAL COMMON STOCKS
		(Cost – $797,483,693)			867,403,992
EXCHANGE TRADED FUNDS (ETFs) – 6.7%
	201,249	iShares Core S&P Mid-Cap			37,869,024
	321,835	iShares Core S&P Small-Cap			24,324,289
	16,508	iShares Russell 2000 Value			1,885,214
		TOTAL EXCHANGE TRADED FUNDS (ETFs)
		(Cost – $57,995,572)			64,078,527
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
		(Cost – $855,479,265)			931,482,519

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Small-Mid Cap Equity Fund (concluded)

Face Amount			Security	Value
SHORT-TERM INVESTMENTS – 2.4%
TIME DEPOSITS – 2.4%
	$	7,884,367	Citibank – New York, 1.490% due 9/3/19		$	7,884,367
		14,777,625	JPMorgan Chase & Co. – New York, 1.490% due 9/3/19			14,777,625
			TOTAL TIME DEPOSITS
			(Cost – $22,661,992)			22,661,992
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 2.1%
MONEY MARKET FUND – 2.1%
		20,073,213	Federated Government Obligations Fund, Premier Class, 2.012%(b)
			(Cost – $20,073,213)			20,073,213
			TOTAL INVESTMENTS – 102.2%
			(Cost – $898,214,470#)			974,217,724
			Liabilities in Excess of Other Assets – (2.2)%			(20,913,951)
			TOTAL NET ASSETS – 100.0%		$	953,303,773

Non-income producing security.

(a)

All or a portion of this security is on loan.

(b)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

	ADR — American Depositary Receipts
	LLC — Limited Liability Company
	PLC — Public Limited Company

Summary of Investments by Security Sector^

	Consumer Non-cyclical					20.7%
	Financial					19.2
	Industrial					11.3
	Technology					11.0
	Consumer Cyclical					7.6
	Utilities					5.7
	Communications					5.3
	Energy					4.8
	Basic Materials					3.2
	Diversified					0.2
	Exchange Traded Funds (ETFs)					6.6
	Short-Term Investments					2.3
	Money Market Fund					2.1
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund

Face Amount/Units†

Security

Value

CORPORATE BOND & NOTE – 0.0%

India – 0.0%

48,721INR

Britannia Industries Ltd., Senior Secured Notes, 8.000% due 8/28/22

696

TOTAL CORPORATE BOND & NOTE
(Cost – $20,156)

696

Shares/Units
COMMON STOCKS – 81.3%
Argentina – 0.2%
	10,074	Globant SA*	956,325
	4,062	MercadoLibre Inc.*	2,415,265
	52,614	YPF SA, ADR	450,376
		Total Argentina	3,821,966
Australia – 2.0%
	173,770	Appen Ltd.	3,019,245
	213,462	Brambles Ltd.	1,625,880
	277,836	HUB24 Ltd.	2,309,926
	1,167,220	Nanosonics Ltd.*	5,229,139
	338,165	Nick Scali Ltd.(a)	1,558,461
	546,269	Pro Medicus Ltd.(a)(b)	13,484,912
	1,243,628	South32 Ltd.	2,208,236
	607,211	Webjet Ltd.(a)	5,049,990
	38,278	WiseTech Global Ltd.	947,971
		Total Australia	35,433,760
Austria – 0.3%
	153,594	Erste Group Bank AG	4,944,434
Belgium – 0.1%
	9,002	Galapagos NV*	1,518,144
Bermuda – 0.1%
	136,373	Hiscox Ltd.	2,580,304
Brazil – 1.9%
	45,678	Azul SA, ADR*	1,604,211
	138,172	Azul SA, Class Preferre Shares*	1,571,293
	555,957	B3 SA – Brasil Bolsa Balcao	6,013,611
	291,871	Banco Bradesco SA, ADR	2,332,049
	66,655	Banco do Brasil SA	744,161
	1,202,577	Kroton Educacional SA	2,926,776
	118,282	Notre Dame Intermedica Participacoes SA	1,601,559
	127,523	Pagseguro Digital Ltd., Class A Shares*	6,371,049
	398,050	Petroleo Brasileiro SA, ADR	5,393,578

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Brazil – (continued)
	826,945	Rumo SA*		$	4,412,503
	47,453	StoneCo Ltd., Class A Shares*			1,427,386
		Total Brazil			34,398,176
Canada – 1.6%
	8,700	Canadian Pacific Railway Ltd.			2,094,993
	433,791	Computer Modelling Group Ltd.			2,206,021
	23,787	Descartes Systems Group Inc.*			843,735
	60,008	Equitable Group Inc.			4,454,453
	5,580	Fairfax Financial Holdings Ltd.			2,486,636
	125,243	Magna International Inc.			6,275,927
	53,910	Restaurant Brands International Inc.			4,229,239
	526,769	Seven Generations Energy Ltd., Class A Shares*			2,849,004
	42,713	Thomson Reuters Corp.			2,935,446
		Total Canada			28,375,454
China – 7.7%
	41,703	58.com Inc., ADR*			2,243,204
	7,560,000	AK Medical Holdings Ltd.(a)(c)			6,671,818
	121,113	Alibaba Group Holding Ltd., ADR*			21,198,408
	429,400	BTG Hotels Group Co., Ltd., Class A Shares(b)			1,053,000
	776,452	China Everbright Ltd.			882,973
	385,301	China International Travel Service Corp., Ltd, Class A Shares(b)			5,131,679
	1,785,311	China Mengniu Dairy Co., Ltd.*			7,058,454
	519,572	China Mobile Ltd.			4,296,046
	68,448	GDS Holdings Ltd., ADR*(a)			2,761,192
	385,900	Gree Electric Appliances Inc. of Zhuhai, Class A Shares(b)			2,989,254
	3,179,815	Guangzhou Automobile Group Co., Ltd., Class H Shares(c)			3,187,313
	1,542,648	Haitong Securities Co., Ltd., Class H Shares(c)			1,461,518
	471,269	Hangzhou Hikvision Digital Technology Co., Ltd., Class A Shares(b)			2,033,171
	248,000	Hansoh Pharmaceutical Group Co., Ltd.*(d)			836,373
	1,087,819	Hua Hong Semiconductor Ltd.(a)(d)			1,809,892
	1,767,510	JNBY Design Ltd.(c)			2,521,859
	1,357,407	Kingdee International Software Group Co., Ltd.			1,220,429
	22,853	Kweichow Moutai Co., Ltd., Class A Shares(b)			3,643,197
	3,574,704	Lenovo Group Ltd.			2,340,569
	109,253	LexinFintech Holdings Ltd., ADR*			1,119,843
	571,402	Midea Group Co., Ltd., Class A Shares(b)			4,208,890
	69,520	Momo Inc., ADR			2,556,946

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
China – (continued)
	34,212	New Oriental Education & Technology Group Inc., ADR*		$	3,879,641
	358,432	Ping An Insurance Group Co. of China Ltd., Class H Shares(c)			4,084,875
	153,647	Qudian Inc., ADR*			1,227,640
	270,035	Shenzhou International Group Holdings Ltd.			3,648,984
	1,432,346	Sino Biopharmaceutical Ltd.			2,117,526
	613,532	Sinopharm Group Co., Ltd., Class H Shares(c)			2,210,981
	104,423	Sunny Optical Technology Group Co., Ltd.			1,430,705
	310,989	Tencent Holdings Ltd.			12,807,264
	10,129	Tencent Holdings Ltd., ADR			418,024
	52,025	Tencent Music Entertainment Group, ADR*			691,932
	4,582,336	WH Group Ltd.(d)			3,651,938
	1,921,570	Xiaomi Corp., Class B Shares*(a)(d)			2,082,035
	1,384,000	Yihai International Holding Ltd.*(c)			8,265,336
	280,008	Yunnan Baiyao Group Co., Ltd., Class A Shares(b)			2,998,493
	20,940	YY Inc., ADR*			1,196,721
	107,901	Zai Lab Ltd., ADR*			3,518,652
		Total China			135,456,775
Denmark – 0.4%
	23,127	Jyske Bank AS, Class Registered Shares*			648,628
	70,874	Novozymes AS, Class B Shares			3,021,147
	32,987	Royal Unibrew AS			2,852,879
	30,665	Sydbank AS			428,630
		Total Denmark			6,951,284
Egypt – 0.2%
	9,142,791	Cleopatra Hospital*			3,467,955
Finland – 0.3%
	268,977	Nokia OYJ, ADR			1,334,126
	85,501	Sampo OYJ, Class A Shares			3,397,834
	49,020	Wartsila OYJ Abp			601,454
		Total Finland			5,333,414
France – 5.8%
	29,813	Air Liquide SA			4,153,612
	25,819	Airbus SE			3,560,023
	31,895	Akka Technologies			2,065,865
	45,570	Aubay			1,628,298
	111,913	Danone SA			10,022,732
	3,196	Dassault Aviation SA			4,549,994

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
France – (continued)
	34,737	Dassault Systemes SE		$	4,900,139
	79,731	Esker SA			7,097,151
	53,062	EssilorLuxottica SA			7,836,883
	107,111	Legrand SA			7,566,011
	33,573	L’Oreal SA			9,183,098
	6,892	LVMH Moet Hennessy Louis Vuitton SE			2,749,158
	43,882	MGI Digital Graphic Technology*			2,238,275
	70,450	Pernod Ricard SA			13,457,070
	109,976	Schneider Electric SE			9,214,211
	79,740	Thales SA			9,221,796
	34,070	TOTAL SA			1,701,099
	27,174	Ubisoft Entertainment SA*			2,201,419
		Total France			103,346,834
Germany – 5.1%
	71,322	Bayer AG, Class Registered Shares			5,277,403
	52,991	Brenntag AG			2,552,710
	182,850	Deutsche Wohnen SE			6,480,476
	144,435	Elmos Semiconductor AG			3,920,815
	97,329	GEA Group AG			2,624,191
	107,885	Henkel AG & Co. KGaA			10,802,575
	34,511	Hypoport AG*			9,047,453
	277,477	Infineon Technologies AG			4,797,994
	96,052	Isra Vision AG			3,473,220
	17,080	Knorr-Bremse AG			1,595,485
	25,222	LEG Immobilien AG			2,960,163
	12,516	New Work SE			3,659,019
	77,821	Nexus AG			2,437,581
	64,121	SAP SE			7,649,077
	3,981	Sartorius AG			795,638
	15,882	Siemens AG, Class Registered Shares			1,587,700
	74,747	Symrise AG, Class A Shares			6,976,167
	94,484	TAG Immobilien AG*			2,206,387
	137,393	Vonovia SE			6,838,862
	11,923	Wirecard AG			1,899,723
	42,506	Zalando SE*(d)			2,102,371
		Total Germany			89,685,010

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Greece – 0.2%
	414,293	Sarantis SA		$	3,777,584
Hong Kong – 1.5%
	745,400	AIA Group Ltd.			7,216,405
	588,000	China Overseas Land & Investment Ltd.			1,851,321
	262,000	CK Hutchison Holdings Ltd.			2,272,578
	582,020	Esprit Holdings Ltd.*			87,565
	75,000	Jardine Matheson Holdings Ltd.			4,068,962
	1,718,267	Kunlun Energy Co., Ltd.			1,492,054
	441,211	Techtronic Industries Co., Ltd.			3,032,485
	4,656,984	Tongda Group Holdings Ltd.(a)			318,441
	1,488,000	Vitasoy International Holdings Ltd.(c)			6,909,836
		Total Hong Kong			27,249,647
Hungary – 0.1%
	35,590	Wizz Air Holdings PLC*(d)			1,558,875
India – 5.7%
	228,845	Aavas Financiers Ltd.*			4,800,978
	176,344	Amara Raja Batteries Ltd.			1,523,305
	385,427	Axis Bank Ltd.			3,585,621
	37,861	Bajaj Finance Ltd.			1,761,368
	190,777	Bandhan Bank Ltd.(d)			1,250,395
	692,342	Berger Paints India Ltd.			3,581,148
	49,457	Britannia Industries Ltd.			1,872,751
	119,275	Divi’s Laboratories Ltd.			2,739,183
	204,411	Dr Lal PathLabs Ltd.			3,549,049
	48,268	Dr Reddy’s Laboratories Ltd.			1,728,158
	16,342	Dr Reddy’s Laboratories Ltd., ADR			584,226
	673,670	Edelweiss Financial Services Ltd.			1,037,949
	443,880	Exide Industries Ltd.			1,109,744
	495,192	Gulf Oil Lubricants India Ltd.(b)			5,992,476
	113,903	HDFC Bank Ltd.			3,550,987
	382,308	Housing Development Finance Corp., Ltd			11,570,855
	1,271,516	JM Financial Ltd.			1,303,035
	396,828	Kajaria Ceramics Ltd.			2,628,290
	164,306	Kotak Mahindra Bank Ltd.			3,300,302
	97,450	Manpasand Beverages Ltd.*			20,527
	32,580	Maruti Suzuki India Ltd.			2,778,852

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
India – (continued)
	485,011	Max Financial Services Ltd.*		$	2,867,081
	252,291	Metropolis Healthcare Ltd.*			4,103,215
	1,881,825	Minda Corp., Ltd.(b)			2,617,395
	2,993,654	NTPC Ltd.			5,106,411
	57,497	Piramal Enterprises Ltd.			1,645,906
	136,944	RBL Bank Ltd.(d)			628,699
	263,750	Reliance Industries Ltd.			4,622,984
	450,416	Reliance Nippon Life Asset Management Ltd.(d)			1,730,992
	325,802	SBI Life Insurance Co., Ltd.(d)			3,822,913
	145,639	Spandana Sphoorty Financial Ltd.*(b)@			1,808,946
	203,223	Supreme Industries Ltd.			3,128,643
	234,097	Tata Communications Ltd.			1,403,519
	667,387	Tata Global Beverages Ltd.			2,598,535
	60,156	Titan Co., Ltd.			926,642
	146,094	V-Mart Retail Ltd.			4,084,209
	482,821	Yes Bank Ltd.			409,191
		Total India			101,774,480
Indonesia – 0.9%
	40,971,600	Ace Hardware Indonesia Tbk PT			4,980,504
	2,465,100	Bank Central Asia Tbk PT			5,283,320
	44,603,400	Sarana Menara Nusantara Tbk PT@			2,214,339
	7,724,230	Telekomunikasi Indonesia Persero Tbk PT			2,426,370
	3,732,485	Tower Bersama Infrastructure Tbk PT			1,567,811
		Total Indonesia			16,472,344
Ireland – 0.7%
	161,142	Experian PLC			4,939,271
	49,265	Kerry Group PLC, Class A Shares			5,890,311
	36,473	Ryanair Holdings PLC, ADR*			2,089,903
		Total Ireland			12,919,485
Israel – 0.3%
	7,589	Check Point Software Technologies Ltd.*			817,335
	56,512	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.			2,955,263
	7,294	Wix.com Ltd.*			1,022,984
		Total Israel			4,795,582

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Italy – 0.4%
	550,776	Banca Mediolanum SpA		$	4,002,316
	153,418	Gruppo MutuiOnline SpA			2,553,003
		Total Italy			6,555,319
Japan – 12.8%
	112,100	Arcland Service Holdings Co., Ltd.			2,005,571
	59,700	Atrae Inc.*(a)			1,301,597
	252,811	Avant Corp.(a)			4,618,366
	185,800	Chiba Bank Ltd.			924,909
	28,900	Chugai Pharmaceutical Co., Ltd.			2,065,613
	24,000	Daiichi Sankyo Co., Ltd.			1,583,410
	44,000	Digital Arts Inc.			3,147,573
	16,700	Disco Corp.			3,023,366
	303,700	eGuarantee Inc.			3,626,943
	274,000	Elan Corp.(a)			4,393,885
	85,412	en-japan Inc.			3,175,508
	23,800	Ezaki Glico Co., Ltd.			1,030,403
	69,600	Fixstars Corp.			1,006,034
	163,500	Fujitsu General Ltd.			2,627,586
	182,200	Hachijuni Bank Ltd.			653,950
	40,610	Hirose Electric Co., Ltd.			4,603,012
	16,600	Hoshizaki Corp.			1,194,401
	317,365	Infomart Corp.			4,657,677
	190,800	IR Japan Holdings Ltd.(a)			7,781,608
	117,500	Ito En Ltd.			5,362,267
	244,200	Japan Elevator Service Holdings Co., Ltd.(a)			5,851,201
	199,068	Japan Material Co., Ltd.			2,041,287
	143,400	Kansai Paint Co., Ltd.			2,978,313
	131,900	Kao Corp.			9,528,683
	54,100	KDDI Corp.			1,442,561
	70,800	Kobayashi Pharmaceutical Co., Ltd.			5,290,870
	24,300	Koito Manufacturing Co., Ltd.			1,138,199
	8,200	Kose Corp.			1,405,562
	50,400	Kusuri no Aoki Holdings Co., Ltd.			3,863,710
	306,700	Mebuki Financial Group Inc.			682,943
	175,500	Miroku Jyoho Service Co., Ltd.			4,545,007
	75,000	MISUMI Group Inc.			1,694,721
	281,000	Mitsubishi Electric Corp.			3,386,509

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	83,300	Murata Manufacturing Co., Ltd.		$	3,485,654
	129,200	Nihon Kohden Corp.			3,584,145
	134,900	Nippon Telegraph & Telephone Corp.			6,466,667
	18,300	Nissin Foods Holdings Co., Ltd.			1,266,467
	246,700	Nomura Research Institute Ltd.			4,902,547
	273,000	North Pacific Bank Ltd.			546,304
	39,000	Obic Co., Ltd.			4,454,855
	82,200	Omron Corp.			4,057,524
	179,000	Open Door Inc.*			3,749,643
	36,300	Otsuka Holdings Co., Ltd.			1,490,268
	110,500	Outsourcing Inc.			1,002,282
	93,600	Pan Pacific International Holdings Corp.			1,464,823
	125,500	Persol Holdings Co., Ltd.			2,541,649
	501,153	Prestige International Inc.			8,817,435
	225,298	Rakus Co., Ltd.			6,481,491
	100,300	Rohto Pharmaceutical Co., Ltd.			2,483,257
	318,700	Santen Pharmaceutical Co., Ltd.			5,575,537
	65,500	Secom Co., Ltd.			5,582,566
	114,400	Sega Sammy Holdings Inc.			1,563,498
	170,600	Seven & i Holdings Co., Ltd.			6,026,517
	8,400	SMC Corp.			3,165,090
	173,938	SMS Co., Ltd.			3,882,495
	36,100	Sohgo Security Services Co., Ltd.			1,819,037
	90,600	Stanley Electric Co., Ltd.			2,246,088
	30,700	Suzuki Motor Corp.			1,181,073
	451,200	Systena Corp.			6,716,922
	238,840	Takeda Pharmaceutical Co., Ltd.			8,071,421
	182,000	Terumo Corp.			5,277,828
	129,800	Toyo Suisan Kaisha Ltd.			5,277,828
	24,600	Trend Micro Inc.			1,190,785
	48,400	USS Co., Ltd.			913,277
	44,955	Wantedly Inc.*(a)			1,448,809
	1,020,000	Yahoo Japan Corp.			2,549,287
	101,290	Yakuodo Holdings Co., Ltd.(b)(e)			2,312,339
	90,300	Yokogawa Electric Corp.			1,636,369
	115,559	Yume No Machi Souzou Iinkai Co., Ltd.(a)			1,607,602
		Total Japan			227,472,624

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Malaysia – 0.3%
	4,603,595	7-Eleven Malaysia Holdings Bhd		$	1,585,934
	458,200	Carlsberg Brewery Malaysia Bhd			2,816,722
		Total Malaysia			4,402,656
Mexico – 1.1%
	32,418	Fomento Economico Mexicano SAB de CV, ADR			2,961,709
	198,970	Gruma SAB de CV, Class B Shares			1,852,899
	787,982	Grupo Lala SAB de CV, Class B Shares			823,333
	397,071	Infraestructura Energetica Nova SAB de CV*			1,673,805
	1,923,100	Qualitas Controladora SAB de CV			6,460,904
	1,636,980	Unifin Financiera SAB de CV SOFOM ENR			2,878,472
	1,045,997	Wal-Mart de Mexico SAB de CV			2,967,701
		Total Mexico			19,618,823
Netherlands – 1.7%
	25,369	ASML Holding NV			5,649,932
	24,671	Core Laboratories NV			976,725
	16,550	Euronext NV(d)			1,304,511
	69,002	Heineken NV			7,342,063
	151,451	Koninklijke Philips NV			7,144,078
	70,229	NXP Semiconductors NV			7,173,190
		Total Netherlands			29,590,499
Nigeria – 0.0%
	1,912,536	Lekoil Ltd., CDI*			151,843
Panama – 0.2%
	38,261	Copa Holdings SA, Class A Shares			3,947,770
Peru – 0.2%
	14,765	Credicorp Ltd.			3,058,127
Philippines – 1.0%
	4,164,782	Ayala Land Inc.			3,774,845
	1,407,354	BDO Unibank Inc.			4,022,945
	8,482,949	Metro Pacific Investments Corp.			804,990
	3,006,508	Philippine Seven Corp.(b)			8,309,736
	83,350	SM Investments Corp.@			1,642,206
		Total Philippines			18,554,722
Poland – 0.1%
	120,655	Powszechny Zaklad Ubezpieczen SA			1,133,272

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Portugal – 0.6%
	391,543	Galp Energia SGPS SA		$	5,624,421
	284,208	Jeronimo Martins SGPS SA			4,699,599
		Total Portugal			10,324,020
Russia – 0.5%
	462,930	Sberbank of Russia PJSC, ADR			6,354,795
	67,951	Yandex NV, Class A Shares*			2,520,982
		Total Russia			8,875,777
Saudi Arabia – 0.1%
	68,074	Al Rajhi Bank			1,099,313
Singapore – 0.2%
	3,462,400	Sheng Siong Group Ltd.			2,942,051
South Africa – 1.8%
	58,452	AngloGold Ashanti Ltd., ADR			1,329,783
	195,983	Bid Corp., Ltd			4,198,997
	180,449	Bidvest Group Ltd.			2,124,533
	818,226	FirstRand Ltd.			3,232,910
	210,717	Gold Fields Ltd., ADR			1,251,659
	2,958,968	Italtile Ltd.			2,774,158
	44,414	Mr Price Group Ltd.			501,964
	55,174	Naspers Ltd., Class N Shares			12,561,490
	1,359,932	Pepkor Holdings Ltd.(d)			1,491,823
	77,482	Sasol Ltd.			1,469,675
	42,559	Sasol Ltd., ADR(a)			805,216
		Total South Africa			31,742,208
South Korea – 2.4%
	51,148	KB Financial Group Inc.			1,675,357
	109,368	Kia Motors Corp.			3,947,831
	125,021	LEENO Industrial Inc.			5,731,691
	2,423	LG Household & Health Care Ltd.			2,359,966
	271,405	Minwise Co., Ltd.(a)			3,744,091
	52,809	NAVER Corp.			6,379,387
	315,273	NICE Information Service Co., Ltd.			3,437,583
	436,582	Samsung Electronics Co., Ltd.			15,868,099
		Total South Korea			43,144,005

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Spain – 0.9%
	194,715	Amadeus IT Group SA		$	14,515,548
	29,291	Grifols SA, ADR			623,898
		Total Spain			15,139,446
Sweden – 2.2%
	224,004	Biotage AB			2,335,787
	123,300	Cellavision AB			4,572,838
	52,442	Epiroc AB, Class A Shares			544,087
	291,949	Essity AB, Class B Shares			9,113,101
	556,892	Fortnox AB(b)			8,682,953
	48,495	Hexagon AB, Class B Shares			2,158,776
	195,680	HMS Networks AB			3,069,245
	202,313	RaySearch Laboratories AB*			3,518,022
	233,741	Svenska Handelsbanken AB, Class A Shares			2,058,701
	177,926	Xvivo Perfusion AB*			3,060,660
		Total Sweden			39,114,170
Switzerland – 5.0%
	24,774	Alcon Inc.*			1,510,381
	55	Chocoladefabriken Lindt & Spruengli AG			407,082
	38,504	Cie Financiere Richemont SA, Class Registered Shares			2,992,032
	2,909	dormakaba Holding AG*			1,962,701
	4,254	Geberit AG, Class Registered Shares			1,935,749
	5,713	Givaudan SA, Class Registered Shares			15,456,252
	106,905	Julius Baer Group Ltd.*			4,231,660
	16,018	Lonza Group AG, Class Registered Shares*			5,666,668
	280,280	Nestle SA, Class Registered Shares			31,452,585
	13,521	Roche Holding AG			3,698,272
	8,311	Schindler Holding AG			1,899,245
	2,663	SGS SA, Class Registered Shares			6,543,437
	11,566	Sika AG, Class Registered Shares			1,661,515
	833,597	UBS Group AG, Class Registered Shares*			8,812,342
		Total Switzerland			88,229,921
Taiwan – 3.1%
	521,000	Chief Telecom Inc.			4,154,612
	108,375	Dadi Early-Childhood Education Group Ltd.			856,480
	808,000	Delta Electronics Inc.			3,774,815
	243,251	Eclat Textile Co., Ltd.			2,976,319
	1,216,915	Far EasTone Telecommunications Co., Ltd.			2,843,180

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Taiwan – (continued)
	185,770	Ginko International Co., Ltd.		$	1,039,597
	345,175	Makalot Industrial Co., Ltd.			2,034,981
	293,820	Poya International Co., Ltd.			3,906,525
	908,867	Taiwan Mobile Co., Ltd.			3,249,133
	907,000	Taiwan Semiconductor Manufacturing Co., Ltd.			7,489,787
	355,843	Taiwan Semiconductor Manufacturing Co., Ltd., ADR			15,169,587
	256,060	TCI Co., Ltd.			2,514,055
	231,000	Voltronic Power Technology Corp.*			5,189,802
		Total Taiwan			55,198,873
Thailand – 0.8%
	265,498	Bangkok Bank PCL, Class F Shares			1,485,051
	191,536	Bangkok Bank PCL, NVDR			1,067,595
	30,855	CP ALL PCL			84,460
	2,650,031	CP ALL PCL, Class F Shares(b)			7,271,031
	16,881,864	Humanica PCL, Class F Shares(a)(b)			4,714,680
		Total Thailand			14,622,817
United Arab Emirates – 0.3%
	609,277	First Abu Dhabi Bank PJSC			2,533,072
	389,083	Network International Holdings PLC*(d)			2,845,462
		Total United Arab Emirates			5,378,534
United Kingdom – 7.2%
	104,253	4imprint Group PLC			3,522,737
	713,569	Advanced Medical Solutions Group PLC			2,726,835
	536,327	Amcor PLC			5,214,823
	576,740	ASA International Group PLC(b)			2,671,825
	188,617	Avon Rubber PLC			4,083,808
	156,409	British American Tobacco PLC			5,484,876
	67,320	Burberry Group PLC			1,775,181
	916,062	Clipper Logistics PLC(a)(b)			2,437,648
	309,955	Compass Group PLC			7,860,892
	460,731	ConvaTec Group PLC(d)			980,106
	184,003	Craneware PLC(b)			4,053,983
	16,947	Croda International PLC			970,076
	285,562	Diageo PLC			12,207,562
	102,524	Farfetch Ltd., Class A Shares*			1,002,685
	210,982	Future PLC			3,054,085
	610,234	GB Group PLC			4,286,538

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
United Kingdom – (continued)
	150,406	Halma PLC		$	3,594,289
	123,442	HomeServe PLC			1,725,082
	781,093	Horizon Discovery Group PLC*(b)			1,341,295
	293,272	IMI PLC			3,589,409
	65,787	Intertek Group PLC			4,350,693
	24,339	Linde PLC			4,564,790
	24,480	LivaNova PLC*			1,900,382
	49,960	London Stock Exchange Group PLC			4,230,116
	441,742	On the Beach Group PLC			2,002,740
	309,651	Patisserie Holdings PLC*(b)(e)			3,768
	128,263	Prudential PLC			2,137,466
	154,141	Reckitt Benckiser Group PLC			12,023,389
	75,034	RELX PLC			1,795,599
	217,591	Rentokil Initial PLC			1,192,485
	132,916	Smith & Nephew PLC			3,180,798
	82,646	Spectris PLC			2,329,363
	55,601	Spirax-Sarco Engineering PLC			5,432,458
	54,368	St James’s Place PLC			607,604
	1,422,002	Tullow Oil PLC			3,542,708
	1,309,477	Vodafone Group PLC			2,472,600
	395,775	YouGov PLC			2,807,467
		Total United Kingdom			127,158,161
United States – 3.3%
	58,654	Analog Devices Inc.			6,441,969
	26,879	ANSYS Inc.*			5,552,126
	2,220	Booking Holdings Inc.*			4,365,430
	160,064	Cadence Design Systems Inc.*			10,961,183
	101,418	Colgate-Palmolive Co.			7,520,145
	26,747	DENTSPLY SIRONA Inc.			1,394,856
	124,234	Liberty Latin America Ltd., Class C Shares*			2,048,619
	18,400	Mastercard Inc., Class A Shares			5,177,208
	21,679	Nordson Corp.			2,947,477
	60,724	Philip Morris International Inc.			4,377,593
	25,798	Texas Instruments Inc.			3,192,502

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
United States – (continued)
	43,246	Waste Connections Inc.		$	3,974,307
		Total United States			57,953,415
		TOTAL COMMON STOCKS (Cost – $1,272,095,828)			1,439,269,873
EXCHANGE TRADED FUNDS (ETFs) – 14.8%
United States – 14.8%
	3,114,985	iShares Core MSCI EAFE			184,812,060
	1,592,904	iShares Core MSCI Emerging Markets			76,889,476
		Total United States			261,701,536
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $256,053,458)			261,701,536
PREFERRED STOCK – 0.0%
United Kingdom – 0.0%
	1,899	Roofoods Ltd. Series G, Private Placement*(b)(e)@ (Cost – $793,594)			793,594
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $1,528,963,036)			1,701,765,699

Face Amount†

SHORT-TERM INVESTMENTS – 4.1%

TIME DEPOSITS – 3.3%

10,905,089

ANZ National Bank – London, 1.490% due 9/3/19

10,905,089

19,175,738

Banco Santander SA – Frankfurt, 1.490% due 9/3/19

19,175,738

224,316HKD

BNP Paribas – Paris, 0.750% due 9/2/19

28,609

Brown Brothers Harriman – Grand Cayman:

175CHF

(1.580)% due 9/2/19

177

1,254,098DKK

(0.800)% due 9/2/19

184,850

2,466EUR

(0.580)% due 9/2/19

2,710

1,791SEK

(0.320)% due 9/2/19

182

1,486,350JPY

(0.250)% due 9/2/19

13,992

4NZD

0.280% due 9/2/19

63GBP

0.370% due 9/2/19

77AUD

0.450% due 9/2/19

109NOK

0.500% due 9/2/19

5,604HKD

0.750% due 9/2/19

715

768SGD

0.940% due 9/2/19

553

8,788ZAR

5.460% due 9/2/19

579

33CAD

0.870% due 9/3/19

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Face Amount†			Security	Value
SHORT-TERM INVESTMENTS – (continued)
TIME DEPOSITS – (continued)
	$	19	1.490% due 9/3/19		$	19
		478,278GBP	Citibank – London, 0.370% due 9/2/19			581,921
		27,779,380	JPMorgan Chase & Co. – New York, 1.490% due 9/3/19			27,779,380
			TOTAL TIME DEPOSITS (Cost – $58,674,682)			58,674,682
U.S. GOVERNMENT AGENCY – 0.8%
		14,359,000	Federal Home Loan Bank (FHLB) Discount Notes, zero coupon, due 9/3/19(f) (Cost – $14,357,484)			14,357,484
			TOTAL SHORT-TERM INVESTMENTS (Cost – $73,032,166)			73,032,166
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.7%
MONEY MARKET FUND – 1.7%
		30,252,118	Federated Government Obligations Fund, Premier Class, 2.012%(g) (Cost – $30,252,118)			30,252,118
			TOTAL INVESTMENTS – 101.9% (Cost – $1,632,247,320#)			1,805,049,983
			Liabilities in Excess of Other Assets – (1.9)%			(34,113,486)
			TOTAL NET ASSETS – 100.0%		$	1,770,936,497

†

Face amount denominated in U.S. dollars, unless otherwise noted.

Non-income producing security.

(a)

All or a portion of this security is on loan (See Note 5).

(b)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $88,554,265 and represents 5.00% of net assets.

(c)

Security trades on the Hong Kong exchange.

(d)

Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $26,096,385 and represents 1.47% of net assets.

(e)

Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.

(f)

Rate shown represents yield-to-maturity.

(g)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Restricted security — Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold to qualified buyers.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (continued)

Security	Acquisition Date		Acquisition Cost			Market Value			Percent of Net Assets
Roofoods Ltd. Series G, Private Placement		5/16/19		$	793,594		$	793,594		0.04%
Sarana Menara Nusantara Tbk PT		4/3/17			1,400			2,214,339		0.13%
SM Investments Corp.		5/23/18			348,872			1,642,206		0.09%
Spandana Sphoorty Financial Ltd.		8/2/19			1,788,956			1,808,946		0.10%
Total							$	6,459,085		0.36%

Abbreviations used in this schedule:

	ADR — American Depositary Receipts
	CDI — Clearing House Electronics Systems (CHESS) Depositary Interest
	NVDR — Non Voting Depository Receipts
	PCL — Public Company Limited
	PLC — Public Limited Company

Summary of Investments by Security Sector^

	Consumer Non-cyclical					26.4%
	Financial					12.0
	Technology					11.0
	Industrial					9.0
	Consumer Cyclical					8.3
	Communications					8.0
	Basic Materials					2.8
	Energy					1.5
	Utilities					0.4
	Diversified					0.4
	Exchange Traded Funds (ETFs)					14.5
	Short-Term Investments					4.0
	Money Market Fund					1.7
						100.0%

As a percentage of total investments.

At August 31, 2019, Destinations International Equity Fund had open forward foreign currency contracts as described below.

The unrealized appreciation/(depreciation) on the open contracts reflected in the accompanying financial statements were as follows:

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
Japanese Yen		220,042,000		JPM		$	2,073,401		9/17/19		$	17,504		$	—		$	17,504
Japanese Yen		1,563,100,000		HSBC			14,894,981		2/21/20			—			(32,619)			(32,619)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	17,504		$	(32,619)		$	(15,115)

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations International Equity Fund (concluded)

Currency Abbreviations used in this schedule:

	AUD — Australian Dollar
	CAD — Canadian Dollar
	CHF — Swiss Franc
	DKK — Danish Krone
	EUR — Euro
	GBP — British Pound
	HKD — Hong Kong Dollar
	INR — Indian Rupee
	JPY — Japanese Yen
	NOK — Norwegian Krone
	NZD — New Zealand Dollar
	SEK — Swedish Krona
	SGD — Singapore Dollar
	ZAR — South African Rand

Counterparty Abbreviations used in this schedule:

	HSBC — HSBC Bank USA
	JPM — JPMorgan Chase & Co.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Equity Income Fund

Shares/Units		Security	Value
COMMON STOCKS – 77.2%
BASIC MATERIALS – 0.9%
Chemicals – 0.9%
	37,770	DuPont de Nemours Inc.		$	2,565,716
	14,400	LyondellBasell Industries NV, Class A Shares			1,114,272
		Total Chemicals			3,679,988
		TOTAL BASIC MATERIALS			3,679,988
COMMUNICATIONS – 8.8%
Media – 0.4%
	66,255	Viacom Inc., Class B Shares			1,655,050
Telecommunications – 8.4%
	295,172	AT&T Inc.			10,407,765
	147,243	BCE Inc.			6,968,004
	41,400	Nippon Telegraph & Telephone Corp.			1,986,109
	170,400	Telefonica Brasil SA			2,208,092
	159,426	Verizon Communications Inc.			9,272,216
	2,226,168	Vodafone Group PLC			4,204,797
		Total Telecommunications			35,046,983
		TOTAL COMMUNICATIONS			36,702,033
CONSUMER CYCLICAL – 3.7%
Airlines – 0.9%
	67,615	Delta Air Lines Inc.			3,912,204
Distribution/Wholesale – 0.5%
	127,000	Mitsui & Co., Ltd.			1,988,242
Home Builders – 0.6%
	149,400	Sekisui House Ltd.			2,651,859
Retail – 0.8%
	12,100	Cracker Barrel Old Country Store Inc.			2,001,340
	541,300	Kingfisher PLC			1,280,647
		Total Retail			3,281,987
Toys/Games/Hobbies – 0.9%
	10,000	Nintendo Co., Ltd.			3,792,892
		TOTAL CONSUMER CYCLICAL			15,627,184
CONSUMER NON-CYCLICAL – 18.4%
Agriculture – 3.9%
	114,134	Altria Group Inc.			4,992,221
	73,350	British American Tobacco PLC			2,570,254
	119,721	Philip Morris International Inc.			8,630,687
		Total Agriculture			16,193,162
Beverages – 3.6%
	158,061	Coca-Cola Co.			8,699,677
	47,250	PepsiCo Inc.			6,460,493
		Total Beverages			15,160,170

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – 1.1%
	73,073	Gilead Sciences Inc.		$	4,643,058
Household Products/Wares – 1.5%
	19,100	Henkel AG & Co. KGaA			1,912,358
	31,125	Kimberly-Clark Corp.			4,392,049
		Total Household Products/Wares			6,304,407
Pharmaceuticals – 8.3%
	133,426	AbbVie Inc.			8,771,425
	20,866	AstraZeneca PLC			1,857,869
	26,500	Bayer AG, Class Registered Shares			1,961,266
	42,845	Bristol-Myers Squibb Co.			2,059,559
	539,875	GlaxoSmithKline PLC			11,242,917
	152,275	Pfizer Inc.			5,413,376
	4,858	Roche Holding AG			1,328,122
	23,110	Sanofi			1,984,173
		Total Pharmaceuticals			34,618,707
		TOTAL CONSUMER NON-CYCLICAL			76,919,504
ENERGY – 12.2%
Oil & Gas – 9.7%
	1,162,925	BP PLC			7,077,484
	49,439	BP PLC, ADR			1,826,771
	84,372	Chevron Corp.			9,932,272
	117,875	Exxon Mobil Corp.			8,072,080
	74,400	Occidental Petroleum Corp.			3,234,912
	78,575	Suncor Energy Inc.			2,296,747
	155,782	TOTAL SA			7,771,322
		Total Oil & Gas			40,211,588
Pipelines – 2.5%
	111,075	Enbridge Inc.			3,715,433
	148,800	Enterprise Products Partners LP			4,242,288
	98,036	Equitrans Midstream Corp.			1,322,505
	26,375	TC Energy Corp.			1,351,589
		Total Pipelines			10,631,815
		TOTAL ENERGY			50,843,403
FINANCIAL – 15.9%
Banks – 6.1%
	647,485	AIB Group PLC			1,643,838
	66,880	Bank of America Corp.			1,839,869
	40,450	Bank of NT Butterfield & Son Ltd.			1,114,802
	47,875	Canadian Imperial Bank of Commerce			3,708,807
	64,000	Citigroup Inc.			4,118,400

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
	249,695	ING Groep NV		$	2,386,694
	17,920	JPMorgan Chase & Co.			1,968,691
	137,025	KeyCorp			2,274,615
	20,175	PNC Financial Services Group Inc.			2,601,163
	175,600	Regions Financial Corp.			2,567,272
	1,395,000	Unicaja Banco SA(a)			1,027,227
		Total Banks			25,251,378
Diversified Financial Services – 1.3%
	396,515	Daiwa Securities Group Inc.			1,708,869
	14,100	Deutsche Boerse AG			2,072,671
	115,300	Invesco Ltd.			1,810,210
		Total Diversified Financial Services			5,591,750
Equity Real Estate Investment Trusts (REITs) – 5.2%
	22,325	Crown Castle International Corp.			3,240,920
	17,975	Digital Realty Trust Inc.			2,222,249
	62,245	MGM Growth Properties LLC, Class A Shares			1,919,636
	38,625	National Retail Properties Inc.			2,168,794
	77,550	Omega Healthcare Investors Inc.			3,154,734
	94,550	Ventas Inc.			6,939,024
	23,175	Welltower Inc.			2,075,553
		Total Equity Real Estate Investment Trusts (REITs)			21,720,910
Insurance – 2.6%
	51,350	Ageas			2,748,444
	8,230	Allianz SE, Class Registered Shares			1,813,559
	39,237	CNA Financial Corp.			1,849,240
	80,317	Old Republic International Corp.			1,876,205
	13,135	RenaissanceRe Holdings Ltd.			2,371,524
		Total Insurance			10,658,972
Private Equity – 0.5%
	54,480	AURELIUS Equity Opportunities SE & Co. KGaA			2,119,619
Real Estate – 0.2%
	297,000	Great Eagle Holdings Ltd.			1,096,584
		TOTAL FINANCIAL			66,439,213
INDUSTRIAL – 4.0%
Miscellaneous Manufacturers – 1.0%
	23,450	Eaton Corp. PLC			1,892,884
	24,300	Siemens AG, Class Registered Shares			2,428,994
		Total Miscellaneous Manufacturers			4,321,878
Packaging & Containers – 0.5%
	193,775	Amcor PLC*			1,902,871

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – 2.5%
	123,060	Deutsche Post AG, Class Registered Shares		$	4,043,948
	52,275	United Parcel Service Inc., Class B Shares			6,202,951
		Total Transportation			10,246,899
		TOTAL INDUSTRIAL			16,471,648
TECHNOLOGY – 2.8%
Semiconductors – 1.4%
	6,588	Broadcom Inc.			1,862,032
	56,524	Cypress Semiconductor Corp.			1,300,617
	70,500	Infineon Technologies AG			1,220,203
	52,100	Samsung Electronics Co., Ltd.			1,586,210
		Total Semiconductors			5,969,062
Software – 1.4%
	22,000	Microsoft Corp.			3,032,920
	51,780	Oracle Corp.			2,695,667
		Total Software			5,728,587
		TOTAL TECHNOLOGY			11,697,649
UTILITIES – 10.5%
Electric – 7.8%
	126,475	Dominion Energy Inc.			9,818,254
	85,200	Duke Energy Corp.			7,901,448
	128,240	Engie SA			1,948,525
	43,490	FirstEnergy Corp.			2,000,540
	191,525	PPL Corp.			5,659,564
	89,190	Southern Co.			5,196,210
		Total Electric			32,524,541
Gas – 2.2%
	882,933	National Grid PLC			9,222,561
Water – 0.5%
	78,060	Veolia Environnement SA			1,865,973
		TOTAL UTILITIES			43,613,075
		TOTAL COMMON STOCKS (Cost – $321,395,984)			321,993,697
EXCHANGE TRADED FUNDS (ETFs) – 19.6%
	1,340,702	iShares Core Dividend Growth(b)			51,228,223
	331,594	iShares Core High Dividend(b)			30,725,500
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $72,966,312)			81,953,723

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units

Security

Value

CONVERTIBLE PREFERRED STOCK – 0.4%

UTILITIES – 0.4%

Electric – 0.4%

37,060

CenterPoint Energy Inc., 7.000%
(Cost – $1,894,704)

1,832,617

WARRANT – 0.3%

FINANCIAL – 0.3%

Diversified Financial Services – 0.3%

3,901

Merrill Lynch International & Co. CV*(a)(c)(d)
(Cost – $1,095,857)

1,100,233

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $397,352,857)

406,880,270

Face Amount†
SHORT-TERM INVESTMENTS – 2.3%
TIME DEPOSITS – 2.3%
	$	6,675,644	Banco Santander SA – Frankfurt, 1.490% due 9/3/19		6,675,644
			Brown Brothers Harriman – Grand Cayman:
		9HKD	0.750% due 9/2/19		1
		17	1.490% due 9/3/19		17
		2,813,088	JPMorgan Chase & Co. – New York, 1.490% due 9/3/19		2,813,088
			TOTAL TIME DEPOSITS (Cost – $9,488,750)		9,488,750
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%
MONEY MARKET FUND – 0.2%
		799,570	Federated Government Obligations Fund, Premier Class, 2.012%(e) (Cost – $799,570)		799,570
			TOTAL INVESTMENTS – 100.0% (Cost – $407,641,177#)		417,168,590
			Other Assets in Excess of Liabilities – 0.0%		118,469
			TOTAL NET ASSETS – 100.0%	$	417,287,059

†

Face amount denominated in U.S. dollars, unless otherwise noted.

Non-income producing security.

(a)

(b)

All or a portion of this security is on loan (See Note 5).

(c)

Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.

(d)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $1,100,233 and represents 0.26% of net assets.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Equity Income Fund (concluded)

(e)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

LLC

— Limited Liability Company

— Limited Partnership

PLC

— Public Limited Company

Summary of Investments by Security Sector^

	Consumer Non-cyclical					18.5%
	Financial					16.2
	Energy					12.2
	Utilities					10.9
	Communications					8.8
	Industrial					3.9
	Consumer Cyclical					3.7
	Technology					2.8
	Basic Materials					0.9
	Exchange Traded Funds (ETFs)					19.6
	Short-Term Investments					2.3
	Money Market Fund					0.2
						100.0%

As a percentage of total investments.

Currency Abbreviations used in this schedule:

HKD

— Hong Kong Dollar

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Real Assets Fund

Shares/Units		Security	Value
COMMON STOCKS – 5.6%
Canada – 5.5%
	17,533,079	Turquoise Hill Resources Ltd.*		$	7,721,568
United States – 0.1%
	74,934	Covia Holdings Corp.*(a)			112,401
		TOTAL COMMON STOCKS (Cost – $26,440,488)			7,833,969
EXCHANGE TRADED FUND (ETF) – 25.9%
United States – 25.9%
	670,691	iShares Core US REIT(a) (Cost – $32,181,372)			36,478,884
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $58,621,860)			44,312,853

Face Amount†
SHORT-TERM INVESTMENTS – 64.6%
TIME DEPOSITS – 64.6%
	$	55,819,366	Banco Bilbao Vizcaya Argentaria SA – Madrid, 1.490% due 9/3/19		55,819,366
		1,311,013	Banco Santander SA – Frankfurt, 1.490% due 9/3/19		1,311,013
		12AUD	Brown Brothers Harriman – Grand Cayman, 0.450% due 9/2/19		8
		33,635,990	Citibank – New York, 1.490% due 9/3/19		33,635,990
			TOTAL TIME DEPOSITS (Cost – $90,766,377)		90,766,377
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.4%
MONEY MARKET FUND – 0.4%
		616,340	Federated Government Obligations Fund, Premier Class, 2.012%(b) (Cost – $616,340)		616,340
			TOTAL INVESTMENTS – 96.5% (Cost – $150,004,577#)		135,695,570
			Other Assets in Excess of Liabilities – 3.5%		4,877,840
			TOTAL NET ASSETS – 100.0%	$	140,573,410

†

Face amount denominated in U.S. dollars, unless otherwise noted.

Non-income producing security.

(a)

All or a portion of this security is on loan (See Note 5).

(b)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

REIT

— Real Estate Investment Trust

	Currency Abbreviations used in this schedule:
	AUD — Australian Dollar

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Real Assets Fund (concluded)

Summary of Investments by Security Sector^

	Basic Materials					5.8%
	Exchange Traded Fund (ETF)					26.9
	Short-Term Investments					66.9
	Money Market Fund					0.4
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund

Face Amount			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 22.0%
			20 Times Square Trust:
	$	491,000	Series 2018-20TS, Class F, 3.203% due 5/15/35(a)(b)		$	485,178
		491,000	Series 2018-20TS, Class G, 3.203% due 5/15/35(a)(b)			477,226
			Alternative Loan Trust:
		8,944,916	Series 2005-7CB, Class 2A2, 2.905% (1-Month USD-LIBOR + 5.050%) due 4/25/35(a)(c)			923,590
		8,944,916	Series 2005-7CB, Class 2A5, 2.595% (1-Month USD-LIBOR + 0.450%) due 4/25/35(a)			7,823,267
		1,169,574	Series 2005-28CB, Class 1A7, 5.500% due 8/25/35			1,170,477
			Angel Oak Mortgage Trust I LLC:
		1,520,776	Series 2018-3, Class A1, 3.649% due 9/25/48(a)(b)			1,537,555
		1,657,763	Series 2018-3, Class A2, 3.751% due 9/25/48(a)(b)			1,676,280
		1,583,043	Series 2018-3, Class A3, 3.853% due 9/25/48(a)(b)			1,600,943
		831,913	Ashford Hospitality Trust, Series 2018-ASHF, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 4/15/35(a)(b)			832,030
			Atrium Hotel Portfolio Trust:
		991,000	Series 2018-ATRM, Class A, 3.145% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)			988,197
		991,000	Series 2018-ATRM, Class D, 4.495% (1-Month USD-LIBOR + 2.300%) due 6/15/35(a)(b)			992,539
		9,833,698	Banc of America Funding Trust, Series 2007-1, Class TA2, 2.275% (1-Month USD-LIBOR + 0.130%) due 1/25/37(a)			8,239,469
			BANK:
		12,388,861	Series 2017-BNK4, Class XA, 1.592% due 5/15/50(a)(c)			984,037
		16,289,253	Series 2018-BN10, Class XA, 0.888% due 2/15/61(a)(c)			862,420
		16,184,945	Series 2019-BN16, Class XA, 1.129% due 2/15/52(a)(c)			1,192,991
		1,358,000	Series 2019-BN19, Class AS, 3.446% due 8/15/61			1,460,135
			BBCMS Mortgage Trust:
		178,000	Series 2017-DELC, Class C, 3.395% (1-Month USD-LIBOR + 1.200%) due 8/15/36(a)(b)			177,108
		203,000	Series 2017-DELC, Class D, 3.895% (1-Month USD-LIBOR + 1.700%) due 8/15/36(a)(b)			202,745
		408,000	Series 2017-DELC, Class E, 4.695% (1-Month USD-LIBOR + 2.500%) due 8/15/36(a)(b)			407,997
		407,000	Series 2017-DELC, Class F, 5.695% (1-Month USD-LIBOR + 3.500%) due 8/15/36(a)(b)			406,997
			BBCMS Trust:
		103,488	Series 2018-BXH, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due 10/15/37(a)(b)			103,228
		1,083,000	Series 2018-CBM, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due 7/15/37(a)(b)			1,083,012

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount				Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	4,342,617		Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 4.026% due 2/25/36(a)		$	3,753,763
		200,000		Benchmark, Series 2018-B4, Class A2, 3.976% due 7/15/51			213,786
				Benchmark Mortgage Trust:
		600,000	��	Series 2018-B5, Class A4, 4.208% due 7/15/51			692,407
		35,672,038		Series 2018-B7, Class XA, 0.605% due 5/15/53(a)(c)			1,175,290
		35,710,616		Series 2019-B9, Class XA, 1.215% due 3/15/52(a)(c)			2,956,557
		750,000		Series 2019-B11, Class A4, 3.281% due 5/15/52			816,216
		997,000		BHMS, Series 2018-ATLS, Class A, 3.445% (1-Month USD-LIBOR + 1.250%) due 7/15/35(a)(b)			996,985
				BX Commercial Mortgage Trust:
		984,000		Series 2018-BIOA, Class D, 3.516% (1-Month USD-LIBOR + 1.321%) due 3/15/37(a)(b)			986,463
		917,700		Series 2018-IND, Class A, 2.945% (1-Month USD-LIBOR + 0.750%) due 11/15/35(a)(b)			918,064
				BX Trust:
		279,650		Series 2017-SLCT, Class D, 4.245% (1-Month USD-LIBOR + 2.050%) due 7/15/34(a)(b)			279,646
		474,300		Series 2017-SLCT, Class E, 5.345% (1-Month USD-LIBOR + 3.150%) due 7/15/34(a)(b)			475,037
		112,516		Series 2018-EXCL, Class A, 3.283% (1-Month USD-LIBOR + 1.088%) due 9/15/37(a)(b)			111,951
		903,000		Series 2018-GW, Class A, 2.995% (1-Month USD-LIBOR + 0.800%) due 5/15/35(a)(b)			901,013
		100,000		Series 2018-GW, Class D, 3.965% (1-Month USD-LIBOR + 1.770%) due 5/15/35(a)(b)			100,280
		982,000		Series 2018-MCSF, Class F, 4.842% (1-Month USD-LIBOR + 2.647%) due 4/15/35(a)(b)			986,912
		1,145,000		CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 3.265% (1-Month USD-LIBOR + 1.070%) due 12/15/37(a)(b)			1,146,777
				CD Mortgage Trust:
		400,000		Series 2017-CD3, Class A4, 3.631% due 2/10/50			438,839
		20,147,942		Series 2017-CD4, Class XA, 1.468% due 5/10/50(a)(c)			1,491,113
				CFCRE Commercial Mortgage Trust:
		2,008,942		Series 2016-C3, Class XA, 1.194% due 1/10/48(a)(c)			111,527
		16,492,349		Series 2017-C8, Class XA, 1.816% due 6/15/50(a)(c)			1,500,745
				Citigroup Commercial Mortgage Trust:
		37,541,608		Series 2015-GC35, Class XA, 1.010% due 11/10/48(a)(c)			1,365,249
		1,250,000		Series 2016-GC37, Class A4, 3.314% due 4/10/49			1,337,399
				Citigroup Mortgage Loan Trust:
		6,714,284		Series 2018-A, Class A1, 4.000% due 1/25/68(a)(b)			6,733,622

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	2,962,397	Series 2019-B, Class A1, 3.258% due 4/25/66(a)(b)(d)		$	2,965,028
			CLNS Trust:
		565,000	Series 2017-IKPR, Class D, 4.251% (1-Month USD-LIBOR + 2.050%) due 6/11/32(a)(b)			564,461
		565,000	Series 2017-IKPR, Class E, 5.701% (1-Month USD-LIBOR + 3.500%) due 6/11/32(a)(b)			565,876
		565,000	Series 2017-IKPR, Class F, 6.701% (1-Month USD-LIBOR + 4.500%) due 6/11/32(a)(b)			567,292
			Commercial Mortgage Trust:
		255,036,850	Series 2013-CR9, Class XA, 0.163% due 7/10/45(a)(c)			827,033
		1,127,000	Series 2016-GCT, Class F, 3.577% due 8/10/29(a)(b)			1,115,703
			Credit Suisse Commercial Mortgage Capital Trust:
		713,000	Series 2017-LSTK, Class C, 3.229% due 4/5/33(b)			715,266
		848,000	Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)			849,503
		1,246,000	Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)			1,238,881
		69,653,000	Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(c)			281,865
		25,355,000	Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(c)			41,448
		4,973,988	Series 2019-RPL2, Class A1, 3.926% due 7/25/58(b)			5,061,420
		2,709,072	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6, 5.500% due 10/25/35			2,414,206
		1,090,000	CSWF, Series 2018-TOP, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due 8/15/35(a)(b)			1,089,305
		920,714	DBGS Mortgage Trust, Series 2018-BIOD, Class A, 2.998% (1-Month USD-LIBOR + 0.803%) due 5/15/35(a)(b)			920,704
		1,220,687	Exantas Capital Corp. Ltd., Series 2019-RSO7, Class A, 3.197% (1-Month USD-LIBOR + 1.000%) due 4/15/36(a)(b)			1,221,053
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
		10,568,966	Series 4223, Class SB, 2.740% (1-Month USD-LIBOR + 5.431%) due 7/15/43(a)			10,836,764
		5,926,221	Series 4610, Class LA, 2.500% due 1/15/41			5,991,392
		4,074,979	Series 4627, Class Z, 3.000% due 10/15/46			4,029,884
		12,263,464	Series 4640, Class VB, 3.000% due 3/15/37			12,615,171
		7,838,071	Series 4653, Class Z, 3.000% due 2/15/47			8,070,597
		8,312,942	Series 4655, Class CZ, 3.000% due 2/15/47			8,655,771
		14,928,172	Series 4664, Class TC, 3.000% due 6/15/41			15,082,664
		12,607,001	Series 4745, Class EC, 3.000% due 12/15/44			12,934,840
		8,000,000	Series 4749, Class LV, 3.500% due 4/15/38			8,515,386
		17,552,150	Series 4750, Class PA, 3.000% due 7/15/46			17,884,043
			Federal National Mortgage Association (FNMA), REMICS:
		5,629,489	Series 2015-55, Class PD, 2.500% due 3/25/43			5,645,202

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	13,761,771	Series 2016-61, Class MZ, 3.000% due 9/25/46		$	13,600,682
		16,839,356	Series 2017-107, Class GA, 3.000% due 8/25/45			17,291,004
		30,013,667	Series 2017-12, Class TA, 3.000% due 4/25/42			30,360,418
		7,731,019	Series 2017-24, Class LG, 3.000% due 4/25/37			8,104,380
		18,972,082	Series 2017-32, Class CA, 3.000% due 10/25/42			19,196,884
		19,268,845	Series 2018-33, Class C, 3.000% due 5/25/48			19,740,119
		8,551,948	Series 2018-38, Class LA, 3.000% due 6/25/48			8,700,655
			Freddie Mac Multifamily Structured Pass-Through Certificates:
		1,750,000	Series K020, Class A2, 2.373% due 5/25/22			1,772,050
		1,540,000	Series K062, Class A2, 3.413% due 12/25/26			1,693,998
		300,000	Series K078, Class A2, 3.854% due 6/25/28			342,530
		2,904,350	FWDSecuritization Trust, Series 2019-INV1, Class A3, 3.110% due 6/25/49(a)(b)			2,928,984
			Great Wolf Trust:
		272,000	Series 2017-WOLF, Class D, 4.295% (1-Month USD-LIBOR + 2.100%) due 9/15/34(a)(b)			272,081
		422,000	Series 2017-WOLF, Class E, 5.295% (1-Month USD-LIBOR + 3.100%) due 9/15/34(a)(b)			422,259
		225,000	Series 2017-WOLF, Class F, 6.265% (1-Month USD-LIBOR + 4.070%) due 9/15/34(a)(b)			225,208
			GS Mortgage Securities Corp. Trust:
		990,000	Series 2018-3PCK, Class A, 3.645% (1-Month USD-LIBOR + 1.450%) due 9/15/31(a)(b)			987,604
		1,133,000	Series 2018-FBLU, Class F, 5.445% (1-Month USD-LIBOR + 3.250%) due 11/15/35(a)(b)			1,137,952
		400,000	Series 2018-TWR, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 7/15/31(a)(b)			399,125
		400,000	Series 2018-TWR, Class D, 3.795% (1-Month USD-LIBOR + 1.600%) due 7/15/31(a)(b)			398,405
		400,000	Series 2018-TWR, Class E, 4.295% (1-Month USD-LIBOR + 2.100%) due 7/15/31(a)(b)			401,186
		400,000	Series 2018-TWR, Class F, 4.995% (1-Month USD-LIBOR + 2.800%) due 7/15/31(a)(b)			401,594
		400,000	Series 2018-TWR, Class G, 6.120% (1-Month USD-LIBOR + 3.925%) due 7/15/31(a)(b)			402,603
		1,250,000	Series 2019-SOHO, Class E, 4.070% (1-Month USD-LIBOR + 1.875%) due 6/15/36(a)(b)			1,246,263
			GS Mortgage Securities Trust:
		896,614	Series 2012-GC6, Class A3, 3.482% due 1/10/45			919,396
		10,515,909	Series 2017-GS7, Class XA, 1.280% due 8/10/50(a)(c)			746,323

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	8,748,091	HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 2.332% (1-Month USD-LIBOR + 0.150%) due 1/25/47(a)		$	8,648,366
		1,243,000	HPLY Trust, Series 2019-HIT, Class F, 5.345% (1-Month USD-LIBOR + 3.150%) due 11/15/36(a)(b)			1,248,056
			JP Morgan Chase Commercial Mortgage Securities Corp.:
		101,458	Series 2017-FL10, Class B, 3.195% (1-Month USD-LIBOR + 1.000%) due 6/15/32(a)(b)			100,934
		161,000	Series 2017-FL10, Class C, 3.445% (1-Month USD-LIBOR + 1.250%) due 6/15/32(a)(b)			159,904
		523,000	Series 2017-FL10, Class D, 4.095% (1-Month USD-LIBOR + 1.900%) due 6/15/32(a)(b)			518,240
			JP Morgan Chase Commercial Mortgage Securities Trust:
		784,914	Series 2012-C8, Class A3, 2.829% due 10/15/45			803,335
		976,716	Series 2018-LAQ, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due 6/15/32(a)(b)			975,485
			JP Morgan Mortgage Trust:
		4,477,262	Series 2006-S1, Class 2A9, 6.500% due 4/25/36			4,939,444
		9,219,352	Series 2006-S4, Class A7, 6.000% due 1/25/37			7,002,592
		3,259,866	Series 2018-7FRB, Class A2, 3.016% (1-Month USD-LIBOR + 0.750%) due 4/25/46(a)(b)			3,246,501
			JPMBB Commercial Mortgage Securities Trust:
		1,667,000	Series 2015-C27, Class C, 4.483% due 2/15/48(a)			1,750,550
		1,906,000	Series 2015-C28, Class C, 4.360% due 10/15/48(a)			1,992,606
		1,911,199	Legacy Mortgage Asset Trust, Series 2019-SL3, Class A, step bond to yield, 3.474% due 11/25/61(b)(d)			1,915,295
		8,802,083	Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750% due 8/25/36			5,803,098
		1,817,000	Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class F, 6.527% due 9/12/42(a)(b)			1,829,902
		1,082,000	Monarch Beach Resort Trust, Series 2018-MBR, Class A, 3.115% (1-Month USD-LIBOR + 0.920%) due 7/15/35(a)(b)			1,079,281
			Morgan Stanley Bank of America Merrill Lynch Trust:
		431,972	Series 2014-C15, Class A3, 3.773% due 4/15/47			462,814
		2,000,000	Series 2014-C17, Class C, 4.656% due 8/15/47(a)			2,130,123
		19,660,213	Series 2014-C19, Class XA, 1.199% due 12/15/47(a)(c)			814,108
		852,000	Series 2016-C31, Class C, 4.459% due 11/15/49(a)			892,121
			Morgan Stanley Capital I Trust:
		1,964,000	Series 2011-C1, Class D, 5.554% due 9/15/47(a)(b)			2,039,657
		17,860,487	Series 2016-UB11, Class XA, 1.767% due 8/15/49(a)(c)			1,414,894
		14,424,843	Series 2016-UB12, Class XA, 0.924% due 12/15/49(a)(c)			586,035

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	1,083,000	Series 2018-SUN, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 7/15/35(a)(b)		$	1,082,142
		1,356,000	Series 2019-H7, Class AS, 3.524% due 7/15/52			1,459,848
		583,000	Series 2019-H7, Class B, 3.725% due 7/15/52			627,342
		827,750	Motel 6 Trust, Series 2017-MTL6, Class A, 3.115% (1-Month USD-LIBOR + 0.920%) due 8/15/34(a)(b)			827,482
		1,122,000	MSCG Trust, Series 2018-SELF, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 10/15/37(a)(b)			1,123,107
		931,788	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class A, 3.275% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)			929,281
		2,980,227	PMT Credit Risk Transfer Trust, Series 2019-2R, Class A, 4.991% (1-Month USD-LIBOR + 2.750%) due 5/27/23(a)(b)(d)			2,985,845
		8,881,864	PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due 1/25/24(b)(d)			8,976,654
			Rali Series Trust:
		2,373,818	Series 2005-QS13, Class 1A3, 5.500% due 9/25/35			2,240,234
		24,067,716	Series 2007-QH5, Class AII, 2.375% (1-Month USD-LIBOR + 0.230%) due 6/25/37(a)			13,250,260
			Rosslyn Portfolio Trust:
		429,000	Series 2017-ROSS, Class A, 3.145% (1-Month USD-LIBOR + 0.950%) due 6/15/33(a)(b)			428,976
		429,000	Series 2017-ROSS, Class B, 3.445% (1-Month USD-LIBOR + 1.250%) due 6/15/33(a)(b)			428,556
			UBS Commercial Mortgage Trust:
		5,752,302	Series 2017-C1, Class XA, 1.734% due 6/15/50(a)(c)			530,650
		979,000	Series 2018-C8, Class C, 4.860% due 2/15/51(a)			1,075,280
		4,881,507	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 1.091% due 3/10/46(a)(b)(c)			132,599
		1,686,000	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 6.252% due 1/10/45(a)(b)			1,761,245
		6,400,000	Verus Securitization Trust, Series 2019-INV2, Class M1, 3.499% due 7/25/59(a)(b)			6,501,155
			Wells Fargo Commercial Mortgage Trust:
		295,000	Series 2010-C1, Class C, 5.783% due 11/15/43(a)(b)			302,918
		1,356,000	Series 2015-C27, Class C, 3.894% due 2/15/48			1,379,209
		275,000	Series 2015-C31, Class A4, 3.695% due 11/15/48			299,952
		1,000,000	Series 2015-LC20, Class A3, 3.086% due 4/15/50			1,020,208
		2,581,000	Series 2015-NXS4, Class E, 3.751% due 12/15/48(a)(b)			2,313,164
		17,339,859	Series 2016-C33, Class XA, 1.926% due 3/15/59(a)(c)			1,394,161
		10,934,664	Series 2016-NXS6, Class XA, 1.778% due 11/15/49(a)(c)			849,499

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	10,361,303	Series 2017-C38, Class XA, 1.212% due 7/15/50(a)(c)		$	667,520
		1,200,000	Series 2017-C42, Class A4, 3.589% due 12/15/50			1,316,456
		1,505,000	WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440% due 4/15/45			1,540,966
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $426,440,045)			431,307,573
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 22.2%
U.S. GOVERNMENT OBLIGATIONS – 21.8%
			U.S. Treasury Bonds:
		1,000,000	5.250% due 11/15/28			1,322,578
		500,000	6.250% due 5/15/30			733,379
		600,000	5.375% due 2/15/31			841,711
		2,800,000	4.500% due 5/15/38			4,034,844
		1,500,000	4.375% due 11/15/39			2,153,555
		3,500,000	3.875% due 8/15/40			4,741,680
		3,000,000	4.375% due 5/15/41			4,347,891
		2,500,000	3.125% due 11/15/41			3,058,789
		3,500,000	2.750% due 8/15/42			4,042,090
		1,000,000	2.750% due 11/15/42			1,154,883
		3,500,000	2.875% due 5/15/43			4,130,820
		300,000	3.750% due 11/15/43			406,043
		3,500,000	3.125% due 8/15/44			4,317,852
		1,475,000	2.500% due 2/15/45			1,636,731
		3,000,000	2.875% due 8/15/45			3,562,617
		1,000,000	2.500% due 2/15/46			1,110,898
		2,500,000	2.500% due 5/15/46			2,779,199
		1,700,000	2.875% due 11/15/46			2,028,777
		3,500,000	3.000% due 2/15/47			4,277,930
		1,000,000	3.000% due 5/15/47			1,222,539
		1,100,000	2.750% due 8/15/47			1,285,582
		1,000,000	2.750% due 11/15/47			1,169,648
		1,100,000	3.000% due 8/15/48			1,351,238
		23,400,000	2.875% due 5/15/49			28,196,086
		6,599,744	U.S. Treasury Inflation Indexed Notes, 0.625% due 4/15/23			6,699,280
			U.S. Treasury Notes:
		6,000,000	1.375% due 9/30/20			5,973,984
		4,000,000	1.875% due 12/15/20			4,009,063
		2,000,000	1.750% due 12/31/20			2,001,484

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)
U.S. GOVERNMENT OBLIGATIONS – (continued)
	$	5,000,000	2.000% due 1/15/21		$	5,022,461
		9,000,000	2.125% due 1/31/21			9,057,656
		10,000,000	2.250% due 3/31/21			10,097,266
		3,500,000	1.125% due 6/30/21			3,472,246
		12,000,000	2.125% due 6/30/21			12,121,406
		1,000,000	2.875% due 10/15/21			1,028,164
		4,000,000	1.875% due 1/31/22			4,036,563
		500,000	1.750% due 2/28/22			503,477
		6,000,000	1.875% due 3/31/22			6,061,875
		800,000	1.750% due 4/30/22			806,250
		4,000,000	1.750% due 6/30/22			4,035,000
		5,500,000	1.875% due 7/31/22			5,567,246
		1,500,000	1.625% due 8/15/22			1,508,320
		1,000,000	1.625% due 8/31/22			1,005,430
		4,000,000	1.875% due 10/31/22			4,055,000
		1,250,000	2.000% due 11/30/22			1,272,363
		6,000,000	1.750% due 1/31/23			6,063,984
		7,250,000	2.375% due 1/31/23			7,476,846
		5,000,000	1.500% due 3/31/23			5,014,648
		5,000,000	1.625% due 5/31/23			5,036,719
		6,000,000	1.375% due 8/31/23			5,990,625
		2,500,000	1.625% due 10/31/23			2,520,801
		9,000,000	2.250% due 12/31/23			9,313,242
		5,000,000	2.750% due 2/15/24			5,286,328
		19,700,000	2.125% due 2/29/24			20,301,774
		9,500,000	2.125% due 3/31/24			9,797,246
		2,600,000	2.000% due 4/30/24			2,668,250
		2,000,000	2.500% due 5/15/24			2,098,359
		900,000	2.000% due 5/31/24			924,609
		2,500,000	1.750% due 6/30/24			2,540,234
		4,000,000	2.000% due 6/30/24			4,109,062
		25,200,000	2.125% due 7/31/24			26,049,516
		1,000,000	1.875% due 8/31/24			1,022,148
		400,000	2.125% due 9/30/24			413,781
		4,000,000	2.250% due 11/15/24			4,165,156
		4,000,000	2.125% due 11/30/24			4,141,563
		2,400,000	2.250% due 12/31/24			2,501,813

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)
U.S. GOVERNMENT OBLIGATIONS – (continued)
	$	2,500,000	2.000% due 2/15/25		$	2,575,293
		2,000,000	2.875% due 7/31/25			2,161,719
		1,000,000	2.000% due 8/15/25			1,031,719
		2,000,000	2.750% due 8/31/25			2,149,688
		33,100,000	2.250% due 11/15/25			34,673,543
		5,000,000	1.625% due 2/15/26			5,053,320
		2,000,000	2.500% due 2/28/26			2,129,688
		27,650,000	1.625% due 5/15/26			27,954,582
		5,600,000	1.625% due 8/15/29			5,663,656
		4,000,000	2.250% due 2/15/27			4,224,062
		400,000	2.375% due 5/15/27			426,594
		2,000,000	2.250% due 8/15/27			2,116,953
		5,000,000	2.250% due 11/15/27			5,297,852
		11,678,000	2.625% due 2/15/29			12,828,009
		3,800,000	2.875% due 8/15/28			4,237,297
		10,000,000	3.125% due 11/15/28			11,389,453
		2,000,000	2.375% due 5/15/29			2,156,250
			TOTAL U.S. GOVERNMENT OBLIGATIONS			425,748,276
U.S. GOVERNMENT AGENCIES – 0.4%
			Federal Home Loan Banks (FHLB):
		1,000,000	1.375% due 2/18/21			997,376
		2,000,000	3.625% due 6/11/21			2,071,530
		555,000	3.125% due 6/13/25	��		604,671
			Federal Home Loan Mortgage Corp. (FHLMC):
		1,645,000	2.375% due 1/13/22			1,676,581
		1,300,000	6.250% due 7/15/32			1,957,088
			Federal National Mortgage Association (FNMA):
		350,000	2.625% due 1/11/22			358,621
		1,000,000	1.875% due 4/5/22			1,010,128
			TOTAL U.S. GOVERNMENT AGENCIES			8,675,995
			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost – $410,797,420)			434,424,271
CORPORATE BONDS & NOTES – 20.1%
Basic Materials – 0.9%
		350,000	Air Products & Chemicals Inc., Senior Unsecured Notes, 3.000% due 11/3/21			358,999
			AK Steel Corp., Company Guaranteed Notes:
		50,000	7.625% due 10/1/21			49,687

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Basic Materials – (continued)
	$	60,000	6.375% due 10/15/25		$	49,650
		400,000	Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.125% due 5/15/28(b)			416,000
		25,000	ArcelorMittal, Senior Unsecured Notes, 7.000% due 10/15/39			29,916
		530,000	Ashland LLC, Company Guaranteed Notes, 4.750% due 8/15/22			557,009
		100,000	Barrick North America Finance LLC, Company Guaranteed Notes, 5.750% due 5/1/43			134,500
		200,000	BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 4.125% due 2/24/42			237,236
		750,000	Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 5.500% due 4/30/49(b)			829,687
		800,000	CSN Islands XII Corp., Company Guaranteed Notes, 7.000%(e)			679,008
			CSN Resources SA, Company Guaranteed Notes:
		400,000	7.625% due 2/13/23			408,004
		400,000	7.625% due 4/17/26(b)			403,000
		250,000	Dow Chemical Co., Senior Unsecured Notes, 4.625% due 10/1/44			274,942
		730,000	DuPont de Nemours Inc., Senior Unsecured Notes, 5.419% due 11/15/48			937,706
		150,000	Eastman Chemical Co., Senior Unsecured Notes, 3.800% due 3/15/25			157,535
			Freeport-McMoRan Inc., Company Guaranteed Notes:
		1,300,000	5.400% due 11/14/34			1,248,000
		850,000	5.450% due 3/15/43			775,625
		1,000,000	Fresnillo PLC, Senior Unsecured Notes, 5.500% due 11/13/23			1,085,010
		560,000	Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(b)			596,347
		95,000	Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(b)			91,913
			International Paper Co., Senior Unsecured Notes:
		500,000	3.000% due 2/15/27			511,441
		100,000	4.400% due 8/15/47			106,633
		200,000	Inversiones CMPC SA, Company Guaranteed Notes, 4.750% due 9/15/24			215,109
		500,000	LYB International Finance II BV, Company Guaranteed Notes, 3.500% due 3/2/27			516,272
		840,000	Mosaic Co., Senior Unsecured Notes, 4.050% due 11/15/27			876,535
		200,000	Nexa Resources SA, Company Guaranteed Notes, 5.375% due 5/4/27			210,300
		150,000	Nutrien Ltd., Senior Unsecured Notes, 6.125% due 1/15/41			190,703
		100,000	PPG Industries Inc., Senior Unsecured Notes, 2.800% due 8/15/29			101,330
		200,000	Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 5.200% due 11/2/40			263,442
		160,000	Schweitzer-Mauduit International Inc., Company Guaranteed Notes, 6.875% due 10/1/26(b)			164,800
		100,000	Sherwin-Williams Co., Senior Unsecured Notes, 4.500% due 6/1/47			113,829

