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, 2020

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

TABLE OF CONTENTS

Semi-Annual Report

August 31, 2020

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

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

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

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

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

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

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

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

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

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

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

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

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

www.destinationsfunds.com // 877.771.7979

TABLE OF CONTENTS

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					25
	DESTINATIONS INTERNATIONAL EQUITY FUND					37
	DESTINATIONS EQUITY INCOME FUND					52
	DESTINATIONS REAL ASSETS FUND					58
	DESTINATIONS CORE FIXED INCOME FUND					59
	DESTINATIONS LOW DURATION FIXED INCOME FUND					148
	DESTINATIONS GLOBAL FIXED INCOME OPPORTUNITIES FUND					166
	DESTINATIONS MUNICIPAL FIXED INCOME FUND					187
	DESTINATIONS MULTI STRATEGY ALTERNATIVES FUND					236
	STATEMENTS OF ASSETS AND LIABILITIES					256
	STATEMENTS OF OPERATIONS					258
	STATEMENTS OF CHANGES IN NET ASSETS					260
	FINANCIAL HIGHLIGHTS					262
	NOTES TO FINANCIAL STATEMENTS					282
	BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS					316
	ADDITIONAL INFORMATION					323

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, 2020. The semi-annual report will provide you with details such as the Schedule of Investments and Financial Highlights during the Funds’ reporting period.

As we finalize this shareholder report, the world is continuing to deal with unprecedented health, economic and lifestyle challenges stemming from the novel coronavirus (COVID-19) global pandemic. Segments of the economy are starting to reopen but slowing and eliminating the virus from continued human impact are most important. We have a long history of weathering volatile markets, and we are confident that we will continue to meet this current challenge.

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

•

Fund prices and performance,

•

Holdings,

•

Distributions, and

•

A host of fund literature and resources

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

Sincerely,

Jason B. Moore
President, Brinker Capital Destinations Trust
August 31, 2020

Important Disclosure:

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

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, 2020 and held for the six months ended August 31, 2020.

Actual Expenses

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

Based on Actual Total Return(1)

Fund	Total Return(2)		Beginning Account Value			Ending Account Value			Annualized Expense Ratios(3)		Expense Paid During the Period(4)
Destinations Large Cap Equity Fund – Class I		19.70%		$	1,000.00		$	1,196.97		0.83%		$	4.60
Destinations Large Cap Equity Fund – Class Z		19.69%			1,000.00			1,196.89		0.68%			3.77
Destinations Small-Mid Cap Equity Fund – Class I		9.07%			1,000.00			1,090.66		1.12%			5.90
Destinations Small-Mid Cap Equity Fund – Class Z		9.09%			1,000.00			1,090.91		0.98%			5.16
Destinations International Equity Fund – Class I		17.43%			1,000.00			1,174.34		1.23%			6.74
Destinations International Equity Fund – Class Z		17.55%			1,000.00			1,175.46		1.09%			5.98
Destinations Equity Income Fund – Class I		(0.53)%			1,000.00			994.65		0.92%			4.63
Destinations Equity Income Fund – Class Z		(0.50)%			1,000.00			995.00		0.77%			3.87
Destinations Real Assets Fund – Class I		(9.25)%			1,000.00			907.47		0.89%			4.28
Destinations Real Assets Fund – Class Z		(9.51)%			1,000.00			904.94		0.73%			3.51
Destinations Core Fixed Income Fund – Class I		0.90%			1,000.00			1,009.03		0.78%			3.95
Destinations Core Fixed Income Fund – Class Z		1.05%			1,000.00			1,010.49		0.63%			3.19
Destinations Low Duration Fixed Income Fund – Class I		(0.83)%			1,000.00			991.67		0.94%			4.72
Destinations Low Duration Fixed Income Fund – Class Z		(0.74)%			1,000.00			992.55		0.79%			3.97
Destinations Global Fixed Income Opportunities Fund – Class I		0.03%			1,000.00			1,000.34		0.99%			4.99
Destinations Global Fixed Income Opportunities Fund – Class Z		0.11%			1,000.00			1,001.07		0.84%			4.24
Destinations Municipal Fixed Income Fund – Class I		0.11%			1,000.00			1,001.10		0.80%			4.04
Destinations Municipal Fixed Income Fund – Class Z		0.09%			1,000.00			1,000.90		0.65%			3.28
Destinations Multi Strategy Alternatives Fund – Class I		1.82%			1,000.00			1,018.19		1.42%			7.22
Destinations Multi Strategy Alternatives Fund – Class Z		1.91%			1,000.00			1,019.15		1.27%			6.46

(1)

For the six months ended August 31, 2020.

(2)

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

(3)

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

(4)

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

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			1,021.78		0.68%			3.47
Destinations Small-Mid Cap Equity Fund – Class I		5.00%			1,000.00			1,019.56		1.12%			5.70
Destinations Small-Mid Cap Equity Fund – Class Z		5.00%			1,000.00			1,020.27		0.98%			4.99
Destinations International Equity Fund – Class I		5.00%			1,000.00			1,019.00		1.23%			6.26
Destinations International Equity Fund – Class Z		5.00%			1,000.00			1,019.71		1.09%			5.55
Destinations Equity Income Fund – Class I		5.00%			1,000.00			1,020.57		0.92%			4.69
Destinations Equity Income Fund – Class Z		5.00%			1,000.00			1,021.32		0.77%			3.92
Destinations Real Assets Fund – Class I		5.00%			1,000.00			1,020.72		0.89%			4.53
Destinations Real Assets Fund – Class Z		5.00%			1,000.00			1,021.53		0.73%			3.72
Destinations Core Fixed Income Fund – Class I		5.00%			1,000.00			1,021.27		0.78%			3.97
Destinations Core Fixed Income Fund – Class Z		5.00%			1,000.00			1,022.03		0.63%			3.21
Destinations Low Duration Fixed Income Fund – Class I		5.00%			1,000.00			1,020.47		0.94%			4.79
Destinations Low Duration Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.22		0.79%			4.02
Destinations Global Fixed Income Opportunities Fund – Class I		5.00%			1,000.00			1,020.21		0.99%			5.04
Destinations Global Fixed Income Opportunities Fund – Class Z		5.00%			1,000.00			1,020.97		0.84%			4.28
Destinations Municipal Fixed Income Fund – Class I		5.00%			1,000.00			1,021.17		0.80%			4.08
Destinations Municipal Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.93		0.65%			3.31
Destinations Multi Strategy Alternatives Fund – Class I		5.00%			1,000.00			1,018.05		1.42%			7.22
Destinations Multi Strategy Alternatives Fund – Class Z		5.00%			1,000.00			1,018.80		1.27%			6.46

(1)

For the six months ended August 31, 2020.

(2)

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

(3)

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

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 98.7%
BASIC MATERIALS – 2.6%
Chemicals – 1.7%
	4,937	Air Products & Chemicals Inc.		$	1,442,888
	2,299	Albemarle Corp.			209,232
	83,856	Celanese Corp., Class A Shares			8,482,034
	440,979	CF Industries Holdings Inc.			14,389,145
	16,419	Dow Inc.			740,825
	366,012	DuPont de Nemours Inc.			20,408,829
	3,038	Eastman Chemical Co.			222,108
	5,507	Ecolab Inc.			1,085,319
	2,945	FMC Corp.			314,703
	2,427	International Flavors & Fragrances Inc.			300,438
	30,588	Linde PLC			7,639,047
	5,635	LyondellBasell Industries NV, Class A Shares			368,980
	7,708	Mosaic Co.			140,517
	5,200	PPG Industries Inc.			626,080
	30,932	Sherwin-Williams Co.			20,756,919
		Total Chemicals			77,127,064
Forest Products & Paper – 0.2%
	232,236	International Paper Co.			8,423,200
Iron/Steel – 0.2%
	183,957	Nucor Corp.			8,362,685
Mining – 0.5%
	1,270,916	Freeport-McMoRan Inc.			19,838,999
	17,912	Newmont Corp.			1,205,119
		Total Mining			21,044,118
		TOTAL BASIC MATERIALS			114,957,067
COMMUNICATIONS – 18.5%
Advertising – 0.0%
	8,904	Interpublic Group of Cos., Inc.			158,135
	4,849	Omnicom Group Inc.			262,282
		Total Advertising			420,417
Internet – 14.8%
	239,870	Alibaba Group Holding Ltd., ADR*			68,849,886
	34,385	Alphabet Inc., Class A Shares*			56,031,389
	22,141	Alphabet Inc., Class C Shares*			36,182,379
	58,150	Amazon.com Inc.*			200,673,324
	26,434	Booking Holdings Inc.*			50,500,835
	3,261	CDW Corp.			370,613
	4,969	E*TRADE Financial Corp.			268,823
	14,740	eBay Inc.			807,457
	3,043	Expedia Group Inc.			298,671

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Internet – (continued)
	1,332	F5 Networks Inc.*		$	176,264
	428,658	Facebook Inc., Class A Shares*			125,682,526
	8,313	IAC/InterActiveCorp*			1,105,546
	6,618	KE Holdings Inc., ADR*			339,437
	72,319	Match Group Inc.*			8,076,586
	54,678	Netflix Inc.*			28,955,282
	12,239	NortonLifeLock Inc.			287,861
	66,079	Proofpoint Inc.*			7,246,884
	82,100	Roku Inc., Class A Shares*			14,242,708
	329,844	Snap Inc., Class A Shares*			7,451,176
	27,937	Spotify Technology SA*			7,882,704
	121,700	Tencent Holdings Ltd.			8,330,400
	233,719	Twitter Inc.*			9,484,317
	364,537	Uber Technologies Inc.*			12,259,379
	41,843	VeriSign Inc.*			8,987,876
	5,100	Wix.com Ltd.*			1,502,613
		Total Internet			655,994,936
Media – 1.5%
	3,363	Charter Communications Inc., Class A Shares*			2,070,296
	549,601	Comcast Corp., Class A Shares			24,627,621
	3,462	Discovery Inc., Class A Shares*			76,389
	6,953	Discovery Inc., Class C Shares*			138,851
	5,570	DISH Network Corp., Class A Shares*			197,846
	329,768	Fox Corp., Class A Shares			9,187,337
	3,763	Fox Corp., Class B Shares			104,611
	8,704	News Corp., Class A Shares			131,605
	2,410	News Corp., Class B Shares			36,319
	12,297	ViacomCBS Inc., Class B Shares			342,471
	193,778	Walt Disney Co.			25,553,505
		Total Media			62,466,851
Telecommunications – 2.2%
	1,207	Arista Networks Inc.*			269,704
	699,111	AT&T Inc.			20,840,499
	22,026	CenturyLink Inc.			236,780
	651,541	Cisco Systems Inc.			27,508,061
	338,964	Corning Inc.			11,002,771
	7,145	Juniper Networks Inc.			178,625
	91,712	Motorola Solutions Inc.			14,192,432
	12,990	T-Mobile US Inc.*			1,515,673

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Telecommunications – (continued)
	392,148	Verizon Communications Inc.		$	23,242,612
		Total Telecommunications			98,987,157
		TOTAL COMMUNICATIONS			817,869,361
CONSUMER CYCLICAL – 7.2%
Airlines – 0.2%
	227,365	Alaska Air Group Inc.			8,855,867
	9,853	American Airlines Group Inc.(a)			128,582
	12,524	Delta Air Lines Inc.			386,365
	11,985	Southwest Airlines Co.			450,396
	5,653	United Airlines Holdings Inc.*			203,508
		Total Airlines			10,024,718
Apparel – 1.2%
	7,828	Hanesbrands Inc.			119,690
	417,425	NIKE Inc., Class B Shares			46,705,683
	64,636	PVH Corp.			3,604,103
	1,062	Ralph Lauren Corp., Class A Shares			73,097
	6,295	Tapestry Inc.			92,725
	3,383	Under Armour Inc., Class A Shares*			33,187
	5,032	Under Armour Inc., Class C Shares*			44,533
	7,074	VF Corp.			465,115
		Total Apparel			51,138,133
Auto Manufacturers – 0.8%
	66,812	Cummins Inc.			13,846,787
	41,344	Ferrari NV			8,051,744
	88,443	Ford Motor Co.			603,181
	435,324	General Motors Co.			12,898,650
	7,646	PACCAR Inc.			656,333
	26,068	XPeng Inc., ADR*(b)@			534,394
		Total Auto Manufacturers			36,591,089
Auto Parts & Equipment – 0.1%
	56,893	Aptiv PLC			4,899,625
	4,384	BorgWarner Inc.			177,947
		Total Auto Parts & Equipment			5,077,572
Distribution/Wholesale – 0.0%
	4,564	Copart Inc.*			471,552
	12,959	Fastenal Co.			633,177
	6,739	LKQ Corp.*			213,896
	985	WW Grainger Inc.			359,949
		Total Distribution/Wholesale			1,678,574

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Entertainment – 0.3%
	69,971	DraftKings Inc., Class A Shares*		$	2,474,175
	165,611	Live Nation Entertainment Inc.*			9,406,705
		Total Entertainment			11,880,880
Home Builders – 0.3%
	7,380	DR Horton Inc.			526,711
	147,179	Lennar Corp., Class A Shares			11,011,933
	78	NVR Inc.*			325,130
	5,653	PulteGroup Inc.			252,067
		Total Home Builders			12,115,841
Home Furnishings – 0.1%
	73,563	Dolby Laboratories Inc., Class A Shares			5,138,376
	2,994	Leggett & Platt Inc.			122,754
	1,364	Whirlpool Corp.			242,410
		Total Home Furnishings			5,503,540
Housewares – 0.0%
	8,594	Newell Brands Inc.			137,332
Leisure Time – 0.0%
	10,141	Carnival Corp.			167,124
	5,659	Norwegian Cruise Line Holdings Ltd.*			96,825
	3,789	Royal Caribbean Cruises Ltd.			260,835
		Total Leisure Time			524,784
Lodging – 0.5%
	6,250	Hilton Worldwide Holdings Inc.			564,750
	256,563	Las Vegas Sands Corp.			13,010,310
	6,108	Marriott International Inc., Class A Shares			628,574
	10,642	MGM Resorts International			239,445
	78,778	Wynn Resorts Ltd.			6,889,136
		Total Lodging			21,332,215
Retail – 3.7%
	1,542	Advance Auto Parts Inc.			241,030
	529	AutoZone Inc.*			632,848
	5,075	Best Buy Co., Inc.			562,868
	29,115	CarMax Inc.*			3,113,267
	39,077	Carvana Co., Class A Shares*			8,439,069
	6,350	Chipotle Mexican Grill Inc., Class A Shares*			8,320,278
	80,403	Costco Wholesale Corp.			27,952,907
	2,896	Darden Restaurants Inc.			250,996
	5,604	Dollar General Corp.			1,131,335
	205,159	Dollar Tree Inc.*			19,750,657
	21,020	Domino’s Pizza Inc.			8,596,339

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
	4,300	Gap Inc.		$	74,777
	3,265	Genuine Parts Co.			308,347
	23,999	Home Depot Inc.			6,840,675
	3,398	Kohl’s Corp.			72,581
	5,247	L Brands Inc.			154,262
	183,110	Lowe’s Cos., Inc.			30,156,386
	21,798	Lululemon Athletica Inc.*			8,188,855
	16,583	McDonald’s Corp.			3,540,802
	1,652	O’Reilly Automotive Inc.*			769,221
	104,159	Ross Stores Inc.			9,486,802
	26,053	Starbucks Corp.			2,200,697
	11,161	Target Corp.			1,687,655
	2,477	Tiffany & Co.			303,432
	26,734	TJX Cos., Inc.			1,464,756
	2,530	Tractor Supply Co.			376,540
	1,265	Ulta Beauty Inc.*			293,708
	16,301	Walgreens Boots Alliance Inc.			619,764
	31,635	Walmart Inc.			4,392,520
	94,608	Yum! Brands Inc.			9,068,177
		Total Retail			158,991,551
Textiles – 0.0%
	1,336	Mohawk Industries Inc.*			123,353
Toys/Games/Hobbies – 0.0%
	2,830	Hasbro Inc.			223,400
		TOTAL CONSUMER CYCLICAL			315,342,982
CONSUMER NON-CYCLICAL – 25.4%
Agriculture – 1.4%
	231,218	Altria Group Inc.			10,113,475
	685,779	Archer-Daniels-Midland Co.			30,695,468
	251,647	Philip Morris International Inc.			20,078,914
		Total Agriculture			60,887,857
Beverages – 0.8%
	117,744	Brown-Forman Corp., Class B Shares			8,615,328
	86,318	Coca-Cola Co.			4,275,331
	3,712	Constellation Brands Inc., Class A Shares			684,790
	221,136	Molson Coors Beverage Co., Class B Shares			8,323,559
	8,281	Monster Beverage Corp.*			694,445
	80,839	PepsiCo Inc.			11,322,310
		Total Beverages			33,915,763

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – 3.2%
	222,274	Alexion Pharmaceuticals Inc.*		$	25,388,136
	46,733	Amgen Inc.			11,838,404
	3,783	Argenx SE, ADR*			874,894
	51,437	Biogen Inc.*			14,795,339
	478	Bio-Rad Laboratories Inc., Class A Shares*			243,106
	16,682	Corteva Inc.			476,271
	241,657	Exact Sciences Corp.*			18,194,356
	146,372	Gilead Sciences Inc.			9,770,331
	69,042	Illumina Inc.*			24,663,183
	131,883	Incyte Corp.*			12,706,927
	2,252	Regeneron Pharmaceuticals Inc.*			1,396,082
	73,788	Vertex Pharmaceuticals Inc.*			20,595,707
		Total Biotechnology			140,942,736
Commercial Services – 4.9%
	9,597	Automatic Data Processing Inc.			1,334,847
	24,690	Avalara Inc.*			3,269,203
	23,966	Cintas Corp.			7,986,430
	14,581	CoStar Group Inc.*			12,373,437
	76,913	Equifax Inc.			12,942,150
	1,866	FleetCor Technologies Inc.*			469,206
	2,007	Gartner Inc.*			260,549
	59,875	Global Payments Inc.			10,575,122
	545,282	H&R Block Inc.			7,906,589
	8,854	IHS Markit Ltd.			707,612
	17,237	MarketAxess Holdings Inc.			8,376,148
	3,589	Moody’s Corp.			1,057,463
	189,248	New Oriental Education & Technology Group Inc., ADR*			27,749,434
	7,921	Nielsen Holdings PLC			121,033
	320,993	PayPal Holdings Inc.*			65,527,511
	190,684	Quanta Services Inc.			9,772,555
	2,668	Robert Half International Inc.			141,938
	3,217	Rollins Inc.			177,385
	46,154	S&P Global Inc.			16,911,749
	121,599	Square Inc., Class A Shares*			19,402,336
	34,809	StoneCo Ltd., Class A Shares*			1,775,259
	89,705	TransUnion			7,779,218
	1,622	United Rentals Inc.*			287,175
	3,597	Verisk Analytics Inc., Class A Shares			671,452
		Total Commercial Services			217,575,801

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Cosmetics/Personal Care – 0.6%
	19,093	Colgate-Palmolive Co.		$	1,513,311
	7,894	Coty Inc., Class A Shares			28,261
	71,426	Estee Lauder Cos., Inc., Class A Shares			15,836,573
	55,303	Procter & Gamble Co.			7,650,064
		Total Cosmetics/Personal Care			25,028,209
Food – 1.1%
	3,691	Campbell Soup Co.			194,183
	485,424	Conagra Brands Inc.			18,620,865
	13,637	General Mills Inc.			872,086
	3,277	Hershey Co.			487,093
	6,376	Hormel Foods Corp.			325,048
	2,574	JM Smucker Co.			309,343
	5,466	Kellogg Co.			387,594
	13,888	Kraft Heinz Co.			486,636
	17,293	Kroger Co.			617,014
	3,224	Lamb Weston Holdings Inc.			202,628
	2,781	McCormick & Co., Inc.			573,442
	478,266	Mondelez International Inc., Class A Shares			27,940,300
	11,226	Sysco Corp.			675,132
	6,477	Tyson Foods Inc., Class A Shares			406,756
		Total Food			52,098,120
Healthcare-Products – 5.1%
	162,128	Abbott Laboratories			17,748,152
	94,787	ABIOMED Inc.*			29,158,377
	173,064	Alcon Inc.*			9,887,661
	101,174	Align Technology Inc.*			30,046,655
	11,251	Baxter International Inc.			979,625
	31,871	Boston Scientific Corp.*			1,307,348
	1,118	Cooper Cos., Inc.			351,477
	14,046	Danaher Corp.			2,900,078
	4,864	DENTSPLY SIRONA Inc.			218,248
	372,208	Edwards Lifesciences Corp.*			31,950,335
	3,275	Henry Schein Inc.*			217,591
	5,638	Hologic Inc.*			336,701
	71,601	IDEXX Laboratories Inc.*			28,000,287
	22,810	Intuitive Surgical Inc.*			16,670,460
	232,477	Medtronic PLC			24,984,303
	3,274	ResMed Inc.			591,874
	1,927	STERIS PLC			307,626
	56,400	Stryker Corp.			11,176,224

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Products – (continued)
	1,013	Teleflex Inc.		$	398,058
	17,476	Thermo Fisher Scientific Inc.			7,496,854
	49,395	Varian Medical Systems Inc.*			8,578,430
	1,620	West Pharmaceutical Services Inc.			460,015
	4,551	Zimmer Biomet Holdings Inc.			641,145
		Total Healthcare-Products			224,407,524
Healthcare-Services – 2.6%
	59,802	Anthem Inc.			16,835,459
	186,203	Centene Corp.*			11,417,968
	96,694	DaVita Inc.*			8,389,171
	58,334	HCA Healthcare Inc.			7,917,090
	29,067	Humana Inc.			12,067,746
	4,024	IQVIA Holdings Inc.*			658,930
	32,933	Laboratory Corp. of America Holdings*			5,787,975
	3,059	Quest Diagnostics Inc.			340,283
	166,554	UnitedHealth Group Inc.			52,056,453
	1,749	Universal Health Services Inc., Class B Shares			193,002
		Total Healthcare-Services	��		115,664,077
Household Products/Wares – 0.1%
	1,845	Avery Dennison Corp.			212,895
	5,499	Church & Dwight Co., Inc.			526,969
	2,759	Clorox Co.			616,636
	7,598	Kimberly-Clark Corp.			1,198,660
		Total Household Products/Wares			2,555,160
Pharmaceuticals – 5.6%
	115,069	AbbVie Inc.			11,020,158
	3,387	AmerisourceBergen Corp., Class A Shares			328,641
	69,353	Becton Dickinson & Co.			16,836,828
	658,487	Bristol-Myers Squibb Co.			40,957,891
	317,696	Cardinal Health Inc.			16,126,249
	152,794	Cigna Corp.			27,101,072
	290,483	CVS Health Corp.			18,044,804
	2,060	DexCom Inc.*			876,345
	112,033	Eli Lilly & Co.			16,624,577
	46,554	Horizon Therapeutics PLC*			3,497,136
	180,441	Johnson & Johnson			27,681,454
	3,643	McKesson Corp.			558,982
	355,541	Merck & Co., Inc.			30,316,981
	11,287	Mylan NV*			184,881
	2,908	Perrigo Co. PLC			152,088

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Pharmaceuticals – (continued)
	623,739	Pfizer Inc.		$	23,571,097
	101,448	Sarepta Therapeutics Inc.*			14,854,016
	10,598	Zoetis Inc., Class A Shares			1,696,740
		Total Pharmaceuticals			250,429,940
		TOTAL CONSUMER NON-CYCLICAL			1,123,505,187
ENERGY – 1.7%
Energy-Alternate Sources – 0.2%
	125,222	NextEra Energy Partners LP(a)			7,553,391
Oil & Gas – 1.5%
	8,466	Apache Corp.			125,297
	8,829	Cabot Oil & Gas Corp.			167,486
	41,668	Chevron Corp.			3,497,195
	4,304	Concho Resources Inc.			223,722
	561,854	ConocoPhillips			21,288,648
	8,546	Devon Energy Corp.			92,895
	3,320	Diamondback Energy Inc.			129,347
	13,212	EOG Resources Inc.			599,032
	94,341	Exxon Mobil Corp.			3,767,980
	209,024	Hess Corp.			9,623,465
	3,061	HollyFrontier Corp.			73,066
	18,498	Marathon Oil Corp.			97,669
	322,109	Marathon Petroleum Corp.			11,421,985
	10,187	Noble Energy Inc.			101,361
	20,559	Occidental Petroleum Corp.			261,922
	127,943	Phillips 66			7,480,827
	56,119	Pioneer Natural Resources Co.			5,832,448
	9,088	Valero Energy Corp.			477,938
		Total Oil & Gas			65,262,283
Oil & Gas Services – 0.0%
	14,696	Baker Hughes Co., Class A Shares			209,859
	19,897	Halliburton Co.			321,933
	8,319	National Oilwell Varco Inc.			99,828
	30,860	Schlumberger NV			586,649
	8,994	TechnipFMC PLC			69,254
		Total Oil & Gas Services			1,287,523

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Pipelines – 0.0%
	44,117	Kinder Morgan Inc.		$	609,697
	9,573	ONEOK Inc.			263,066
	27,287	Williams Cos., Inc.			566,478
		Total Pipelines			1,439,241
		TOTAL ENERGY			75,542,438
FINANCIAL – 11.7%
Banks – 3.4%
	174,250	Bank of America Corp.			4,485,195
	476,136	Bank of New York Mellon Corp.			17,607,509
	211,780	Citigroup Inc.			10,826,194
	9,293	Citizens Financial Group Inc.			240,410
	3,165	Comerica Inc.			125,112
	16,221	Fifth Third Bancorp			335,126
	3,784	First Republic Bank			427,251
	120,515	Goldman Sachs Group Inc.			24,689,908
	22,930	Huntington Bancshares Inc.			215,771
	350,317	JPMorgan Chase & Co.			35,098,260
	22,143	KeyCorp			272,802
	2,916	M&T Bank Corp.			301,106
	421,376	Morgan Stanley			22,021,110
	4,553	Northern Trust Corp.			372,845
	57,998	PNC Financial Services Group Inc.			6,449,378
	21,617	Regions Financial Corp.			249,893
	71,484	State Street Corp.			4,867,346
	1,160	SVB Financial Group*			296,241
	514,051	Truist Financial Corp.			19,950,319
	30,547	US Bancorp			1,111,911
	83,260	Wells Fargo & Co.			2,010,729
	3,826	Zions Bancorp N.A.			123,044
		Total Banks			152,077,460
Diversified Financial Services – 3.7%
	14,744	American Express Co.			1,497,843
	2,699	Ameriprise Financial Inc.			423,203
	282,464	Ant International Co., Ltd., Class C Shares, Private Placement*(b)(c)@			1,982,897
	3,449	BlackRock Inc., Class A Shares			2,049,361
	138,345	Capital One Financial Corp.			9,549,955
	25,519	Cboe Global Markets Inc.			2,342,389
	190,738	Charles Schwab Corp.			6,776,921
	8,005	CME Group Inc., Class A Shares			1,407,839
	6,994	Discover Financial Services			371,242

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Diversified Financial Services – (continued)
	6,294	Franklin Resources Inc.		$	132,552
	12,222	Intercontinental Exchange Inc.			1,298,343
	8,175	Invesco Ltd.			83,385
	117,856	LPL Financial Holdings Inc.			9,683,049
	349	Maplebear Inc. d/b/a Instacart, Non-voting Shares*(b)(c)@			16,159
	6,679	Maplebear Inc. d/b/a Instacart, Private Placement*(b)(c)@			309,238
	123,757	Mastercard Inc., Class A Shares			44,328,520
	2,615	Nasdaq Inc.			351,508
	2,694	Raymond James Financial Inc.			203,990
	70,095	Rocket Cos., Inc., Class A Shares*(a)			1,962,660
	12,156	Synchrony Financial			301,590
	5,046	T Rowe Price Group Inc.			702,454
	29,342	Tradeweb Markets Inc., Class A Shares			1,681,003
	355,906	Visa Inc., Class A Shares			75,448,513
	9,095	Western Union Co.			214,551
	48,834	XP Inc., Class A Shares*			2,411,911
		Total Diversified Financial Services			165,531,076
Equity Real Estate Investment Trusts (REITs) – 1.1%
	2,801	Alexandria Real Estate Equities Inc.			471,632
	9,887	American Tower Corp.			2,463,346
	3,357	Apartment Investment & Management Co., Class A Shares			120,953
	3,141	AvalonBay Communities Inc.			496,466
	3,277	Boston Properties Inc.			284,673
	9,286	Crown Castle International Corp.			1,515,939
	6,044	Digital Realty Trust Inc.			940,749
	8,395	Duke Realty Corp.			323,627
	1,974	Equinix Inc.			1,559,026
	298,475	Equity Residential			16,848,914
	1,491	Essex Property Trust Inc.			322,816
	2,920	Extra Space Storage Inc.			311,126
	1,517	Federal Realty Investment Trust			120,207
	12,343	Healthpeak Properties Inc.			341,160
	15,459	Host Hotels & Resorts Inc.			173,605
	6,257	Iron Mountain Inc.			188,273
	10,409	Kimco Realty Corp.			124,804
	2,588	Mid-America Apartment Communities Inc.			303,107
	16,470	Prologis Inc.			1,677,634
	3,315	Public Storage			704,106
	7,633	Realty Income Corp.			473,475
	3,534	Regency Centers Corp.			140,335

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	2,470	SBA Communications Corp., Class A Shares		$	755,993
	6,784	Simon Property Group Inc.			460,294
	1,610	SL Green Realty Corp.			75,284
	6,610	UDR Inc.			230,094
	8,509	Ventas Inc.			350,656
	3,600	Vornado Realty Trust			128,988
	9,359	Welltower Inc.			538,330
	480,770	Weyerhaeuser Co.			14,572,139
		Total Equity Real Estate Investment Trusts (REITs)			47,017,751
Insurance – 3.5%
	16,257	Aflac Inc.			590,454
	171,908	Allstate Corp.			15,987,444
	628,626	American International Group Inc.			18,318,162
	5,136	Aon PLC, Class A Shares			1,027,149
	4,195	Arthur J Gallagher & Co.			441,733
	108,020	Assurant Inc.			13,130,911
	178,351	Berkshire Hathaway Inc., Class B Shares*			38,887,652
	156,555	Chubb Ltd.			19,569,375
	3,409	Cincinnati Financial Corp.			270,709
	911	Everest Re Group Ltd.			200,493
	2,136	Globe Life Inc.			176,177
	8,140	Hartford Financial Services Group Inc.			329,263
	4,145	Lincoln National Corp.			149,427
	5,192	Loews Corp.			186,185
	171,798	Marsh & McLennan Cos., Inc.			19,741,308
	17,082	MetLife Inc.			656,974
	5,706	Principal Financial Group Inc.			240,280
	13,078	Progressive Corp.			1,242,933
	8,934	Prudential Financial Inc.			605,457
	5,580	Travelers Cos., Inc.			647,503
	4,281	Unum Group			79,113
	268,062	Voya Financial Inc.			13,915,098
	35,087	Willis Towers Watson PLC			7,211,431
	3,116	WR Berkley Corp.			193,348
		Total Insurance			153,798,579
Real Estate – 0.0%
	7,655	CBRE Group Inc., Class A Shares*			360,015
Savings & Loans – 0.0%
	9,808	People’s United Financial Inc.			103,769
		TOTAL FINANCIAL			518,888,650

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – 7.9%
Aerospace/Defense – 2.0%
	11,967	Boeing Co.		$	2,056,170
	58,329	General Dynamics Corp.			8,711,436
	8,719	Howmet Aerospace Inc.			152,757
	44,597	L3Harris Technologies Inc.			8,060,462
	26,527	Lockheed Martin Corp.			10,352,427
	101,268	Northrop Grumman Corp.			34,695,429
	305,517	Raytheon Technologies Corp.			18,636,537
	16,582	Teledyne Technologies Inc.*			5,200,281
	1,129	TransDigm Group Inc.			564,127
		Total Aerospace/Defense			88,429,626
Building Materials – 0.9%
	394,685	Carrier Global Corp.*			11,781,347
	3,130	Fortune Brands Home & Security Inc.			263,170
	16,426	Johnson Controls International PLC			669,031
	212,414	Louisiana-Pacific Corp.			6,996,917
	1,413	Martin Marietta Materials Inc.			286,655
	6,007	Masco Corp.			350,208
	129,588	Vulcan Materials Co.			15,550,560
		Total Building Materials			35,897,888
Electrical Components & Equipment – 0.0%
	5,080	AMETEK Inc.			511,556
	13,320	Emerson Electric Co.			925,340
		Total Electrical Components & Equipment			1,436,896
Electronics – 0.7%
	6,837	Agilent Technologies Inc.			686,572
	2,036	Allegion PLC			210,502
	6,576	Amphenol Corp., Class A Shares			722,045
	218,883	FLIR Systems Inc.			8,076,783
	93,100	Fortive Corp.			6,713,441
	3,312	Garmin Ltd.			343,156
	15,662	Honeywell International Inc.			2,592,844
	4,133	Keysight Technologies Inc.*			407,183
	532	Mettler-Toledo International Inc.*			516,455
	2,524	PerkinElmer Inc.			297,125
	26,739	Roper Technologies Inc.			11,422,633
	7,316	TE Connectivity Ltd.			706,726
	1,402	Waters Corp.*			303,197
		Total Electronics			32,998,662
Engineering & Construction – 0.0%
	2,917	Jacobs Engineering Group Inc.			263,318

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Environmental Control – 0.0%
	3,717	Pentair PLC		$	167,785
	4,622	Republic Services Inc., Class A Shares			428,552
	8,595	Waste Management Inc.			979,830
		Total Environmental Control			1,576,167
Hand/Machine Tools – 0.0%
	1,156	Snap-on Inc.			171,400
	3,461	Stanley Black & Decker Inc.			558,259
		Total Hand/Machine Tools			729,659
Machinery-Construction & Mining – 0.5%
	151,571	Caterpillar Inc.			21,570,069
Machinery-Diversified – 0.5%
	6,981	Deere & Co.			1,466,429
	3,116	Dover Corp.			342,261
	2,783	Flowserve Corp.			82,599
	1,700	IDEX Corp.			306,391
	227,375	Ingersoll Rand Inc.*			7,971,768
	96,995	Otis Worldwide Corp.			6,100,986
	2,616	Rockwell Automation Inc.			603,066
	50,722	Westinghouse Air Brake Technologies Corp.			3,375,549
	4,085	Xylem Inc.			327,535
		Total Machinery-Diversified			20,576,584
Miscellaneous Manufacturers – 1.6%
	12,831	3M Co.			2,091,710
	166,869	AO Smith Corp.			8,171,575
	170,448	Eaton Corp. PLC			17,402,741
	195,378	General Electric Co.			1,238,697
	6,399	Illinois Tool Works Inc.			1,264,122
	26,392	Parker-Hannifin Corp.			5,437,016
	220,901	Textron Inc.			8,710,126
	239,132	Trane Technologies PLC			28,310,837
		Total Miscellaneous Manufacturers			72,626,824
Packaging & Containers – 0.0%
	34,545	Amcor PLC			382,068
	7,338	Ball Corp.			589,755
	2,091	Packaging Corp. of America			211,693
	3,606	Sealed Air Corp.			141,716
	5,496	WestRock Co.			166,694
		Total Packaging & Containers			1,491,926
Shipbuilding – 0.2%
	50,788	Huntington Ingalls Industries Inc.			7,695,398

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – 1.5%
	3,042	CH Robinson Worldwide Inc.		$	299,029
	17,087	CSX Corp.			1,306,472
	3,777	Expeditors International of Washington Inc.			333,849
	94,784	FedEx Corp.			20,837,315
	22,833	JB Hunt Transport Services Inc.			3,208,950
	2,170	Kansas City Southern			395,027
	18,520	Norfolk Southern Corp.			3,936,056
	2,068	Old Dominion Freight Line Inc.			418,108
	116,248	Union Pacific Corp.			22,370,765
	66,743	United Parcel Service Inc., Class B Shares			10,920,490
		Total Transportation			64,026,061
		TOTAL INDUSTRIAL			349,319,078
TECHNOLOGY – 22.2%
Computers – 3.7%
	14,217	Accenture PLC, Class A Shares			3,411,085
	869,736	Apple Inc.*			112,230,733
	411,830	Cognizant Technology Solutions Corp., Class A Shares			27,534,954
	26,202	Crowdstrike Holdings Inc., Class A Shares*			3,294,377
	5,444	DXC Technology Co.			108,771
	2,947	Fortinet Inc.*			389,019
	29,071	Hewlett Packard Enterprise Co.			281,117
	32,339	HP Inc.			632,227
	63,412	International Business Machines Corp.			7,819,334
	91,522	Leidos Holdings Inc.			8,281,826
	4,767	NetApp Inc.			225,908
	4,988	Seagate Technology PLC			239,374
	6,767	Western Digital Corp.			259,988
		Total Computers			164,708,713
Office/Business Equipment – 0.1%
	3,842	Xerox Holdings Corp.			72,460
	20,051	Zebra Technologies Corp., Class A Shares*			5,745,213
		Total Office/Business Equipment			5,817,673
Semiconductors – 5.8%
	290,639	Advanced Micro Devices Inc.*			26,395,834
	8,158	Analog Devices Inc.			953,507
	517,202	Applied Materials Inc.			31,859,643
	28,089	ASML Holding NV, Class NY Registered Shares, ADR			10,510,342
	65,724	Broadcom Inc.			22,816,087
	546,183	Intel Corp.			27,828,024
	838	IPG Photonics Corp.*			135,530

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Semiconductors – (continued)
	3,450	KLA Corp.		$	707,733
	3,239	Lam Research Corp.			1,089,405
	207,134	Marvell Technology Group Ltd.			8,032,657
	5,880	Maxim Integrated Products Inc.			402,427
	54,124	Microchip Technology Inc.			5,937,403
	107,037	Micron Technology Inc.*			4,871,254
	122,617	NVIDIA Corp.			65,597,643
	70,699	NXP Semiconductors NV			8,891,106
	63,625	Qorvo Inc.*			8,161,179
	187,884	QUALCOMM Inc.			22,376,984
	3,742	Skyworks Solutions Inc.			542,029
	61,100	Taiwan Semiconductor Manufacturing Co., Ltd., ADR			4,842,175
	20,473	Texas Instruments Inc.			2,910,237
	5,487	Xilinx Inc.			571,526
		Total Semiconductors			255,432,725
Software – 12.6%
	244,844	Activision Blizzard Inc.			20,449,371
	109,405	Adobe Inc.*			56,167,433
	3,566	Akamai Technologies Inc.*			415,189
	1,944	ANSYS Inc.*			659,035
	39,247	Autodesk Inc.*			9,642,988
	2,613	Broadridge Financial Solutions Inc.			359,026
	6,183	Cadence Design Systems Inc.*			685,757
	6,794	Cerner Corp.			498,476
	2,536	Citrix Systems Inc.			368,227
	53,200	Datadog Inc., Class A Shares*			4,444,860
	6,443	Electronic Arts Inc.*			898,605
	2,896	Epic Games Inc., Private Placement*(b)(c)@			1,665,200
	122,622	Fidelity National Information Services Inc.			18,497,529
	125,080	Fiserv Inc.*			12,455,466
	151,625	Intuit Inc.			52,369,759
	1,738	Jack Henry & Associates Inc.			287,500
	557,234	Microsoft Corp.			125,672,984
	83,751	MSCI Inc., Class A Shares			31,261,736
	355,955	Oracle Corp.			20,367,745
	7,172	Paychex Inc.			548,443
	18,733	Paycom Software Inc.*			5,609,784
	290,650	salesforce.com Inc.*			79,245,722
	73,300	Sea Ltd., ADR*			11,200,973
	100,395	ServiceNow Inc.*			48,392,398

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	81,310	Slack Technologies Inc., Class A Shares*		$	2,670,220
	1,898	Snowflake Inc., Class B Shares, Private Placement*(b)(c)@			73,585
	187,029	Splunk Inc.*			41,021,071
	20,012	Stripe Inc., Class B Shares, Private Placement*(b)(c)@			313,988
	3,341	Synopsys Inc.*			739,363
	2,509	Take-Two Interactive Software Inc.*			429,516
	20,830	Temenos AG, Class Registered Shares			3,359,900
	903	Tyler Technologies Inc.*			311,815
	18,259	Workday Inc., Class A Shares*			4,376,865
		Total Software			555,460,529
		TOTAL TECHNOLOGY			981,419,640
UTILITIES – 1.5%
Electric – 1.5%
	14,955	AES Corp.			265,451
	5,632	Alliant Energy Corp.			304,973
	5,423	Ameren Corp.			429,014
	11,183	American Electric Power Co., Inc.			881,556
	12,220	CenterPoint Energy Inc.			245,255
	6,264	CMS Energy Corp.			378,909
	7,530	Consolidated Edison Inc.			537,190
	18,729	Dominion Energy Inc.			1,469,103
	4,310	DTE Energy Co.			511,468
	16,408	Duke Energy Corp.			1,318,219
	291,174	Edison International			15,280,812
	4,429	Entergy Corp.			439,091
	5,144	Evergy Inc.			273,764
	7,416	Eversource Energy			635,625
	244,566	Exelon Corp.			9,026,931
	152,115	FirstEnergy Corp.			4,348,968
	10,925	NextEra Energy Inc.			3,049,932
	5,618	NRG Energy Inc.			193,315
	2,481	Pinnacle West Capital Corp.			181,981
	761,013	PPL Corp.			21,026,789
	11,126	Public Service Enterprise Group Inc.			581,222
	6,498	Sempra Energy			803,478
	23,586	Southern Co.			1,230,718
	6,952	WEC Energy Group Inc.			654,044
	11,708	Xcel Energy Inc.			813,413
		Total Electric			64,881,221

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
UTILITIES – (continued)
Gas – 0.0%
	2,757	Atmos Energy Corp.		$	275,204
	9,089	NiSource Inc.			201,412
		Total Gas			476,616
Water – 0.0%
	4,084	American Water Works Co., Inc.			577,233
		TOTAL UTILITIES			65,935,070
		TOTAL COMMON STOCKS (Cost – $3,115,131,870)			4,362,779,473
PREFERRED STOCKS – 0.2%
COMMUNICATIONS – 0.0%
Internet – 0.0%
	2,858	DoorDash Inc., Series G, Private Placement*(b)(c)@			656,000
	1,463	DoorDash Inc., Series H, Private Placement*(b)(c)@			335,804
		Total Internet			991,804
		TOTAL COMMUNICATIONS			991,804
CONSUMER CYCLICAL – 0.2%
Auto Manufacturers – 0.2%
	48,210	Aurora Innovation Inc., Series B, Private Placement*(b)(c)@			445,475
	213,270	Rivian Automotive Inc., Series D, Private Placement*(b)(c)@			3,303,552
	348,850	Rivian Automotive Inc., Series E, Private Placement*(b)(c)@			5,403,687
	9,549	Waymo LLC, Series A2, Private Placement*(b)(c)@			819,946
		Total Auto Manufacturers			9,972,660
		TOTAL CONSUMER CYCLICAL			9,972,660
FINANCIAL – 0.0%
Diversified Financial Services – 0.0%
	13,638	Maplebear Inc. d/b/a Instacart, Series G*(b)(c)@			655,877
INDUSTRIAL – 0.0%
Electrical Components & Equipment – 0.0%
	48,400	GM Cruise Holdings LLC, Class F Shares, Private Placement*(b)(c)@			883,300
TECHNOLOGY – 0.0%
Software – 0.0%
	15,057	Magic Leap Inc., Series D, Private Placement*(b)(c)@			81,308
	51,900	Uipath Inc., Series D1, Private Placement*(b)(c)@			965,001
	8,715	Uipath Inc., Series D2, Private Placement*(b)(c)@			162,042
	1,878	Uipath Inc., Series E, Private Placement*(b)(c)@			34,919
		Total Software			1,243,270
		TOTAL TECHNOLOGY			1,243,270
		TOTAL PREFERRED STOCKS (Cost – $12,614,175)			13,746,911
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $3,127,746,045)			4,376,526,384

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Face Amount†
SHORT-TERM INVESTMENTS – 1.1%
TIME DEPOSITS – 1.1%
	$	17,058,116	ANZ National Bank – London, 0.010% due 9/1/20	$	17,058,116
		19,915CHF	BNP Paribas SA – Paris, (1.430)% due 9/1/20		22,033
			Brown Brothers Harriman – Grand Cayman:
		4	0.010% due 9/1/20		4
		4GBP	0.010% due 9/1/20		6
		50,281CAD	0.030% due 9/1/20		38,553
		151,249HKD	0.150% due 9/1/20		19,516
		8,407,126	Citibank – New York, 0.010% due 9/1/20		8,407,126
		16,634,389	JPMorgan Chase & Co. – New York, 0.010% due 9/1/20		16,634,389
		6,698,809	Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20		6,698,809
			TOTAL TIME DEPOSITS (Cost – $48,878,552)		48,878,552
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%
MONEY MARKET FUND – 0.2%
	$	6,728,123	Federated Government Obligations Fund, Premier Class, 0.054%(d) (Cost – $6,728,123)		6,728,123
			TOTAL INVESTMENTS – 100.2% (Cost – $3,183,352,720)		4,432,133,059
			Liabilities in Excess of Other Assets – (0.2)%		(8,605,186)
			TOTAL NET ASSETS – 100.0%	$	4,423,527,873

†

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

Non-income producing security.

(a)

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

(b)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $18,642,372 and represents 0.42% of net assets.

(c)

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

(d)

Represents investment of collateral received from securities lending transactions.

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

Security	Acquisition Date		Acquisition Cost			Market Value			Percent of Net Assets
Ant International Co., Ltd., Class C Shares, Private Placement		6/7/2018		$	1,584,623		$	1,982,897		0.05%
Aurora Innovation Inc., Series B, Private Placement		3/1/2019			445,475			445,475		0.01%
DoorDash Inc., Series G, Private Placement		11/12/2019			542,154			656,000		0.01%
DoorDash Inc., Series H, Private Placement		6/17/2020			335,804			335,804		0.01%
Epic Games Inc., Private Placement		6/18/2020			1,665,200			1,665,200		0.04%
GM Cruise Holdings LLC, Class F Shares, Private Placement		5/7/2019			883,300			883,300		0.02%

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (continued)

Security	Acquisition Date		Acquisition Cost		Market Value			Percent of Net Assets
Magic Leap Inc., Series D, Private Placement		10/12/2017		406,539			81,308		0.00%*
Maplebear Inc. d/b/a Instacart, Non-voting Shares		8/7/2020		16,171			16,159		0.00%*
Maplebear Inc. d/b/a Instacart, Private Placement		8/7/2020		309,464			309,238		0.01%
Maplebear Inc. d/b/a Instacart, Series G		7/2/2020		655,877			655,877		0.01%
Rivian Automotive Inc., Series D, Private Placement		12/23/2019		2,291,373			3,303,552		0.08%
Rivian Automotive Inc., Series E, Private Placement		7/10/2020		5,403,687			5,403,687		0.12%
Snowflake Inc., Class B Shares, Private Placement		3/17/2020		73,617			73,585		0.00%*
Stripe Inc., Class B Shares, Private Placement		12/17/2019		313,988			313,988		0.01%
Uipath Inc., Series D1, Private Placement		4/26/2019		680,784			965,001		0.02%
Uipath Inc., Series D2, Private Placement		4/26/2019		114,317			162,042		0.00%
Uipath Inc., Series E, Private Placement		7/9/2020		34,919			34,919		0.00%*
Waymo LLC, Series A2, Private Placement		5/8/2020		819,946			819,946		0.02%
XPeng Inc., ADR		8/27/2020		391,020			534,394		0.01%
Total						$	18,642,372		0.42%

Position represents less than 0.05%.

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

LLC

— Limited Liability Company

PLC

— Public Limited Company

Summary of Investments by Security Sector^

	Consumer Non-cyclical					25.3%
	Technology					22.2
	Communications					18.5
	Financial					11.7
	Industrial					7.9
	Consumer Cyclical					7.3
	Basic Materials					2.6
	Energy					1.7
	Utilities					1.5
	Short-Term Investments					1.1
	Money Market Fund					0.2
						100.0%

^ As a percentage of total investments.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Large Cap Equity Fund (concluded)

At August 31, 2020, Destinations Large Cap Equity Fund had open exchange traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amounts			Market Value			Unrealized Appreciation
Contracts to Buy:
S&P 500 E-mini Index September Futures		46		9/20		$	7,171,754		$	8,047,700		$	875,946

At August 31, 2020, Destinations Large Cap Equity Fund had deposited cash of $558,000 with a broker or brokers as margin collateral on open exchange traded futures contracts.

Currency Abbreviations used in this schedule:

CAD

— Canadian Dollar

CHF

— Swiss Franc

GBP

— British Pound

HKD

— Hong Kong Dollar

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 95.4%
BASIC MATERIALS – 3.5%
Chemicals – 3.2%
	26,083	Cabot Corp.		$	965,332
	78,800	Celanese Corp., Class A Shares			7,970,620
	29,944	Ingevity Corp.*			1,681,954
	21,282	Innospec Inc.			1,589,553
	100,532	Olin Corp.			1,130,985
	81,000	PPG Industries Inc.			9,752,400
	15,784	Rogers Corp.*			1,788,485
	18,352	Sensient Technologies Corp.			1,013,397
	125,429	Valvoline Inc.			2,558,752
	56,675	WR Grace & Co.			2,307,239
		Total Chemicals			30,758,717
Mining – 0.3%
	53,246	Arconic Corp.*			1,184,724
	196,286	Livent Corp.*			1,664,505
		Total Mining			2,849,229
		TOTAL BASIC MATERIALS			33,607,946
COMMUNICATIONS – 5.7%
Internet – 3.1%
	25,963	Cardlytics Inc.*			1,969,294
	307,988	CarParts.com Inc.*			4,327,231
	308,510	ChannelAdvisor Corp.*			5,189,138
	24,901	Cogent Communications Holdings Inc.			1,674,841
	17,420	Fiverr International Ltd.*			2,101,723
	721,222	Limelight Networks Inc.*			4,089,329
	522,245	Magnite Inc.*			3,838,501
	67,459	Open Lending Corp., Class A Shares*(a)			1,474,654
	19,680	Overstock.com Inc.*			1,722,000
	179,348	Upwork Inc.*			2,731,470
		Total Internet			29,118,181
Media – 0.3%
	29,621	Nexstar Media Group Inc., Class A Shares			2,843,912
Telecommunications – 2.3%
	125,000	Motorola Solutions Inc.			19,343,750
	225,724	Viavi Solutions Inc.*			3,010,029
		Total Telecommunications			22,353,779
		TOTAL COMMUNICATIONS			54,315,872

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – 12.1%
Apparel – 0.7%
	23,425	Carter’s Inc.		$	1,865,099
	66,811	Crocs Inc.*			2,666,427
	22,181	Oxford Industries Inc.	��		1,098,625
	37,061	Steven Madden Ltd.			784,211
		Total Apparel			6,414,362
Auto Manufacturers – 0.1%
	49,394	GreenPower Motor Co., Inc.*(b)			975,532
Auto Parts & Equipment – 1.5%
	268,800	BorgWarner Inc.			10,910,592
	126,268	Shyft Group Inc.			2,521,572
	49,731	XPEL Inc.*			1,238,302
		Total Auto Parts & Equipment			14,670,466
Entertainment – 0.5%
	119,188	GAN Ltd.*(a)			2,449,313
	85,079	Twin River Worldwide Holdings Inc.			2,035,940
		Total Entertainment			4,485,253
Home Builders – 1.5%
	78,709	Century Communities Inc.*			2,808,337
	41,145	Installed Building Products Inc.*			3,572,209
	32,781	LGI Homes Inc.*			3,666,883
	68,716	Skyline Champion Corp.*			1,961,155
	34,245	Winnebago Industries Inc.			1,848,545
		Total Home Builders			13,857,129
Home Furnishings – 1.0%
	115,500	Dolby Laboratories Inc., Class A Shares			8,067,675
	105,473	Purple Innovation Inc., Class A Shares*			1,994,494
		Total Home Furnishings			10,062,169
Leisure Time – 2.6%
	95,351	Callaway Golf Co.			1,989,022
	119,367	Camping World Holdings Inc., Class A Shares			3,468,805
	48,665	Fox Factory Holding Corp.*			4,905,919
	65,300	Malibu Boats Inc., Class A Shares*			3,385,805
	240,477	Nautilus Inc.*			2,849,652
	75,354	OneWater Marine Inc., Class A Shares*			2,153,617
	309,444	Vista Outdoor Inc.*			6,006,308
		Total Leisure Time			24,759,128

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – 4.2%
	30,500	Advance Auto Parts Inc.		$	4,767,455
	85,102	American Eagle Outfitters Inc.			1,073,136
	192,282	At Home Group Inc.*			3,674,509
	46,528	BJ’s Wholesale Club Holdings Inc.*			2,066,308
	88,787	BMC Stock Holdings Inc.*			3,544,377
	111,097	El Pollo Loco Holdings Inc.*			1,985,303
	24,226	Freshpet Inc.*			2,752,074
	288,816	GrowGeneration Corp.*(a)			4,608,059
	105,457	Lovesac Co.*(a)			2,791,447
	52,556	MarineMax Inc.*			1,545,672
	116,773	Sonic Automotive Inc., Class A Shares			4,934,827
	193,745	Sportsman’s Warehouse Holdings Inc.*			3,040,828
	17,989	Texas Roadhouse Inc., Class A Shares			1,133,127
	367,631	Waitr Holdings Inc.*(a)			1,481,553
		Total Retail			39,398,675
		TOTAL CONSUMER CYCLICAL			114,622,714
CONSUMER NON-CYCLICAL – 22.6%
Agriculture – 1.2%
	173,398	Darling Ingredients Inc.*			5,543,534
	21,662	Sanderson Farms Inc.			2,533,588
	96,141	Turning Point Brands Inc.			2,778,475
		Total Agriculture			10,855,597
Beverages – 0.4%
	141,871	Celsius Holdings Inc.*(a)			2,755,135
	35,983	MGP Ingredients Inc.			1,279,196
		Total Beverages			4,034,331
Biotechnology – 3.5%
	57,696	Apellis Pharmaceuticals Inc.*			1,778,768
	78,828	Applied Therapeutics Inc.*			1,899,755
	56,352	Black Diamond Therapeutics Inc.*			1,621,247
	90,132	Crinetics Pharmaceuticals Inc.*			1,444,816
	142,141	Gamida Cell Ltd.*			619,735
	94,035	Immunovant Inc.*(a)			3,193,429
	13,993	Mirati Therapeutics Inc.*			2,090,134
	76,330	NeoGenomics Inc.*			2,973,053
	73,640	Relay Therapeutics Inc.*			2,959,592
	97,485	SpringWorks Therapeutics Inc.*			4,329,309
	30,687	Turning Point Therapeutics Inc.*			2,399,110
	73,913	Twist Bioscience Corp.*			5,168,736

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	68,405	Xenon Pharmaceuticals Inc.*		$	831,121
	55,709	Y-mAbs Therapeutics Inc.*			2,397,158
		Total Biotechnology			33,705,963
Commercial Services – 2.0%
	107,064	Aspen Group Inc.*(a)			1,368,278
	44,000	Global Payments Inc.			7,771,280
	52,590	Huron Consulting Group Inc.*			2,281,354
	41,337	K12 Inc.*			1,538,150
	59,095	Kelly Services Inc., Class A Shares			1,122,214
	58,004	Korn Ferry			1,769,122
	63,780	Repay Holdings Corp., Class A Shares*			1,613,634
	174,892	Team Inc.*			1,114,062
	133,062	Universal Technical Institute Inc.*			938,087
		Total Commercial Services			19,516,181
Cosmetics/Personal Care – 0.2%
	81,779	elf Beauty Inc.*			1,597,144
Food – 2.7%
	41,983	Cal-Maine Foods Inc.*			1,620,124
	72,978	Hain Celestial Group Inc.*			2,392,949
	27,000	Hershey Co.			4,013,280
	203,328	Hostess Brands Inc., Class A Shares*			2,610,732
	108,700	Kroger Co.			3,878,416
	134,700	Sysco Corp.			8,100,858
	80,543	TreeHouse Foods Inc.*			3,448,046
		Total Food			26,064,405
Healthcare-Products – 6.9%
	299,250	Alphatec Holdings Inc.*			1,792,507
	63,360	Axonics Modulation Technologies Inc.*(a)			2,677,594
	80,415	Castle Biosciences Inc.*			3,677,378
	16,800	Cooper Cos., Inc.			5,281,584
	144,112	Envista Holdings Corp.*			3,457,247
	138,849	GenMark Diagnostics Inc.*			1,800,872
	20,799	Inari Medical Inc.*			1,662,672
	48,523	Inspire Medical Systems Inc.*			5,796,072
	51,879	Integra LifeSciences Holdings Corp.*			2,479,297
	92,143	Natera Inc.*			5,870,431
	34,739	NuVasive Inc.*			1,810,944
	96,248	OrthoPediatrics Corp.*			4,850,899
	88,109	Quanterix Corp.*			3,136,680

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Products – (continued)
	144,770	SeaSpine Holdings Corp.*		$	1,926,889
	44,727	Tandem Diabetes Care Inc.*			5,041,627
	13,700	Teleflex Inc.			5,383,415
	57,800	Zimmer Biomet Holdings Inc.			8,142,864
		Total Healthcare-Products			64,788,972
Healthcare-Services – 1.6%
	15,511	Fulgent Genetics Inc.*			458,505
	10,300	Humana Inc.			4,276,251
	69,900	Quest Diagnostics Inc.			7,775,676
	112,251	SI-BONE Inc.*			2,449,317
	44,637	Vapotherm Inc.*			1,388,657
		Total Healthcare-Services			16,348,406
Household Products/Wares – 1.0%
	68,000	Avery Dennison Corp.			7,846,520
	28,525	Spectrum Brands Holdings Inc.			1,700,090
		Total Household Products/Wares			9,546,610
Pharmaceuticals – 3.0%
	83,695	AdaptHealth Corp., Class A Shares*			1,776,845
	49,201	Aeglea BioTherapeutics Inc.*			357,937
	24,488	Axsome Therapeutics Inc.*			1,795,215
	292,599	Cytokinetics Inc.*			7,010,672
	27,457	Global Blood Therapeutics Inc.*			1,723,750
	113,418	Merus NV*			1,368,955
	51,580	MyoKardia Inc.*			5,644,915
	120,060	Odonate Therapeutics Inc.*			1,938,969
	77,143	Prestige Consumer Healthcare Inc.*			2,810,319
	110,145	Revance Therapeutics Inc.*			3,219,538
	76,889	scPharmaceuticals Inc.*			658,170
		Total Pharmaceuticals			28,305,285
		TOTAL CONSUMER NON-CYCLICAL			214,762,894
ENERGY – 2.0%
Energy-Alternate Sources – 1.0%
	223,849	Plug Power Inc.*			2,905,560
	167,261	Sunnova Energy International Inc.*			3,967,431
	93,119	TPI Composites Inc.*			2,859,684
		Total Energy-Alternate Sources			9,732,675

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Oil & Gas – 0.8%
	39,544	Murphy USA Inc.*		$	5,332,904
	122,342	Parsley Energy Inc., Class A Shares			1,315,176
	67,819	PDC Energy Inc.*			1,026,780
		Total Oil & Gas			7,674,860
Oil & Gas Services – 0.2%
	31,599	DMC Global Inc.			1,119,553
	87,992	Select Energy Services Inc., Class A Shares*			419,722
		Total Oil & Gas Services			1,539,275
		TOTAL ENERGY			18,946,810
FINANCIAL – 16.9%
Banks – 3.7%
	122,145	Bank of NT Butterfield & Son Ltd.			3,078,054
	110,504	BankUnited Inc.			2,583,584
	422,708	First Horizon National Corp.			4,036,861
	382,788	FNB Corp.			2,870,910
	125,331	Live Oak Bancshares Inc.			2,779,842
	184,843	Pinnacle Financial Partners Inc.			7,384,478
	68,131	Triumph Bancorp Inc.*			1,945,821
	164,736	Umpqua Holdings Corp.			1,858,222
	99,391	Univest Financial Corp.			1,599,201
	49,159	Western Alliance Bancorp			1,735,313
	148,900	Zions Bancorp N.A.			4,788,624
		Total Banks			34,660,910
Diversified Financial Services – 2.8%
	264,600	Capital One Financial Corp.			18,265,338
	20,573	Cohen & Steers Inc.			1,244,667
	67,513	I3 Verticals Inc., Class A Shares*			1,882,938
	230,700	Synchrony Financial			5,723,667
		Total Diversified Financial Services			27,116,610
Equity Real Estate Investment Trusts (REITs) – 4.1%
	278,900	American Homes 4 Rent, Class A Shares			7,987,696
	113,180	Blackstone Mortgage Trust Inc., Class A Shares			2,690,289
	152,983	Columbia Property Trust Inc.			1,805,199
	102,053	Corporate Office Properties Trust			2,514,586
	89,268	Dynex Capital Inc.			1,414,005
	58,300	Federal Realty Investment Trust			4,619,692
	149,051	Lexington Realty Trust			1,694,710
	464,100	Medical Properties Trust Inc.			8,622,978

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	22,700	SBA Communications Corp., Class A Shares		$	6,947,789
		Total Equity Real Estate Investment Trusts (REITs)			38,296,944
Insurance – 5.6%
	180,273	BRP Group Inc., Class A Shares*			4,959,310
	38,563	Goosehead Insurance Inc., Class A Shares			3,962,734
	27,805	Hanover Insurance Group Inc.			2,849,735
	115,900	Hartford Financial Services Group Inc.			4,688,155
	69,965	James River Group Holdings Ltd.			3,407,995
	30,355	Kemper Corp.			2,357,369
	12,748	Kinsale Capital Group Inc.			2,641,768
	212,902	MGIC Investment Corp.			1,952,311
	79,831	NMI Holdings Inc., Class A Shares*			1,369,102
	51,389	Palomar Holdings Inc.*			5,773,554
	96,700	Progressive Corp.			9,190,368
	99,353	Trean Insurance Group Inc.*			1,554,874
	38,500	Willis Towers Watson PLC			7,912,905
		Total Insurance			52,620,180
Investment Companies – 0.1%
	177,051	Grid Dynamics Holdings Inc.*			1,313,718
Private Equity – 0.3%
	255,752	Hercules Capital Inc.			2,869,537
Real Estate – 0.0%
	63,448	Newmark Group Inc., Class A Shares			281,075
Savings & Loans – 0.3%
	251,833	Sterling Bancorp			2,938,891
		TOTAL FINANCIAL			160,097,865
INDUSTRIAL – 18.2%
Aerospace/Defense – 1.2%
	36,413	Hexcel Corp.			1,434,308
	59,900	L3Harris Technologies Inc.			10,826,326
		Total Aerospace/Defense			12,260,634
Building Materials – 1.7%
	261,300	Carrier Global Corp.			7,799,805
	51,022	Forterra Inc.*			676,042
	69,279	Griffon Corp.			1,505,433
	46,033	Masonite International Corp.*			4,202,353
	107,397	PGT Innovations Inc.*			1,947,107
		Total Building Materials			16,130,740

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Electrical Components & Equipment – 3.4%
	75,900	AMETEK Inc.		$	7,643,130
	22,092	Belden Inc.			744,059
	69,000	Emerson Electric Co.			4,793,430
	235,000	Energizer Holdings Inc.			10,878,150
	126,780	nLight Inc.*			2,961,581
	60,778	Vicor Corp.*			5,289,509
		Total Electrical Components & Equipment			32,309,859
Electronics – 3.5%
	112,100	Agilent Technologies Inc.			11,257,082
	189,000	FLIR Systems Inc.			6,974,100
	27,300	Garmin Ltd.	��		2,828,553
	30,300	Hubbell Inc., Class B Shares			4,391,076
	64,900	PerkinElmer Inc.			7,640,028
		Total Electronics			33,090,839
Engineering & Construction – 0.6%
	17,627	EMCOR Group Inc.			1,322,201
	51,600	Jacobs Engineering Group Inc.			4,657,932
		Total Engineering & Construction			5,980,133
Environmental Control – 1.6%
	26,451	Casella Waste Systems Inc., Class A Shares*			1,485,225
	41,889	Clean Harbors Inc.*			2,559,418
	115,260	Harsco Corp.*			1,630,929
	86,277	Montrose Environmental Group Inc.*			2,432,149
	71,000	Republic Services Inc., Class A Shares			6,583,120
		Total Environmental Control			14,690,841
Hand/Machine Tools – 0.9%
	25,635	Regal Beloit Corp.			2,534,276
	38,500	Stanley Black & Decker Inc.			6,210,050
		Total Hand/Machine Tools			8,744,326
Machinery-Construction & Mining – 0.6%
	174,184	Bloom Energy Corp., Class A Shares*			2,727,721
	54,751	BWX Technologies Inc.			3,044,703
		Total Machinery-Construction & Mining			5,772,424
Machinery-Diversified – 2.6%
	58,867	Altra Industrial Motion Corp.			2,298,756
	30,634	Chart Industries Inc.*			2,013,266
	50,322	CIRCOR International Inc.*			1,492,047
	71,534	Ichor Holdings Ltd.*			1,799,795

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Machinery-Diversified – (continued)
	26,200	IDEX Corp.		$	4,722,026
	27,600	Nordson Corp.			5,147,124
	102,400	Otis Worldwide Corp.			6,440,960
	24,606	SPX FLOW Inc.*			1,069,869
		Total Machinery-Diversified			24,983,843
Miscellaneous Manufacturers – 1.1%
	73,702	Enerpac Tool Group Corp., Class A Shares			1,533,002
	32,798	EnPro Industries Inc.			1,919,339
	31,939	Hillenbrand Inc.			1,012,786
	54,541	ITT Inc.			3,425,720
	32,400	Standex International Corp.			1,874,016
		Total Miscellaneous Manufacturers			9,764,863
Packaging & Containers – 0.4%
	120,521	O-I Glass Inc.			1,311,268
	46,032	Silgan Holdings Inc.			1,751,978
		Total Packaging & Containers			3,063,246
Transportation – 0.6%
	47,322	ArcBest Corp.			1,600,430
	26,607	CryoPort Inc.*			1,476,156
	47,690	Echo Global Logistics Inc.*			1,302,891
	70,338	Marten Transport Ltd.			1,277,338
		Total Transportation			5,656,815
		TOTAL INDUSTRIAL			172,448,563
TECHNOLOGY – 11.6%
Computers – 1.5%
	14,697	CACI International Inc., Class A Shares*			3,441,891
	67,863	Endava PLC, ADR*			3,697,855
	47,861	ExlService Holdings Inc.*			3,048,267
	93,123	Virtusa Corp.*			3,682,083
		Total Computers			13,870,096
Semiconductors – 6.1%
	66,871	FormFactor Inc.*			1,747,339
	29,473	Inphi Corp.*			3,359,333
	42,000	KLA Corp.			8,615,880
	81,348	MACOM Technology Solutions Holdings Inc.*			2,898,429
	173,000	Marvell Technology Group Ltd.			6,708,940
	50,600	NXP Semiconductors NV			6,363,456
	18,965	Semtech Corp.*			1,112,297

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Semiconductors – (continued)
	119,617	SiTime Corp.*		$	7,880,368
	202,911	Ultra Clean Holdings Inc.*			4,975,378
	144,100	Xilinx Inc.			15,009,456
		Total Semiconductors			58,670,876
Software – 4.0%
	39,936	Bandwidth Inc., Class A Shares*			6,289,121
	57,600	Citrix Systems Inc.			8,363,520
	145,644	Digital Turbine Inc.*			3,523,128
	66,662	Domo Inc., Class B Shares*			2,714,477
	13,482	Everbridge Inc.*			2,003,560
	18,252	Five9 Inc.*			2,326,035
	47,067	IBEX Ltd.*			752,601
	48,318	ManTech International Corp., Class A Shares			3,616,602
	49,344	Model N Inc.*			1,940,206
	61,920	Phreesia Inc.*			1,952,957
	25,130	Schrodinger Inc.*			1,519,360
	95,998	SVMK Inc.*			2,389,390
		Total Software			37,390,957
		TOTAL TECHNOLOGY			109,931,929
UTILITIES – 2.8%
Electric – 2.6%
	57,400	Ameren Corp.			4,540,914
	51,842	Ameresco Inc., Class A Shares*			1,769,886
	32,216	Black Hills Corp.			1,806,673
	77,900	CMS Energy Corp.			4,712,171
	30,686	Hawaiian Electric Industries Inc.			1,062,043
	33,608	IDACORP Inc.			3,021,359
	113,547	Portland General Electric Co.			4,331,818
	29,500	Sempra Energy			3,647,675
		Total Electric			24,892,539
Gas – 0.2%
	36,605	Spire Inc.			2,130,777
		TOTAL UTILITIES			27,023,316
		TOTAL COMMON STOCKS (Cost – $739,513,118)			905,757,909

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
EXCHANGE TRADED FUNDS (ETFs) – 3.0%
	74,668	iShares Core S&P Mid-Cap		$	14,378,817
	194,033	iShares Core S&P Small-Cap			14,352,621
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $29,413,546)			28,731,438
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $768,926,664)			934,489,347

Face Amount
SHORT-TERM INVESTMENTS – 1.5%
TIME DEPOSITS – 1.5%
	$	7,631,987	ANZ National Bank – London, 0.010% due 9/1/20		7,631,987
		2,367,215	Citibank – New York, 0.010% due 9/1/20		2,367,215
		3,812,659	JPMorgan Chase & Co. – New York, 0.010% due 9/1/20		3,812,659
			TOTAL TIME DEPOSITS (Cost – $13,811,861)		13,811,861
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.6%
MONEY MARKET FUND – 1.6%
		15,585,626	Federated Government Obligations Fund, Premier Class, 0.054%(c) (Cost – $15,585,626)		15,585,626
			TOTAL INVESTMENTS – 101.5% (Cost – $798,324,151)		963,886,834
			Liabilities in Excess of Other Assets – (1.5)%		(14,169,895)
			TOTAL NET ASSETS – 100.0%	$	949,716,939

Non-income producing security.

(a)

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

(b)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $975,532 and represents 0.10% of net assets.

(c)

Represents investment of collateral received from securities lending transactions.

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

PLC

— Public Limited Company

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Small-Mid Cap Equity Fund (concluded)

Summary of Investments by Security Sector^

	Consumer Non-cyclical					22.3%
	Industrial					17.9
	Financial					16.6
	Consumer Cyclical					11.9
	Technology					11.4
	Communications					5.6
	Basic Materials					3.5
	Utilities					2.8
	Energy					2.0
	Exchange Traded Funds (ETFs)					3.0
	Short-Term Investments					1.4
	Money Market Fund					1.6
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 94.1%
Australia – 1.0%
	177,488	Appen Ltd.		$	4,501,615
	774,413	Elmo Software Ltd.*(a)			3,270,938
	969,811	Nanosonics Ltd.*(a)			4,314,676
	305,250	Pro Medicus Ltd.			5,810,744
	1,228,595	South32 Ltd.			1,869,283
	228,953	Treasury Wine Estates Ltd.			1,544,582
		Total Australia			21,311,838
Austria – 0.2%
	169,957	Erste Group Bank AG*			4,129,648
Belgium – 0.1%
	16,379	Galapagos NV*			2,224,688
Bermuda – 0.4%
	194,018	Golar LNG Ltd.*			2,008,086
	494,716	Hiscox Ltd.*			5,267,551
		Total Bermuda			7,275,637
Brazil – 1.9%
	96,026	Afya Ltd., Class A Shares*			2,455,385
	317,908	B3 SA – Brasil Bolsa Balcao			3,411,316
	443,596	Localiza Rent a Car SA			3,904,344
	368,794	Notre Dame Intermedica Participacoes SA			4,987,068
	146,110	Pagseguro Digital Ltd., Class A Shares*			6,157,076
	771,851	Rumo SA*			3,183,355
	140,005	StoneCo Ltd., Class A Shares*			7,140,255
	111,710	Suzano SA*			1,023,385
	132,154	XP Inc., Class A Shares*			6,527,086
		Total Brazil			38,789,270
Canada – 1.5%
	43,725	Agnico Eagle Mines Ltd.			3,605,418
	30,065	Descartes Systems Group Inc.*			1,834,744
	82,032	Equitable Group Inc.(a)			4,861,412
	58,274	Franco-Nevada Corp.			8,765,228
	3,423	Lightspeed POS Inc.*			118,894
	104,955	Magna International Inc.			5,101,863
	732,769	Seven Generations Energy Ltd., Class A Shares*			2,314,836
	42,800	TMX Group Ltd.			4,499,874
		Total Canada			31,102,269

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
China – 11.4%
	65,903	58.com Inc., ADR*		$	3,648,390
	3,178,000	AK Medical Holdings Ltd.(a)			8,087,798
	156,696	Alibaba Group Holding Ltd., ADR*			44,976,453
	36,448	Baidu Inc., ADR*			4,540,327
	426,421	Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A Shares(b)			3,714,215
	651,200	BTG Hotels Group Co., Ltd., Class A Shares(b)			1,828,312
	1,369,463	China Conch Venture Holdings Ltd.			5,922,475
	291,939	China Literature Ltd.*(a)(c)			1,798,487
	1,712,311	China Mengniu Dairy Co., Ltd.*			8,380,269
	200,691	China Tourism Group Duty Free Corp., Ltd, Class A Shares(b)			6,083,448
	73,428	GDS Holdings Ltd., ADR*(a)			5,943,262
	454,025	Glodon Co., Ltd., Class A Shares(b)			4,610,881
	626,000	Gree Electric Appliances Inc. of Zhuhai, Class A Shares(b)			4,968,733
	927,853	Hangzhou Hikvision Digital Technology Co., Ltd., Class A Shares(b)			5,059,094
	180,585	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares(b)			2,948,454
	486,231	Han’s Laser Technology Industry Group Co., Ltd., Class A Shares(b)			2,631,161
	916,877	Hua Hong Semiconductor Ltd.*(a)(c)			3,293,775
	1,326	KE Holdings Inc., ADR*			68,011
	1,649,407	Kingdee International Software Group Co., Ltd.*			4,208,802
	936,553	Kingsoft Corp., Ltd			5,004,452
	19,865	Kweichow Moutai Co., Ltd., Class A Shares(b)			5,172,077
	168,744	LexinFintech Holdings Ltd., ADR*			1,317,891
	113,769	Li Auto Inc., ADR*			1,854,435
	169,106	Meituan Dianping, Class B Shares*			5,558,144
	545,662	Midea Group Co., Ltd., Class A Shares(b)			5,610,754
	25,419	New Oriental Education & Technology Group Inc., ADR*			3,727,188
	6,412	Nongfu Spring Co., Ltd.*(d)			17,788
	462,453	Ping An Insurance Group Co. of China Ltd., Class H Shares(e)			4,900,200
	413,977	SF Holding Co., Ltd., Class A Shares(b)			5,132,804
	261,480	Shanghai Henlius Biotech Inc., Class H Shares*(a)(c)(e)			1,853,621
	458,600	Shanghai Kindly Medical Instruments Co., Ltd., Class H Shares(e)			3,601,615
	83,138	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares(b)			4,149,675
	293,035	Shenzhou International Group Holdings Ltd.			4,699,392
	3,878,019	Sino Biopharmaceutical Ltd.			4,445,089
	328,489	Tencent Holdings Ltd.			22,385,850
	16,395	Tencent Holdings Ltd., ADR			1,120,434
	152,454	Tencent Music Entertainment Group, ADR*			2,382,856
	606,060	Venustech Group Inc., Class A Shares(b)			3,367,707

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
China – (continued)
	896,725	WH Group Ltd.(c)		$	771,995
	2,077,741	Xiaomi Corp., Class B Shares*(c)			6,297,051
	336,000	Yihai International Holding Ltd.*			5,295,952
	34,094	Yum China Holdings Inc.			1,967,565
	271,681	Yunnan Baiyao Group Co., Ltd., Class A Shares(b)			4,584,934
	98,955	Zai Lab Ltd., ADR*			7,854,058
	52,736	ZTO Express Cayman Inc., ADR			1,768,238
		Total China			237,554,112
Denmark – 0.6%
	29,231	Jyske Bank AS, Class Registered Shares*			870,026
	121,510	Novozymes AS, Class B Shares			7,174,119
	33,694	Royal Unibrew AS			3,525,019
	38,759	Sydbank AS*			651,082
		Total Denmark			12,220,246
Egypt – 0.5%
	18,181,040	Cleopatra Hospital*			5,808,310
	3,056,344	Fawry for Banking & Payment Technology Services SAE*			4,791,364
		Total Egypt			10,599,674
Finland – 0.0%
	89,004	Wartsila OYJ Abp			760,278
France – 6.3%
	20,190	Air Liquide SA			3,353,929
	61,415	Aubay			2,447,431
	16,917	Cie Generale des Etablissements Michelin SCA			1,908,775
	119,521	Danone SA			7,865,810
	6,034	Dassault Aviation SA*			5,487,202
	31,313	Dassault Systemes SE			5,895,365
	68,304	Esker SA			12,475,582
	77,443	EssilorLuxottica SA*			10,374,374
	135,383	Legrand SA			11,287,471
	42,435	L’Oreal SA			14,038,399
	8,574	LVMH Moet Hennessy Louis Vuitton SE			4,025,374
	44,821	MGI Digital Graphic Technology*(a)			2,354,451
	81,935	Pernod Ricard SA			14,044,445
	69,460	Sanofi			7,034,473
	139,003	Schneider Electric SE			17,238,348
	160,939	Thales SA			12,572,306
		Total France			132,403,735

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Germany – 5.8%
	57,233	Atoss Software AG(a)		$	8,746,240
	129,746	Bayer AG, Class Registered Shares			8,573,281
	169,728	Deutsche Wohnen SE			9,034,162
	183,993	Elmos Semiconductor SE			4,773,317
	135,068	Evotec SE*(a)			3,604,211
	115,935	GEA Group AG			4,228,612
	139,173	Henkel AG & Co. KGaA			14,181,760
	20,039	Hypoport SE*			11,998,256
	28,721	Infineon Technologies AG			793,687
	48,105	Knorr-Bremse AG			6,113,230
	19,648	LEG Immobilien AG			2,892,197
	44,810	Mensch und Maschine Software SE			2,715,898
	15,805	MorphoSys AG*			1,988,187
	79,486	Nexus AG			4,031,595
	86,459	SAP SE			14,212,026
	2,209	Sartorius AG			935,534
	60,165	Symrise AG, Class A Shares			8,289,485
	99,984	TAG Immobilien AG*			2,983,642
	55,640	TeamViewer AG*(c)			3,016,056
	83,005	Vonovia SE			5,943,312
	19,712	Zalando SE*(c)			1,722,432
		Total Germany			120,777,120
Greece – 0.2%
	475,568	Sarantis SA	��		4,954,388
Hong Kong – 1.5%
	1,036,000	AIA Group Ltd.			10,540,471
	246,000	CK Hutchison Holdings Ltd.			1,596,556
	414,355	Galaxy Entertainment Group Ltd.			3,235,575
	58,644	Hong Kong Exchanges & Clearing Ltd.			2,948,090
	161,619	New Frontier Health Corp.*(a)			1,260,628
	552,711	Techtronic Industries Co., Ltd.			6,984,725
	1,520,000	Vitasoy International Holdings Ltd.(a)			5,402,691
		Total Hong Kong			31,968,736
Hungary – 0.0%
	8,246	Wizz Air Holdings PLC*(c)			432,326

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
India – 7.2%
	320,670	Aavas Financiers Ltd.*		$	6,068,350
	520,991	Amara Raja Batteries Ltd.			5,179,908
	114,501	Asian Paints Ltd.			2,959,187
	629,889	Axis Bank Ltd.*			4,217,925
	102,312	Bajaj Finance Ltd.			4,830,164
	707,156	Berger Paints India Ltd.			5,188,823
	443,471	Bharti Airtel Ltd.			3,100,685
	68,257	Britannia Industries Ltd.			3,464,246
	2,801,059	City Union Bank Ltd.			5,152,550
	124,400	Divi’s Laboratories Ltd.			5,275,221
	208,784	Dr Lal PathLabs Ltd.			5,012,044
	69,678	Dr Reddy’s Laboratories Ltd.			4,034,828
	26,955	Dr Reddy’s Laboratories Ltd., ADR			1,567,972
	1,353,973	Edelweiss Financial Services Ltd.*			1,477,937
	481,278	Gulf Oil Lubricants India Ltd.			4,339,433
	244,310	HDFC Bank Ltd.*			3,691,156
	239,544	Hemisphere Properties India Ltd.*(b)(c)(d)			527,578
	101,267	Hindustan Unilever Ltd.			2,912,324
	462,731	Housing Development Finance Corp., Ltd			11,484,253
	154,371	ICICI Lombard General Insurance Co., Ltd.			2,633,523
	2,463,598	JM Financial Ltd.			2,725,084
	243,133	Kotak Mahindra Bank Ltd.*			4,623,018
	33,848	Maruti Suzuki India Ltd.			3,143,584
	622,894	Max Financial Services Ltd.*			4,984,056
	484,609	Metropolis Healthcare Ltd.			12,499,382
	191,687	Muthoot Finance Ltd.			2,988,071
	690,565	Nippon Life India Asset Management Ltd.(c)			2,541,184
	4,020,770	NTPC Ltd.			5,310,018
	407,091	Reliance Industries Ltd.			11,167,867
	320,155	SBI Life Insurance Co., Ltd.*(c)			3,618,989
	231,692	Spandana Sphoorty Financial Ltd.*			1,940,395
	207,571	Supreme Industries Ltd.			3,814,700
	306,121	Tata Communications Ltd.			3,597,987
	496,441	Tata Consumer Products Ltd.			3,615,379
	112,808	Titan Co., Ltd.			1,685,687
		Total India			151,373,508

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Indonesia – 1.0%
	32,614,500	Ace Hardware Indonesia Tbk PT		$	3,459,483
	25,404,900	Bank BTPN Syariah Tbk PT			6,780,712
	2,997,000	Bank Central Asia Tbk PT			6,452,504
	55,865,700	Sarana Menara Nusantara Tbk PT@			3,968,162
	595,845	Telekomunikasi Indonesia Persero Tbk PT			116,770
		Total Indonesia			20,777,631
Ireland – 0.8%
	193,016	Experian PLC			7,198,594
	36,727	Kerry Group PLC, Class A Shares			4,827,978
	46,100	Ryanair Holdings PLC, ADR*			3,729,490
		Total Ireland			15,756,062
Israel – 0.4%
	57,722	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.			3,471,941
	18,526	Wix.com Ltd.*			5,458,315
		Total Israel			8,930,256
Italy – 0.7%
	415,374	Banca Mediolanum SpA			3,078,313
	143,209	Carel Industries SpA(b)			3,503,677
	18,038	DiaSorin SpA			3,260,865
	177,235	Gruppo MutuiOnline SpA(b)			4,907,639
		Total Italy			14,750,494
Japan – 16.4%
	109,326	Atrae Inc.*			3,501,735
	669,422	Avant Corp.			6,552,969
	207,068	BASE Inc.*(a)			17,778,557
	234,700	Chiba Bank Ltd.			1,214,758
	30,600	Daiichi Sankyo Co., Ltd.			2,730,285
	15,600	Disco Corp.			3,624,317
	310,200	eGuarantee Inc.			6,586,591
	163,912	en-japan Inc.			4,728,833
	68,400	Ezaki Glico Co., Ltd.			2,903,200
	106,200	Freee KK*			5,853,305
	197,600	Fujitsu General Ltd.			5,156,585
	230,200	Hachijuni Bank Ltd.			888,513
	40,500	Hennge KK*(a)			1,942,573
	59,310	Hirose Electric Co., Ltd.			6,709,993
	28,800	Hoshizaki Corp.			2,199,416
	780,130	Infomart Corp.			5,364,628

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	95,600	IR Japan Holdings Ltd.		$	11,670,321
	148,500	Ito En Ltd.			8,971,129
	231,300	Japan Elevator Service Holdings Co., Ltd.			7,994,822
	222,668	Japan Material Co., Ltd.			2,957,852
	213,400	Kansai Paint Co., Ltd.			5,081,653
	195,700	Kao Corp.			14,889,606
	7,938	Keyence Corp.			3,267,358
	89,400	Kobayashi Pharmaceutical Co., Ltd.			7,956,733
	8,200	Kose Corp.			959,655
	38,800	Kusuri no Aoki Holdings Co., Ltd.			3,311,158
	76,800	M&A Capital Partners Co., Ltd.*			2,812,025
	387,700	Mebuki Financial Group Inc.			938,146
	129,500	Medley Inc.*(a)			5,544,831
	221,000	Miroku Jyoho Service Co., Ltd.			4,510,647
	196,900	Mitsubishi Electric Corp.			2,703,207
	94,500	Murata Manufacturing Co., Ltd.			5,589,483
	163,200	Nihon Kohden Corp.			5,596,924
	401,200	Nippon Telegraph & Telephone Corp.			9,131,041
	23,100	Nissin Foods Holdings Co., Ltd.			2,312,031
	207,300	Nomura Research Institute Ltd.			5,517,351
	345,200	North Pacific Bank Ltd.			724,943
	37,600	Obic Co., Ltd.			6,663,348
	86,900	Omron Corp.			6,357,533
	67,000	ORIX Corp.			827,118
	178,900	Otsuka Holdings Co., Ltd.			7,851,170
	227,100	Outsourcing Inc.			1,873,495
	129,500	Pan Pacific International Holdings Corp.			3,046,672
	237,400	Persol Holdings Co., Ltd.			3,690,917
	1,023,706	Prestige International Inc.			8,613,814
	428,396	Rakus Co., Ltd.			11,409,754
	157,700	Rohto Pharmaceutical Co., Ltd.			5,009,553
	402,900	Santen Pharmaceutical Co., Ltd.			7,682,049
	92,900	Secom Co., Ltd.			8,776,421
	130,000	Seven & i Holdings Co., Ltd.			4,205,566
	236,800	Shimadzu Corp.			7,060,270
	12,400	SMC Corp.			6,770,984
	137,838	SMS Co., Ltd.			3,797,817
	50,200	Sohgo Security Services Co., Ltd.			2,344,999

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security		Value
COMMON STOCKS – (continued)
Japan – (continued)
	132,800	Stanley Electric Co., Ltd.			$	3,801,239
	55,400	Suzuki Motor Corp.				2,264,050
	505,700	Systena Corp.				8,141,705
	275,240	Takeda Pharmaceutical Co., Ltd.				10,236,826
	182,400	Terumo Corp.				7,401,101
	158,800	Toyo Suisan Kaisha Ltd.				9,015,731
	148,290	YAKUODO Holdings Co., Ltd.				3,526,997
	136,000	Yokogawa Electric Corp.				2,216,159
	1,380,300	Z Holdings Corp.				9,158,640
		Total Japan				341,921,102
Malaysia – 0.1%
	468,000	Carlsberg Brewery Malaysia Bhd				2,451,465
Mexico – 1.0%
	34,113	Fomento Economico Mexicano SAB de CV, ADR				1,989,811
	278,770	Gruma SAB de CV, Class B Shares				3,293,738
	1,271,781	Grupo Mexico SAB de CV, Class B Shares				3,394,749
	2,284,208	Qualitas Controladora SAB de CV				8,999,645
	1,215,667	Wal-Mart de Mexico SAB de CV				2,911,577
		Total Mexico				20,589,520
Netherlands – 2.7%
	1,182	Adyen NV*(c)				1,992,801
	57,912	Akzo Nobel NV				5,730,978
	21,194	ASML Holding NV				7,947,458
	32,931	Core Laboratories NV				689,246
	28,757	Euronext NV(c)	��			3,495,705
	78,995	Heineken NV				7,318,651
	192,727	Koninklijke Philips NV				9,113,951
	75,029	NXP Semiconductors NV				9,435,647
	103,711	Prosus NV*				10,374,527
		Total Netherlands				56,098,964
Norway – 0.5%
	110,918	Medistim ASA*				3,100,848
	785,438	Pexip Holding ASA*				7,416,779
		Total Norway				10,517,627
Peru – 0.2%
	23,914	Credicorp Ltd.				3,120,299

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Philippines – 0.6%
	3,717,382	Ayala Land Inc.		$	2,198,254
	1,003,924	BDO Unibank Inc.			1,778,188
	2,885,928	Philippine Seven Corp.(b)			7,202,278
	101,335	SM Investments Corp.			1,775,199
		Total Philippines			12,953,919
Poland – 0.1%
	416,383	Powszechny Zaklad Ubezpieczen SA*			3,066,919
Portugal – 0.6%
	654,820	Galp Energia SGPS SA			7,007,177
	379,530	Jeronimo Martins SGPS SA			6,228,117
		Total Portugal			13,235,294
Russia – 0.9%
	121,811	HeadHunter Group PLC, ADR			2,484,944
	28,731	Novatek PJSC, GDR			4,255,061
	685,216	Sberbank of Russia PJSC, ADR*			8,354,302
	67,483	Yandex NV, Class A Shares*			4,604,365
		Total Russia			19,698,672
Singapore – 0.2%
	3,536,400	Sheng Siong Group Ltd.			4,557,403
South Africa – 0.9%
	117,342	Bid Corp., Ltd			1,936,285
	175,365	Bidvest Group Ltd.			1,408,059
	26,458	Capitec Bank Holdings Ltd.			1,301,730
	75,046	Naspers Ltd., Class N Shares			13,660,820
		Total South Africa			18,306,894
South Korea – 3.3%
	45,174	Korea Shipbuilding & Offshore Engineering Co., Ltd.*			3,266,476
	101,285	LEENO Industrial Inc.			10,787,090
	3,030	LG Household & Health Care Ltd.			3,770,302
	53,240	NAVER Corp.			14,386,553
	389,362	NICE Information Service Co., Ltd.			5,883,682
	670,198	Samsung Electronics Co., Ltd.			30,481,544
		Total South Korea			68,575,647
Spain – 0.6%
	206,423	Amadeus IT Group SA			11,651,842

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Sweden – 2.2%
	77,437	Assa Abloy AB, Class B Shares		$	1,791,659
	312,595	Biotage AB			6,088,176
	125,939	Cellavision AB			4,605,958
	151,191	Epiroc AB, Class A Shares			2,252,947
	143,124	Essity AB, Class B Shares*			4,926,829
	477,248	Fortnox AB			16,602,887
	177,937	Svenska Handelsbanken AB, Class A Shares*			1,788,974
	306,632	Swedbank AB, Class A Shares*			5,201,839
	142,277	Xvivo Perfusion AB*			3,323,005
		Total Sweden			46,582,274
Switzerland – 5.6%
	47,444	Alcon Inc.*			2,694,145
	71	Chocoladefabriken Lindt & Spruengli AG			604,716
	48,667	Cie Financiere Richemont SA, Class Registered Shares			3,222,791
	6,002	Geberit AG, Class Registered Shares			3,455,465
	5,346	Givaudan SA, Class Registered Shares			22,433,533
	177,385	Julius Baer Group Ltd.			8,492,532
	16,814	Lonza Group AG, Class Registered Shares			10,418,914
	317,709	Nestle SA, Class Registered Shares			38,178,671
	16,525	Roche Holding AG			5,775,442
	12,940	Schindler Holding AG			3,450,445
	3,365	SGS SA, Class Registered Shares			8,700,046
	17,822	Sika AG, Class Registered Shares			4,268,934
	20,893	Temenos AG, Class Registered Shares			3,368,323
	220,031	UBS Group AG, Class Registered Shares			2,678,559
		Total Switzerland			117,742,516
Taiwan – 3.9%
	1,183,000	Bioteque Corp.			5,633,977
	532,000	Chief Telecom Inc.			7,061,123
	790,000	Delta Electronics Inc.			5,068,750
	36,381	Ginko International Co., Ltd.			156,647
	299,820	Poya International Co., Ltd.			5,858,043
	1,125,000	Taiwan Semiconductor Manufacturing Co., Ltd.			16,348,132
	422,904	Taiwan Semiconductor Manufacturing Co., Ltd., ADR			33,515,142
	248,550	Voltronic Power Technology Corp.			8,739,487
		Total Taiwan			82,381,301

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Thailand – 0.6%
	2,697,986	CP ALL PCL, Class F Shares(b)@		$	5,515,844
	1,845,600	TQM Corp. PCL, Class F Shares(b)			7,486,980
		Total Thailand			13,002,824
United Arab Emirates – 0.4%
	439,095	First Abu Dhabi Bank PJSC			1,363,539
	1,209,149	Network International Holdings PLC(c)			6,051,539
		Total United Arab Emirates			7,415,078
United Kingdom – 8.2%
	181,850	4imprint Group PLC*			5,310,099
	480,806	Amcor PLC			5,319,918
	243,777	Avon Rubber PLC			12,448,192
	202,576	boohoo Group PLC*			783,457
	189,657	Burberry Group PLC			3,685,980
	227,378	Compass Group PLC			3,709,680
	149,793	Craneware PLC(a)			3,462,585
	26,430	Croda International PLC			2,080,640
	310,536	Diageo PLC			10,387,409
	79,279	Farfetch Ltd., Class A Shares*			2,195,236
	215,097	FDM Group Holdings PLC			3,001,823
	438,499	Future PLC			8,781,833
	623,291	GB Group PLC*			6,082,245
	186,155	Halma PLC			5,519,331
	220,151	HomeServe PLC			3,822,786
	377,713	IMI PLC			5,321,733
	83,151	Intertek Group PLC			6,531,297
	4,065,342	Johnson Service Group PLC			5,793,013
	32,205	Linde PLC			8,080,001
	67,714	London Stock Exchange Group PLC			7,965,469
	309,651	Patisserie Holdings PLC*(b)(d)			4,139
	142,539	Reckitt Benckiser Group PLC			14,345,725
	99,537	Smith & Nephew PLC			2,024,448
	104,459	Spectris PLC			3,541,158
	66,838	Spirax-Sarco Engineering PLC			9,153,467
	1,394,726	Strix Group PLC			4,146,207
	669,557	Trainline PLC*			3,543,532
	209,906	Unilever NV			12,174,822
	847,722	YouGov PLC(b)			11,320,276
		Total United Kingdom			170,536,501

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
United States – 3.6%
	2,052	Alphabet Inc., Class A Shares*		$	3,343,796
	53,719	Analog Devices Inc.			6,278,677
	31,918	ANSYS Inc.*			10,820,521
	1,490	Booking Holdings Inc.*			2,846,570
	179,118	Cadence Design Systems Inc.*			19,865,977
	102,057	Colgate-Palmolive Co.			8,089,038
	18,738	Nordson Corp.			3,494,450
	141,102	Philip Morris International Inc.			11,258,529
	15,954	Royalty Pharma PLC, Class A Shares*			660,176
	18,141	Texas Instruments Inc.			2,578,743
	18,000	Visa Inc., Class A Shares			3,815,820
	32,259	Waste Connections Inc.			3,226,868
		Total United States			76,279,165
		TOTAL COMMON STOCKS (Cost – $1,420,029,281)			1,968,777,142
EXCHANGE TRADED FUNDS (ETFs) – 2.9%
United States – 2.9%
	465,853	iShares Core MSCI EAFE			28,617,350
	589,637	iShares Core MSCI Emerging Markets			31,427,652
		Total United States			60,045,002
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $56,670,670)			60,045,002
PREFERRED STOCK – 0.0%
United Kingdom – 0.0%
	1,899	Roofoods Ltd. Series G*(b)(d)@ (Cost – $793,594)			793,594
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $1,477,493,545)			2,029,615,738

Face Amount†
SHORT-TERM INVESTMENTS – 3.0%
TIME DEPOSITS – 3.0%
	$	20,012,084	Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.010% due 9/1/20	$	20,012,084
		20,083,470	Barclays Bank PLC – London, 0.010% due 9/1/20		20,083,470
			BNP Paribas SA – Paris:
		146,267CHF	(1.430)% due 9/1/20		161,817
		678,961EUR	(0.690)% due 9/1/20		810,272
			Brown Brothers Harriman – Grand Cayman:
		460DKK	(0.650)% due 9/1/20		74

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

Face Amount†

Security

Value

SHORT-TERM INVESTMENTS – (continued)

TIME DEPOSITS – (continued)

1,620SEK

(0.250)% due 9/1/20

187

20NOK

(0.150)% due 9/1/20

125,180AUD

0.010% due 9/1/20

92,345

4NZD

0.010% due 9/1/20

124,546SGD

0.010% due 9/1/20

91,541

148GBP

0.010% due 9/1/20

198

14,914CAD

0.030% due 9/1/20

11,436

81,959HKD

0.150% due 9/1/20

10,575

18,995ZAR

4.500% due 9/1/20

1,121

113,120GBP

Citibank – London, 0.010% due 9/1/20

151,213

2,480,258HKD

Hong Kong & Shanghai Bank – Hong Kong, 0.150% due 9/1/20

320,027

11,447,380

JPMorgan Chase & Co. – New York, 0.010% due 9/1/20

11,447,380

Sumitomo Mitsui Banking Corp. – Tokyo:

88,590,640JPY

(0.230)% due 9/1/20

836,353

8,532,256

0.010% due 9/1/20

8,532,256

TOTAL TIME DEPOSITS
(Cost – $62,562,354)

62,562,354

INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.9%

MONEY MARKET FUND – 1.9%

39,244,796

Federated Government Obligations Fund, Premier Class, 0.054%(f)
(Cost – $39,244,796)

39,244,796

TOTAL INVESTMENTS – 101.9% (Cost – $1,579,300,695)

2,131,422,888

Liabilities in Excess of Other Assets – (1.9)%

(39,839,670)

TOTAL NET ASSETS – 100.0%

2,091,583,218

†

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

Non-income producing security.

