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:
February 28, 2021
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.
Annual Report
February 28, 2021
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 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
Shareholder Letter (Unaudited)
Dear Shareholder,
We are pleased to provide the annual report of the Destinations Funds for the twelve-month reporting period for the fiscal year ended February 28, 2021. Please refer to the investment commentary for a detailed look at prevailing economic and market conditions during the Funds’ reporting period.
As we finalize this shareholder report in April, the return to pre-pandemic life appears to be on the horizon with the roll out of COVID-19 vaccines. Nevertheless, until the vaccine is more widely available, investors may face periods of outbreak-related disruptions and heightened market volatility. We have a long history of weathering volatile markets, and we are confident that we will 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:
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Fund prices and performance,
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Holdings,
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Distributions, and
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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
April 29, 2021
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.
Investment Commentary (Unaudited)
Risk assets delivered strong positive returns for the twelve months ending February 28, 2021 (“the period”), but it was a tumultuous period, categorized by historical highs and lows. The emergence of COVID-19 and resulting lockdowns led to the fastest bear market in history followed by a swift market recovery as the Federal Reserve and the U.S. government provided unprecedented stimulus and support to markets. A contentious US presidential election and an uptick in COVID-19 infection rates led to increased market volatility during the back half of the period, but the emergence of multiple vaccines, additional large fiscal stimulus packages, and an accommodative central bank helped markets rally at the end of 2020 and to start 2021.
The S&P 500 Index1 gained +31.3% for the period, despite declining -34% from peak to trough in March 2020. Information technology (+49.7%) was the top-performing sector, supported by the shift to virtual learning and work from home mandates. Likewise, consumer discretionary (+42.5%) experienced tailwinds from pent-up demand when economies began reopening. Energy (+11.1%) faced immense challenges in 2020 due to unfavorable supply/demand dynamics but had a strong rebound in the beginning of 2021. Financials (+24.6%) suffered from headwinds when the Federal Reserve cut interest rates to zero as part of their monetary policy response, but a steepening yield curve at the end of the period benefitted the sector. Utilities (-2.8%) was the only sector to finish negative for the period. From a style perspective, despite a strong rebound by value during the end of the period, growth finished significantly ahead of value for the period. Small cap equities outpaced large and mid-cap equities, helped by a strong rally that began in the fourth quarter of 2020.
Developed international equities, as measured by the MSCI EAFE Index2, gained +23.0% for the period. Similar to the US, the COVID-19 pandemic created significant challenges for the region as surging infection rates forced waves of lockdown measures to mitigate the virus spread. However, coordinated stimulus measures helped boost markets. Global central banks provided large amounts of monetary stimulus to keep borrowing costs low and promote liquidity, and the European Union governments expanded fiscal stimulus to support economies until the virus is contained. Emerging markets, as measured by the MSCI Emerging Markets Index3, gained +36.5% for the period. China, a key driver of returns for emerging markets, contributed to performance due in part to its early success in containing the virus. A weakening US dollar and pick-up in global trading activity also benefitted the region.
Investment-grade fixed income, as measured by the Bloomberg Barclays US Aggregate Index4, gained +1.4% for the period. US government bonds experienced strong performance in the beginning of the period as heightened fears of a global recession led to a flight of safety into US Treasuries. The Fed’s subsequent decision to expand its asset purchase program provided support for fixed income markets and helped maintain a floor on corporate bond prices throughout the period. The yield on the 10-year Treasury note rose from a low of +0.50% in March to end the period at +1.46%. High yield credit spreads drastically contracted 753 basis points5 from their March peak, generating attractive returns for the sector. Municipals lagged taxable counterparts for the period.
Our overall outlook for the economy and financial markets tilts positive over the intermediate term. As the vaccine rollout ramps up further, we expect a more robust reopening of the US economy, and a broadening out of economic growth as a result. Additional fiscal stimulus will serve to further boost growth. The Federal Reserve is committed to accommodative monetary policy until we see full employment and sustained higher inflation, neither of which we are close to achieving yet. We view the recent move higher in Treasury yields as more of a normalization process given the improved economic outlook; however, the pace of the increase has resulted in a pickup in volatility which could continue in the near-term.