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Basic Materials – (continued)
	$	200,000	Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 4.375% due 1/28/25		$	211,750
			Southern Copper Corp., Senior Unsecured Notes:
		125,000	3.875% due 4/23/25			130,857
		125,000	6.750% due 4/16/40			163,675
		1,600,000	Syngenta Finance NV, Company Guaranteed Notes, 5.676% due 4/24/48			1,708,504
		1,100,000	UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21			1,107,554
		250,000	Vale Overseas Ltd., Company Guaranteed Notes, 6.250% due 8/10/26			287,938
		400,000	Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250% due 4/23/26(b)			387,800
			Vedanta Resources Ltd., Senior Unsecured Notes:
		200,000	7.125% due 5/31/23			191,300
		1,600,000	6.125% due 8/9/24			1,440,800
		100,000	Westlake Chemical Corp., Company Guaranteed Notes, 5.000% due 8/15/46			108,406
			Total Basic Materials			18,328,752
Communications – 2.1%
		200,000	Alibaba Group Holding Ltd., Senior Unsecured Notes, 4.000% due 12/6/37			220,157
		255,000	Altice France SA, Senior Secured Notes, 7.375% due 5/1/26(b)			272,213
			Amazon.com Inc., Senior Unsecured Notes:
		845,000	2.800% due 8/22/24			882,128
		635,000	3.800% due 12/5/24			693,318
		250,000	3.150% due 8/22/27			268,842
		250,000	4.050% due 8/22/47			306,808
		250,000	America Movil SAB de CV, Senior Unsecured Notes, 4.375% due 7/16/42			290,227
			AT&T Inc., Senior Unsecured Notes:
		500,000	3.200% due 3/1/22			512,890
		250,000	3.800% due 3/1/24			265,857
		840,000	3.400% due 5/15/25			882,271
		300,000	3.800% due 2/15/27			320,309
		250,000	4.250% due 3/1/27			275,136
		100,000	4.300% due 2/15/30			111,043
		250,000	5.250% due 3/1/37			297,181
		250,000	5.350% due 9/1/40			297,783
		250,000	4.850% due 7/15/45			286,285
		200,000	4.500% due 3/9/48			218,305
		300,000	5.700% due 3/1/57			380,008
		1,000,000	Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20			1,012,179

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	200,000	Baidu Inc., Senior Unsecured Notes, 4.875% due 11/14/28		$	226,731
		600,000	Bharti Airtel International Netherlands BV, Company Guaranteed Notes, 5.125% due 3/11/23			634,878
		1,200,000	Bharti Airtel Ltd., Senior Unsecured Notes, 4.375% due 6/10/25			1,241,676
			C&W Senior Financing DAC, Senior Unsecured Notes:
		600,000	7.500% due 10/15/26(b)			650,880
		1,600,000	6.875% due 9/15/27			1,703,824
			CBS Corp., Company Guaranteed Notes:
		100,000	3.375% due 3/1/22			102,727
		100,000	5.900% due 10/15/40			126,899
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
		555,000	5.750% due 2/15/26(b)			587,606
		125,000	5.000% due 2/1/28(b)			131,250
		165,000	Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(b)			152,625
		350,000	Charter Communications Operating LLC / Charter Communications Operating Capital, Senior Secured Notes, 5.050% due 3/30/29			395,671
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
		490,000	4.464% due 7/23/22			517,742
		250,000	4.908% due 7/23/25			276,296
		250,000	6.484% due 10/23/45			309,135
		195,000	Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(b)			177,937
			Cisco Systems Inc., Senior Unsecured Notes:
		150,000	2.200% due 9/20/23			152,274
		100,000	3.625% due 3/4/24			107,986
		100,000	5.500% due 1/15/40			140,289
			Clear Channel Worldwide Holdings Inc.:
		126,000	Company Guaranteed Notes, 9.250% due 2/15/24(b)			138,127
		160,000	Senior Secured Notes, 5.125% due 8/15/27(b)			167,400
		200,000	Colombia Telecomunicaciones SA ESP, Junior Subordinated Notes, 8.500% (5-Year USD Swap Rate + 6.958%)(a)(e)			205,502
			Comcast Corp., Company Guaranteed Notes:
		250,000	3.000% due 2/1/24			259,960
		250,000	3.300% due 2/1/27			266,143
		500,000	4.150% due 10/15/28			567,279
		150,000	4.400% due 8/15/35			176,768
		400,000	3.400% due 7/15/46			416,264
		870,000	4.700% due 10/15/48			1,088,525

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	100,000	3.999% due 11/1/49		$	113,131
			CommScope Inc., Senior Secured Notes:
		105,000	5.500% due 3/1/24(b)			106,444
		100,000	6.000% due 3/1/26(b)			101,850
		500,000	Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes, 6.875% due 2/6/24			516,875
			CSC Holdings LLC:
		215,000	Company Guaranteed Notes, 5.375% due 7/15/23(b)			220,968
		345,000	Senior Unsecured Notes, 5.250% due 6/1/24			369,150
		175,000	Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 5.375% due 8/15/26(b)			183,750
		502,138	Digicel Group Two Ltd., Senior Unsecured Notes, 9.125% due 4/1/24(b)(f)			37,660
			Discovery Communications LLC, Company Guaranteed Notes:
		200,000	2.950% due 3/20/23			204,155
		400,000	3.800% due 3/13/24			419,743
		350,000	4.125% due 5/15/29			374,478
		120,000	DISH DBS Corp., Company Guaranteed Notes, 5.875% due 11/15/24			114,156
		100,000	eBay Inc., Senior Unsecured Notes, 4.000% due 7/15/42			98,979
		195,000	Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36			191,170
		800,000	Empresa Nacional de Telecomunicaciones SA, Senior Unsecured Notes, 4.750% due 8/1/26			845,876
		900,000	Expedia Group Inc., Company Guaranteed Notes, 3.800% due 2/15/28			953,566
			Frontier Communications Corp.:
			Senior Unsecured Notes:
		45,000	8.500% due 4/15/20			27,900
		100,000	7.125% due 1/15/23			51,000
		80,000	Secured Notes, 8.500% due 4/1/26(b)			77,800
		125,000	Senior Secured Notes, 8.000% due 4/1/27(b)			130,313
		190,000	Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., Senior Secured Notes, 9.875% due 5/1/24(b)			198,313
			Gray Television Inc.:
		65,000	Company Guaranteed Notes, 5.125% due 10/15/24(b)			67,113
		190,000	Senior Unsecured Notes, 7.000% due 5/15/27(b)			207,755
		135,000	GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(b)			141,075
		250,000	Grupo Televisa SAB, Senior Unsecured Notes, 4.625% due 1/30/26			268,807
		140,000	GTT Communications Inc., Company Guaranteed Notes, 7.875% due 12/31/24(b)			88,200

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
			iHeartCommunications Inc.:
			Senior Secured Notes:
	$	45,000	6.375% due 5/1/26		$	48,600
		105,000	5.250% due 8/15/27(b)			110,400
		25,000	Company Guaranteed Notes, 8.375% due 5/1/27			26,969
			Intelsat Jackson Holdings SA, Company Guaranteed Notes:
		65,000	5.500% due 8/1/23			59,150
		210,000	8.500% due 10/15/24(b)			208,425
		270,000	Iridium Communications Inc., Senior Unsecured Notes, 10.250% due 4/15/23(b)			292,950
		320,000	Level 3 Financing Inc., Company Guaranteed Notes, 5.375% due 1/15/24			325,600
		255,000	Match Group Inc., Senior Unsecured Notes, 5.000% due 12/15/27(b)			267,750
			Millicom International Cellular SA, Senior Unsecured Notes:
		400,000	6.000% due 3/15/25			415,500
		200,000	6.625% due 10/15/26(b)			218,000
		600,000	5.125% due 1/15/28			622,500
		700,000	6.250% due 3/25/29(b)			761,313
			Netflix Inc., Senior Unsecured Notes:
		140,000	5.875% due 2/15/25			154,525
		75,000	5.375% due 11/15/29(b)			81,563
		100,000	Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.600% due 4/15/26			106,196
		250,000	Orange SA, Senior Unsecured Notes, 9.000% due 3/1/31			395,667
		180,000	Radiate Holdco LLC/Radiate Finance Inc., Senior Unsecured Notes, 6.875% due 2/15/23(b)			183,600
		100,000	Rogers Communications Inc., Company Guaranteed Notes, 5.000% due 3/15/44			124,738
		155,000	Scripps Escrow Inc., Senior Unsecured Notes, 5.875% due 7/15/27(b)			156,356
		600,000	SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 4.500% due 9/8/21			626,677
			Sirius XM Radio Inc., Company Guaranteed Notes:
		225,000	5.375% due 7/15/26(b)			237,656
		110,000	5.500% due 7/1/29(b)			119,868
		415,000	Sprint Capital Corp., Company Guaranteed Notes, 6.875% due 11/15/28			460,131
		395,000	Sprint Corp., Company Guaranteed Notes, 7.125% due 6/15/24			436,657
		1,000,000	Telecom Argentina SA, Senior Unsecured Notes, 8.000% due 7/18/26(b)			795,000
		250,000	Telefonica Celular del Paraguay SA, Senior Unsecured Notes, 5.875% due 4/15/27(b)		��	265,313

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	200,000	Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22		$	206,492
			Telefonica Emisiones SA, Company Guaranteed Notes:
		250,000	4.103% due 3/8/27			273,613
		200,000	5.213% due 3/8/47			232,958
		260,000	Telesat Canada/Telesat LLC, Company Guaranteed Notes, 8.875% due 11/15/24(b)			281,286
		300,000	TELUS Corp., Senior Unsecured Notes, 3.700% due 9/15/27			323,082
			Time Warner Cable LLC, Senior Secured Notes:
		150,000	4.000% due 9/1/21			153,819
		150,000	7.300% due 7/1/38			192,418
		150,000	4.500% due 9/15/42			150,573
		500,000	T-Mobile USA Inc., Company Guaranteed Notes, 4.500% due 2/1/26			518,750
			TWDC Enterprises 18 Corp., Company Guaranteed Notes:
		500,000	2.450% due 3/4/22			509,175
		125,000	3.150% due 9/17/25			134,147
		155,000	Uber Technologies Inc., Company Guaranteed Notes, 8.000% due 11/1/26(b)			163,041
		45,000	Univision Communications Inc., Senior Secured Notes, 5.125% due 5/15/23(b)			44,438
			Verizon Communications Inc., Senior Unsecured Notes:
		493,000	4.329% due 9/21/28			566,296
		530,000	4.016% due 12/3/29(b)			598,633
		285,000	4.272% due 1/15/36			327,220
		500,000	5.250% due 3/16/37			633,508
		500,000	5.012% due 4/15/49			639,169
		40,000	4.672% due 3/15/55			49,267
		200,000	Viacom Inc., Senior Unsecured Notes, 5.850% due 9/1/43			250,242
			Vodafone Group PLC, Senior Unsecured Notes:
		350,000	4.375% due 5/30/28			392,636
		250,000	4.375% due 2/19/43			267,021
			VTR Finance BV, Senior Secured Notes:
		1,263,000	6.875% due 1/15/24			1,304,048
		270,000	6.875% due 1/15/24(b)			278,775
			Walt Disney Co., Company Guaranteed Notes:
		250,000	3.375% due 11/15/26(b)			270,047
		250,000	4.750% due 11/15/46(b)			328,275
			Total Communications			41,415,594

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – 1.3%
	$	380,000	1011778 BC ULC/New Red Finance Inc., Secured Notes, 5.000% due 10/15/25(b)		$	392,350
		330,000	Allison Transmission Inc., Senior Unsecured Notes, 5.000% due 10/1/24(b)			339,520
		130,000	American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.250% due 3/15/26			120,575
		500,000	American Honda Finance Corp., Senior Unsecured Notes, 2.900% due 2/16/24			518,525
		305,000	Aramark Services Inc., Company Guaranteed Notes, 5.000% due 4/1/25(b)			315,111
		365,000	Beacon Roofing Supply Inc., Company Guaranteed Notes, 4.875% due 11/1/25(b)			359,981
		370,000	Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(b)			403,762
		215,000	Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes, 5.250% due 10/15/25(b)			218,762
		125,000	Carvana Co., Company Guaranteed Notes, 8.875% due 10/1/23(b)			128,750
		280,000	Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29(b)			303,800
		115,000	Century Communities Inc., Senior Unsecured Notes, 6.750% due 6/1/27(b)			121,900
		140,000	Constellation Merger Sub Inc., Senior Unsecured Notes, 8.500% due 9/15/25(b)			119,000
		700,000	Controladora Mabe SA de CV, Company Guaranteed Notes, 5.600% due 10/23/28			744,625
		235,000	Dana Financing Luxembourg SARL, Company Guaranteed Notes, 5.750% due 4/15/25(b)			239,700
		705,000	Delta Air Lines Inc., Senior Unsecured Notes, 3.625% due 3/15/22			725,573
		575,000	Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25			607,841
		200,000	eG Global Finance PLC, Senior Secured Notes, 6.750% due 2/7/25(b)			193,000
		180,000	Eldorado Resorts Inc., Company Guaranteed Notes, 6.000% due 4/1/25			190,800
		250,000	Ford Motor Co., Senior Unsecured Notes, 5.291% due 12/8/46			240,861
		500,000	Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.810% due 1/9/24			504,253
			General Motors Co., Senior Unsecured Notes:
		205,000	3.009% (3-Month USD-LIBOR + 0.800%) due 8/7/20(a)			205,270
		100,000	6.750% due 4/1/46			119,025
			General Motors Financial Co., Inc.:
			Company Guaranteed Notes:
		500,000	3.450% due 1/14/22			509,554
		810,000	3.279% (3-Month USD-LIBOR + 0.990%) due 1/5/23(a)			800,840
		415,000	3.950% due 4/13/24			429,384
		500,000	4.350% due 1/17/27			518,132
		150,000	Senior Unsecured Notes, 5.650% due 1/17/29			167,827
		1,500,000	Gohl Capital Ltd., Company Guaranteed Notes, 4.250% due 1/24/27			1,585,429
		105,000	Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(b)			109,211

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	340,000	Golden Nugget Inc., Senior Unsecured Notes, 6.750% due 10/15/24(b)		$	347,650
		640,000	Hasbro Inc., Senior Unsecured Notes, 3.500% due 9/15/27			652,857
		510,000	Hilton Domestic Operating Co., Inc., Company Guaranteed Notes, 4.250% due 9/1/24			520,200
			Home Depot Inc., Senior Unsecured Notes:
		250,000	2.625% due 6/1/22			255,993
		250,000	2.125% due 9/15/26			251,223
		565,000	3.900% due 6/15/47			655,727
		250,000	3.500% due 9/15/56			272,182
		210,000	IAA Inc., Senior Unsecured Notes, 5.500% due 6/15/27(b)			223,650
		240,000	IRB Holding Corp., Company Guaranteed Notes, 6.750% due 2/15/26(b)			241,200
		255,000	KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(b)			262,650
			Latam Finance Ltd., Company Guaranteed Notes:
		400,000	6.875% due 4/11/24			415,004
		600,000	7.000% due 3/1/26(b)			623,256
		235,000	Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 6.375% due 2/1/24(b)			248,205
		310,000	Live Nation Entertainment Inc., Company Guaranteed Notes, 5.625% due 3/15/26(b)			330,538
		250,000	Lowe’s Cos. Inc., Senior Unsecured Notes, 3.700% due 4/15/46			255,219
		330,000	LTF Merger Sub Inc., Company Guaranteed Notes, 8.500% due 6/15/23(b)			337,838
		18,000	Macy’s Retail Holdings Inc., Company Guaranteed Notes, 4.500% due 12/15/34			16,536
		210,000	Marriott Ownership Resorts Inc./ILG LLC, Company Guaranteed Notes, 6.500% due 9/15/26			226,632
			McDonald’s Corp., Senior Unsecured Notes:
		250,000	3.500% due 3/1/27			269,651
		75,000	4.875% due 12/9/45			92,462
		250,000	4.450% due 3/1/47			293,769
		115,000	MGM Resorts International, Company Guaranteed Notes, 5.750% due 6/15/25			126,647
		97,000	Newell Brands Inc., Senior Unsecured Notes, 5.375% due 4/1/36			103,859
		300,000	Nordstrom Inc., Senior Unsecured Notes, 4.000% due 3/15/27			306,111
			Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
		80,000	Company Guaranteed Notes, 8.500% due 5/15/27(b)			78,000
		195,000	Senior Secured Notes, 6.250% due 5/15/26(b)			202,312
		230,000	Penn National Gaming Inc., Senior Unsecured Notes, 5.625% due 1/15/27(b)			236,061
			PetSmart Inc.:
		130,000	Company Guaranteed Notes, 7.125% due 3/15/23(b)			120,900

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	76,000	Senior Secured Notes, 5.875% due 6/1/25(b)		$	74,480
		225,000	Resideo Funding Inc., Company Guaranteed Notes, 6.125% due 11/1/26(b)			239,063
		400,000	SACI Falabella, Senior Unsecured Notes, 3.750% due 4/30/23			411,015
		200,000	Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28			230,883
			Scientific Games International Inc.:
		125,000	Company Guaranteed Notes, 8.250% due 3/15/26(b)			132,500
		200,000	Senior Secured Notes, 5.000% due 10/15/25(b)			206,648
		280,000	Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875% due 7/31/24(b)			289,800
		195,000	Staples Inc., Senior Secured Notes, 7.500% due 4/15/26(b)			196,950
		150,000	Starbucks Corp., Senior Unsecured Notes, 3.550% due 8/15/29			164,127
		235,000	Stars Group Holdings BV/Stars Group US Co.-Borrower LLC, Company Guaranteed Notes, 7.000% due 7/15/26(b)			249,394
		225,000	Superior Plus LP/Superior General Partner Inc., Senior Unsecured Notes, 7.000% due 7/15/26(b)			235,688
			Target Corp., Senior Unsecured Notes:
		100,000	2.900% due 1/15/22			103,053
		125,000	3.500% due 7/1/24			134,576
		100,000	3.900% due 11/15/47			118,119
		320,000	Tempur Sealy International Inc., Company Guaranteed Notes, 5.500% due 6/15/26			334,400
		750,000	Toyota Motor Corp., Senior Unsecured Notes, 3.419% due 7/20/23			796,662
		150,000	Twin River Worldwide Holdings Inc., Senior Unsecured Notes, 6.750% due 6/1/27(b)			158,063
		355,000	Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 9/15/27(b)			368,312
		500,000	Walgreens Boots Alliance Inc., Senior Unsecured Notes, 3.450% due 6/1/26			519,202
			Walmart Inc., Senior Unsecured Notes:
		150,000	3.125% due 6/23/21			153,669
		250,000	2.550% due 4/11/23			256,479
		250,000	3.300% due 4/22/24			265,339
		250,000	4.300% due 4/22/44			312,881
		250,000	4.050% due 6/29/48			311,291
		245,000	William Carter Co., Company Guaranteed Notes, 5.625% due 3/15/27(b)			260,920
		100,000	WW Grainger Inc., Senior Unsecured Notes, 4.200% due 5/15/47			114,549
			Total Consumer Cyclical			25,837,756
Consumer Non-cyclical – 3.0%
			Abbott Laboratories, Senior Unsecured Notes:
		140,000	3.750% due 11/30/26			154,054

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	250,000	4.900% due 11/30/46		$	334,173
			AbbVie Inc., Senior Unsecured Notes:
		520,000	3.200% due 11/6/22			532,700
		350,000	2.850% due 5/14/23			356,676
		475,000	4.450% due 5/14/46			499,079
		400,000	Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950% due 1/19/22			411,000
		100,000	Aetna Inc., Senior Unsecured Notes, 3.875% due 8/15/47			99,764
		150,000	Air Medical Group Holdings Inc., Senior Unsecured Notes, 6.375% due 5/15/23(b)			131,437
		280,000	Albertsons Cos LLC/Safeway Inc./New Albertsons LP/Albertson’s LLC, Company Guaranteed Notes, 5.875% due 2/15/28(b)			295,081
		100,000	Allergan Finance LLC, Company Guaranteed Notes, 3.250% due 10/1/22			102,204
			Allergan Funding SCS, Company Guaranteed Notes:
		290,000	3.850% due 6/15/24			306,249
		405,000	3.800% due 3/15/25			426,089
		100,000	4.550% due 3/15/35			107,574
		84,000	4.750% due 3/15/45			92,133
			Altria Group Inc., Company Guaranteed Notes:
		250,000	4.800% due 2/14/29			283,089
		250,000	3.875% due 9/16/46			245,559
		555,000	5.950% due 2/14/49			712,555
			Amgen Inc., Senior Unsecured Notes:
		500,000	2.600% due 8/19/26			505,810
		150,000	4.950% due 10/1/41			180,954
		50,000	4.663% due 6/15/51			59,585
			Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
		63,000	3.650% due 2/1/26			67,697
		450,000	4.700% due 2/1/36			523,816
		269,000	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 3.300% due 2/1/23			280,069
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
		200,000	4.000% due 4/13/28			221,728
		350,000	4.950% due 1/15/42			416,196
		200,000	3.750% due 7/15/42			206,014
		150,000	4.600% due 4/15/48			174,371
		645,000	5.550% due 1/23/49			849,664

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
			Anthem Inc., Senior Unsecured Notes:
	$	1,295,000	3.300% due 1/15/23		$	1,337,546
		100,000	4.650% due 1/15/43			112,714
		200,000	4.375% due 12/1/47			224,380
		120,000	ASP AMC Merger Sub Inc., Senior Unsecured Notes, 8.000% due 5/15/25(b)			80,700
			AstraZeneca PLC, Senior Unsecured Notes:
		575,000	2.375% due 6/12/22			579,598
		350,000	3.375% due 11/16/25			371,162
		100,000	4.375% due 11/16/45			119,558
		320,000	Avantor Inc., Senior Unsecured Notes, 9.000% due 10/1/25(b)			360,000
		205,000	B&G Foods Inc., Company Guaranteed Notes, 5.250% due 4/1/25			207,880
			BAT Capital Corp., Company Guaranteed Notes:
		100,000	3.222% due 8/15/24			102,866
		200,000	3.557% due 8/15/27			204,960
			Bausch Health Cos. Inc.:
			Company Guaranteed Notes:
		235,000	7.000% due 1/15/28(b)			246,264
		235,000	7.250% due 5/30/29(b)			248,512
			Senior Secured Notes:
		65,000	7.000% due 3/15/24(b)			68,650
		110,000	5.750% due 8/15/27(b)			117,975
			Becton Dickinson & Co., Senior Unsecured Notes:
		1,280,000	2.894% due 6/6/22			1,301,115
		200,000	3.363% due 6/6/24			208,542
		163,000	3.700% due 6/6/27			174,620
		100,000	Biogen Inc., Senior Unsecured Notes, 5.200% due 9/15/45			120,506
		350,000	Boston Scientific Corp., Senior Unsecured Notes, 4.000% due 3/1/28			385,259
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
		250,000	3.250% due 2/27/27			268,088
		500,000	3.400% due 7/26/29(b)			541,258
		250,000	Campbell Soup Co., Senior Unsecured Notes, 3.950% due 3/15/25			264,670
			Cardinal Health Inc., Senior Unsecured Notes:
		1,140,000	3.410% due 6/15/27			1,155,695
		150,000	4.368% due 6/15/47			145,039
		205,000	Catalent Pharma Solutions Inc., Company Guaranteed Notes, 5.000% due 7/15/27(b)			214,760

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
			Celgene Corp., Senior Unsecured Notes:
	$	100,000	2.750% due 2/15/23		$	102,132
		500,000	3.875% due 8/15/25			542,806
		100,000	5.000% due 8/15/45			127,283
		1,180,000	4.350% due 11/15/47			1,424,776
			Centene Corp., Senior Unsecured Notes:
		310,000	4.750% due 1/15/25			321,625
		140,000	5.375% due 6/1/26(b)			149,667
		200,000	Children’s Hospital Corp., Company Guaranteed Notes, 4.115% due 1/1/47			244,671
			Cigna Corp., Company Guaranteed Notes:
		500,000	3.400% due 9/17/21			511,896
		595,000	3.193% (3-Month USD-LIBOR + 0.890%) due 7/15/23(a)			595,951
		675,000	4.900% due 12/15/48			798,789
		300,000	Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22			306,569
		250,000	Coca-Cola Co., Senior Unsecured Notes, 2.200% due 5/25/22			252,912
			CommonSpirit Health, Senior Secured Notes:
		36,000	3.817% due 10/1/49			37,338
		13,000	4.187% due 10/1/49			13,903
		250,000	Conagra Brands Inc., Senior Unsecured Notes, 4.850% due 11/1/28			286,381
		350,000	Constellation Brands Inc., Company Guaranteed Notes, 2.700% due 5/9/22			354,919
		230,000	Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(b)			239,782
			CVS Health Corp., Senior Unsecured Notes:
		125,000	2.125% due 6/1/21			125,134
		100,000	3.500% due 7/20/22			103,580
		1,275,000	3.700% due 3/9/23			1,333,264
		150,000	4.100% due 3/25/25			160,475
		350,000	2.875% due 6/1/26			352,198
		250,000	4.300% due 3/25/28			272,885
		250,000	4.780% due 3/25/38			280,341
		250,000	5.050% due 3/25/48			291,290
		138,000	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47			166,680
		180,000	Eagle Holding Co. II LLC, Unsecured Notes, 7.750% due 5/15/22(b)(f)			182,025
		250,000	Eli Lilly & Co., Senior Unsecured Notes, 3.950% due 3/15/49			292,606
		619,000	Embotelladora Andina SA, Senior Unsecured Notes, 5.000% due 10/1/23			663,904
		459,605	ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23			472,823

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	15,000	Envision Healthcare Corp., Company Guaranteed Notes, 8.750% due 10/15/26(b)		$	8,175
		100,000	Estee Lauder Cos. Inc., Senior Unsecured Notes, 4.150% due 3/15/47			121,799
		250,000	Express Scripts Holding Co., Company Guaranteed Notes, 4.800% due 7/15/46			285,937
		220,000	Garda World Security Corp., Senior Unsecured Notes, 8.750% due 5/15/25(b)			226,939
		200,000	General Mills Inc., Senior Unsecured Notes, 4.700% due 4/17/48			236,793
			Gilead Sciences Inc., Senior Unsecured Notes:
		350,000	2.950% due 3/1/27			363,877
		250,000	4.150% due 3/1/47			282,846
		500,000	GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 3.625% due 5/15/25			537,781
		600,000	Grupo Bimbo SAB de CV, Subordinated Notes, 5.950% (5-Year CMT Index + 3.280%)(a)(e)			628,506
		135,000	HCA Healthcare Inc., Senior Unsecured Notes, 6.250% due 2/15/21			141,804
			HCA Inc.:
			Company Guaranteed Notes:
		515,000	5.375% due 9/1/26			574,225
		20,000	5.875% due 2/1/29			23,025
			Senior Secured Notes:
		65,000	5.250% due 4/15/25			72,548
		635,000	4.125% due 6/15/29			676,605
		55,000	H-Food Holdings LLC/Hearthside Finance Co. Inc., Senior Unsecured Notes, 8.500% due 6/1/26(b)			42,350
		200,000	Horizon Pharma USA Inc., Company Guaranteed Notes, 5.500% due 8/1/27(b)			208,500
		100,000	Huntington Bancshares Inc., Senior Unsecured Notes, 4.800% due 3/15/47			117,532
			JBS Investments II GmbH, Company Guaranteed Notes:
		1,100,000	7.000% due 1/15/26(b)			1,189,375
		400,000	5.750% due 1/15/28(b)			420,000
			JBS USA LUX SA/JBS USA Finance Inc., Company Guaranteed Notes:
		40,000	5.875% due 7/15/24(b)			41,050
		30,000	5.750% due 6/15/25(b)			31,200
		175,000	6.750% due 2/15/28(b)			195,125
			JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.:
		165,000	Company Guaranteed Notes, 6.500% due 4/15/29(b)			182,738
		90,000	Senior Unsecured Notes, 5.500% due 1/15/30(b)			95,400
			Johnson & Johnson, Senior Unsecured Notes:
		250,000	2.250% due 3/3/22			253,227
		150,000	2.950% due 3/3/27			159,232

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	250,000	3.625% due 3/3/37		$	281,660
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
		250,000	4.597% due 5/25/28			282,440
		100,000	5.085% due 5/25/48			120,397
			Kraft Heinz Foods Co., Company Guaranteed Notes:
		500,000	3.000% due 6/1/26			491,762
		250,000	5.200% due 7/15/45			263,771
		200,000	Kroger Co., Senior Unsecured Notes, 4.450% due 2/1/47			209,279
		80,000	Kronos Acquisition Holdings Inc., Company Guaranteed Notes, 9.000% due 8/15/23(b)			70,600
		1,325,000	Laboratory Corp. of America Holdings, Senior Unsecured Notes, 3.600% due 2/1/25			1,392,918
			MARB BondCo PLC, Company Guaranteed Notes:
		500,000	7.000% due 3/15/24(b)			511,255
		200,000	7.000% due 3/15/24			204,502
		900,000	6.875% due 1/19/25			915,327
		250,000	Medtronic Global Holdings SCA, Company Guaranteed Notes, 3.350% due 4/1/27			271,602
			Medtronic Inc., Company Guaranteed Notes:
		500,000	3.150% due 3/15/22			516,996
		125,000	4.625% due 3/15/45			162,315
		250,000	Merck & Co., Inc., Senior Unsecured Notes, 3.700% due 2/10/45			286,230
			Minerva Luxembourg SA, Company Guaranteed Notes:
		800,000	6.500% due 9/20/26			828,000
		1,000,000	5.875% due 1/19/28			993,760
		150,000	Molson Coors Brewing Co., Company Guaranteed Notes, 4.200% due 7/15/46			152,678
		300,000	Moody’s Corp., Senior Unsecured Notes, 2.750% due 12/15/21			304,060
		250,000	MPH Acquisition Holdings LLC, Company Guaranteed Notes, 7.125% due 6/1/24(b)			223,453
			Mylan NV, Company Guaranteed Notes:
		250,000	3.150% due 6/15/21			252,952
		125,000	5.250% due 6/15/46			136,978
		250,000	NBM US Holdings Inc., Company Guaranteed Notes, 7.000% due 5/14/26(b)			255,295
		10,000	Northwell Healthcare Inc., Secured Notes, 4.260% due 11/1/47			11,680
			Novartis Capital Corp., Company Guaranteed Notes:
		250,000	2.400% due 5/17/22			254,065
		150,000	3.100% due 5/17/27			161,322
		95,000	NVA Holdings Inc., Company Guaranteed Notes, 6.875% due 4/1/26(b)			101,441

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
			PepsiCo Inc., Senior Unsecured Notes:
	$	500,000	2.750% due 3/5/22		$	513,800
		150,000	2.375% due 10/6/26			153,706
		250,000	3.450% due 10/6/46			276,052
			Pfizer Inc., Senior Unsecured Notes:
		500,000	2.800% due 3/11/22			512,880
		250,000	4.000% due 12/15/36			290,515
		250,000	4.125% due 12/15/46			299,345
			Philip Morris International Inc., Senior Unsecured Notes:
		500,000	2.625% due 2/18/22			506,601
		250,000	3.375% due 8/15/29			262,311
		100,000	4.125% due 3/4/43			106,918
		300,000	Pilgrim’s Pride Corp., Company Guaranteed Notes, 5.875% due 9/30/27(b)			323,250
		120,000	Polaris Intermediate Corp., Senior Unsecured Notes, 8.500% due 12/1/22(b)(f)			100,800
			Post Holdings Inc., Company Guaranteed Notes:
		235,000	5.500% due 3/1/25(b)			245,869
		45,000	5.500% due 12/15/29(b)			47,574
		130,000	Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes, 9.250% due 5/15/23(b)			136,708
		150,000	Procter & Gamble Co., Senior Unsecured Notes, 3.500% due 10/25/47			174,379
		8,000	Providence St Joseph Health Obligated Group, Unsecured Notes, 3.930% due 10/1/48			9,402
			Refinitiv US Holdings Inc.:
		165,000	Company Guaranteed Notes, 8.250% due 11/15/26(b)			185,625
		160,000	Senior Secured Notes, 6.250% due 5/15/26(b)			174,200
			Reynolds American Inc., Company Guaranteed Notes:
		1,250,000	4.000% due 6/12/22			1,306,420
		250,000	5.850% due 8/15/45			282,026
		200,000	Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(b)			208,100
		250,000	ServiceMaster Co. LLC, Company Guaranteed Notes, 5.125% due 11/15/24(b)			262,408
		125,000	Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 2.875% due 9/23/23			127,851
		650,000	Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(b)			680,965
		7,000	Stanford Health Care, Unsecured Notes, 3.795% due 11/15/48			8,318
		350,000	Stryker Corp., Senior Unsecured Notes, 3.375% due 11/1/25			372,960
			Sysco Corp., Company Guaranteed Notes:
		350,000	3.550% due 3/15/25			373,152
		585,000	3.250% due 7/15/27			617,519

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	250,000	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 5.000% due 11/26/28(b)		$	295,933
			Tenet Healthcare Corp.:
			Senior Secured Notes:
		190,000	4.875% due 1/1/26(b)			195,244
		80,000	5.125% due 11/1/27(b)			82,700
		200,000	Secured Notes, 6.250% due 2/1/27(b)			207,500
		180,000	Senior Unsecured Notes, 7.000% due 8/1/25(g)			181,800
		150,000	Thermo Fisher Scientific Inc., Senior Unsecured Notes, 4.100% due 8/15/47			172,818
		125,000	Total System Services Inc., Senior Unsecured Notes, 4.800% due 4/1/26			140,758
		150,000	Tyson Foods Inc., Senior Unsecured Notes, 4.550% due 6/2/47			172,740
		500,000	Unilever Capital Corp., Company Guaranteed Notes, 3.125% due 3/22/23			520,064
			United Rentals North America Inc., Company Guaranteed Notes:
		270,000	6.500% due 12/15/26			293,625
		15,000	5.250% due 1/15/30			16,031
			UnitedHealth Group Inc., Senior Unsecured Notes:
		750,000	2.125% due 3/15/21			751,683
		450,000	3.850% due 6/15/28			500,502
		250,000	4.250% due 4/15/47			293,368
		125,000	Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 9/12/22			131,588
		253,000	Verscend Escrow Corp., Senior Unsecured Notes, 9.750% due 8/15/26(b)			270,857
		95,000	Vizient Inc., Senior Unsecured Notes, 6.250% due 5/15/27(b)			102,125
			WellCare Health Plans Inc., Senior Unsecured Notes:
		160,000	5.250% due 4/1/25			167,528
		330,000	5.375% due 8/15/26(b)			351,863
			Total Consumer Non-cyclical			58,927,950
Diversified – 0.0%
			CK Hutchison International 17 Ltd., Company Guaranteed Notes:
		200,000	2.875% due 4/5/22(b)			202,293
		300,000	3.500% due 4/5/27(b)			317,595
			Total Diversified			519,888
Energy – 2.5%
		750,000	AI Candelaria Spain SLU, Senior Secured Notes, 7.500% due 12/15/28			843,750
		150,000	Aker BP ASA, Senior Unsecured Notes, 4.750% due 6/15/24(b)			153,375
			Anadarko Petroleum Corp., Senior Unsecured Notes:
		100,000	5.550% due 3/15/26			113,269
		150,000	6.600% due 3/15/46			200,008

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	275,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 3/1/27(b)		$	252,312
		250,000	Apache Corp., Senior Unsecured Notes, 4.250% due 1/15/44			226,938
		145,000	Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor Inc., Senior Unsecured Notes, 3.337% due 12/15/27			148,730
			BP Capital Markets America Inc., Company Guaranteed Notes:
		100,000	2.520% due 9/19/22			101,459
		500,000	3.224% due 4/14/24			522,707
		1,500,000	BPRL International Singapore Pte Ltd., Company Guaranteed Notes, 4.375% due 1/18/27			1,614,607
		70,000	Calfrac Holdings LP, Company Guaranteed Notes, 8.500% due 6/15/26(b)			44,100
			Canacol Energy Ltd., Company Guaranteed Notes:
		1,200,000	7.250% due 5/3/25			1,258,512
		200,000	7.250% due 5/3/25(b)			209,752
			Canadian Natural Resources Ltd., Senior Unsecured Notes:
		1,150,000	2.950% due 1/15/23			1,168,303
		125,000	5.850% due 2/1/35			151,062
			Cenovus Energy Inc., Senior Unsecured Notes:
		500,000	4.250% due 4/15/27			522,127
		550,000	5.400% due 6/15/47			625,336
			Cheniere Energy Partners LP:
		185,000	Company Guaranteed Notes, 5.625% due 10/1/26			195,175
		310,000	Senior Secured Notes, 5.250% due 10/1/25			320,462
		250,000	Chevron Corp., Senior Unsecured Notes, 2.498% due 3/3/22			254,339
		750,000	CNOOC Finance 2015 USA LLC, Company Guaranteed Notes, 3.500% due 5/5/25			787,500
		240,000	CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured Notes, 6.500% due 3/15/26(b)			224,520
			ConocoPhillips Co., Company Guaranteed Notes:
		250,000	4.950% due 3/15/26			290,314
		200,000	5.950% due 3/15/46			289,611
		280,000	CSI Compressco LP/CSI Compressco Finance Inc., Senior Secured Notes, 7.500% due 4/1/25(b)			273,700
			Delek & Avner Tamar Bond Ltd., Senior Secured Notes:
		200,000	5.082% due 12/30/23(b)			206,931
		300,000	5.412% due 12/30/25(b)			310,337
			Devon Energy Corp., Senior Unsecured Notes:
		75,000	5.600% due 7/15/41			92,044

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	100,000	5.000% due 6/15/45		$	117,595
		500,000	Ecopetrol SA, Senior Unsecured Notes, 5.375% due 6/26/26			559,380
		150,000	Enbridge Energy Partners LP, Company Guaranteed Notes, 5.500% due 9/15/40			180,731
			Enbridge Inc., Company Guaranteed Notes:
		100,000	4.000% due 10/1/23			105,857
		250,000	3.700% due 7/15/27			267,946
			Energy Transfer Operating LP, Company Guaranteed Notes:
		500,000	5.875% due 1/15/24			559,450
		600,000	4.750% due 1/15/26			656,165
		250,000	4.200% due 4/15/27			265,607
		200,000	5.300% due 4/15/47			217,430
		150,000	6.000% due 6/15/48			178,903
			Enterprise Products Operating LLC, Company Guaranteed Notes:
		500,000	2.850% due 4/15/21			505,615
		820,000	3.750% due 2/15/25			879,186
		250,000	3.950% due 2/15/27			273,033
		250,000	4.900% due 5/15/46			295,772
		115,000	EP Energy LLC/Everest Acquisition Finance Inc., Senior Secured Notes, 7.750% due 5/15/26(b)			96,025
		635,000	EQM Midstream Partners LP, Senior Unsecured Notes, 4.750% due 7/15/23			640,194
		630,000	EQT Corp., Senior Unsecured Notes, 3.900% due 10/1/27			548,730
			Equinor ASA, Company Guaranteed Notes:
		250,000	2.450% due 1/17/23			253,959
		100,000	3.700% due 3/1/24			107,422
		135,000	Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes, 8.125% due 5/1/25			135,590
		50,000	Extraction Oil & Gas Inc., Company Guaranteed Notes, 5.625% due 2/1/26(b)			33,000
			Exxon Mobil Corp., Senior Unsecured Notes:
		500,000	3.043% due 3/1/26			530,416
		100,000	3.567% due 3/6/45			111,366
		140,000	Foresight Energy LLC/Foresight Energy Finance Corp., Secured Notes, 11.500% due 4/1/23(b)			36,400
		105,000	FTS International Inc., Senior Secured Notes, 6.250% due 5/1/22			87,347
		1,400,000	Geopark Ltd., Senior Secured Notes, 6.500% due 9/21/24			1,428,014
		200,000	GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29			214,502
		200,000	Gran Tierra Energy Inc., Company Guaranteed Notes, 7.750% due 5/23/27(b)			194,000

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	1,100,000	Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes, 6.250% due 2/15/25		$	1,012,000
		185,000	Gulfport Energy Corp., Company Guaranteed Notes, 6.375% due 5/15/25			133,200
		250,000	Halliburton Co., Senior Unsecured Notes, 5.000% due 11/15/45			279,992
		100,000	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47			115,672
		495,000	Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., Senior Unsecured Notes, 5.625% due 2/15/26(b)			512,325
		260,000	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 6.250% due 11/1/28(b)			239,200
			Indian Oil Corp., Ltd, Senior Unsecured Notes:
		600,000	5.625% due 8/2/21			632,561
		1,000,000	5.750% due 8/1/23			1,108,152
		125,000	Indigo Natural Resources LLC, Senior Unsecured Notes, 6.875% due 2/15/26(b)			103,125
			Kinder Morgan Energy Partners LP, Company Guaranteed Notes:
		125,000	3.500% due 3/1/21			126,929
		100,000	4.250% due 9/1/24			107,774
		150,000	6.950% due 1/15/38			199,198
		75,000	5.000% due 8/15/42			82,056
			Kinder Morgan Inc., Company Guaranteed Notes:
		550,000	4.300% due 3/1/28			602,594
		250,000	5.050% due 2/15/46			281,993
			Marathon Petroleum Corp., Senior Unsecured Notes:
		250,000	5.125% due 3/1/21			260,123
		75,000	6.500% due 3/1/41			95,409
		90,000	MEG Energy Corp., Company Guaranteed Notes, 7.000% due 3/31/24(b)			85,613
		90,000	Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500% due 1/15/26(b)			62,775
		250,000	MPLX LP, Senior Unsecured Notes, 5.200% due 3/1/47			272,285
		120,000	Nabors Industries Inc., Company Guaranteed Notes, 5.750% due 2/1/25			96,000
		125,000	NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed Notes, 7.500% due 4/15/26(b)			126,562
			Noble Energy Inc., Senior Unsecured Notes:
		150,000	3.850% due 1/15/28			156,459
		150,000	4.950% due 8/15/47			166,888
		215,000	NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26			230,588
			Oasis Petroleum Inc., Company Guaranteed Notes:
		165,000	6.875% due 3/15/22			153,450

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	100,000	6.250% due 5/1/26(b)		$	80,625
			Occidental Petroleum Corp., Senior Unsecured Notes:
		125,000	4.100% due 2/1/21			127,591
		100,000	4.400% due 4/15/46			102,953
		200,000	Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21			203,752
		250,000	ONEOK Inc., Company Guaranteed Notes, 4.000% due 7/13/27			262,989
		1,500,000	ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 3.750% due 7/27/26			1,562,715
		165,000	Par Petroleum LLC/Par Petroleum Finance Corp., Senior Secured Notes, 7.750% due 12/15/25(b)			162,937
		115,000	Parkland Fuel Corp., Senior Unsecured Notes, 5.875% due 7/15/27(b)			120,750
		245,000	Parsley Energy LLC/Parsley Finance Corp., Company Guaranteed Notes, 5.625% due 10/15/27(b)			252,350
		365,000	Peabody Energy Corp., Senior Secured Notes, 6.000% due 3/31/22(b)			375,950
			Petrobras Global Finance BV, Company Guaranteed Notes:
		1,100,000	5.750% due 2/1/29			1,191,300
		200,000	7.250% due 3/17/44			235,640
		750,000	6.900% due 3/19/49			851,625
			Petroleos Mexicanos, Company Guaranteed Notes:
		750,000	4.250% due 1/15/25			717,525
		150,000	6.500% due 3/13/27			153,975
		500,000	5.625% due 1/23/46			426,400
		100,000	6.750% due 9/21/47			95,250
		500,000	Petronas Capital Ltd., Company Guaranteed Notes, 3.500% due 3/18/25			530,862
			Phillips 66, Company Guaranteed Notes:
		250,000	4.300% due 4/1/22			264,232
		150,000	4.875% due 11/15/44			179,680
		100,000	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 4.500% due 12/15/26			107,217
		400,000	PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year CMT Index + 2.724%)(a)(e)			408,065
		235,000	QEP Resources Inc., Senior Unsecured Notes, 5.250% due 5/1/23			205,625
		200,000	Raizen Fuels Finance SA, Company Guaranteed Notes, 5.300% due 1/20/27			215,000
		1,750,000	Reliance Holding USA Inc., Company Guaranteed Notes, 5.400% due 2/14/22			1,869,454
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
		100,000	5.750% due 5/15/24			111,628
		540,000	5.000% due 3/15/27			596,406
		400,000	4.200% due 3/15/28			424,502

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
			Shell International Finance BV, Company Guaranteed Notes:
	$	250,000	1.750% due 9/12/21		$	249,607
		250,000	2.500% due 9/12/26			257,243
		100,000	4.000% due 5/10/46			117,514
		250,000	3.750% due 9/12/46			284,929
		1,000,000	Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes, 2.750% due 9/29/26			1,008,251
		250,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Company Guaranteed Notes, 7.500% due 6/15/25(b)			236,719
			Suncor Energy Inc., Senior Unsecured Notes:
		250,000	3.600% due 12/1/24			263,550
		100,000	6.500% due 6/15/38			140,665
		100,000	Sunoco Logistics Partners Operations LP, Company Guaranteed Notes, 4.250% due 4/1/24			105,621
			Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes:
		195,000	5.500% due 2/15/26			202,312
		105,000	6.000% due 4/15/27			110,513
		70,000	Tapstone Energy LLC/Tapstone Energy Finance Corp., Senior Unsecured Notes, 9.750% due 6/1/22(b)			17,500
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
		160,000	5.875% due 4/15/26			167,600
		125,000	6.500% due 7/15/27(b)			135,625
		125,000	TerraForm Power Operating LLC, Company Guaranteed Notes, 4.250% due 1/31/23(b)			128,081
			Total Capital International SA, Company Guaranteed Notes:
		500,000	3.700% due 1/15/24			533,108
		50,000	3.461% due 7/12/49			53,840
			TransCanada PipeLines Ltd., Senior Unsecured Notes:
		250,000	4.875% due 1/15/26			281,698
		75,000	7.625% due 1/15/39			111,935
		200,000	4.875% due 5/15/48			237,909
		250,000	Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 7.850% due 2/1/26			320,090
		53,400	Transocean Guardian Ltd., Senior Secured Notes, 5.875% due 1/15/24(b)			53,867
		125,000	Transocean Inc., Company Guaranteed Notes, 7.250% due 11/1/25(b)			113,750
		300,000	Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(b)			313,125
		127,500	Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(b)			130,369

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	600,000	Transportadora de Gas del Peru SA, Senior Unsecured Notes, 4.250% due 4/30/28		$	639,900
		340,000	USA Compression Partners LP/USA Compression Finance Corp., Company Guaranteed Notes, 6.875% due 9/1/27(b)			349,717
		75,000	Valero Energy Corp., Senior Unsecured Notes, 4.900% due 3/15/45			86,283
		65,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., Company Guaranteed Notes, 8.750% due 4/15/23(b)			35,100
		70,000	Weatherford International Ltd., Company Guaranteed Notes, 9.875% due 2/15/24(h)			29,575
		150,000	Western Midstream Operating LP, Senior Unsecured Notes, 5.450% due 4/1/44			138,701
		240,000	Whiting Petroleum Corp., Company Guaranteed Notes, 6.625% due 1/15/26			173,688
			Williams Cos. Inc., Senior Unsecured Notes:
		525,000	3.750% due 6/15/27			547,948
		250,000	5.100% due 9/15/45			280,357
			YPF SA, Senior Unsecured Notes:
		950,000	8.500% due 7/28/25			617,510
		400,000	6.950% due 7/21/27			248,000
			Total Energy			48,683,036
Financial – 6.2%
		230,000	Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 8.125% due 2/15/24(b)			247,825
		350,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 3.500% due 5/26/22			359,553
			Air Lease Corp., Senior Unsecured Notes:
		1,340,000	3.250% due 3/1/25			1,371,656
		250,000	3.625% due 4/1/27			260,044
		250,000	Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 3.950% due 1/15/28			272,699
		355,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Company Guaranteed Notes, 8.250% due 8/1/23(b)			362,544
			Allied Universal Holdco LLC/Allied Universal Finance Corp.:
		130,000	Senior Secured Notes, 6.625% due 7/15/26(b)			138,125
		95,000	Senior Unsecured Notes, 9.750% due 7/15/27(b)			99,513
		250,000	Allstate Corp., Senior Unsecured Notes, 4.500% due 6/15/43			311,816
			American Express Co.:
		685,000	Senior Unsecured Notes, 2.500% due 8/1/22			694,629
		500,000	Subordinated Notes, 3.625% due 12/5/24			531,958
		250,000	American Express Credit Corp., Senior Unsecured Notes, 2.250% due 5/5/21			251,131

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			American International Group Inc., Senior Unsecured Notes:
	$	250,000	4.200% due 4/1/28		$	275,657
		150,000	4.500% due 7/16/44			171,478
			American Tower Corp., Senior Unsecured Notes:
		100,000	3.500% due 1/31/23			104,081
		100,000	4.000% due 6/1/25			107,610
		250,000	3.800% due 8/15/29			269,461
		200,000	Aon PLC, Company Guaranteed Notes, 4.750% due 5/15/45			241,957
		310,000	AssuredPartners Inc., Senior Unsecured Notes, 7.000% due 8/15/25(b)			309,225
		250,000	AvalonBay Communities Inc., Senior Unsecured Notes, 3.300% due 6/1/29			268,595
		200,000	Avation Capital SA, Company Guaranteed Notes, 6.500% due 5/15/21(b)			206,500
			Avolon Holdings Funding Ltd., Company Guaranteed Notes:
		240,000	5.250% due 5/15/24(b)			257,448
		430,000	3.950% due 7/1/24(b)			442,556
			AXA Equitable Holdings Inc., Senior Unsecured Notes:
		250,000	3.900% due 4/20/23			262,572
		250,000	4.350% due 4/20/28			268,420
		300,000	Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22			318,378
		300,000	Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due 4/21/25			319,878
			Banco BTG Pactual SA:
		200,000	Junior Subordinated Notes, 8.750% (5-Year CMT Index + 6.978%)(a)(e)			199,502
		1,650,000	Subordinated Notes, 7.750% (5-Year CMT Index + 5.257%) due 2/15/29(a)(b)			1,711,875
		600,000	Banco de Credito e Inversiones SA, Senior Unsecured Notes, 4.000% due 2/11/23			630,383
		800,000	Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23			835,200
		2,000,000	Banco do Brasil SA, Junior Subordinated Notes, 6.250% (5-Year CMT Index + 4.398%)(a)(e)			1,940,000
		200,000	Banco General SA, Senior Unsecured Notes, 4.125% due 8/7/27			208,252
		500,000	Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750% due 10/7/20			516,880
			Banco Macro SA, Subordinated Notes:
		200,000	6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(a)(b)			114,000
		950,000	6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(a)			541,500

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			Banco Mercantil del Norte SA:
			Junior Subordinated Notes:
	$	1,000,000	6.875% (5-Year CMT Index + 5.035%)(a)(e)		$	990,010
		1,000,000	7.625% (5-Year CMT Index + 5.353%)(a)(e)			1,000,300
		200,000	Subordinated Notes, 5.750% (5-Year CMT Index + 4.447%) due 10/4/31(a)			195,752
		200,000	Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year CMT Index + 3.000%) due 8/11/26(a)			202,502
		550,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%) due 10/1/28(a)(b)			585,068
		200,000	Banco Santander SA, Senior Unsecured Notes, 4.379% due 4/12/28			219,978
			Bancolombia SA, Subordinated Notes:
		450,000	5.125% due 9/11/22			475,425
		600,000	4.875% (5-Year CMT Index + 2.929%) due 10/18/27(a)			615,006
		200,000	Banistmo SA, Senior Unsecured Notes, 3.650% due 9/19/22(b)			200,002
			Bank of America Corp.:
			Senior Unsecured Notes:
		500,000	2.625% due 4/19/21			504,832
		1,330,000	2.369% (3-Month USD-LIBOR + 0.660%) due 7/21/21(a)			1,332,191
		430,000	3.004% (3-Month USD-LIBOR + 0.790%) due 12/20/23(a)			441,286
		750,000	3.875% due 8/1/25			818,386
		500,000	3.366% (3-Month USD-LIBOR + 0.810%) due 1/23/26(a)			524,219
		250,000	3.419% (3-Month USD-LIBOR + 1.040%) due 12/20/28(a)			263,831
		250,000	3.974% (3-Month USD-LIBOR + 1.210%) due 2/7/30(a)			277,119
		250,000	4.443% (3-Month USD-LIBOR + 1.990%) due 1/20/48(a)			307,169
		250,000	Subordinated Notes, 7.750% due 5/14/38			390,346
		500,000	Bank of Montreal, Senior Unsecured Notes, 1.900% due 8/27/21			500,225
			Bank of New York Mellon Corp., Senior Unsecured Notes:
		250,000	3.450% due 8/11/23			263,309
		250,000	3.400% due 1/29/28			270,894
			Bank of Nova Scotia, Senior Unsecured Notes:
		500,000	2.700% due 3/7/22			509,426
		650,000	3.400% due 2/11/24			685,011
		250,000	Barclays PLC, Senior Unsecured Notes, 4.950% due 1/10/47			274,528
		500,000	BB&T Corp., Senior Unsecured Notes, 2.750% due 4/1/22			508,859
			BBVA Bancomer SA, Subordinated Notes:
		200,000	5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)			199,002
		2,000,000	5.125% (5-Year CMT Index + 2.650%) due 1/18/33(a)			1,915,000

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	1,000,000	BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23		$	1,017,077
		150,000	Berkshire Hathaway Finance Corp., Company Guaranteed Notes, 4.200% due 8/15/48			180,243
			Berkshire Hathaway Inc., Senior Unsecured Notes:
		250,000	2.750% due 3/15/23			257,995
		250,000	3.125% due 3/15/26			265,027
			Boston Properties LP, Senior Unsecured Notes:
		350,000	3.200% due 1/15/25			364,208
		1,280,000	3.650% due 2/1/26			1,363,064
		250,000	3.400% due 6/21/29			265,351
		100,000	Brighthouse Financial Inc., Senior Unsecured Notes, 3.700% due 6/22/27			98,721
		250,000	Brixmor Operating Partnership LP, Senior Unsecured Notes, 3.900% due 3/15/27			263,513
		350,000	Brookfield Finance Inc., Company Guaranteed Notes, 4.000% due 4/1/24			373,366
		250,000	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 3.100% due 2/4/24			259,431
			Capital One Financial Corp., Senior Unsecured Notes:
		250,000	3.050% due 3/9/22			255,754
		250,000	3.750% due 3/9/27			264,839
		125,000	CBRE Services Inc., Company Guaranteed Notes, 5.250% due 3/15/25			140,482
		250,000	Charles Schwab Corp., Senior Unsecured Notes, 3.200% due 3/2/27			264,981
		500,000	Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26			536,501
			Citigroup Inc.:
			Senior Unsecured Notes:
		250,000	2.700% due 3/30/21			252,524
		100,000	2.350% due 8/2/21			100,644
		500,000	2.750% due 4/25/22			508,958
		500,000	4.044% (3-Month USD-LIBOR + 1.023%) due 6/1/24(a)			532,144
		450,000	3.887% (3-Month USD-LIBOR + 1.563%) due 1/10/28(a)			488,177
		1,540,000	3.668% (3-Month USD-LIBOR + 1.390%) due 7/24/28(a)			1,651,043
			Subordinated Notes:
		250,000	4.450% due 9/29/27			275,124
		100,000	5.300% due 5/6/44			127,686
		250,000	4.750% due 5/18/46			302,887
		250,000	Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26			254,069
		115,000	CNO Financial Group Inc., Senior Unsecured Notes, 5.250% due 5/30/29			127,075
		50,000	Comerica Inc., Senior Unsecured Notes, 4.000% due 2/1/29			55,669

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	985,000	Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(b)		$	1,127,040
			Cooperatieve Rabobank UA:
			Company Guaranteed Notes:
		500,000	3.875% due 2/8/22			522,194
		250,000	3.750% due 7/21/26			261,745
		250,000	Senior Unsecured Notes, 2.750% due 1/10/23			256,705
		275,000	Credit Acceptance Corp., Company Guaranteed Notes, 6.625% due 3/15/26(b)			297,517
			Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes:
		500,000	3.125% due 12/10/20			505,612
		250,000	3.750% due 3/26/25			264,252
		250,000	4.550% due 4/17/26			277,013
			Credito Real SAB de CV SOFOM ER:
		700,000	Company Guaranteed Notes, 9.500% due 2/7/26(b)			788,200
		803,000	Junior Subordinated Notes, 9.125% (5-Year CMT Index + 7.026%)(a)(e)			817,061
			Crown Castle International Corp., Senior Unsecured Notes:
		300,000	4.000% due 3/1/27			324,668
		570,000	4.300% due 2/15/29			638,657
		30,000	4.000% due 11/15/49			32,234
			DBS Group Holdings Ltd.:
		1,350,000	Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(a)(e)			1,351,687
		200,000	Senior Unsecured Notes, 2.896% (3-Month USD-LIBOR + 0.620%) due 7/25/22(a)			201,009
		500,000	Deutsche Bank AG, Senior Unsecured Notes, 3.950% due 2/27/23			506,902
		250,000	Digital Realty Trust LP, Company Guaranteed Notes, 3.600% due 7/1/29			263,783
		810,000	Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27			872,111
		500,000	Docuformas SAPI de CV, Senior Unsecured Notes, 10.250% due 7/24/24(b)			490,005
		200,000	Enstar Group Ltd., Senior Unsecured Notes, 4.500% due 3/10/22			208,040
		250,000	ERP Operating LP, Senior Unsecured Notes, 3.000% due 7/1/29			261,882
		415,000	ESH Hospitality Inc., Company Guaranteed Notes, 5.250% due 5/1/25(b)			429,006
		250,000	Federal Realty Investment Trust, Senior Unsecured Notes, 3.200% due 6/15/29			262,758
		250,000	Fifth Third Bancorp, Senior Unsecured Notes, 3.950% due 3/14/28			277,142
			GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes:
		250,000	3.373% due 11/15/25			253,595
		250,000	4.418% due 11/15/35			254,004
			Gilex Holding SARL, Senior Secured Notes:
		450,000	8.500% due 5/2/23			480,375

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	200,000	8.500% due 5/2/23(b)		$	213,500
		235,000	Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% due 9/15/24(b)(f)			233,825
			Global Bank Corp., Senior Unsecured Notes:
		1,200,000	4.500% due 10/20/21			1,234,800
		700,000	5.250% (3-Month USD-LIBOR + 3.300%) due 4/16/29(a)(b)			754,425
		150,000	GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due 1/15/29			166,804
			Goldman Sachs Group Inc.:
			Senior Unsecured Notes:
		500,000	2.350% due 11/15/21			500,938
		200,000	5.750% due 1/24/22			216,546
		500,000	3.000% due 4/26/22			506,517
		465,000	3.036% (3-Month USD-LIBOR + 0.780%) due 10/31/22(a)			466,040
		825,000	3.328% (3-Month USD-LIBOR + 1.170%) due 5/15/26(a)			825,245
		500,000	4.223% (3-Month USD-LIBOR + 1.301%) due 5/1/29(a)			553,053
			Subordinated Notes:
		250,000	4.250% due 10/21/25			269,664
		250,000	6.750% due 10/1/37			342,523
		250,000	5.150% due 5/22/45			304,865
		400,000	Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22			412,020
		350,000	Host Hotels & Resorts LP, Senior Unsecured Notes, 3.875% due 4/1/24			367,646
			HSBC Holdings PLC:
			Senior Unsecured Notes:
		500,000	3.262% (3-Month USD-LIBOR + 1.055%) due 3/13/23(a)			510,261
		250,000	4.041% (3-Month USD-LIBOR + 1.546%) due 3/13/28(a)			266,678
			Subordinated Notes:
		250,000	6.500% due 5/2/36			334,664
		250,000	5.250% due 3/14/44			309,960
		200,000	Huntington Bancshares Inc., Senior Unsecured Notes, 2.625% due 6/8/24			203,898
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
		230,000	6.250% due 2/1/22			236,900
		60,000	6.375% due 12/15/25			63,525
		295,000	6.250% due 5/15/26(b)			307,921
		300,000	Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22			311,100
		500,000	ING Groep NV, Senior Unsecured Notes, 3.150% due 3/29/22			512,568

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	250,000	Intercontinental Exchange Inc., Company Guaranteed Notes, 3.750% due 12/1/25		$	270,610
		1,300,000	Itau Unibanco Holding SA, Junior Subordinated Notes, 6.500% (5-Year CMT Index + 3.863%)(a)(e)			1,330,459
		250,000	Jefferies Group LLC/Jefferies Group Capital Finance Inc., Senior Unsecured Notes, 4.850% due 1/15/27			267,463
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
		250,000	4.250% due 10/15/20			256,114
		1,000,000	4.500% due 1/24/22			1,058,330
		250,000	2.972% due 1/15/23			255,112
		250,000	3.782% (3-Month USD-LIBOR + 1.337%) due 2/1/28(a)			272,063
		250,000	3.509% (3-Month USD-LIBOR + 0.945%) due 1/23/29(a)			267,704
		250,000	4.005% (3-Month USD-LIBOR + 1.120%) due 4/23/29(a)			277,794
		250,000	3.882% (3-Month USD-LIBOR + 1.360%) due 7/24/38(a)			280,266
		150,000	5.400% due 1/6/42			204,977
		250,000	4.260% (3-Month USD-LIBOR + 1.580%) due 2/22/48(a)			303,854
			Subordinated Notes:
		200,000	3.875% due 9/10/24			213,822
		200,000	3.625% due 12/1/27			212,627
		250,000	KeyBank NA, Senior Unsecured Notes, 3.375% due 3/7/23			261,147
			Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
		2,000,000	1.625% due 3/15/21			1,999,763
		500,000	2.125% due 3/7/22			507,710
		500,000	2.375% due 12/29/22			514,615
		100,000	2.500% due 11/20/24			105,152
		250,000	2.875% due 4/3/28			276,509
			Landwirtschaftliche Rentenbank, Government Guaranteed Notes:
		250,000	2.375% due 6/10/25			261,827
		75,000	1.750% due 7/27/26			75,938
		250,000	Lincoln National Corp., Senior Unsecured Notes, 3.800% due 3/1/28			268,704
			Lloyds Banking Group PLC:
		1,000,000	Senior Unsecured Notes, 3.100% due 7/6/21			1,014,690
		200,000	Subordinated Notes, 4.344% due 1/9/48			201,320
			Macquarie Group Ltd., Senior Unsecured Notes:
		520,000	3.189% (3-Month USD-LIBOR + 1.023%) due 11/28/23(a)(b)			531,660
		1,275,000	4.150% (3-Month USD-LIBOR + 1.330%) due 3/27/24(a)(b)			1,350,859

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	1,700,000	Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542%) due 10/29/26(a)		$	1,736,941
		250,000	Manulife Financial Corp., Subordinated Notes, 4.061% (5-Year USD 1100 Run ICE Swap Rate + 1.647%) due 2/24/32(a)			263,135
		200,000	Marsh & McLennan Cos. Inc., Senior Unsecured Notes, 4.900% due 3/15/49			259,658
		250,000	Mastercard Inc., Senior Unsecured Notes, 3.950% due 2/26/48			301,627
		150,000	MetLife Inc., Senior Unsecured Notes, 4.600% due 5/13/46			186,685
		235,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes, 5.750% due 2/1/27(b)			259,428
		250,000	Mid-America Apartments LP, Senior Unsecured Notes, 3.750% due 6/15/24			264,347
			Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes:
		500,000	2.998% due 2/22/22			509,709
		630,000	2.878% (3-Month USD-LIBOR + 0.740%) due 3/2/23(a)			629,178
		200,000	3.407% due 7/3/24			209,952
		250,000	3.741% due 3/7/29			276,170
			Mizuho Financial Group Inc., Senior Unsecured Notes:
		250,000	2.953% due 2/28/22			254,557
		250,000	3.663% due 2/28/27			271,617
			Morgan Stanley:
			Senior Unsecured Notes:
		500,000	2.625% due 11/17/21			505,236
		500,000	3.125% due 1/23/23			515,545
			Senior Unsecured Notes:
		1,270,000	3.737% (3-Month USD-LIBOR + 0.847%) due 4/24/24(a)			1,336,142
		250,000	3.591% (3-Month USD-LIBOR + 1.340%) due 7/22/28(a)			266,423
		250,000	3.772% (3-Month USD-LIBOR + 1.140%) due 1/24/29(a)			270,541
		250,000	6.375% due 7/24/42			370,918
		250,000	Subordinated Notes, 4.350% due 9/8/26			273,746
			MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes:
		100,000	5.250% due 8/1/26			105,655
		260,000	5.000% due 10/15/27			277,550
		140,000	4.625% due 8/1/29			145,600
		250,000	National Australia Bank Ltd., Senior Unsecured Notes, 3.375% due 1/14/26			268,354
		200,000	Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 8.125% due 7/15/23(b)			207,116
		300,000	Navient Corp., Senior Unsecured Notes, 6.500% due 6/15/22			324,750
		680,000	New York Life Global Funding, Secured Notes, 2.300% due 6/10/22(b)			686,171
		310,000	NFP Corp., Senior Unsecured Notes, 6.875% due 7/15/25(b)			309,225

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	1,250,000	Nuveen Finance LLC, Senior Unsecured Notes, 4.125% due 11/1/24(b)		$	1,359,670
		900,000	Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 1.500% due 10/21/20			897,622
		500,000	PNC Bank NA, Senior Unsecured Notes, 2.625% due 2/17/22			508,232
		150,000	PNC Financial Services Group Inc., Subordinated Notes, 3.900% due 4/29/24			161,647
		250,000	Principal Financial Group Inc., Company Guaranteed Notes, 3.700% due 5/15/29			271,731
		150,000	Progressive Corp., Senior Unsecured Notes, 4.125% due 4/15/47			180,327
			Prudential Financial Inc.:
		250,000	Junior Subordinated Notes, 5.625% (3-Month USD-LIBOR + 3.920%) due 6/15/43(a)			267,900
		143,000	Senior Unsecured Notes, 3.935% due 12/7/49			159,351
		1,500,000	Radiant Access Ltd., Company Guaranteed Notes, 4.600%(e)			1,476,000
		100,000	Regency Centers LP, Company Guaranteed Notes, 4.400% due 2/1/47			116,930
			Royal Bank of Canada:
		1,635,000	Senior Unsecured Notes, 2.550% due 7/16/24			1,666,762
		250,000	Subordinated Notes, 4.650% due 1/27/26			278,853
			Royal Bank of Scotland Group PLC, Senior Unsecured Notes:
		250,000	4.892% (3-Month USD-LIBOR + 1.754%) due 5/18/29(a)			274,332
		200,000	4.445% (3-Month USD-LIBOR + 1.871%) due 5/8/30(a)			213,988
		200,000	Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26			215,946
			Santander Holdings USA Inc., Senior Unsecured Notes:
		250,000	3.700% due 3/28/22			256,531
		695,000	3.400% due 1/18/23			714,976
		250,000	Santander UK Group Holdings PLC, Senior Unsecured Notes, 3.373% (3-Month USD-LIBOR + 1.080%) due 1/5/24(a)			254,551
		1,500,000	SBA Tower Trust, Asset Backed, 3.168% due 4/11/22(b)			1,520,772
			Simon Property Group LP, Senior Unsecured Notes:
		500,000	2.350% due 1/30/22			504,600
		100,000	3.375% due 10/1/24			106,229
			SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes:
		939,579	zero coupon, due 12/5/22(b)			897,580
		683,330	zero coupon, due 12/5/22			652,786
			Springleaf Finance Corp., Company Guaranteed Notes:
		180,000	7.125% due 3/15/26			205,290
		40,000	6.625% due 1/15/28			43,900
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
		500,000	2.934% due 3/9/21			506,056

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	250,000	2.778% due 10/18/22		$	254,726
		845,000	3.043% (3-Month USD-LIBOR + 0.740%) due 1/17/23(a)			844,865
		250,000	3.102% due 1/17/23			257,894
		100,000	2.632% due 7/14/26			101,020
		250,000	SunTrust Bank, Senior Unsecured Notes, 3.200% due 1/4/24			262,162
		800,000	SURA Asset Management SA, Company Guaranteed Notes, 4.875% due 4/17/24			857,008
			Synchrony Bank, Senior Unsecured Notes:
		250,000	3.650% due 5/24/21			255,099
		350,000	3.000% due 6/15/22			356,353
		1,500,000	Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23			1,525,414
		250,000	Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 11/3/24			263,060
		125,000	Travelers Cos. Inc., Senior Unsecured Notes, 5.350% due 11/1/40			170,415
		100,000	UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30			104,585
			Unifin Financiera SAB de CV SOFOM ENR:
		200,000	Senior Unsecured Notes, 7.375% due 2/12/26			190,230
		1,700,000	Subordinated Notes, 8.875% (5-Year CMT Index + 6.308%)(a)(e)			1,496,017
			United Overseas Bank Ltd.:
		500,000	Junior Subordinated Notes, 3.875% (5-Year USD Swap Rate + 1.794%)(a)(e)			502,181
		1,000,000	Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a)			1,013,240
		750,000	US Bancorp, Senior Unsecured Notes, 2.625% due 1/24/22			762,426
		100,000	Ventas Realty LP, Company Guaranteed Notes, 4.375% due 2/1/45			112,476
			Visa Inc., Senior Unsecured Notes:
		750,000	2.800% due 12/14/22			773,583
		100,000	4.150% due 12/14/35			121,747
			Wells Fargo & Co.:
			Senior Unsecured Notes:
		1,000,000	2.625% due 7/22/22			1,017,012
		875,000	3.069% due 1/24/23			894,768
		250,000	3.000% due 4/22/26			259,130
		300,000	3.000% due 10/23/26			311,821
		910,000	3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(a)			975,878
		250,000	4.150% due 1/24/29			280,565
			Subordinated Notes:
		250,000	4.400% due 6/14/46			290,293
		150,000	4.750% due 12/7/46			184,015

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	1,520,000	Welltower Inc., Senior Unsecured Notes, 4.125% due 3/15/29		$	1,676,227
		300,000	Western Union Co., Senior Unsecured Notes, 3.600% due 3/15/22			309,437
			Westpac Banking Corp., Senior Unsecured Notes:
		500,000	3.650% due 5/15/23			529,468
		1,295,000	3.300% due 2/26/24			1,364,426
		250,000	3.350% due 3/8/27			271,050
		75,000	WeWork Cos., Inc., Company Guaranteed Notes, 7.875% due 5/1/25(b)(g)			76,500
		250,000	Weyerhaeuser Co., Senior Unsecured Notes, 4.625% due 9/15/23			271,292
			Total Financial			120,166,223
Government – 0.3%
		1,500,000	Asian Development Bank, Senior Unsecured Notes, 2.000% due 2/16/22			1,517,558
			European Investment Bank, Senior Unsecured Notes:
		1,500,000	2.625% due 5/20/22			1,544,780
		500,000	2.250% due 6/24/24			517,971
			Inter-American Development Bank:
		500,000	Senior Unsecured Notes, 2.375% due 7/7/27			529,573
		1,000,000	Unsecured Notes, 2.625% due 4/19/21			1,015,825
		300,000	Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25			313,236
		500,000	Svensk Exportkredit AB, Senior Unsecured Notes, 2.375% due 3/9/22			509,938
			Total Government			5,948,881
Industrial – 1.3%
			3M Co., Senior Unsecured Notes:
		500,000	2.750% due 3/1/22			511,307
		250,000	3.375% due 3/1/29			271,105
		100,000	3.250% due 8/26/49			101,192
		420,000	AECOM, Company Guaranteed Notes, 5.125% due 3/15/27			438,698
		200,000	Aeropuerto Internacional de Tocumen SA, Senior Secured Notes, 5.625% due 5/18/36			237,752
		175,000	Amsted Industries Inc., Company Guaranteed Notes, 5.625% due 7/1/27(b)			186,812
		200,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company Guaranteed Notes, 6.000% due 2/15/25(b)			208,875
		615,000	Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28			635,384
		220,000	Berry Global Inc., Secured Notes, 5.625% due 7/15/27(b)			231,000
			Boeing Co., Senior Unsecured Notes:
		500,000	2.125% due 3/1/22			502,388
		250,000	3.650% due 3/1/47			271,747

See Notes to Financial Statements.

100

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
			Bombardier Inc., Senior Unsecured Notes:
	$	105,000	6.000% due 10/15/22(b)		$	104,212
		110,000	7.875% due 4/15/27(b)			106,563
			Builders FirstSource Inc., Senior Secured Notes:
		273,000	5.625% due 9/1/24(b)			284,261
		70,000	6.750% due 6/1/27(b)			76,475
			Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
		250,000	3.250% due 6/15/27			268,045
		250,000	4.125% due 6/15/47			298,268
			Canadian Pacific Railway Co.:
		250,000	Company Guaranteed Notes, 4.000% due 6/1/28			281,641
		100,000	Senior Unsecured Notes, 2.900% due 2/1/25			103,523
		500,000	Caterpillar Financial Services Corp., Senior Unsecured Notes, 1.700% due 8/9/21			497,632
			Caterpillar Inc., Senior Unsecured Notes:
		1,045,000	3.400% due 5/15/24			1,112,646
		100,000	3.803% due 8/15/42			115,566
		479,000	CIMPOR Financial Operations BV, Company Guaranteed Notes, 5.750% due 7/17/24			375,958
			Clean Harbors Inc., Senior Unsecured Notes:
		250,000	4.875% due 7/15/27(b)			264,375
		45,000	5.125% due 7/15/29(b)			47,925
			Colfax Corp., Company Guaranteed Notes:
		100,000	6.000% due 2/15/24(b)			106,625
		270,000	6.375% due 2/15/26(b)			293,625
		135,000	Crown Americas LLC/Crown Americas Capital Corp. IV, Company Guaranteed Notes, 4.500% due 1/15/23			141,750
		190,000	Crown Americas LLC/Crown Americas Capital Corp. VI, Company Guaranteed Notes, 4.750% due 2/1/26			199,500
			CSX Corp., Senior Unsecured Notes:
		250,000	2.600% due 11/1/26			255,173
		250,000	4.500% due 8/1/54			297,447
		100,000	Eaton Corp., Company Guaranteed Notes, 4.150% due 2/11/42			113,358
		200,000	Embraer Netherlands Finance BV, Company Guaranteed Notes, 5.400% due 2/1/27			225,752
		165,000	Energizer Holdings Inc., Company Guaranteed Notes, 7.750% due 1/15/27(b)			180,469
			FedEx Corp., Company Guaranteed Notes:
		400,000	3.300% due 3/15/27			417,335

See Notes to Financial Statements.