(a)

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

(b)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $101,124,254 and represents 4.83% of net assets.

(c)

Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $37,413,539 and represents 1.79% of net assets.

(d)

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

(e)

Security trades on the Hong Kong exchange.

(f)

Represents investment of collateral received from securities lending transactions.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (continued)

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

Security	Acquisition Date		Acquisition Cost			Market Value			Percent of Net Assets
CP ALL PCL, Class F Shares		3/23/2020		$	30,091		$	5,515,844		0.26%
Roofoods Ltd. Series G		5/16/19			793,594			793,594		0.04%
Sarana Menara Nusantara Tbk PT		4/3/17			1,400			3,968,162		0.19%
Total							$	10,277,600		0.49%

Abbreviations used in this schedule:

	ADR — American Depositary Receipts
	GDR — Global Depositary Receipts
	PCL — Public Company Limited
	PLC — Public Limited Company

Summary of Investments by Security Sector^


	Consumer Non-cyclical					30.6%
	Technology					15.7
	Industrial					12.2
	Financial					11.7
	Communications					11.0
	Consumer Cyclical					5.6
	Basic Materials					4.2
	Energy					1.2
	Utilities					0.2
	Diversified					0.1
	Exchange Traded Funds (ETFs)					2.8
	Short-Term Investments					2.9
	Money Market Fund					1.8
						100.0%

As a percentage of total investments.

Schedule of Options Contracts Written

Equity Options

Number of Contracts	Notional Amount	Security Name	Counterparty		Expiration Date		Exercise Rate	Value
64	$177,216	Farfetch Ltd.		BBH		10/16/20	$25.00		$	26,880
118	$326,742	Farfetch Ltd.		JPM		10/16/20	$26.00			38,940
97	$1,219,872	NXP Semiconductors NV		JPM		9/18/20	$120.00			74,933
47	$591,072	NXP Semiconductors NV		JPM		9/18/20	$130.00			10,152
11	$138,336	NXP Semiconductors NV		BBH		1/15/21	$140.00			7,150
11	$138,336	NXP Semiconductors NV		BBH		1/15/21	$145.00			5,203
50	$628,800	NXP Semiconductors NV		JPM		1/15/21	$150.00			19,000
18	CHF 262,440	Temenos AG		GSC		9/18/20	CHF 160.00			398
		TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received – $179,936)							$	182,656

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations International Equity Fund (concluded)

At August 31, 2020, Destinations International Equity Fund had open forward foreign currency contracts as described below.

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

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Hong Kong Dollar		139,247		BBH		$	17,966		9/8/20		$	—		$	(1)		$	(1)
Contracts to Sell:
Japanese Yen		289,675,000		JPM			2,735,152		9/15/20		$	—		$	(4,162)		$	(4,162)
Japanese Yen		1,563,100,000		HSBC			14,797,510		2/19/21			—			(2,277)			(2,277)
Japanese Yen		795,000,000		MSC			7,526,083		2/19/21			—			(1,949)			(1,949)
											$	—		$	(8,388)		$	(8,388)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	—		$	(8,389)		$	(8,389)

Currency Abbreviations used in this schedule:

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

Counterparty Abbreviations used in this schedule:

	BBH — Brown Brothers Harriman & Co.
	GSC — Goldman Sachs & Co.
	HSBC — HSBC Bank USA
	JPM — JPMorgan Chase & Co.
	MSC — Morgan Stanley

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Equity Income Fund

Shares/Units		Security	Value
COMMON STOCKS – 86.2%
BASIC MATERIALS – 1.0%
Chemicals – 1.0%
	32,833	DuPont de Nemours Inc.		$	1,830,768
	52,187	Nutrien Ltd.			1,933,104
		Total Chemicals			3,763,872
		TOTAL BASIC MATERIALS			3,763,872
COMMUNICATIONS – 14.7%
Media – 0.9%
	74,552	Comcast Corp., Class A Shares			3,340,675
Telecommunications – 13.8%
	384,047	AT&T Inc.			11,448,441
	189,200	BCE Inc.			8,132,612
	211,759	Cisco Systems Inc.			8,940,465
	83,685	Nippon Telegraph & Telephone Corp.			1,905,182
	112,887	SK Telecom Co., Ltd., ADR			2,593,014
	146,867	Telefonica Brasil SA			1,282,208
	200,926	Verizon Communications Inc.			11,908,884
	4,498,593	Vodafone Group PLC			6,701,438
		Total Telecommunications			52,912,244
		TOTAL COMMUNICATIONS			56,252,919
CONSUMER CYCLICAL – 2.3%
Distribution/Wholesale – 0.7%
	155,100	Mitsui & Co., Ltd.			2,802,562
Home Builders – 0.2%
	519,800	Taylor Wimpey PLC			851,182
Retail – 0.6%
	6,275	Genuine Parts Co.			592,611
	10,307	Lowe’s Cos., Inc.			1,697,460
		Total Retail			2,290,071
Toys/Games/Hobbies – 0.8%
	5,461	Nintendo Co., Ltd.			2,925,250
		TOTAL CONSUMER CYCLICAL			8,869,065
CONSUMER NON-CYCLICAL – 27.3%
Agriculture – 5.4%
	221,250	British American Tobacco PLC			7,490,019
	164,591	Philip Morris International Inc.			13,132,716
		Total Agriculture			20,622,735
Beverages – 2.7%
	101,911	Coca-Cola Co.			5,047,652
	38,585	PepsiCo Inc.			5,404,215
		Total Beverages			10,451,867

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – 2.1%
	8,300	Amgen Inc.		$	2,102,556
	84,750	Gilead Sciences Inc.			5,657,062
		Total Biotechnology			7,759,618
Cosmetics/Personal Care – 1.6%
	105,550	Unilever PLC			6,292,791
Food – 1.1%
	75,700	Seven & i Holdings Co., Ltd.			2,453,416
	924,000	Tingyi Cayman Islands Holding Corp.			1,735,894
		Total Food			4,189,310
Healthcare-Services – 1.2%
	9,796	Anthem Inc.			2,757,770
	21,886	Fresenius Medical Care AG & Co. KGaA			1,855,998
		Total Healthcare-Services			4,613,768
Household Products/Wares – 0.4%
	16,213	Henkel AG & Co. KGaA			1,655,466
Pharmaceuticals – 12.8%
	116,201	AbbVie Inc.			11,128,570
	13,733	AstraZeneca PLC			1,531,023
	23,384	Bayer AG, Class Registered Shares			1,549,925
	81,110	Bristol-Myers Squibb Co.			5,045,042
	511,894	GlaxoSmithKline PLC			10,072,518
	68,025	Merck & Co., Inc.			5,800,492
	268,125	Pfizer Inc.			10,132,444
	4,112	Roche Holding AG			1,436,175
	21,284	Sanofi			2,155,725
		Total Pharmaceuticals			48,851,914
		TOTAL CONSUMER NON-CYCLICAL			104,437,469
ENERGY – 7.7%
Oil & Gas – 4.7%
	132,832	Chevron Corp.			11,148,590
	175,350	Exxon Mobil Corp.			7,003,479
		Total Oil & Gas			18,152,069
Pipelines – 3.0%
	195,100	Enbridge Inc.			6,242,542
	150,065	Enterprise Products Partners LP			2,635,141
	49,700	TC Energy Corp.			2,324,186
		Total Pipelines			11,201,869
		TOTAL ENERGY			29,353,938

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – 10.0%
Banks – 7.4%
	91,285	Bank of America Corp.		$	2,349,676
	97,075	Canadian Imperial Bank of Commerce			7,708,240
	53,098	Citigroup Inc.			2,714,370
	219,016	ING Groep NV			1,778,387
	23,652	JPMorgan Chase & Co.			2,369,694
	288,675	KeyCorp			3,556,476
	250,880	Oversea-Chinese Banking Corp., Ltd			1,598,713
	36,850	PNC Financial Services Group Inc.			4,097,720
	207,900	Regions Financial Corp.			2,403,324
		Total Banks			28,576,600
Diversified Financial Services – 0.6%
	12,082	Deutsche Boerse AG			2,283,915
Equity Real Estate Investment Trusts (REITs) – 0.4%
	46,250	National Retail Properties Inc.			1,639,100
Insurance – 1.6%
	57,047	Ageas SA/NV			2,396,412
	9,159	Allianz SE, Class Registered Shares			1,984,077
	7,683	Everest Re Group Ltd.			1,690,875
		Total Insurance			6,071,364
		TOTAL FINANCIAL			38,570,979
INDUSTRIAL – 6.5%
Aerospace/Defense – 1.1%
	15,368	General Dynamics Corp.			2,295,211
	20,953	Thales SA			1,637,848
		Total Aerospace/Defense			3,933,059
Miscellaneous Manufacturers – 1.8%
	16,775	3M Co.			2,734,660
	18,748	Eaton Corp. PLC			1,914,171
	16,548	Siemens AG, Class Registered Shares			2,284,098
		Total Miscellaneous Manufacturers			6,932,929
Transportation – 3.6%
	75,202	Deutsche Post AG, Class Registered Shares			3,421,120
	63,150	United Parcel Service Inc., Class B Shares			10,332,603
		Total Transportation			13,753,723
		TOTAL INDUSTRIAL			24,619,711
TECHNOLOGY – 4.6%
Computers – 1.4%
	24,810	Amdocs Ltd.			1,519,116
	32,400	International Business Machines Corp.			3,995,244
		Total Computers			5,514,360

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Semiconductors – 1.5%
	6,696	Broadcom Inc.		$	2,324,516
	45,770	Infineon Technologies AG			1,265,044
	59,790	Samsung Electronics Co., Ltd.			2,391,489
		Total Semiconductors			5,981,049
Software – 1.7%
	16,104	Microsoft Corp.			3,631,935
	43,876	Oracle Corp.			2,510,585
		Total Software			6,142,520
		TOTAL TECHNOLOGY			17,637,929
UTILITIES – 12.1%
Electric – 9.5%
	122,200	Dominion Energy Inc.			9,585,368
	110,330	Duke Energy Corp.			8,863,912
	43,671	Evergy Inc.			2,324,171
	214,725	PPL Corp.			5,932,852
	47,475	Public Service Enterprise Group Inc.			2,480,094
	140,160	Southern Co.			7,313,549
		Total Electric			36,499,946
Gas – 2.1%
	716,938	National Grid PLC			8,080,949
Water – 0.5%
	72,271	Veolia Environnement SA			1,742,214
		TOTAL UTILITIES			46,323,109
		TOTAL COMMON STOCKS (Cost – $321,026,751)			329,828,991
EXCHANGE TRADED FUNDS (ETFs) – 10.0%
	773,777	iShares Core Dividend Growth(a)			31,817,710
	75,579	iShares Core High Dividend(a)			6,403,809
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $33,021,196)			38,221,519
CONVERTIBLE PREFERRED STOCKS – 1.5%
CONSUMER NON-CYCLICAL – 0.3%
Healthcare-Products – 0.3%
	16,940	Avantor Inc., 6.250%			1,243,227
TECHNOLOGY – 0.9%
Semiconductors – 0.6%
	1,750	Broadcom Inc., 8.000%			2,152,850
Software – 0.3%
	23,640	Change Healthcare Inc., 6.000%			1,233,535
		TOTAL TECHNOLOGY			3,386,385

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Equity Income Fund (continued)

Shares/Units

Security

Value

CONVERTIBLE PREFERRED STOCKS – (continued)

UTILITIES – 0.3%

Electric – 0.3%

29,050

CenterPoint Energy Inc., 7.000%

1,090,827

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost – $5,901,079)

5,720,439

EQUITY LINKED NOTE – 0.3%

FINANCIAL – 0.3%

Diversified Financial Services – 0.3%

6,600

Citigroup Global Markets Holdings Inc.*(b)(c)(d)
(Cost – $951,102)

952,032

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $360,900,128)

374,722,981

Face Amount
SHORT-TERM INVESTMENTS – 1.7%
TIME DEPOSITS – 1.7%
	$	2,690,474	ANZ National Bank – London, 0.010% due 9/1/20	$	2,690,474
		768	Brown Brothers Harriman – Grand Cayman, 0.010% due 9/1/20		768
		1,821,852	JPMorgan Chase & Co. – New York, 0.010% due 9/1/20		1,821,852
		2,179,702	Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20		2,179,702
			TOTAL TIME DEPOSITS (Cost – $6,692,796)		6,692,796
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.3%
MONEY MARKET FUND – 0.3%
	$	959,784	Federated Government Obligations Fund, Premier Class, 0.054%(e) (Cost – $959,784)	$	959,784
			TOTAL INVESTMENTS – 100.0% (Cost – $368,552,708)		382,375,561
			Liabilities in Excess of Other Assets – 0.0%		(60,812)
			TOTAL NET ASSETS – 100.0%	$	382,314,749

Non-income producing security.

(a)

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

(b)

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

(c)

(d)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $952,032 and represents 0.25% of net assets.

(e)

Represents investment of collateral received from securities lending transactions.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Equity Income Fund (concluded)

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

— Limited Partnership

PLC

— Public Limited Company

Summary of Investments by Security Sector^

	Consumer Non-cyclical					27.6%
	Communications					14.7
	Utilities					12.4
	Financial					10.3
	Energy					7.7
	Industrial					6.4
	Technology					5.5
	Consumer Cyclical					2.3
	Basic Materials					1.0
	Exchange Traded Funds (ETFs)					10.0
	Short-Term Investments					1.8
	Money Market Fund					0.3
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Real Assets Fund

Shares/Units		Security	Value
EXCHANGE TRADED FUNDS (ETFs) – 107.3%
United States – 107.3%
	87	iShares Core US REIT		$	3,969
	103	iShares Global Infrastructure			4,093
	237	iShares North American Natural Resources			5,243
		Total United States			13,305
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $13,803)			13,305
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $13,803)			13,305

Face Amount
SHORT-TERM INVESTMENTS – 129.2%
TIME DEPOSIT – 129.2%
	$	16,015	Brown Brothers Harriman – Grand Cayman, 0.010% due 9/1/20 (Cost – $16,015)		16,015
			TOTAL INVESTMENTS – 236.5% (Cost – $29,818)		29,320
			Liabilities in Excess of Other Assets – (136.5)%		(16,920)
			TOTAL NET ASSETS – 100.0%	$	12,400

Abbreviations used in this schedule:

REIT — Real Estate Investment Trust

Summary of Investments by Security Sector^

	Exchange Traded Funds (ETFs)					45.4%
	Short-Term Investments					54.6
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund

Face Amount/Units			Security	Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 23.6%
U.S. GOVERNMENT OBLIGATIONS – 23.1%
			U.S. Treasury Bonds:
	$	1,000,000	5.250% due 11/15/28		$	1,376,680
		500,000	6.250% due 5/15/30			763,535
		600,000	5.375% due 2/15/31			883,852
		2,050,000	4.500% due 5/15/38			3,189,271
		300,000	4.375% due 11/15/39			466,102
		630,000	1.125% due 8/15/40			615,727
		2,850,000	3.875% due 8/15/40			4,198,184
		3,000,000	4.375% due 5/15/41			4,720,781
		2,500,000	3.125% due 11/15/41			3,356,348
		950,000	3.000% due 5/15/42			1,254,557
		3,500,000	2.750% due 8/15/42			4,454,844
		1,000,000	2.750% due 11/15/42			1,271,367
		3,500,000	2.875% due 5/15/43			4,537,148
		300,000	3.750% due 11/15/43			442,617
		3,000,000	3.125% due 8/15/44			4,055,039
		1,475,000	2.500% due 2/15/45			1,802,323
		600,000	2.875% due 8/15/45			782,742
		1,000,000	2.500% due 2/15/46			1,225,391
		2,500,000	2.500% due 5/15/46			3,066,406
		1,700,000	2.875% due 11/15/46			2,232,645
		3,500,000	3.000% due 2/15/47			4,701,348
		1,000,000	3.000% due 5/15/47			1,345,078
		1,100,000	2.750% due 8/15/47			1,418,914
		550,000	2.750% due 11/15/47			710,467
		500,000	3.000% due 8/15/48			677,871
		21,900,000	2.875% due 5/15/49			29,181,750
		300,000	2.250% due 8/15/49			354,891
		12,450,000	2.000% due 2/15/50			14,012,086
		17,700,000	1.250% due 5/15/50			16,693,312
			U.S. Treasury Notes:
		30,300,000	1.500% due 8/31/21			30,700,055
		2,200,000	2.000% due 11/15/21			2,249,242
		8,000,000	2.125% due 12/31/21			8,209,687
		4,000,000	1.875% due 1/31/22			4,096,719
		500,000	1.750% due 2/28/22			511,992
		2,700,000	1.875% due 2/28/22			2,769,820

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)
U.S. GOVERNMENT OBLIGATIONS – (continued)
	$	6,000,000	1.875% due 3/31/22		$	6,163,359
		800,000	1.750% due 4/30/22			821,344
		10,000,000	0.125% due 6/30/22			9,996,875
		4,000,000	1.750% due 6/30/22			4,117,187
		3,000,000	1.875% due 7/31/22			3,099,258
		1,500,000	1.625% due 8/15/22			1,543,535
		1,000,000	1.625% due 8/31/22			1,029,727
		2,000,000	1.375% due 10/15/22			2,052,187
		1,700,000	1.875% due 10/31/22			1,764,016
		2,500,000	1.625% due 11/15/22			2,581,641
		1,250,000	2.000% due 11/30/22			1,302,148
		2,500,000	1.500% due 1/15/23			2,580,566
		2,500,000	1.750% due 1/31/23			2,597,363
		5,000,000	1.500% due 3/31/23			5,174,805
		5,000,000	1.625% due 5/31/23			5,202,930
		4,000,000	1.375% due 8/31/23			4,146,094
		2,500,000	1.625% due 10/31/23			2,615,332
		9,000,000	2.250% due 12/31/23			9,619,102
		5,000,000	2.750% due 2/15/24			5,442,383
		23,000,000	2.125% due 2/29/24			24,553,398
		9,500,000	2.125% due 3/31/24			10,156,094
		2,600,000	2.000% due 4/30/24			2,770,930
		2,000,000	2.500% due 5/15/24			2,170,234
		900,000	2.000% due 5/31/24			960,363
		4,500,000	1.750% due 6/30/24			4,765,078
		4,000,000	2.000% due 6/30/24			4,273,750
		23,000,000	2.125% due 7/31/24			24,721,406
		1,000,000	1.875% due 8/31/24			1,066,055
		1,400,000	1.500% due 9/30/24			1,472,898
		1,400,000	2.125% due 9/30/24			1,508,336
		1,600,000	1.500% due 10/31/24			1,684,562
		4,000,000	2.250% due 11/15/24			4,339,219
		4,000,000	2.125% due 11/30/24			4,320,469
		2,400,000	2.250% due 12/31/24			2,607,844
		2,500,000	2.000% due 2/15/25			2,694,434
		1,200,000	0.500% due 3/31/25			1,213,828
		7,000,000	0.375% due 4/30/25			7,038,555

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)
U.S. GOVERNMENT OBLIGATIONS – (continued)
	$	1,900,000	2.125% due 5/15/25		$	2,065,285
		1,500,000	0.250% due 6/30/25			1,499,180
		2,000,000	0.250% due 7/31/25			1,998,281
		2,000,000	2.875% due 7/31/25			2,254,062
		3,200,000	2.000% due 8/15/25			3,471,125
		2,000,000	2.750% due 8/31/25			2,245,156
		25,300,000	2.250% due 11/15/25			27,839,883
		5,000,000	1.625% due 2/15/26			5,348,047
		2,000,000	2.500% due 2/28/26			2,236,172
		21,050,000	1.625% due 5/15/26			22,550,635
		2,500,000	1.875% due 6/30/26			2,716,602
		2,250,000	1.625% due 10/31/26			2,416,113
		2,100,000	2.250% due 2/15/27			2,342,074
		4,000,000	0.500% due 4/30/27			4,009,375
		400,000	2.375% due 5/15/27			450,500
		16,400,000	0.500% due 6/30/27			16,423,062
		1,100,000	0.375% due 7/31/27			1,091,578
		2,000,000	2.250% due 8/15/27			2,241,562
		4,220,000	2.250% due 11/15/27			4,741,236
		5,000,000	2.750% due 2/15/28			5,812,500
		1,000,000	2.875% due 8/15/28			1,179,297
		1,500,000	3.125% due 11/15/28			1,804,570
		1,000,000	2.625% due 2/15/29			1,165,977
		500,000	2.375% due 5/15/29			574,141
		5,500,000	1.625% due 8/15/29			5,971,797
		16,000,000	1.500% due 2/15/30			17,215,000
		10,300,000	0.625% due 5/15/30			10,229,187
		1,100,000	0.625% due 8/15/30			1,090,891
			TOTAL U.S. GOVERNMENT OBLIGATIONS			489,479,384
U.S. GOVERNMENT AGENCIES – 0 .5%
			Federal Home Loan Banks (FHLB):
		1,000,000	1.375% due 2/18/21			1,005,717
		2,000,000	3.625% due 6/11/21			2,054,419
		250,000	0.500% due 4/14/25			251,310
		555,000	3.125% due 6/13/25			625,921
			Federal Home Loan Mortgage Corp. (FHLMC):
		1,645,000	2.375% due 1/13/22			1,694,771

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)
U.S. GOVERNMENT AGENCIES – (continued)
	$	95,000	0.125% due 7/25/22		$	94,927
		500,000	2.750% due 6/19/23			534,765
		100,000	0.375% due 7/21/25			99,732
		1,300,000	6.250% due 7/15/32			2,031,884
			Federal National Mortgage Association (FNMA):
		350,000	2.625% due 1/11/22			361,678
		1,000,000	1.875% due 4/5/22			1,027,247
		150,000	7.250% due 5/15/30			235,761
		10,000	0.875% due 8/5/30			9,857
		425,000	6.625% due 11/15/30			651,917
			TOTAL U.S. GOVERNMENT AGENCIES			10,679,906
			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost – $465,117,912)			500,159,290
MORTGAGE-BACKED SECURITIES – 20.0%
FHLMC – 3.7%
			Federal Home Loan Mortgage Corp. (FHLMC), Gold:
		2,660,852	2.500% due 2/1/32			2,798,678
		24,072,743	3.000% due 3/1/32 – 4/1/50			25,687,642
		3,955,896	3.030% due 1/1/50			4,317,360
		26,607,127	3.500% due 6/1/33 – 2/1/48			29,219,012
		4,591,996	4.000% due 5/1/46 – 1/1/49			5,049,973
		2,650,679	4.500% due 9/1/46 – 3/1/49			2,900,717
		59,467	5.000% due 10/1/48			65,278
			Federal Home Loan Mortgage Corp. (FHLMC), Gold UMBS:
		226,487	2.500% due 6/1/50			240,833
		4,168,447	3.000% due 8/1/34 – 8/1/50			4,412,776
		1,806,716	3.500% due 6/1/33 – 5/1/50			1,904,601
		987,247	4.000% due 7/1/29 – 5/1/50			1,059,953
		293,397	4.500% due 7/1/48			317,180
			TOTAL FHLMC			77,974,003
FNMA – 14.0%
			Federal National Mortgage Association (FNMA), UMBS:
		4,725,000	2.000% due 9/1/35 – 9/1/50(a)			4,882,559
		9,893,501	2.000% due 6/1/50			10,222,547
		27,288,500	2.500% due 1/1/32 – 8/1/50			28,793,598
		17,934,000	2.500% due 9/1/35 – 9/1/50(a)			18,861,958
		50,894,593	3.000% due 2/1/32 – 7/1/50			54,304,764

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA – (continued)
	$	7,994,000	3.000% due 9/1/35 – 10/1/50(a)		$	8,419,447
		55,718,357	3.500% due 7/1/26 – 7/1/50			60,469,217
		1,342,000	3.500% due 9/1/35 – 9/1/50(a)			1,416,112
		21,256,534	4.000% due 7/1/26 – 5/1/50			23,041,449
		331,000	4.000% due 9/1/35 – 9/1/50(a)			352,697
		3,222,524	4.500% due 5/1/48 – 6/1/49			3,497,421
		2,175,000	4.500% due 9/1/50(a)			2,349,425
		4,751,594	5.000% due 4/1/40 – 1/1/49			5,467,185
			Federal National Mortgage Association (FNMA):
		12,100,000	2.220% due 12/1/29			13,128,913
		3,700,000	2.310% due 12/1/29			4,041,355
		3,000,000	2.315% due 12/1/29			3,280,310
		10,000,000	2.410% due 10/1/29			10,965,144
		1,700,000	2.490% due 9/1/28			1,871,364
		12,150,578	2.690% due 8/1/30			13,548,943
		4,845,978	2.697% due 5/1/44(b)			5,022,020
		4,443,000	2.760% due 9/1/31			5,006,618
		10,900,000	2.960% due 9/1/34			12,266,954
		6,065,051	3.000% due 4/1/53			6,458,222
			TOTAL FNMA			297,668,222
GNMA – 2.3%
			Government National Mortgage Association (GNMA):
		1,265,000	2.500% due 9/1/50(a)			1,333,241
		5,842,000	3.000% due 9/1/50(a)			6,151,443
		4,366,500	3.500% due 9/1/50(a)			4,595,741
		875,000	4.000% due 9/1/50(a)			932,012
		550,000	4.500% due 9/1/50(a)			590,455
		275,000	5.000% due 9/1/50(a)			298,246
			Government National Mortgage Association (GNMA) II:
		1,573,649	2.500% due 12/20/46 – 8/20/50			1,663,072
		9,404,646	3.000% due 7/20/45 – 8/20/50			9,933,016
		12,336,271	3.500% due 5/20/43 – 3/20/50			13,163,451
		6,378,563	4.000% due 9/20/45 – 11/20/48			6,878,501

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
GNMA – (continued)
	$	2,663,112	4.500% due 2/20/47 – 8/20/49		$	2,879,711
		767,008	5.000% due 3/20/48 – 4/20/49			833,863
			TOTAL GNMA			49,252,752
			TOTAL MORTGAGE-BACKED SECURITIES (Cost – $404,326,878)			424,894,977
CORPORATE BONDS & NOTES – 19.2%
Basic Materials – 0.8%
			Air Products & Chemicals Inc., Senior Unsecured Notes:
		350,000	3.000% due 11/3/21			360,692
		100,000	2.050% due 5/15/30			105,560
		400,000	Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.125% due 5/15/28(c)			432,000
			Arconic Corp.:
		210,000	Secured Notes, 6.125% due 2/15/28(c)			221,550
		60,000	Senior Secured Notes, 6.000% due 5/15/25(c)			63,600
		300,000	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, Company Guaranteed Notes, 4.750% due 6/15/27(c)			314,250
		100,000	Barrick North America Finance LLC, Company Guaranteed Notes, 5.750% due 5/1/43			145,473
		200,000	BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 4.125% due 2/24/42			252,007
		400,000	Braskem Idesa SAPI, Senior Secured Notes, 7.450% due 11/15/29(c)			374,000
		700,000	Braskem Netherlands Finance BV, Company Guaranteed Notes, 8.500% (5-Year CMT Index + 8.220)% due 1/23/81(b)(c)			733,902
			CNAC HK Finbridge Co., Ltd., Company Guaranteed Notes:
		300,000	3.500% due 7/19/22			310,617
		300,000	3.375% due 6/19/24			317,247
		800,000	CSN Islands XII Corp., Company Guaranteed Notes, 7.000%(d)			670,000
		200,000	CSN Resources SA, Company Guaranteed Notes, 7.625% due 4/17/26(c)			200,002
			Dow Chemical Co., Senior Unsecured Notes:
		100,000	3.150% due 5/15/24			107,724
		250,000	4.625% due 10/1/44			288,342
			DuPont de Nemours Inc., Senior Unsecured Notes:
		300,000	2.169% due 5/1/23			305,900
		375,000	5.419% due 11/15/48			510,832
		150,000	Eastman Chemical Co., Senior Unsecured Notes, 3.800% due 3/15/25			166,210
		100,000	Ecolab Inc., Senior Unsecured Notes, 4.800% due 3/24/30			126,678
		100,000	Freeport-McMoRan Inc., Company Guaranteed Notes, 4.625% due 8/1/30			106,874

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Basic Materials – (continued)
	$	560,000	Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(c)		$	628,096
		95,000	Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(c)			95,237
		130,000	Illuminate Buyer LLC/Illuminate Holdings IV Inc., Senior Unsecured Notes, 9.000% due 7/1/28(c)			140,075
			International Paper Co., Senior Unsecured Notes:
		100,000	3.000% due 2/15/27			110,008
		100,000	7.300% due 11/15/39			145,177
		100,000	4.400% due 8/15/47			120,089
		600,000	Inversiones CMPC SA, Company Guaranteed Notes, 4.750% due 9/15/24			659,504
		160,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., Company Guaranteed Notes, 7.000% due 4/15/25(c)			165,125
		100,000	LYB International Finance II BV, Company Guaranteed Notes, 3.500% due 3/2/27			111,242
			LYB International Finance III LLC, Company Guaranteed Notes:
		100,000	4.200% due 10/15/49			110,111
		100,000	4.200% due 5/1/50			109,927
		600,000	MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(c)			655,500
		100,000	Mosaic Co., Senior Unsecured Notes, 4.050% due 11/15/27			110,752
		250,000	Newmont Corp., Company Guaranteed Notes, 2.800% due 10/1/29			271,282
		85,000	Novelis Corp., Company Guaranteed Notes, 4.750% due 1/30/30(c)			86,145
		100,000	Nucor Corp., Senior Unsecured Notes, 5.200% due 8/1/43			130,646
		150,000	Nutrien Ltd., Senior Unsecured Notes, 6.125% due 1/15/41			198,669
			POSCO, Senior Unsecured Notes:
		200,000	2.375% due 11/12/22			204,999
		400,000	2.375% due 1/17/23			409,766
		100,000	PPG Industries Inc., Senior Unsecured Notes, 2.800% due 8/15/29			108,516
		200,000	Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 5.200% due 11/2/40			285,783
		160,000	Schweitzer-Mauduit International Inc., Company Guaranteed Notes, 6.875% due 10/1/26(c)			172,000
		100,000	Sherwin-Williams Co., Senior Unsecured Notes, 4.500% due 6/1/47			126,375
		200,000	Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 4.375% due 1/28/25			218,500
			Southern Copper Corp., Senior Unsecured Notes:
		125,000	3.875% due 4/23/25			137,762
		125,000	6.750% due 4/16/40			179,695
		800,000	Syngenta Finance NV, Company Guaranteed Notes, 5.676% due 4/24/48			854,122
		100,000	Teck Resources Ltd., Senior Unsecured Notes, 6.000% due 8/15/40			108,034
		1,100,000	UPL Corp., Ltd., Senior Unsecured Notes, 3.250% due 10/13/21			1,109,649

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Basic Materials – (continued)
			Vale Overseas Ltd., Company Guaranteed Notes:
	$	100,000	6.250% due 8/10/26		$	118,850
		125,000	6.875% due 11/21/36			166,045
		400,000	Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250% due 4/23/26(c)			324,000
		1,600,000	Vedanta Resources Ltd., Senior Unsecured Notes, 6.125% due 8/9/24			1,234,445
		100,000	Westlake Chemical Corp., Company Guaranteed Notes, 5.000% due 8/15/46			114,006
		255,000	WR Grace & Co.-Conn, Company Guaranteed Notes, 4.875% due 6/15/27(c)			267,112
			Total Basic Materials			16,100,704
Communications – 2.0%
			Alibaba Group Holding Ltd., Senior Unsecured Notes:
		200,000	3.600% due 11/28/24			221,138
		200,000	4.000% due 12/6/37			239,724
			Alphabet Inc., Senior Unsecured Notes:
		200,000	1.900% due 8/15/40			194,463
		800,000	2.250% due 8/15/60			759,845
		255,000	Altice France SA, Senior Secured Notes, 7.375% due 5/1/26(c)			270,721
			Amazon.com Inc., Senior Unsecured Notes:
		845,000	2.800% due 8/22/24			920,033
		215,000	3.800% due 12/5/24			243,511
		250,000	3.150% due 8/22/27			286,219
		100,000	4.050% due 8/22/47			129,271
		300,000	2.500% due 6/3/50			301,764
		100,000	4.250% due 8/22/57			136,120
		250,000	America Movil SAB de CV, Senior Unsecured Notes, 4.375% due 7/16/42			304,615
			AT&T Inc., Senior Unsecured Notes:
		250,000	4.250% due 3/1/27			292,737
		100,000	4.300% due 2/15/30			119,466
		100,000	2.750% due 6/1/31			105,940
		960,000	2.250% due 2/1/32			973,045
		250,000	5.250% due 3/1/37			314,816
		250,000	5.350% due 9/1/40			320,627
		100,000	6.375% due 3/1/41			141,180
		100,000	3.500% due 6/1/41			105,877
		250,000	4.850% due 7/15/45			297,040
		150,000	4.750% due 5/15/46			179,075
		200,000	4.500% due 3/9/48			234,252

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	200,000	3.650% due 6/1/51		$	208,819
		400,000	3.300% due 2/1/52			396,034
		300,000	5.700% due 3/1/57			409,029
		100,000	3.850% due 6/1/60			106,041
		1,000,000	Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20			1,004,090
			Baidu Inc., Senior Unsecured Notes:
		200,000	4.875% due 11/14/28			239,632
		200,000	3.425% due 4/7/30			222,516
		50,000	Bell Canada Inc., Company Guaranteed Notes, 4.464% due 4/1/48			63,469
		100,000	Booking Holdings Inc., Senior Unsecured Notes, 4.625% due 4/13/30			120,680
		100,000	British Telecommunications PLC, Senior Unsecured Notes, 9.625% due 12/15/30			162,791
		200,000	C&W Senior Financing DAC, Senior Unsecured Notes, 6.875% due 9/15/27			209,420
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
		740,000	5.750% due 2/15/26(c)			775,564
		265,000	4.750% due 3/1/30(c)			284,703
		125,000	4.500% due 8/15/30(c)			132,656
		125,000	Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(c)			83,750
			CenturyLink Inc.:
		125,000	Senior Secured Notes, 4.000% due 2/15/27(c)			127,016
		135,000	Senior Unsecured Notes, 5.125% due 12/15/26(c)			139,998
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
		780,000	4.464% due 7/23/22			831,160
		250,000	4.908% due 7/23/25			290,868
		350,000	5.050% due 3/30/29			422,144
		250,000	6.484% due 10/23/45			333,955
		100,000	4.800% due 3/1/50			113,715
		50,000	3.700% due 4/1/51			49,555
		175,000	Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(c)			180,906
			Cisco Systems Inc., Senior Unsecured Notes:
		150,000	2.200% due 9/20/23			158,119
		100,000	3.625% due 3/4/24			111,140
		100,000	5.500% due 1/15/40			146,641

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	126,000	Clear Channel Worldwide Holdings Inc., Company Guaranteed Notes, 9.250% due 2/15/24		$	123,480
			Comcast Corp., Company Guaranteed Notes:
		250,000	3.000% due 2/1/24			270,206
		250,000	3.300% due 2/1/27			282,749
		500,000	4.150% due 10/15/28			605,681
		150,000	4.400% due 8/15/35			191,163
		400,000	3.400% due 7/15/46			441,909
		200,000	3.969% due 11/1/47			240,510
		970,000	4.700% due 10/15/48			1,298,041
		100,000	3.999% due 11/1/49			120,758
		150,000	4.950% due 10/15/58			214,487
			CommScope Inc., Senior Secured Notes:
		105,000	5.500% due 3/1/24(c)			108,412
		100,000	6.000% due 3/1/26(c)			106,250
			Corning Inc., Senior Unsecured Notes:
		100,000	3.900% due 11/15/49			114,694
		50,000	5.450% due 11/15/79			62,477
			CSC Holdings LLC, Senior Unsecured Notes:
		295,000	5.750% due 1/15/30(c)			321,550
		200,000	4.625% due 12/1/30(c)			204,542
		100,000	Deutsche Telekom International Finance BV, Company Guaranteed Notes, 8.750% due 6/15/30			156,840
		165,000	Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 5.375% due 8/15/26(c)			128,700
			Digicel Group 0.5 Ltd.:
		51,222	Senior Unsecured Notes, 8.000% due 4/1/25(c)(e)			18,312
		76,581	Subordinated Notes, 7.000%(c)(d)(e)			9,190
			Discovery Communications LLC, Company Guaranteed Notes:
		400,000	3.800% due 3/13/24			437,333
		350,000	4.125% due 5/15/29			399,982
		100,000	4.650% due 5/15/50			114,221
		160,000	DISH DBS Corp., Company Guaranteed Notes, 5.875% due 11/15/24			169,116
		100,000	eBay Inc., Senior Unsecured Notes, 4.000% due 7/15/42			110,620
		130,000	Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36			155,900
			Expedia Group Inc., Company Guaranteed Notes:
		1,000,000	3.800% due 2/15/28			998,083

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	65,000	3.250% due 2/15/30		$	61,429
			Fox Corp., Senior Unsecured Notes:
		200,000	4.709% due 1/25/29			240,011
		50,000	5.576% due 1/25/49			68,594
			Frontier Communications Corp.:
			Senior Unsecured Notes:
		45,000	8.500% due 4/15/20(f)(h)			18,675
		100,000	7.125% due 1/15/23(f)(h)			41,000
		80,000	Secured Notes, 8.500% due 4/1/26(c)(f)(h)			81,000
		125,000	Senior Secured Notes, 8.000% due 4/1/27(c)(f)(h)			125,625
		400,000	Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due 1/22/30(c)			394,004
		185,000	Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., Senior Secured Notes, 9.875% due 5/1/24(c)			192,400
			Gray Television Inc., Company Guaranteed Notes:
		65,000	5.125% due 10/15/24(c)			66,449
		190,000	7.000% due 5/15/27(c)			206,150
		80,000	GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(c)			83,700
		250,000	Grupo Televisa SAB, Senior Unsecured Notes, 4.625% due 1/30/26			279,837
		120,000	GTT Communications Inc., Company Guaranteed Notes, 7.875% due 12/31/24(c)			44,387
			iHeartCommunications Inc.:
		25,000	Company Guaranteed Notes, 8.375% due 5/1/27			25,125
		105,000	Senior Secured Notes, 5.250% due 8/15/27(c)			104,737
			Intelsat Jackson Holdings SA, Company Guaranteed Notes:
		110,000	5.500% due 8/1/23(f)			73,150
		190,000	8.500% due 10/15/24(c)(f)			129,200
		100,000	Interpublic Group of Cos., Inc., Senior Unsecured Notes, 4.750% due 3/30/30			120,172
		800,000	JD.com Inc., Senior Unsecured Notes, 3.375% due 1/14/30			874,237
			Level 3 Financing Inc., Company Guaranteed Notes:
		160,000	4.625% due 9/15/27(c)			167,600
		120,000	4.250% due 7/1/28(c)			123,510
			Match Group Holdings II LLC, Senior Unsecured Notes:
		255,000	5.000% due 12/15/27(c)			271,894
		65,000	4.625% due 6/1/28(c)			68,446

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	200,000	Motorola Solutions Inc., Senior Unsecured Notes, 4.600% due 5/23/29		$	234,534
			Netflix Inc., Senior Unsecured Notes:
		140,000	5.875% due 2/15/25			161,700
		75,000	5.375% due 11/15/29(c)			90,187
		200,000	Network i2i Ltd., Company Guaranteed Notes, 5.650% (5-Year CMT Index + 4.277)%(b)(c)(d)			201,100
		110,000	Nexstar Broadcasting Inc., Company Guaranteed Notes, 5.625% due 7/15/27(c)			116,050
		690,000	Omnicom Group Inc., Senior Unsecured Notes, 2.450% due 4/30/30			712,683
		100,000	Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.600% due 4/15/26			112,647
		800,000	Ooredoo International Finance Ltd., Company Guaranteed Notes, 3.250% due 2/21/23			838,928
		250,000	Orange SA, Senior Unsecured Notes, 9.000% due 3/1/31			409,442
		180,000	Radiate Holdco LLC/Radiate Finance Inc., Senior Unsecured Notes, 6.875% due 2/15/23(c)			184,500
		150,000	Rogers Communications Inc., Company Guaranteed Notes, 5.000% due 3/15/44			195,381
		125,000	Scripps Escrow Inc., Company Guaranteed Notes, 5.875% due 7/15/27(c)			125,000
		600,000	SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 4.500% due 9/8/21			619,958
			Sirius XM Radio Inc., Company Guaranteed Notes:
		145,000	5.375% due 7/15/26(c)			151,706
		110,000	5.500% due 7/1/29(c)			120,811
		190,000	4.125% due 7/1/30(c)			199,975
		415,000	Sprint Capital Corp., Company Guaranteed Notes, 6.875% due 11/15/28			530,885
		395,000	Sprint Corp., Company Guaranteed Notes, 7.125% due 6/15/24			459,073
		100,000	TD Ameritrade Holding Corp., Senior Unsecured Notes, 2.750% due 10/1/29			112,155
		200,000	Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22			208,880
			Telefonica Emisiones SA, Company Guaranteed Notes:
		200,000	4.103% due 3/8/27			229,196
		200,000	5.213% due 3/8/47			243,094
			Telesat Canada/Telesat LLC:
		130,000	Company Guaranteed Notes, 6.500% due 10/15/27(c)			133,536
		130,000	Senior Secured Notes, 4.875% due 6/1/27(c)			131,950
		100,000	TELUS Corp., Senior Unsecured Notes, 3.700% due 9/15/27			113,010
		900,000	Tencent Holdings Ltd., Senior Unsecured Notes, 2.390% due 6/3/30(c)			932,429

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	55,000	Terrier Media Buyer Inc., Company Guaranteed Notes, 8.875% due 12/15/27(c)		$	56,941
			Time Warner Cable LLC, Senior Secured Notes:
		150,000	4.000% due 9/1/21			153,479
		150,000	7.300% due 7/1/38			213,029
		150,000	4.500% due 9/15/42			167,383
			T-Mobile USA Inc.:
			Senior Secured Notes:
		200,000	3.500% due 4/15/25(c)			220,960
		200,000	3.750% due 4/15/27(c)			226,182
		1,370,000	3.875% due 4/15/30(c)			1,565,787
		50,000	4.375% due 4/15/40(c)			60,133
		100,000	4.500% due 4/15/50(c)			122,148
		500,000	Company Guaranteed Notes, 4.500% due 2/1/26			516,155
			TWDC Enterprises 18 Corp., Company Guaranteed Notes:
		150,000	2.450% due 3/4/22			154,844
		125,000	3.150% due 9/17/25			139,435
			Uber Technologies Inc., Company Guaranteed Notes:
		130,000	8.000% due 11/1/26(c)			137,747
		70,000	7.500% due 9/15/27(c)			73,384
		135,000	Univision Communications Inc., Senior Secured Notes, 6.625% due 6/1/27(c)			135,675
			Verizon Communications Inc., Senior Unsecured Notes:
		400,000	5.150% due 9/15/23			454,421
		493,000	4.329% due 9/21/28			597,225
		500,000	5.250% due 3/16/37			676,817
		100,000	4.522% due 9/15/48			130,826
		350,000	5.012% due 4/15/49			485,681
			ViacomCBS Inc., Senior Unsecured Notes:
		100,000	4.950% due 1/15/31			119,387
		100,000	5.900% due 10/15/40			124,088
		100,000	5.850% due 9/1/43			124,538
		50,000	4.950% due 5/19/50			58,038
		165,000	ViaSat Inc., Senior Unsecured Notes, 6.500% due 7/15/28(c)			170,775
		200,000	Virgin Media Finance PLC, Senior Unsecured Notes, 5.000% due 7/15/30(c)			205,940
			Vodafone Group PLC, Senior Unsecured Notes:
		350,000	4.375% due 5/30/28			418,876
		250,000	4.375% due 2/19/43			292,531
		100,000	5.250% due 5/30/48			130,583

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	200,000	VTR Finance NV, Senior Unsecured Notes, 6.375% due 7/15/28(c)		$	213,500
			Walt Disney Co., Company Guaranteed Notes:
		250,000	3.375% due 11/15/26			283,965
		100,000	2.000% due 9/1/29			103,974
		150,000	4.750% due 11/15/46			191,571
		50,000	2.750% due 9/1/49			49,028
		150,000	4.700% due 3/23/50			198,285
		100,000	3.600% due 1/13/51			113,059
		100,000	3.800% due 5/13/60			116,195
			Zayo Group Holdings Inc.:
		160,000	Senior Secured Notes, 4.000% due 3/1/27(c)			158,200
		65,000	Senior Unsecured Notes, 6.125% due 3/1/28(c)			67,113
			Total Communications			42,679,136
Consumer Cyclical – 1.4%
		96,523	American Airlines 2019-1 Class AA Pass-Through Trust, Pass-Thru Certificates, 3.150% due 2/15/32			90,462
		115,000	American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.250% due 3/15/26			117,211
			American Honda Finance Corp., Senior Unsecured Notes:
		225,000	2.050% due 1/10/23			233,453
		150,000	2.900% due 2/16/24			160,880
		170,000	Aramark Services Inc., Company Guaranteed Notes, 6.375% due 5/1/25(c)			178,075
			Asbury Automotive Group Inc., Company Guaranteed Notes:
		38,000	4.500% due 3/1/28(c)			38,855
		38,000	4.750% due 3/1/30(c)			39,382
		250,000	AutoZone Inc., Senior Unsecured Notes, 3.125% due 4/18/24			269,600
			Beacon Roofing Supply Inc.:
		215,000	Company Guaranteed Notes, 4.875% due 11/1/25(c)			213,145
		90,000	Senior Secured Notes, 4.500% due 11/15/26(c)			92,700
		215,000	Boyd Gaming Corp., Company Guaranteed Notes, 4.750% due 12/1/27			214,194
		370,000	Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(c)			392,200
		200,000	Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes, 5.250% due 10/15/25(c)			191,474
		65,000	Carnival Corp., Senior Secured Notes, 11.500% due 4/1/23(c)			72,510
		75,000	Carvana Co., Company Guaranteed Notes, 8.875% due 10/1/23(c)			78,585
		280,000	Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29			271,354
		115,000	Century Communities Inc., Company Guaranteed Notes, 6.750% due 6/1/27			123,912

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	500,000	CK Hutchison International 20 Ltd., Company Guaranteed Notes, 2.500% due 5/8/30(c)		$	525,193
			Clarios Global LP/Clarios US Finance Co.:
		80,000	Company Guaranteed Notes, 8.500% due 5/15/27(c)			84,943
		150,000	Senior Secured Notes, 6.250% due 5/15/26(c)			159,094
		165,000	Colt Merger Sub Inc., Senior Secured Notes, 6.250% due 7/1/25(c)			174,644
		140,000	Constellation Merger Sub Inc., Senior Unsecured Notes, 8.500% due 9/15/25(c)			119,000
		300,000	Costco Wholesale Corp., Senior Unsecured Notes, 2.300% due 5/18/22			310,541
		235,000	Dana Financing Luxembourg SARL, Company Guaranteed Notes, 5.750% due 4/15/25(c)			243,633
			Dana Inc., Senior Unsecured Notes:
		45,000	5.375% due 11/15/27			47,727
		110,000	5.625% due 6/15/28			116,050
		60,000	Dealer Tire LLC/DT Issuer LLC, Senior Unsecured Notes, 8.000% due 2/1/28(c)			59,775
		50,000	Delta Air Lines Inc., Senior Secured Notes, 7.000% due 5/1/25(c)			54,736
		775,000	Dollar General Corp., Senior Unsecured Notes, 3.500% due 4/3/30			889,123
		720,000	Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25			816,037
		215,000	eG Global Finance PLC, Senior Secured Notes, 8.500% due 10/30/25(c)			230,050
		200,000	Falabella SA, Senior Unsecured Notes, 3.750% due 4/30/23			207,764
			Ford Motor Co., Senior Unsecured Notes:
		70,000	9.000% due 4/22/25			81,919
		170,000	7.450% due 7/16/31			198,102
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
		400,000	5.750% due 2/1/21			404,246
		400,000	4.389% due 1/8/26			406,928
			General Motors Co., Senior Unsecured Notes:
		200,000	6.125% due 10/1/25			234,704
		75,000	6.250% due 10/2/43			87,167
		100,000	5.400% due 4/1/48			109,624
		50,000	5.950% due 4/1/49			58,752
			General Motors Financial Co., Inc.:
			Company Guaranteed Notes:
		500,000	3.450% due 1/14/22			513,583
		860,000	1.294% (3-Month USD-LIBOR + 0.990)% due 1/5/23(b)			851,316
		415,000	3.950% due 4/13/24			443,098

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	100,000	4.350% due 1/17/27		$	108,294
			Senior Unsecured Notes:
		250,000	5.100% due 1/17/24			274,660
		150,000	5.650% due 1/17/29			176,212
		105,000	Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(c)			99,750
			Golden Nugget Inc.:
		50,000	Company Guaranteed Notes, 8.750% due 10/1/25(c)			37,250
		280,000	Senior Unsecured Notes, 6.750% due 10/15/24(c)			239,400
		50,000	Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(c)			49,886
		100,000	Hasbro Inc., Senior Unsecured Notes, 3.900% due 11/19/29			104,914
			Hilton Domestic Operating Co., Inc., Company Guaranteed Notes:
		10,000	5.375% due 5/1/25(c)			10,483
		10,000	5.750% due 5/1/28(c)			10,575
			Home Depot Inc., Senior Unsecured Notes:
		250,000	2.625% due 6/1/22			259,896
		100,000	2.500% due 4/15/27			109,436
		200,000	2.950% due 6/15/29			225,484
		100,000	2.700% due 4/15/30			110,726
		100,000	3.300% due 4/15/40			113,963
		700,000	3.900% due 6/15/47			850,544
		100,000	3.350% due 4/15/50			113,771
		250,000	3.500% due 9/15/56			296,176
		830,000	Hyundai Capital America, Senior Unsecured Notes, 3.000% due 2/10/27(c)			868,028
		210,000	IAA Inc., Senior Unsecured Notes, 5.500% due 6/15/27(c)			221,283
		155,000	Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28(c)			163,525
			IRB Holding Corp.:
		230,000	Company Guaranteed Notes, 6.750% due 2/15/26(c)			233,737
		100,000	Senior Secured Notes, 7.000% due 6/15/25(c)			106,750
		255,000	KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(c)			256,912
		100,000	Kohl’s Corp., Senior Unsecured Notes, 9.500% due 5/15/25			120,385
		150,000	Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26			153,042
			Latam Finance Ltd., Company Guaranteed Notes:
		400,000	6.875% due 4/11/24(f)			139,500
		600,000	7.000% due 3/1/26(c)(f)			208,500

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	165,000	Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 6.375% due 2/1/24(c)		$	168,712
			Live Nation Entertainment Inc.:
		310,000	Company Guaranteed Notes, 5.625% due 3/15/26(c)			305,350
		75,000	Senior Secured Notes, 6.500% due 5/15/27(c)			81,935
			Lowe’s Cos., Inc., Senior Unsecured Notes:
		250,000	2.500% due 4/15/26			271,791
		250,000	3.700% due 4/15/46			282,274
		100,000	4.550% due 4/5/49			126,845
		250,000	LTF Merger Sub Inc., Company Guaranteed Notes, 8.500% due 6/15/23(c)			230,000
		130,000	M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28			134,875
		250,000	Marriott International Inc., Senior Unsecured Notes, 3.600% due 4/15/24			258,732
		210,000	Marriott Ownership Resorts Inc./ILG LLC, Company Guaranteed Notes, 6.500% due 9/15/26			218,138
		140,000	Mattamy Group Corp., Senior Unsecured Notes, 4.625% due 3/1/30(c)			143,150
			McDonald’s Corp., Senior Unsecured Notes:
		250,000	3.500% due 3/1/27			282,963
		100,000	3.500% due 7/1/27			114,297
		200,000	2.125% due 3/1/30			207,807
		100,000	3.600% due 7/1/30			116,305
		75,000	4.875% due 12/9/45			97,305
		150,000	4.450% due 3/1/47			186,124
			MGM Resorts International, Company Guaranteed Notes:
		165,000	6.750% due 5/1/25			176,550
		76,000	5.750% due 6/15/25			81,434
		190,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(c)			197,600
		120,000	Murphy Oil USA Inc., Company Guaranteed Notes, 4.750% due 9/15/29			129,730
		220,000	NCL Corp., Ltd., Senior Unsecured Notes, 3.625% due 12/15/24(c)			150,975
		65,000	Newell Brands Inc., Senior Unsecured Notes, 4.875% due 6/1/25			70,429
			NIKE Inc., Senior Unsecured Notes:
		200,000	2.850% due 3/27/30			223,592
		100,000	3.375% due 3/27/50			114,448
			Nordstrom Inc.:
		40,000	Senior Secured Notes, 8.750% due 5/15/25(c)			44,142
		100,000	Senior Unsecured Notes, 4.000% due 3/15/27			87,718
		230,000	Penn National Gaming Inc., Senior Unsecured Notes, 5.625% due 1/15/27(c)			238,050

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	200,000	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(c)		$	208,500
			PetSmart Inc.:
		140,000	Company Guaranteed Notes, 7.125% due 3/15/23(c)			141,035
		106,000	Senior Secured Notes, 5.875% due 6/1/25(c)			109,048
		220,000	Resideo Funding Inc., Company Guaranteed Notes, 6.125% due 11/1/26(c)			221,650
		100,000	Ross Stores Inc., Senior Unsecured Notes, 4.800% due 4/15/30			120,563
		200,000	Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28			226,600
			Scientific Games International Inc.:
		80,000	Company Guaranteed Notes, 8.250% due 3/15/26(c)			82,410
		200,000	Senior Secured Notes, 5.000% due 10/15/25(c)			197,876
		155,000	Scotts Miracle-Gro Co., Company Guaranteed Notes, 4.500% due 10/15/29			165,841
		280,000	Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875% due 7/31/24(c)			271,516
		95,000	Six Flags Theme Parks Inc., Senior Secured Notes, 7.000% due 7/1/25(c)			102,809
		100,000	Southwest Airlines Co., Senior Unsecured Notes, 2.625% due 2/10/30			93,677
			Staples Inc.:
		130,000	Senior Secured Notes, 7.500% due 4/15/26(c)			115,726
		55,000	Senior Unsecured Notes, 10.750% due 4/15/27(c)			38,225
			Starbucks Corp., Senior Unsecured Notes:
		250,000	3.100% due 3/1/23			265,947
		150,000	3.550% due 8/15/29			172,523
		75,000	4.450% due 8/15/49			90,949
		100,000	3.500% due 11/15/50			105,949
		235,000	Stars Group Holdings BV/Stars Group US Co.-Borrower LLC, Company Guaranteed Notes, 7.000% due 7/15/26(c)			250,510
		225,000	Superior Plus LP/Superior General Partner Inc., Senior Unsecured Notes, 7.000% due 7/15/26(c)			241,875
			Target Corp., Senior Unsecured Notes:
		100,000	2.900% due 1/15/22			103,597
		125,000	3.500% due 7/1/24			139,040
		200,000	3.375% due 4/15/29			232,836
		100,000	3.900% due 11/15/47			129,687
		320,000	Tempur Sealy International Inc., Company Guaranteed Notes, 5.500% due 6/15/26			334,800
		100,000	TJX Cos., Inc., Senior Unsecured Notes, 4.500% due 4/15/50			126,556
		750,000	Toyota Motor Corp., Senior Unsecured Notes, 3.419% due 7/20/23			810,992
		155,000	TRI Pointe Group Inc., Company Guaranteed Notes, 5.700% due 6/15/28			170,888

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	235,000	Twin River Worldwide Holdings Inc., Senior Unsecured Notes, 6.750% due 6/1/27(c)		$	232,650
		100,000	United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Thru Certificates, 2.700% due 5/1/32			92,208
			Viking Cruises Ltd.:
		360,000	Company Guaranteed Notes, 5.875% due 9/15/27(c)			255,600
		50,000	Senior Secured Notes, 13.000% due 5/15/25(c)			55,500
			Walgreens Boots Alliance Inc., Senior Unsecured Notes:
		150,000	3.450% due 6/1/26			164,861
		75,000	4.800% due 11/18/44			82,204
		75,000	4.100% due 4/15/50			75,291
			Walmart Inc., Senior Unsecured Notes:
		250,000	2.550% due 4/11/23			263,628
		250,000	3.300% due 4/22/24			273,170
		200,000	3.250% due 7/8/29			233,485
		250,000	4.300% due 4/22/44			331,334
		150,000	4.050% due 6/29/48			193,495
		100,000	Whirlpool Corp., Senior Unsecured Notes, 4.600% due 5/15/50			123,359
		245,000	William Carter Co., Company Guaranteed Notes, 5.625% due 3/15/27(c)			260,283
		115,000	Wolverine Escrow LLC, Senior Secured Notes, 9.000% due 11/15/26(c)			88,550
		100,000	WW Grainger Inc., Senior Unsecured Notes, 4.200% due 5/15/47			121,233
		140,000	Wyndham Hotels & Resorts Inc., Company Guaranteed Notes, 4.375% due 8/15/28(c)			141,078
			Yum! Brands Inc., Senior Unsecured Notes:
		65,000	7.750% due 4/1/25(c)			72,556
		130,000	4.750% due 1/15/30(c)			143,325
			Total Consumer Cyclical			29,085,529
Consumer Non-cyclical – 3.0%
			Abbott Laboratories, Senior Unsecured Notes:
		140,000	3.750% due 11/30/26			163,777
		200,000	4.900% due 11/30/46			285,748
			AbbVie Inc., Senior Unsecured Notes:
		100,000	3.250% due 10/1/22(c)			104,905
		350,000	2.850% due 5/14/23			369,889
		300,000	3.750% due 11/14/23			328,715
		450,000	3.850% due 6/15/24(c)			496,441
		405,000	3.800% due 3/15/25(c)			452,755

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	250,000	3.200% due 11/21/29(c)		$	276,693
		100,000	4.550% due 3/15/35(c)			124,777
		84,000	4.750% due 3/15/45(c)			103,290
		475,000	4.450% due 5/14/46			572,576
		200,000	4.250% due 11/21/49(c)			240,724
		200,000	Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950% due 1/19/22			204,495
		100,000	Aetna Inc., Senior Unsecured Notes, 3.875% due 8/15/47			116,093
		150,000	Air Medical Group Holdings Inc., Senior Unsecured Notes, 6.375% due 5/15/23(c)			147,969
		120,000	Air Methods Corp., Senior Unsecured Notes, 8.000% due 5/15/25(c)			101,100
			Albertsons Cos., Inc./Safeway Inc./New Albertsons LP/Albertsons LLC:
			Company Guaranteed Notes:
		135,000	4.625% due 1/15/27(c)			142,646
		125,000	4.875% due 2/15/30(c)			134,375
		140,000	Senior Unsecured Notes, 3.500% due 3/15/29(c)			141,050
			Allied Universal Holdco LLC/Allied Universal Finance Corp.:
		130,000	Senior Secured Notes, 6.625% due 7/15/26(c)			139,425
		255,000	Senior Unsecured Notes, 9.750% due 7/15/27(c)			282,413
			Altria Group Inc., Company Guaranteed Notes:
		75,000	4.000% due 1/31/24			82,925
		250,000	4.800% due 2/14/29			298,983
		150,000	5.375% due 1/31/44			185,386
		250,000	3.875% due 9/16/46			259,436
		100,000	AmerisourceBergen Corp., Senior Unsecured Notes, 2.800% due 5/15/30			107,914
			Amgen Inc., Senior Unsecured Notes:
		300,000	2.650% due 5/11/22			311,253
		150,000	2.600% due 8/19/26			164,619
		700,000	2.450% due 2/21/30			745,689
		150,000	4.950% due 10/1/41			198,848
		100,000	4.400% due 5/1/45			124,161
		100,000	4.563% due 6/15/48			129,172
		100,000	4.663% due 6/15/51			132,152
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
		63,000	3.650% due 2/1/26			71,160
		450,000	4.700% due 2/1/36			536,699

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	150,000	4.900% due 2/1/46		$	184,469
		134,000	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 3.300% due 2/1/23			142,566
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
		200,000	4.000% due 4/13/28			231,698
		250,000	4.950% due 1/15/42			303,290
		200,000	3.750% due 7/15/42			213,229
		250,000	4.600% due 4/15/48			297,368
		645,000	5.550% due 1/23/49			870,460
		100,000	4.500% due 6/1/50			121,025
			Anthem Inc., Senior Unsecured Notes:
		1,185,000	3.300% due 1/15/23			1,261,972
		35,000	2.375% due 1/15/25			37,320
		200,000	3.650% due 12/1/27			229,625
		100,000	4.650% due 1/15/43			126,843
		150,000	4.375% due 12/1/47			187,689
			Archer-Daniels-Midland Co., Senior Unsecured Notes:
		100,000	3.250% due 3/27/30			114,846
		100,000	3.750% due 9/15/47			124,193
		110,000	ASGN Inc., Company Guaranteed Notes, 4.625% due 5/15/28(c)			113,850
			AstraZeneca PLC, Senior Unsecured Notes:
		350,000	3.375% due 11/16/25			394,577
		200,000	1.375% due 8/6/30			195,865
		100,000	4.375% due 11/16/45			131,634
		265,000	Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(c)			280,291
			B&G Foods Inc., Company Guaranteed Notes:
		105,000	5.250% due 4/1/25			108,645
		85,000	5.250% due 9/15/27			90,896
		52,000	Banner Health, Unsecured Notes, 3.181% due 1/1/50			56,698
			BAT Capital Corp., Company Guaranteed Notes:
		100,000	3.222% due 8/15/24			107,842
		200,000	3.557% due 8/15/27			218,616
		100,000	4.390% due 8/15/37			108,884
			Bausch Health Cos., Inc.:
			Company Guaranteed Notes:
		235,000	7.000% due 1/15/28(c)			250,275
		120,000	6.250% due 2/15/29(c)			125,442

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	135,000	5.250% due 1/30/30(c)		$	134,189
		65,000	Senior Secured Notes, 7.000% due 3/15/24(c)			67,532
			Becton Dickinson & Co., Senior Unsecured Notes:
		1,280,000	2.894% due 6/6/22			1,328,837
		200,000	3.363% due 6/6/24			217,627
		163,000	3.700% due 6/6/27			184,719
		100,000	4.685% due 12/15/44			125,990
		100,000	Biogen Inc., Senior Unsecured Notes, 5.200% due 9/15/45			136,160
			Boston Scientific Corp., Senior Unsecured Notes:
		150,000	4.000% due 3/1/29			174,799
		100,000	4.700% due 3/1/49			132,925
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
		100,000	2.750% due 2/15/23			105,809
		500,000	3.875% due 8/15/25			575,589
		250,000	3.250% due 2/27/27			287,110
		400,000	3.400% due 7/26/29			466,792
		100,000	5.000% due 8/15/45			142,343
		1,180,000	4.350% due 11/15/47			1,573,105
		150,000	4.250% due 10/26/49			199,112
		250,000	Campbell Soup Co., Senior Unsecured Notes, 3.950% due 3/15/25			281,565
		100,000	Cardinal Health Inc., Senior Unsecured Notes, 4.368% due 6/15/47			110,847
		230,000	Catalent Pharma Solutions Inc., Company Guaranteed Notes, 5.000% due 7/15/27(c)			242,650
			Centene Corp., Senior Unsecured Notes:
		285,000	5.375% due 8/15/26(c)			301,744
		160,000	4.250% due 12/15/27			168,000
		130,000	Charles River Laboratories International Inc., Company Guaranteed Notes, 4.250% due 5/1/28(c)			136,825
		100,000	Children’s Hospital Corp., Company Guaranteed Notes, 4.115% due 1/1/47			126,900
			Cigna Corp., Company Guaranteed Notes:
		500,000	3.400% due 9/17/21			515,611
		660,000	1.165% (3-Month USD-LIBOR + 0.890)% due 7/15/23(b)			667,424
		100,000	4.800% due 8/15/38			125,811
		150,000	4.800% due 7/15/46			192,056
		675,000	4.900% due 12/15/48			891,761

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	300,000	Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22		$	311,092
			Coca-Cola Co., Senior Unsecured Notes:
		250,000	2.200% due 5/25/22			258,504
		100,000	1.750% due 9/6/24			104,922
		100,000	2.125% due 9/6/29			107,185
		100,000	4.200% due 3/25/50			131,496
		150,000	2.600% due 6/1/50			151,995
			CommonSpirit Health, Senior Secured Notes:
		36,000	3.817% due 10/1/49			40,205
		13,000	4.187% due 10/1/49			13,881
		250,000	Conagra Brands Inc., Senior Unsecured Notes, 4.850% due 11/1/28			305,270
			Constellation Brands Inc., Company Guaranteed Notes:
		350,000	2.700% due 5/9/22			362,214
		580,000	3.150% due 8/1/29			630,485
		50,000	5.250% due 11/15/48			67,185
			Senior Unsecured Notes:
		160,000	2.875% due 5/1/30			172,073
		100,000	3.750% due 5/1/50			109,842
			CVS Health Corp., Senior Unsecured Notes:
		100,000	3.500% due 7/20/22			105,395
		752,000	3.700% due 3/9/23			809,463
		37,000	4.100% due 3/25/25			42,193
		300,000	3.875% due 7/20/25			339,549
		350,000	2.875% due 6/1/26			381,056
		250,000	4.300% due 3/25/28			294,317
		100,000	3.750% due 4/1/30			115,502
		250,000	4.780% due 3/25/38			306,233
		100,000	5.125% due 7/20/45			128,868
		300,000	5.050% due 3/25/48			389,427
		85,000	DaVita Inc., Company Guaranteed Notes, 4.625% due 6/1/30(c)			89,356
			DH Europe Finance II SARL, Company Guaranteed Notes:
		25,000	2.600% due 11/15/29			27,195
		50,000	3.250% due 11/15/39			56,101

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	210,000	Diageo Capital PLC, Company Guaranteed Notes, 2.375% due 10/24/29		$	224,904
		138,000	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47			176,127
			Eli Lilly & Co., Senior Unsecured Notes:
		200,000	3.375% due 3/15/29			232,691
		125,000	3.950% due 3/15/49			160,146
		60,000	Emergent BioSolutions Inc., Company Guaranteed Notes, 3.875% due 8/15/28(c)			60,912
		420,861	ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23			421,918
			Encompass Health Corp., Company Guaranteed Notes:
		65,000	4.500% due 2/1/28			66,649
		20,000	4.750% due 2/1/30			20,866
		90,000	Envision Healthcare Corp., Company Guaranteed Notes, 8.750% due 10/15/26(c)			39,600
		100,000	Estee Lauder Cos., Inc., Senior Unsecured Notes, 4.150% due 3/15/47			125,946
			Garda World Security Corp.:
		220,000	Senior Secured Notes, 4.625% due 2/15/27(c)			226,050
		200,000	Senior Unsecured Notes, 8.750% due 5/15/25(c)			203,000
		100,000	General Mills Inc., Senior Unsecured Notes, 4.700% due 4/17/48			136,684
			Gilead Sciences Inc., Senior Unsecured Notes:
		275,000	2.950% due 3/1/27			307,660
		250,000	4.150% due 3/1/47			319,974
			GlaxoSmithKline Capital Inc., Company Guaranteed Notes:
		500,000	3.625% due 5/15/25			569,356
		50,000	4.200% due 3/18/43			64,190
		300,000	GlaxoSmithKline Capital PLC, Company Guaranteed Notes, 3.375% due 6/1/29			346,584
			Global Payments Inc., Senior Unsecured Notes:
		125,000	4.800% due 4/1/26		$	147,218
		100,000	4.150% due 8/15/49			117,499
			HCA Inc.:
			Company Guaranteed Notes:
		340,000	5.375% due 9/1/26			385,900
		215,000	3.500% due 9/1/30			225,476
			Senior Secured Notes:
		625,000	4.125% due 6/15/29			719,247
		100,000	5.250% due 6/15/49			124,902
		100,000	Hershey Co., Senior Unsecured Notes, 2.450% due 11/15/29			108,937

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	160,000	H-Food Holdings LLC/Hearthside Finance Co., Inc., Senior Unsecured Notes, 8.500% due 6/1/26(c)		$	156,800
		105,000	Hill-Rom Holdings Inc., Company Guaranteed Notes, 4.375% due 9/15/27(c)			109,784
		200,000	Horizon Therapeutics USA Inc., Company Guaranteed Notes, 5.500% due 8/1/27(c)			217,782
		100,000	Humana Inc., Senior Unsecured Notes, 4.800% due 3/15/47			132,301
		205,000	IQVIA Inc., Company Guaranteed Notes, 5.000% due 5/15/27(c)			215,784
		70,000	Jaguar Holding Co. II/PPD Development LP, Company Guaranteed Notes, 5.000% due 6/15/28(c)			74,200
			JBS USA LUX SA/JBS USA Finance Inc., Company Guaranteed Notes:
		20,000	5.875% due 7/15/24(c)			20,400
		30,000	5.750% due 6/15/25(c)			30,975
		175,000	6.750% due 2/15/28(c)			193,813
			JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.:
		125,000	Company Guaranteed Notes, 6.500% due 4/15/29(c)			141,899
		90,000	Senior Unsecured Notes, 5.500% due 1/15/30(c)			99,983
		100,000	JM Smucker Co., Senior Unsecured Notes, 3.550% due 3/15/50			107,594
			Johnson & Johnson, Senior Unsecured Notes:
		250,000	2.250% due 3/3/22			257,230
		150,000	2.950% due 3/3/27			168,302
		250,000	3.625% due 3/3/37			303,924
		100,000	3.700% due 3/1/46			123,741
		100,000	2.450% due 9/1/60			97,596
		81,000	Kaiser Foundation Hospitals, Company Guaranteed Notes, 3.266% due 11/1/49			90,419
		50,000	Kellogg Co., Senior Unsecured Notes, 4.500% due 4/1/46			63,157
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
		250,000	4.597% due 5/25/28			301,953
		100,000	5.085% due 5/25/48			135,886
			Kimberly-Clark Corp., Senior Unsecured Notes:
		100,000	3.200% due 7/30/46			115,514
		50,000	2.875% due 2/7/50			54,249
			Kraft Heinz Foods Co., Company Guaranteed Notes:
		129,000	3.950% due 7/15/25			140,307
		150,000	5.000% due 7/15/35			173,478
		420,000	5.200% due 7/15/45			475,936
		200,000	Kroger Co., Senior Unsecured Notes, 4.450% due 2/1/47			244,794

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	175,000	Kronos Acquisition Holdings Inc., Company Guaranteed Notes, 9.000% due 8/15/23(c)		$	177,625
		1,740,000	Laboratory Corp. of America Holdings, Senior Unsecured Notes, 3.600% due 2/1/25			1,941,369
			LifePoint Health Inc., Senior Secured Notes:
		85,000	6.750% due 4/15/25(c)			91,800
		145,000	4.375% due 2/15/27(c)			144,275
		100,000	McKesson Corp., Senior Unsecured Notes, 4.883% due 3/15/44			122,871
		250,000	Medtronic Global Holdings SCA, Company Guaranteed Notes, 3.350% due 4/1/27			286,409
			Medtronic Inc., Company Guaranteed Notes:
		250,000	3.150% due 3/15/22			260,865
		75,000	4.625% due 3/15/45			102,961
		21,000	Memorial Sloan-Kettering Cancer Center, Unsecured Notes, 2.955% due 1/1/50			22,502
			Merck & Co., Inc., Senior Unsecured Notes:
		300,000	2.900% due 3/7/24			324,676
		300,000	1.450% due 6/24/30			304,285
		250,000	3.700% due 2/10/45			303,629
		55,000	Molina Healthcare Inc., Senior Unsecured Notes, 4.375% due 6/15/28(c)			57,475
		150,000	Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46			154,545
			Moody’s Corp., Senior Unsecured Notes:
		300,000	2.750% due 12/15/21			308,739
		100,000	2.550% due 8/18/60			92,775
		250,000	MPH Acquisition Holdings LLC, Company Guaranteed Notes, 7.125% due 6/1/24(c)			253,825
		125,000	Mylan NV, Company Guaranteed Notes, 5.250% due 6/15/46			156,146
		10,000	Northwell Healthcare Inc., Secured Notes, 4.260% due 11/1/47			11,731
			Novartis Capital Corp., Company Guaranteed Notes:
		250,000	2.400% due 5/17/22			258,874
		150,000	3.100% due 5/17/27			168,162
		200,000	2.200% due 8/14/30			214,534
		50,000	4.400% due 5/6/44			66,309
		50,000	2.750% due 8/14/50			52,863
			Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, Senior Unsecured Notes:
		25,000	7.375% due 6/1/25(c)			26,000
		135,000	7.250% due 2/1/28(c)			139,725
			PayPal Holdings Inc., Senior Unsecured Notes:

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	35,000	2.400% due 10/1/24		$	37,337
		70,000	2.850% due 10/1/29			77,467
		200,000	2.300% due 6/1/30			212,671
			PepsiCo Inc., Senior Unsecured Notes:
		500,000	2.750% due 3/5/22			518,640
		100,000	2.250% due 3/19/25			107,388
		150,000	2.375% due 10/6/26			164,066
		100,000	2.750% due 3/19/30			112,033
		250,000	3.450% due 10/6/46			292,244
		200,000	3.625% due 3/19/50			242,152
			Pfizer Inc., Senior Unsecured Notes:
		500,000	2.800% due 3/11/22			519,067
		250,000	4.000% due 12/15/36			306,831
		150,000	4.125% due 12/15/46			191,972
		100,000	4.000% due 3/15/49			127,198
		100,000	2.700% due 5/28/50			103,771
			Philip Morris International Inc., Senior Unsecured Notes:
		500,000	2.625% due 2/18/22			515,212
		250,000	3.375% due 8/15/29			284,714
		200,000	2.100% due 5/1/30			207,260
	��	100,000	4.125% due 3/4/43			117,928
		165,000	Pilgrim’s Pride Corp., Company Guaranteed Notes, 5.875% due 9/30/27(c)			175,313
		120,000	Polaris Intermediate Corp., Senior Unsecured Notes, 8.500% due 12/1/22(c)(e)			121,950
			Post Holdings Inc., Company Guaranteed Notes:
		45,000	5.500% due 12/15/29(c)			49,329
		190,000	4.625% due 4/15/30(c)			198,313
			Prime Security Services Borrower LLC/Prime Finance Inc.:
		115,000	Secured Notes, 6.250% due 1/15/28(c)			120,750
		85,000	Senior Secured Notes, 3.375% due 8/31/27(c)			84,695
			Procter & Gamble Co., Senior Unsecured Notes:
		300,000	2.150% due 8/11/22			311,283
		150,000	3.500% due 10/25/47			188,982
		8,000	Providence St Joseph Health Obligated Group, Unsecured Notes, 3.930% due 10/1/48			9,555
		400,000	PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.125% due 9/5/29			416,732
		160,000	Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(c)			170,000

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	165,000	Refinitiv US Holdings Inc., Company Guaranteed Notes, 8.250% due 11/15/26(c)		$	182,738
			Reynolds American Inc., Company Guaranteed Notes:
		1,565,000	4.000% due 6/12/22			1,658,274
		250,000	5.850% due 8/15/45			308,841
		650,000	Royalty Pharma PLC, Senior Unsecured Notes, 3.300% due 9/2/40(c)			633,905
		75,000	Sabre GLBL Inc., Senior Secured Notes, 9.250% due 4/15/25(c)			83,438
		305,000	Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(c)			327,652
		250,000	ServiceMaster Co. LLC, Company Guaranteed Notes, 5.125% due 11/15/24(c)			255,000
		125,000	Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 2.875% due 9/23/23			133,102
		650,000	Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(c)			680,074
		130,000	Spectrum Brands Inc., Company Guaranteed Notes, 5.000% due 10/1/29(c)			135,200
		7,000	Stanford Health Care, Unsecured Notes, 3.795% due 11/15/48			8,742
			Stryker Corp., Senior Unsecured Notes:
		350,000	3.375% due 11/1/25			392,785
		100,000	2.900% due 6/15/50			103,871
			Sysco Corp., Company Guaranteed Notes:
		350,000	3.550% due 3/15/25			381,981
		360,000	3.250% due 7/15/27			387,741
		425,000	3.300% due 2/15/50			392,073
		100,000	6.600% due 4/1/50			137,945
			Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes:
		250,000	5.000% due 11/26/28			309,269
		200,000	3.175% due 7/9/50			203,214
			Tenet Healthcare Corp.:
			Senior Secured Notes:
		190,000	4.875% due 1/1/26(c)			197,600
		80,000	5.125% due 11/1/27(c)			84,400
		200,000	Secured Notes, 6.250% due 2/1/27(c)			210,000
		180,000	Senior Unsecured Notes, 7.000% due 8/1/25			185,850
		150,000	Thermo Fisher Scientific Inc., Senior Unsecured Notes, 4.100% due 8/15/47			191,583
		150,000	Tyson Foods Inc., Senior Unsecured Notes, 4.550% due 6/2/47			188,223
		500,000	Unilever Capital Corp., Company Guaranteed Notes, 3.125% due 3/22/23			533,932
			United Rentals North America Inc., Company Guaranteed Notes:
		15,000	5.250% due 1/15/30			16,659
		150,000	4.000% due 7/15/30			156,750

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	25,000	3.875% due 2/15/31		$	25,719
			UnitedHealth Group Inc., Senior Unsecured Notes:
		100,000	1.250% due 1/15/26			102,576
		350,000	3.850% due 6/15/28			413,618
		200,000	2.000% due 5/15/30			209,382
		100,000	4.750% due 7/15/45			135,659
		250,000	4.250% due 4/15/47			321,042
		150,000	3.700% due 8/15/49			180,859
			Upjohn Inc., Company Guaranteed Notes:
		230,000	1.650% due 6/22/25(c)			236,236
		100,000	4.000% due 6/22/50(c)			108,885
		15,000	US Foods Inc., Senior Secured Notes, 6.250% due 4/15/25(c)			15,900
		125,000	Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 9/12/22			133,551
		253,000	Verscend Escrow Corp., Senior Unsecured Notes, 9.750% due 8/15/26(c)			274,505
		145,000	Vizient Inc., Senior Unsecured Notes, 6.250% due 5/15/27(c)			154,063
		180,000	West Street Merger Sub Inc., Senior Unsecured Notes, 6.375% due 9/1/25(c)			185,121
		17,000	Yale University, Unsecured Notes, 2.402% due 4/15/50			17,540
		100,000	Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 3.550% due 3/20/30			111,816
		100,000	Zoetis Inc., Senior Unsecured Notes, 3.950% due 9/12/47			123,122
			Total Consumer Non-cyclical			63,413,693
Energy – 1.9%
		150,000	Aker BP ASA, Senior Unsecured Notes, 4.750% due 6/15/24(c)			154,513
		105,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 3/1/27(c)			93,712
			Apache Corp., Senior Unsecured Notes:
		70,000	4.625% due 11/15/25			71,575
		135,000	4.375% due 10/15/28			133,982
			Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor Inc., Senior Unsecured Notes:
		145,000	3.337% due 12/15/27			157,939
		35,000	3.138% due 11/7/29			37,486
		100,000	4.486% due 5/1/30			117,063
			BP Capital Markets America Inc., Company Guaranteed Notes:
		100,000	2.520% due 9/19/22			104,014
		350,000	3.224% due 4/14/24			378,462
		150,000	3.000% due 2/24/50			147,554
		300,000	BP Capital Markets PLC, Company Guaranteed Notes, 3.994% due 9/26/23			330,705

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	600,000	Canacol Energy Ltd., Company Guaranteed Notes, 7.250% due 5/3/25		$	621,750
			Canadian Natural Resources Ltd., Senior Unsecured Notes:
		1,045,000	2.950% due 1/15/23			1,088,435
		125,000	5.850% due 2/1/35			153,805
		135,000	Cenovus Energy Inc., Senior Unsecured Notes, 5.375% due 7/15/25			137,368
		150,000	Cheniere Corpus Christi Holdings LLC, Senior Secured Notes, 5.125% due 6/30/27			168,980
			Cheniere Energy Partners LP:
		185,000	Company Guaranteed Notes, 5.625% due 10/1/26			193,915
		285,000	Senior Secured Notes, 5.250% due 10/1/25			291,623
			Chevron Corp., Senior Unsecured Notes:
		250,000	2.498% due 3/3/22			257,839
		300,000	3.191% due 6/24/23			321,386
		100,000	2.236% due 5/11/30			106,574
		400,000	CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22			418,718
		200,000	CNOOC Finance 2013 Ltd., Company Guaranteed Notes, 3.000% due 5/9/23			210,396
		1,050,000	CNOOC Finance 2015 USA LLC, Company Guaranteed Notes, 3.500% due 5/5/25			1,158,591
			CNPC Global Capital Ltd., Company Guaranteed Notes:
		600,000	1.125% due 6/23/23			601,128
		200,000	1.350% due 6/23/25			201,270
		180,000	CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured Notes, 6.500% due 3/15/26(c)			180,266
		100,000	Concho Resources Inc., Company Guaranteed Notes, 3.750% due 10/1/27			109,682
			ConocoPhillips Co., Company Guaranteed Notes:
		150,000	4.950% due 3/15/26			180,486
		200,000	5.950% due 3/15/46			302,145
		255,000	CSI Compressco LP/CSI Compressco Finance Inc., Senior Secured Notes, 7.500% due 4/1/25(c)			226,950
			Delek & Avner Tamar Bond Ltd., Senior Secured Notes:
		200,000	5.082% due 12/30/23(c)			203,509
		300,000	5.412% due 12/30/25(c)			298,456
			Devon Energy Corp., Senior Unsecured Notes:
		75,000	5.600% due 7/15/41			78,403
		50,000	5.000% due 6/15/45			49,748
		100,000	Diamondback Energy Inc., Company Guaranteed Notes, 3.500% due 12/1/29			101,692
			Ecopetrol SA, Senior Unsecured Notes:
		300,000	5.375% due 6/26/26			333,300