1
S&P 500 Index — Consists of 500 stocks that represent a sample of the leading companies in leading industries. This index is widely regarded as the standard for measuring large-cap US stock market performance.
2
MSCI EAFE Index — Measures the performance of all the publicly traded stocks in 22 developed non-US markets.
3
MSCI Emerging Markets Index — Measures the equity market performance of 21 emerging market countries.
4
Bloomberg Barclays US Aggregate Index — A market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most US traded investment grade bonds are represented. The index includes US Treasury Securities (non-TIPS), government agency bonds, mortgage backed bonds, corporate bonds, and a small amount of foreign bonds traded in the US.
5
Basis Points (BPS) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.
Investment Commentary (Unaudited) (concluded)
Thank you for your confidence and your support as shareholders of the Destinations Funds.
Sincerely,
Jason B. Moore
President, Brinker Capital Destinations Trust
April 29, 2021
Management’s Discussion of Fund Performance (Unaudited)
Destinations Large Cap Equity Fund
Investment Objective
The investment objective of the Destinations Large Cap Equity Fund (the “Fund”) is to provide long term capital appreciation.
Investment Strategy
The Fund will invest in the equity securities of large capitalization companies. The Fund defines large cap companies as companies whose market capitalizations typically fall within the range of the Russell 1000® Index. Although most assets will typically be invested in U.S. common stocks, the Fund may invest directly in foreign stocks or indirectly through depositary receipts in keeping with the Fund’s objectives. The Fund employs a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 35.94% compared to the Russell 1000 Index return of 34.28%. The Fund benefited from stock selection within the communication services, health care and financials sectors during the period. An underweight to, and stock selection within, the consumer staples sector also contributed to performance. Detracting from the Fund’s performance was stock selection within the consumer discretionary sector. An underweight to, and stock selection within, the energy sector also detracted from performance for the period.
Investment Sub-advisers
BlackRock Investment Management, LLC
Seeks to provide index exposure by replicating the total return performance of the S&P 500 Index.
Columbia Management Investment Advisers, LLC
Constructs a concentrated high growth portfolio comprised of a mix of established and emerging growth companies that are gaining market share in industries that represent a larger segment of the overall economy.
Delaware Investments Fund Advisers
Constructs a concentrated deep value portfolio that seeks to capitalize on discrepancies between intrinsic value and price.
Mellon Investments Corporation
Seeks to invest in companies with attractive valuation, strong fundamentals, and a catalyst for business improvement.
Strategas Asset Management
Focuses on large capitalization companies making significant investments in public policy developments and the potential earning benefits that accrue from those investments.
T. Rowe Price Associates, Inc.
Focuses on companies with superior growth in earnings and cash flow, ability to sustain earnings momentum even during economic slowdowns, and occupation of a lucrative niche in the economy with ability to expand even during economic slowdowns.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Large Cap Equity Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Large Cap Equity Fund from its inception (March 20, 2017) to February 28, 2021 as compared with the Russell 1000 Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Large Cap Equity Fund - Class I | | | | | 2.39% | | | | | | 35.94% | | | | | | 14.63% | | |
| Russell 1000 Index | | | | | 2.05% | | | | | | 34.28% | | | | | | 15.46% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.95% and 0.82%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Small-Mid Cap Equity Fund
Investment Objective
The investment objective of the Destinations Small-Mid Cap Equity Fund (the “Fund”) is to provide long term capital appreciation.
Investment Strategy
The Fund will invest in the equity securities of small- and mid-capitalization companies. The Fund defines small-mid cap companies as companies whose market capitalizations typically fall within the range of either the Russell Midcap® Index or the Russell 2000® Index. The Fund may invest a portion of its assets in securities of micro-cap companies. The Fund invests in securities of companies operating in a broad range of industries. The Fund employs a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 53.65%, compared to a return of 36.11% for the Russell Midcap Index and 51.00% for the Russell 2000 Index over the period. The Fund benefited from very strong stock selection within the consumer discretionary sector. An overweight to, and stock selection within the healthcare sector was also a positive. Stock selection within consumer staples and an underweight to, and stock selection within, the real estate sector also helped performance. Detracting from performance was stock selection within the industrials sector.
Investment Sub-advisers
Ceredex Value Advisors LLC
Employs a disciplined and methodical bottom-up stock selection process with an emphasis on dividends, valuation and fundamentals.