101

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	310,000	4.750% due 11/15/45		$	345,608
		250,000	4.400% due 1/15/47			267,733
		200,000	Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35			225,502
		140,000	Flex Acquisition Co., Inc., Senior Unsecured Notes, 6.875% due 1/15/25(b)			126,000
		225,000	frontdoor Inc., Senior Unsecured Notes, 6.750% due 8/15/26(b)			244,125
		350,000	GATX Corp., Senior Unsecured Notes, 3.850% due 3/30/27			372,541
			General Electric Co., Senior Unsecured Notes:
		540,000	5.875% due 1/14/38			623,701
		150,000	4.125% due 10/9/42			143,801
		300,000	4.500% due 3/11/44			303,287
		90,000	GFL Environmental Inc., Senior Unsecured Notes, 8.500% due 5/1/27(b)			98,550
		500,000	Honeywell International Inc., Senior Unsecured Notes, 1.850% due 11/1/21			499,423
		250,000	Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed Notes, 3.800% due 3/21/29			271,155
		300,000	Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(b)			294,000
			John Deere Capital Corp., Senior Unsecured Notes:
		500,000	2.950% due 4/1/22			511,849
		250,000	2.800% due 9/8/27			261,111
		100,000	Johnson Controls International PLC, Senior Unsecured Notes, 4.500% due 2/15/47			112,557
		1,200,000	JSL Europe SA, Company Guaranteed Notes, 7.750% due 7/26/24			1,239,300
		160,000	Kratos Defense & Security Solutions Inc., Senior Secured Notes, 6.500% due 11/30/25(b)			171,600
			Lockheed Martin Corp., Senior Unsecured Notes:
		250,000	3.550% due 1/15/26			271,188
		250,000	4.700% due 5/15/46			325,024
		155,000	Masonite International Corp., Company Guaranteed Notes, 5.750% due 9/15/26(b)			164,106
			Norfolk Southern Corp., Senior Unsecured Notes:
		250,000	2.900% due 6/15/26			258,827
		350,000	3.800% due 8/1/28			391,914
			Northrop Grumman Corp., Senior Unsecured Notes:
		200,000	2.550% due 10/15/22			203,103
		100,000	4.030% due 10/15/47			115,779
		250,000	Owens Corning, Senior Unsecured Notes, 3.400% due 8/15/26			250,576
			Parker-Hannifin Corp., Senior Unsecured Notes:
		300,000	3.250% due 3/1/27			314,406
		150,000	4.100% due 3/1/47			169,564

See Notes to Financial Statements.

102

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
			Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes:
	$	40,000	3.400% due 11/15/26(b)		$	41,302
		225,000	4.200% due 4/1/27(b)			242,616
		100,000	Rockwell Collins Inc., Senior Unsecured Notes, 3.200% due 3/15/24			104,234
			Roper Technologies Inc., Senior Unsecured Notes:
		570,000	4.200% due 9/15/28			633,045
		250,000	2.950% due 9/15/29			252,987
			Ryder System Inc., Senior Unsecured Notes:
		300,000	2.800% due 3/1/22			304,333
		30,000	2.500% due 9/1/24			30,245
		250,000	Stanley Black & Decker Inc., Senior Secured Notes, 3.400% due 3/1/26			268,030
		200,000	Stevens Holding Co., Inc., Company Guaranteed Notes, 6.125% due 10/1/26(b)			208,000
		300,000	Tech Data Corp., Senior Unsecured Notes, 3.700% due 2/15/22			307,684
		200,000	Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22			215,250
		325,000	Tervita Corp., Secured Notes, 7.625% due 12/1/21(b)			329,875
			TransDigm Inc.:
		140,000	Company Guaranteed Notes, 6.375% due 6/15/26			146,928
		220,000	Senior Secured Notes, 6.250% due 3/15/26(b)			237,321
		140,000	Trident TPI Holdings Inc., Senior Unsecured Notes, 6.625% due 11/1/25(b)			120,750
		194,000	Triumph Group Inc., Company Guaranteed Notes, 7.750% due 8/15/25			194,485
		200,000	Trivium Packaging Finance BV, Senior Secured Notes, 5.500% due 8/15/26(b)			211,500
			Union Pacific Corp., Senior Unsecured Notes:
		250,000	3.350% due 8/15/46			253,319
		590,000	4.300% due 3/1/49			702,962
		125,000	3.875% due 2/1/55			135,501
		250,000	United Parcel Service Inc., Senior Unsecured Notes, 3.750% due 11/15/47			276,159
			United Technologies Corp., Senior Unsecured Notes:
		500,000	2.300% due 5/4/22			504,343
		100,000	4.500% due 1/6/42			120,627
		250,000	3.750% due 11/1/46			277,557
		100,000	Vulcan Materials Co., Senior Unsecured Notes, 4.500% due 6/15/47			108,354
		825,000	Waste Management Inc., Company Guaranteed Notes, 3.450% due 6/15/29			903,553
		250,000	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(b)			260,000
		630,000	WRKCo Inc., Company Guaranteed Notes, 3.750% due 3/15/25			665,413
			Total Industrial			26,397,087

See Notes to Financial Statements.

103

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – 0.8%
			Apple Inc., Senior Unsecured Notes:
	$	75,000	2.850% due 5/6/21		$	76,267
		500,000	2.850% due 2/23/23			517,136
		300,000	2.400% due 5/3/23			306,355
		250,000	3.000% due 2/9/24			261,405
		250,000	3.350% due 2/9/27			270,179
		250,000	3.000% due 6/20/27			265,193
		250,000	4.250% due 2/9/47			303,614
		250,000	3.750% due 11/13/47			284,181
		100,000	Applied Materials Inc., Senior Unsecured Notes, 4.350% due 4/1/47			122,556
			Ascend Learning LLC, Senior Unsecured Notes:
		205,000	6.875% due 8/1/25(b)			212,431
		125,000	6.875% due 8/1/25(b)			129,531
		70,000	Banff Merger Sub Inc., Senior Unsecured Notes, 9.750% due 9/1/26(b)			63,700
			Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes:
		500,000	3.000% due 1/15/22			504,056
		100,000	3.625% due 1/15/24			102,056
		250,000	Broadcom Inc., Company Guaranteed Notes, 4.750% due 4/15/29(b)			263,388
		300,000	CA Inc., Senior Unsecured Notes, 3.600% due 8/15/22			305,843
		250,000	Camelot Finance SA, Company Guaranteed Notes, 7.875% due 10/15/24(b)			260,625
			CDK Global Inc., Senior Unsecured Notes:
		95,000	5.875% due 6/15/26			100,899
		165,000	5.250% due 5/15/29(b)			170,363
		100,000	Dell International LLC / EMC Corp., Senior Secured Notes, 8.100% due 7/15/36(b)			126,805
			Dell International LLC/EMC Corp., Senior Secured Notes:
		100,000	5.450% due 6/15/23(b)			108,688
		250,000	6.020% due 6/15/26(b)			282,150
			Dun & Bradstreet Corp.:
		140,000	Senior Secured Notes, 6.875% due 8/15/26(b)			151,725
		45,000	Senior Unsecured Notes, 10.250% due 2/15/27(b)			49,163
		393,000	DXC Technology Co., Senior Unsecured Notes, 4.750% due 4/15/27			418,760
		150,000	Fidelity National Information Services Inc., Senior Unsecured Notes, 4.750% due 5/15/48			184,702
		250,000	Fiserv Inc., Senior Unsecured Notes, 3.500% due 7/1/29			265,523
		360,000	Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 SARL/Greeneden US Ho, Company Guaranteed Notes, 10.000% due 11/30/24(b)			388,800

See Notes to Financial Statements.

104

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
			Hewlett Packard Enterprise Co., Senior Unsecured Notes:
	$	100,000	3.600% due 10/15/20		$	101,432
		150,000	6.200% due 10/15/35			174,600
		310,000	Informatica LLC, Senior Unsecured Notes, 7.125% due 7/15/23(b)			315,425
			Intel Corp., Senior Unsecured Notes:
		500,000	2.700% due 12/15/22			514,666
		250,000	4.100% due 5/19/46			297,494
			International Business Machines Corp., Senior Unsecured Notes:
		250,000	2.500% due 1/27/22			253,265
		250,000	3.300% due 1/27/27			264,244
		500,000	3.500% due 5/15/29			542,854
		100,000	4.000% due 6/20/42			112,835
		205,000	IQVIA Inc., Company Guaranteed Notes, 5.000% due 5/15/27(b)			216,531
		125,000	KLA Corp., Senior Unsecured Notes, 4.650% due 11/1/24			138,012
			Microsoft Corp., Senior Unsecured Notes:
		250,000	2.400% due 2/6/22			254,294
		250,000	2.875% due 2/6/24			261,766
		250,000	3.300% due 2/6/27			273,339
		250,000	3.450% due 8/8/36			280,925
		650,000	4.250% due 2/6/47			827,795
			Oracle Corp., Senior Unsecured Notes:
		500,000	1.900% due 9/15/21			499,774
		100,000	2.950% due 11/15/24			104,728
		100,000	2.650% due 7/15/26			102,448
		250,000	3.850% due 7/15/36			281,929
		250,000	4.000% due 7/15/46			285,245
		200,000	4.000% due 11/15/47			228,963
			QUALCOMM Inc., Senior Unsecured Notes:
		200,000	3.000% due 5/20/22			205,691
		100,000	4.650% due 5/20/35			117,755
		100,000	4.300% due 5/20/47			113,479
		80,000	Riverbed Technology Inc., Company Guaranteed Notes, 8.875% due 3/1/23(b)			46,400
		400,000	Seagate HDD Cayman, Company Guaranteed Notes, 4.250% due 3/1/22			414,189
		230,000	Sophia LP/Sophia Finance Inc., Senior Unsecured Notes, 9.000% due 9/30/23(b)			236,325
		230,000	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(b)			241,500

See Notes to Financial Statements.

105

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
	$	350,000	Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Senior Unsecured Notes, 6.750% due 6/1/25(b)		$	359,555
			Total Technology			14,563,552
Utilities – 1.7%
		1,300,000	AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, Company Guaranteed Notes, 7.950% due 5/11/26			1,386,138
			AES Gener SA, Junior Subordinated Notes:
		900,000	7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b)			953,100
		600,000	7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)			635,400
		100,000	Ameren Illinois Co., 1st Mortgage Notes, 3.700% due 12/1/47			111,814
			American Water Capital Corp., Senior Unsecured Notes:
		250,000	3.750% due 9/1/28			275,858
		350,000	3.450% due 6/1/29			377,677
			Berkshire Hathaway Energy Co., Senior Unsecured Notes:
		200,000	6.125% due 4/1/36			282,859
		150,000	5.150% due 11/15/43			196,273
			Calpine Corp.:
		120,000	Senior Secured Notes, 5.250% due 6/1/26(b)			121,500
		120,000	Senior Unsecured Notes, 5.750% due 1/15/25			121,800
		250,000	CenterPoint Energy Inc., Senior Unsecured Notes, 3.850% due 2/1/24			265,990
		200,000	Colbun SA, Senior Unsecured Notes, 3.950% due 10/11/27			208,002
		2,096,250	Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35			2,232,506
			Commonwealth Edison Co., 1st Mortgage Notes:
		150,000	3.750% due 8/15/47			169,771
		150,000	4.000% due 3/1/48			175,415
		250,000	Consolidated Edison Co. of New York Inc., Senior Unsecured Notes, 3.950% due 3/1/43			281,203
		150,000	DTE Electric Co., General and Refunding Mortgage Bonds, 3.750% due 8/15/47			170,452
			Duke Energy Corp., Senior Unsecured Notes:
		1,705,000	2.650% due 9/1/26			1,725,478
		350,000	3.750% due 9/1/46			368,531
		250,000	Duke Energy Progress LLC, 1st Mortgage Notes, 6.300% due 4/1/38			364,963
		700,000	Empresa de Transmision Electrica SA, Senior Unsecured Notes, 5.125% due 5/2/49(b)			812,007
			Empresa Electrica Angamos SA:
		260,850	Senior Secured Notes, 4.875% due 5/25/29			273,265
		900,000	Senior Unsecured Notes, 4.560% due 4/30/25			823,542

See Notes to Financial Statements.

106

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	1,000,000	Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 4.250% due 7/18/29(b)		$	1,050,700
			Energuate Trust, Company Guaranteed Notes:
		200,000	5.875% due 5/3/27(b)			200,250
		200,000	5.875% due 5/3/27			200,250
		600,000	Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21			624,917
		200,000	Entergy Louisiana LLC, Collateral Trust, 4.000% due 3/15/33			232,115
		100,000	Eversource Energy, Senior Unsecured Notes, 2.900% due 10/1/24			103,222
		500,000	Exelon Generation Co. LLC, Senior Unsecured Notes, 3.400% due 3/15/22			514,854
		500,000	FirstEnergy Corp., Senior Unsecured Notes, 3.900% due 7/15/27			537,126
			Florida Power & Light Co., 1st Mortgage Notes:
		250,000	3.125% due 12/1/25			266,838
		150,000	3.950% due 3/1/48			176,680
		550,000	Fortis Inc., Senior Unsecured Notes, 2.100% due 10/4/21			547,862
		250,000	Georgia Power Co., Senior Unsecured Notes, 3.250% due 3/30/27			260,691
		1,000,000	Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27			1,038,760
		988,200	LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(b)			1,171,999
		756,456	Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due 12/6/32			822,646
		500,000	MidAmerican Energy Co., 1st Mortgage Notes, 3.100% due 5/1/27			532,177
			Minejesa Capital BV, Senior Secured Notes:
		800,000	4.625% due 8/10/30			839,932
		700,000	5.625% due 8/10/37			777,911
		255,000	Monongahela Power Co., 1st Mortgage Notes, 5.400% due 12/15/43(b)			345,071
		250,000	National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.050% due 2/15/22			255,717
		250,000	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 3.550% due 5/1/27			267,228
			NiSource Inc., Senior Unsecured Notes:
		150,000	3.490% due 5/15/27			159,163
		100,000	4.375% due 5/15/47			115,235
		250,000	Northern States Power Co., 1st Mortgage Notes, 3.600% due 5/15/46			278,949
		245,000	NRG Energy Inc., Company Guaranteed Notes, 5.250% due 6/15/29(b)			261,432
		350,000	NSTAR Electric Co., Senior Unsecured Notes, 3.250% due 5/15/29			375,885
		100,000	Oncor Electric Delivery Co. LLC, Senior Secured Notes, 5.300% due 6/1/42			135,791
		400,000	Orazul Energy Egenor S en C por A, Company Guaranteed Notes, 5.625% due 4/28/27			412,000
		1,000,000	Pampa Energia SA, Senior Unsecured Notes, 7.500% due 1/24/27			630,000

See Notes to Financial Statements.

107

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	250,000	PECO Energy Co., 1st Mortgage Notes, 4.150% due 10/1/44		$	297,494
			PPL Capital Funding Inc., Company Guaranteed Notes:
		100,000	3.400% due 6/1/23			103,344
		250,000	3.100% due 5/15/26			256,423
		125,000	PSEG Power LLC, Company Guaranteed Notes, 3.000% due 6/15/21			126,526
		200,000	Public Service Electric & Gas Co., 1st Mortgage Notes, 4.050% due 5/1/48			237,137
		100,000	Public Service Enterprise Group Inc., Senior Unsecured Notes, 2.650% due 11/15/22			100,973
		150,000	Puget Sound Energy Inc., 1st Mortgage Notes, 4.223% due 6/15/48			180,304
		100,000	San Diego Gas & Electric Co., 1st Mortgage Notes, 6.000% due 6/1/39			134,679
		125,000	Sempra Energy, Senior Unsecured Notes, 4.050% due 12/1/23			132,853
			Southern California Edison Co., 1st Mortgage Notes:
		125,000	4.050% due 3/15/42			135,071
		565,000	4.000% due 4/1/47			616,190
		150,000	Southern California Gas Co., 1st Mortgage Notes, 3.150% due 9/15/24			157,424
		250,000	Southern Co., Senior Unsecured Notes, 4.400% due 7/1/46			282,366
		150,000	Southern Co. Gas Capital Corp, Company Guaranteed Notes, 4.400% due 5/30/47			171,010
		250,000	Southwestern Electric Power Co., Senior Unsecured Notes, 3.900% due 4/1/45			268,021
		100,000	Southwestern Public Service Co., 1st Mortgage Notes, 4.500% due 8/15/41			121,583
		1,149,600	Star Energy Geothermal Wayang Windu Ltd., Senior Secured Notes, 6.750% due 4/24/33			1,179,924
		971,780	Stoneway Capital Corp., Senior Secured Notes, 10.000% due 3/1/27			534,479
		110,000	Talen Energy Supply LLC, Senior Secured Notes, 6.625% due 1/15/28(b)			106,425
		200,000	Transelec SA, Senior Unsecured Notes, 4.625% due 7/26/23			212,752
			Virginia Electric & Power Co., Senior Unsecured Notes:
		100,000	2.950% due 1/15/22			101,901
		250,000	3.500% due 3/15/27			269,510
		250,000	4.000% due 1/15/43			283,991
		255,000	Vistra Operations Co. LLC, Senior Unsecured Notes, 5.625% due 2/15/27(b)			269,981
		350,000	Wisconsin Power & Light Co., Senior Unsecured Notes, 3.000% due 7/1/29			368,584
			Total Utilities			32,117,890
			TOTAL CORPORATE BONDS & NOTES (Cost – $375,010,876)			392,906,609

See Notes to Financial Statements.

108

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
MORTGAGE-BACKED SECURITIES – 18.7%
FHLMC – 3.7%
			Federal Home Loan Mortgage Corp. (FHLMC), Gold:
	$	600,000	0.000% due 9/1/49		$	618,628
		3,239,268	2.500% due 2/1/32			3,287,098
		18,323,221	3.000% due 3/1/32 – 1/1/46			18,923,960
		35,754,867	3.500% due 6/1/33 – 7/1/49			37,605,722
		6,454,155	4.000% due 5/1/46 – 6/1/49			6,864,963
		4,013,330	4.500% due 9/1/46 – 3/1/49			4,278,479
		201,625	5.000% due 10/1/48			215,660
			TOTAL FHLMC			71,794,510
FNMA – 12.6%
			Federal National Mortgage Association (FNMA):
		810,000	0.000% due 8/1/49			837,625
		1,700,000	2.490% due 9/1/28			1,756,907
		21,443,304	2.500% due 1/1/32 – 4/1/47			21,595,652
		24,000	2.500% due 9/1/48(i)			24,136
		12,395,000	2.690% due 8/1/30			12,956,731
		5,147,500	2.760% due 8/1/31			5,397,966
		5,825,000	2.770% due 7/1/31			6,113,818
		90,587,969	3.000% due 2/1/32 – 8/1/49			93,284,869
		53,931,690	3.500% due 7/1/26 – 4/1/48			56,554,177
		21,000	3.500% due 9/1/34(i)			21,763
		32,987,725	4.000% due 7/1/26 – 6/1/49			34,576,029
		235,000	4.000% due 9/1/33(i)			244,766
		5,734,285	4.500% due 5/1/48 – 2/1/49			6,040,125
		240,708	4.500% due 6/1/49			253,501
		6,085,220	5.000% due 4/1/40 – 1/1/49			6,701,184
			TOTAL FNMA			246,359,249
GNMA – 2.4%
			Government National Mortgage Association II (GNMA):
		420,930	2.500% due 1/20/47			427,362
		10,426,883	3.000% due 6/20/46 – 5/20/47			10,796,480
		17,193,830	3.500% due 5/20/43 – 5/20/49			18,021,771
		10,665,424	4.000% due 9/20/45 – 7/20/49			11,225,003
		25,000	4.000% due 9/1/49(i)			26,053
		5,663,098	4.500% due 2/20/47 – 5/20/49			5,937,176
		1,337,730	5.000% due 3/20/48 – 4/20/49			1,411,379
			TOTAL GNMA			47,845,224
			TOTAL MORTGAGE-BACKED SECURITIES (Cost – $355,206,514)			365,998,983

See Notes to Financial Statements.

109

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
ASSET-BACKED SECURITIES – 7.5%
	$	2,728,281	AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(b)		$	2,758,001
		500,000	Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.820% due 3/18/24			516,774
		500,000	Assurant CLO III Ltd., Series 2018-2A, Class A, 3.508% (3-Month USD-LIBOR + 1.230%) due 10/20/31(a)(b)			498,203
		1,815,284	Bayview Opportunity Master Fund IVa Trust, Series 2018-RN6, Class A1, step bond to yield, 4.090% due 7/25/33(b)			1,815,012
			BDS Ltd.:
		1,807,000	Series 2019-FL4, Class A, 3.295% (1-Month USD-LIBOR + 1.100%) due 8/15/36(a)(b)			1,808,016
		1,807,000	Series 2019-FL4, Class AS, 3.595% (1-Month USD-LIBOR + 1.400%) due 8/15/36(a)(b)			1,808,086
		3,245,299	Carrington Mortgage Loan Trust, Series 2006-NC4, Class A3, 2.305% (1-Month USD-LIBOR + 0.160%) due 10/25/36(a)			3,006,748
		1,729,756	Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125% due 6/15/43(b)			1,773,098
		500,000	CBAM Ltd., Series 2018-6A, Class A, 3.243% (3-Month USD-LIBOR + 0.940%) due 7/15/31(a)(b)			498,987
		1,000,000	CFIP CLO Ltd., Series 2014-1A, Class AR, 3.623% (3-Month USD-LIBOR + 1.320%) due 7/13/29(a)(b)			1,000,839
			Citibank Credit Card Issuance Trust:
		200,000	Series 2017-A3, Class A3, 1.920% due 4/7/22			199,909
		600,000	Series 2018-A6, Class A6, 3.210% due 12/7/24			629,525
		6,038,465	Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4, Class AV4, 2.385% (1-Month USD-LIBOR + 0.240%) due 5/25/36(a)			5,107,567
		8,900,219	CSMC Trust, Series 2018-RPL8, Class A1, 4.125% due 7/25/58(a)(b)			8,991,141
		1,000,000	CVP CLO Ltd., Series 2017-1A, Class A, 3.618% (3-Month USD-LIBOR + 1.340%) due 7/20/30(a)(b)			997,689
		1,000,000	Elevation CLO Ltd., Series 2014-2A, Class A1R, 3.533% (3-Month USD-LIBOR + 1.230%) due 10/15/29(a)(b)			999,170
		800,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class B, 3.758% (3-Month USD-LIBOR + 1.600%) due 5/15/30(a)(b)			790,034
		750,000	Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.160% due 3/15/23			753,945
		386,094	FREED ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(b)			387,533
		1,199,000	GPMT Ltd., Series 2019-FL2, Class A, 3.495% (1-Month USD-LIBOR + 1.300%) due 2/22/36(a)(b)			1,202,357
		4,506,302	Helios Issuer LLC, Series 2017-1A, Class A, 4.940% due 9/20/49(b)			4,750,170
		529,000	Hunt CRE Ltd., Series 2018-FL2, Class A, 3.275% (1-Month USD-LIBOR + 1.080%) due 8/15/28(a)(b)			529,000

See Notes to Financial Statements.

110

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
ASSET-BACKED SECURITIES – (continued)
			Invitation Homes Trust:
	$	2,240,000	Series 2018-SFR1, Class C, 3.432% (1-Month USD-LIBOR + 1.250%) due 3/17/37(a)(b)		$	2,230,688
		1,425,000	Series 2018-SFR1, Class D, 3.632% (1-Month USD-LIBOR + 1.450%) due 3/17/37(a)(b)			1,421,313
		980,000	Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.846% due 7/30/47(b)			1,057,518
		1,127,000	KREF Ltd., Series 2018-FL1, Class A, 3.297% (1-Month USD-LIBOR + 1.100%) due 6/15/36(a)(b)			1,128,810
		1,000,000	LCM XV LP, Series 15A, Class DR, 5.978% (3-Month USD-LIBOR + 3.700%) due 7/20/30(a)(b)			995,344
		497,316	Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, step bond to yield, 3.200% due 5/25/59(b)			498,286
		1,237,000	LoanCore Issuer Ltd., Series 2019-CRE2, Class AS, 3.695% (1-Month USD-LIBOR + 1.500%) due 5/15/36(a)(b)			1,238,979
		1,000,000	Madison Park Funding XI Ltd., Series 2013-11A, Class AR, 3.419% (3-Month USD-LIBOR + 1.160%) due 7/23/29(a)(b)			1,001,436
		1,000,000	Marathon CLO V Ltd., Series 2013-5A, Class A1R, 3.022% (3-Month USD-LIBOR + 0.870%) due 11/21/27(a)(b)			994,788
		1,925,956	Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.576% (3-Month USD-LIBOR + 1.320%) due 10/28/25(a)(b)			1,926,558
		1,000,000	Marble Point CLO XIV Ltd., Series 2018-2A, Class A1, 3.608% (3-Month USD-LIBOR + 1.330%) due 1/20/32(a)(b)			1,001,397
		98,743	Marlette Funding Trust, Series 2018-1A, Class A, 2.610% due 3/15/28(b)			98,761
		1,500,000	Midocean Credit CLO VII, Series 2017-7A, Class A1, 3.623% (3-Month USD-LIBOR + 1.320%) due 7/15/29(a)(b)			1,501,304
		1,000,000	MP CLO III Ltd., Series 2013-1A, Class AR, 3.528% (3-Month USD-LIBOR + 1.250%) due 10/20/30(a)(b)			995,722
		1,000,000	MP CLO IV Ltd., Series 2013-2A, Class ARR, 3.556% (3-Month USD-LIBOR + 1.280%) due 7/25/29(a)(b)			997,464
		500,000	Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, 3.153% (3-Month USD-LIBOR + 0.850%) due 1/15/28(a)(b)			498,286
		1,145,332	Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.740% due 8/16/21			1,143,965
		500,000	Northwoods Capital XI-B Ltd., Series 2018-11BA, Class A1, 3.403% (3-Month USD-LIBOR + 1.100%) due 4/19/31(a)(b)			495,895
		1,000,000	Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 3.428% (3-Month USD-LIBOR + 1.270%) due 11/15/30(a)(b)			997,393
		2,058,713	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2, Class A1, step bond to yield, 3.000% due 7/25/57(b)			2,052,500
		14,289,607	Option One Mortgage Loan Trust, Series 2007-6, Class 1A1, 2.335% (1-Month USD-LIBOR + 0.190%) due 7/25/37(a)			12,948,501

See Notes to Financial Statements.

111

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	469,248	Palmer Square Loan Funding Ltd., Series 2017-1A, Class A1, 3.043% (3-Month USD-LIBOR + 0.740%) due 10/15/25(a)(b)		$	468,334
		1,036,000	Pretium Mortgage Credit Partners I LLC, Series 2019-CFL1, Class A1, step bond to yield, 3.721% due 1/25/59(b)(d)			1,037,168
			PRPM LLC:
		6,587,023	Series 2017-2A, Class A1, step bond to yield, 3.470% due 9/25/22(b)			6,600,248
		4,861,442	Series 2019-2A, Class A1, step bond to yield, 3.967% due 4/25/24(b)			4,906,294
		2,600,000	Series 2019-3A, Class A1, step bond to yield, 3.351% due 7/25/24(b)			2,605,553
		1,000,000	Regatta XI Funding Ltd., Series 2018-1A, Class B, 3.953% (3-Month USD-LIBOR + 1.650%) due 7/17/31(a)(b)			980,135
		1,000,000	Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3.468% (3-Month USD-LIBOR + 1.190%) due 10/20/30(a)(b)			996,658
		1,000,000	Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due 8/25/47(b)			1,069,308
		500,000	Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, 3.447% (3-Month USD-LIBOR + 1.180%) due 10/26/31(a)(b)			493,998
		1,000,000	Steele Creek CLO Ltd., Series 2015-1A, Class AR, 3.412% (3-Month USD-LIBOR + 1.260%) due 5/21/29(a)(b)			997,458
		1,000,000	Symphony CLO XV Ltd., Series 2014-15A, Class AR2, 3.563% (3-Month USD-LIBOR + 1.260%) due 1/17/32(a)(b)			997,010
		1,985,000	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318% due 11/25/48(b)			2,067,894
		1,182,868	Textainer Marine Containers V Ltd., Series 2017-1A, Class A, 3.720% due 5/20/42(b)			1,204,334
		1,000,000	THL Credit Wind River CLO Ltd., Series 2014-2A, Class AR, 3.443% (3-Month USD-LIBOR + 1.140%) due 1/15/31(a)(b)			993,236
			Vericrest Opportunity Loan Trust:
		4,867,090	Series 2019-NPL3, Class A1, step bond to yield, 3.967% due 3/25/49(b)			4,905,640
		3,000,000	Series 2019-NPL4, Class A1A, step bond to yield, 3.352% due 8/25/49(b)			2,999,997
		500,000	Vibrant CLO X Ltd., Series 2018-10A, Class A1, 3.478% (3-Month USD-LIBOR + 1.200%) due 10/20/31(a)(b)			497,480
		8,582,267	VOLT LXXII LLC, Series 2018-NPL8, Class A1A, step bond to yield, 4.213% due 10/26/48(b)			8,631,672
		10,379,953	WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE4, Class 1A, 2.315% (1-Month USD-LIBOR + 0.170%) due 7/25/47(a)			8,012,093
		14,371,641	Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE3, Class 1A, 2.300% (1-Month USD-LIBOR + 0.155%) due 8/25/36(a)			13,458,789
			Wellfleet CLO Ltd.:
		1,000,000	Series 2017-2A, Class A1, 3.528% (3-Month USD-LIBOR + 1.250%) due 10/20/29(a)(b)			999,464
		1,000,000	Series 2017-3A, Class A1, 3.453% (3-Month USD-LIBOR + 1.150%) due 1/17/31(a)(b)			992,548

See Notes to Financial Statements.

112

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	500,000	Series 2018-2A, Class A1, 3.478% (3-Month USD-LIBOR + 1.200%) due 10/20/31(a)(b)		$	497,478
		4,000,000	York CLO-6 Ltd., Series 2019-1A, Class A1, 3.516% (3-Month USD-LIBOR + 1.350%) due 7/22/32(a)(b)(d)			3,998,756
		1,000,000	Zais CLO 5 Ltd., Series 2016-2A, Class A1, 3.833% (3-Month USD-LIBOR + 1.530%) due 10/15/28(a)(b)			998,803
			TOTAL ASSET-BACKED SECURITIES (Cost – $144,948,994)			147,457,060
SOVEREIGN BONDS – 1.0%
Argentina – 0.0%
		950,000	Provincia de Buenos Aires, 7.875% due 6/15/27			304,000
Canada – 0.1%
		1,000,000	Province of Ontario Canada, 2.400% due 2/8/22			1,017,863
		750,000	Province of Quebec Canada, 2.375% due 1/31/22			763,408
			Total Canada			1,781,271
Chile – 0.0%
		200,000	Chile Government International Bond, 3.860% due 6/21/47			242,500
Colombia – 0.1%
			Colombia Government International Bond:
		750,000	3.875% due 4/25/27			810,382
		200,000	4.500% due 3/15/29			227,500
		250,000	5.625% due 2/26/44			321,565
		200,000	5.200% due 5/15/49			250,800
			Total Colombia			1,610,247
Dominican Republic – 0.0%
		400,000	Dominican Republic International Bond, 6.400% due 6/5/49(b)			438,500
Hungary – 0.0%
		500,000	Hungary Government International Bond, 6.375% due 3/29/21			531,080
India – 0.0%
		200,000	Export-Import Bank of India, 4.000% due 1/14/23			208,980
Indonesia – 0.2%
		200,000	Indonesia Government International Bond, 5.350% due 2/11/49			261,613
			Perusahaan Penerbit SBSN Indonesia III:
		400,000	3.400% due 3/29/22			408,584
		2,100,000	3.750% due 3/1/23			2,177,469
		1,300,000	4.150% due 3/29/27(b)			1,409,122
			Total Indonesia			4,256,788

See Notes to Financial Statements.

113

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SOVEREIGN BONDS – (continued)
Japan – 0.0%
			Japan Bank for International Cooperation:
	$	250,000	2.875% due 6/1/27		$	268,435
		250,000	2.750% due 11/16/27			266,529
			Total Japan			534,964
Mexico – 0.1%
			Mexico Government International Bond:
		500,000	3.500% due 1/21/21			509,375
		600,000	4.150% due 3/28/27			640,506
		350,000	3.750% due 1/11/28			365,929
		750,000	4.600% due 1/23/46			810,945
			Total Mexico			2,326,755
Panama – 0.0%
		250,000	Panama Government International Bond, 4.500% due 5/15/47			310,002
Peru – 0.1%
			Peruvian Government International Bond:
		250,000	2.844% due 6/20/30			264,375
		100,000	5.625% due 11/18/50			152,501
			Total Peru			416,876
Philippines – 0.1%
			Philippine Government International Bond:
		1,000,000	4.200% due 1/21/24			1,089,319
		500,000	3.950% due 1/20/40			599,975
			Total Philippines			1,689,294
Poland – 0.1%
		500,000	Republic of Poland Government International Bond, 4.000% due 1/22/24			543,882
South Korea – 0.0%
		250,000	Export-Import Bank of Korea, 2.625% due 5/26/26			256,138
		200,000	Korea International Bond, 2.500% due 6/19/29			207,345
			Total South Korea			463,483
Supranational – 0.1%
			International Bank for Reconstruction & Development:
		1,000,000	1.375% due 9/20/21			996,340
		500,000	2.500% due 3/19/24			522,605
		250,000	1.875% due 10/27/26			256,268
		250,000	2.500% due 11/22/27			268,009
			Total Supranational			2,043,222

See Notes to Financial Statements.

114

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SOVEREIGN BONDS – (continued)
Thailand – 0.0%
	$	400,000	Export Import Bank of Thailand, 2.998% due 5/23/24(a)		$	400,360
Uruguay – 0.1%
			Uruguay Government International Bond:
		250,000	4.375% due 1/23/31			283,125
		250,000	4.125% due 11/20/45			277,128
			Total Uruguay			560,253
			TOTAL SOVEREIGN BONDS (Cost – $18,229,568)			18,662,457
SENIOR LOANS(a) – 1.3%
		241,975	1011778 BC Unlimited Liability Co., 4.362% (1-Month USD-LIBOR + 2.250%) due 2/16/24			241,500
		24,875	8th Avenue Food & Provisions Inc., 5.963% (1-Month USD-LIBOR + 3.750%) due 10/1/25			24,891
		114,414	Acadia Healthcare Co., Inc., 4.612% (1-Month USD-LIBOR + 2.500%) due 2/16/23			114,414
		104,030	Access CIG LLC, 6.069% (3-Month USD-LIBOR + 3.750%) due 2/27/25			102,079
		94,763	Achilles Acquisition LLC, 6.125% (1-Month USD-LIBOR + 4.000%) due 10/13/25			94,585
		155,304	Acrisure LLC, 6.362% (1-Month USD-LIBOR + 4.250%) due 11/22/23			153,906
		99,750	Agiliti Health Inc., 5.250% (1-Month USD-LIBOR + 3.000%) due 1/4/26			99,875
		107,375	Air Medical Group Holdings Inc., 5.432% (1-Month USD-LIBOR + 3.250%) due 4/28/22			100,765
		222,903	Air Methods Corp., 5.830% (3-Month USD-LIBOR + 3.500%) due 4/22/24			183,431
			Albertson’s LLC:
		30,075	4.862% (1-Month USD-LIBOR + 2.750%) due 11/17/25(j)			30,170
		88,853	4.862% (1-Month USD-LIBOR + 2.750%) due 8/17/26			89,186
		78,149	Alera Group Intermediate Holdings Inc., 0.000% (1-Month USD-LIBOR + 4.500%) due 8/1/25			78,100
		154,943	Aleris International Inc., 6.862% (1-Month USD-LIBOR + 4.750%) due 2/27/23			154,882
		110,000	Alliant Holdings Intermediate LLC, 5.451% (1-Month USD-LIBOR + 3.250%) due 5/9/25			108,419
		109,189	Allied Universal Holdco LLC, 6.507% (3-Month USD-LIBOR + 4.250%) due 7/10/26			108,944
		168,683	Alterra Mountain Co., 5.112% (1-Month USD-LIBOR + 3.000%) due 7/31/24			167,839
		73,257	Altice France SA, 6.197% (1-Month USD-LIBOR + 4.000%) due 8/14/26			72,555
		75,000	American Airlines Inc., 4.195% (1-Month USD-LIBOR + 2.000%) due 12/14/23			74,663

See Notes to Financial Statements.

115

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	113,259	American Tire Distributors Inc., 9.624% (3-Month USD-LIBOR + 7.500%) due 9/2/24(j)		$	101,933
		155,871	Applied Systems Inc., 5.330% (3-Month USD-LIBOR + 3.000%) due 9/19/24			155,287
		175,000	Aramark Intermediate HoldCo Corp., 4.080% (3-Month USD-LIBOR + 1.750%) due 3/11/25			174,781
		145,302	AssuredPartners Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 10/22/24			144,394
			Asurion LLC:
		154,849	5.112% (1-Month USD-LIBOR + 3.000%) due 11/3/23			154,877
		35,509	8.612% (1-Month USD-LIBOR + 6.500%) due 8/4/25			35,999
		120,176	athenahealth Inc., 6.681% (1/3-Month USD-LIBOR + 4.500%) due 2/11/26			119,501
		154,674	Auris Luxembourg III Sarl, 5.874% (1-Month USD-LIBOR + 3.750%) due 2/27/26			152,675
		129,249	Avantor Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 11/21/24			130,272
		93,541	Avaya Inc., 6.439% (1/2-Month USD-LIBOR + 4.250%) due 12/15/24			91,787
		181,649	Axalta Coating Systems Dutch Holding B BV, 4.080% (3-Month USD-LIBOR + 1.750%) due 6/1/24			180,457
		60,000	Azalea TopCo Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 7/24/26			59,650
		49,621	Bass Pro Group LLC, 7.112% (1-Month USD-LIBOR + 5.000%) due 9/25/24			47,109
			Bausch Health Cos., Inc.:
		53,364	5.201% (1-Month USD-LIBOR + 3.000%) due 6/2/25			53,424
		166,500	4.951% (1-Month USD-LIBOR + 2.750%) due 11/27/25			166,334
			Berry Global Inc.:
		26,700	4.451% (1-Month USD-LIBOR + 2.250%) due 10/1/22			26,706
		233,157	4.701% (1-Month USD-LIBOR + 2.500%) due 7/1/26			233,029
		154,574	BJ’s Wholesale Club Inc., 4.944% (1-Month USD-LIBOR + 2.750%) due 2/3/24			154,606
		144,918	Blackhawk Network Holdings Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 6/15/25			143,560
		185,000	Blackstone CQP Holdco LP, 5.887% (3-Month USD-LIBOR + 3.500%) due 9/30/24			184,943
		62,649	Boxer Parent Co., Inc., 6.580% (3-Month USD-LIBOR + 4.250%) due 10/2/25			59,082
		127,461	Brazos Delaware II LLC, 6.169% (1-Month USD-LIBOR + 4.000%) due 5/21/25			114,184
		93,751	Bright Bidco BV, 5.759% (1/3-Month USD-LIBOR + 3.500%) due 6/30/24			55,724
		116,754	Brookfield WEC Holdings Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 8/1/25			116,796
			Calpine Corp.:
		181,131	5.080% (3-Month USD-LIBOR + 2.750%) due 4/5/26			180,829
		15,000	4.612% (1-Month USD-LIBOR + 2.500%) due 8/12/26			14,951

See Notes to Financial Statements.

116

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	157,523	Canyon Valor Cos. Inc., 5.080% (3-Month USD-LIBOR + 2.750%) due 6/16/23		$	156,342
		157,873	Capri Acquisitions BidCo Ltd., 5.506% (3-Month USD-LIBOR + 3.250%) due 11/1/24			154,421
		184,538	Catalent Pharma Solutions Inc., 4.362% (1-Month USD-LIBOR + 2.250%) due 5/18/26			185,076
		221,562	CBS Radio Inc., 4.890% (1-Month USD-LIBOR + 2.750%) due 11/18/24			221,148
		161,208	Cengage Learning Inc., 6.362% (1-Month USD-LIBOR + 4.250%) due 6/7/23			154,210
		129,507	CEOC LLC, 4.112% (1-Month USD-LIBOR + 2.000%) due 10/7/24			129,244
		143,320	Change Healthcare Holdings Inc., 4.612% (1-Month USD-LIBOR + 2.500%) due 3/1/24			141,647
		35,000	Charter NEX US Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 5/16/24			34,935
		120,942	CHG PPC Parent LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 3/31/25			119,883
		65,868	Cincinnati Bell Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 10/2/24			65,503
		75,000	Clear Channel Outdoor Holdings Inc., 5.667% (1-Month USD-LIBOR + 3.500%) due 8/21/26			74,906
		77,565	ClubCorp Holdings Inc., 5.080% (3-Month USD-LIBOR + 2.750%) due 9/18/24			69,343
		64,758	Commscope Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 4/6/26			64,380
		119,742	Compass Power Generation LLC, 5.612% (1-Month USD-LIBOR + 3.500%) due 12/20/24			119,862
		58,682	Covia Holdings Corp., 6.313% (3-Month USD-LIBOR + 4.000%) due 6/1/25			48,233
		44,775	CPM Holdings Inc., 5.862% (1-Month USD-LIBOR + 3.750%) due 11/17/25			44,159
			CSC Holdings LLC:
		15,705	4.445% (1-Month USD-LIBOR + 2.250%) due 7/17/25			15,619
		54,725	4.445% (1-Month USD-LIBOR + 2.250%) due 1/15/26			54,406
		169,575	5.195% (1-Month USD-LIBOR + 3.000%) due 4/15/27			170,084
		135,446	CSM Bakery Solutions Ltd., 6.290% (3-Month USD-LIBOR + 4.000%) due 7/3/20			128,928
		133,176	Cvent Inc., 5.862% (1-Month USD-LIBOR + 3.750%) due 11/29/24(j)			130,970
		103,290	Cyxtera DC Holdings Inc., 5.210% (1-Month USD-LIBOR + 3.000%) due 5/1/24(j)			96,628
		60,000	DaVita Inc., due 8/12/26(j)			60,064
		66,560	Deerfield Dakota Holding LLC, 5.362% (1-Month USD-LIBOR + 3.250%) due 2/13/25			64,576
		240,923	Dell International LLC, 4.120% (1-Month USD-LIBOR + 2.000%) due 9/7/23			241,398
		97,241	Dentalcorp Health Services ULC, 5.862% (1-Month USD-LIBOR + 3.750%) due 6/6/25			94,872
		30,000	Diamond Sports Group LLC, due 8/24/26(j)			30,000

See Notes to Financial Statements.

117

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	54,149	Digicel International Finance Ltd., 5.340% (3-Month USD-LIBOR + 3.250%) due 5/27/24		$	45,837
		100,000	DigiCert Holdings Inc., due 8/7/26(j)			99,583
		95,931	Dun & Bradstreet Corp., 7.145% (1-Month USD-LIBOR + 5.000%) due 2/6/26			96,130
		75,000	Dynasty Acquisition Co., Inc., 6.330% (3-Month USD-LIBOR + 4.000%) due 4/6/26			74,933
		138,858	Dynatrace LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 8/22/25			138,824
		139,650	E.W. Scripps Co., 4.862% (1-Month USD-LIBOR + 2.750%) due 5/1/26			139,601
		156,322	EAB Global Inc., 6.381% (2/3-Month USD-LIBOR + 3.750%) due 11/15/24			153,782
		139,562	Edelman Financial Center LLC, 5.432% (1-Month USD-LIBOR + 3.250%) due 7/21/25			139,387
		120,523	Edgewater Generation LLC, 5.862% (1-Month USD-LIBOR + 3.750%) due 12/13/25(j)			118,865
		104,386	EG Group Ltd., 6.330% (3-Month USD-LIBOR + 4.000%) due 2/7/25			102,755
		72,995	Envision Healthcare Corp., 5.862% (1-Month USD-LIBOR + 3.750%) due 10/10/25			56,338
		109,562	ESH Hospitality Inc., 4.112% (1-Month USD-LIBOR + 2.000%) due 8/30/23			109,580
		54,650	Exgen Renewables IV LLC, 5.130% (3-Month USD-LIBOR + 3.000%) due 11/28/24			52,601
		64,837	Explorer Holdings Inc., 6.080% (3-Month USD-LIBOR + 3.750%) due 5/2/23			64,654
		228,287	Filtration Group Corp., 5.112% (1-Month USD-LIBOR + 3.000%) due 3/29/25			228,145
		154,963	Flexera Software LLC, 5.620% (1-Month USD-LIBOR + 3.500%) due 2/26/25			154,915
		194,425	Foresight Energy LLC, 7.874% (3-Month USD-LIBOR + 5.750%) due 3/28/22(j)			126,028
		174,125	Forest City Enterprises LP, 6.112% (1-Month USD-LIBOR + 4.000%) due 12/8/25			175,213
		83,748	Forterra Finance LLC, 5.112% (1-Month USD-LIBOR + 3.000%) due 10/25/23			78,139
		93,092	Frontdoor Inc., 4.625% (1-Month USD-LIBOR + 2.500%) due 8/16/25			93,208
		66,018	Frontera Generation Holdings LLC, 6.451% (1-Month USD-LIBOR + 4.250%) due 5/2/25			62,552
		65,192	Gates Global LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 4/1/24			63,504
		192,299	Gentiva Health Services Inc., 5.875% (1-Month USD-LIBOR + 3.750%) due 7/2/25			192,180
		94,637	Getty Images Inc., 6.625% (1-Month USD-LIBOR + 4.500%) due 2/19/26			94,046
		169,350	Go Daddy Operating Co. LLC, 4.112% (1-Month USD-LIBOR + 2.000%) due 2/15/24			169,604
		116,339	GOBP Holdings Inc., 5.759% (3-Month USD-LIBOR + 3.500%) due 10/22/25			116,594
		129,568	GoodRx Inc., 4.932% (1-Month USD-LIBOR + 2.750%) due 10/10/25			128,337

See Notes to Financial Statements.

118

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	122,480	Graftech International Ltd., 5.612% (1-Month USD-LIBOR + 3.500%) due 2/12/25		$	118,959
		258,720	Gray Television Inc., 4.832% (3-Month USD-LIBOR + 2.500%) due 1/2/26			258,666
		145,615	Greeneden US Holdings I LLC, 5.362% (1-Month USD-LIBOR + 3.250%) due 12/1/23			143,831
		147,561	GTT Communications Inc., 4.860% (1-Month USD-LIBOR + 2.750%) due 5/31/25			118,249
		128,371	Gulf Finance LLC, 7.517% (3-Month USD-LIBOR + 5.250%) due 8/25/23			100,557
		186,828	GW Honos Security Corp., 6.020% (3-Month USD-LIBOR + 3.500%) due 5/24/24			186,811
		61,478	Harbor Freight Tools USA Inc., 4.612% (1-Month USD-LIBOR + 2.500%) due 8/18/23			59,077
		65,708	Hayward Industries Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 8/5/24			62,997
		175,000	HC Group Holdings II Inc., 6.612% (1-Month USD-LIBOR + 4.500%) due 8/6/26			174,270
		104,736	HD Supply Inc., 3.862% (1-Month USD-LIBOR + 1.750%) due 10/17/23			105,085
		60,000	Hexion Inc., 5.820% (3-Month USD-LIBOR + 3.500%) due 7/1/26			59,850
			Hyland Software Inc.:
		155,299	5.362% (1-Month USD-LIBOR + 3.250%) due 7/1/24			154,620
		45,596	9.112% (1-Month USD-LIBOR + 7.000%) due 7/7/25			45,682
		45,000	IAA Inc., 4.625% (3-Month USD-LIBOR + 2.250%) due 6/29/26			45,169
		70,960	iHeartCommunications Inc., 6.230% (1-Month USD-LIBOR + 4.000%) due 5/1/26			71,120
		119,851	Informatica LLC, 5.362% (1-Month USD-LIBOR + 3.250%) due 8/5/22			119,877
		49,408	ION Trading Technologies SARL, 6.651% (3-Month USD-LIBOR + 4.000%) due 11/21/24			47,391
			Iqvia Inc.:
		174,114	4.330% (3-Month USD-LIBOR + 2.000%) due 1/17/25			174,295
		85,534	4.008% (2-Month USD-LIBOR + 1.750%) due 6/11/25			85,347
		156,072	IRB Holding Corp., 5.550% (3-Month USD-LIBOR + 3.250%) due 2/5/25			154,853
		64,687	IRI Holdings Inc., 6.624% (1/3-Month USD-LIBOR + 4.500%) due 12/1/25			61,587
		155,407	Jaguar Holding Co. I LLC, 4.612% (1-Month USD-LIBOR + 2.500%) due 8/18/22			154,414
		258,535	JBS USA Lux SA, 4.612% (1-Month USD-LIBOR + 2.500%) due 5/1/26			258,859
		17,056	KAR Auction Services Inc., 4.875% (3-Month USD-LIBOR + 2.500%) due 3/9/23			17,034
		102,605	KBR Inc., 5.862% (1-Month USD-LIBOR + 3.750%) due 4/25/25			102,990
		65,324	Kindred Healthcare LLC, 7.125% (1-Month USD-LIBOR + 5.000%) due 7/2/25			64,589

See Notes to Financial Statements.

119

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	72,402	Klockner Pentaplast of America Inc., 6.362% (1-Month USD-LIBOR + 4.250%) due 6/30/22		$	64,583
		137,111	Kronos Acquisition Intermediate Inc., 6.256% (3-Month USD-LIBOR + 4.000%) due 5/15/23			129,855
		155,311	Kronos Inc., 5.253% (3-Month USD-LIBOR + 3.000%) due 11/1/23			155,134
		259,226	Level 3 Financing Inc., 4.362% (1-Month USD-LIBOR + 2.250%) due 2/22/24			259,335
		155,214	Life Time Fitness Inc., 4.874% (1/3-Month USD-LIBOR + 2.750%) due 6/10/22			154,373
		172,283	Lions Gate Capital Holdings LLC, 4.362% (1-Month USD-LIBOR + 2.250%) due 3/24/25			171,636
		129,461	Lower Cadence Holdings LLC, 6.145% (1-Month USD-LIBOR + 4.000%) due 5/22/26(j)			125,982
		134,426	Lucid Energy Group II Borrower LLC, 5.112% (1-Month USD-LIBOR + 3.000%) due 2/17/25			123,840
		73,152	McDermott International Inc., 7.112% (1-Month USD-LIBOR + 5.000%) due 5/12/25			66,980
		65,000	MED Parentco LP, due 7/31/26(j)			64,241
		156,259	Meredith Corp., 4.862% (1-Month USD-LIBOR + 2.750%) due 1/31/25(j)			156,436
		65,295	Messer Industries GmbH, 4.830% (3-Month USD-LIBOR + 2.500%) due 3/1/26			64,829
		164,280	MGM Growth Properties Operating Partnership LP, 4.112% (1-Month USD-LIBOR + 2.000%) due 3/21/25			164,229
		115,487	Milacron LLC, 4.612% (1-Month USD-LIBOR + 2.500%) due 9/28/23			115,343
		218,511	Minotaur Acquisition Inc., 7.112% (1-Month USD-LIBOR + 5.000%) due 3/27/26(j)			210,728
		71,429	Mister Car Wash Holdings Inc., 5.658% (3-Month USD-LIBOR + 3.500%) due 5/14/26			71,173
		53,105	Misys Ltd., 5.696% (6-Month USD-LIBOR + 3.500%) due 6/13/24(j)			51,172
		68,265	Mitchell International Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 11/29/24			63,862
		62,621	MLN US HoldCo LLC, 6.612% (1-Month USD-LIBOR + 4.500%) due 11/30/25			59,725
		150,117	MPH Acquisition Holdings LLC, 5.080% (3-Month USD-LIBOR + 2.750%) due 6/7/23			139,421
		65,000	Nascar Holdings Inc., due 7/27/26(j)			65,311
		45,000	NCR Corp., due 8/28/26(j)			44,860
		144,275	NEP Group Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 10/20/25			140,524
		185,000	Nexstar Broadcasting Inc., due 6/19/26(j)			185,000
		65,916	Nouryon Finance BV, 5.463% (1-Month USD-LIBOR + 3.250%) due 10/1/25			63,581

See Notes to Financial Statements.

120

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	44,775	Outcomes Group Holdings Inc., 5.624% (1/3-Month USD-LIBOR + 3.500%) due 10/24/25		$	44,159
		32,696	Panther BF Aggregator 2 LP, 5.612% (1-Month USD-LIBOR + 3.500%) due 4/30/26(j)			32,205
		59,354	Parexel International Corp., 4.862% (1-Month USD-LIBOR + 2.750%) due 9/27/24			55,698
		55,000	PCI Gaming Authority, 5.112% (1-Month USD-LIBOR + 3.000%) due 5/29/26			55,249
		52,218	Peak 10 Holding Corp., 5.830% (3-Month USD-LIBOR + 3.500%) due 8/1/24			44,864
		44,887	Penn National Gaming Inc., 4.362% (1-Month USD-LIBOR + 2.250%) due 10/15/25			44,988
		162,596	PetSmart Inc., 6.210% (1-Month USD-LIBOR + 4.000%) due 3/11/22(j)			157,718
		68,559	Pike Corp., 5.400% (1-Month USD-LIBOR + 3.250%) due 7/24/26			68,530
		64,689	Plantronics Inc., 4.612% (1-Month USD-LIBOR + 2.500%) due 7/2/25			64,365
		67,699	Playa Resorts Holding BV, 4.860% (1-Month USD-LIBOR + 2.750%) due 4/29/24			64,652
		66,422	Ply Gem Midco Inc., 5.951% (1-Month USD-LIBOR + 3.750%) due 4/12/25			64,409
		146,171	PODS LLC, 5.053% (3-Month USD-LIBOR + 2.750%) due 12/6/24			144,709
		230,949	PowerTeam Services LLC, 5.580% (3-Month USD-LIBOR + 3.250%) due 3/6/25			207,854
		89,775	Prairie ECI Acquiror LP, 7.080% (3-Month USD-LIBOR + 4.750%) due 3/11/26			87,486
		15,000	Pregis TopCo LLC, 6.253% (3-Month USD-LIBOR + 4.000%) due 7/31/26			14,919
		181,270	Prime Security Services Borrower LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 5/2/22			181,025
		123,601	Project Alpha Intermediate Holding Inc., 5.810% (3-Month USD-LIBOR + 3.500%) due 4/26/24			121,825
		98,375	Radiate Holdco LLC, 5.112% (1-Month USD-LIBOR + 3.000%) due 2/1/24			97,392
		87,018	Radiology Partners Inc., 6.767% due 7/9/25(j)			83,407
		123,493	Refinitiv US Holdings Inc., 5.862% (1-Month USD-LIBOR + 3.750%) due 10/1/25			124,042
		96,352	Regionalcare Hospital Partners Holdings Inc., 6.645% (1-Month USD-LIBOR + 4.500%) due 11/16/25			95,991
		123,564	Renaissance Holding Corp., 5.362% (1-Month USD-LIBOR + 3.250%) due 5/30/25			120,814
		317,314	RentPath LLC, 6.870% (1-Month USD-LIBOR + 4.750%) due 12/17/21			166,986
		103,634	Reynolds Group Holdings Inc., 4.862% (1-Month USD-LIBOR + 2.750%) due 2/5/23(j)			103,523
		113,060	RPI Finance Trust, 4.112% (1-Month USD-LIBOR + 2.000%) due 3/27/23			113,217
		155,928	Scientific Games International Inc., 4.889% (1/2-Month USD-LIBOR + 2.750%) due 8/14/24			153,935

See Notes to Financial Statements.

121

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	290,656	Securus Technologies Holdings Inc., 6.830% (3-Month USD-LIBOR + 4.500%) due 11/1/24		$	258,684
		145,907	Sedgwick Claims Management Services Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 12/31/25			141,347
		241,125	Select Medical Corp., 4.850% (3-Month USD-LIBOR + 2.500%) due 3/6/25			239,719
		121,487	Severin Acquisition LLC, 5.459% (3-Month USD-LIBOR + 3.250%) due 8/1/25			119,158
		50,000	Sinclair Television Group Inc., 4.700% (3-Month USD-LIBOR + 2.500%) due 9/30/26(j)			49,938
		145,000	Six Flags Theme Parks Inc., 4.120% (1-Month USD-LIBOR + 2.000%) due 4/17/26			145,091
		65,900	Solenis Holdings LLC, 6.112% (1-Month USD-LIBOR + 4.000%) due 6/26/25			63,813
		155,797	Solera LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 3/3/23			154,922
		144,356	Sophia LP, 5.580% (3-Month USD-LIBOR + 3.250%) due 9/30/22			144,145
		168,446	Sound Inpatient Physicians Inc., 4.862% (1-Month USD-LIBOR + 2.750%) due 6/27/25			166,551
		61,806	Southern Graphics Inc., 5.380% (1/2-Month USD-LIBOR + 3.250%) due 12/31/22(j)			49,291
		138,947	SpeedCast International Ltd., 5.080% (3-Month USD-LIBOR + 2.750%) due 5/15/25			128,353
		157,370	Sprint Communications Inc., 4.625% (1-Month USD-LIBOR + 2.500%) due 2/2/24			156,238
		198,481	SS&C Technologies Holdings Inc., 4.362% (1-Month USD-LIBOR + 2.250%) due 4/16/25			198,453
		74,870	Staples Inc., 7.197% (1-Month USD-LIBOR + 5.000%) due 4/16/26			71,875
		84,749	Stars Group Holdings BV, 5.830% (3-Month USD-LIBOR + 3.500%) due 7/10/25			84,956
		35,000	Sunshine Luxembourg VII SARL, due 7/17/26(j)			34,974
		172,721	Syncreon Global Finance (US) Inc., 6.362% (1-Month USD-LIBOR + 4.250%) due 10/28/20			80,747
		138,800	Syneos Health Inc., 4.112% (1-Month USD-LIBOR + 2.000%) due 8/1/24			138,661
		60,000	TAMKO Building Products Inc., 5.546% (3-Month USD-LIBOR + 3.250%) due 5/29/26			60,000
		60,776	Telesat Canada, 4.830% (3-Month USD-LIBOR + 2.500%) due 11/17/23			60,684
		168,563	Tempo Acquisition LLC, 5.112% (1-Month USD-LIBOR + 3.000%) due 5/1/24(j)			168,423
		54,024	Titan Acquisition Ltd., 5.112% (1-Month USD-LIBOR + 3.000%) due 3/28/25			51,743
		158,575	TKC Holdings Inc., 5.870% (1-Month USD-LIBOR + 3.750%) due 2/1/23			154,470
		195,429	Transdigm Inc., 4.830% (3-Month USD-LIBOR + 2.500%) due 6/9/23			193,891
		148,500	Travel Leaders Group LLC, 6.170% (1-Month USD-LIBOR + 4.000%) due 1/25/24			148,871

See Notes to Financial Statements.

122

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Security	Value
SENIOR LOANS(a) – (continued)
	$	54,454	Travelport Finance (Luxembourg) SARL, 7.541% (3-Month USD-LIBOR + 5.000%) due 5/29/26		$	50,016
		143,852	Uber Technologies Inc., 6.195% (1-Month USD-LIBOR + 4.000%) due 4/4/25			143,852
		168,425	UFC Holdings LLC, 5.370% (1-Month USD-LIBOR + 3.250%) due 4/29/26			168,385
		80,000	UGI Energy Services LLC, 5.862% (1-Month USD-LIBOR + 3.750%) due 8/13/26			80,000
		80,000	Ultimate Software Group Inc., 6.080% (3-Month USD-LIBOR + 3.750%) due 5/4/26			80,143
		59,847	US Anesthesia Partners Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 6/23/24			57,274
		95,000	US Foods Inc., due 8/14/26(j)			95,159
		114,716	USIC Holdings Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 12/8/23			113,090
		78,821	Vantage Specialty Chemicals Inc., 5.618% (1/3-Month USD-LIBOR + 3.500%) due 10/28/24			75,274
		167,643	Verscend Holding Corp., 6.612% (1-Month USD-LIBOR + 4.500%) due 8/27/25			167,904
		133,796	Vertafore Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 7/2/25			129,072
		259,917	VICI Properties 1 LLC, 4.170% (1-Month USD-LIBOR + 2.000%) due 12/20/24			260,288
		63,227	Victory Capital Holdings Inc., 5.569% (3-Month USD-LIBOR + 3.250%) due 7/1/26			63,129
		258,520	Virgin Media Bristol LLC, 4.695% (1-Month USD-LIBOR + 2.500%) due 1/15/26(j)			258,321
		240,171	Vistra Operations Co. LLC, 4.147% (1/3-Month USD-LIBOR + 2.000%) due 12/31/25			240,371
		34,913	Vizient Inc., 4.612% (1-Month USD-LIBOR + 2.500%) due 5/6/26			35,029
		150,000	Wand Newco 3 Inc., 5.713% (1-Month USD-LIBOR + 3.500%) due 2/5/26			150,375
		115,000	WestJet Airlines Ltd., due 8/7/26(j)			115,252
		55,000	Whatabrands LLC, 5.516% (3-Month USD-LIBOR + 3.250%) due 8/2/26			55,189
		146,988	Wink Holdco Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 12/2/24			142,854
		144,344	WP CPP Holdings LLC, 6.010% (1/3-Month USD-LIBOR + 3.750%) due 4/30/25			144,074
			TOTAL SENIOR LOANS (Cost – $25,953,699)			25,261,609

See Notes to Financial Statements.

123

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – 0.2%††
California – 0.1%
	$	125,000	AA	Bay Area Toll Authority, Series F2, 6.263% due 4/1/49		$	205,034
		100,000	AA+	Los Angeles Community College District, GO, Series E, 6.750% due 8/1/49			171,743
		150,000	AA+	Los Angeles Department of Water & Power System Revenue, Series B, 6.603% due 7/1/50			255,406
		150,000	A+	Los Angeles Unified School District, GO, Series RY, 6.758% due 7/1/34			215,904
				State of California, GO:
		25,000	AA-	3.500% due 4/1/28			27,638
		40,000	AA-	4.600% due 4/1/38			45,152
		100,000	AA-	7.500% due 4/1/34			157,542
		200,000	AA-	7.550% due 4/1/39			335,346
		125,000	AA-	7.600% due 11/1/40			215,499
				University of California:
		100,000	AA	Series AJ, 4.601% due 5/15/31			117,724
		25,000	AA	Series AX, 3.063% due 7/1/25			26,455
		75,000	AA	Series R, 5.770% due 5/15/43			106,848
				Total California			1,880,291
Florida – 0.0%
		20,000	A	County of Miami-Dade FL Aviation Revenue, Series C, 4.280% due 10/1/41			22,219
Illinois – 0.0%
		20,000	A	Chicago O’Hare International Airport, Series C, 4.472% due 1/1/49			25,947
				State of Illinois, GO:
		250,000	BBB-	5.100% due 6/1/33			272,060
		100,000	BBB-	6.725% due 4/1/35			118,718
				Total Illinois			416,725
Massachusetts – 0.0%
		100,000	AA	Commonwealth of Massachusetts, GO, Series E, 5.456% due 12/1/39			135,536
Nevada – 0.0%
		100,000	AA-	County of Clark Department of Aviation, Series C, 6.820% due 7/1/45			169,820
New Jersey – 0.0%
		100,000	A+	New Jersey Turnpike Authority, Series F, 7.414% due 1/1/40			165,042
New York – 0.1%
		150,000	AA	Metropolitan Transportation Authority, Series C, 7.336% due 11/15/39			248,868
		125,000	AA+	New York City Water & Sewer System, Series AA, 5.440% due 6/15/43			181,226
		200,000	AA-	Port Authority of New York & New Jersey, 4.458% due 10/1/62			261,376
				Total New York			691,470

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Ohio – 0.0%
	$	100,000	A	American Municipal Power Inc. Series B, 8.084% due 2/15/50		$	186,210
Texas – 0.0%
		75,000	AAA	State of Texas, GO, Series A, 5.517% due 4/1/39			107,722
Wisconsin – 0.0%
		10,000	AA-	State of Wisconsin, Series C, 3.154% due 5/1/27			10,719
				TOTAL MUNICIPAL BONDS (Cost – $3,160,393)			3,785,754
				TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $1,759,747,509)			1,819,804,316
SHORT-TERM INVESTMENTS – 6.8%
TIME DEPOSITS – 3.6%
		24,271,749		Banco Santander SA – Frankfurt, 1.490% due 9/3/19			24,271,749
		12,529,492		Citibank – New York, 1.490% due 9/3/19			12,529,492
		33,152,578		JPMorgan Chase & Co. – New York, 1.490% due 9/3/19			33,152,578
				TOTAL TIME DEPOSITS (Cost – $69,953,819)			69,953,819
U.S. GOVERNMENT OBLIGATIONS – 3.2%
				U.S. Treasury Bills:
		28,000,000		2.442% due 1/2/20(k)			27,823,840
		7,400,000		1.844% due 2/13/20(k)			7,338,294
		28,100,000		2.442% due 2/27/20(k)			27,846,479
				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost – $62,875,851)			63,008,613
				TOTAL SHORT-TERM INVESTMENTS (Cost – $132,829,670)			132,962,432
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0%
MONEY MARKET FUND – 0.0%
		237,591		Federated Government Obligations Fund, Premier Class, 2.012%(l) (Cost – $237,591)			237,591
				TOTAL INVESTMENTS – 99.8% (Cost – $1,892,814,770#)			1,953,004,339
				Other Assets in Excess of Liabilities – 0.2%			4,350,501
				TOTAL NET ASSETS – 100.0%		$	1,957,354,840

††

All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

(a)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.

(b)

See Notes to Financial Statements.

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Destinations Core Fixed Income Fund (concluded)

of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $263,775,305 and represents 13.48% of net assets.

(c)

Interest only security.

(d)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $21,878,746 and represents 1.12% of net assets.

(e)

Security is perpetual in nature and has no stated maturity date.

(f)

Payment in-kind security for which part of the income earned may be paid as additional principal.

(g)

All or a portion of this security is on loan (See Note 5).

(h)

Security is currently in default.

(i)

This security is traded on a TBA basis (See Note 5).

(j)

This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(k)

Rate shown represents yield-to-maturity.

(l)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

CLO

— Collateralized Loan Obligation

CMT

— Constant Maturity Treasury Index

— General Obligation

LIBOR

— London Interbank Offered Rate

LLC

— Limited Liability Company

— Limited Partnership

PLC

— Public Limited Company

REMICS

— Real Estate Mortgage Investment Conduit

SARL

— Société à Responsabilité Limitée

See pages 233 – 234 for definitions of ratings.