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	100,000	6.875% due 4/29/30		$	120,375
		100,000	Enable Midstream Partners LP, Senior Unsecured Notes, 4.150% due 9/15/29			93,209
		150,000	Enbridge Energy Partners LP, Company Guaranteed Notes, 5.500% due 9/15/40			182,521
		100,000	Enbridge Inc., Company Guaranteed Notes, 4.000% due 10/1/23			108,678
		90,000	Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes, 6.625% due 7/15/25(c)			93,882
			Energy Transfer Operating LP, Company Guaranteed Notes:
		500,000	5.875% due 1/15/24			555,391
		420,000	4.750% due 1/15/26			458,116
		100,000	6.125% due 12/15/45			101,524
		200,000	5.300% due 4/15/47			192,107
		150,000	6.000% due 6/15/48			153,721
		75,000	5.000% due 5/15/50			71,716
			Enterprise Products Operating LLC, Company Guaranteed Notes:
		770,000	3.750% due 2/15/25			860,842
		200,000	3.125% due 7/31/29			218,228
		150,000	2.800% due 1/31/30			160,091
		250,000	4.900% due 5/15/46			291,713
		200,000	4.200% due 1/31/50			217,585
		75,000	EOG Resources Inc., Senior Unsecured Notes, 4.950% due 4/15/50			95,473
		50,000	EQM Midstream Partners LP, Senior Unsecured Notes, 6.500% due 7/1/27(c)			54,750
		125,000	EQT Corp., Senior Unsecured Notes, 7.875% due 2/1/25			143,491
			Equinor ASA, Company Guaranteed Notes:
		250,000	2.450% due 1/17/23			261,877
		100,000	3.700% due 3/1/24			111,223
		100,000	3.250% due 11/18/49			107,197
		100,000	3.700% due 4/6/50			116,341
		135,000	Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes, 8.125% due 5/1/25			116,100
		50,000	Extraction Oil & Gas Inc., Company Guaranteed Notes, 5.625% due 2/1/26(c)(f)			11,750
			Exxon Mobil Corp., Senior Unsecured Notes:
		100,000	1.571% due 4/15/23		$	103,110
		645,000	2.992% due 3/19/25			708,202
		500,000	3.043% due 3/1/26			556,783
		100,000	3.294% due 3/19/27			113,769
		200,000	3.482% due 3/19/30			232,191

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	100,000	3.567% due 3/6/45		$	111,796
		51,000	4.327% due 3/19/50			65,140
		149,000	3.452% due 4/15/51			166,075
		105,000	FTS International Inc., Senior Secured Notes, 6.250% due 5/1/22			36,750
		1,400,000	Geopark Ltd., Company Guaranteed Notes, 6.500% due 9/21/24			1,354,500
		200,000	Gran Tierra Energy Inc., Company Guaranteed Notes, 7.750% due 5/23/27(c)			83,947
		1,100,000	Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes, 6.250% due 2/15/25			461,709
		175,000	Gulfport Energy Corp., Company Guaranteed Notes, 6.375% due 5/15/25			103,250
			Halliburton Co., Senior Unsecured Notes:
		620,000	2.920% due 3/1/30			628,454
		150,000	5.000% due 11/15/45			164,241
		100,000	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47			113,918
			Hess Midstream Operations LP, Company Guaranteed Notes:
		160,000	5.625% due 2/15/26(c)			166,470
		145,000	5.125% due 6/15/28(c)			149,077
		190,000	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 6.250% due 11/1/28(c)			178,600
		200,000	Hunt Oil Co. of Peru LLC Sucursal Del Peru, Senior Unsecured Notes, 6.375% due 6/1/28			200,200
		600,000	Indian Oil Corp., Ltd., Senior Unsecured Notes, 5.625% due 8/2/21			619,500
		90,000	Indigo Natural Resources LLC, Senior Unsecured Notes, 6.875% due 2/15/26(c)			92,025
			Kinder Morgan Energy Partners LP, Company Guaranteed Notes:
		100,000	4.250% due 9/1/24			111,518
		150,000	6.950% due 1/15/38			198,887
		75,000	5.000% due 8/15/42			83,543
			Kinder Morgan Inc., Company Guaranteed Notes:
		200,000	4.300% due 6/1/25			227,041
		150,000	5.050% due 2/15/46			177,089
		100,000	Magellan Midstream Partners LP, Senior Unsecured Notes, 3.950% due 3/1/50			104,994
		50,000	Marathon Oil Corp., Senior Unsecured Notes, 5.200% due 6/1/45			49,689
			Marathon Petroleum Corp., Senior Unsecured Notes:
		200,000	4.700% due 5/1/25			228,303
		75,000	6.500% due 3/1/41			95,680
		300,000	Medco Bell Pte Ltd., Senior Secured Notes, 6.375% due 1/30/27(c)			282,000
		215,000	MEG Energy Corp., Company Guaranteed Notes, 7.125% due 2/1/27(c)			205,706

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	120,000	Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500% due 1/15/26(c)		$	82,200
			MPLX LP, Senior Unsecured Notes:
		425,000	1.750% due 3/1/26			424,871
		200,000	4.125% due 3/1/27			221,221
		250,000	5.200% due 3/1/47			282,841
		105,000	Nabors Industries Ltd., Company Guaranteed Notes, 7.250% due 1/15/26(c)			47,250
		90,000	NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed Notes, 7.500% due 4/15/26			59,850
			Noble Energy Inc., Senior Unsecured Notes:
		150,000	3.850% due 1/15/28			170,147
		100,000	4.950% due 8/15/47			130,960
		265,000	NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26			277,341
			Oasis Petroleum Inc., Company Guaranteed Notes:
		125,000	6.875% due 3/15/22			24,297
		100,000	6.250% due 5/1/26(c)			18,000
			Occidental Petroleum Corp., Senior Unsecured Notes:
		160,000	2.700% due 8/15/22			157,308
		95,000	8.000% due 7/15/25			103,361
		275,000	3.500% due 8/15/29			236,500
		225,000	6.625% due 9/1/30			231,188
		200,000	Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21			202,975
			ONEOK Inc., Company Guaranteed Notes:
		100,000	4.000% due 7/13/27			104,383
		100,000	5.200% due 7/15/48			98,126
		150,000	4.450% due 9/1/49			134,916
		400,000	ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due 1/27/22			404,088
		100,000	Ovintiv Inc., Company Guaranteed Notes, 6.500% due 2/1/38			94,760
		260,000	Par Petroleum LLC/Par Petroleum Finance Corp., Senior Secured Notes, 7.750% due 12/15/25(c)			239,200
		205,000	Parkland Corp., Company Guaranteed Notes, 5.875% due 7/15/27(c)			218,838
		210,000	Parsley Energy LLC/Parsley Finance Corp., Company Guaranteed Notes, 5.625% due 10/15/27(c)			217,350
		85,000	PBF Holding Co. LLC/PBF Finance Corp., Company Guaranteed Notes, 6.000% due 2/15/28(c)			71,676
		135,000	Peabody Energy Corp., Senior Secured Notes, 6.000% due 3/31/22(c)			62,775
		450,000	Pertamina Persero PT, Senior Unsecured Notes, 4.300% due 5/20/23			481,500

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	750,000	Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30		$	575,123
		200,000	Petronas Capital Ltd., Company Guaranteed Notes, 3.500% due 4/21/30(c)			226,579
			Phillips 66, Company Guaranteed Notes:
		250,000	4.300% due 4/1/22			264,866
		150,000	4.875% due 11/15/44			181,993
			Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes:
		100,000	4.500% due 12/15/26			108,996
		100,000	4.900% due 2/15/45			95,515
		200,000	PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 2.587% due 6/10/27(c)			207,583
		235,000	QEP Resources Inc., Senior Unsecured Notes, 5.250% due 5/1/23			192,700
		110,000	Rattler Midstream LP, Company Guaranteed Notes, 5.625% due 7/15/25(c)			116,325
		1,500,000	Reliance Industries Ltd., Senior Unsecured Notes, 5.400% due 2/14/22			1,586,330
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
		100,000	5.750% due 5/15/24			114,561
		620,000	5.000% due 3/15/27			704,598
		100,000	4.200% due 3/15/28			110,021
			Shell International Finance BV, Company Guaranteed Notes:
		250,000	1.750% due 9/12/21			253,791
		250,000	2.500% due 9/12/26			273,574
		200,000	3.875% due 11/13/28			235,631
		250,000	2.375% due 11/7/29			266,112
		200,000	2.750% due 4/6/30			219,661
		100,000	4.000% due 5/10/46			118,600
		150,000	3.750% due 9/12/46			170,557
		1,300,000	Sinopec Group Overseas Development 2018 Ltd., Company Guaranteed Notes, 2.700% due 5/13/30(c)			1,376,648
		305,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Company Guaranteed Notes, 7.500% due 6/15/25(c)			273,356
			Suncor Energy Inc., Senior Unsecured Notes:
		150,000	3.600% due 12/1/24			165,347
		100,000	6.500% due 6/15/38			131,304
		100,000	Sunoco Logistics Partners Operations LP, Company Guaranteed Notes, 4.250% due 4/1/24			106,313
			Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes:
		195,000	5.500% due 2/15/26			200,924

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	105,000	6.000% due 4/15/27		$	111,771
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
		125,000	6.500% due 7/15/27			135,000
		240,000	4.875% due 2/1/31(c)			241,812
		125,000	TerraForm Power Operating LLC, Company Guaranteed Notes, 4.250% due 1/31/23(c)			129,400
			Total Capital International SA, Company Guaranteed Notes:
		500,000	3.700% due 1/15/24			551,038
		200,000	3.750% due 4/10/24			222,280
		50,000	3.461% due 7/12/49			55,437
		150,000	3.127% due 5/29/50			157,061
		715,000	3.386% due 6/29/60			775,100
			TransCanada PipeLines Ltd., Senior Unsecured Notes:
		250,000	4.875% due 1/15/26			297,141
		75,000	7.625% due 1/15/39			116,966
		100,000	4.875% due 5/15/48			128,280
		100,000	5.100% due 3/15/49			132,836
		250,000	Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 7.850% due 2/1/26			326,777
		110,000	Transocean Inc., Company Guaranteed Notes, 8.000% due 2/1/27(c)			33,688
		300,000	Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(c)			249,000
		110,500	Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(c)			97,240
		325,000	USA Compression Partners LP/USA Compression Finance Corp., Company Guaranteed Notes, 6.875% due 9/1/27			336,375
			Valero Energy Corp., Senior Unsecured Notes:
		545,000	2.850% due 4/15/25			582,855
		250,000	4.000% due 4/1/29			281,192
		75,000	4.900% due 3/15/45			88,716
		60,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., Company Guaranteed Notes, 8.750% due 4/15/23(c)			38,400
		125,000	Viper Energy Partners LP, Company Guaranteed Notes, 5.375% due 11/1/27(c)			128,750
		4,000	Weatherford International Ltd., Company Guaranteed Notes, 11.000% due 12/1/24(c)			2,680
			Western Midstream Operating LP, Senior Unsecured Notes:
		150,000	4.100% due 2/1/25			149,643
		155,000	5.050% due 2/1/30			158,906

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	240,000	Whiting Petroleum Corp., Company Guaranteed Notes, 6.625% due 1/15/26(f)		$	56,400
			Williams Cos., Inc., Senior Unsecured Notes:
		415,000	3.750% due 6/15/27			458,075
		100,000	6.300% due 4/15/40			125,714
		150,000	5.100% due 9/15/45			174,670
			WPX Energy Inc., Senior Unsecured Notes:
		155,000	5.250% due 10/15/27			154,179
		120,000	5.875% due 6/15/28			121,800
		90,000	4.500% due 1/15/30			85,950
			Total Energy			42,575,540
Financial – 5.6%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
		350,000	3.500% due 5/26/22			351,907
		200,000	6.500% due 7/15/25			217,522
		30,000	Aflac Inc., Senior Unsecured Notes, 4.750% due 1/15/49			38,977
			Air Lease Corp., Senior Unsecured Notes:
		830,000	3.250% due 3/1/25			843,401
		250,000	3.625% due 4/1/27			252,236
			Alexandria Real Estate Equities Inc., Company Guaranteed Notes:
		250,000	3.950% due 1/15/28			287,899
		1,065,000	1.875% due 2/1/33			1,052,774
		130,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Unsecured Notes, 6.750% due 10/15/27(c)			137,800
		100,000	Allstate Corp., Senior Unsecured Notes, 4.500% due 6/15/43			128,807
		100,000	Ally Financial Inc., Company Guaranteed Notes, 8.000% due 11/1/31			135,848
		50,000	American Campus Communities Operating Partnership LP, Company Guaranteed Notes, 2.850% due 2/1/30			49,907
		500,000	American Express Co., Subordinated Notes, 3.625% due 12/5/24			555,609
			American International Group Inc., Senior Unsecured Notes:
		200,000	2.500% due 6/30/25			213,862
		75,000	3.750% due 7/10/25			84,117
		250,000	4.200% due 4/1/28			291,629
		200,000	3.400% due 6/30/30			221,450
		150,000	4.500% due 7/16/44			175,954
			American Tower Corp., Senior Unsecured Notes:
		100,000	3.500% due 1/31/23			106,840
		100,000	4.000% due 6/1/25			113,576
		250,000	3.800% due 8/15/29			288,836

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	100,000	Aon PLC, Company Guaranteed Notes, 4.750% due 5/15/45		$	131,104
		310,000	AssuredPartners Inc., Senior Unsecured Notes, 7.000% due 8/15/25(c)			318,525
		100,000	Athene Holding Ltd., Senior Unsecured Notes, 6.150% due 4/3/30			120,866
		250,000	Australia & New Zealand Banking Group Ltd., Senior Unsecured Notes, 2.050% due 11/21/22			259,163
		250,000	AvalonBay Communities Inc., Senior Unsecured Notes, 3.300% due 6/1/29			284,011
		510,000	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.250% due 2/15/27(c)			438,150
		300,000	Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22			319,500
		300,000	Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due 4/21/25			313,503
		400,000	Banco BTG Pactual SA, Subordinated Notes, 7.750% (5-Year CMT Index + 5.257)% due 2/15/29(b)(c)			416,004
			Banco de Credito del Peru, Subordinated Notes:
		200,000	6.125% (3-Month USD-LIBOR + 7.043)% due 4/24/27(b)			210,540
		200,000	3.125% (5-Year CMT Index + 3.000)% due 7/1/30(b)(c)			201,250
		800,000	Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23			809,000
			Banco Macro SA, Subordinated Notes:
		650,000	6.750% (5-Year USD Swap Rate + 5.463)% due 11/4/26(b)			559,007
		200,000	6.750% (5-Year USD Swap Rate + 5.463)% due 11/4/26(b)(c)			172,002
			Banco Mercantil del Norte SA, Junior Subordinated Notes:
		500,000	6.875% (5-Year CMT Index + 5.035)% (b)(d)			504,375
		800,000	7.625% (5-Year CMT Index + 5.353)% (b)(d)			814,000
		200,000	Banco Nacional de Panama, Senior Unsecured Notes, 2.500% due 8/11/30(c)			202,000
		200,000	Banco Santander SA, Senior Unsecured Notes, 4.379% due 4/12/28			228,932
			Bank of America Corp.:
			Senior Unsecured Notes:
		430,000	3.004% (3-Month USD-LIBOR + 0.790)% due 12/20/23(b)			453,170
		750,000	3.875% due 8/1/25			856,188
		500,000	3.366% (3-Month USD-LIBOR + 0.810)% due 1/23/26(b)			549,698
		100,000	2.015% (3-Month USD-LIBOR + 0.640)% due 2/13/26(b)			104,198
		250,000	3.419% (3-Month USD-LIBOR + 1.040)% due 12/20/28(b)			279,375
		250,000	3.974% (3-Month USD-LIBOR + 1.210)% due 2/7/30(b)			291,779
		200,000	2.496% (3-Month USD-LIBOR + 0.990)% due 2/13/31(b)			210,747
		200,000	2.592% (SOFR rate + 2.150)% due 4/29/31(b)			212,819
		1,340,000	1.898% (SOFR rate + 1.530)% due 7/23/31(b)			1,351,924
		100,000	4.443% (3-Month USD-LIBOR + 1.990)% due 1/20/48(b)			128,581
		150,000	4.330% (3-Month USD-LIBOR + 1.520)% due 3/15/50(b)			194,025

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	300,000	4.083% (3-Month USD-LIBOR + 3.150)% due 3/20/51(b)		$	373,462
		250,000	Subordinated Notes, 7.750% due 5/14/38			414,246
		200,000	Bank of Montreal, Senior Unsecured Notes, 1.850% due 5/1/25			209,991
			Bank of New York Mellon Corp., Senior Unsecured Notes:
		250,000	3.450% due 8/11/23			271,954
		250,000	3.400% due 1/29/28			290,418
			Bank of Nova Scotia, Senior Unsecured Notes:
		500,000	2.700% due 3/7/22			519,393
		520,000	1.625% due 5/1/23			535,336
		520,000	3.400% due 2/11/24			568,262
			Barclays PLC, Senior Unsecured Notes:
		200,000	4.610% (3-Month USD-LIBOR + 1.400)% due 2/15/23(b)			210,274
		200,000	2.852% (3-Month USD-LIBOR + 2.452)% due 5/7/26(b)			211,179
		250,000	4.950% due 1/10/47			335,455
			BBVA Bancomer SA, Subordinated Notes:
		200,000	5.350% (5-Year CMT Index + 3.000)% due 11/12/29(b)			198,000
		200,000	5.125% (5-Year CMT Index + 2.650)% due 1/18/33(b)			192,000
		1,000,000	BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23			1,030,198
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
		150,000	4.200% due 8/15/48			191,860
		50,000	4.250% due 1/15/49			64,637
			Berkshire Hathaway Inc., Senior Unsecured Notes:
		250,000	2.750% due 3/15/23			264,368
		250,000	3.125% due 3/15/26			280,030
			Boston Properties LP, Senior Unsecured Notes:
		100,000	3.200% due 1/15/25			108,686
		1,610,000	3.650% due 2/1/26			1,797,039
		250,000	3.400% due 6/21/29			273,668
		100,000	Brighthouse Financial Inc., Senior Unsecured Notes, 3.700% due 6/22/27			105,111
		100,000	Brixmor Operating Partnership LP, Senior Unsecured Notes, 3.900% due 3/15/27			104,569
			Brookfield Finance Inc., Company Guaranteed Notes:
		350,000	4.000% due 4/1/24			386,188
		50,000	4.850% due 3/29/29			59,550
		250,000	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 3.100% due 4/2/24			270,780
			Capital One Financial Corp., Senior Unsecured Notes:
		250,000	3.050% due 3/9/22			259,188

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	200,000	3.900% due 1/29/24		$	218,656
		250,000	3.750% due 3/9/27			277,308
		125,000	CBRE Services Inc., Company Guaranteed Notes, 5.250% due 3/15/25			144,302
		250,000	Charles Schwab Corp., Senior Unsecured Notes, 3.200% due 3/2/27			280,322
		250,000	Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26			285,886
		200,000	CIMB Bank Bhd, Senior Unsecured Notes, 1.048% (3-Month USD-LIBOR + 0.780)% due 10/9/24(b)			195,992
			Citigroup Inc.:
			Senior Unsecured Notes:
		500,000	2.750% due 4/25/22			518,028
		500,000	4.044% (3-Month USD-LIBOR + 1.023)% due 6/1/24(b)			544,244
		300,000	3.106% (SOFR rate + 2.750)% due 4/8/26(b)			325,486
		1,790,000	3.668% (3-Month USD-LIBOR + 1.390)% due 7/24/28(b)			2,020,929
		200,000	3.980% (3-Month USD-LIBOR + 1.338)% due 3/20/30(b)			232,283
		300,000	4.412% (SOFR rate + 3.914)% due 3/31/31(b)			364,346
		100,000	5.316% (SOFR rate + 4.548)% due 3/26/41(b)			139,487
		100,000	4.650% due 7/23/48			133,911
			Subordinated Notes:
		250,000	4.450% due 9/29/27			290,192
		100,000	5.300% due 5/6/44			134,130
		150,000	4.750% due 5/18/46			191,622
		250,000	Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26			275,859
		100,000	CME Group Inc., Senior Unsecured Notes, 5.300% due 9/15/43			145,736
		50,000	Comerica Inc., Senior Unsecured Notes, 4.000% due 2/1/29			57,660
		875,000	Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(c)			1,074,485
			Cooperatieve Rabobank UA:
			Company Guaranteed Notes:
		250,000	4.375% due 8/4/25			285,067
		250,000	3.750% due 7/21/26			281,828
		250,000	Senior Unsecured Notes, 2.750% due 1/10/23			263,671
		225,000	Credit Acceptance Corp., Company Guaranteed Notes, 6.625% due 3/15/26			240,750
			Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes:
		300,000	3.800% due 6/9/23			324,016
		250,000	3.750% due 3/26/25			276,830
		250,000	4.550% due 4/17/26			293,183
			Credito Real SAB de CV SOFOM ER:
		300,000	Company Guaranteed Notes, 9.500% due 2/7/26(c)			281,250

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	803,000	Junior Subordinated Notes, 9.125% (5-Year CMT Index + 7.026)% (b)(d)		$	632,122
			Crown Castle International Corp., Senior Unsecured Notes:
		300,000	3.150% due 7/15/23			320,633
		100,000	3.650% due 9/1/27			113,247
		795,000	4.300% due 2/15/29			938,627
		100,000	4.000% due 11/15/49			116,445
		50,000	CubeSmart LP, Company Guaranteed Notes, 3.000% due 2/15/30			53,440
			DBS Group Holdings Ltd.:
		1,350,000	Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390)% (b)(d)			1,368,562
		200,000	Senior Unsecured Notes, 0.865% (3-Month USD-LIBOR + 0.620)% due 7/25/22(b)			201,128
		300,000	Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590)% due 12/11/28(b)			326,466
		500,000	Deutsche Bank AG, Senior Unsecured Notes, 3.950% due 2/27/23			528,271
		250,000	Digital Realty Trust LP, Company Guaranteed Notes, 3.600% due 7/1/29			288,752
		1,100,000	Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27			1,224,561
		40,000	Duke Realty LP, Senior Unsecured Notes, 2.875% due 11/15/29			43,912
		200,000	Enstar Group Ltd., Senior Unsecured Notes, 4.500% due 3/10/22			209,166
			Equinix Inc., Senior Unsecured Notes:
		30,000	2.625% due 11/18/24			32,104
		35,000	3.200% due 11/18/29			38,609
		200,000	2.150% due 7/15/30			205,094
			Equitable Holdings Inc., Senior Unsecured Notes:
		250,000	3.900% due 4/20/23			269,363
		50,000	5.000% due 4/20/48			59,019
		250,000	ERP Operating LP, Senior Unsecured Notes, 3.000% due 7/1/29			277,815
		190,000	ESH Hospitality Inc., Company Guaranteed Notes, 5.250% due 5/1/25(c)			192,850
		100,000	Essex Portfolio LP, Company Guaranteed Notes, 2.650% due 3/15/32			105,816
		150,000	Federal Realty Investment Trust, Senior Unsecured Notes, 3.200% due 6/15/29			158,010
		250,000	Fifth Third Bancorp, Senior Unsecured Notes, 3.950% due 3/14/28			294,154
		250,000	First Republic Bank, Senior Unsecured Notes, 1.912% (SOFR rate + 0.620)% due 2/12/24(b)			257,362
		200,000	GE Capital Funding LLC, Company Guaranteed Notes, 4.400% due 5/15/30(c)			210,807
			GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes:
		250,000	3.373% due 11/15/25			264,941
		200,000	4.418% due 11/15/35			206,496
			Gilex Holding SARL, Senior Secured Notes:
		200,000	8.500% due 5/2/23(c)			205,002
		450,000	8.500% due 5/2/23			461,254

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES �� (continued)
Financial – (continued)
	$	195,000	Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% due 9/15/24(c)(e)		$	114,962
		1,200,000	Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21			1,231,380
		100,000	Globe Life Inc., Senior Unsecured Notes, 2.150% due 8/15/30			100,490
		150,000	GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due 1/15/29			165,897
			Goldman Sachs Group Inc.:
			Senior Unsecured Notes:
		500,000	2.350% due 11/15/21			502,016
		200,000	5.750% due 1/24/22			214,677
		500,000	3.000% due 4/26/22			508,177
		1,645,000	1.450% (3-Month USD-LIBOR + 1.170)% due 5/15/26(b)			1,663,095
		300,000	4.223% (3-Month USD-LIBOR + 1.301)% due 5/1/29(b)			352,407
		300,000	4.750% due 10/21/45			398,466
			Subordinated Notes:
		250,000	4.250% due 10/21/25			284,597
		175,000	6.750% due 10/1/37			255,668
		250,000	5.150% due 5/22/45			331,282
		400,000	Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22			410,000
		100,000	Hartford Financial Services Group Inc., Senior Unsecured Notes, 3.600% due 8/19/49			111,664
		100,000	Healthcare Trust of America Holdings LP, Company Guaranteed Notes, 3.100% due 2/15/30			105,570
		150,000	Healthpeak Properties Inc., Senior Unsecured Notes, 3.500% due 7/15/29			168,223
		100,000	Highwoods Realty LP, Senior Unsecured Notes, 3.050% due 2/15/30			103,405
			Host Hotels & Resorts LP, Senior Unsecured Notes:
		100,000	3.875% due 4/1/24			103,929
		50,000	3.375% due 12/15/29			48,570
			HSBC Holdings PLC:
			Senior Unsecured Notes:
		500,000	3.262% (3-Month USD-LIBOR + 1.055)% due 3/13/23(b)			519,975
		200,000	3.600% due 5/25/23			215,043
		250,000	4.041% (3-Month USD-LIBOR + 1.546)% due 3/13/28(b)			280,971
		200,000	4.583% (3-Month USD-LIBOR + 1.535)% due 6/19/29(b)			233,487
		200,000	4.950% due 3/31/30			246,039
		200,000	3.973% (3-Month USD-LIBOR + 1.610)% due 5/22/30(b)			227,386
		250,000	Subordinated Notes, 5.250% due 3/14/44			324,644

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	200,000	Huntington Bancshares Inc., Senior Unsecured Notes, 2.625% due 8/6/24		$	214,101
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
		255,000	6.250% due 5/15/26			272,212
		135,000	5.250% due 5/15/27			143,437
		300,000	Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22			311,253
			ING Groep NV, Senior Unsecured Notes:
		500,000	3.150% due 3/29/22			520,114
		300,000	4.100% due 10/2/23			331,124
			Intercontinental Exchange Inc.:
			Senior Unsecured Notes:
		200,000	2.100% due 6/15/30			207,052
		25,000	4.250% due 9/21/48			31,275
		200,000	3.000% due 9/15/60			206,588
		250,000	Company Guaranteed Notes, 3.750% due 12/1/25			284,501
			Iron Mountain Inc., Company Guaranteed Notes:
		70,000	4.875% due 9/15/29(c)			72,730
		100,000	4.500% due 2/15/31(c)			102,687
		105,000	iStar Inc., Senior Unsecured Notes, 4.750% due 10/1/24			104,212
		100,000	Jefferies Group LLC/Jefferies Group Capital Finance Inc., Senior Unsecured Notes, 4.850% due 1/15/27			113,491
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
		750,000	4.500% due 1/24/22			793,259
		250,000	2.972% due 1/15/23			258,817
		300,000	3.207% (3-Month USD-LIBOR + 0.695)% due 4/1/23(b)			312,865
		100,000	2.005% (SOFR rate + 1.585)% due 3/13/26(b)			104,299
		100,000	2.083% (SOFR rate + 1.850)% due 4/22/26(b)			104,936
		250,000	3.782% (3-Month USD-LIBOR + 1.337)% due 2/1/28(b)			286,434
		250,000	3.509% (3-Month USD-LIBOR + 0.945)% due 1/23/29(b)			282,474
		250,000	4.005% (3-Month USD-LIBOR + 1.120)% due 4/23/29(b)			291,008
		100,000	2.522% (SOFR rate + 2.040)% due 4/22/31(b)			107,070
		250,000	3.882% (3-Month USD-LIBOR + 1.360)% due 7/24/38(b)			299,946
		100,000	3.109% (SOFR rate + 2.460)% due 4/22/41(b)			110,027
		150,000	5.400% due 1/6/42			218,742
		200,000	4.260% (3-Month USD-LIBOR + 1.580)% due 2/22/48(b)			253,143
		100,000	3.964% (3-Month USD-LIBOR + 1.380)% due 11/15/48(b)			122,730

See Notes to Financial Statements.

100

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	200,000	3.109% (SOFR rate + 2.440)% due 4/22/51(b)		$	215,080
			Subordinated Notes:
		200,000	3.875% due 9/10/24			222,789
		200,000	3.625% due 12/1/27			224,977
		250,000	KeyBank NA, Senior Unsecured Notes, 3.375% due 3/7/23			267,453
		100,000	KeyCorp, Senior Unsecured Notes, 2.550% due 10/1/29			106,511
		100,000	Kilroy Realty LP, Company Guaranteed Notes, 3.050% due 2/15/30			103,902
		200,000	Kimco Realty Corp., Senior Unsecured Notes, 3.800% due 4/1/27			218,153
			Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
		500,000	2.500% due 2/15/22			516,510
		500,000	2.125% due 3/7/22			514,498
		500,000	1.750% due 8/22/22			515,155
		500,000	2.375% due 12/29/22			524,956
		200,000	1.625% due 2/15/23			206,835
		100,000	2.500% due 11/20/24			109,087
		250,000	2.875% due 4/3/28			291,645
			Landwirtschaftliche Rentenbank, Government Guaranteed Notes:
		250,000	2.375% due 6/10/25			272,882
		75,000	1.750% due 7/27/26			80,220
		250,000	Lincoln National Corp., Senior Unsecured Notes, 3.800% due 3/1/28			283,327
		200,000	Lloyds Banking Group PLC, Subordinated Notes, 4.344% due 1/9/48			249,111
		50,000	Loews Corp., Senior Unsecured Notes, 4.125% due 5/15/43			56,475
			Macquarie Group Ltd., Senior Unsecured Notes:
		520,000	3.189% (3-Month USD-LIBOR + 1.023)% due 11/28/23(b)(c)			544,175
		1,275,000	4.150% (3-Month USD-LIBOR + 1.330)% due 3/27/24(b)(c)			1,371,545
		1,300,000	Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542)% due 10/29/26(b)			1,326,975
		250,000	Manulife Financial Corp., Subordinated Notes, 4.061% (5-Year USD 1100 Run ICE Swap Rate + 1.647)% due 2/24/32(b)			266,855
			Markel Corp., Senior Unsecured Notes:
		95,000	3.350% due 9/17/29			103,829
		50,000	5.000% due 5/20/49			65,438
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
		100,000	3.875% due 3/15/24			110,775
		100,000	4.900% due 3/15/49			140,395
		815,000	Massachusetts Mutual Life Insurance Co., Subordinated Notes, 3.375% due 4/15/50(c)			842,323
			Mastercard Inc., Senior Unsecured Notes:
		200,000	3.350% due 3/26/30			234,551

See Notes to Financial Statements.

101

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	100,000	3.950% due 2/26/48		$	125,049
			MetLife Inc., Senior Unsecured Notes:
		100,000	3.600% due 4/10/24			111,257
		250,000	4.600% due 5/13/46			327,678
		500,000	Mexarrend SAPI de CV, Senior Unsecured Notes, 10.250% due 7/24/24(c)			376,250
		235,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes, 5.750% due 2/1/27			259,969
		250,000	Mid-America Apartments LP, Senior Unsecured Notes, 3.750% due 6/15/24			271,821
			Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes:
		500,000	2.998% due 2/22/22			518,786
		900,000	0.981% (3-Month USD-LIBOR + 0.740)% due 3/2/23(b)			902,954
		200,000	3.407% due 3/7/24			217,903
		250,000	3.741% due 3/7/29			288,223
		200,000	3.195% due 7/18/29			222,078
			Mizuho Financial Group Inc., Senior Unsecured Notes:
		250,000	2.953% due 2/28/22			259,090
		250,000	3.663% due 2/28/27			281,673
			Morgan Stanley:
			Senior Unsecured Notes:
		500,000	2.625% due 11/17/21			513,476
		500,000	3.125% due 1/23/23			530,126
		1,600,000	3.737% (3-Month USD-LIBOR + 0.847)% due 4/24/24(b)			1,728,733
		100,000	2.188% (SOFR rate + 1.990)% due 4/28/26(b)			105,195
		250,000	3.591% (3-Month USD-LIBOR + 1.340)% due 7/22/28(b)			282,311
		150,000	3.772% (3-Month USD-LIBOR + 1.140)% due 1/24/29(b)			172,284
		100,000	3.622% (SOFR rate + 3.120)% due 4/1/31(b)			116,132
		250,000	6.375% due 7/24/42			395,717
		100,000	5.597% (SOFR rate + 4.840)% due 3/24/51(b)			153,677
		250,000	Subordinated Notes, 4.350% due 9/8/26			291,847
		260,000	MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes, 5.000% due 10/15/27			274,950
		300,000	Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22			305,253
		250,000	National Australia Bank Ltd., Senior Unsecured Notes, 3.375% due 1/14/26			283,036
		100,000	National Retail Properties Inc., Senior Unsecured Notes, 2.500% due 4/15/30			98,219
			Nationstar Mortgage Holdings Inc., Company Guaranteed Notes:
		30,000	6.000% due 1/15/27(c)			31,809
		150,000	5.500% due 8/15/28(c)			157,762

See Notes to Financial Statements.

102

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			Natwest Group PLC, Senior Unsecured Notes:
	$	200,000	3.875% due 9/12/23		$	217,018
		250,000	4.892% (3-Month USD-LIBOR + 1.754)% due 5/18/29(b)			297,471
		200,000	4.445% (3-Month USD-LIBOR + 1.871)% due 5/8/30(b)			234,962
			Navient Corp., Senior Unsecured Notes:
		300,000	6.500% due 6/15/22			312,750
		100,000	5.000% due 3/15/27			96,586
			NFP Corp.:
		20,000	Senior Secured Notes, 7.000% due 5/15/25(c)			21,500
		135,000	Senior Unsecured Notes, 6.875% due 8/15/28(c)			141,156
		200,000	Nomura Holdings Inc., Senior Unsecured Notes, 2.679% due 7/16/30			207,591
		400,000	NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(c)			401,854
		200,000	Northern Trust Corp., Subordinated Notes, 3.950% due 10/30/25			231,894
		1,250,000	Nuveen Finance LLC, Senior Unsecured Notes, 4.125% due 11/1/24(c)			1,418,047
		500,000	Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 1.500% due 2/12/25			523,534
		100,000	Omega Healthcare Investors Inc., Company Guaranteed Notes, 4.500% due 4/1/27			106,010
			OneMain Finance Corp., Company Guaranteed Notes:
		115,000	7.125% due 3/15/26			131,962
		40,000	6.625% due 1/15/28			45,660
		90,000	5.375% due 11/15/29			95,737
		450,000	Operadora de Servicios Mega SA de CV Sofom ER, Senior Unsecured Notes, 8.250% due 2/11/25(c)			396,000
		800,000	Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 4.250% due 6/19/24			879,406
		500,000	PNC Bank NA, Senior Unsecured Notes, 2.625% due 2/17/22			515,742
			PNC Financial Services Group Inc.:
		200,000	Senior Unsecured Notes, 2.550% due 1/22/30			217,221
		150,000	Subordinated Notes, 3.900% due 4/29/24			166,221
		250,000	Principal Financial Group Inc., Company Guaranteed Notes, 3.700% due 5/15/29			291,116
		125,000	Progressive Corp., Senior Unsecured Notes, 4.125% due 4/15/47			161,375
		100,000	Prologis LP, Senior Unsecured Notes, 2.250% due 4/15/30			106,473
			Prudential Financial Inc.:
			Senior Unsecured Notes:
		143,000	3.935% due 12/7/49			162,516
		100,000	3.700% due 3/13/51			111,303

See Notes to Financial Statements.

103

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	250,000	Junior Subordinated Notes, 5.625% (3-Month USD-LIBOR + 3.920)% due 6/15/43(b)		$	268,384
		1,500,000	Radiant Access Ltd., Company Guaranteed Notes, 4.600%(d)			1,496,250
		75,000	Realogy Group LLC/Realogy Co.-Issuer Corp., Secured Notes, 7.625% due 6/15/25(c)			78,890
		75,000	Regency Centers LP, Company Guaranteed Notes, 4.400% due 2/1/47			84,464
		200,000	Regions Financial Corp., Senior Unsecured Notes, 3.800% due 8/14/23			218,112
			Royal Bank of Canada:
		1,995,000	Senior Unsecured Notes, 2.550% due 7/16/24			2,144,686
		250,000	Subordinated Notes, 4.650% due 1/27/26			296,036
		200,000	Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26			217,792
			Santander Holdings USA Inc., Senior Unsecured Notes:
		250,000	3.700% due 3/28/22			259,711
		835,000	3.400% due 1/18/23			876,037
		200,000	3.500% due 6/7/24			215,146
		250,000	Santander UK Group Holdings PLC, Senior Unsecured Notes, 3.373% (3-Month USD-LIBOR + 1.080)% due 1/5/24(b)			263,035
		1,500,000	SBA Tower Trust, Asset Backed, 3.168% due 4/11/22(c)			1,518,926
			Simon Property Group LP, Senior Unsecured Notes:
		100,000	3.375% due 10/1/24			108,483
		100,000	2.450% due 9/13/29			99,981
		50,000	4.250% due 11/30/46			55,266
		65,000	3.250% due 9/13/49			60,791
			SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes:
		697,533	zero coupon, due 12/5/22(c)			676,614
		507,297	zero coupon, due 12/5/22			492,083
		200,000	State Street Corp., Senior Unsecured Notes, 2.400% due 1/24/30			217,032
			Sumitomo Mitsui Financial Group Inc.:
			Senior Unsecured Notes:
		250,000	2.778% due 10/18/22			261,821
		630,000	1.013% (3-Month USD-LIBOR + 0.740)% due 1/17/23(b)			632,416
		250,000	3.102% due 1/17/23			265,102
		200,000	2.448% due 9/27/24			212,795
		100,000	2.632% due 7/14/26			108,637
		250,000	Subordinated Notes, 3.202% due 9/17/29			271,262
		200,000	SURA Asset Management SA, Company Guaranteed Notes, 4.875% due 4/17/24			218,244
		350,000	Synchrony Bank, Senior Unsecured Notes, 3.000% due 6/15/22			361,743
		250,000	Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 3/11/24			272,675

See Notes to Financial Statements.

104

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			Travelers Cos., Inc., Senior Unsecured Notes:
	$	125,000	5.350% due 11/1/40		$	174,645
		100,000	4.100% due 3/4/49			124,882
			Truist Bank:
		250,000	Senior Unsecured Notes, 3.200% due 4/1/24			272,968
		250,000	Subordinated Notes, 2.636% (5-Year CMT Index + 1.150)% due 9/17/29(b)			258,695
		500,000	Truist Financial Corp., Senior Unsecured Notes, 2.750% due 4/1/22			518,169
		100,000	UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30			111,092
		1,700,000	Unifin Financiera SAB de CV, Junior Subordinated Notes, 8.875% (5-Year CMT Index + 6.308)%(b)(d)			1,130,500
			United Overseas Bank Ltd.:
		300,000	Junior Subordinated Notes, 3.875% (5-Year USD Swap Rate + 1.794)%(b)(d)			306,000
		1,000,000	Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236)% due 9/16/26(b)			1,020,740
		100,000	Unum Group, Senior Unsecured Notes, 4.000% due 6/15/29			109,290
			US Bancorp, Senior Unsecured Notes:
		750,000	2.625% due 1/24/22			773,385
		400,000	1.375% due 7/22/30			396,035
		100,000	Ventas Realty LP, Company Guaranteed Notes, 4.375% due 2/1/45			103,118
		200,000	VEREIT Operating Partnership LP, Company Guaranteed Notes, 3.400% due 1/15/28			206,984
			VICI Properties LP/VICI Note Co., Inc., Company Guaranteed Notes:
		25,000	3.750% due 2/15/27(c)			24,937
		125,000	4.125% due 8/15/30(c)			125,275
			Visa Inc., Senior Unsecured Notes:
		650,000	2.800% due 12/14/22			685,850
		200,000	2.050% due 4/15/30			212,533
		100,000	4.150% due 12/14/35			129,727
		100,000	4.300% due 12/14/45			132,455
		200,000	Voya Financial Inc., Company Guaranteed Notes, 3.650% due 6/15/26			226,312
			Wells Fargo & Co.:
			Senior Unsecured Notes:
		550,000	2.625% due 7/22/22			572,145
		1,060,000	3.069% due 1/24/23			1,096,601
		250,000	3.000% due 4/22/26			274,155
		200,000	3.000% due 10/23/26			220,664
		1,125,000	3.584% (3-Month USD-LIBOR + 1.310)% due 5/22/28(b)			1,260,209
		250,000	4.150% due 1/24/29			294,710
		200,000	5.013% (3-Month USD-LIBOR + 4.240)% due 4/4/51(b)			272,270

See Notes to Financial Statements.

105

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			Subordinated Notes:
	$	500,000	3.450% due 2/13/23		$	531,570
		200,000	4.900% due 11/17/45			254,220
		250,000	4.400% due 6/14/46			298,526
		250,000	4.750% due 12/7/46			315,248
		1,670,000	Welltower Inc., Senior Unsecured Notes, 4.125% due 3/15/29			1,875,683
		250,000	Western Union Co., Senior Unsecured Notes, 3.600% due 3/15/22			260,277
			Westpac Banking Corp., Senior Unsecured Notes:
		250,000	3.650% due 5/15/23			271,272
		200,000	2.350% due 2/19/25			213,771
		250,000	3.350% due 3/8/27			286,980
		100,000	2.650% due 1/16/30			110,820
		75,000	WeWork Cos., Inc., Company Guaranteed Notes, 7.875% due 5/1/25(c)			49,875
		250,000	Weyerhaeuser Co., Senior Unsecured Notes, 4.625% due 9/15/23			278,374
			Willis North America Inc., Company Guaranteed Notes:
		50,000	4.500% due 9/15/28			59,551
		100,000	2.950% due 9/15/29			108,251
		745,000	3.875% due 9/15/49			856,167
		55,000	XHR LP, Senior Secured Notes, 6.375% due 8/15/25(c)			56,444
		250,000	Zions Bancorp NA, Subordinated Notes, 3.250% due 10/29/29			249,899
			Total Financial			117,837,741
Government – 0.4%
		250,000	African Development Bank, Senior Unsecured Notes, 1.625% due 9/16/22			257,153
			Asian Development Bank, Senior Unsecured Notes:
		1,500,000	2.000% due 2/16/22			1,537,816
		500,000	1.875% due 1/24/30			546,208
			European Investment Bank, Senior Unsecured Notes:
		1,400,000	2.625% due 5/20/22			1,457,561
		500,000	3.250% due 1/29/24			550,292
		250,000	2.625% due 3/15/24			270,573
		500,000	2.250% due 6/24/24			537,121
			Inter-American Development Bank, Senior Unsecured Notes:
		200,000	0.500% due 5/24/23			201,345
		500,000	0.875% due 4/3/25			510,410
		500,000	2.375% due 7/7/27			556,450
		200,000	4.375% due 1/24/44			305,140
		500,000	International Finance Corp., Senior Unsecured Notes, 2.875% due 7/31/23			537,845
		300,000	Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25			324,138

See Notes to Financial Statements.

106

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Government – (continued)
	$	500,000	Svensk Exportkredit AB, Senior Unsecured Notes, 2.375% due 3/9/22		$	515,555
			Total Government			8,107,607
Industrial – 1.5%
			3M Co., Senior Unsecured Notes:
		250,000	2.750% due 3/1/22			259,225
		250,000	3.375% due 3/1/29			287,554
		100,000	3.250% due 8/26/49			113,245
		130,000	Advanced Drainage Systems Inc., Company Guaranteed Notes, 5.000% due 9/30/27(c)			135,574
		255,000	AECOM, Company Guaranteed Notes, 5.125% due 3/15/27			279,620
		65,000	Agilent Technologies Inc., Senior Unsecured Notes, 2.750% due 9/15/29			70,301
		100,000	Allegion PLC, Company Guaranteed Notes, 3.500% due 10/1/29			108,883
		100,000	Amphenol Corp., Senior Unsecured Notes, 2.800% due 2/15/30			109,565
		615,000	Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28			672,417
		230,000	Berry Global Inc., Secured Notes, 5.625% due 7/15/27(c)			243,225
			Boeing Co., Senior Unsecured Notes:
		500,000	2.125% due 3/1/22			503,869
		200,000	4.875% due 5/1/25			217,556
		100,000	3.200% due 3/1/29			99,095
		200,000	5.150% due 5/1/30			223,933
		100,000	5.705% due 5/1/40			115,943
		250,000	3.650% due 3/1/47			215,602
		250,000	5.805% due 5/1/50			298,652
			Bombardier Inc., Senior Unsecured Notes:
		105,000	6.000% due 10/15/22(c)			89,250
		110,000	7.875% due 4/15/27(c)			79,717
			Builders FirstSource Inc.:
		140,000	Company Guaranteed Notes, 5.000% due 3/1/30(c)			149,450
		64,000	Senior Secured Notes, 6.750% due 6/1/27(c)			69,760
			Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
		150,000	3.250% due 6/15/27			170,722
		100,000	4.150% due 4/1/45			126,025
		250,000	4.125% due 6/15/47			313,750
		100,000	3.550% due 2/15/50			118,662
		95,000	BWX Technologies Inc., Company Guaranteed Notes, 4.125% due 6/30/28(c)			99,037
		100,000	Canadian National Railway Co., Senior Unsecured Notes, 4.450% due 1/20/49			137,026
			Canadian Pacific Railway Co.:
		250,000	Company Guaranteed Notes, 4.000% due 6/1/28			294,627

See Notes to Financial Statements.

107

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	100,000	Senior Unsecured Notes, 2.900% due 2/1/25		$	109,153
		660,000	Carrier Global Corp., Senior Unsecured Notes, 3.577% due 4/5/50(c)			699,291
			Caterpillar Inc., Senior Unsecured Notes:
		1,510,000	3.400% due 5/15/24			1,658,102
		250,000	2.600% due 9/19/29			274,440
		100,000	3.803% due 8/15/42			122,465
		100,000	3.250% due 4/9/50			112,168
			Clean Harbors Inc., Company Guaranteed Notes:
		250,000	4.875% due 7/15/27(c)			262,280
		45,000	5.125% due 7/15/29(c)			49,424
		270,000	Colfax Corp., Company Guaranteed Notes, 6.375% due 2/15/26(c)			290,250
		135,000	Crown Americas LLC/Crown Americas Capital Corp. IV, Company Guaranteed Notes, 4.500% due 1/15/23			141,753
			CSX Corp., Senior Unsecured Notes:
		250,000	2.600% due 11/1/26			274,337
		100,000	4.300% due 3/1/48			126,045
		745,000	3.350% due 9/15/49			833,647
		200,000	4.500% due 8/1/54			262,123
		100,000	Deere & Co., Senior Unsecured Notes, 3.750% due 4/15/50			122,694
		100,000	Eaton Corp., Company Guaranteed Notes, 4.150% due 11/2/42			124,562
		165,000	Energizer Holdings Inc., Company Guaranteed Notes, 7.750% due 1/15/27(c)			180,722
			FedEx Corp., Company Guaranteed Notes:
		300,000	3.400% due 1/14/22			312,023
		100,000	3.300% due 3/15/27			110,338
		310,000	4.750% due 11/15/45			376,921
		200,000	4.400% due 1/15/47			229,945
		100,000	5.250% due 5/15/50			131,561
		200,000	Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35			230,600
		225,000	Flex Acquisition Co., Inc., Senior Unsecured Notes, 6.875% due 1/15/25(c)			229,342
		100,000	Fortune Brands Home & Security Inc., Senior Unsecured Notes, 3.250% due 9/15/29			111,566
		265,000	frontdoor Inc., Company Guaranteed Notes, 6.750% due 8/15/26(c)			284,875
		160,000	Gates Global LLC/Gates Corp., Company Guaranteed Notes, 6.250% due 1/15/26(c)			164,800
		100,000	GATX Corp., Senior Unsecured Notes, 3.850% due 3/30/27			108,336
			General Dynamics Corp., Company Guaranteed Notes:
		100,000	3.625% due 4/1/30			118,595
		100,000	4.250% due 4/1/40			125,418

See Notes to Financial Statements.

108

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
			General Electric Co., Senior Unsecured Notes:
	$	200,000	3.450% due 5/1/27		$	212,335
		100,000	3.625% due 5/1/30			102,948
		200,000	6.750% due 3/15/32			250,496
		430,000	5.875% due 1/14/38			496,568
		12,000	4.125% due 10/9/42			12,035
		100,000	4.350% due 5/1/50			101,606
			GFL Environmental Inc.:
			Senior Secured Notes:
		65,000	4.250% due 6/1/25(c)			66,219
		105,000	3.750% due 8/1/25(c)			105,651
		160,000	5.125% due 12/15/26(c)			168,934
		54,000	Senior Unsecured Notes, 8.500% due 5/1/27(c)			58,745
		310,000	Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28			328,987
		85,000	Hillman Group Inc., Company Guaranteed Notes, 6.375% due 7/15/22(c)			83,300
			Honeywell International Inc., Senior Unsecured Notes:
		500,000	1.850% due 11/1/21			508,304
		75,000	2.500% due 11/1/26			82,578
		100,000	2.800% due 6/1/50			108,056
		100,000	Howmet Aerospace Inc., Senior Unsecured Notes, 6.875% due 5/1/25			114,264
		100,000	Illinois Tool Works Inc., Senior Unsecured Notes, 2.650% due 11/15/26			111,403
		20,000	Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co.-Issuer LLC, Senior Secured Notes, 6.000% due 9/15/28(c)			20,400
		240,000	Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(c)			241,200
			John Deere Capital Corp., Senior Unsecured Notes:
		500,000	2.950% due 4/1/22			520,761
		100,000	2.250% due 9/14/26			108,540
		250,000	2.800% due 9/8/27			278,868
		100,000	Johnson Controls International PLC, Senior Unsecured Notes, 4.500% due 2/15/47			120,075
			Kansas City Southern, Company Guaranteed Notes:
		60,000	2.875% due 11/15/29			62,270
		75,000	3.500% due 5/1/50			77,125
		30,000	Kenan Advantage Group Inc., Senior Unsecured Notes, 7.875% due 7/31/23(c)			28,569
		160,000	Kratos Defense & Security Solutions Inc., Senior Secured Notes, 6.500% due 11/30/25(c)			168,000
		250,000	L3Harris Technologies Inc., Senior Unsecured Notes, 4.400% due 6/15/28			298,133
			Lockheed Martin Corp., Senior Unsecured Notes:
		250,000	3.550% due 1/15/26			285,360

See Notes to Financial Statements.

109

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	150,000	4.700% due 5/15/46		$	204,463
		155,000	Masonite International Corp., Company Guaranteed Notes, 5.750% due 9/15/26(c)			162,728
			Norfolk Southern Corp., Senior Unsecured Notes:
		250,000	2.900% due 6/15/26			277,666
		250,000	3.800% due 8/1/28			295,882
		100,000	3.400% due 11/1/49			110,936
			Northrop Grumman Corp., Senior Unsecured Notes:
		200,000	2.550% due 10/15/22			209,215
		200,000	4.030% due 10/15/47			243,566
		100,000	Otis Worldwide Corp., Senior Unsecured Notes, 2.565% due 2/15/30(c)			106,691
		100,000	Owens Corning, Senior Unsecured Notes, 3.400% due 8/15/26			107,676
			Parker-Hannifin Corp., Senior Unsecured Notes:
		100,000	3.250% due 3/1/27			110,344
		150,000	4.100% due 3/1/47			181,149
			Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes:
		40,000	3.400% due 11/15/26(c)			43,902
		300,000	4.200% due 4/1/27(c)			337,829
		50,000	PerkinElmer Inc., Senior Unsecured Notes, 3.300% due 9/15/29			55,450
			Raytheon Technologies Corp., Senior Unsecured Notes:
		100,000	3.200% due 3/15/24(c)			108,080
		75,000	3.950% due 8/16/25			85,793
		200,000	4.450% due 11/16/38			246,640
		100,000	4.500% due 6/1/42			126,580
		125,000	3.750% due 11/1/46			143,964
		200,000	4.625% due 11/16/48			262,217
			Republic Services Inc., Senior Unsecured Notes:
		250,000	2.500% due 8/15/24			267,020
		100,000	3.050% due 3/1/50			106,325
		25,000	Rockwell Automation Inc., Senior Unsecured Notes, 4.200% due 3/1/49			32,974
			Roper Technologies Inc., Senior Unsecured Notes:
		25,000	1.000% due 9/15/25			25,159
		570,000	4.200% due 9/15/28			683,367
		250,000	2.950% due 9/15/29			274,183
			Ryder System Inc., Senior Unsecured Notes:
		300,000	2.800% due 3/1/22			309,441
		30,000	2.500% due 9/1/24			31,727
		90,000	2.900% due 12/1/26			96,679

See Notes to Financial Statements.

110

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	225,000	Silgan Holdings Inc., Senior Unsecured Notes, 4.125% due 2/1/28		$	233,156
		100,000	Snap-on Inc., Senior Unsecured Notes, 3.100% due 5/1/50			104,860
		250,000	Stanley Black & Decker Inc., Senior Unsecured Notes, 3.400% due 3/1/26			282,974
		200,000	Stevens Holding Co., Inc., Company Guaranteed Notes, 6.125% due 10/1/26(c)			215,500
		797,025	Stoneway Capital Corp., Senior Secured Notes, 10.000% due 3/1/27(f)			382,580
		200,000	Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22			209,000
		215,000	Tervita Corp., Secured Notes, 7.625% due 12/1/21(c)			180,600
			Textron Inc., Senior Unsecured Notes:
		100,000	3.000% due 6/1/30			104,916
		1,330,000	2.450% due 3/15/31			1,315,699
		55,000	Titan Acquisition Ltd./Titan Co.-Borrower LLC, Senior Unsecured Notes, 7.750% due 4/15/26(c)			55,413
		250,000	Trane Technologies Luxembourg Finance SA, Company Guaranteed Notes, 3.800% due 3/21/29			292,611
			TransDigm Inc.:
			Company Guaranteed Notes:
		140,000	6.375% due 6/15/26			143,126
		125,000	5.500% due 11/15/27			122,025
			Senior Secured Notes:
		35,000	8.000% due 12/15/25(c)			38,063
		220,000	6.250% due 3/15/26(c)			232,146
		140,000	Trident TPI Holdings Inc., Company Guaranteed Notes, 6.625% due 11/1/25(c)			138,250
			Triumph Group Inc.:
		109,000	Company Guaranteed Notes, 7.750% due 8/15/25			64,583
		55,000	Secured Notes, 6.250% due 9/15/24(c)			44,991
		200,000	Trivium Packaging Finance BV, Senior Secured Notes, 5.500% due 8/15/26(c)			210,924
			Union Pacific Corp., Senior Unsecured Notes:
		200,000	3.950% due 9/10/28			237,641
		250,000	3.350% due 8/15/46			270,883
		590,000	4.300% due 3/1/49			758,719
		150,000	3.250% due 2/5/50			164,338
		125,000	3.875% due 2/1/55			150,345
			United Parcel Service Inc., Senior Unsecured Notes:
		200,000	4.450% due 4/1/30			251,442
		150,000	3.750% due 11/15/47			180,545
		50,000	5.300% due 4/1/50			73,529
		200,000	Vertical US Newco Inc., Senior Secured Notes, 5.250% due 7/15/27(c)			208,250
		100,000	Vulcan Materials Co., Senior Unsecured Notes, 4.500% due 6/15/47			115,989

See Notes to Financial Statements.

111

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	100,000	Waste Management Inc., Company Guaranteed Notes, 4.150% due 7/15/49		$	125,551
		130,000	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(c)			133,539
			WRKCo Inc., Company Guaranteed Notes:
		740,000	3.750% due 3/15/25			831,576
		250,000	4.900% due 3/15/29			307,648
			Total Industrial			32,330,849
Technology – 1.1%
		625,000	Activision Blizzard Inc., Senior Unsecured Notes, 2.500% due 9/15/50			586,328
			Apple Inc., Senior Unsecured Notes:
		130,000	1.700% due 9/11/22			133,866
		500,000	2.850% due 2/23/23			529,247
		300,000	2.400% due 5/3/23			316,660
		250,000	3.000% due 2/9/24			270,467
		200,000	2.050% due 9/11/26			215,013
		250,000	3.350% due 2/9/27			286,108
		150,000	3.000% due 6/20/27			169,137
		95,000	2.200% due 9/11/29			102,673
		1,675,000	1.250% due 8/20/30			1,673,432
		100,000	4.375% due 5/13/45			131,249
		100,000	4.650% due 2/23/46			136,873
		150,000	4.250% due 2/9/47			197,085
		250,000	3.750% due 11/13/47			301,868
		100,000	2.650% due 5/11/50			102,729
		100,000	Applied Materials Inc., Senior Unsecured Notes, 4.350% due 4/1/47			135,083
			Ascend Learning LLC, Senior Unsecured Notes:
		205,000	6.875% due 8/1/25(c)			211,150
		125,000	6.875% due 8/1/25(c)			128,750
		60,000	Banff Merger Sub Inc., Senior Unsecured Notes, 9.750% due 9/1/26(c)			63,981
		115,000	Black Knight InfoServ LLC, Company Guaranteed Notes, 3.625% due 9/1/28(c)			116,474
		15,000	Boxer Parent Co., Inc., Senior Secured Notes, 7.125% due 10/2/25(c)			16,295
		100,000	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.625% due 1/15/24			107,978
			Broadcom Inc., Company Guaranteed Notes:
		200,000	4.700% due 4/15/25			228,558
		795,000	3.150% due 11/15/25			860,619
		200,000	4.250% due 4/15/26			226,766
		250,000	4.750% due 4/15/29			292,441

See Notes to Financial Statements.

112

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
	$	100,000	5.000% due 4/15/30		$	118,852
		100,000	4.300% due 11/15/32			115,268
		75,000	BY Crown Parent LLC/BY Bond Finance Inc., Senior Secured Notes, 4.250% due 1/31/26(c)			76,586
		45,000	Camelot Finance SA, Senior Secured Notes, 4.500% due 11/1/26(c)			46,562
		60,000	Castle US Holding Corp., Senior Unsecured Notes, 9.500% due 2/15/28(c)			57,000
			Dell International LLC/EMC Corp., Senior Secured Notes:
		100,000	5.450% due 6/15/23(c)			110,433
		250,000	6.020% due 6/15/26(c)			294,327
		100,000	5.300% due 10/1/29(c)			114,051
		100,000	8.100% due 7/15/36(c)			132,874
			Dun & Bradstreet Corp.:
		92,000	Company Guaranteed Notes, 10.250% due 2/15/27(c)			104,880
		100,000	Senior Secured Notes, 6.875% due 8/15/26(c)			108,500
		150,000	DXC Technology Co., Senior Unsecured Notes, 4.750% due 4/15/27			167,024
			Fiserv Inc., Senior Unsecured Notes:
		200,000	3.200% due 7/1/26			224,187
		250,000	3.500% due 7/1/29			284,338
		360,000	Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 SARL/Greeneden US Ho, Company Guaranteed Notes, 10.000% due 11/30/24(c)			382,500
			Hewlett Packard Enterprise Co., Senior Unsecured Notes:
		250,000	2.250% due 4/1/23			259,194
		150,000	6.200% due 10/15/35			187,219
		100,000	HP Inc., Senior Unsecured Notes, 6.000% due 9/15/41			122,482
			Intel Corp., Senior Unsecured Notes:
		500,000	2.700% due 12/15/22			528,039
		50,000	3.400% due 3/25/25			56,101
		250,000	4.100% due 5/19/46			309,478
		250,000	4.750% due 3/25/50			342,730
		350,000	3.100% due 2/15/60			371,567
			International Business Machines Corp., Senior Unsecured Notes:
		250,000	2.500% due 1/27/22			257,746
		100,000	3.300% due 5/15/26			113,517
		250,000	3.300% due 1/27/27			282,946
		100,000	1.700% due 5/15/27			103,490
		250,000	3.500% due 5/15/29			289,806
		200,000	1.950% due 5/15/30			206,598
		100,000	4.000% due 6/20/42			119,644

See Notes to Financial Statements.

113

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
	$	100,000	4.250% due 5/15/49		$	126,382
		125,000	KLA Corp., Senior Unsecured Notes, 4.650% due 11/1/24			143,553
			Lam Research Corp., Senior Unsecured Notes:
		100,000	4.000% due 3/15/29			119,620
		100,000	1.900% due 6/15/30			103,429
		65,000	Logan Merger Sub Inc., Company Guaranteed Notes, 5.500% due 9/1/27(c)			66,869
			Micron Technology Inc., Senior Unsecured Notes:
		800,000	2.497% due 4/24/23			835,382
		100,000	5.327% due 2/6/29			119,397
			Microsoft Corp., Senior Unsecured Notes:
		100,000	2.400% due 2/6/22			102,850
		250,000	2.875% due 2/6/24			269,793
		400,000	3.125% due 11/3/25			448,600
		250,000	3.300% due 2/6/27			286,003
		250,000	3.450% due 8/8/36			300,051
		550,000	2.525% due 6/1/50			575,403
		150,000	3.950% due 8/8/56			197,072
		40,000	MSCI Inc., Company Guaranteed Notes, 3.625% due 9/1/30(c)			41,962
		410,000	NetApp Inc., Senior Unsecured Notes, 1.875% due 6/22/25			426,464
			NVIDIA Corp., Senior Unsecured Notes:
		100,000	2.850% due 4/1/30			111,464
		100,000	3.500% due 4/1/50			113,040
		200,000	NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 3.400% due 5/1/30(c)			221,423
			Oracle Corp., Senior Unsecured Notes:
		500,000	1.900% due 9/15/21			507,855
		100,000	2.950% due 11/15/24			109,162
		100,000	2.650% due 7/15/26			109,683
		400,000	2.950% due 4/1/30			447,629
		250,000	3.850% due 7/15/36			293,575
		100,000	3.600% due 4/1/40			112,706
		250,000	4.000% due 7/15/46			293,069
		200,000	4.000% due 11/15/47			235,148
		840,000	3.600% due 4/1/50			937,432
		100,000	3.850% due 4/1/60			115,373
			QUALCOMM Inc., Senior Unsecured Notes:
		209,000	1.300% due 5/20/28(c)			209,458
		100,000	4.650% due 5/20/35			134,964

See Notes to Financial Statements.

114

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
	$	100,000	4.300% due 5/20/47		$	128,024
		80,000	Riverbed Technology Inc., Company Guaranteed Notes, 8.875% due 3/1/23(c)			56,000
		60,000	Science Applications International Corp., Company Guaranteed Notes, 4.875% due 4/1/28(c)			62,175
		200,000	Seagate HDD Cayman, Company Guaranteed Notes, 4.125% due 1/15/31(c)			216,384
		40,000	ServiceNow Inc., Senior Unsecured Notes, 1.400% due 9/1/30			39,283
		230,000	Sophia LP/Sophia Finance Inc., Senior Unsecured Notes, 9.000% due 9/30/23(c)			231,150
		350,000	Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Senior Unsecured Notes, 6.750% due 6/1/25(c)			357,445
		100,000	Texas Instruments Inc., Senior Unsecured Notes, 3.875% due 3/15/39			124,777
		200,000	VMware Inc., Senior Unsecured Notes, 3.900% due 8/21/27			222,357
			Total Technology			22,981,175
Utilities – 1.5%
		510,000	AEP Texas Inc., Senior Unsecured Notes, 3.450% due 1/15/50			555,606
		1,300,000	AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, Company Guaranteed Notes, 7.950% due 5/11/26			1,330,888
			AES Gener SA, Junior Subordinated Notes:
		900,000	7.125% (5-Year USD Swap Rate + 4.644)% due 3/26/79(b)(c)			960,920
		300,000	7.125% (5-Year USD Swap Rate + 4.644)% due 3/26/79(b)			320,307
		200,000	6.350% (5-Year CMT Index + 4.917)% due 10/7/79(b)(c)			209,100
		200,000	6.350% (5-Year CMT Index + 4.917)% due 10/7/79(b)			209,100
		400,000	AES Panama Generation Holdings SRL, Senior Secured Notes, 4.375% due 5/31/30(c)			420,000
		65,000	Ameren Corp., Senior Unsecured Notes, 2.500% due 9/15/24			69,379
		50,000	Ameren Illinois Co., 1st Mortgage Notes, 3.700% due 12/1/47			59,516
			American Water Capital Corp., Senior Unsecured Notes:
		250,000	3.750% due 9/1/28			292,531
		50,000	4.150% due 6/1/49			62,537
		100,000	Arizona Public Service Co., Senior Unsecured Notes, 4.250% due 3/1/49			125,510
			Atmos Energy Corp., Senior Unsecured Notes:
		100,000	4.125% due 3/15/49			124,082
		65,000	3.375% due 9/15/49			74,135
			Berkshire Hathaway Energy Co., Senior Unsecured Notes:
		200,000	6.125% due 4/1/36			288,651
		150,000	5.150% due 11/15/43			206,494
		100,000	4.450% due 1/15/49			128,508
		50,000	4.250% due 10/15/50(c)			63,509

See Notes to Financial Statements.

115

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	85,000	Black Hills Corp., Senior Unsecured Notes, 3.050% due 10/15/29		$	92,568
			Calpine Corp.:
			Senior Unsecured Notes:
		60,000	5.125% due 3/15/28(c)			63,000
		75,000	4.625% due 2/1/29(c)			76,681
		95,000	Senior Secured Notes, 4.500% due 2/15/28(c)			98,481
			CenterPoint Energy Inc., Senior Unsecured Notes:
		250,000	3.850% due 2/1/24			274,490
		100,000	3.700% due 9/1/49			112,121
		135,000	Clearway Energy Operating LLC, Company Guaranteed Notes, 4.750% due 3/15/28(c)			141,412
		760,000	Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35			815,222
			Commonwealth Edison Co., 1st Mortgage Notes:
		75,000	3.750% due 8/15/47			89,763
		75,000	4.000% due 3/1/48			94,108
		50,000	3.200% due 11/15/49			54,897
			Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
		250,000	3.950% due 3/1/43			292,235
		100,000	4.125% due 5/15/49			123,125
		100,000	3.950% due 4/1/50			119,266
		100,000	Consumers Energy Co., 1st Mortgage Notes, 3.100% due 8/15/50			109,429
		75,000	Dominion Energy Gas Holdings LLC, Senior Unsecured Notes, 3.900% due 11/15/49			86,133
		50,000	Dominion Energy Inc., Senior Unsecured Notes, 4.600% due 3/15/49			66,934
		100,000	Dominion Energy South Carolina Inc., 1st Mortgage Notes, 5.100% due 6/1/65			152,245
		100,000	DTE Electric Co., General and Refunding Mortgage Bonds, 3.750% due 8/15/47			118,956
		100,000	DTE Energy Co., Senior Unsecured Notes, 2.950% due 3/1/30			108,102
			Duke Energy Corp., Senior Unsecured Notes:
		2,100,000	2.650% due 9/1/26			2,292,290
		350,000	3.750% due 9/1/46			402,144
			Duke Energy Progress LLC, 1st Mortgage Notes:
		250,000	6.300% due 4/1/38			379,611
		100,000	4.200% due 8/15/45			124,994
		234,750	Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29			247,786
		900,000	Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25			736,884
		200,000	Energuate Trust, Company Guaranteed Notes, 5.875% due 5/3/27			208,040
		250,000	Entergy Corp., Senior Unsecured Notes, 2.800% due 6/15/30			272,049

See Notes to Financial Statements.

116

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	200,000	Entergy Louisiana LLC, Collateral Trust, 4.000% due 3/15/33		$	251,026
			Essential Utilities Inc., Senior Unsecured Notes:
		100,000	2.704% due 4/15/30			107,992
		815,000	3.351% due 4/15/50			880,893
		250,000	Evergy Inc., Senior Unsecured Notes, 2.900% due 9/15/29			270,365
		100,000	Eversource Energy, Senior Unsecured Notes, 2.900% due 10/1/24			108,273
		100,000	Exelon Corp., Senior Unsecured Notes, 4.700% due 4/15/50			128,396
		500,000	Exelon Generation Co. LLC, Senior Unsecured Notes, 3.400% due 3/15/22			520,504
			FirstEnergy Corp., Senior Unsecured Notes:
		100,000	3.900% due 7/15/27			109,641
		600,000	4.850% due 7/15/47			736,436
		100,000	3.400% due 3/1/50			100,486
			Florida Power & Light Co., 1st Mortgage Notes:
		250,000	3.125% due 12/1/25			278,789
		100,000	3.700% due 12/1/47			123,023
		150,000	3.950% due 3/1/48			191,418
		50,000	3.150% due 10/1/49			56,698
			Georgia Power Co., Senior Unsecured Notes:
		100,000	2.200% due 9/15/24			105,822
		200,000	3.250% due 3/30/27			220,018
		100,000	4.300% due 3/15/42			118,160
		200,000	Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due 5/6/25(c)			206,895
		751,200	LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(c)			863,880
		100,000	MidAmerican Energy Co., 1st Mortgage Notes, 3.100% due 5/1/27			112,374
			Minejesa Capital BV, Senior Secured Notes:
		400,000	4.625% due 8/10/30			415,044
		500,000	5.625% due 8/10/37			527,500
		255,000	Monongahela Power Co., 1st Mortgage Notes, 5.400% due 12/15/43(c)			353,832
			National Rural Utilities Cooperative Finance Corp., Collateral Trust:
		250,000	3.050% due 2/15/22			258,030
		50,000	4.300% due 3/15/49			65,067
			NextEra Energy Capital Holdings Inc., Company Guaranteed Notes:
		845,000	2.750% due 5/1/25			918,944
		125,000	3.550% due 5/1/27			144,125
			NiSource Inc., Senior Unsecured Notes:
		150,000	3.490% due 5/15/27			169,372

See Notes to Financial Statements.

117

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	100,000	4.375% due 5/15/47		$	124,088
			Northern States Power Co., 1st Mortgage Notes:
		150,000	3.600% due 5/15/46			179,304
		100,000	3.600% due 9/15/47			118,643
			NSTAR Electric Co., Senior Unsecured Notes:
		150,000	3.250% due 5/15/29			171,740
		100,000	3.950% due 4/1/30			121,063
		50,000	Oglethorpe Power Corp., 1st Mortgage Notes, 5.050% due 10/1/48			59,274
			Oncor Electric Delivery Co. LLC, Senior Secured Notes:
		100,000	5.300% due 6/1/42			141,294
		100,000	3.100% due 9/15/49			109,853
			Pacific Gas & Electric Co., 1st Mortgage Notes:
		200,000	3.150% due 1/1/26			207,080
		200,000	2.500% due 2/1/31			194,335
		100,000	4.500% due 7/1/40			104,893
		200,000	4.950% due 7/1/50			219,371
		100,000	3.500% due 8/1/50			93,329
		50,000	PacifiCorp, 1st Mortgage Notes, 4.150% due 2/15/50			63,084
		850,000	Pampa Energia SA, Senior Unsecured Notes, 7.500% due 1/24/27			723,329
		220,000	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(c)			231,550
		250,000	PECO Energy Co., 1st Ref Notes, 4.150% due 10/1/44			313,162
		75,000	PG&E Corp., Senior Secured Notes, 5.000% due 7/1/28			74,812
		140,000	Pike Corp., Senior Unsecured Notes, 5.500% due 9/1/28(c)			140,700
			PPL Capital Funding Inc., Company Guaranteed Notes:
		100,000	3.400% due 6/1/23			106,591
		250,000	3.100% due 5/15/26			278,016
		250,000	4.125% due 4/15/30			295,346
		50,000	PPL Electric Utilities Corp., 1st Mortgage Notes, 3.000% due 10/1/49			53,761
			Public Service Electric & Gas Co., 1st Mortgage Notes:
		200,000	3.200% due 5/15/29			227,556
		100,000	4.050% due 5/1/48			127,768
		100,000	Public Service Enterprise Group Inc., Senior Unsecured Notes, 2.650% due 11/15/22			104,538
		150,000	Puget Sound Energy Inc., 1st Mortgage Notes, 4.223% due 6/15/48			190,078
		100,000	San Diego Gas & Electric Co., 1st Mortgage Notes, 6.000% due 6/1/39			145,360

See Notes to Financial Statements.

118

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	125,000	Sempra Energy, Senior Unsecured Notes, 4.050% due 12/1/23		$	137,247
			Southern California Edison Co., 1st Ref Notes:
		125,000	4.050% due 3/15/42			137,039
		250,000	4.000% due 4/1/47			272,071
			Southern California Gas Co., 1st Mortgage Notes:
		150,000	3.150% due 9/15/24			162,847
		100,000	3.950% due 2/15/50			126,339
			Southern Co., Senior Unsecured Notes:
		810,000	3.700% due 4/30/30			928,201
		150,000	4.400% due 7/1/46			178,840
		150,000	Southern Co. Gas Capital Corp, Company Guaranteed Notes, 4.400% due 5/30/47			181,015
			Southwestern Electric Power Co., Senior Unsecured Notes:
		250,000	3.900% due 4/1/45			275,553
		100,000	3.850% due 2/1/48			111,888
		100,000	Southwestern Public Service Co., 1st Mortgage Notes, 4.500% due 8/15/41			126,537
		362,800	Star Energy Geothermal Wayang Windu Ltd., Senior Secured Notes, 6.750% due 4/24/33			395,694
		300,000	State Grid Overseas Investment 2013 Ltd., Company Guaranteed Notes, 3.125% due 5/22/23			316,960
		110,000	Talen Energy Supply LLC, Senior Secured Notes, 6.625% due 1/15/28(c)			110,266
		50,000	Union Electric Co., 1st Mortgage Notes, 3.250% due 10/1/49			56,146
			Virginia Electric & Power Co., Senior Unsecured Notes:
		100,000	2.950% due 1/15/22			102,619
		150,000	3.500% due 3/15/27			170,537
		250,000	4.000% due 1/15/43			305,513
		50,000	Washington Gas Light Co., Senior Unsecured Notes, 3.650% due 9/15/49			56,673
		150,000	Wisconsin Power & Light Co., Senior Unsecured Notes, 3.000% due 7/1/29			169,836
		50,000	Wisconsin Public Service Corp., Senior Unsecured Notes, 3.300% due 9/1/49			55,410
			Total Utilities			30,893,891
			TOTAL CORPORATE BONDS & NOTES (Cost – $384,333,293)			406,005,865

COLLATERALIZED MORTGAGE OBLIGATIONS – 18.7%
			20 Times Square Trust:
		370,000	Series 2018-20TS, Class F, 3.203% due 5/15/35(b)(c)			337,801
		353,000	Series 2018-20TS, Class G, 3.203% due 5/15/35(b)(c)			311,725
			Alternative Loan Trust:
		977,577	Series 2005-28CB, Class 1A7, 5.500% due 8/25/35			965,585

See Notes to Financial Statements.

119

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	7,547,208	Series 2005-7CB, Class 2A2, 4.875% (1-Month USD-LIBOR + 5.050)% due 3/1/38(b)(g)		$	910,933
		7,547,208	Series 2005-7CB, Class 2A5, 0.625% (1-Month USD-LIBOR + 0.450)% due 3/1/38(b)			6,175,628
			Angel Oak Mortgage Trust I LLC:
		845,417	Series 2018-3, Class A1, 3.649% due 9/25/48(b)(c)			861,188
		921,570	Series 2018-3, Class A2, 3.751% due 9/25/48(b)(c)			938,599
		880,032	Series 2018-3, Class A3, 3.853% due 9/25/48(b)(c)			894,981
		744,246	Ashford Hospitality Trust, Series 2018-ASHF, Class A, 1.062% (1-Month USD-LIBOR + 0.900)% due 4/15/35(b)(c)			697,770
		8,650,159	Banc of America Funding Trust, Series 2007-1, Class TA2, 0.305% (1-Month USD-LIBOR + 0.130)% due 1/25/37(b)			7,018,580
			BANK:
		12,216,581	Series 2017-BNK4, Class XA, 1.570% due 5/15/50(b)(g)			812,940
		16,184,691	Series 2018-BN10, Class XA, 0.879% due 2/15/61(b)(g)			721,889
		16,096,692	Series 2019-BN16, Class XA, 1.124% due 2/15/52(b)(g)			1,032,514
			BBCMS Mortgage Trust:
		178,000	Series 2017-DELC, Class C, 1.362% (1-Month USD-LIBOR + 1.200)% due 8/15/36(b)(c)			165,071
		203,000	Series 2017-DELC, Class D, 1.862% (1-Month USD-LIBOR + 1.700)% due 8/15/36(b)(c)			183,681
		408,000	Series 2017-DELC, Class E, 2.662% (1-Month USD-LIBOR + 2.500)% due 8/15/36(b)(c)			367,130
		407,000	Series 2017-DELC, Class F, 3.662% (1-Month USD-LIBOR + 3.500)% due 8/15/36(b)(c)			363,325
		1,236,000	Series 2018-TALL, Class F, 3.397% (1-Month USD-LIBOR + 3.235)% due 3/15/37(b)(c)			1,105,916
			BBCMS Trust:
		103,488	Series 2018-BXH, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due 10/15/37(b)(c)			97,884
		1,083,000	Series 2018-CBM, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due 7/15/37(b)(c)			1,028,509
		3,829,691	Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 3.298% due 2/25/36(b)			3,178,479
			Benchmark Mortgage Trust:
		200,000	Series 2018-B4, Class A2, 3.976% due 7/15/51			214,071
		600,000	Series 2018-B5, Class A4, 4.208% due 7/15/51			713,523
		35,544,402	Series 2018-B7, Class XA, 0.600% due 5/15/53(b)(g)			995,887
		750,000	Series 2019-B11, Class A4, 3.281% due 5/15/52			846,758
		35,595,632	Series 2019-B9, Class XA, 1.212% due 3/15/52(b)(g)			2,571,806
		6,151,930	Series 2020-B18, Class XA, 1.919% due 7/15/53(b)(g)			760,071

See Notes to Financial Statements.

120

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	997,000	BHMS, Series 2018-ATLS, Class A, 1.412% (1-Month USD-LIBOR + 1.250)% due 7/15/35(b)(c)		$	953,310
			BX Commercial Mortgage Trust:
		984,000	Series 2018-BIOA, Class D, 1.483% (1-Month USD-LIBOR + 1.321)% due 3/15/37(b)(c)			964,282
		483,122	Series 2018-IND, Class A, 0.912% (1-Month USD-LIBOR + 0.750)% due 11/15/35(b)(c)			481,307
			BX Trust:
		193,395	Series 2017-SLCT, Class D, 2.212% (1-Month USD-LIBOR + 2.050)% due 7/15/34(b)(c)			188,349
		474,300	Series 2017-SLCT, Class E, 3.312% (1-Month USD-LIBOR + 3.150)% due 7/15/34(b)(c)			460,814
		112,516	Series 2018-EXCL, Class A, 1.250% (1-Month USD-LIBOR + 1.088)% due 9/15/37(b)(c)			102,727
		903,000	Series 2018-GW, Class A, 0.962% (1-Month USD-LIBOR + 0.800)% due 5/15/35(b)(c)			867,445
		100,000	Series 2018-GW, Class D, 1.932% (1-Month USD-LIBOR + 1.770)% due 5/15/35(b)(c)			92,989
		1,600,000	Series 2019-OC11, Class E, 4.075% due 12/9/41(b)(c)			1,445,361
		1,145,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 1.232% (1-Month USD-LIBOR + 1.070)% due 12/15/37(b)(c)			1,144,305
			CD Mortgage Trust:
		400,000	Series 2017-CD3, Class A4, 3.631% due 2/10/50			453,412
		19,956,012	Series 2017-CD4, Class XA, 1.454% due 5/10/50(b)(g)			1,235,137
		16,051,344	CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XA, 1.772% due 6/15/50(b)(g)			1,191,981
		7,335,888	CIM Trust, Series 2017-6, Class A1, 3.015% due 6/25/57(b)(c)			7,375,262
			Citigroup Commercial Mortgage Trust:
		36,655,506	Series 2015-GC35, Class XA, 0.978% due 11/10/48(b)(g)			1,028,564
		1,250,000	Series 2016-GC37, Class A4, 3.314% due 4/10/49			1,375,872
		1,180,000	Series 2019-GC43, Class A4, 3.038% due 11/10/52			1,319,696
			Citigroup Mortgage Loan Trust:
		6,337,566	Series 2018-A, Class A1, 4.000% due 1/25/68(b)(c)			6,357,617
		2,699,740	Series 2019-B, Class A1, 3.258% due 4/25/66(b)(c)			2,718,598
			Commercial Mortgage Trust:
		240,834,752	Series 2013-CR9, Class XA, 0.141% due 7/10/45(b)(g)			524,273
		1,127,000	Series 2016-GCT, Class F, 3.577% due 8/10/29(b)(c)			1,106,710
			Credit Suisse Commercial Mortgage Capital Trust:
		713,000	Series 2017-LSTK, Class C, 3.229% due 4/5/33(c)			696,319
		848,000	Series 2017-LSTK, Class D, 3.442% due 4/5/33(b)(c)			816,007
		1,246,000	Series 2017-LSTK, Class E, 3.442% due 4/5/33(b)(c)			1,165,651

See Notes to Financial Statements.

121

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	69,653,000	Series 2017-LSTK, Class XACP, 0.000% due 4/5/33(b)(c)(g)		$	697
		25,355,000	Series 2017-LSTK, Class XBCP, 0.000% due 4/5/33(b)(c)(g)			254
		4,549,141	Series 2019-RPL2, Class A1, 3.858% due 11/25/58(b)(c)			4,682,563
		1,205,000	CSAIL Commercial Mortgage Trust, Series 2018-C14, Class C, 5.054% due 11/15/51(b)			1,288,773
		2,432,661	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6, 5.500% due 10/25/35			1,999,708
		1,155,000	CSMC, Series 2020-NET, Class A, 2.257% due 8/15/37(c)			1,191,423
		663,260	CSWF, Series 2018-TOP, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due 8/15/35(b)(c)			643,515
		920,714	DBGS Mortgage Trust, Series 2018-BIOD, Class A, 0.965% (1-Month USD-LIBOR + 0.803)% due 5/15/35(b)(c)			917,246
		907,266	Exantas Capital Corp., Ltd., Series 2019-RSO7, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due 4/15/36(b)(c)			882,589
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
		2,348,788	Series 4116, Class AP, 1.350% due 8/15/42			2,359,737
		9,171,251	Series 4223, Class SB, 5.243% (1-Month USD-LIBOR + 5.431)% due 7/15/43(b)			10,228,272
		4,435,878	Series 4610, Class LA, 2.500% due 1/15/41			4,541,079
		12,263,464	Series 4640, Class VB, 3.000% due 3/15/37			12,836,718
		8,076,473	Series 4653, Class Z, 3.000% due 2/15/47			8,482,485
		8,565,788	Series 4655, Class CZ, 3.000% due 2/15/47			9,002,063
		7,991,098	Series 4664, Class TC, 3.000% due 6/15/41			8,121,337
		8,000,000	Series 4749, Class LV, 3.500% due 4/15/38			8,385,338
		11,079,308	Series 4750, Class PA, 3.000% due 7/15/46			11,488,193
		8,546,253	Federal Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4745, Class EC, 3.000% due 12/15/44			8,882,465
			Federal National Mortgage Association (FNMA), REMICS:
		3,175,874	Series 2014-11, Class KZ, 2.500% due 10/25/41			3,289,886
		3,812,348	Series 2015-55, Class PD, 2.500% due 3/25/43			3,894,193
		411,676	Series 2016-61, Class MZ, 3.000% due 9/25/46			411,220
		10,569,439	Series 2017-107, Class GA, 3.000% due 8/25/45			10,870,178
		18,522,324	Series 2017-12, Class TA, 3.000% due 4/25/42			18,848,680
		7,731,019	Series 2017-24, Class LG, 3.000% due 4/25/37			8,688,600
		11,382,787	Series 2017-32, Class CA, 3.000% due 10/25/42			11,586,602
		11,604,325	Series 2018-33, Class C, 3.000% due 5/25/48			12,179,532
		5,127,514	Series 2018-38, Class LA, 3.000% due 6/25/48			5,388,991
		4,000,000	FMC GMSR Issuer Trust, Series 2019-GT2, Class A, 4.230% due 9/25/24(b)(c)			3,897,150
			Freddie Mac Multifamily Structured Pass-Through Certificates:
		1,750,000	Series K020, Class A2, 2.373% due 5/25/22			1,796,322

See Notes to Financial Statements.

122

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units				Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	1,540,000		Series K062, Class A2, 3.413% due 12/25/26		$	1,770,946
		300,000		Series K078, Class A2, 3.854% due 6/25/28			359,523
		2,321,233		FWDSecuritization Trust, Series 2019-INV1, Class A3, 3.110% due 6/25/49(b)(c)			2,327,755
		3,431,189		Government National Mortgage Association (GNMA), Series 2012-32, Class Z, 3.500% due 3/20/42			3,701,767
				Great Wolf Trust:
		500,000		Series 2019-WOLF, Class E, 2.894% (1-Month USD-LIBOR + 2.732)% due 12/15/36(b)(c)			449,922
		500,000		Series 2019-WOLF, Class F, 3.293% (1-Month USD-LIBOR + 3.131)% due 12/15/36(b)(c)			434,949
				GS Mortgage Securities Corp. Trust:
		400,000		Series 2018-TWR, Class A, 1.062% (1-Month USD-LIBOR + 0.900)% due 7/15/31(b)(c)			385,701
		400,000		Series 2018-TWR, Class D, 1.762% (1-Month USD-LIBOR + 1.600)% due 7/15/31(b)(c)			364,226
		400,000		Series 2018-TWR, Class E, 2.262% (1-Month USD-LIBOR + 2.100)% due 7/15/31(b)(c)			362,966
		400,000		Series 2018-TWR, Class F, 2.962% (1-Month USD-LIBOR + 2.800)% due 7/15/31(b)(c)			357,849
		400,000		Series 2018-TWR, Class G, 4.087% (1-Month USD-LIBOR + 3.925)% due 7/15/31(b)(c)			347,734
		1,250,000		Series 2019-SOHO, Class E, 2.037% (1-Month USD-LIBOR + 1.875)% due 6/15/36(b)(c)			1,169,486
				GS Mortgage Securities Trust:
		896,614	��	Series 2012-GC6, Class A3, 3.482% due 1/10/45			916,555
		10,469,902		Series 2017-GS7, Class XA, 1.272% due 8/10/50(b)(g)			614,788
		14,787,859		Series 2020-GC45, Class XA, 0.675% due 2/13/53(b)(g)			757,372
		7,600,209		HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 0.311% (1-Month USD-LIBOR + 0.150)% due 1/25/47(b)			6,725,953
		1,018,754		HPLY Trust, Series 2019-HIT, Class F, 3.312% (1-Month USD-LIBOR + 3.150)% due 11/15/36(b)(c)			870,812
		33,247		JP Morgan Chase Commercial Mortgage Securities Corp., Series 2017-FL10, Class D, 2.062% (1-Month USD-LIBOR + 1.900)% due 6/15/32(b)(c)			31,810
				JP Morgan Chase Commercial Mortgage Securities Trust:
		725,982		Series 2012-C8, Class A3, 2.829% due 10/15/45			747,740
		755,226		Series 2018-LAQ, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due 6/15/32(b)(c)			718,349
		805,000		Series 2018-WPT, Class FFX, 5.542% due 7/5/33(c)			758,646
		823,000		Series 2020-ACE, Class C, 3.694% due 1/10/37(b)(c)			703,341

See Notes to Financial Statements.

123

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	805,000	Series 2020-LOOP, Class E, 3.861% due 12/5/38(b)(c)		$	720,240
			JP Morgan Mortgage Trust:
		3,905,281	Series 2006-S1, Class 2A9, 6.500% due 4/25/36			4,312,745
		8,099,749	Series 2006-S4, Class A7, 6.000% due 1/25/37			5,376,011
		2,434,628	Series 2018-7FRB, Class A2, 0.925% (1-Month USD-LIBOR + 0.750)% due 4/25/46(b)(c)			2,407,528
			JPMBB Commercial Mortgage Securities Trust:
		1,667,000	Series 2015-C27, Class C, 4.445% due 2/15/48(b)			1,657,329
		1,205,000	Series 2015-C28, Class C, 4.291% due 10/15/48(b)			1,115,353
			JPMDB Commercial Mortgage Securities Trust:
		1,123,000	Series 2020-COR7, Class B, 3.294% due 5/13/53(b)			1,204,972
		9,666,888	Series 2020-COR7, Class XA, 1.786% due 5/13/53(b)(g)			1,138,228
		1,452,004	Legacy Mortgage Asset Trust, Series 2019-SL3, Class A, step bond to yield, 3.474% due 11/25/61(c)			1,444,616
		5,339,137	Lehman XS Trust, Series 2007-4N, Class 1A3, 0.415% (1-Month USD-LIBOR + 0.240)% due 3/25/47(b)			4,661,215
			Manhattan West:
		1,158,000	Series 2020-1MW, Class C, 2.412% due 9/10/39(b)(c)			1,140,287
		1,158,000	Series 2020-1MW, Class D, 2.412% due 9/10/39(b)(c)			1,106,703
		7,791,309	Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750% due 8/25/36			4,779,675
		1,107,000	MF1 Ltd., Series 2020-FL3, Class A, 2.212% (1-Month USD-LIBOR + 2.050)% due 7/15/35(b)(c)			1,111,333
			Morgan Stanley Bank of America Merrill Lynch Trust:
		421,194	Series 2014-C15, Class A3, 3.773% due 4/15/47			454,229
		2,000,000	Series 2014-C17, Class C, 4.657% due 8/15/47(b)			1,904,665
		18,164,272	Series 2014-C19, Class XA, 1.150% due 12/15/47(b)(g)			592,782
		852,000	Series 2016-C31, Class C, 4.455% due 11/15/49(b)			754,635
			Morgan Stanley Capital I Trust:
		1,964,000	Series 2011-C1, Class D, 5.675% due 9/15/47(b)(c)			1,973,415
		17,436,487	Series 2016-UB11, Class XA, 1.741% due 8/15/49(b)(g)			1,110,143
		14,189,764	Series 2016-UB12, Class XA, 0.896% due 12/15/49(b)(g)			466,575
		1,083,000	Series 2018-SUN, Class A, 1.312% (1-Month USD-LIBOR + 1.150)% due 7/15/35(b)(c)			1,043,596
		1,356,000	Series 2019-H7, Class AS, 3.524% due 7/15/52			1,506,531
		583,000	Series 2019-H7, Class B, 3.725% due 7/15/52			602,552
		22,124,407	Series 2019-L3, Class XA, 0.766% due 11/15/52(b)(g)			1,100,388
		806,000	Series 2020-L4, Class B, 3.082% due 2/15/53			829,028
		254,168	Motel 6 Trust, Series 2017-MTL6, Class A, 1.082% (1-Month USD-LIBOR + 0.920)% due 8/15/34(b)(c)			248,768

See Notes to Financial Statements.