Driehaus Capital Management LLC
Focuses on micro and small cap companies and identifies company-specific growth-inflation points to capitalize on behavioral dynamics of the market through the integration of fundamental, macro and behavioral analysis.
LMCG Investments, LLC
Employs a classic value approach with an emphasis on purchasing high quality companies at a discount to intrinsic value.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Small-Mid Cap Equity Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Small-Mid Cap Equity Fund from its inception (March 20, 2017) to February 28, 2021 as compared with both the Russell Midcap Index and Russell 2000 Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Small-Mid Cap Equity Fund - Class I | | | | | 11.16% | | | | | | 53.65% | | | | | | 17.07% | | |
| Russell Midcap Index | | | | | 5.29% | | | | | | 36.11% | | | | | | 13.50% | | |
| Russell 2000 Index | | | | | 11.58% | | | | | | 51.00% | | | | | | 13.95% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 1.12% and 1.08%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations International Equity Fund
Investment Objective
The investment objective of the Destinations International Equity Fund (the “Fund”) is to provide long term capital appreciation.
Investment Strategy
The Fund will invest primarily in foreign equity securities, including emerging market and frontier market equity securities, of any capitalization. The Fund employs a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 33.76%, ahead of the MSCI All Country World ex USA Index which returned 26.73% over the period. From a sector perspective, the biggest contributor to performance was an overweight to, and stock selection within the information technology sector. The Fund also benefited from strong stock selection within the health care and consumer staples sectors. An underweight to energy also helped performance. From a geographical perspective, stock selection within United Kingdom, and Japan were positives during the period. An underweight to, and stock selection within Taiwan, detracted from performance. An overweight to, and stock selection within India, as well as an underweight to Hong Kong were also negatives for the period.
Investment Sub-advisers
BAMCO, Inc.
Employs a long-term investment approach to emerging markets that seeks out appropriately capitalized open-ended growth opportunities, exceptional leadership, and sustainable competitive advantages.
MFS Investment Management
Employs a contrarian investment process that seeks companies that are undervalued compared to intrinsic value.
T. Rowe Price Associates, Inc.
Focuses on companies with the potential to achieve long term earnings growth that have a leading market position, technological leadership or proprietary advantage and seasoned management.
Wasatch Advisors, Inc.
Targets inefficient segments of international equity markets with a focus on high-quality companies that offer long duration earnings and revenue growth and are trading at a reasonable valuation.
Management’s Discussion of Fund Performance (Unaudited)
Destinations International Equity Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations International Equity Fund from its inception (March 20, 2017) to February 28, 2021 as compared with the MSCI All Country World ex USA Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations International Equity Fund - Class I | | | | | 0.07% | | | | | | 33.76% | | | | | | 11.82% | | |
| MSCI AC World ex USA Index | | | | | 2.23% | | | | | | 26.73% | | | | | | 9.11% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 1.26% and 1.18%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Equity Income Fund
Investment Objective
The Destinations Equity Income Fund (the “Fund”) has a primary investment objective of current income with a secondary objective of long-term capital appreciation.
Investment Strategy
The Fund will invest in dividend-paying securities of both U.S.-based and foreign companies. The Fund invests primarily in common stock, preferred stock, interests in Real Estate Investment Trusts (REITs), foreign securities, American Depositary Receipts (ADRs) and equity-linked notes that are believed to be attractively valued and to have the potential for long-term growth. The Fund employs a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 10.37% compared to a return of 19.72% for the Dow Jones US Select Dividend Index and 31.29% for the S&P 500 Index over the period. The Fund’s underweight to the utilities sector was a strong positive contributor to performance. Stock selection within the healthcare sector was a positive; however, a sizeable overweight to the sector was a negative. An underweight to financials, and stock selection within the financial sector was a detractor, as was stock selection within the communication services and consumer staples sectors.
Investment Sub-advisers
Federated Equity Management Company of Pennsylvania
Employs a bottom-up, fundamental approach with an emphasis on high-yielding, dividend growing stocks.