Summary of Investments by Security Type^

	Collateralized Mortgage Obligations					22.1%
	U.S. Government Agencies & Obligations					22.2
	Corporate Bonds & Notes					20.1
	Mortgage-Backed Securities					18.7
	Asset-Backed Securities					7.6
	Sovereign Bonds					1.0
	Senior Loans					1.3
	Municipal Bonds					0.2
	Short-Term Investments					6.8
	Money Market Fund					0.0*
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund

Face Amount†			Security	Value
CORPORATE BONDS & NOTES – 45.9%
Basic Materials – 2.1%
			Braskem Finance Ltd., Company Guaranteed Notes:
	$	150,000	7.000% due 5/7/20		$	153,371
		200,000	5.750% due 4/15/21			206,280
		100,000	Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.750% due 1/11/22			104,000
		65,000	DuPont de Nemours Inc., Senior Unsecured Notes, 3.766% due 11/15/20			66,341
		100,000	Freeport-McMoRan Inc., Company Guaranteed Notes, 4.550% due 11/14/24			100,981
		6,947,000	INVISTA Finance LLC, Senior Secured Notes, 4.250% due 10/15/19(a)			6,964,726
		100,000	Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 5.500% due 4/21/20			101,875
		300,000	Southern Copper Corp., Senior Unsecured Notes, 5.375% due 4/16/20			304,878
		200,000	Syngenta Finance NV, Company Guaranteed Notes, 3.698% due 4/24/20			200,770
		200,000	UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21			201,373
			Total Basic Materials			8,404,595
Communications – 19.7%
		190,000	AT&T Inc., Senior Unsecured Notes, 2.800% due 2/17/21			191,881
		400,000	Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20			404,871
		4,666,000	CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes, 5.250% due 3/15/21			4,680,581
		7,782,000	CenturyLink Inc., Senior Unsecured Notes, 6.150% due 9/15/19			7,788,226
		7,760,000	Clear Channel Worldwide Holdings Inc., Company Guaranteed Notes, 6.500% due 11/15/22			7,928,159
		6,486,000	Cogent Communications Group Inc., Company Guaranteed Notes, 5.625% due 4/15/21(a)			6,550,860
		250,000	Colombia Telecomunicaciones SA ESP, Junior Subordinated Notes, 8.500% (5-Year USD Swap Rate + 6.958%)(b)(c)			256,877
		185,000	Comcast Corp., Company Guaranteed Notes, 3.450% due 10/1/21			190,551
		200,000	Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes, 6.875% due 2/6/24			206,750
		428,000	CSC Holdings LLC, Company Guaranteed Notes, 5.375% due 7/15/23(a)			439,881
		10,481,000	DISH DBS Corp., Company Guaranteed Notes, 7.875% due 9/1/19			10,481,000
		195,000	eBay Inc., Senior Unsecured Notes, 2.750% due 1/30/23			198,769
		200,000	Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due 4/11/22			207,500
		1,027,000	HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(a)			893,490
		5,379,000	Inmarsat Finance PLC, Company Guaranteed Notes, 4.875% due 5/15/22(a)			5,432,790
		3,580,000	Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(a)			3,571,050
		2,451,000	Level 3 Financing Inc., Company Guaranteed Notes, 6.125% due 1/15/21			2,463,255

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
		6,468,000EUR	Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%) due 8/9/22(a)(b)(d)(e)		$	7,002,025
	$	1,400,000	Mediacom Broadband LLC/Mediacom Broadband Corp., Senior Unsecured Notes, 5.500% due 4/15/21			1,400,000
		185,000	Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.625% due 5/1/22			192,495
		4,364,000	Sprint Communications Inc., Company Guaranteed Notes, 7.000% due 3/1/20(a)			4,451,280
		4,763,000	TEGNA Inc., Company Guaranteed Notes, 5.125% due 10/15/19			4,768,239
		8,903,000	Twitter Inc., Senior Unsecured Notes, 0.250% due 9/15/19			8,894,930
		200,000	Verizon Communications Inc., Senior Unsecured Notes, 3.258% (3-Month USD-LIBOR + 1.100%) due 5/15/25(b)			203,055
		361,000	VTR Finance BV, Senior Secured Notes, 6.875% due 1/15/24			372,733
			Total Communications			79,171,248
Consumer Cyclical – 5.8%
		8,166,000	American Airlines Group Inc., Company Guaranteed Notes, 5.500% due 10/1/19(a)			8,178,249
		175,000	Daimler Finance North America LLC, Company Guaranteed Notes, 2.300% due 2/12/21(a)			174,957
		190,000	Delta Air Lines Inc., Senior Unsecured Notes, 3.400% due 4/19/21			192,616
		1,700,000EUR	European Lingerie Group AB, Senior Secured Notes, 7.750% (3-Month EURIBOR + 7.750%) due 2/22/21(b)			1,743,110
		7,000,000SEK	Gaming Innovation Group PLC, Senior Unsecured Notes, 9.000% (3-Month SEK-STIBOR + 9.000%) due 6/28/22(b)			703,513
		190,000	General Motors Financial Co., Inc., Company Guaranteed Notes, 3.200% due 7/6/21			192,366
		4,944,000	Lennar Corp., Company Guaranteed Notes, 4.500% due 11/15/19			4,946,966
		3,556,000	Virgin Australia Holdings Ltd., Company Guaranteed Notes, 8.500% due 11/15/19(a)			3,566,668
		3,734,000	Yum! Brands Inc., Senior Unsecured Notes, 5.300% due 9/15/19			3,735,867
			Total Consumer Cyclical			23,434,312
Consumer Non-cyclical – 4.2%
		200,000	Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950% due 1/19/22			205,500
		100,000	Altria Group Inc., Company Guaranteed Notes, 3.490% due 2/14/22			103,305
		190,000	Anthem Inc., Senior Unsecured Notes, 2.500% due 11/21/20			190,952
		285,000	AstraZeneca PLC, Senior Unsecured Notes, 2.375% due 11/16/20			285,751
		240,000	BAT Capital Corp., Company Guaranteed Notes, 2.297% due 8/14/20			240,026
		205,000	Bristol-Myers Squibb Co., Senior Unsecured Notes, 2.600% due 5/16/22(a)			208,852

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	285,000	Cardinal Health Inc., Senior Unsecured Notes, 2.616% due 6/15/22		$	286,968
		180,000	Cigna Corp., Company Guaranteed Notes, 3.400% due 9/17/21			184,283
		190,000	Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22			194,161
		175,000	Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 4.625% due 2/15/20			177,011
		185,000	CVS Health Corp., Senior Unsecured Notes, 3.700% due 3/9/23			193,454
		306,403	ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23			315,215
		450,000	Grupo Bimbo SAB de CV, Company Guaranteed Notes, 4.875% due 6/30/20			458,037
		185,000	Mondelez International Inc., Senior Unsecured Notes, 3.000% due 5/7/20			185,891
		6,491,000	Nielsen Finance LLC/Nielsen Finance Co., Company Guaranteed Notes, 4.500% due 10/1/20			6,496,193
		45,000	Reynolds American Inc., Company Guaranteed Notes, 3.250% due 6/12/20			45,341
		2,396,000	Spectrum Brands Inc., Company Guaranteed Notes, 6.625% due 11/15/22			2,437,930
			Tenet Healthcare Corp., Senior Secured Notes:
		1,459,000	4.750% due 6/1/20			1,483,803
		2,794,000	6.000% due 10/1/20			2,902,966
		285,000	Thermo Fisher Scientific Inc., Senior Unsecured Notes, 3.600% due 8/15/21			292,630
			Total Consumer Non-cyclical			16,888,269
Diversified – 0.1%
		200,000	Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625% due 1/13/22			209,905
Energy – 1.1%
		200,000	Bharat Petroleum Corp., Ltd., Senior Unsecured Notes, 4.625% due 10/25/22			210,800
		200,000	CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22			207,334
		200,000	CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625% due 5/5/20			200,432
		200,000	CNPC General Capital Ltd., Company Guaranteed Notes, 3.950% due 4/19/22			207,647
		200,000	CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due 4/28/21			206,804
		160,000	Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due 12/30/20(a)			162,299
		200,000	Indian Oil Corp., Ltd, Senior Unsecured Notes, 5.625% due 8/2/21			210,854
		110,000	Occidental Petroleum Corp., Senior Unsecured Notes, 2.700% due 8/15/22			111,083
		400,000	Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21			407,504
		400,000	ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due 1/27/22			400,077

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
			Pertamina Persero PT, Senior Unsecured Notes:
	$	200,000	5.250% due 5/23/21		$	209,096
		200,000	4.875% due 5/3/22			211,333
		150,000	Petrobras Global Finance BV, Company Guaranteed Notes, 5.375% due 1/27/21			154,875
		400,000	Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20			400,744
		200,000	PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year CMT Index + 2.724%)(b)(c)			204,032
			Reliance Holding USA Inc., Company Guaranteed Notes:
		250,000	4.500% due 10/19/20			255,264
		250,000	5.400% due 2/14/22			267,065
		140,000	Schlumberger Holdings Corp., Senior Unsecured Notes, 3.750% due 5/1/24(a)			148,044
		400,000	Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes, 2.500% due 4/28/20			400,386
			Total Energy			4,575,673
Financial – 2.9%
		95,000	Air Lease Corp., Senior Unsecured Notes, 2.500% due 3/1/21			95,405
		190,000	American Express Co., Senior Unsecured Notes, 3.700% due 11/5/21			196,610
		185,000	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.625% due 5/1/22(a)			187,645
		100,000	B3 SA – Brasil Bolsa Balcao, Senior Unsecured Notes, 5.500% due 7/16/20			102,251
		300,000	Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22			318,378
		350,000	Banco Bradesco SA, Subordinated Notes, 5.900% due 1/16/21			361,935
			Banco de Credito del Peru, Senior Unsecured Notes:
		250,000	5.375% due 9/16/20(a)			257,625
		200,000	5.375% due 9/16/20			206,100
		150,000	Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23			156,600
		200,000	Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index + 7.782%)(b)(c)			210,752
		200,000	Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750% due 10/7/20			206,752
		200,000	Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT Index + 5.035%)(b)(c)			198,002
			Bancolombia SA:
		250,000	Senior Unsecured Notes, 5.950% due 6/3/21			263,903
		100,000	Subordinated Notes, 6.125% due 7/26/20			102,776
		200,000	Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20			205,604

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	200,000	Bank of America Corp., Senior Unsecured Notes, 3.269% (3-Month USD-LIBOR + 0.790%) due 3/5/24(b)		$	200,021
		190,000	Bank of Montreal, Senior Unsecured Notes, 2.900% due 3/26/22			194,025
		350,000	BBVA Bancomer SA, Subordinated Notes, 6.500% due 3/10/21			366,191
		295,000	Capital One Financial Corp., Senior Unsecured Notes, 2.400% due 10/30/20			295,835
		290,000	Citigroup Inc., Senior Unsecured Notes, 3.161% (3-Month USD-LIBOR + 1.023%) due 6/1/24(b)			291,864
		400,000	DBS Group Holdings Ltd., Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(b)(c)			400,500
		200,000	Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21			205,800
		200,000	Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due 5/18/21			209,252
		2,818,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes, 5.875% due 2/1/22			2,863,792
		100,000	Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22			103,700
		400,000	Itau Unibanco Holding SA/Cayman Island, Subordinated Notes, 5.750% due 1/22/21			412,200
		185,000	JPMorgan Chase & Co., Senior Unsecured Notes, 3.207% (3-Month USD-LIBOR + 0.695%) due 4/1/23(b)			190,196
		200,000	Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542%) due 10/29/26(b)			204,346
		150,000	Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 3.519% (3-Month USD-LIBOR + 1.200%) due 12/29/21(b)			150,288
		155,000	Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes, 3.218% due 3/7/22			159,020
		290,000	Morgan Stanley, Senior Unsecured Notes, 3.208% (3-Month USD-LIBOR + 0.930%) due 7/22/22(b)			292,006
		206,179	Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon, due 6/2/25			187,880
			Prudential Financial Inc., Senior Unsecured Notes:
		180,000	4.500% due 11/15/20			185,561
		100,000	3.500% due 5/15/24			106,735
		300,000	Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due 11/12/20			307,172
		341,665	SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes, zero coupon, due 12/5/22			326,393
		300,000	Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 2.058% due 7/14/21			299,647
		195,000	Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 6/11/21			199,480

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	200,000	Unifin Financiera SAB de CV SOFOM ENR, Company Guaranteed Notes, 7.250% due 9/27/23		$	203,752
		200,000	United Overseas Bank Ltd., Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(b)			202,648
		195,000	Welltower Inc., Senior Unsecured Notes, 3.625% due 3/15/24			205,430
			Total Financial			11,834,072
Industrial – 7.4%
		5,951,000	Arconic Inc., Company Guaranteed Notes, 1.625% due 10/15/19			5,936,609
		7,526,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Secured Notes, 4.625% due 5/15/23(a)			7,702,560
		1,250,000	Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(a)			1,175,000
		2,006,000	Briggs & Stratton Corp., Company Guaranteed Notes, 6.875% due 12/15/20			2,011,015
		1,675,000	Dynagas LNG Partners LP/Dynagas Finance Inc., Senior Unsecured Notes, 6.250% due 10/30/19			1,541,000
		110,000	FedEx Corp., Company Guaranteed Notes, 3.400% due 1/14/22			113,485
		145,000	General Electric Co., Senior Unsecured Notes, 2.700% due 10/9/22			144,056
		600,000	Golar LNG Partners LP, Senior Unsecured Notes, 6.550% (3-Month USD-LIBOR + 4.400%) due 5/22/20(b)			600,000
		1,300,000	MPC Container Ships Invest BV, Senior Secured Notes, 7.093% (3-Month USD-LIBOR + 4.750%) due 9/22/22(b)			1,300,021
		190,000	Northrop Grumman Corp., Senior Unsecured Notes, 2.080% due 10/15/20			190,075
		90,000	Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24			91,637
		2,425,677	Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Senior Secured Notes, 5.750% due 10/15/20			2,431,741
		1,178,000	Ship Finance International Ltd., Senior Unsecured Notes, 5.750% due 10/15/21			1,223,241
		300,000	Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22			297,000
		200,000	Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22			215,250
		185,000	Union Pacific Corp., Senior Unsecured Notes, 3.200% due 6/8/21			188,580
		190,000	Waste Management Inc., Company Guaranteed Notes, 2.950% due 6/15/24			197,627
		3,405,000	Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24			3,656,119
		634,000	WESCO Distribution Inc., Company Guaranteed Notes, 5.375% due 12/15/21			638,755
			Total Industrial			29,653,771
Technology – 1.3%
		190,000	Analog Devices Inc., Senior Unsecured Notes, 2.950% due 1/12/21			191,847
		919,000	CDK Global Inc., Senior Unsecured Notes, 3.800% due 10/15/19			919,000

See Notes to Financial Statements.

132

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
	$	3,803,000	Dell International LLC/EMC Corp., Company Guaranteed Notes, 5.875% due 6/15/21(a)		$	3,865,856
		190,000	Microchip Technology Inc., Senior Secured Notes, 3.922% due 6/1/21			194,061
			Total Technology			5,170,764
Utilities – 1.3%
		200,000	AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b)			211,800
		195,000	Consolidated Edison Inc., Senior Unsecured Notes, 2.000% due 5/15/21			194,926
		95,000	DTE Energy Co., Senior Unsecured Notes, 2.529% due 10/1/24			95,809
		200,000	Israel Electric Corp., Ltd, Senior Secured Notes, 6.875% due 6/21/23			229,482
		190,000	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.900% due 4/1/22			194,073
			Pacific Gas & Electric Co., Senior Unsecured Notes:
		1,550,000	3.500% due 10/1/20(f)			1,503,500
		1,738,000	4.250% due 5/15/21(f)			1,690,205
		655,000	3.250% due 9/15/21(f)			632,075
		50,000	Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23			34,001
		200,000	Perusahaan Listrik Negara PT, Senior Unsecured Notes, 5.500% due 11/22/21			212,500
		180,000	PSEG Power LLC, Company Guaranteed Notes, 3.850% due 6/1/23			190,163
			Total Utilities			5,188,534
			TOTAL CORPORATE BONDS & NOTES (Cost – $185,028,360)			184,531,143
SENIOR LOANS(b) – 11.2%
		3,280,000	Advanced Disposal Services Inc., 4.385% (1-Week USD-LIBOR + 2.250%) due 11/10/23			3,282,067
		1,954,880	Crestwood Holdings LLC, 9.710% (1-Month USD-LIBOR + 7.500%) due 3/6/23			1,866,910
		2,829,000	Fieldwood Energy LLC, 7.506% (3-Month USD-LIBOR + 5.250%) due 4/11/22			2,478,911
		3,780,690	Infor (US) Inc., 5.080% (3-Month USD-LIBOR + 2.750%) due 2/1/22			3,776,758
		1,606,774	Internap Corp., 9.190% (1-Month USD-LIBOR + 7.000%) due 4/6/22			1,132,776
		3,278,636	Kinetic Concepts Inc., 5.580% (3-Month USD-LIBOR + 3.250%) due 2/2/24			3,280,276
		3,678,160	LSC Communications Inc., 7.627% (1-Week USD-LIBOR + 5.500%) due 9/30/22			3,094,252
		700,817	Monitronics International Inc., 8.612% (1-Month USD-LIBOR + 6.500%) due 3/29/24			657,016
		2,543,000	Shutterfly Inc., due 8/17/24(g)			2,540,355
		777,648	Town Sports International LLC, 5.612% (1-Month USD-LIBOR + 3.500%) due 11/15/20			707,660

See Notes to Financial Statements.

133

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
SENIOR LOANS(b) – (continued)
	$	4,210,000	Tribune Media Co., 5.112% (1-Month USD-LIBOR + 3.000%) due 1/26/24		$	4,201,917
			Windstream Services LLC:
		6,487,250	4.620% (1-Month USD-LIBOR + 2.500%) due 2/26/21			6,503,468
		5,552,000	10.250% (Prime Lending Rate + 5.000%) due 3/29/21			5,630,838
		5,938,811	Zayo Group LLC, 4.112% (1-Month USD-LIBOR + 2.000%) due 1/19/21			5,938,811
			TOTAL SENIOR LOANS (Cost – $46,460,641)			45,092,015
ASSET-BACKED SECURITIES – 10.7%
		340,283	AccessLex Institute, Series 2004-2, Class A3, 2.466% (3-Month USD-LIBOR + 0.190%) due 10/25/24(b)			334,280
		500,000	AIMCO CLO, Series 2015-AA, Class AR, 3.153% (3-Month USD-LIBOR + 0.850%) due 1/15/28(a)(b)			497,373
		1,368,350	Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.950% due 10/25/58(a)(b)			1,402,196
		104,202	Apidos CLO XVI, Series 2013-16A, Class A1R, 3.283% (3-Month USD-LIBOR + 0.980%) due 1/19/25(a)(b)			104,254
		1,000,000	Assurant CLO IV Ltd., Series 2019-1A, Class A, 3.628% (3-Month USD-LIBOR + 1.350%) due 4/20/30(a)(b)			1,000,107
		1,090,000	Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 2.954% (3-Month USD-LIBOR + 0.830%) due 11/17/27(a)(b)			1,086,830
		500,000	Avery Point VII CLO Ltd., Series 2015-7A, Class AR, 3.443% (3-Month USD-LIBOR + 1.140%) due 1/15/28(a)(b)			499,981
		201,698	Bayview Opportunity Master Fund IVa Trust, Series 2018-RN6, Class A1, step bond to yield, 4.090% due 7/25/33(a)			201,668
		918,278	Bayview Opportunity Master Fund IVa Trust 2019-SBR1, Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(a)			917,941
		352,000	BSPRT Issuer Ltd., Series 2019-FL5, Class A, 3.475% (1-Month USD-LIBOR + 1.150%) due 5/15/29(a)(b)			352,197
		500,000	Catamaran CLO Ltd., Series 2018-1A, Class A1, 3.526% (3-Month USD-LIBOR + 1.250%) due 10/25/31(a)(b)			498,664
		1,000,000	Cathedral Lake V Ltd., Series 2018-5A, Class A1, 3.478% (3-Month USD-LIBOR + 1.200%) due 10/21/30(a)(b)			994,579
		445,011	Credit Suisse Commercial Mortgage Capital Trust, Series 2018-RPL8, Class A1, 4.125% due 7/25/58(a)(b)			449,557
		378,529	DRB Prime Student Loan Trust, Series 2016-R, Class A1, 4.166% (1-Month USD-LIBOR + 1.900%) due 10/25/44(a)(b)			381,427
		217,669	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650% due 1/25/41(a)			219,052
		386,094	FREED ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(a)			387,533
			GLS Auto Receivables Issuer Trust:
		361,751	Series 2019-1A, Class A, 3.370% due 1/17/23(a)			364,761
		437,298	Series 2019-2A, Class A, 3.060% due 4/17/23(a)			440,118

See Notes to Financial Statements.

134

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	384,381	GLS Auto Receivables Trust, Series 2018-3A, Class A, 3.350% due 8/15/22(a)		$	386,274
		345,000	GPMT Ltd., Series 2019-FL2, Class A, 3.495% (1-Month USD-LIBOR + 1.300%) due 2/22/36(a)(b)			345,966
		1,000,000	Greywolf CLO V Ltd., Series 2015-1A, Class A1R, 3.436% (3-Month USD-LIBOR + 1.160%) due 1/27/31(a)(b)			992,851
		1,000,000	Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 3.458% (3-Month USD-LIBOR + 1.180%) due 10/20/31(a)(b)			993,787
		500,000	Hayfin Kingsland VIII Ltd., Series 2018-8A, Class A, 3.398% (3-Month USD-LIBOR + 1.120%) due 4/20/31(a)(b)			495,705
		228,000	Hunt CRE Ltd., Series 2018-FL2, Class A, 3.275% (1-Month USD-LIBOR + 1.080%) due 8/15/28(a)(b)			228,000
			Invitation Homes Trust:
		188,732	Series 2017-SFR2, Class A, 3.032% (1-Month USD-LIBOR + 0.850%) due 12/17/36(a)(b)			188,554
		190,849	Series 2018-SFR1, Class A, 2.882% (1-Month USD-LIBOR + 0.700%) due 3/17/37(a)(b)			188,444
		364,305	Jamestown CLO IV Ltd., Series 2014-4A, Class A1AR, 2.993% (3-Month USD-LIBOR + 0.690%) due 7/15/26(a)(b)			363,137
		500,000	Kabbage Funding LLC, Series 2019-1, Class A, 3.825% due 3/15/24(a)			506,528
		321,000	KREF Ltd., Series 2018-FL1, Class A, 3.297% (1-Month USD-LIBOR + 1.100%) due 6/15/36(a)(b)			321,515
		500,000	Laurel Road Prime Student Loan Trust 2019-A, Series 2019-A, Class A1FX, 2.340% due 10/25/48(a)			501,255
		666,363	Legacy Mortgage Asset Trust, Series 2018-SL1, Class A, 4.000% due 2/25/58(a)(b)			666,662
		962,978	Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.576% (3-Month USD-LIBOR + 1.320%) due 10/28/25(a)(b)			963,279
			Marlette Funding Trust:
		191,251	Series 2018-3A, Class A, 3.200% due 9/15/28(a)			191,666
		465,430	Series 2018-4A, Class A, 3.710% due 12/15/28(a)			470,271
		429,709	Series 2019-2A, Class A, 3.130% due 7/16/29(a)			432,879
		1,000,000	MP CLO VII LTD, Series 2015-1A, Class ARR, 3.380% (3-Month USD-LIBOR + 1.080%) due 10/18/28(a)(b)			995,105
		341,000	NLY Commercial Mortgage Trust, Series 2019-FL2, Class AS, 3.795% (1-Month USD-LIBOR + 1.600%) due 2/15/36(a)(b)			342,301
		278,436	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.193% due 1/25/23(a)			280,045
		1,000,000	Ocean Trails CLO V, Series 2014-5A, Class ARR, 3.583% (3-Month USD-LIBOR + 1.280%) due 10/13/31(a)(b)			999,660
		250,000	OCP CLO Ltd., Series 2014-5A, Class A1R, 3.347% (3-Month USD-LIBOR + 1.080%) due 4/26/31(a)(b)			247,751

See Notes to Financial Statements.

135

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	3,000,000	Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class A1A, 3.558% (3-Month USD-LIBOR + 1.280%) due 10/20/31(a)(b)		$	2,992,588
			Prosper Marketplace Issuance Trust:
		4,178	Series 2018-1A, Class A, 3.110% due 6/17/24(a)			4,178
		474,118	Series 2019-1A, Class A, 3.540% due 4/15/25(a)(d)			476,165
		400,472	Series 2019-2A, Class A, 3.200% due 9/15/25(a)			402,000
		1,000,000	Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 3.513% (3-Month USD-LIBOR + 1.210%) due 10/15/30(a)(b)			999,368
		1,000,000	Regatta Funding LP, Series 2013-2A, Class A1R2, 3.553% (3-Month USD-LIBOR + 1.250%) due 1/15/29(a)(b)			1,001,426
		500,000	Rockford Tower CLO Ltd., Series 2018-1A, Class A, 3.236% (3-Month USD-LIBOR + 1.100%) due 5/20/31(a)(b)			496,114
			Sofi Consumer Loan Program LLC:
		598,817	Series 2016-5, Class A, 3.060% due 9/25/28(a)			601,547
		294,887	Series 2017-3, Class A, 2.770% due 5/25/26(a)			295,958
			Sofi Consumer Loan Program Trust:
		48,368	Series 2018-2, Class A1, 2.930% due 4/26/27(a)			48,413
		168,629	Series 2018-3, Class A1, 3.200% due 8/25/27(a)			169,081
		360,002	Series 2019-1, Class A, 3.240% due 2/25/28(a)			364,336
			Sofi Professional Loan Program LLC:
		465,494	Series 2015-C, Class A2, 2.510% due 8/25/33(a)			469,810
		51,256	Series 2017-C, Class A2A, 1.750% due 7/25/40(a)			51,173
		399,453	Series 2019-A, Class A1FX, 3.180% due 6/15/48(a)			404,169
		1,000,000	Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 3.528% (3-Month USD-LIBOR + 1.250%) due 10/20/31(a)(b)			997,547
		500,000	Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 3.398% (3-Month USD-LIBOR + 1.120%) due 1/21/31(a)(b)			495,850
			Steele Creek CLO Ltd.:
		1,000,000	Series 2015-1A, Class AR, 3.412% (3-Month USD-LIBOR + 1.260%) due 5/21/29(a)(b)			997,458
		1,000,000	Series 2018-2A, Class A, 3.324% (3-Month USD-LIBOR + 1.200%) due 8/18/31(a)(b)			995,454
		504,167	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330% due 5/20/39(a)			505,618
		407,242	Tesla Auto Lease Trust, Series 2018-B, Class A, 3.710% due 8/20/21(a)			414,481
		250,000	THL Credit Wind River 2012-1 CLO Ltd., Series 2012-1A, Class AR2, 3.183% (3-Month USD-LIBOR + 0.880%) due 1/15/26(a)(b)			249,857
		1,000,000	Trimaran Cavu 2019-1 Ltd., Series 2019-1A, Class A1, 3.927% (3-Month USD-LIBOR + 1.460%) due 7/20/32(a)(b)			999,339
		408,270	Triton Container Finance IV LLC, Series 2017-2A, Class A, 3.620% due 8/20/42(a)			415,442

See Notes to Financial Statements.

136

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	442,758	Upgrade Receivables Trust, Series 2018-1A, Class A, 3.760% due 11/15/24(a)		$	444,327
		568,165	VOLT LXIV LLC, Series 2017-NP11, Class A1, step bond to yield, 3.375% due 10/25/47(a)			568,656
		561,036	VOLT LXX LLC, Series 2018-NPL6, Class A1A, step bond to yield, 4.115% due 9/25/48(a)			563,185
		954,061	VOLT LXXI LLC, Series 2018-NPL7, Class A1A, step bond to yield, 3.967% due 9/25/48(a)			959,935
		1,604,162	VOLT LXXII LLC, Series 2018-NPL8, Class A1A, step bond to yield, 4.213% due 10/26/48(a)			1,613,397
		403,083	VOLT LXXIII LLC, Series 2018-NPL9, Class A1A, step bond to yield, 4.458% due 10/25/48(a)			405,216
		1,397,842	VOLT LXXV LLC, Series 2019-NPL1, Class A1A, step bond to yield, 4.336% due 1/25/49(a)(d)			1,408,362
		500,000	Westlake Automobile Receivables Trust, Series 2018-2A, Class B, 3.200% due 1/16/24(a)			502,734
		524,910	Zais CLO 2 Ltd., Series 2014-2A, Class A1AR, 3.476% (3-Month USD-LIBOR + 1.200%) due 7/25/26(a)(b)			524,870
			TOTAL ASSET-BACKED SECURITIES (Cost – $42,941,773)			43,072,207
COLLATERALIZED MORTGAGE OBLIGATIONS – 8.8%
		2,618,618	Ajax Mortgage Loan Trust 2018-C, Series 2018-C, Class A, 4.360% due 9/25/65(a)(b)			2,663,745
			Atrium Hotel Portfolio Trust:
		118,000	Series 2017-ATRM, Class E, 5.245% (1-Month USD-LIBOR + 3.050%) due 12/15/36(a)(b)			118,441
		321,000	Series 2018-ATRM, Class D, 4.495% (1-Month USD-LIBOR + 2.300%) due 6/15/35(a)(b)			321,499
		158,023	Bancorp Commercial Mortgage Trust, Series 2018-CRE4, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 9/15/35(a)(b)			157,974
			BANK:
		1,553,017	Series 2017-BNK4, Class XA, 1.592% due 5/15/50(b)(h)			123,355
		1,879,453	Series 2017-BNK6, Class XA, 1.000% due 7/15/60(b)(h)			96,222
		426,000	BBCMS Mortgage Trust, Series 2018-TALL, Class A, 2.917% (1-Month USD-LIBOR + 0.722%) due 3/15/37(a)(b)			424,664
		110,487	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AJ, 5.776% due 12/11/40(b)			113,174
			Bellemeade Re Ltd.:
		235,807	Series 2018-2A, Class M1A, 3.095% (1-Month USD-LIBOR + 0.950%) due 8/25/28(a)(b)			235,892
		1,400,000	Series 2019-2A, Class M1A, 3.145% (1-Month USD-LIBOR + 1.000%) due 4/25/29(a)(b)(d)			1,400,281

See Notes to Financial Statements.

137

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
			BHMS:
	$	75,000	Series 2018-ATLS, Class A, 3.445% (1-Month USD-LIBOR + 1.250%) due 7/15/35(a)(b)		$	74,999
		650,000	Series 2018-ATLS, Class C, 4.095% (1-Month USD-LIBOR + 1.900%) due 7/15/35(a)(b)			650,600
			BHP Trust 2019-BXHP:
		216,000	Series 2019-BXHP, Class A, 3.235% (1-Month USD-LIBOR + 0.975%) due 8/15/36(a)(b)			214,983
		216,000	Series 2019-BXHP, Class C, 3.782% (1-Month USD-LIBOR + 1.522%) due 8/15/36(a)(b)			215,322
		21,112	BSPRT Issuer Ltd., Series 2017-FL2, Class B, 3.595% (1-Month USD-LIBOR + 1.400%) due 10/15/34(a)(b)			21,129
			BX Commercial Mortgage Trust:
		118,000	Series 2018-BIOA, Class E, 4.146% (1-Month USD-LIBOR + 1.951%) due 3/15/37(a)(b)			118,073
		261,504	Series 2018-IND, Class A, 2.945% (1-Month USD-LIBOR + 0.750%) due 11/15/35(a)(b)			261,607
			BX Trust:
		227,800	Series 2017-APPL, Class B, 3.345% (1-Month USD-LIBOR + 1.150%) due 7/15/34(a)(b)			227,512
		485,452	Series 2018-EXCL, Class A, 3.283% (1-Month USD-LIBOR + 1.088%) due 9/15/37(a)(b)			483,017
		250,000	Series 2018-GW, Class F, 4.615% (1-Month USD-LIBOR + 2.420%) due 5/15/35(a)(b)			250,937
		118,000	Series 2018-MCSF, Class F, 4.842% (1-Month USD-LIBOR + 2.647%) due 4/15/35(a)(b)			118,590
		323,000	Series 2019-MMP, Class B, 3.600% (1-Month USD-LIBOR + 1.300%) due 8/15/36(a)(b)			323,201
		117,000	BXMT Ltd., Series 2017-FL1, Class C, 4.147% (1-Month USD-LIBOR + 1.950%) due 6/15/35(a)(b)			117,257
		323,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 3.265% (1-Month USD-LIBOR + 1.070%) due 12/15/37(a)(b)			323,501
		1,685,248	CD Mortgage Trust, Series 2017-CD4, Class XA, 1.468% due 5/10/50(b)(h)			124,722
			CFCRE Commercial Mortgage Trust:
		1,369,624	Series 2017-C8, Class XA, 1.816% due 6/15/50(b)(h)			124,631
		287,000	Series 2017-C8, Class XB, 1.120% due 6/15/50(b)(h)			18,956
		405,000	Series 2018-TAN, Class B, 4.690% due 2/15/33(a)			433,428
		325,000	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 2.985% (1-Month USD-LIBOR + 0.790%) due 7/15/32(a)(b)			325,000
		118,000	CGGS Commercial Mortgage Trust, Series 2018-WSS, Class D, 4.495% (1-Month USD-LIBOR + 2.300%) due 2/15/37(a)(b)			117,814

See Notes to Financial Statements.

138

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
			CHT Mortgage Trust:
	$	117,000	Series 2017-CSMO, Class A, 3.125% (1-Month USD-LIBOR + 0.930%) due 11/15/36(a)(b)		$	116,962
		77,000	Series 2017-CSMO, Class E, 5.195% (1-Month USD-LIBOR + 3.000%) due 11/15/36(a)(b)			77,072
		41,000	Series 2017-CSMO, Class F, 5.936% (1-Month USD-LIBOR + 3.741%) due 11/15/36(a)(b)			41,051
		178,000	Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class B, 3.345% (1-Month USD-LIBOR + 1.150%) due 12/15/36(a)(b)			177,665
		955,479	Citigroup Mortgage Loan Trust, Series 2018-C, Class A1, step bond to yield, 4.125% due 3/25/59(a)			963,074
			CLNS Trust:
		47,000	Series 2017-IKPR, Class D, 4.251% (1-Month USD-LIBOR + 2.050%) due 6/11/32(a)(b)			46,955
		47,000	Series 2017-IKPR, Class E, 5.701% (1-Month USD-LIBOR + 3.500%) due 6/11/32(a)(b)			47,073
			Commercial Mortgage Trust:
		21,896,433	Series 2013-CR9, Class XA, 0.163% due 7/10/45(b)(h)			71,006
		2,151,602	Series 2013-LC6, Class XA, 1.491% due 1/10/46(b)(h)			80,673
		325,000	Series 2014-FL5, Class C, 3.711% (1-Month USD-LIBOR + 2.150%) due 10/15/31(a)(b)			324,969
		344,000	Series 2014-FL5, Class D, 3.711% (1-Month USD-LIBOR + 4.000%) due 10/15/31(a)(b)			340,201
		321,000	Series 2015-CR23, Class CMD, 3.807% due 5/10/48(a)(b)			321,380
		227,000	Series 2018-HCLV, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due 9/15/33(a)(b)			226,145
			Credit Suisse Commercial Mortgage Capital Trust:
		70,000	Series 2017-CHOP, Class D, 4.095% (1-Month USD-LIBOR + 1.900%) due 7/15/32(a)(b)			69,933
		650,000	Series 2017-CHOP, Class E, 5.495% (1-Month USD-LIBOR + 3.300%) due 7/15/32(a)(b)			650,602
		107,000	Series 2017-LSTK, Class C, 3.229% due 4/5/33(a)			107,340
		128,000	Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)			128,227
		47,000	Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)			46,732
		8,157,000	Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(h)			33,009
		2,969,000	Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(h)			4,853
			Credit Suisse Commercial Mortgage Securities Corp.:
		344,000	Series 2019-SKLZ, Class A, 3.445% (1-Month USD-LIBOR + 1.250%) due 1/15/34(a)(b)			344,784
		17,050,000	Series 2019-SKLZ, Class XCP, 1.622% due 7/15/34(a)(b)(h)			209,647

See Notes to Financial Statements.

139

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	352,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 3.175% (1-Month USD-LIBOR + 0.980%) due 5/15/36(a)(b)		$	352,221
			CSAIL Commercial Mortgage Trust:
		819,369	Series 2017-C8, Class XA, 1.394% due 6/15/50(b)(h)			51,551
		4,805,884	Series 2017-CX10, Class XA, 0.861% due 11/15/50(b)(h)			227,323
		3,530,510	Series 2018-CX12, Class XA, 0.779% due 8/15/51(b)(h)			158,601
		230,000	CSWF, Series 2018-TOP, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due 8/15/35(a)(b)			229,853
			Deephaven Residential Mortgage Trust:
		136,261	Series 2017-1A, Class A1, 2.725% due 12/26/46(a)(b)			135,918
		136,261	Series 2017-1A, Class A2, 2.928% due 12/26/46(a)(b)			135,915
		251,504	Series 2018-3A, Class A2, 3.891% due 8/25/58(a)(b)			253,239
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
		549,614	Series 4703, Class FA, 2.545% (1-Month USD-LIBOR + 0.350%) due 7/15/47(b)			548,616
		767,895	Series 4718, Class FA, 2.545% (1-Month USD-LIBOR + 0.350%) due 9/15/47(b)			766,376
			Federal National Mortgage Association (FNMA), REMICS:
		322,100	Series 2010-113, Class FA, 2.545% (1-Month USD-LIBOR + 0.400%) due 10/25/40(b)			322,551
		447,795	Series 2012-110, Class MF, 2.605% (1-Month USD-LIBOR + 0.460%) due 10/25/42(b)			449,138
		714,729	Series 2012-56, Class FK, 2.595% (1-Month USD-LIBOR + 0.450%) due 6/25/42(b)			716,583
		79,971	Series 2013-81, Class EF, 2.495% (1-Month USD-LIBOR + 0.350%) due 12/25/42(b)			79,917
		574,560	Series 2014-84, Class BF, 2.752% (1-Month USD-LIBOR + 0.350%) due 12/25/44(b)			574,503
		426,489	Series 2018-49, Class FB, 2.445% (1-Month USD-LIBOR + 0.300%) due 7/25/48(b)			425,747
		202,496	Series 2018-55, Class FA, 2.445% (1-Month USD-LIBOR + 0.300%) due 8/25/48(b)			202,273
		447,726	Series 2018-64, Class FA, 2.495% (1-Month USD-LIBOR + 0.350%) due 9/25/48(b)			445,244
		418,364	Series 2018-77, Class FA, 2.445% (1-Month USD-LIBOR + 0.300%) due 10/25/48(b)			416,038
		69,702	GPMT Ltd., Series 2018-FL1, Class A, 3.069% (1-Month USD-LIBOR + 0.900%) due 11/21/35(a)(b)			69,702
			GS Mortgage Securities Corp. Trust:
		77,000	Series 2017-500K, Class E, 3.695% (1-Month USD-LIBOR + 1.500%) due 7/15/32(a)(b)			76,976

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	53,000	Series 2017-500K, Class F, 3.995% (1-Month USD-LIBOR + 1.800%) due 7/15/32(a)(b)		$	53,016
		551,000	Series 2018-FBLU, Class E, 4.945% (1-Month USD-LIBOR + 2.750%) due 11/15/35(a)(b)			554,618
		200,000	Series 2018-TWR, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 7/15/31(a)(b)			199,562
		200,000	Series 2018-TWR, Class D, 3.795% (1-Month USD-LIBOR + 1.600%) due 7/15/31(a)(b)			199,203
			GS Mortgage Securities Trust:
		5,261,193	Series 2016-GS4, Class XA, 0.698% due 11/10/49(b)(h)			152,550
		1,766,210	Series 2017-GS6, Class XA, 1.190% due 5/10/50(b)(h)			121,877
		3,614,917	Series 2017-GS8, Class XA, 1.124% due 11/10/50(b)(h)			228,826
		78,000	Hilton Orlando Trust, Series 2018-ORL, Class B, 3.245% (1-Month USD-LIBOR + 1.050%) due 12/15/34(a)(b)			77,925
		1,286,019	Homeward Opportunities Fund I Trust, Series 2018-1, Class A1, 3.766% due 6/25/48(a)(b)			1,306,487
			JP Morgan Chase Commercial Mortgage Securities Trust:
		7,520	Series 2007-LDPX, Class AM, 5.464% due 1/15/49(b)			7,494
		3,003,247	Series 2014-C20, Class XA, 1.134% due 7/15/47(b)(h)			85,422
		114,735	Series 2018-LAQ, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due 6/15/32(a)(b)			114,590
		321,000	Series 2019-MFP, Class A, 3.155% (1-Month USD-LIBOR + 0.960%) due 7/15/36(a)(b)			320,800
		488,980	JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 3.016% (1-Month USD-LIBOR + 0.750%) due 4/25/46(a)(b)			486,975
		1,358,834	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class XA, 1.519% due 11/15/48(b)(h)			55,019
		227,000	Monarch Beach Resort Trust, Series 2018-MBR, Class A, 3.115% (1-Month USD-LIBOR + 0.920%) due 7/15/35(a)(b)			226,430
			Morgan Stanley Capital I Trust:
		280,522	Series 2007-T27, Class AJ, 6.144% due 6/11/42(b)			299,186
		164,000	Series 2011-C1, Class D, 5.554% due 9/15/47(a)(b)			170,318
		550,000	Series 2013-WLSR, Class A, 2.695% due 1/11/32(a)			549,399
		300,000	Series 2014-CPT, Class F, 3.560% due 7/13/29(a)(b)			302,839
		1,494,860	Series 2016-UB11, Class XA, 1.767% due 8/15/49(b)(h)			118,422
		4,169,002	Series 2016-UB12, Class XA, 0.924% due 12/15/49(b)(h)			169,373
		76,000	Series 2017-ASHF, Class D, 4.395% (1-Month USD-LIBOR + 2.200%) due 11/15/34(a)(b)			75,904
		162,000	Series 2017-ASHF, Class E, 5.345% (1-Month USD-LIBOR + 3.150%) due 11/15/34(a)(b)			161,796

See Notes to Financial Statements.

141

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	123,000	Series 2017-ASHF, Class F, 6.545% (1-Month USD-LIBOR + 4.350%) due 11/15/34(a)(b)		$	122,922
		186,000	Series 2017-CLS, Class E, 4.145% (1-Month USD-LIBOR + 1.950%) due 11/15/34(a)(b)			186,116
		206,000	Series 2017-CLS, Class F, 4.795% (1-Month USD-LIBOR + 2.600%) due 11/15/34(a)(b)			206,129
		983,773	Series 2017-H1, Class XA, 1.598% due 6/15/50(b)(h)			75,597
		142,000	Series 2018-SUN, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 7/15/35(a)(b)			141,887
		547,342	Motel 6 Trust, Series 2017-MTL6, Class A, 3.115% (1-Month USD-LIBOR + 0.920%) due 8/15/34(a)(b)			547,165
		534,000	MSCG Trust, Series 2018-SELF, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 10/15/37(a)(b)			534,527
			Natixis Commercial Mortgage Securities Trust:
		350,000	Series 2018-850T, Class C, 3.349% (1-Month USD-LIBOR + 1.154%) due 7/15/33(a)(b)			349,583
		350,000	Series 2018-850T, Class D, 3.649% (1-Month USD-LIBOR + 1.454%) due 7/15/33(a)(b)			349,582
		109,347	Series 2018-FL1, Class A, 3.275% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)			109,053
		344,000	OBP Depositor LLC Trust, Series 2010-OBP, Class A, 4.646% due 7/15/45(a)			346,506
		888,186	PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due 1/25/24(a)(d)			897,665
		36,000	RAIT Trust, Series 2017-FL7, Class AS, 3.495% (1-Month USD-LIBOR + 1.300%) due 6/15/37(a)(b)			35,780
		641,815	RCO Trust, Series 2017-INV1, Class A, 3.197% due 11/25/52(a)(b)			639,004
			Rosslyn Portfolio Trust:
		198,000	Series 2017-ROSS, Class A, 3.145% (1-Month USD-LIBOR + 0.950%) due 6/15/33(a)(b)			197,989
		35,000	Series 2017-ROSS, Class B, 3.445% (1-Month USD-LIBOR + 1.250%) due 6/15/33(a)(b)			34,964
		352,000	Shelter Growth CRE Issuer Ltd., Series 2019-FL2, Class B, 4.495% (1-Month USD-LIBOR + 2.300%) due 5/15/36(a)(b)			352,458
		166,792	SLIDE, Series 2018-FUN, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due 6/15/31(a)(b)			166,685
			UBS Commercial Mortgage Trust:
		1,835,829	Series 2012-C1, Class XA, 2.243% due 5/10/45(a)(b)(h)			78,020
		1,114,539	Series 2017-C1, Class XA, 1.734% due 6/15/50(b)(h)			102,816
		296,840	Verus Securitization Trust, Series 2018-1, Class A1, 2.929% due 2/25/48(a)(b)			297,116
		1,382,502	Verus Securitization Trust 2019-INV2, Series 2019-INV2, Class A3, 3.219% due 7/25/59(a)(b)			1,384,892

See Notes to Financial Statements.

142

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	510,811	VMC Finance LLC, Series 2018-FL2, Class A, 3.117% (1-Month USD-LIBOR + 0.920%) due 10/15/35(a)(b)		$	509,872
			Wells Fargo Commercial Mortgage Trust:
		2,840,633	Series 2015-LC22, Class XA, 0.993% due 9/15/58(b)(h)			113,067
		6,093,534	Series 2015-NXS2, Class XA, 0.870% due 7/15/58(b)(h)			175,310
		3,479,151	Series 2018-C46, Class XA, 1.113% due 8/15/51(b)(h)			209,752
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $36,463,389)			35,470,652
U.S. GOVERNMENT OBLIGATIONS – 0.9%
			U.S. Treasury Notes:
		710,000	2.250% due 3/31/20			711,387
		1,040,000	1.625% due 4/30/23			1,047,394
		1,650,000	2.250% due 12/31/23			1,707,428
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost – $3,379,839)			3,466,209
SOVEREIGN BONDS – 0.5%
Brazil – 0.1%
		200,000	Brazilian Government International Bond, 4.875% due 1/22/21			207,602
Colombia – 0.1%
		450,000	Colombia Government International Bond, 4.375% due 7/12/21			466,879
Dominican Republic – 0.1%
		400,000	Dominican Republic International Bond, 7.500% due 5/6/21			420,504
Indonesia – 0.1%
		400,000	Perusahaan Penerbit SBSN Indonesia III, 3.400% due 3/29/22			408,584
Mexico – 0.1%
		200,000	Nacional Financiera SNC, 3.375% due 11/5/20			201,252
Thailand – 0.0%
		200,000	Export Import Bank of Thailand, 3.036% (3-Month USD-LIBOR + 0.900%) due 11/20/23(b)			200,600
			TOTAL SOVEREIGN BONDS (Cost – $1,898,771)			1,905,421
MORTGAGE-BACKED SECURITY – 0.2%
FNMA – 0.2%
		600,000	Federal National Mortgage Association (FNMA), 2.670% due 9/1/21 (Cost – $606,152)			608,356

See Notes to Financial Statements.

143

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Shares/Units

Security

Value

EXCHANGE TRADED FUND (ETF) – 5.7%

456,184

iShares Core 1-5 Year USD Bond

(Cost – $22,868,636)

23,105,720

COMMON STOCK – 0.0%

BASIC MATERIALS – 0.0%

Forest Products & Paper – 0.0%

20,309

Appvion Inc.*(d)(e)

(Cost – $395,660)

201,059

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost – $340,043,220)

337,452,782

Face Amount†
SHORT-TERM INVESTMENTS – 15.4%
COMMERCIAL PAPERS – 10.8%
	$	1,344,000	Arrow Electronics Inc., 2.556% due 9/16/19(i)	1,342,393
			Boston Scientific Corp.:
		2,622,000	2.404% due 9/5/19(i)	2,621,013
		1,344,000	2.445% due 9/13/19(i)	1,342,810
		6,215,000	Campbell Soup Co., 2.409% due 10/7/19(i)	6,199,813
		5,684,000	Dow Chemical Co., 2.276% due 9/27/19(i)	5,673,805
		4,569,000	EI du Pont de Nemours & Co., 2.304% due 9/10/19(i)	4,565,873
		5,564,000	Keurig Dr Pepper Inc., 2.257% due 10/2/19(i)	5,552,208
		5,697,000	Marriott International Inc., 2.356% due 9/16/19(i)	5,690,855
		4,589,000	Mondelez International Inc., 2.326% due 9/19/19(i)	4,583,162
		5,698,000	Royal Caribbean Ltd., 2.487% due 9/20/19(i)	5,690,382
			TOTAL COMMERCIAL PAPERS
			(Cost – $43,266,778)	43,262,314
TIME DEPOSITS – 3.9%
		12,665,259	Citibank – New York, 1.490% due 9/3/19	12,665,259
		2,824,574	JPMorgan Chase & Co. – New York, 1.490% due 9/3/19	2,824,574
			TOTAL TIME DEPOSITS
			(Cost – $15,489,833)	15,489,833
U.S. GOVERNMENT OBLIGATIONS – 0.7%
			U.S. Treasury Bills:
		590,000	2.139% due 9/19/19(i)	589,373
		530,000	2.385% due 10/10/19(i)	528,646
		660,000	2.532% due 11/7/19(i)	657,678
		390,000	1.968% due 12/5/19(i)	388,091

See Notes to Financial Statements.

144

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
U.S. GOVERNMENT OBLIGATIONS – (continued)
	$	860,000	1.964% due 1/30/20(i)		$	853,445
			TOTAL U.S. GOVERNMENT OBLIGATIONS
			(Cost – $3,015,945)			3,017,233
			TOTAL SHORT-TERM INVESTMENTS
			(Cost – $61,772,556)			61,769,380
			TOTAL INVESTMENTS – 99.3%
			(Cost – $401,815,776#)			399,222,162
			Other Assets in Excess of Liabilities – 0.7%			2,626,213
			TOTAL NET ASSETS – 100.0%		$	401,848,375

†

Face amount denominated in U.S. dollars, unless otherwise noted.

Non-income producing security.

(a)

(b)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.

(c)

Security is perpetual in nature and has no stated maturity date.

(d)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $11,385,557 and represents 2.83% of net assets.

(e)

Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.

(f)

Security is currently in default.

(g)

This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlementdate, including coupon rate.

(h)

Interest only security.

(i)

Rate shown represents yield-to-maturity.

Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

CLO

— Collateralized Loan Obligation

CMT

— Constant Maturity Treasury Index

EURIBOR

— Euro Interbank Offered Rate

LIBOR

— London Interbank Offered Rate

LLC

— Limited Liability Company

— Limited Partnership

PCL

— Public Company Limited

PLC

— Public Limited Company

REMICS

— Real Estate Mortgage Investment Conduit

STIBOR

— Stockholm Interbank Offered Rate

See Notes to Financial Statements.

145

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Low Duration Fixed Income Fund (concluded)

Summary of Investments by Security Type^

	Corporate Bonds & Notes					46.2%
	Senior Loans					11.3
	Asset-Backed Securities					10.8
	Collateralized Mortgage Obligations					8.9
	Exchange Traded Fund (ETF)					5.7
	U.S. Government Obligations					0.9
	Sovereign Bonds					0.5
	Mortgage-Backed Security					0.2
	Common Stock					0.0*
	Short-Term Investments					15.5
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

At August 31, 2019, Destinations Low Duration Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
Euro		8,020,000		BBH		$	8,820,427		9/13/19		$	193,010		$	—		$	193,010
Swedish Krona		7,050,000		BBH			718,780		9/13/19			19,160			—			19,160
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts											$	212,170		$	—		$	212,170

	Currency Abbreviations used in this schedule:			Counterparty Abbreviations used in this schedule:
	EUR — Euro			BBH — Brown Brothers Harriman & Co.
	SEK — Swedish Krona

See Notes to Financial Statements.

146

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – 63.2%
Argentina – 0.1%
	$	900,000	Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23		$	612,009
Australia – 0.9%
		550,000	BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 6.750% (5-Year USD Swap Rate + 5.093%) due 10/19/75(a)(b)			644,160
		4,100,000	CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625% due 5/5/20			4,108,856
		2,000,000	QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate + 4.300%) due 12/2/44(a)@			2,200,000
			Total Australia			6,953,016
Austria – 0.1%
		554,000	JBS Investments GmbH, Company Guaranteed Notes, 6.250% due 2/5/23			566,465
Bahamas – 0.8%
		5,819,000	Silversea Cruise Finance Ltd., Senior Secured Notes, 7.250% due 2/1/25(b)			6,233,604
Bermuda – 1.2%
		1,000,000	Catlin Insurance Co., Ltd., Junior Subordinated Notes, 5.278% (3-Month USD-LIBOR + 2.975%)(a)(b)(c)			995,000
		1,100,000	Digicel Group Two Ltd., Senior Unsecured Notes, 8.250% due 9/30/22(b)			198,000
		3,136,000	Ship Finance International Ltd., Senior Unsecured Notes, 5.750% due 10/15/21			3,256,439
		5,100,000	Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22			5,049,000
			Total Bermuda			9,498,439
Brazil – 2.0%
		1,600,000	B3 SA – Brasil Bolsa Balcao, Senior Unsecured Notes, 5.500% due 7/16/20			1,636,016
		1,800,000	Banco Bradesco SA, Subordinated Notes, 5.900% due 1/16/21			1,861,380
			Banco BTG Pactual SA:
		2,300,000	Senior Unsecured Notes, 4.000% due 1/16/20			2,300,023
		700,000	Subordinated Notes, 7.750% (5-Year CMT Index + 5.257%) due 2/15/29(a)(b)			726,250
		1,900,000	Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index + 7.782%)(a)(c)			2,002,144
		3,230,000	Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due 4/11/22			3,351,125
			Itau Unibanco Holding SA:
		400,000	Junior Subordinated Notes, 6.125% (5-Year CMT Index + 3.981%)(a)(c)			404,200
			Subordinated Notes:
		800,000	6.200% due 4/15/20			812,440
		2,400,000	5.750% due 1/22/21			2,473,200
		400,000	6.200% due 12/21/21			422,500
			Total Brazil			15,989,278

See Notes to Financial Statements.

147

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
British Virgin Islands – 2.8%
	$	3,200,000	CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22		$	3,317,345
		4,965,000	CNPC General Capital Ltd., Company Guaranteed Notes, 3.950% due 4/19/22			5,154,837
		1,200,000	CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due 4/28/21			1,240,824
		4,800,000	Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due 11/12/20			4,914,745
		3,900,000	Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes, 2.500% due 4/28/20			3,903,759
		2,300,000	Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes, 2.000% due 9/29/21(b)			2,280,330
		1,200,000	Sinopec Group Overseas Development 2017 Ltd., Company Guaranteed Notes, 3.000% due 4/12/22(b)			1,218,638
			Total British Virgin Islands			22,030,478
Canada – 0.4%
		950,000	Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due 6/15/76(a)			1,033,125
		1,872,000	NOVA Chemicals Corp., Senior Unsecured Notes, 5.250% due 6/1/27(b)			1,953,900
		673,000CAD	Postmedia Network Inc., Senior Secured Notes, 8.250% due 7/15/21(b)			505,798
			Total Canada			3,492,823
Cayman Islands – 3.9%
		1,500,000	Banco Continental SA Via Continental Senior Trustees Cayman Ltd., Senior Unsecured Notes, 5.500% due 11/18/20			1,552,500
			Braskem Finance Ltd., Company Guaranteed Notes:
		650,000	7.000% due 5/7/20			664,605
		2,000,000	5.750% due 4/15/21			2,062,800
		4,500,000	CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due 4/5/22(b)			4,552,253
		200,000	Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes, 6.875% due 2/6/24			206,750
		2,000,000	Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22			2,060,100
		771,924	Guanay Finance Ltd., Senior Secured Notes, 6.000% due 12/15/20			783,503
		1,900,000	Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625% due 1/13/22			1,994,093
		2,600,000	Latam Finance Ltd., Company Guaranteed Notes, 6.875% due 4/11/24			2,697,526
		2,495,000	Nexteer Automotive Group Ltd., Company Guaranteed Notes, 5.875% due 11/15/21(b)			2,538,365
		230,920	Peru Enhanced Pass-Through Finance Ltd., Pass Thru Certificates, zero coupon, due 6/2/25			210,426

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Cayman Islands – (continued)
	$	5,833,933	SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes, zero coupon, due 12/5/22(b)(d)		$	5,573,157
		1,900,000	Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22			2,044,875
		4,129,000	Vantage Drilling International, Senior Secured Notes, 9.250% due 11/15/23(b)			4,190,935
			Total Cayman Islands			31,131,888
Chile – 2.3%
		3,200,000	AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b)			3,388,800
		500,000	Banco del Estado de Chile, Senior Unsecured Notes, 3.875% due 2/8/22			518,771
		500,000	Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.750% due 1/11/22			520,000
		300,000	Corp. Nacional del Cobre de Chile, Senior Unsecured Notes, 3.875% due 11/3/21			308,073
		3,000,000	Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21			3,124,586
		5,135,000	Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22			5,347,034
		900,000	Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 5.500% due 4/21/20			916,875
		4,000,000	Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22			4,129,837
			Total Chile			18,253,976
Colombia – 1.8%
			Bancolombia SA:
		4,071,000	Senior Unsecured Notes, 5.950% due 6/3/21			4,297,388
		1,100,000	Subordinated Notes, 6.125% due 7/26/20			1,130,536
			Colombia Telecomunicaciones SA ESP:
		1,222,000	Junior Subordinated Notes, 8.500% (5-Year USD Swap Rate + 6.958%)(a)(c)			1,255,617
		1,443,000	Senior Unsecured Notes, 5.375% due 9/27/22			1,455,626
		1,145,000	Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due 5/18/21			1,197,968
		4,500,000	Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21			4,584,420
			Total Colombia			13,921,555
Denmark – 0.1%
		600,000EUR	Georg Jensen AS, Senior Secured Notes, 6.000% due 5/15/23			652,836
Dominican Republic – 0.1%
		1,100,000	Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23			1,148,400

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
France – 0.6%
	$	1,000,000	BNP Paribas SA, Junior Subordinated Notes, 6.625% (5-Year USD Swap Rate + 4.149%)(a)(b)(c)		$	1,047,500
		1,675,000	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(a)(b)(c)			1,952,919
			Societe Generale SA, Junior Subordinated Notes:
		1,090,000	7.875% (5-Year USD Swap Rate + 4.979%)(a)(b)(c)			1,175,838
		490,000	8.000% (5-Year USD 1100 Run ICE Swap Rate + 5.873%)(a)(b)(c)			547,575
			Total France			4,723,832
Germany – 0.4%
		2,765,000EUR	LifeFit Group, 7.500% due 7/26/23			3,064,704
India – 1.4%
		1,000,000	Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950% due 1/19/22			1,027,499
			Bharat Petroleum Corp., Ltd, Senior Unsecured Notes:
		300,000	4.375% due 1/24/22			311,040
		4,000,000	4.625% due 10/25/22			4,216,000
			Indian Oil Corp., Ltd, Senior Unsecured Notes:
		2,995,000	5.625% due 8/2/21			3,157,534
		2,000,000	5.750% due 8/1/23			2,216,305
			Total India			10,928,378
Indonesia – 1.0%
			Pertamina Persero PT, Senior Unsecured Notes:
		4,100,000	5.250% due 5/23/21			4,286,460
		2,500,000	4.875% due 5/3/22			2,641,665
		1,000,000	Perusahaan Listrik Negara PT, Senior Unsecured Notes, 5.500% due 11/22/21			1,062,500
			Total Indonesia			7,990,625
Ireland – 0.4%
		3,100,000	C&W Senior Financing DAC, Senior Unsecured Notes, 7.500% due 10/15/26			3,362,880
Israel – 0.4%
		2,479,000	Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due 12/30/20(b)			2,514,613
		500,000	Israel Electric Corp., Ltd, Senior Secured Notes, 6.875% due 6/21/23			573,705
			Total Israel			3,088,318
Italy – 1.6%
		635,000	Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap Rate + 5.462%)(a)(b)(c)			646,112
		10,374,000EUR	Linkem SpA, Senior Secured Notes, 7.000% due 8/9/22(e)(f)			11,230,521

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Italy – (continued)
	$	450,000	UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate + 5.180%)(a)(c)@		$	461,138
			Total Italy			12,337,771
Luxembourg – 0.6%
		1,400,000	Euronav Luxembourg SA, Company Guaranteed Notes, 7.500% due 5/31/22(b)			1,421,000
			Millicom International Cellular SA, Senior Unsecured Notes:
		2,200,000	6.000% due 3/15/25			2,285,250
		600,000	6.625% due 10/15/26			654,000
		400,000	Swiss Re Finance Luxembourg SA, Company Guaranteed Notes, 5.000% (5-Year CMT Index + 3.582%) due 4/2/49(a)(b)			441,000
			Total Luxembourg			4,801,250
Malaysia – 1.7%
		6,200,000	Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20			6,275,507
		1,715,000	Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542%) due 10/29/26(a)			1,752,267
		500,000	Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22			509,603
		5,055,000	Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20			5,064,402
			Total Malaysia			13,601,779
Marshall Islands – 1.0%
		5,067,000	Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(b)			4,762,980
		2,000,000	Chembulk Holding LLC, Senior Secured Notes, 8.000% due 2/2/23(b)			1,935,000
		1,200,000	Golar LNG Partners LP, Senior Unsecured Notes, 6.550% (3-Month USD-LIBOR + 4.400%) due 5/22/20(a)			1,200,000
			Total Marshall Islands			7,897,980
Mauritius – 0.4%
		3,000,000	UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21			3,020,601
Mexico – 3.8%
		5,400,000	Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT Index + 5.035%)(a)(c)			5,346,054
		3,700,000	Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year CMT Index + 3.000%) due 8/11/26(a)			3,746,287
		500,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%) due 10/1/28(a)(b)			531,880
			BBVA Bancomer SA:
		2,000,000	Junior Subordinated Notes, 7.250% due 4/22/20			2,050,020
			Subordinated Notes:
		1,500,000	6.500% due 3/10/21			1,569,390

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Mexico – (continued)
	$	1,300,000	6.750% due 9/30/22		$	1,404,000
		1,943,000	5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)			1,933,304
			Cemex SAB de CV, Senior Secured Notes:
		1,200,000	6.125% due 5/5/25			1,243,812
		1,000,000	7.750% due 4/16/26			1,076,260
		1,700,000	Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 4.625% due 2/15/20			1,719,536
		700,000	Credito Real SAB de CV SOFOM ER, Senior Unsecured Notes, 7.250% due 7/20/23			730,632
			Grupo Bimbo SAB de CV:
		2,610,000	Company Guaranteed Notes, 4.875% due 6/30/20			2,656,615
		3,400,000	Subordinated Notes, 5.950% (5-Year CMT Index + 3.280%)(a)(c)			3,561,534
		2,950,000	Unifin Financiera SAB de CV SOFOM ENR, Company Guaranteed Notes, 7.250% due 9/27/23			3,005,342
			Total Mexico			30,574,666
Netherlands – 1.9%
		400,000	AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, Company Guaranteed Notes, 7.950% due 5/11/26			426,504
		3,903,000	Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due 9/30/24(b)			4,098,150
		1,400,000	Bharti Airtel International Netherlands BV, Company Guaranteed Notes, 5.125% due 3/11/23			1,481,382
		400,000	ING Groep NV, Junior Subordinated Notes, 6.750% (5-Year USD Swap Rate + 4.204%)(a)(c)			419,768
		3,000,000	MPC Container Ships Invest BV, Senior Secured Notes, 7.093% (3-Month USD-LIBOR + 4.750%) due 9/22/22(a)			3,000,048
		1,044,000	Petrobras Global Finance BV, Company Guaranteed Notes, 5.375% due 1/27/21			1,077,930
		200,000	Syngenta Finance NV, Company Guaranteed Notes, 3.698% due 4/24/20			200,769
		4,400,000	VTR Finance BV, Senior Secured Notes, 6.875% due 1/15/24			4,543,000
			Total Netherlands			15,247,551
Norway – 0.2%
		2,200,000	Jacktel AS, Senior Secured Notes, 10.000% due 12/4/23(b)			1,958,000
Panama – 1.4%
		1,500,000	Banco Latinoamericano de Comercio Exterior SA, Senior Unsecured Notes, 3.250% due 5/7/20			1,501,875
		800,000	Banistmo SA, Senior Unsecured Notes, 3.650% due 9/19/22(b)			800,008
		4,667,747	ENA Norte Trust, Pass Thru Certificates, 4.950% due 4/25/23			4,801,992
		2,900,000	Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21			2,984,100

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Panama – (continued)
	$	1,000,000	Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22		$	1,030,000
			Total Panama			11,117,975
Peru – 1.0%
		165,000	Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22			175,108
		5,555,000	Banco de Credito del Peru, Senior Unsecured Notes, 5.375% due 9/16/20(b)			5,724,427
		1,900,000	Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750% due 10/7/20			1,964,144
			Total Peru			7,863,679
Philippines – 0.1%
		800,000	Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22			820,802
Portugal – 0.0%
		70,068	Invepar, zero coupon due 12/30/28(e)(f)			2,996
Singapore – 2.8%
			DBS Group Holdings Ltd.:
		5,000,000	Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(a)(c)			5,006,250
		200,000	Senior Unsecured Notes, 2.943% (3-Month USD-LIBOR + 0.490%) due 6/8/20(a)			200,176
		500,000	Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590%) due 12/11/28(a)			534,385
		4,015,000	ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due 1/27/22			4,015,777
		3,000,000	SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22			3,053,671
		3,450,000	Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23			3,508,452
			United Overseas Bank Ltd., Subordinated Notes:
		4,500,000	3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a)			4,559,580
		400,000	2.880% (5-Year USD Swap Rate + 1.654%) due 3/8/27(a)			400,520
		600,000	3.750% (5-Year CMT Index + 1.500%) due 4/15/29(a)			625,249
			Total Singapore			21,904,060
Switzerland – 0.4%
			Credit Suisse Group AG, Junior Subordinated Notes:
		1,000,000	6.375% (5-Year CMT Index + 4.822%)(a)(b)(c)			1,033,000
		655,000	7.500% (5-Year USD Swap Rate + 4.600%)(a)(b)(c)			697,640
		1,400,000	UBS Group Funding Switzerland AG, Company Guaranteed Notes, 7.000% (5-Year USD Swap Rate + 4.866%)(a)(c)@			1,532,404
			Total Switzerland			3,263,044

See Notes to Financial Statements.

153

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Thailand – 0.6%
	$	1,300,000	Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20		$	1,336,426
		3,200,000	PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year CMT Index + 2.724%)(a)(c)			3,264,520
			Total Thailand			4,600,946
United Kingdom – 2.3%
		1,700,000	Barclays PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate + 4.842%)(a)(c)			1,736,125
		1,713,000EUR	CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%) due 7/3/23(a)			1,882,672
		2,015,000	Inmarsat Finance PLC, Company Guaranteed Notes, 6.500% due 10/1/24(b)			2,118,269
		1,900,000	Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD Swap Rate + 4.760%)(a)(c)			1,964,375
		4,600,000	MARB BondCo PLC, Company Guaranteed Notes, 7.000% due 3/15/24			4,703,546
		1,645,000	Royal Bank of Scotland Group PLC, Junior Subordinated Notes, 8.625% (5-Year USD Swap Rate + 7.598%)(a)(c)			1,741,644
		2,300,000EUR	SB Holdco PLC, Senior Secured Notes, 8.000% (3-Month EURIBOR + 8.000%) due 7/13/22(a)			2,445,661
		600,000	Standard Chartered PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate + 5.723%)(a)(b)(c)			642,000
			Vedanta Resources Ltd., Senior Unsecured Notes:
		800,000	7.125% due 5/31/23			765,200
		200,000	6.125% due 8/9/24			180,100
		370,000	Vodafone Group PLC, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.873%) due 4/4/79(a)			418,433
			Total United Kingdom			18,598,025
United States – 22.7%
		1,585,000	AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month USD-LIBOR + 4.300%) due 6/15/45(a)(b)			1,690,006
		167,010	America West Airlines Pass-Through Trust, Pass Thru Certificates, 8.057% due 7/2/20			173,636
		706,000	American Express Co., Junior Subordinated Notes, 5.200% (3-Month USD-LIBOR + 3.428%)(a)(c)			706,353
		1,350,000	American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month USD-LIBOR + 2.868%) due 4/1/48(a)			1,427,760
		1,230,000	Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135%) due 3/27/48(a)			1,340,700
		2,369,000	Assured Guaranty Municipal Holdings Inc., Company Guaranteed Notes, 6.400% (1-Month USD-LIBOR + 2.215%) due 12/15/66(a)(b)			2,380,845
			Bank of America Corp., Junior Subordinated Notes:
		1,060,000	6.100% (3-Month USD-LIBOR + 3.898%)(a)(c)			1,155,400

See Notes to Financial Statements.

154

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	275,000	6.250% (3-Month USD-LIBOR + 3.705%)(a)(c)		$	299,750
		1,340,000	6.300% (3-Month USD-LIBOR + 4.553%)(a)(c)			1,512,525
		245,000	Bayer US Finance II LLC, Company Guaranteed Notes, 2.979% (3-Month USD-LIBOR + 0.630%) due 6/25/21(a)(b)			245,054
		1,740,000	BB&T Corp., Junior Subordinated Notes, 4.800% (5-Year CMT Index + 3.003%)(a)(c)			1,753,050
		1,600,000	Capital One Financial Corp., Junior Subordinated Notes, 5.550% (3-Month USD-LIBOR + 3.800%)(a)(c)			1,618,000
		995,000	CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month USD-LIBOR + 3.270%)(a)(c)			1,042,262
		290,000	CIT Group Inc., Junior Subordinated Notes, 5.800% (3-Month USD-LIBOR + 3.972%)(a)(c)			294,846
		2,105,000	CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(b)			2,115,525
			Citigroup Inc., Junior Subordinated Notes:
		2,389,000	5.950% (3-Month USD-LIBOR + 3.905%)(a)(c)			2,556,230
		500,000	6.300% (3-Month USD-LIBOR + 3.423%)(a)(c)			530,750
		675,000	Citizens Financial Group Inc., Junior Subordinated Notes, 5.500% (3-Month USD-LIBOR + 3.960%)(a)(c)			680,062
		1,175,000	CoBank ACB, Junior Subordinated Notes, 6.250% (3-Month USD-LIBOR + 4.660%)(a)(c)			1,263,125
			Comcast Corp., Company Guaranteed Notes:
		520,000	2.649% (3-Month USD-LIBOR + 0.330%) due 10/1/20(a)			520,725
		520,000	3.300% due 10/1/20			527,566
		260,000	2.759% (3-Month USD-LIBOR + 0.440%) due 10/1/21(a)			260,610
		483,210	Continental Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 5.983% due 4/19/22			512,202
		303,019	Continental Airlines Class A-1 Pass-Through Trust, Pass-Thru Certificates, 7.707% due 4/2/21			314,382
		20,787	Continental Airlines Class C-2 Pass-Through Trust, Pass-Thru Certificates, 6.236% due 3/15/20			21,166
		3,675,000	Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(b)			3,831,298
		4,227,000	CSC Holdings LLC, Company Guaranteed Notes, 5.375% due 7/15/23(b)			4,344,342
		535,000	Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(b)(c)			505,575
		1,615,000	Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 5.375% due 8/15/26(b)			1,695,750
		1,060,000	Discover Financial Services, Junior Subordinated Notes, 5.500% (3-Month USD-LIBOR + 3.076%)(a)(c)			1,065,385
		7,688,000	Dollar Tree Inc., Senior Unsecured Notes, 3.003% (3-Month USD-LIBOR + 0.700%) due 4/17/20(a)			7,688,471

See Notes to Financial Statements.

155

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	2,922,000	DXC Technology Co., Senior Unsecured Notes, 3.082% (3-Month USD-LIBOR + 0.950%) due 3/1/21(a)		$	2,922,002
		135,000	Farm Credit Bank of Texas, Junior Subordinated Notes, 6.200% (3-Month USD-LIBOR + 3.223%)(a)(b)(c)(e)			145,393
		1,944,000	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 7.875% due 11/15/25(b)			1,950,075
		5,222,000	Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.226% (3-Month USD-LIBOR + 0.790%) due 6/12/20(a)			5,222,774
		2,900,000	Freeport-McMoRan Inc., Company Guaranteed Notes, 4.550% due 11/14/24			2,928,449
		2,126,000	Fresh Market Inc., Senior Secured Notes, 9.750% due 5/1/23(b)			1,206,505
		6,487,000	FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(b)			5,757,212
		2,120,000	General Electric Co., Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.330%)(a)(c)			1,923,900
		1,935,000	General Motors Financial Co., Inc., Junior Subordinated Notes, 5.750% (3-Month USD-LIBOR + 3.598%)(a)(c)			1,799,550
			Goldman Sachs Group Inc., Junior Subordinated Notes:
		325,000	5.375% (3-Month USD-LIBOR + 3.922%)(a)(c)			328,250
		2,524,000	5.500% (5-Year CMT Index + 3.623%)(a)(c)			2,637,310
		1,410,000	Hadrian Merger Sub Inc., Senior Unsecured Notes, 8.500% due 5/1/26(b)			1,350,075
		5,133,000	HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(b)			4,465,710
		3,207,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes, 6.250% due 5/15/26(b)			3,347,467
		10,927,000	INVISTA Finance LLC, Senior Secured Notes, 4.250% due 10/15/19(b)			10,954,882
			JPMorgan Chase & Co., Junior Subordinated Notes:
		1,745,000	5.000% (SOFR rate + 3.380%)(a)(c)			1,810,438
		2,650,000	6.750% (3-Month USD-LIBOR + 3.780%)(a)(c)			2,951,437
		475,000	KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.606%)(a)(c)			485,687
			Land O’ Lakes Inc., Junior Subordinated Notes:
		415,000	7.000%(b)(c)(e)			394,250
		2,050,000	7.250%(b)(c)(e)			1,991,062
		8,428,000	Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(b)			8,406,930
		3,418,000	LSC Communications Inc., Senior Secured Notes, 8.750% due 10/15/23(b)(d)			2,580,590
		1,125,000	M&T Bank Corp., Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR + 3.520%)(a)(c)			1,178,437
		985,000	MetLife Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 2.959%)(a)(c)			1,056,412
		13,692,000	Mueller Industries Inc., Subordinated Notes, 6.000% due 3/1/27			13,863,150

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	510,000	NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index + 2.843%)(a)(c)		$	507,358
		2,625,000	Pacific Gas & Electric Co., Senior Unsecured Notes, 2.950% due 3/1/26(g)			2,533,125
		902,000	PNC Financial Services Group Inc., Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.300%)(a)(c)			926,805
		955,000	Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38			1,086,312
			Reliance Holding USA Inc., Company Guaranteed Notes:
		3,700,000	4.500% due 10/19/20			3,777,914
		2,400,000	5.400% due 2/14/22			2,563,823
		538,000	Salem Media Group Inc., Senior Secured Notes, 6.750% due 6/1/24(b)			470,078
		3,350,000	SESI LLC, Company Guaranteed Notes, 7.125% due 12/15/21			2,361,750
		2,273,000	Sirius XM Radio Inc., Company Guaranteed Notes, 5.000% due 8/1/27(b)			2,398,015
		4,400,000	Southern Copper Corp., Senior Unsecured Notes, 5.375% due 4/16/20			4,471,548
		1,360,000	SunTrust Banks Inc., Junior Subordinated Notes, 5.050% (3-Month USD-LIBOR + 3.102%)(a)(c)			1,370,200
		4,020,000	Tapestry Inc., Senior Unsecured Notes, 4.250% due 4/1/25			4,162,332
		7,639,000	TEGNA Inc., Company Guaranteed Notes, 5.125% due 10/15/19			7,647,403
		632,299	Toll Road Investors Partnership II LP, Senior Secured Notes, zero coupon, due 2/15/45(b)			179,221
			Trimble Inc., Senior Unsecured Notes:
		2,930,000	4.150% due 6/15/23			3,073,703
		3,901,000	4.750% due 12/1/24			4,216,969
		945,000	Triumph Group Inc., Company Guaranteed Notes, 7.750% due 8/15/25			947,363
		2,083,000	W&T Offshore Inc., Secured Notes, 9.750% due 11/1/23(b)			2,010,095
		5,628,000	Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24			6,043,065
		3,810,000	Wells Fargo & Co., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 3.990%)(a)(c)			4,201,630
			Total United States			180,680,007
			TOTAL CORPORATE BONDS & NOTES (Cost – $499,411,914)			501,934,636
SENIOR LOANS(a) – 9.0%
		1,539,572	Appvion Operations Inc., 8.230% (3-Month USD-LIBOR + 6.000%) due 6/12/26			1,508,780
		2,626,994	BI-LO LLC, 10.330% (3-Month USD-LIBOR + 8.000%) due 5/31/24			2,511,406
		6,826,346	Crestwood Holdings LLC, 9.710% (1-Month USD-LIBOR + 7.500%) due 3/6/23			6,519,161
		4,753,720	Dell International LLC, 4.120% (1-Month USD-LIBOR + 2.000%) due 9/7/23			4,763,085
		4,538,000	Fieldwood Energy LLC, 7.506% (3-Month USD-LIBOR + 5.250%) due 4/11/22			3,976,422

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
SENIOR LOANS(a) – (continued)
	$	2,168,000	General Nutrition Centers Inc., 9.120% (1-Month USD-LIBOR + 7.000%) due 12/31/22		$	2,187,642
		6,212,900	IEA Energy Services LLC, 10.416% (1-Month USD-LIBOR + 8.250%) due 9/25/24			5,979,916
		5,382,391	Internap Corp., 9.190% (1-Month USD-LIBOR + 7.000%) due 4/6/22			3,794,586
		2,857,130	Lee Enterprises Inc., 12.000% (3-Month USD-LIBOR + 12.000%) due 12/15/22			2,828,559
		2,646,589	LSC Communications Inc., 7.627% (1-Week USD-LIBOR + 5.500%) due 9/30/22			2,226,443
		3,679,187	McDermott International Inc., 7.110% (1-Month USD-LIBOR + 5.000%) due 5/12/25			3,368,774
		1,153,891	Monitronics International Inc., 8.612% (1-Month USD-LIBOR + 6.500%) due 3/29/24			1,081,773
		1,079,000	PMHC II Inc., 9.933% (3-Month USD-LIBOR + 7.750%) due 3/30/26			873,990
		2,450,000	Production Resource Group LLC, 9.160% (3-Month USD-LIBOR + 7.000%) due 8/21/24			2,401,000
		1,069,837	RA Acquistion Purchaser LLC, 12.330% (3-Month USD-LIBOR + 10.000%) due 5/31/23(f)			1,069,837
		1,410,952	Town Sports International LLC, 5.612% (1-Month USD-LIBOR + 3.500%) due 11/15/20			1,283,966
		5,293,180	Trico Group LLC, 9.330% (3-Month USD-LIBOR + 7.000%) due 2/2/24			5,134,385
			Windstream Services LLC:
		9,515,903	4.620% (1-Month USD-LIBOR + 2.500%) due 2/26/21			9,539,693
		7,653,000	10.250% (Prime Lending Rate + 5.000%) due 3/29/21			7,761,673
		2,735,860	YI LLC, 6.330% (3-Month USD-LIBOR + 4.000%) due 11/7/24			2,725,601
			TOTAL SENIOR LOANS (Cost – $74,030,670)			71,536,692
SOVEREIGN BONDS – 3.8%
Brazil – 0.1%
		900,000	Brazilian Government International Bond, 4.875% due 1/22/21			934,209
Chile – 0.3%
		2,000,000	Chile Government International Bond, 2.250% due 10/30/22			2,010,000
Colombia – 0.9%
		6,900,000	Colombia Government International Bond, 4.375% due 7/12/21			7,158,819
Costa Rica – 0.1%
		1,150,000	Costa Rica Government International Bond, 9.995% due 8/1/20			1,208,937
Dominican Republic – 0.8%
		6,320,000	Dominican Republic International Bond, 7.500% due 5/6/21			6,643,963
India – 0.3%
		2,000,000	Export-Import Bank of India, 3.125% due 7/20/21			2,023,927

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
SOVEREIGN BONDS – (continued)
Indonesia – 0.9%
			Indonesia Government International Bond:
	$	3,000,000	4.875% due 5/5/21		$	3,117,069
		2,795,000	3.700% due 1/8/22			2,876,528
		1,000,000	Perusahaan Penerbit SBSN Indonesia III, 3.400% due 3/29/22			1,021,460
			Total Indonesia			7,015,057
Mexico – 0.1%
		800,000	Nacional Financiera SNC, 3.375% due 11/5/20			805,008
Peru – 0.2%
		1,500,000	Fondo MIVIVIENDA SA, 3.500% due 1/31/23			1,543,500
Philippines – 0.1%
		1,000,000	Philippine Government International Bond, 4.000% due 1/15/21			1,024,851
			TOTAL SOVEREIGN BONDS (Cost – $30,074,462)			30,368,271

Shares/Units
PREFERRED STOCKS – 2.3%
Bermuda – 0.4%
	30,926	Aspen Insurance Holdings Ltd., 5.625%(c)	800,983
	17,350	Athene Holding Ltd., 6.350% (3-Month USD-LIBOR + 4.253%)*(a)(c)	493,261
	19,389	Axis Capital Holdings Ltd., 5.500%(c)	492,287
	42,868	Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015%)(a)(c)	1,144,147
		Total Bermuda	2,930,678
United States – 1.9%
	10,100	Air Lease Corp., 6.150% (3-Month USD-LIBOR + 3.650%)(a)(c)	276,740
	3,000	CoBank ACB, 6.250% (3-Month USD-LIBOR + 4.557%)(a)(c)	317,250
	1,000	Dairy Farmers of America Inc., 7.875%(b)(c)	100,000
	50,000	Delphi Financial Group Inc., 5.348% (3-Month USD-LIBOR + 3.190%)(a)	1,125,000
	21,970	Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010%)(a)(b)(c)	2,345,297
	25,550	GMAC Capital Trust I, 7.943% (3-Month USD-LIBOR + 5.785%)(a)	669,410
	54,847	Huntington Bancshares Inc., 6.250%(c)	1,450,155
		Morgan Stanley:
	75,960	5.850%(3-Month USD-LIBOR + 3.491%(a)(c)(d)	2,050,920
	49,200	6.375% (3-Month USD-LIBOR + 3.708%(a)(c)	1,365,300
	20,000	New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR + 3.821%)(a)(c)	556,000
	45,000	NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643%)(a)(c)	928,800
	43,830	Regions Financial Corp., 5.700% (3-Month USD-LIBOR + 3.148%)(a)(c)	1,200,942
	13,000	Synovus Financial Corp., 5.875% (5-Year CMT Index + 4.127%)*(a)(c)	342,420

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Shares/Units		Security	Value
PREFERRED STOCKS – (continued)
United States – (continued)
	90,000	Voya Financial Inc., 5.350% (5-Year CMT Index + 3.210%)(a)(c)		$	2,462,400
		Total United States			15,190,634
		TOTAL PREFERRED STOCKS (Cost – $17,834,397)			18,121,312
COMMON STOCKS – 1.2%
Colombia – 0.0%
	21,182	Frontera Energy Corp.(f)			204,438
United States – 1.2%
	267,281	Appvion Inc.*(e)(f)			2,646,082
	219,500	Forum Merger II Corp., Class A Shares*(e)			2,216,950
	61,500	Landcadia Holdings II Inc., Class A Shares*			602,700
	52	Real Alloy Holding Inc.*(e)(f)			1,737,095
	136,369	Tuscan Holdings Corp.*			1,350,053
	80,750	Tuscan Holdings Corp. II*(e)			786,505
		Total United States			9,339,385
		TOTAL COMMON STOCKS (Cost – $10,993,587)			9,543,823
WARRANTS – 0.0%
Brazil – 0.0%
	58,463	OAS SA*(f)			—
United States – 0.0%
	40,375	Tuscan Holdings Corp. II*(e)			23,418
		TOTAL WARRANTS (Cost – $23,985)			23,418
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $632,369,015)			631,528,152

Face Amount†
SHORT-TERM INVESTMENTS – 18.7%
COMMERCIAL PAPERS – 13.1%
	$	10,233,000	Anheuser-Busch InBev SA/NV, 2.427% due 9/9/19(h)	10,226,462
			Arrow Electronics Inc.:
		2,113,000	2.556% due 9/16/19(h)	2,110,473
		5,631,000	2.505% due 9/27/19(h)	5,619,875
		5,721,000	AutoZone Inc., 2.222% due 9/9/19(h)	5,717,397
			Boston Scientific Corp.:
		2,113,000	2.445% due 9/13/19(h)	2,111,128
		6,605,000	2.369% due 10/25/19(h)	6,581,091

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount†			Security	Value
SHORT-TERM INVESTMENTS – (continued)
COMMERCIAL PAPERS – (continued)
	$	8,817,000	Campbell Soup, 2.435% due 9/11/19(h)		$	8,810,319
		8,940,000	Dow Chemical Co., 2.276% due 9/27/19(h)			8,923,965
		7,186,000	EI du Pont de Nemours & Co., 2.304% due 9/10/19(h)			7,181,082
		11,959,000	Keurig Dr Pepper Inc., 2.358% due 9/20/19(h)			11,943,011
		8,960,000	Marriott International Inc., 2.356% due 9/16/19(h)			8,950,336
		10,559,000	Mondelez International Inc., 2.490% due 9/10/19(h)			10,551,708
		8,962,000	Royal Caribbean Ltd., 2.487% due 9/20/19(h)			8,950,018
		6,390,000	Textron Inc., 2.226% due 10/8/19(h)			6,372,189
			TOTAL COMMERCIAL PAPERS (Cost – $104,061,960)			104,049,054
TIME DEPOSITS – 5.6%
		44,060,112	Banco Santander SA – Frankfurt, 1.490% due 9/3/19			44,060,112
		515,696	JPMorgan Chase & Co. – New York, 1.490% due 9/3/19			515,696
			TOTAL TIME DEPOSITS (Cost – $44,575,808)			44,575,808
			TOTAL SHORT-TERM INVESTMENTS (Cost – $148,637,768)			148,624,862
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5%
MONEY MARKET FUND – 0.5%
		4,016,865	Federated Government Obligations Fund, Premier Class, 2.012%(i) (Cost – $4,016,865)			4,016,865
			TOTAL INVESTMENTS – 98.7% (Cost – $785,023,648#)			784,169,879
			Other Assets in Excess of Liabilities – 1.3%			9,931,760
			TOTAL NET ASSETS – 100.0%		$	794,101,639

†

Face amount denominated in U.S. dollars, unless otherwise noted.