124

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	2,192,000	MRCD Mortgage Trust, Series 2019-PARK, Class G, 2.718% due 12/15/36(c)		$	1,978,022
		1,122,000	MSCG Trust, Series 2018-SELF, Class A, 1.062% (1-Month USD-LIBOR + 0.900)% due 10/15/37(b)(c)			1,112,159
			New Residential Mortgage Loan Trust:
		2,446,166	Series 2020-NPL1, Class A1, step bond to yield, 4.335% due 7/25/60(c)			2,445,884
		1,400,000	Series 2020-RPL2, Class A1, 3.578% due 8/25/25(b)(c)			1,400,080
			PMT Credit Risk Transfer Trust:
		2,484,538	Series 2019-2R, Class A, 2.920% (1-Month USD-LIBOR + 2.750)% due 5/27/23(b)(c)(h)			2,326,247
		1,841,896	Series 2019-3R, Class A, 2.870% (1-Month USD-LIBOR + 2.700)% due 10/27/22(b)(c)			1,765,783
		9,437,201	PRPM, Series 2019-GS1, Class A1, 3.500% due 10/25/24(b)(c)			9,395,602
		6,746,878	PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due 1/25/24(c)			6,795,257
			Rali Trust:
		1,995,984	Series 2005-QS13, Class 1A3, 5.500% due 9/25/35			1,886,791
		22,411,050	Series 2007-QH5, Class AII, 0.405% (1-Month USD-LIBOR + 0.230)% due 6/25/37(b)			10,984,577
		5,001,718	Residential Asset Securitization Trust, Series 2005-A8CB, Class A6, 5.000% due 7/25/35			4,157,118
		3,100,000	Residential Mortgage Loan Trust, Series 2020-1, Class M1, 3.242% due 2/25/24(b)(c)			2,931,457
			Rosslyn Portfolio Trust:
		366,007	Series 2017-ROSS, Class A, 1.939% (1-Month USD-LIBOR + 0.950)% due 6/15/33(b)(c)			359,749
		366,007	Series 2017-ROSS, Class B, 2.239% (1-Month USD-LIBOR + 1.250)% due 6/15/33(b)(c)			353,299
			Seasoned Credit Risk Transfer Trust:
		6,043,245	Series 2019-4, Class MV, 3.000% due 2/25/59			6,756,059
		9,799,878	Series 2020-2, Class MT, 2.000% due 11/25/59			10,028,278
		5,670,955	UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.713% due 6/15/50(b)(g)			443,855
		4,251,936	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 1.079% due 3/10/46(b)(c)(g)			75,991
		6,400,000	Verus Securitization Trust, Series 2019-INV2, Class M1, 3.499% due 7/25/59(b)(c)			6,417,169
			Wells Fargo Commercial Mortgage Trust:
		295,000	Series 2010-C1, Class C, 5.800% due 11/15/43(b)(c)			294,349
		275,000	Series 2015-C31, Class A4, 3.695% due 11/15/48			306,886
		1,000,000	Series 2015-LC20, Class A3, 3.086% due 4/15/50			1,025,932
		2,581,000	Series 2015-NXS4, Class E, 3.820% due 12/15/48(b)(c)			1,783,993
		10,258,234	Series 2017-C38, Class XA, 1.195% due 7/15/50(b)(g)			549,715
		1,200,000	Series 2017-C42, Class A4, 3.589% due 12/15/50			1,362,044

See Notes to Financial Statements.

125

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	1,000,000	Series 2017-RC1, Class A4, 3.631% due 1/15/60		$	1,112,815
		1,000,000	Series 2018-C44, Class A5, 4.212% due 5/15/51			1,181,492
		806,000	Series 2020-C55, Class AS, 2.937% due 2/15/53			859,288
		7,689,000	Series 2020-C57, Class XA, 2.238% due 8/15/53(b)(g)			1,158,841
		1,441,430	WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440% due 4/15/45			1,462,343
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $403,565,202)			397,476,848

ASSET-BACKED SECURITIES – 8.0%
			522 Funding CLO I Ltd.:
		500,000	Series 2018-3A, Class A, 1.502% (3-Month USD-LIBOR + 1.230)% due 10/20/31(b)(c)			494,027
		500,000	Series 2019-1A, Class A1, 1.665% (3-Month USD-LIBOR + 1.390)% due 1/15/33(b)(c)			499,499
		1,868,646	Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(c)			1,688,813
		1,798,122	AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(c)			1,632,870
		500,000	AGL Core CLO 5 Ltd., Series 2020-5A, Class B, 3.079% (3-Month USD-LIBOR + 2.780)% due 7/20/30(b)(c)			500,174
		500,000	ALM 2020 Ltd., Series 2020-1A, Class A2, 2.125% (3-Month USD-LIBOR + 1.850)% due 10/15/29(b)(c)			497,666
		500,000	Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.820% due 3/18/24			519,768
		1,000,000	Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class B, 1.747% (3-Month USD-LIBOR + 1.500)% due 1/28/31(b)(c)			977,568
		500,000	Apidos CLO XII, Series 2013-12A, Class CR, 2.075% (3-Month USD-LIBOR + 1.800)% due 4/15/31(b)(c)			474,921
		1,000,000	Bain Capital Credit CLO Ltd., Series 2019-3A, Class B2, 2.141% (3-Month USD-LIBOR + 1.870)% due 10/21/32(b)(c)			973,794
		991,833	Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A, 1.295% (3-Month USD-LIBOR + 1.050)% due 7/27/31(b)(c)			975,736
			Carrington Mortgage Loan Trust:
		2,661,630	Series 2006-NC4, Class A3, 0.335% (1-Month USD-LIBOR + 0.160)% due 10/25/36(b)			2,514,458
		6,449,304	Series 2007-RFC1, Class A3, 0.315% (1-Month USD-LIBOR + 0.140)% due 12/25/36(b)			6,038,372
		1,615,995	Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125% due 6/15/43(c)			1,505,843
		1,000,000	CFIP CLO Ltd., Series 2014-1A, Class AR, 1.586% (3-Month USD-LIBOR + 1.320)% due 7/13/29(b)(c)			995,443
		1,000,000	CIFC Funding Ltd., Series 2020-1A, Class B, 2.542% (3-Month USD-LIBOR + 2.300)% due 7/15/32(b)(c)			1,003,747

See Notes to Financial Statements.

126

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	600,000	Citibank Credit Card Issuance Trust, Series 2018-A6, Class A6, 3.210% due 12/7/24		$	638,393
		1,394,000	CLNC Ltd., Series 2019-FL1, Class A, 1.411% (1-Month USD-LIBOR + 1.250)% due 8/20/35(b)(c)			1,359,962
		5,606,679	Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4, Class AV4, 0.415% (1-Month USD-LIBOR + 0.240)% due 5/25/36(b)			4,512,471
		7,512,587	CSMC Trust, Series 2018-RPL8, Class A1, 4.125% due 7/25/58(b)(c)			7,541,914
		1,000,000	CVP CLO Ltd., Series 2017-1A, Class A, 1.612% (3-Month USD-LIBOR + 1.340)% due 7/20/30(b)(c)			993,683
		1,000,000	Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.505% (3-Month USD-LIBOR + 1.230)% due 10/15/29(b)(c)			989,451
		800,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class B, 1.880% (3-Month USD-LIBOR + 1.600)% due 5/15/30(b)(c)			784,662
		500,000	Fort Washington CLO, Series 2019-1A, Class A, 1.692% (3-Month USD-LIBOR + 1.420)% due 10/20/32(b)(c)			491,023
		35,145	Freed ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(c)			35,177
		320,000	GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800% due 7/20/23			322,482
		53,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490% due 12/16/24			54,212
		1,000,000	Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, 1.645% (3-Month USD-LIBOR + 1.370)% due 4/15/33(b)(c)			998,268
			Halsey Point CLO I Ltd.:
		1,000,000	Series 2019-1A, Class A1A1, 1.622% (3-Month USD-LIBOR + 1.350)% due 1/20/33(b)(c)			990,024
		1,000,000	Series 2019-1A, Class B1, 2.472% (3-Month USD-LIBOR + 2.200)% due 1/20/33(b)(c)			1,000,031
		4,302,411	Helios Issuer LLC, Series 2017-1A, Class A, 4.940% due 9/20/49(c)			4,525,818
		4,851,191	Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425% due 11/15/39(c)			4,409,446
			Invitation Homes Trust:
		2,240,000	Series 2018-SFR1, Class C, 1.412% (1-Month USD-LIBOR + 1.250)% due 3/17/37(b)(c)			2,235,789
		1,425,000	Series 2018-SFR1, Class D, 1.612% (1-Month USD-LIBOR + 1.450)% due 3/17/37(b)(c)			1,409,318
		970,000	Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.846% due 7/30/47(c)			990,360
		1,000,000	LCM XV LP, Series 15A, Class DR, 3.972% (3-Month USD-LIBOR + 3.700)% due 7/20/30(b)(c)			945,702
		443,111	Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, step bond to yield, 3.200% due 5/25/59(c)			440,651
		1,237,000	LoanCore Issuer Ltd., Series 2019-CRE2, Class AS, 1.662% (1-Month USD-LIBOR + 1.500)% due 5/15/36(b)(c)			1,203,121

See Notes to Financial Statements.

127

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units				Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	21,228,156	��	Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A3, 0.365% (1-Month USD-LIBOR + 0.190)% due 3/25/46(b)		$	10,215,021
		500,000		Madison Park Funding XXV Ltd., Series 2017-25A, Class A2, 1.995% (3-Month USD-LIBOR + 1.750)% due 4/25/29(b)(c)			495,124
		593,708		Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 1.567% (3-Month USD-LIBOR + 1.320)% due 10/28/25(b)(c)			592,622
		1,000,000		Marble Point CLO XIV Ltd., Series 2018-2A, Class A1, 1.602% (3-Month USD-LIBOR + 1.330)% due 1/20/32(b)(c)			992,239
		1,000,000		MP CLO III Ltd., Series 2013-1A, Class AR, 1.522% (3-Month USD-LIBOR + 1.250)% due 10/20/30(b)(c)			991,115
		1,000,000		MP CLO IV Ltd., Series 2013-2A, Class ARR, 1.525% (3-Month USD-LIBOR + 1.280)% due 7/25/29(b)(c)			994,411
		39,220		Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.740% due 8/16/21			39,241
		492,590		Northwoods Capital XI-B Ltd., Series 2018-11BA, Class A1, 1.372% (3-Month USD-LIBOR + 1.100)% due 4/19/31(b)(c)			483,769
		988,761		Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 1.550% (3-Month USD-LIBOR + 1.270)% due 11/15/30(b)(c)			980,461
		1,000,000		OFSI Fund IX Ltd., Series 2018-1A, Class A, 1.425% (3-Month USD-LIBOR + 1.150)% due 7/15/31(b)(c)			986,790
		12,985,853		Option One Mortgage Loan Trust, Series 2007-6, Class 1A1, 0.365% (1-Month USD-LIBOR + 0.190)% due 7/25/37(b)			11,563,849
				Pretium Mortgage Credit Partners I LLC:
		943,017		Series 2019-CFL1, Class A1, step bond to yield, 3.721% due 1/25/59(c)			938,122
		4,900,277		Series 2020-NPL2, Class A1, step bond to yield, 3.721% due 2/27/60(c)			4,905,921
				PRPM LLC:
		3,986,095		Series 2019-2A, Class A1, step bond to yield, 3.967% due 4/25/24(c)			4,017,117
		2,170,452		Series 2019-3A, Class A1, step bond to yield, 3.351% due 7/25/24(c)			2,157,026
		1,000,000		Regatta XI Funding Ltd., Series 2018-1A, Class B, 1.923% (3-Month USD-LIBOR + 1.650)% due 7/17/31(b)(c)			983,328
		1,000,000		Rockford Tower CLO Ltd., Series 2017-3A, Class A, 1.462% (3-Month USD-LIBOR + 1.190)% due 10/20/30(b)(c)			991,703
		25,000		Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.110% due 12/15/25			26,836
		1,000,000		Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due 8/25/47(c)			1,052,187
		500,000		Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class A, 1.635% (3-Month USD-LIBOR + 1.360)% due 4/15/30(b)(c)			494,956
		500,000		Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, 1.425% (3-Month USD-LIBOR + 1.180)% due 10/26/31(b)(c)			494,625

See Notes to Financial Statements.

128

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
			Steele Creek CLO Ltd.:
	$	1,000,000	Series 2015-1A, Class AR, 1.507% (3-Month USD-LIBOR + 1.260)% due 5/21/29(b)(c)		$	989,685
		1,000,000	Series 2016-1A, Class AR, 1.433% (3-Month USD-LIBOR + 1.120)% due 6/15/31(b)(c)			981,316
		5,872,118	Structured Asset Investment Loan Trust, Series 2005-5, Class M5, 1.150% (1-Month USD-LIBOR + 0.975)% due 6/25/35(b)			5,446,200
		1,965,762	Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(c)			2,042,532
		1,000,000	Symphony CLO XV Ltd., Series 2014-15A, Class AR2, 1.533% (3-Month USD-LIBOR + 1.260)% due 1/17/32(b)(c)			991,651
		1,965,000	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318% due 11/25/48(c)			2,009,448
		1,000,000	THL Credit Wind River CLO Ltd., Series 2014-2A, Class AR, 1.415% (3-Month USD-LIBOR + 1.140)% due 1/15/31(b)(c)			983,649
		1,394,000	TRTX Issuer Ltd., Series 2019-FL3, Class AS, 1.612% (1-Month USD-LIBOR + 1.450)% due 10/15/34(b)(c)			1,348,761
		1,750,000	Venture 32 CLO Ltd., Series 2018-32A, Class A1, 1.372% (3-Month USD-LIBOR + 1.100)% due 7/18/31(b)(c)			1,720,325
		993,913	Venture XV CLO Ltd., Series 2013-15A, Class A1R2, 1.645% (3-Month USD-LIBOR + 1.370)% due 7/15/32(b)(c)			982,345
			Vericrest Opportunity Loan Trust:
		1,310,286	Series 2019-NPL2, Class A1, step bond to yield, 3.967% due 2/25/49(c)			1,310,082
		2,169,472	Series 2019-NPL4, Class A1A, step bond to yield, 3.352% due 8/25/49(c)			2,160,731
		4,443,388	Series 2020-NPL5, Class A1A, step bond to yield, 2.982% due 3/25/50(c)			4,410,074
		500,000	Vibrant CLO X Ltd., Series 2018-10A, Class A1, 1.472% (3-Month USD-LIBOR + 1.200)% due 10/20/31(b)(c)			493,331
		2,156,736	VOLT LXXX LLC, Series 2019-NPL6, Class A1A, step bond to yield, 3.228% due 10/25/49(c)			2,137,746
		9,455,099	VOLT LXXXV LLC, Series 2020-NPL1, Class A1A, step bond to yield, 3.228% due 1/25/50(c)			9,408,875
		4,361,417	VOLT LXXXVII LLC, Series 2020-NPL3, Class A1A, step bond to yield, 2.981% due 2/25/50(c)			4,329,513
		9,431,099	WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE4, Class 1A, 0.345% (1-Month USD-LIBOR + 0.170)% due 7/25/47(b)			7,614,830
		12,525,090	Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE3, Class 1A, 0.330% (1-Month USD-LIBOR + 0.155)% due 8/25/36(b)			11,647,314
			Wellfleet CLO Ltd.:
		1,000,000	Series 2017-3A, Class A1, 1.423% (3-Month USD-LIBOR + 1.150)% due 1/17/31(b)(c)			986,914
		500,000	Series 2018-2A, Class A1, 1.472% (3-Month USD-LIBOR + 1.200)% due 10/20/31(b)(c)			493,379
		4,000,000	York CLO-6 Ltd., Series 2019-1A, Class A1, 1.608% (3-Month USD-LIBOR + 1.350)% due 7/22/32(b)(c)			3,993,964

See Notes to Financial Statements.

129

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	984,534	Zais CLO 5 Ltd., Series 2016-2A, Class A1, 1.805% (3-Month USD-LIBOR + 1.530)% due 10/15/28(b)(c)		$	978,138
			TOTAL ASSET-BACKED SECURITIES (Cost – $169,187,894)			170,021,923
SENIOR LOANS(b) – 1.9%
		248,559	1011778 B.C. Unlimited Liability Co., 1.906% (1-Month USD-LIBOR + 0.175)% due 11/19/26			238,928
		212,939	Access CIG LLC, due 2/27/25(i)			205,320
		143,562	Achilles Acquisition LLC, 4.188% (1-Month USD-LIBOR + 0.400)% due 10/13/25			139,733
		154,127	Acrisure LLC, 3.656% (1-Month USD-LIBOR + 0.350)% due 2/15/27			147,609
		41,448	Advanced Drainage Systems Inc., 2.438% (1-Month USD-LIBOR + 0.225)% due 7/31/26			41,060
		243,020	Agiliti Health Inc., 3.188% (1-Month USD-LIBOR + 0.300)% due 1/4/26			237,552
		126,357	Air Methods Corp., 4.500% (3-Month USD-LIBOR + 0.350)% due 4/22/24			110,703
		154,638	Aldevron LLC, 5.250% (1-Month USD-LIBOR + 0.425)% due 10/12/26			154,542
		201,728	Alera Group Intermediate Holdings Inc., 5.072% (6-Month USD-LIBOR + 0.400)% due 8/1/25			198,198
		238,870	AlixPartners LLP, 2.656% (1-Month USD-LIBOR + 0.250)% due 4/4/24			233,376
		108,900	Alliant Holdings Intermediate LLC, 3.433% (1-Month USD-LIBOR + 0.325)% due 5/9/25			106,081
		243,775	Allied Universal Holdco LLC, 4.406% (1-Month USD-LIBOR + 0.425)% due 7/10/26			241,825
		206,868	Alterra Mountain Co., 2.906% (1-Month USD-LIBOR + 0.275)% due 7/31/24			198,399
		251,860	Altice France SA, due 8/14/26(i)			248,082
		25,000	Amentum Government Services Holdings LLC, 4.156% (1-Month USD-LIBOR + 0.400)% due 1/29/27			24,906
			American Airlines Inc.:
		74,235	2.162% (1-Month USD-LIBOR + 0.200)% due 12/15/23			57,779
		25,000	1.906% (1-Month USD-LIBOR + 0.175)% due 1/29/27			17,156
		72,426	American Tire Distributors Inc., 8.500% (3-Month USD-LIBOR + 0.750)% due 9/2/24			62,033
		243,857	Applied Systems Inc., 4.250% (3-Month USD-LIBOR + 0.325)% due 9/19/24			242,581
			Aramark Intermediate HoldCo Corp.:
		135,000	1.911% (1-Month USD-LIBOR + 0.175)% due 3/11/25			128,655
		59,850	1.911% (1-Month USD-LIBOR + 0.175)% due 1/15/27			56,962
		242,886	Ascend Learning LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 7/12/24			241,064
		120,000	Asplundh Tree Expert LLC, due 8/18/27(i)			120,037
		248,291	AssuredPartners Inc., 3.656% (1-Month USD-LIBOR + 0.350)% due 2/12/27			241,907
			Asurion LLC:
		282,545	3.156% (1-Month USD-LIBOR + 0.300)% due 11/3/23			277,366

See Notes to Financial Statements.

130

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	131,993	6.656% (1-Month USD-LIBOR + 0.650)% due 8/4/25		$	132,191
		121,262	athenahealth Inc., 4.818% (3-Month USD-LIBOR + 0.450)% due 2/11/26			120,126
		113,274	Auris Luxembourg III SARL, 3.906% (1-Month USD-LIBOR + 0.375)% due 2/27/26			103,504
		59,502	Avantor Funding Inc., 3.250% (1-Month USD-LIBOR + 0.225)% due 11/21/24			58,833
		170,187	Avaya Inc., 4.412% (1-Month USD-LIBOR + 0.425)% due 12/15/24			165,153
		121,872	Aventiv Technologies LLC, 5.500% (3-Month USD-LIBOR + 0.450)% due 11/1/24			97,190
		251,822	Axalta Coating Systems Dutch Holding B BV, 2.058% (3-Month USD-LIBOR + 0.175)% due 6/1/24			245,086
		121,073	Azalea TopCo Inc., 3.760% (3-Month USD-LIBOR + 0.350)% due 7/24/26			117,592
		168,834	Bass Pro Group LLC, 6.072% (3-Month USD-LIBOR + 0.500)% due 9/25/24			168,149
			Bausch Health Cos., Inc.:
		78,481	3.183% (1-Month USD-LIBOR + 0.300)% due 6/2/25			77,141
		144,000	2.933% (1-Month USD-LIBOR + 0.275)% due 11/27/25			140,940
		78,000	BellRing Brands LLC, 6.000% (1-Month USD-LIBOR + 0.500)% due 10/21/24			77,878
			Berry Global Inc.:
		26,700	2.155% (1-Month USD-LIBOR + 0.200)% due 10/1/22			26,306
		230,825	2.155% (1-Month USD-LIBOR + 0.200)% due 7/1/26			223,584
		215,399	BJ’s Wholesale Club Inc., 2.164% (1-Month USD-LIBOR + 0.200)% due 2/3/24			213,306
		143,454	Blackhawk Network Holdings Inc., 3.156% (1-Month USD-LIBOR + 0.300)% due 6/15/25			135,078
		133,401	Blackstone CQP Holdco LP, 3.806% (3-Month USD-LIBOR + 0.350)% due 9/30/24			130,844
		166,464	Boxer Parent Co., Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due 10/2/25			163,205
		174,371	Brand Energy & Infrastructure Services Inc., 5.250% (3-Month USD-LIBOR + 0.425)% due 6/21/24			160,421
		126,174	Brazos Delaware II LLC, 4.171% (1-Month USD-LIBOR + 0.400)% due 5/21/25			91,738
		92,796	Bright Bidco BV, 4.572% (6-Month USD-LIBOR + 0.350)% due 6/30/24			41,108
		115,580	Brookfield WEC Holdings Inc., 3.750% (1-Month USD-LIBOR + 0.300)% due 8/1/25			113,516
		164,588	Buckeye Partners LP, 2.906% (1-Month USD-LIBOR + 0.275)% due 11/1/26			161,648
		115,000	BY Crown Parent LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 2/2/26			114,066
			Caesars Resort Collection LLC:
		213,359	2.906% (1-Month USD-LIBOR + 0.275)% due 12/23/24			200,158
		100,000	4.726% (3-Month USD-LIBOR + 0.450)% due 7/21/25			96,813
			Calpine Corp.:
		283,792	2.410% (1-Month USD-LIBOR + 0.225)% due 4/5/26			277,211
		14,888	2.156% (1-Month USD-LIBOR + 0.200)% due 8/12/26			14,436
		243,775	Camelot U.S. Acquisition 1 Co., 3.156% (1-Month USD-LIBOR + 0.300)% due 10/30/26			239,204

See Notes to Financial Statements.

131

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	206,066	Capri Acquisitions BidCo Ltd., 3.261% (3-Month USD-LIBOR + 0.300)% due 11/1/24		$	205,423
		60,000	Carnival Corp., 8.500% (1-Month USD-LIBOR + 0.750)% due 6/30/25			58,787
		259,479	Castle US Holding Corp., due 1/29/27(i)			249,424
		81,496	Catalent Pharma Solutions Inc., 3.250% (1-Month USD-LIBOR + 0.225)% due 5/18/26			80,952
		174,584	Cengage Learning Inc., 5.250% (3-Month USD-LIBOR + 0.425)% due 6/7/23			143,377
		243,862	CenturyLink Inc., 2.406% (1-Month USD-LIBOR + 0.225)% due 3/15/27			235,276
		245,000	Change Healthcare Holdings LLC, 3.500% (3-Month USD-LIBOR + 0.250)% due 3/1/24			240,169
		78,491	Charter NEX US Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due 5/16/24			77,134
		244,370	CHG Healthcare Services Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due 6/7/23			240,399
		204,289	CHG PPC Parent LLC, 2.906% (1-Month USD-LIBOR + 0.275)% due 3/31/25			197,138
		65,204	Cincinnati Bell Inc., 4.250% (1-Month USD-LIBOR + 0.325)% due 10/2/24			65,137
		211,899	Clarios Global LP, 3.658% (1-Month USD-LIBOR + 0.350)% due 4/30/26			207,461
		24,813	Clear Channel Outdoor Holdings Inc., 3.761% (3-Month USD-LIBOR + 0.350)% due 8/21/26			22,495
		77,029	ClubCorp Holdings Inc., 3.058% (3-Month USD-LIBOR + 0.275)% due 9/18/24			66,768
		184,324	Compass Power Generation LLC, 4.500% (1-Month USD-LIBOR + 0.350)% due 12/20/24			180,715
		64,838	Connect Finco SARL, 5.500% (1-Month USD-LIBOR + 0.450)% due 12/11/26			63,014
		100,000	Conservice Midco LLC, due 5/13/27(i)			98,440
		165,000	CornerStone OnDemand Inc., 4.433% (1-Month USD-LIBOR + 0.425)% due 4/22/27			164,546
		58,237	Covia Holdings Corp., 8.250% (3-Month USD-LIBOR + 0.500)% due 6/1/25(f)			40,257
			CSC Holdings LLC:
		15,544	2.408% (1-Month USD-LIBOR + 0.225)% due 7/17/25			14,980
		54,175	2.408% (1-Month USD-LIBOR + 0.225)% due 1/15/26			52,211
		168,727	2.658% (1-Month USD-LIBOR + 0.250)% due 4/15/27			163,063
		111,288	CSM Bakery Solutions Ltd., 7.250% (3-Month USD-LIBOR + 0.625)% due 1/4/22			103,331
		241,546	Cvent Inc., 3.906% (1-Month USD-LIBOR + 0.375)% due 11/29/24			208,486
		39,689	Cyanco Intermediate 2 Corp., 3.656% (1-Month USD-LIBOR + 0.350)% due 3/16/25			38,449
		102,236	Cyxtera DC Holdings Inc., 4.000% (3-Month USD-LIBOR + 0.300)% due 5/1/24			88,945
		124,688	DCert Buyer Inc., 4.156% (1-Month USD-LIBOR + 0.400)% due 10/16/26			123,052
		14,925	Dealer Tire LLC, 4.406% (1-Month USD-LIBOR + 0.425)% due 12/12/25			14,564
		260,000	Deerfield Dakota Holding LLC, 4.750% (1-Month USD-LIBOR + 0.375)% due 4/9/27			259,025
		234,979	Dell International LLC, 2.750% (1-Month USD-LIBOR + 0.200)% due 9/19/25			233,217

See Notes to Financial Statements.

132

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	200,726	Dentalcorp Health Services ULC, 4.750% (1-Month USD-LIBOR + 0.375)% due 6/6/25		$	187,679
		69,468	Dhanani Group Inc., 3.906% (1-Month USD-LIBOR + 0.375)% due 7/20/25			65,879
		218,713	Diamond BC BV, 3.260% (3-Month USD-LIBOR + 0.300)% due 9/6/24			206,002
		99,775	Diamond Sports Group LLC, due 8/24/26(i)			84,185
		53,598	Digicel International Finance Ltd., 0.000% (3-Month USD-LIBOR + 0.325)% due 5/27/24			46,764
		245,316	Dun & Bradstreet Corp., 3.920% (1-Month USD-LIBOR + 0.375)% due 2/6/26			244,580
			Dynasty Acquisition Co., Inc.:
		109,262	3.808% (3-Month USD-LIBOR + 0.350)% due 4/6/26			96,514
		117,353	Dynatrace LLC, 2.406% (1-Month USD-LIBOR + 0.225)% due 8/22/25			115,446
		252,704	E.W. Scripps Co., 2.656% (1-Month USD-LIBOR + 0.250)% due 5/1/26			245,754
		204,485	EAB Global Inc., 4.750% (3-Month USD-LIBOR + 0.375)% due 11/15/24			197,839
		247,893	Edelman Financial Center LLC, 3.170% (1-Month USD-LIBOR + 0.300)% due 7/21/25			239,837
		68,507	EG Group Ltd., 5.072% (6-Month USD-LIBOR + 0.400)% due 2/7/25			66,302
		240,000	Elanco Animal Health Inc., due 8/1/27(i)			235,099
		126,871	Envision Healthcare Corp., 3.906% (1-Month USD-LIBOR + 0.375)% due 10/10/25			91,563
		78,781	Equinox Holdings Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due 3/8/24			58,495
		77,833	ESH Hospitality Inc., 2.156% (1-Month USD-LIBOR + 0.200)% due 9/18/26			75,243
		69,466	Excelitas Technologies Corp., 4.500% (3-Month USD-LIBOR + 0.350)% due 12/2/24			68,163
		48,702	Exgen Renewables IV LLC, 4.000% (3-Month USD-LIBOR + 0.300)% due 11/28/24			48,275
		154,870	Filtration Group Corp., 3.156% (1-Month USD-LIBOR + 0.300)% due 3/31/25			152,112
			Flex Acquisition Co., Inc.:
		65,000	4.000% (3-Month USD-LIBOR + 0.300)% due 12/29/23			62,702
		125,000	3.546% (3-Month USD-LIBOR + 0.325)% due 6/29/25			120,104
		108,623	Flexera Software LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 2/26/25			107,621
		183,437	Flutter Entertainment PLC, 3.808% (3-Month USD-LIBOR + 0.350)% due 7/10/25			183,557
		250,000	Formula One Management Ltd., 3.500% (1-Month USD-LIBOR + 0.250)% due 2/1/24			242,033
		59,583	Forterra Finance LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 10/25/23			58,540
		250,000	Froneri International Ltd., 2.406% (1-Month USD-LIBOR + 0.225)% due 1/29/27			240,490
		52,356	Frontdoor Inc., 2.688% (1-Month USD-LIBOR + 0.250)% due 8/16/25			51,244
		65,351	Frontera Generation Holdings LLC, 5.250% (3-Month USD-LIBOR + 0.425)% due 5/2/25			27,447

See Notes to Financial Statements.

133

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	205,000	Garda World Security Corp., 4.930% (1-Month USD-LIBOR + 0.475)% due 10/30/26		$	204,129
		39,795	Gates Global LLC, 3.750% (1-Month USD-LIBOR + 0.275)% due 4/1/24			39,279
		239,400	Genesee & Wyoming Inc., 2.308% (3-Month USD-LIBOR + 0.200)% due 12/30/26			235,345
		241,931	Gentiva Health Services Inc., 3.438% (1-Month USD-LIBOR + 0.325)% due 7/2/25			239,512
		122,410	Getty Images Inc., 4.688% (1-Month USD-LIBOR + 0.450)% due 2/19/26			115,703
		100,000	GFL Environmental Inc., 4.000% (3-Month USD-LIBOR + 0.300)% due 5/30/25			99,375
		136,132	Global Medical Response Inc., 4.250% (3-Month USD-LIBOR + 0.325)% due 4/28/22			134,722
			Go Daddy Operating Co. LLC:
		246,784	1.906% (1-Month USD-LIBOR + 0.175)% due 2/15/24			242,403
		145,000	2.656% (1-Month USD-LIBOR + 0.250)% due 8/10/27			143,659
		247,667	GOBP Holdings Inc., 3.744% (3-Month USD-LIBOR + 0.275)% due 10/22/25			242,218
		255,223	Golden Nugget Inc., due 10/4/23(i)			227,692
		257,922	GoodRx Inc., due 10/10/25(i)			254,861
		118,444	Graftech International Ltd., 4.500% (1-Month USD-LIBOR + 0.350)% due 2/12/25			116,668
		135,000	Graham Packaging Co., Inc., 4.500% (1-Month USD-LIBOR + 0.375)% due 8/4/27			134,730
		89,774	Granite US Holdings Corp., 6.322% (3-Month USD-LIBOR + 0.525)% due 9/30/26			86,632
		245,924	Gray Television Inc., 2.656% (1-Month USD-LIBOR + 0.250)% due 1/2/26			240,630
		242,295	Greeneden U.S. Holdings I LLC, 3.406% (1-Month USD-LIBOR + 0.325)% due 12/1/23			238,106
		4,975	Grifols Worldwide Operations Ltd., 2.113% (1-Week USD-LIBOR + 0.200)% due 11/15/27			4,870
		81,564	GTT Communications Inc., 2.910% (1-Month USD-LIBOR + 0.275)% due 5/31/25			64,172
		92,084	Gulf Finance LLC, 6.250% (1-Month USD-LIBOR + 0.525)% due 8/25/23			63,261
		250,364	Harbor Freight Tools USA Inc., due 8/18/23(i)			246,206
		39,389	Hayward Industries Inc., 3.656% (1-Month USD-LIBOR + 0.350)% due 8/5/24			38,699
		103,681	HD Supply Inc., 1.906% (1-Month USD-LIBOR + 0.175)% due 10/17/23			102,981
		59,400	Hexion Inc., 3.800% (3-Month USD-LIBOR + 0.350)% due 7/1/26			58,435
		209,061	H-Food Holdings LLC, 3.844% (1-Month USD-LIBOR + 0.369)% due 5/23/25			203,051
		210,000	Hilton Worldwide Finance LLC, 1.925% (1-Month USD-LIBOR + 0.175)% due 6/22/26			202,037
			Hyland Software Inc.:
		248,481	due 7/1/24(i)			245,020
		45,596	7.750% (1-Month USD-LIBOR + 0.700)% due 7/7/25			45,539

See Notes to Financial Statements.

134

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	233,538	IAA Inc., 2.438% (1-Month USD-LIBOR + 0.225)% due 6/28/26		$	230,034
		107,173	iHeartCommunications Inc., 3.156% (1-Month USD-LIBOR + 0.300)% due 5/1/26			101,508
		150,000	Illuminate Buyer LLC, 4.308% (3-Month USD-LIBOR + 0.400)% due 6/30/27			149,100
		159,600	Informatica LLC, 3.406% (1-Month USD-LIBOR + 0.325)% due 2/25/27			156,009
		44,888	Ingersoll-Rand Services Co., 1.906% (1-Month USD-LIBOR + 0.175)% due 3/1/27			43,464
			Intelsat Jackson Holdings SA:
		18,420	5.050% (3-Month USD-LIBOR + 0.550)% due 7/13/22			18,727
		245,000	8.000% (1-Month USD-LIBOR + 0.475)% due 11/27/23(f)			246,497
		208,366	ION Trading Technologies SARL, 5.072% (3-Month USD-LIBOR + 0.400)% due 11/21/24			203,342
			Iqvia Inc.:
		172,342	1.906% (1-Month USD-LIBOR + 0.175)% due 1/17/25			168,357
		84,670	2.058% (3-Month USD-LIBOR + 0.175)% due 6/11/25			82,712
		259,122	IRB Holding Corp., due 2/5/25(i)			249,211
		253,771	IRI Holdings Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due 12/1/25			247,904
		248,274	Iron Mountain Information Management LLC, 1.906% (1-Month USD-LIBOR + 0.175)% due 1/2/26			239,894
		188,424	Jaguar Holding Co. I LLC, 3.500% (1-Month USD-LIBOR + 0.250)% due 8/18/22			187,953
		255,944	JBS USA Lux SA, 3.072% (3-Month USD-LIBOR + 0.200)% due 5/1/26			248,345
		251,163	KAR Auction Services Inc., 2.438% (1-Month USD-LIBOR + 0.225)% due 9/19/26			243,000
		80,003	KBR Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due 2/5/27			79,503
		114,425	Kestrel Bidco Inc., 4.000% (3-Month USD-LIBOR + 0.300)% due 12/11/26			94,759
		99,488	Kindred Healthcare LLC, 5.188% (1-Month USD-LIBOR + 0.500)% due 7/2/25			98,494
		76,461	Klockner Pentaplast of America Inc., 5.250% (3-Month USD-LIBOR + 0.425)% due 6/30/22			74,071
		144,437	Kronos Acquisition Intermediate Inc., 5.000% (3-Month USD-LIBOR + 0.400)% due 5/15/23			142,992
		6,994	Lealand Finance Co. BV, 4.156% (1-Month USD-LIBOR + 0.400)% due 6/30/25			5,648
		254,888	Level 3 Financing Inc., 1.906% (1-Month USD-LIBOR + 0.175)% due 3/1/27			246,658
		178,570	Life Time Fitness Inc., 3.750% (3-Month USD-LIBOR + 0.275)% due 6/10/22			166,963
		204,957	LifePoint Health Inc., 3.906% (1-Month USD-LIBOR + 0.375)% due 11/16/25			200,712
		239,299	Lineage Logistics LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 2/27/25			237,057
		35,093	Lions Gate Capital Holdings LLC, 2.406% (1-Month USD-LIBOR + 0.225)% due 3/24/25			33,975
		85,000	LogMeIn Inc., due 8/14/27(i)			82,839
		128,166	Lower Cadence Holdings LLC, 4.156% (1-Month USD-LIBOR + 0.400)% due 5/22/26			117,593

See Notes to Financial Statements.

135

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	133,065	Lucid Energy Group II Borrower LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due 2/17/25		$	112,374
		163,943	Mavis Tire Express Services Corp., 3.558% (3-Month USD-LIBOR + 0.325)% due 3/20/25			157,139
			MED ParentCo LP:
		16,738	4.359% (3-Month USD-LIBOR + 0.425)% due 8/31/26			15,664
		95,395	4.406% (1-Month USD-LIBOR + 0.425)% due 8/31/26			89,273
		144,716	Messer Industries GmbH, 2.808% (3-Month USD-LIBOR + 0.250)% due 3/2/26			141,580
		205,000	Milano Acquisition Corp., due 8/17/27(i)			203,206
		110,000	Mileage Plus Holdings LLC, 6.250% (3-Month USD-LIBOR + 0.525)% due 6/21/27			111,169
		201,396	Minotaur Acquisition Inc., 5.156% (1-Month USD-LIBOR + 0.500)% due 3/27/26			191,830
		218,824	Mister Car Wash Holdings Inc., due 5/14/26(i)			205,226
			Misys Ltd.:
		131,499	4.500% (3-Month USD-LIBOR + 0.350)% due 6/13/24			123,634
		45,000	8.250% (3-Month USD-LIBOR + 0.725)% due 6/13/25			41,562
			Mitchell International Inc.:
		122,155	3.406% (1-Month USD-LIBOR + 0.325)% due 11/29/24			115,972
		30,000	7.405% (1-Month USD-LIBOR + 0.725)% due 12/1/25			27,450
		61,992	MLN US HoldCo LLC, 4.655% (1-Month USD-LIBOR + 0.450)% due 11/30/25			52,422
			Motion Acquisition Ltd.:
		39,800	4.322% (3-Month USD-LIBOR + 0.325)% due 11/12/26			36,783
		110,117	MPH Acquisition Holdings LLC, 3.750% (3-Month USD-LIBOR + 0.275)% due 6/7/23			108,878
		61,173	NASCAR Holdings LLC, 2.920% (1-Month USD-LIBOR + 0.275)% due 10/19/26			59,993
		44,663	NCR Corp., 2.660% (1-Month USD-LIBOR + 0.250)% due 8/28/26			43,267
		245,498	Nexstar Broadcasting Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due 9/18/26			240,622
		248,101	Nouryon Finance BV, 3.164% (1-Month USD-LIBOR + 0.300)% due 10/1/25			240,541
		44,663	ON Semiconductor Corp., 2.156% (1-Month USD-LIBOR + 0.200)% due 9/19/26			43,965
		249,125	Option Care Health Inc., 4.656% (1-Month USD-LIBOR + 0.450)% due 8/6/26			248,086
		44,325	Outcomes Group Holdings Inc., 3.808% (3-Month USD-LIBOR + 0.350)% due 10/24/25			42,810
		253,963	Parexel International Corp., due 9/27/24(i)			245,138
			Pathway Vet Alliance LLC:
		193,730	4.156% (1-Month USD-LIBOR + 0.400)% due 3/31/27			189,916
		48,305	PCI Gaming Authority, 2.656% (1-Month USD-LIBOR + 0.250)% due 5/29/26			46,721
		196,264	Peak 10 Holding Corp., 3.808% (3-Month USD-LIBOR + 0.350)% due 8/1/24			164,944

See Notes to Financial Statements.

136

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	44,436	Penn National Gaming Inc., 3.000% (3-Month USD-LIBOR + 0.225)% due 10/15/25		$	42,814
		201,117	PetSmart Inc., 5.000% (3-Month USD-LIBOR + 0.400)% due 3/11/22			200,552
		130,000	PG&E Corp., 5.500% (3-Month USD-LIBOR + 0.450)% due 6/23/25			127,807
		39,796	Phoenix Services International LLC, 4.750% (1-Month USD-LIBOR + 0.375)% due 3/1/25			37,434
		65,751	Ply Gem Midco Inc., 3.918% (1-Month USD-LIBOR + 0.375)% due 4/12/25			64,436
		160,498	PODS LLC, 3.750% (1-Month USD-LIBOR + 0.275)% due 12/6/24			157,488
		77,794	PowerTeam Services LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 3/6/25			75,096
		54,113	Prairie ECI Acquiror LP, 4.906% (1-Month USD-LIBOR + 0.475)% due 3/11/26			48,499
		144,275	Pregis TopCo LLC, 3.906% (1-Month USD-LIBOR + 0.375)% due 7/31/26			141,931
		25,000	Presidio Holdings Inc., 3.770% (3-Month USD-LIBOR + 0.350)% due 1/22/27			24,563
		183,824	Prime Security Services Borrower LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 9/23/26			183,043
		69,467	Pro Mach Group Inc., 2.920% (1-Month USD-LIBOR + 0.275)% due 3/7/25			66,276
		251,763	Project Alpha Intermediate Holding Inc., due 4/26/24(i)			249,875
		39,800	Pug LLC, 3.656% (1-Month USD-LIBOR + 0.350)% due 2/12/27			33,697
		201,831	Radiate HoldCo LLC, 3.750% (1-Month USD-LIBOR + 0.300)% due 2/1/24			198,439
		202,696	Radiology Partners Inc., 5.667% (3-Month USD-LIBOR + 0.425)% due 7/9/25			193,153
		410,788	Refinitiv US Holdings Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due 10/1/25			406,971
		186,986	Renaissance Holding Corp., 3.406% (1-Month USD-LIBOR + 0.325)% due 5/30/25			183,379
		136,125	RentPath LLC, 0.000% (3-Month USD-LIBOR + 0.380)% due 12/17/21(f)			105,497
		47,855	Reynolds Consumer Products LLC, 1.906% (1-Month USD-LIBOR + 0.175)% due 2/4/27			47,027
		188,798	Reynolds Group Holdings Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due 2/5/23			185,898
		69,650	RPI 2019 Intermediate Finance Trust, 1.906% (1-Week USD-LIBOR + 0.175)% due 2/11/27			69,367
		57,750	RPI Intermediate Finance Trust, 1.906% (1-Month USD-LIBOR + 0.175)% due 2/11/27			57,461
		95,000	RSA Security LLC, due 6/29/27(i)			94,763
		45,000	Ryan Specialty Group LLC, due 7/23/27(i)			44,803
		89,877	Sabre GLBL Inc., due 2/22/24(i)			83,377
		56,025	Science Applications International Corp., 2.406% (1-Month USD-LIBOR + 0.225)% due 3/12/27			55,605
		154,349	Scientific Games International Inc., 3.472% (3-Month USD-LIBOR + 0.275)% due 8/14/24			144,013
		144,440	Sedgwick Claims Management Services Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due 12/31/25			139,505

See Notes to Financial Statements.

137

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	240,000	Select Medical Corp., 2.680% (1-Month USD-LIBOR + 0.250)% due 3/6/25		$	232,999
		39,800	Servicemaster Co. LLC, 1.906% (1-Month USD-LIBOR + 0.175)% due 11/5/26			39,120
		249,609	Severin Acquisition LLC, 3.405% (1-Month USD-LIBOR + 0.325)% due 8/1/25			241,914
		208,425	Sinclair Television Group Inc., 2.660% (1-Month USD-LIBOR + 0.250)% due 9/30/26			202,589
		179,620	SIWF Holdings Inc., due 6/15/25(i)			169,441
		86,819	Six Flags Theme Parks Inc., 1.910% (1-Month USD-LIBOR + 0.175)% due 4/17/26			81,349
		19,900	SMG US Midco 2 Inc., 2.730% (1-Month USD-LIBOR + 0.250)% due 1/23/25			16,890
		243,750	SolarWinds Holdings Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due 2/5/24			240,323
			Solenis Holdings LLC:
		120,120	4.256% (3-Month USD-LIBOR + 0.400)% due 6/26/25			117,849
		5,000	8.756% (3-Month USD-LIBOR + 0.850)% due 6/26/26			4,483
		243,940	Solera LLC, 2.938% (1-Month USD-LIBOR + 0.275)% due 3/3/23			239,476
		242,205	Sophia LP, 4.250% (3-Month USD-LIBOR + 0.325)% due 9/30/22			241,236
		244,388	Sotera Health Holdings LLC, 5.500% (3-Month USD-LIBOR + 0.450)% due 12/11/26			243,715
		246,338	Sound Inpatient Physicians Inc., 2.906% (1-Month USD-LIBOR + 0.275)% due 6/27/25			240,364
		61,181	Southern Graphics Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due 12/31/22			35,434
		133,221	SS&C Technologies Holdings Inc., 1.906% (1-Month USD-LIBOR + 0.175)% due 4/16/25			129,300
		74,119	Staples Inc., 5.251% (3-Month USD-LIBOR + 0.500)% due 4/16/26			62,754
		30,000	STG-Fairway Holdings LLC, 4.322% (3-Month USD-LIBOR + 0.325)% due 1/31/27			28,875
		34,825	Sunshine Luxembourg VII SARL, 5.322% (6-Month USD-LIBOR + 0.425)% due 10/1/26			34,702
		245,000	Surf Holdings SARL, 3.827% (3-Month USD-LIBOR + 0.350)% due 3/5/27			238,944
		31,747	Syncreon Group BV, 6.000% (3-Month USD-LIBOR + 0.500)% due 10/1/24			29,643
		99,350	TAMKO Building Products LLC, 3.406% (1-Month USD-LIBOR + 0.325)% due 5/29/26			98,356
		1,417	Tapstone Energy Holdings III LLC, 5.000% (1-Month USD-LIBOR + 0.400)% due 4/17/24(j)			1,417
		64,577	Team Health Holdings Inc., 3.750% (1-Month USD-LIBOR + 0.275)% due 2/6/24			53,626
			Tech Data Corp.:
		180,000	3.656% (1-Month USD-LIBOR + 0.350)% due 6/30/25			180,180

See Notes to Financial Statements.

138

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	��	Value
SENIOR LOANS(b) – (continued)
	$	80,000	5.656% (1-Month USD-LIBOR + 0.550)% due 6/30/25			$	76,600
		159,200	Telesat Canada, 2.910% (1-Month USD-LIBOR + 0.275)% due 12/7/26				153,760
		216,334	Tempo Acquisition LLC, 3.750% (1-Month USD-LIBOR + 0.325)% due 11/2/26				211,603
		144,275	Terrier Media Buyer Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due 12/17/26				141,254
			TIBCO Software Inc.:
		239,350	3.910% (1-Month USD-LIBOR + 0.375)% due 6/30/26				230,853
		15,000	7.410% (1-Month USD-LIBOR + 0.725)% due 3/3/28				14,550
		197,515	Titan Acquisition Ltd., 3.361% (3-Month USD-LIBOR + 0.300)% due 3/28/25				186,158
		156,934	TKC Holdings Inc., 4.750% (3-Month USD-LIBOR + 0.375)% due 2/1/23				146,930
		155,000	T-Mobile USA Inc., 3.156% (1-Month USD-LIBOR + 0.300)% due 4/1/27				155,330
		38,646	Trans Union LLC, 1.906% (1-Month USD-LIBOR + 0.175)% due 11/16/26				37,680
		193,467	TransDigm Inc., 2.406% (1-Month USD-LIBOR + 0.225)% due 12/9/25				183,159
		104,935	Travel Leaders Group LLC, 4.156% (1-Month USD-LIBOR + 0.400)% due 1/25/24				74,504
		69,776	Travelport Finance (Luxembourg) SARL, 6.072% (3-Month USD-LIBOR + 0.500)% due 5/29/26				46,477
		69,466	Trident TPI Holdings Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due 10/17/24				68,285
			Uber Technologies Inc.:
		9,897	3.656% (1-Month USD-LIBOR + 0.350)% due 7/13/23				9,711
		202,321	5.000% (1-Month USD-LIBOR + 0.400)% due 4/4/25				199,902
		246,204	UFC Holdings LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 4/29/26				242,703
		64,313	UGI Energy Services LLC, 3.906% (1-Month USD-LIBOR + 0.375)% due 8/13/26				63,750
			Ultimate Software Group Inc.:
		118,686	3.906% (1-Month USD-LIBOR + 0.375)% due 5/4/26				117,715
		185,000	4.750% (3-Month USD-LIBOR + 0.400)% due 5/4/26				184,654
		20,000	7.500% (3-Month USD-LIBOR + 0.675)% due 5/3/27				20,375
		64,509	United Natural Foods Inc., 4.406% (1-Month USD-LIBOR + 0.425)% due 10/22/25				62,815
		29,850	Univar Solutions USA Inc., 2.156% (1-Month USD-LIBOR + 0.200)% due 7/1/26				28,955
		36,844	Univision Communications Inc., 4.750% (1-Month USD-LIBOR + 0.375)% due 3/15/26				35,969
		54,863	Upstream Newco Inc., 4.656% (1-Month USD-LIBOR + 0.450)% due 11/20/26				51,639
		208,425	US Foods Inc., 3.072% (3-Month USD-LIBOR + 0.200)% due 9/13/26				199,083
		108,590	USIC Holdings Inc., 4.250% (1-Month USD-LIBOR + 0.325)% due 12/8/23				105,423
		240,573	Verscend Holding Corp., 4.656% (1-Month USD-LIBOR + 0.450)% due 8/27/25				238,569
		247,148	Vertafore Inc., 3.406% (1-Month USD-LIBOR + 0.325)% due 7/2/25				246,930

See Notes to Financial Statements.

139

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	300,000	Vertical Midco GmbH, 4.570% (6-Month USD-LIBOR + 0.425)% due 7/30/27	��	$	297,189
		259,917	VICI Properties 1 LLC, 1.933% (1-Month USD-LIBOR + 0.175)% due 12/20/24			249,845
		53,732	Victory Capital Holdings Inc., 2.799% (3-Month USD-LIBOR + 0.250)% due 7/1/26			52,859
		243,520	Virgin Media Bristol LLC, 2.662% (1-Month USD-LIBOR + 0.250)% due 1/31/28			236,755
		238,856	Vistra Operations Co. LLC, 1.907% (1-Month USD-LIBOR + 0.175)% due 12/31/25			234,700
		249,488	VS Buyer LLC, due 2/28/27(i)			245,433
		168,454	Wand Newco 3 Inc., 4.072% (3-Month USD-LIBOR + 0.300)% due 2/5/26			161,822
		65,000	Web.com Group Inc., 3.933% (1-Month USD-LIBOR + 0.375)% due 10/10/25			62,709
		203,963	Whatabrands LLC, 2.905% (1-Month USD-LIBOR + 0.275)% due 7/31/26			198,609
		244,985	Wink Holdco Inc., 4.000% (1-Month USD-LIBOR + 0.300)% due 12/2/24			239,243
		244,388	Zayo Group Holdings Inc., 3.156% (1-Month USD-LIBOR + 0.300)% due 3/9/27			237,009
		39,800	Zelis Cost Management Buyer Inc., 4.906% (1-Month USD-LIBOR + 0.475)% due 9/30/26			39,759
		20,000	Ziggo Financing Partnership, 2.662% (1-Month USD-LIBOR + 0.250)% due 4/30/28			19,313
			TOTAL SENIOR LOANS (Cost – $40,492,119)			39,879,733
SOVEREIGN BONDS – 1.1%
Canada – 0.2%
		500,000	Canada Government International Bond, 1.625% due 1/22/25			527,524
		250,000	Export Development Canada, 1.750% due 7/18/22			256,912
		500,000	Province of Alberta Canada, 3.350% due 11/1/23			544,235
		1,000,000	Province of Ontario Canada, 2.400% due 2/8/22			1,029,660
			Province of Quebec Canada:
		750,000	2.375% due 1/31/22			771,626
		400,000	1.350% due 5/28/30			412,001
			Total Canada			3,541,958
Chile – 0.0%
		200,000	Chile Government International Bond, 3.860% due 6/21/47			246,200
Colombia – 0.1%
			Colombia Government International Bond:
		400,000	3.875% due 4/25/27			434,400
		200,000	3.000% due 1/30/30			205,000
		100,000	6.125% due 1/18/41			130,250

See Notes to Financial Statements.

140

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SOVEREIGN BONDS – (continued)
Colombia – (continued)
	$	250,000	5.625% due 2/26/44		$	316,250
			Total Colombia			1,085,900
Indonesia – 0.1%
			Indonesia Government International Bond:
		500,000	3.375% due 4/15/23			527,010
		200,000	3.850% due 10/15/30			229,178
		200,000	5.350% due 2/11/49			269,300
		1,300,000	Perusahaan Penerbit SBSN Indonesia III, 3.750% due 3/1/23			1,376,843
			Total Indonesia			2,402,331
Israel – 0.0%
		200,000	Israel Government International Bond, 3.875% due 7/3/50			238,452
		200,000	State of Israel, 2.500% due 1/15/30			215,569
			Total Israel			454,021
Italy – 0.0%
			Republic of Italy Government International Bond:
		200,000	2.875% due 10/17/29			204,933
		100,000	5.375% due 6/15/33			125,340
			Total Italy			330,273
Japan – 0.0%
			Japan Bank for International Cooperation:
		200,000	2.500% due 5/23/24			214,744
		250,000	2.875% due 6/1/27			283,386
		250,000	2.750% due 11/16/27			282,810
		200,000	2.000% due 10/17/29			216,890
			Total Japan			997,830
Mexico – 0.1%
			Mexico Government International Bond:
		350,000	3.750% due 1/11/28			377,881
		200,000	4.500% due 4/22/29			225,100
		200,000	3.250% due 4/16/30			206,500
		200,000	4.750% due 4/27/32			228,900
		750,000	4.600% due 1/23/46			821,257
			Total Mexico			1,859,638
Panama – 0.1%
			Panama Government International Bond:
		500,000	4.000% due 9/22/24			548,755
		200,000	3.750% due 3/16/25			219,202
		200,000	3.875% due 3/17/28			227,502

See Notes to Financial Statements.

141

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SOVEREIGN BONDS – (continued)
Panama – (continued)
	$	200,000	3.160% due 1/23/30		$	217,750
		250,000	4.500% due 5/15/47			321,000
			Total Panama			1,534,209
Peru – 0.1%
			Peruvian Government International Bond:
		350,000	2.392% due 1/23/26			367,850
		250,000	2.844% due 6/20/30			274,000
		1,000,000	2.783% due 1/23/31			1,087,500
		100,000	5.625% due 11/18/50			164,450
			Total Peru			1,893,800
Philippines – 0.1%
			Philippine Government International Bond:
		200,000	4.200% due 1/21/24			221,454
		400,000	2.457% due 5/5/30			427,008
		500,000	3.950% due 1/20/40			589,130
		200,000	2.950% due 5/5/45			211,604
			Total Philippines			1,449,196
Poland – 0.0%
		500,000	Republic of Poland Government International Bond, 4.000% due 1/22/24			557,461
Qatar – 0.1%
			Qatar Government International Bond:
		400,000	3.875% due 4/23/23			429,854
		800,000	3.375% due 3/14/24			862,320
			Total Qatar			1,292,174
Saudi Arabia – 0.1%
			Saudi Government International Bond:
		900,000	2.375% due 10/26/21			914,076
		400,000	2.875% due 3/4/23			416,560
		800,000	2.900% due 10/22/25(c)			848,032
			Total Saudi Arabia			2,178,668
South Korea – 0.0%
		250,000	Export-Import Bank of Korea, 2.625% due 5/26/26			273,110
		400,000	Korea Electric Power Corp., 1.125% due 6/15/25(c)			402,004
		200,000	Korea International Bond, 2.500% due 6/19/29			220,887
			Total South Korea			896,001
Supranational – 0.1%
			International Bank for Reconstruction & Development:
		1,000,000	1.375% due 9/20/21			1,011,640

See Notes to Financial Statements.

142

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

	Face Amount/Units			Security	Value
	SOVEREIGN BONDS – (continued)
	Supranational – (continued)
		$	500,000	2.500% due 3/19/24		$	538,055
			500,000	0.625% due 4/22/25			505,202
			250,000	1.875% due 10/27/26			270,762
			250,000	2.500% due 11/22/27			282,229
				Total Supranational			2,607,888
	Thailand – 0.0%
			500,000	Export Import Bank of Thailand, 1.106% due 5/23/24(b)			494,895
	United Arab Emirates – 0.0%
				Abu Dhabi Government International Bond:
			200,000	0.750% due 9/2/23(c)(h)			200,110
			300,000	2.500% due 4/16/25(c)			317,985
			300,000	3.125% due 4/16/30(c)			335,689
				Total United Arab Emirates			853,784
	Uruguay – 0.0%
				Uruguay Government International Bond:
			250,000	4.375% due 1/23/31			299,377
			250,000	4.125% due 11/20/45			302,500
��				Total Uruguay			601,877
				TOTAL SOVEREIGN BONDS (Cost – $23,848,618)			25,278,104

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – 0.2%
California – 0.1%
	$	125,000	AA	Bay Area Toll Authority, Revenue Bonds, Series F2, 6.263% due 4/1/49		$	226,975
		100,000	AA+	Los Angeles Community College District, GO, Series E, 6.750% due 8/1/49			183,669
		150,000	AA+	Los Angeles Department of Water & Power Power System Revenue, Revenue Bonds, Series B, 6.603% due 7/1/50			271,851
		150,000	A+	Los Angeles Unified School District, GO, Series RY, 6.758% due 7/1/34			224,517
				State of California, GO:
		25,000	AA-	3.500% due 4/1/28			29,038
		40,000	AA-	4.600% due 4/1/38			48,324
		100,000	AA-	7.500% due 4/1/34			167,160
		200,000	AA-	7.550% due 4/1/39			353,480
		125,000	AA-	7.600% due 11/1/40			228,354
				University of California, Revenue Bonds:
		100,000	AA	Series AJ, 4.601% due 5/15/31			122,525
		25,000	AA	Series AX, 3.063% due 7/1/25			27,747

See Notes to Financial Statements.

143

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
California – (continued)
	$	75,000	AA	Series R, 5.770% due 5/15/43		$	110,529
				Total California			1,994,169
Florida – 0.0%
		20,000	A	County of Miami-Dade FL Aviation Revenue, Revenue Bonds, Series C, 4.280% due 10/1/41			21,696
Georgia – 0.0%
		100,000	A	Municipal Electric Authority of Georgia, Revenue Bonds, 6.637% due 4/1/57			147,575
Illinois – 0.0%
		20,000	A	Chicago O’Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49			26,578
				State of Illinois, GO:
		250,000	BBB-	5.100% due 6/1/33			255,895
		100,000	BBB-	Series 3, 6.725% due 4/1/35			112,108
				Total Illinois			394,581
Massachusetts – 0.0%
		100,000	AA	Commonwealth of Massachusetts, GO, Series E, 5.456% due 12/1/39			142,970
		100,000	AA+	Commonwealth of Massachusetts Transportation Fund Revenue, Revenue Bonds, 5.731% due 6/1/40			144,248
				Total Massachusetts			287,218
Missouri – 0.0%
		100,000	AA+	Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds, 3.652% due 8/15/57			123,125
Nevada – 0.0%
		100,000	AA-	County of Clark Department of Aviation, Revenue Bonds, Series C, 6.820% due 7/1/45			163,873
New Jersey – 0.0%
				New Jersey Turnpike Authority, Revenue Bonds:
		100,000	A+	7.102% due 1/1/41			168,654
		100,000	A+	Series F, 7.414% due 1/1/40			173,130
				Total New Jersey			341,784
New York – 0.1%
		100,000	AA	City of New York NY, GO, 5.517% due 10/1/37			142,833
		150,000	AA	Metropolitan Transportation Authority, Revenue Bonds, Series C, 7.336% due 11/15/39			242,646
		125,000	AA+	New York City Water & Sewer System, Revenue Bonds, Series AA, 5.440% due 6/15/43			195,506

See Notes to Financial Statements.

144

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New York – (continued)
	$	100,000	Aa1(k)	New York State Dormitory Authority, Revenue Bonds, 3.110% due 2/15/39		$	110,805
		200,000	A+	Port Authority of New York & New Jersey, Revenue Bonds, 4.458% due 10/1/62			261,236
				Total New York			953,026
Ohio – 0.0%
		100,000	A	American Municipal Power Inc., Revenue Bonds, Series B, 8.084% due 2/15/50			188,804
		100,000	AA	Ohio State University, Revenue Bonds, 3.798% due 12/1/46			126,679
				Total Ohio			315,483
Texas – 0.0%
		50,000	Aa1(k)	Grand Parkway Transportation Corp., Revenue Bonds, 3.236% due 10/1/52			52,561
		75,000	AAA	State of Texas, GO, Series A, 5.517% due 4/1/39			113,262
		95,000	Aaa(k)	Texas Transportation Commission, GO, 2.472% due 10/1/44			95,925
				Total Texas			261,748
Wisconsin – 0.0%
		10,000	AA-	State of Wisconsin, Revenue Bonds, Series C, 3.154% due 5/1/27			11,271
				TOTAL MUNICIPAL BONDS (Cost – $4,212,018)			5,015,549

Shares/Units

Security

Value

OPEN-END FUND – 1.1%

138,280

iShares 20+ Year Treasury Bond
(Cost – $22,056,877)

22,427,633

COMMON STOCKS – 0.0%

DIVERSIFIED – 0.0%

SPACs – 0.0%

1,640

Foresight Energy LLC/Foresight Energy Finance Corp.(h)(j)

27,078

ENERGY – 0.0%

Oil & Gas – 0.0%

1,842

Tapstone Energy LLC/Tapstone Energy Finance Corp.(h)(j)

4,163

See Notes to Financial Statements.

145

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (continued)

Shares/Units

Security

Value

COMMON STOCKS – (continued)

ENERGY – (continued)

Oil & Gas Services – 0.0%

659

Weatherford International PLC*

1,997

TOTAL ENERGY

6,160

INDUSTRIAL – 0.0%

Engineering & Construction – 0.0%

3,092

Mcdermott International Ltd.*

9,121

TOTAL COMMON STOCKS
(Cost – $58,726)

42,359

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,917,199,537)

1,991,202,281

Face Amount/Units
SHORT-TERM INVESTMENTS – 8.7%
TIME DEPOSITS – 4.9%
	$	17,572,359	Citibank – New York, 0.010% due 9/1/20		17,572,359
		86,216,027	JPMorgan Chase & Co. – New York, 0.010% due 9/1/20		86,216,027
			TOTAL TIME DEPOSITS (Cost – $103,788,386)		103,788,386
U.S. GOVERNMENT OBLIGATIONS – 3.8%
			U.S. Treasury Bills:
		20,700,000	0.145% due 10/29/20(l)		20,695,164
		29,000,000	0.160% due 11/27/20(l)		28,992,816
		31,000,000	0.151% due 12/3/20(l)		30,991,191
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost – $80,671,877)		80,679,171
			TOTAL SHORT-TERM INVESTMENTS (Cost – $184,460,263)		184,467,557
			TOTAL INVESTMENTS – 102.5% (Cost – $2,101,659,800)		2,175,669,838
			Liabilities in Excess of Other Assets – (2.5)%		(53,158,889)
			TOTAL NET ASSETS – 100.0%	$	2,122,510,949

††

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

Non-income producing security.

(a)

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

(b)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.

(c)

See Notes to Financial Statements.

146

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Core Fixed Income Fund (concluded)

of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $287,741,959 and represents 13.56% of net assets.

(d)

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

(e)

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

(f)

Security is currently in default.

(g)

Interest only security.

(h)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $2,823,898 and represents 0.13% of net assets.

(i)

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

(j)

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

(k)

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

(l)

Rate shown represents yield-to-maturity.

Abbreviations used in this schedule:

CLO

— Collateralized Loan Obligation

CMT

— Constant Maturity Treasury Index

— 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

SOFR

— Secured Overnight Financing Rate

UMBS

— Uniform Mortgage Backed Securities

Summary of Investments by Security Type^

	U.S. Government Agencies & Obligations					23.0%
	Mortgage-Backed Securities					19.5
	Corporate Bonds & Notes					18.7
	Collateralized Mortgage Obligations					18.3
	Asset-Backed Securities					7.8
	Senior Loans					1.8
	Sovereign Bonds					1.2
	Open-End Fund					1.0
	Municipal Bonds					0.2
	Common Stocks					0.0*
	Short-Term Investments					8.5
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – 50.2%
Basic Materials – 1.5%
	$	4,613,000	Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due 9/30/24(a)		$	4,771,595
		200,000	CNAC HK Finbridge Co., Ltd., Company Guaranteed Notes, 3.500% due 7/19/22			207,078
		40,000	DuPont de Nemours Inc., Senior Unsecured Notes, 3.766% due 11/15/20			40,280
		200,000	LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24			215,338
		200,000	MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(a)			218,500
		20,000	Nutrien Ltd., Senior Unsecured Notes, 1.900% due 5/13/23			20,711
		200,000	POSCO, Senior Unsecured Notes, 2.375% due 11/12/22			204,998
			Total Basic Materials			5,678,500
Communications – 11.3%
		105,000	AT&T Inc., Senior Unsecured Notes, 4.450% due 4/1/24			117,909
		200,000	Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20			200,818
		200,000	Baidu Inc., Senior Unsecured Notes, 3.075% due 4/7/25			213,924
		2,613,000EUR	Catena Media PLC, Company Guaranteed Notes, 5.500% (3-Month EURIBOR + 5.500)% due 3/2/22(b)			3,098,864
		1,022,000EUR	CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000)% due 7/3/23(b)			1,250,146
		4,297,000	CenturyLink Inc., Senior Unsecured Notes, 6.450% due 6/15/21			4,443,657
		967,000	Cogent Communications Group Inc., Senior Secured Notes, 5.375% due 3/1/22(a)			996,010
		4,246,000	DISH DBS Corp., Company Guaranteed Notes, 6.750% due 6/1/21			4,352,150
		115,000	eBay Inc., Senior Unsecured Notes, 2.750% due 1/30/23			120,748
		3,990,000	HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(a)			3,720,675
		200,000	JD.com Inc., Senior Unsecured Notes, 3.125% due 4/29/21			202,261
		2,813,000	Level 3 Financing Inc., Company Guaranteed Notes, 5.125% due 5/1/23			2,813,000
		6,468,000EUR	Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000)% due 8/9/22(a)(b)			7,603,359
		1,395,000	Netflix Inc., Senior Unsecured Notes, 5.375% due 2/1/21			1,421,156
		1,238,000	NortonLifeLock Inc., Senior Unsecured Notes, 4.200% due 9/15/20			1,238,371
		115,000	Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.625% due 5/1/22			120,797
		200,000	SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 3.250% due 6/30/25			219,904
		2,102,000	Sirius XM Radio Inc., Company Guaranteed Notes, 3.875% due 8/1/22(a)			2,120,392
		4,249,000	TEGNA Inc., Company Guaranteed Notes, 4.875% due 9/15/21(a)			4,249,000
		200,000	Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22			208,880
		200,000	Tencent Holdings Ltd., Senior Unsecured Notes, 1.810% due 1/26/26(a)			204,418
		1,810,000	T-Mobile USA Inc., Company Guaranteed Notes, 6.000% due 3/1/23			1,812,263

See Notes to Financial Statements.

148

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	1,581,000	VeriSign Inc., Senior Unsecured Notes, 4.625% due 5/1/23		$	1,598,786
		110,000	Verizon Communications Inc., Senior Unsecured Notes, 1.380% (3-Month USD-LIBOR + 1.100)% due 5/15/25(b)			112,409
			Total Communications			42,439,897
Consumer Cyclical – 5.4%
		175,000	Daimler Finance North America LLC, Company Guaranteed Notes, 2.300% due 2/12/21(a)			176,289
		2,002,000	Delta Air Lines Inc., Senior Unsecured Notes, 3.400% due 4/19/21			2,006,662
			Dollar Tree Inc., Senior Unsecured Notes:
		75,000	3.700% due 5/15/23			80,829
		35,000	4.000% due 5/15/25			39,668
		1,700,000EUR	European Lingerie Group AB, Senior Secured Notes, 7.750% (3-Month EURIBOR + 7.750)% due 2/22/21(b)(c)			1,379,570
		2,554,000	Ford Motor Credit Co. LLC, Senior Unsecured Notes, 1.227% (3-Month USD-LIBOR + 0.930)% due 9/24/20(b)			2,552,627
		7,000,000SEK	Gaming Innovation Group PLC, Senior Secured Notes, 9.098% (3-Month STIBOR + 9.000)% due 6/28/22(b)			742,511
		7,212,720	Hawaiian Airlines 2013-1 Class B Pass-Through Certificates, 4.950% due 1/15/22			6,545,775
		663,000	Hawaiian Airlines 2020-1 Class B Pass-Through Certificates, 11.250% due 9/15/25(a)			667,155
		4,576,000	Hercules Achievement, Inc./Varsity Brands Holding Co., Inc., Senior Secured Notes, 9.000% (3-Month USD-LIBOR + 8.000)% due 12/22/24(a)(b)			4,072,640
		115,000	Hyundai Capital America, Senior Unsecured Notes, 2.850% due 11/1/22(a)			119,063
		1,698,000	Macy’s Retail Holdings LLC, Company Guaranteed Notes, 2.875% due 2/15/23			1,405,095
		90,000	McDonald’s Corp., Senior Unsecured Notes, 2.625% due 1/15/22			92,869
		400,000EUR	SB Holdco PLC, Secured Notes, 8.000% (3-Month EURIBOR + 8.000)% due 7/13/22(b)			464,233
		55,000	Target Corp., Senior Unsecured Notes, 2.900% due 1/15/22			56,978
			Total Consumer Cyclical			20,401,964
Consumer Non-cyclical – 3.8%
		105,000	AbbVie Inc., Senior Unsecured Notes, 2.300% due 11/21/22(a)			109,114
			Anthem Inc., Senior Unsecured Notes:
		100,000	2.500% due 11/21/20			100,490
		10,000	3.300% due 1/15/23			10,650
		5,297,000	APX Group Inc., Senior Secured Notes, 7.875% due 12/1/22			5,355,002
		115,000	AstraZeneca PLC, Senior Unsecured Notes, 2.375% due 11/16/20			115,501
		70,000	BAT Capital Corp., Company Guaranteed Notes, 2.764% due 8/15/22			72,796

See Notes to Financial Statements.

149

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	115,000	Bristol-Myers Squibb Co., Senior Unsecured Notes, 2.600% due 5/16/22		$	119,533
		110,000	Cardinal Health Inc., Senior Unsecured Notes, 2.616% due 6/15/22			113,717
		110,000	Cigna Corp., Company Guaranteed Notes, 3.400% due 9/17/21			113,435
		115,000	Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22			119,252
		2,649,000	Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(a)			2,738,404
		46,000	CVS Health Corp., Senior Unsecured Notes, 3.700% due 3/9/23			49,515
		280,574	ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23			281,278
		200,000	HPHT Finance 19 Ltd., Company Guaranteed Notes, 2.875% due 11/5/24			207,296
		2,122,000	Ingles Markets Inc., Senior Unsecured Notes, 5.750% due 6/15/23			2,153,830
			Mondelez International Inc., Senior Unsecured Notes:
		45,000	0.625% due 7/1/22			45,205
		70,000	3.625% due 5/7/23			75,377
		1,896,000	Nielsen Co. Luxembourg SARL, Company Guaranteed Notes, 5.500% due 10/1/21(a)			1,898,370
			PayPal Holdings Inc., Senior Unsecured Notes:
		95,000	2.200% due 9/26/22			98,507
		15,000	1.350% due 6/1/23			15,348
		85,000	PepsiCo Inc., Senior Unsecured Notes, 0.750% due 5/1/23			86,059
		200,000	PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26			213,678
		35,000	Reynolds American Inc., Company Guaranteed Notes, 4.000% due 6/12/22			37,086
		110,000	Royalty Pharma PLC, Senior Unsecured Notes, 0.750% due 9/2/23(a)			109,923
		35,000	Upjohn Inc., Company Guaranteed Notes, 1.125% due 6/22/22(a)			35,315
			Total Consumer Non-cyclical			14,274,681
Energy – 4.1%
		6,236,000	CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(a)			6,220,410
		200,000	CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22			209,359
		200,000	CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due 4/28/21			204,398
		1,173,000	CNX Resources Corp., Company Guaranteed Notes, 5.875% due 4/15/22			1,177,927
		39,699	Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due 12/30/20(a)			39,656
		85,000	Exxon Mobil Corp., Senior Unsecured Notes, 1.571% due 4/15/23			87,644
			Martin Midstream Partners LP/Martin Midstream Finance Corp.:
		789,000	Company Guaranteed Notes, 7.250% due 2/15/21			741,660
		906,875	Senior Secured Notes, 10.000% due 2/29/24(a)			941,790
		200,000	ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due 1/27/22			202,044

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	3,156,000	PBF Logistics LP/PBF Logistics Finance Corp., Company Guaranteed Notes, 6.875% due 5/15/23		$	3,130,405
		200,000	Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22			206,052
		250,000	Reliance Industries Ltd., Senior Unsecured Notes, 5.400% due 2/14/22			264,388
		200,000	Saudi Arabian Oil Co., Senior Unsecured Notes, 2.750% due 4/16/22			205,311
		80,000	Schlumberger Holdings Corp., Senior Unsecured Notes, 3.750% due 5/1/24(a)			87,081
			SESI LLC, Company Guaranteed Notes:
		3,961,000	7.125% due 12/15/21(a)			1,465,570
		640,000	7.125% due 12/15/21			179,200
			Total Energy			15,362,895
Financial – 6.2%
		115,000	American Express Co., Senior Unsecured Notes, 3.700% due 11/5/21			119,250
		60,000	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.625% due 5/1/22(a)			58,071
		150,000	Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23			151,688
		200,000	Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index + 7.782)% (b)(d)			201,000
		200,000	Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20			200,880
		120,000	Bank of America Corp., Senior Unsecured Notes, 1.117% (3-Month USD-LIBOR + 0.790)% due 3/5/24(b)			120,818
			Capital One Financial Corp., Senior Unsecured Notes:
		95,000	2.400% due 10/30/20			95,154
		20,000	3.200% due 1/30/23			21,142
		180,000	Citigroup Inc., Senior Unsecured Notes, 1.269% (3-Month USD-LIBOR + 1.023)% due 6/1/24(b)			181,649
		120,000	Crown Castle International Corp., Senior Unsecured Notes, 1.350% due 7/15/25			121,938
		3,476,000	CTO Realty Growth Inc., Senior Unsecured Notes, 3.875% due 4/15/25(a)			3,110,744
		200,000	Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21			205,230
		200,000	Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due 5/18/21			206,500
		2,875,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes, 6.250% due 2/1/22			2,907,344
		100,000	Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22			103,751
		47,494	Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due 11/30/25			43,770
		120,000	JPMorgan Chase & Co., Senior Unsecured Notes, 3.207% (3-Month USD-LIBOR + 0.695)% due 4/1/23(b)			125,146

See Notes to Financial Statements.

151

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	90,000	Macquarie Bank Ltd., Senior Unsecured Notes, 2.100% due 10/17/22(a)		$	93,137
		200,000	Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542)% due 10/29/26(b)			204,150
		115,000	Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 1.506% (3-Month USD-LIBOR + 1.200)% due 12/29/21(b)			115,089
		115,000	Morgan Stanley, Senior Unsecured Notes, 1.188% (3-Month USD-LIBOR + 0.930)% due 7/22/22(b)			115,745
		200,000	NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(a)			200,927
		162,358	Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon, due 6/2/25			151,804
		85,000	Prudential Financial Inc., Senior Unsecured Notes, 3.500% due 5/15/24			94,479
		3,306,000	SBA Communications Corp., Senior Unsecured Notes, 4.000% due 10/1/22			3,328,216
		85,000	Simon Property Group LP, Senior Unsecured Notes, 2.000% due 9/13/24			87,945
		16,250,000SEK	Stockwik Förvaltning AB, Senior Secured Notes, 0.000% (3-Month STIBOR + 7.000)% due 9/3/23(b)(e)(f)			1,906,858
		4,770,000	StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(a)			5,163,525
		120,000	Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 2.058% due 7/14/21			121,729
		250,000	Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23			261,266
		110,000	Toronto-Dominion Bank, Senior Unsecured Notes, 0.558% (SOFR rate + 0.480)% due 1/27/23(b)			110,242
		55,000	Truist Financial Corp., Senior Unsecured Notes, 2.200% due 3/16/23			57,347
		200,000	Unifin Financiera SAB de CV, Company Guaranteed Notes, 7.000% due 1/15/25			163,500
		200,000	United Overseas Bank Ltd., Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236)% due 9/16/26(b)			204,148
		2,069,000	VEREIT Inc., Senior Unsecured Notes, 3.750% due 12/15/20			2,069,163
		5,040,000SEK	VNV Global AB, Senior Secured Notes, 5.750% due 10/4/22			594,331
		115,000	Wells Fargo & Co., Senior Unsecured Notes, 1.654% (SOFR rate + 1.600)% due 6/2/24(b)			117,571
		115,000	Welltower Inc., Senior Unsecured Notes, 3.625% due 3/15/24			124,331
			Total Financial			23,259,578
Industrial – 9.7%
		2,800,000	Altera Shuttle Tankers LLC, Senior Unsecured Notes, 7.125% due 8/15/22			2,856,000
		3,888,000	ATS Automation Tooling Systems Inc., Company Guaranteed Notes, 6.500% due 6/15/23(a)			3,932,557
		1,677,000	Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/23(a)			1,341,600
		195,000	Briggs & Stratton Corp., Senior Unsecured Notes, 6.875% due 12/15/20(c)			12,675

See Notes to Financial Statements.

152

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	13,300,000NOK	Bulk Industrier AS, Senior Secured Notes, 6.570% (3-Month NOK-LIBOR + 6.250)% due 7/14/23(a)(b)		$	1,536,904
		120,000	Carrier Global Corp., Senior Unsecured Notes, 1.923% due 2/15/23(a)			123,518
		935,000	Dycom Industries Inc., Senior Unsecured Notes, 0.750% due 9/15/21			902,275
		2,774,000	FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(a)			2,690,780
		600,000	Golar LNG Partners LP, Senior Unsecured Notes, 6.506% (3-Month USD-LIBOR + 6.250)% due 11/22/21(b)			522,000
		5,443,000	Great Lakes Dredge & Dock Corp., Company Guaranteed Notes, 8.000% due 5/15/22			5,636,063
		55,000	Honeywell International Inc., Senior Unsecured Notes, 0.483% due 8/19/22			55,124
		1,030,000	Louisiana-Pacific Corp., Senior Unsecured Notes, 4.875% due 9/15/24			1,055,750
		1,800,000	MPC Container Ships Invest BV, Senior Secured Notes, 5.056% (3-Month USD-LIBOR + 4.750)% due 9/22/22(b)			1,444,500
		25,000	Northrop Grumman Corp., Senior Unsecured Notes, 3.250% due 8/1/23			27,070
		115,000	Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 2.700% due 11/1/24(a)			121,665
		115,000	Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24			122,829
		2,199,000	SFL Corp., Ltd., Senior Unsecured Notes, 5.750% due 10/15/21			2,102,459
		37,500,000NOK	Stolt-Nielsen Ltd., Senior Unsecured Notes, 4.880% (3-Month NOK-LIBOR + 4.500)% due 6/29/23(a)(b)			4,313,708
			Tecnoglass Inc., Company Guaranteed Notes:
		200,000	8.200% due 1/31/22			209,000
		2,287,000	8.200% due 1/31/22(a)			2,389,915
		115,000	Union Pacific Corp., Senior Unsecured Notes, 3.200% due 6/8/21			117,505
		1,144,000	Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24			1,161,160
		1,099,000	WESCO Distribution Inc., Company Guaranteed Notes, 5.375% due 12/15/21			1,106,385
		2,855,000	XPO Logistics Inc., Company Guaranteed Notes, 6.500% due 6/15/22(a)			2,863,779
			Total Industrial			36,645,221
Technology – 7.8%
		60,000	Analog Devices Inc., Senior Unsecured Notes, 2.950% due 1/12/21			60,577
		1,087,000EUR	Azerion Holding BV, Senior Secured Notes, 8.500% (3-Month EURIBOR + 8.500)% due 3/17/23(b)			1,297,226
			Dell International LLC/EMC Corp.:
		8,428,000	Company Guaranteed Notes, 5.875% due 6/15/21(a)			8,441,148
		1,244,000	Senior Secured Notes, 5.850% due 7/15/25(a)			1,459,351
		5,898,000	MagnaChip Semiconductor Corp., Senior Unsecured Notes, 6.625% due 7/15/21			5,898,000
		110,000	Microchip Technology Inc., Senior Secured Notes, 3.922% due 6/1/21			112,495
		35,000	Micron Technology Inc., Senior Unsecured Notes, 2.497% due 4/24/23			36,548

See Notes to Financial Statements.

153

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
	$	5,032,000	NCR Corp., Company Guaranteed Notes, 5.000% due 7/15/22		$	5,023,295
		35,000	Oracle Corp., Senior Unsecured Notes, 2.500% due 4/1/25			37,729
			Xerox Corp., Senior Unsecured Notes:
		372,000	2.750% due 9/1/20			372,000
		6,504,000	4.500% due 5/15/21			6,632,389
			Total Technology			29,370,758
Utilities – 0.4%
		200,000	AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate + 4.644)% due 3/26/79(a)(b)			213,538
			DTE Energy Co., Senior Unsecured Notes:
		10,000	2.250% due 11/1/22			10,355
		50,000	2.529% due 10/1/24			53,256
		45,000	1.050% due 6/1/25			45,225
		156,500	Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29			165,190
		200,000	Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25			163,752
		115,000	Entergy Corp., Senior Unsecured Notes, 0.900% due 9/15/25			114,939
		200,000	Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23			228,629
		200,000	Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due 5/6/25(a)			206,895
		200,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured Notes, 5.500% due 11/22/21			209,600
		105,000	PSEG Power LLC, Company Guaranteed Notes, 3.850% due 6/1/23			113,288
			Total Utilities			1,524,667
			TOTAL CORPORATE BONDS & NOTES (Cost – $190,485,936)			188,958,161
SENIOR LOANS(b) – 15.3%
		6,111,202	Advanced Disposal Services Inc., 3.000% (1-Week USD-LIBOR + 2.250)% due 11/10/23			6,079,546
		2,663,171	Capri Acquisitions BidCo Ltd., 3.261% (3-Month USD-LIBOR + 3.000)% due 11/1/24			2,654,862
		1,335,000	Chefs’ Warehouse Inc., due 6/22/22(g)			1,176,389
		6,752,130	Cincinnati Bell Inc., due 10/2/24(g)			6,745,108
		1,909,577	Crestwood Holdings LLC, 7.660% (1-Month USD-LIBOR + 7.500)% due 3/6/23			1,243,612
		4,769,000	Ellie Mae Inc., 4.058% (3-Month USD-LIBOR + 3.750)% due 4/17/26			4,763,516
		4,764,000	EP Energy LLC, due 11/23/21(e)(g)			4,761,022
			Fieldwood Energy LLC:
		478,730	due 8/4/21(f)(g)			478,730

See Notes to Financial Statements.

154

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
SENIOR LOANS(b) – (continued)
	$	5,080,000	9.750% (1-Month USD-LIBOR + 8.750)% due 4/11/22(c)		$	1,219,200
		6,201,840	First Brands Group LLC, 8.500% (2-Month USD-LIBOR + 7.500)% due 2/2/24			6,077,803
		4,916,195	Golden Nugget Online Gaming Inc., 13.000% (3-Month USD-LIBOR + 12.000)% due 10/4/23			5,555,300
		664,000	Intelsat Jackson Holdings SA, 6.500% (3-Month USD-LIBOR + 5.500)% due 7/13/22			675,069
		796,614	Internap Holding LLC, 7.500% (3-Month USD-LIBOR + 6.500)% due 5/8/25			438,138
		2,483,753	Lealand Finance Co. BV, 3.156% (1-Month USD-LIBOR + 3.000)% due 6/28/24(g)			2,210,540
		523,687	Monitronics International Inc., 7.750% (1-Month USD-LIBOR + 6.500)% due 3/29/24			392,504
		1,912,854	Party City Holdings Inc., 3.250% (1-Month USD-LIBOR + 2.500)% due 8/19/22			1,339,342
		4,329,000	WCA Waste Systems Inc., 2.656% (1-Month USD-LIBOR + 2.500)% due 8/11/23(g)			4,312,766
		7,590,550	Windstream Services LLC, 2.660% (1-Month USD-LIBOR + 2.500)% due 2/26/21			7,495,668
			TOTAL SENIOR LOANS (Cost – $62,160,622)			57,619,115
ASSET-BACKED SECURITIES – 6.6%
		1,000,000	522 Funding CLO I Ltd., Series 2019-4A, Class A, 1.622% (3-Month USD-LIBOR + 1.350)% due 4/20/30(a)(b)			993,700
		467,162	Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(a)			422,203
			AccessLex Institute:
		255,016	Series 2004-2, Class A3, 0.435% (3-Month USD-LIBOR + 0.190)% due 10/25/24(b)			245,380
		258,228	Series 2007-A, Class A3, 0.550% (3-Month USD-LIBOR + 0.300)% due 5/25/36(b)			248,356
		200,000	Affirm Asset Securitization Trust, Series 2020-A, Class A, 2.100% due 2/18/25(a)			200,288
		1,194,264	Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.950% due 10/25/58(a)(b)			1,197,344
		150,000	Aqua Finance Trust, Series 2020-AA, Class A, 1.900% due 7/17/46(a)			149,924
		291,141	Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1, Class A, 2.990% due 7/15/24(a)			295,431
		574,817	Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(a)			569,206
		352,000	BSPRT Issuer Ltd., Series 2019-FL5, Class A, 1.312% (1-Month USD-LIBOR + 1.150)% due 5/15/29(a)(b)			346,466
		991,833	Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A, 1.295% (3-Month USD-LIBOR + 1.050)% due 7/27/31(a)(b)			975,736

See Notes to Financial Statements.

155

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	500,000	Catamaran CLO Ltd., Series 2018-1A, Class A1, 1.495% (3-Month USD-LIBOR + 1.250)% due 10/25/31(a)(b)		$	493,461
		478,254	Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.980% due 8/25/50(a)			487,021
		156,505	DRB Prime Student Loan Trust, Series 2016-R, Class A1, 2.075% (1-Month USD-LIBOR + 1.900)% due 10/25/44(a)(b)			156,822
		172,194	DT Auto Owner Trust, Series 2020-2A, Class A, 1.140% due 1/16/24(a)			172,740
		117,526	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650% due 1/25/41(a)			118,990
		333,187	Freed ABS Trust, Series 2020-FP1, Class A, 2.520% due 3/18/27(a)			333,253
		35,145	Freed ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(a)			35,177
		399,541	Genesis Private Label Amortizing Trust, Series 2020-1, Class A, 2.080% due 7/20/30(a)(f)			400,033
			GLS Auto Receivables Issuer Trust:
		103,019	Series 2019-1A, Class A, 3.370% due 1/17/23(a)			103,805
		158,514	Series 2019-2A, Class A, 3.060% due 4/17/23(a)			160,103
		63,533	GLS Auto Receivables Trust, Series 2018-3A, Class A, 3.350% due 8/15/22(a)			63,743
		500,000	Greywolf CLO V Ltd., Series 2015-1A, Class A1R, 1.405% (3-Month USD-LIBOR + 1.160)% due 1/27/31(a)(b)			494,761
		1,000,000	Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 1.452% (3-Month USD-LIBOR + 1.180)% due 10/20/31(a)(b)			989,515
		500,000	Hayfin Kingsland VIII Ltd., Series 2018-8A, Class A, 1.392% (3-Month USD-LIBOR + 1.120)% due 4/20/31(a)(b)			492,767
		463,343	Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.740% due 2/25/39(a)			479,023
			Invitation Homes Trust:
		181,255	Series 2017-SFR2, Class A, 1.012% (1-Month USD-LIBOR + 0.850)% due 12/17/36(a)(b)			179,915
		177,658	Series 2018-SFR1, Class A, 0.862% (1-Month USD-LIBOR + 0.700)% due 3/17/37(a)(b)			174,958
		95,776	Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX, 2.340% due 10/25/48(a)			95,972
		173,000	LMREC Inc., Series 2019-CRE3, Class A, 1.583% (1-Month USD-LIBOR + 1.400)% due 12/22/35(a)(b)			169,887
		173,000	LoanCore Issuer Ltd., Series 2019-CRE2, Class A, 1.292% (1-Month USD-LIBOR + 1.130)% due 5/15/36(a)(b)			169,996
		194,166	Marlette Funding Trust, Series 2019-2A, Class A, 3.130% due 7/16/29(a)			196,194
		896,373	MFA LLC, Series 2017-NPL1, Class A1, step bond to yield, 3.352% due 11/25/47(a)			900,010
		341,000	NLY Commercial Mortgage Trust, Series 2019-FL2, Class AS, 1.762% (1-Month USD-LIBOR + 1.600)% due 2/15/36(a)(b)			330,194

See Notes to Financial Statements.