Non-income producing security.

(a)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.

(b)

(c)

Security is perpetual in nature and has no stated maturity date.

(d)

All or a portion of this security is on loan (See Note 5).

(e)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $21,174,272 and represents 2.67% of net assets.

(f)

Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

(g)

Security is currently in default.

(h)

Rate shown represents yield-to-maturity.

(i)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold only to qualified buyers.

Security	Acquisition Date	Acquisition Cost			Market Value			Percent of Net Assets
QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate + 4.300%) due 12/2/44	10/2/18		$	2,109,000		$	2,200,000		0.28%
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate + 5.180%)	5/4/17			328,006			461,138		0.06%
UBS Group Funding Switzerland AG, Company Guaranteed Notes, 7.000% (5-Year USD Swap Rate + 4.866%)	4/18/17			1,300,500			1,532,404		0.19%
Total						$	4,193,542		0.53%

Abbreviations used in this schedule:

CMT

— Constant Maturity Treasury Index

EURIBOR

— Euro Interbank Offered Rate

ICE

— Intercontinental Exchange

LIBOR

— London Interbank Offered Rate

LLC

— Limited Liability Company

— Limited Partnership

PCL

— Public Company Limited

PLC

— Public Limited Company

Summary of Investments by Security Type^

	Corporate Bonds & Notes					64.0%
	Senior Loans					9.1
	Sovereign Bonds					3.9
	Preferred Stocks					2.3
	Common Stocks					1.2
	Warrants					0.0*
	Short-Term Investments					19.0
	Money Market Fund					0.5
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Global Fixed Income Opportunities Fund (concluded)

Schedule of Options Contracts Written
Equity Options

Number of Contracts	Notional Amount	Security Name	Counterparty	Expiration Date	Exercise Rate			Value
377	3,285,932	iShares iBoxx HighYield Corp.	DB	9/20/19		$	82.00		$	2,639
889	7,748,524	iShares iBoxx HighYield Corp.	DB	9/20/19			87.00			37,338
		TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received – $76,901)							$	39,977

At August 31, 2019, Destinations Global Fixed Income Opportunities Fund had open forward foreign currency contracts as described below.

The unrealized appreciation on the open contracts reflected in the accompanying financial statements were as follows:

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
Euro		17,615,000		BBH		$	19,373,046		9/13/19		$	423,924		$	—		$	423,924
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts											$	423,924		$	—		$	423,924

	Currency Abbreviations used in this schedule:			Counterparty Abbreviations used in this schedule:
	CAD — Canadian Dollar			BBH — Brown Brothers Harriman & Co.
	EUR — Euro			DB — Deutsche Bank

Face Amount†			Security	Value
SECURITIES SOLD SHORT – 0.7%
CORPORATE BONDS & NOTES – 0.7%
Germany – 0.1%
		824,000EUR	BASF SE, Senior Unsecured Notes, 0.875% due 11/15/27		$	975,051
Japan – 0.2%
	$	1,604,000	SoftBank Group Corp., Senior Unsecured Notes, 4.750% due 9/19/24			1,644,340
United States – 0.4%
		1,418,000	DaVita Inc., Company Guaranteed Notes, 5.125% due 7/15/24			1,442,404
		840,000	McKesson Corp., Senior Unsecured Notes, 3.950% due 2/16/28			896,264
		840,000	Quest Diagnostics Inc., Senior Unsecured Notes, 3.450% due 6/1/26			891,190
			Total United States			3,229,858
			TOTAL CORPORATE BONDS & NOTES (Proceeds – $5,533,978)		$	5,849,249
			TOTAL SECURITIES SOLD SHORT – 0.7% (Proceeds – $5,533,978)		$	5,849,249

†

Face amount denominated in U.S. dollars, unless otherwise noted.

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – 92.6%
Alabama – 1.2%
	$	2,000,000	AA-	Auburn University, Revenue Bonds, Series A, 5.000% due 6/1/35		$	2,531,780
		1,835,000	Aa2(a)	Black Belt Energy Gas District, Revenue Bonds, Series A, 4.000% due 7/1/46(b)			1,918,456
		355,000	AA-	County of Jefferson AL, GO, Series B, 5.000% due 4/1/21			376,037
		220,000	A-	Industrial Development Board of the City of Mobile Alabama, Revenue Bonds, 1.850% due 6/1/34(b)			220,557
				Mobile County Board of School Commissioners, Special Tax:
		260,000	A-	5.000% due 3/1/28			310,076
		175,000	A-	5.000% due 3/1/29			208,077
		180,000	A-	5.000% due 3/1/30			213,176
		185,000	A-	5.000% due 3/1/31			218,196
		145,000	A-	5.000% due 3/1/32			170,121
		215,000	A-	5.000% due 3/1/33			251,772
				Montgomery Medical Clinic Board, Revenue Bonds:
		60,000	BBB	5.000% due 3/1/26			71,041
		115,000	BBB	5.000% due 3/1/27			135,465
		125,000	BBB	5.000% due 3/1/28			146,653
		105,000	BBB	5.000% due 3/1/29			122,748
		125,000	BBB	5.000% due 3/1/30			145,390
		3,500,000	A3(a)	Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000% due 6/1/49(b)			3,860,290
				Total Alabama			10,899,835
Alaska – 0.2%
		1,000,000	AA+	Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due 6/1/30			1,243,230
		50,000	AA	Borough of North Slope AK, GO, Series A, Prerefunded 6/30/20 @ 100, 5.000% due 6/30/21(c)			51,625
		215,000	AA	State of Alaska, GO, Series A, 5.000% due 8/1/33			256,794
		225,000	A1(a)	State of Alaska International Airports System, Revenue Bonds, Series B, 5.000% due 10/1/33			267,239
				Total Alaska			1,818,888
Arizona – 3.4%
		5,000,000	AA+	Arizona Department of Transportation State Highway Fund Revenue, Revenue Bonds, 5.000% due 7/1/27			6,246,000
		2,000,000	AA	Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39			2,569,100
		1,800,000	A+	Chandler Industrial Development Authority, Revenue Bonds, 5.000% due 6/1/49(b)(d)			2,088,180
				City of Glendale AZ, Revenue Bonds:
		230,000	AA+	Series A, 5.000% due 7/1/27			277,909

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Arizona – (continued)
	$	260,000	AA+	Series A, 5.000% due 7/1/28		$	316,226
		235,000	AA+	Series A, 5.000% due 7/1/29			282,545
		105,000	AA	5.000% due 7/1/23			119,993
		95,000	AA	5.000% due 7/1/25			115,275
		85,000	AA	5.000% due 7/1/32			105,394
		65,000	AA	City of Glendale AZ, GO, AGM, 4.000% due 7/1/21			68,492
				City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds, AGM:
		55,000	AA	5.000% due 7/1/24			64,929
		60,000	AA	5.000% due 7/1/25			72,880
		105,000	AA	5.000% due 7/1/26			126,767
				City of Phoenix Civic Improvement Corp., Revenue Bonds:
		6,365,000	AAA	Series B, 4.000% due 7/1/29			7,142,803
		30,000	AAA	Series C, 5.000% due 7/1/21			32,159
		65,000	AA-	Series A, 5.000% due 7/1/27(d)			82,024
		90,000	AA-	Series A, 5.000% due 7/1/28(d)			112,924
		30,000	AAA	Series A, 5.000% due 7/1/20			30,983
		1,000,000	AAA	City of Scottsdale AZ, GO, 5.000% due 7/1/23			1,148,460
				County of Pima AZ Sewer System Revenue, Revenue Bonds:
		60,000	AA	Series B, 5.000% due 7/1/20			61,951
		15,000	AA	Series A, 5.000% due 7/1/22			16,633
		30,000	AA	Series A, 5.000% due 7/1/23			33,248
		60,000	AA	Series B, Prerefunded 7/1/21 @ 100, 5.000% due 7/1/25(c)			64,193
		2,500,000	BBB+	Industrial Development Authority of the City of Phoenix, Revenue Bonds, 1.520% due 12/1/35(b)(d)			2,500,300
		820,000	AAA	Maricopa County Community College District, GO, Series D, 4.250% due 7/1/25			867,757
				Maricopa County Industrial Development Authority, Revenue Bonds:
		800,000	AA-	Series D, 5.000% due 1/1/46(b)			985,160
		145,000	NR	6.000% due 1/1/48(e)			154,155
		735,000	A2(a)	Series B, 5.000% due 9/1/45(b)			862,354
		190,000	AA-	Series A, 4.000% due 1/1/24			212,758
		70,000	AA-	Series A, 5.000% due 1/1/22			76,226
		145,000	AA-	Series A, 5.000% due 1/1/23			163,213
		60,000	AA-	Series A, 5.000% due 1/1/24			69,711
		225,000	AA-	Series A, 5.000% due 1/1/25			269,298
		430,000	AA-	Series B, 5.000% due 1/1/48(b)			478,964
		290,000	AA-	Series C, 5.000% due 1/1/48(b)			342,145

See Notes to Financial Statements.

165

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Arizona – (continued)
	$	50,000	AA-	McAllister Academic Village LLC, Revenue Bonds, 5.000% due 7/1/21		$	53,560
		145,000	AA	Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Series A, 5.000% due 1/1/33			185,139
				State of Arizona, COP:
		195,000	AA	AGM, Series A, 5.250% due 10/1/20			195,606
		245,000	AA-	Series A, 5.000% due 10/1/20			255,236
		215,000	AA-	Series A, 5.000% due 10/1/21			232,237
		225,000	AA-	Series A, 5.000% due 10/1/22			251,545
		300,000	AA-	Series A, 5.000% due 10/1/23			346,470
		310,000	AA-	Series A, 5.000% due 10/1/24			369,446
				Tempe Industrial Development Authority, Revenue Bonds:
		5,000	NR	Series A, 6.000% due 10/1/37(e)			5,808
		15,000	NR	Series A, 6.125% due 10/1/47(e)			17,270
		15,000	NR	Series A, 6.125% due 10/1/52(e)			17,214
		225,000	NR	Series B, 4.000% due 10/1/23(e)			227,835
				Total Arizona			30,318,475
Arkansas – 0.0%
		90,000	Aa2(a)	Little Rock School District, GO, 3.000% due 2/1/22			93,650
California – 2.5%
		60,000	A-	Alameda Corridor Transportation Authority, Revenue Bonds, Series A, 5.000% due 10/1/23			69,632
				Bay Area Toll Authority, Revenue Bonds:
		2,000,000	AA	Series A, 2.250% due 4/1/45(b)			2,049,460
		255,000	AA	Series A, 2.950% due 4/1/47(b)			280,628
		210,000	AA	Series B, 2.850% due 4/1/47(b)			227,396
		195,000	AA	Series C, 2.100% due 4/1/45(b)			199,265
				California Health Facilities Financing Authority, Revenue Bonds:
		115,000	AA-	Series A, 5.000% due 7/1/25			132,728
		85,000	AA-	Series D, 5.000% due 8/15/35			90,822
				California Municipal Finance Authority, Revenue Bonds:
		55,000	BBB+(g)	5.000% due 6/30/28(d)			70,156
		45,000	BBB+(g)	5.000% due 12/31/28(d)			57,280
		60,000	BBB+(g)	5.000% due 6/30/29(d)			76,136
		30,000	BBB+(g)	5.000% due 12/31/29(d)			37,967
		90,000	BBB+(g)	5.000% due 6/30/31(d)			112,906
		85,000	BBB+(g)	5.000% due 12/31/31(d)			106,368
		1,700,000	BBB+	California Pollution Control Financing Authority, Revenue Bonds, Series A, 1.550% due 8/1/23(b)(d)(e)			1,700,289

See Notes to Financial Statements.

166

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
California – (continued)
				California State Public Works Board, Revenue Bonds:
	$	70,000	A+	Series D, 5.000% due 12/1/21		$	76,267
		60,000	A+	Series A, 5.000% due 4/1/22			66,158
		145,000	A+	Series A, 5.000% due 4/1/23			159,608
		115,000	A+	Series A, 5.250% due 10/1/24			124,932
		115,000	A+	Series A, 5.250% due 10/1/25			124,907
		30,000	A+	Series G, 5.000% due 11/1/23			33,693
		30,000	A+	Series G, 5.000% due 11/1/24			33,683
		3,000,000	AA-	City of Riverside CA Sewer Revenue, Revenue Bonds, Series A, 5.000% due 8/1/36			3,853,590
				Golden State Tobacco Securitization Corp., Revenue Bonds:
		175,000	A+	Series A, AMBAC, zero coupon, due 6/1/24			164,080
		145,000	A+	Series A, 5.000% due 6/1/29			166,026
		115,000	BBB+	Series A1, 5.000% due 6/1/25			135,324
		30,000	BBB+	Series A1, 5.000% due 6/1/26			35,960
		290,000	AA	Los Angeles Department of Water & Power System Revenue, Revenue Bonds, Series A, 5.000% due 7/1/29			348,423
		1,500,000	Aa3(a)	Los Angeles Unified School District, GO, Series A, 5.000% due 7/1/27			1,923,510
				Modesto Irrigation District, Revenue Bonds:
		30,000	A+	Series A, 5.000% due 7/1/22			32,233
		110,000	A+	Series A, 5.000% due 7/1/23			117,978
		170,000	Aa3(a)	Oakland Alameda County Coliseum Authority, Revenue Bonds, Series A, 5.000% due 2/1/23			186,121
				Oakland Unified School District, GO:
		30,000	A-	Series A, 5.000% due 8/1/28			36,281
		100,000	AA	AGM, 5.000% due 8/1/26			121,636
		145,000	A+	Port of Oakland, Revenue Bonds, Series P, 5.000% due 5/1/22(d)			159,109
				Poway Unified School District Public Financing Authority, Special Tax:
		35,000	NR	Series A, 5.000% due 9/1/25			41,363
		45,000	NR	Series A, 5.000% due 9/1/28			52,781
		50,000	NR	Series A, 5.000% due 9/1/32			57,849
		90,000	A	Sacramento City Financing Authority, Tax Allocation, Series A, NPFG, zero coupon, due 12/1/26			77,464
		255,000	AA-	San Diego Convention Center Expansion Financing Authority, Revenue Bonds, Series A, 5.000% due 4/15/23			281,558
		75,000	AA-	San Diego Unified School District, GO, Series C, zero coupon, due 7/1/34			54,031
				San Marcos Unified School District, GO:
		105,000	AA-	Series B, zero coupon, due 8/1/35			73,110

See Notes to Financial Statements.

167

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
California – (continued)
	$	60,000	AA-	Series B, zero coupon, due 8/1/37		$	39,421
		55,000	AA+	Santa Monica-Malibu Unified School District, GO, NPFG, zero coupon, due 8/1/20			54,479
				State of California, GO:
		3,125,000	AA-	4.000% due 12/1/30(b)			3,275,938
		3,000,000	AA-	5.000% due 4/1/36			3,894,960
		80,000	AA-	5.000% due 9/1/29			99,998
		435,000	AA-	Series B, 5.000% due 8/1/26			548,705
		205,000	AA-	Series C, 5.000% due 8/1/29			255,742
				State of California Department of Water Resources, Revenue Bonds:
		65,000	AAA	Series AI, 5.000% due 12/1/25			70,910
		140,000	AAA	Series AI, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/29(c)			153,035
		40,000	AA+	Union Elementary School District, GO, Series A, NPFG, zero coupon, due 9/1/20			39,536
		100,000	Aa3(a)	Washington Township Health Care District, GO, Series A, 5.500% due 8/1/40			119,181
		230,000	AA-	West Contra Costa Unified School District, GO, 5.000% due 8/1/26			255,903
				Total California			22,556,516
Colorado – 1.2%
				City & County of Denver CO Airport System Revenue, Revenue Bonds:
		65,000	A+	Series A, 5.000% due 11/15/24(d)			76,888
		30,000	A+	Series A, 5.000% due 11/15/27(d)			38,053
		145,000	A+	Series A, 5.000% due 11/15/28(d)			183,067
		145,000	A+	Series A, 5.000% due 11/15/29(d)			181,969
		115,000	A+	Series A, 5.000% due 11/15/30(d)			143,475
				Colorado Health Facilities Authority, Revenue Bonds:
		220,000	A-	2.800% due 5/15/42(b)			228,833
		500,000	BBB+	5.000% due 8/1/44			609,295
		325,000	BBB+	5.000% due 8/1/49(b)			391,498
		640,000	AA	5.000% due 11/15/49(b)			801,408
		220,000	BBB+	Series D3, 5.000% due 10/1/38(b)			236,502
		2,115,000	AA	5.000% due 11/15/36(b)			2,438,066
		655,000	Aaa(a)	zero coupon, due 7/15/22			632,219
		190,000	A3(a)	5.000% due 9/1/46			220,478
		145,000	A+	Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250% due 11/1/49			161,906
				E-470 Public Highway Authority, Revenue Bonds:
		60,000	A	zero coupon, due 9/1/35			39,621

See Notes to Financial Statements.

168

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Colorado – (continued)
	$	85,000	A	zero coupon, due 9/1/37		$	52,157
		110,000	A	zero coupon, due 9/1/38			65,039
		140,000	A	Series B, NPFG, zero coupon, due 9/1/20			138,253
		1,500,000	AAA	Metro Wastewater Reclamation District, Revenue Bonds, Series A, 4.000% due 4/1/30			1,601,100
		2,250,000	AA-	State of Colorado, COP, Series A, 4.000% due 12/15/36			2,624,917
		210,000	AA-	University of Colorado Hospital Authority, Revenue Bonds, Series C, 5.000% due 11/15/38(b)			225,437
				Total Colorado			11,090,181
Connecticut – 1.2%
				Connecticut State Health & Educational Facilities Authority, Revenue Bonds:
		505,000	AA-	1.800% due 7/1/49(b)			515,529
		705,000	NR	5.000% due 7/1/25(e)			781,570
		385,000	NR	5.000% due 7/1/49(e)			422,095
		65,000	A-	Series S, 5.000% due 7/1/26			79,784
		30,000	A-	Series S, 5.000% due 7/1/29			38,155
		1,030,000	AAA	Series A, 2.050% due 7/1/35(b)			1,046,964
		4,465,000	AAA	Series V1, 1.250% due 7/1/36(b)			4,465,000
				State of Connecticut, GO:
		375,000	A	Series A, 5.000% due 4/15/26			460,279
		90,000	A	Series A, 5.000% due 3/15/26			110,232
		150,000	A	Series A, 5.000% due 4/15/30			192,936
		170,000	A	Series A, 5.000% due 4/15/34			214,654
		60,000	A	Series A, 5.000% due 4/15/35			75,510
		85,000	A	Series E, 5.000% due 9/15/23			94,509
		100,000	A	Series E, 5.000% due 10/15/26			124,259
		150,000	A	Series E, 5.000% due 10/15/29			184,119
		1,600,000	A	Series F, 5.000% due 9/15/26			1,984,448
		330,000	A+	University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27			418,816
				Total Connecticut			11,208,859
Delaware – 0.4%
				Delaware River & Bay Authority, Revenue Bonds:
		85,000	A	Series C, 5.000% due 1/1/22			92,498
		35,000	A	Series C, 5.000% due 1/1/24			40,617
		80,000	A	Series C, 5.000% due 1/1/25			92,830

See Notes to Financial Statements.

169

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Delaware – (continued)
	$	3,160,000	NR	State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000% due 7/1/27(c)		$	3,731,012
				Total Delaware			3,956,957
District of Columbia – 0.7%
				District of Columbia, Revenue Bonds:
		195,000	A1(a)	Series A, 5.000% due 6/1/40			199,791
		120,000	AAA	Series A, 5.000% due 12/1/36			129,600
				Metropolitan Washington Airports Authority, Revenue Bonds:
		90,000	AA-	5.000% due 10/1/21(d)			96,810
		50,000	AA-	Series A, 5.000% due 10/1/22(d)			55,562
		195,000	AA-	Series C, 5.000% due 10/1/22(d)			209,796
		75,000	AA-	Series A, 5.000% due 10/1/23(d)			85,972
		210,000	AA-	Series C, 5.000% due 10/1/23(d)			226,025
		190,000	AA-	Series C, 5.000% due 10/1/24(d)			204,457
		225,000	AA-	Series A, 5.000% due 10/1/25(d)			272,772
		255,000	AA-	Series C, 5.000% due 10/1/25(d)			274,186
		2,500,000	AA-	Series A, 5.000% due 10/1/24(d)			2,952,300
		115,000	AA-	Series A, 5.000% due 10/1/28(d)			148,291
		120,000	AA-	Series A, 5.000% due 10/1/29(d)			153,977
		160,000	AA-	5.000% due 10/1/29(d)			200,907
		95,000	AA-	Series A, 5.000% due 10/1/30(d)			121,206
		70,000	AA-	Series A, 5.000% due 10/1/31(d)			86,984
		135,000	AA-	5.000% due 10/1/31(d)			171,237
		60,000	AA-	Series A, 5.000% due 10/1/34(d)			73,887
		55,000	AA-	Series A, 5.000% due 10/1/36(d)			67,373
		240,000	AA-	Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B, 5.000% due 7/1/34			298,901
				Total District of Columbia			6,030,034
Florida – 5.0%
				Brevard County School District, COP:
		95,000	Aa3(a)	5.000% due 7/1/27			111,175
		215,000	Aa3(a)	5.000% due 7/1/30			250,359
		85,000	Aa3(a)	Series C, 5.000% due 7/1/24			99,994
				Citizens Property Insurance Corp., Revenue Bonds:
		80,000	A+	Series A1, 5.000% due 6/1/21			85,323
		60,000	A+	Series A1, 5.000% due 6/1/22			66,240

See Notes to Financial Statements.

170

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
				City of Clearwater FL Water & Sewer Revenue, Revenue Bonds:
	$	40,000	AA	5.000% due 12/1/21		$	43,460
		65,000	AA	Prerefunded 12/1/21 @ 100, 5.000% due 12/1/23(c)			70,642
		70,000	AA	Prerefunded 12/1/21 @ 100, 5.000% due 12/1/24(c)			76,076
		685,000	AA-	City of Gainesville FL Utilities System Revenue, Revenue Bonds, Series A, 5.000% due 10/1/44			865,333
				City of Jacksonville FL, Revenue Bonds:
		115,000	A+	5.000% due 10/1/22			128,049
		155,000	A+	5.000% due 10/1/23			172,489
				City of Tallahassee FL, Revenue Bonds:
		50,000	Baa1(a)	5.000% due 12/1/40			56,798
		35,000	Baa1(a)	5.000% due 12/1/21			37,671
		15,000	Baa1(a)	5.000% due 12/1/19			15,128
				City of Tampa FL, Revenue Bonds:
		45,000	Aa2(a)	5.000% due 11/15/19			45,352
		55,000	A+	5.000% due 9/1/28			60,615
		170,000	AA	City of Tampa FL Solid Waste System Revenue, Revenue Bonds, AGM, 5.000% due 10/1/19(d)			170,479
				County of Broward FL Airport System Revenue, Revenue Bonds:
		90,000	A+	Series Q1, 5.000% due 10/1/23			100,647
		60,000	A+	5.000% due 10/1/30(d)			74,645
		90,000	A+	5.000% due 10/1/31(d)			111,453
		120,000	A+	Series A, 5.000% due 10/1/29(d)			143,600
		85,000	A+	Series A, 5.000% due 10/1/31(d)			100,891
		115,000	A+	Series A, 5.000% due 10/1/32(d)			136,237
				County of Hillsborough FL Solid Waste & Resource Recovery Revenue, Revenue Bonds:
		40,000	AA+	Series A, 5.000% due 9/1/20(d)			41,466
		40,000	AA+	Series A, 5.000% due 9/1/21(d)			42,834
		50,000	AA+	Series A, 5.000% due 9/1/22(d)			55,274
		60,000	AA+	Series A, 5.000% due 9/1/23(d)			68,302
		65,000	AA+	Series A, 5.000% due 9/1/24(d)			75,957
		65,000	AA+	Series A, 5.000% due 9/1/25(d)			77,923
		65,000	AA+	Series A, 5.000% due 9/1/26(d)			79,916
				County of Indian River FL Water & Sewer Revenue, Revenue Bonds:
		55,000	AA	5.000% due 9/1/21			55,000
		65,000	AA	5.000% due 9/1/22			65,000

See Notes to Financial Statements.

171

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
				County of Miami-Dade FL, Revenue Bonds:
	$	210,000	A+	Series B, NPFG, 5.000% due 6/1/20		$	215,966
		160,000	A+	5.000% due 10/1/28			198,480
		120,000	A+	5.000% due 10/1/29			148,631
		215,000	A+	5.000% due 10/1/30			265,559
		65,000	A+	Series A, 5.000% due 10/1/25			72,313
		120,000	AA	County of Miami-Dade FL, GO, Series A, 5.000% due 11/1/23			138,958
				County of Miami-Dade FL Aviation Revenue, Revenue Bonds:
		175,000	A	Series A, 5.000% due 10/1/21(d)			187,943
		295,000	AA	Series B, AGM, 5.000% due 10/1/35			306,543
		90,000	A	Series A1, 5.000% due 10/1/22			93,878
		1,800,000	A2(a)	Series A1, Prerefunded 10/1/20 @ 100, 5.375% due 10/1/41(c)			1,883,574
		70,000	A	Series A, 5.000% due 10/1/30			86,356
		30,000	A	Series A, 5.000% due 10/1/31			36,812
		65,000	A	Series B, 5.000% due 10/1/24			72,773
		215,000	A	Series B, 5.000% due 10/1/37			248,177
		85,000	A	Series A, 5.000% due 10/1/22(d)			94,183
		290,000	A	Series A, 5.000% due 10/1/24(d)			322,350
		55,000	A	Series A, 5.000% due 10/1/27(d)			64,272
		80,000	A	Series A, 5.000% due 10/1/29(d)			93,105
		160,000	A	Series A, 5.000% due 10/1/33(d)			184,270
		70,000	A	Series A, 5.000% due 10/1/35(d)			80,289
		105,000	A	Series B, 5.000% due 10/1/20(d)			109,156
				County of Miami-Dade FL Transit System, Revenue Bonds:
		35,000	AA	5.000% due 7/1/21			37,466
		50,000	AA	5.000% due 7/1/42			54,875
				Duval County Public Schools, COP:
		125,000	A+	Series B, 5.000% due 7/1/27			149,422
		30,000	A+	Series B, 5.000% due 7/1/28			35,769
		190,000	A+	Series B, 5.000% due 7/1/30			226,752
				Florida Municipal Power Agency, Revenue Bonds:
		80,000	A1(a)	Series A, 5.000% due 10/1/22			89,438
		30,000	A2(a)	5.000% due 10/1/24			35,688
		45,000	A2(a)	5.000% due 10/1/27			54,525
		55,000	A2(a)	Series A, 5.000% due 10/1/30			68,017
		60,000	A2(a)	Series A, 5.000% due 10/1/31			73,896
		355,000	A2(a)	Series A, 5.000% due 10/1/26			392,786

See Notes to Financial Statements.

172

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	2,500,000	AA	Florida’s Turnpike Enterprise, Revenue Bonds, Series C, 4.375% due 7/1/37		$	2,721,800
				Greater Orlando Aviation Authority, Revenue Bonds:
		100,000	A+	Series A, 5.000% due 10/1/28(d)			126,562
		60,000	A+	Series A, 5.000% due 10/1/30(d)			74,594
				Halifax Hospital Medical Center, Revenue Bonds:
		35,000	A-	5.000% due 6/1/28			41,251
		70,000	A-	5.000% due 6/1/35			80,999
		345,000	AA	Highlands County Health Facilities Authority, Revenue Bonds, 6.000% due 11/15/37			348,333
				Indian River County School Board, COP:
		75,000	AA-	Series A, 5.000% due 7/1/24			88,153
		60,000	AA-	Series A, 5.000% due 7/1/25			72,617
		200,000	A	JEA Electric System Revenue, Revenue Bonds, Series B, 5.000% due 10/1/26			246,186
				Lake County School Board, COP:
		30,000	AA	Series A, AGM, 5.000% due 6/1/25			34,962
		50,000	AA	Series A, AGM, 5.000% due 6/1/26			58,071
		15,000	AA	Series A, AGM, 5.000% due 6/1/28			17,439
				Lee Memorial Health System, Revenue Bonds:
		755,000	A+	Series A, 5.000% due 4/1/33(b)			907,661
		550,000	A+	Series A, 5.000% due 4/1/33			700,579
		415,000	A+	Series A, 5.000% due 4/1/35			522,784
		60,000	AA	Manatee County School District, Revenue Bonds, AGM, 5.000% due 10/1/25			73,288
				Miami-Dade County Expressway Authority, Revenue Bonds:
		235,000	A	Series A, 5.000% due 7/1/40			242,175
		85,000	A	Series A, 5.000% due 7/1/44			96,150
		45,000	A	Series A, 5.000% due 7/1/31			54,277
		115,000	A	Series A, 5.000% due 7/1/32			137,955
		95,000	A	Series A, 5.000% due 7/1/33			113,282
		30,000	A	Series A, 5.000% due 7/1/34			35,789
				Mid-Bay Bridge Authority, Revenue Bonds:
		105,000	BBB+	Series A, 5.000% due 10/1/27			124,045
		145,000	BBB+	Series A, 5.000% due 10/1/28			170,987
		80,000	BBB+	Series A, 5.000% due 10/1/29			93,960
		70,000	BBB+	Series A, 5.000% due 10/1/30			81,756

See Notes to Financial Statements.

173

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
				Orange County Health Facilities Authority, Revenue Bonds:
	$	200,000	A+	Series A, 5.000% due 10/1/39		$	237,346
		365,000	A+	Series A, 5.000% due 10/1/42			392,010
		130,000	A+	Prerefunded 10/1/19 @ 100, 5.250% due 10/1/20(c)			130,404
		150,000	A+	Series B, 5.000% due 10/1/42			161,100
				Orange County School Board, COP:
		115,000	Aa2(a)	Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(c)			128,047
		200,000	Aa2(a)	Series C, 5.000% due 8/1/29			241,712
				Orlando Utilities Commission, Revenue Bonds:
		50,000	AA	Series A, 5.000% due 10/1/23			57,766
		25,000	AA	Series A, 5.000% due 10/1/25			30,718
		45,000	AA	Series B, 5.000% due 10/1/19			45,134
		100,000	AA	Series B, 5.000% due 10/1/20			104,255
		60,000	A+	Orlando-Orange County Expressway Authority, Revenue Bonds, 5.000% due 7/1/20			61,951
				Palm Beach County Health Facilities Authority, Revenue Bonds:
		10,000	A+	5.000% due 12/1/23			11,548
		20,000	A+	5.000% due 12/1/24			23,799
				Palm Beach County School District, COP:
		135,000	Aa3(a)	Series B, 5.000% due 8/1/25			164,725
		705,000	Aa3(a)	Series A, 5.000% due 8/1/26			882,885
		55,000	Aa3(a)	Series A, 5.000% due 8/1/22			61,110
		35,000	Aa3(a)	Series A, 5.000% due 8/1/23			40,191
		40,000	Aa3(a)	Series A, 5.000% due 8/1/24			47,363
		135,000	Aa3(a)	Series A, 5.000% due 8/1/25			164,726
		300,000	Aa3(a)	Series B, 5.000% due 8/1/26			363,762
		240,000	Aa3(a)	Series B, 5.000% due 8/1/27			290,249
		160,000	Aa3(a)	Series B, 5.000% due 8/1/28			192,994
		695,000	Aa3(a)	Series D, 5.000% due 8/1/26			842,715
		315,000	Aa3(a)	Series D, 5.000% due 8/1/27			380,952
		110,000	Aa3(a)	Series D, 5.000% due 8/1/28			132,683
		250,000	AA+	Palm Beach County Solid Waste Authority, Revenue Bonds, 5.000% due 10/1/24			270,095
				School Board of Miami-Dade County, COP:
		570,000	A+	Series A, 5.000% due 5/1/31			686,069
		120,000	AA	Series A, AGM, 5.000% due 5/1/27			143,670
		220,000	A+	Series B, 5.000% due 8/1/27			271,605

See Notes to Financial Statements.

174

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security		Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	340,000	A+	Series D, 5.000% due 11/1/24			$	405,667
		355,000	A+	Series D, 5.000% due 11/1/25				420,043
		230,000	A+	Series D, 5.000% due 11/1/26				269,882
		115,000	A+	Series D, 5.000% due 2/1/29				138,826
		190,000	A+	Series D, 5.000% due 2/1/30				228,479
		395,000	A+	Series B, 5.000% due 5/1/28				469,580
				School District of Broward County, COP:
		70,000	A+	Series A, 5.000% due 7/1/32				84,872
		120,000	NR	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(c)				132,910
		580,000	NR	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(c)				642,396
		155,000	A+	Series A, 5.000% due 7/1/21				165,831
		145,000	A+	Series A, 5.000% due 7/1/22				160,570
		60,000	A+	Series B, 5.000% due 7/1/25				72,805
		335,000	A+	Series B, 5.000% due 7/1/26				404,398
		230,000	A+	Series B, 5.000% due 7/1/27				276,787
		390,000	A+	Series B, 5.000% due 7/1/28				468,679
		460,000	A+	Series A, 5.000% due 7/1/26				542,451
		265,000	A+	Series A, 5.000% due 7/1/27				318,906
		115,000	A+	Series A, 5.000% due 7/1/28	��			138,200
		45,000	A+	Series A, 5.000% due 7/1/25				49,832
				Seminole County School Board, COP:
		60,000	Aa3(a)	Series C, 5.000% due 7/1/23				68,423
		50,000	Aa3(a)	Series C, 5.000% due 7/1/24				58,743
		115,000	AA	South Florida Water Management District, COP, 5.000% due 10/1/30				139,983
		80,000	Baa1(a)	South Lake County Hospital District, Revenue Bonds, Series A, 6.250% due 4/1/39				80,236
				South Miami Health Facilities Authority, Revenue Bonds:
		75,000	AA-	5.000% due 8/15/24				88,476
		120,000	AA-	5.000% due 8/15/25				145,590
				St Lucie County School Board, COP:
		60,000	A	Series A, 5.000% due 7/1/25				67,893
		125,000	A	Series A, 5.000% due 7/1/27				141,114
				State of Florida, GO:
		8,610,000	AAA	5.000% due 7/1/32				11,225,362
		145,000	AAA	Series E, 5.000% due 6/1/24				154,886
		358,000	AAA	Series C, 5.000% due 6/1/20				368,443
		289,000	AAA	Series C, 5.000% due 6/1/22				309,016

See Notes to Financial Statements.

175

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	2,000,000	AA+	State of Florida Department of Transportation, Revenue Bonds, 5.000% due 7/1/27		$	2,575,020
				Tampa Bay Water, Revenue Bonds:
		70,000	AA+	Series A, NPFG, 6.000% due 10/1/29			99,842
		70,000	AA+	NPFG, 5.500% due 10/1/22			79,313
		145,000	AA	Volusia County School Board, COP, Series A, 5.000% due 8/1/32			173,413
				Total Florida			44,700,656
Georgia – 2.6%
		830,000	A-	Burke County Development Authority, Revenue Bonds, 2.925% due 11/1/53(b)			873,226
				City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds:
		30,000	AA-	5.000% due 11/1/27			36,429
		70,000	AA-	5.000% due 11/1/29			84,522
		205,000	Aaa(a)	Colquitt County Development Authority, Revenue Bonds, zero coupon, due 12/1/21			198,909
		45,000	A+	County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds, Series A, 5.250% due 10/1/25			48,789
				DeKalb County Hospital Authority, Revenue Bonds:
		170,000	WD(g)	Prerefunded 9/1/20 @ 100, 6.000% due 9/1/30(c)			177,847
		310,000	WD(g)	Prerefunded 9/1/20 @ 100, 6.125% due 9/1/40(c)			324,691
		155,000	AA-	Fulton County Development Authority, Revenue Bonds, 5.000% due 6/15/44			195,427
				Main Street Natural Gas, Inc., Revenue Bonds:
		1,690,000	Aa1(a)	Series B, 4.000% due 8/1/49(b)			1,921,412
		840,000	Aa2(a)	Series C, 4.000% due 8/1/48(b)			924,084
		195,000	A3(a)	Monroe County Development Authority, Revenue Bonds, 2.350% due 10/1/48(b)			197,346
				Municipal Electric Authority of Georgia, Revenue Bonds:
		105,000	A	Series GG, 5.000% due 1/1/24			117,373
		35,000	A	Series GG, 5.000% due 1/1/25			39,121
		145,000	A	Series GG, 5.000% due 1/1/26			161,832
		265,000	A-	Series A, 5.000% due 1/1/21			277,906
		45,000	A-	Series A, 5.250% due 1/1/20			45,576
				Municipal Gas Authority of Georgia, Revenue Bonds:
		40,000	AA-	5.000% due 10/1/24			47,172
		60,000	AA-	Series Q, 5.000% due 10/1/22			66,789
		35,000	AA-	Series S, 5.000% due 10/1/22			38,960
		70,000	AA-	Series S, 5.000% due 10/1/24			77,809

See Notes to Financial Statements.

176

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Georgia – (continued)
	$	3,000,000	AA	Private Colleges & Universities Authority, Revenue Bonds, Series B, 5.000% due 9/1/29		$	3,001,950
				State of Georgia, GO:
		2,500,000	AAA	Series A, 5.000% due 7/1/32			3,320,550
		5,000,000	AAA	Series A, 5.000% due 7/1/29			6,570,000
		3,835,000	AAA	Series C, 5.000% due 7/1/29			4,919,078
				Total Georgia			23,666,798
Hawaii – 0.1%
				City & County of Honolulu HI, GO:
		115,000	Aa1(a)	Series D, 5.000% due 9/1/22			128,316
		90,000	Aa1(a)	Series D, 5.000% due 9/1/26			113,234
		500,000	AA+	State of Hawaii, GO, Series FH, 5.000% due 10/1/28			627,135
		115,000	AA-	State of Hawaii Airports System Revenue, Revenue Bonds, Series A, 5.000% due 7/1/45(d)			133,455
				Total Hawaii			1,002,140
Idaho – 0.4%
				Idaho Housing & Finance Association, Revenue Bonds:
		75,000	Aa1(a)	4.000% due 1/1/50			82,778
		60,000	A2(a)	5.000% due 7/15/20			61,984
		90,000	A2(a)	5.000% due 7/15/21			96,370
		100,000	A2(a)	5.000% due 7/15/22			110,555
		45,000	A2(a)	5.000% due 7/15/23			51,307
		35,000	A2(a)	5.000% due 7/15/24			41,096
		35,000	A2(a)	5.000% due 7/15/25			42,253
		95,000	A2(a)	5.000% due 7/15/27			120,462
		2,380,000	Aa1(a)	Kootenai County School District No 271 Coeur d’Alene, GO, 4.000% due 9/15/28			2,844,671
				Total Idaho			3,451,476
Illinois – 6.5%
				Chicago Board of Education, GO:
		60,000	BB-	Series A, 5.000% due 12/1/41			62,452
		55,000	BB-	Series A, 5.000% due 12/1/42			58,161
		100,000	BB-	Series C, 5.000% due 12/1/24			112,168
		640,000	BB-	Series C, 5.000% due 12/1/25			729,766
		1,465,000	BB-	Series C, 5.000% due 12/1/26			1,697,188
		505,000	BB-	Series C, 5.000% due 12/1/27			591,426
		170,000	BB-	Series C, 5.500% due 12/1/39			178,973

See Notes to Financial Statements.

177

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	530,000	BB-	Series D, 5.000% due 12/1/46		$	597,342
		45,000	BB-	Series C, 5.250% due 12/1/39			49,544
		45,000	BB-	Series A, NPFG, 5.250% due 12/1/21			48,001
		185,000	BB-	Series A, 5.000% due 12/1/27			216,661
		30,000	BB-	Series F, 5.000% due 12/1/20			31,192
				Chicago Midway International Airport, Revenue Bonds:
		65,000	A	Series A, 5.000% due 1/1/29(d)			77,717
		100,000	A	Series A, 5.000% due 1/1/30(d)			119,116
		70,000	A	Series A, 5.000% due 1/1/31(d)			83,041
		190,000	A	Series A, 5.000% due 1/1/32(d)			213,982
		30,000	A	Series B, 5.000% due 1/1/22			32,596
		95,000	A	Series B, 5.000% due 1/1/24			109,767
				Chicago O’Hare International Airport, Revenue Bonds:
		130,000	A	Series B, 5.000% due 1/1/20			131,608
		420,000	A	Series C, Prerefunded 1/1/21 @ 100, 6.500% due 1/1/41(c)			450,148
		200,000	A	Series B, 5.000% due 1/1/22(d)			216,680
		65,000	A	Series C, 5.000% due 1/1/22			70,640
		40,000	A	Series C, 5.000% due 1/1/23			44,871
		45,000	A	Series C, 5.000% due 1/1/24			52,036
		65,000	A	Series C, 5.000% due 1/1/25			77,316
		60,000	A	Series C, 5.000% due 1/1/26			73,261
		70,000	A	Series C, 5.000% due 1/1/33			83,717
		80,000	A	Series C, 5.000% due 1/1/34			95,490
		60,000	A	Series D, 5.000% due 1/1/27(d)			74,106
		15,000	A	Series D, 5.000% due 1/1/28(d)			18,428
		85,000	A	Series D, 5.000% due 1/1/31(d)			102,979
		45,000	A	Series D, 5.000% due 1/1/33(d)			54,200
		50,000	A	Series A, 5.000% due 1/1/22			54,338
		75,000	BBB+	5.000% due 7/1/38(d)			89,759
				Chicago Transit Authority, Revenue Bonds:
		45,000	A+	5.000% due 6/1/23			50,445
		50,000	A+	5.000% due 6/1/22			54,518
		500,000	BBB+	City of Chicago IL, GO, zero coupon, due 1/1/20			496,850
		40,000	A	City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds, 5.000% due 1/1/23			43,092
		30,000	AA	City of Chicago IL Waterworks Revenue, Revenue Bonds, AGM, 5.250% due 11/1/33			30,081

See Notes to Financial Statements.

178

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
				Cook County Forest Preserve District, GO:
	$	60,000	AA-	Series C, 5.000% due 12/15/25		$	64,839
		40,000	AA-	Series B, 5.000% due 12/15/24			43,303
		30,000	AA-	Series B, 5.000% due 12/15/23			32,479
		155,000	Aaa(a)	Cook Kane Lake & McHenry Counties Community College District No 512, GO, Series B, 5.000% due 12/1/24			184,534
				County of Cook IL, GO:
		565,000	AA-	Series A, 5.250% due 11/15/24			592,272
		60,000	AA-	Series C, 5.000% due 11/15/22			66,233
		145,000	AA-	Series C, 5.000% due 11/15/23			159,873
		540,000	AA-	Series C, 5.000% due 11/15/24			595,037
		85,000	AA-	Series G, 5.000% due 11/15/25			88,670
		15,000	AA	Series C, AGM, 5.000% due 11/15/25			16,657
		35,000	Aa3(a)	Grundy & Will Counties Community Unit School District No 1 Coal City, GO, 5.000% due 2/1/29			42,662
		835,000	AA+	Illinois Development Finance Authority, Revenue Bonds, zero coupon, due 7/15/23			792,699
				Illinois Finance Authority, Revenue Bonds:
		485,000	AA+	Series C, 4.000% due 2/15/41			540,028
		170,000	A	5.000% due 1/1/36			199,847
		2,230,000	A3(a)	5.000% due 12/1/40			2,590,836
		15,000	AA+	Series A, 5.000% due 9/1/34			17,366
		315,000	AA+	5.000% due 9/1/38			344,749
		235,000	AA+	5.000% due 9/1/32			258,852
		150,000	AAA	5.000% due 7/1/29			187,781
		145,000	AAA	5.000% due 1/1/30			181,109
		255,000	AAA	5.000% due 7/1/31			316,320
		230,000	Baa2(a)	5.000% due 5/15/43			245,306
		100,000	A3(a)	5.000% due 12/1/46			115,351
		110,000	A3(a)	5.000% due 12/1/29			131,454
		4,260,000	AA+	5.000% due 7/15/57(b)			4,770,518
		40,000	AA+	5.000% due 7/15/25			48,541
		60,000	AA+	5.000% due 7/15/26			74,736
		60,000	AA+	5.000% due 7/15/28			76,911
		100,000	A	Series A, 5.000% due 11/15/32			117,701
		70,000	A	Series A, 5.000% due 11/15/45			79,689
		40,000	A	5.000% due 5/15/29			48,166
		70,000	A	5.000% due 5/15/28			84,574

See Notes to Financial Statements.

179

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	55,000	A	Series A, 5.000% due 11/15/29		$	65,488
		35,000	A	Series A, 5.000% due 11/15/28			41,871
		30,000	A	Series A, 5.000% due 11/15/27			36,021
		45,000	A	Series A, 5.000% due 5/15/23			49,340
		45,000	NR	Series C, Prerefunded 8/15/20 @ 100, 5.000% due 8/15/23(c)			46,640
		35,000	AA+	Series C, 3.750% due 2/15/34			38,011
		160,000	AA+	Series C, 4.000% due 2/15/36			180,165
		315,000	AA+	Series C, 5.000% due 2/15/41			375,719
		145,000	AA+	Series C, 5.000% due 2/15/33			177,874
		15,000	AA+	Series C, 5.000% due 2/15/24			17,530
		65,000	AA+	Series C, 5.000% due 2/15/36			78,436
		75,000	AA+	Series C, 5.000% due 2/15/26			92,705
		200,000	AA+	Series C, 5.000% due 2/15/28			251,278
		135,000	AA+	Series C, 5.000% due 2/15/29			168,826
		50,000	AA+	Series C, 5.000% due 2/15/31			61,723
		35,000	AA+	Series C, 5.000% due 2/15/22			38,292
		365,000	AA+	Series C, 5.000% due 2/15/32			448,720
		185,000	AA+	Series A, Prerefunded 5/1/20 @ 100, 6.250% due 5/1/21(c)			191,205
		60,000	AA+	Series A, 6.000% due 5/1/20			61,914
		1,000,000	A	Series A, 5.000% due 5/15/29			1,269,560
		1,000,000	A	Series A, 5.000% due 5/15/30			1,259,680
		1,000,000	A	Series A, 5.000% due 5/15/31			1,246,140
		45,000	A-	Series C, 5.000% due 8/1/24			51,887
		40,000	A-	Series C, 5.000% due 8/1/22			43,804
		870,000	A	5.000% due 1/1/38			1,022,937
		1,300,000	A	5.000% due 1/1/44			1,511,367
		50,000	A	Series A, 5.000% due 7/1/34			58,949
		75,000	A	Series A, 5.000% due 7/1/30			90,200
		255,000	A	Series A, 5.000% due 7/1/36			298,735
		25,000	Baa1(a)	5.000% due 8/15/27			29,392
		175,000	Baa1(a)	5.000% due 8/15/35			201,226
		840,000	Baa1(a)	5.000% due 8/15/44			951,569
		60,000	WD(g)	Series A, Prerefunded 2/15/20 @ 100, 5.500% due 8/15/24(c)			61,169
		40,000	WD(g)	Series A, Prerefunded 2/15/20 @ 100, 5.750% due 8/15/29(c)			40,823
		95,000	AA-	Series A, 5.000% due 2/15/25			112,904
		45,000	AA-	Series A, 5.000% due 2/15/26			54,842
		495,000	AA-	Series A, 5.000% due 2/15/24			572,661

See Notes to Financial Statements.

180

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	25,000	A+	5.000% due 11/15/29		$	27,361
		75,000	A+	5.000% due 11/15/26			82,549
		20,000	BBB+	Series A, 5.000% due 8/1/47			22,934
		25,000	BBB+	5.000% due 8/1/49			28,580
		85,000	A+	Series B, 5.000% due 11/15/26			101,238
		60,000	A+	Series A, 5.000% due 11/15/34			69,470
		10,000	A+	Series A, 5.000% due 11/15/21			10,816
		95,000	A+	5.000% due 11/15/43			101,440
		95,000	BBB	Series A, 5.000% due 8/15/33			110,811
		60,000	AA-	Series L, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/22(c)			65,069
		90,000	AA-	5.000% due 8/15/23			93,342
		1,055,000	AA+	Series E, 1.750% due 11/15/42(b)			1,063,366
				Illinois Municipal Electric Agency, Revenue Bonds:
		290,000	A	Series A, 5.000% due 2/1/28			347,263
		105,000	A	Series A, 5.000% due 2/1/31			124,532
				Illinois State Toll Highway Authority, Revenue Bonds:
		290,000	AA-	5.000% due 1/1/38			334,933
		365,000	AA-	Series A, 5.000% due 1/1/40			425,145
		50,000	AA-	Series A, 5.000% due 12/1/31			59,790
		175,000	AA-	Series D, 5.000% due 1/1/24			202,121
		255,000	Aa3(a)	Kane Cook & DuPage Counties School District No U-46 Elgin, GO, Series B, AMBAC, zero coupon, due 1/1/22			247,490
				Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO:
		260,000	AA	5.000% due 1/1/26			306,210
		55,000	AA	5.000% due 1/1/29			67,784
		155,000	Baa2(a)	Lake County Community High School District No 117 Antioch, GO, Series B, NPFG, zero coupon, due 12/1/20			151,677
		230,000	AA	McHenry & Kane Counties Community Consolidated School District No 158 Huntley, GO, AGM, zero coupon, due 1/1/24			211,191
				McHenry County Community Unit School District No 200 Woodstock, GO:
		215,000	Aa2(a)	Series B, NPFG, zero coupon, due 1/15/24			198,548
		225,000	Aa2(a)	Series B, NPFG, zero coupon, due 1/15/25			203,679
		170,000	Aa2(a)	Series B, NPFG, zero coupon, due 1/15/26			150,498
				McHenry County Conservation District, GO:
		65,000	AA+	5.000% due 2/1/24			75,324
		175,000	AA+	5.000% due 2/1/27			207,779
				Metropolitan Pier & Exposition Authority, Revenue Bonds:
		75,000	Baa2(a)	Series A, NPFG, zero coupon, due 6/15/20			73,998

See Notes to Financial Statements.

181

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	105,000	Baa2(a)	Series A, NPFG, zero coupon, due 6/15/23		$	97,204
		115,000	AA	Series B, AGM, zero coupon, due 6/15/47			45,348
		4,680,000	BBB	Series A, NPFG, zero coupon, due 6/15/28			3,778,679
		195,000	BBB	Series A, NPFG, zero coupon, due 12/15/23			178,376
				Railsplitter Tobacco Settlement Authority, Revenue Bonds:
		310,000	A	5.000% due 6/1/23			350,285
		405,000	A	5.000% due 6/1/24			469,970
		405,000	WD(g)	Prerefunded 6/1/21 @ 100, 5.500% due 6/1/23(c)			435,505
				Regional Transportation Authority, Revenue Bonds:
		70,000	AA	Series A, 5.000% due 7/1/20			72,176
		70,000	AA	Series A, 5.000% due 7/1/21			74,760
				State of Illinois, GO:
		95,000	BBB-	5.000% due 3/1/20			96,524
		365,000	BBB-	Series B, 5.000% due 9/1/24			408,957
		365,000	BBB-	Series B, 5.000% due 9/1/23			403,529
		360,000	BBB-	Series B, 5.000% due 9/1/22			390,798
		365,000	BBB-	Series B, 5.000% due 9/1/21			387,517
		105,000	BBB-	Series A, 5.000% due 1/1/33			110,338
		65,000	BBB-	Series A, 4.000% due 1/1/23			67,577
		115,000	BBB-	5.500% due 7/1/38			126,224
		305,000	BBB-	5.250% due 2/1/31			337,925
		190,000	BBB-	5.000% due 5/1/33			208,679
		70,000	BBB-	5.000% due 5/1/32			76,986
		25,000	BBB-	5.000% due 5/1/28			27,783
		60,000	BBB-	5.000% due 4/1/28			66,576
		405,000	BBB-	Series D, 5.000% due 11/1/25			461,708
		425,000	BBB-	5.000% due 2/1/27			492,681
		390,000	BBB-	Series D, 5.000% due 11/1/26			451,948
		65,000	BBB-	5.000% due 2/1/26			71,928
		120,000	BBB-	5.000% due 11/1/20			124,422
		80,000	BBB-	5.000% due 3/1/21			83,787
		225,000	BBB-	5.000% due 1/1/22			240,075
		3,005,000	BBB-	5.000% due 6/1/26			3,480,091
		145,000	BBB-	5.000% due 3/1/22			155,395
		620,000	BBB-	Series D, 5.000% due 11/1/23			683,358
		225,000	BBB-	5.000% due 6/1/25			255,863
		220,000	BBB-	5.000% due 4/1/23			240,902

See Notes to Financial Statements.

182

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	45,000	BBB-	5.000% due 2/1/23		$	49,085
		190,000	BBB-	5.000% due 8/1/22			205,814
		100,000	BBB-	5.000% due 8/1/23			110,344
		165,000	BBB-	5.000% due 2/1/29			191,804
		45,000	BBB-	5.000% due 8/1/21			47,706
		345,000	AA	AGM, 5.000% due 1/1/21			349,040
		1,500,000	BBB-	Series B, 5.000% due 10/1/26			1,746,840
		180,000	BBB-	5.000% due 2/1/28			209,921
		735,000	A2(a)	Tender Option Bond Trust Receipts/Certificates, Special Tax, Series 2017XG0108, 1.530% due 4/1/46(b)(e)			735,000
				University of Illinois, Revenue Bonds:
		115,000	A-	6.000% due 10/1/42			131,208
		115,000	A-	6.250% due 10/1/38			132,658
				Will County Community Unit School District No 365 Valley View, GO:
		165,000	AA	AGM, Series B, zero coupon, due 11/1/26			144,755
		2,420,000	Aa2(a)	Series A, 5.000% due 11/1/25			2,922,803
		200,000	AA	Will County School District No 86 Joliet, GO, AGM, zero coupon, due 11/1/21			192,980
				Total Illinois			59,071,122
Indiana – 1.3%
				City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds:
		240,000	AA	Series B, AGM, 5.000% due 10/1/20			249,975
		160,000	AA	Series B, AGM, 5.000% due 10/1/21			172,278
		315,000	A	Series A, 5.000% due 10/1/24			369,958
		340,000	A	Series A, 5.000% due 10/1/25			410,424
				City of Whiting IN, Revenue Bonds:
		1,020,000	A-	5.000% due 11/1/45(b)(d)			1,133,434
		415,000	A-	5.250% due 1/1/21			435,219
		330,000	AA+	Hobart Building Corp., Revenue Bonds, Prerefunded 1/15/20 @ 100, NPFG, 6.500% due 1/15/29(c)			336,472
				Indiana Finance Authority, Revenue Bonds:
		1,800,000	BBB+	1.600% due 5/1/34(b)(d)			1,800,000
		535,000	AA	Series H, 1.650% due 12/1/42(b)			539,227
		320,000	AA	Series B, 2.250% due 12/1/58(b)			335,594
		90,000	AA-	5.000% due 8/15/25			102,505
		155,000	AA-	5.000% due 3/1/41			165,955
		60,000	AA-	5.000% due 9/1/36			71,610
		240,000	AA-	5.000% due 3/1/36			277,944

See Notes to Financial Statements.

183

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Indiana – (continued)
	$	30,000	AA-	5.000% due 3/1/30		$	32,425
		15,000	AA-	5.000% due 9/1/29			18,267
		30,000	AA-	5.000% due 9/1/26			37,063
		30,000	AA-	5.000% due 9/1/25			36,193
		45,000	AA-	5.000% due 3/1/23			49,041
		30,000	AA-	5.000% due 3/1/22			32,725
		65,000	AA	Series A, 5.000% due 10/1/25			72,690
		70,000	AA	Series A, 5.000% due 10/1/26			83,050
		35,000	AA	Series A, 5.000% due 10/1/28			41,405
		115,000	AA	Series A, 5.250% due 10/1/24			124,486
				Indiana Health Facility Financing Authority, Revenue Bonds:
		2,500,000	AA+	Series E, 1.320% due 11/15/39(b)			2,500,000
		1,000,000	AA+	Series F, 2.000% due 11/15/36(b)			1,024,620
				Indiana Municipal Power Agency, Revenue Bonds:
		10,000	NR	Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(c)			11,105
		10,000	NR	Prerefunded 7/1/22 @ 100, 5.000% due 1/1/25(c)			11,105
		25,000	NR	Prerefunded 7/1/22 @ 100, 5.000% due 1/1/26(c)			27,764
		20,000	A+	Series A, 5.000% due 1/1/24			22,024
		20,000	A+	Series A, 5.000% due 1/1/25			22,012
		55,000	A+	Series A, 5.000% due 1/1/26			60,502
		515,000	AAA	Indiana University, Revenue Bonds, Series W-1, 5.000% due 8/1/26			609,255
				Lake Central Multi-District School Building Corp., Revenue Bonds:
		40,000	AA+	Series B, 4.000% due 1/15/22			42,598
		30,000	AA+	Series B, 5.000% due 7/15/22			33,175
		80,000	AA+	Series B, 5.000% due 7/15/23			89,938
		120,000	AA+	Series B, 5.000% due 7/15/24			134,779
		125,000	AA+	Series B, 5.000% due 7/15/25			140,264
				Total Indiana			11,657,081
Iowa – 1.4%
		1,155,000	Aa1(a)	City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25			1,358,696
				Iowa Finance Authority, Revenue Bonds:
		3,840,000	AAA	5.000% due 8/1/31			4,860,173
		90,000	BBB(g)	Series A, 5.000% due 5/15/43			103,256
		215,000	BBB(g)	Series A, 5.000% due 5/15/48			245,874
		5,000,000	A3(a)	PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b)			6,018,500
				Total Iowa			12,586,499

See Notes to Financial Statements.

184

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Kansas – 0.2%
	$	1,000,000	Aa2(a)	Geary County Unified School District No 475, GO, Series B, 5.000% due 9/1/20		$	1,038,760
				Kansas Development Finance Authority, Revenue Bonds:
		30,000	AA-	Series H, 5.000% due 3/1/25			30,544
		10,000	AA	5.000% due 11/15/19			10,077
				Wyandotte County-Kansas City Unified Government Utility System Revenue, Revenue Bonds:
		30,000	A	Series A, 5.000% due 9/1/30			35,768
		35,000	A	Series A, 5.000% due 9/1/32			41,429
		30,000	A	Series B, 5.000% due 9/1/23			33,276
		45,000	A	Series B, 5.000% due 9/1/24			49,901
		130,000	A	Series A, 5.000% due 9/1/24			144,158
				Total Kansas			1,383,913
Kentucky – 1.7%
				City of Pikeville KY, Revenue Bonds:
		595,000	Baa2(a)	6.000% due 3/1/22			630,658
		185,000	Baa2(a)	Prerefunded 3/1/21 @ 100, 6.000% due 3/1/22(c)			198,318
				County of Carroll KY, Revenue Bonds:
		1,250,000	NR	1.200% due 2/1/32(b)(d)			1,248,700
		280,000	A1(a)	1.750% due 10/1/34(b)(d)			281,193
				Kenton County Airport Board, Revenue Bonds:
		25,000	A1(a)	5.000% due 1/1/25			29,965
		15,000	A1(a)	5.000% due 1/1/26			18,489
		45,000	A1(a)	5.000% due 1/1/29			54,798
		50,000	A1(a)	5.000% due 1/1/30			60,557
		1,530,000	A2(a)	Kentucky Bond Development Corp., Revenue Bonds, Series A, 5.000% due 9/1/24			1,795,960
				Kentucky Economic Development Finance Authority, Revenue Bonds:
		45,000	AA	Series A, AGM, 5.000% due 12/1/47			49,445
		50,000	Baa3(a)	Series B, 5.000% due 6/1/25			57,670
		55,000	Baa3(a)	Series B, 5.000% due 6/1/26			63,707
		55,000	Baa3(a)	Series B, 5.000% due 6/1/27			63,543
		60,000	Baa3(a)	Series B, 5.000% due 6/1/28			69,155
		65,000	Baa3(a)	Series B, 5.000% due 6/1/29			74,695
		65,000	Baa3(a)	Series B, 5.000% due 6/1/30			74,420
		5,000,000	A1(a)	Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due 1/1/49(b)			5,602,850

See Notes to Financial Statements.

185

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Kentucky – (continued)
				Kentucky State Property & Building Commission, Revenue Bonds:
	$	110,000	A-	Series A, 5.000% due 10/1/27		$	125,203
		165,000	A-	Series A, 5.000% due 2/1/29			196,414
		170,000	A-	Series A, 5.000% due 2/1/30			201,586
		65,000	A-	Series A, 5.000% due 2/1/32			76,522
		80,000	A-	Series A, 5.000% due 2/1/33			94,002
		145,000	A-	5.000% due 5/1/28			181,833
		15,000	A-	5.000% due 5/1/29			18,733
		40,000	AA	5.000% due 5/1/31			50,048
		1,285,000	A-	Series B, 5.000% due 11/1/27			1,563,382
		55,000	A1(a)	Series D, 5.000% due 5/1/21			58,421
		35,000	A1(a)	Series D, 5.000% due 5/1/26			42,536
		30,000	A1(a)	Series D, 5.000% due 5/1/27			36,965
		30,000	A1(a)	Series D, 5.000% due 5/1/28			36,800
				Louisville/Jefferson County Metropolitan Government, Revenue Bonds:
		100,000	BBB+	Prerefunded 6/1/22 @ 100, 5.000% due 12/1/28			110,017
		335,000	BBB+	Prerefunded 6/1/22 @ 100, 5.000% due 12/1/29			368,557
		20,000	BBB+	Prerefunded 6/1/22 @ 100, 5.000% due 12/1/30			22,003
		70,000	A	Series A, 5.500% due 10/1/33			79,948
		185,000	A	Series A, 5.750% due 10/1/38			212,078
		525,000	A	5.000% due 10/1/29			642,348
		95,000	A	5.000% due 10/1/32			114,485
		355,000	A+	University of Louisville, Revenue Bonds, Series C, 3.000% due 9/1/21			366,889
				Total Kentucky			14,972,893
Louisiana – 0.7%
				Calcasieu Parish Memorial Hospital Service District, Revenue Bonds:
		100,000	BB+	5.000% due 12/1/25			117,445
		100,000	BB+	5.000% due 12/1/26			119,443
		100,000	BB+	5.000% due 12/1/27			121,011
		100,000	BB+	5.000% due 12/1/28			122,302
		90,000	AA-	City of New Orleans LA, GO, 5.000% due 12/1/20			94,201
		1,500,000	AA	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, 5.000% due 10/1/26			1,863,420
				Louisiana Public Facilities Authority, Revenue Bonds:
		40,000	A	Series A, 5.000% due 12/15/22			44,821
		85,000	A	Series A, 5.000% due 12/15/23			98,350

See Notes to Financial Statements.

186

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Louisiana – (continued)
	$	60,000	A2(a)	Louisiana Stadium & Exposition District, Revenue Bonds, Series A, 5.000% due 7/1/24		$	68,253
				New Orleans Aviation Board, Revenue Bonds:
		20,000	A-	Series D2, 5.000% due 1/1/26(d)			23,977
		15,000	A-	Series D2, 5.000% due 1/1/29(d)			18,232
		20,000	A-	Series D2, 5.000% due 1/1/30(d)			24,191
		45,000	A-	Series D2, 5.000% due 1/1/32(d)			53,944
		35,000	A-	Series D2, 5.000% due 1/1/35(d)			41,634
		15,000	A-	Series D2, 5.000% due 1/1/38(d)			17,711
		10,000	A-	Series B, 5.000% due 1/1/29(d)			12,155
		20,000	A-	Series B, 5.000% due 1/1/31(d)			24,079
		20,000	A-	Series B, 5.000% due 1/1/36(d)			23,748
		15,000	A-	Series B, 5.000% due 1/1/37(d)			17,745
		70,000	A-	Series B, 5.000% due 1/1/24(d)			79,834
		85,000	A-	Series B, 5.000% due 1/1/25(d)			99,388
		65,000	A-	Series B, 5.000% due 1/1/27(d)			75,957
		3,500,000	AA-	State of Louisiana, GO, Series C, 5.000% due 7/15/20			3,618,545
				Total Louisiana			6,780,386
Maine – 0.3%
				Maine Health & Higher Educational Facilities Authority, Revenue Bonds:
		60,000	BBB	Series A, 4.000% due 7/1/41			63,449
		80,000	BBB	Series A, 4.000% due 7/1/46			84,231
		25,000	BBB	Series A, 5.000% due 7/1/41			28,328
		15,000	BBB	Series A, 5.000% due 7/1/46			16,945
		155,000	BBB	5.000% due 7/1/43			168,059
		2,500,000	AA+	Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due 11/15/39			2,609,250
				Maine Turnpike Authority, Revenue Bonds:
		65,000	AA-	5.000% due 7/1/25			79,364
		60,000	AA-	5.000% due 7/1/27			72,317
				Total Maine			3,121,943
Maryland – 3.9%
				City of Baltimore MD, Revenue Bonds:
		105,000	AA	Series C, 5.000% due 7/1/28			132,201
		195,000	AA	Series C, 5.000% due 7/1/31			242,502
		200,000	AA	Series C, 5.000% due 7/1/33			247,568
		170,000	AA-	Series D, 5.000% due 7/1/33			210,035

See Notes to Financial Statements.

187

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Maryland – (continued)
				County of Baltimore MD, GO:
	$	2,500,000	SP-1+	4.000% due 3/19/20(f)		$	2,539,925
		4,230,000	AAA	Series B, 4.500% due 9/1/24			4,932,519
		2,500,000	AAA	County of Howard MD, GO, Series D, 5.000% due 2/15/30			3,240,200
				County of Prince George’s MD, GO:
		3,595,000	AAA	Series A, 5.000% due 7/15/22			3,993,793
		5,805,000	AAA	Series A, 5.000% due 7/15/29			7,628,235
		2,065,000	AAA	Series C, 4.000% due 8/1/26			2,300,575
		405,000	Aa2(a)	Maryland Community Development Administration, Revenue Bonds, Series B, 4.000% due 9/1/49			447,715
				Maryland Economic Development Corp., Revenue Bonds:
		35,000	BBB	Series D, 5.000% due 3/31/30(d)			41,465
		65,000	BBB	Series D, 5.000% due 3/31/51(d)			73,879
		45,000	Baa3(a)	Series A, 5.000% due 6/1/23			50,585
		45,000	Baa3(a)	Series A, 5.000% due 6/1/24			52,018
		45,000	Baa3(a)	Series A, 5.000% due 6/1/25			53,236
		60,000	Baa3(a)	Series A, 5.000% due 6/1/26			72,638
		40,000	Baa3(a)	Series A, 5.000% due 6/1/27			49,365
		30,000	Baa3(a)	Series A, 5.000% due 6/1/31			37,096
		30,000	Baa3(a)	Series A, 5.000% due 6/1/32			36,974
				Maryland Health & Higher Educational Facilities Authority, Revenue Bonds:
		70,000	WD(g)	Prerefunded 7/1/20 @ 100, 5.625% due 7/1/30(c)			72,611
		225,000	WD(g)	Prerefunded 7/1/20 @ 100, 5.750% due 7/1/38(c)			233,622
		155,000	BBB	Series A, 4.000% due 7/1/42			166,048
		65,000	BBB	Series A, 5.000% due 7/1/33			76,599
		50,000	BBB	Series A, 5.000% due 7/1/34			58,672
		20,000	BBB	Series A, 5.000% due 7/1/35			23,413
		50,000	BBB	Series A, 5.000% due 7/1/36			58,300
		30,000	BBB	5.000% due 7/1/27			35,491
		40,000	BBB	5.000% due 7/1/28			47,210
		65,000	BBB	5.000% due 7/1/29			76,477
		30,000	BBB	5.000% due 7/1/31			34,999
		35,000	A	Series A, 5.000% due 7/1/24			38,532
		30,000	A	Series A, 5.000% due 7/1/25			32,975
				State of Maryland, GO:
		2,500,000	AAA	Series B, 5.000% due 8/1/22			2,781,550
		1,500,000	AAA	Series C, 5.000% due 8/1/20			1,553,415

See Notes to Financial Statements.

188

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Maryland – (continued)
	$	3,000,000	AAA	State of Maryland Department of Transportation, Revenue Bonds, 3.500% due 10/1/33		$	3,311,970
				Total Maryland			34,984,408
Massachusetts – 1.5%
				Commonwealth of Massachusetts, GO:
		2,000,000	AA	5.000% due 5/1/42			2,522,680
		1,500,000	AA	5.000% due 5/1/47			1,883,505
		290,000	AA	Series A, Prerefunded 4/1/21 @ 100, 5.000% due 4/1/23(c)			307,986
		90,000	AA	Series B, 5.000% due 7/1/22			99,851
		400,000	AA	Series B, 5.250% due 8/1/20			415,220
		520,000	AA	Series C, 5.000% due 4/1/23			591,484
		45,000	AA	Massachusetts Bay Transportation Authority, Revenue Bonds, Series A, 5.000% due 7/1/45			53,006
				Massachusetts Development Finance Agency, Revenue Bonds:
		50,000	A	5.000% due 7/1/30			64,517
		235,000	A	5.000% due 7/1/31			301,498
		500,000	Baa2(a)	5.000% due 7/1/34			625,370
		585,000	A+	Series S-1, 5.000% due 10/1/24			699,093
		55,000	AA-	Series Q-1, 5.000% due 7/1/21			55,160
		140,000	BBB	Series D, 5.000% due 7/1/44			158,092
		65,000	AAA	Series A, 5.000% due 7/15/22			72,308
		145,000	NR	Series A, Prerefunded 11/15/23 @ 100, 6.250% due 11/15/28(c)(e)			169,567
		335,000	AA-	Series S4, 5.000% due 7/1/38(b)			389,565
		45,000	AA-	5.000% due 7/1/23			51,626
		115,000	AA-	5.000% due 7/1/24			136,235
		105,000	AA-	Series S, 5.000% due 7/1/30			134,723
		500,000	AA+	Series N, 1.450% due 7/1/41(b)			502,240
		215,000	AA-	Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Series I4, 5.000% due 7/1/20			215,606
		1,170,000	AA	Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Revenue Bonds, Series A, 5.000% due 1/1/39(b)			1,312,471
		2,500,000	AA-	University of Massachusetts Building Authority, Revenue Bonds, 4.000% due 11/1/43			2,666,950
				Total Massachusetts			13,428,753
Michigan – 1.4%
		160,000	AA	City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds, Series G, AGM, 2.154% (3-Month USD-LIBOR) due 7/1/32(b)			157,349
		85,000	Aa1(a)	Clarkston Community Schools, GO, 5.000% due 5/1/22			93,529

See Notes to Financial Statements.

189

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
	$	155,000	AA	Detroit Downtown Development Authority, Tax Allocation, Series A, AGM, 5.000% due 7/1/37		$	175,020
				Grand Rapids Public Schools, GO, AGM:
		100,000	AA	5.000% due 5/1/30			121,780
		145,000	AA	5.000% due 5/1/31			175,846
		20,000	AA	5.000% due 5/1/32			24,187
		90,000	AA	5.000% due 5/1/33			108,702
		40,000	AA	5.000% due 5/1/27			50,630
		55,000	AA	5.000% due 5/1/29			68,864
				Kalamazoo Hospital Finance Authority, Revenue Bonds:
		100,000	A2(a)	5.000% due 5/15/27			121,794
		75,000	A2(a)	5.000% due 5/15/28			91,091
		100,000	AAA	Kent County Building Authority, Revenue Bonds, 5.500% due 6/1/22			111,486
				Kent Hospital Finance Authority, Revenue Bonds:
		30,000	AA	Series A, 5.000% due 11/15/20			31,358
		20,000	AA	Series A, 5.000% due 11/15/21			21,655
				Michigan Finance Authority, Revenue Bonds:
		310,000	AA	Series C, AGM, 5.000% due 7/1/22			342,922
		190,000	A	Series A, 5.000% due 11/15/48			235,017
		45,000	WR(a)	Series A, 5.000% due 6/1/21			47,922
		735,000	AA-	5.000% due 12/1/44(b)			872,563
		65,000	WR(a)	Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(c)			71,789
		140,000	WR(a)	Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(c)			154,623
		1,250,000	Aa3(a)	5.000% due 11/1/23			1,437,575
		750,000	Aa3(a)	5.000% due 11/1/24			889,065
		30,000	AA-	5.000% due 7/1/32			35,503
		25,000	AA-	5.000% due 7/1/33			29,584
		35,000	AA-	5.000% due 7/1/31			41,446
		30,000	AA-	5.000% due 7/1/29			35,791
		10,000	AA-	5.000% due 7/1/27			11,996
		60,000	A+	5.000% due 8/15/29			67,965
		160,000	A+	5.000% due 8/15/28			181,768
		60,000	AA-	Series A, 5.000% due 12/1/28			76,885
		85,000	AA-	Series A, 5.000% due 12/1/25			104,244
		35,000	AA-	Series A, 5.000% due 12/1/27			44,937
		45,000	AA-	Series A, 5.000% due 12/1/23			52,025
		50,000	AA-	Series A, 5.000% due 12/1/24			59,583

See Notes to Financial Statements.

190

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
	$	40,000	AA-	5.000% due 12/1/26		$	50,284
		205,000	A+	5.000% due 11/15/36			224,159
		45,000	A+	5.000% due 11/15/42			48,783
				Michigan State Building Authority, Revenue Bonds:
		495,000	AA-	Series I, 5.000% due 10/15/34			604,132
		80,000	AA-	Series I, 5.000% due 4/15/35			97,517
				Michigan State Hospital Finance Authority, Revenue Bonds:
		710,000	AA+	Series F5, 4.000% due 11/15/47(b)			799,943
		180,000	AA+	Series C, 2.400% due 11/15/47(b)			187,126
		750,000	AA-	Series C, 5.000% due 12/1/19			756,967
		700,000	AA-	Series C, 5.000% due 12/1/20			733,299
		45,000	AA-	Series C, 5.000% due 12/1/24			53,625
		40,000	AA-	Series C, 5.000% due 12/1/25			49,056
		60,000	AA-	Series C, 5.000% due 12/1/26			75,426
		40,000	AA-	Series C, 5.000% due 12/1/27			51,357
		60,000	AA-	Series C, 5.000% due 12/1/28			76,885
				Michigan Strategic Fund, Revenue Bonds:
		35,000	A	1.450% due 9/1/30(b)			34,958
		290,000	A	1.450% due 8/1/29(b)			289,652
				Portage Public Schools, GO:
		35,000	AA-	5.000% due 11/1/27			43,197
		90,000	AA-	5.000% due 11/1/29			110,548
				Royal Oak Hospital Finance Authority, Revenue Bonds:
		30,000	A+	5.000% due 9/1/22			33,352
		60,000	A+	5.000% due 9/1/24			69,844
		95,000	AA	State of Michigan, Revenue Bonds, 5.000% due 3/15/27			120,061
		280,000	AA+	State of Michigan Trunk Line Revenue, Revenue Bonds, AGM, 5.500% due 11/1/20			294,638
				Warren Consolidated Schools, GO:
		130,000	AA	5.000% due 5/1/30			156,580
		140,000	AA	5.000% due 5/1/31			167,923
		145,000	AA	5.000% due 5/1/32			173,442
				Wayne County Airport Authority, Revenue Bonds:
		5,000	A	Series A, 5.000% due 12/1/29			6,306
		10,000	A	Series A, 5.000% due 12/1/30			12,547
		10,000	A	Series A, 5.000% due 12/1/31			12,476
		15,000	A	Series A, 5.000% due 12/1/36			18,429

See Notes to Financial Statements.

191

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
	$	60,000	A	Series C, 5.000% due 12/1/22		$	67,209
		65,000	A	Series C, 5.000% due 12/1/23			75,060
		70,000	A	Series C, 5.000% due 12/1/24			83,220
		60,000	A	Series C, 5.000% due 12/1/25			73,301
		45,000	A	Series C, 5.000% due 12/1/26			56,287
		45,000	A	Series C, 5.000% due 12/1/27			57,414
		620,000	A	Series B, 5.000% due 12/1/29(d)			772,216
		15,000	A	Series B, 5.000% due 12/1/30(d)			18,560
		15,000	A	Series B, 5.000% due 12/1/31(d)			18,468
		10,000	A	Series B, 5.000% due 12/1/33(d)			12,245
		25,000	A	Series B, 5.000% due 12/1/36(d)			30,355
				Total Michigan			12,763,341
Minnesota – 1.7%
		60,000	Baa1(a)	City of Maple Grove MN, Revenue Bonds, 5.000% due 9/1/26			71,964
		40,000	WD(g)	Housing & Redevelopment Authority of The City of St Paul Minnesota, Revenue Bonds, Series Prerefunded 11/15/25 @ 100, 5.000% due 11/15/40(c)			48,971
		2,500,000	AAA	Metropolitan Council, GO, 3.000% due 3/1/27			2,610,925
				Minnesota Agricultural & Economic Development Board, Revenue Bonds:
		120,000	AA	Series C1, AGC, 5.000% due 2/15/21			122,070
		165,000	AA	Series C1, AGC, 5.000% due 2/15/22			167,876
		130,000	A-	Northern Municipal Power Agency, Revenue Bonds, Series A1, 5.000% due 1/1/20			131,634
				State of Minnesota, GO:
		5,000,000	AAA	Series A, 5.000% due 8/1/37			6,406,450
		4,835,000	AAA	Series B, 5.000% due 8/1/27			6,237,150
				Total Minnesota			15,797,040
Mississippi – 0.7%
				Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds:
		435,000	A2(a)	Series A, 5.000% due 1/1/34			550,058
		225,000	A2(a)	Series B, 5.000% due 1/1/30			287,730
		3,000,000	A+	State of Mississippi, Revenue Bonds, Series A, 5.000% due 10/15/34			3,801,630
				State of Mississippi, GO:
		160,000	AA	Series A, 5.000% due 10/1/30			204,171
		1,250,000	AA	Series A, 5.000% due 10/1/34			1,575,575
				Total Mississippi			6,419,164

See Notes to Financial Statements.

192

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount				Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Missouri – 0.5%
					Cape Girardeau County Industrial Development Authority, Revenue Bonds:
	$	30,000		BBB-	Series A, 5.000% due 3/1/27		$	36,054
		35,000		BBB-	Series A, 5.000% due 3/1/36			40,684
					Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds:
		30,000		A+	5.000% due 5/15/29			36,505
		30,000		A+	5.000% due 5/15/30			36,309
		30,000		A+	5.000% due 5/15/31			36,115
		85,000		A+	5.000% due 5/15/36			100,569
		20,000		AA-	Series B, 4.000% due 2/1/40			21,624
		70,000		AA-	Series B, 5.000% due 2/1/30			83,514
		80,000		AA-	Series B, 5.000% due 2/1/32			94,704
		65,000		AA-	Series B, 5.000% due 2/1/36			76,024
		105,000		AA-	Series B, 5.000% due 2/1/45			120,924
		2,500,000		AAA	Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due 5/1/37			3,096,425
		5,000		A	Missouri Development Finance Board, Revenue Bonds, Series A, 6.000% due 6/1/20			5,168
		85,000		AA+	Missouri Housing Development Commission, Revenue Bonds, Series B, 4.000% due 5/1/50			94,189
		10,000		Aaa(a)	Missouri State Environmental Improvement & Energy Resources Authority, Revenue Bonds, 5.125% due 1/1/20			10,031
		220,000		BB+(g)	St Louis County Industrial Development Authority, Revenue Bonds, Series A, 5.125% due 9/1/48			251,379
					Total Missouri			4,140,218
Montana – 0.1%
					Montana Board of Housing, Revenue Bonds:
		120,000		AA+	Series A1, 4.000% due 12/1/47(d)			126,501
		40,000		AA+	4.000% due 6/1/50			45,145
					Montana Facility Finance Authority, Revenue Bonds:
		35,000	��	A+(g)	5.000% due 2/15/21			36,897
		40,000		A+(g)	5.000% due 2/15/22			43,549
		60,000		A+(g)	5.000% due 2/15/23			67,309
		60,000		A+(g)	5.000% due 2/15/24			69,217
		60,000		A+(g)	5.000% due 2/15/25			71,169
		90,000		A+(g)	5.000% due 2/15/26			109,191
					Total Montana			568,978

See Notes to Financial Statements.

193

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Nebraska – 0.1%
	$	245,000	AA+	Nebraska Investment Finance Authority, Revenue Bonds, Series B, 4.000% due 9/1/49(d)		$	268,020
				Nebraska Public Power District, Revenue Bonds:
		115,000	A+	Series B, 5.000% due 1/1/31			139,173
		125,000	A+	Series B, 5.000% due 1/1/34			150,116
		155,000	A+	Series B, 5.000% due 1/1/36			185,095
				Total Nebraska			742,404
Nevada – 1.2%
				City of Carson City NV, Revenue Bonds:
		20,000	A-	5.000% due 9/1/24			23,152
		15,000	A-	5.000% due 9/1/28			18,457
		20,000	A-	5.000% due 9/1/30			24,378
		20,000	A-	5.000% due 9/1/32			24,203
		20,000	A-	5.000% due 9/1/34			24,016
				Clark County School District, GO:
		3,620,000	A+	Series A, 5.000% due 6/15/28			4,637,618
		75,000	A+	Series A, 5.000% due 6/15/21			80,115
		65,000	A+	Series A, 5.000% due 6/15/23			73,995
		1,000,000	A+	Series C, 5.000% due 6/15/23			1,138,390
		170,000	A+	Series A, 5.000% due 6/15/25			204,959
		280,000	A+	County of Clark Department of Aviation, Revenue Bonds, Series C, 5.000% due 7/1/21(d)			298,987
		345,000	A-	County of Clark NV, Revenue Bonds, Series A, 1.875% due 6/1/31(b)			345,890
		2,250,000	AA+	County of Clark NV, GO, Series A, 5.000% due 6/1/35			2,850,345
				Las Vegas Valley Water District, GO:
		30,000	AA+	Series B, 5.000% due 6/1/22			33,188
		60,000	AA+	Series B, 5.000% due 6/1/23			66,343
		60,000	AA+	Series B, 5.000% due 6/1/24			66,325
		30,000	AA+	Series B, 5.000% due 6/1/25			33,146
		85,000	AA+	Series A, 5.000% due 6/1/32			104,021
		145,000	AA+	Series A, 5.000% due 6/1/33			177,115
		155,000	AA+	Series A, 5.000% due 6/1/34			188,874
		130,000	AA+	Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49			144,154
				State of Nevada, GO:
		40,000	AA	5.000% due 8/1/21			42,977
		80,000	AA	5.000% due 3/1/25			90,630
				Total Nevada			10,691,278

See Notes to Financial Statements.

194

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New Hampshire – 0.4%
	$	1,535,000	BBB+	City of Manchester NH General Airport Revenue, Revenue Bonds, Series A, 5.000% due 1/1/21		$	1,607,467
		740,000	A-	New Hampshire Business Finance Authority, Revenue Bonds, Series A2, 2.150% due 7/1/27(b)(d)			758,633
				New Hampshire Health & Education Facilities Authority Act, Revenue Bonds:
		40,000	A-	4.000% due 7/1/22			42,828
		35,000	A-	5.000% due 7/1/26			38,453
		70,000	A2(a)	Series A, 5.000% due 10/1/43			75,974
		25,000	A-	4.000% due 10/1/38			27,385
		135,000	A-	5.000% due 10/1/26			166,073
		145,000	A-	5.000% due 10/1/27			176,971
		60,000	A-	5.000% due 10/1/28			72,943
		210,000	A-	5.000% due 10/1/30			252,504
		40,000	AA-	5.000% due 7/1/24			47,386
		70,000	AA-	5.000% due 7/1/30			89,816
				New Hampshire State Turnpike System, Revenue Bonds:
		65,000	AA-	Series B, 5.000% due 2/1/22			70,985
		65,000	AA-	Series B, 5.000% due 2/1/23			70,904
		50,000	AA-	Series B, 5.000% due 2/1/24			54,467
				Total New Hampshire			3,552,789
New Jersey – 1.9%
				Camden County Improvement Authority, Revenue Bonds:
		60,000	BBB+	5.000% due 2/15/24			68,854
		30,000	BBB+	5.000% due 2/15/25			34,383
				City of Bayonne NJ, GO:
		45,000	AA	5.000% due 7/1/31			54,310
		30,000	AA	5.000% due 7/1/32			36,116
		30,000	AA	5.000% due 7/1/33			36,049
				New Jersey Economic Development Authority, Revenue Bonds:
		1,000,000	BBB+	5.000% due 6/15/30			1,224,980
		580,000	BBB+	Series XX, 5.000% due 6/15/26			673,745
		30,000	AA	AGM, 5.000% due 6/1/25			35,745
		40,000	AA	AGM, 5.000% due 6/1/27			49,758
		60,000	AA	AGM, 5.000% due 6/1/28			74,159
		45,000	AA	AGM, 5.000% due 6/1/29			55,295
		40,000	BBB+	5.000% due 3/1/25			44,248
		220,000	BBB+	Series II, 5.000% due 3/1/21			232,221

See Notes to Financial Statements.

195

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New Jersey – (continued)
	$	270,000	BBB+	Series NN, 5.000% due 3/1/23		$	301,152
		370,000	BBB+	Series NN, 5.000% due 3/1/24			410,519
		125,000	BBB+	Series I, 5.500% due 9/1/19			125,000
		55,000	Baa1(a)	New Jersey Educational Facilities Authority, Revenue Bonds, Series A, 5.000% due 7/1/29			66,084
				New Jersey Health Care Facilities Financing Authority, Revenue Bonds:
		15,000	AA	Series A, 5.000% due 7/1/28			18,555
		45,000	AA	Series A, 5.000% due 7/1/33			54,815
		10,000	BBB	5.000% due 7/1/21			10,622
		25,000	BBB	5.000% due 7/1/22			27,413
		90,000	BBB	5.000% due 7/1/23			101,410
		25,000	BBB	5.000% due 7/1/24			28,877
		25,000	BBB	5.000% due 7/1/25			29,563
		10,000	BBB	5.000% due 7/1/26			12,072
		15,000	BBB	5.000% due 7/1/27			18,072
		75,000	BBB	5.000% due 7/1/28			89,958
		250,000	BBB-	5.000% due 7/1/41			288,308
				New Jersey Higher Education Student Assistance Authority, Revenue Bonds:
		165,000	Aa1(a)	Series A, 5.000% due 12/1/22			184,769
		115,000	Aa1(a)	Series A, 5.000% due 12/1/23			132,644
		65,000	Aa1(a)	Series A, 5.000% due 12/1/24			77,095
		125,000	Aa1(a)	Series A, 5.000% due 12/1/25			152,125
		40,000	AA	Series 1B, 5.000% due 12/1/21(d)			43,062
		40,000	AA	Series 1A, 5.000% due 12/1/22(d)			44,320
		100,000	AA	Series 1A, 5.000% due 12/1/24(d)			116,729
				New Jersey Transportation Trust Fund Authority, Revenue Bonds:
		870,000	BBB+	Series A, zero coupon, due 12/15/27			715,210
		195,000	BBB+	Series A, zero coupon, due 12/15/28			155,146
		220,000	BBB+	Series A, 5.000% due 12/15/33			265,698
		2,000,000	BBB+	Series A, 5.000% due 12/15/34			2,407,480
		5,000,000	A+	5.000% due 6/15/24			5,793,400
		435,000	A+	5.000% due 6/15/27			527,642
		215,000	BBB+	Series AA, 5.000% due 6/15/23			235,530
		345,000	BBB+	Series AA, 5.000% due 6/15/24			377,030
		360,000	BBB+	Series AA, 5.000% due 6/15/25			414,036
		215,000	BBB+	Series AA, 5.000% due 6/15/26			247,091
		90,000	BBB+	Series B4, 5.250% due 12/15/19			91,008

See Notes to Financial Statements.

196

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New Jersey – (continued)
				New Jersey Turnpike Authority, Revenue Bonds:
	$	60,000	A+	Series C1, 1.901% (1-Month USD-LIBOR) due 1/1/21(b)		$	60,053
		555,000	A+	Series C5, 2.021% (1-Month USD-LIBOR) due 1/1/28(b)			555,644
				Total New Jersey			16,797,995
New Mexico – 0.1%
		340,000	A-	City of Farmington NM, Revenue Bonds, Series A, 1.875% due 4/1/29(b)			340,877
		185,000	Aaa(a)	New Mexico Mortgage Finance Authority, Revenue Bonds, Series D, 3.750% due 1/1/50			203,387
				Total New Mexico			544,264
New York – 13.9%
				City of New York NY, GO:
		5,000,000	AA+	Series J6, 1.390% due 8/1/24(b)			5,000,000
		4,500,000	AA	Series B5, 1.430% due 10/1/46(b)			4,500,000
		5,620,000	AA	Series H, 5.000% due 1/1/36			7,193,937
		10,000,000	AA	Series D3, 5.000% due 8/1/38(b)			11,453,400
		90,000	AA	Series J, 5.000% due 8/1/22			100,108
		2,825,000	AA+	Series F4, 1.220% due 6/1/44(b)			2,825,000
		190,000	AA	Series A, 5.000% due 8/1/22			211,339
		90,000	AA	Series C, 5.000% due 8/1/27			108,103
		2,035,000	AA	Series B1, 5.000% due 12/1/38			2,476,107
		5,000,000	AA	Series D1, 5.000% due 12/1/34			6,409,550
		1,000,000	AA	Series F1, 5.000% due 4/1/43			1,236,970
		1,925,000	AA	County of Nassau NY, GO, Series A. AGM, 5.000% due 4/1/32			2,440,149
				Dutchess County Local Development Corp., Revenue Bonds:
		30,000	A-	Series A, 5.750% due 7/1/40			31,132
		30,000	AA	Series A, AGM, 5.000% due 7/1/20			30,948
				Hudson Yards Infrastructure Corp., Revenue Bonds:
		115,000	A+	Series A, 5.000% due 2/15/32			144,487
		215,000	A+	Series A, 5.000% due 2/15/35			267,830
				Long Island Power Authority, Revenue Bonds:
		60,000	A-	Series B, 5.000% due 9/1/22			66,948
		45,000	A-	Series B, 5.000% due 9/1/23			51,851
		40,000	A-	Series B, 5.000% due 9/1/24			47,548
				Metropolitan Transportation Authority, Revenue Bonds:
		3,300,000	AA+	1.380% due 11/15/50(b)			3,300,000
		230,000	A	Series B, NPFG, 5.250% due 11/15/19			231,861
		3,765,000	SP-1	Series B1A, 5.000% due 5/15/20			3,862,363

See Notes to Financial Statements.

197

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New York – (continued)
	$	2,000,000	SP-1	Series B1D, 5.000% due 5/15/20		$	2,051,720
		2,735,000	SP-1	Series B2D, 5.000% due 5/15/21			2,906,184
		1,000,000	SP-1	Series C2, 5.000% due 9/1/21			1,073,130
		290,000	A	Series C2, zero coupon, due 11/15/33			207,947
		770,000	A	Series A1, 5.000% due 11/15/45(b)			802,971
				MTA Hudson Rail Yards Trust Obligations, Revenue Bonds:
		370,000	A2(a)	Series A, 5.000% due 11/15/51			396,222
		860,000	A2(a)	Series A, 5.000% due 11/15/56			963,372
		3,000,000	AA	New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S1, 5.000% due 7/15/29			3,820,440
				New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds:
		3,000,000	AAA	1.380% due 2/1/45(b)			3,000,000
		2,500,000	AAA	1.390% due 8/1/45(b)			2,500,000
		5,000,000	AAA	1.430% due 8/1/39(b)			5,000,000
		305,000	NR	Series Prerefunded 11/1/19 @ 100, 5.000% due 11/1/20(c)			306,931
		2,000,000	AAA	Series A3, 4.000% due 8/1/42			2,270,060
		275,000	AAA	Series C2, 5.000% due 5/1/32			351,986
		160,000	AAA	Series A, 5.000% due 11/1/21			173,549
		145,000	AAA	Series B, 4.000% due 2/1/21			151,046
		100,000	AAA	Series B, 5.000% due 2/1/21			105,565
		770,000	AAA	5.000% due 11/1/20			774,836
				New York City Water & Sewer System, Revenue Bonds:
		5,000,000	AA+	Series AA, 5.000% due 6/15/32			5,352,100
		4,200,000	AA+	Series B, 1.370% due 6/15/32(b)			4,200,000
		4,285,000	AA+	1.390% due 6/15/50(b)			4,285,000
		1,725,000	AA+	5.000% due 6/15/23			1,986,510
				New York State Dormitory Authority, Revenue Bonds:
		85,000	AA+	Series A, 5.000% due 2/15/20			86,509
		4,000,000	Aa1(a)	Series A, 5.250% due 3/15/38			5,145,040
		30,000	A-	Series A, 5.000% due 7/1/23			34,259
		70,000	A-	Series A, 5.000% due 7/1/25			84,764
		7,000,000	AA+	Series C, 5.000% due 3/15/33			8,914,290
		385,000	AA	5.000% due 5/15/23			426,029
		2,150,000	AAA	New York State Environmental Facilities Corp., Revenue Bonds, Series A, 5.000% due 6/15/33			2,785,153

See Notes to Financial Statements.

198

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New York – (continued)
				New York State Thruway Authority Highway & Bridge Trust Fund, Revenue Bonds:
	$	235,000	AA+	Series A, Prerefunded 4/1/20 @ 100, 5.000% due 4/1/23(c)		$	240,320
		65,000	AA+	Series A1, 5.000% due 4/1/20			66,464
		60,000	AA+	Series A1, 5.000% due 4/1/21			63,682
				New York State Urban Development Corp., Revenue Bonds:
		5,000,000	AA+	Series A, 5.000% due 3/15/20			5,105,300
		285,000	AA+	Series A, 5.000% due 3/15/22			304,611
		80,000	AA+	Series A, 5.000% due 3/15/32			99,997
				New York Transportation Development Corp., Revenue Bonds:
		245,000	Baa3(a)	5.000% due 7/1/41(d)			275,517
		395,000	Baa3(a)	5.250% due 1/1/50(d)			445,209
		5,000,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 207, 5.000% due 9/15/24(d)			5,899,650
		400,000	AA+	Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, 4.000% due 10/15/32			456,448
				Triborough Bridge & Tunnel Authority, Revenue Bonds:
		85,000	AA-	Series B, 5.000% due 11/15/23			99,046
		115,000	AA-	Series B, 5.000% due 11/15/24			133,693
				Total New York			125,335,181
North Carolina – 2.2%
				County of New Hanover NC, Revenue Bonds:
		25,000	A+	5.000% due 10/1/27			31,176
		205,000	A+	5.000% due 10/1/47			240,420
		100,000	BBB	Nash Health Care Systems, Revenue Bonds, 5.000% due 11/1/41			106,320
				North Carolina Medical Care Commission, Revenue Bonds:
		655,000	A	2.200% due 12/1/48(b)			666,089
		175,000	A	5.000% due 6/1/21			179,984
		115,000	A	5.000% due 6/1/22			118,250
		15,000	A	North Carolina Municipal Power Agency No 1, Revenue Bonds, Series A, 5.000% due 1/1/30			15,040
				State of North Carolina, Revenue Bonds:
		330,000	AA	5.000% due 3/1/22			361,505
		290,000	AA	5.000% due 3/1/23			328,532
		6,500,000	AAA	State of North Carolina, GO, Series A, 5.000% due 6/1/26			8,165,950
		10,000,000	AAA	University of North Carolina at Chapel Hill, Revenue Bonds, Series B, 1.844% (1-Month USD-LIBOR) due 12/1/34(b)			10,007,700
				Total North Carolina			20,220,966

See Notes to Financial Statements.

199

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Ohio – 1.1%
	$	1,605,000	Baa2(a)	Akron Bath Copley Joint Township Hospital District, Revenue Bonds, 5.250% due 11/15/46		$	1,908,056
				American Municipal Power, Inc., Revenue Bonds:
		800,000	A	Series A, 2.300% due 2/15/38(b)			814,952
		45,000	A	Series B, 5.000% due 2/15/21			47,519
		60,000	A	Series B, 5.000% due 2/15/22			65,613
		65,000	A	Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(c)			71,071
		60,000	A	Prerefunded 2/15/22 @ 100, 5.000% due 2/15/24(c)			65,604
		10,000	NR	Prerefunded 2/15/22 @ 100, 5.000% due 2/15/42(c)			10,934
		40,000	A	5.000% due 2/15/42			43,016
				City of Cleveland OH Airport System Revenue, Revenue Bonds:
		30,000	AA	Series A, AGM, 5.000% due 1/1/26			35,602
		45,000	AA	Series A, AGM, 5.000% due 1/1/28			53,077
		65,000	AA	Series A, AGM, 5.000% due 1/1/29			76,448
		60,000	AA	Series A, AGM, 5.000% due 1/1/30			70,307
				Cleveland Department of Public Utilities Division of Water, Revenue Bonds:
		35,000	AA	Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(c)			38,192
		45,000	AA	Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/27(c)			49,104
		55,000	AA	Columbus City School District, GO, 5.000% due 12/1/32			67,202
		80,000	A+	County of Allen OH Hospital Facilities Revenue, Revenue Bonds, Series B, 5.000% due 8/1/47(b)			87,771
				County of Fairfield OH, Revenue Bonds:
		70,000	Baa3(a)	5.000% due 6/15/25			77,404
		75,000	Baa3(a)	5.000% due 6/15/26			82,712
		80,000	Baa3(a)	5.000% due 6/15/27			87,913
		85,000	Baa3(a)	5.000% due 6/15/28			93,095
				County of Franklin OH, Revenue Bonds:
		60,000	Aa2(a)	5.000% due 11/1/25			73,416
		60,000	Aa2(a)	5.000% due 11/1/26			75,280
		65,000	Baa1(a)	County of Lake OH, Revenue Bonds, 5.000% due 8/15/27			76,901
		135,000	BBB	County of Lucas OH, Revenue Bonds, Series A, Prerefunded 11/15/21 @ 100, 6.500% due 11/15/37(c)			150,686
				County of Muskingum OH, Revenue Bonds:
		35,000	BB+	5.000% due 2/15/20			35,463
		170,000	BB+	5.000% due 2/15/27			186,995
		465,000	A3(a)	County of Scioto OH, Revenue Bonds, 5.000% due 2/15/29			538,892
				County of Wood OH, Revenue Bonds:
		20,000	Ba2(a)	5.000% due 12/1/32			21,363

See Notes to Financial Statements.

200

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Ohio – (continued)
	$	25,000	Ba2(a)	5.000% due 12/1/42		$	26,435
		140,000	A	Ohio Higher Educational Facility Commission, Revenue Bonds, Series A, 5.250% due 1/15/21			142,071
		60,000	Aaa(a)	Ohio Housing Finance Agency, Revenue Bonds, 4.500% due 3/1/50			67,854
				Ohio State Building Authority, Revenue Bonds:
		235,000	AA	Series B, 5.000% due 10/1/21			235,688
		60,000	AA	Series B, 5.000% due 10/1/22			60,176
		85,000	AA	Series B, 5.000% due 10/1/23			85,249
		335,000	A+	Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Series A2, zero coupon, due 2/15/42			180,880
		2,000,000	AAA	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, 1.320% due 12/1/36(b)			2,000,000
		1,500,000	AAA	State of Ohio, GO, Series U, 5.000% due 5/1/28			1,966,545
				State of Ohio, Revenue Bonds:
		75,000	AA	5.000% due 1/1/27			94,764
		145,000	AA	5.000% due 1/1/29			186,651
				Total Ohio			10,050,901
Oklahoma – 0.3%
		560,000	AA-	Canadian County Educational Facilities Authority, Revenue Bonds, 5.000% due 9/1/26			693,532
				Grand River Dam Authority, Revenue Bonds:
		35,000	AA-	Series A, 5.000% due 6/1/27			41,143
		45,000	AA-	Series A, 5.000% due 6/1/28			52,814
				Oklahoma City Public Property Authority, Revenue Bonds:
		30,000	A+	5.000% due 10/1/25			36,448
		45,000	A+	5.000% due 10/1/26			54,397
		35,000	A+	5.000% due 10/1/27			42,242
				Oklahoma Development Finance Authority, Revenue Bonds:
		30,000	BB+	Series B, 5.000% due 8/15/27			37,016
		30,000	BB+	Series B, 5.000% due 8/15/28			37,707
		10,000	BB+	Series B, 5.000% due 8/15/29			12,464
		90,000	WR(a)	Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(c)			98,406
		210,000	WR(a)	Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/42(c)			229,614
				Oklahoma Municipal Power Authority, Revenue Bonds:
		50,000	A	Series A, 5.000% due 1/1/26			59,252
		175,000	A	Series A, 5.000% due 1/1/27			206,946
		60,000	A	Series A, 5.000% due 1/1/28			70,837
		45,000	A	Series A, 5.000% due 1/1/29			53,077

See Notes to Financial Statements.

201

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Oklahoma – (continued)
	$	115,000	AA	Series A, AGM, 5.000% due 1/1/21		$	116,464
		360,000	AA	Series A, AGM, 5.000% due 1/1/22			364,558
		60,000	A	Series B, 5.000% due 1/1/27			70,953
				Total Oklahoma			2,277,870
Oregon – 1.0%
		20,000	NR	Clackamas County Hospital Facility Authority, Revenue Bonds, 3.000% due 11/15/22			20,041
		3,800,000	A+	Oregon State Business Development Commission, Revenue Bonds, Series 232, 2.400% due 12/1/40(b)			3,951,012
		2,675,000	AA+	Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32			3,445,266
		1,035,000	AA+	State of Oregon, GO, Series A, 5.000% due 5/1/20			1,062,014
		85,000	Aa1(a)	Washington County School District No 1 West Union, GO, 5.000% due 6/15/30			107,665
				Total Oregon			8,585,998
Pennsylvania – 2.1%
		600,000	A+	Allegheny County Hospital Development Authority, Revenue Bonds, 5.000% due 7/15/25			727,356
				City of Philadelphia PA, GO:
		195,000	A	Series A, 5.000% due 8/1/20			201,852
		550,000	A	Series A, 5.000% due 8/1/22			608,768
		1,000,000	A	Series B, 5.000% due 2/1/24		��	1,160,210
		85,000	A	Series B, 5.000% due 8/1/27			102,440
		300,000	A	Series B, 5.000% due 8/1/29			357,675
		320,000	A	Series B, 5.000% due 8/1/30			380,032
		335,000	A	Series B, 5.000% due 8/1/31			396,385
				City of Philadelphia PA Airport Revenue, Revenue Bonds:
		50,000	A	Series B, 5.000% due 7/1/30(d)			61,721
		70,000	A	Series B, 5.000% due 7/1/31(d)			85,887
				Commonwealth Financing Authority, Revenue Bonds:
		1,010,000	A	Series A, 5.000% due 6/1/28			1,264,530
		500,000	A	Series B, 5.000% due 6/1/25			593,025
				Commonwealth of Pennsylvania, GO:
		60,000	A+	5.000% due 7/1/21			64,239
		110,000	A+	5.000% due 3/15/31			130,502
		3,070,000	A+	5.000% due 1/15/24			3,572,651
		290,000	A+	5.000% due 10/15/27			333,317
		810,000	A+	5.000% due 9/15/29			1,002,302

See Notes to Financial Statements.

202

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Pennsylvania – (continued)
	$	220,000	NR	Erie County Hospital Authority, Revenue Bonds, Series A, Prerefunded 7/1/20 @ 100, 7.000% due 7/1/27(c)		$	230,494
				General Authority of Southcentral Pennsylvania, Revenue Bonds:
		190,000	Aa3(a)	5.000% due 6/1/38			239,493
		310,000	Aa3(a)	5.000% due 6/1/39			389,732
				Lehigh County Industrial Development Authority, Revenue Bonds:
		165,000	A	1.800% due 2/15/27(b)			167,150
		1,375,000	A	Series A, 1.800% due 9/1/29(b)			1,386,302
		95,000	A+	Monroeville Finance Authority, Revenue Bonds, 5.000% due 2/15/26			116,830
				Montgomery County Higher Education & Health Authority, Revenue Bonds:
		325,000	A	5.000% due 9/1/33			412,662
		115,000	A	Series A, AMBAC, 6.000% due 6/1/22(f)			126,948
		10,000	BBB-	5.000% due 10/1/23			11,105
		40,000	BBB-	5.000% due 10/1/28			46,770
		45,000	BBB-	5.000% due 10/1/29			52,378
		140,000	BBB-	5.000% due 10/1/32			160,908
		225,000	BBB-	5.000% due 10/1/36			256,221
		500,000	BBB-	5.000% due 10/1/40			565,595
				Northampton County General Purpose Authority, Revenue Bonds:
		1,000,000	A+	5.000% due 11/1/27			1,286,870
		75,000	A-	4.000% due 8/15/48			81,345
				Pennsylvania Economic Development Financing Authority, Revenue Bonds:
		300,000	BBB+	1.500% due 4/1/49(b)(d)(f)			300,018
		90,000	A	5.000% due 3/1/21			94,739
		60,000	A	5.000% due 3/1/22			65,248
		165,000	A-	Series A, 1.700% due 8/1/37(b)(d)			165,299
				Pennsylvania Higher Educational Facilities Authority, Revenue Bonds:
		35,000	AA	Series A, 5.000% due 8/15/27			44,823
		35,000	AA	Series A, 5.000% due 8/15/28			44,360
		60,000	AA	Series A, 5.000% due 8/15/30			75,183
				Pennsylvania Turnpike Commission, Revenue Bonds:
		15,000	A1(a)	Series A1, 5.000% due 12/1/22			16,858
		15,000	A1(a)	Series A1, 5.000% due 12/1/23			17,396
		45,000	A1(a)	Series A1, 5.000% due 12/1/29			56,994
		30,000	A1(a)	Series A1, 5.000% due 12/1/34			37,187
		35,000	A	Series A2, 5.000% due 12/1/28			44,509
		35,000	A	Series A2, 5.000% due 12/1/33			43,457

See Notes to Financial Statements.

203

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Pennsylvania – (continued)
				Philadelphia Gas Works Co., Revenue Bonds:
	$	30,000	A	5.000% due 8/1/23		$	34,264
		20,000	A	5.000% due 8/1/24			23,483
		25,000	A	5.000% due 8/1/25			30,045
				Pittsburgh School District, GO:
		45,000	AA	Series A, AGM, 5.000% due 9/1/19			45,000
		30,000	AA	Series A, AGM, 5.000% due 9/1/20			31,166
		250,000	AA	Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A, AGM, 5.000% due 9/1/44			313,315
				School District of Philadelphia, GO:
		405,000	A2(a)	Series C, 5.000% due 9/1/20			419,839
		175,000	A2(a)	Series C, 5.000% due 9/1/21			181,515
				State Public School Building Authority, Revenue Bonds:
		40,000	A2(a)	5.000% due 6/1/26			47,524
		180,000	AA	5.000% due 12/1/28			221,186
		130,000	AA	5.000% due 12/1/33			155,602
				Total Pennsylvania			19,082,705
Rhode Island – 0.4%
				Rhode Island Health & Educational Building Corp., Revenue Bonds:
		2,000,000	AA+	Series A, 5.000% due 9/1/29			2,578,500
		240,000	AA	5.000% due 5/15/25			287,505
		195,000	BB-	5.000% due 9/1/31			226,093
		165,000	BBB+	5.000% due 5/15/39			191,732
		155,000	AA+	Rhode Island Housing & Mortgage Finance Corp./RI, Revenue Bonds, 4.000% due 10/1/49			171,449
		105,000	AA	Rhode Island Student Loan Authority, Revenue Bonds, Series A, 3.500% due 12/1/34(d)			111,644
				Tobacco Settlement Financing Corp., Revenue Bonds:
		55,000	BBB+	Series A, 5.000% due 6/1/27			63,842
		70,000	BBB	Series A, 5.000% due 6/1/28			81,029
				Total Rhode Island			3,711,794
South Carolina – 3.2%
				Beaufort-Jasper Water & Sewer Authority, Revenue Bonds:
		30,000	AA	Series B, 5.000% due 3/1/22			32,911
		30,000	AA	Series B, 5.000% due 3/1/24			35,167
		30,000	AA	Series B, 5.000% due 3/1/25			36,227

See Notes to Financial Statements.

204

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
South Carolina – (continued)
				County of Charleston SC, GO:
	$	4,385,000	AAA	5.000% due 11/1/22		$	4,923,303
		2,500,000	AAA	Series C, 5.000% due 11/1/27			3,250,900
		13,000,000	Aa2(a)	Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000% due 10/1/48(b)			14,346,670
				Scago Educational Facilities Corp. for Colleton School District, Revenue Bonds:
		115,000	A-	5.000% due 12/1/27			136,795
		95,000	A-	5.000% due 12/1/29			112,516
				South Carolina Jobs-Economic Development Authority, Revenue Bonds:
		200,000	A+	Prerefunded 11/1/22 @ 100, 5.000% due 11/1/28(c)			224,276
		65,000	A+	5.000% due 2/1/22			70,547
		30,000	A+	5.000% due 2/1/24			34,500
		50,000	A+	5.000% due 2/1/25			59,072
		50,000	A+	5.000% due 2/1/26			60,501
				South Carolina Ports Authority, Revenue Bonds:
		65,000	A+	5.000% due 7/1/28(d)			83,348
		140,000	A+	5.000% due 7/1/30(d)			177,479
				South Carolina Public Service Authority, Revenue Bonds:
		2,080,000	A	Series A, 5.000% due 12/1/49			2,335,840
		515,000	A	Series A, 5.500% due 12/1/54			588,619
		185,000	A	Series B, 5.000% due 12/1/35			223,054
		275,000	A	Series B, 5.000% due 12/1/36			330,770
		115,000	A	Series C, 5.000% due 12/1/25			135,778
		115,000	A	Series C, 5.000% due 12/1/26			135,582
		90,000	A	Series C, 5.000% due 12/1/27			105,828
		105,000	A	Series C, 5.000% due 12/1/46			119,476
		190,000	A	Series E, 5.500% due 12/1/53			214,761
		355,000	A	Series A, 5.000% due 12/1/50			406,891
		230,000	Aaa(a)	South Carolina State Housing Finance & Development Authority, Revenue Bonds, Series A, 4.000% due 1/1/50			256,549
		50,000	A1(a)	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series A, 5.000% due 10/1/25			61,106
				Total South Carolina			28,498,466
South Dakota – 0.0%
				South Dakota Health & Educational Facilities Authority, Revenue Bonds:
		30,000	AA-	5.000% due 7/1/23			34,187
		15,000	AA-	5.000% due 7/1/24			17,615

See Notes to Financial Statements.

205

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
South Dakota – (continued)
	$	10,000	AA-	5.000% due 7/1/27		$	12,594
		50,000	AA-	5.000% due 7/1/33			61,048
		40,000	AA-	5.000% due 7/1/35			48,570
		35,000	A+	Series B, 5.000% due 11/1/24			41,413
		35,000	A+	Series B, 5.000% due 11/1/25			41,441
		5,000	A+	Series B, 5.000% due 11/1/26			5,896
				Total South Dakota			262,764
Tennessee – 1.0%
				Greeneville Health & Educational Facilities Board, Revenue Bonds:
		30,000	A-	Series A, 5.000% due 7/1/29			37,818
		35,000	A-	Series A, 5.000% due 7/1/30			43,785
				Knox County Health Educational & Housing Facility Board, Revenue Bonds:
		30,000	BBB	5.000% due 4/1/24			34,123
		40,000	BBB	5.000% due 4/1/25			46,586
		35,000	BBB	5.000% due 9/1/22			38,250
		30,000	BBB	5.000% due 9/1/24			34,480
		145,000	A	Memphis-Shelby County Airport Authority, Revenue Bonds, Series B, 5.625% due 7/1/20(d)			150,114
		6,240,000	Aa2(a)	Tennergy Corp., Revenue Bonds, Series A, 5.000% due 2/1/50(b)			7,289,007
				Tennessee Energy Acquisition Corp., Revenue Bonds:
		675,000	A3(a)	4.000% due 11/1/49(b)			758,464
		350,000	A3(a)	Series A, 4.000% due 5/1/48(b)			378,777
				Total Tennessee			8,811,404
Texas – 13.2%
		1,895,000	AAA	Alamo Community College District, GO, 5.000% due 8/15/34			2,380,461
		40,000	AA-	Austin Community College District, Revenue Bonds AMBAC, zero coupon, due 2/1/22			38,693
		2,525,000	Aa3(a)	Brownsville Independent School District, GO, 4.000% due 8/15/22			2,730,838
				Central Texas Regional Mobility Authority, Revenue Bonds:
		70,000	A-	5.000% due 1/1/31			83,179
		145,000	A-	5.000% due 1/1/32			171,643
		95,000	A-	5.000% due 1/1/35			111,573
		45,000	A-	5.000% due 1/1/36			52,766
		35,000	A-	Series A, 5.000% due 1/1/31			41,138
		30,000	A-	Series A, 5.000% due 1/1/32			35,137
		60,000	A-	Series A, 5.000% due 1/1/34			69,914

See Notes to Financial Statements.

206

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	160,000	A-	Series A, 5.000% due 1/1/40		$	184,462
		510,000	A-	Central Texas Turnpike System, Revenue Bonds, Series A, 5.000% due 8/15/42(b)			520,889
		90,000	AA	City of Arlington TX, Special Tax, Series C, 5.000% due 2/15/45			93,956
		80,000	A	City of Austin TX Airport System Revenue, Revenue Bonds, 5.000% due 11/15/29(d)			93,492
		45,000	AA	City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A, 5.000% due 11/15/23			50,319
				City of Dallas TX, GO:
		2,060,000	AA-	5.000% due 2/15/25			2,467,365
		170,000	AA-	5.000% due 2/15/24			197,871
		130,000	AA-	5.000% due 2/15/23			142,259
				City of Houston TX, GO:
		60,000	Aa3(a)	Series A, 5.000% due 3/1/23			67,840
		2,290,000	Aa3(a)	Series A, 5.000% due 3/1/24			2,666,911
		120,000	Aa3(a)	Series A, 5.000% due 3/1/25			143,917
				City of Houston TX Airport System Revenue, Revenue Bonds:
		50,000	A1(a)	Series A, 5.000% due 7/1/26(d)			61,226
		60,000	A1(a)	Series A, 5.000% due 7/1/27(d)			74,959
		30,000	A1(a)	Series A, 5.000% due 7/1/28(d)			38,213
		230,000	A+	Series A, 5.000% due 7/1/20(d)			237,227
		350,000	A+	Series A, 5.000% due 7/1/23(d)			385,934
		90,000	A1(a)	Series B, 5.000% due 7/1/28			116,695
		360,000	A1(a)	Series B, 5.000% due 7/1/29			464,001
		190,000	A1(a)	Series B, 5.000% due 7/1/30			243,192
		2,000,000	A1(a)	Series D, 5.000% due 7/1/24			2,354,860
		1,500,000	A1(a)	Series D, 5.000% due 7/1/25			1,816,365
		1,500,000	A1(a)	Series D, 5.000% due 7/1/26			1,864,260
				City of Houston TX Combined Utility System Revenue, Revenue Bonds:
		250,000	Aa2(a)	Series B, 4.000% due 11/15/21			265,845
		70,000	Aa2(a)	Series B, 5.000% due 11/15/33			86,297
		75,000	AA	Series C, 5.000% due 5/15/28			87,986
		1,040,000	AAA	City of Irving TX, GO, 5.500% due 8/15/23			1,215,760
				City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds:
		1,500,000	AA-	2.750% due 2/1/48(b)			1,565,940
		45,000	AA	5.000% due 2/1/29			57,409
		30,000	AA	5.000% due 2/1/30			38,069
		45,000	AA	5.000% due 2/1/31			56,859

See Notes to Financial Statements.

207

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††		Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	35,000	AA		5.000% due 2/1/33		$	43,838
		90,000	AA		5.250% due 2/1/25			109,532
		205,000	AA-		Series B, 2.000% due 2/1/33(b)			207,112
					County of Harris TX, Revenue Bonds:
		30,000	AA-		Series C, 5.000% due 8/15/24			33,266
		110,000	AA-		Series C, 5.000% due 8/15/25			121,907
					County of Travis TX, GO:
		1,490,000	AAA		Series A, 5.000% due 3/1/38			1,902,864
		85,000	AAA		Series A, 5.000% due 3/1/24			99,396
		2,215,000	AAA		County of Williamson TX, GO, 5.000% due 2/15/30			2,775,395
					Cypress-Fairbanks Independent School District, GO, PSF-GTD:
		9,000,000	AAA		Series B1, 2.125% due 2/15/40(b)			9,147,690
		145,000	AAA		5.000% due 2/15/22			158,859
		145,000	AAA		5.000% due 2/15/23			164,236
		725,000	AAA		5.000% due 2/15/24			847,634
		620,000	AAA		5.000% due 2/15/25			746,591
		105,000	AAA		5.000% due 2/15/27			129,353
		90,000	AAA		Series C, 5.000% due 2/15/44			102,757
		165,000	AAA		Series B2, 1.400% due 2/15/40(b)			165,203
		180,000	AAA		Series B3, 1.400% due 2/15/44(b)			180,221
		210,000	AA+		Dallas Area Rapid Transit, Revenue Bonds AMBAC, 5.250% due 12/1/29			286,810
		185,000	A2(a)		Dallas County Utility & Reclamation District, GO, 5.000% due 2/15/24			214,112
				��	Dallas Independent School District, GO:
		85,000	AAA		PSF-GTD, 5.000% due 2/15/36(b)			92,477
		20,000	Aaa(a)		Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(c)			21,868
					Dallas Love Field, Revenue Bonds:
		40,000	A		5.000% due 11/1/30(d)			47,476
		90,000	A		5.000% due 11/1/31(d)			106,449
					Dallas/Fort Worth International Airport, Revenue Bonds:
		85,000	A+		Series B, 5.000% due 11/1/26(d)			94,648
		35,000	A+		Series B, 5.000% due 11/1/27(d)			38,927
		80,000	A+		Series B, 5.000% due 11/1/28(d)			88,844
		155,000	A+		Series B, 5.000% due 11/1/30(d)			171,222
		330,000	A+		Series B, 5.000% due 11/1/31(d)			363,465
		420,000	A+		Series B, 5.000% due 11/1/32(d)			462,046
		290,000	A+		Series B, 5.000% due 11/1/33(d)			318,658
		70,000	A+		Series B, 5.000% due 11/1/34(d)			76,804

See Notes to Financial Statements.

208

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	1,500,000	A+	Series E, 5.000% due 11/1/22(d)		$	1,668,285
		30,000	A+	Series A, 5.000% due 11/1/19			30,187
		85,000	AAA	Denton Independent School District, GO, PSF-GTD, zero coupon, due 8/15/25			78,157
				Fort Bend Independent School District, GO:
		160,000	AAA	Series D, PSF-GTD, 1.500% due 8/1/42(b)			160,475
		80,000	AAA	Series C, PSF-GTD, 1.350% due 8/1/42(b)			80,158
				Fort Worth Independent School District, GO, PSF-GTD:
		105,000	AAA	5.000% due 2/15/26			130,155
		80,000	AAA	5.000% due 2/15/22			87,544
				Grand Parkway Transportation Corp., Revenue Bonds:
		70,000	BBB	Series A, 5.125% due 10/1/43			78,161
		170,000	BBB	Series A, 5.500% due 4/1/53			192,935
		150,000	AA+	Series A, 5.000% due 10/1/31			191,220
		125,000	AA+	Series A, 5.000% due 10/1/32			158,821
		190,000	AA+	Series A, 5.000% due 10/1/33			240,856
		145,000	AA+	Series A, 5.000% due 10/1/34			183,093
		1,210,000	AA+	Series B, 5.000% due 10/1/52(b)			1,381,832
		35,000	AA+	Series B, 5.000% due 4/1/53			39,333
		70,000	AA+	Series B, 5.250% due 10/1/51			80,075
		940,000	WR(a)	Gregg County Health Facilities Development Corp., Revenue Bonds, Series C, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(c)			1,039,743
				Harris County Flood Control District, Revenue Bonds:
		5,000,000	AAA	Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/39(c)			5,209,450
		1,000,000	AAA	Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/34(c)			1,041,890
		2,000,000	AAA	Houston Independent School District, GO, Series PSF-GTD, 5.000% due 2/15/36			2,505,000
				Irving Hospital Authority, Revenue Bonds:
		15,000	A+	5.000% due 10/15/24			17,499
		20,000	A+	5.000% due 10/15/26			24,299
		15,000	A+	5.000% due 10/15/27			18,129
		20,000	A+	5.000% due 10/15/29			23,986
		30,000	A+	5.000% due 10/15/31			35,492
		40,000	A+	5.000% due 10/15/35			46,627
		30,000	A+	5.000% due 10/15/36			34,893
		35,000	A+	5.000% due 10/15/39			40,426
		45,000	A+	5.000% due 10/15/44			51,561

See Notes to Financial Statements.

209

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
				Lamar Consolidated Independent School District, GO:
	$	7,280,000	AAA	Series PSF-GTD, 5.000% due 2/15/31		$	9,067,604
		7,050,000	AAA	Series PSF-GTD, 5.000% due 2/15/34			8,705,410
		1,225,000	AA+	Lewisville Independent School District, GO, Series B, 5.000% due 8/15/28			1,482,152
				Lower Colorado River Authority, Revenue Bonds:
		1,135,000	A	5.000% due 5/15/22			1,208,457
		135,000	A	5.000% due 5/15/32			171,674
		70,000	A	5.000% due 5/15/34			88,480
		70,000	A	5.000% due 5/15/36			87,971
		400,000	A	Series B, 5.000% due 5/15/21			411,112
		195,000	A	Series B, 5.000% due 5/15/25			235,499
		85,000	A	Series B, 5.000% due 5/15/27			101,750
		85,000	A	Series B, 5.000% due 5/15/28			101,095
		245,000	A	Series B, 5.000% due 5/15/29			292,606
		25,000	A	Series D, 5.000% due 5/15/22			27,545
		20,000	A	Series D, 5.000% due 5/15/23			22,763
		35,000	A	Series D, 5.000% due 5/15/24			41,085
		40,000	A	Series D, 5.000% due 5/15/26			48,172
		2,720,000	AAA	Midlothian Independent School District, GO, Series B, PSF-GTD, 2.500% due 8/1/52(b)			2,753,565
				New Hope Cultural Education Facilities Finance Corp., Revenue Bonds:
		60,000	Aa2(a)	Series A, 5.000% due 8/15/24			70,971
		70,000	Aa2(a)	Series A, 5.000% due 8/15/25			85,196
		45,000	Aa2(a)	Series A, 5.000% due 8/15/26			56,209
		45,000	Aa2(a)	Series A, 5.000% due 8/15/27			57,435
		70,000	Aa2(a)	Series A, 5.000% due 8/15/30			87,417
				Newark Higher Education Finance Corp., Revenue Bonds:
		65,000	A3(a)	5.000% due 4/1/27			77,698
		40,000	A3(a)	5.000% due 4/1/28			47,596
		125,000	AAA	North East Independent School District, GO, Series B, PSF-GTD, 1.420% due 8/1/40(b)			125,024
				North Harris County Regional Water Authority, Revenue Bonds:
		30,000	AA-	4.000% due 12/15/23			32,701
		55,000	AA-	4.000% due 12/15/24			59,856
				North Texas Tollway Authority, Revenue Bonds:
		3,000,000	A+	Series A, 5.000% due 1/1/38			3,801,750
		200,000	A+	Series A, 5.000% due 1/1/39			236,688

See Notes to Financial Statements.

210

TABLE OF CONTENTS

Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	290,000	A+	Series B, 5.000% due 1/1/29		$	343,360
		160,000	A+	Series B, 5.000% due 1/1/30			189,312
		35,000	A+	Series A, 5.000% due 1/1/30			42,413
		40,000	A+	Series A, 5.000% due 1/1/33			49,219
		20,000	A	Series B, 5.000% due 1/1/31			24,017
		85,000	A	Series B, 5.000% due 1/1/32			104,554
		50,000	A+	Series A, 5.000% due 1/1/23			56,333
		145,000	A+	Series A, 5.000% due 1/1/24			168,668
		370,000	WD(g)	Series A, Prerefunded 9/1/21 @ 100, 5.500% due 9/1/41(c)			401,831
		30,000	WD(g)	Series A, Prerefunded 9/1/21 @ 100, 6.000% due 9/1/41(c)			32,876
		685,000	Aaa(a)	Northside Independent School District, GO, PSF-GTD, 2.750% due 8/1/48(b)			721,613
				Permanent University Fund – University of Texas System, Revenue Bonds:
		50,000	Aaa(a)	Series B, 5.000% due 7/1/22			55,457
		50,000	Aaa(a)	Series B, 5.000% due 7/1/29			62,068
		430,000	Aaa(a)	Prosper Independent School District, GO, PSF-GTD, 5.000% due 2/15/44			541,017
		50,000	AAA	Rockwall Independent School District, GO, PSF-GTD, zero coupon, due 2/15/25			46,328
		1,195,000	Aaa(a)	San Antonio Independent School District, GO, Series A, PSF-GTD, 5.000% due 8/1/28			1,486,520
				San Antonio Public Facilities Corp., Revenue Bonds:
		140,000	AA+	5.000% due 9/15/23			155,840
		215,000	AA+	5.000% due 9/15/24			239,187
		270,000	AA+	5.000% due 9/15/25			300,205
				San Antonio Water System, Revenue Bonds:
		175,000	NR	5.000% due 5/15/22			193,279
		390,000	AA	Series B, 2.000% due 5/1/44(b)			397,344
		2,000,000	AA	Series A, 5.000% due 5/15/36			2,520,800
				Sherman Independent School District, GO, PSF-GTD:
		2,130,000	Aaa(a)	Series B, 3.000% due 8/1/48(b)			2,165,891
		45,000	Aaa(a)	Series B, Prerefunded 8/1/20 @ 100, 3.000% due 8/1/48(b)(c)			45,742
				Southwest Higher Education Authority, Inc., Revenue Bonds:
		90,000	AA-	5.000% due 10/1/19			90,262
		65,000	AA-	Prerefunded 10/1/19 @ 100, 5.000% due 10/1/20(c)			65,193
				State of Texas, GO:
		240,000	AAA	1.850% due 8/1/29(b)			241,121
		1,085,000	AAA	2.250% due 8/1/29(b)			1,095,351
		3,500,000	Aaa(a)	5.000% due 8/1/21			3,761,999

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	150,000	AAA	5.000% due 8/1/26(d)		$	176,734
		45,000	AAA	Series A, 5.000% due 8/1/21(d)			48,278
		350,000	AAA	Series B, 5.000% due 8/1/25(d)			401,184
		360,000	AAA	4.000% due 8/1/21(d)			379,447
		45,000	AAA	Series C, 5.000% due 8/1/20(d)			46,573
		40,000	AAA	Series C, 5.000% due 8/1/21(d)			42,914
		2,500,000	AAA	5.000% due 10/1/24			2,934,575
				Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds:
		400,000	A(g)	Series B, 5.000% due 11/15/40			457,948
		155,000	A	5.500% due 9/1/43			174,243
		30,000	AA-	5.000% due 8/15/25			34,330
		45,000	AA-	5.000% due 8/15/26			51,364
		45,000	AA-	5.000% due 8/15/28			51,141
		110,000	AA-	5.000% due 8/15/33			123,613
		165,000	AA	5.000% due 2/15/25			197,629
		60,000	AA	5.000% due 2/15/34			72,626
		165,000	AAA	Texas A&M University, Revenue Bonds, Series C, 5.000% due 5/15/23			188,374
				Texas Department of Housing & Community Affairs, Revenue Bonds:
		420,000	Aaa(a)	2.950% due 7/1/36			442,718
		440,000	AA+	Series A, 4.000% due 3/1/50			496,518
		460,000	Baa3(a)	Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, 7.000% due 12/31/38(d)			544,709
		600,000	AA+	Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28			774,876
		135,000	Aa2(a)	Texas State University System, Revenue Bonds, Series A, 5.000% due 3/15/29			169,677
				Texas Transportation Commission, Revenue Bonds:
		800,000	Baa3(a)	zero coupon, due 8/1/35			461,024
		500,000	Baa3(a)	zero coupon, due 8/1/36			272,985
				Texas Water Development Board, Revenue Bonds:
		125,000	AAA	Series A, 5.000% due 4/15/22			137,507
		180,000	AAA	Series A, 5.000% due 4/15/25			217,838
		75,000	AAA	Series A, 5.000% due 10/15/25			92,105
		125,000	AAA	Series A, 5.000% due 4/15/26			155,571
		190,000	AAA	Series A, 5.000% due 4/15/29			243,962
		505,000	AAA	Series A, 5.000% due 4/15/30			645,683
				Travis County Health Facilities Development Corp., Revenue Bonds:
		2,305,000	NR	Series Prerefunded 1/1/21 @ 100, 7.000% due 1/1/32(c)			2,479,534

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	1,365,000	NR	Series Prerefunded 1/1/21 @ 100, 7.125% due 1/1/46(c)		$	1,470,583
				University of Houston, Revenue Bonds:
		190,000	AA	Series A, 5.000% due 2/15/30			231,380
		10,000	AA	5.250% due 2/15/25			10,030
				University of Texas System, Revenue Bonds:
		60,000	AAA	Series D, 5.000% due 8/15/20			62,245
		65,000	AAA	Series D, 5.000% due 8/15/21			69,961
		70,000	AAA	Series D, 5.000% due 8/15/22			78,009
		80,000	AAA	Series E, 5.000% due 8/15/22			89,153
		90,000	AAA	Series J, 5.000% due 8/15/22			100,297
		1,785,000	NR	Series A, Prerefunded 2/15/22 @ 100, 5.000% due 8/15/27(c)			1,953,986
		90,000	AAA	Series B, 5.000% due 8/15/22			100,297
				Total Texas			119,430,564
Utah – 0.4%
				Salt Lake City Corp. Airport Revenue, Revenue Bonds:
		35,000	A+	Series A, 5.000% due 7/1/26(d)			42,909
		115,000	A+	Series A, 5.000% due 7/1/28(d)			143,332
		85,000	A	Utah Associated Municipal Power Systems, Revenue Bonds, Series A, Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(c)			94,650
		2,500,000	A+	Utah Transit Authority, Revenue Bonds, Series A, 5.000% due 6/15/31			3,324,675
				Total Utah			3,605,566
Virginia – 2.2%
		30,000	BBB	City of Chesapeake VA Chesapeake Expressway Toll Road Revenue, Revenue Bonds, Series A, 5.000% due 7/15/22			32,944
		2,635,000	AAA	City of Suffolk VA, GO, Series A, 5.000% due 2/1/27			3,365,844
		5,000,000	AAA	Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24			5,544,900
				Fredericksburg Economic Development Authority, Revenue Bonds:
		40,000	A3(a)	5.000% due 6/15/27			46,605
		40,000	A3(a)	5.000% due 6/15/29			46,412
		45,000	A3(a)	5.000% due 6/15/33			51,810
		3,180,000	AA	Hampton Roads Transportation Accountability Commission, Revenue Bonds, Series A, 5.000% due 7/1/35			4,023,718
		1,065,000	A-	King George County Economic Development Authority, Revenue Bonds, 2.500% due 6/1/23(b)(d)			1,102,382
		320,000	AA	Norfolk Economic Development Authority, Revenue Bonds, Series B, 5.000% due 11/1/48(b)			413,571
				Stafford County Economic Development Authority, Revenue Bonds:
		20,000	A3(a)	4.000% due 6/15/37			21,712

See Notes to Financial Statements.

213

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Virginia – (continued)
	$	50,000	A3(a)	5.000% due 6/15/32		$	60,101
		65,000	A3(a)	5.000% due 6/15/34			77,612
				Virginia College Building Authority, Revenue Bonds:
		2,805,000	AA+	Series A, 5.000% due 9/1/32			3,634,298
		265,000	AA+	Series E, 5.000% due 2/1/30			342,224
		305,000	AA+	Series E, 5.000% due 2/1/31			391,827
		165,000	AA+	Series D, 5.000% due 2/1/26			204,654
		360,000	AA+	Virginia Commonwealth Transportation Board, Revenue Bonds, Series A, 5.000% due 5/15/30			461,704
		220,000	BBB	Virginia Small Business Financing Authority, Revenue Bonds, 5.000% due 1/1/40(d)			235,382
				Winchester Economic Development Authority, Revenue Bonds:
		60,000	A+	5.000% due 1/1/32			71,340
		75,000	A+	5.000% due 1/1/33			88,760
				Total Virginia			20,217,800
Washington – 4.0%
		60,000	AA	Chelan County Public Utility District No 1, Revenue Bonds, Series A, NPFG, zero coupon, due 6/1/24			55,966
				City of Tacoma WA Electric System Revenue, Revenue Bonds:
		30,000	AA	5.000% due 1/1/29			37,632
		35,000	AA	5.000% due 1/1/36			42,804
		85,000	Aaa(a)	Clark County School District No 37 Vancouver, GO, Series C, NPFG, zero coupon, due 12/1/19			84,754
				Grant County Public Utility District No 2, Revenue Bonds:
		30,000	AA	Series A, 5.000% due 1/1/22			32,654
		30,000	AA	Series A, 5.000% due 1/1/23			33,212
		65,000	AA	Series A, 5.000% due 1/1/24			71,712
				Port of Seattle WA, Revenue Bonds:
		135,000	AA-	Series B, 5.000% due 10/1/29(d)			163,156
		35,000	A+	5.000% due 2/1/27			42,884
		70,000	A+	5.000% due 2/1/29			85,169
		25,000	A	5.000% due 6/1/23(d)			28,327
				State of Washington, GO:
		2,500,000	AA+	Series 2010E, Prerefunded 2/1/20 @ 100, 5.000% due 2/1/34(c)			2,540,425
		5,000,000	AA+	Series 2010E, Prerefunded 2/1/20 @ 100, 5.000% due 2/1/35(c)			5,080,850
		50,000	AA+	Series 2017A, 5.000% due 8/1/27			62,663
		8,430,000	AA+	Series A, 5.000% due 8/1/32			10,834,376
		5,000,000	AA+	Series C, 5.000% due 2/1/33			6,499,900

See Notes to Financial Statements.

214

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Washington – (continued)
	$	50,000	AA+	Series R2017A, 5.000% due 8/1/28		$	62,460
		50,000	AA+	Series R2017A, 5.000% due 8/1/30			61,947
		725,000	AA+	Series R2018D, 5.000% due 8/1/32			912,717
		640,000	AA+	Series R2018D, 5.000% due 8/1/33			804,026
		5,000,000	AA+	Series R2018D, 5.000% due 8/1/35			6,246,050
				Tobacco Settlement Authority, Revenue Bonds:
		70,000	A	5.000% due 6/1/23			78,989
		100,000	A	5.000% due 6/1/24			112,803
				Washington Health Care Facilities Authority, Revenue Bonds:
		115,000	AA-	Series A, 5.000% due 10/1/24			128,086
		95,000	BBB	5.000% due 8/15/32			112,886
		40,000	A+	5.000% due 1/1/29			47,286
		700,000	A	5.000% due 7/1/42			839,314
		65,000	A2(a)	Prerefunded 7/1/20 @ 100, 5.500% due 7/1/30(c)			67,357
		5,000	A	5.000% due 7/1/25			6,011
		60,000	A	5.000% due 7/1/26			74,041
		90,000	A	5.000% due 7/1/29			113,731
		20,000	A	5.000% due 7/1/34			24,659
		70,000	AA-	5.000% due 10/1/27			88,986
		60,000	AA-	5.000% due 10/1/28			77,899
		110,000	BBB	5.000% due 8/15/28			133,251
		275,000	BBB	5.000% due 8/15/31			327,827
				Washington Higher Education Facilities Authority, Revenue Bonds:
		210,000	Baa1(a)	Series A, 5.000% due 10/1/33			245,763
		15,000	Baa1(a)	Series A, 5.000% due 10/1/29			17,802
		35,000	Baa1(a)	Series A, 5.000% due 10/1/30			41,348
		40,000	Baa1(a)	Series A, 5.000% due 10/1/31			47,033
				Total Washington			36,368,756
West Virginia – 1.7%
				State of West Virginia, GO:
		9,860,000	AA-	Series B, 5.000% due 12/1/34			12,545,963
		2,000,000	AA-	Series B, 5.000% due 6/1/35			2,541,080
		190,000	BBB+	West Virginia Hospital Finance Authority, Revenue Bonds, 5.000% due 1/1/33			235,043
				Total West Virginia			15,322,086

See Notes to Financial Statements.

215

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Wisconsin – 1.4%
				Public Finance Authority, Revenue Bonds:
	$	600,000	A-	1.530% due 10/1/25(b)(d)		$	600,084
		535,000	A2(a)	Series A, 5.000% due 10/1/44			653,931
		25,000	BB(g)	5.000% due 10/1/43(e)			27,907
		30,000	BB(g)	5.000% due 10/1/48(e)			33,400
		130,000	BB(g)	5.000% due 10/1/53(e)			144,352
		35,000	BB(g)	5.000% due 5/15/23(e)			38,605
		35,000	BB(g)	5.000% due 5/15/30(e)			40,024
		10,000	BB(g)	5.250% due 5/15/37(e)			11,384
		15,000	BB(g)	5.250% due 5/15/42(e)			16,923
		15,000	BB(g)	5.250% due 5/15/47(e)			16,865
		25,000	BB(g)	5.250% due 5/15/52(e)			28,038
		610,000	BBB	Series A, 5.250% due 10/1/43			717,640
		610,000	BBB	Series A, 5.250% due 10/1/48			714,042
				Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
		7,255,000	AA	5.000% due 8/15/54(b)			8,180,941
		50,000	WR(a)	Prerefunded 7/1/20 @ 100, 5.500% due 7/1/40(c)			51,792
		30,000	WR(a)	Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/25(c)			34,273
		200,000	WR(a)	Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/36(c)			228,488
		25,000	BBB+	5.000% due 5/1/26			28,475
		50,000	BBB+	5.000% due 5/1/28			56,744
		25,000	BBB+	5.000% due 5/1/29			28,352
		65,000	BBB-	5.000% due 9/1/36			75,184
		50,000	BBB-	5.000% due 9/1/34			58,367
		50,000	A3(a)	5.000% due 6/1/27			54,111
		30,000	A3(a)	5.000% due 6/1/32			32,300
		70,000	A3(a)	5.000% due 6/1/39			74,748
		55,000	NR	Prerefunded 7/1/20 @ 100, 5.750% due 7/1/30(c)			57,085
		255,000	AA-	5.000% due 11/15/24			302,060
		195,000	AA-	5.000% due 11/15/27			229,355
		50,000	NR	Series C, Prerefunded 8/15/22 @ 100, 5.000% due 8/15/32(c)			55,593
		35,000	WD(g)	Series Prerefunded 8/15/25 @ 100, 4.000% due 2/15/38(c)			40,456
				Total Wisconsin			12,631,519
				TOTAL MUNICIPAL BONDS (Cost – $793,504,471)			835,213,274
				TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $793,504,471)			835,213,274

See Notes to Financial Statements.

216

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
SHORT-TERM INVESTMENTS – 9.3%
MUNICIPAL BONDS – 5.3%
	$	4,125,000	SP-1+	City of Los Angeles CA, Revenue Notes 5.000% due 6/25/20		$	4,257,577
		10,000,000	MIG1(a)	Cobb County School District, GO 3.000% due 12/18/19			10,053,300
		10,000,000	SP-1	County of Fulton GA, Revenue Notes 2.500% due 12/31/19			10,044,900
		2,500,000	MIG1(a)	PMA Levy & Aid Anticipation Notes Program WI, Revenue Notes 3.000% due 10/18/19			2,502,740
		20,000,000	SP-1+	State of Texas, Revenue Notes 4.000% due 8/27/20			20,554,200
				TOTAL MUNICIPAL BONDS (Cost – $47,355,640)			47,412,717
TIME DEPOSITS – 4.0%
		9,930,649		Banco Santander SA – Frankfurt, 1.490% due 9/3/19			9,930,649
		7,566,920		Citibank – New York, 1.490% due 9/3/19			7,566,920
		18,915,463		JPMorgan Chase & Co. – New York, 1.490% due 9/3/19			18,915,463
				TOTAL TIME DEPOSITS (Cost – $36,413,032)			36,413,032
				TOTAL SHORT-TERM INVESTMENTS (Cost – $83,768,672)			83,825,749
				TOTAL INVESTMENTS – 101.9% (Cost – $877,273,143#)			919,039,023
				Liabilities in Excess of Other Assets – (1.9)%			(16,845,965)
				TOTAL NET ASSETS – 100.0%		$	902,193,058

††

All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

(a)

Rating by Moody’s Investors Service. All ratings are unaudited.

(b)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.

(c)

Pre-refunded bonds are escrowed with government obligations and/or government agency securities and are considered by the Manager to be triple-A rated even if the issuer has not applied for new ratings.

(d)

Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).

(e)

(f)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $2,966,891 and represents 0.33% of net assets.

(g)

Rating by Fitch Ratings Service. All ratings are unaudited.

Aggregate cost for federal income tax purposes is substantially the same.

See Notes to Financial Statements.