156

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	207,197	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.193% due 1/25/23(a)		$	208,068
		989,121	Ocean Trails CLO V, Series 2014-5A, Class ARR, 1.546% (3-Month USD-LIBOR + 1.280)% due 10/13/31(a)(b)			980,787
		250,000	OCP CLO Ltd., Series 2014-5A, Class A1R, 1.325% (3-Month USD-LIBOR + 1.080)% due 4/26/31(a)(b)			247,232
		47,681	Prosper Marketplace Issuance Trust, Series 2019-2A, Class A, 3.200% due 9/15/25(a)			47,765
		994,727	Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 1.485% (3-Month USD-LIBOR + 1.210)% due 10/15/30(a)(b)			986,883
		1,000,000	Regatta Funding LP, Series 2013-2A, Class A1R2, 1.525% (3-Month USD-LIBOR + 1.250)% due 1/15/29(a)(b)			998,500
			Sofi Professional Loan Program LLC:
		280,729	Series 2015-C, Class A2, 2.510% due 8/25/33(a)			282,676
		107,934	Series 2019-A, Class A1FX, 3.180% due 6/15/48(a)			108,545
		1,000,000	Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 1.522% (3-Month USD-LIBOR + 1.250)% due 10/20/31(a)(b)			985,713
		500,000	Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 1.392% (3-Month USD-LIBOR + 1.120)% due 1/21/31(a)(b)			492,500
			Steele Creek CLO Ltd.:
		1,000,000	Series 2015-1A, Class AR, 1.507% (3-Month USD-LIBOR + 1.260)% due 5/21/29(a)(b)			989,685
		1,000,000	Series 2018-2A, Class A, 1.470% (3-Month USD-LIBOR + 1.200)% due 8/18/31(a)(b)			985,107
		320,833	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330% due 5/20/39(a)			320,704
		273,606	Tesla Auto Lease Trust, Series 2018-B, Class A, 3.710% due 8/20/21(a)			276,625
		1,000,000	Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.732% (3-Month USD-LIBOR + 1.460)% due 7/20/32(a)(b)			998,000
		360,004	Triton Container Finance IV LLC, Series 2017-2A, Class A, 3.620% due 8/20/42(a)			361,040
			Vericrest Opportunity Loan Trust:
		1,230,629	Series 2019-NPL7, Class A1A, step bond to yield, 3.179% due 10/25/49(a)			1,221,109
		290,535	Series 2019-NPL8, Class A1A, step bond to yield, 3.278% due 11/25/49(a)			290,543
		1,022,145	Series 2020-NPL2, Class A1A, step bond to yield, 2.981% due 2/25/50(a)			1,011,540
		365,277	VOLT LXXXIV LLC, Series 2019-NP10, Class A1A, step bond to yield, 3.426% due 12/27/49(a)			364,614
			TOTAL ASSET-BACKED SECURITIES (Cost – $25,116,612)			25,000,010
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.3%
			BANK:
		1,531,420	Series 2017-BNK4, Class XA, 1.570% due 5/15/50(b)(h)			101,907

See Notes to Financial Statements.

157

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	1,843,067	Series 2017-BNK6, Class XA, 0.968% due 7/15/60(b)(h)		$	77,212
		192,000	BBCMS 2017-DELC Mortgage Trust, Series 2017-DELC, Class B, 1.192% (1-Month USD-LIBOR + 1.030)% due 8/15/36(a)(b)			180,940
		240,000	BBCMS 2018-TALL Mortgage Trust, Series 2018-TALL, Class B, 1.133% (1-Month USD-LIBOR + 0.971)% due 3/15/37(a)(b)			227,520
		200,000	BBCMS 2019-BWAY Mortgage Trust, Series 2019-BWAY, Class A, 1.118% (1-Month USD-LIBOR + 0.956)% due 11/25/34(a)(b)			194,544
		75,000	BHMS, Series 2018-ATLS, Class A, 1.412% (1-Month USD-LIBOR + 1.250)% due 7/15/35(a)(b)			71,713
		118,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class E, 2.113% (1-Month USD-LIBOR + 1.951)% due 3/15/37(a)(b)			113,863
		323,000	BX Trust, Series 2019-MMP, Class B, 1.462% (1-Month USD-LIBOR + 1.300)% due 8/15/36(a)(b)			319,274
			BXMT Ltd.:
		117,000	Series 2017-FL1, Class C, 2.112% (1-Month USD-LIBOR + 1.950)% due 6/15/35(a)(b)			115,555
		192,000	Series 2020-FL2, Class C, 1.812% (1-Month USD-LIBOR + 1.650)% due 2/16/37(a)(b)			185,280
		1,669,194	CD Mortgage Trust, Series 2017-CD4, Class XA, 1.454% due 5/10/50(b)(h)			103,311
			CFCRE Commercial Mortgage Trust:
		1,333,000	Series 2017-C8, Class XA, 1.772% due 6/15/50(b)(h)			98,989
		287,000	Series 2017-C8, Class XB, 1.113% due 6/15/50(b)(h)			15,806
		296,902	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 0.952% (1-Month USD-LIBOR + 0.790)% due 7/15/32(a)(b)			296,158
			Citigroup Commercial Mortgage Trust:
		178,000	Series 2018-TBR, Class B, 1.312% (1-Month USD-LIBOR + 1.150)% due 12/15/36(a)(b)			160,731
		386,000	Series 2019-PRM, Class D, 4.350% due 5/10/36(a)			399,773
		892,460	Citigroup Mortgage Loan Trust, Series 2018-C, Class A1, step bond to yield, 4.125% due 3/25/59(a)			899,734
		678,669	COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.853% due 3/25/65(a)(b)			681,242
��			Commercial Mortgage Trust:
		20,677,098	Series 2013-CR9, Class XA, 0.141% due 7/10/45(b)(h)			45,012
		1,538,717	Series 2013-LC6, Class XA, 1.484% due 1/10/46(b)(h)			37,094
		303,859	Series 2014-CR15, Class A2, 2.928% due 2/10/47			307,425
		325,000	Series 2014-FL5, Class C, 1.561% (1-Month USD-LIBOR + 2.150)% due 10/15/31(a)(b)			285,369
		344,000	Series 2014-FL5, Class D, 1.561% (1-Month USD-LIBOR + 4.000)% due 10/15/31(a)(b)			288,022
		227,000	Series 2018-HCLV, Class A, 1.162% (1-Month USD-LIBOR + 1.000)% due 9/15/33(a)(b)			219,048

See Notes to Financial Statements.

158

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
			Credit Suisse Commercial Mortgage Capital Trust:
	$	70,000	Series 2017-CHOP, Class D, 2.062% (1-Month USD-LIBOR + 1.900)% due 7/15/32(a)(b)		$	58,510
		573,000	Series 2017-CHOP, Class E, 3.462% (1-Month USD-LIBOR + 3.300)% due 7/15/32(a)(b)			451,979
		107,000	Series 2017-LSTK, Class C, 3.229% due 4/5/33(a)			104,497
		128,000	Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)			123,171
		47,000	Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)			43,969
		8,157,000	Series 2017-LSTK, Class XACP, −% due 4/5/33(a)(b)(h)			82
		2,969,000	Series 2017-LSTK, Class XBCP, −% due 4/5/33(a)(b)(h)			30
		344,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class A, 1.412% (1-Month USD-LIBOR + 1.250)% due 1/15/34(a)(b)			331,850
			CSAIL Commercial Mortgage Trust:
		813,383	Series 2017-C8, Class XA, 1.381% due 6/15/50(b)(h)			41,943
		4,786,861	Series 2017-CX10, Class XA, 0.856% due 11/15/50(b)(h)			190,633
		3,506,471	Series 2018-CX12, Class XA, 0.770% due 8/15/51(b)(h)			133,666
			Deephaven Residential Mortgage Trust:
		66,858	Series 2017-1A, Class A1, 2.725% due 12/26/46(a)(b)			66,782
		66,858	Series 2017-1A, Class A2, 2.928% due 12/26/46(a)(b)			66,826
		137,747	Series 2018-3A, Class A2, 3.891% due 8/25/58(a)(b)			137,971
			Federal Home Loan Mortgage Corp., REMICS:
		446,132	Series 4703, Class FA, 0.512% (1-Month USD-LIBOR + 0.350)% due 7/15/47(b)			445,348
		1,347,250	Series 4710, Class KA, 3.500% due 10/15/42			1,363,147
		666,321	Series 4911, Class MB, 3.000% due 9/25/49			694,001
			Federal National Mortgage Association, REMICS:
		346,539	Series 2012-110, Class MF, 0.635% (1-Month USD-LIBOR + 0.460)% due 10/25/42(b)			348,271
		48,853	Series 2013-81, Class EF, 0.525% (1-Month USD-LIBOR + 0.350)% due 12/25/42(b)			48,898
		440,321	Series 2014-84, Class BF, 0.521% (1-Month USD-LIBOR + 0.350)% due 12/25/44(b)			441,407
		135,434	Series 2018-55, Class FA, 0.475% (1-Month USD-LIBOR + 0.300)% due 8/25/48(b)			135,632
		239,000	GB Trust, Series 2020-FLIX, Class D, 2.517% (1-Month USD-LIBOR + 2.350)% due 8/15/37(a)(b)			239,592
			GS Mortgage Securities Corp. Trust:
		161,000	Series 2012-ALOH, Class A, 3.551% due 4/10/34(a)			162,352
		77,000	Series 2017-500K, Class E, 1.750% (1-Month USD-LIBOR + 1.500)% due 7/15/32(a)(b)			76,033

See Notes to Financial Statements.

159

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	53,000	Series 2017-500K, Class F, 2.150% (1-Month USD-LIBOR + 1.800)% due 7/15/32(a)(b)		$	52,202
			GS Mortgage Securities Trust:
		5,205,492	Series 2016-GS4, Class XA, 0.680% due 11/10/49(b)(h)			120,767
		1,758,383	Series 2017-GS6, Class XA, 1.183% due 5/10/50(b)(h)			102,736
		3,601,955	Series 2017-GS8, Class XA, 1.119% due 11/10/50(b)(h)			186,287
		78,000	Hilton Orlando Trust, Series 2018-ORL, Class B, 1.212% (1-Month USD-LIBOR + 1.050)% due 12/15/34(a)(b)			72,921
			JP Morgan Chase Commercial Mortgage Securities Trust:
		2,512,665	Series 2014-C20, Class XA, 1.092% due 7/15/47(b)(h)			47,741
		4,075,000	Series 2020-MKST, Class XCP, 2.628% due 12/15/36(a)(b)(h)			136,770
		1,170,796	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class XA, 1.436% due 11/15/48(b)(h)			36,909
			MF1 Ltd.:
		244,000	Series 2019-FL2, Class A, 1.305% (1-Month USD-LIBOR + 1.130)% due 12/25/34(a)(b)			239,274
		225,000	Series 2020-FL3, Class A, 2.212% (1-Month USD-LIBOR + 2.050)% due 7/15/35(a)(b)			225,881
			Morgan Stanley Capital I Trust:
		164,000	Series 2011-C1, Class D, 5.675% due 9/15/47(a)(b)			164,786
		1,459,372	Series 2016-UB11, Class XA, 1.741% due 8/15/49(b)(h)			92,915
		4,101,060	Series 2016-UB12, Class XA, 0.896% due 12/15/49(b)(h)			134,847
		76,000	Series 2017-ASHF, Class D, 2.362% (1-Month USD-LIBOR + 2.200)% due 11/15/34(a)(b)			63,880
		186,000	Series 2017-CLS, Class E, 2.112% (1-Month USD-LIBOR + 1.950)% due 11/15/34(a)(b)			181,786
		206,000	Series 2017-CLS, Class F, 2.762% (1-Month USD-LIBOR + 2.600)% due 11/15/34(a)(b)			200,281
		974,004	Series 2017-H1, Class XA, 1.583% due 6/15/50(b)(h)			62,543
			Natixis Commercial Mortgage Securities Trust:
		350,000	Series 2018-850T, Class C, 1.315% (1-Month USD-LIBOR + 1.154)% due 7/15/33(a)(b)			337,007
		350,000	Series 2018-850T, Class D, 1.615% (1-Month USD-LIBOR + 1.454)% due 7/15/33(a)(b)			336,683
			New Residential Mortgage Loan Trust:
		587,080	Series 2020-NPL1, Class A1, step bond to yield, 4.335% due 7/25/60(a)			587,012
		644,304	Series 2020-NQM1, Class A2, 2.718% due 1/26/60(a)(b)			649,264
		244,000	PFP Ltd., Series 2019-6, Class A, 1.208% (1-Month USD-LIBOR + 1.050)% due 4/14/37(a)(b)			236,680

See Notes to Financial Statements.

160

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	674,688	PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due 1/25/24(a)		$	679,526
		454,074	RCO Trust, Series 2017-INV1, Class A, 3.197% due 11/25/52(a)(b)			458,553
		29,861	Rosslyn Portfolio Trust, Series 2017-ROSS, Class B, 2.239% (1-Month USD-LIBOR + 1.250)% due 6/15/33(a)(b)			28,824
		348,865	Shelter Growth CRE Issuer Ltd., Series 2019-FL2, Class B, 2.462% (1-Month USD-LIBOR + 2.300)% due 5/15/36(a)(b)			332,168
		162,201	SLIDE, Series 2018-FUN, Class A, 1.062% (1-Month USD-LIBOR + 0.900)% due 6/15/31(a)(b)			156,100
			UBS Commercial Mortgage Trust:
		1,680,139	Series 2012-C1, Class XA, 2.250% due 5/10/45(a)(b)(h)			37,690
		1,098,777	Series 2017-C1, Class XA, 1.713% due 6/15/50(b)(h)			85,999
		386,000	Series 2018-NYCH, Class D, 2.262% (1-Month USD-LIBOR + 2.100)% due 2/15/32(a)(b)			351,297
			Verus Securitization Trust:
		1,162,094	Series 2019-INV2, Class A3, 3.219% due 7/25/59(a)(b)			1,184,003
		378,242	Series 2020-2, Class A1, 2.226% due 5/25/60(a)(b)			380,416
		400,000	Vista Point Securitization Trust, Series 2020-2, Class A1, 1.475% due 4/25/65(a)(b)			399,677
		262,040	VMC Finance LLC, Series 2018-FL2, Class A, 1.082% (1-Month USD-LIBOR + 0.920)% due 10/15/35(a)(b)			257,297
			Wells Fargo Commercial Mortgage Trust:
		2,611,465	Series 2015-LC22, Class XA, 0.924% due 9/15/58(b)(h)			83,359
		4,988,671	Series 2015-NXS2, Class XA, 0.809% due 7/15/58(b)(h)			136,458
		3,460,448	Series 2018-C46, Class XA, 1.107% due 8/15/51(b)(h)			174,618
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $22,112,501)			20,147,269

Face
Amount/Units†

Rating††

Security

Value

MUNICIPAL BONDS – 1.7%

New York – 0.6%

2,369,000

BBB+

Metropolitan Transportation Authority New York Refunding, Series D,
5.000% due 11/15/20

2,382,930

Texas – 1.1%

4,105,000

A-

Mission Texas Economic Development Corp. Solid Waste Disposal Revenue
Various Waste Management Incorporate Project, Series A, 0.400% due
5/1/46(b)(i)

4,105,000

TOTAL MUNICIPAL BONDS
(Cost – $6,489,204)

6,487,930

See Notes to Financial Statements.

161

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
U.S. GOVERNMENT OBLIGATIONS – 1.4%
			U.S. Treasury Notes:
	$	1,320,000	2.625% due 5/15/21		$	1,342,894
		1,320,000	1.500% due 9/30/21			1,339,078
		530,000	1.375% due 1/31/22			539,151
		760,000	0.125% due 5/15/23			759,525
		1,255,000	2.250% due 12/31/23			1,341,330
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost – $5,254,535)			5,321,978
MORTGAGE-BACKED SECURITIES – 0.6%
FHLMC – 0.3%
		995,109	Federal Home Loan Mortgage Corp. (FHLMC)., Gold UMBS, 2.000% due 7/1/35			1,035,306
FNMA – 0.3%
		600,000	Federal National Mortgage Association (FNMA), 2.670% due 9/1/21			608,357
		695,582	Federal National Mortgage Association (FNMA), UMBS, 2.000% due 8/1/35			724,043
			TOTAL FNMA			1,332,400
			TOTAL MORTGAGE-BACKED SECURITIES (Cost – $2,353,159)			2,367,706
SOVEREIGN BONDS – 0.5%
Colombia – 0.1%
		200,000	Colombia Government International Bond, 2.625% due 3/15/23			205,202
Dominican Republic – 0.0%
		100,000	Dominican Republic International Bond, 7.500% due 5/6/21			103,501
Indonesia – 0.1%
		200,000	Indonesia Government International Bond, 3.375% due 4/15/23			210,804
		300,000	Perusahaan Penerbit SBSN Indonesia III, 3.300% due 11/21/22			313,128
			Total Indonesia			523,932
Peru – 0.0%
		100,000	Peruvian Government International Bond, 2.392% due 1/23/26			105,100
Qatar – 0.1%
		200,000	Qatar Government International Bond, 2.375% due 6/2/21			201,848
Saudi Arabia – 0.1%
		250,000	Saudi Government International Bond, 2.875% due 3/4/23			260,350
United Arab Emirates – 0.1%
		200,000	Abu Dhabi Government International Bond, 2.500% due 4/16/25(a)			211,990
			TOTAL SOVEREIGN BONDS (Cost – $1,584,106)			1,611,923

See Notes to Financial Statements.

162

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Shares/Units		Security	Value
EXCHANGE TRADED FUND (ETF) – 5.4%
	393,240	iShares Core 1-5 Year USD Bond(j) (Cost – $19,980,226)		$	20,326,576
COMMON STOCKS – 0.9%
BASIC MATERIALS – 0.1%
Forest Products & Paper – 0.1%
	20,309	Appvion Inc.*(e)(f)			201,059
COMMUNICATIONS – 0.0%
Internet – 0.0%
	175,417	Internap Loan Equity*(e)(f)			1,754
DIVERSIFIED – 0.8%
SPACs – 0.8%
	196,351	Foley Trasimene Acquisition Corp. II*			1,967,437
	56,100	Forum Merger III Corp.*			559,878
	56,100	Horizon Acquisition Corp.*			566,049
		Total SPACs			3,093,364
		TOTAL DIVERSIFIED			3,093,364
		TOTAL COMMON STOCKS (Cost – $4,301,061)			3,296,177
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $339,837,962)			331,136,845

Face Amount†
SHORT-TERM INVESTMENTS – 15.7%
COMMERCIAL PAPER – 1.4%
	$	5,374,000	Bemis Co., Inc., 0.250% due 9/3/20(k) (Cost – $5,373,925)	5,373,935
TIME DEPOSITS – 14.3%
		43,445,479	Banco Santander SA – Frankfurt, 0.010% due 9/1/20	43,445,479
		5,207,087	Barclays Bank PLC – London, 0.010% due 9/1/20	5,207,087
		5,272,597	Citibank – New York, 0.010% due 9/1/20	5,272,597
			TOTAL TIME DEPOSITS (Cost – $53,925,163)	53,925,163
			TOTAL SHORT-TERM INVESTMENTS (Cost – $59,299,088)	59,299,098
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.7%
MONEY MARKET FUND – 1.7%
		6,567,375	Federated Government Obligations Fund, Premier Class, 0.054%(l) (Cost – $6,567,375)	6,567,375

See Notes to Financial Statements.

163

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†
	TOTAL INVESTMENTS – 105.3% (Cost – $405,704,425)	$	397,003,318
	Liabilities in Excess of Other Assets – (5.3)%		(20,107,294)
	TOTAL NET ASSETS – 100.0%	$	376,896,024

†

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

††

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

Non-income producing security.

(a)

(b)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.

(c)

Security is currently in default.

(d)

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

(e)

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

(f)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $7,297,004 and represents 1.94% of net assets.

(g)

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

(h)

Interest only security.

(i)

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

(j)

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

(k)

Rate shown represents yield-to-maturity.

(l)

Represents investment of collateral received from securities lending transactions.

Abbreviations used in this schedule:

ABS

— Asset-Backed Security

CLO

— Collateralized Loan Obligation

CMT

— Constant Maturity Treasury Index

EURIBOR

— Euro Interbank Offered Rate

LIBOR

— London Interbank Offered Rate

LLC

— Limited Liability Company

— Limited Partnership

PCL

— Public Company Limited

PLC

— Public Limited Company

REMICS

— Real Estate Mortgage Investment Conduit

SARL

— Société à responsabilité limitée

SOFR

— Secured Overnight Financing Rate

SPACs

— Special Purpose Acquisition Companies

STIBOR

— Stockholm Interbank Offered Rate

See Notes to Financial Statements.

164

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Low Duration Fixed Income Fund (concluded)

Summary of Investments by Security Type^

	Corporate Bonds & Notes					47.6%
	Senior Loans					14.5
	Asset-Backed Securities					6.3
	Exchange Traded Fund (ETF)					5.1
	Collateralized Mortgage Obligations					5.1
	Municipal Bonds					1.6
	U.S. Government Obligations					1.3
	Common Stocks					0.8
	Mortgage-Backed Securities					0.6
	Sovereign Bonds					0.4
	Short-Term Investments					15.0
	Money Market Fund					1.7
						100.0%

As a percentage of total investments.

At August 31, 2020, Destinations Low Duration Fixed Income Fund had open forward foreign currency contracts as described below.

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

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
Euro		10,320,000		BBH		$	12,319,328		9/15/20		$	—		$	(189,717)		$	(189,717)
Euro		1,351,000		BBH			1,612,734		9/15/20			3,778			—			3,778
Euro		1,007,000		BBH			1,202,090		9/15/20			—			(12,067)			(12,067)
Norwegian Krone		4,570,000		BBH			523,184		9/15/20			—			(11,422)			(11,422)
Norwegian Krone		37,325,000		BBH			4,273,053		9/15/20			—			(146,532)			(146,532)
Norwegian Krone		6,900,000		BBH			789,928		9/15/20			—			(5,148)			(5,148)
Swedish Krona		11,375,000		BBH			1,315,272		9/15/20			—			(14,854)			(14,854)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	3,778		$	(379,740)		$	(375,962)

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

See Notes to Financial Statements.

165

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – 66.8%
Australia – 0.3%
	$	550,000	BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 6.750% (5-Year USD Swap Rate + 5.093%) due 10/19/75(a)(b)		$	657,167
			QBE Insurance Group Ltd.:
		200,000	Junior Subordinated Notes, 5.875% (5-Year CMT Index + 5.513%)(a)(b)(c)			212,750
		1,300,000	Subordinated Notes, 6.750% (USD Swap Rate + 4.300%) due 12/2/44(a)@			1,465,750
			Total Australia			2,335,667
Bahamas – 0.5%
		3,616,000	Silversea Cruise Finance Ltd., Senior Secured Notes, 7.250% due 2/1/25(b)			3,631,061
Bermuda – 1.3%
		600,000	Credicorp Ltd., Senior Unsecured Notes, 2.750% due 6/17/25(b)			612,750
			Digicel Group 0.5 Ltd.:
		352,000	Senior Unsecured Notes, 8.000% due 4/1/25(b)(d)			125,840
		58,300	Subordinated Notes, 7.000%(b)(c)(d)			6,996
		1,000,000	Geopark Ltd., Company Guaranteed Notes, 6.500% due 9/21/24			967,500
		3,326,000	SFL Corp., Ltd., Senior Unsecured Notes, 5.750% due 10/15/21			3,179,981
		4,800,000	Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22			4,944,316
			Total Bermuda			9,837,383
Brazil – 1.4%
			Banco Bradesco SA:
		2,500,000	Senior Unsecured Notes, 2.850% due 1/27/23(b)			2,542,225
		2,900,000	Subordinated Notes, 5.900% due 1/16/21			2,939,904
		500,000	Banco BTG Pactual SA, Subordinated Notes, 7.750% (5-Year CMT Index + 5.257%) due 2/15/29(a)(b)			520,005
		1,900,000	Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index + 7.782%)(a)(c)			1,909,500
			Itau Unibanco Holding SA, Subordinated Notes:
		1,900,000	5.750% due 1/22/21			1,925,127
		400,000	6.200% due 12/21/21			420,000
			Total Brazil			10,256,761
British Virgin Islands – 3.2%
		3,700,000	CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22			3,873,145
		2,500,000	CNOOC Finance 2013 Ltd., Company Guaranteed Notes, 3.000% due 5/9/23			2,629,950
			CNPC General Capital Ltd., Company Guaranteed Notes:
		4,965,000	3.950% due 4/19/22			5,190,622
		500,000	3.400% due 4/16/23			530,311
		1,200,000	CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due 4/28/21			1,226,388

See Notes to Financial Statements.

166

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
British Virgin Islands – (continued)
	$	4,800,000	Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due 11/12/20		$	4,831,200
			Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes:
		1,500,000	2.000% due 9/29/21			1,518,180
		800,000	2.000% due 9/29/21(b)			809,696
		3,000,000	Sinopec Group Overseas Development 2018 Ltd., Company Guaranteed Notes, 2.150% due 5/13/25(b)			3,119,970
		400,000	State Grid Overseas Investment 2013 Ltd., Company Guaranteed Notes, 3.125% due 5/22/23			422,613
			Total British Virgin Islands			24,152,075
Canada – 0.8%
		950,000	Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due 6/15/76(a)			1,064,000
		280,000	Enbridge Inc., Subordinated Notes, 5.750% (5-Year CMT Index + 5.314%) due 7/15/80(a)			294,683
		3,600,000	MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(b)			3,933,000
		1,153,000CAD	WildBrain Ltd., Subordinated Notes, 5.875% due 9/30/24(b)			574,643
			Total Canada			5,866,326
Cayman Islands – 3.7%
		3,400,000	Alibaba Group Holding Ltd., Senior Unsecured Notes, 2.800% due 6/6/23			3,596,981
			Baidu Inc., Senior Unsecured Notes:
		1,100,000	3.500% due 11/28/22			1,156,848
		2,400,000	3.875% due 9/29/23			2,588,172
		650,000	3.075% due 4/7/25			695,253
		1,400,000	Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22			1,435,000
		4,300,000	HPHT Finance 19 Ltd., Company Guaranteed Notes, 2.875% due 11/5/24			4,456,864
		474,941	Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due 11/30/25			437,696
		1,200,000	JD.com Inc., Senior Unsecured Notes, 3.125% due 4/29/21			1,213,568
		2,600,000	Latam Finance Ltd., Company Guaranteed Notes, 6.875% due 4/11/24(e)			906,750
		344,198	Peru Enhanced Pass-Through Finance Ltd., Pass Thru Certificates, zero coupon, due 6/2/25			321,825
			SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes:
		3,211,823	zero coupon, due 12/5/22			3,115,500
		1,943,581	zero coupon, due 12/5/22(b)			1,885,293
		1,900,000	Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22			1,985,500
			Tencent Holdings Ltd., Senior Unsecured Notes:
		374,000	3.280% due 4/11/24			399,838

See Notes to Financial Statements.

167

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Cayman Islands – (continued)
	$	3,500,000	1.810% due 1/26/26(b)		$	3,577,317
			Total Cayman Islands			27,772,405
Chile – 2.6%
			AES Gener SA:
			Junior Subordinated Notes:
		1,000,000	7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b)			1,067,689
		1,000,000	7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)			1,067,688
		200,000	Senior Unsecured Notes, 5.000% due 7/14/25			193,906
		800,000	Banco Santander Chile, Senior Unsecured Notes, 2.500% due 12/15/20			797,480
		400,000	Colbun SA, Senior Unsecured Notes, 4.500% due 7/10/24			438,172
			Corp. Nacional del Cobre de Chile, Senior Unsecured Notes:
		500,000	3.875% due 11/3/21			515,000
		1,100,000	3.000% due 7/17/22			1,133,000
		500,000	4.500% due 8/13/23			545,040
		941,348	Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29			993,621
		1,524,000	Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25			1,247,790
		5,135,000	Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22			5,340,400
		6,000,000	Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22			6,266,400
			Total Chile			19,606,186
Colombia – 1.3%
		902,000	Colombia Telecomunicaciones SA ESP, Senior Unsecured Notes, 5.375% due 9/27/22			904,399
		3,945,000	Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due 5/18/21			4,073,212
		4,500,000	Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21			4,566,938
			Total Colombia			9,544,549
Denmark – 0.1%
		600,000EUR	Georg Jensen AS, Secured Notes, 6.000% (3-Month EURIBOR + 6.000%) due 5/15/23(a)			589,793
Dominican Republic – 0.1%
		1,100,000	Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23			1,112,375
France – 0.4%
		1,000,000	BNP Paribas SA, Junior Subordinated Notes, 6.625% (5-Year USD Swap Rate + 4.149%)(a)(b)(c)			1,066,250
		1,075,000	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(a)(b)(c)			1,273,875

See Notes to Financial Statements.

168

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
France – (continued)
	$	790,000	Societe Generale SA, Junior Subordinated Notes, 7.875% (5-Year USD Swap Rate + 4.979%)(a)(b)(c)		$	854,187
			Total France			3,194,312
Germany – 0.4%
		2,640,000EUR	LifeFit Group, Secured Notes, 7.500% (3-Month EURIBOR + 7.500%) due 7/26/23(a)			3,084,414
Hong Kong – 0.8%
		6,000,000	CNAC HK Finbridge Co., Ltd., Company Guaranteed Notes, 3.500% due 7/19/22			6,212,351
India – 2.4%
			Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes:
		3,350,000	3.950% due 1/19/22			3,425,290
		900,000	3.375% due 7/24/24			920,621
			Indian Oil Corp., Ltd., Senior Unsecured Notes:
		2,995,000	5.625% due 8/2/21			3,092,338
		2,000,000	5.750% due 8/1/23			2,195,630
		900,000	ONGC Videsh Ltd., Company Guaranteed Notes, 3.750% due 5/7/23			935,442
			Reliance Industries Ltd., Senior Unsecured Notes:
		3,700,000	4.500% due 10/19/20			3,715,452
		3,150,000	5.400% due 2/14/22			3,331,294
			Total India			17,616,067
Indonesia – 0.1%
		1,000,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured Notes, 5.500% due 11/22/21			1,048,000
Ireland – 0.2%
		1,700,000	C&W Senior Financing DAC, Senior Unsecured Notes, 7.500% due 10/15/26			1,814,750
Israel – 0.2%
		615,090	Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due 12/30/20(b)			614,431
		500,000	Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23			571,573
			Total Israel			1,186,004
Italy – 1.8%
		365,000	Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap Rate + 5.462%)(a)(b)(c)			392,375
		10,374,000EUR	Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%) due 8/9/22(a)(b)			12,194,998
		445,000	UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate + 5.180%)(a)(c)@			480,889
			Total Italy			13,068,262

See Notes to Financial Statements.

169

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Luxembourg – 0.1%
	$	400,000	Swiss Re Finance Luxembourg SA, Company Guaranteed Notes, 5.000% (5-Year CMT Index + 3.582%) due 4/2/49(a)(b)		$	456,974
Malaysia – 1.6%
		6,300,000	Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20			6,325,767
		1,715,000	Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542%) due 10/29/26(a)			1,750,586
		1,000,000	Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25			1,080,460
		1,500,000	Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22			1,545,390
		1,000,000	Wakala Global Sukuk Bhd, Senior Unsecured Notes, 4.646% due 7/6/21			1,032,020
			Total Malaysia			11,734,223
Marshall Islands – 0.7%
		4,043,000	Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/23(b)			3,234,400
		1,200,000	Golar LNG Partners LP, Senior Unsecured Notes, 6.506% (3-Month USD-LIBOR + 6.250%) due 11/22/21(a)			1,044,000
		5,000,000NOK	Teekay LNG Partners LP, Senior Unsecured Notes, 5.380% (3-Month NOK-LIBOR + 5.150%) due 9/2/25(a)(g)			572,351
			Total Marshall Islands			4,850,751
Mauritius – 0.4%
		3,000,000	UPL Corp., Ltd., Senior Unsecured Notes, 3.250% due 10/13/21			3,026,315
Mexico – 3.4%
		5,400,000	Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT Index + 5.035%)(a)(c)			5,447,250
		5,000,000	Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year CMT Index + 3.000%) due 8/11/26(a)			5,000,050
			Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand:
		2,500,000	Senior Unsecured Notes, 5.375% due 4/17/25(b)			2,818,750
		200,000	Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%) due 10/1/28(a)(b)			210,700
			BBVA Bancomer SA, Subordinated Notes:
		1,500,000	6.500% due 3/10/21			1,534,125
		457,000	6.750% due 9/30/22			495,274
		1,943,000	5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)			1,923,570
			Cemex SAB de CV, Senior Secured Notes:
		500,000	6.125% due 5/5/25			513,125
		1,000,000	7.750% due 4/16/26			1,051,925
		350,000	Fomento Economico Mexicano SAB de CV, Senior Unsecured Notes, 2.875% due 5/10/23			364,000
			Grupo Bimbo SAB de CV:
		1,400,000	Company Guaranteed Notes, 4.500% due 1/25/22			1,460,102

See Notes to Financial Statements.

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August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Mexico – (continued)
	$	800,000	Junior Subordinated Notes, 5.950% (5-Year CMT Index + 3.280%) (a)(c)		$	845,000
			Unifin Financiera SAB de CV, Company Guaranteed Notes:
		2,450,000	7.250% due 9/27/23			2,070,250
		1,700,000	7.000% due 1/15/25			1,389,750
			Total Mexico			25,123,871
Multinational – 1.5%
		10,883,000	Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(b)			11,236,697
Netherlands – 1.1%
		1,090,000	AerCap Holdings NV, Company Guaranteed Notes, 5.875% (5-Year CMT Index + 4.535%) due 10/10/79(a)(b)			880,404
		400,000	AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, Company Guaranteed Notes, 7.950% due 5/11/26			409,504
		1,498,000	Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due 9/30/24(b)			1,549,501
		800,000	Equate Petrochemical BV, Company Guaranteed Notes, 4.250% due 11/3/26			855,693
		600,000	ING Groep NV, Junior Subordinated Notes, 5.750% (5-Year CMT Index + 4.342%)(a)(c)			634,248
		3,000,000	MPC Container Ships Invest BV, Senior Secured Notes, 5.056% (3-Month USD-LIBOR + 4.750%) due 9/22/22(a)			2,407,500
		1,644,000	Petrobras Global Finance BV, Company Guaranteed Notes, 5.375% due 1/27/21			1,666,687
			Total Netherlands			8,403,537
Norway – 0.3%
		2,200,000	Jacktel AS, Senior Secured Notes, 10.000% due 12/4/23(b)			539,000
		13,500,000NOK	Wallenius Wilhelmsen ASA, Senior Unsecured Notes, 6.010% (3-Month NOK-LIBOR + 5.750%) due 9/9/24(a)(g)			1,545,347
			Total Norway			2,084,347
Panama – 1.6%
			Banistmo SA, Senior Unsecured Notes:
		1,000,000	3.650% due 9/19/22			1,017,000
		300,000	3.650% due 9/19/22(b)			305,100
		4,274,266	ENA Norte Trust, Pass Thru Certificates, 4.950% due 4/25/23			4,284,995
		2,900,000	Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21			2,975,835
		3,000,000	Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22			3,052,530
			Total Panama			11,635,460
Peru – 0.7%
		4,100,000	Banco de Credito del Peru, Subordinated Notes, 6.125% (3-Month USD-LIBOR + 7.043%) due 4/24/27(a)			4,316,070

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Peru – (continued)
	$	500,000	Scotiabank Peru SAA, Subordinated Notes, 4.500% (3-Month USD-LIBOR + 3.856%) due 12/13/27(a)		$	531,190
			Total Peru			4,847,260
Philippines – 0.6%
		700,000	Bank of the Philippine Islands, Senior Unsecured Notes, 2.500% due 9/10/24			714,523
		3,000,000	BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23			3,090,595
		800,000	Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22			836,142
			Total Philippines			4,641,260
Portugal – 0.0%
		70,068	Invepar, zero coupon due 12/30/28(f)(g)			2,996
Saudi Arabia – 0.3%
		2,100,000	Saudi Arabian Oil Co., Senior Unsecured Notes, 2.750% due 4/16/22			2,155,768
Singapore – 3.8%
			DBS Group Holdings Ltd.:
		4,000,000	Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(a)(c)			4,055,000
		500,000	Senior Unsecured Notes, 2.850% due 4/16/22			516,182
		500,000	Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590%) due 12/11/28(a)			544,110
		5,190,000	ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due 1/27/22			5,243,042
		200,000	Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 4.250% due 6/19/24			219,852
		450,000	PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26			480,776
			SingTel Group Treasury Pte Ltd., Company Guaranteed Notes:
		1,200,000	3.250% due 6/30/25			1,319,422
		2,100,000	2.375% due 10/3/26			2,247,399
		3,000,000	SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22			3,112,860
		4,000,000	Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23			4,180,259
			United Overseas Bank Ltd., Subordinated Notes:
		4,500,000	3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a)			4,593,330
		1,900,000	3.750% (5-Year CMT Index + 1.500%) due 4/15/29(a)			2,032,036
			Total Singapore			28,544,268
South Korea – 1.7%
		2,200,000	Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due 5/6/25(b)			2,275,850
		3,100,000	LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24			3,337,733
		2,000,000	NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(b)			2,009,270
			POSCO, Senior Unsecured Notes:

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
South Korea – (continued)
	$	2,000,000	2.375% due 11/12/22		$	2,049,986
		1,844,000	2.375% due 1/17/23			1,889,021
		700,000	2.750% due 7/15/24			733,664
			Total South Korea			12,295,524
Sweden – 0.1%
		3,750,000SEK	VNV Global AB, Senior Secured Notes, 5.750% due 10/4/22			442,210
Switzerland – 0.4%
		1,455,000	Credit Suisse Group AG, Junior Subordinated Notes, 6.375% (5-Year CMT Index + 4.822%)(a)(b)(c)			1,582,313
		1,400,000	UBS Group AG, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.866%)(a)(c)@			1,582,000
			Total Switzerland			3,164,313
Thailand – 0.4%
			Bangkok Bank PCL, Senior Unsecured Notes:
		1,300,000	4.800% due 10/18/20			1,305,720
		1,800,000	3.875% due 9/27/22			1,893,296
			Total Thailand			3,199,016
United Kingdom – 1.8%
			AstraZeneca PLC, Senior Unsecured Notes:
		1,326,000	0.700% due 4/8/26			1,317,154
		1,989,000	1.375% due 8/6/30			1,947,878
		1,300,000	Barclays PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate + 4.842%)(a)(c)			1,376,881
		1,421,000EUR	CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%) due 7/3/23(a)			1,738,217
		1,225,000	Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD Swap Rate + 4.760%)(a)(c)			1,326,062
		1,145,000	Natwest Group PLC, Junior Subordinated Notes, 8.625% (5-Year USD Swap Rate + 7.598%)(a)(c)			1,203,590
		2,400,000EUR	SB Holdco PLC, Secured Notes, 8.000% (3-Month EURIBOR + 8.000%) due 7/13/22(a)			2,785,395
		400,000	Standard Chartered PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate + 5.723%)(a)(b)(c)			433,728
			Vedanta Resources Ltd., Senior Unsecured Notes:
		800,000	7.125% due 5/31/23			648,400
		200,000	6.125% due 8/9/24			154,306
		370,000	Vodafone Group PLC, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.873%) due 4/4/79(a)			445,164
			Total United Kingdom			13,376,775

See Notes to Financial Statements.

173

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – 24.7%
	$	1,632,000	Allegheny Technologies Inc., Senior Unsecured Notes, 7.875% due 8/15/23		$	1,714,742
		1,989,000	Alphabet Inc., Senior Unsecured Notes, 1.100% due 8/15/30			1,978,001
		395,000	American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month USD-LIBOR + 2.868%) due 4/1/48(a)			435,887
		3,007,000	Anagram International Inc./Anagram Holdings LLC, Senior Secured Notes, 15.000% due 8/15/25(b)(d)			3,157,350
		11,016,000	APX Group Inc., Senior Secured Notes, 7.875% due 12/1/22			11,136,625
		760,000	Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135%) due 3/27/48(a)			813,808
		1,269,000	Assured Guaranty Municipal Holdings Inc., Company Guaranteed Notes, 6.400% (1-Month USD-LIBOR + 2.215%) due 12/15/66(a)(b)			1,266,734
		6,697,000	At Home Holding III Inc., Senior Secured Notes, 8.750% due 9/1/25(b)			6,840,985
			Bank of America Corp., Junior Subordinated Notes:
		400,000	6.100% (3-Month USD-LIBOR + 3.898%)(a)(c)			448,820
		850,000	6.300% (3-Month USD-LIBOR + 4.553%)(a)(c)			982,907
		360,000	Bank of New York Mellon Corp., Junior Subordinated Notes, 4.700% (5-Year CMT Index + 4.358%)(a)(c)			390,960
		264,000	Briggs & Stratton Corp., Senior Unsecured Notes, 6.875% due 12/15/20(e)			17,160
		205,000	Capital One Financial Corp., Junior Subordinated Notes, 4.046% (3-Month USD-LIBOR + 3.800%)(a)(c)			185,012
		1,005,000	CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month USD-LIBOR + 3.270%)(a)(c)			1,022,587
		850,000	Charles Schwab Corp., Junior Subordinated Notes, 5.375% (5-Year CMT Index + 4.971%)(a)(c)			932,875
		1,401,000	Chefs’ Warehouse Inc., Senior Unsecured Notes, 1.875% due 12/1/24(b)			1,035,882
		290,000	CIT Group Inc., Junior Subordinated Notes, 5.800% (3-Month USD-LIBOR + 3.972%)(a)(c)			235,173
		9,591,000	CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(b)			9,567,022
		1,889,000	Citigroup Inc., Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR + 3.905%)(a)(c)			2,039,742
		835,000	Citizens Financial Group Inc., Junior Subordinated Notes, 6.375% (3-Month USD-LIBOR + 3.157%)(a)(c)			839,175
		1,324,000	Clearway Energy Operating LLC, Company Guaranteed Notes, 4.750% due 3/15/28(b)			1,386,890
		1,075,000	CoBank ACB, Junior Subordinated Notes, 6.250% (3-Month USD-LIBOR + 4.660%)(a)(b)(c)			1,128,750
		440,175	Continental Airlines Class A Pass-Through Trust, Pass Thru Certificates, 5.983% due 4/19/22			418,676

See Notes to Financial Statements.

174

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	151,947	Continental Airlines Class A-1 Pass-Through Trust, Pass Thru Certificates, 7.707% due 4/2/21		$	150,146
			CTO Realty Growth Inc., Senior Unsecured Notes:
		2,683,000	3.875% due 4/15/25			2,420,707
		2,412,000	3.875% due 4/15/25(b)			2,158,549
			CVS Health Corp., Senior Unsecured Notes:
		335,000	1.300% due 8/21/27			332,892
		670,000	1.750% due 8/21/30			661,729
		535,000	Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(b)(c)			492,200
		5,164,000	Dell International LLC/EMC Corp., Company Guaranteed Notes, 7.125% due 6/15/24(b)			5,361,730
		2,127,000	Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 12.750% due 12/1/26(b)			1,807,950
		310,000	Discover Financial Services, Junior Subordinated Notes, 6.125% (5-Year CMT Index + 5.783%)(a)(c)			334,304
		5,786,000	DISH DBS Corp., Company Guaranteed Notes, 6.750% due 6/1/21			5,930,650
		1,321,000	Donnelley Financial Solutions Inc., Company Guaranteed Notes, 8.250% due 10/15/24			1,373,840
			EP Energy LLC/Everest Acquisition Finance Inc.:
		11,986,000	Secured Notes, 9.375% due 5/1/24(b)(e)			1,199
		12,619,000	Senior Secured Notes, 8.000% due 11/29/24(b)(e)			12,619
		615,000	Equitable Holdings Inc., Junior Subordinated Notes, 4.950% (5-Year CMT Index + 4.736%)(a)(c)			632,189
		2,933,000	Ferrellgas LP/Ferrellgas Finance Corp., Senior Secured Notes, 10.000% due 4/15/25(b)			3,189,637
		310,000	Fifth Third Bancorp, Junior Subordinated Notes, 4.500% (5-Year CMT Index + 4.215%)(a)(c)			317,440
		5,913,000	FXI Holdings Inc., Senior Secured Notes, 12.250% due 11/15/26(b)			6,454,453
		1,195,000	General Electric Co., Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.330%)(a)(c)			931,550
		1,025,000	General Motors Financial Co., Inc., Junior Subordinated Notes, 5.750% (3-Month USD-LIBOR + 3.598%)(a)(c)			998,278
		1,399,000	Goldman Sachs Group Inc., Junior Subordinated Notes, 5.500% (5-Year CMT Index + 3.623%)(a)(c)			1,514,138
		7,207,324	Hawaiian Airlines Class A Pass-Through Certificates, Pass Thru Certificates, 3.900% due 1/15/26			6,215,033
		994,925	Hawaiian Airlines Class B Pass-Through Certificates, 4.950% due 1/15/22			902,927
			HC2 Holdings Inc.:
		5,195,000	Senior Secured Notes, 11.500% due 12/1/21(b)			4,844,338
		1,112,000	Senior Unsecured Notes, 7.500% due 6/1/22(b)			873,922

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	5,959,000	Hercules Achievement Inc./Varsity Brands Holding Co., Inc., Senior Secured Notes, 9.000% (3-Month USD-LIBOR + 8.000%) due 12/22/24(a)(b)		$	5,303,510
		1,745,000	Huntington Bancshares Inc., Junior Subordinated Notes, 5.625% (5-Year CMT Index + 4.945%)(a)(c)			1,950,037
		3,319,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes, 4.750% due 9/15/24			3,426,867
			JPMorgan Chase & Co., Junior Subordinated Notes:
		790,000	5.000% (SOFR + 3.380%)(a)(c)			811,176
		1,345,000	6.750% (3-Month USD-LIBOR + 3.780%)(a)(c)			1,503,037
		475,000	KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.606%)(a)(c)			485,545
			Land O’ Lakes Inc., Junior Subordinated Notes:
		415,000	7.000%(b)(c)			371,944
		1,655,000	7.250%(b)(c)			1,567,119
		3,833,000	Level 3 Financing Inc., Company Guaranteed Notes, 5.125% due 5/1/23			3,833,000
		500,000	M&T Bank Corp., Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR + 3.520%)(a)(c)			526,725
		370,000	Markel Corp., Junior Subordinated Notes, 6.000% (5-Year CMT Index + 5.662%)(a)(c)			396,825
			Martin Midstream Partners LP/Martin Midstream Finance Corp.:
		3,587,055	Secured Notes, 11.500% due 2/28/25(b)			3,201,447
		570,576	Senior Secured Notes, 10.000% due 2/29/24(b)			592,543
		790,000	MetLife Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 2.959%)(a)(c)			872,950
		954,000	Michael Kors USA Inc., Company Guaranteed Notes, 4.250% due 11/1/24(b)			905,184
		335,000	Motorola Solutions Inc., Senior Unsecured Notes, 2.300% due 11/15/30			333,951
		9,926,000	Mueller Industries Inc., Subordinated Notes, 6.000% due 3/1/27			10,064,368
		510,000	NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index + 2.843%)(a)(c)			507,450
		1,855,000	Oceaneering International Inc., Senior Unsecured Notes, 4.650% due 11/15/24			1,268,356
		1,989,000	ORBCOMM Inc., Senior Secured Notes, 8.000% due 4/1/24(b)			1,934,303
		4,364,000	PBF Logistics LP/PBF Logistics Finance Corp., Company Guaranteed Notes, 6.875% due 5/15/23			4,328,608
		647,000	PNC Financial Services Group Inc., Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.300%)(a)(c)			689,055
		480,000	Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38			552,064
		1,175,000	Regions Financial Corp., Junior Subordinated Notes, 5.750% (5-Year CMT Index + 5.430%)(a)(c)			1,274,875
		875,000	SBL Holdings Inc., Junior Subordinated Notes, 7.000% (5-Year CMT Index + 5.580%)(a)(b)(c)			752,500

See Notes to Financial Statements.

176

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	300,000	Sempra Energy, Junior Subordinated Notes, 4.875% (5-Year CMT Index + 4.550%)(a)(c)		$	313,530
			SESI LLC, Company Guaranteed Notes:
		3,758,000	7.125% due 12/15/21			1,052,240
		5,992,000	7.125% due 12/15/21(b)			2,217,040
		3,475,000	7.750% due 9/15/24			831,846
		6,211,000	StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(b)			6,723,408
		1,156,000	StorCentric Inc., Senior Secured Notes, 5.875% due 2/19/23(b)(f)			1,165,089
		7,225,000	Tapestry Inc., Senior Unsecured Notes, 4.250% due 4/1/25			7,391,365
		1,326,000	Textron Inc., Senior Unsecured Notes, 2.450% due 3/15/31			1,311,742
		4,378,000	T-Mobile USA Inc., Company Guaranteed Notes, 6.000% due 3/1/23			4,383,473
		193,026	Toll Road Investors Partnership II LP, Senior Secured Notes, zero coupon, due 2/15/45(b)			61,544
			Triumph Group Inc.:
		3,533,000	Secured Notes, 6.250% due 9/15/24(b)			2,890,029
		2,652,000	Senior Secured Notes, 8.875% due 6/1/24(b)			2,797,860
			Truist Financial Corp., Junior Subordinated Notes:
		385,000	4.800% (5-Year CMT Index + 3.003%)(a)(c)			399,444
		1,160,000	4.950% (5-Year CMT Index + 4.605%)(a)(c)			1,255,549
		1,100,000	Voya Financial Inc., Junior Subordinated Notes, 6.125% (5-Year CMT Index + 3.358%)(a)(c)			1,144,000
		1,873,000	W&T Offshore Inc., Secured Notes, 9.750% due 11/1/23(b)			1,358,300
		1,490,000	Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24			1,512,350
		1,560,000	Wells Fargo & Co., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 3.990%)(a)(c)			1,721,866
		1,326,000	XPO Logistics Inc., Company Guaranteed Notes, 6.250% due 5/1/25(b)			1,415,505
			Total United States			183,287,802
			TOTAL CORPORATE BONDS & NOTES (Cost – 494,659,336)			496,438,108
SENIOR LOANS – 7.3%(a)
		988,764	Appvion Operations Inc., 7.000% (3-Month USD-LIBOR + 6.000%) due 6/12/26			964,045
		6,417,244	Crestwood Holdings LLC, 7.660% (1-Month USD-LIBOR + 7.500%) due 3/6/23			4,179,230
		8,261,000	Fieldwood Energy LLC, 6.250% (3-Month USD-LIBOR + 5.250%) due 4/11/22(e)			1,982,640
		13,526,374	First Brands Group LLC, 8.500% (2-Month USD-LIBOR + 7.500%) due 2/2/24			13,255,846

See Notes to Financial Statements.

177

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
SENIOR LOANS – (continued)
	$	2,168,000	General Nutrition Centers Inc., 10.000% (1-Month USD-LIBOR + 9.000%) due 12/31/22		$	2,098,906
		6,699,086	Golden Nugget Online Gaming Inc., 13.000% (2-Month USD-LIBOR + 12.000%) due 10/4/23			7,569,967
		1,726,193	GTT Communications Inc., 2.910% (1-Month USD-LIBOR + 2.750%) due 5/31/25			1,358,117
		3,778,853	IEA Energy Services LLC, 7.058% (3-Month USD-LIBOR + 6.750%) due 9/25/24			3,690,692
		2,668,507	Internap Holding LLC, 7.500% (3-Month USD-LIBOR + 6.500%) due 5/8/25			1,467,679
		4,430,542	Lealand Finance Co., BV due 6/30/25(h)			3,577,663
		713,606	Monitronics International Inc., 7.750% (1-Month USD-LIBOR + 6.500%) due 3/29/24			534,848
		2,645,055	Party City Holdings Inc., 3.250% (3-Month USD-LIBOR + 2.500%) due 8/19/22			1,852,015
		4,567,591	Pixelle Specialty Solutions LLC, 7.500% (1-Month USD-LIBOR + 6.500%) due 10/31/24			4,430,563
		2,450,000	Production Resource Group LLC, 9.250% (3-Month USD-LIBOR + 6.000%) due 8/21/24(e)			1,347,500
		1,144,361	RA Acquisition Purchaser LLC, 11.000% (3-Month USD-LIBOR + 10.000%) due 5/31/23(g)			1,144,361
		5,128,903	Windstream Services LLC, 2.660% (1-Month USD-LIBOR + 2.500%) due 2/26/21			5,064,792
			TOTAL SENIOR LOANS
			(Cost – $64,131,048)			54,518,864
SOVEREIGN BONDS – 6.4%
Brazil – 0.8%
		6,000,000	Brazilian Government International Bond, 2.875% due 6/6/25			6,072,000
Colombia – 0.6%
			Colombia Government International Bond:
		2,500,000	4.375% due 7/12/21			2,571,200
		2,100,000	2.625% due 3/15/23			2,154,621
			Total Colombia			4,725,821
Dominican Republic – 0.4%
		3,160,000	Dominican Republic International Bond, 7.500% due 5/6/21			3,270,632
India – 0.3%
		2,000,000	Export-Import Bank of India, 3.125% due 7/20/21			2,013,663
Indonesia – 1.3%
			Indonesia Government International Bond:
		1,500,000	3.750% due 4/25/22			1,561,350
		2,200,000	2.950% due 1/11/23			2,289,496
		300,000	3.375% due 4/15/23			316,206

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
SOVEREIGN BONDS – (continued)
Indonesia – (continued)
			Perusahaan Penerbit SBSN Indonesia III:
	$	1,000,000	3.400% due 3/29/22		$	1,035,900
		3,018,000	3.300% due 11/21/22			3,150,068
		1,321,000	3.750% due 3/1/23			1,399,084
			Total Indonesia			9,752,104
Mexico – 0.6%
		2,600,000	Mexico Government International Bond, 3.900% due 4/27/25			2,860,000
		1,500,000	Nacional Financiera SNC, 3.375% due 11/5/20			1,500,870
			Total Mexico			4,360,870
Peru – 0.3%
		1,900,000	Peruvian Government International Bond, 2.392% due 1/23/26			1,996,900
Qatar – 0.4%
			Qatar Government International Bond:
		2,300,000	2.375% due 6/2/21			2,321,252
		900,000	4.500% due 1/20/22			943,686
			Total Qatar			3,264,938
Saudi Arabia – 0.9%
			Saudi Government International Bond:
		3,500,000	2.375% due 10/26/21			3,554,740
		3,000,000	2.875% due 3/4/23			3,124,200
			Total Saudi Arabia			6,678,940
South Korea – 0.3%
		1,900,000	Korea Electric Power Corp., 1.125% due 6/15/25(b)			1,909,518
United Arab Emirates – 0.5%
			Abu Dhabi Government International Bond:
		2,000,000	0.750% due 9/2/23(b)(f)			2,001,094
		1,600,000	2.500% due 4/16/25(b)			1,695,920
			Total United Arab Emirates			3,697,014
			TOTAL SOVEREIGN BONDS (Cost – $46,793,409)			47,742,400

Face Amount

Rating††

Security

Value

MUNICIPAL BONDS – 1.0%

California – 0.2%

1,250,000

BBB+

California Pollution Control Financing Authority, Revenue Bonds, Series A,
0.500% due 8/1/23(a)(b)(i)

1,249,900

Texas – 0.8%

1,000,000

BBB+

Mission Economic Development Corp., Revenue Bonds, 0.500% due
1/1/26(a)(i)

999,920

See Notes to Financial Statements.

179

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount

Rating††

Security

Value

MUNICIPAL BONDS – (continued)

Texas – (continued)

4,840,000

A-

Mission Economic Development Corp., Solid Waste Disposal Revenue
Various Waste Management Incorporate Project Series A, 0.400% due
5/1/46(a)(i)

4,840,000

Total Texas

5,839,920

TOTAL MUNICIPAL BONDS
(Cost – $7,090,000)

7,089,820

Shares/Units
COMMON STOCKS – 4.5%
Canada – 0.0%
	21,182	Frontera Energy Corp.	44,423
United States – 4.5%
	103,773	Alpine Income Property Trust Inc.	1,505,746
	267,281	Appvion Inc.*(f)(g)	2,646,082
	97,508	Ceres Acquisition Corp., Class A Shares*(f)	924,376
	39,130	CTO Realty Growth Inc.	1,650,112
	352	Energy Harbor Corp.*(g)	6,776
	271,559	Foley Trasimene Acquisition Corp. II*(f)	2,721,021
	468,811	Fortress Value Acquisition Corp. II*	4,758,432
	77,588	Forum Merger III Corp.*	774,328
	77,588	Horizon Acquisition Corp.*	782,863
	587,615	Internap Loan Equity*(f)(g)	5,876
	39,787	Ladder Capital Corp., Class A Shares	296,413
	251,150	Mcdermott International Ltd.*	740,893
	27,417	Pershing Square Tontine Holdings Ltd.*	586,998
	52	Real Alloy Holding Inc.*(f)(g)	1,119,901
	500,000	Stable Road Acquisition Corp., Class A Shares*	4,965,000
	914,461	Subversive Capital Acquisition Corp., Class A Shares*(f)	9,007,441
	45,000	Tuscan Holdings Corp. II*	448,650
		Total United States	32,940,908
		TOTAL COMMON STOCKS (Cost – $36,994,882)	32,985,331
PREFERRED STOCKS – 2.0%
Bermuda – 0.3%
	30,926	Aspen Insurance Holdings Ltd., 5.625%(c)	765,419
	20,430	Athene Holding Ltd., 6.375% (5-Year CMT Index + 5.970%) *(a)(c)	553,040
	6,150	Axis Capital Holdings Ltd., 5.500%(c)	156,517
	19,388	Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015%)(a)(c)	517,466
		Total Bermuda	1,992,442

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Shares/Units		Security	Value
PREFERRED STOCKS – (continued)
United States – 1.7%
	12,415	Air Lease Corp., 6.150% (3-Month USD-LIBOR + 3.650%)(a)(c)		$	291,008
	30,635	American Equity Investment Life Holding Co., 6.625% (5-Year CMT Index + 6.297%)*(a)(c)			780,886
	3,000	CoBank ACB, 6.250% (3-Month USD-LIBOR + 4.557%)(a)(b)(c)			312,000
	1,000	Dairy Farmers of America Inc., 7.875%(b)(c)(f)			90,500
	50,000	Delphi Financial Group Inc., 3.470% (3-Month USD-LIBOR + 3.190%)(a)(c)			1,000,000
	18,970	Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010%)(a)(b)(c)			2,029,790
	25,550	GMAC Capital Trust I, 6.065% (3-Month USD-LIBOR + 5.785%)(a)(c)			626,741
	6,650	Great Elm Capital Corp., 6.500%(c)			155,543
	77,421	Monmouth Real Estate Investment Corp., 6.125%(c)			1,933,977
	73,505	Morgan Stanley, 5.850% (3-Month USD-LIBOR + 3.491%)(a)(c)(j)			2,075,781
	18,115	New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR + 3.821%)(a)(c)			490,554
	49,161	NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643%)(a)(c)			838,687
	14,500	Synchrony Financial, 5.625%(c)			352,640
	60,924	WESCO International Inc. (5-Year CMT Index + 10.325%)*(a)(c)			1,691,859
	6,915	Wintrust Financial Corp., 6.875% (5-Year CMT Index + 6.507%)*(a)(c)			183,870
		Total United States			12,853,836
		TOTAL PREFERRED STOCKS (Cost – $15,016,156)			14,846,278
CONVERTIBLE PREFERRED STOCK – 0.2%
Canada – 0.2%
	27,331	GFL Environmental Inc., 6.000% (Cost – $1,406,092)			1,295,216
EXCHANGE TRADED FUND (ETF) – 0.1%
United States – 0.2%
	13,099	iShares iBoxx High Yield Corporate Bond (Cost – $1,079,756)			1,113,808
WARRANTS – 0.0%
Bermuda – 0.0%
	558,670	McDermott International Inc.*(f)(g)			83,800
	502,803	WT PUR COM*(f)(g)			120,673
		Total Bermuda			204,473
Brazil – 0.0%
	58,463	OAS finance Ltd. Warrants*(g)			—
United States��– 0.0%
	40,375	Tuscan Holdings Corp. II*(f)			19,380

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Shares/Units	Security	Value
WARRANTS – (continued)
	TOTAL WARRANTS (Cost – $386,497)		$	223,853

Number of Contracts		Notional Amounts
PURCHASED OPTIONS – 0.0%
United States – 0.0%
	222	$658,230	Barrick Gold Corp., Call $22.00, expires 01/15/2021	188,700
	238	$323,204	Crestwood Equity Partners LP, Put $10.00, expires 12/18/2020	17,850
	595	$808,010	Crestwood Equity Partners LP, Put $10.00, expires 01/15/2021	61,880
	127	$170,688	Hawaiian Holdings Inc., Put $8.00, expires 12/18/2020	5,080
			Total United States	273,510
			TOTAL PURCHASED OPTIONS (Cost – $316,099)	273,510
			TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $667,873,275)	656,527,188

Face Amount			Security	Value
SHORT-TERM INVESTMENTS – 12.6%
COMMERCIAL PAPERS – 2.6%
			Dow Chemical Co.:
	$	4,000,000	0.180% due 9/28/20(k)		3,999,412
		6,000,000	0.180% due 9/30/20(k)		5,999,050
		4,000,000	Glencore Funding LLC, 0.450% due 10/15/20(k)		3,997,875
		5,000,000	Walt Disney Co., 1.155% due 10/1/20(k)		4,999,501
			TOTAL COMMERCIAL PAPERS (Cost – $18,991,599)		18,995,838
TIME DEPOSITS – 10.0%
		65,809,508	Banco Santander SA – Frankfurt, 0.010% due 9/1/20		65,809,508
		3,522,875	China Construction Bank – New York, 0.010% due 9/1/20		3,522,875
		5,272,951	JPMorgan Chase & Co. – New York, 0.010% due 9/1/20		5,272,951
			TOTAL TIME DEPOSITS (Cost – $74,605,334)		74,605,334
			TOTAL SHORT-TERM INVESTMENTS (Cost – $93,596,933)		93,601,172
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0%
MONEY MARKET FUND – 0.0%
		11,580	Federated Government Obligations Fund, Premier Class, 0.054%(l) (Cost – $11,580)		11,580
			TOTAL INVESTMENTS – 100.9% (Cost – $761,481,788)		750,139,940

See Notes to Financial Statements.

182

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount	Security	Value
	Liabilities in Excess of Other Assets – (0.9%)		$	(6,354,693)
	TOTAL NET ASSETS – 100.0%		$	743,785,247

†

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

††

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

Non-income producing security.

(a)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.

(b)

(c)

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

(d)

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

(e)

Security is currently in default.

(f)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $19,908,229 and represents 2.68% of net assets.

(g)

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

(h)

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

(i)

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

(j)

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

(k)

Rate shown represents yield-to-maturity.

(l)

Represents investment of collateral received from securities lending transactions.

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

Security	Acquisition Date	Acquisition Cost			Market Value			Percent of Net Assets
QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate +4.300%) due 12/2/44	10/2/18		$	2,109,000		$	1,465,750		0.20%
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate + 5.180%)	5/4/17			328,006			480,889		0.06%
UBS Group AG, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.866%)	4/18/17			1,300,500			1,582,000		0.21%
Total						$	3,528,639		0.47%

Abbreviations used in this schedule:

CMT

— Constant Maturity Treasury Index

EURIBOR

— Euro Interbank Offered Rate

ICE

— Intercontinental Exchange

LIBOR

— London Interbank Offered Rate

LLC

— Limited Liability Company

— Limited Partnership

See Notes to Financial Statements.

183

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

PCL

— Public Company Limited

PLC

— Public Limited Company

SOFR

— Secured Overnight Financing Rate

Summary of Investments by Security Type^


	Corporate Bonds & Notes					66.2%
	Senior Loans					7.3
	Sovereign Bonds					6.4
	Common Stocks					4.4
	Preferred Stocks					2.0
	Municipal Bonds					0.9
	Convertible Preferred Stock					0.2
	Exchange Traded Fund (ETF)					0.1
	Purchased Options					0.0*
	Warrants					0.0*
	Short-Term Investments					12.5
	Money Market Fund					0.0*
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

Schedule of Options Contracts Written
Equity Options

Number of Contracts	Notional Amount			Security Name	Counterparty		Expiration Date		Exercise Rate			Value
222		$	68,455,920	Barrick Gold Corp.		CIBC		1/15/21		$	24.00		$	23,088
265		$	77,228	Briggs & Stratton Corp.		CIBC		1/15/21		$	1.00			1,325
199		$	212,567	Briggs & Stratton Corp.		CIBC		1/15/21		$	5.00			995
11		$	955,434	Crestwood Equity Partners LP		CIBC		10/16/20		$	7.50			6,930
238		$	70,767,566	Crestwood Equity Partners LP		CIBC		12/18/20		$	15.00			42,840
595		$	63,832,790	Crestwood Equity Partners LP		CIBC		1/15/21		$	20.00			44,625
134		$	63,275,907	GFL Environmental Inc.		CIBC		1/15/21		$	20.00			36,850
608		$	32,977,920	iShares iBoxx High Yield Corp.		CIBC		9/18/20		$	110.00			2,432
332		$	6,430,840	Ladder Capital Corp.		CIBC		9/18/20		$	7.50			8,632
186		$	100,392,012	Magellan Midstream Partners LP		CIBC		10/16/20		$	37.50			26,412
159		$	379,104,813	SPDR Gold Trust		CIBC		1/15/21		$	157.00			20,511
TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received – $818,848)													$	214,640

See Notes to Financial Statements.

184

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (continued)

At August 31, 2020, Destinations Global Fixed Income Opportunities Fund had open forward foreign currency contracts as described below.

The unrealized (depreciation) on the open contracts was as follows:

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Unrealized (Depreciation)
Contracts to Sell:
Canadian Dollar		821,000		BBH		$	629,529		9/15/20		$	—		$	(14,529)		$	(14,529)
Euro		17,230,000		BBH			20,568,026		9/15/20			—			(316,746)			(316,746)
Norwegian Krone		5,000,000		BBH			572,412		9/15/20			—			(11,949)			(11,949)
Norwegian Krone		10,125,000		BBH			1,159,134		9/15/20			—			(7,554)			(7,554)
Swedish Krona		3,845,000		BBH			444,591		9/15/20			—			(5,021)			(5,021)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	—		$	(355,799)		$	(355,799)

	Currency Abbreviations used in this schedule:			Counterparty Abbreviations used in this schedule:
	CAD — Canadian Dollar			BBH — Brown Brothers Harriman & Co.
	EUR — Euro			CIBC — CIBC World Markets Corp.
	NOK — Norwegian Krone
	SEK — Swedish Krona

See Notes to Financial Statements.

185

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Global Fixed Income Opportunities Fund (concluded)

Face Amount†			Security	Value
SECURITIES SOLD SHORT – 0.7%
CORPORATE BONDS & NOTES – 0.6%
Consumer Non-cyclical – 0.1%
	$	840,000	McKesson Corp., Senior Unsecured Notes, 3.950% due 2/16/28		$	983,488
Financial – 0.2%
		1,014,000	Capital One Financial Corp., Senior Unsecured Notes, 3.450% due 4/30/21			1,032,012
Industrial – 0.3%
		2,009,000	GFL Environmental Inc., Senior Unsecured Notes, 7.000% due 6/1/26(a)			2,109,450
			TOTAL CORPORATE BONDS & NOTES (Proceeds – $3,927,605)			4,124,950

Shares/Units
COMMON STOCK – 0.1%
INDUSTRIAL – 0.0%
Machinery-Diversified – 0.0%
	116,500	Briggs & Stratton Corp.*		17,009
Energy – 0.1%
Pipelines- 0.1%
	58,500	Crestwood Equity Partners LP		794,430
		TOTAL COMMON STOCKS (Proceeds – $703,697)		811,439
		TOTAL SECURITIES SOLD SHORT – 0.7% (Proceeds – $4,631,302)	$	4,936,389

†

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

Non-income producing security.

(a)

Restricted security that may be purchased from “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2020, amounts to approximately $2,109,450 and represents 0.28% of net assets.

See Notes to Financial Statements.

186

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – 87.5%
Alabama – 1.5%
	$	2,000,000	AA-	Auburn University, Revenue Bonds, Series A, 5.000% due 6/1/35		$	2,523,080
		1,835,000	Aa2(a)	Black Belt Energy Gas District, Revenue Bonds, Series A, 4.000% due 7/1/46(b)			1,877,462
		355,000	AA-	County of Jefferson AL, GO, Series B, 5.000% due 4/1/21			364,418
		2,540,000	A3(a)	Lower Alabama Gas District, Revenue Bonds, 4.000% due 12/1/50(b)			2,917,393
				Mobile County Board of School Commissioners, Special Tax:
		260,000	A-	5.000% due 3/1/28			314,982
		175,000	A-	5.000% due 3/1/29			211,040
		180,000	A-	5.000% due 3/1/30			216,162
		185,000	A-	5.000% due 3/1/31			221,255
		145,000	A-	5.000% due 3/1/32			172,667
		215,000	A-	5.000% due 3/1/33			254,977
		3,500,000	A3(a)	Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000% due 6/1/49(b)			3,874,010
				Total Alabama			12,947,446
Alaska – 0.2%
		1,000,000	AA+	Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due 6/1/30			1,221,370
		215,000	AA-	State of Alaska, GO, Series A, 5.000% due 8/1/33			256,405
				Total Alaska			1,477,775
Arizona – 3.7%
				Arizona Department of Transportation State Highway Fund Revenue, Revenue Bonds:
		5,000,000	AA+	5.000% due 7/1/27			6,257,850
		3,810,000	AA+	5.000% due 7/1/34			4,668,012
		2,000,000	AA	Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39			2,557,720
		1,800,000	A+	Chandler Industrial Development Authority, Revenue Bonds, 5.000% due 6/1/49(b)(c)			2,079,144
				City of Glendale AZ, Revenue Bonds:
		105,000	AA	Series A, 5.000% due 7/1/23			116,851
		230,000	AA	Series A, 5.000% due 7/1/27			272,561
		215,000	AA	Series A, 5.000% due 7/1/28			253,562
		235,000	AA	Series A, 5.000% due 7/1/29			276,184
		85,000	AA	Series A, 5.000% due 7/1/32			101,409
		65,000	AA	City of Glendale AZ, GO, AGM-Insured, 4.000% due 7/1/21			67,049
				City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds, AGM:
		55,000	AA	5.000% due 7/1/24			64,863

See Notes to Financial Statements.

187

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Arizona – (continued)
	$	60,000	AA	5.000% due 7/1/25		$	73,192
		105,000	AA	5.000% due 7/1/26			127,355
				City of Phoenix Civic Improvement Corp., Revenue Bonds:
		65,000	A+	Series A, 5.000% due 7/1/27(c)			80,782
		90,000	A+	Series A, 5.000% due 7/1/28(c)			110,918
		6,365,000	AAA	Series B, 4.000% due 7/1/29			7,118,107
		30,000	AAA	Series C, 5.000% due 7/1/21			31,199
		1,000,000	AAA	City of Scottsdale AZ, GO, 5.000% due 7/1/23			1,135,460
		160,000	A+	Coconino County Pollution Control Corp., Revenue Bonds, 1.875% due 9/1/32(b)(c)			161,466
				County of Pima AZ Sewer System Revenue, Revenue Bonds:
		15,000	AA	Series A, 5.000% due 7/1/22			16,321
		30,000	AA	Series A, 5.000% due 7/1/23			32,601
		60,000	AA	Series B, Prerefunded 7/1/21 @ 100, 5.000% due 7/1/25(d)			62,270
		820,000	AAA	Maricopa County Community College District, GO, Series D, 4.250% due 7/1/25			847,683
				Maricopa County Industrial Development Authority, Revenue Bonds:
		800,000	AA-	5.000% due 1/1/46(b)			982,128
		200,000	A2(a)	5.000% due 7/1/47			237,750
		70,000	AA-	Series A, 5.000% due 1/1/22			73,930
		145,000	AA-	Series A, 5.000% due 1/1/23			159,590
		190,000	AA-	Series A, 4.000% due 1/1/24			210,776
		60,000	AA-	Series A, 5.000% due 1/1/24			68,534
		225,000	AA-	Series A, 5.000% due 1/1/25			265,979
		735,000	A2(a)	Series B, 5.000% due 9/1/45(b)			871,365
		430,000	AA-	Series B, 5.000% due 1/1/48(b)			470,360
		290,000	AA-	Series C, 5.000% due 1/1/48(b)			340,843
		50,000	AA-	McAllister Academic Village LLC, Revenue Bonds, 5.000% due 7/1/21			51,999
		145,000	AA+	Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Series A, 5.000% due 1/1/33			185,364
				State of Arizona, COP:
		245,000	AA-	Series A, 5.000% due 10/1/20			245,946
		215,000	AA-	Series A, 5.000% due 10/1/21			226,109
		225,000	AA-	Series A, 5.000% due 10/1/22			247,288
		300,000	AA-	Series A, 5.000% due 10/1/23			343,638
		310,000	AA-	Series A, 5.000% due 10/1/24			369,173
				Western Maricopa Education Center District No 402, GO:
		560,000	AA-	Series B, 4.000% due 7/1/21			577,651

See Notes to Financial Statements.

188

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Arizona – (continued)
	$	330,000	AA-	Series B, 5.000% due 7/1/25		$	402,376
				Total Arizona			32,843,358
Arkansas – 0.0%
		90,000	Aa2(a)	Little Rock School District, GO, 3.000% due 2/1/22			93,504
California – 5.7%
		60,000	A-	Alameda Corridor Transportation Authority, Revenue Bonds, Series A, 5.000% due 10/1/23			67,738
				Bay Area Toll Authority, Revenue Bonds:
		210,000	AA	Series B, 2.850% due 4/1/47(b)			228,211
		195,000	AA	Series C, 2.100% due 4/1/45(b)			198,933
				California Health Facilities Financing Authority, Revenue Bonds:
		115,000	AA-	Series A, 5.000% due 7/1/25			129,561
		85,000	A+	Series D, 5.000% due 8/15/35			88,055
				California State Public Works Board, Revenue Bonds:
		60,000	A+	Series A, 5.000% due 4/1/22			64,543
		145,000	A+	Series A, 5.000% due 4/1/23			156,081
		115,000	A+	Series A, 5.250% due 10/1/24			121,212
		115,000	A+	Series A, 5.250% due 10/1/25			121,122
		70,000	A+	Series D, 5.000% due 12/1/21			74,201
		30,000	A+	Series G, 5.000% due 11/1/23			33,096
		30,000	A+	Series G, 5.000% due 11/1/24			33,068
		3,000,000	AA-	City of Riverside CA Sewer Revenue, Revenue Bonds, Series A, 5.000% due 8/1/36			3,811,710
				Golden State Tobacco Securitization Corp., Revenue Bonds:
		175,000	A+	Series A, AMBAC, zero coupon, due 6/1/24			169,608
		145,000	A+	Series A, 5.000% due 6/1/29			161,611
		115,000	BBB	Series A1, 5.000% due 6/1/25			136,862
		30,000	BBB	Series A1, 5.000% due 6/1/26			36,592
				Los Angeles County Metropolitan Transportation Authority, Revenue Bonds:
		4,550,000	AA	Series A, 5.000% due 6/1/31			6,208,384
		5,150,000	AA	Series A, 5.000% due 6/1/33			6,931,179
		290,000	AA-	Los Angeles Department of Water & Power Power System Revenue, Revenue Bonds, Series A, 5.000% due 7/1/29			346,240
		1,500,000	Aa3(a)	Los Angeles Unified School District, GO, Series A, 5.000% due 7/1/27			1,940,280
				Modesto Irrigation District, Revenue Bonds:
		30,000	A+	Series A, 5.000% due 7/1/22			31,161
		110,000	A+	Series A, 5.000% due 7/1/23			114,426

See Notes to Financial Statements.

189

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
California – (continued)
	$	170,000	Aa3(a)	Oakland Alameda County Coliseum Authority, Revenue Bonds, Series A, 5.000% due 2/1/23		$	179,930
				Oakland Unified School District, GO:
		100,000	AA	5.000% due 8/1/26			120,394
		30,000	A-	Series A, 5.000% due 8/1/28			35,730
		1,500,000	AA+	Ohlone Community College District, GO, Series A, Prerefunded 8/1/21 @ 100, 5.000% due 8/1/38(d)			1,566,420
		145,000	A+	Port of Oakland, Revenue Bonds, Series P, 5.000% due 5/1/22(c)			155,923
		90,000	A	Sacramento City Financing Authority, Series A, NPFG, zero coupon, due 12/1/26			81,543
		255,000	AA-	San Diego Convention Center Expansion Financing Authority, Revenue Bonds, Series A, Prerefunded 4/15/22 @ 100, 5.000% due 4/15/23(d)			274,737
		185,000	A	San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, Series A, 5.000% due 5/1/37(c)			228,725
				State of California, GO:
		10,000,000	AA	AGM, 5.250% due 8/1/32			14,314,100
		760,000	AA-	4.000% due 3/1/26			907,303
		80,000	AA-	5.000% due 9/1/29			100,467
		1,000,000	AA-	5.000% due 4/1/30			1,372,370
		760,000	AA-	5.000% due 8/1/30			974,388
		3,125,000	AA-	4.000% due 12/1/30(b)			3,208,375
		3,000,000	AA-	5.000% due 4/1/36			3,873,060
		435,000	AA-	Series B, 5.000% due 8/1/26			549,409
		205,000	AA-	Series C, 5.000% due 8/1/29			256,742
		65,000	AAA	State of California Department of Water Resources, Revenue Bonds, Series AI, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/25(d)			68,918
		40,000	AA+	Union Elementary School District, GO, Series A, NPFG, zero coupon, due 9/1/20			40,000
		100,000	A1(a)	Washington Township Health Care District, GO, Series A, 5.500% due 8/1/40			113,192
		230,000	AA-	West Contra Costa Unified School District, GO, 5.000% due 8/1/26			248,890
				Total California			49,874,490
Colorado – 1.8%
				City & County of Denver CO Airport System Revenue, Revenue Bonds:
		65,000	A+	Series A, 5.000% due 11/15/24(c)			76,081
		315,000	A	Series A, 5.000% due 12/1/26(c)			387,986
		30,000	A+	Series A, 5.000% due 11/15/27(c)			37,813
		195,000	A+	Series A, 5.000% due 11/15/28(c)			243,662
		145,000	A+	Series A, 5.000% due 11/15/29(c)			179,796

See Notes to Financial Statements.

190

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Colorado – (continued)
	$	115,000	A+	Series A, 5.000% due 11/15/30(c)		$	141,569
		915,000	A+	Series C, 5.000% due 11/15/30			1,197,369
				Colorado Health Facilities Authority, Revenue Bonds:
		655,000	#Aaa(a)	zero coupon, due 7/15/22			650,487
		2,115,000	AA	5.000% due 11/15/36(b)			2,419,898
		220,000	A-	2.800% due 5/15/42(b)			229,937
		190,000	Baa1(a)	5.000% due 9/1/46			214,732
		640,000	AA	5.000% due 11/15/49(b)			803,360
		500,000	BBB+	Series A, 5.000% due 8/1/44			602,070
		325,000	BBB+	Series B-2, 5.000% due 8/1/49(b)			383,022
		220,000	BBB+	Series D3, 5.000% due 10/1/38(b)			230,690
		135,000	AA	Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250% due 11/1/49			152,240
				E-470 Public Highway Authority, Revenue Bonds:
		60,000	A	zero coupon, due 9/1/35			43,235
		85,000	A	zero coupon, due 9/1/37			57,355
		110,000	A	zero coupon, due 9/1/38			71,743
		165,000	A	Series A, 5.000% due 9/1/34			218,995
		140,000	A	Series B, NPFG, zero coupon, due 9/1/20			140,000
		1,500,000	AAA	Metro Wastewater Reclamation District, Revenue Bonds, Series A, Prerefunded 4/1/22 @ 100, 4.000% due 4/1/30(d)			1,589,910
		2,250,000	AA-	State of Colorado, COP, Series A, 4.000% due 12/15/36			2,654,708
		1,435,000	Aa1(a)	University of Colorado, Revenue Bonds, Series C, 2.000% due 6/1/54(b)			1,519,981
		210,000	AA	University of Colorado Hospital Authority, Revenue Bonds, Series C, 5.000% due 11/15/38(b)			218,656
				Vauxmont Metropolitan District, GO, AGM:
		150,000	AA	5.000% due 12/1/21			157,704
		125,000	AA	5.000% due 12/15/27			148,513
		120,000	AA	5.000% due 12/15/29			141,552
		135,000	AA	5.000% due 12/15/31			158,182
��		285,000	AA	5.000% due 12/1/34			358,128
				Total Colorado			15,429,374
Connecticut – 1.5%
				Connecticut State Health & Educational Facilities Authority, Revenue Bonds:
		1,075,000	AAA	5.000% due 7/1/29			1,464,279
		410,000	A	Series A, 5.000% due 7/1/34			518,896
		505,000	AA-	Series B, 1.800% due 7/1/49(b)			525,054

See Notes to Financial Statements.

191

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Connecticut – (continued)
	$	65,000	A-	Series S, 5.000% due 7/1/26		$	79,804
		30,000	A-	Series S, 5.000% due 7/1/29			37,923
		4,465,000	AAA	Series V1, 0.010% due 7/1/36(b)			4,465,000
				State of Connecticut, GO:
		90,000	A	Series A, 5.000% due 3/15/26			110,682
		375,000	A	Series A, 5.000% due 4/15/26			462,184
		150,000	A	Series A, 5.000% due 4/15/30			195,222
		170,000	A	Series A, 5.000% due 4/15/34			215,659
		60,000	A	Series A, 5.000% due 4/15/35			75,839
		175,000	A	Series B, 5.000% due 1/15/26			214,254
		85,000	A	Series E, 5.000% due 9/15/23			93,039
		100,000	A	Series E, 5.000% due 10/15/26			124,864
		150,000	A	Series E, 5.000% due 10/15/29			184,246
		1,600,000	A	Series F, 5.000% due 9/15/26			1,993,312
		1,500,000	AAA	Town of Greenwich CT, GO, 5.000% due 1/15/23			1,670,715
		330,000	A+	University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27			420,552
				Total Connecticut			12,851,524
Delaware – 0.5%
				Delaware River & Bay Authority, Revenue Bonds:
		85,000	A	Series C, 5.000% due 1/1/22			90,347
		35,000	A	Series C, 5.000% due 1/1/24			39,990
		80,000	A	Series C, 5.000% due 1/1/25			91,123
		220,000	A	Delaware State Economic Development Authority, Revenue Bonds, 1.050% due 1/1/31(b)			221,848
		3,160,000	NR	State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000% due 7/1/27(d)			3,717,298
				Total Delaware			4,160,606
District of Columbia – 1.0%
		2,000,000	AA+	District of Columbia, GO, Series C, 5.000% due 6/1/34			2,319,380
		120,000	AAA	District of Columbia, Revenue Bonds, Series A, 5.000% due 12/1/36(e)			126,221
				Metropolitan Washington Airports Authority, Revenue Bonds:
		90,000	A+	Series A, 5.000% due 10/1/21(c)			94,439
		50,000	A+	Series A, 5.000% due 10/1/22(c)			54,461
		75,000	A+	Series A, 5.000% due 10/1/23(c)			84,746
		2,625,000	A+	Series A, 5.000% due 10/1/24(c)			3,068,914
		225,000	A+	Series A, 5.000% due 10/1/25(c)			270,911
		115,000	A+	Series A, 5.000% due 10/1/28(c)			147,216

See Notes to Financial Statements.

192

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount				Rating††	Security	Value
MUNICIPAL BONDS – (continued)
District of Columbia – (continued)
	$	120,000		A+	Series A, 5.000% due 10/1/29(c)		$	152,638
		95,000		A+	Series A, 5.000% due 10/1/30(c)			119,949
		205,000		A+	Series A, 5.000% due 10/1/31(c)			255,173
		60,000		A+	Series A, 5.000% due 10/1/34(c)			72,827
		55,000		A+	Series A, 5.000% due 10/1/36(c)			66,295
		195,000		A+	Series C, 5.000% due 10/1/22(c)			204,072
		210,000		A+	Series C, 5.000% due 10/1/23(c)			219,746
		190,000		A+	Series C, 5.000% due 10/1/24(c)			198,713
		255,000		A+	Series C, 5.000% due 10/1/25(c)			266,467
		400,000		A-	Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds, 4.000% due 10/1/35			452,920
		240,000		AA-	Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B, 5.000% due 7/1/34			297,281
					Total District of Columbia			8,472,369
Florida – 4.9%
					Brevard County School District, COP:
		95,000		Aa3(a)	5.000% due 7/1/27			110,611
		215,000		Aa3(a)	5.000% due 7/1/30			248,385
		85,000		Aa3(a)	Series C, 5.000% due 7/1/24			99,390
			��		Citizens Property Insurance Inc., Revenue Bonds:
		80,000		A+	Series A1, 5.000% due 6/1/21			82,724
		60,000		A+	Series A1, 5.000% due 6/1/22			64,756
					City of Clearwater FL Water & Sewer Revenue, Revenue Bonds:
		40,000		AA+	5.000% due 12/1/21			42,416
		65,000		AA+	Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/23(d)			68,842
		70,000		AA+	Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/24(d)			74,138
					City of Jacksonville FL, Revenue Bonds:
		115,000		A+	5.000% due 10/1/22			125,510
		155,000		A+	5.000% due 10/1/23			169,877
		55,000		A+	City of Tampa FL, Revenue Bonds, 5.000% due 9/1/28			59,017
					County of Broward FL Airport System Revenue, Revenue Bonds:
		60,000		A	5.000% due 10/1/30(c)			73,325
		90,000		A	5.000% due 10/1/31(c)			109,245
		120,000		A	Series A, 5.000% due 10/1/29(c)			140,701
		85,000		A	Series A, 5.000% due 10/1/31(c)			98,894
		115,000		A	Series A, 5.000% due 10/1/32(c)			133,249
		1,000,000		A	Series B, 5.000% due 10/1/29(c)			1,287,780

See Notes to Financial Statements.

193

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	90,000	A	Series Q1, 5.000% due 10/1/23		$	97,716
		185,000	A+	County of Clay FL Sales Surtax Revenue, Revenue Bonds, 5.000% due 10/1/25			226,878
				County of Hillsborough FL Solid Waste & Resource Recovery Revenue, Revenue Bonds:
		40,000	AA+	Series A, 5.000% due 9/1/20(c)			40,000
		40,000	AA+	Series A, 5.000% due 9/1/21(c)			41,850
		50,000	AA+	Series A, 5.000% due 9/1/22(c)			54,455
		60,000	AA+	Series A, 5.000% due 9/1/23(c)			67,861
		65,000	AA+	Series A, 5.000% due 9/1/24(c)			76,070
		65,000	AA+	Series A, 5.000% due 9/1/25(c)			78,301
		65,000	AA+	Series A, 5.000% due 9/1/26(c)			80,122
				County of Miami-Dade FL, Revenue Bonds:
		160,000	A+	5.000% due 10/1/28			195,112
		120,000	A+	5.000% due 10/1/29			145,684
		215,000	A+	5.000% due 10/1/30			259,795
		65,000	A+	Series A, 5.000% due 10/1/25			70,828
		120,000	AA	County of Miami-Dade FL, GO, Series A, 5.000% due 11/1/23			137,832
				County of Miami-Dade FL Aviation Revenue, Revenue Bonds:
		175,000	A	Series A, 5.000% due 10/1/21(c)			183,475
		85,000	A	Series A, 5.000% due 10/1/22(c)			92,047
		290,000	A	Series A, 5.000% due 10/1/24(c)			312,794
		55,000	A	Series A, 5.000% due 10/1/27(c)			63,106
		80,000	A	Series A, 5.000% due 10/1/29(c)			91,448
		70,000	A	Series A, 5.000% due 10/1/30			84,177
		30,000	A	Series A, 5.000% due 10/1/31			35,862
		160,000	A	Series A, 5.000% due 10/1/33(c)			180,856
		70,000	A	Series A, 5.000% due 10/1/35(c)			78,859
		90,000	A	Series A1, 5.000% due 10/1/22			90,296
		1,800,000	A2(a)	Series A1, Prerefunded 10/1/20 @ 100, 5.375% due 10/1/41(d)			1,807,578
		105,000	A	Series B, 5.000% due 10/1/20(c)			105,380
		65,000	A	Series B, 5.000% due 10/1/24			70,446
		295,000	AA	Series B, 5.000% due 10/1/35			295,994
		215,000	A	Series B, 5.000% due 10/1/37			243,662
		500,000	A	Series B, 5.000% due 10/1/40(c)			587,855
				County of Miami-Dade FL Transit System, Revenue Bonds:
		35,000	AA	5.000% due 7/1/21			36,360

See Notes to Financial Statements.

194

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	50,000	AA	Series Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(d)		$	54,335
				Duval County Public Schools, COP:
		125,000	A+	Series B, 5.000% due 7/1/27			149,696
		30,000	A+	Series B, 5.000% due 7/1/28			35,848
		190,000	A+	Series B, 5.000% due 7/1/30			226,742
		255,000	BBB+	Escambia County Health Facilities Authority, Revenue Bonds, 4.000% due 8/15/45			279,834
				Florida Municipal Power Agency, Revenue Bonds:
		30,000	A2(a)	5.000% due 10/1/24			35,152
		45,000	A2(a)	5.000% due 10/1/27			53,969
		80,000	A1(a)	Series A, 5.000% due 10/1/22			87,925
		355,000	A2(a)	Series A, 5.000% due 10/1/26			386,386
		55,000	A2(a)	Series A, 5.000% due 10/1/30			67,321
		60,000	A2(a)	Series A, 5.000% due 10/1/31			73,162
		2,500,000	AA	Florida’s Turnpike Enterprise, Revenue Bonds, Series C, 4.375% due 7/1/37			2,729,700
				Greater Orlando Aviation Authority, Revenue Bonds:
		100,000	A+	Series A, 5.000% due 10/1/28(c)			124,325
		60,000	A+	Series A, 5.000% due 10/1/30(c)			73,460
				Halifax Hospital Medical Center, Revenue Bonds:
		35,000	A-	5.000% due 6/1/28			40,420
		70,000	A-	5.000% due 6/1/35			78,947
				Hillsborough County Port District, Revenue Bonds:
		850,000	A(f)	Series B, 5.000% due 6/1/33(c)			1,014,993
		185,000	A(f)	Series B, 5.000% due 6/1/38(c)			217,403
				Indian River County District School Board, COP:
		75,000	AA-	Series A, 5.000% due 7/1/24			86,831
		60,000	AA-	Series A, 5.000% due 7/1/25			71,666
		200,000	A	JEA Electric System Revenue, Revenue Bonds, Series B, 5.000% due 10/1/26			247,460
				Lake County School Board, COP:
		30,000	AA	Series A, AGM, 5.000% due 6/1/25			34,827
		50,000	AA	Series A, AGM, 5.000% due 6/1/26			57,884
		15,000	AA	Series A, AGM, 5.000% due 6/1/28			17,341
				Lee Memorial Health System, Revenue Bonds:
		550,000	A+	Series A, 5.000% due 4/1/33			695,195
		755,000	A+	Series A, 5.000% due 4/1/33(b)			878,850
		415,000	A+	Series A, 5.000% due 4/1/35			520,792

See Notes to Financial Statements.

195

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	60,000	AA	Manatee County School District, Revenue Bonds, AGM-Insured, 5.000% due 10/1/25		$	71,978
				Miami-Dade County Expressway Authority, Revenue Bonds:
		45,000	A	Series A, 5.000% due 7/1/31			53,671
		115,000	A	Series A, 5.000% due 7/1/32			136,523
		95,000	A	Series A, 5.000% due 7/1/33			112,316
		30,000	A	Series A, 5.000% due 7/1/34			35,414
		235,000	A	Series A, 5.000% due 7/1/40			235,663
		85,000	A	Series A, 5.000% due 7/1/44			94,524
				Orange County Health Facilities Authority, Revenue Bonds:
		200,000	A+	Series A, 5.000% due 10/1/39			234,436
		365,000	A+	Series A, 5.000% due 10/1/42			382,462
		150,000	A+	Series B, 5.000% due 10/1/42			157,176
				Orange County School Board, COP:
		115,000	Aa2(a)	Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(d)			125,516
		200,000	Aa2(a)	Series C, 5.000% due 8/1/29			242,804
				Orlando Utilities Commission, Revenue Bonds:
		50,000	AA	Series A, 5.000% due 10/1/23			57,323
		25,000	AA	Series A, 5.000% due 10/1/25			30,815
		100,000	AA	Series B, 5.000% due 10/1/20			100,391
				Palm Beach County Health Facilities Authority, Revenue Bonds:
		10,000	WD(f)	5.000% due 12/1/23			11,504
		20,000	WD(f)	5.000% due 12/1/24			23,889
				Palm Beach County School District, COP:
		55,000	Aa3(a)	Series A, 5.000% due 8/1/22			59,996
		35,000	Aa3(a)	Series A, 5.000% due 8/1/23			39,680
		40,000	Aa3(a)	Series A, 5.000% due 8/1/24			47,204
		135,000	Aa3(a)	Series A, 5.000% due 8/1/25			164,993
		705,000	Aa3(a)	Series A, 5.000% due 8/1/26			887,144
		135,000	Aa3(a)	Series B, 5.000% due 8/1/25			164,993
		300,000	Aa3(a)	Series B, 5.000% due 8/1/26			365,670
		240,000	Aa3(a)	Series B, 5.000% due 8/1/27			291,494
		160,000	Aa3(a)	Series B, 5.000% due 8/1/28			193,896
		695,000	Aa3(a)	Series D, 5.000% due 8/1/26			847,136
		315,000	Aa3(a)	Series D, 5.000% due 8/1/27			382,586
		110,000	Aa3(a)	Series D, 5.000% due 8/1/28			133,304

See Notes to Financial Statements.

196

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	250,000	AA+	Palm Beach County Solid Waste Authority, Revenue Bonds, 5.000% due 10/1/24		$	262,720
		300,000	AA	Pasco County School Board, COP, Series D, AGM-Insured, 5.000% due 8/1/30			402,993
				School Board of Miami-Dade County, COP:
		570,000	A+	Series A, 5.000% due 5/1/31			689,273
		120,000	AA	Series A, AGM, 5.000% due 5/1/27			144,697
		220,000	A+	Series B, 5.000% due 8/1/27			272,930
		395,000	A+	Series B, 5.000% due 5/1/28			470,461
		340,000	A+	Series D, 5.000% due 11/1/24			403,624
		355,000	A+	Series D, 5.000% due 11/1/25			419,819
		230,000	A+	Series D, 5.000% due 11/1/26			271,370
		115,000	A+	Series D, 5.000% due 2/1/29			139,875
		190,000	A+	Series D, 5.000% due 2/1/30			230,090
				School District of Broward County, COP:
		155,000	A+	Series A, 5.000% due 7/1/21			161,130
		145,000	A+	Series A, 5.000% due 7/1/22			157,599
		45,000	A+	Series A, 5.000% due 7/1/25			48,556
		460,000	A+	Series A, 5.000% due 7/1/26			534,333
		265,000	A+	Series A, 5.000% due 7/1/27			315,554
		115,000	A+	Series A, 5.000% due 7/1/28			136,520
		70,000	A+	Series A, 5.000% due 7/1/32			84,007
		120,000	NR	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d)			130,172
		580,000	NR	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(d)			629,167
		60,000	A+	Series B, 5.000% due 7/1/25			71,760
		335,000	A+	Series B, 5.000% due 7/1/26			400,308
		230,000	A+	Series B, 5.000% due 7/1/27			273,877
		390,000	A+	Series B, 5.000% due 7/1/28			462,981
				Seminole County School Board, COP:
		60,000	Aa3(a)	Series C, 5.000% due 7/1/23			67,781
		50,000	Aa3(a)	Series C, 5.000% due 7/1/24			58,652
		115,000	AA	South Florida Water Management District, COP, 5.000% due 10/1/30			138,867
				South Miami Health Facilities Authority, Revenue Bonds:
		75,000	AA-	5.000% due 8/15/24			87,446
		120,000	AA-	5.000% due 8/15/25			144,364
				St Lucie County School Board, COP:
		60,000	A	Series A, 5.000% due 7/1/25			67,238

See Notes to Financial Statements.

197

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	125,000	A	Series A, 5.000% due 7/1/27		$	139,855
				State of Florida, GO:
		5,995,000	AAA	5.000% due 7/1/32			7,894,156
		289,000	AAA	Series C, 5.000% due 6/1/22			299,485
		145,000	AAA	Series E, 5.000% due 6/1/24			150,216
		2,000,000	AA+	State of Florida Department of Transportation, Revenue Bonds, 5.000% due 7/1/27			2,579,300
				Tampa Bay Water, Revenue Bonds:
		70,000	AA+	Series A, NPFG, 6.000% due 10/1/29			100,828
		70,000	AA+	Series NPFG, 5.500% due 10/1/22			77,661
				Volusia County Educational Facility Authority, Revenue Bonds:
		150,000	A3(a)	4.000% due 10/15/36			173,145
		80,000	A3(a)	5.000% due 10/15/44			98,025
		150,000	A3(a)	5.000% due 10/15/49			182,703
				Volusia County School Board, COP:
		600,000	Aa3(a)	5.000% due 8/1/24			698,628
		145,000	AA	Series A, 5.000% due 8/1/32			174,745
				Total Florida			43,193,435
Georgia – 3.9%
				City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds:
		30,000	AA-	5.000% due 11/1/27			36,110
		70,000	AA-	5.000% due 11/1/29			83,959
		2,000,000	AA-	5.000% due 11/1/40			2,351,600
		205,000	#Aaa(a)	Colquitt County Development Authority, Revenue Bonds, zero coupon, due 12/1/21			204,209
		45,000	A+	County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds, Series A, 5.250% due 10/1/25			47,376
				DeKalb County Hospital Authority, Revenue Bonds:
		170,000	WD(f)	Series Prerefunded 9/1/20 @ 100, 6.000% due 9/1/30(d)			170,000
		310,000	WD(f)	Series Prerefunded 9/1/20 @ 100, 6.125% due 9/1/40(d)			310,000
				Development Authority of Burke County, Revenue Bonds:
		600,000	A-	1.700% due 12/1/49(b)			612,690
		830,000	A-	2.925% due 11/1/53(b)			884,647
		155,000	AA-	Fulton County Development Authority, Revenue Bonds, 5.000% due 6/15/44			190,971
				Main Street Natural Gas Inc., Revenue Bonds:
		5,000,000	Aa2(a)	Series A, 4.000% due 4/1/48(b)			5,486,900
		840,000	Aa2(a)	Series C, 4.000% due 8/1/48(b)			927,881

See Notes to Financial Statements.

198

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Georgia – (continued)
	$	195,000	A3(a)	Monroe County Development Authority, Revenue Bonds, 2.350% due 10/1/48(b)		$	195,989
				Municipal Electric Authority of Georgia, Revenue Bonds:
		265,000	A-	Series A, 5.000% due 1/1/21			268,967
		160,000	A-	Series A, 5.000% due 1/1/27			199,461
		145,000	A-	Series A, 5.000% due 1/1/30			187,933
		105,000	A	Series GG, 5.000% due 1/1/24			115,588
		35,000	A	Series GG, 5.000% due 1/1/25			38,489
		145,000	A	Series GG, 5.000% due 1/1/26			159,114
				Municipal Gas Authority of Georgia, Revenue Bonds:
		60,000	AA-	Series Q, 5.000% due 10/1/22			65,680
		35,000	AA-	Series S, 5.000% due 10/1/22			38,313
		70,000	AA-	Series S, 5.000% due 10/1/24			76,602
		40,000	AA-	Series U, 5.000% due 10/1/24			47,277
				State of Georgia, GO:
		5,000,000	AAA	Series A, 5.000% due 7/1/29			6,616,000
		5,000,000	AAA	Series A, 5.000% due 8/1/30			6,952,650
		2,500,000	AAA	Series A, 5.000% due 7/1/32			3,339,275
		3,835,000	AAA	Series C, 5.000% due 7/1/29			4,955,625
				Total Georgia			34,563,306
Hawaii – 0.1%
				City & County of Honolulu HI, GO:
		115,000	Aa1(a)	Series D, 5.000% due 9/1/22			125,998
		90,000	Aa1(a)	Series D, 5.000% due 9/1/26			113,873
		500,000	AA+	State of Hawaii, GO, Series FH, 5.000% due 10/1/28			627,380
				Total Hawaii			867,251
Idaho – 0.4%
				Idaho Housing & Finance Association, Revenue Bonds:
		90,000	A2(a)	5.000% due 7/15/21			93,485
		100,000	A2(a)	5.000% due 7/15/22			108,089
		45,000	A2(a)	5.000% due 7/15/23			50,350
		35,000	A2(a)	5.000% due 7/15/24			40,545
		35,000	A2(a)	5.000% due 7/15/25			41,816
		95,000	A2(a)	5.000% due 7/15/27			119,304
		75,000	Aa1(a)	Series A, 4.000% due 1/1/50			83,797

See Notes to Financial Statements.

199

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Idaho – (continued)
	$	2,380,000	Aa1(a)	Kootenai County School District No 271 Coeur d’Alene, GO, 4.000% due 9/15/28		$	2,849,265
				Total Idaho			3,386,651
Illinois – 4.8%
				Chicago Midway International Airport, Revenue Bonds:
		65,000	A	Series A, 5.000% due 1/1/29(c)			75,518
		100,000	A	Series A, 5.000% due 1/1/30(c)			115,551
		70,000	A	Series A, 5.000% due 1/1/31(c)			80,444
		190,000	A	Series A, 5.000% due 1/1/32(c)			209,602
		30,000	A	Series B, 5.000% due 1/1/22			31,639
		95,000	A	Series B, 5.000% due 1/1/24			107,603
				Chicago O’Hare International Airport, Revenue Bonds:
		75,000	BBB+	5.000% due 7/1/38(c)			86,231
		50,000	A	Series A, 5.000% due 1/1/22			52,821
		125,000	A	Series A, 5.000% due 1/1/24(c)			141,451
		1,000,000	A	Series A, 5.000% due 1/1/25(c)			1,056,100
		270,000	A	Series A, 5.000% due 1/1/29			327,729
		200,000	A	Series A, 5.000% due 1/1/48(c)			235,686
		200,000	A	Series B, 5.000% due 1/1/22(c)			210,408
		285,000	A	Series B, 5.000% due 1/1/32			330,557
		120,000	A	Series B, 5.000% due 1/1/53			142,992
		65,000	A	Series C, 5.000% due 1/1/22			68,668
		80,000	A	Series C, 5.000% due 1/1/23			87,893
		45,000	A	Series C, 5.000% due 1/1/24			51,192
		65,000	A	Series C, 5.000% due 1/1/25			76,322
		60,000	A	Series C, 5.000% due 1/1/26			72,335
		70,000	A	Series C, 5.000% due 1/1/33			81,509
		80,000	A	Series C, 5.000% due 1/1/34			92,891
		420,000	A	Series C, Prerefunded 1/1/21 @ 100, 6.500% due 1/1/41(d)			428,753
		60,000	A	Series D, 5.000% due 1/1/27(c)			73,150
		15,000	A	Series D, 5.000% due 1/1/28(c)			18,153
		85,000	A	Series D, 5.000% due 1/1/31(c)			101,080
		45,000	A	Series D, 5.000% due 1/1/33(c)			53,003
		500,000	A+	Chicago Transit Authority, Revenue Bonds, Series A, 4.000% due 12/1/50			549,720
		40,000	A	City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds, 5.000% due 1/1/23			41,878

See Notes to Financial Statements.

200

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	30,000	AA	City of Chicago IL Waterworks Revenue, Revenue Bonds, AGM-Insured, 5.250% due 11/1/33		$	30,105
				Cook County Forest Preserve District, GO:
		30,000	AA-	Series B, 5.000% due 12/15/23			32,245
		40,000	AA-	Series B, 5.000% due 12/15/24			43,212
		60,000	AA-	Series C, 5.000% due 12/15/25			64,717
		155,000	Aaa(a)	Cook Kane Lake & McHenry Counties Community College District No 512, GO, Series B, 5.000% due 12/1/24			184,678
				County of Cook IL, GO:
		565,000	A+	Series A, 5.250% due 11/15/24			571,571
		60,000	A+	Series C, 5.000% due 11/15/22			64,970
		145,000	A+	Series C, 5.000% due 11/15/23			156,906
		540,000	A+	Series C, 5.000% due 11/15/24			583,843
		15,000	AA	Series C, AGM, 5.000% due 11/15/25			16,341
		85,000	A+	Series G, 5.000% due 11/15/25			85,652
		35,000	Aa3(a)	Grundy & Will Counties Community Unit School District No 1 Coal City, GO, 5.000% due 2/1/29			42,825
		835,000	AA+	Illinois Development Finance Authority, Revenue Bonds, zero coupon, due 7/15/23			824,061
				Illinois Finance Authority, Revenue Bonds:
		40,000	AA+	5.000% due 7/15/25			48,320
		60,000	AA+	5.000% due 7/15/26			74,507
		75,000	A+	5.000% due 11/15/26			81,498
		25,000	A3(a)	5.000% due 8/15/27			29,387
		70,000	A	5.000% due 5/15/28			83,788
		60,000	AA+	5.000% due 7/15/28			76,756
		40,000	A	5.000% due 5/15/29			47,664
		150,000	AAA	5.000% due 7/1/29			189,941
		25,000	A+	5.000% due 11/15/29			26,953
		110,000	A3(a)	5.000% due 12/1/29			130,261
		145,000	AAA	5.000% due 1/1/30			183,165
		330,000	AA-	5.000% due 8/15/30			444,678
		255,000	AAA	5.000% due 7/1/31			318,985
		235,000	AA+	5.000% due 9/1/32			251,309
		175,000	A3(a)	5.000% due 8/15/35			198,712
		170,000	A	5.000% due 1/1/36			199,451
		870,000	A	5.000% due 1/1/38			1,030,724
		315,000	AA+	5.000% due 9/1/38			338,105

See Notes to Financial Statements.

201

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	100,000	AA+	2.250% due 11/15/42(b)		$	102,735
		95,000	A+	5.000% due 11/15/43			100,736
		1,300,000	A	5.000% due 1/1/44			1,523,041
		100,000	A3(a)	5.000% due 12/1/46			113,638
		25,000	BBB+	5.000% due 8/1/49			26,810
		4,360,000	AA+	5.000% due 7/15/57(b)			4,811,565
		10,000	A+	Series A, 5.000% due 11/15/21			10,533
		45,000	A	Series A, 5.000% due 5/15/23			48,075
		495,000	AA-	Series A, 5.000% due 2/15/24			564,424
		95,000	AA-	Series A, 5.000% due 2/15/25			111,869
		45,000	AA-	Series A, 5.000% due 2/15/26			54,466
		30,000	A	Series A, 5.000% due 11/15/27			35,628
		35,000	A	Series A, 5.000% due 11/15/28			41,374
		55,000	A	Series A, 5.000% due 11/15/29			64,762
		75,000	A	Series A, 5.000% due 7/1/30			89,182
		100,000	A	Series A, 5.000% due 11/15/32			116,329
		50,000	A	Series A, 5.000% due 7/1/34			58,568
		15,000	AA+	Series A, 5.000% due 9/1/34			17,018
		60,000	A+	Series A, 5.000% due 11/15/34			68,617
		255,000	A	Series A, 5.000% due 7/1/36			296,983
		20,000	BBB+	Series A, 5.000% due 8/1/47			21,473
		95,000	AA-	Series A, Prerefunded 8/15/26 @ 100, 5.000% due 8/15/33(d)			120,298
		85,000	A+	Series B, 5.000% due 11/15/26			100,527
		35,000	AA+	Series C, 5.000% due 2/15/22			37,219
		15,000	AA+	Series C, 5.000% due 2/15/24			17,170
		75,000	AA+	Series C, 5.000% due 2/15/26			91,310
		200,000	AA+	Series C, 5.000% due 2/15/28			247,912
		135,000	AA+	Series C, 5.000% due 2/15/29			166,451
		50,000	AA+	Series C, 5.000% due 2/15/31			61,096
		365,000	AA+	Series C, 5.000% due 2/15/32			443,555
		145,000	AA+	Series C, 5.000% due 2/15/33			175,364
		35,000	AA+	Series C, 3.750% due 2/15/34			38,827
		160,000	AA+	Series C, 4.000% due 2/15/36			179,661
		65,000	AA+	Series C, 5.000% due 2/15/36			77,910
		205,000	AA+	Series C, 5.000% due 2/15/41			242,966
		1,055,000	AA+	Series E, 1.750% due 11/15/42(b)			1,062,448
		60,000	AA-	Series L, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/22(d)			63,547

See Notes to Financial Statements.

202

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	20,000	NR	Series Prerefunded 2/15/27 @ 100, 4.000% due 2/15/41(d)		$	24,397
				Illinois Municipal Electric Agency, Revenue Bonds:
		1,000,000	A	Series A, 5.000% due 2/1/22			1,064,350
		290,000	A	Series A, 5.000% due 2/1/28			345,390
		105,000	A	Series A, 5.000% due 2/1/31			124,279
				Illinois State Toll Highway Authority, Revenue Bonds:
		50,000	AA-	Series A, 5.000% due 12/1/31			60,020
		175,000	AA-	Series D, 5.000% due 1/1/24			200,702
		255,000	Aa3(a)	Kane Cook & DuPage Counties School District No U-46 Elgin, GO, Series B, AMBAC-Insured, zero coupon, due 1/1/22			253,748
				Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO:
		260,000	AA	5.000% due 1/1/26			309,681
		55,000	AA	5.000% due 1/1/29			70,231
		155,000	Baa2(a)	Lake County Community High School District No 117 Antioch, GO, Series B, NPFG, zero coupon, due 12/1/20			154,659
		230,000	AA	McHenry & Kane Counties Community Consolidated School District No 158 Huntley, GO, AGM-Insured, zero coupon, due 1/1/24			222,086
				McHenry County Community Unit School District No 200 Woodstock, GO:
		215,000	Aa2(a)	Series B, NPFG, zero coupon, due 1/15/24			208,554
		225,000	Aa2(a)	Series B, NPFG, zero coupon, due 1/15/25			215,368
		170,000	Aa2(a)	Series B, NPFG, zero coupon, due 1/15/26			159,746
				McHenry County Conservation District, GO:
		65,000	AA+	5.000% due 2/1/24			75,112
		175,000	AA+	5.000% due 2/1/27			209,276
		70,000	AA	Regional Transportation Authority, Revenue Bonds, Series A, 5.000% due 7/1/21			72,434
				State of Illinois, GO:
		345,000	AA	AGM, 5.000% due 1/1/21			346,021
		120,000	BBB-	5.000% due 11/1/20			120,703
		80,000	BBB-	5.000% due 3/1/21			81,370
		45,000	BBB-	5.000% due 8/1/21			46,395
		225,000	BBB-	5.000% due 1/1/22			235,118
		145,000	BBB-	5.000% due 3/1/22			152,309
		190,000	BBB-	5.000% due 8/1/22			201,791
		45,000	BBB-	5.000% due 2/1/23			48,077
		220,000	BBB-	5.000% due 4/1/23			235,941
		100,000	BBB-	5.000% due 8/1/23			107,859
		225,000	BBB-	5.000% due 6/1/25			250,389

See Notes to Financial Statements.

203

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	65,000	BBB-	5.000% due 2/1/26		$	70,176
		3,005,000	BBB-	5.000% due 6/1/26			3,388,979
		270,000	BBB-	5.000% due 2/1/27			302,280
		180,000	BBB-	5.000% due 2/1/28			203,386
		60,000	BBB-	5.000% due 4/1/28			64,483
		25,000	BBB-	5.000% due 5/1/28			26,901
		165,000	BBB-	5.000% due 2/1/29			185,397
		305,000	BBB-	5.250% due 2/1/31			327,723
		70,000	BBB-	5.000% due 5/1/32			74,444
		190,000	BBB-	5.000% due 5/1/33			201,522
		115,000	BBB-	5.500% due 7/1/38			121,514
		65,000	BBB-	Series A, 4.000% due 1/1/23			66,645
		105,000	BBB-	Series A, 5.000% due 1/1/33			107,706
		365,000	BBB-	Series B, 5.000% due 9/1/21			377,341
		360,000	BBB-	Series B, 5.000% due 9/1/22			382,939
		365,000	BBB-	Series B, 5.000% due 9/1/23			394,156
		365,000	BBB-	Series B, 5.000% due 9/1/24			400,982
		1,500,000	BBB-	Series B, 5.000% due 10/1/26			1,698,450
		620,000	BBB-	Series D, 5.000% due 11/1/23			665,086
		405,000	BBB-	Series D, 5.000% due 11/1/25			448,367
		390,000	BBB-	Series D, 5.000% due 11/1/26			436,141
				University of Illinois, Revenue Bonds:
		115,000	A-	6.250% due 10/1/38			128,134
		115,000	A-	6.000% due 10/1/42			126,746
				Will County Community Unit School District No 365 Valley View, GO:
		2,420,000	Aa2(a)	Series A, 5.000% due 11/1/25			2,940,663
		165,000	AA	Series B, AGM, zero coupon, due 11/1/26			155,364
		200,000	AA	Will County School District No 86 Joliet, GO, AGM-Insured, zero coupon, due 11/1/21			198,836
				Total Illinois			41,950,663
Indiana – 2.6%
				City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds:
		315,000	A+	Series A, 5.000% due 10/1/24			370,494
		340,000	A+	Series A, 5.000% due 10/1/25			412,770
		240,000	AA	Series B, AGM, 5.000% due 10/1/20			240,900
		160,000	AA	Series B, AGM, 5.000% due 10/1/21			168,016
				City of Whiting IN, Revenue Bonds:
		415,000	A-	5.250% due 1/1/21			421,835

See Notes to Financial Statements.

204

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Indiana – (continued)
	$	370,000	A-	5.000% due 12/1/44(b)(c)		$	452,843
		1,020,000	A-	5.000% due 11/1/45(b)(c)			1,115,176
		300,000	A-	County of St Joseph IN, Revenue Bonds, 4.000% due 4/1/38			326,880
				Indiana Finance Authority, Revenue Bonds:
		30,000	AA-	5.000% due 3/1/22			32,128
		90,000	AA-	5.000% due 8/15/25			100,841
		30,000	AA-	5.000% due 9/1/25			35,993
		30,000	AA-	5.000% due 9/1/26			36,901
		15,000	AA-	5.000% due 9/1/29			18,166
		5,000,000	AAA	5.000% due 2/1/35			6,533,500
		240,000	AA-	5.000% due 3/1/36			273,756
		60,000	AA-	5.000% due 9/1/36			70,817
		535,000	AA	1.650% due 12/1/42(b)			541,720
		320,000	AA	2.250% due 12/1/58(b)			336,490
		115,000	AA	Series A, 5.250% due 10/1/24			121,109
		65,000	AA	Series A, 5.000% due 10/1/25			71,225
		70,000	AA	Series A, 5.000% due 10/1/26			82,827
		35,000	AA	Series A, 5.000% due 10/1/28			41,211
		45,000	AA-	Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/23(d)			48,192
		30,000	AA-	Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/30(d)			32,128
		155,000	AA-	Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/41(d)			165,996
				Indiana Health Facility Financing Authority, Revenue Bonds:
		1,000,000	AA+	Series A2, 2.000% due 11/15/36(b)			1,034,840
		7,500,000	AA+	Series E, 0.080% due 11/15/39(b)			7,500,000
		295,000	Aaa(a)	Indiana Housing & Community Development Authority, Revenue Bonds, Series B, 3.500% due 1/1/49			324,609
				Indiana Municipal Power Agency, Revenue Bonds:
		20,000	A+	Series A, 5.000% due 1/1/24			21,722
		20,000	A+	Series A, 5.000% due 1/1/25			21,718
		55,000	A+	Series A, 5.000% due 1/1/26			59,705
		10,000	NR	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d)			10,877
		10,000	NR	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/25(d)			10,877
		25,000	NR	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/26(d)			27,191
		515,000	AAA	Indiana University, Revenue Bonds, Series W-1, 5.000% due 8/1/26			610,620

See Notes to Financial Statements.

205

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Indiana – (continued)
	$	255,000	A1(a)	Indianapolis Local Public Improvement Bond Bank, Revenue Bonds, 5.000% due 1/1/25(c)		$	295,996
				Lake Central Multi-District School Building Corp., Revenue Bonds:
		40,000	AA+	Series B, 4.000% due 1/15/22			42,010
		30,000	AA+	Series B, 5.000% due 7/15/22			32,609
		80,000	AA+	Series B, 5.000% due 7/15/23			88,742
		120,000	AA+	Series B, 5.000% due 7/15/24			133,022
		125,000	AA+	Series B, 5.000% due 7/15/25			138,503
				Total Indiana			22,404,955
Iowa – 1.4%
		1,155,000	Aa1(a)	City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25			1,354,134
				Iowa Finance Authority, Revenue Bonds:
		3,840,000	AAA	5.000% due 8/1/31			4,884,672
		90,000	BBB(f)	Series A, 5.000% due 5/15/43			95,512
		105,000	BBB(f)	Series A, 5.000% due 5/15/48			110,924
		5,000,000	A3(a)	PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b)			6,099,300
				Total Iowa			12,544,542
Kansas – 0.1%
		1,000,000	Aa2(a)	Geary County Unified School District No 475, GO, Series B, 5.000% due 9/1/20			1,000,000
				Wyandotte County-Kansas City Unified Government Utility System Revenue, Revenue Bonds:
		130,000	A	Series A, 5.000% due 9/1/24			142,267
		30,000	A	Series A, 5.000% due 9/1/30			35,875
		35,000	A	Series A, 5.000% due 9/1/32			41,541
		30,000	A	Series B, 5.000% due 9/1/23			32,831
		45,000	A	Series B, 5.000% due 9/1/24			49,246
				Total Kansas			1,301,760
Kentucky – 1.3%
				Kenton County Airport Board, Revenue Bonds:
		25,000	A1(a)	5.000% due 1/1/25			29,471
		15,000	A1(a)	5.000% due 1/1/26			18,179
		45,000	A1(a)	5.000% due 1/1/29			53,541
		50,000	A1(a)	5.000% due 1/1/30			59,223
		5,000,000	A1(a)	Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due 1/1/49(b)			5,617,000
				Kentucky State Property & Building Commission, Revenue Bonds:
		160,000	A-	5.000% due 4/1/27			197,846

See Notes to Financial Statements.

206

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Kentucky – (continued)
	$	145,000	A-	5.000% due 5/1/28		$	183,044
		15,000	A-	5.000% due 5/1/29			18,800
		40,000	AA	5.000% due 5/1/31			50,534
		110,000	A-	Series A, 5.000% due 10/1/27			122,216
		165,000	A-	Series A, 5.000% due 2/1/29			195,306
		170,000	A-	Series A, 5.000% due 2/1/30			200,206
		65,000	A-	Series A, 5.000% due 2/1/32			75,847
		80,000	A-	Series A, 5.000% due 2/1/33			92,964
		325,000	A-	Series B, 5.000% due 11/1/26			398,190
		1,445,000	A-	Series B, 5.000% due 11/1/27			1,758,926
		55,000	A1(a)	Series D, 5.000% due 5/1/21			56,724
		35,000	A1(a)	Series D, 5.000% due 5/1/26			42,388
		30,000	A1(a)	Series D, 5.000% due 5/1/27			37,167
		30,000	A1(a)	Series D, 5.000% due 5/1/28			36,890
				Louisville/Jefferson County Metropolitan Government, Revenue Bonds:
		200,000	A	5.000% due 10/1/47(b)			242,296
		525,000	A	Series A, 5.000% due 10/1/29			632,258
		95,000	A	Series A, 5.000% due 10/1/32			112,811
		70,000	A	Series A, 5.500% due 10/1/33			78,273
		185,000	A	Series A, 5.750% due 10/1/38			206,728
		100,000	BBB+	Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/28(d)			108,184
		335,000	BBB+	Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/29(d)			362,416
		355,000	A+	University of Louisville, Revenue Bonds, Series C, 3.000% due 9/1/21			364,141
				Total Kentucky			11,351,569
Louisiana – 0.3%
		90,000	AA-	City of New Orleans LA, GO, 5.000% due 12/1/20			91,053
		1,500,000	AA	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, 5.000% due 10/1/26			1,859,955
				Louisiana Public Facilities Authority, Revenue Bonds:
		40,000	A	Series A, 5.000% due 12/15/22			44,162
		85,000	A	Series A, 5.000% due 12/15/23			97,593
				New Orleans Aviation Board, Revenue Bonds:
		70,000	A	Series B, 5.000% due 1/1/24(c)			78,942
		85,000	A	Series B, 5.000% due 1/1/25(c)			98,782
		65,000	A	Series B, 5.000% due 1/1/27(c)			75,122
		10,000	A	Series B, 5.000% due 1/1/29(c)			11,984
		20,000	A	Series B, 5.000% due 1/1/31(c)			23,705

See Notes to Financial Statements.

207

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Louisiana – (continued)
	$	20,000	A	Series B, 5.000% due 1/1/36(c)		$	23,271
		15,000	A	Series B, 5.000% due 1/1/37(c)			17,403
		20,000	A	Series D2, 5.000% due 1/1/26(c)			23,837
		15,000	A	Series D2, 5.000% due 1/1/29(c)			17,976
		20,000	A	Series D2, 5.000% due 1/1/30(c)			23,830
		45,000	A	Series D2, 5.000% due 1/1/32(c)			53,085
		35,000	A	Series D2, 5.000% due 1/1/35(c)			40,855
		15,000	A	Series D2, 5.000% due 1/1/38(c)			17,362
				Total Louisiana			2,598,917
Maine – 0.3%
		2,500,000	AA+	Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due 11/15/39			2,688,575
				Maine Turnpike Authority, Revenue Bonds:
		65,000	AA-	5.000% due 7/1/25			78,770
		60,000	AA-	5.000% due 7/1/27			72,234
				Total Maine			2,839,579
Maryland – 4.1%
				City of Baltimore MD, Revenue Bonds:
		105,000	AA	Series C, 5.000% due 7/1/28			132,113
		195,000	AA	Series C, 5.000% due 7/1/31			242,436
		200,000	AA	Series C, 5.000% due 7/1/33			246,324
		170,000	AA-	Series D, 5.000% due 7/1/33			207,058
		4,325,000	AAA	County of Harford MD, GO, Series B, 5.000% due 7/1/26			5,472,552
		2,500,000	AAA	County of Howard MD, GO, Series D, 5.000% due 2/15/30			3,267,050
				County of Prince George’s MD, GO:
		3,595,000	AAA	Series A, 5.000% due 7/15/22			3,920,383
		5,805,000	AAA	Series A, 5.000% due 7/15/29			7,704,106
		2,065,000	AAA	Series C, Prerefunded 8/1/23 @ 100, 4.000% due 8/1/26(d)			2,290,952
				Maryland Community Development Administration, Revenue Bonds:
		385,000	Aa1(a)	Series B, 4.000% due 9/1/49			429,406
		320,000	Aa1(a)	Series C, 5.000% due 9/1/28			411,482
		310,000	Aa1(a)	Series C, 3.500% due 3/1/50			341,840
				Maryland Health & Higher Educational Facilities Authority, Revenue Bonds:
		65,000	BBB+	Series A, 5.000% due 7/1/33			74,330
		50,000	BBB+	Series A, 5.000% due 7/1/34			57,054
		20,000	BBB+	Series A, 5.000% due 7/1/35			22,758
		50,000	BBB+	Series A, 5.000% due 7/1/36			56,729

See Notes to Financial Statements.

208

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Maryland – (continued)
	$	155,000	BBB+	Series A, 4.000% due 7/1/42		$	164,219
		35,000	A	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/24(d)			38,035
		30,000	A	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d)			32,601
		300,000	AA-	Maryland State Transportation Authority, Revenue Bonds, 5.000% due 7/1/34			403,020
				State of Maryland, GO:
		3,000,000	AAA	5.000% due 8/1/33			4,087,140
		2,000,000	AAA	Series A, 5.000% due 8/1/31			2,689,040
		3,000,000	AAA	State of Maryland Department of Transportation, Revenue Bonds, 3.500% due 10/1/33			3,363,120
				Total Maryland			35,653,748
Massachusetts – 1.4%
				Commonwealth of Massachusetts, GO:
		90,000	AA	Series B, 5.000% due 7/1/22			97,976
		520,000	AA	Series C, 5.000% due 4/1/23			583,913
		45,000	AA	Massachusetts Bay Transportation Authority, Revenue Bonds, Series A, 5.000% due 7/1/45			52,502
				Massachusetts Development Finance Agency, Revenue Bonds:
		45,000	AA-	5.000% due 7/1/23			50,483
		115,000	AA-	5.000% due 7/1/24			133,755
		50,000	A	5.000% due 7/1/30			63,991
		235,000	A	5.000% due 7/1/31			298,960
		500,000	Baa2(a)	5.000% due 7/1/34			594,445
		65,000	AAA	Series A, 5.000% due 7/15/22			70,922
		145,000	NR	Series A, Prerefunded 11/15/23 @ 100, 6.250% due 11/15/28(d)(g)			165,744
		500,000	AA+	Series N, 1.450% due 7/1/41(b)			501,935
		5,000,000	WR(a)	Series Prerefunded 9/1/20 @ 100, 5.000% due 9/1/45(d)			5,000,000
		105,000	AA-	Series S, 5.000% due 7/1/30			132,155
		585,000	A+	Series S-1, 5.000% due 10/1/24			683,672
		335,000	AA-	Series S4, 5.000% due 7/1/38(b)			386,747
		1,170,000	AA	Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Revenue Bonds, Series A, 5.000% due 1/1/39(b)			1,290,311
		2,500,000	AA-	University of Massachusetts Building Authority, Revenue Bonds, Series 1, 4.000% due 11/1/43			2,641,050
				Total Massachusetts			12,748,561
Michigan – 1.6%
		160,000	AA	City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds, Series G, AGM-Insured, 0.798% (3-Month USD-LIBOR) due 7/1/32(b)			156,419

See Notes to Financial Statements.

209

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
	$	85,000	Aa1(a)	Clarkston Community Schools, GO, 5.000% due 5/1/22		$	91,610
		1,000,000	AA	Detroit City School District, GO, Series A, AGM-Insured, 5.250% due 5/1/30			1,359,120
		155,000	AA	Detroit Downtown Development Authority, Series A, AGM-Insured, 5.000% due 7/1/37			174,876
				Grand Rapids Public Schools, GO, AGM:
		40,000	AA	5.000% due 5/1/27			51,083
		55,000	AA	5.000% due 5/1/29			69,270
		100,000	AA	5.000% due 5/1/30			122,029
		145,000	AA	5.000% due 5/1/31			176,407
		20,000	AA	5.000% due 5/1/32			24,295
		90,000	AA	5.000% due 5/1/33			109,108
				Kalamazoo Hospital Finance Authority, Revenue Bonds:
		100,000	A2(a)	5.000% due 5/15/27			120,972
		75,000	A2(a)	5.000% due 5/15/28			90,321
		100,000	AAA	Kent County Building Authority, Revenue Bonds, 5.500% due 6/1/22			109,276
				Kent Hospital Finance Authority, Revenue Bonds:
		30,000	AA	Series A, 5.000% due 11/15/20			30,267
		20,000	AA	Series A, 5.000% due 11/15/21			21,050
				Michigan Finance Authority, Revenue Bonds:
		310,000	AA	AGM, 5.000% due 7/1/22			336,877
		1,250,000	Aa3(a)	5.000% due 11/1/23			1,428,513
		45,000	AA-	5.000% due 12/1/23			51,261
		750,000	Aa3(a)	5.000% due 11/1/24			889,665
		50,000	AA-	5.000% due 12/1/24			58,925
		85,000	AA-	5.000% due 12/1/25			103,133
		40,000	AA-	5.000% due 12/1/26			49,732
		10,000	AA-	5.000% due 7/1/27			11,929
		35,000	AA-	5.000% due 12/1/27			44,519
		160,000	A+	5.000% due 8/15/28			177,338
		60,000	AA-	5.000% due 12/1/28			75,991
		30,000	AA-	5.000% due 7/1/29			35,676
		60,000	A+	5.000% due 8/15/29			66,348
		35,000	AA-	5.000% due 7/1/31			41,242
		30,000	AA-	5.000% due 7/1/32			35,196
		315,000	A	5.000% due 11/15/32			375,609
		25,000	AA-	5.000% due 7/1/33			29,215

See Notes to Financial Statements.

210

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
	$	205,000	A	5.000% due 11/15/36		$	218,719
		45,000	A	5.000% due 11/15/42			47,778
		735,000	AA-	5.000% due 12/1/44(b)			870,821
		45,000	WR(a)	Series A, 5.000% due 6/1/21			46,605
		65,000	WR(a)	Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(d)			70,379
		140,000	WR(a)	Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(d)			151,586
				Michigan State Building Authority, Revenue Bonds:
		495,000	AA-	Series I, 5.000% due 10/15/34			603,860
		80,000	AA-	Series I, 5.000% due 4/15/35			97,436
				Michigan State Hospital Finance Authority, Revenue Bonds:
		700,000	AA-	Series C, 5.000% due 12/1/20			707,805
		45,000	AA-	Series C, 5.000% due 12/1/24			53,033
		40,000	AA-	Series C, 5.000% due 12/1/25			48,533
		60,000	AA-	Series C, 5.000% due 12/1/26			74,597
		40,000	AA-	Series C, 5.000% due 12/1/27			50,879
		60,000	AA-	Series C, 5.000% due 12/1/28			75,991
		180,000	AA+	Series C, 2.400% due 11/15/47(b)			188,379
		710,000	AA+	Series F5, 4.000% due 11/15/47(b)			800,717
				Michigan Strategic Fund, Revenue Bonds:
		290,000	A	1.450% due 8/1/29(b)			291,406
		35,000	A	1.450% due 9/1/30(b)			35,170
		500,000	A	1.800% due 10/1/49(b)(c)			518,775
				Portage Public Schools, GO:
		35,000	AA-	5.000% due 11/1/27			42,905
		90,000	AA-	5.000% due 11/1/29			109,993
				Royal Oak Hospital Finance Authority, Revenue Bonds:
		30,000	A+	5.000% due 9/1/22			32,642
		60,000	A+	5.000% due 9/1/24			68,821
		95,000	AA	State of Michigan, Revenue Bonds, 5.000% due 3/15/27			120,352
		280,000	AA+	State of Michigan Trunk Line Revenue, Revenue Bonds, AGM-Insured, 5.500% due 11/1/20			282,464
				Warren Consolidated Schools, GO:
		130,000	AA	5.000% due 5/1/30			158,799
		140,000	AA	5.000% due 5/1/31			170,324
		145,000	AA	5.000% due 5/1/32			175,608
				Wayne County Airport Authority, Revenue Bonds:
		5,000	A-	Series A, 5.000% due 12/1/29			6,233

See Notes to Financial Statements.

211

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
	$	10,000	A-	Series A, 5.000% due 12/1/30		$	12,391
		10,000	A-	Series A, 5.000% due 12/1/31			12,326
		15,000	A-	Series A, 5.000% due 12/1/36			18,140
		620,000	A-	Series B, 5.000% due 12/1/29(c)			759,444
		15,000	A-	Series B, 5.000% due 12/1/30(c)			18,253
		15,000	A-	Series B, 5.000% due 12/1/31(c)			18,158
		10,000	A-	Series B, 5.000% due 12/1/33(c)			11,984
		25,000	A-	Series B, 5.000% due 12/1/36(c)			29,674
		60,000	A-	Series C, 5.000% due 12/1/22			65,699
		65,000	A-	Series C, 5.000% due 12/1/23			73,796
		70,000	A-	Series C, 5.000% due 12/1/24			82,175
		70,000	A-	Series C, 5.000% due 12/1/25			84,573
		45,000	A-	Series C, 5.000% due 12/1/26			55,671
		45,000	A-	Series C, 5.000% due 12/1/27			56,881
				Total Michigan			13,937,047
Minnesota – 1.9%
		40,000	WD(f)	Housing & Redevelopment Authority of The City of St Paul Minnesota, Revenue Bonds, Series Prerefunded 11/15/25 @ 100, 5.000% due 11/15/40(d)			49,464
		2,500,000	AAA	Metropolitan Council, GO, Series I, 3.000% due 3/1/27			2,587,875
				State of Minnesota, GO:
		1,000,000	AAA	Series A, 5.000% due 8/1/32			1,339,950
		5,000,000	AAA	Series A, 5.000% due 8/1/37			6,398,100
		4,835,000	AAA	Series B, 5.000% due 8/1/27			6,295,025
				Total Minnesota			16,670,414
Mississippi – 0.3%
				Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds:
		225,000	A2(a)	5.000% due 1/1/30			292,264
		435,000	A2(a)	5.000% due 1/1/34			551,310
		170,000	A+	5.000% due 10/1/40(b)			205,738
				State of Mississippi, GO:
		160,000	AA	Series A, 5.000% due 10/1/30			204,747
		1,250,000	AA	Series A, 5.000% due 10/1/34			1,572,125
				Total Mississippi			2,826,184

See Notes to Financial Statements.

212

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Missouri – 0.4%
				Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds:
	$	30,000	A+	5.000% due 5/15/29		$	36,003
		30,000	A+	5.000% due 5/15/30			35,755
		30,000	A+	5.000% due 5/15/31			35,606
		85,000	A+	5.000% due 5/15/36			99,239
		70,000	AA-	Series B, 5.000% due 2/1/30			83,638
		80,000	AA-	Series B, 5.000% due 2/1/32			94,778
		65,000	AA-	Series B, 5.000% due 2/1/36			75,903
		20,000	AA-	Series B, 4.000% due 2/1/40			21,724
		105,000	AA-	Series B, 5.000% due 2/1/45			120,581
		2,500,000	AAA	Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due 5/1/37			3,107,850
		85,000	AA+	Missouri Housing Development Commission, Revenue Bonds, 4.000% due 5/1/50			95,130
				Total Missouri			3,806,207
Montana – 0.1%
				Montana Board of Housing, Revenue Bonds:
		95,000	AA+	Series A-1, 4.000% due 12/1/47(c)			100,625
		40,000	AA+	Series B, 4.000% due 6/1/50			45,655
				Montana Facility Finance Authority, Revenue Bonds:
		35,000	A+(f)	5.000% due 2/15/21			35,687
		40,000	A+(f)	5.000% due 2/15/22			42,506
		60,000	A+(f)	5.000% due 2/15/23			66,284
		60,000	A+(f)	5.000% due 2/15/24			68,526
		60,000	A+(f)	5.000% due 2/15/25			70,654
		90,000	A+(f)	5.000% due 2/15/26			108,932
				Total Montana			538,869
Nebraska – 0.1%
				Nebraska Investment Finance Authority, Revenue Bonds:
		230,000	AA+	Series B, 4.000% due 9/1/49(c)			253,968
		265,000	AA+	Series E, 3.750% due 9/1/49(c)			287,445
				Nebraska Public Power District, Revenue Bonds:
		115,000	A+	Series B, 5.000% due 1/1/31			138,873
		125,000	A+	Series B, 5.000% due 1/1/34			149,280
		155,000	A+	Series B, 5.000% due 1/1/36			184,213
				Total Nebraska			1,013,779

See Notes to Financial Statements.

213

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Nevada – 0.8%
				City of Carson City NV, Revenue Bonds:
	$	20,000	A-	5.000% due 9/1/24		$	22,895
		15,000	A-	5.000% due 9/1/28			18,170
		20,000	A-	5.000% due 9/1/30			23,935
		20,000	A-	5.000% due 9/1/32			23,625
		20,000	A-	5.000% due 9/1/34			23,417
				Clark County School District, GO:
		75,000	A+	Series A, 5.000% due 6/15/21			77,614
		65,000	A+	Series A, 5.000% due 6/15/23			72,607
		170,000	A+	Series A, 5.000% due 6/15/25			202,167
		1,000,000	A+	Series C, 5.000% due 6/15/23			1,117,030
		280,000	A+	County of Clark Department of Aviation, Revenue Bonds, Series C, 5.000% due 7/1/21(c)			289,951
		2,250,000	AA+	County of Clark NV, GO, Series A, 5.000% due 6/1/35			2,808,540
		1,300,000	A+	County of Washoe NV, Revenue Bonds, 2.050% due 3/1/36(b)(c)			1,318,499
				Las Vegas Valley Water District, GO:
		85,000	AA	Series A, 5.000% due 6/1/32			104,415
		145,000	AA	Series A, 5.000% due 6/1/33			177,481
		155,000	AA	Series A, 5.000% due 6/1/34			189,334
		30,000	AA	Series B, 5.000% due 6/1/22			32,516
		60,000	AA	Series B, 5.000% due 6/1/23			65,000
		60,000	AA	Series B, 5.000% due 6/1/24			64,955
		30,000	AA	Series B, 5.000% due 6/1/25			32,434
		130,000	AA+	Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49			145,309
				State of Nevada, GO:
		40,000	AA+	5.000% due 8/1/21			41,771
		80,000	AA+	5.000% due 3/1/25			89,310
				Total Nevada			6,940,975
New Hampshire – 0.4%
		1,535,000	BBB+	City of Manchester NH General Airport Revenue, Revenue Bonds, Series A, 5.000% due 1/1/21			1,558,240
		740,000	A-	New Hampshire Business Finance Authority, Revenue Bonds, 2.150% due 7/1/27(b)(c)			759,588
				New Hampshire Health & Education Facilities Authority Act, Revenue Bonds:
		40,000	BBB+	4.000% due 7/1/22			42,051
		40,000	AA-	5.000% due 7/1/24			46,524
		35,000	BBB+	5.000% due 7/1/26			37,123
		135,000	A-	5.000% due 10/1/26			164,539

See Notes to Financial Statements.

214

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New Hampshire – (continued)
	$	145,000	A-	5.000% due 10/1/27		$	175,892
		60,000	A-	5.000% due 10/1/28			72,192
		70,000	AA-	5.000% due 7/1/30			88,103
		65,000	A	5.000% due 8/1/30			80,657
		210,000	A-	5.000% due 10/1/30			249,041
		25,000	A-	4.000% due 10/1/38			27,114
		70,000	A2(a)	Series A, Prerefunded 10/1/22 @ 100, 5.000% due 10/1/43(d)			76,788
				New Hampshire State Turnpike System, Revenue Bonds:
		65,000	AA-	Series B, 5.000% due 2/1/22			69,384
		65,000	AA-	Series B, 5.000% due 2/1/23			69,293
		50,000	AA-	Series B, 5.000% due 2/1/24			53,221
				Total New Hampshire			3,569,750
New Jersey – 2.3%
				Camden County Improvement Authority, Revenue Bonds:
		60,000	BBB+	5.000% due 2/15/24			67,759
		30,000	BBB+	5.000% due 2/15/25			33,822
				City of Bayonne NJ, GO:
		45,000	AA	5.000% due 7/1/31			55,249
		30,000	AA	5.000% due 7/1/32			36,661
		30,000	AA	5.000% due 7/1/33			36,509
				New Jersey Economic Development Authority, Revenue Bonds:
		40,000	BBB+	5.000% due 3/1/25			43,379
		850,000	BBB+	5.000% due 11/1/34			1,010,063
		1,000,000	BBB+	Series EEE, 5.000% due 6/15/30			1,194,730
		220,000	BBB+	Series II, 5.000% due 3/1/21			225,291
		270,000	BBB+	Series NN, 5.000% due 3/1/23			294,616
		370,000	BBB+	Series NN, 5.000% due 3/1/24			402,749
		580,000	BBB+	Series XX, 5.000% due 6/15/26			663,311
		55,000	Baa1(a)	New Jersey Educational Facilities Authority, Revenue Bonds, Series A, 5.000% due 7/1/29			64,721
				New Jersey Health Care Facilities Financing Authority, Revenue Bonds:
		620,000	AA-	5.000% due 7/1/42(b)			743,194
		625,000	AA-	5.000% due 7/1/45(b)			769,856
		15,000	AA	Series A, 5.000% due 7/1/28			18,449
		45,000	AA	Series A, 5.000% due 7/1/33			53,926
				New Jersey Higher Education Student Assistance Authority, Revenue Bonds:
		40,000	AA	Series 1A, 5.000% due 12/1/22(c)			43,285

See Notes to Financial Statements.

215

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New Jersey – (continued)
	$	100,000	AA	Series 1A, 5.000% due 12/1/24(c)		$	114,240
		40,000	AA	Series 1B, 5.000% due 12/1/21(c)			41,920
		165,000	Aa1(a)	Series A, 5.000% due 12/1/22			179,012
		115,000	Aa1(a)	Series A, 5.000% due 12/1/23			128,908
		65,000	Aa1(a)	Series A, 5.000% due 12/1/24			75,097
		125,000	Aa1(a)	Series A, 5.000% due 12/1/25			148,204
				New Jersey Transportation Trust Fund Authority, Revenue Bonds:
		5,000,000	A+	5.000% due 6/15/24			5,659,800
		435,000	A+	5.000% due 6/15/27			512,125
		1,320,000	BBB+	5.000% due 12/15/28			1,606,242
		100,000	BBB+	4.000% due 12/15/39			107,563
		200,000	BBB+	5.000% due 12/15/39			235,278
		870,000	BBB+	Series A, zero coupon, due 12/15/27			721,717
		195,000	BBB+	Series A, zero coupon, due 12/15/28			156,160
		220,000	BBB+	Series A, 5.000% due 12/15/33			258,623
		2,000,000	BBB+	Series A, 5.000% due 12/15/34			2,343,320
		215,000	BBB+	Series AA, 5.000% due 6/15/23			229,046
		345,000	BBB+	Series AA, 5.000% due 6/15/24			366,870
		360,000	BBB+	Series AA, 5.000% due 6/15/25			403,708
		215,000	BBB+	Series AA, 5.000% due 6/15/26			240,084
		145,000	BBB+	Series AA, 5.000% due 6/15/29			152,720
				New Jersey Turnpike Authority, Revenue Bonds:
		60,000	A+	Series C1, 0.449% (1-Month USD-LIBOR) due 1/1/21(b)			59,962
		555,000	A+	Series C5, 0.569% (1-Month USD-LIBOR) due 1/1/28(b)			554,822
				Total New Jersey			20,052,991
New Mexico – 0.1%
		490,000	AA	New Mexico Hospital Equipment Loan Council, Revenue Bonds, Series B, 5.000% due 8/1/49(b)			574,662
		180,000	Aaa(a)	New Mexico Mortgage Finance Authority, Revenue Bonds, Series D, 3.750% due 1/1/50			199,903
				Total New Mexico			774,565
New York – 9.5%
				City of New York NY, GO:
		190,000	AA	Series A, 5.000% due 8/1/22			207,182
		5,880,000	AA	Series B1, 5.000% due 11/1/30			7,823,693
		2,035,000	AA	Series B1, 5.000% due 12/1/38			2,445,297
		90,000	AA	Series C, 5.000% due 8/1/27			106,201

See Notes to Financial Statements.

216

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New York – (continued)
	$	5,000,000	AA	Series D1, 5.000% due 12/1/34		$	6,280,700
		1,000,000	AA	Series F1, 5.000% due 4/1/43			1,206,340
		2,825,000	AA+	Series F4, 0.080% due 6/1/44(b)			2,825,000
		2,000,000	AA	Series H, 5.000% due 1/1/36			2,490,220
		90,000	AA	Series J, 5.000% due 8/1/22			98,139
		1,925,000	AA	County of Nassau NY, GO, Series A, AGM-Insured, 5.000% due 4/1/32			2,421,534
				Hudson Yards Infrastructure Corp., Revenue Bonds:
		115,000	A+	Series A, 5.000% due 2/15/32			140,701
		215,000	A+	Series A, 5.000% due 2/15/35			259,858
				Long Island Power Authority, Revenue Bonds:
		60,000	A	Series B, 5.000% due 9/1/22			65,713
		45,000	A	Series B, 5.000% due 9/1/23			51,358
		40,000	A	Series B, 5.000% due 9/1/24			47,474
		1,020,000	A	Series B, 1.650% due 9/1/49(b)			1,051,630
				Metropolitan Transportation Authority, Revenue Bonds:
		245,000	BBB+	5.000% due 11/15/29			269,573
		300,000	BBB+	5.000% due 11/15/31			333,777
		125,000	BBB+	Series A1, 5.000% due 11/15/35			133,784
		145,000	BBB+	Series A1, 5.000% due 11/15/36			155,179
		270,000	BBB+	Series B, 5.000% due 11/15/30			295,099
		290,000	BBB+	Series C1, 5.000% due 11/15/27			320,691
		685,000	BBB+	Series C1, 5.000% due 11/15/28			743,019
		290,000	BBB+	Series C2, zero coupon, due 11/15/33			178,498
		415,000	BBB+	Series D1, 5.000% due 11/15/30			442,822
				MTA Hudson Rail Yards Trust Obligations, Revenue Bonds:
		370,000	A2(a)	Series A, 5.000% due 11/15/51			388,596
		860,000	A2(a)	Series A, 5.000% due 11/15/56			955,469
		3,000,000	AA	New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S1, 5.000% due 7/15/29			3,786,330
				New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds:
		2,500,000	AAA	5.000% due 11/1/30			3,386,850
		2,500,000	AAA	4.000% due 11/1/40			2,880,775
		2,500,000	AAA	0.020% due 8/1/45(b)			2,500,000
		160,000	AAA	Series A, 5.000% due 11/1/21			168,787
		145,000	AAA	Series B, 4.000% due 2/1/21			147,236
		100,000	AAA	Series B, 5.000% due 2/1/21			101,955

See Notes to Financial Statements.

217

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New York – (continued)
	$	275,000	AAA	Series C2, 5.000% due 5/1/32		$	347,399
				New York City Water & Sewer System, Revenue Bonds:
		1,725,000	AA+	5.000% due 6/15/23			1,954,028
		4,285,000	AA+	0.020% due 6/15/50(b)			4,285,000
		5,000,000	AA+	Series AA, 5.000% due 6/15/32			5,184,750
				New York State Dormitory Authority, Revenue Bonds:
		385,000	AA	5.000% due 5/15/23			412,300
		2,000,000	AA-	2.000% due 7/1/33			2,045,580
		750,000	A-	5.000% due 5/1/48(b)			839,184
		4,000,000	Aa1(a)	Series A, 5.250% due 3/15/38			5,052,080
		2,150,000	AAA	New York State Environmental Facilities Corp., Revenue Bonds, Series A, 5.000% due 6/15/33			2,780,036
		60,000	AA+	New York State Thruway Authority Highway & Bridge Trust Fund, Revenue Bonds, Series A1, 5.000% due 4/1/21			61,681
				New York State Urban Development Corp., Revenue Bonds:
		285,000	AA+	Series A, 5.000% due 3/15/22			295,415
		80,000	AA+	Series A, 5.000% due 3/15/32			98,281
		175,000	AA-	Onondaga Civic Development Corp., Revenue Bonds, Series A, 5.000% due 12/1/33			233,314
		5,000,000	A+	Port Authority of New York & New Jersey, Revenue Bonds, Series 207, 5.000% due 9/15/24(c)			5,859,000
		400,000	AA+	Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, 4.000% due 10/15/32			440,128
		3,775,000	AA+	State of New York, GO, Series A, Prerefunded 2/15/21 @ 100, 5.000% due 2/15/41(d)			3,858,012
		90,000	Aa1(a)	State of New York Mortgage Agency, Revenue Bonds, Series 211, 3.500% due 10/1/32(c)			98,078
				Triborough Bridge & Tunnel Authority, Revenue Bonds:
		4,000,000	AA-	Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(d)			4,256,080
		85,000	AA-	Series B, 5.000% due 11/15/23			96,816
		115,000	AA-	Series B, 5.000% due 11/15/24			131,301
				Total New York			83,037,943
North Carolina – 1.3%
				County of New Hanover NC, Revenue Bonds:
		25,000	A+	5.000% due 10/1/27			31,547
		205,000	A+	5.000% due 10/1/47			241,699
		655,000	A	North Carolina Medical Care Commission, Revenue Bonds, 2.200% due 12/1/48(b)			664,248

See Notes to Financial Statements.

218

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
North Carolina – (continued)
	$	105,000	Aa3(a)	Raleigh Durham Airport Authority, Revenue Bonds, Series A, 5.000% due 5/1/29(c)		$	134,950
				State of North Carolina, Revenue Bonds:
		330,000	AA	5.000% due 3/1/22			353,206
		290,000	AA	5.000% due 3/1/23			323,591
		10,000,000	AAA	University of North Carolina at Chapel Hill, Revenue Bonds, Series B, 0.454% (1-Month USD-LIBOR) due 12/1/34(b)			9,998,800
				Total North Carolina			11,748,041
Ohio – 0.8%
				American Municipal Power Inc., Revenue Bonds:
		45,000	A	5.000% due 2/15/21			45,969
		60,000	A	5.000% due 2/15/22			64,076
		40,000	A	5.000% due 2/15/42			42,239
		800,000	A	Series A, 2.300% due 2/15/38(b)			810,864
		65,000	A	Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(d)			69,425
		60,000	A	Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/24(d)			64,085
				City of Cleveland OH Airport System Revenue, Revenue Bonds:
		30,000	AA	Series A, AGM, 5.000% due 1/1/26			34,823
		45,000	AA	Series A, AGM, 5.000% due 1/1/28			51,966
		65,000	AA	Series A, AGM, 5.000% due 1/1/29			74,855
		60,000	AA	Series A, AGM, 5.000% due 1/1/30			68,879
				Cleveland Department of Public Utilities Division of Water, Revenue Bonds:
		35,000	AA	Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(d)			37,231
		45,000	AA	Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/27(d)			47,869
		55,000	AA	Columbus City School District, GO, 5.000% due 12/1/32			67,424
				County of Allen OH Hospital Facilities Revenue, Revenue Bonds:
		125,000	A+	5.000% due 12/1/29			166,206
		125,000	A+	5.000% due 12/1/30			165,794
		80,000	A+	Series B, 5.000% due 8/1/47(b)			85,482
				County of Franklin OH, Revenue Bonds:
		60,000	Aa2(a)	5.000% due 11/1/25			72,943
		60,000	Aa2(a)	5.000% due 11/1/26			74,682
		140,000	A-	County of Hamilton OH, Revenue Bonds, 5.250% due 6/1/26			149,818
		135,000	BBB	County of Lucas OH, Revenue Bonds, Series A, Prerefunded 11/15/21 @ 100, 6.500% due 11/15/37(d)			145,057
		465,000	A3(a)	County of Scioto OH, Revenue Bonds, 5.000% due 2/15/29			532,210
		285,000	Aa3(a)	Miami University, Revenue Bonds, Series A, 5.000% due 9/1/30			385,927

See Notes to Financial Statements.

219

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Ohio – (continued)
	$	60,000	Aaa(a)	Ohio Housing Finance Agency, Revenue Bonds, Series B, 4.500% due 3/1/50		$	68,318
		1,000,000	AA	Ohio State University, Revenue Bonds, 5.000% due 12/1/30			1,396,280
		2,000,000	AAA	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, 0.070% due 12/1/36(b)			2,000,000
				State of Ohio, Revenue Bonds:
		75,000	AA	5.000% due 1/1/27			94,495
		145,000	AA	5.000% due 1/1/29			185,633
		90,000	A	4.000% due 1/15/50			100,938
				Total Ohio			7,103,488
Oklahoma – 0.1%
		560,000	AA-	Canadian County Educational Facilities Authority, Revenue Bonds, 5.000% due 9/1/26			699,160
				Grand River Dam Authority, Revenue Bonds:
		35,000	AA-	Series A, 5.000% due 6/1/27			40,727
		45,000	AA-	Series A, 5.000% due 6/1/28			52,200
		90,000	WR(a)	Oklahoma Development Finance Authority, Revenue Bonds, Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(d)			96,196
				Oklahoma Municipal Power Authority, Revenue Bonds:
		50,000	A	Series A, 5.000% due 1/1/26			59,468
		175,000	A	Series A, 5.000% due 1/1/27			207,181
		60,000	A	Series A, 5.000% due 1/1/28			70,801
		45,000	A	Series A, 5.000% due 1/1/29			52,939
		60,000	A	Series B, 5.000% due 1/1/27			71,033
				Total Oklahoma			1,349,705
Oregon – 1.0%
		85,000	Aa1(a)	Hillsboro School District No 1J, GO, 5.000% due 6/15/30			108,294
		3,800,000	A+	Oregon State Business Development Commission, Revenue Bonds, Series 232, 2.400% due 12/1/40(b)			3,997,144
				Port of Portland OR Airport Revenue, Revenue Bonds:
		300,000	AA-	5.000% due 7/1/28(c)			376,854
		165,000	AA-	5.000% due 7/1/29			208,265
		205,000	AA-	5.000% due 7/1/32(c)			241,988
		2,675,000	AA+	Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32			3,469,555
				Total Oregon			8,402,100
Pennsylvania – 1.5%
				City of Philadelphia PA, GO:
		550,000	A	Series A, 5.000% due 8/1/22			595,760

See Notes to Financial Statements.

220

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Pennsylvania – (continued)
	$	1,000,000	A	Series B, 5.000% due 2/1/24		$	1,145,290
		85,000	A	Series B, 5.000% due 8/1/27			102,321
		300,000	A	Series B, 5.000% due 8/1/29			359,529
		320,000	A	Series B, 5.000% due 8/1/30			382,477
		335,000	A	Series B, 5.000% due 8/1/31			399,337
				City of Philadelphia PA Airport Revenue, Revenue Bonds:
		155,000	A	Series B, 5.000% due 7/1/22(c)			167,307
		50,000	A	Series B, 5.000% due 7/1/30(c)			60,130
		70,000	A	Series B, 5.000% due 7/1/31(c)			83,780
				Commonwealth Financing Authority, Revenue Bonds:
		1,010,000	A	Series A, 5.000% due 6/1/28			1,304,435
		500,000	A	Series B, 5.000% due 6/1/25			600,385
				Commonwealth of Pennsylvania, GO:
		60,000	A+	5.000% due 7/1/21			62,363
		1,200,000	A+	5.000% due 1/1/24			1,384,164
		290,000	A+	5.000% due 10/15/27			331,139
		810,000	A+	5.000% due 9/15/29			1,008,029
				General Authority of Southcentral Pennsylvania, Revenue Bonds:
		190,000	Aa3(a)	5.000% due 6/1/38			237,975
		310,000	Aa3(a)	5.000% due 6/1/39			387,168
		1,000,000	A	Lehigh County Industrial Development Authority, Revenue Bonds, Series A, 1.800% due 9/1/29(b)			1,012,280
				Montgomery County Higher Education & Health Authority, Revenue Bonds:
		325,000	A	5.000% due 9/1/33			406,672
		115,000	A	Series A, AMBAC, 6.000% due 6/1/22			124,416
		1,000,000	A+	Northampton County General Purpose Authority, Revenue Bonds, 5.000% due 11/1/27			1,269,650
				Pennsylvania Economic Development Financing Authority, Revenue Bonds:
		90,000	A	5.000% due 3/1/21			91,986
		60,000	A	5.000% due 3/1/22			63,985
				Pennsylvania Higher Educational Facilities Authority, Revenue Bonds:
		35,000	AA	Series A, 5.000% due 8/15/27			44,712
		35,000	AA	Series A, 5.000% due 8/15/28			44,299
		60,000	AA	Series A, 5.000% due 8/15/30			75,157
				Pennsylvania Turnpike Commission, Revenue Bonds:
		15,000	A1(a)	Series A1, 5.000% due 12/1/22			16,489
		15,000	A1(a)	Series A1, 5.000% due 12/1/23			17,129

See Notes to Financial Statements.

221

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

	Face Amount			Rating††	Security	Value
	MUNICIPAL BONDS – (continued)
	Pennsylvania – (continued)
		$	45,000	A1(a)	Series A1, 5.000% due 12/1/29		$	56,872
			30,000	A1(a)	Series A1, 5.000% due 12/1/34			36,830
			35,000	A	Series A2, 5.000% due 12/1/28			42,415
			35,000	A	Series A2, 5.000% due 12/1/33			43,181
			250,000	A-	Philadelphia Authority for Industrial Development, Revenue Bonds, 4.000% due 11/1/21			259,337
					Philadelphia Gas Works Co., Revenue Bonds:
			30,000	A	5.000% due 8/1/23			33,254
			20,000	A	5.000% due 8/1/24			22,871
			25,000	A	5.000% due 8/1/25			29,381
			30,000	AA	Pittsburgh School District, GO, Series A, 5.000% due 9/1/20			30,000
			250,000	AA	Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A, AGM-Insured, 5.000% due 9/1/44			312,870
					School District of Philadelphia, GO:
			405,000	A2(a)	Series C, 5.000% due 9/1/20			405,000
			175,000	A2(a)	Series C, 5.000% due 9/1/21			175,000
			40,000	A2(a)	State Public School Building Authority, Revenue Bonds, 5.000% due 6/1/26			47,332
					Total Pennsylvania			13,272,707
	Rhode Island – 0.5%
					Rhode Island Health & Educational Building Corp., Revenue Bonds:
			240,000	AA	AGM, 5.000% due 5/15/25			287,045
			2,000,000	AA+	Series A, 5.000% due 9/1/29			2,555,300
			155,000	AA+	Rhode Island Housing & Mortgage Finance Corp./RI, Revenue Bonds, Series 70, 4.000% due 10/1/49			172,559
					Rhode Island Student Loan Authority, Revenue Bonds:
			1,125,000	AA	Series A, 5.000% due 12/1/26(c)			1,312,470
			90,000	AA	Series A, 3.500% due 12/1/34(c)			92,065
					Tobacco Settlement Financing Corp., Revenue Bonds:
��			55,000	BBB	Series A, 5.000% due 6/1/27			63,276
			70,000	BBB	Series A, 5.000% due 6/1/28			80,354
					Total Rhode Island			4,563,069
	South Carolina – 2.0%
					Beaufort-Jasper Water & Sewer Authority, Revenue Bonds:
			30,000	AA+	Series B, 5.000% due 3/1/22			32,170
			30,000	AA+	Series B, 5.000% due 3/1/24			34,937
			30,000	AA+	Series B, 5.000% due 3/1/25			36,229
			2,500,000	AAA	County of Charleston SC, GO, Series C, 5.000% due 11/1/27			3,280,750

See Notes to Financial Statements.

222

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August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
South Carolina – (continued)
	$	8,000,000	Aa2(a)	Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000% due 10/1/48(b)		$	8,868,720
				Scago Educational Facilities Corp. for Colleton School District, Revenue Bonds:
		115,000	A-	5.000% due 12/1/27			132,991
		95,000	A-	5.000% due 12/1/29			109,053
				South Carolina Jobs-Economic Development Authority, Revenue Bonds:
		65,000	A+	5.000% due 2/1/22			69,059
		30,000	A+	5.000% due 2/1/24			34,326
		50,000	A+	5.000% due 2/1/25			59,167
		50,000	A+	5.000% due 2/1/26			60,756
				South Carolina Ports Authority, Revenue Bonds:
		65,000	A+	5.000% due 7/1/28(c)			82,696
		140,000	A+	5.000% due 7/1/30(c)			175,475
				South Carolina Public Service Authority, Revenue Bonds:
		2,080,000	A	Series A, 5.000% due 12/1/49			2,307,074
		515,000	A	Series A, 5.500% due 12/1/54			579,493
		185,000	A	Series B, 5.000% due 12/1/35			221,504
		275,000	A	Series B, 5.000% due 12/1/36			330,102
		115,000	A	Series C, 5.000% due 12/1/25			135,150
		115,000	A	Series C, 5.000% due 12/1/26			134,258
		90,000	A	Series C, 5.000% due 12/1/27			104,903
		105,000	A	Series C, 5.000% due 12/1/46			118,120
		190,000	A	Series E, 5.500% due 12/1/53			210,974
				South Carolina State Housing Finance & Development Authority, Revenue Bonds:
		220,000	Aaa(a)	Series A, 4.000% due 1/1/50			249,053
		170,000	Aaa(a)	Series A, 4.000% due 7/1/50			193,911
		50,000	Aa3(a)	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series A, 5.000% due 10/1/25			60,646
				Total South Carolina			17,621,517
South Dakota – 0.0%
				South Dakota Health & Educational Facilities Authority, Revenue Bonds:
		30,000	AA-	5.000% due 7/1/23			33,700
		15,000	AA-	5.000% due 7/1/24			17,415
		10,000	AA-	5.000% due 7/1/27			12,547
		50,000	AA-	5.000% due 7/1/33			60,452
		40,000	AA-	5.000% due 7/1/35			48,085

See Notes to Financial Statements.

223

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
South Dakota – (continued)
	$	35,000	A+	Series B, 5.000% due 11/1/24		$	41,090
		35,000	A+	Series B, 5.000% due 11/1/25			40,969
		5,000	A+	Series B, 5.000% due 11/1/26			5,841
				Total South Dakota			260,099
Tennessee – 1.2%
		1,585,000	AAA	City of Chattanooga TN, GO, Series A, 4.000% due 2/1/33			1,951,832
				Greeneville Health & Educational Facilities Board, Revenue Bonds:
		30,000	A-	Series A, 5.000% due 7/1/29			37,345
		35,000	A-	Series A, 5.000% due 7/1/30			43,316
				Knox County Health Educational & Housing Facility Board, Revenue Bonds:
		35,000	BBB	5.000% due 9/1/22			37,529
		30,000	BBB	5.000% due 4/1/24			33,790
		30,000	BBB	5.000% due 9/1/24			34,204
		40,000	BBB	5.000% due 4/1/25			46,309
		6,240,000	Aa2(a)	Tennergy Corp., Revenue Bonds, Series A, 5.000% due 2/1/50(b)			7,301,736
				Tennessee Energy Acquisition Corp., Revenue Bonds:
		675,000	A3(a)	4.000% due 11/1/49(b)			771,464
		350,000	A3(a)	Series A, 4.000% due 5/1/48(b)			378,066
				Total Tennessee			10,635,591
Texas – 11.4%
		1,895,000	AAA	Alamo Community College District, GO, 5.000% due 8/15/34			2,364,373
		40,000	AA-	Austin Community College District, Revenue Bonds, AMBAC-Insured, zero coupon, due 2/1/22			39,744
				Central Texas Regional Mobility Authority, Revenue Bonds:
		70,000	A-	5.000% due 1/1/31			82,144
		145,000	A-	5.000% due 1/1/32			169,548
		95,000	A-	5.000% due 1/1/35			110,342
		45,000	A-	5.000% due 1/1/36			52,173
		35,000	A-	Series A, 5.000% due 1/1/31			40,577
		30,000	A-	Series A, 5.000% due 1/1/32			34,666
		60,000	A-	Series A, 5.000% due 1/1/34			69,131
		160,000	A-	Series A, 5.000% due 1/1/40			182,555
		90,000	AA	City of Arlington TX, Special Tax, Series C, 5.000% due 2/15/45			91,605
				City of Austin TX Airport System Revenue, Revenue Bonds:
		165,000	A	5.000% due 11/15/26(c)			190,174
		80,000	A	5.000% due 11/15/29(c)			91,710

See Notes to Financial Statements.

224

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	45,000	AA	City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A, 5.000% due 11/15/23		$	49,662
				City of Dallas TX, GO:
		130,000	AA-	5.000% due 2/15/23			138,388
		170,000	AA-	5.000% due 2/15/24			196,928
		2,060,000	AA-	5.000% due 2/15/25			2,468,642
		3,000,000	AAA	City of Dallas TX Waterworks & Sewer System Revenue, Revenue Bonds, Series A, 5.000% due 10/1/27			3,662,940
				City of Houston TX, GO:
		2,000,000	AA	Series A, 5.000% due 3/1/22			2,143,760
		60,000	Aa3(a)	Series A, 5.000% due 3/1/23			67,014
		290,000	Aa3(a)	Series A, 5.000% due 3/1/24			336,620
		120,000	Aa3(a)	Series A, 5.000% due 3/1/25			144,140
				City of Houston TX Airport System Revenue, Revenue Bonds:
		350,000	A+	Series A, 5.000% due 7/1/23(c)			375,858
		50,000	A1(a)	Series A, 5.000% due 7/1/26(c)			60,472
		60,000	A1(a)	Series A, 5.000% due 7/1/27(c)			74,126
		30,000	A1(a)	Series A, 5.000% due 7/1/28(c)			37,736
		90,000	A1(a)	Series B, 5.000% due 7/1/28			114,964
		360,000	A1(a)	Series B, 5.000% due 7/1/29			456,606
		190,000	A1(a)	Series B, 5.000% due 7/1/30			239,421
		1,500,000	A1(a)	Series D, 5.000% due 7/1/25			1,794,000
		2,005,000	A1(a)	Series D, 5.000% due 7/1/26			2,457,809
				City of Houston TX Combined Utility System Revenue, Revenue Bonds:
		250,000	Aa2(a)	Series B, 4.000% due 11/15/21			261,468
		70,000	Aa2(a)	Series B, 5.000% due 11/15/33			86,456
		75,000	AA	Series C, 5.000% due 5/15/28			87,349
		355,000	Aa2(a)	Series C, 5.000% due 11/15/30			493,567
		1,040,000	AAA	City of Irving TX, GO, 5.500% due 8/15/23			1,199,775
				City of San Antonio TX Airport System, Revenue Bonds:
		500,000	A	Series A, 5.000% due 7/1/27(c)			612,600
		480,000	A+	Series A, 5.000% due 7/1/28(c)			601,757
				City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds:
		90,000	AA	5.250% due 2/1/25			109,223
		45,000	AA	5.000% due 2/1/29			58,040
		30,000	AA	5.000% due 2/1/30			38,495
		45,000	AA	5.000% due 2/1/31			57,449

See Notes to Financial Statements.

225

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	35,000	AA	5.000% due 2/1/33		$	44,220
		1,000,000	AA-	1.750% due 2/1/49(b)			1,043,680
		1,500,000	AA-	Series 2019, 2.750% due 2/1/48(b)			1,574,970
		205,000	AA-	Series B, 2.000% due 2/1/33(b)			207,399
				County of Harris TX, Revenue Bonds:
		30,000	AA-	Series C, 5.000% due 8/15/24			32,674
		110,000	AA-	Series C, 5.000% due 8/15/25			119,739
				County of Travis TX, GO:
		85,000	AAA	Series A, 5.000% due 3/1/24			98,988
		1,490,000	AAA	Series A, 5.000% due 3/1/38			1,924,052
		2,215,000	AAA	County of Williamson TX, GO, 5.000% due 2/15/30			2,792,894
				Cypress-Fairbanks Independent School District, GO, PSF-GTD, :
		145,000	AAA	5.000% due 2/15/22			155,114
		145,000	AAA	5.000% due 2/15/23			161,881
		725,000	AAA	5.000% due 2/15/24			842,015
		620,000	AAA	5.000% due 2/15/25			746,945
		105,000	AAA	5.000% due 2/15/27			129,154
		1,975,000	AAA	4.000% due 2/15/32			2,298,505
		210,000	AA+	Dallas Area Rapid Transit, Revenue Bonds, AMBAC-Insured, 5.250% due 12/1/29			288,655
		185,000	A2(a)	Dallas County Utility & Reclamation District, GO, 5.000% due 2/15/24			212,994
				Dallas Independent School District, GO, PSF-GTD, :
		45,000	AAA	5.000% due 2/15/36(b)			48,070
		40,000	NR	Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(b)(d)			42,754
		20,000	Aaa(a)	Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(d)			21,377
				Dallas/Fort Worth International Airport, Revenue Bonds:
		85,000	A	Series B, 5.000% due 11/1/26(c)			92,245
		35,000	A	Series B, 5.000% due 11/1/27(c)			37,944
		80,000	A	Series B, 5.000% due 11/1/28(c)			86,657
		155,000	A	Series B, 5.000% due 11/1/30(c)			167,516
		330,000	A	Series B, 5.000% due 11/1/31(c)			356,129
		420,000	A	Series B, 5.000% due 11/1/32(c)			452,508
		290,000	A	Series B, 5.000% due 11/1/33(c)			312,057
		70,000	A	Series B, 5.000% due 11/1/34(c)			75,278
		1,500,000	A	Series E, 5.000% due 11/1/22(c)			1,636,320
		85,000	AAA	Denton Independent School District, GO, PSF-GTD-Insured, zero coupon, due 8/15/25			82,966

See Notes to Financial Statements.

226

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	155,000	AAA	Fort Bend Independent School District, GO, Series D, PSF-GTD-Insured, 1.500% due 8/1/42(b)		$	156,497
				Fort Worth Independent School District, GO, PSF-GTD, :
		80,000	AAA	5.000% due 2/15/22			85,580
		105,000	AAA	5.000% due 2/15/26			130,810
				Grand Parkway Transportation Corp., Revenue Bonds:
		150,000	AA+	Series A, 5.000% due 10/1/31			192,019
		125,000	AA+	Series A, 5.000% due 10/1/32			158,931
		190,000	AA+	Series A, 5.000% due 10/1/33			240,508
		145,000	AA+	Series A, 5.000% due 10/1/34			182,971
		70,000	BBB	Series A, 5.125% due 10/1/43			72,809
		940,000	WR(a)	Gregg County Health Facilities Development Corp., Revenue Bonds, Series C, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(d)			1,018,781
				Harris County Cultural Education Facilities Finance Corp., Revenue Bonds:
		1,025,000	A+	5.000% due 6/1/24			1,186,612
		590,000	A+	5.000% due 7/1/49(b)			675,208
		5,000,000	AAA	Harris County Flood Control District, Revenue Bonds, Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/39(d)			5,019,350
				Irving Hospital Authority, Revenue Bonds:
		15,000	A+	5.000% due 10/15/24			17,585
		20,000	A+	5.000% due 10/15/26			24,511
		15,000	A+	5.000% due 10/15/27			18,252
		20,000	A+	5.000% due 10/15/29			24,043
		30,000	A+	5.000% due 10/15/31			35,659
		40,000	A+	5.000% due 10/15/35			46,920
		30,000	A+	5.000% due 10/15/36			35,090
		35,000	A+	5.000% due 10/15/39			40,682
		45,000	A+	5.000% due 10/15/44			51,848
				Lamar Consolidated Independent School District, GO:
		7,280,000	AAA	PSF-GTD, 5.000% due 2/15/31			9,135,599
		7,050,000	AAA	PSF-GTD, 5.000% due 2/15/34			8,694,342
		1,225,000	AA+	Lewisville Independent School District, GO, Series B, 5.000% due 8/15/28			1,491,009
				Love Field Airport Modernization Corp., Revenue Bonds:
		40,000	A	5.000% due 11/1/30(c)			46,188
		90,000	A	5.000% due 11/1/31(c)			103,541
				Lower Colorado River Authority, Revenue Bonds:
		1,135,000	A	5.000% due 5/15/22			1,172,580
		200,000	A	5.000% due 5/15/26			247,542

See Notes to Financial Statements.

227

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	135,000	A	5.000% due 5/15/32		$	171,913
		70,000	A	5.000% due 5/15/34			88,409
		70,000	A	5.000% due 5/15/36			87,774
		195,000	A	Series B, 5.000% due 5/15/25			234,425
		85,000	A	Series B, 5.000% due 5/15/27			102,054
		85,000	A	Series B, 5.000% due 5/15/28			101,967
		245,000	A	Series B, 5.000% due 5/15/29			292,900
		25,000	A	Series D, 5.000% due 5/15/22			27,030
		20,000	A	Series D, 5.000% due 5/15/23			22,422
		35,000	A	Series D, 5.000% due 5/15/24			40,721
		40,000	A	Series D, 5.000% due 5/15/26			48,149
				New Hope Cultural Education Facilities Finance Corp., Revenue Bonds:
		60,000	Aa3(a)	Series A, 5.000% due 8/15/24			70,212
		70,000	Aa3(a)	Series A, 5.000% due 8/15/25			84,591
		45,000	Aa3(a)	Series A, 5.000% due 8/15/26			55,704
		45,000	Aa3(a)	Series A, 5.000% due 8/15/27			57,174
		70,000	Aa3(a)	Series A, 5.000% due 8/15/30			87,261
				Newark Higher Education Finance Corp., Revenue Bonds:
		65,000	A3(a)	5.000% due 4/1/27			75,379
		40,000	A3(a)	5.000% due 4/1/28			46,165
		125,000	AAA	North East Independent School District, GO, Series B, PSF-GTD-Insured, 1.420% due 8/1/40(b)			125,485
				North Harris County Regional Water Authority, Revenue Bonds:
		30,000	AA-	4.000% due 12/15/23			32,426
		55,000	AA-	4.000% due 12/15/24			59,447
				North Texas Tollway Authority, Revenue Bonds:
		50,000	A+	Series A, 5.000% due 1/1/23			55,339
		145,000	A+	Series A, 5.000% due 1/1/24			166,140
		35,000	A+	Series A, 5.000% due 1/1/30			42,276
		40,000	A+	Series A, 5.000% due 1/1/33			48,626
		200,000	A+	Series A, 5.000% due 1/1/39			234,590
		1,615,000	WD(f)	Series A, Prerefunded 9/1/21 @ 100, 5.500% due 9/1/41(d)			1,700,401
		30,000	WD(f)	Series A, Prerefunded 9/1/21 @ 100, 6.000% due 9/1/41(d)			31,730
		185,000	A	Series B, 5.000% due 1/1/25			218,781
		290,000	A+	Series B, 5.000% due 1/1/29			341,867
		160,000	A+	Series B, 5.000% due 1/1/30			188,600
		20,000	A	Series B, 5.000% due 1/1/31			23,899

See Notes to Financial Statements.

228

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	85,000	A	Series B, 5.000% due 1/1/32		$	103,089
		685,000	Aaa(a)	Northside Independent School District, GO, PSF-GTD-Insured, 2.750% due 8/1/48(b)			727,449
				Permanent University Fund – University of Texas System, Revenue Bonds:
		50,000	Aaa(a)	Series B, 5.000% due 7/1/22			54,403
		50,000	Aaa(a)	Series B, 5.000% due 7/1/29			61,675
		50,000	AAA	Rockwall Independent School District, GO, PSF-GTD-Insured, zero coupon, due 2/15/25			48,340
		1,195,000	Aaa(a)	San Antonio Independent School District, GO, Series A, PSF-GTD-Insured, 5.000% due 8/1/28			1,487,978
				San Antonio Public Facilities Corp., Revenue Bonds:
		140,000	AA+	5.000% due 9/15/23			152,496
		215,000	AA+	5.000% due 9/15/24			234,053
		270,000	AA+	5.000% due 9/15/25			293,698
				San Antonio Water System, Revenue Bonds:
		175,000	NR	5.000% due 5/15/22			189,209
		2,000,000	AA	Series A, 5.000% due 5/15/36			2,546,200
		390,000	AA	Series B, 2.000% due 5/1/44(b)			402,168
	��	5,000,000	AAA	Spring Branch Independent School District, GO, Series Prerefunded 2/1/21 @ 100, PSF-GTD-Insured, 5.000% due 2/1/41(d)			5,100,100
				State of Texas, GO:
		360,000	AAA	4.000% due 8/1/21(c)			372,247
		3,500,000	AAA	5.000% due 8/1/21			3,655,892
		2,500,000	AAA	5.000% due 10/1/24			2,920,900
		150,000	AAA	5.000% due 8/1/26(c)			177,722
		200,000	AAA	5.500% due 8/1/26(c)			255,472
		240,000	AAA	1.850% due 8/1/29(b)			240,218
		615,000	AAA	2.250% due 8/1/29(b)			615,978
		45,000	AAA	Series A, 5.000% due 8/1/21(c)			46,941
		350,000	AAA	Series B, 5.000% due 8/1/25(c)			396,907
		40,000	AAA	Series C, 5.000% due 8/1/21(c)			41,726
				Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds:
		165,000	AA	5.000% due 2/15/25			196,286
		30,000	AA-	5.000% due 8/15/25			33,623
		45,000	AA-	5.000% due 8/15/26			50,212
		45,000	AA-	5.000% due 8/15/28			49,959
		110,000	AA-	5.000% due 8/15/33			121,484
		60,000	AA	5.000% due 2/15/34			71,731

See Notes to Financial Statements.

229

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	155,000	A	5.500% due 9/1/43		$	170,041
		400,000	A(f)	Series B, 5.000% due 11/15/40			449,288
		165,000	AAA	Texas A&M University, Revenue Bonds, Series C, 5.000% due 5/15/23			186,123
				Texas Department of Housing & Community Affairs, Revenue Bonds:
		413,670	Aaa(a)	2.950% due 7/1/36			447,909
		430,000	AA+	Series A, 4.000% due 3/1/50			490,505
		600,000	AA+	Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28			783,336
		135,000	Aa2(a)	Texas State University System, Revenue Bonds, Series A, 5.000% due 3/15/29			169,965
				Texas Water Development Board, Revenue Bonds:
		1,000,000	AAA	3.000% due 8/1/21			1,026,020
		125,000	AAA	Series A, 5.000% due 4/15/22			134,781
		180,000	AAA	Series A, 5.000% due 4/15/25			218,380
		75,000	AAA	Series A, 5.000% due 10/15/25			92,511
		125,000	AAA	Series A, 5.000% due 4/15/26			156,326
		190,000	AAA	Series A, 5.000% due 4/15/29			246,698
		505,000	AAA	Series A, 5.000% due 4/15/30			652,208
		190,000	AA	University of Houston, Revenue Bonds, Series A, 5.000% due 2/15/30			230,031
				University of Texas System, Revenue Bonds:
		90,000	AAA	Series B, 5.000% due 8/15/22			98,453
		65,000	AAA	Series D, 5.000% due 8/15/21			68,007
		70,000	AAA	Series D, 5.000% due 8/15/22			76,574
		80,000	AAA	Series E, 5.000% due 8/15/22			87,514
		90,000	AAA	Series J, 5.000% due 8/15/22			98,453
				Total Texas			99,830,310
Utah – 0.5%
				Salt Lake City Corp. Airport Revenue, Revenue Bonds:
		35,000	A+	Series A, 5.000% due 7/1/26(c)			42,594
		115,000	A+	Series A, 5.000% due 7/1/28(c)			141,897
		155,000	A+	Series A, 5.000% due 7/1/30(c)			193,240
		375,000	AAA	State of Utah, GO, Series B, 5.000% due 7/1/22			408,090
		85,000	A-	Utah Associated Municipal Power Systems, Revenue Bonds, Series A, Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(d)			93,111
		2,500,000	A+	Utah Transit Authority, Revenue Bonds, Series A, NPFG, 5.000% due 6/15/31			3,264,625
				Total Utah			4,143,557

See Notes to Financial Statements.

230

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Vermont – 0.2%
				Vermont Student Assistance Corp., Revenue Bonds:
	$	750,000	A	Series A, 5.000% due 6/15/29(c)		$	906,255
		675,000	A	Series A, 5.000% due 6/15/30(c)			821,509
				Total Vermont			1,727,764
Virginia – 2.4%
		195,000	A+	Arlington County Industrial Development Authority, Revenue Bonds, 5.000% due 7/1/32			257,256
		315,000	AAA	City of Chesapeake VA, GO, Series A, 5.000% due 8/1/34			430,596
		30,000	BBB+	City of Chesapeake VA Chesapeake Expressway Toll Road Revenue, Revenue Bonds, Series A, 5.000% due 7/15/22			31,411
		2,635,000	AAA	City of Suffolk VA, GO, Series A, 5.000% due 2/1/27			3,390,138
		5,000,000	AAA	Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24			5,517,850
				Fredericksburg Economic Development Authority, Revenue Bonds:
		40,000	A3(a)	5.000% due 6/15/27			45,144
		40,000	A3(a)	5.000% due 6/15/29			44,835
		45,000	A3(a)	5.000% due 6/15/33			49,798
		3,180,000	AA	Hampton Roads Transportation Accountability Commission, Revenue Bonds, Series A, 5.000% due 7/1/35			4,023,654
		1,065,000	A-	King George County Economic Development Authority, Revenue Bonds, 2.500% due 6/1/23(b)(c)			1,101,125
		320,000	AA	Norfolk Economic Development Authority, Revenue Bonds, Series B, 5.000% due 11/1/48(b)			412,896
				Stafford County Economic Development Authority, Revenue Bonds:
		50,000	A3(a)	5.000% due 6/15/32			58,211
		65,000	A3(a)	5.000% due 6/15/34			75,214
		20,000	A3(a)	4.000% due 6/15/37			21,822
				Virginia College Building Authority, Revenue Bonds:
		2,805,000	AA+	Series A, 5.000% due 9/1/32			3,652,390
		165,000	AA+	Series D, 5.000% due 2/1/26			205,432
		265,000	AA+	Series E, 5.000% due 2/1/30			343,766
		305,000	AA+	Series E, 5.000% due 2/1/31			393,261
		360,000	AA+	Virginia Commonwealth Transportation Board, Revenue Bonds, Series A, 5.000% due 5/15/30			463,302
		220,000	BBB-	Virginia Small Business Financing Authority, Revenue Bonds, 5.000% due 1/1/40(c)			228,089
				Winchester Economic Development Authority, Revenue Bonds:
		60,000	A+	5.000% due 1/1/32			70,325
		75,000	A+	5.000% due 1/1/33			87,539

See Notes to Financial Statements.