217

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Municipal Fixed Income Fund (concluded)

Abbreviations used in this schedule:

AGC

— American Guarantee Corporation

AGM

— Assured Guaranty Municipal Corporation

AMBAC

— American Bond Assurance Corporation

AMT

— Alternative Minimum Tax

COP

— Certificate of Participation

— General Obligation

LIBOR

— London Interbank Offered Rate

LLC

— Limited Liability Company

MTA

— Metropolitan Transportation Authority

NPFG

— National Public Finance Guarantee Corporation

PSF-GTD

— Permanent School Fund Guaranteed

See pages 233 – 234 for definitions of ratings

Summary of Investments by Security Industry^

	General Obligation					46.3%
	Education					14.6
	Health Care Providers & Services					10.0
	Transportation					6.7
	Water and Sewer					4.7
	Airport					3.0
	Development					1.5
	Power					1.3
	Pollution					1.0
	Housing					0.9
	Utilities					0.6
	Tobacco					0.2
	Facilities					0.1
	Community Facilities Districts					0.0*
	Short-Term Investments					9.1
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

See Notes to Financial Statements.

218

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund

Face Amount/Units/Shares			Security	Value
CORPORATE BONDS & NOTES – 20.3%
Communications – 5.0%
	$	14,773,000	Consolidated Communications Inc., Company Guaranteed Notes, 6.500% due 10/1/22(a)		$	13,812,755
		7,400,000	EIG Investors Corp., Company Guaranteed Notes, 10.875% due 2/1/24			7,779,250
		13,500,000	Frontier Communications Corp., Senior Unsecured Notes, 10.500% due 9/15/22			7,020,000
		10,277,500	HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(a)(b)			8,941,425
		10,000,000	Intelsat Connect Finance SA, Company Guaranteed Notes, 9.500% due 2/15/23(b)			8,900,000
			Total Communications			46,453,430
Consumer Cyclical – 2.9%
		6,715,000	Arrow Bidco LLC, Senior Secured Notes, 9.500% due 3/15/24(a)(b)			6,698,213
		4,000,000	CEC Entertainment Inc., Company Guaranteed Notes, 8.000% due 2/15/22			3,800,000
		7,593,000	JC Penney Corp. Inc., Senior Secured Notes, 5.875% due 7/1/23(b)			6,378,120
		1,670,000	PetSmart Inc., Senior Secured Notes, 5.875% due 6/1/25(b)			1,636,600
		10,000,000	Tesla Inc., Company Guaranteed Notes, 5.300% due 8/15/25(b)			8,925,000
			Total Consumer Cyclical			27,437,933
Consumer Non-cyclical – 4.9%
			CHS/Community Health Systems Inc., Senior Secured Notes:
		994,000	6.250% due 3/31/23			961,794
		7,000,000	8.000% due 3/15/26(b)			6,720,000
		7,000,000	Coty Inc., Company Guaranteed Notes, 6.500% due 4/15/26(b)			6,615,000
			Endo Dac/Endo Finance LLC/Endo Finco Inc., Company Guaranteed Notes:
		3,500,000	6.000% due 7/15/23(b)			2,310,000
		8,878,000	6.000% due 2/1/25(b)			5,548,750
		8,267,000	HLF Financing SARL LLC/Herbalife International Inc., Company Guaranteed Notes, 7.250% due 8/15/26(b)			8,163,662
		8,339,000	Revlon Consumer Products Corp., Company Guaranteed Notes, 5.750% due 2/15/21			7,588,490
		8,099,000	Vector Group Ltd., Senior Secured Notes, 6.125% due 2/1/25(a)(b)			7,937,020
			Total Consumer Non-cyclical			45,844,716
Energy – 1.6%
		13,375,000	California Resources Corp., Secured Notes, 8.000% due 12/15/22(b)			7,690,625
			EP Energy LLC/Everest Acquisition Finance Inc.:
			Company Guaranteed Notes:	��
		1,340,000	9.375% due 5/1/20			6,700
		1,660,000	7.750% due 9/1/22			4,150
		11,951,000	6.375% due 6/15/23			29,878
		11,986,000	Secured Notes, 9.375% due 5/1/24(b)			898,950

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units/Shares			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	4,000,000	Senior Secured Notes, 8.000% due 11/29/24(b)		$	1,720,000
			Sable Permian Resources Land LLC/AEPB Finance Corp., Company Guaranteed Notes:
		6,336,000	7.125% due 11/1/20(b)			633,600
		3,242,000	7.375% due 11/1/21(b)			324,200
			Sanchez Energy Corp., Company Guaranteed Notes:
		40,536,000	7.750% due 6/15/21(c)			1,824,120
		430,000	6.125% due 1/15/23(c)			18,275
		12,129,931	Ultra Resources Inc., Secured Notes, 11.000% due 7/12/24(d)			1,455,592
			Total Energy			14,606,090
Financial – 4.3%
		35,844	Capital Southwest Corp., Corporate Unsecured Notes, 5.950% due 12/15/22(e)			933,736
			Genworth Holdings Inc., Company Guaranteed Notes:
		7,253,000	7.700% due 6/15/20(e)			7,463,700
		2,999,000	7.625% due 9/24/21			3,126,457
		11,600,000	ILFC E-Capital Trust I, Limited Guaranteed Notes, 4.090% due 12/21/65(a)(b)(f)			8,120,000
		15,582	Portman Ridge Finance Corp., Corporate Unsecured Notes, 6.125% due 9/30/22			394,536
		8,000,000	Realogy Group LLC/Realogy Co.-Issuer Corp., Company Guaranteed Notes, 9.375% due 4/1/27(b)			6,920,000
		3,505,000	State Street Corp., Junior Subordinated Notes, 3.410% (3-Month USD-LIBOR + 1.000%) due 6/15/37(f)			2,690,432
		29,980	TriplePoint Venture Growth BDC Corp., Corporate Unsecured Notes, 5.750% due 7/15/22			769,398
		11,142,000	USB Realty Corp., Junior Subordinated Notes, 3.450% (3-Month USD-LIBOR + 1.147%)(a)(b)(f)(g)			9,526,410
			Total Financial			39,944,669
Technology – 0.6%
		6,000,000	Avaya Holdings Corp., Senior Unsecured Notes, 2.250% due 6/15/23			5,593,336
Utilities – 1.0%
		3,000,000	Pacific Gas & Electric Co., Senior Unsecured Notes, 3.950% due 12/1/47(c)			2,902,500
			Talen Energy Supply LLC, Company Guaranteed Notes:
		5,000,000	6.500% due 6/1/25			3,800,000
		3,511,000	10.500% due 1/15/26(b)			3,191,499
			Total Utilities			9,893,999
			TOTAL CORPORATE BONDS & NOTES (Cost – $255,807,075)			189,774,173

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units/Shares			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 10.5%
			Bear Stearns ALT-A Trust:
	$	1,390,338	Series 2004-8, Class 1A, 2.845% (1-Month USD-LIBOR + 0.700%) due 9/25/34(f)		$	1,389,338
		5,167,118	Series 2004-8, Class 2A, 2.825% (1-Month USD-LIBOR + 0.680%) due 9/25/34(f)			5,209,252
		3,719,854	Federal National Mortgage Association (FNMA), Connecticut Avenue Securities, Series 2017-C02, Class 2M1, 3.295% (1-Month USD-LIBOR + 1.150%) due 9/25/29(f)			3,726,173
			Federal National Mortgage Association (FNMA), Connecticut Avenue Securities (Restricted):
		2,291,343	Series 2014-C04, Class 2M2, 7.145% (1-Month USD-LIBOR + 5.000%) due 11/25/24(f)			2,441,360
		2,859,432	Series 2015-C01, Class 1M2, 6.445% (1-Month USD-LIBOR + 4.300%) due 2/25/25(f)			3,012,763
		6,137,116	Series 2016-C01, Class 2M2, 9.095% (1-Month USD-LIBOR + 6.950%) due 8/25/28(f)			6,611,733
		8,940,700	Series 2016-C02, Class 1M2, 8.145% (1-Month USD-LIBOR + 6.000%) due 9/25/28(f)			9,671,197
		5,000,000	Series 2016-C03, Class 1M2, 7.445% (1-Month USD-LIBOR + 5.300%) due 10/25/28(f)			5,406,776
		9,045,112	Series 2016-C03, Class 2M2, 8.045% (1-Month USD-LIBOR + 5.900%) due 10/25/28(f)			9,742,592
		7,475,191	Series 2016-C05, Class 2M2, 6.595% (1-Month USD-LIBOR + 4.450%) due 1/25/29(f)			7,839,482
		12,473,515	Series 2016-C07, Class 2M2, 6.495% (1-Month USD-LIBOR + 4.350%) due 5/25/29(f)			13,069,102
		12,480,000	Series 2017-C01, Class 1M2, 5.816% (1-Month USD-LIBOR + 3.550%) due 7/25/29(f)			13,042,089
		11,450,000	Series 2017-C02, Class 2M2, 5.795% (1-Month USD-LIBOR + 3.650%) due 9/25/29(f)			12,005,853
		3,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes (Restricted), Series 2016-DNA4, Class M3, 5.945% (1-Month USD-LIBOR + 3.800%) due 3/25/29(f)			3,175,367
		1,326,941	MASTR Adjustable Rate Mortgages Trust, Series 2004-9, Class M2, 3.295% (1-Month USD-LIBOR + 1.150%) due 11/25/34(f)			1,311,692
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $99,607,606)			97,654,769

See Notes to Financial Statements.

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August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units/Shares			Security	Value
SENIOR LOANS(f) – 5.0%
	$	9,200,000	Asurion LLC, 8.612% (1-Month USD-LIBOR + 6.500%) due 8/4/25		$	9,327,052
		4,807,585	Bausch Health Cos. Inc., 5.201% (1-Month USD-LIBOR + 3.000%) due 6/2/25			4,813,018
		5,818,249	Fossil Group Inc., 10.090% (1-Week USD-LIBOR + 8.000%) due 12/31/20			5,808,532
		4,495,709	Genworth Holdings Inc., 6.670% (2-Month USD-LIBOR + 4.500%) due 3/7/23			4,523,807
		7,697,308	Mallinckrodt International Finance SA, 5.080% (3-Month USD-LIBOR + 2.750%) due 9/24/24			5,959,641
		2,250,000	Pacific Gas & Electric Co., 4.500% (1-Month USD-LIBOR + 2.250%) due 12/31/20			2,255,625
		5,009,564	Uber Technologies Inc., 5.645% (1-Month USD-LIBOR + 3.500%) due 7/13/23			4,989,876
		8,931,298	Uniti Group Inc., 7.112% (1-Month USD-LIBOR + 5.000%) due 10/24/22			8,620,935
			TOTAL SENIOR LOANS (Cost – $47,621,860)			46,298,486
ASSET-BACKED SECURITIES – 1.4%
		989,212	Aames Mortgage Investment Trust, Series 2006-1, Class A4, 2.705% (1-Month USD-LIBOR + 0.560%) due 4/25/36(f)			984,267
			Ellington Loan Acquisition Trust:
		470,962	Series 2007-1, Class M1, 4.245% (1-Month USD-LIBOR + 2.100%) due 5/25/37(b)(f)			403,720
		1,565,000	Series 2007-2, Class M1A, 4.145% (1-Month USD-LIBOR + 2.000%) due 5/25/37(b)(f)			1,295,159
		602,383	Finance America Mortgage Loan Trust, Series 2004-2, Class M7, 4.845% (1-Month USD-LIBOR + 2.700%) due 8/25/34(f)			522,023
		2,624,024	First Franklin Mortgage Loan Trust, Series 2006-FF17, Class A5, 2.295% (1-Month USD-LIBOR + 0.150%) due 12/25/36(f)			2,294,818
		3,125,402	GSAMP Trust, Series 2006-HE5, Class A2C, 2.295% (1-Month USD-LIBOR + 0.150%) due 8/25/36(f)			3,037,782
		2,222,010	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class AV1B, 2.405% (1-Month USD-LIBOR + 0.260%) due 7/25/35(f)			2,220,052
		4,447,000	Renaissance Home Equity Loan Trust, Series 2005-3, Class M1, step bond to yield, 5.256% due 11/25/35			2,341,770
			TOTAL ASSET-BACKED SECURITIES (Cost – $13,043,176)			13,099,591

See Notes to Financial Statements.

222

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August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units/Shares				Security	Value
MUNICIPAL BONDS – 1.3%
Ohio – 0.0%
	$	14,650	NR	Ohio Air Quality Development Authority, Revenue Bonds, 3.100% due 3/1/23(c)(f)		$	12,801
Pennsylvania – 0.0%
				Beaver County Industrial Development Authority, Revenue Bonds:
		10,000	NR	Series A, 2.700% due 4/1/35(c)(f)			8,737
		10,000	NR	Series A, 3.500% due 4/1/41(c)(f)			8,738
				Total Pennsylvania			17,475
Puerto Rico – 1.3%
		22,175,000	NR	Commonwealth of Puerto Rico, GO, Series A, 8.000% due 7/1/35(c)			12,279,406
				TOTAL MUNICIPAL BONDS (Cost – $8,742,534)			12,309,682

Shares/Units
OPEN-END FUND – 18.2%
	14,793,800	JPMorgan Strategic Income Opportunities Fund, Class R6 Shares (Cost – $171,708,427)	169,980,765
COMMON STOCKS – 16.2%
BASIC MATERIALS – 0.1%
Chemicals – 0.1%
	48,936	Hexion Holdings Corp., Class B Shares*(h)	585,617
COMMUNICATIONS – 1.1%
Telecommunications – 1.1%
	664,737	Consolidated Communications Holdings Inc.	2,678,890
	199,938	HC2 Holdings Inc.*(e)	399,876
	218,500	Zayo Group Holdings Inc.*(a)	7,354,710
		Total Telecommunications	10,433,476
		TOTAL COMMUNICATIONS	10,433,476
CONSUMER CYCLICAL – 0.2%
Entertainment – 0.2%
	174,972	Lions Gate Entertainment Corp., Class A Shares	1,579,997
CONSUMER NON-CYCLICAL – 8.2%
Biotechnology – 2.8%
	12,053	Allakos Inc.*(e)	1,066,208
	75,274	Argenx SE, ADR*(a)	9,894,767
	39,823	Blueprint Medicines Corp.*	3,053,230
	50,386	Celgene Corp.*(a)	4,877,365
	16,072	Deciphera Pharmaceuticals Inc.*	583,092

See Notes to Financial Statements.

223

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August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	1,146	DermTech Inc.*(i)		$	6,188
	445,158	Orchard Therapeutics PLC, ADR*(a)			6,588,338
		Total Biotechnology			26,069,188
Healthcare-Products – 0.7%
	502,341	Alphatec Holdings Inc.*			2,627,244
	50,769	Inspire Medical Systems Inc.*			3,528,953
		Total Healthcare-Products			6,156,197
Healthcare-Services – 0.6%
	253,708	SI-BONE Inc.*(a)			4,932,084
	97,259	Vapotherm Inc.*			1,128,204
		Total Healthcare-Services			6,060,288
Pharmaceuticals – 4.1%
	51,621	Allergan PLC			8,244,906
	40,341	Ascendis Pharma AS, ADR*(a)			4,519,402
	624,303	Cytokinetics Inc.*(a)			8,771,457
	23,446	Ideaya Biosciences Inc.*			159,433
	46,209	Mirati Therapeutics Inc.*(a)			3,787,752
	160,789	MyoKardia Inc.*(a)			8,645,625
	93,847	Odonate Therapeutics Inc.*(e)			2,891,426
	63,596	Sutro Biopharma Inc.*			513,220
	101,038	Trevi Therapeutics Inc.*(i)			501,148
		Total Pharmaceuticals			38,034,369
		TOTAL CONSUMER NON-CYCLICAL			76,320,042
DIVERSIFIED – 2.0%
SPACs – 2.0%
	76,557	8i Enterprises Acquisition Corp.*(i)			762,508
	42,677	Act II Global Acquisition Corp.*(i)			434,879
	100,702	Agba Acquisition Ltd.*(i)			1,018,097
	41,641	Alberton Acquisition Corp.*(i)			434,732
	42,105	Andina Acquisition Corp. III*(e)(i)			421,471
	36,775	B Riley Principal Merger Corp.*			367,750
	50,725	Big Rock Partners Acquisition Corp.*(i)			529,062
	33,529	Boxwood Merger Corp., Class A Shares*			336,631
	24,648	CF Finance Acquisition Corp.*			259,297
	4,940	Chardan Healthcare Acquisition Corp.*			50,437
	28,503	ChaSerg Technology Acquisition Corp.*(i)			291,586

See Notes to Financial Statements.

224

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August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
	18,907	Churchill Capital Corp. II*		$	196,255
	43,875	DD3 Acquisition Corp.*			441,821
	483,000	Diamond Eagle Acquisition Corp.*(a)			4,873,470
	28,503	Edtechx Holdings Acquisition Corp.*			293,581
	2	Far Point Acquisition Corp.*			21
	16,206	Far Point Acquisition Corp., Class A Shares*			167,084
	37,048	Fellazo Inc.*(i)			369,369
	25,081	FinTech Acquisition Corp. III*			267,113
	38,120	GigCapital2 Inc.*			384,208
	16,736	Gordon Pointe Acquisition Corp.*			174,556
	43,099	Graf Industrial Corp.*(i)			450,385
	35,473	GX Acquisition Corp.*			361,115
	26,238	Haymaker Acquisition Corp. II*			269,989
	22,488	Health Sciences Acquisitions Corp.*(i)			238,373
	32,628	Hennessy Capital Acquisition Corp. IV*			342,594
	40,972	Insurance Acquisition Corp.*(i)			417,095
	42,092	Legacy Acquisition Corp., Class A Shares*			428,076
	61,710	Leisure Acquisition Corp.*			630,059
	2,813	LF Capital Acquisition Corp., Class A Shares*			28,721
	10,785	Monocle Acquisition Corp.*			112,595
	18,239	Opes Acquisition Corp.*			188,409
	14,462	Pivotal Acquisition Corp., Class A Shares*			147,079
	95,271	Proficient Alpha Acquisition Corp.*			966,048
	30,657	Pure Acquisition Corp.*			312,702
	43,473	Schultze Special Purpose Acquisition Corp.*(i)			446,902
	51,279	South Mountain Merger Corp.*			515,867
	8,304	Tiberius Acquisition Corp.*			84,701
	4,232	Trident Acquisitions Corp.*(e)			44,182
	3,426	Trinity Merger Corp., Class A Shares*			35,493
	32,225	Tuscan Holdings Corp.*			343,196
	18,561	Twelve Seas Investment Co.*			189,693
	17,313	VectoIQ Acquisition Corp.*			176,419
	32,363	Wealthbridge Acquisition Ltd.*			332,368
		Total SPACs			19,135,989
		TOTAL DIVERSIFIED			19,135,989

See Notes to Financial Statements.

225

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August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – 3.9%
Banks – 0.6%
	410,186	Kearny Financial Corp.(a)		$	5,160,140
Insurance – 1.3%
	1,577,119	FGL Holdings(a)			12,585,409
Investment Companies – 1.1%
	812,481	Barings BDC Inc.			8,124,810
	52,808	FS KKR Capital Corp.			298,365
	287,780	Garrison Capital Inc.			2,002,949
		Total Investment Companies			10,426,124
Savings & Loans – 0.9%
	271,934	OceanFirst Financial Corp.(a)			5,716,053
	178,297	Waterstone Financial Inc(a)			2,957,947
		Total Savings & Loans			8,674,000
		TOTAL FINANCIAL			36,845,673
INDUSTRIAL – 0.3%
Electronics – 0.3%
	432,487	Fluidigm Corp.*(a)			2,413,278
TECHNOLOGY – 0.4%
Computers – 0.4%
	153,385	Perspecta Inc.			3,980,341
		TOTAL COMMON STOCKS (Cost – $147,579,519)			151,294,413
CLOSED-END FUNDS – 15.0%
	279,048	Aberdeen Emerging Markets Equity Income Fund Inc., Class Common Shares			1,922,641
	685,296	Aberdeen Total Dynamic Dividend Fund, Class Common Shares			5,496,074
	21,998	Advent Convertible & Income, Class Common Shares(e)			314,791
	217,211	AllianzGI Convertible & Income 2024 Target, Class Common Shares			2,035,267
	390,924	AllianzGI NFJ Dividend Interest & Premium Strategy Fund, Class Common Shares			4,734,090
	28,677	BlackRock California Municipal Income Trust, Class Common Shares			396,029
	53,693	BlackRock Debt Strategies Fund Inc., Class Common Shares			574,515
	107,504	BlackRock New York Municipal Income Quality Trust, Class Common Shares			1,490,435
	163,325	BlackRock Resources & Commodities Strategy Trust, Class Common Shares			1,228,204
	541,792	BrandywineGLOBAL Global Income Opportunities Fund Inc., Class Common Shares			6,452,743
	3	Clough Global Dividend & Income Fund, Class Common Shares			33
	59,807	Clough Global Equity Fund, Class Common Shares			694,359
	440,324	Clough Global Opportunities Fund, Class Common Shares			4,099,416

See Notes to Financial Statements.

226

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
CLOSED-END FUNDS – (continued)
	211,961	Cornerstone Strategic Value Fund Inc., Class Common Shares		$	2,431,193
	23,130	Cornerstone Total Return Fund Inc., Class Common Shares			257,899
	15,816	Cushing Renaissance Fund, Class Common Shares			206,873
	314,726	Delaware Enhanced Global Dividend & Income Fund, Class Common Shares			3,021,370
	561,532	Eaton Vance Ltd. Duration Income Fund, Class Common Shares			7,030,381
	102,977	Eaton Vance Tax-Managed Buy-Wr, Class Common Shares			972,103
	88,110	Franklin Ltd. Duration Income Trust, Class Common Shares(e)			827,353
	21,356	GDL Fund, Class Common Shares			195,621
	24,494	General American Investors Co., Inc., Class Preferred Shares(b)			660,473
	136,884	Highland Global Allocation Fund, Class Common Shares			1,382,528
	543,445	Highland Income Fund, Class Z Shares(a)			7,097,392
	42,485	India Fund Inc., Class Common Shares			850,550
	723,951	Invesco Dynamic Credit Opportunities Fund, Class Common Shares(e)			7,854,868
	243,414	Invesco High Income Trust II, Class Common Shares			3,471,084
	42,462	Invesco Municipal Opportunity Trust, Class Common Shares			542,240
	1,919,854	Invesco Senior Income Trust, Class Common Shares(a)			7,948,196
	212,913	Kayne Anderson MLP/Midstream Investment Co., Class Common Shares(e)			3,006,332
	82,797	Lazard World Dividend & Income Fund Inc., Class Common Shares			754,281
	97,711	Morgan Stanley Emerging Markets Debt Fund Inc., Class Common Shares			904,804
	29,186	Neuberger Berman California Municipal Fund Inc., Class Common Shares(e)			414,733
	333,015	Neuberger Berman High Yield Strategies Fund Inc., Class Common Shares			3,943,997
	28,298	Neuberger Berman New York Municipal Fund Inc., Class Common Shares			352,310
	110,981	NexPoint Strategic Opportunities Fund, Class Common Shares			1,975,462
	30,554	Nuveen Connecticut Quality Municipal Income Fund, Class Common Shares			414,312
	531,384	Nuveen Credit Strategies Income Fund, Class Common Shares			3,985,380
	97,651	Nuveen Georgia Quality Municipal Income Fund, Class Common Shares			1,235,520
	79,667	Nuveen Intermediate Duration Quality Municipal Term Fund, Class Common Shares			1,098,767
	61,104	Nuveen Mortgage Opportunity Term Fund 2, Class Common Shares			1,361,935
	166,424	Nuveen Mortgage Opportunity Term Fund, Class Common Shares			3,832,745
	33,108	Nuveen North Carolina Quality Municipal Income Fund, Class Common Shares			453,580
	28,463	Nuveen Ohio Quality Municipal Income Fund, Class Common Shares			452,562
	120,475	Nuveen Quality Municipal Income Fund, Class Common Shares			1,752,911
	661,060	PGIM Global High Yield Fund Inc., Class Common Shares(a)			9,320,946
	235,718	PGIM High Yield Bond Fund Inc., Class Common Shares			3,403,768
	238,831	Royce Micro-Capital Trust Inc., Class Common Shares			1,874,823
	19,538	Source Capital Inc., Class Common Shares			692,427
	106,401	Special Opportunities Fund Inc., Class Common Shares			1,470,462

See Notes to Financial Statements.

227

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
CLOSED-END FUNDS – (continued)
	829,493	Templeton Global Income Fund, Class Common Shares		$	5,051,612
	216,980	Tortoise Midstream Energy Fund Inc., Class Common Shares			2,610,269
	8,009	Virtus Total Return Fund Inc., Class Common Shares			86,417
	568	Voya Emerging Markets High Income Dividend Equity Fund, Class Common Shares			3,908
	1,739,832	Voya Prime Rate Trust, Class Common Shares(a)			8,090,219
	99,238	Western Asset Corporate Loan Fund Inc., Class Common Shares			932,837
	42,738	Western Asset Emerging Markets Debt Fund Inc., Class Common Shares			580,382
	299,186	Western Asset Global High Income Fund Inc., Class Common Shares			2,917,063
	596,406	Western Asset High Income Opportunity Fund Inc., Class Common Shares			2,987,994
		TOTAL CLOSED-END FUNDS (Cost – $143,230,766)			140,151,479
PREFERRED STOCK – 0.1%
FINANCIAL – 0.1%
Investment Companies – 0.1%
	34,533	THL Credit Inc., 6.125%
		(Cost – $858,338)			915,124
WARRANTS – 0.0%
DIVERSIFIED – 0.0%
SPACs – 0.0%
	76,557	8i Enterprises Acquisition Corp.*(i)			21,528
	1,071	Akerna Corp.*(i)			1,189
	62,291	Allied Esports Entertainment Inc.*(i)			11,835
	25,362	Big Rock Partners Acquisition Corp.*(i)			5,326
	33,529	Boxwood Merger Corp.*(i)			20,811
	32,931	Chardan Healthcare Acquisition Corp.*(i)			25,456
	43,875	DD3 Acquisition Corp.*(i)			11,732
	22,935	DermTech Inc.(i)*			2,064
	5,402	Far Point Acquisition Corp.*(i)			7,131
	16,736	Gordon Pointe Acquisition Corp.*(i)			7,531
	42,092	Legacy Acquisition Corp.*(i)			16,795
	30,854	Leisure Acquisition Corp.*(i)			22,983
	2,813	LF Capital Acquisition Corp.*(i)			955
	10,017	NRC Group Holdings Corp.*(i)			21,036
	18,239	Opes Acquisition Corp.*(i)			3,099
	36,319	Pensare Acquisition Corp.*(i)			9,076
	14,462	Pivotal Acquisition Corp.*(i)			18,656
	15,328	Pure Acquisition Corp.*(i)			15,328
	4,234	Repay Holdings Corp.*(i)			3,260

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
WARRANTS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
	8,304	Tiberius Acquisition Corp.*(i)		$	4,733
	4,232	Trident Acquisitions Corp.*(i)			664
	3,426	Trinity Merger Corp.*(i)			2,223
	18,561	Twelve Seas Investment Co.*(i)			3,527
	190,596	Ultra Petroleum Corp.*(i)			1,906
	17,313	VectoIQ Acquisition Corp.*(i)			7,964
	23,299	X4 Pharmaceuticals Inc.*(h)			—
		Total SPACs			246,808
		TOTAL DIVERSIFIED			246,808
		TOTAL WARRANTS (Cost – $434,780)			246,808
RIGHTS – 0.0%
	76,557	8i Enterprises Acquisition Corp.*(i)			23,733
	50,724	Big Rock Partners Acquisition Corp.*(i)			7,608
	72,639	Pensare Acquisition Corp.*(i)			14,528
	18,561	Twelve Seas Investment Co.*(i)			4,640
		TOTAL RIGHTS (Cost – $89,538)			50,509
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $888,723,619)			821,775,799

Face Amount
SHORT-TERM INVESTMENTS – 10.2%
TIME DEPOSITS – 10.2%
		49,499,428GBP	ANZ National Bank – London, 1.490% due 9/3/19		49,499,428
		3,478,465EUR	Banco Santander SA – Frankfurt, 1.490% due 9/3/19		3,478,465
	$	35,643,404	Citibank – New York, 1.490% due 9/3/19		35,643,404
		6,658,295JPY	Sumitomo Mitsui Banking Corp. – Tokyo, 1.490% due 9/3/19		6,658,295
			TOTAL TIME DEPOSITS (Cost – $95,279,592)		95,279,592
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.2%
MONEY MARKET FUND – 1.2%
		11,094,771	Federated Government Obligations Fund, Premier Class, 2.012%(j) (Cost – $11,094,771)		11,094,771
			TOTAL INVESTMENTS – 99.4% (Cost – $995,097,982#)		928,150,162
			Other Assets in Excess of Liabilities – 0.6%		5,909,728
			TOTAL NET ASSETS – 100.0%	$	934,059,890

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Non-income producing security.

(a)

All or a portion of this security is pledged by the Fund as collateral for short sales or derivative transactions.

(b)

(c)

Security is currently in default.

(d)

Payment in-kind security for which part of the income earned may be paid as additional principal.

(e)

All or a portion of this security is on loan (See Note 5).

(f)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.

(g)

Security is perpetual in nature and has no stated maturity date.

(h)

Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.

(i)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $6,619,112 and represents 0.71% of net assets.

(j)

Represents investment of collateral received from securities lending transactions.

Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

— General Obligation

LIBOR

— London Interbank Offered Rate

LLC

— �� Limited Liability Company

PLC

— Public Limited Company

SPACs

— Special Purpose Acquisition Companies

SPDR

— Standard & Poor’s Depository Receipts

Summary of Investments by Security Type^

	Corporate Bonds & Notes					20.4%
	Open-End Fund					18.3
	Common Stocks					16.3
	Closed-End Funds					15.1
	Collateralized Mortgage Obligations					10.5
	Senior Loans					5.1
	Asset-Backed Securities					1.4
	Municipal Bonds					1.3
	Preferred Stock					0.1
	Warrants					0.0*
	Rights					0.0*
	Short-Term Investments					10.3
	Money Market Fund					1.2
						100.0%

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

As a percentage of total investments.

Position represents less than 0.05%.

Schedule of Options Contracts Written
Equity Options

Number of
Contracts

Notional
Amount

Security Name

Counterparty

Expiration
Date

Exercise
Rate

Value

121

1,070,366

Allakos Inc.

GSC

9/20/19

$95.00

$37,510

TOTAL OPTION CONTRACTS WRITTEN
(Premiums received – $67,926)

$37,510

At August 31, 2019, Destinations Multi Strategy Alternatives Fund held the following Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Corporate Issues — Buy Protection(1)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Payment Frequency	Counterparty	Implied Credit Spread at 8/31/2019(2)		Notional Amounts in (000’s)(3)			Market Value			Upfront Premiums (Received)			Unrealized Appreciation
CDX IG CDSI Series 31 5Y		1.000%		12/20/23	3-Month	GSC		2.000%		$	20,000		$	(790,562)		$	(1,206,000)		$	415,438
CDX IG CDSI Series 31 5Y		1.000%		12/20/23	3-Month	GSC		2.000%			10,000			(395,281)			(750,000)			354,719
														(1,185,843)			(1,956,000)			770,157

(1)

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of on emerging country as of period end serve as indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Counterparty Abbreviations used in this schedule:

GSC — Goldman Sachs & Co.

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2019 (unaudited)

Destinations Multi Strategy Alternatives Fund (concluded)

Face Amount

Security

Value

SECURITIES SOLD SHORT – 7.8%

CORPORATE BOND & NOTE – 0.5%

Consumer Non-cyclical – 0.5%

4,800,000

Hadrian Merger Sub Inc., Senior Unsecured Notes, 8.500% due 5/1/26(a)
(Proceeds – $4,572,000)

4,596,000

Shares/Units
EXCHANGE TRADED FUNDS (ETFs) – 6.4%
	202,997	Invesco Senior Loan		4,589,762
	85,000	iShares iBoxx High Yield Corporate Bond		7,408,600
	87,693	iShares Nasdaq Biotechnology		9,026,241
	103,000	SPDR Bloomberg Barclays Short Term High Yield Bond		2,784,090
	263,905	SPDR S&P Biotech		21,210,045
	290,560	SPDR S&P Regional Banking		14,562,867
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Proceeds – $61,723,528)		59,581,605
COMMON STOCKS – 0.9%
COMMUNICATIONS – 0.3%
Internet – 0.3%
	50,000	Chewy Inc., Class A Shares*		1,650,000
	20,000	Uber Technologies Inc.*		651,400
		Total Internet		2,301,400
		TOTAL COMMUNICATIONS		2,301,400
CONSUMER NON-CYCLICAL – 0.6%
Pharmaceuticals – 0.6%
	44,703	AbbVie Inc.		2,938,775
	50,386	Bristol-Myers Squibb Co.		2,422,055
	15,265	Herbalife Nutrition Ltd.*		525,574
	50,000	Mallinckrodt PLC*		129,500
		Total Pharmaceuticals		6,015,904
		TOTAL CONSUMER NON-CYCLICAL		6,015,904
		TOTAL COMMON STOCKS (Proceeds – $9,135,117)		8,317,304
		TOTAL SECURITIES SOLD SHORT – 7.8% (Proceeds – $75,430,645)	$	72,494,909

Non-income producing security.

(a)

See Notes to Financial Statements.

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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.

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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.

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.

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Statements of Assets and Liabilities

August 31, 2019 (unaudited)

	Destinations Large Cap Equity Fund			Destinations Small-Mid Cap Equity Fund			Destinations International Equity Fund			Destinations Equity Income Fund			Destinations Real Assets Fund
ASSETS:
Investments, at value(1)(2)		$	3,760,948,707		$	974,217,724		$	1,805,049,983		$	417,168,590		$	135,695,570
Foreign currency, at value(3)			17			—			1,099,480			—			—
Cash			81,567			37,751			75,872			12,933			18,755
Unrealized appreciation on unfunded loan commitments			—			—			—			—			—
Receivable for securities sold			10,400,810			9,395,548			1,421,226			2,080,482			5,516,826
Dividends and interest receivable			5,119,737			1,189,111			2,324,737			1,270,448			168,389
Receivable for Fund shares sold			1,704,289			396,828			774,194			217,577			55,242
Receivable for expense reimbursement			—			—			—			—			—
Unrealized appreciation on open forward foreign currency contracts (Note 4)			—			—			17,504			—			—
Variation margin on open future contracts (Note 4)			—			—			—			—			—
Unrealized appreciation on swap contracts(4) (Note 4)			—			—			—			—			—
Deposits with counterparty(4)			466,200			—			—			—			—
Cash held at Broker			—			—			—			—			—
Prepaid expenses			39,841			10,879			19,135			4,607			2,559
Prepaid Chief Compliance Officer expense			26,539			6,708			12,426			2,936			1,111
Total Assets			3,778,787,707			985,254,549			1,810,794,557			420,757,573			141,458,452
LIABILITIES:
Payable for collateral received from securities on loan			19,637,880			20,073,213			30,252,118			799,570			616,340
Payable for Fund shares repurchased			2,854,931			834,048			1,360,433			187,136			93,117
Payable for securities purchased			13,589,942			10,162,157			6,342,745			2,161,358			—
Investment management fee payable			1,953,573			699,982			1,373,255			228,315			119,779
Transfer agent fees payable			427,572			108,722			206,109			41,910			16,723
Custody fee payable			115,030			38,903			166,479			19,870			16,861
Trustees’ fees payable			39,303			10,852			18,984			4,370			2,853
Registration fees payable			73,061			10,678			40,458			18,385			7,270
Shareholder services			64,894			2,333			22,088			174			110
Variation margin on open future contracts (Note 4)			2,415			—			—			—			—
Upfront premiums received on swap contracts			—			—			—			—			—
Unrealized depreciation on unfunded loan commitments			—			—			—			—			—
Securities sold short(5) (Note 5)			—			—			—			—			—
Due to custodian(3)			—			—			—			50			2,623
Options contracts written, at value(6) (Note 4)			—			—			—			—			—
Unrealized depreciation on open forward foreign currency contracts (Note 4)			—			—			32,619			—			—
Investment interest payable on securities sold short			—			—			—			—			—
Accrued expenses			34,406			9,888			42,772			9,376			9,366
Total Liabilities			38,793,007			31,950,776			39,858,060			3,470,514			885,042
Total Net Assets		$	3,739,994,700		$	953,303,773		$	1,770,936,497		$	417,287,059		$	140,573,410
NET ASSETS:
Par value		$	315,753		$	83,832		$	159,508		$	40,877		$	34,534
Paid-in capital in excess of par value			3,189,939,732			847,543,620			1,621,305,038			402,308,985			340,585,146
Total distributable earnings (losses)			549,739,215			105,676,321			149,471,951			14,937,197			(200,046,270)
Total Net Assets		$	3,739,994,700		$	953,303,773		$	1,770,936,497		$	417,287,059		$	140,573,410
Total Net Assets Class I		$	3,566,867,760		$	911,673,943		$	1,691,326,505		$	402,047,050		$	134,710,539
Total Net Assets Class Z		$	173,126,940		$	41,629,830		$	79,609,992		$	15,240,009		$	5,862,871
Shares Outstanding Class I			298,026,193			79,379,802			151,355,929			39,340,422			33,110,158
Shares Outstanding Class Z			17,726,992			4,452,792			8,152,436			1,537,024			1,423,968
Net Asset Value Class I		$	11.97		$	11.48		$	11.17		$	10.22		$	4.07
Net Asset Value Class Z		$	9.77		$	9.35		$	9.77		$	9.92		$	4.12
(1) Investments, at cost		$	3,250,439,064		$	898,214,470		$	1,632,247,320		$	407,641,177		$	150,004,577
(2) Includes securities on loan		$	19,219,210		$	19,624,122		$	28,204,097		$	782,670		$	597,006
(3) Foreign currency, at cost		$	134		$	—		$	1,101,879		$	(50)		$	(2,626)
(4) Related to futures contracts		$	466,200		$	—		$	—		$	—		$	—
(5) Proceeds received		$	—		$	—		$	—		$	—		$	—
(6) Premiums received		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

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Statements of Assets and Liabilities

August 31, 2019 (concluded)

	Destinations Core Fixed Income Fund			Destinations Low Duration Fixed Income Fund			Destinations Global Fixed Income Opportunities Fund			Destinations Municipal Fixed Income Fund			Destinations Multi Strategy Alternatives Fund
ASSETS:
Investments, at value(1)(2)		$	1,953,004,339		$	399,222,162		$	784,169,879		$	919,039,023		$	928,150,162
Foreign currency, at value(3)			—			—			—			—			—
Cash			107,696			38,494			73,239			35,200			127,750
Unrealized appreciation on unfunded loan commitments			82			—			—			—			4,510
Receivable for securities sold			7,573,839			64,426			3,010,651			143,205			30,517
Dividends and interest receivable			9,603,005			3,547,397			8,756,202			7,412,710			6,283,212
Receivable for Fund shares sold			1,606,815			304,298			408,536			508,853			512,411
Receivable for expense reimbursement			—			—			—			6,364			—
Unrealized appreciation on open forward foreign currency contracts (Note 4)			—			212,170			423,924			—			—
Variation margin on open future contracts (Note 4)			—			—			—			—			—
Unrealized appreciation on swap contracts(4) (Note 4)			—			—			—			—			770,157
Deposits with counterparty(4)			—			—			2,800,000			—			18,304,226
Cash held at Broker			—			—			5,519,634			—			67,640,747
Prepaid expenses			19,815			4,323			8,815			9,427			10,470
Prepaid Chief Compliance Officer expense			13,388			2,786			5,550			4,545			6,502
Total Assets			1,971,928,979			403,396,056			805,176,430			927,159,327			1,021,840,664
LIABILITIES:
Payable for collateral received from securities on loan			237,591			—			4,016,865			—			11,094,771
Payable for Fund shares repurchased			1,319,537			222,844			422,696			316,454			535,669
Payable for securities purchased			11,573,595			1,002,500			—			24,015,965			492,992
Investment management fee payable			943,128			230,836			497,569			417,322			772,821
Transfer agent fees payable			230,058			48,443			93,085			107,738			109,402
Custody fee payable			142,084			32,838			58,572			86,153			68,060
Trustees’ fees payable			18,836			4,130			7,960			8,674			10,124
Registration fees payable			55,717			306			14,576			1,094			51,694
Shareholder services			24,298			77			1,025			7,443			211
Variation margin on open future contracts (Note 4)			—			—			—			—			—
Upfront premiums received on swap contracts			—			—			—			—			1,956,000
Unrealized depreciation on unfunded loan commitments			13			—			—			—			—
Securities sold short(5) (Note 5)			—			—			5,849,249			—			72,494,909
Due to custodian(3)			—			13			1			—			4
Options contracts written, at value(6) (Note 4)			—			—			39,977			—			37,510
Unrealized depreciation on open forward foreign currency contracts (Note 4)			—			—			—			—			—
Investment interest payable on securities sold short			—			—			58,666			—			136,000
Accrued expenses			29,282			5,694			14,550			5,426			20,607
Total Liabilities			14,574,139			1,547,681			11,074,791			24,966,269			87,780,774
Total Net Assets		$	1,957,354,840		$	401,848,375		$	794,101,639		$	902,193,058		$	934,059,890
NET ASSETS:
Par value		$	190,304		$	40,802		$	80,073		$	85,761		$	97,764
Paid-in capital in excess of par value			1,902,803,629			405,279,441			805,899,898			859,393,151			970,765,223
Total distributable earnings (losses)			54,360,907			(3,471,868)			(11,878,332)			42,714,146			(36,803,097)
Total Net Assets		$	1,957,354,840		$	401,848,375		$	794,101,639		$	902,193,058		$	934,059,890
Total Net Assets Class I		$	1,871,423,321		$	386,439,323		$	763,456,036		$	885,671,473		$	897,621,774
Total Net Assets Class Z		$	85,931,519		$	15,409,052		$	30,645,603		$	16,521,585		$	36,438,116
Shares Outstanding Class I			182,147,428			39,266,361			77,029,411			84,194,211			93,863,348
Shares Outstanding Class Z			8,156,554			1,535,868			3,043,129			1,566,381			3,900,752
Net Asset Value Class I		$	10.27		$	9.84		$	9.91		$	10.52		$	9.56
Net Asset Value Class Z		$	10.54		$	10.03		$	10.07		$	10.55		$	9.34
(1) Investments, at cost		$	1,892,814,770		$	401,815,776		$	785,023,648		$	877,273,143		$	995,097,982
(2) Includes securities on loan		$	232,592		$	—		$	3,937,672		$	—		$	10,861,620
(3) Foreign currency, at cost		$	—		$	(13)		$	9,388		$	—		$	(4)
(4) Related to futures contracts		$	—		$	—		$	—		$	—		$	—
(5) Proceeds received		$	—		$	—		$	5,533,978		$	—		$	77,386,645
(6) Premiums received		$	—		$	—		$	76,901		$	—		$	67,926

See Notes to Financial Statements.

236

TABLE OF CONTENTS

Statements of Operations

For the Six Months Ended August 31, 2019 (unaudited)

	Destinations Large Cap Equity Fund			Destinations Small-Mid Cap Equity Fund			Destinations International Equity Fund			Destinations Equity Income Fund			Destinations Real Assets Fund
INVESTMENT INCOME:
Dividends		$	30,061,076		$	7,891,044		$	24,061,110		$	9,460,881		$	1,504,680
Interest			1,017,027			304,508			657,987			135,280			74,093
Income from securities lending			61,725			124,039			397,981			25,912			24,154
Less: Foreign taxes withheld (Note 5)			(197,044)			(1,006)			(1,835,974)			(376,909)			(71,844)
Total Investment Income			30,942,784			8,318,585			23,281,104			9,245,164			1,531,083
EXPENSES:
Investment management fee (Note 7)			13,759,726			4,443,290			8,692,370			1,661,382			956,652
Transfer agent fees			2,737,764			738,201			1,297,800			309,320			143,169
Custody fees			524,927			157,144			652,276			79,551			42,210
Trustees’ fees			111,890			31,365			52,674			12,917			7,016
Insurance			36,611			9,917			17,180			4,239			2,379
Audit and tax			23,903			8,615			35,266			5,904			4,506
Legal expense			69,699			18,135			31,376			9,929			5,168
Chief Compliance Officer expense			60,172			16,640			28,430			6,840			3,678
Shareholder services			62,691			17,686			29,960			16,586			16,030
Registration fees			89,666			35,397			49,877			22,172			20,834
Miscellaneous expense			44,364			14,231			31,815			8,977			7,595
Interest and dividend expense			—			—			—			1,069,952			—
Total Expenses			17,521,413			5,490,621			10,919,024			3,207,769			1,209,237
Less: Fee waivers and/or expense reimbursement (Note 7)			(2,307,870)			(246,239)			(753,207)			(318,509)			(40,571)
Net Expenses			15,213,543			5,244,382			10,165,817			2,889,260			1,168,666
Net Investment Income (Loss)		$	15,729,241		$	3,074,203		$	13,115,287		$	6,355,904		$	362,417
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
Net Realized Gain (Loss) From:
Investments		$	28,634,483		$	39,439,979		$	(11,779,425)		$	3,123,088		$	(171,141,571)
Futures contracts			1,490,847			—			—			—			—
Forward sale commitments			—			—			—			—			—
Option written			—			—			—			—			—
Securities sold short			—			—			—			—			—
Swap contracts			—			—			—			—			—
Forward foreign currency contracts			—			—			(425,942)
Foreign currency transactions			2,205			—			(251,924)			(42,414)			(16,237)
Realized Gain (Loss)			30,127,535			39,439,979			(12,457,291)			3,080,674			(171,157,808)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments			61,994,889			(25,838,874)			46,281,303			(3,736,473)			89,913,622
Futures contracts			(744,005)			—			—			—			—
Unfunded loan commitments			—			—			—			—			—
Options contracts written			—			—			—			—			—
Forward sale commitments			—			—			—			—			—
Securities sold short			—			—			—			—			—
Swap contracts			—			—			—			—			—
Forward foreign currency contracts			—			—			(134,811)			—			—
Foreign currency transactions			715			—			7,626			(11,297)			471
Change in Net Unrealized Appreciation (Depreciation):			61,251,599			(25,838,874)			46,154,118			(3,747,770)			89,914,093
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Securities Short Sold, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions			91,379,134			13,601,105			33,696,827			(667,096)			(81,243,715)
Total Increase (Decrease) in Net Assets from Operations		$	107,108,375		$	16,675,308		$	46,812,114		$	5,688,808		$	(80,881,298)

See Notes to Financial Statements.

237

TABLE OF CONTENTS

Statements of Operations

For the Six Months Ended August 31, 2019 (concluded)

	Destinations Core Fixed Income Fund			Destinations Low Duration Fixed Income Fund			Destinations Global Fixed Income Opportunities Fund			Destinations Municipal Fixed Income Fund			Destinations Multi Strategy Alternatives Fund
INVESTMENT INCOME:
Dividends		$	—		$	323,407		$	486,311		$	—		$	9,998,313
Interest			34,288,094			8,276,516			18,229,265			9,166,914			18,129,067
Income from securities lending			1,314			36,841			33,755			—			501,922
Less: Foreign taxes withheld (Note 5)			—			—			(2,500)			—			—
Total Investment Income			34,289,408			8,636,764			18,746,831			9,166,914			28,629,302
EXPENSES:
Investment management fee (Note 7)			5,975,383			1,401,912			3,398,543			3,123,095			6,279,413
Transfer agent fees			1,375,080			300,377			598,345			674,141			696,862
Custody fees			460,370			109,517			169,229			256,713			181,864
Trustees’ fees			56,115			12,438			25,574			27,930			29,497
Insurance	��		18,599			3,815			7,975			7,859			10,053
Audit and tax			16,328			7,608			9,994			12,062			11,817
Legal expense			36,283			7,100			20,058			20,237			53,456
Chief Compliance Officer expense			29,813			6,691			13,366			16,564			15,538
Shareholder services			31,236			17,240			16,154			15,129			35,730
Registration fees			50,489			26,096			31,920			83,457			32,453
Miscellaneous expense			23,336			8,081			13,372			9,714			16,520
Interest and dividend expense			—			—			113,583			—			598,115
Total Expenses			8,073,032			1,900,875			4,418,113			4,246,901			7,961,318
Less: Fee waivers and/or expense reimbursement (Note 7)			(718,938)			(42,774)			(443,067)			(687,263)			(1,847,507)
Net Expenses			7,354,094			1,858,101			3,975,046			3,559,638			6,113,811
Net Investment Income (Loss)		$	26,935,314		$	6,778,663		$	14,771,785		$	5,607,276		$	22,515,491
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
Net Realized Gain (Loss) From:
Investments		$	1,184,354		$	144,615		$	(1,422,471)		$	3,871,845		$	12,512,326
Futures contracts			—			—			—			—			7,300
Forward sale commitments			(12,914)			—			—			—			—
Option written			—			—			—			—			—
Securities sold short			—			—			(24,798)			—			98,733
Swap contracts			—			—			—			—			269,945
Forward foreign currency contracts			—			53,122			132,154			—			18,374
Foreign currency transactions			—			(6,899)			(63,864)			—			(1,234)
Realized Gain (Loss)			1,171,440			190,838			(1,378,979)			3,871,845			12,905,444
Change in Net Unrealized Appreciation (Depreciation) From:
Investments			79,391,139			67,794			9,974,915			34,064,203			(44,326,927)
Futures contracts			—			—			—			—			—
Unfunded loan commitments			946			—			—			—			4,510
Options contracts written			—			—			36,924			—			30,416
Forward sale commitments			(4,368)			—			—			—			—
Securities sold short			—			—			(282,060)			—			4,453,637
Swap contracts			—			—			—			—			770,157
Forward foreign currency contracts			—			239,470			467,015			—			72,219
Foreign currency transactions			—			(12,679)			(21,375)			—			—
Change in Net Unrealized Appreciation (Depreciation):			79,387,717			294,585			10,175,419			34,064,203			(38,995,988)
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Securities Short Sold, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions			80,559,157			485,423			8,796,440			37,936,048			(26,090,544)
Total Increase (Decrease) in Net Assets from Operations		$	107,494,471		$	7,264,086		$	23,568,225		$	43,543,324		$	(3,575,053)

See Notes to Financial Statements.

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TABLE OF CONTENTS

Statements of Changes in Net Assets

For the Six Months Ended August 31, 2019 (unaudited) and Year Ended February 28, 2019

	Destinations Large Cap Equity Fund						Destinations Small-Mid Cap Equity Fund						Destinations International Equity Fund
	August 31, 2019			February 28, 2019			August 31, 2019			February 28, 2019			August 31, 2019			February 28, 2019
OPERATIONS:
Net investment income (loss)		$	15,729,241		$	26,810,929		$	3,074,203		$	4,215,903		$	13,115,287		$	11,465,367
Net realized gain (loss)			30,127,535			33,192,862			39,439,979			20,208,237			(12,457,291)			(19,339,489)
Change in unrealized appreciation (depreciation)			61,251,599			75,932,601			(25,838,874)			58,022,773			46,154,118			(50,824,061)
Increase (Decrease) in Net Assets From Operations			107,108,375			135,936,392			16,675,308			82,446,913			46,812,114			(58,698,183)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):
Class I			—			(92,350,553)			—			(38,682,869)			—			(17,525,265)
Class Z			—			(2,777,284)			—			(1,128,328)			—			(526,786)
Decrease in Net Assets From Distributions to Shareholders			—			(95,127,837)			—			(39,811,197)			—			(18,052,051)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares:
Class I			316,134,097			1,129,725,279			78,984,749			371,756,983			168,851,745			553,782,717
Class Z			111,563,919			82,958,463			26,660,052			22,691,457			50,736,568			37,465,208
Reinvestment of distributions:
Class I			—			92,147,062			—			38,556,303			—			17,486,924
Class Z			—			2,777,276			—			1,128,317			—			526,783
Cost of shares repurchased:
Class I			(283,017,543)			(643,323,422)			(146,169,404)			(193,629,966)			(142,411,890)			(289,212,441)
Class Z			(8,273,828)			(12,343,692)			(3,688,329)			(3,142,418)			(4,309,974)			(4,606,198)
Increase (Decrease) in Net Assets From Fund Share Transactions			136,406,645			651,940,966			(44,212,932)			237,360,676			72,866,449			315,442,993
Increase (Decrease) in Net Assets			243,515,020			692,749,521			(27,537,624)			279,996,392			119,678,563			238,692,759
NET ASSETS:
Beginning of period			3,496,479,680			2,803,730,159			980,841,397			700,845,005			1,651,257,934			1,412,565,175
End of period		$	3,739,994,700		$	3,496,479,680		$	953,303,773		$	980,841,397			1,770,936,497		$	1,651,257,934

	Destinations Equity Income Fund						Destinations Real Assets Fund
	August 31, 2019			February 28, 2019			August 31, 2019			February 28, 2019
OPERATIONS:
Net investment income (loss)		$	6,355,904		$	10,377,071		$	362,417		$	539,576
Net realized gain (loss)			3,080,674			7,560,091			(171,157,808)			(12,872,446)
Change in unrealized appreciation (depreciation)			(3,747,770)			9,687,449			89,914,093			(80,119,505)
Increase (Decrease) in Net Assets From Operations			5,688,808			27,624,611			(80,881,298)			(92,452,375)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):
Class I			(4,886,903)			(20,431,968)			—			(337,560)
Class Z			(161,146)			(434,597)			—			(11,547)
Decrease in Net Assets From Distributions to Shareholders			(5,048,049)			(20,866,565)			—			(349,107)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares:
Class I			42,267,379			146,101,281			14,183,948			138,429,624
Class Z			6,600,565			11,442,280			4,682,435			5,826,365
Reinvestment of distributions:
Class I			4,876,208			20,394,007			—			337,006
Class Z			158,249			434,586			—			11,547
Cost of shares repurchased:
Class I			(37,163,171)			(102,029,957)			(14,603,804)			(56,134,660)
Class Z			(1,633,964)			(1,541,776)			(392,911)			(634,022)
Increase (Decrease) in Net Assets From Fund Share Transactions			15,105,266			74,800,421			3,869,668			87,835,860
Increase (Decrease) in Net Assets			15,746,025			81,558,467			(77,011,630)			(4,965,622)
NET ASSETS:
Beginning of period			401,541,034			319,982,567			217,585,040			222,550,662
End of period		$	417,287,059		$	401,541,034		$	140,573,410		$	217,585,040

See Notes to Financial Statements.

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TABLE OF CONTENTS

Statements of Changes in Net Assets

For the Six Months Ended August 31, 2019 (unaudited) and Year Ended February 28, 2019 (concluded)

	Destinations Core Fixed Income Fund						Destinations Low Duration Fixed Income Fund						Destinations Global Fixed Income Opportunities Fund
	August 31, 2019			February 28, 2019			August 31, 2019			February 28, 2019			August 31, 2019			February 28, 2019
OPERATIONS:
Net investment income (loss)		$	26,935,314		$	45,639,857		$	6,778,663		$	9,347,197		$	14,771,785		$	27,952,952
Net realized gain (loss)			1,171,440			(7,262,537)			190,838			(819,390)			(1,378,979)			(7,820,934)
Change in unrealized appreciation (depreciation)			79,387,717			6,551,442			294,585			(1,209,607)			10,175,419			(4,790,612)
Increase (Decrease) in Net Assets From Operations			107,494,471			44,928,762			7,264,086			7,318,200			23,568,225			15,341,406
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):
Class I			(25,915,402)			(43,867,648)			(6,949,928)			(9,092,756)			(15,691,538)			(27,291,806)
Class Z			(739,767)			(358,847)			(179,385)			(86,004)			(438,495)			(257,556)
Decrease in Net Assets From Distributions to Shareholders			(26,655,169)			(44,226,495)			(7,129,313)			(9,178,760)			(16,130,033)			(27,549,362)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares:
Class I			194,830,222			504,965,401			36,718,185			257,497,046			63,722,398			326,225,606
Class Z			58,257,244			31,239,465			9,921,571			6,912,149			18,092,036			16,628,666
Reinvestment of distributions:
Class I			25,814,809			43,781,187			6,921,376			9,068,735			15,625,768			27,223,257
Class Z			726,910			358,837			176,321			86,000			431,080			257,546
Cost of shares repurchased:
Class I			(136,353,895)			(340,488,950)			(43,134,043)			(57,419,750)			(92,242,898)			(173,684,915)
Class Z			(3,841,772)			(3,221,197)			(777,059)			(865,282)			(2,306,864)			(2,465,584)
Increase (Decrease) in Net Assets From Fund Share Transactions			139,433,518			236,634,743			9,826,351			215,278,898			3,321,520			194,184,576
Increase (Decrease) in Net Assets			220,272,820			237,337,010			9,961,124			213,418,338			10,759,712			181,976,620
NET ASSETS:
Beginning of period			1,737,082,020			1,499,745,010			391,887,251			178,468,913			783,341,927			601,365,307
End of period		$	1,957,354,840		$	1,737,082,020		$	401,848,375		$	391,887,251		$	794,101,639		$	783,341,927

	Destinations Municipal Fixed Income Fund						Destinations Multi Strategy Alternatives Fund
	August 31, 2019			February 28, 2019			August 31, 2019			February 28, 2019
OPERATIONS:
Net investment income (loss)		$	5,607,276		$	10,499,326		$	22,515,491		$	38,158,965
Net realized gain (loss)			3,871,845			(246,781)			12,905,444			9,075,599
Change in unrealized appreciation (depreciation)			34,064,203			10,877,481			(38,995,988)			(35,965,422)
Increase (Decrease) in Net Assets From Operations			43,543,324			21,130,026			(3,575,053)			11,269,142
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):
Class I			(8,361,672)			(10,144,192)			(15,385,414)			(47,043,549)
Class Z			(149,262)			(109,819)			(326,771)			(586,246)
Decrease in Net Assets From Distributions to Shareholders			(8,510,934)			(10,254,011)			(15,712,185)			(47,629,795)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares:
Class I			67,487,086			756,168,946			75,431,019			364,349,389
Class Z			5,214,878			14,466,808			23,463,017			20,189,598
Reinvestment of distributions:
Class I			8,315,116			10,104,941			15,346,065			46,982,654
Class Z			146,629			109,817			319,962			586,237
Cost of shares repurchased:
Class I			(86,606,725)			(144,701,847)			(71,537,047)			(387,871,442)
Class Z			(1,524,855)			(2,633,236)			(1,965,659)			(4,963,160)
Increase (Decrease) in Net Assets From Fund Share Transactions			(6,967,871)			633,515,429			41,057,357			39,273,276
Increase (Decrease) in Net Assets			28,064,519			644,391,444			21,770,119			2,912,623
NET ASSETS:
Beginning of period			874,128,539			229,737,095			912,289,771			909,377,148
End of period		$	902,193,058		$	874,128,539		$	934,059,890		$	912,289,771

See Notes to Financial Statements.

240

TABLE OF CONTENTS

Financial Highlights

Destinations Large Cap Equity Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	11.61		$	11.71		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.05			0.11			0.10
Net realized and unrealized gain			0.31			0.18			1.69
Total Income from Operations			0.36			0.29			1.79
Less Distributions From:
Net investment income			—			(0.10)			(0.08)
Net realized gain			—			(0.29)			—
Total Distributions			—			(0.39)			(0.08)
Net Asset Value, End of Period		$	11.97		$	11.61		$	11.71
Total Return(4)(5)			3.10%			2.73%			17.89%
Net Assets, End of Period (millions)		$	3,567		$	3,427		$	2,804
Ratios to Average Net Assets:
Gross expenses(6)			0.96%			0.97%			0.98%
Net expenses(6)(7)			0.83%			0.85%			0.85%
Net investment income(6)(7)			0.85%			0.91%			0.97%
Portfolio Turnover Rate(5)(8)			22%			28%			52%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

241

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Financial Highlights (continued)

Destinations Large Cap Equity Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	9.46		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.05			0.07
Net realized and unrealized gain			0.26			(0.21)
Total Income from Operations			0.31			(0.14)
Less Distributions From:
Net investment income			—			(0.11)
Net realized gain			—			(0.29)
Total Distributions			—			(0.40)
Net Asset Value, End of Period		$	9.77		$	9.46
Total Return(4)(5)			3.28%			(0.94)%
Net Assets, End of Period (millions)		$	173		$	70
Ratios to Average Net Assets:
Gross expenses(6)			0.81%			0.82%
Net expenses(6)(7)			0.68%			0.70%
Net investment income(6)(7)			0.96%			1.06%
Portfolio Turnover Rate(5)(8)			22%			28%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

242

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Financial Highlights (continued)

Destinations Small Mid Cap Equity

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	11.31		$	10.98		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.04			0.06			0.04
Net realized and unrealized gain			0.13			0.84			1.04
Total Income from Operations			0.17			0.90			1.08
Less Distributions From:
Net investment income			—			(0.05)			(0.04)
Net realized gain			—			(0.52)			(0.06)
Total Distributions			—			(0.57)			(0.10)
Net Asset Value, End of Period		$	11.48		$	11.31		$	10.98
Total Return(4)(5)			1.50%			9.02%			10.83%
Net Assets, End of Period (millions)		$	912		$	962		$	701
Ratios to Average Net Assets:
Gross expenses(6)			1.11%			1.12%			1.14%
Net expenses(6)(7)			1.06%			1.03%			1.03%
Net investment income(6)(7)			0.62%			0.53%			0.41%
Portfolio Turnover Rate(5)(8)			50%			85%			112%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

243

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Financial Highlights (continued)

Destinations Small Mid Cap Equity

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	9.20		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.03			0.04
Net realized and unrealized gain			0.12			(0.25)
Total Income from Operations			0.15			(0.21)
Less Distributions From:
Net investment income			—			(0.07)
Net realized gain			—			(0.52)
Total Distributions			—			(0.59)
Net Asset Value, End of Period		$	9.35		$	9.20
Total Return(4)(5)			1.63%			(1.24)%
Net Assets, End of Period (millions)		$	42		$	19
Ratios to Average Net Assets:
Gross expenses(6)			0.96%			0.97%
Net expenses(6)(7)			0.91%			0.88%
Net investment income(6)(7)			0.73%			0.68%
Portfolio Turnover Rate(5)(8)			50%			85%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

244

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Financial Highlights (continued)

Destinations International Equity Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	10.86		$	11.69		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.09			0.09			0.07
Net realized and unrealized gain			0.22			(0.77)			1.70
Total Income from Operations			0.31			(0.68)			1.77
Less Distributions From:
Net investment income			—			(0.12)			(0.07)
Net realized gain			—			(0.03)			(0.01)
Total Distributions			—			(0.15)			(0.08)
Net Asset Value, End of Period		$	11.17		$	10.86		$	11.69
Total Return(4)(5)			2.85%			(5.71)%			17.70%
Net Assets, End of Period (millions)		$	1,691		$	1,618		$	1,413
Ratios to Average Net Assets:
Gross expenses(6)			1.26%			1.28%			1.30%
Net expenses(6)(7)			1.17%			1.18%			1.15%
Net investment income(6)(7)			1.51%			0.83%			0.69%
Portfolio Turnover Rate(5)(8)			14%			32%			50%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

245

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Financial Highlights (continued)

Destinations International Equity Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	9.48		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.07			0.02
Net realized and unrealized gain			0.22			(0.38)
Total Income from Operations			0.29			(0.36)
Less Distributions From:
Net investment income			—			(0.13)
Net realized gain			—			(0.03)
Total Distributions			—			(0.16)
Net Asset Value, End of Period		$	9.77		$	9.48
Total Return(4)(5)			3.06%			(3.43)%
Net Assets, End of Period (millions)		$	80		$	33
Ratios to Average Net Assets:
Gross expenses(6)			1.11%			1.13%
Net expenses(6)(7)			1.02%			1.03%
Net investment income(6)(7)			1.33%			0.98%
Portfolio Turnover Rate(5)(8)			14%			32%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

246

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Financial Highlights (continued)

Destinations Equity Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	10.20		$	10.14		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.16			0.32			0.31
Net realized and unrealized gain			(0.01)			0.39			0.12
Total Income from Operations			0.15			0.71			0.43
Less Distributions From:
Net investment income			(0.13)			(0.29)			(0.26)
Net realized gain			—			(0.36)			(0.03)
Total Distributions			(0.13)			(0.65)			(0.29)
Net Asset Value, End of Period		$	10.22		$	10.20		$	10.14
Total Return(4)(5)			1.43%			7.52%			4.34%
Net Assets, End of Period (millions)		$	402		$	391		$	320
Ratios to Average Net Assets:
Gross expenses(6)			1.55%			1.04%			1.05%
Net expenses(6)(7)			1.39%			0.87%			0.93%
Net investment income(6)(7)			3.05%			3.13%			3.18%
Portfolio Turnover Rate(5)(8)			16%			74%			57%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

247

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Financial Highlights (continued)

Destinations Equity Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	9.89		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.16			0.20
Net realized and unrealized gain			0.00(4)			0.21
Total Income from Operations			0.16			0.41
Less Distributions From:
Net investment income			(0.13)			(0.16)
Net realized gain			—			(0.36)
Total Distributions			(0.13)			(0.52)
Net Asset Value, End of Period		$	9.92		$	9.89
Total Return(5)(6)			1.63%			4.51%
Net Assets, End of Period (millions)			15		$	10
Ratios to Average Net Assets:
Gross expenses(7)			1.40%			0.89%
Net expenses(7)(8)			1.24%			0.72%
Net investment income(7)(8)			3.13%			3.28%
Portfolio Turnover Rate(6)(9)			16%			74%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

Amounts represent less than 0.01.

(5)

(6)

Not annualized.

(7)

Annualized.

(8)

Reflects fee waivers and/or expense reimbursements.

(9)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

248

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Financial Highlights (continued)

Destinations Real Assets Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	6.43		$	8.94		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.01			0.02			0.00(4)
Net realized and unrealized gain			(2.37)			(2.52)			(0.78)
Total Income from Operations			(2.36)			(2.50)			(0.78)
Less Distributions From:
Net investment income			—			(0.00)(5)			(0.04)
Net realized gain			—			(0.01)			(0.24)
Total Distributions			—			(0.01)			(0.28)
Net Asset Value, End of Period		$	4.07		$	6.43		$	8.94
Total Return(5)(6)			(36.70)%			(27.95)%			(7.95)%
Net Assets, End of Period (millions)		$	135		$	214		$	223
Ratios to Average Net Assets:
Gross expenses(7)			1.26%			1.24%			1.29%
Net expenses(7)(8)			1.22%			1.20%			1.19%
Net investment income(7)(8)			0.38%			0.21%			0.02%
Portfolio Turnover Rate(6)(9)			29%			66%			58%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

Amounts represent less than 0.01.

(5)

(6)

Not annualized.

(7)

Annualized.

(8)

Reflects fee waivers and/or expense reimbursements.

(9)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

249

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Financial Highlights (continued)

Destinations Real Assets Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	6.50		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.01			0.02
Net realized and unrealized gain			(2.39)			(3.50)
Total Income from Operations			(2.38)			(3.48)
Less Distributions From:
Net investment income			—			(0.01)
Net realized gain			—			(0.01)
Total Distributions			—			(0.02)
Net Asset Value, End of Period		$	4.12		$	6.50
Total Return(4)(5)			(36.62)%			(34.79)%
Net Assets, End of Period (millions)		$	6		$	4
Ratios to Average Net Assets:
Gross expenses(6)			1.11%			1.09%
Net expenses(6)(7)			1.07%			1.05%
Net investment income(6)(7)			0.48%			0.36%
Portfolio Turnover Rate(5)(8)			29%			66%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

250

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Financial Highlights (continued)

Destinations Core Fixed Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	9.83		$	9.83		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.15			0.28			0.21
Net realized and unrealized gain			0.44			(0.01)			(0.17)
Total Income from Operations			0.59			0.27			0.04
Less Distributions From:
Net investment income			(0.15)			(0.27)			(0.19)
Net realized gain			—			—			(0.02)
Total Distributions			(0.15)			(0.27)			(0.21)
Net Asset Value, End of Period		$	10.27		$	9.83		$	9.83
Total Return(4)(5)			6.00%			2.77%			0.34%
Net Assets, End of Period (millions)		$	1,871		$	1,708		$	1,500
Ratios to Average Net Assets:
Gross expenses(6)			0.88%			0.89%			0.90%
Net expenses(6)(7)			0.80%			0.81%			0.82%
Net investment income(6)(7)			2.92%			2.85%			2.22%
Portfolio Turnover Rate(5)(8)			24%			64%			170%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

251

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Financial Highlights (continued)

Destinations Core Fixed Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	10.08		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.16			0.20
Net realized and unrealized gain			0.45			0.03
Total Income from Operations			0.61			0.23
Less Distributions From:
Net investment income			(0.15)			(0.15)
Total Distributions			(0.15)			(0.15)
Net Asset Value, End of Period		$	10.54		$	10.08
Total Return(4)(5)			6.13%			2.29%
Net Assets, End of Period (millions)		$	86		$	29
Ratios to Average Net Assets:
Gross expenses(6)			0.73%			0.74%
Net expenses(6)(7)			0.65%			0.66%
Net investment income(6)(7)			3.04%			3.00%
Portfolio Turnover Rate(5)(8)			24%			64%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

252

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Financial Highlights (continued)

Destinations Low Duration Fixed Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	9.84		$	9.90		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.17			0.35			0.27
Net realized and unrealized gain			0.01			(0.08)			(0.12)
Total Income from Operations			0.18			0.27			0.15
Less Distributions From:
Net investment income			0.18			(0.33)			(0.25)
Total Distributions			—			(0.33)			(0.25)
Net Asset Value, End of Period		$	9.84		$	9.84		$	9.90
Total Return(4)(5)			1.80%			2.79%			1.52%
Net Assets, End of Period (millions)		$	386		$	386		$	178
Ratios to Average Net Assets:
Gross expenses(6)			0.95%			0.97%			1.00%
Net expenses(6)(7)			0.93%			0.93%			0.94%
Net investment income(6)(7)			3.37%			3.51%			2.84%
Portfolio Turnover Rate(5)(8)			68%			120%			32%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

253

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Low Duration Fixed Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	10.03		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.18			0.22
Net realized and unrealized gain			0.00(4)			(0.03)
Total Income from Operations			0.18			0.19
Less Distributions From:
Net investment income			(0.18)			(0.16)
Total Distributions			(0.18)			(0.16)
Net Asset Value, End of Period		$	10.03		$	10.03
Total Return(5)(6)			1.84%			1.82%
Net Assets, End of Period (millions)		$	15		$	6
Ratios to Average Net Assets:
Gross expenses(7)			0.80%			0.82%
Net expenses(7)(8)			0.78%			0.78%
Net investment income(7)(8)			3.49%			3.66%
Portfolio Turnover Rate(6)(9)			68%			120%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

Amounts represent less than 0.01 per share.

(5)

(6)

Not annualized.

(7)

Annualized.

(8)

Reflects fee waivers and/or expense reimbursements.

(9)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

254

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Financial Highlights (continued)

Destinations Global Fixed Income Opportunities Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	9.82		$	9.99		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.18			0.38			0.37
Net realized and unrealized gain			0.11			(0.18)			(0.02)
Total Income from Operations			0.29			0.20			0.35
Less Distributions From:
Net investment income			(0.20)			(0.37)			(0.35)
Net realized gain			—			—			(0.01)
Total Distributions			(0.20)			(0.37)			(0.36)
Net Asset Value, End of Perid		$	9.91		$	9.82		$	9.99
Total Return(4)(5)			2.98%			2.20%			3.45%
Net Assets, End of Period (millions)		$	763		$	769		$	601
Ratios to Average Net Assets:
Gross expenses(6)			1.11%(7)			1.09%(8)			1.10%
Net expenses(6)(9)			1.00%(7)			0.98%(8)			0.99%
Net investment income(6)(9)			3.68%			3.90%			3.88%
Portfolio Turnover Rate(5)(10)			44%			79%			64%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Ratio includes interest and dividend expense on short sales which represents less than 0.03%.

(8)

Ratio includes interest and dividend expense on short sales which represents less than 0.00%.

(9)

Reflects fee waivers and/or expense reimbursements.

(10)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

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Financial Highlights (continued)

Destinations Global Fixed Income Opportunities Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	9.98		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.19			0.26
Net realized and unrealized gain			0.11			(0.08)
Total Income from Operations			0.30			0.18
Less Distributions From:
Net investment income			(0.21)			(0.20)
Total Distributions			(0.21)			(0.20)
Net Asset Value, End of Period		$	10.07		$	9.98
Total Return(4)(5)			3.01%			1.72%
Net Assets, End of Period (millions)		$	31		$	14
Ratios to Average Net Assets:
Gross expenses(6)			0.96%(7)			0.94%(8)
Net expenses(6)(9)			0.85%(7)			0.83%(8)
Net investment income(6)(9)			3.83%			4.05%
Portfolio Turnover Rate(5)(10)			44%			79%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Ratio includes interest and dividend expense on short sales which represents less than 0.03%.

(8)

Ratio includes interest and dividend expense on short sales which represents less than 0.00%.

(9)

Reflects fee waivers and/or expense reimbursements.

(10)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

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Financial Highlights (continued)

Destinations Municipal Fixed Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	10.11		$	9.93		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.07			0.17			0.08
Net realized and unrealized gain			0.44			0.15			(0.09)
Total Income from Operations			0.51			0.32			(0.01)
Less Distributions From:
Net investment income			(0.10)			(0.14)			(0.05)
Net realized gain			—			—			(0.01)
Total Distributions			(0.10)			(0.14)			(0.06)
Net Asset Value, End of Period		$	10.52		$	10.11		$	9.93
Total Return(4)(5)			5.05%			3.30%			(0.14)%
Net Assets, End of Period (millions)		$	886		$	862		$	230
Ratios to Average Net Assets:
Gross expenses(6)			0.95%			0.95%			0.97%
Net expenses(6)(7)			0.80%			0.80%			0.80%
Net investment income(6)(7)			1.25%			1.71%			0.79%
Portfolio Turnover Rate(5)(8)			21%			84%			69%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(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.