231

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Virginia – (continued)
	$	100,000	BBB+	York County Economic Development Authority, Revenue Bonds, Series A, 1.900% due 5/1/33(b)		$	103,263
				Total Virginia			21,007,317
Washington – 3.3%
		60,000	AA	Chelan County Public Utility District No 1, Revenue Bonds, Series A, NPFG, zero coupon, due 6/1/24			58,348
				City of Tacoma WA Electric System Revenue, Revenue Bonds:
		30,000	AA	5.000% due 1/1/29			37,673
		35,000	AA	5.000% due 1/1/36			42,688
		3,330,000	AA+	County of King WA Sewer Revenue, Revenue Bonds, Series A, 5.000% due 7/1/22			3,624,472
				Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project, Revenue Bonds:
		30,000	AA	Series A, 5.000% due 1/1/22			31,912
		30,000	AA	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/23(d)			32,630
		65,000	AA	Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d)			70,698
				Port of Seattle WA, Revenue Bonds:
		25,000	A	5.000% due 6/1/23(c)			27,778
		35,000	A+	5.000% due 2/1/27			41,915
		70,000	A+	5.000% due 2/1/29			82,823
		85,000	A+	Series A, 5.000% due 5/1/29(c)			102,959
		1,000,000	AA-	Series B, 5.000% due 10/1/26(c)			1,181,420
		980,000	AA-	Series B, 5.000% due 10/1/27(c)			1,153,783
		135,000	AA-	Series B, 5.000% due 10/1/29(c)			157,841
				State of Washington, GO:
		50,000	AA+	Series 2017A, 5.000% due 8/1/27			63,017
		3,430,000	AA+	Series A, 5.000% due 8/1/32			4,423,051
		5,000,000	AA+	Series C, 5.000% due 2/1/33			6,525,050
		50,000	AA+	Series R2017A, 5.000% due 8/1/28			62,818
		50,000	AA+	Series R2017A, 5.000% due 8/1/30			62,620
		355,000	AA+	Series R2018C, 5.000% due 8/1/30			452,401
		725,000	AA+	Series R2018D, 5.000% due 8/1/32			918,611
		640,000	AA+	Series R2018D, 5.000% due 8/1/33			808,333
		5,000,000	AA+	Series R2018D, 5.000% due 8/1/35			6,297,750
				Tobacco Settlement Authority, Revenue Bonds:
		70,000	A	5.000% due 6/1/23			77,750
		100,000	A	5.000% due 6/1/24			110,811
				Washington Health Care Facilities Authority, Revenue Bonds:

See Notes to Financial Statements.

232

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Washington – (continued)
	$	5,000	A	5.000% due 7/1/25		$	5,954
		60,000	A	5.000% due 7/1/26			73,284
		70,000	AA-	5.000% due 10/1/27			88,657
		60,000	AA-	5.000% due 10/1/28			77,660
		40,000	A+	5.000% due 1/1/29			46,882
		90,000	A	5.000% due 7/1/29			112,117
		20,000	A	5.000% due 7/1/34			24,250
		780,000	A	5.000% due 7/1/42			925,127
		115,000	AA-	Series A, 5.000% due 10/1/24			125,092
		440,000	BBB+	Series A2, 5.000% due 8/1/39			535,088
				Washington Higher Education Facilities Authority, Revenue Bonds:
		15,000	Baa1(a)	Series A, 5.000% due 10/1/29			16,847
		35,000	Baa1(a)	Series A, 5.000% due 10/1/30			39,045
		40,000	Baa1(a)	Series A, 5.000% due 10/1/31			44,408
		210,000	Baa1(a)	Series A, 5.000% due 10/1/33			230,544
				Total Washington			28,794,107
West Virginia – 1.8%
				State of West Virginia, GO:
		9,860,000	AA-	Series B, 5.000% due 12/1/34			12,637,956
		2,000,000	AA-	Series B, 5.000% due 6/1/35			2,558,500
		190,000	BBB+	West Virginia Hospital Finance Authority, Revenue Bonds, 5.000% due 1/1/33			232,798
				Total West Virginia			15,429,254
Wisconsin – 0.5%
		160,000	A	Public Finance Authority, Revenue Bonds, 5.000% due 1/1/31			204,867
				Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
		400,000	A2(a)	5.000% due 10/1/23			447,036
		255,000	A+	5.000% due 11/15/24			299,742
		325,000	A2(a)	5.000% due 10/1/25			384,391
		25,000	BBB+	5.000% due 5/1/26			28,346
		50,000	A3(a)	5.000% due 6/1/27			53,015
		195,000	A+	5.000% due 11/15/27			225,689
		50,000	BBB+	5.000% due 5/1/28			56,139
		25,000	BBB+	5.000% due 5/1/29			27,984
		30,000	A3(a)	5.000% due 6/1/32			31,549
		70,000	A3(a)	5.000% due 6/1/39			73,170
		1,505,000	AA	5.000% due 8/15/54(b)			1,700,847

See Notes to Financial Statements.

233

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Wisconsin – (continued)
	$	30,000	WR(a)	Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/25(d)		$	33,898
		200,000	WR(a)	Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/36(d)			225,988
		50,000	NR	Series C, Prerefunded 8/15/22 @ 100, 5.000% due 8/15/32(d)			54,614
		35,000	WD(f)	Series Prerefunded 8/15/25 @ 100, 4.000% due 2/15/38(d)			41,098
		550,000	AA	Wisconsin Housing & Economic Development Authority, Revenue Bonds, Series A, 3.500% due 9/1/50			611,457
				Total Wisconsin			4,499,830
				TOTAL MUNICIPAL BONDS (Cost – $724,999,279)			767,112,563
				TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $724,999,279)			767,112,563
SHORT-TERM INVESTMENTS – 14.7%
MUNICIPAL BONDS – 5.0%
		5,000,000	SP-1+	City of Los Angeles CA, Revenue Notes, 4.000% due 6/24/21			5,154,850
		10,000,000	MIG1(a)	School District of Broward County, Revenue Notes, 2.000% due 6/30/21			10,149,300
		15,000,000	SP-1+	State of Colorado, Revenue Notes, 4.000% due 6/25/21			15,464,850
		12,500,000	SP-1+	State of Texas, Revenue Notes, 4.000% due 8/26/21			12,966,375
				TOTAL MUNICIPAL BONDS (Cost – $43,725,448)			43,735,375
TIME DEPOSITS – 9.7%
		28,268,926		ANZ National Bank – London, 0.010% due 9/1/20			28,268,926
		982,486		Citibank – New York, 0.010% due 9/1/20			982,486
		3,897,577		Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20			3,897,577
		51,606,344		Sumitomo Mitsui Banking Corp. – Tokyo, 0.010% due 9/1/20			51,606,344
				TOTAL TIME DEPOSITS (Cost – $84,755,333)			84,755,333
				TOTAL SHORT-TERM INVESTMENTS (Cost – $128,480,781)			128,490,708
				TOTAL INVESTMENTS – 102.2% (Cost – $853,480,060)			895,603,271
				Liabilities in Excess of Other Assets – (2.2)%			(19,285,822)
				TOTAL NET ASSETS – 100.0%		$	876,317,449

††

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

(a)

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

(b)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.

(c)

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

(d)

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

See Notes to Financial Statements.

234

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August 31, 2020 (unaudited)

Destinations Municipal Fixed Income Fund (concluded)

(e)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $126,221 and represents 0.01% of net assets.

(f)

Rating by Fitch Ratings Service. All ratings are unaudited.

(g)

Abbreviations used in this schedule:

AGM

— Assured Guaranty Municipal Corporation

AMBAC

— American Bond Assurance Corporation

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 254-255 for definitions of ratings.

Summary of Investments by Security Industry^

	General Obligation					43.2%
	Education					13.2
	Health Care Providers & Services					7.9
	Water and Sewer					6.3
	Transportation					5.6
	Airport					3.6
	Power					1.8
	Development					1.3
	Single Family Housing					1.0
	Utilities					0.8
	Student Loan					0.5
	Pollution					0.2
	Multifamily Housing					0.1
	Nursing Homes					0.1
	Tobacco Settlement					0.1
	Bond Bank					0.0*
	Facilities					0.0*
	Short-Term Investments					14.3
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

See Notes to Financial Statements.

235

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 17.8%
			Alternative Loan Trust:
	$	2,763,457	Series 2005-61, Class 2A2, 0.555% (1-Month USD-LIBOR + 0.380)% due 12/25/35(a)		$	2,321,797
		491,871	Series 2005-81, Class A1, 0.455% (1-Month USD-LIBOR + 0.280)% due 2/25/37(a)			430,645
		941,856	Series 2006-OA8, Class 1A1, 0.365% (1-Month USD-LIBOR + 0.190)% due 7/25/46(a)			815,792
		1,052,916	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 0.335% (1-Month USD-LIBOR + 0.160)% due 2/25/34(a)			972,813
			Federal National Mortgage Association (FNMA), Connecticut Avenue Securities@:
		2,395,386	Series 2015-C04, Class 1M2, 5.875% (1-Month USD-LIBOR + 5.700)% due 4/25/28(a)			2,503,443
		9,134,427	Series 2016-C01, Class 1M2, 6.925% (1-Month USD-LIBOR + 6.750)% due 8/25/28(a)			9,670,467
		1,402,245	Series 2016-C01, Class 2M2, 7.125% (1-Month USD-LIBOR + 6.950)% due 8/25/28(a)			1,479,560
		3,854,325	Series 2016-C03, Class 1M2, 5.475% (1-Month USD-LIBOR + 5.300)% due 10/25/28(a)			4,009,011
		3,825,679	Series 2016-C03, Class 2M2, 6.075% (1-Month USD-LIBOR + 5.900)% due 10/25/28(a)			4,012,778
		7,346,339	Series 2016-C05, Class 2M2, 4.625% (1-Month USD-LIBOR + 4.450)% due 1/25/29(a)			7,605,489
		10,493,017	Series 2016-C07, Class 2M2, 4.525% (1-Month USD-LIBOR + 4.350)% due 5/25/29(a)			10,808,127
		1,800,000	Series 2017-C01, Class 1M2C, 3.725% (1-Month USD-LIBOR + 3.550)% due 7/25/29(a)			1,818,850
		14,710,579	Series 2017-C02, Class 2M2, 3.825% (1-Month USD-LIBOR + 3.650)% due 9/25/29(a)			14,931,807
		1,000,000	Series 2017-C02, Class 2M2C, 3.825% (1-Month USD-LIBOR + 3.650)% due 9/25/29(a)			985,608
		14,735,083	Series 2017-C03, Class 1M2, 3.175% (1-Month USD-LIBOR + 3.000)% due 10/25/29(a)			14,820,819
		11,433,157	Series 2017-C05, Class 1M2, 2.375% (1-Month USD-LIBOR + 2.200)% due 1/25/30(a)			11,204,300
		2,841,101	Series 2017-C07, Class 1M2, 2.575% (1-Month USD-LIBOR + 2.400)% due 5/25/30(a)			2,798,376
		13,817,261	Series 2018-C01, Class 1M2, 2.425% (1-Month USD-LIBOR + 2.250)% due 7/25/30(a)			13,558,111
		8,188,441	Series 2018-C03, Class 1M2, 2.325% (1-Month USD-LIBOR + 2.150)% due 10/25/30(a)			8,014,297

See Notes to Financial Statements.

236

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	4,600,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA4, Class M2, 3.908% (1-Month USD-LIBOR + 3.750)% due 8/25/50(a)(b)		$	4,643,858
		5,009,883	Freddie Mac STACR Trust, Series 2019-DNA3, Class M2, 2.225% (1-Month USD-LIBOR + 2.050)% due 7/25/49(a)(b)			4,896,873
			Freddie Mac Structured Agency Credit Risk Debt Notes@:
		1,891,485	Series 2015-DNA3, Class M3, 4.875% (1-Month USD-LIBOR + 4.700)% due 4/25/28(a)			1,967,287
		1,305,938	Series 2015-HQA1, Class M3, 4.875% (1-Month USD-LIBOR + 4.700)% due 3/25/28(a)			1,341,962
		7,085,932	Series 2016-DNA1, Class M3, 5.725% (1-Month USD-LIBOR + 5.550)% due 7/25/28(a)			7,494,114
		566,403	Series 2016-DNA2, Class M3, 4.825% (1-Month USD-LIBOR + 4.650)% due 10/25/28(a)			586,933
		3,321,525	Series 2016-DNA3, Class M3, 5.175% (1-Month USD-LIBOR + 5.000)% due 12/25/28(a)			3,454,738
		5,280,832	Series 2016-HQA1, Class M3, 6.525% (1-Month USD-LIBOR + 6.350)% due 9/25/28(a)			5,585,878
		1,383,848	Series 2017-DNA1, Class M2, 3.425% (1-Month USD-LIBOR + 3.250)% due 7/25/29(a)			1,417,020
		4,745,241	Series 2017-DNA2, Class M2, 3.625% (1-Month USD-LIBOR + 3.450)% due 10/25/29(a)			4,857,329
		9,407,293	Series 2017-HQA1, Class M2, 3.725% (1-Month USD-LIBOR + 3.550)% due 8/25/29(a)			9,595,869
		3,041,000	Series 2017-HQA1, Class M2B, 3.725% (1-Month USD-LIBOR + 3.550)% due 8/25/29(a)			2,910,510
		9,456,170	Series 2017-HQA2, Class M2, 2.825% (1-Month USD-LIBOR + 2.650)% due 12/25/29(a)			9,325,858
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
			(Cost – $170,707,658)			170,840,319
CORPORATE BONDS & NOTES – 8.3%
Communications – 2.2%
		6,446,000	Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(b)(c)			6,663,552
		11,271,000	Consolidated Communications Inc., Company Guaranteed Notes, 6.500% due 10/1/22(c)			11,017,403
		3,931,500	HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(b)(c)			3,666,124
			Total Communications			21,347,079
Consumer Cyclical – 0.7%
		7,515,000	Arrow Bidco LLC, Senior Secured Notes, 9.500% due 3/15/24(b)(c)			6,162,300
Consumer Non-cyclical – 0.7%
		2,800,000	Cytokinetics Inc., Senior Unsecured Notes, 4.000% due 11/15/26			6,777,871

See Notes to Financial Statements.

237

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – 0.4%
	$	4,652,700	Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(b)		$	4,166,586
Financial – 3.9%
		1,834,723	BlackRock Capital Investment Corp., Senior Unsecured Notes, 5.000% due 6/15/22			1,811,855
		983,385	BlackRock TCP Capital Corp., Senior Unsecured Notes, 4.625% due 3/1/22			983,361
		19,003	Capital Southwest Corp., Corporate Unsecured Notes, 5.950% due 12/15/22			476,975
		7,013,000	Fidelity & Guaranty Life Holdings Inc., Company Guaranteed Notes, 5.500% due 5/1/25(b)(c)			7,731,832
		8,756,000	ILFC E-Capital Trust I, Limited Guaranteed Notes, 3.020% due 12/21/65(a)(b)(c)			4,465,560
		13,243,000	JPMorgan Chase & Co., Junior Subordinated Notes, 3.738% (3-Month USD-LIBOR + 3.470)% (a)(d)			12,817,238
		45,195	Portman Ridge Finance Corp., Corporate Unsecured Notes, 6.125% due 9/30/22			1,114,961
		28,346	TriplePoint Venture Growth BDC Corp., Corporate Unsecured Notes, 5.750% due 7/15/22			717,154
		9,662,000	USB Realty Corp., Junior Subordinated Notes, 1.422% (3-Month USD-LIBOR + 1.147)% (a)(b)(c)(d)			7,705,445
			Total Financial			37,824,381
Industrial – 0.4%
		3,200,000	Fortress Transportation & Infrastructure Investors LLC, Senior Unsecured Notes, 9.750% due 8/1/27(b)			3,412,064
			TOTAL CORPORATE BONDS & NOTES
			(Cost – $76,789,927)			79,690,281
ASSET-BACKED SECURITIES – 8.1%
		3,500,000	Aames Mortgage Investment Trust, Series 2005-4, Class M3, 0.955% (1-Month USD-LIBOR + 0.780)% due 10/25/35(a)			3,423,723
		2,172,264	ABFC Trust, Series 2005-WF1, Class M2, 0.775% (1-Month USD-LIBOR + 0.600)% due 10/25/34(a)			2,112,779
		1,952,643	Accredited Mortgage Loan Trust, Series 2006-2, Class A4, 0.435% (1-Month USD-LIBOR + 0.260)% due 9/25/36(a)			1,894,508
		460,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 0.605% (1-Month USD-LIBOR + 0.430)% due 12/25/35(a)			429,584
		880,000	Allegro CLO IV Ltd., Series 2016-1A, Class ER, 7.555% (3-Month USD-LIBOR + 7.280)% due 1/15/30(a)(b)			662,155
		1,300,000	Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class DR, 6.825% (3-Month USD-LIBOR + 6.550)% due 7/15/29(a)(b)			927,836
		1,028,488	BNC Mortgage Loan Trust, Series 2006-2, Class A4, 0.335% (1-Month USD-LIBOR + 0.160)% due 11/25/36(a)			978,831

See Notes to Financial Statements.

238

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	410,000	Brookside Mill CLO Ltd., Series 2013-1A, Class ER, 5.773% (3-Month USD-LIBOR + 5.500)% due 1/17/28(a)(b)		$	294,824
		1,350,000	Carlyle Global Market Strategies CLO 2015-3 Ltd., Series 2015-3A, Class ER, 8.497% (3-Month USD-LIBOR + 8.250)% due 7/28/28(a)(b)			793,388
		690,000	Countrywide Asset-Backed Certificates, Series 2007-BC1, Class 2A4, 0.405% (1-Month USD-LIBOR + 0.230)% due 5/25/37(a)			595,272
		740,000	Crown Point CLO 5 Ltd., Series 2018-5A, Class E, 5.923% (3-Month USD-LIBOR + 5.650)% due 7/17/28(a)(b)			494,520
		1,774,218	CWABS Asset-Backed Certificates Trust, Series 2007-12, Class 2A3, 0.975% (1-Month USD-LIBOR + 0.800)% due 8/25/47(a)			1,745,804
		470,962	Ellington Loan Acquisition Trust, Series 2007-1, Class M1, 2.275% (1-Month USD-LIBOR + 2.100)% due 5/25/37(a)(b)			364,071
			Home Equity Asset Trust:
		3,569,486	Series 2004-2, Class M1, 0.970% (1-Month USD-LIBOR + 0.795)% due 7/25/34(a)			3,509,152
		1,415,000	Series 2005-5, Class M4, 1.120% (1-Month USD-LIBOR + 0.945)% due 11/25/35(a)			1,330,140
		2,834,390	Series 2005-7, Class M1, 0.625% (1-Month USD-LIBOR + 0.450)% due 1/25/36(a)			2,810,178
		2,000,000	HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 0.565% (1-Month USD-LIBOR + 0.390)% due 1/25/36(a)			1,964,464
		1,200,000	JMP Credit Advisors CLO IIIR Ltd., Series 2014-1RA, Class E, 5.973% (3-Month USD-LIBOR + 5.700)% due 1/17/28(a)(b)			743,464
			JP Morgan Mortgage Acquisition Trust:
		4,300,000	Series 2007-CH4, Class A5, 0.415% (1-Month USD-LIBOR + 0.240)% due 5/25/37(a)			4,153,096
		1,277,241	Series 2007-CH5, Class A5, 0.435% (1-Month USD-LIBOR + 0.260)% due 6/25/37(a)			1,253,808
		2,700,000	KVK CLO 2018-1 Ltd., Series 2018-1A, Class E, 6.103% (3-Month USD-LIBOR + 5.850)% due 5/20/29(a)(b)			1,749,025
		1,355,169	Longfellow Place CLO Ltd., Series 2013-1A, Class ERR, 7.975% (3-Month USD-LIBOR + 7.700)% due 4/15/29(a)(b)			829,965
		1,480,741	Merrill Lynch Mortgage Investors Trust, Series 2005-FM1, Class M1, 0.895% (1-Month USD-LIBOR + 7.200)% due 5/25/36(a)			1,445,506
		1,320,703	Option One Mortgage Loan Trust, Series 2005-3, Class M2, 0.910% (1-Month USD-LIBOR + 0.735)% due 8/25/35(a)			1,303,833
		1,820,000	OZLM IX Ltd., Series 2014-9A, Class DRR, 6.392% (3-Month USD-LIBOR + 6.120)% due 10/20/31(a)(b)			1,460,805
		2,000,000	OZLM XI Ltd., Series 2015-11A, Class DR, 7.268% (3-Month USD-LIBOR + 7.000)% due 10/30/30(a)(b)			1,644,238

See Notes to Financial Statements.

239

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	3,574,081	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, 0.970% (1-Month USD-LIBOR + 0.795)% due 7/25/35(a)		$	3,508,244
		3,500,000	People’s Choice Home Loan Securities Trust, Series 2005-1, Class M5, 1.675% (1-Month USD-LIBOR + 1.500)% due 1/25/35(a)			2,287,774
		1,620,971	SG Mortgage Securities Trust, Series 2006-OPT2, Class A3B, 0.285% (1-Month USD-LIBOR + 0.110)% due 10/25/36(a)			1,606,396
			Soundview Home Loan Trust:
		733,985	Series 2007-1, Class 2A3, 0.345% (1-Month USD-LIBOR + 0.170)% due 3/25/37(a)			731,203
		2,360,000	Series 2007-OPT3, Class 2A4, 0.425% (1-Month USD-LIBOR + 0.250)% due 8/25/37(a)			1,938,190
		380,000	Steele Creek CLO 2016-1 Ltd., Series 2016-1A, Class ER, 6.063% (3-Month USD-LIBOR + 5.750)% due 6/15/31(a)(b)			256,179
		3,860,926	Structured Asset Investment Loan Trust, Series 2004-7, Class A7, 1.015% (1-Month USD-LIBOR + 0.840)% due 8/25/34(a)			3,841,885
			Structured Asset Securities Corp. Mortgage Loan Trust:
		1,000,000	Series 2005-WF4, Class M6, 1.180% (1-Month USD-LIBOR + 1.005)% due 11/25/35(a)			960,281
		14,913,322	Series 2006-BC6, Class A1, 0.335% (1-Month USD-LIBOR + 0.160)% due 1/25/37(a)			14,066,615
		3,496,659	Series 2006-BC6, Class A4, 0.345% (1-Month USD-LIBOR + 0.170)% due 1/25/37(a)			3,427,669
		3,683,884	Series 2006-GEL1, Class M2, 0.975% (1-Month USD-LIBOR + 0.800)% due 11/25/35(a)(b)			3,644,766
		3,151,787	Series 2006-GEL1, Class M3, 2.425% (1-Month USD-LIBOR + 2.250)% due 11/25/35(a)(b)			2,686,709
		641,418	Trinitas CLO III Ltd., Series 2015-3A, Class E, 5.525% (3-Month USD-LIBOR + 5.250)% due 7/15/27(a)(b)			385,984
			TOTAL ASSET-BACKED SECURITIES
			(Cost – $74,100,661)			78,256,864

Shares/Units
COMMON STOCKS – 22.5%
COMMUNICATIONS – 1.2%
Internet – 0.7%
	$	49,933	IAC/InterActiveCorp*	$	6,640,590
Telecommunications – 0.5%
		539,226	Consolidated Communications Holdings Inc.*		4,195,178
		320,512	HC2 Holdings Inc.*(e)		801,280
			Total Telecommunications		4,996,458
			TOTAL COMMUNICATIONS	$	11,637,048

See Notes to Financial Statements.

240

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – 0.4%
Retail – 0.4%
	34,234	Tiffany & Co.		$	4,193,665
CONSUMER NON-CYCLICAL – 10.9%
Biotechnology – 3.7%
	15,665	Argenx SE, ADR*(c)			3,622,844
	34,290	Ascendis Pharma AS, ADR*(c)			5,081,092
	102,435	Black Diamond Therapeutics Inc.*			2,947,055
	214,369	Crinetics Pharmaceuticals Inc.*			3,436,335
	719,372	Gamida Cell Ltd.*(e)			3,136,462
	338,029	Orchard Therapeutics PLC, ADR*(c)			2,004,512
	298,893	Relay Therapeutics Inc.*			12,012,510
	58,332	SpringWorks Therapeutics Inc.*			2,590,524
	32,488	Sutro Biopharma Inc.*			325,205
		Total Biotechnology			35,156,539
Healthcare-Products – 1.2%
	202,255	Alphatec Holdings Inc.*			1,211,507
	323,280	SeaSpine Holdings Corp.*			4,302,857
	207,498	Wright Medical Group NV*(e)			6,272,664
		Total Healthcare-Products			11,787,028
Healthcare-Services – 1.2%
	200,000	Invitae Corp.*			6,992,000
	220,711	SI-BONE Inc.*(c)			4,815,914
		Total Healthcare-Services			11,807,914
Pharmaceuticals – 4.8%
	575,346	AdaptHealth Corp., Class A Shares*			12,214,596
	566,155	Cytokinetics Inc.*(c)			13,565,074
	88,215	Merus NV*			1,064,755
	110,000	MyoKardia Inc.*(c)			12,038,400
	360,406	Odonate Therapeutics Inc.*			5,820,557
	210,060	scPharmaceuticals Inc.*			1,798,114
		Total Pharmaceuticals			46,501,496
		TOTAL CONSUMER NON-CYCLICAL			105,252,977
DIVERSIFIED – 5.4%
SPACs – 5.4%
	100,702	Agba Acquisition Ltd.*(f)			1,044,280
	1	Alussa Energy Acquisition Corp.*			10
	87,674	Alussa Energy Acquisition Corp., Class A Shares*			863,589
	1	Amplitude Healthcare Acquisition Corp.*(f)			10
	62,006	Amplitude Healthcare Acquisition Corp., Class A Shares*			616,960
	5,142	Artius Acquisition Inc.*			51,677
	3,611	ARYA Sciences Acquisition Corp. II*			40,010
	16,309	Brilliant Acquisition Corp.*			163,905
	5,463	Capstar Special Purpose Acquisition Corp.*			55,668

See Notes to Financial Statements.

241

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
	1	CC Neuberger Principal Holdings I*		$	11
	61,662	CC Neuberger Principal Holdings I, Class A Shares*			633,885
	24,648	CF Finance Acquisition Corp., Class A Shares*			255,353
	42,614	Chardan Healthcare Acquisition 2 Corp.*			417,617
	1	Churchill Capital Corp. II*			11
	18,906	Churchill Capital Corp. II, Class A Shares*			198,324
	310,200	Churchill Capital Corp. IV*			3,083,388
	25,600	CIIG Merger Corp., Class A Shares*			259,328
	46,368	Collective Growth Corp., Class A Shares*			456,725
	1	dMY Technology Group Inc.*			12
	77,632	dMY Technology Group Inc., Class A Shares*			881,900
	51,907	East Stone Acquisition Corp.*			513,879
	25,081	FinTech Acquisition Corp. III*(f)			280,656
	688,303	Flying Eagle Acquisition Corp., Class A Shares*			7,399,257
	13,476	Fortress Value Acquisition Corp., Class A Shares*			181,926
	7,477	Fusion Acquisition Corp.*			74,994
	38,120	GigCapital2 Inc.*(f)			409,409
	44,282	GigCapital3 Inc.*			437,064
	200,000	Gores Holdings IV Inc., Class A Shares*			2,124,000
	92,012	Greenrose Acquisition Corp.*(e)			907,238
	85,388	Greenvision Acquisition Corp.*			859,857
	1,356	GS Acquisition Holdings Corp. II*			14,224
	35,473	GX Acquisition Corp.*			395,524
	26,238	Haymaker Acquisition Corp. II, Class A Shares*			264,479
	1	Healthcare Merger Corp.*			11
	12,800	Healthcare Merger Corp., Class A Shares*			130,560
	32,628	Hennessy Capital Acquisition Corp. IV, Class A Shares*			352,056
	40,972	Insurance Acquisition Corp., Class A Shares*(e)			549,025
	89,382	InterPrivate Acquisition Corp.*(f)			883,988
	1,676	Juniper Industrial Holdings Inc., Class A Shares*			16,659
	21,751	Kensington Capital Acquisition Corp.*			226,210
	2	Landcadia Holdings II Inc.*			34
	309,644	Landcadia Holdings II Inc., Class A Shares*			4,706,589
	2,813	LF Capital Acquisition Corp., Class A Shares*			29,649
	30,687	LifeSci Acquisition Corp.*			308,404
	102,252	LIV Capital Acquisition Corp., Class A Shares*			1,007,182
	1	Live Oak Acquisition Corp.*			10
	46,308	Live Oak Acquisition Corp., Class A Shares*			455,208
	311,200	Longview Acquisition Corp.*			3,146,232
	14,195	Malacca Straits Acquisition Co., Ltd., Class C Shares*			139,821
	101,645	Merida Merger Corp. I*			1,006,286
	10,785	Monocle Acquisition Corp.*			110,978

See Notes to Financial Statements.

242

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
	30,698	Mountain Crest Acquisition Corp.*		$	314,655
	33,225	Newborn Acquisition Corp.*			329,592
	1	Osprey Technology Acquisition Corp.*			10
	49,580	Osprey Technology Acquisition Corp., Class A Shares*			496,792
	193,500	Panacea Acquisition Corp.*(f)			2,169,135
	39,682	Pershing Square Tontine Holdings Ltd.*			849,592
	70,600	Pivotal Investment Corp. II, Class A Shares*			712,354
	79,152	Property Solutions Acquisition Corp.*			779,647
	32,032	PropTech Acquisition Corp., Class A Shares*			334,414
	41,579	PTK Acquisition Corp.*			412,464
	154,400	RedBall Acquisition Corp.*			1,582,600
	28,426	Roth CH Acquisition I Co*(f)			281,418
	43,473	Schultze Special Purpose Acquisition Corp.*			440,381
	1	South Mountain Merger Corp.*			11
	51,278	South Mountain Merger Corp., Class A Shares*			518,933
	16,858	Stable Road Acquisition Corp., Class A Shares*			167,400
	372,628	Sustainable Opportunities Acquisition Corp., Class A Shares*			3,666,660
	32,225	Tuscan Holdings Corp.*(f)			338,363
	61,012	Yunhong International, Class A Shares*			597,918
		Total SPACs			49,946,411
		TOTAL DIVERSIFIED			49,946,411
FINANCIAL – 3.9%
Banks – 0.6%
	652,220	HarborOne Bancorp Inc.			5,641,703
Equity Real Estate Investment Trusts (REITs) – 1.1%
	234,531	MGM Growth Properties LLC, Class A Shares			6,583,285
	100,194	Taubman Centers Inc.			3,837,430
		Total Equity Real Estate Investment Trusts (REITs)			10,420,715
Investment Companies – 1.5%
	240,396	Bain Capital Specialty Finance Inc.(e)			2,586,661
	1,142,462	Barings BDC Inc.			9,299,641
	569,155	Oaktree Specialty Lending Corp.			2,845,775
		Total Investment Companies			14,732,077
Savings & Loans – 0.7%
	462,369	Waterstone Financial Inc.			7,162,096
		TOTAL FINANCIAL			37,956,591
UTILITIES – 0.7%
Electric – 0.7%
	364,182	Vistra Corp.			7,003,220
		TOTAL COMMON STOCKS
		(Cost – $181,971,887)			215,989,912

See Notes to Financial Statements.

243

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
CLOSED-END FUNDS – 11.1%
	403,607	Aberdeen Emerging Markets Equity Income Fund Inc., Class Common Shares		$	2,716,275
	298,522	Aberdeen Total Dynamic Dividend Fund, Class Common Shares(c)			2,450,866
	105,783	BlackRock California Municipal Income Trust, Class Common Shares			1,423,839
	545,021	BlackRock Debt Strategies Fund Inc., Class Common Shares(c)			5,450,210
	34,698	BlackRock New York Municipal Bond Trust, Class Common Shares			553,780
	191,247	BlackRock New York Municipal Income Quality Trust, Class Common Shares			2,549,323
	535,835	BlackRock Resources & Commodities Strategy Trust, Class Common Shares			3,488,286
	346,252	BrandywineGLOBAL Global Income Opportunities Fund Inc., Class Common Shares(c)(e)			4,283,137
	35,051	Calamos Long/Short Equity & Dynamic Income Trust, Class Common Shares			547,146
	196,370	Clough Global Equity Fund, Class Common Shares			2,342,694
	353,939	Clough Global Opportunities Fund, Class Common Shares(e)			3,426,130
	49,144	DTF Tax-Free Income Inc.			705,708
	227,221	Eaton Vance Floating-Rate Income Plus Fund, Class Common Shares			3,294,705
	377,872	Eaton Vance Ltd. Duration Income Fund, Class Common Shares(c)			4,436,217
	42,199	Eaton Vance Municipal Bond Fund, Class Common Shares(e)			550,064
	95,415	Eaton Vance Senior Income Trust			555,315
	43,635	First Eagle Alternative Capital BDC Inc.			1,095,238
	14,146	First Eagle Senior Loan Fund, Class Common Shares			174,562
	290,661	First Trust MLP & Energy Income Fund, Class Common Shares			1,531,783
	106,384	First Trust New Opportunities MLP & Energy Fund, Class Common Shares			425,536
	125,394	Fortress Transportation & Infrastructure Investors LLC, Class Common Shares			1,987,495
	24,494	General American Investors Co., Inc., Class Preferred Shares(d)			678,239
	298,496	Highland Global Allocation Fund, Class Common Shares			1,999,923
	205,225	Highland Income Fund, Class Z Shares			1,822,398
	151,506	Invesco Dynamic Credit Opportunities Fund, Class Common Shares			1,372,644
	150,280	Invesco High Income Trust II, Class Common Shares			1,908,556
	279,777	Kayne Anderson Midstream/Energy Fund Inc., Class Common Shares			1,281,379
	277,350	NexPoint Strategic Opportunities Fund, Class Common Shares			2,607,090
	59,606	Nuveen AMT-Free Municipal Credit Income Fund, Class Common Shares			931,642
	178,908	Nuveen Credit Strategies Income Fund, Class Common Shares			1,091,339
	142,444	Nuveen Georgia Quality Municipal Income Fund, Class Common Shares			1,764,881
	78,040	Nuveen Michigan Quality Municipal Income Fund, Class Common Shares			1,098,023
	31,030	Nuveen New York Municipal Value Fund 2, Class Common Shares			465,140
	146,267	Nuveen Quality Municipal Income Fund, Class Common Shares			2,109,170
	125,982	Nuveen S&P 500 Buy-Write Income Fund, Class Common Shares(e)			1,497,926
	561,646	PGIM Global High Yield Fund Inc., Class Common Shares(c)(e)			7,554,139
	111,895	PGIM High Yield Bond Fund Inc., Class Common Shares(e)			1,573,244
	234,848	PIMCO Energy & Tactical Credit Opportunities Fund, Class Common Shares			1,726,133
	280,212	Pioneer Floating Rate Trust, Class Common Shares			2,737,671
	53,104	Royce Global Value Trust Inc.			690,352
	308,302	Royce Micro-Capital Trust Inc., Class Common Shares(e)			2,506,495
	134,711	Source Capital Inc., Class Common Shares(e)			4,996,431
	86,503	Special Opportunities Fund Inc., Class Common Shares(e)			1,107,238

See Notes to Financial Statements.

244

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
CLOSED-END FUNDS – (continued)
	351,623	Voya Natural Resources Equity Income Fund, Class Common Shares(e)		$	907,187
	2,997,693	Voya Prime Rate Trust, Class Common Shares(c)(e)			13,219,826
	554,648	Western Asset Global High Income Fund Inc., Class Common Shares(e)			5,452,190
		TOTAL CLOSED-END FUNDS
		(Cost – $105,079,566)			107,087,565
OPEN-END FUND – 11.7%
	9,794,790	JPMorgan Strategic Income Opportunities Fund, Class R6 Shares			112,248,288
		(Cost – $113,589,180)
PREFERRED STOCKS – 1.2%
FINANCIAL – 1.2%
Banks – 0.4%
	165,290	GMAC Capital Trust I, 6.065%(a)			4,054,564
Investment Companies – 0.8%
	37,280	First Eagle Alternative Capital BDC Inc., 6.125%			920,816
	44,789	Monroe Capital Corp., 5.750%			1,073,144
	64,864	MVC Capital Inc., 6.250%			1,636,078
		Oxford Square Capital Corp.:
	54,401	6.250%			1,294,744
	39,915	6.500%			983,905
	55,209	PennantPark Investment Corp., 5.500%(e)			1,338,818
	23,559	Stellus Capital Investment Corp., 5.750%(e)			584,734
	4,252	WhiteHorse Finance Inc., 6.500%			109,574
		Total Investment Companies			7,941,813
		TOTAL FINANCIAL			11,996,377
		TOTAL PREFERRED STOCKS
		(Cost – $10,311,695)			11,996,377
WARRANTS – 0.2%
CONSUMER CYCLICAL – 0.0%
Distribution/Wholesale – 0.0%
	15,116	Whole Earth Brands Inc.*(f)			12,546
Entertainment��– 0.0%
	16,736	Hall of Fame Resort & Entertainment Co.*(f)			11,381
		TOTAL CONSUMER CYCLICAL			23,927
DIVERSIFIED – 0.2%
SPACs – 0.2%
	100,702	Agba Acquisition Ltd.*(f)			20,745
	41,641	Alberton Acquisition Corp.*(f)			4,997
	43,837	Alussa Energy Acquisition Corp.*(f)			26,653
	31,003	Amplitude Healthcare Acquisition Corp.*(f)			29,763
	42,105	Andina Acquisition Corp. III*(f)			11,789
	27,894	Atlas Technical Consultants Inc.*(f)			14,923
	25,362	Big Rock Partners Acquisition Corp.*(f)			6,341
	32,931	BiomX Inc.*(f)			16,828
	16,309	Brilliant Acquisition Corp.*(f)			2,773

See Notes to Financial Statements.

245

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
WARRANTS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
	20,554	CC Neuberger Principal Holdings I*(f)		$	26,720
	18,486	CF Finance Acquisition Corp.*(f)			18,255
	42,614	Chardan Healthcare Acquisition 2 Corp.*(f)			25,568
	6,302	Churchill Capital Corp. II*(f)			12,604
	12,800	CIIG Merger Corp.*(f)			10,496
	23,184	Collective Growth Corp.*(f)			16,461
	38,816	dMY Technology Group Inc.*(f)			87,724
	51,907	East Stone Acquisition Corp.*(f)			8,824
	133,104	Flying Eagle Acquisition Corp.*(f)			400,324
	4,492	Fortress Value Acquisition Corp.*(f)			13,746
	33,210	GigCapital3 Inc.*(f)			18,262
	100,000	Gores Holdings IV Inc.*(f)			208,000
	43,099	Graf Industrial Corp.*(f)			153,001
	92,012	Greenrose Acquisition Corp.*(f)			18,402
	85,388	Greenvision Acquisition Corp.*(f)			29,800
	8,746	Haymaker Acquisition Corp. II*(f)			10,933
	6,400	Healthcare Merger Corp.*(f)			12,480
	24,471	Hennessy Capital Acquisition Corp. IV*(f)			41,845
	20,486	Insurance Acquisition Corp.*(f)			67,604
	44,691	InterPrivate Acquisition Corp.*			22,346
	838	Juniper Industrial Holdings Inc.*(f)			796
	14,462	KLDiscovery Inc.*(f)			4,628
	16,225	Landcadia Holdings II Inc.*(f)			86,317
	38,865	Legacy Acquisition Corp.*(f)			13,797
	30,854	Leisure Acquisition Corp.*(f)			9,876
	2,813	LF Capital Acquisition Corp.*(f)			4,698
	30,687	LifeSci Acquisition Corp.*(f)			22,402
	102,252	LIV Capital Acquisition Corp.*(f)			51,126
	23,154	Live Oak Acquisition Corp.*(f)			19,912
	50,822	Merida Merger Corp. I*(f)			39,641
	28,503	Meten EdtechX Education Group Ltd.*(f)			9,406
	10,785	Monocle Acquisition Corp.*(f)			4,314
	33,225	Newborn Acquisition Corp.*(f)			4,449
	18,239	Opes Acquisition Corp.*(f)			37,572
	24,790	Osprey Technology Acquisition Corp.*(f)			27,269
	23,533	Pivotal Investment Corp. II*(f)			22,333
	21,318	Roth CH Acquisition I Co*(f)			18,120
	43,473	Schultze Special Purpose Acquisition Corp.*(f)			25,214
	25,639	South Mountain Merger Corp.*(f)			33,331
	8,429	Stable Road Acquisition Corp.*(f)			5,479
	186,314	Sustainable Opportunities Acquisition Corp.*(f)			172,434
	4,232	Trident Acquisitions Corp.*(f)			973

See Notes to Financial Statements.

246

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
WARRANTS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
	23,299	X4 Pharmaceuticals Inc.*		$	58
	30,506	Yunhong International*(f)			4,728
		Total SPACs			1,957,080
		TOTAL DIVERSIFIED			1,957,080
ENERGY – 0.0%
Oil & Gas – 0.0%
	18,561	Brooge Energy Ltd.*(f)			9,652
FINANCIAL – 0.0%
Investment Companies – 0.0%
	76,557	8i Enterprises Acquisition Corp.*(f)			96,462
TECHNOLOGY – 0.0%
Software – 0.0%
	5,402	Global Blue Group Holding AG*(f)			3,997
		TOTAL WARRANTS
		(Cost – $1,613,179)			2,091,118
RIGHTS – 0.0%
	76,557	8i Enterprises Acquisition Corp.*			76,557
	100,702	Agba Acquisition Ltd.*(f)			20,161
	41,641	Alberton Acquisition Corp.*(f)			7,953
	42,105	Andina Acquisition Corp. III*(f)			16,421
	50,724	Big Rock Partners Acquisition Corp.*(f)			10,601
	16,309	Brilliant Acquisition Corp.*(f)			3,019
	51,907	East Stone Acquisition Corp.*(f)			10,895
	85,388	Greenvision Acquisition Corp.*(f)			30,740
	33,225	Newborn Acquisition Corp.*(f)			6,479
	61,012	Yunhong International*(f)			11,592
		TOTAL RIGHTS
		(Cost – $137,868)			194,418

Number of Contracts			Notional Amounts
PURCHASED SWAPTION – 0.3%
Interest Rate Swaption – 0.3%
	$	22,500,000	55,350	10-Year Constant Maturity Swap, 3-Month USD-LIBOR, Call, 1.91, expires 12/23/20,	2,615,360
				TOTAL PURCHASED SWAPTION (Cost – $148,500)	2,615,360
				TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $734,450,496)	781,010,502

See Notes to Financial Statements.

247

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount†
SHORT-TERM INVESTMENTS – 17.4%
TIME DEPOSITS – 17.4%
	$	22,825,810	Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.010% due 9/1/20	$	22,825,810
		53,573,654	Barclays Bank PLC – London, 0.010% due 9/1/20		53,573,654
		26	Brown Brothers Harriman – Grand Cayman, 0.010% due 9/1/20		26
		65,174,325	China Construction Bank – New York, 0.010% due 9/1/20		65,174,325
		22,166,255	Skandinaviska Enskilda Banken AB – Stockholm, 0.010% due 9/1/20		22,166,255
		4,047,752	Sumitomo Mitsui Banking Corp. – Tokyo, 0.010% due 9/1/20		4,047,752
			TOTAL TIME DEPOSITS (Cost – $167,787,822)		167,787,822
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.0%
MONEY MARKET FUND – 1.0%
		9,658,436	Federated Government Obligations Fund, Premier Class, 0.054%(g) (Cost – $9,658,436)		9,658,436
			TOTAL INVESTMENTS – 99.6% (Cost – $911,896,380)		958,456,760
			Other Assets in Excess of Liabilities – 0.4%		3,492,032
			TOTAL NET ASSETS – 100.0%	$	961,948,792

†

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

Non-income producing security.

(a)

Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2020.

(b)

(c)

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

(d)

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

(e)

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

(f)

Illiquid security. The aggregate value of illiquid holdings at August 31, 2020, amounts to approximately $6,732,192 and represents 0.7% of net assets.

(g)

Represents investment of collateral received from securities lending transactions.

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

See Notes to Financial Statements.

248

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Security	Acquisition Date		Acquisition Cost			Market Value			Percent of Net Assets
Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:
Series 2015-C04, Class 1M2, 5.875% (1-Month USD-LIBOR + 5.700%) due 4/25/28		7/27/2020		$	2,003,142		$	2,503,443		0.26%
Series 2016-C01, Class 1M2, 6.925% (1-Month USD-LIBOR + 6.750%) due 8/25/28		7/27/2020			9,257,141			9,670,467		1.01%
Series 2016-C01, Class 2M2, 7.125% (1-Month USD-LIBOR + 6.950%) due 8/25/28		6/22/2020			1,481,500			1,479,560		0.15%
Series 2016-C03, Class 1M2, 5.475% (1-Month USD-LIBOR + 5.300%) due 10/25/28		3/25/2020			3,777,754			4,009,011		0.42%
Series 2016-C03, Class 2M2, 6.075% (1-Month USD-LIBOR + 5.900%) due 10/25/28		4/27/2020			3,678,367			4,012,778		0.42%
Series 2016-C05, Class 2M2, 4.625% (1-Month USD-LIBOR + 4.450%) due 1/25/29		8/25/2020			7,593,952			7,605,489		0.79%
Series 2016-C07, Class 2M2, 4.525% (1-Month USD-LIBOR + 4.350%) due 5/25/29		6/10/2020			11,046,704			10,808,127		1.12%
Series 2017-C01, Class 1M2C, 3.725% (1-Month USD-LIBOR + 3.550%) due 7/25/29		4/16/2020			1,494,000			1,818,850		0.19%
Series 2017-C02, Class 2M2, 3.825% (1-Month USD-LIBOR + 3.650%) due 9/25/29		4/27/2020			15,492,062			14,931,807		1.55%
Series 2017-C02, Class 2M2C, 3.825% (1-Month USD-LIBOR + 3.650%) due 9/25/29		5/19/2020			867,500			985,608		0.10%
Series 2017-C03, Class 1M2, 3.175% (1-Month USD-LIBOR + 3.000%) due 10/25/29		8/25/2020			15,215,806			14,820,819		1.54%
Series 2017-C05, Class 1M2, 2.375% (1-Month USD-LIBOR + 2.200%) due 1/25/30		4/27/2020			11,569,881			11,204,300		1.16%
Series 2017-C07, Class 1M2, 2.575% (1-Month USD-LIBOR + 2.400%) due 5/25/30		8/25/2020			2,749,701			2,798,376		0.29%
Series 2018-C01, Class 1M2, 2.425% (1-Month USD-LIBOR + 2.250%) due 7/25/30		8/25/2020			13,934,432			13,558,111		1.41%
Series 2018-C03, Class 1M2, 2.325% (1-Month USD-LIBOR + 2.150%) due 10/25/30		7/27/2020			8,253,053			8,014,297		0.83%
Freddie Mac Structured Agency Credit Risk Debt Notes:
Series 2015-DNA3, Class M3, 4.875% (1-Month USD-LIBOR + 4.700%) due 4/25/28		8/25/2020			1,961,233			1,967,287		0.20%
Series 2015-HQA1, Class M3, 4.875% (1-Month USD-LIBOR + 4.700%) due 3/25/28		7/14/2020			1,341,851			1,341,962		0.14%
Series 2016-DNA1, Class M3, 5.725% (1-Month USD-LIBOR + 5.550%) due 7/25/28		6/9/2020			7,483,737			7,494,114		0.78%
Series 2016-DNA2, Class M3, 4.825% (1-Month USD-LIBOR + 4.650%) due 10/25/28		4/27/2020			467,282			586,933		0.06%
Series 2016-DNA3, Class M3, 5.175% (1-Month USD-LIBOR + 5.000%) due 12/25/28		8/25/2020			3,424,804			3,454,738		0.36%
Series 2016-HQA1, Class M3, 6.525% (1-Month USD-LIBOR + 6.350%) due 9/25/28		3/6/2020			5,558,741			5,585,878		0.58%

See Notes to Financial Statements.

249

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Security	Acquisition Date		Acquisition Cost			Market Value			Percent of Net Assets
Series 2017-DNA1, Class M2, 3.425% (1-Month USD-LIBOR + 3.250%) due 7/25/29		7/27/2020		$	1,396,605		$	1,417,020		0.15%
Series 2017-DNA2, Class M2, 3.625% (1-Month USD-LIBOR + 3.450%) due 10/25/29		3/9/2020			4,826,045			4,857,329		0.50%
Series 2017-HQA1, Class M2, 3.725% (1-Month USD-LIBOR + 3.550%) due 8/25/29		8/25/2020			9,715,141			9,595,869		1.00%
Series 2017-HQA1, Class M2B, 3.725% (1-Month USD-LIBOR + 3.550%) due 8/25/29		8/4/2020			2,913,183			2,910,510		0.30%
Series 2017-HQA2, Class M2, 2.825% (1-Month USD-LIBOR + 2.650%) due 12/25/29		8/25/2020			9,703,222			9,325,858		0.97%
							$	156,758,541		16.28%

Abbreviations used in this schedule:

ABS

— Asset-Based Security

ADR

— American Depositary Receipts

AMT

— Alternative Minimum Tax

CLO

— Collateralized Loan Obligation

LIBOR

— London Interbank Offered Rate

LLC

— Limited Liability Company

PLC

— Public Limited Company

SPACs

— Special Purpose Acquisition Companies

Summary of Investments by Security Type^

	Common Stocks					22.5%
	Collateralized Mortgage Obligations					17.8
	Open-End Fund					11.7
	Closed-End Funds					11.2
	Corporate Bonds & Notes					8.3
	Asset-Backed Securities					8.2
	Preferred Stocks					1.3
	Purchased Option					0.3
	Warrants					0.2
	Rights					0.0*
	Short-Term Investments					17.5
	Money Market Fund					1.0
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

Fund will pay or receive the volatility of the reference asset depending on whether the realized volatility of the reference asset exceeds or is less than the fixed rate. For contracts where the Fund has elected to receive the volatility of the reference asset, it will receive a net payment of the difference between the realized volatility and the fixed rate multiplied by the notional amount if the realized volatility exceeds the fixed rate; the Fund will make a net payment of the absolute value of the difference of the realized volatility and the fixed rate multiplied by the notional amount if the realized

See Notes to Financial Statements.

250

TABLE OF CONTENTS

Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

volatility is less than the fixed rate. For contracts where the Fund has elected to pay the volatility of the reference asset, it will make a net payment of the difference between the realized volatility and the fixed rate multiplied by the notional amount if the realized volatility exceeds the fixed rate; the Fund will receive a net payment of the absolute value of the difference of the realized and the fixed rate multiplied by the notional amount if the realized volatility is less than the fixed rate.

Schedule of Options Contracts Written

Interest Rate Swaptions

Number of
Contracts

Notional
Amount

Security Name

Counterparty

Expiration
Date

Exercise
Rate

Value

45,000,000

110,700

10-Year Constant Maturity Swap, 3-Month
USD-LIBOR, Put

GSC

12/23/20

$2.21

$6,137

45,000,000

110,700

10-Year Constant Maturity Swap, 3-Month
USD-LIBOR, Call

GSC

12/23/20

1.16

2,039,143

TOTAL SWAPTIONS CONTRACTS WRITTEN

$2,045,280

At August 31, 2020, Destinations Multi Strategy Alternatives Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection(1)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Payment Frequency(2)	Counter- party	Implied Credit Spread at 8/31/20(3)		Notional Amounts		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX IG CDSI Series 31 5Y		1.000%		12/20/23	3-Month	GSC		2.143%		USD10,000,000		$	(352,484)		$	(750,000)		$	397,516
CDX IG CDSI Series 31 5Y		1.000%		12/20/23	3-Month	GSC		2.143%		USD20,000,000			(704,969)			(1,206,00)			501,031
CDX.NA.IG.33		1.000%		12/20/24	3-Month	MSCS		2.836%		USD10,000,000			(743,308)			(1,152,000)			408,692
CDX.NA.IG.33		1.000%		12/20/24	3-Month	MSCS		2.836%		USD10,000,000			(743,308)			(2,040,000)			1,296,691
CDX.NA.IG.33		1.000%		12/20/24	3-Month	MSCS		2.836%		USD10,000,000			(743,308)			(670,000)			(73,308)
CDX.NA.IG.33		1.000%		12/20/24	3-Month	MSCS		2.836%		USD10,000,000			(743,308)			(2,600,000)			1,856,692
												$	(4,030,685)		$	(8,418,000)		$	4,387,314

(1)

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

(2)

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

(3)

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

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (continued)

Counterparty Abbreviations used in this schedule:

GSC

— Goldman Sachs & Co.

MSCS

— Morgan Stanley Capital Services LLC

Face Amount			Security	Value
SECURITIES SOLD SHORT – 7.2%
CORPORATE BONDS & NOTES – 0.5%
Communications – 0.4%
	$	3,744,000	Outfront Media Capital LLC/Outfront Media Capital Corp., Company Guaranteed Notes, 5.000% due 8/15/27(a)		$	3,677,357
Financial – 0.1%
		790,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes, 4.625% due 6/15/25(a)			833,687
			TOTAL CORPORATE BONDS & NOTES (Proceeds – $4,334,992)			4,511,044

Shares/Units
EXCHANGE TRADED FUNDS (ETFs) – 6.3%
	275,000	Invesco Senior Loan	6,014,250
	74,986	iShares iBoxx High Yield Corporate Bond	6,376,060
	70,293	iShares Nasdaq Biotechnology	9,531,731
	275,161	SPDR S&P Biotech	30,765,751
	211,541	SPDR S&P Regional Banking	8,176,060
		Total Exchange Traded Funds (ETFs)	60,863,852
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Proceeds – $56,152,428)	60,863,852
COMMON STOCKS – 0.4%
COMMUNICATIONS – 0.4%
Internet – 0.4%
	244,668	ANGI Homeservices Inc., Class A Shares*	3,394,768
Telecommunications – 0.0%
	12,450	Cincinnati Bell Inc.*	187,497
		TOTAL COMMUNICATIONS	3,582,265
CONSUMER NON-CYCLICAL – 0.0%
Pharmaceuticals – 0.0%
	5,289	Herbalife Nutrition Ltd.*	259,954
FINANCIAL – 0.0%
Diversified Financial Services – 0.0%
	9,746	AerCap Holdings NV*	288,189

See Notes to Financial Statements.

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Schedules of Investments

August 31, 2020 (unaudited)

Destinations Multi Strategy Alternatives Fund (concluded)

Shares/Units
COMMON STOCKS – (continued)
Diversified Financial Services – (continued)
	TOTAL COMMON STOCKS (Proceeds – $4,622,501)	$	4,130,408
	TOTAL SECURITIES SOLD SHORT – 7.2% (Proceeds – $65,109,921)	$	69,505,304

Non-income producing security.

(a)

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, 2020 (unaudited)

	Destinations Large Cap Equity Fund			Destinations Small-Mid Cap Equity Fund			Destinations International Equity Fund			Destinations Equity Income Fund			Destinations Real Assets Fund
ASSETS:
Investments, at value(1)(2)		$	4,432,133,059		$	963,886,834		$	2,131,422,888		$	382,375,561		$	29,320
Foreign currency, at value(3)			—			—			1,240,242			—			—
Cash			461			165			499			44			—
Unrealized appreciation on unfunded loan commitments			—			—			—			—			—
Receivable for securities sold			7,209,703			5,843,107			1,343,345			693,627			—
Dividends and interest receivable			5,150,022			693,427			3,322,574			1,763,306			—
Receivable for Fund shares sold.			2,126,050			418,048			934,710			98,086			—
Receivable for expense reimbursement			—			5,319			—			—			—
Unrealized appreciation on open forward foreign currency contracts (Note 4)			—			—			—			—			—
Variation margin on open future contracts (Note 4).			—			—			—			—			—
Unrealized appreciation on swap contracts (Note 4)			—			—			—			—			—
Deposits with counterparty(4)			558,000			—			—			—			—
Cash held at Broker			—			—			—			—			—
Prepaid expenses			47,687			9,395			24,269			5,602			845
Prepaid Chief Compliance Officer expense			1,723			—			1,050			—			—
Prepaid offering fees			—			—			—			—			—
Total Assets			4,447,226,705			970,856,295			2,138,289,577			384,936,226			30,165
LIABILITIES:
Payable for collateral received from securities on loan			6,728,123			15,585,626			39,244,796			959,784			—
Payable for Fund shares repurchased			2,717,115			566,898			1,227,698			373,917			—
Payable for securities purchased			11,079,208			4,053,428			2,364,411			968,881			—
Investment management fee payable			2,145,244			683,218			1,650,987			208,123			4
Transfer agent fees payable			455,324			97,863			226,747			32,923			28
Custody fee payable			229,789			68,964			295,221			46,101			9,948
Trustees’ fees payable.			43,146			9,619			24,252			5,365			7
Registration fees payable.			135,020			43,423			55,786			16,920			—
Shareholder services			89,731			7,560			38,233			—			1
Variation margin on open future contracts (Note 4).			12,420			—			—			—			—
Upfront premiums received on swap contracts			—			—			—			—			—
Unrealized depreciation on unfunded loan commitments			—			—			—			—			—
Unrealized depreciation on swap contracts(6) (Note 4)			—			—			—			—			—
Securities sold short(5) (Note 5).			—			—			—			—			—
Due to custodian(3)			26			—			—			—			—
Options contracts written, at value(6) (Note 4).			—			—			182,656			—			—
Unrealized depreciation on open forward foreign currency contracts (Note 4)			—			—			8,389			—			—
Foreign capital gains tax payable			—			—			1,294,251			—			—
Investment interest payable on securities sold short			—			—			—			—			—
Accrued Chief Compliance Officer expense			—			—			—			—			—
Accrued expenses.			63,686			22,757			92,932			9,463			7,597
Other expenses			—			—			—			—			180
Total Liabilities			23,698,832			21,139,356			46,706,359			2,621,477			17,765
Total Net Assets		$	4,423,527,873		$	949,716,939		$	2,091,583,218		$	382,314,749		$	12,400
NET ASSETS:
Par value		$	315,158		$	80,781		$	158,858		$	40,115		$	5
Paid-in capital in excess of par value			3,171,738,007			820,028,540			1,638,707,674			407,623,446			199,140,449
Total distributable earnings (losses).			1,251,474,708			129,607,618			452,716,686			(25,348,812)			(199,128,054)
Total Net Assets		$	4,423,527,873		$	949,716,939		$	2,091,583,218		$	382,314,749		$	12,400
Total Net Assets Class I		$	4,177,901,589		$	898,266,888		$	1,977,316,008		$	361,677,979		$	6,444
Total Net Assets Class Z		$	245,626,284		$	51,450,051		$	114,267,210		$	20,636,770		$	5,956
Shares Outstanding Class I			293,895,444			75,422,527			148,995,182			37,884,813			2,457
Shares Outstanding Class Z			21,262,742			5,358,207			9,862,902			2,230,168			2,427
Net Asset Value Class I		$	14.22		$	11.91		$	13.27		$	9.55		$	2.62
Net Asset Value Class Z		$	11.55		$	9.60		$	11.59		$	9.25		$	2.45
(1) Investments, at cost.		$	3,183,352,720		$	798,324,151		$	1,579,300,695		$	368,552,708		$	29,818
(2) Includes securities on loan		$	6,541,671		$	14,887,508		$	35,257,864		$	934,883		$	—
(3) Foreign currency, at cost.		$	(26)		$	—		$	1,232,669		$	—		$	—
(4) Related to futures contracts		$	558,000		$	—		$	—		$	—		$	—
(5) Proceeds received .		$	—		$	—		$	—		$	—		$	—
(6) Premiums received		$	—		$	—		$	179,936		$	—		$	—

See Notes to Financial Statements.

256

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Statements of Assets and Liabilities

August 31, 2020 (concluded)

	Destinations Core Fixed Income Fund			Destinations Low Duration Fixed Income Fund			Destinations Global Fixed Income Opportunities Fund			Destinations Municipal Fixed Income Fund			Destinations Multi Strategy Alternatives Fund
ASSETS:
Investments, at value(1),(2)		$	2,175,669,838		$	397,003,318		$	750,139,940		$	895,603,271		$	958,456,760
Foreign currency, at value(3).			—			—			—			—			—
Cash.			798			498			652			588			1,473
Unrealized appreciation on unfunded loan commitments			351			38,840			—			—			—
Receivable for securities sold			9,597,297			7,320,473			12,593,831			—			3,672,217
Dividends and interest receivable			8,331,926			2,924,570			8,882,761			6,574,081			1,651,678
Receivable for Fund shares sold.			1,368,621			195,688			354,981			365,950			480,871
Receivable for expense reimbursement			—			647			—			8,468			—
Unrealized appreciation on open forward foreign currency contracts (Note 4)			—			3,778			—			—			—
Variation margin on open future contracts (Note 4).			—			—			—			—			—
Unrealized appreciation on swap contracts (Note 4)			—			—			—			—			4,460,622
Deposits with counterparty(4)			—			—			4,000,000			—			30,641,153
Cash held at Broker			—			—			6,138,502			—			62,773,227
Prepaid expenses			33,701			14,283			10,182			20,593			12,432
Prepaid Chief Compliance Officer expense			1,941			6			—			—			751
Prepaid offering fees			—			—			—			—			—
Total Assets			2,195,004,473			407,502,101			782,120,849			902,572,951			1,062,151,184
LIABILITIES:
Payable for collateral received from securities on loan			—			6,567,375			11,580			—			9,658,436
Payable for Fund shares repurchased			1,322,654			160,265			445,829			271,778			488,264
Payable for securities purchased			69,568,650			23,143,722			31,650,682			25,225,348			8,942,567
Investment management fee payable			937,963			206,641			437,488			376,659			744,880
Transfer agent fees payable			237,616			41,121			77,195			93,256			101,930
Custody fee payable			246,276			58,313			79,394			128,932			84,897
Trustees’ fees payable.			25,438			4,107			8,654			11,214			10,401
Registration fees payable.			75,409			33,753			40,089			117,401			60,350
Shareholder services			39,501			—			6,235			19,037			13,281
Variation margin on open future contracts (Note 4).			—			—			—			—			—
Upfront premiums received on swap contracts			—			—			—			—			8,418,000
Unrealized depreciation on unfunded loan commitments			343			—			—			—			—
Unrealized depreciation on swap contracts(6) (Note 4)			—			—			—			—			73,308
Securities sold short(5) (Note 5).			—			—			4,936,389			—			69,505,304
Due to custodian(3)			—			23			—			—			—
Options contracts written, at value(6) (Note 4).			—			—			214,640			—			—
Swaptions contracts written, at value (Note 4)			—			—			—			—			2,045,280
Unrealized depreciation on open forward foreign currency contracts (Note 4)			—			379,740			355,799			—			—
Foreign capital gains tax payable			—			—			—			—			—
Investment interest payable on securities sold short			—			—			48,298			—			17,048
Accrued Chief Compliance Officer expense			—			—			699			—			—
Accrued expenses.			39,674			11,017			22,631			11,877			38,446
Other expenses			—			—			—			—			—
Total Liabilities			72,493,524			30,606,077			38,335,602			26,255,502			100,202,392
Total Net Assets		$	2,122,510,949		$	376,896,024		$	743,785,247		$	876,317,449		$	961,948,792
NET ASSETS:
Par value		$	203,730		$	39,706		$	77,339		$	83,254		$	98,634
Paid-in capital in excess of par value			2,041,641,793			391,447,903			778,642,377			832,160,166			977,775,132
Total distributable earnings (losses).			80,665,426			(14,591,585)			(34,934,469)			44,074,029			(15,924,974)
Total Net Assets		$	2,122,510,949		$	376,896,024		$	743,785,247		$	876,317,449		$	961,948,792
Total Net Assets Class I		$	2,012,825,835		$	359,540,832		$	707,918,443		$	854,684,599		$	915,706,374
Total Net Assets Class Z		$	109,685,114		$	17,355,192		$	35,866,804		$	21,632,850		$	46,242,418
Shares Outstanding Class I			193,455,810			37,911,983			73,668,490			81,204,357			93,781,795
Shares Outstanding Class Z			10,274,321			1,793,843			3,670,822			2,049,696			4,851,785
Net Asset Value Class I		$	10.40		$	9.48		$	9.61		$	10.53		$	9.76
Net Asset Value Class Z		$	10.68		$	9.67		$	9.77		$	10.55		$	9.53
(1) Investments, at cost.		$	2,101,659,800		$	405,704,426		$	761,481,788		$	853,480,060		$	911,896,380
(2) Includes securities on loan		$	—		$	6,435,405		$	11,296		$	—		$	8,088,158
(3) Foreign currency, at cost.		$	—		$	(23)		$	—		$	—		$	—
(4) Related to futures contracts		$	—		$	—		$	—		$	—		$	—
(5) Proceeds received .		$	—		$	—		$	4,631,302		$	—		$	65,109,921
(6) Premiums received		$	—		$	—		$	818,848		$	—		$	—

See Notes to Financial Statements.

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Statements of Operations

For the Six Months Ended August 31, 2020 (unaudited)

	Destinations Large Cap Equity Fund			Destinations Small-Mid Cap Equity Fund			Destinations International Equity Fund			Destinations Equity Income Fund			Destinations Real Assets Fund
INVESTMENT INCOME:
Dividends.		$	30,084,588		$	5,858,993		$	17,295,227		$	9,732,152		$	4,321
Interest			33,550			10,618			22,397			4,595			11
Income from securities lending			111,030			131,173			394,426			26,092			—
Less: Foreign taxes withheld (Note 5).			(19,062)			—			(1,797,590)			(312,268)			—
Miscellaneous income			—			—			—			—			—
Total Investment Income			30,210,106			6,000,784			15,914,460			9,450,571			4,332
EXPENSES:
Investment management fee (Note 7).			14,578,851			3,880,546			9,376,730			1,577,711			1,069
Transfer agent fees			2,818,685			621,313			1,362,134			287,191			157
Custody fees			470,412			134,825			625,610			86,851			—
Trustees’ fees			128,842			28,990			64,212			14,274			13
Insurance			36,062			8,766			18,568			4,335			187
Audit and tax			24,363			7,968			31,970			5,745			—
Legal expense			70,810			16,457			30,668			7,555			1
Chief Compliance Officer expense			65,094			15,838			31,241			8,039			1
Shareholder services			109,815			26,346			56,593			13,935			158
Registration fees			90,926			33,990			50,658			21,473			13
Miscellaneous expense			55,507			14,725			36,420			8,891			1
Interest and dividend expense.			—			—			—			—			—
Total Expenses			18,449,367			4,789,764			11,684,804			2,036,000			1,600
Less: Fee waivers and/or expense reimbursement (Note 7)			(2,483,159)			(28,808)			(173,219)			(231,717)			(652)
Net Expenses			15,966,208			4,760,956			11,511,585			1,804,283			948
Net Investment Income (Loss)		$	14,243,898		$	1,239,828		$	4,402,875		$	7,646,288		$	3,384
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
Net Realized Gain (Loss) From:
Investments		$	(79,431,761)		$	(58,524,890)		$	(66,350,473)		$	(46,481,588)		$	(97,943)
Futures contracts			(255,380)			—			—			—			—
Forward sale commitments			—			—			—			—			—
Option written			—			—			214,958			56,750			—
Securities sold short			—			—			—			142,124			—
Swap contracts			—			—			—			—			—
Forward foreign currency contracts.			—			—			(855,785)			—			—
Foreign currency transactions			1,676			—			(151,989)			(94,604)			(2)
Realized Gain (Loss)			(79,685,465)			(58,524,890)			(67,143,289)			(46,377,318)			(97,945)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments			803,274,805			131,365,047			355,347,882*			29,254,649			44,481
Futures contracts			1,679,978			—			—			—			—
Unfunded loan commitments			—			—			—			—			—
Options contracts written			—			—			(99,093)			27,230			—
Forward sale commitments			—			—			—			—			—
Securities sold short			—			—			—			—			—
Swap contracts			—			—			—			—			—
Forward foreign currency contracts.			—			—			583,111			—			—
Foreign currency transactions			2,134			—			156,136			27,101			1
Change in Net Unrealized Appreciation (Depreciation):.			804,956,917			131,365,047			355,988,036			29,308,980			44,482
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Securities Short Sold, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions			725,271,452			72,840,157			288,844,747			(17,068,338)			(53,463)
Total Increase (Decrease) in Net Assets from Operations.		$	739,515,350		$	74,079,985		$	293,247,622		$	(9,422,050)		$	(50,079)

Includes accrued foreign capital gains tax of $1,294,251 for Destinations International Equity Fund.

See Notes to Financial Statements.

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Statements of Operations

For the Six Months Ended August 31, 2020 (concluded)

	Destinations Core Fixed Income Fund			Destinations Low Duration Fixed Income Fund			Destinations Global Fixed Income Opportunities Fund			Destinations Municipal Fixed Income Fund			Destinations Multi Strategy Alternatives Fund
INVESTMENT INCOME:
Dividends.		$	147,714		$	153,670		$	631,855		$	—		$	7,328,301
Interest			32,153,823			8,484,336			18,547,478			9,317,014			7,527,937
Income from securities lending			1,471			31,665			1,096			—			122,431
Less: Foreign taxes withheld (Note 5).			—			—			(3,533)			—			—
Miscellaneous income			—			—			—			—			—
Total Investment Income			32,303,008			8,669,671			19,176,896			9,317,014			14,978,669
EXPENSES:
Investment management fee (Note 7).			6,713,926			1,233,025			3,017,217			3,057,391			6,096,420
Transfer agent fees			1,503,246			257,610			518,338			653,845			659,486
Custody fees			416,872			84,858			136,471			246,766			161,246
Trustees’ fees			69,143			11,538			24,000			29,748			29,967
Insurance			18,655			2,071			7,183			8,392			8,694
Audit and tax			17,089			6,792			9,389			6,876			12,792
Legal expense			30,747			5,997			3,987			14,360			20,712
Chief Compliance Officer expense			30,545			5,263			11,837			14,639			13,680
Shareholder services			57,923			10,834			21,980			25,926			26,560
Registration fees			50,112			32,123			30,172			68,122			33,631
Broker fees on securities sold short			—			—			16,943			—			225,278
Miscellaneous expense			30,492			7,168			13,844			14,542			97,861
Interest and dividend expense.			—			—			76,673			—			695,292
Total Expenses			8,938,750			1,657,279			3,888,034			4,140,607			8,081,619
Less: Fee waivers and/or expense reimbursement (Note 7)			(955,767)			(10,347)			(391,148)			(673,958)			(1,710,493)
Net Expenses			7,982,983			1,646,932			3,496,886			3,466,649			6,371,126
Net Investment Income (Loss)		$	24,320,025		$	7,022,739		$	15,680,010		$	5,850,365		$	8,607,543
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
Net Realized Gain (Loss) From:
Investments		$	6,990,748		$	(4,249,868)		$	(12,371,296)		$	4,631,995		$	(40,703,436)
Futures contracts			—			—			—			—			—
Forward sale commitments			(31,789)			—			11,885			—			—
Option written			—			—			539,248			—			—
Securities sold short			—			—			126,413			—			(258,167)
Swap contracts			—			—			—			—			353,333
Forward foreign currency contracts.			—			(633,312)			(987,291)			—			—
Foreign currency transactions			—			(243,394)			(347,729)			—			—
Realized Gain (Loss)			6,958,959			(5,126,574)			(13,028,770)			4,631,995			(40,608,270)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments			(10,176,122)			(2,889,482)			(4,582,550)			(10,624,932)			51,657,085
Futures contracts			—			—			—			—			—
Unfunded loan commitments			104			38,840			21,767			—			—
Options contracts written			—			—			696,268			—			—
Swaptions contracts written			—			—			—			—			(758,343)
Forward sale commitments			—			—			—			—			—
Securities sold short			—			—			(25,128)			—			(3,809,577)
Swap contracts			—			—			—			—			3,588,219
Forward foreign currency contracts.			—			(269,711)			(190,500)			—			—
Foreign currency transactions			—			(1,186)			(43,613)			—			—
Change in Net Unrealized Appreciation (Depreciation):.			(10,176,018)			(3,121,539)			(4,123,756)			(10,624,932)			50,677,384
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Securities Short Sold, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions			(3,217,059)			(8,248,113)			(17,152,526)			(5,992,937)			10,069,114
Total Increase (Decrease) in Net Assets from Operations.		$	21,102,966		$	(1,225,374)		$	(1,472,516)		$	(142,572)		$	18,676,657

See Notes to Financial Statements.

259

TABLE OF CONTENTS

Statements of Changes in Net Assets

For the Six Months Ended August 31, 2020 and Year Ended February 29, 2020

	Destinations Large Cap Equity Fund						Destinations Small-Mid Cap Equity Fund						Destinations International Equity Fund
	August 31, 2020			February 29, 2020			August 31, 2020			February 29, 2020			August 31, 2020			February 29, 2020
OPERATIONS:
Net investment income (loss)		$	14,243,898		$	32,504,725		$	1,239,828		$	5,482,939		$	4,402,875		$	14,166,306
Net realized gain (loss)			(79,685,465)			116,742,791			(58,524,890)			70,257,036			(67,143,289)			(10,345,207)
Change in unrealized appreciation (depreciation).			804,956,917			(4,621,536)			131,365,047			(67,644,492)			355,988,036			68,360,504
Increase (Decrease) in Net Assets From Operations			739,515,350			144,625,980			74,079,985			8,095,483			293,247,622			72,181,603
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
Class I			—			(70,387,255)			—			(39,088,932)			—			(14,409,188)
Class Z.			—			(4,910,206)			—			(2,479,931)			—			(967,627)
Decrease in Net Assets From Distributions to Shareholders			—			(75,297,461)			—			(41,568,863)			—			(15,376,815)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			307,864,235			687,696,868			52,725,208			151,392,598			144,910,295			484,248,356
Class Z			41,117,592			157,982,878			8,216,625			37,418,996			19,773,961			78,919,083
Reinvestment of distributions:
Class I			—			70,064,855			—			38,932,538			—			14,344,776
Class Z			—			4,805,308			—			2,425,248			—			945,298
Cost of shares repurchased:
Class I			(480,363,425)			(606,829,956)			(114,302,846)			(232,103,803)			(329,344,599)			(289,422,489)
Class Z			(35,152,055)			(28,981,976)			(7,345,202)			(9,090,425)			(20,584,238)			(13,517,569)
Increase (Decrease) in Net Assets From Fund Share Transactions			(166,533,653)			284,737,977			(60,706,215)			(11,024,848)			(185,244,581)			275,517,455
Increase (Decrease) in Net Assets.			572,981,697			354,066,496			13,373,770			(44,498,228)			108,003,041			332,322,243
NET ASSETS:
Beginning of period			3,850,546,176			3,496,479,680			936,343,169			980,841,397			1,983,580,177			1,651,257,934
End of period		$	4,423,527,873		$	3,850,546,176		$	949,716,939		$	936,343,169			2,091,583,218		$	1,983,580,177

	Destinations Equity Income Fund						Destinations Real Assets Fund
	August 31, 2020			February 29, 2020			August 31, 2020			February 29, 2020
OPERATIONS:
Net investment income (loss)		$	7,646,288		$	15,351,335		$	3,384		$	420,459
Net realized gain (loss)			(46,377,318)			7,689,707			(97,945)			(184,051,995)
Change in unrealized appreciation (depreciation).			29,308,980			(28,733,491)			44,482			104,177,946
Increase (Decrease) in Net Assets From Operations			(9,422,050)			(5,692,449)			(50,079)			(79,453,590)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
Class I			(5,237,159)			(18,227,009)			—			(452,917)
Class Z.			(295,563)			(771,020)			—			(6,496)
Decrease in Net Assets From Distributions to Shareholders			(5,532,722)			(18,998,029)			—			(459,413)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			19,840,618			158,290,331			381			15,254,257
Class Z			4,836,809			16,258,551			155			4,902,446
Reinvestment of distributions:
Class I			5,205,718			18,155,522			—			449,817
Class Z			273,688			741,452			—			3,372
Cost of shares repurchased:
Class I			(89,755,537)			(103,715,628)			(313,515)			(151,381,248)
Class Z			(5,156,322)			(4,556,237)			(6,129)			(6,519,094)
Increase (Decrease) in Net Assets From Fund Share Transactions			(64,755,026)			85,173,991			(319,108)			(137,290,450)
Increase (Decrease) in Net Assets.			(79,709,798)			60,483,513			(369,187)			(217,203,453)
NET ASSETS:
Beginning of period			462,024,547			401,541,034			381,587			217,585,040
End of period		$	382,314,749		$	462,024,547		$	12,400		$	381,587

See Notes to Financial Statements.

260

TABLE OF CONTENTS

Statements of Changes in Net Assets

For the Six Months Ended August 31, 2020 and Year Ended February 29, 2020 (concluded)

	Destinations Core Fixed Income Fund							Destinations Low Duration Fixed Income Fund						Destinations Global Fixed Income Opportunities Fund
	August 31, 2020				February 29, 2020			August 31, 2020			February 29, 2020			August 31, 2020			February 29, 2020
OPERATIONS:
Net investment income (loss)		$	24,320,025			$	53,209,166		$	7,022,739		$	12,784,338		$	15,680,010		$	31,298,365
Net realized gain (loss)			6,958,959				4,395,533			(5,126,574)			941,198			(13,028,770)			(1,190,867)
Change in unrealized appreciation (depreciation).			(10,176,018)				103,247,183			(3,121,539)			(3,508,510)			(4,123,756)			2,480,370
Increase (Decrease) in Net Assets From Operations			21,102,966	��			160,851,882			(1,225,374)			10,217,026			(1,472,516)			32,587,868
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
Class I			(21,237,391)				(50,516,772)			(6,552,893)			(12,933,632)			(15,324,830)			(30,641,902)
Class Z.			(1,186,777)				(2,007,044)			(315,073)			(443,298)			(766,879)			(1,110,273)
Decrease in Net Assets From Distributions to Shareholders			(22,424,168)				(52,523,816)			(6,867,966)			(13,376,930)			(16,091,709)			(31,752,175)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			301,446,148				348,432,072			91,344,319			65,581,427			98,407,227			120,893,391
Class Z			28,100,871				80,705,308			5,705,491			13,490,093			8,864,171			26,572,816
Reinvestment of distributions:
Class I			21,123,811				50,302,690			6,515,453			12,874,976			15,236,814			30,502,657
Class Z			1,140,406				1,957,744			302,062			432,843			728,882			1,080,878
Cost of shares repurchased:
Class I			(204,482,792)				(315,867,814)			(51,002,230)			(140,784,379)			(122,408,069)			(187,943,047)
Class Z			(18,087,077)				(16,349,302)			(2,619,540)			(5,578,498)			(7,063,820)			(7,700,048)
Increase (Decrease) in Net Assets From Fund Share Transactions			129,241,367				149,180,698			50,245,555			(53,983,538)			(6,234,795)			(16,593,353)
Increase (Decrease) in Net Assets.			127,920,165				257,508,764			42,152,215			(57,143,442)			(23,799,020)			(15,757,660)
NET ASSETS:
Beginning of period			1,994,590,784				1,737,082,020			334,743,809			391,887,251			767,584,267			783,341,927
End of period		$	2,122,510,949			$	1,994,590,784		$	376,896,024		$	334,743,809		$	743,785,247		$	767,584,267

	Destinations Municipal Fixed Income Fund						Destinations Multi Strategy Alternatives Fund
	August 31, 2020			February 29, 2020			August 31, 2020			February 29, 2020
OPERATIONS:
Net investment income (loss)		$	5,850,365		$	13,932,748		$	8,607,543		$	35,814,829
Net realized gain (loss)			4,631,995			5,438,656			(40,608,270)			(20,667,942)
Change in unrealized appreciation (depreciation).			(10,624,932)			43,620,176			50,677,384			18,032,204
Increase (Decrease) in Net Assets From Operations			(142,572)			62,991,580			18,676,657			33,179,091
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
Class I			(7,329,354)			(19,976,187)			(7,359,602)			(41,009,701)
Class Z.			(188,646)			(388,838)			(388,249)			(1,515,766)
Decrease in Net Assets From Distributions to Shareholders			(7,518,000)			(20,365,025)			(7,747,851)			(42,525,467)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			87,317,722			141,594,898			100,662,879			140,648,524
Class Z			7,473,709			9,524,563			9,507,370			32,455,097
Reinvestment of distributions:
Class I			7,277,128			19,854,143			7,324,290			40,884,655
Class Z			176,219			376,396			373,046			1,477,184
Cost of shares repurchased:
Class I			(110,832,816)			(186,875,852)			(90,521,134)			(181,461,416)
Class Z			(4,425,632)			(4,237,551)			(5,744,752)			(7,529,152)
Increase (Decrease) in Net Assets From Fund Share Transactions			(13,013,670)			(19,763,403)			21,601,699			26,474,892
Increase (Decrease) in Net Assets.			(20,674,242)			22,863,152			32,530,505			17,128,516
NET ASSETS:
Beginning of period			896,991,691			874,128,539			929,418,287			912,289,771
End of period		$	876,317,449		$	896,991,691		$	961,948,792		$	929,418,287

See Notes to Financial Statements.

261

TABLE OF CONTENTS

Financial Highlights

Destinations Large Cap Equity Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	11.88		$	11.61		$	11.71		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.04			0.10			0.11			0.10
Net realized and unrealized gain			2.30			0.40			0.18			1.69
Total Income from Operations			2.34			0.50			0.29			1.79
Less Distributions From:
Net investment income			—			(0.10)			(0.10)			(0.08)
Net realized gain.			—			(0.13)			(0.29)			—
Total Distributions.			—			(0.23)			(0.39)			(0.08)
Net Asset Value, End of Period		$	14.22		$	11.88		$	11.61		$	11.71
Total Return(3)			19.70%(4)			4.18%			2.73%			17.89%(4)
Net Assets, End of Period (millions)		$	4,178		$	3,651		$	3,427		$	2,804
Ratios to Average Net Assets:
Gross expenses			0.96%(5)			0.95%			0.97%			0.98%(5)
Net expenses(6)			0.83%(5)			0.82%			0.85%			0.85%(5)
Net investment income(6)			0.72%(5)			0.84%			0.91%			0.97%(5)
Portfolio Turnover Rate(7)			26%(4)			49%			28%			52%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

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

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

262

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Large Cap Equity Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	9.65		$	9.46		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.04			0.10			0.07
Net realized and unrealized gain			1.86			0.34			(0.21)
Total Income from Operations			1.90			0.44			(0.14)
Less Distributions From:
Net investment income			—			(0.12)			(0.11)
Net realized gain.			—			(0.13)			(0.29)
Total Distributions.			—			(0.25)			(0.40)
Net Asset Value, End of Period		$	11.55		$	9.65		$	9.46
Total Return(3)			19.69%(4)			4.45%			(0.94)%(4)
Net Assets, End of Period (millions)		$	246		$	200		$	70
Ratios to Average Net Assets:
Gross expenses			0.81%(5)			0.80%			0.82%(5)
Net expenses(6)			0.68%(5)			0.67%			0.70%(5)
Net investment income(6)			0.87%(5)			0.96%			1.06%(5)
Portfolio Turnover Rate(7)			22%(4)			49%			28%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

263

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Financial Highlights (continued)

Destinations Small Mid Cap Equity

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	10.92		$	11.31		$	10.98		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.01			0.06			0.06			0.04
Net realized and unrealized gain			0.98			0.04			0.84			1.04
Total Income from Operations			0.99			0.10			0.90			1.08
Less Distributions From:
Net investment income			—			(0.06)			(0.05)			(0.04)
Net realized gain.			—			(0.43)			(0.52)			(0.06)
Total Distributions.			—			(0.49)			(0.57)			(0.10)
Net Asset Value, End of Period		$	11.91		$	10.92		$	11.31		$	10.98
Total Return(3)			9.07%(4)			0.52%			9.02%			10.83%(4)
Net Assets, End of Period (millions)		$	898		$	890		$	962		$	701
Ratios to Average Net Assets:
Gross expenses			1.13%(5)			1.11%			1.12%			1.14%(5)
Net expenses(6)			1.12%(5)			1.08%			1.03%			1.03%(5)
Net investment income(6)			0.28%(5)			0.54%			0.53%			0.41%(5)
Portfolio Turnover Rate(7)			75%(4)			110%			85%			112%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

264

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Financial Highlights (continued)

Destinations Small Mid Cap Equity

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	8.80		$	9.20		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.02			0.06			0.04
Net realized and unrealized gain			0.78			0.05			(0.25)
Total Income from Operations			0.80			0.11			(0.21)
Less Distributions From:
Net investment income			—			(0.08)			(0.07)
Net realized gain.			—			(0.43)			(0.52)
Total Distributions.			—			(0.51)			(0.59)
Net Asset Value, End of Period		$	9.60		$	8.80		$	9.20
Total Return(3)			9.09%(4)			0.69%			(1.24)%(4)
Net Assets, End of Period (millions)		$	51		$	46		$	19
Ratios to Average Net Assets:
Gross expenses			0.99%(5)			0.97%			0.97%(5)
Net expenses(6)			0.98%(5)			0.94%			0.88%(5)
Net investment income(6)			0.42%(5)			0.66%			0.68%(5)
Portfolio Turnover Rate(7)			75%(4)			110%			85%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

265

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations International Equity Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	11.30		$	10.86		$	11.69		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.03			0.09			0.09			0.07
Net realized and unrealized gain			1.94			0.44			(0.77)			1.70
Total Income from Operations			1.97			0.53			(0.68)			1.77
Less Distributions From:
Net investment income			—			(0.09)			(0.12)			(0.07)
Net realized gain.			—			—			(0.03)			(0.01)
Total Distributions.			—			(0.09)			(0.15)			(0.08)
Net Asset Value, End of Period		$	13.27		$	11.30		$	10.86		$	11.69
Total Return(3)			17.43%(4)			4.83%			(5.71)%			17.70%(4)
Net Assets, End of Period (millions)		$	1,977		$	1,884		$	1,618		$	1,413
Ratios to Average Net Assets:
Gross expenses			1.25%(5)			1.25%			1.28%			1.30%(5)
Net expenses(6)			1.23%(5)			1.17%			1.18%			1.15%(5)
Net investment income(6)			0.46%(5)			0.77%			0.83%			0.69%(5)
Portfolio Turnover Rate(7)			21%(4)			27%			32%			50%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

266

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Financial Highlights (continued)

Destinations International Equity Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	9.86		$	9.48		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.03			0.06			0.02
Net realized and unrealized gain			1.70			0.43			(0.38)
Total Income from Operations			1.73			0.49			(0.36)
Less Distributions From:
Net investment income			—			(0.11)			(0.13)
Net realized gain.			—			—			(0.03)
Total Distributions.			—			(0.11)			(0.16)
Net Asset Value, End of Period		$	11.59		$	9.86		$	9.48
Total Return(3)			17.55%(4)			5.05%			(3.43)%(4)
Net Assets, End of Period (millions)		$	114		$	99		$	33
Ratios to Average Net Assets:
Gross expenses			1.10%(5)			1.10%			1.13%(5)
Net expenses(6)			1.09%(5)			1.02%			1.03%(5)
Net investment income(6)			0.60%(5)			0.62%			0.98%(5)
Portfolio Turnover Rate(7)			21%(4)			27%			32%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

267

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Equity Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	9.74		$	10.20		$	10.14		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.18			0.35			0.32			0.31
Net realized and unrealized gain			(0.24)			(0.40)			0.39			0.12
Total Income from Operations			(0.06)			(0.05)			0.71			0.43
Less Distributions From:
Net investment income			(0.13)			(0.32)			(0.29)			(0.26)
Net realized gain.			—			(0.09)			(0.36)			(0.03)
Total Distributions.			(0.13)			(0.41)			(0.65)			(0.29)
Net Asset Value, End of Period		$	9.55		$	9.74		$	10.20		$	10.14
Total Return(3)			(0.53)%(4)			(0.78)%			7.52%			4.34%(4)
Net Assets, End of Period (millions)		$	362		$	441		$	391		$	320
Ratios to Average Net Assets:
Gross expenses			1.04%(5)			1.03%			1.04%			1.05%(5)
Net expenses(6)			0.92%(5)			0.88%			0.87%			0.93%(5)
Net investment income(6)			3.87%(5)			3.31%			3.13%			3.18%(5)
Portfolio Turnover Rate(7)			34%(4)			43%			74%			57%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

268

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Equity Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	9.44		$	9.89		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.18			0.36			0.20
Net realized and unrealized gain			(0.24)			(0.38)			0.21
Total Income from Operations			(0.06)			(0.02)			0.41
Less Distributions From:
Net investment income			(0.13)			(0.34)			(0.16)
Net realized gain.			—			(0.09)			(0.36)
Total Distributions.			(0.13)			(0.43)			(0.52)
Net Asset Value, End of Period		$	9.25		$	9.44		$	9.89
Total Return(3)			(0.50)%(4)			(0.58)%			4.51%(4)
Net Assets, End of Period (millions)		$	21			21		$	10
Ratios to Average Net Assets:
Gross expenses			0.89%(5)			0.88%			0.89%(5)
Net expenses(6)			0.77%(5)			0.74%			0.72%(5)
Net investment income(6)			4.01%(5)			3.46%			3.28%(5)
Portfolio Turnover Rate(7)			34%(4)			43%			74%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

269

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Real Assets Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	2.81		$	6.43		$	8.94		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.04			0.02			0.02			0.00(3)
Net realized and unrealized gain			(0.23)			(2.75)			(2.52)			(0.78)
Total Income from Operations			(0.19)			(2.73)			(2.50)			(0.78)
Less Distributions From:
Net investment income			—			(0.89)			(0.00)(3)			(0.04)
Net realized gain.			—			—			(0.01)			(0.24)
Total Distributions.			—			(0.89)			(0.01)			(0.28)
Net Asset Value, End of Period		$	2.62		$	2.81		$	6.43		$	8.94
Total Return(4)			(9.25)%(5)			(44.29)%			(27.95)%			(7.95)%(5)
Net Assets, End of Period (millions)		$	0		$	0		$	214		$	223
Ratios to Average Net Assets:
Gross expenses			1.49%(6)			1.27%			1.24%			1.29%(6)
Net expenses(7)			0.89%(6)			1.14%			1.20%			1.19%(6)
Net investment income(7)			3.13%(6)			0.39%			0.21%			0.02%(6)
Portfolio Turnover Rate(8)			5%(5)			198%			66%			58%(5)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

Amounts represent less than 0.01.

(4)

(5)

Not annualized.

(6)

Annualized.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

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

See Notes to Financial Statements.

270

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Real Assets Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	2.63		$	6.50		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.03			0.03			0.02
Net realized and unrealized gain			(0.21)			(2.61)			(3.50)
Total Income from Operations			(0.18)			(2.58)			(3.48)
Less Distributions From:
Net investment income			—			(1.29)			(0.01)
Net realized gain.			—			—			(0.01)
Total Distributions.			—			(1.29)			(0.02)
Net Asset Value, End of Period		$	2.45		$	2.63		$	6.50
Total Return(3)			(9.51)%(4)			(41.64)%			(34.79)%(4)
Net Assets, End of Period (millions)		$	0		$	0		$	4
Ratios to Average Net Assets:
Gross expenses			1.34%(5)			1.04%			1.09%(5)
Net expenses(6)			0.73% (5)			0.91%			1.05%(5)
Net investment income(6)			3.27% (5)			0.50%			0.36%(5)
Portfolio Turnover Rate(7)			5%(4)			198%			66%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

271

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Core Fixed Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	10.42		$	9.83		$	9.83		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.12			0.28			0.28			0.21
Net realized and unrealized gain			(0.03)			0.59			(0.01)			(0.17)
Total Income from Operations			0.09			0.87			0.27			0.04
Less Distributions From:
Net investment income			(0.11)			(0.28)			(0.27)			(0.19)
Net realized gain.			—			—			—			(0.02)
Total Distributions.			(0.11)			(0.28)			(0.27)			(0.21)
Net Asset Value, End of Period		$	10.40		$	10.42		$	9.83		$	9.83
Total Return(3)			0.90%(4)			8.97%			2.77%			0.34%(4)
Net Assets, End of Period (millions)		$	2,013		$	1,896		$	1,708		$	1,500
Ratios to Average Net Assets:
Gross expenses			0.87%(5)			0.88%			0.89%			0.90%(5)
Net expenses(6)			0.78%(5)			0.80%			0.81%			0.82%(5)
Net investment income(6)			2.35%(5)			2.80%			2.85%			2.22%(5)
Portfolio Turnover Rate(7)			37%(4)			43%			64%			170%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

272

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Core Fixed Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	10.69		$	10.08		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.13			0.30			0.20
Net realized and unrealized gain			(0.02)			0.61			0.03
Total Income from Operations			0.11			0.91			0.23
Less Distributions From:
Net investment income			(0.12)			(0.30)			(0.15)
Total Distributions.			(0.12)			(0.30)			(0.15)
Net Asset Value, End of Period		$	10.68		$	10.69		$	10.08
Total Return(3)			1.05%(4)			9.11%			2.29%(4)
Net Assets, End of Period (millions)		$	110		$	99		$	29
Ratios to Average Net Assets:
Gross expenses			0.72%(5)			0.73%			0.74%(5)
Net expenses(6)			0.63%(5)			0.65%			0.66%(5)
Net investment income(6)			2.50%(5)			2.90%			3.00%(5)
Portfolio Turnover Rate(7)			37%(4)			43%			64%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

273

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Low Duration Fixed Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	9.75		$	9.84		$	9.90		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.19			0.33			0.35			0.27
Net realized and unrealized gain			(0.28)			(0.08)			(0.08)			(0.12)
Total Income from Operations			(0.09)			0.25			0.27			0.15
Less Distributions From:
Net investment income			(0.18)			(0.34)			(0.33)			(0.25)
Total Distributions.			(0.18)			(0.34)			(0.33)			(0.25)
Net Asset Value, End of Period		$	9.48		$	9.75		$	9.84		$	9.90
Total Return(3)			(0.83)%(4)			2.59%			2.79%			1.52%(4)
Net Assets, End of Period (millions)		$	360		$	320		$	386		$	178
Ratios to Average Net Assets:
Gross expenses			0.95%(5)			0.96%			0.97%			1.00%(5)
Net expenses(6)			0.94%(5)			0.94%			0.93%			0.94%(5)
Net investment income(6)			3.98%(5)			3.30%			3.51%			2.84%(5)
Portfolio Turnover Rate(7)			95%(4)			138%			120%			32%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

274

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Low Duration Fixed Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	9.94		$	10.03		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.20			0.34			0.22
Net realized and unrealized gain			(0.28)			(0.07)			(0.03)
Total Income from Operations			(0.08)			0.27			0.19
Less Distributions From:
Net investment income			(0.19)			(0.36)			(0.16)
Total Distributions.			(0.19)			(0.36)			(0.16)
Net Asset Value, End of Period		$	9.67		$	9.94		$	10.03
Total Return(3)			(0.74)%(4)			2.69%			1.82%(4)
Net Assets, End of Period (millions)		$	17		$	14		$	6
Ratios to Average Net Assets:
Gross expenses			0.80%(5)			0.82%			0.82%(5)
Net expenses(6)			0.79%(5)			0.81%			0.78%(5)
Net investment income(6)			4.13%(5)			3.40%			3.66%(5)
Portfolio Turnover Rate(7)			95%(4)			138%			120%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

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Financial Highlights (continued)

Destinations Global Fixed Income Opportunities Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	9.83		$	9.82		$	9.99		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.21			0.39			0.38			0.37
Net realized and unrealized gain			(0.22)			0.02			(0.18)			(0.02)
Total Income from Operations			(0.01)			0.41			0.20			0.35
Less Distributions From:
Net investment income			(0.21)			(0.40)			(0.37)			(0.35)
Net realized gain.			—			—			—			(0.01)
Total Distributions.			(0.21)			(0.40)			(0.37)			(0.36)
Net Asset Value, End of Period		$	9.61		$	9.83		$	9.82		$	9.99
Total Return(3)			0.03%(4)			4.18%			2.20%			3.34%(4)
Net Assets, End of Period (millions)		$	708		$	733		$	769		$	601
Ratios to Average Net Assets:
Gross expenses(6)			1.10%(5)			1.11%			1.09%			1.10%(5)
Net expenses(6)(7)			0.99%(5)			1.00%			0.98%			0.99%(5)
Net investment income(7)			4.41%(5)			3.92%			3.90%			3.88%(5)
Portfolio Turnover Rate(8)			95%(4)			84%			79%			64%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Ratios include interest and dividend expense on short sales which represent less than 0.02%, 0.03% and 0.00%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020 and the year ended February 28, 2019, respectively. Ratios include borrowing expense on short sales which represent less than 0.00% for the period ended August 31, 2020.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

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

See Notes to Financial Statements.

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Financial Highlights (continued)

Destinations Global Fixed Income Opportunities Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	9.99		$	9.98		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.22			0.41			0.26
Net realized and unrealized gain			(0.22)			0.01			(0.08)
Total Income from Operations			0.00			0.42			0.18
Less Distributions From:
Net investment income			(0.22)			(0.41)			(0.20)
Net realized gain.			—			—			—
Total Distributions.			(0.22)			(0.41)			(0.20)
Net Asset Value, End of Period		$	9.77		$	9.99		$	9.98
Total Return(3)			0.11%(4)			4.26%			1.72%(4)
Net Assets, End of Period (millions)		$	36		$	34		$	14
Ratios to Average Net Assets:
Gross expenses(6)			0.95%(5)			0.96%			0.94%(5)
Net expenses(6)(7)			0.84%(5)			0.85%			0.83%(5)
Net investment income(7)			4.56%(5)			4.06%			4.05%(5)
Portfolio Turnover Rate(8)			95%(4)			84%			79%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Ratios include interest and dividend expense on short sales which represent less than 0.02%, 0.03% and 0.00%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020 and the period ended February 28, 2019, respectively. Ratios include borrowing expense on short sales which represent less than 0.00% for the period ended August 31, 2020.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

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

See Notes to Financial Statements.

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Financial Highlights (continued)

Destinations Municipal Fixed Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	10.61		$	10.11		$	9.93		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.07			0.16			0.17			0.08
Net realized and unrealized gain			(0.06)			0.58			0.15			(0.09)
Total Income from Operations			0.01			0.74			0.32			(0.01)
Less Distributions From:
Net investment income			(0.09)			(0.20)			(0.14)			(0.05)
Net realized gain.			—			(0.04)			—			(0.01)
Total Distributions.			(0.09)			(0.24)			(0.14)			(0.06)
Net Asset Value, End of Period		$	10.53		$	10.61		$	10.11		$	9.93
Total Return(3)			0.11%(4)			7.38%			3.30%			(0.14)%(4)
Net Assets, End of Period (millions)		$	855		$	878		$	862		$	230
Ratios to Average Net Assets:
Gross expenses			0.95%(5)			0.95%			0.95%			0.97%(5)
Net expenses(6)			0.80%(5)			0.80%			0.80%			0.80%(5)
Net investment income(6)			1.34%(5)			1.56%			1.71%			0.79%(5)
Portfolio Turnover Rate(7)			19%(4)			38%			84%			69%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

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Financial Highlights (continued)

Destinations Municipal Fixed Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	10.64		$	10.14		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.08			0.18			0.13
Net realized and unrealized gain			(0.07)			0.57			0.11
Total Income from Operations			0.01			0.75			0.24
Less Distributions From:
Net investment income			(0.10)			(0.21)			(0.10)
Net realized gain.			—			(0.04)			—
Total Distributions.			(0.10)			(0.25)			(0.10)
Net Asset Value, End of Period		$	10.55		$	10.64		$	10.14
Total Return(3)			0.09%(4)			7.51%			2.42%(4)
Net Assets, End of Period (millions)		$	21		$	19		$	12
Ratios to Average Net Assets:
Gross expenses			0.80%(5)			0.80%			0.80%(5)
Net expenses(6)			0.65%(5)			0.65%			0.65%(5)
Net investment income(6)			1.49%(5)			1.71%			1.86%(5)
Portfolio Turnover Rate(7)			19%(4)			38%			84%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

279

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Financial Highlights (continued)

Destinations Multi Strategy Alternatives Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class I
	2020(1)			2020			2019			2018(1)
Net asset value, Beginning of Period		$	9.67		$	9.76		$	10.20		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.09			0.37			0.40			0.27
Net realized and unrealized gain			0.08			(0.02)			(0.32)			0.13
Total Income from Operations			0.17			0.35			0.08			0.40
Less Distributions From:
Net investment income			(0.08)			(0.41)			(0.35)			(0.20)
Net realized gain.			—			(0.03)			(0.17)			—
Total Distributions.			(0.08)			(0.44)			(0.52)			(0.20)
Net Asset Value, End of Period		$	9.76		$	9.67		$	9.76		$	10.20
Total Return(3)			1.82%(4)			3.76%			1.10%			3.94%(4)
Net Assets, End of Period (millions)		$	916		$	888		$	897		$	909
Ratios to Average Net Assets:
Gross expenses(6)			1.80%(5)			1.73%			1.71%			1.73%(5)
Net expenses(6)(7)			1.42%(5)			1.34%			1.23%			1.25%(5)
Net investment income(7)			1.90%(5)			3.86%			4.01%			2.82%(5)
Portfolio Turnover Rate(8)			65%(4)			119%			109%			111%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018 respectively.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Ratios include interest and dividend expense on short sales which represent less than 0.16%, 0.16%, 0.12% and 0.12%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020, the year ended February 28, 2019 and the period ended February 28, 2018, respectively. Ratios include borrowing expense on short sales which represent less than 0.05% for the period ended August 31, 2020.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

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

See Notes to Financial Statements.

280

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Financial Highlights (continued)

Destinations Multi Strategy Alternatives Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2020), unless otherwise noted:

	Class Z
	2020(1)			2020			2019(1)
Net asset value, Beginning of Period		$	9.44		$	9.54		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.09			0.35			0.31
Net realized and unrealized gain			0.08			—			(0.35)
Total Income from Operations			0.17			0.35			(0.04)
Less Distributions From:
Net investment income			(0.08)			(0.42)			(0.25)
Net realized gain.			—			(0.03)			(0.17)
Total Distributions.			(0.08)			(0.45)			(0.42)
Net Asset Value, End of Period		$	9.53		$	9.44		$	9.54
Total Return(3)			1.91%(4)			3.87%			(0.21)%(4)
Net Assets, End of Period (millions)		$	46		$	41		$	15
Ratios to Average Net Assets:
Gross expenses(6)			1.65%(5)			1.59%			1.56%(5)
Net expenses(6)(7)			1.27%(5)			1.20%			1.08%(5)
Net investment income(7)			2.04%(5)			3.75%			4.16%(5)
Portfolio Turnover Rate(8)			65%(4)			119%			109%(4)

(1)

Figures are for the period ended August 31, 2020 (unaudited), and for the period from inception of Class (July 16, 2018) through the period ended February 28, 2019.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized.

(6)

Ratios include interest and dividend expense on short sales which represent less than 0.16%, 0.16% and 0.20%
(annualized) for the period ended August 31, 2020, for the year ended February 29, 2020 and the period ended February 28, 2019, respectively. Ratios include borrowing expense on short sales which represent less than 0.05% for the period ended August 31, 2020.

(7)

Reflects fee waivers and/or expense reimbursements.

(8)

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

See Notes to Financial Statements.

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Notes to Financial Statements

August 31, 2020 (unaudited)

1. Organization

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

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

On September 24, 2020, Brinker Capital, Inc., a wholly-owned subsidiary of Brinker Capital Holdings, Inc. and the owners of Brinker Capital, was sold to a new owner: GT Polaris Inc., a newly formed entity controlled by funds affiliated with Genstar Capital Partners LLC and TA Associates Management, L.P. (“Buyer”). This transaction occurred contemporaneously with Buyer’s acquisition of Orion Advisor Solutions and its affiliates (“Orion”), including Orion’s subsidiary CLS Investments, LLC, an SEC-registered investment adviser (“CLS”). As part of the transaction, Brinker Capital’s business was combined with CLS’s business and renamed Brinker Capital Investments, LLC.

2. Accounting Policies

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

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

3. Investment valuation

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

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

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

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

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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

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

	Total Fair Value at August 31, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Large Cap Equity Fund
Investments, at value
Common Stocks:
Basic Materials		$	114,957,067		$	114,957,067		$	—		$	—
Communications			817,869,361			817,869,361			—			—
Consumer Cyclical			315,342,982			315,342,982			—			—
Consumer Non-cyclical			1,123,505,187			1,123,505,187			—			—
Energy			75,542,438			75,542,438			—			—
Financial			518,888,650			516,580,356			—			2,308,294

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value atAugust 31, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Large Cap Equity Fund (continued)
Investments, at value (continued)
Common Stocks: (continued)
Industrial			349,319,078			349,319,078			—			—
Technology			981,419,640			979,366,866			—			2,052,774
Utilities			65,935,070			65,935,070			—			—
Preferred Stocks			13,746,911			—			—			13,746,911
Short-Term Investments:
Time Deposits			48,878,552			—			48,878,552			—
Money Market Fund			6,728,123			6,728,123			—			—
Total Investments, at value		$	4,432,133,059		$	4,365,146,528		$	48,878,552		$	18,107,979
Other Financial Instruments – Asset
Futures Contract		$	875,946		$	875,946		$	—		$	—
Total Other Financial Instruments – Assets		$	875,946		$	875,946		$	—		$	—
Destinations Small-Mid Cap Equity Fund
Investments, at value
Common Stocks		$	905,757,909		$	905,757,909		$	—		$	—
Exchange Traded Funds (ETFs)			28,731,438			28,731,438			—			—
Short-Term Investments:
Time Deposits			13,811,861			—			13,811,861			—
Money Market Fund			15,585,626			15,585,626			—			—
Total Investments, at value		$	963,886,834		$	950,074,973		$	13,811,861		$	—
Destinations International Equity Fund
Investments, at value
Common Stocks:
Australia		$	21,311,838		$	—		$	21,311,838		$	—
Austria			4,129,648			—			4,129,648			—
Belgium			2,224,688			—			2,224,688			—
Bermuda			7,275,637			2,008,086			5,267,551			—
Brazil			38,789,270			22,279,802			16,509,468			—
Canada			31,102,269			31,102,269			—			—
China			237,554,112			81,169,108			156,367,216			17,788
Denmark			12,220,246			—			12,220,246			—
Egypt			10,599,674			—			10,599,674			—
Finland			760,278			—			760,278			—
France			132,403,735			—			132,403,735			—
Germany			120,777,120			—			120,777,120			—
Greece			4,954,388			—			4,954,388			—
Hong Kong			31,968,736			1,260,628			30,708,108			—
Hungary			432,326			—			432,326			—
India			151,373,508			1,567,972			149,277,958			527,578
Indonesia			20,777,631			—			20,777,631			—
Ireland			15,756,062			3,729,490			12,026,572			—
Israel			8,930,256			5,458,315			3,471,941			—
Italy			14,750,494			—			14,750,494			—
Japan			341,921,102			—			341,921,102			—
Malaysia			2,451,465			—			2,451,465			—
Mexico			20,589,520			1,989,811			18,599,709			—

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August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value atAugust 31, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations International Equity Fund (continued)
Investments, at value (continued)
Common Stocks: (continued)
Netherlands			56,098,964			10,124,893			45,974,071			—
Norway			10,517,627			—			10,517,627			—
Peru			3,120,299			3,120,299			—			—
Philippines			12,953,919			—			12,953,919			—
Poland			3,066,919			—			3,066,919			—
Portugal			13,235,294			—			13,235,294			—
Russia			19,698,672			14,928,383			4,770,289			—
Singapore			4,557,403			—			4,557,403			—
South Africa			18,306,894			—			18,306,894			—
South Korea			68,575,647			—			68,575,647			—
Spain			11,651,842			—			11,651,842			—
Sweden			46,582,274			—			46,582,274			—
Switzerland			117,742,516			—			117,742,516			—
Taiwan			82,381,301			33,515,142			48,866,159			—
Thailand			13,002,824			—			13,002,824			—
United Arab Emirates			7,415,078			—			7,415,078			—
United Kingdom			170,536,501			2,195,236			168,337,126			4,139
United States			76,279,165			76,279,165			—			—
Exchange Traded Funds (ETFs)			60,045,002			60,045,002			—			—
Preferred Stock			793,594			—			—			793,594
Short-Term Investments:
Time Deposits			62,562,354			—			62,562,354			—
Money Market Fund			39,244,796			39,244,796			—			—
Total Investments, at value		$	2,131,422,888		$	390,018,397		$	1,740,061,392		$	1,343,099
Other Financial Instruments – Liabilities
Options Contracts Written		$	(182,656)		$	(107,723)		$	(74,933)		$	—
Forward Foreign Currency Contracts			(8,389)			—			(8,389)			—
Total Other Financial Instruments – Liabilities		$	(191,045)		$	(107,723)		$	(83,322)		$	—
Destinations Equity Income Fund
Investments, at value
Common Stocks		$	329,828,991		$	329,828,991		$	—		$	—
Convertible Preferred Stocks			5,720,439			5,720,439			—			—
Equity Linked Note			952,032			—			952,032			—
Exchange Traded Funds (ETFs)			38,221,519			38,221,519			—			—
Short-Term Investments:
Time Deposits			6,692,796			—			6,692,796			—
Money Market Fund			959,784			959,784			—			—
Total Investments, at value		$	382,375,561		$	374,730,733		$	7,644,828		$	—
Destinations Real Assets Fund
Investments, at value
Exchange Traded Funds (ETFs)		$	13,305		$	13,305		$	—		$	—
Short-Term Investments:
Time Deposit			16,015			—			16,015			—
Total Investments, at value		$	29,320		$	13,305		$	16,015		$	—

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August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value atAugust 31, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Core Fixed Income Fund
Investments, at value
U.S. Government Agencies & Obligations		$	500,159,290		$	—		$	500,159,290		$	—
Mortgage-Backed Securities			424,894,977			—			424,894,977			—
Corporate Bonds & Notes			406,005,865			—			406,005,865			—
Collateralized Mortgage Obligations			397,476,848			—			397,476,848			—
Asset-Backed Securities			170,021,923			—			170,021,923			—
Senior Loans			39,879,733			—			39,879,733			—
Sovereign Bonds			25,278,104			—			25,278,104			—
Municipal Bonds			5,015,549			—			5,015,549			—
Open-End Fund			22,427,633			22,427,633			—			—
Common Stocks:
Diversified			27,078			—			—			27,078
Energy			6,160			1,997			4,163			—
Industrial			9,121			9,121			—			—
Short-Term Investments:
Time Deposits			103,788,386			—			103,788,386			—
U.S. Government Obligations			80,679,171			—			80,679,171			—
Total Investments, at value		$	2,175,669,838		$	22,438,751		$	2,153,204,009		$	27,078
Destinations Low Duration Fixed Income Fund
Investments, at value
Corporate Bonds & Notes		$	188,958,161		$	—		$	188,958,161		$	—
Senior Loans			57,619,115			—			52,858,093			4,761,022
Asset-Backed Securities			25,000,010			—			25,000,010			—
Collateralized Mortgage Obligations			20,147,269			—			20,147,269			—
Municipal Bonds			6,487,930			—			6,487,930			—
U.S. Government Agencies & Obligations			5,321,978			—			5,321,978			—
Mortgage-Backed Securities			2,367,706			—			2,367,706			—
Sovereign Bonds			1,611,923			—			1,611,923			—
Exchange Traded Fund (ETF)			20,326,576			20,326,576			—			—
Common Stocks:
Basic Materials			201,059			—			—			201,059
Communications			1,754			—			—			1,754
Diversified			3,093,364			3,093,364			—			—
Short-Term Investments:
Commercial Paper			5,373,935			—			5,373,935			—
Time Deposits			53,925,163			—			53,925,163			—
Money Market Fund			6,567,375			6,567,375			—			—
Total Investments, at value		$	397,003,318		$	29,987,315		$	362,052,168		$	4,963,835
Other Financial Instruments – Assets
Forward Foreign Currency Contract		$	3,778		$	—		$	3,778		$	—
Total Other Financial Instruments – Assets		$	3,778		$	—		$	3,778		$	—
Other Financial Instruments – Liabilities
Forward Foreign Currency Contracts		$$	(379,740))		$	—		$$	(379,740)		$	—
Total Other Financial Instruments – Liabilities		$$	(379,740)		$	—		$$	(379,740)		$	—
Destinations Global Fixed Income Opportunities Fund
Investments, at value
Corporate Bonds & Notes
Australia		$	2,335,667		$	—		$	2,335,667		$	—

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August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value atAugust 31, 2020		Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Destinations Global Fixed Income Opportunities Fund (continued)
Investments, at value (continued)
Bahamas		3,631,061		—		3,631,061		—
Bermuda		9,837,383		—		9,837,383		—
Brazil		10,256,761		—		10,256,761		—
British Virgin Islands		24,152,075		—		24,152,075		—
Canada		5,866,326		—		5,866,326		—
Cayman Islands		27,772,405		—		27,772,405		—
Chile		19,606,186		—		19,606,186		—
Colombia		9,544,549		—		9,544,549		—
Denmark		589,793		—		589,793		—
Dominican Republic		1,112,375		—		1,112,375		—
France		3,194,312		—		3,194,312		—
Germany		3,084,414		—		3,084,414		—
Hong Kong		6,212,351		—		6,212,351		—
India		17,616,067		—		17,616,067		—
Indonesia		1,048,000		—		1,048,000		—
Ireland		1,814,750		—		1,814,750		—
Israel		1,186,004		—		1,186,004		—
Italy		13,068,262		—		13,068,262		—
Luxembourg		456,974		—		456,974		—
Malaysia		11,734,223		—		11,734,223		—
Marshall Island		4,850,751		—		4,278,400		572,351
Mauritius		3,026,315		—		3,026,315		—
Mexico		25,123,871		—		25,123,871		—
Multinational		11,236,697		—		11,236,697		—
Netherlands		8,403,537		—		8,403,537		—
Norway		2,084,347		—		2,084,347		—
Panama		11,635,460		—		11,635,460		—
Peru		4,847,260		—		4,847,260		—
Philippines		4,641,260		—		4,641,260		—
Portugal		2,996		—		—		2,996
Saudi Arabia		2,155,768		—		2,155,768		—
Singapore		28,544,268		—		28,544,268		—
South Korea		12,295,524		—		12,295,524		—
Sweden		442,210		—		442,210		—
Switzerland		3,164,313		—		3,164,313		—
Thailand		3,199,016		—		3,199,016		—
United Kingdom		13,376,775		—		13,376,775		—
United States		183,287,802		—		183,287,802		—
Senior Loans		54,518,864		—		53,374,503		1,144,361
Sovereign Bonds		47,742,400		—		47,742,400		—
Municipal Bonds		7,089,820		—		7,089,820		—
Preferred Stocks:
Bermuda		1,992,442		1,992,442		—		—
United States		12,853,836		11,763,336		1,090,500		—
Common Stocks:
Canada		44,423		44,423		—		—
United States		32,940,908		29,162,273		—		3,778,635
Convertible Preferred Stock		1,295,216		1,295,216		—		—
Exchange Traded Fund (ETF)		1,113,808		1,113,808		—		—

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August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value atAugust 31, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Global Fixed Income Opportunities Fund (continued)
Investments, at value (continued)
Warrants:
Bermuda			204,473			—			204,473			—
Brazil			—*			—			—			—*
United States			19,380			19,380			—			—
Purchased Options
United States			273,510			250,580			22,930			—
Short-Term Investments:
Commercial Papers			18,995,838			—			18,995,838			—
Time Deposits			74,605,334			—			74,605,334			—
Money Market Fund			11,580			11,580			—			—
Total Investments, at value		$	750,139,940		$	45,653,038		$	698,988,559		$	5,498,343
Other Financial Instruments – Liabilities
Forward Foreign Currency Contract		$	(355,799)		$	—		$	(355,799)		$	—
Options Contracts Written			(214,640)			(94,982)			(119,658)			—
Securities Sold Short:
Common Stocks			(811,439)			(811,439)			—			—
Corporate Bonds & Notes			(4,124,950)			—			(4,124,950)			—
Total Other Financial Instruments – Liabilities		$	(5,506,828)		$	(906,421)		$	(4,600,407)		$	—
Destinations Municipal Fixed Income Fund
Investments, at value
Municipal Bonds		$	767,112,563		$	—		$	767,112,563		$	—
Short-Term Investments:
Time Deposits			84,755,333			—			84,755,333			—
Municipal Bonds			43,735,375			—			43,735,375			—
Total Investments, at value		$	895,603,271		$	—		$	895,603,271		$	—
Destinations Multi Strategy Alternatives Fund
Investments, at value
Collateralized Mortgage Obligations		$	170,840,319		$	—		$	170,840,319		$	—
Corporate Bonds & Notes:
Communications			21,347,079			—			21,347,079			—
Consumer Cyclical			6,162,300			—			6,162,300			—
Consumer Non-cyclical			6,777,871			—			6,777,871			—
Energy			4,166,586			—			4,166,586			—
Financial			37,824,381			2,309,090			35,515,291			—
Industrial			3,412,064			—			3,412,064			—
Asset-Backed Securities			78,256,864			—			78,256,864			—
Common Stocks
Communications			11,637,048			11,637,048			—			—
Consumer cyclical			4,193,665			4,193,665			—			—
Consumer Non-cyclical			105,252,977			105,252,977			—			—
Diversified			49,946,411			49,946,411			—			—
Financial			37,956,591			37,956,591			—			—
Utilities			7,003,220			7,003,220			—			—
Open-End Fund			112,248,288			112,248,288			—			—
Closed-End Funds			107,087,565			107,087,565			—			—
Preferred Stocks:
Financial			11,996,377			10,923,233			1,073,144			—

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August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total Fair Value atAugust 31, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Multi Strategy Alternatives Fund (continued)
Investments, at value (continued)
Warrants
Consumer Cyclical		$	23,927		$	23,927		$	—		$	—
Diversified			1,957,080			1,957,080			—			—
Energy			9,652			9,652			—			—
Financial			96,462			96,462			—			—
Technology			3,997			3,997			—			—
Rights			194,418			194,418			—			—
Purchased Swaption			2,615,360			—			2,615,360			—
Short-Term Investments:
Time Deposits			167,787,822			—			167,787,822			—
Money Market Fund			9,658,436			9,658,436			—			—
Total Investments, at value		$	958,456,760		$	460,502,060		$	497,954,700		$	—
Other Financial Instruments – Assets
OTC Credit Default Swaps		$	4,460,622		$	—		$	4,460,622		$	—
Total Other Financial Instruments – Assets		$	4,460,622		$	—		$	4,460,622		$	—
Other Financial Instruments – Liabilities
OTC Credit Default Swaps		$	(73,308)		$	—		$	(73,308)		$	—
Swaption Contracts Written			(2,045,280)			—			(2,045,280)			—
Securities Sold Short:
Exchange Traded Funds (ETFs)			(60,863,852)			(60,863,852)			—			—
Common Stocks			(4,130,408)			(4,130,408)			—			—
Corporate Bonds & Notes			(4,511,044)			—			(4,511,044)			—
Total Other Financial Instruments – Liabilities		$	(71,623,892)		$	(64,994,260)		$	(6,629,632)		$	—

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

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

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period February 29, 2020 through August 31, 2020:

	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Senior Loans			Warrants			Municipal Bonds
Destinations Large Cap Equity Fund
Balance as of February 29, 2020		$	7,412,866		$	2,130,232		$	—		$	5,282,634		$	—		$	—		$	—
Purchases			9,314,684			2,064,452			—			7,250,232			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			1,380,429			166,384			—			1,214,045			—			—			—
Transfers In			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—
Balance as of August 31, 2020		$	18,107,979		$	4,361,068		$	—		$	13,746,911		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2020		$	1,380,429		$	166,384		$	—		$	1,214,045		$	—		$	—		$	—

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August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Senior Loans			Warrants			MunicipalBonds
Destinations International Equity Fund
Balance as of February 29, 2020		$	1,330,359		$	536,765		$	—		$	793,594		$	—		$	—		$	—
Purchases			—			—			—			—			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			12,740			12,740			—			—			—			—			—
Transfers In			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—
Balance as of August 31, 2020		$	1,343,099		$	549,505		$	—		$	793,594		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2020		$	12,740		$	12,740		$	—		$	—		$	—		$	—		$	—
Destinations Core Fixed Income Fund
Balance as of February 29, 2020		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Purchases			14,975			14,975			—			—			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—			—
Accrued Discounts (premiums)			—			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			12,103			12,103			—			—			—			—			—
Transfers In			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—
Balance as of August 31, 2020		$	27,078		$	27,078		$	—		$	—		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2020		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Destinations Low Duration Fixed Income Fund
Balance as of February 29, 2020		$	4,962,081		$	201,059		$	—		$	—		$	4,761,022		$	—		$	—
Purchases			819,890			819,890			—			—			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—			—
Accrued Discounts (premiums)			—			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			(818,136)			(818,136)			—			—			—			—			—
Transfers In			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—
Balance as of August 31, 2020		$	4,963,835		$	202,813		$	—		$	—		$	4,761,022*		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2020		$	(818,136)		$	(818,136)		$	—		$	—		$	—		$	—		$	—

The following table summarizes the valuation technique used and unobservable input approved by the Valuation Committee to determine the fair value of certain, material Level 3 investments.

Fair Value at
August 31, 2020

Valuation technique

Unobservable Input

Range

Senior Loans

4,761,022

Transaction Analysis

Transaction Price

99.9375

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August 31, 2020 (unaudited) (continued)

3. Investment valuation (continued)

	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Senior Loans			Warrants			Municipal Bonds
Destinations Global Fixed Income Opportunities Fund
Balance as of February 29, 2020		$	6,455,082		$	4,229,139		$	1,156,106		$	—		$	1,069,837		$	—		$	—
Purchases			3,278,723			2,646,219			557,980			—			74,524			—*			—
(Sales/Paydowns)			—			—			—			—			—			—			—
Accrued Discounts (premiums)			—			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			(3,070,373)			(3,096,723)			26,350			—			—			—			—
Transfers In			—			—			—			—			—			—			—
Transfers Out			(1,165,089)			—			(1,165,089)			—			—			—			—
Balance as of August 31, 2020		$	5,498,343		$	3,778,635		$	575,347		$	—		$	1,144,361		$	—*		$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2020		$	(3,070,373)		$	(3,096,723)		$	26,350		$	—		$	—		$	—		$	—

Includes securities that are fair valued at $0.

Destinations Multi Strategy Alternatives Fund
Balance as of February 29, 2020	$	942,645	$	—	$	—	$	—	$	—	$	942,475	$	170
Purchases		—		—		—		—		—		—		—
(Sales/Paydowns)		—		—		—		—		—		—		—
Accrued Discounts (premiums)		—		—		—		—		—		—		—
Total realized gain (loss)		(5,584,466)		—		—		—		—		(5,584,454)		(12)
Change in unrealized appreciation (depreciation)		4,641,821		—		—		—		—		4,641,979		(158)
Transfers In		—		—		—		—		—		—		—
Transfers Out		—		—		—		—		—		—		—
Balance as of August 31, 2020	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2020	$	—	$	—	$	—	$	—	$	—	$	—	$	—

4. Accounting for Derivative Instruments

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

(a)

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

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4. Accounting for Derivative Instruments (continued)

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

(b)

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

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

(c)

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

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

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

(d)

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

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

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August 31, 2020 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

(e)

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

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

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

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

(f)

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

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

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

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4. Accounting for Derivative Instruments (continued)

occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

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

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

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

ii.

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

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

iii.

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

iv.

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

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Variance Swaps. Certain Funds may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual “variance” as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its “volatility”) over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2020:

Destinations Large Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on open futures contracts(a)		$	—		$	—		$	—		$	875,946		$	875,946
		$	—		$	—		$	—		$	875,946		$	875,946

Effect of Derivative Instruments on the Statements of Operations of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on futures contracts		$	—		$	—		$	—		$	(255,380)		$	(255,380)
		$	—		$	—		$	—		$	(255,380)		$	(255,380)
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on futures contracts		$	—		$	—		$	—		$	1,679,978		$	1,679,978
		$	—		$	—		$	—		$	1,679,978		$	1,679,978

Destinations International Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Liability derivatives
Options contracts written outstanding(d)		$	—		$	—		$	—		$	182,656		$	182,656
Unrealized depreciation on forward foreign currency contracts(e)			—			8,389			—			—			8,389
		$	—		$	8,389		$	—		$	182,656		$	191,045

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on options contracts written		$	—		$	—		$	—		$	214,958		$	214,958
Net realized gain (loss) on forward foreign currency contracts			—			(855,785)			—			—			(855,785)
		$	—		$	(855,785)		$	—		$	214,958		$	(640,827)
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	(99,093)		$	(99,093)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			—			583,111			—			—			583,111
		$	—		$	583,111		$	—		$	(99,093)		$	484,018

Destinations Equity Income Fund

Effect of Derivative Instruments on the Statements of Operations of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on options contracts written		$	—		$	—		$	—		$	56,750		$	56,750
		$	—		$	—		$	—		$	56,750		$	56,750
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	27,230		$	27,230
		$	—		$	—		$	—		$	27,230		$	27,230

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Destinations Low Duration Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts(f)		$	—		$	3,778		$	—		$	—		$	3,778
		$	—		$	3,778		$	—		$	—		$	3,778
Liability derivatives
Unrealized depreciation on forward foreign currency contracts(e)		$	—		$	379,740		$	—		$	—		$	379,740
		$	—		$	379,740		$	—		$	—		$	379,740

Effect of Derivative Instruments on the Statements of Operations of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on forward foreign currency contracts		$	—		$	(633,312)		$	—		$	—		$	(633,312)
		$	—		$	(633,312)		$	—		$	—		$	(633,312)
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		$	—		$	(269,711)		$	—		$	—		$	(269,711)
		$	—		$	(269,711)		$	—		$	—		$	(269,711)

Destinations Global Fixed Income Opportunities Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Liability derivatives
Options contracts written outstanding(d)		$	—		$	—		$	—		$	214,640		$	214,640
Unrealized depreciation on forward foreign currency contracts(e)			—			355,799			—			—			355,799
		$	—		$	355,799		$	—		$	214,640		$	570,439

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on options contracts written		$	—		$	—		$	—		$	539,248		$	539,248
Net realized gain (loss) on forward foreign currency contracts			—			(987,291)			—			—			(987,291)
		$	—		$	(987,291)		$	—		$	539,248		$	(448,043)
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	696,268		$	696,268
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			—			(190,500)			—			—			(190,500)
		$	—		$	(190,500)		$	—		$	696,268		$	505,768

Destinations Multi Strategy Alternatives Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on swap contracts(g)		$	—		$	—		$	4,460,622		$	—		$	4,460,622
Interest rate purchased swaption contracts(h)			2,615,360			—			—			—			2,615,360
		$	2,615,360		$	—		$	4,460,622		$	—		$	7,075,982
Liability derivatives
Unrealized depreciation on swap contracts(i)		$	—		$	—		$	73,308		$	—		$	73,308
Interest rate swaptions contracts written outstanding(d)			2,045,280			—			—			—			2,045,280
		$	2,045,280		$	—		$	73,308		$	—		$	2,118,588

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations as of August 31, 2020

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(b)
Net realized gain (loss) on swap contracts		$	—		$	—		$	353,333		$	—		$	353,333
		$	—		$	—		$	353,333		$	—		$	353,333
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on interest rate swaptions contracts written		$	(758,343)		$	—		$	—		$	—		$	(758,343)
Net change in unrealized appreciation (depreciation) on interest rate purchased swaption contracts			(793,694)			—			—			—			(793,694)
Net change in unrealized appreciation (depreciation) on swap contracts			—			—			3,588,219			—			3,588,219
		$	(1,552,037)		$	—		$	3,588,219		$	—		$	2,036,182

(a)

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

(b)

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

(c)

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

(d)

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

(e)

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

(f)

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

(g)

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

(h)

Statements of Assets and Liabilities location: Investments, at value.

(i)

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

The average notional amounts of futures contracts, swaps contracts, forward foreign currency contracts, and the average market value of purchased options and options contracts written during the year ended August 31, 2020 were as follows:

Destinations Large Cap Equity Fund

			Average notional amounts
Futures contracts				$	7,835,700

Destinations International Equity Fund

	Average notional amounts
Option contracts written		$	112,311
Forward foreign currency contracts			24,161,947

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4. Accounting for Derivative Instruments (continued)

Destinations Equity Income Fund

			Average notional amounts
Option contracts written				$	83,980

Destinations Low Duration Fixed Income Fund

			Average notional amounts
Forward foreign currency contracts				$	15,127,166

Destinations Global Fixed Income Opportunities Fund

	Average notional amounts
Option contracts purchases . . . . . . . . . . . . . . . . . .		$	233,283
Option contracts written . . . . . . . . . . . . . . .. . . . .			605,706
Forward foreign currency contracts			20,704,141

Destinations Multi Strategy Alternatives Fund

	Average notional amounts
Interest Rate Swaption contracts purchased		$	3,604,021
Interest Rate Swaption contracts written			2,209,436
Swap contracts			67,142,857

5. Accounting for Other Instruments

(a)

Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities.

However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

(b)

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

(c)

Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned

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5. Accounting for Other Instruments (continued)

securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities,the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances. See Note 5(o).

The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2020.

Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Asset Amount Presented in Statements of Assets and Liabilities(a)			Financial Instrument			Collateral Received(b)(c)			Net Amount (Not Less than $0)
Destinations Large Cap Equity Fund		$	6,541,671		$	—		$	(6,541,671)		$	—
Destinations Small-Mid Cap Equity Fund			14,887,508			—			(14,887,508)			—
Destinations International Equity Fund			35,257,864			—			(35,257,864)			—
Destinations Equity Income Fund			934,883			—			(934,883)			—
Destinations Low Duration Fixed Income Fund			6,435,405			—			(6,435,405)			—
Destinations Global Fixed Income Opportunities Fund			11,296			—			(11,296)			—
Destinations Multi Strategy Alternatives Fund			8,088,158			—			(8,088,158)			—

(a)

Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $6,728,123, $15,585,626, $39,244,796, $959,784, $6,567,375, $11,580 and $9,658,436, respectively, which was subsequently invested in Federated Government Obligations Fund as reported in the Schedules of Investments.

(c)

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

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

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5. Accounting for Other Instruments (continued)

The table below represents the disaggregation at August 31, 2020 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

	Remaining Contractual Maturity of the Agreements As of August 31, 2020
	Overnight and Continuous			< 30 days			Between 30 & 90 days			> 90 days			Total
Destinations Large Cap Equity Fund
Securities Lending Transactions
Common Stocks . . . . . . . . . . . . .		$	6,728,123		$	—		$	—		$	—		$	6,728,123
Total Borrowings		$	6,728,123		$	—		$	—		$	—		$	6,728,123
Gross amount of recognized liabilities for securities lending transactions														$	6,728,123
Destinations Small-Mid Cap Equity Fund
Securities Lending Transactions Common Stocks		$	15,585,626		$	—		$	—		$	—		$	15,585,626
Total Borrowings		$	15,585,626		$	—		$	—		$	—		$	15,585,626
Gross amount of recognized liabilities for securities lending transactions														$	15,585,626
Destinations International Equity Fund
Securities Lending Transactions Common Stocks		$	39,244,796		$	—		$	—		$	—		$	39,244,796
Total Borrowings		$	39,244,796		$	—		$	—		$	—		$	39,244,796
Gross amount of recognized liabilities for securities lending transactions														$	39,244,796
Destinations Equity Income Fund
Securities Lending Transactions Exchange Traded Funds (ETFs)		$	959,784		$	—		$	—		$	—		$	959,784
Total Borrowings		$	959,784		$	—		$	—		$	—		$	959,784
Gross amount of recognized liabilities for securities lending transactions														$	959,784
Destinations Low Duration Fixed Income Fund
Securities Lending Transactions Exchange Traded Fund (ETF)		$	6,567,375		$	—		$	—		$	—		$	6,567,375
Total Borrowings		$	6,567,375		$	—		$	—		$	—		$	6,567,375
Gross amount of recognized liabilities for securities lending transactions														$	6,567,375
Destinations Global Fixed Income Opportunities Fund
Securities Lending Transactions Preferred Stocks		$	11,580		$	—		$	—		$	—		$	11,580
Total Borrowings		$	11,580		$	—		$	—		$	—		$	11,580
Gross amount of recognized liabilities for securities lending transactions														$	11,580

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5. Accounting for Other Instruments (continued)

	Remaining Contractual Maturity of the Agreements As of August 31, 2020
	Overnight and Continuous			< 30 days			Between 30 & 90 days			> 90 days			Total
Destinations Multi Strategy Alternatives Fund
Securities Lending Transactions Closed-End Funds		$	240,363		$	—		$	—		$	—		$	240,363
Common Stocks			9,369,903			—			—			—			9,369,903
Preferred Stocks			48,170			—			—			—			48,170
Total Borrowings		$	9,658,436		$	—		$	—		$	—		$	9,658,436
Gross amount of recognized liabilities for securities lending transactions														$	9,658,436

(d)

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

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

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

(e)

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

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

(f)

Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar

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roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.

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

(g)

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

(h)

Foreign Investments. Dividends or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Foreign taxes paid by a Fund will reduce the return from the Fund’s investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If, as of the end of a Fund’s taxable year, more than 50% of the Fund’s assets consist of foreign securities, that Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by that Fund during that taxable year to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the IRC. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders’ federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to their shareholders the respective amounts per share of the Fund’s income from sources within, and taxes paid to, foreign countries and U.S. possessions. Shareholders of Funds that do not hold sufficient foreign securities to meet the above 50% threshold will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by those Funds.

(i)

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

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August 31, 2020 (unaudited) (continued)

5. Accounting for Other Instruments (continued)

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

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

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

(j)

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

(k)

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

(l)

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

(m)

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

(n)

Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board.

(o)

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

(p)

Senior Floating-Rate Loans. Certain Funds may purchase assignments of, and participations in, senior secured floating rate and fixed rate loans (“Senior Loans”) originated, negotiated and structured by a U.S. or foreign

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August 31, 2020 (unaudited) (continued)

5. Accounting for Other Instruments (continued)

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

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

The following table summarizes the Funds’ wholly and partially unfunded loans positions as of August 31, 2020.

	Principal			Unfunded Bank Loan Interest (Cost)			Value of Underlying Bank Loan Interest (Value)			Unrealized Appreciation/ (Depreciation)
Destinations Core Fixed Income Fund
Intelsat Jackson Holdings SA (partially unfunded)		$	18,420		$	18,420		$	18,727		$	307
MED ParentCo LP (partially unfunded)			7,166			7,049			6,706			(343)
Pathway Vet Alliance LLC (wholly unfunded)			15,784			15,430			15,474			44
		$	41,370		$	40,899		$	40,907		$	8
Destinations Low Duration Fixed Income Fund
Fieldwood Energy LLC (partially unfunded)		$	4,308,570		$	4,308,570		$	4,308,570		$	—
Intelsat Jackson Holdings SA (partially unfunded)			664,000			636,229			675,069			38,840
		$	4,972,570		$	4,944,799		$	4,983,639		$	38,840

(q)

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

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August 31, 2020 (unaudited) (continued)

5. Accounting for Other Instruments (continued)

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by the

Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by a counterparty for the benefit of a Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of such deposits due to brokers at August 31, 2020 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 3).

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

The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of August 31, 2020.

	Assets			Liabilities
Derivative Instruments(a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities
Destinations International Equity Fund:
Forward foreign currency contracts		$	—		$	8,389
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	—		$	8,389
Destinations Low Duration Fixed Income Fund:
Forward foreign currency contracts		$	3,778		$	379,740
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	3,778		$	379,740
Destinations Global Fixed Income Opportunities Fund:
Forward foreign currency contracts		$	—		$	355,799
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	—		$	355,799
Destinations Multi Strategy Alternatives Fund:
Swaptions contracts		$	2,615,360		$	2,045,280
Swap contracts(b)			4,460,622			73,308
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	7,075,982		$	2,118,588

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August 31, 2020 (unaudited) (continued)

5. Accounting for Other Instruments (continued)

The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of August 31, 2020.

Counterparty	Gross amounts of Recognized Liabilities presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(c)			Other Cash Collateral(e)			Net Amount(d)
Destinations International Equity Fund
Over-the-counter
Brown Brothers Harriman & Co.		$	1		$	—		$	—		$	1
HSBC Bank USA			2,277			—			—			2,277
JPMorgan Chase & Co.			4,162			—			—			4,162
Morgan Stanley			1,949			—			—			1,949
Total Over-the-counter derivative instruments		$	8,389		$	—		$	—		$	8,389

Counterparty	Gross amounts of Recognized Assets presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(a)			Other Cash Collateral(e)			Net Amount(b)
Destinations Low Duration Fixed Income Fund
Over-the-counter
Brown Brothers Harriman & Co.		$	3,778		$	(3,778)		$	—		$	—
Total Over-the-counter derivative instruments		$	3,778		$	(3,778)		$	—		$	—

Counterparty	Gross amounts of Recognized Liabilities presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(c)			Other Cash Collateral(e)			Net Amount(d)
Destinations Low Duration Fixed Income Fund
Over-the-counter
Brown Brothers Harriman & Co.		$	379,740		$	(3,778)		$	—		$	375,962
Total Over-the-counter derivative instruments		$	379,740		$	(3,778)		$	—		$	375,962

Counterparty	Gross amounts of Recognized Liabilities presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(c)			Other Cash Collateral(e)			Net Amount(d)
Destinations Global Fixed Income Opportunities Fund
Over-the-counter
Brown Brothers Harriman & Co.		$	355,799		$	—		$	—		$	355,799
Total Over-the-counter derivative instruments		$	355,799		$	—		$	—		$	355,799

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5. Accounting for Other Instruments (continued)

Counterparty	Gross amounts of Recognized Assets presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(a)			Other Cash Collateral(e)			Net Amount(b)
Destinations Multi Strategy Alternatives Fund
Over-the-counter
Goldman Sachs & Co		$	3,513,907		$	(2,045,280)		$	—		$	1,468,627
Morgan Stanley Capital Services LLC			3,562,075			(73,308)			—			3,488,767
Total Over-the-counter derivative instruments		$	7,075,982		$	(2,118,588)		$	—		$	4,957,394

Counterparty	Gross amounts of Recognized Liabilities presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(c)			Other Cash Collateral(e)			Net Amount(d)
Destinations Multi Strategy Alternatives Fund
Over-the-counter
Goldman Sachs & Co		$	2,045,280		$	(2,045,280)		$	—		$	—
Morgan Stanley Capital Services LLC			73,308			(73,308)			—			—
Total Over-the-counter derivative instruments		$	2,118,588		$	(2,118,588)		$	—		$	—

(a)

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

(b)

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

(c)

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

(d)

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

(e)

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

6. Significant Risks and Uncertainties

(a)

Global Health Events. An outbreak of COVID-19, the respiratory disease caused by the SARS-CoV-2 coronavirus was first detected in China in December 2019 and subsequently rapidly developed into a global pandemic. Such global health events and pandemics have the ability to affect — quickly, drastically and substantially — global, national and regional financial and commercial and residential real estate markets, industries, sectors, the economic forces of supply and demand for commodities, good and services, labor markets, and credit and banking markets, and can substantially strain health care systems, government infrastructure and stability, and social structures and behaviors. The coronavirus, in particular, has resulted in enhanced health screenings, healthcare service preparation and delivery, increased strain on hospital resources and staff, increased demand for and strain on government medical resources, disruptions to supply chains and customer activity, lower consumer spending in certain sectors, closing of non-essential businesses, rapid increases in unemployment, government economic stimulus measures, social distancing, bans on large social gatherings and travel, border closings, shelter-in-place orders, quarantines, cancellations, school closings and a significant portion of the workforce working from home, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, is having and may have an unprecedented impact on the economies of many nations, individual companies

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6. Significant Risks and Uncertainties (continued)

and the market in general and could cause further disruptions that cannot necessarily be foreseen. The impact of a pandemic may last for an extended period of time.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

LIBOR Replacement Risk. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit London Inter-Bank Offered Rate (LIBOR) rates after 2021. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments.

7. Investment Management Agreement

Brinker Capital Investments, LLC, formerly Brinker Capital, Inc., serves as investment adviser to the Trust pursuant to an investment advisory agreement (“Advisory Agreement”) between the Trust and Brinker Capital. Each Sub-adviser serves as investment adviser to a Fund pursuant to separate written agreements with the Adviser on behalf of the Funds (“Sub-advisory Agreements”). Under the Advisory Agreement, each Fund pays Brinker Capital an investment advisory fee calculated daily at an annual rate based on each Fund’s average daily net assets and paid monthly in arrears. Brinker Capital pays each Sub-adviser a sub-advisory fee from its investment advisory fees.

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

Fund	Subadvisory Fee		Brinker Capital Inc. Fee		Maximum Allowable Annual Management Fee
Destinations Large Cap Equity Fund		0.23%		0.39%		0.75%
Destinations Small-Mid Cap Equity Fund		0.52%		0.39%		0.90%
Destinations International Equity Fund		0.59%		0.39%		1.00%
Destinations Equity Income Fund		0.29%		0.39%		0.80%

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August 31, 2020 (unaudited) (continued)

7. Investment Management Agreement (continued)

Fund	Subadvisory Fee		Brinker Capital Inc. Fee		Maximum Allowable Annual Management Fee
Destinations Real Assets Fund		0.00%		0.39%		1.00%
Destinations Core Fixed Income Fund		0.17%		0.39%		0.65%
Destinations Low Duration Fixed Income Fund		0.30%		0.39%		0.70%
Destinations Global Fixed Income Opportunities Fund		0.35%		0.39%		0.85%
Destinations Municipal Fixed Income Fund		0.16%		0.39%		0.70%
Destinations Multi Strategy Alternatives Fund		0.58%		0.39%		1.35%

Each Fund’s actual advisory fees may be less than the amounts set forth above due to the effect of additional voluntary fee waivers. Effective June 30, 2020, Brinker Capital has contractually agreed to waive a portion of its advisory fee with respect to any Fund until the period ended June 30, 2021 in order to keep the Fund’s management fees from exceeding 0.39% more than the total amount of sub-advisory fees paid by Brinker Capital with respect to such Fund. The agreement may be amended or terminated only with the consent of the Board of Trustees.

For the period ended August 31, 2020, the amounts waived by the Adviser were as follows:

Fund
Destinations Large Cap Equity Fund	$	2,483,159
Destinations Small-Mid Cap Equity Fund		28,808
Destinations International Equity Fund		173,219
Destinations Equity Income Fund		231,717
Destinations Real Assets Fund		652
Destinations Core Fixed Income Fund		955,767
Destinations Low Duration Fixed Income Fund		10,347
Destinations Global Fixed Income Opportunities Fund		391,148
Destinations Municipal Fixed Income Fund		673,958
Destinations Multi Strategy Alternatives Fund		1,710,493

8. Class Specific Expenses

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

Shares of different classes are available to different eligible investors.

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

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

For the period ended August 31, 2020, class specific expenses were as follows:

Fund	Sub-Transfer Agent Fees
	Class I
Destinations Large Cap Equity Fund		$	2,760,005

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

8. Class Specific Expenses (continued)

Fund	Sub-Transfer Agent Fees
	Class I
Destinations Small-Mid Cap Equity Fund		608,606
Destinations International Equity Fund		1,332,930
Destinations Equity Income Fund		280,941
Destinations Real Assets Fund		153
Destinations Core Fixed Income Fund		1,470,893
Destinations Low Duration Fixed Income Fund		252,368
Destinations Global Fixed Income Opportunities Fund		507,640
Destinations Municipal Fixed Income Fund		640,118
Destinations Multi Strategy Alternatives Fund		645,899

9. Investments

During the period ended August 31, 2020, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:

Fund	Investments						U.S. Government & Agency Obligations
Fund	Purchases			Sales			Purchases			Sales
Destinations Large Cap Equity Fund		$	1,017,952,150		$	1,159,894,549		$	—		$	—
Destinations Small-Mid Cap Equity Fund			637,707,620			692,162,338			—			—
Destinations International Equity Fund			377,174,588			571,581,435			—			—
Destinations Equity Income Fund			131,711,417			196,252,214			—			—
Destinations Real Assets Fund			9,984			284,034			—			—
Destinations Core Fixed Income Fund			804,991,354			708,585,869			563,394,996			509,737,278
Destinations Low Duration Fixed Income Fund			300,379,911			277,965,871			6,446,189			4,361,692
Destinations Global Fixed Income Opportunities Fund			596,019,534			578,776,930			—			127,575
Destinations Municipal Fixed Income Fund			144,663,177			217,109,447			—			—
Destinations Multi Strategy Alternatives Fund			499,582,797			534,865,748			—			—

At August 31, 2020, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes			Gross Unrealized Appreciation			Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Destinations Large Cap Equity Fund		$	3,183,352,720		$	1,370,787,624		$	(121,131,339)		$	1,249,656,285
Destinations Small-Mid Cap Equity Fund			798,324,151			208,431,252			(42,868,569)			165,562,683
Destinations International Equity Fund			1,579,300,695			630,109,772			(77,998,688)			552,111,084
Destinations Equity Income Fund			368,552,708			37,551,528			(23,728,675)			13,822,853
Destinations Real Assets Fund			29,818			176			(674)			(498)
Destinations Core Fixed Income Fund			2,101,904,953			103,966,464			(30,201,579)			73,764,885
Destinations Low Duration Fixed Income Fund			405,957,173			4,422,826			(13,752,643)			(9,329,817)
Destinations Global Fixed Income Opportunities Fund			762,295,198			20,790,918			(32,697,767)			(11,906,849)
Destinations Municipal Fixed Income Fund			858,593,963			37,791,423			(782,115)			37,009,308
Destinations Multi Strategy Alternatives Fund			911,896,755			69,942,321			(21,040,282)			48,902,039

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Notes to Financial Statements

August 31, 2020 (unaudited) (continued)

10. Shares of Beneficial Interest

At August 31, 2020, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At August 31, 2020, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

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

	Period ended August 31, 2020				Period ended August 31, 2020				Year ended February 29, 2020				Year ended February 29, 2020
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
	Class I				Class Z				Class I				Class Z
Destinations Large Cap Equity Fund
Shares sold		27,266,436		307,864,235		4,318,228		41,117,592		55,833,978		687,696,868		15,736,460		157,982,878
Shares issued on reinvestment		—		—		—		—		5,452,518		70,064,855		460,720		4,805,308
Shares repurchased		(40,715,288)		(480,363,425)		(3,758,853)		(35,152,055)		(49,220,911)		(606,829,956)		(2,851,258)		(28,981,976)
Net Increase (Decrease)		(13,448,852)		(172,499,190)		559,375		5,965,537		12,065,585		150,931,767		13,345,922		133,806,210
Destinations Small-Mid Cap Equity Fund
Shares sold		5,306,887		52,725,208		1,015,047		8,216,625		12,974,190		151,392,598		3,926,655		37,418,996
Shares issued on reinvestment		—		—		—		—		3,236,287		38,932,538		250,284		2,425,248
Shares repurchased		(11,376,361)		(114,302,846)		(915,906)		(7,345,202)		(19,809,318)		(232,103,803)		(950,305)		(9,090,425)
Net Increase (Decrease)		(6,069,474)		(61,577,638)		99,141		871,423		(3,598,841)		(41,778,667)		3,226,634		30,753,819
Destinations International Equity Fund
Shares sold		12,810,310		144,910,295		1,994,271		19,773,961		41,598,348		484,248,356		7,845,508		78,919,083
Shares issued on reinvestment		—		—		—		—		1,187,481		14,344,776		89,687		945,298
Shares repurchased		(30,512,020)		(329,344,599)		(2,202,487)		(20,584,238)		(25,123,957)		(289,422,489)		(1,334,948)		(13,517,569)
Net Increase (Decrease)		(17,701,710)		(184,434,304)		(208,216)		(810,277)		17,661,872		209,170,643		6,600,247		66,346,812
Destinations Equity Income Fund
Shares sold		2,230,857		19,840,618		560,675		4,836,809		14,986,440		158,290,331		1,587,337		16,258,551
Shares issued on reinvestment		592,552		5,205,718		32,087		273,688		1,691,913		18,155,522		71,021		741,452
Shares repurchased		(10,219,739)		(89,755,537)		(605,123)		(5,156,322)		(9,777,889)		(103,715,628)		(445,465)		(4,556,237)
Net Increase (Decrease)		(7,396,330)		(64,709,201)		(12,361)		(45,825)		6,900,464		72,730,225		1,212,893		12,443,766
Destinations Real Assets Fund
Shares sold		131		381		58		155		2,779,890		15,254,257		937,465		4,902,446
Shares issued on reinvestment		—		—		—		—		138,405		449,817		1,159		3,372
Shares repurchased		(128,501)		(313,515)		(2,714)		(6,129)		(35,993,638)		(151,381,248)		(1,545,939)		(6,519,094)
Net Decrease		(128,370)		(313,134)		(2,656)		(5,974)		(33,075,343)		(135,677,174)		(607,315)		(1,613,276)
Destinations Core Fixed Income Fund
Shares sold		29,397,984		301,446,148		2,671,810		28,100,871		34,380,206		348,432,072		7,760,079		80,705,308
Shares issued on reinvestment		2,057,455		21,123,811		108,263		1,140,406		4,959,666		50,302,690		187,545		1,957,744
Shares repurchased		(19,993,345)		(204,482,792)		(1,727,957)		(18,087,077)		(31,128,067)		(315,867,814)		(1,562,545)		(16,349,302)
Net Increase (Decrease)		11,462,094		118,087,167		1,052,116		11,154,200		8,211,805		82,866,948		6,385,079		66,313,750
Destinations Low Duration Fixed Income Fund
Shares sold		9,826,050		91,344,319		599,885		5,705,491		6,658,834		65,581,427		1,341,971		13,490,093
Shares issued on reinvestment		697,832		6,515,453		31,710		302,062		1,310,138		12,874,976		43,242		432,843
Shares repurchased		(5,472,785)		(51,002,230)		(275,837)		(2,619,540)		(14,321,550)		(140,784,379)		(557,121)		(5,578,498)
Net Increase (Decrease)		5,051,097		46,857,542		355,758		3,388,013		(6,352,578)		(62,327,976)		828,092		8,344,438
Destinations Global Fixed Income Opportunities Fund
Shares sold		10,647,727		98,407,227		938,657		8,864,171		12,198,838		120,893,391		2,633,293		26,572,816
Shares issued on reinvestment		1,634,048		15,236,814		76,844		728,882		3,083,228		30,502,657		107,530		1,080,878
Shares repurchased		(13,265,348)		(122,408,069)		(759,649)		(7,063,820)		(18,945,526)		(187,943,047)		(763,975)		(7,700,048)
Net Increase (Decrease)		(983,573)		(8,764,028)		255,852		2,529,233		(3,663,460)		(36,546,999)		1,976,848		19,953,646
Destinations Municipal Fixed Income Fund
Shares sold		8,461,370		87,317,722		721,157		7,473,709		13,652,537		141,594,898		915,589		9,524,563
Shares issued on reinvestment		700,682		7,277,128		16,917		176,219		1,910,895		19,854,143		36,105		376,396
Shares repurchased		(10,750,900)		(110,832,816)		(429,477)		(4,425,632)		(18,012,053)		(186,875,852)		(406,771)		(4,237,551)
Net Increase (Decrease)		(1,588,848)		(16,237,966)		308,597		3,224,296		(2,448,621)		(25,426,811)		544,923		5,663,408

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Notes to Financial Statements

August 31, 2020 (unaudited) (concluded)

10. Shares of Beneficial Interest (concluded)

	Period ended August 31, 2020				Period ended August 31, 2020				Year ended February 29, 2020				Year ended February 29, 2020
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
	Class I				Class Z				Class I				Class Z
Destinations Multi Strategy Alternatives Fund
Shares sold		11,200,919		100,662,879		1,069,761		9,507,370		14,551,118		140,648,524		3,440,337		32,455,097
Shares issued on reinvestment		809,270		7,324,290		42,197		373,046		4,267,551		40,884,655		158,287		1,477,184
Shares repurchased		(10,074,175)		(90,521,134)		(653,252)		(5,744,752)		(18,854,124)		(181,461,416)		(801,300)		(7,529,152)
Net Increase (Decrease)		1,936,014		17,466,035		458,706		4,135,664		(35,455)		71,763		2,797,324		26,403,129

11. Subsequent Events

Other than the above-mentioned disclosure, Management has not identified any other events or transactions that would require recognition or disclosure in the financial statements.

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

Approval of New Advisory and Sub-advisory Agreements

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

Brinker Capital, Inc. (“Brinker”), a subsidiary of Brinker Capital Holdings, Inc. (“Brinker Holdings”) previously served as investment adviser to each Fund. On June 26, 2020, Brinker Holdings entered into an agreement, pursuant to which GT Polaris, Inc. (“GT Polaris”), a newly formed entity, acquired, through various subsidiaries, 100% of the issued and outstanding equity interests of Brinker Holdings (the “Transaction”). GT Polaris is indirectly owned and controlled by investment funds affiliated with Genstar Capital Partners LLC and investment funds affiliated with TA Associates Management, L.P. Consummation of the Transaction was conditioned upon the contemporaneous acquisition of Orion Advisor Solutions, LLC and certain of its affiliates (collectively, “Orion”) by GT Polaris, including Orion’s subsidiary CLS Investments, LLC, an SEC-registered investment adviser (“CLS”). Following consummation of the Transaction on September 24, 2020, Brinker’s business was integrated with CLS, resulting in a combined investment adviser, the Manager. The Transaction was deemed a change of control of Brinker under the Investment Company Act of 1940, as amended (the “1940 Act”) and resulted in the assignment and automatic termination of the advisory agreement between the Trust, on behalf of each Fund, and Brinker (the “Prior Management Agreement”) and the sub-advisory agreements between Brinker and each existing Sub-adviser to the Funds (the “Prior Sub-advisory Agreements”).

Section 15 of the 1940 requires that the initial approval of a Fund’s investment advisory agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Agreements (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any investment advisory agreement be approved at least annually (after an initial period of up to two years), which requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission.

As discussed in greater detail below, at a virtual meeting1 held on July 13, 2020 (the “July 13th Meeting”), the Board, including a majority of the Independent Trustees, approved the Management Agreement and unanimously recommended the approval of the Management Agreement to each Fund’s shareholders (the “Shareholders”). In order to obtain shareholder approval, a notice, proxy statement and proxy card for a Special Meeting of Shareholders (the “Shareholder Meeting”) of the Funds was filed and appropriately provided to the Shareholders or their representatives. Shareholders of each Fund were asked to approve the Management Agreement, so that Brinker’s management of the Funds could continue without interruption. The Shareholder Meeting occurred at 11 a.m., Eastern Time, on Monday, August 31, 2020. Shareholders of record of each Fund as of the close of business on Friday, July 24, 2020, were entitled to vote at the Shareholder Meeting. At the Shareholder Meeting the proposal was approved.

In addition to the approval of the Management Agreement, at the July 13th Meeting, the Board, including a majority of the Independent Trustees, also approved new Sub-Advisory Agreements between the Manager and existing Sub-advisers for an initial two-year period that would become effective after Shareholder approval of the Management Agreement and the closing of the Transaction. The Independent Trustees requested and received information from Brinker and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and to evaluate the prior performance of Brinker and the Sub-advisers. The Board also considered information provided by Brinker during prior meetings, specifically at an in-person

As a result of the impact of the coronavirus and COVID-19 pandemic, the U.S. Securities and Exchange Commission (“SEC”) had issued orders dated March 13, 2020, March 25, 2020 and June 19, 2020 that conditionally exempt registered investment companies and their investment advisers, as well as principal underwriters from such in-person voting requirements through December 31, 2020.

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

meeting held on December 3-4, 2019 (the “December Meeting”). The Independent Trustees were assisted in their review by Fund counsel and counsel to those Trustees who are Independent and/or not an affiliated person of the Trust and met in executive sessions separate from representatives of Brinker and the Sub-advisers. The Board approved the Sub-advisory Agreements with the following Sub-advisers on behalf of the indicated Fund(s):

	Sub-adviser Name			Fund(s)
	BAMCO, Inc.			♦ Destinations International Equity Fund
	BlackRock Investment Management, Inc.			♦ Destinations Core Fixed Income Fund
				♦ Destinations Large Cap Equity Fund
	Ceredex Value Advisors LLC			♦ Destinations Small-Mid Cap Equity Fund
	Columbia Management Investment Advisers, LLC			♦ Destinations Large Cap Equity Fund
	CrossingBridge Advisors, LLC			♦ Destinations Global Fixed Income Opportunities Fund
				♦ Destinations Low Duration Fixed Income Fund
	Delaware Investments Fund Advisers/ Macquarie Investment Management			♦ Destinations Large Cap Equity Fund
	DoubleLine Capital LP			♦ Destinations Core Fixed Income Fund
				♦ Destinations Global Fixed Income Opportunities Fund
				♦ Destinations Low Duration Fixed Income Fund
	Driehaus Capital Management LLC			♦ Destinations Multi Strategy Alternatives Fund
				♦ Destinations Small-Mid Cap Equity Fund
	Federated Equity Management Company of Pennsylvania			♦ Destinations Equity Income Fund
	LMCG Investments, LLC			♦ Destinations Small-Mid Cap Equity Fund
				♦ Destinations Multi Strategy Alternatives Fund
	MFS Investment Management			♦ Destinations International Equity Fund
	Mellon Investments Corporation			♦ Destinations Large Cap Equity Fund
	Northern Trust Investments, Inc.			♦ Destinations Municipal Fixed Income Fund
	Nuveen Asset Management, LLC			♦ Destinations Global Fixed Income Opportunities Fund
	NWQ Investment Management Company, LLC			♦ Destinations Equity Income Fund
	RiverNorth Capital Management, LLC			♦ Destinations Multi Strategy Alternatives Fund
	Strategas Asset Management, LLC			♦ Destinations Large Cap Equity Fund
	T. Rowe Price Associates, Inc.			♦ Destinations International Equity Fund
				♦ Destinations Large Cap Equity Fund
	Wasatch Advisors Inc			♦ Destinations International Equity Fund

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

Nature, Extent and Quality of the Services Provided Under the Agreements

The Board received and considered information regarding the nature, extent and quality of services that had been provided to the Funds by Brinker under the Prior Management Agreement. In considering the nature, extent and quality of the services to be provided by the Manager, the Board reviewed the portfolio management services currently provided by Brinker and to be

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

provided by the Manager to the Funds, including the quality of the continuing portfolio management personnel, the resources expected to be made available to the Manager after the consummation of the Transaction and Brinker’s prior compliance history and compliance program. The Trustees reviewed the terms of the proposed Management Agreement, and noted that the Management Agreement had the same advisory fee as, and does not materially differ from, the Prior Management Agreement. The Trustees also reviewed Brinker’s current investment and risk management approaches for the Funds and was informed by Brinker that currently there are no material changes expected to be made to those approaches as a result of the Transaction. The Trustees also considered other services to be provided to the Funds by the Manager such as monitoring adherence to each Fund’s investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to each Fund by the Manager under the Management Agreement would be satisfactory.

The Board received and considered information regarding the nature, extent and quality of services that had been provided to the Funds by the Sub-advisers under the Prior Sub-advisory Agreements. The Trustees considered information regarding the process by which Brinker selected and recommended the Sub-advisers to the Board and Brinker’s ongoing supervision of the Sub-advisers, including Brinker’s process for determining how Fund assets were allocated among the applicable Sub-advisers. The Independent Trustees noted that Brinker monitored and evaluated the performance of each Fund’s Sub-advisers, including the Sub-advisers’ compliance with the investment objective, policies, and restrictions of the relevant Fund. The Board also received a description of the administrative and other services provided to the Trust and its shareholders. The Board noted information received at Board meetings related to the services provided by Brinker about the management of the Trust’s affairs and its role in coordinating the activities of the Sub-advisers and the Trust’s other service providers. The Board considered each Sub-adviser’s specific responsibilities in all aspects of the day-to-day management of the portion of the respective Fund assets allocated to it, as well as the qualifications, experience and responsibilities of the portfolio managers for the portion of the Fund assets managed by that Sub-adviser and other key personnel of the Sub-adviser. The Board specifically took into account each Sub-adviser’s investment process and capabilities, evaluated, as applicable, how the Sub-adviser complemented each of the other Sub-advisers to that Fund.

The Trustees also discussed the terms of the new Sub-advisory Agreements and considered Brinker’s favorable assessment of the nature and quality of the Sub-advisers’ services. The Board also reviewed information received from Brinker and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act and those of Brinker and each Sub-adviser.

The Board concluded, in the context of its full deliberations, that, overall, the nature, extent and quality of services expected to be provided under the Agreements were adequate and appropriate

Fund Performance

As to each Fund, at the July 13th Meeting, the Board received and considered performance information that had been provided by Broadridge Financial Solutions (“Broadridge”), an independent provider of investment company data, for each Fund and for all retail and institutional funds, regardless of asset size or primary channel of distribution, in each Fund’s Lipper category. In connection with its most recent approval of the continuation of the Prior Management Agreement and the Prior Sub-advisory Agreements and other meetings held during the course of the first half of the Funds’ fiscal year, the Board was provided with reports regarding each Fund’s performance over various time periods. As part of these meetings, Brinker and its representatives provided information regarding and, as applicable, led discussions of factors impacting Brinker’s and the Sub-advisers’ performance for the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that it was appropriate to take into account the Board’s consideration of Brinker’s and the Sub-advisers’ performance at meetings held prior to the July 13th Meeting. In doing so, the Trustees determined that Brinker’s and the Sub-advisers’ performance was satisfactory, or, where Brinker’s or the Sub-advisers’ performance was materially below a Fund’s benchmarks and/or peer group, the Trustees were satisfied by the reasons for underperformance and/or the steps taken by Brinker and the Sub-advisers in an effort to improve performance. Based on this information and Brinker’s representation that the portfolio managers for the Funds were not expected to change in connection with the Transaction, the Board concluded, within the context of its full deliberations, that the investment results that Brinker and the Sub-advisers had been able to achieve for each Fund were sufficient to support approval of the Management Agreement and the Sub-advisory Agreements.

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Management Fees and Expense Ratios

As to each Fund, at the December Meeting, the Board reviewed and considered the contractual management fees (“Contractual Management Fees”) payable by each Fund to Brinker and by Brinker to the Sub-advisers in light of the nature, extent and quality of the management and sub-advisory services provided by Brinker and the Sub-advisers, respectively. The Board also reviewed and considered whether fee waiver and/or expense reimbursement arrangements were in place for a Fund and considered the actual fee rate (after taking any such waivers and reimbursements into account) (“Actual Management Fee”) and whether any fee waivers and expense reimbursements could be discontinued. The Board noted that the compensation paid to the Sub-advisers is paid by Brinker, not the Funds, and, accordingly, that the retention of the Sub-advisers would not increase the fees or expenses otherwise incurred by a Fund and its shareholders. Further, the Board considered that, as a result of the contractual advisory fee waivers, Brinker would not retain a different percentage of the overall advisory fee based on the Sub-advisers selected, the fees charged to Sub-advisers or the allocation of a Fund’s assets among Sub-advisers. The Board also reviewed with management the scope of services provided to the Funds by Brinker, noting that the Funds are provided with regulatory compliance services, office facilities and Trust officers (including the Trust’s chief financial, chief operational and chief compliance officers), and that Brinker coordinates and oversees the provision of services to each Fund by other fund service providers, including the Sub-advisers. The Board also considered and discussed information about the Sub-advisers’ fees and comparable information for other sub-advised funds and accounts managed by the Sub-advisers. Additionally, the Board received and considered information comparing each Funds’ Contractual Management Fees and Actual Management Fees and the Fund’s actual total expenses with those of a group of funds selected by Broadridge.

With respect to the cost of advisory services, the Board considered that the investment advisory fee proposed to be payable to the Manager under the Management Agreement is the same as the investment advisory fee currently payable to Brinker under the Prior Management Agreement. The Board determined, in the context of its full deliberations, that, as to each Fund, the management fee paid by the Fund to Brinker and the sub-advisory fees paid by Brinker to the Sub-advisers were reasonable in light of comparative performance and expense information and the nature, extent and quality of the services provided to the Fund under the Prior Management Agreement and Prior Sub-Advisory Agreements.

Profitability

The Board considered Brinker’s profitability from its management of the Funds when it most recently approved the continuation of the Prior Management Agreement, as discussed below, but determined that such profitability may change as a result of the changes to Brinker’s ownership structure and operations that will occur after the consummation of the Transaction. Accordingly, the Trustees did not make any conclusions regarding the Manager’s profitability but will do so during future considerations of the Management Agreement. The Board noted Brinker’s expectation that if the Transaction is successful, the Funds’ assets likely will increase.

At the December Meeting, the Board considered the profits realized by Brinker under the Prior Management Agreement, in connection with the operation of the Funds, and whether the amount of profit was a fair entrepreneurial profit for the management of the Funds. In particular, the Board considered that Brinker retained a maximum amount of compensation (as a percentage of Fund assets) from each Fund as a result of the contractual fee waivers. The Board also considered the profitability of Brinker for providing advisory services to the Funds as an overall complex, noting that Brinker implemented its model-based investment advice through allocations of assets among the Funds. The Board also considered the Funds’ operating expenses and the impact of any fee waivers and expense reimbursements on the Brinker’s profits. As to each Fund, the Board concluded, in the context of its full deliberations that Brinker’s level of profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

At the December Meeting, the Board considered the fees payable under each Prior Sub-advisory Agreement, noting that the fees were paid to the proposed Sub-advisers by Brinker and, thus, would not impact the fees paid by the Funds. The Board recognized that, because each Sub-adviser’s fee would be paid by Brinker, and not the applicable Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Prior Management Agreement. To the extent available, the Board also reviewed information provided by the Sub-advisers with respect to the relevant Sub-adviser’s profitability in providing sub-advisory services to the Funds.

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Economies of Scale

With respect to economies of scale, the Board considered Brinker’s economies of scale from its management of the Funds when it most recently approved the continuation of the Prior Management Agreement, but determined that such economies of scale may change as a result of the changes to Brinker’s ownership structure and operations that will occur after the consummation of the Transaction. Accordingly, the Trustees did not make any conclusions regarding the extent to which economies of scale would be realized by the Manager as the assets of the Funds grow, but will do so during future considerations of the Management Agreement. The Board noted Brinker’s expectation that if the Transaction is successful, the Funds’ assets likely will increase, which could result in economies of scale that could be passed onto the Funds’ Shareholders.

As to each Fund, at the December Meeting, the Board considered information regarding whether there have been economies of scale with respect to the Brinker’s management of the Fund under the Prior Management Agreement, whether the Fund has appropriately benefited from any economies of scale and whether there is potential for realization of any further economies of scale. The Board considered the various ways economies of scale could be realized and shared with Fund investors, and whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. As to each Fund, the Board also noted that to the extent the Fund’s assets increase over time, the Fund and its shareholders should realize economies of scale as certain expenses, such as fixed fund fees, become a smaller percentage of overall assets.

Other Benefits to the Manager and the Sub-advisers

As to each Fund, the Board considered other benefits received or that could be expected to be received by the Manager, the Sub-advisers and their affiliates as a result of their relationship with the Funds, including soft dollar arrangements, receipt of brokerage and the opportunity to offer additional products and services to Fund shareholders.

In light of the Manager’s costs of providing investment management and other services to the Funds and the Manager’s ongoing commitment to the Funds and each Sub-adviser’s day-to-day management of the portion of the respective Fund’s assets allocated to it, the profits and ancillary benefits that the Manager, the Sub-advisers and their affiliates received under the Prior Management Agreement and Prior Sub-advisory Agreements were considered reasonable.

Although formal Board action was not taken with respect to the conclusions discussed above, those conclusions formed, in part, the basis for the Board’s approval of the Agreements at the Board Meeting. The Board concluded, in the exercise of its reasonable judgment, that the terms of the Agreements, including the compensation proposed to be paid thereunder, are reasonable in relation to the services expected to be provided by the Manager and Sub-advisers to the Funds and that the appointment of the Manager and the Sub-advisers and the approval of the Agreements, respectively, would be in the best interest of the Funds and their Shareholders.

Based on the Trustees’ deliberations and their evaluation of the information described above and other factors and information they believed relevant, the Board, including all of the Independent Trustees, unanimously approved (i) the appointment of the Manager as investment adviser to the Funds and the Management Agreement and unanimously recommended that the Funds’ Shareholders vote in favor of approving the Management Agreement and (ii) the Sub-advisory Agreements. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

Seix Investment Advisors LLC

At a meeting of the Board held on July 29, 2020 (the “July 29th Meeting”), Brinker recommended and the Board, including all of Independent Trustees as defined in the 1940 Act, approved two sub-advisory agreements for the management of the Destinations Municipal Fixed Income Fund (the “Municipal Fund”), one between Seix Investment Advisors LLC (“Seix”) and Brinker (the “Seix Sub-advisory Agreement”), and the other between Seix and the Manager that would become effective after Shareholder approval of the Management Agreement and the closing of the Transaction (the “New Seix Sub-advisory Agreement,” and together with the Seix Sub-advisory Agreement, the “Seix Agreements”). Pursuant to the Seix Agreements, Seix would provide day-to-day management for the portion of the Municipal Fund’s assets proposed to be allocated to it. The Board also considered information provided by Brinker during prior meetings. In doing so, the Trustees requested and received information from the Brinker and Seix that they deemed reasonably necessary for their review of the Seix

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Agreements and to evaluate the performance of the Sub-adviser. The Trustees were assisted in their review by Fund counsel and counsel to those Trustees who are Independent Trustees and/or not an affiliated person of the Trust and met in executive sessions separate from representatives of Brinker and the Sub-adviser.

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

Nature, Extent and Quality of the Services Provided Under the Seix Agreements

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

The Board then discussed with representatives of Brinker, the portfolio management strategy proposed to be employed by Seix. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by Seix were adequate and appropriate in light of (i) Seix’s experience and the qualifications of its investment personnel in providing portfolio management services to other investment portfolios, (ii) the portfolio management and research resources expected to be applied by Seix in managing the portion of the Municipal Fund’s assets allocated to it, (iii) how Seix was expected to complement the Municipal Fund’s existing Sub-adviser, (iv) Seix’s compliance program, and (v) Brinker’s recommendation to engage Seix.

Fund Performance

Because Seix was to be newly-appointed for the Municipal Fund, the Board could not consider their investment performance in managing the respective Fund’s assets as a factor in evaluating the proposed Seix Agreements during the July 29th Meeting.

The Board, however, received information from management regarding Seix’s historical performance returns managing investment mandates similar to that of the Municipal Fund, with such performance compared to a relevant index. The Board discussed with representatives of Brinker the investment strategy to be employed by Seix in the management of the respective Fund’s assets. The Board discussed the reputation and experience of Seix, its portfolio managers’ experience, and Brinker’s experience and reputation in selecting, evaluating, and overseeing investment managers. The Board determined that these factors supported a decision to approve the Seix Agreements.

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

The Board considered the proposed fees payable under the Seix Agreements, noting that the proposed fee would be paid to Brinker or the Manager, as applicable, and, thus, would not impact the fees paid by the Municipal Fund. The Board concluded that the proposed fee payable to Seix with respect to the assets to be managed by Seix were reasonable and appropriate. The Board recognized that, because Seix’s fee would be paid by Brinker or the Manager, and not the Municipal Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and Brinker and the Trust and the Manager. The Board received and considered a profitability analysis of Brinker and the Manager with respect to the addition of Seix as a sub-adviser to the Municipal Fund and determined that Brinker’s and the Manager’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the Municipal Fund, noting in particular the existence of an ongoing contractual fee waiver that limits the total amount of advisory fees that may be retained by Brinker or the Manager to 39 basis points of the Municipal Fund’s assets. Similarly, the Board recognized that, because Seix’s fee would be paid by Brinker or the Manager, and not the Municipal Fund, an analysis of

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economies of scale with respect to Seix was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and Brinker and the Trust and the Manager. Accordingly, economies of scale with respect to Seix were not considered relevant at that time to the Board’s decision to approve the Seix Agreements. The Board also concluded that any other benefits that could be expected to accrue to Seix by virtue of its relationship with the Municipal Fund were reasonable.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, with the advice of Fund counsel and independent legal counsel, resolved to approve the proposed Seix Agreements for an initial two-year period, having determined that the Seix Agreements would be in the best interests of the Municipal Fund.

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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, the Sub-advisers, custodian, transfer agent and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.

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

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

Name, Address and
Date of Birth

Position(s)
Held with
Trust

Term of Office
and Length of
Time Served*

Principal
Occupation(s)
During Past
Five Years

Number
of Funds
in Fund
Complex
Overseen
by Trustee

Other Board
Memberships Held
During Past Five
Years by Trustee

INDEPENDENT TRUSTEES*

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

Birth Year 1950

Chair of the Board of Trustees

Chair as of April 1, 201 ; Trustee Since 2017

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

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

J. Scott Coleman, CFA
7 Forest Road
Wayne, PA 19087

Birth Year: 1960

Trustee

Since 2017

President and Managing Partner of Woodland Park Consulting, LLC since 2017. President and CEO of Optimum Fund Trust from 2011 to 2015. President of Delaware Distributors from 2008 to 2015. Executive Vice President, Head of Distribution and Marketing, Delaware Investments 2008 to 2015. In addition, Head of Macquarie Investment Management EMEA Distribution from 2012 to 2015. Managing Director at Goldman Sachs & Co. from 2001 to 2008.

Optimum Fund Trust from 2011 to 2015.

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Name, Address and
Date of Birth

Position(s)
Held with
Trust

Term of Office
and Length of
Time Served*

Principal
Occupation(s)
During Past
Five Years

Number
of Funds
in Fund
Complex
Overseen
by Trustee

Other Board
Memberships Held
During Past Five
Years by Trustee

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

Birth Year: 1955

Trustee, Chair of Audit Committee

Since 2017

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

FundVantage Trust, Third Avenue Trust, Third Avenue Variable Series Trust.

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

Birth Year: 1949

Trustee

Since 2017

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

Global Capital PLC (Malta Public Company), Franklin Templeton Sealand Fund Management Co. Ltd., China Life Franklin Asset Management Company Limited, Templeton Investment Counsel LLC, Franklin Templeton Trustee Services Private Limited (India), Franklin Templeton International Services S.A. (Luxembourg), Franklin Templeton Investments (Asia) Limited, Franklin Templeton Investments Japan Ltd., Templeton Asset Management Ltd. (Singapore), Franklin Templeton Holding Limited (Mauritius), Franklin Templeton Investment Services Mexico, S. de R. L.

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

INTERESTED TRUSTEES*

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

Birth Year: 1952

Trustee

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

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

Global Capital PLC (Malta Public Company).

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

Birth Year: 1964

Trustee and Chief Executive Officer

Since 2018

President of Brinker Capital Investments, LLC since 2020.** Chief Executive Officer of Brinker Capital, Inc. from 2012 to 2020.

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

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

Reflects the current title following the closing of the Transaction, which occurred after the end of the period covered by the report.

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Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
OFFICERS*
Philip Green, Jr. Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1970	Chief Financial Officer & Treasurer	Since January 2017	Chief Financial Officer of Brinker Capital Investments, LLC since 2000.
Brian Ferko Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1971	Chief Compliance Officer & Anti- Money Laundering Officer	Since January 2017	Chief Compliance Officer of Brinker Capital Investments, LLC since 2015; Chief Compliance Officer of Brinker Capital Investments, LLC contracted through Cipperman Compliance Services from 2010 to 2015; Chief Operating Officer of CCS from 2012 to 2015.
Jason B. Moore Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1972	President	Since January 2017	Chief Solutions Officer of Brinker Capital Investments, LLC since 2019; Chief Administrative Officer of Brinker Capital Investments, LLC from 2016 to 2019; Managing Director of Morgan Stanley from 2012 to 2016.
Donna Marley Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1955	Chief Operating Officer	Since April 2017	Senior Vice President of Funds of Brinker Capital Investments, LLC since 2017; Executive Director of Morgan Stanley from 2009 to 2017.
Peter Townsend Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1977	Secretary & Deputy Chief Compliance Officer	Since January 2017	Deputy Funds Chief Compliance Officer of Brinker Capital Investments, LLC since 2017; Director of Compliance of Penn Capital Management Company, Inc. from 2015 to 2017; Director of Compliance of Cipperman Compliance Services from 2013 to 2015; Associate of J.P. Morgan Chase & Co. from 2008 to 2013.
Jeff Raupp, CFA Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1969	Chief Investment Officer	Since January 2017	Chief Investment Officer of Brinker Capital Investments, LLC since 2018; Director of Investments of Brinker Capital Investments, LLC since 2017; Senior Vice President of Brinker Capital Investments, LLC in 2016; Senior Investment Manager of Brinker Capital Investments, LLC from 2008 to 2016.

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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
Amy Magnotta, CFA Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1978	Investment Officer	Since January 2017	Senior Vice President and Head of Discretionary Portfolios of Brinker Capital Investments, LLC since 2017; Senior Investment Manager of Brinker Capital Investments, LLC from 2008 to 2017.
Leigh Lowman, CFA Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1982	Investment Officer	Since January 2017	Investment Manager of Brinker Capital Investments, LLC since 2017; Senior Investment Analyst of Brinker Capital Investments, LLC from 2015 to 2017; Outreach Analyst of The Investment Fund for Foundations from 2014 to 2015; Senior Associate of Mondrian Investment Partners from 2011 to 2014.
Christopher Hart Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1971	Investment Officer	Since January 2017	Senior Vice President and Head of Platform Manager Research of Brinker Capital Investments, LLC since 2017; Senior Vice President of Brinker Capital Investments, LLC in 2016; Core Investment Manager of Brinker Capital Investments, LLC from 2014 to 2016; Investment Director of RS Investments 2013; Vice President/Investment Officer of Morgan Stanley Smith Barney from 2006 to 2013.
Timothy Holland, CFA Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1969	Investment Officer	Since June 2017	Senior Vice President and Global Investment Strategist of Brinker Capital Investments, LLC since 2017; Co-Head US Sub Advisory of Pictet Asset Management in 2016; Portfolio Manager and Partner of TAMRO Capital Partners from 2005 to 2016.
Kristen Pilipzeck Brinker Capital Investments, LLC 1055 Westlakes Drive, Suite 250 Berwyn, PA 19312 Birth Year: 1987	Investment Officer	Since March 2019	Investment Analyst of Brinker Capital Investments, LLC since 2017; Operations Associate of Brinker Capital Investments, LLC from 2010 to 2017.

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

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Board Composition and Leadership Structure

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

Board Oversight of Risk Management

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

Individual Trustee Qualifications

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

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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. Third, the Trust has a Valuation Committee, composed of Mr. Marsini and Mr. McGowan. The Board at times may constitute other committees of the Board to assist in the evaluation of specific matters.

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

The primary responsibility of the Governance Committee is to support the Board in providing effective and efficient governance of the Trust. The Governance Committee reviews and considers, on behalf of all of the Trustees, the Trust’s Management Agreement, Sub-advisory Agreements, and agreements with the Trust’s distributor, and assists the Trustees in fulfilling their responsibilities relating to the Board’s evaluation and consideration of these arrangements. The Governance Committee also reviews the compensation to be paid to the Board and coordinates the Board’s annual self-assessment for the purposes of evaluating the performance and effectiveness of the Board. The Governance Committee met four times during the Trust’s most recent fiscal year.

The Valuation Committee oversees the implementation and application of the Trust’s pricing and valuation procedures and recommends to the Board any proposed changes to the procedures, as needed. The Valuation Committee has delegated daily authority to a pricing team at the Manager to make all necessary determinations of fair value of the portfolios securities for which market quotations are not readily available or are deemed unreliable. All actions of the Manager’s pricing team must be reported to and are subject to review by the Valuation Committee. The Board or the Valuation Committee must approve any material changes to the fair value procedures used by the Manager’s pricing team. Upon the request of the Board, a member of the Valuation Committee, or its delegee, will provide a report on the prior meeting of the Valuation Committee at the next scheduled quarterly meeting of the Board. The Valuation Committee met four times during the Trust’s most recent fiscal year.

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Brinker Capital Destinations Trust

Investment Adviser

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

Distributor

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

Legal Counsel

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

Independent Registered Public Accounting Firm

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

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

Visit www.destinationsfunds.com for more information.

DSA_SAR

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. INVESTMENTS.

(a)

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

(b)

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not Applicable.

ITEM 13. EXHIBITS.

(a)(1) Not Applicable.

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

(a)(3) Not Applicable.

(a)(4) Not Applicable.

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

SIGNATURES

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

Brinker Capital Destinations Trust


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

Date:	October 30, 2020

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

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

Date:	October 30, 2020

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

Date:	October 30, 2020

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