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Financial Highlights (continued)

Destinations Municipal Fixed Income Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	10.14		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.07			0.13
Net realized and unrealized gain			0.45			0.11
Total Income from Operations			0.52			0.24
Less Distributions From:
Net investment income			(0.11)			(0.10)
Total Distributions			(0.11)			(0.10)
Net Asset Value, End of Period		$	10.55		$	10.14
Total Return(4)(5)			5.12%			2.42%
Net Assets, End of Period (millions)		$	17		$	12
Ratios to Average Net Assets:
Gross expenses(6)			0.80%			0.80%
Net expenses(6)(7)			0.65%			0.65%
Net investment income(6)(7)			1.40%			1.86%
Portfolio Turnover Rate(5)(8)			21%			84%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(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.

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Financial Highlights (continued)

Destinations Multi Strategy Alternatives Fund

For a share of beneficial interest outstanding throughout each period:

	Class I
	2019(1)			2019			2018(2)
Net asset value, Beginning of Period		$	9.76		$	10.20		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.24			0.40			0.27
Net realized and unrealized gain			(0.27)			(0.32)			0.13
Total Income from Operations			(0.03)			0.08			0.40
Less Distributions From:
Net investment income			(0.17)			(0.35)			(0.20)
Net realized gain			—			(0.17)			—
Total Distributions			(0.17)			(0.52)			(0.20)
Net Asset Value, End of Period		$	9.56		$	9.76		$	10.20
Total Return(4)(5)			(0.36)%			1.00%			4.04%
Net Assets, End of Period (millions)		$	898		$	897		$	909
Ratios to Average Net Assets:
Gross expenses(6)			1.71%(7)			1.71%(8)			1.73%(9)
Net expenses(6)(10)			1.31%(7)			1.23%(8)			1.25%(9)
Net investment income(6)(10)			4.82%			4.01%			2.82%
Portfolio Turnover Rate(5)(11)			52%			109%			111%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Ratio includes interest and dividend expense on short sales which represents less than 0.13%.

(8)

Ratio includes interest and dividend expense on short sales which represents less than 0.12% (annualized).

(9)

Ratio includes dividend and interest expense on short sales which represents 0.12% (annualized).

(10)

Reflects fee waivers and/or expense reimbursements.

(11)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

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Financial Highlights (concluded)

Destinations Multi Strategy Alternatives Fund

For a share of beneficial interest outstanding throughout each period:

	Class Z
	2019(1)			2019(2)
Net asset value, Beginning of Period		$	9.54		$	10.00
Income (Loss) from Operations:
Net investment income(3)			0.24			0.31
Net realized and unrealized gain			(0.27)			(0.35)
Total Income from Operations			(0.03)			(0.04)
Less Distributions From:
Net investment income			(0.17)			(0.25)
Net realized gain			—			(0.17)
Total Distributions			(0.17)			(0.42)
Net Asset Value, End of Period		$	9.34		$	9.54
Total Return(4)(5)			(0.32)%			(0.21)%
Net Assets, End of Period (millions)		$	36		$	15
Ratios to Average Net Assets:
Gross expenses(6)			1.56%(7)			1.56%(8)
Net expenses(6)(9)			1.16%(7)			1.08%(8)
Net investment income(6)(9)			4.98%			4.16%
Portfolio Turnover Rate(5)(10)			52%			109%

(1)

For the six months ended August 31, 2019 (unaudited).

(2)

For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.

(3)

Per share amounts have been calculated using the average shares method.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Ratio includes interest and dividend expense on short sales which represents less than 0.13%.

(8)

Ratio includes interest and dividend expense on short sales which represents less than 0.20% (annualized).

(9)

Reflects fee waivers and/or expense reimbursements.

(10)

Reflects the rate for the Fund as a whole; not on a share class basis.

See Notes to Financial Statements.

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Notes to Financial Statements

August 31, 2019 (unaudited)

1. Organization

Brinker Capital Destinations Trust (“Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations International Equity Fund, Destinations Equity Income Fund, Destinations Real Assets Fund, Destinations Core Fixed Income Fund, Destinations Low Duration Fixed Income Fund, Destinations Global Fixed Income Opportunities Fund, Destinations Municipal Fixed Income Fund and Destinations Multi Strategy Alternatives Fund (individually, a “Fund” and collectively, the “Funds”). Each Fund currently offers two classes of shares designated as Class I and Class Z shares.

Brinker Capital, Inc. (“Brinker Capital” or the “Adviser”), serves as the investment adviser for the Funds. The Funds employ a multimanager strategy. The Adviser selects and oversees professional money managers (each a “Sub-adviser”) who are responsible for investing the assets of the Funds allocated to them.

2. Accounting Policies

The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies.

Each class of shares represents an interest in the same portfolio of investments of each fund and has equal rights to voting, redemption, dividends and liquidation, except that each class bears different class expenses and each has exclusive voting rights with respect to matters that relate solely to that class or for which the interests of one class differ from the interests of another class. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.

3. Investment valuation

Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the bid price. For equity securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the NewYork Stock Exchange (“NYSE”).

Futures contracts are valued at the settlement price in the market where such contracts are principally traded. Foreign currency forward contracts are valued at the current Business Day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the bid price. Investments in registered open-end management investment companies are valued at reported net asset value per share.

Securities pledged by the Funds as collateral, if any, are identified as such in the Schedules of Investments.

Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events.

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Notes to Financial Statements

August 31, 2019 (unaudited) (continued)

3. Investment valuation (continued)

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Adviser pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Adviser in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).

Each business day, the Funds use a Board-approved third-party pricing service to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2, and 3). The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets for identical securities.

Level 2 — significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, bank loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments

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Notes to Financial Statements

August 31, 2019 (unaudited) (continued)

3. Investment valuation (continued)

are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments on the valuation date and are categorized as Level 1 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as forward foreign currency contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a third-party pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Centrally cleared swaps listed or traded on the multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:

	Total Fair Value at August 31, 2019			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Large Cap Equity Fund
Investments, at value
Common Stocks:
Basic Materials		$	84,227,150		$	84,227,150		$	—		$	—
Communications			660,636,836			660,636,836			—			—
Consumer Cyclical			252,444,115			252,444,115			—			—
Consumer Non-cyclical			879,920,088			879,920,088			—			—
Energy			178,001,799			178,001,799			—			—
Financial			609,667,581			608,082,958			—			1,584,623
Industrial			326,314,571			326,314,571			—			—
Technology			609,901,875			609,901,875			—			—
Utilities			76,769,161			76,769,161			—			—
Preferred Stocks			2,489,761			—			—			2,489,761

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Notes to Financial Statements

August 31, 2019 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value at August 31, 2019			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Large Cap Equity Fund (continued)
Investments, at value (continued)
Short-Term Investments:
Time Deposits			60,937,890			—			60,937,890			—
Money Market Fund			19,637,880			19,637,880			—			—
Total Investments, at value		$	3,760,948,707		$	3,695,936,433		$	60,937,890		$	4,074,384
Other Financial Instruments – Assets
Futures Contract		$	64,060		$	64,060		$	—		$	—
Total Other Financial Instruments – Assets		$	64,060		$	64,060		$	—		$	—
Destinations Small-Mid Cap Equity Fund
Investments, at value
Common Stocks		$	867,403,992		$	867,403,992		$	—		$	—
Exchange Traded Funds (ETFs)			64,078,527			64,078,527			—			—
Short-Term Investments:
Time Deposits			22,661,992			—			22,661,992			—
Money Market Fund			20,073,213			20,073,213			—			—
Total Investments, at value		$	974,217,724		$	951,555,732		$	22,661,992		$	—
Destinations International Equity Fund
Investments, at value
Corporate Bond & Note		$	696		$	—		$	696		$	—
Common Stocks:
Argentina			3,821,966			3,821,966			—			—
Australia			35,433,760			—			35,433,760			—
Austria			4,944,434			—			4,944,434			—
Belgium			1,518,144			—			1,518,144			—
Bermuda			2,580,304			—			2,580,304			—
Brazil			34,398,176			23,141,884			11,256,292			—
Canada			28,375,454			28,375,454			—			—
China			135,456,775			40,812,203			94,644,572			—
Denmark			6,951,284			—			6,951,284			—
Egypt			3,467,955			—			3,467,955			—
Finland			5,333,414			1,334,126			3,999,288			—
France			103,346,834			—			103,346,834			—
Germany			89,685,010			—			89,685,010			—
Greece			3,777,584			—			3,777,584			—
Hong Kong			27,249,647			—			27,249,647			—
Hungary			1,558,875			—			1,558,875			—
India			101,774,480			584,226			101,190,254			—
Indonesia			16,472,344			—			16,472,344			—
Ireland			12,919,485			2,089,903			10,829,582			—
Israel			4,795,582			1,840,319			2,955,263			—
Italy			6,555,319			—			6,555,319			—
Japan			227,472,624			2,312,339			225,160,285			—
Malaysia			4,402,656			—			4,402,656			—
Mexico			19,618,823			2,961,709			16,657,114			—
Netherlands			29,590,499			8,149,915			21,440,584			—
Nigeria			151,843			—			151,843			—
Panama			3,947,770			3,947,770			—			—

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Notes to Financial Statements

August 31, 2019 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value at August 31, 2019			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations International Equity Fund (continued)
Investments, at value (continued)
Common Stocks: (continued)
Peru		$	3,058,127		$	3,058,127		$	—		$	—
Philippines			18,554,722			—			18,554,722			—
Poland			1,133,272			—			1,133,272			—
Portugal			10,324,020			—			10,324,020			—
Russia			8,875,777			7,181,232			1,694,545			—
Saudi Arabia			1,099,313			—			1,099,313			—
Singapore			2,942,051			—			2,942,051			—
South Africa			31,742,208			3,386,658			28,355,550			—
South Korea			43,144,005			—			43,144,005			—
Spain			15,139,446			623,898			14,515,548			—
Sweden			39,114,170			—			39,114,170			—
Switzerland			88,229,921			—			88,229,921			—
Taiwan			55,198,873			15,169,587			40,029,286			—
Thailand			14,622,817			—			14,622,817			—
United Arab Emirates			5,378,534			—			5,378,534			—
United Kingdom			127,158,161			2,903,067			124,251,326			3,768
United States			57,953,415			57,953,415			—			—
Exchange Traded Funds (ETFs)			261,701,536			261,701,536			—			—
Preferred Stock			793,594			—			—			793,594
Short-Term Investments:
Time Deposits			58,674,682			—			58,674,682			—
U.S. Government Agency			14,357,484			—			14,357,484			—
Money Market Fund			30,252,118			30,252,118			—			—
Total Investments, at value		$	1,805,049,983		$	501,601,452		$	1,302,651,169		$	797,362
Other Financial Instruments – Asset
Forward Foreign Currency Contract		$	17,504		$	—		$	17,504		$	—
Total Other Financial Instruments – Assets		$	17,504		$	—		$	17,504		$	—
Other Financial Instruments – Liabilities
Forward Foreign Currency Contract		$	(32,619)		$	—		$	(32,619)		$	—
Total Other Financial Instruments – Liabilities		$	(32,619)		$	—		$	(32,619)		$	—
Destinations Equity Income Fund
Investments, at value
Common Stocks		$	321,993,697		$	321,993,697		$	—		$	—
Exchange Traded Funds (ETFs)			81,953,723			81,953,723			—			—
Convertible Preferred Stock			1,832,617			1,832,617			—			—
Warrant			1,100,233			1,100,233			—			—
Short-Term Investments:
Time Deposits			9,488,750			—			9,488,750			—
Money Market Fund			799,570			799,570			—			—
Total Investments, at value		$	417,168,590		$	407,679,840		$	9,488,750		$	—

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3. Investment valuation (continued)

	Total Fair Value at August 31, 2019			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Real Assets Fund
Investments, at value
Common Stocks		$	7,833,969		$	7,833,969		$	—		$	—
Exchange Traded Fund (ETF)			36,478,884			36,478,884			—			—
Short-Term Investments:
Time Deposits			90,766,377			—			90,766,377			—
Money Market Fund			616,340			616,340			—			—
Total Investments, at value		$	135,695,570		$	44,929,193		$	90,766,377		$	—
Destinations Core Fixed Income Fund
Investments, at value
Collateralized Mortgage Obligations		$	431,307,573			—		$	431,307,573		$	—
U.S. Government Agencies & Obligations			434,424,271			—			434,424,271			—
Corporate Bonds & Notes			392,906,609			—			392,906,609			—
Mortgage-Backed Securities			365,998,983			—			365,998,983			—
Asset-Backed Securities			147,457,060			—			147,457,060			—
Sovereign Bonds			18,662,457			—			18,662,457			—
Senior Loans			25,261,609			—			25,261,609			—
Municipal Bonds			3,785,754			—			3,785,754			—
Short-Term Investments:
Time Deposits			69,953,819			—			69,953,819			—
U.S. Government Obligations			63,008,613			—			63,008,613			—
Money Market Fund			237,591			237,591			—			—
Total Investments, at value		$	1,953,004,339		$	237,591		$	1,952,766,748		$	—
Destinations Low Duration Fixed Income Fund
Investments, at value
Corporate Bonds & Notes		$	184,531,143			—		$	184,531,143		$	—
Senior Loans			45,092,015			—			45,092,015			—
Asset-Backed Securities			43,072,207			—			43,072,207			—
Collateralized Mortgage Obligations			35,470,652			—			35,470,652			—
U.S. Government Agencies & Obligations			3,466,209			—			3,466,209			—
Sovereign Bonds			1,905,421			—			1,905,421			—
Mortgage-Backed Security			608,356			—			608,356			—
Exchange Traded Fund (ETF)			23,105,720			23,105,720			—			—
Common Stock			201,059			—			—			201,059
Short-Term Investments:
Commercial Papers			43,262,314			—			43,262,314			—
Time Deposits			15,489,833			—			15,489,833			—
U.S. Government Obligations			3,017,233			—			3,017,233			—
Total Investments, at value		$	399,222,162		$	23,105,720		$	375,915,383		$	201,059
Other Financial Instruments – Assets
Forward Foreign Currency Contracts		$	212,170		$	—		$	212,170		$	—
Total Other Financial Instruments – Assets		$	212,170		$	—		$	212,170		$	—

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	Total Fair Value at August 31, 2019			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Global Fixed Income Opportunities Fund
Investments, at value
Corporate Bonds & Notes
Argentina		$	612,009		$	—		$	612,009		$	—
Australia			6,953,016			—			6,953,016			—
Austria			566,465			—			566,465			—
Bahamas			6,233,604			—			6,233,604			—
Bermuda			9,498,439			—			9,498,439			—
Brazil			15,989,278			—			15,989,278			—
British Virgin Islands			22,030,478			—			22,030,478			—
Canada			3,492,823			—			3,492,823			—
Cayman Islands			31,131,888			—			31,131,888			—
Chile			18,253,976			—			18,253,976			—
Colombia			13,921,555			—			13,921,555			—
Denmark			652,836			—			652,836			—
Dominican Republic			1,148,400			—			1,148,400			—
France			4,723,832			—			4,723,832			—
Germany			3,064,704			—			3,064,704			—
India			10,928,378			—			10,928,378			—
Indonesia			7,990,625			—			7,990,625			—
Ireland			3,362,880			—			3,362,880			—
Israel			3,088,318			—			3,088,318			—
Italy			12,337,771			—			12,337,771			—
Luxembourg			4,801,250			—			4,801,250			—
Malaysia			13,601,779			—			13,601,779			—
Marshall Island			7,897,980			—			7,897,980			—
Mauritius			3,020,601			—			3,020,601			—
Mexico			30,574,666			—			30,574,666			—
Netherlands			15,247,551			—			15,247,551			—
Norway			1,958,000			—			1,958,000			—
Panama			11,117,975			—			11,117,975			—
Peru			7,863,679			—			7,863,679			—
Philippines			820,802			—			820,802			—
Portugal			2,996			—			—			2,996
Singapore			21,904,060			—			21,904,060			—
Switzerland			3,263,044			—			3,263,044			—
Thailand			4,600,946			—			4,600,946			—
United Kingdom			18,598,025			—			18,598,025			—
United States			180,680,007			—			180,680,007			—
Senior Loans			71,536,692			—			70,466,855			1,069,837
Sovereign Bonds			30,368,271			—			30,368,271			—
Preferred Stocks:
Bermuda			2,930,678			2,930,678			—			—
United States			15,190,634			13,965,634			1,225,000			—
Common Stocks:
Colombia			204,438			—			—			204,438
United States			9,339,385			4,956,208			—			4,383,177
Warrants:
Brazil			—*			—			—			—*
United States			23,418			23,418			—			—

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3. Investment valuation (continued)

	Total Fair Value at August 31, 2019			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Global Fixed Income Opportunities Fund (continued)
Investments, at value (continued)
Short-Term Investments:
Commercial Papers		$	104,049,054		$	—		$	104,049,054		$	—
Time Deposits			44,575,808			—			44,575,808			—
Money Market Fund			4,016,865			4,016,865			—			—
Total Investments, at value		$	784,169,879*		$	25,892,803		$	752,616,628		$	5,660,448*
Other Financial Instruments – Asset
Forward Foreign Currency Contract		$	423,924		$	—		$	423,924		$	—
Total Other Financial Instruments – Assets		$	423,924		$	—		$	423,924		$	—
Other Financial Instruments – Liabilities
Options Contracts Written		$	(39,977)		$	(39,977)		$	—		$	—
Securities Sold Short:
Corporate Bonds & Notes			(5,849,249)			—			(5,849,249)			—
Total Other Financial Instruments – Liabilities		$	(5,889,226)		$	(39,977)		$	(5,849,249)		$	—
Destinations Municipal Fixed Income Fund
Investments, at value
Municipal Bonds		$	835,213,274		$	—		$	835,213,274		$	—
Short-Term Investments:
Time Deposits			36,413,032			—			36,413,032			—
Municipal Bonds			47,412,717			—			47,412,717			—
Total Investments, at value		$	919,039,023		$	—		$	919,039,023		$	—
Destinations Multi Strategy Alternatives Fund
Investments, at value
Corporate Bonds & Notes:
Communications		$	46,453,430		$	—		$	46,453,430		$	—
Consumer Cyclical			27,437,933			—			27,437,933			—
Consumer Non-cyclical			45,844,716			—			45,844,716			—
Energy			14,606,090			—			14,606,090			—
Financial			39,944,669			2,097,670			37,846,999			—
Technology			5,593,336			—			5,593,336			—
Utilities			9,893,999			—			9,893,999			—
Collateralized Mortgage Obligations			97,654,769			—			97,654,769			—
Senior Loans			46,298,486			—			46,298,486			—
Asset-Backed Securities			13,099,591			—			13,099,591			—
Municipal Bonds			12,309,682			—			12,309,682			—
Open-End Fund			169,980,765			169,980,765			—			—
Common Stocks			151,294,413			151,294,413			—			—
Closed-End Funds			140,151,479			140,151,479			—			—
Preferred Stock			915,124			915,124			—			—
Warrants			246,808*			246,808			—*			—
Rights			50,509			50,509			—			—
Short-Term Investments:
Time Deposits			95,279,592			—			95,279,592			—
Money Market Fund			11,094,771			11,094,771			—			—
Total Investments, at value		$	928,150,162*		$	475,831,539		$	452,318,623*		$	—

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3. Investment valuation (continued)

	Total Fair Value at August 31, 2019			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Multi Strategy Alternatives Fund (continued)
Other Financial Instruments – Assets
OTC Credit Default Swaps		$	770,157		$	—		$	770,157		$	—
Total Other Financial Instruments – Assets		$	770,157		$	—		$	770,157		$	—
Other Financial Instruments – Liabilities
Option Contracts Written		$	(37,510)		$	—		$	(37,510)		$	—
Securities Sold Short:
Corporate Bond & Note			(4,596,000)			—			(4,596,000)			—
Exchange Traded Funds (ETFs)			(59,581,605)			(59,581,605)			—			—
Common Stocks			(8,317,304)			(8,317,304)			—			—
Total Other Financial Instruments – Liabilities		$	(72,532,419)		$	(67,898,909)		$	(4,633,510)		$	—

Includes securities that are fair valued by the Board at $0.

The level classification by major category of investments is the same as the category presentation in the Schedules of Investments.

During the period ended August 31, 2019, Destinations International Equity Fund had transfers from Level 2 to Level 1 of $8,325,950 and transfer from Level 1 to Level 2 of $4,084,875. Destinations Global Fixed Income Opportunities Fund had di minimus transfer under 1% of net assets from Level 1 to Level 3.

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period February 28, 2019 through August 31, 2019:

	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Senior Loans			Warrants
Destinations Large Cap Equity Fund
Balance as of February 28, 2019		$	1,991,162		$	1,584,623		$	—		$	406,539		$	—		$	—
Purchases			—						—			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			—			—			—			—			—			—
Transfers In			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—
Balance as of August 31, 2019		$	1,991,162		$	1,584,623		$	—		$	406,539		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2019		$	—		$	—		$	—		$	—		$	—		$	—

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3. Investment valuation (continued)

	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Senior Loans			Warrants
Destinations International Equity Fund
Balance as of February 28, 2019		$	4,107			4,107		$	—		$	—		$	—		$	—
Purchases			793,594			—			—			793,594			—			—
(Sales/Paydowns)			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			(339)			(339)			—			—			—			—
Transfers In			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—
Balance as of August 31, 2019		$	797,362		$	3,768		$	—		$	793,594		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2019		$	(339)		$	(339)		$	—		$	—		$	—		$	—
Destinations Low Duration Fixed Income Fund
Balance as of February 28, 2019		$	264,017		$	264,017		$	—		$	—		$	—		$	—
Purchases			—			—			—			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—
Accrued Discounts (premiums)			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			(62,958)			(62,958)			—			—			—			—
Transfers In			—			—			—			—			—			—	��
Transfers Out			—			—			—			—			—			—
Balance as of August 31, 2019		$	201,059		$	201,059		$	—		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2019		$	(62,958)		$	(62,958)		$	—		$	—		$	—		$	—
Destinations Global Fixed Income Opportunities Fund
Balance as of February 28, 2019		$	4,869,557		$	3,799,720		$	—		$	—		$	1,069,837		$	—
Purchases			931,780*			909,119			22,661			—			—			—*
(Sales/Paydowns)			—			—			—			—			—			—
Accrued Discounts (premiums)			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			(345,327)			(325,662)			(19,665)			—			—			—
Transfers In			204,438			204,438			—			—			—			—
Transfers Out			—			—			—			—			—			—
Balance as of August 31, 2019		$	5,660,448*		$	4,587,615		$	2,996		$	—		$	1,069,837		$	—*
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2019		$	(848,517)		$	(828,571)		$	(19,946)		$	—		$	—		$	—

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3. Investment valuation (continued)

Total

Common
Stocks

Corporate
Bonds &
Notes

Preferred
Stocks

Senior
Loans

Warrants

Destinations Multi Strategy Alternatives Fund

Balance as of February 28, 2019

—*

—

—*

—

Purchases

—

(Sales/Paydowns)

—*

—

—*

—

Accrued Discounts (premiums)

—

Total realized gain (loss)

—*

—

—*

—

Change in unrealized appreciation (depreciation)

—*

—

—*

—

Transfers In

—

Transfers Out

—

Balance as of August 31, 2019

—

Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2019

—

Includes securities that are fair valued at $0.

4. Accounting for Derivative Instruments

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. All open derivative positions at period end for each Fund are disclosed in the Fund’s Schedule of Investments. The following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

(a)

Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(b)

Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put

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4. Accounting for Derivative Instruments (continued)

option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(c)

Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own.

The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

(d)

Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(e)

Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and changes in Net Assets. Details of purchased swaptions contracts held at period end are included on the Fund’s Schedule of Investments under the caption “Purchased Options”.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

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4. Accounting for Derivative Instruments (continued)

When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.

(f)

Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap. Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

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4. Accounting for Derivative Instruments (continued)

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

ii.

Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

iii.

Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

iv.

Total Return Swaps. Certain Funds may enter into total return swaps to gain exposure and benefit from reference asset (single asset, or a basket of assets) without actually having to own it. Total return swaps are agreements where the total return of a reference asset is paid in exchange for periodic cash flows, either fixed or variable, and typically a floating rate such as LIBOR +/- a basis point spread. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gain or loss from swap contracts on the Statement of Operations.

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.

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August 31, 2019 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2019:

Destinations Large Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on open futures contracts(a)		$	—		$	—		$	—		$	64,060		$	64,060
		$	—		$	—		$	—		$	64,060		$	64,060

Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on futures contracts		$	—		$	—		$	—		$	1,490,847		$	1,490,847
		$	—		$	—		$	—		$	1,490,847		$	1,490,847
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on futures contracts		$	—		$	—		$	—		$	(744,005)		$	(744,005)
		$	—		$	—		$	—		$	(744,005)		$	(744,005)

Destinations International Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts(d)		$	—		$	17,504		$	—		$	—		$	17,504
		$	—		$	17,504		$	—		$	—		$	17,504
Liability derivatives
Unrealized depreciation on forward foreign currency contracts(e)		$	—		$	32,619		$	—		$	—		$	32,619
		$	—		$	32,619		$	—		$	—		$	32,619

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August 31, 2019 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk				Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on forward foreign currency contracts		$	—		$	(425,942)		$	—		$	—			$	(425,942)
		$	—		$	(425,942)		$	—		$	—	��		$	(425,942)
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		$	—		$	(134,811)		$	—		$	—			$	(134,811)
		$	—		$	(134,811)		$	—		$	—			$	(134,811)

Destinations Low Duration Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts(d)		$	—		$	212,170		$	—		$	—		$	212,170
		$	—		$	212,170		$	—		$	—		$	212,170

Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on forward foreign currency contracts		$	—		$	53,122		$	—		$	—		$	53,122
		$	—		$	53,122		$	—		$	—		$	53,122
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		$	—		$	239,470		$	—		$	—		$	239,470
		$	—		$	239,470		$	—		$	—		$	239,470

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Notes to Financial Statements

August 31, 2019 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Destinations Global Fixed Income Opportunities Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts(d)		$	—		$	423,924		$	—		$	—		$	423,924
		$	—		$	423,924		$	—		$	—		$	423,924
Liability derivatives
Options contracts written outstanding(f)		$	—		$	—		$	—		$	39,977		$	39,977
		$	—		$	—		$	—		$	39,977		$	39,977

Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on forward foreign currency contracts		$	—		$	132,154		$	—		$	—		$	132,154
		$	—		$	132,154		$	—		$	—		$	132,154
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	36,924		$	36,924
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		$	—		$	467,015		$	—		$	—		$	467,015
		$	—		$	467,015		$	—		$	36,924		$	503,939

Destinations Multi Strategy Alternatives Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Assets derivatives
Unrealized appreciation on swap contracts(g)		$	—		$	—		$	770,157		$	—		$	770,157
		$	—		$	—		$	770,157		$	—		$	770,157
Liability derivatives
Options contracts written outstanding(f)		$	—		$	—		$	—		$	37,510		$	37,510
		$	—		$	—		$	—		$	37,510		$	37,510

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Notes to Financial Statements

August 31, 2019 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on futures contracts		$	7,300		$	—		$	—		$	—		$	7,300
Net realized gain (loss) on forward foreign currency contracts			—			18,374			—			—			18,374
Net realized gain (loss) on swap contracts			—			—			269,945			—			269,945
		$	7,300		$	18,374		$	269,945		$	—		$	295,619

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	30,416		$	30,416
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			—			72,219			—			—			72,219
Net change in unrealized appreciation (depreciation) on swap contracts			—			—			770,157			—			770,157
		$	—		$	72,219		$	770,157		$	30,416		$	872,792

(a)

Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the “Open Futures Contracts” table.

(b)

Statements of Operations location: Net realized gain (loss) from investments, foreign currency transactions, futures contracts, options contracts written or swap contracts.

(c)

Statements of Operations location: Change in net unrealized appreciation (depreciation) from investments, foreign currency transactions, futures contracts, options contracts written or swap contracts.

(d)

Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

(e)

Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

(f)

Statements of Assets and Liabilities location: Options contracts written, at value.

(g)

Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

The average notional amounts of futures contracts, swaps contracts, forward foreign currency contracts, and the average market value of options contracts written during the period ended August 31, 2019 were as follows:

Destinations Large Cap Equity Fund

			Average notional amounts
Futures contracts				$	11,451,282

Destinations International Equity Fund

			Average notional amounts
Forward foreign currency contracts				$	16,488,146

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4. Accounting for Derivative Instruments (continued)

Destinations Equity Income Fund

The Fund invested in an immaterial volume of forward foreign currency contracts during the year, and no positions were held as of August 31, 2019.

Destinations Low Duration Fixed Income Fund

			Average notional amounts
Forward foreign currency contracts				$	3,819,766

Destinations Global Fixed Income Opportunities Fund

	Average notional amounts
Option contracts written		$	13,179
Forward foreign currency contracts			6,318,312

Destinations Multi Strategy Alternatives Fund

	Average notional amounts
Option contracts written		$	37,510
Forward foreign currency contracts			796,803

5. Accounting for Other Instruments

(a)

Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

(b)

Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

(c)

Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the

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August 31, 2019 (unaudited) (continued)

5. Accounting for Other Instruments (continued)

securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances. See Note 5(o).

The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2019.

Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Asset Amount Presented in Statements of Assets and Liabilities(a)			Financial Instrument			Collateral Received(b)(c)			Net Amount (Not Less than $0)
Destinations Large Cap Equity Fund		$	19,219,210		$	—		$	(19,219,210)		$	—
Destinations Small-Mid Cap Equity Fund			19,624,122			—			(19,624,122)			—
Destinations International Equity Fund			28,204,097			—			(28,204,097)			—
Destinations Equity Income Fund			782,670			—			(782,670)			—
Destinations Real Assets Fund			597,006			—			(597,006)			—
Destinations Core Fixed Income Fund			232,592			—			(232,592)			—
Destinations Global Fixed Income Opportunities Fund			3,937,672			—			(3,937,672)			—
Destinations Multi Strategy Alternatives Fund			10,861,620			—			(10,861,620)			—

(a)

Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $19,637,880, $20,073,213, $30,252,118, $799,570, $616,340, $237,591, $4,016,865 and $11,094,771, respectively, which was subsequently invested in Federated Government Obligations Fund as reported in the Schedules of Investments.

(c)

The actual collateral received could be greater than the amount shown here due to overcollateralization.

The Funds have adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), “Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. ASU No. 2014-11 is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.

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August 31, 2019 (unaudited) (continued)

5. Accounting for Other Instruments (continued)

The table below represents the disaggregation at August 31, 2019 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

	Remaining Contractual Maturity of the Agreements As of August 31, 2019
	Overnight and Continuous			< 30 days			Between 30 & 90 days			> 90 days			Total
Destinations Large Cap Equity Fund
Securities Lending Transactions
Common Stocks		$	19,637,880		$	—		$	—		$	—		$	19,637,880
Total Borrowings		$	19,637,880		$	—		$	—		$	—		$	19,637,880
Gross amount of recognized liabilities for securities lending transactions														$	19,637,880
Destinations Small-Mid Cap Equity Fund
Securities Lending Transactions
Common Stocks		$	20,073,213		$	—		$	—		$	—		$	20,073,213
Total Borrowings		$	20,073,213		$	—		$	—		$	—		$	20,073,213
Gross amount of recognized liabilities for securities lending transactions														$	20,073,213
Destinations International Equity Fund
Securities Lending Transactions
Common Stocks		$	30,252,118		$	—		$	—		$	—		$	30,252,118
Total Borrowings		$	30,252,118		$	—		$	—		$	—		$	30,252,118
Gross amount of recognized liabilities for securities lending transactions														$	30,252,118
Destinations Equity Income Fund
Securities Lending Transactions
Common Stocks		$	799,570		$	—		$	—		$	—		$	799,570
Total Borrowings		$	799,570		$	—		$	—		$	—		$	799,570
Gross amount of recognized liabilities for securities lending transactions														$	799,570
Destinations Real Assets Fund
Securities Lending Transactions
Common Stocks		$	527,700		$	—		$	—		$	—		$	527,700
Exchange Traded Funds (ETFs)			88,640			—			—			—			88,640
Total Borrowings		$	616,340		$	—		$	—		$	—		$	616,340
Gross amount of recognized liabilities for securities lending transactions														$	616,340
Destinations Core Fixed Income Fund
Securities Lending Transactions
Corporate Securities		$	237,591		$	—		$	—		$	—		$	237,591
Total Borrowings		$	237,591		$	—		$	—		$	—		$	237,591
Gross amount of recognized liabilities for securities lending transactions														$	237,591

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5. Accounting for Other Instruments (continued)

	Remaining Contractual Maturity of the Agreements As of August 31, 2019
	Overnight and Continuous			< 30 days			Between 30 & 90 days			> 90 days			Total
Destinations Global Fixed Income Opportunities Fund
Securities Lending Transactions
Corporate Securities		$	4,014,191		$	—		$	—		$	—		$	4,014,191
Preferred Stocks			2,674			—			—			—			2,674
Total Borrowings		$	4,016,865		$	—		$	—		$	—		$	4,016,865
Gross amount of recognized liabilities for securities lending transactions														$	4,016,865
Destinations Multi Strategy Alternatives Fund
Securities Lending Transactions
Closed-End Funds		$	280,420		$	—		$	—		$	—		$	280,420
Corporate Securities			7,506,857			—			—			—			7,506,857
Common Stocks			3,256,669			—			—			—			3,256,669
Preferred Stocks			50,825			—			—			—			50,825
Total Borrowings		$	11,094,771		$	—		$	—		$	—		$	11,094,771
Gross amount of recognized liabilities for securities lending transactions														$	11,094,771

(d)

To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in “Net realized gain (loss) on investments” on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments”. The proceeds and value of these commitments are recorded as Forward Sale Commitments at value in the Statements of Assets and Liabilities.

(e)

Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the

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5. Accounting for Other Instruments (continued)

security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

(f)

Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.

Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

(g)

Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence.Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations.Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.

(h)

Foreign Investments. Dividends or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Foreign taxes paid by a Fund will reduce the return from the Fund’s investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If, as of the end of a Fund’s taxable year, more than 50% of the Fund’s assets consist of foreign securities, that Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by that Fund during that taxable year to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the IRC. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders’ federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to their shareholders the respective amounts per share of the Fund’s

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5. Accounting for Other Instruments (continued)

income from sources within, and taxes paid to, foreign countries and U.S. possessions. Shareholders of Funds that do not hold sufficient foreign securities to meet the above 50% threshold will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by those Funds.

(i)

Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(j)

Distributions to Shareholders. The Funds distribute their investment income periodically. It is the policy of the Destinations Equity Income and Destinations Multi Strategy Alternatives Funds to distribute their investment income quarterly. It is the policy of the Destinations Large Cap Equity, Destinations Small-Mid Cap Equity, Destinations International Equity and Destinations Real Assets Funds to distribute their investment income annually. It is the policy of the Destinations Core Fixed Income, Destinations Municipal Fixed Income, Destinations Global Fixed Income Opportunities and Destinations Low Duration Fixed Income Funds to distribute their investment income monthly. The Funds will make distributions of any undistributed capital gains earned annually. A Fund may make an additional payment of dividends or other distributions if it deems it to be desirable or necessary at other times during any year.

(k)

All distributions will be paid in cash. Generally, distributions are taxable events for shareholders whether the distributions are received in cash or reinvested.

(l)

Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken on the 2018 tax returns.

(m)

Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.

(n)

Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than

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5. Accounting for Other Instruments (continued)

originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board.

(o)

Indemnification. In the normal course of business, the Funds may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.

(p)

Senior Floating-Rate Loans. Certain Funds may purchase assignments of, and participations in, senior secured floating rate and fixed rate loans (“Senior Loans”) originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, a Fund typically succeeds to all the rights and obligations under the loan of the assigning Lender and becomes a lender under the credit agreement with respect to the debt obligation purchased. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more restricted than, those held by the assigning Lender. Participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement or any rights of setoff against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.

In connection with bank loan interests, Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The fund is obligated to fund these commitments at borrower’s discretion. In connection with these commitments, Funds earn a commitment fee, which is included in interest income in the Statement of Operations and recognized respectively over the commitment period. Funds have sufficient cash/securities to cover commitments.

The following table summarizes the Funds’ wholly and partially unfunded loans positions as of August 31, 2019.

	Principal			Unfunded Bank Loan Interest (Cost)			Value of Underlying Bank Loan Interest (Value)			Unrealized Appreciation/ (Depreciation)
Destinations Core Fixed Income Fund
Allied Universal Holdco LLC		$	10,811		$	10,705		$	10,786		$	82
Mister Car Wash Holdings Inc.			3,571			3,571			3,559			(13)
		$	14,382		$	14,276		$	14,345		$	69
Destinations Multi Strategy Alternatives Fund
Pacific Gas & Electric Co.		$	750,000		$	747,365		$	751,875		$	4,510

(q)

Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across

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5. Accounting for Other Instruments (continued)

the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by a counterparty for the benefit of a Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of such deposits due to brokers at August 31, 2019 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 3).

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of August 31, 2019.

	Assets			Liabilities
Derivative Instruments(a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities
Destinations International Equity Fund:
Forward foreign currency contracts		$	17,504		$	32,619
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	17,504		$	32,619
Destinations Low Duration Fixed Income Fund:
Forward foreign currency contracts		$	212,170		$	—
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	212,170		$	—
Destinations Global Fixed Income Opportunities Fund:
Forward foreign currency contracts		$	423,924		$	—
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	423,924		$	—
Destinations Multi Strategy Alternatives Fund:
Swap contracts(b)		$	770,157		$	—
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	770,157		$	—

(a)

Excludes exchange-traded derivatives.

(b)

The total value of the net amounts of assets and liabilities is comprised of Swap contracts, at value on the Statements of Assets and Liabilities less the net value of the Upfront premiums paid (received) disclosed in the Fund’s Schedules of Investments.

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5. Accounting for Other Instruments (continued)

The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of August 31, 2019.

Counterparty	Gross amounts of Recognized Assets presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(a)			Other Cash Collateral(e)			Net Amount(b)
Destinations International Equity Fund
Over-the-counter
JPMorgan Chase & Co.		$	17,504		$	—		$	—		$	17,504
Total Over-the-counter derivative instruments		$	17,504		$	—		$	—		$	17,504

Counterparty	Gross amounts of Recognized Liabilities presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(c)			Other Cash Collateral(e)			Net Amount(d)
Destinations International Equity Fund
Over-the-counter
HSBC Bank USA.		$	32,619		$	—		$	—		$	32,619
Total Over-the-counter derivative instruments		$	32,619		$	—		$	—		$	32,619

Counterparty	Gross amounts of Recognized Assets presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(a)			Other Cash Collateral(e)			Net Amount(b)
Destinations Low Duration Fixed Income Fund
Over-the-counter
Brown Brothers Harriman & Co.		$	212,170		$	—		$	—		$	212,170
Total Over-the-counter derivative instruments		$	212,170		$	—		$	—		$	212,170

Counterparty	Gross amounts of Recognized Assets presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(a)			Other Cash Collateral(e)			Net Amount(b)
Destinations Global Fixed Income Opportunities Fund
Over-the-counter
Brown Brothers Harriman & Co.		$	423,924		$	—		$	—		$	423,924
Total Over-the-counter derivative instruments		$	423,924		$	—		$	—		$	423,924

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August 31, 2019 (unaudited) (continued)

5. Accounting for Other Instruments (continued)

Counterparty	Gross amounts of Recognized Assets presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(a)			Other Cash Collateral(e)			Net Amount(b)
Destinations Multi Strategy Alternatives Fund
Over-the-counter
Goldman Sachs & Co.		$	770,157		$	—		$	—		$	770,157
Total Over-the-counter derivative instruments		$	770,157		$	—		$	—		$	770,157

(a)

Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(b)

Net amount represents the new amount receivable from the counterparty in the event of default.

(c)

Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(d)

Net amount represents the net amount payable to the counterparty in the event of default.

(e)

In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

6. Significant Risks and Uncertainties

(a)

Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

(b)

Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(c)

Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

(d)

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

7. Investment Management Agreement

Brinker Capital, Inc., serves as investment adviser to the Trust pursuant to an investment advisory agreement (“Advisory Agreement”) between the Trust and Brinker Capital. Each Sub-adviser serves as investment adviser to a Fund pursuant to separate written agreements with the Adviser on behalf of the Funds (“Sub-advisory Agreements”). Under the Advisory Agreement, each Fund pays Brinker Capital an investment advisory fee calculated daily at an annual rate based on each

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7. Investment Management Agreement (continued)

Fund’s average daily net assets and paid monthly in arrears. Brinker Capital pays each Sub-adviser a sub-advisory fee from its investment advisory fees.

The maximum allowable annual management fee represents the total amount that could be charged to each Fund. The aggregate subadvisory fee expected to be paid by Brinker Capital to the Sub-advisers and the maximum fee expected to be retained by Brinker Capital for the Trust’s current fiscal year are indicated below:

Fund	Subadvisory Fee		Brinker Capital Inc. Fee		Maximum Allowable Annual Management Fee
Destinations Large Cap Equity Fund		0.23%		0.39%		0.75%
Destinations Small-Mid Cap Equity Fund		0.46%		0.39%		0.90%
Destinations International Equity Fund		0.52%		0.39%		1.00%
Destinations Equity Income Fund		0.26%		0.39%		0.80%
Destinations Real Assets Fund		0.57%		0.39%		1.00%
Destinations Core Fixed Income Fund		0.18%		0.39%		0.65%
Destinations Low Duration Fixed Income Fund		0.29%		0.39%		0.70%
Destinations Global Fixed Income Opportunities Fund		0.35%		0.39%		0.85%
Destinations Municipal Fixed Income Fund		0.16%		0.39%		0.70%
Destinations Multi Strategy Alternatives Fund		0.56%		0.39%		1.35%

Each Fund’s actual advisory fees may be less than the amounts set forth above due to the effect of additional voluntary fee waivers. Effective March 20, 2017, Brinker Capital has contractually agreed to waive a portion of its advisory fee with respect to any Fund until the period ended June 30, 2019 in order to keep the Fund’s management fees from exceeding 0.39% more than the total amount of sub-advisory fees paid by Brinker Capital with respect to such Fund. The agreement may be amended or terminated only with the consent of the Board of Trustees.

For the period ended August 31, 2019, the amounts waived by the Adviser were as follows:

Fund
Destinations Large Cap Equity Fund	$	2,307,870
Destinations Small-Mid Cap Equity Fund		246,239
Destinations International Equity Fund		753,207
Destinations Equity Income Fund		318,509
Destinations Real Assets Fund		40,571
Destinations Core Fixed Income Fund		718,938
Destinations Low Duration Fixed Income Fund		42,774
Destinations Global Fixed Income Opportunities Fund		443,067
Destinations Municipal Fixed Income Fund		687,263
Destinations Multi Strategy Alternatives Fund		1,847,507

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Notes to Financial Statements

August 31, 2019 (unaudited) (continued)

8. Class Specific Expenses

The costs of managing and administering a Fund are spread among shareholders of each class of shares. These operating costs cover such things as investment management, custody, auditing, administrative and transfer agency expenses, fees and expenses of Trustees, and, to the extent applicable to a share class, shareholder servicing.

Shares of different classes are available to different eligible investors.

Class I Shares. Class I Shares are intended for investors participating in Destinations, an investment advisory program, sponsored by Brinker Capital or through certain third party advisory programs which includes a sub-transfer agent fee. The sub-transfer agent fee is calculated at a maximum annual rate of 0.15% of the average daily net assets of the I share class.

Class Z Shares. Class Z Shares are intended for investors participating in Destinations, an investment advisory program, available through certain third party advisory program that does not include a sub-transfer agent fee.

For the period ended August 31, 2019, class specific expenses (prepaids) were as follows:

	Sub-Transfer Agent Fees
Fund	Class I
Destinations Large Cap Equity Fund		$	2,672,054
Destinations Small-Mid Cap Equity Fund			720,373
Destinations International Equity Fund			1,266,511
Destinations Equity Income Fund			301,930
Destinations Real Assets Fund			139,883
Destinations Core Fixed Income Fund			1,343,066
Destinations Low Duration Fixed Income Fund			293,359
Destinations Global Fixed Income Opportunities Fund			584,464
Destinations Municipal Fixed Income Fund			658,581
Destinations Multi Strategy Alternatives Fund			680,714

9. Investments

During the period ended August 31, 2019, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:

Fund	Investments						U.S. Government & Agency Obligations
Fund	Purchases			Sales			Purchases			Sales
Destinations Large Cap Equity Fund		$	979,360,729		$	775,780,831		$	—		$	—
Destinations Small-Mid Cap Equity Fund			477,360,974			504,229,613			—			—
Destinations International Equity Fund			329,415,650			239,358,379			—			—
Destinations Equity Income Fund			78,104,957			64,333,404			—			—
Destinations Real Assets Fund			49,019,162			137,018,552			—			—
Destinations Core Fixed Income Fund			463,901,833			402,613,632			304,223,125			252,771,273
Destinations Low Duration Fixed Income Fund			187,965,428			189,710,441			2,828,184			1,017,321
Destinations Global Fixed Income Opportunities Fund			279,158,383			331,112,980			—			—
Destinations Municipal Fixed Income Fund			223,602,474			171,557,083			—			—
Destinations Multi Strategy Alternatives Fund			449,165,315			427,195,375			—			—

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August 31, 2019 (unaudited) (continued)

9. Investments (continued)

At August 31, 2019, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes			Gross Unrealized Appreciation			Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Destinations Large Cap Equity Fund		$	3,250,439,064		$	662,762,449		$	(152,188,746)		$	510,573,703
Destinations Small-Mid Cap Equity Fund			898,214,470			123,792,010			(47,788,756)			76,003,254
Destinations International Equity Fund			1,632,247,320			278,024,685			(105,237,137)			172,787,548
Destinations Equity Income Fund			407,641,177			34,820,959			(25,293,546)			9,527,413
Destinations Real Assets Fund			150,004,577			4,297,512			(18,606,519)			(14,309,007)
Destinations Core Fixed Income Fund			1,893,008,289			74,179,171			(14,183,121)			59,996,050
Destinations Low Duration Fixed Income Fund			402,040,102			1,478,448			(4,084,218)			(2,605,770)
Destinations Global Fixed Income Opportunities Fund			785,921,387			9,750,668			(11,041,329)			(1,290,661)
Destinations Municipal Fixed Income Fund			877,273,143			41,989,961			(224,081)			41,765,880
Destinations Multi Strategy Alternatives Fund			995,097,982			22,946,205			(89,088,942)			(66,142,737)

10. Shares of Beneficial Interest

At February 28, 2019, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At February 28, 2019, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

Transactions in shares of each Fund’s Class were as follows:

	Period ended August 31, 2019				Period ended August 31, 2019				Year ended February 28, 2019				Period ended February 28, 2019*
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
	Class I				Class Z				Class I				Class Z
Destinations Large Cap Equity Fund
Shares sold		26,482,784		316,134,097		11,218,027		111,563,919		101,792,492		1,129,725,279		8,374,344		82,958,463
Shares issued on reinvestment		—		—		—		—		8,817,901		92,147,062		325,972		2,777,276
Shares repurchased		(23,735,302)		(283,017,543)		(848,480)		(8,273,828)		(54,731,880)		(643,323,422)		(1,342,871)		(12,343,692)
Net Increase		2,747,482		33,116,554		10,369,547		103,290,091		55,878,513		578,548,919		7,357,445		73,392,047
Destinations Small-Mid Cap Equity Fund
Shares sold		6,911,706		78,984,749		2,811,954		26,660,052		34,664,792		371,756,983		2,255,609		22,691,457
Shares issued on reinvestment		—		—		—		—		3,886,724		38,556,303		139,990		1,128,317
Shares repurchased		(12,622,746)		(146,169,404)		(391,594)		(3,688,329)		(17,268,373)		(193,629,966)		(363,167)		(3,142,418)
Net Increase (Decrease)		(5,711,040)		(67,184,655)		2,420,360		22,971,723		21,283,143		216,683,320		2,032,432		20,677,356
Destinations International Equity Fund
Shares sold		15,043,253		168,851,745		5,122,243		50,736,568		52,618,227		553,782,717		3,921,131		37,465,208
Shares issued on reinvestment		—		—		—		—		1,768,142		17,486,924		61,041		526,783
Shares repurchased		(12,722,344)		(142,411,890)		(440,678)		(4,309,974)		(26,142,011)		(289,212,441)		(511,301)		(4,606,198)
Net Increase		2,320,909		26,439,855		4,681,565		46,426,594		28,244,358		282,057,200		3,470,871		33,385,793
Destinations Equity Income Fund
Shares sold		4,081,172		42,267,379		656,271		6,600,565		14,820,009		146,101,281		1,144,805		11,442,280
Shares issued on reinvestment		472,208		4,876,208		15,796		158,249		2,088,485		20,394,007		46,257		434,586
Shares repurchased		(3,593,637)		(37,163,171)		(164,679)		(1,633,964)		(10,089,294)		(102,029,957)		(161,426)		(1,541,776)
Net Increase		959,743		9,980,416		507,388		5,124,850		6,819,200		64,465,331		1,029,636		10,335,090

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Notes to Financial Statements

August 31, 2019 (unaudited) (concluded)

10. Shares of Beneficial Interest (concluded)

	Period ended August 31, 2019				Period ended August 31, 2019				Year ended February 28, 2019				Period ended February 28, 2019*
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
	Class I				Class Z				Class I				Class Z
Destinations Real Assets Fund
Shares sold		2,517,664		14,183,948		884,321		4,682,435		15,078,673		138,429,624		703,514		5,826,365
Shares issued on reinvestment		—		—		—		—		55,796		337,006		1,890		11,547
Shares repurchased		(2,613,676)		(14,603,804)		(72,751)		(392,911)		(6,821,564)		(56,134,660)		(93,006)		(634,022)
Net Increase (Decrease)		(96,012)		(419,856)		811,570		4,289,524		8,312,905		82,631,970		612,398		5,203,890
Destinations Core Fixed Income Fund
Shares sold		19,364,332		194,830,222		5,620,918		58,257,244		51,629,353		504,965,401		3,123,658		31,239,465
Shares issued on reinvestment		2,563,612		25,814,809		70,122		726,910		4,484,582		43,781,187		35,951		358,837
Shares repurchased		(13,562,427)		(136,353,895)		(371,612)		(3,841,772)		(34,866,632)		(340,488,950)		(322,483)		(3,221,197)
Net Increase		8,365,517		84,291,136		5,319,428		55,142,382		21,247,303		208,257,638		2,837,126		28,377,105
Destinations Low Duration Fixed Income Fund
Shares sold		3,719,846		36,718,185		985,567		9,921,571		26,087,024		257,497,046		687,831		6,912,149
Shares issued on reinvestment		702,172		6,921,376		17,554		176,321		922,285		9,068,735		8,602		86,000
Shares repurchased		(4,369,121)		(43,134,043)		(77,246)		(777,059)		(5,827,894)		(57,419,750)		(86,440)		(865,282)
Net Increase		52,897		505,518		925,875		9,320,833		21,181,415		209,146,031		609,993		6,132,867
Destinations Global Fixed Income Opportunities Fund
Shares sold		6,430,172		63,722,398		1,791,009		18,092,036		32,997,812		326,225,606		1,660,540		16,628,666
Shares issued on reinvestment		1,577,559		15,625,768		42,814		431,080		2,770,666		27,223,257		25,960		257,546
Shares repurchased		(9,293,843)		(92,242,898)		(228,816)		(2,306,864)		(17,652,417)		(173,684,915)		(248,378)		(2,465,584)
Net Increase (Decrease)		(1,286,112)		(12,894,732)		1,605,007		16,216,252		18,116,061		179,763,948		1,438,122		14,420,628
Destinations Municipal Fixed Income Fund
Shares sold		6,545,241		67,487,086		503,597		5,214,878		75,603,154		756,168,946		1,447,265		14,466,808
Shares issued on reinvestment		804,483		8,315,116		14,141		146,629		1,013,048		10,104,941		10,976		109,817
Shares repurchased		(8,397,339)		(86,606,725)		(147,533)		(1,524,855)		(14,507,379)		(144,701,847)		(262,065)		(2,633,236)
Net Increase (Decrease)		(1,047,615)		(10,804,523)		370,205		3,836,652		62,108,823		621,572,040		1,196,176		11,943,389
Destinations Multi Strategy Alternatives Fund
Shares sold		7,759,554		75,431,019		2,478,621		23,463,017		35,970,092		364,349,389		2,040,589		20,189,598
Shares issued on reinvestment		1,587,415		15,346,065		33,899		319,962		4,873,632		46,982,654		63,263		586,237
Shares repurchased		(7,364,856)		(71,537,047)		(207,522)		(1,965,659)		(38,135,236)		(387,871,442)		(508,098)		(4,963,160)
Net Increase		1,982,113		19,240,037		2,304,998		21,817,320		2,708,488		23,460,601		1,595,754		15,812,675

The values shown represent the period from Fund’s Class Z inception (July 16, 2018) through the period ended February 28, 2019.

11. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any events or transactions that would require recognition or disclosure in the financial statements.

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Board Approval of Management Agreement and Investment Advisory Agreements (unaudited)

Approval of Sub-advisory Agreements

Brinker Capital Destinations Trust (“Trust” and, each series thereof a “Fund”) and Brinker Capital, Inc. (“Manager”), have entered into an investment management agreement (“Management Agreement”). Pursuant to the Management Agreement, the Manager selects investments in third-party funds, serves as “manager of managers” for the Trust, and selects and oversees professional money managers (each, a “Sub-adviser” and collectively, the “Sub-advisers”) who are responsible for investing the portion of assets of the Funds allocated to each of them pursuant to a separate investment advisory agreement (a “Sub-advisory Agreement” and collectively, the “Sub-advisory Agreements” and, together with the Management Agreement, the “Agreements”) between the Manager and each Sub-adviser.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Agreements be approved initially, as well as renewed annually thereafter, by the Trust’s Board of Trustees (“Board”) and by a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Agreements (“Independent Trustees”), by vote cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of any approvals or renewals of the Agreements, the Trustees must request and evaluate such information as may reasonably be necessary to make a reasonable business judgment with respect to the approval of the Agreements, and the Manager and Sub-advisers are required to provide such information.

At in-person meetings held on March 5-6, 2019 (“March Meeting”) and June 5-6, 2019 (“June Meeting” and, together with the March Meeting, the “Meetings”), the Board, including a majority of the Independent Trustees, approved two Sub-advisory Agreements, one between the Manager and LMCG Investments, LLC (“LMCG”) with respect to the Destinations Multi Strategy Alternatives Fund, and the other between the Manager and Mellon Investments Corporation (“Mellon”) with respect to the Destinations Large Cap Equity Fund, pursuant to which the Sub-adviser will provide day-to-day management of a percentage of the respective Fund’s portfolio allocated to it by the Manager. The Board also considered information provided by the Manager during prior meetings. In doing so, the Trustees requested and received information from the Manager and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and to evaluate the performance of the Manager and Sub-advisers. The Trustees were assisted in their review by Fund counsel and counsel to those Trustees who are Independent Trustees and non-management Trustees, and met in executive sessions separate from representatives of the Manager and Sub-advisers.

In voting to approve the Sub-advisory Agreements, the Trustees considered whether the approval of the Sub-advisory Agreements would be in the best interests of the respective Fund and its shareholders, an evaluation based on several factors including those discussed below.

Nature, Extent and Quality of the Services Provided Under the Sub-advisory Agreements

The Board received and considered information regarding the nature, extent and quality of services to be provided to each Fund by its proposed new sub-adviser under its Sub-advisory Agreement. The Trustees considered information regarding the process by which the Manager selected and recommended the proposed Sub-advisers to the Board and the supervisory activities over the Sub-advisers, to be provided by the Manager, including monitoring each Sub-adviser’s compliance with the investment objectives, policies, and restrictions of the applicable Fund. The Board considered each Sub-adviser’s proposed specific responsibilities in all aspects of the day-to-day management of the portion of the Fund assets proposed to be allocated to it, as well as the qualifications, experience and responsibilities of the persons proposed to serve as the portfolio managers for the Fund assets to be managed by each Sub-adviser and of other key personnel of the Sub-adviser. The Board specifically took into account each Sub-adviser’s investment process and capabilities, evaluating, as applicable, how the proposed Sub-advisers complemented each of the other Sub-advisers to that Fund. The Board also considered the background and experience of each Sub-adviser’s portfolio managers. The Trustees discussed the terms of the Sub-advisory Agreements and considered the Manager’s favorable assessment of the nature and quality of the Sub-advisers’ services expected to be provided to the applicable Fund. The Board also reviewed information received from the Manager and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act and those of the Manager and each of the Sub-advisers.

The Board then discussed with representatives of the Manager, the portfolio management strategy proposed to be employed by each Sub-adviser. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by each such Sub-adviser were adequate and appropriate in light of (i) the Sub-adviser’s experience and the qualifications of its investment personnel in providing portfolio management services to other investment portfolios,

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Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (concluded)

(ii) the portfolio management and research resources expected to be applied by the Sub-adviser in managing the portion of the applicable Fund’s assets allocated to it, (iii) how the Sub-adviser was expected to complement the applicable Fund’s existing Sub-advisers, (iv) the Sub-adviser’s compliance program, and (v) the Manager’s recommendation to engage the Sub-adviser.

Fund Performance

Because the Sub-advisers were to be newly-appointed for the Funds, the Board could not consider their investment performance in managing the respective Fund’s assets as a factor in evaluating the proposed Sub-advisory Agreements during the Meetings. The Board, however, received information from management regarding LMCG’s historical performance returns managing investment mandates similar to that of the Destinations Multi Strategy Alternatives Fund, with such performance compared to a relevant index. The Board also received information from management regarding Mellon’s historical performance returns managing investment mandates similar to that of the Destinations Large Cap Equity Fund, with such performance compared to a relevant index. The Board discussed with representatives of the Manager the investment strategy to be employed by each Sub-adviser in the management of the respective Fund’s assets. The Board discussed the reputation and experience of each Sub-adviser, their respective portfolio managers’ experience, and the Manager’s experience and reputation in selecting, evaluating, and overseeing investment managers. The Board determined that these factors supported a decision to approve each Sub-advisory Agreement.

Sub-advisory Fees and Expense Ratios; Economies of Scale and Other Benefits

The Board considered the proposed fees payable under each Sub-advisory Agreement, noting that the proposed fees would be paid to the proposed Sub-advisers by the Manager and, thus, would not impact the fees paid by the Funds. The Board concluded that the proposed fees payable to each Sub-adviser by the Manager with respect to the assets to be managed by the Sub-adviser were reasonable and appropriate. The Board recognized that, because each Sub-adviser’s fee would be paid by the Manager, and not the applicable Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and the Manager. The Board received and considered a profitability analysis of the Manager with respect to the addition of LMCG and Mellon as Sub-advisers to the respective Funds and determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the Funds by the Manager and the respective Sub-adviser, noting in particular the existence of an ongoing contractual fee waiver that limits the total amount of advisory fees that may be retained by the Manager to 39 basis points of each Fund’s assets. Similarly, the Board recognized that, because each Sub-adviser’s fee would be paid by the Manager, and not the applicable Fund, an analysis of economies of scale with respect to each Sub-adviser was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and the Manager. The Board also concluded that any benefits expected to accrue to either new Sub-adviser by virtue of its relationship with the applicable Fund were reasonable.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, with the advice of Fund counsel and independent legal counsel, resolved to approve the proposed Sub-advisory Agreements between the Manager and LMCG and the Manager and Mellon for a one-year period and for an initial two-year period, respectively, having determined that each agreement would be in the best interests of the applicable Fund. No single factor considered by the Board was identified by the Board as the principal factor in determining whether to approve the Sub-advisory Agreements.

Following the Board’s approval, the Manager entered into a Sub-advisory Agreement with each Sub-adviser, which became effective as of March 6, 2019 for LMCG and as of June 6, 2019 for Mellon. LMCG began managing the assets of the Destinations Multi Strategy Alternatives Fund allocated to it by the Manager on March 18, 2019 and Mellon began managing the assets of the Destinations Large Cap Equity Fund allocated to it by the Manager on June 14, 2019.

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Additional Information (unaudited)

Trustees and Officers of the Trust

The Trust’s Board of Trustees (“Board” or “Trustees”) is responsible for overseeing the Trust’s management and operations. The Board approves all significant agreements between the Trust and the companies that furnish services to the Funds, including agreements with the Trust’s distributor, the Manager and between the Manager and the Sub-advisers, custodian, transfer agent and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.

Brinker Capital, Inc. (“Brinker” or the “Manager”) serves as the investment adviser for each Fund. The Funds employ a “multi-manager” strategy. The Manager selects and oversees professional money managers (each a “Sub-adviser”) who are responsible for investing the assets of the Funds allocated to them. In addition to investment management services, the Manager monitors and supervises the services provided to the Trust by its administrator. The Manager also is responsible for conducting all operations of the Trust, except those operations contracted to the Sub-advisers, the custodian, the transfer agent and the administrator.

The names of the Trustees and officers of the Trust, their addresses and years of birth, together with information as to their principal business occupations and, for the Trustees, other board memberships they have held during the past five years, are set forth below. The executive officers of the Trust are employees of organizations that provide services to the Funds. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and officers. The SAI may be obtained without charge by calling 1-877-771-7979.

Name, Address
and Date of Birth

Position(s) Held
with Trust

Term of Office
and Length of
Time Served*

Principal Occupation(s) During
Past Five Years

Number of
Funds in
Fund
Complex
Overseen
by Trustee

Other Board
Memberships Held
During Past Five Years
by Trustee

INDEPENDENT TRUSTEES*

Ellyn L. Brown
Brown Associates
11055 Greenspring Ave,
Annex A
Lutherville, MD 21093

Birth Year: 1950

Chair of the Board of Trustees

Chair as of
April 1, 2018;
Trustee Since 2017

Retired Attorney since 2006. Former Principal of Brown and Associates from 1996 to 2006.

CNO Financial, Inc. since 2012, Walter Investment Management Corp. from 2013 to 2017, NYSE Regulation, Inc. from 2010 to 2014, Financial Industry Regulatory Authority, Inc. (FINRA) from 2007 to 2012, NYSE-Euronext from 2006 to 2013.

J. Scott Coleman, CFA

7 Forest Road
Wayne, PA 19087

Birth Year: 1960

Trustee

Since 2017

Retired since 2015. President and CEO of Optimum Fund Trust from 2011 to 2015. President of Delaware Distributors from 2008 to 2015. Executive Vice President, Head of Distribution and Marketing, Delaware Investments 2008 to 2015. In addition, Head of Macquarie Investment Management EMEA Distribution from 2012 to 2015. Managing Director at Goldman Sachs & Co. from 2001 to 2008.

Optimum Fund Trust from 2011 to 2015.

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Additional Information (unaudited) (continued)

Name, Address
and Date of Birth

Position(s) Held
with Trust

Term of Office
and Length of
Time Served*

Principal Occupation(s) During
Past Five Years

Number of
Funds in
Fund
Complex
Overseen
by Trustee

Other Board
Memberships Held
During Past Five Years
by Trustee

Nicholas Marsini, Jr.
120 St. Moritz Drive
Wilmington, DE 19807

Birth Year: 1955

Trustee, Chair of Audit Committee

Since 2017

Retired since 2016. Regional President of PNC Bank, Delaware from 2011 to 2016. Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from 1997 to 2010.

FundVantage Trust.

Gregory E. McGowan
Franklin Templeton
300 SE 2nd Street
Fort Lauderdale, FL 33301

Birth Year: 1949

Trustee

Since 2017

President and CEO, GEMPENN Global Consultancy, Inc. since 2016. Senior Strategic Advisor, Franklin Templeton Investments in 2016. Executive Vice President, Director and General Counsel of Templeton International, Inc. from 1992 to 2016. Executive Vice President, Secretary and General Counsel of Templeton Global Advisors Limited (a Bahamian corporation) from 1992 to 2016.

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.

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Additional Information (unaudited) (continued)

Name, Address
and Date of Birth

Position(s) Held
with Trust

Term of Office
and Length of
Time Served*

Principal Occupation(s) During
Past Five Years

Number of
Funds in
Fund
Complex
Overseen
by Trustee

Other Board
Memberships Held
During Past Five Years
by Trustee

INTERESTED TRUSTEES*

Joseph V. Del Raso
Pepper Hamilton LLP
3000 Two Logan Square, 18th & Arch Streets
Philadelphia, PA 19103-2799

Birth Year: 1952

Trustee

Since 2017
(Chair of the Board until April 1, 2018).

Partner at Pepper Hamilton LLP (law firm) since 1998.

Global Capital PLC (Malta Public Company).

Noreen D. Beaman
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312

Birth Year: 1964

Trustee and Chief Executive Officer

Since 2018

Chief Executive Officer of Brinker Capital, Inc. since 2012.

PIMCO RIA Advisory Board, MMI Board of Governors, MMI Leadership Pathway, Envestnet Institute Women In Wealth; St. Peter’s University Board of Trustees (2014 to 2017).

Each Trustee remains in office until he or she resigns, retires or is removed.

Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
OFFICERS*
Philip Green, Jr. Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1970	Chief Financial Officer & Treasurer	Since January 2017	Chief Financial Officer, Brinker Capital Holdings Inc., Brinker Capital Inc. and Brinker Capital Securities since 2000.
Brian Ferko Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1971	Chief Compliance Officer & Anti-Money Laundering Officer	Since January 2017	Chief Compliance Officer of Brinker Capital, Inc. since 2015; Chief Compliance Officer of Brinker Capital, Inc. contracted through Cipperman Compliance Services from 2010 to 2015; Chief Operating Officer of CCS from 2012 to 2015.
Jason B. Moore Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1972	President	Since January 2017	Chief Administrative Officer, Brinker Capital, Inc. since 2016; Managing Director, Morgan Stanley from 2012 to 2016.
Donna Marley Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1955	Chief Operating Officer	Since April 2017	Senior Vice President of Funds, Brinker Capital, Inc. since 2017; Executive Director, Morgan Stanley from 2009 to 2017.

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Additional Information (unaudited) (continued)

Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
Peter Townsend Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1977	Secretary & Deputy Chief Compliance Officer	Since January 2017	Deputy Funds Chief Compliance Officer at Brinker Capital, Inc. since 2017; Director of Compliance at Penn Capital Management Company, Inc. from 2015 to 2017; Director of Compliance at Cipperman Compliance Services from 2013 to 2015; Associate at J.P. Morgan Chase & Co. from 2008 to 2013.
Charles Widger Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1945	Investment Officer	Since January 2017	Executive Chairman of Brinker Capital, Inc. since 2012.
Jeffrey Raupp, CFA Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1969	Chief Investment Officer	Since January 2017	Chief Investment Officer of Brinker Capital, Inc. since 2018; Director of Investments of Brinker Capital, Inc. since 2017; Senior Vice President of Brinker Capital, Inc. in 2016; Senior Investment Manager of Brinker Capital, Inc. from 2008 to 2016.
Amy Magnotta, CFA Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1978	Investment Officer	Since January 2017	Senior Vice President and Head of Discretionary Portfolios of Brinker Capital Inc. since 2017; Senior Investment Manager of Brinker Capital, Inc. from 2008 to 2017.
Leigh Lowman, CFA Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1982	Investment Officer	Since January 2017	Investment Manager, Brinker Capital, Inc. since 2017; Senior Investment Analyst, Brinker Capital, Inc. from 2015 to 2017; Outreach Analyst, The Investment Fund for Foundations from 2014 to 2015; Senior Associate, Mondrian Investment Partners from 2011 to 2014.
Christopher Hart Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1971	Investment Officer	Since January 2017	Senior Vice President and Head of Platform Manager Research at Brinker Capital, Inc. since 2017; Senior Vice President in 2016; Core Investment Manager at Brinker Capital, Inc. from 2014 to 2016; Investment Director at RS Investments 2013; Vice President/Investment Officer at Morgan Stanley Smith Barney from 2006 to 2013.
Timothy Holland, CFA Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1969	Investment Officer	Since June 2017	Senior Vice President and Global Investment Strategist of Brinker Capital, Inc. since 2017; Co-Head US Sub Advisory of Pictet Asset Management in 2016; Portfolio Manager and Partner of TAMRO Capital Partners from 2005 to 2016.
Kristin Pilipzeck Brinker Capital, Inc. 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1987	Investment Officer	Since March 2019	Investment Analyst, Brinker Capital, Inc. since 2017; Operations Associate, Brinker Capital, Inc. from 2001-2017.

The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

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Additional Information (unaudited) (continued)

Board Composition and Leadership Structure

Four of the six Trustees on the Board (66.67%) are not “interested persons” (as defined in the 1940 Act) of the Trust and are not affiliated with the Manager or any Sub-adviser (“Independent Trustees”). Ms. Brown, an Independent Trustee, serves as Chair of the Board. There are two primary committees of the Board: the Audit Committee and the Governance Committee. The Audit Committee is chaired by Mr. Marsini and includes all of the Independent Trustees. The Governance Committee is chaired by Mr. Del Raso and includes Ms. Beaman and Messrs. McGowan and Coleman. The Board has determined that this leadership structure is appropriate given (i) the specific characteristics and circumstances of the Trust, (ii) the services that the Manager and its affiliates and the Sub-advisers provide to the Trust, and (iii) the potential conflicts of interest that could arise from these relationships. The Board believes that the existing Board structure is appropriate because, among other things, it allows the Independent Trustees to exercise independent business judgment in evaluating the Trust’s management and service providers.

Board Oversight of Risk Management

The Board considers risk management as part of its general oversight responsibilities. As is the case with virtually all mutual funds, service providers to the Trust, primarily the Manager and the Sub-advisers, have responsibility for the day-to-day management of the Funds, including risk management, which may encompass the management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk. As part of its oversight, the Board, acting at its scheduled meetings, or the Chair of the Board or the appropriate Committee, acting between Board meetings, interacts with and receives reports from senior personnel of service providers, including, but not limited to, the Manager’s investment officers, the Trust’s and the Manager’s Chief Compliance Officer (“CCO”) and the Sub-advisers’ portfolio management personnel. The Board’s Audit Committee meets during its scheduled meetings, and between meetings the Audit Committee Chair corresponds with the Trust’s independent registered public accounting firm and the Trust’s Chief Financial Officer. The Board receives periodic presentations from senior personnel of the Manager or its affiliates regarding investment performance of the Funds and the applicable investment risk management process. The Board also receives periodic presentations from senior personnel of the Manager or its affiliates and the Sub-advisers regarding risk management, as well as periodic presentations regarding specific operational, compliance or investment areas, such as business continuity, anti-money laundering, cybersecurity, personal trading, valuation, credit, investment research, portfolio trading and transactions, and securities lending. The Board has adopted policies and procedures designed to address certain risks to the Funds. In addition, the Manager and other service providers to the Trust have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds, many of which are reviewed by the Board. Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Funds. The Board also receives reports from counsel to the Trust, counsel to the Manager, and counsel to the Independent Trustees and non-management Trustees regarding regulatory compliance and governance matters. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities.

Individual Trustee Qualifications

The Board believes that each Trustee’s experience, qualifications, attributes or skills individually and in combination with those of the other Trustees support the conclusion that the Board possesses the requisite attributes and skills to effectively oversee the management of the Trust and protect the interests of Fund shareholders. The Board believes that the significance of each Trustee’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness The Board also believes that Trustees must have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with each other and with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that the Trustees satisfy this standard. Experience relevant to this ability may be achieved through a Trustee’s educational background; business, professional training or practice (e.g., accounting or law), public service or academic positions; experience from service as a board member (including the Board of the Trust) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; or other life experiences. The Board noted that most of the Trustees had experience serving as directors on the boards of operating companies and/or other investment companies. The Board considered that the various Trustees have or had careers in the financial services or investment management industries, including holding executive positions in companies engaged in these industries, which allows these Trustees to bring valuable, relevant experience as members of the Board.

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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. The Board at times may constitute other committees of the Board to assist in the evaluation of specific matters.

The Audit Committee oversees each Fund’s audit, accounting and financial reporting policies and practices and its internal controls. The Audit Committee approves, and recommends to the Board for its ratification, the selection, appointment, retention or termination of the Trust’s independent registered public accounting firm and reviews the compensation of the independent registered public accounting firm. The Audit Committee also pre-approves all audit and permissible non-audit services provided to each Fund by the independent registered public accounting firm and all permissible non-audit services provided by the Trust’s independent registered public accounting firm to the Manager and any advisory affiliates. The Audit Committee met twice during the Trust’s most recent fiscal year.

The primary responsibility of the Governance Committee is to support the Board in providing effective and efficient governance of the Trust. The Governance Committee gathers necessary information and reviews and considers, on behalf of all of the Trustees, the Trust’s Advisory Agreement (defined below), Sub-advisory Agreements (defined below), and agreements with the Trust’s distributor, and assists the Trustees in fulfilling their responsibilities relating to the Board’s evaluation and consideration of these arrangements. The Governance Committee also reviews the compensation to be paid to the Board and coordinates the Board’s annual self-assessment for the purposes of evaluating the performance and effectiveness of the Board.

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TABLE OF CONTENTS

Brinker Capital Destinations Trust

Investment Adviser

Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com

Legal Counsel

Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, PA 19103
www.morganlewis.com

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, PA 19102
www.taitweller.com

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund’s risk, objectives, fees and expenses, experience of its management, and other information.

Visit www.destinationsfunds.com for more information.

DSA_SAR

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. INVESTMENTS.

(a)

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

(b)

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not Applicable.

ITEM 13. EXHIBITS.

(a)(1) Not Applicable.

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

(a)(3) Not Applicable.

(a)(4) Not Applicable.

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

SIGNATURES

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

Brinker Capital Destinations Trust
By:	/s/ Jason B. Moore
	Jason B. Moore
	President

Date:	November 6, 2019

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

By:	/s/ Jason B. Moore
	Jason B. Moore
	President

Date:	November 6, 2019

By:	/s/ Philip Green, Jr.
	Philip Green, Jr.
	Chief Financial Officer and Treasurer

Date:	November 6, 2019

Brinker Capital Destinations Trust N-CSRSCertified semi-annual shareholder report (management investment company)