NWQ Investment Management Company LLC
Seeks to provide high current income and long-term capital appreciation by investing in global equity and income-producing securities.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Equity Income Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Equity Income Fund from its inception (March 20, 2017) to February 28, 2021 as compared with both the Dow Jones US Select Dividend Index and the S&P 500 Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Equity Income Fund - Class I | | | | | 2.19% | | | | | | 10.37% | | | | | | 5.34% | | |
| Dow Jones US Select Dividend Index | | | | | 9.40% | | | | | | 19.72% | | | | | | 7.67% | | |
| S&P 500 Index | | | | | 1.72% | | | | | | 31.29% | | | | | | 14.89% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 1.04% and 0.89%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Core Fixed Income Fund
Investment Objective
The investment objective of the Destinations Core Fixed Income Fund (the “Fund”) is to maximize current income and total return.
Investment Strategy
The Fund will invest in fixed income instruments. The Fund invests primarily in bonds and other fixed income instruments issued by governmental or private-sector entities, including mortgage-backed securities, asset-backed securities, investment grade corporate bonds, junk bonds, bank loans, loan participations, assignments, derivatives, credit default swaps, inverse floater securities, interest-only and principal-only securities and money market instruments. The Fund employs a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 0.05% compared to a return of 1.38% for the Bloomberg Barclays US Aggregate Index. The Fund’s shorter duration positioning contributed to performance due to a steepening US Treasury yield curve in the back half of the period. An overweight to asset-backed securities, as well as allocations to bank loans and CLOs also helped performance for the period. Security selection within corporate credit was also a positive, but an underweight to the sector detracted from performance. An overweight to, and security selection within, mortgage-backed securities was also a negative for the period.
Investment Sub-advisers
DoubleLine Capital LP
Combines top-down factors, with bottom-up security analysis and invests across a broad range of fixed income sectors.
Merganser Capital Management, LLC
Employs a bottom-up approach that combines cross-sector relative values analysis with deep fundamental security selection while seeking opportunities in less efficient areas of the fixed income market.
Wellington Management Company LLP
Blends top-down strategies and bottom-up security selection resulting in a broadly diversified portfolio both across and within sectors.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Core Fixed Income Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Core Fixed Income Fund from its inception (March 20, 2017) to February 28, 2021 as compared with the Bloomberg Barclays US Aggregate Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Core Fixed Income Fund - Class I | | | | | -1.64% | | | | | | 0.05% | | | | | | 3.01% | | |
| Bloomberg Barclays US Aggregate Index | | | | | -2.15% | | | | | | 1.38% | | | | | | 4.28% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.88% and 0.80%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Low Duration Fixed Income Fund
Investment Objective
The investment objective of the Destinations Low Duration Fixed Income Fund (the “Fund”) is to provide current income.
Investment Strategy
The Fund invests primarily in bonds and other fixed income instruments issued by governmental or private-sector entities, including mortgage-backed securities, asset-backed securities, investment grade corporate bonds, junk bonds, bank loans and money market instruments. The Fund will normally be constructed with an average total portfolio duration of three years or less. The Fund employs a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 3.43%, compared to a return of 6.05% for ICE BofA US High Yield 0-3 Year Index and 1.60% for the ICE BofA US Treasury 1-3 Year Index. The Fund’s bias to corporate credit, as well as security selection within the corporate credit sector contributed positively to performance. Allocations to banks loans and CLOs were the largest detractors for the period.
Investment Sub-advisers
CrossingBridge Advisors, LLC
Focuses on capital preservation by investing in underlying event driven high yield and investment grade corporate credit opportunities with an estimated holding life of several months to three years.
DoubleLine Capital LP
Combines top-down factors, with bottom-up security analysis and seeks to maximize current income through investing in a variety of fixed income sectors with an overall average effective duration of three years or less.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Low Duration Fixed Income Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Low Duration Fixed Income Fund from its inception (March 20, 2017) to February 28, 2021 as compared with the ICE BofA US High Yield 0-3 Year Index and the ICE BofA US Treasury 1-3 Year Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Low Duration Fixed Income Fund - Class I | | | | | 1.91% | | | | | | 3.43% | | | | | | 2.55% | | |
| ICE BofA US High Yield 0-3 Year Index | | | | | 1.62% | | | | | | 6.05% | | | | | | 4.74% | | |
| ICE BofA US Treasury 1-3 Year Index | | | | | -0.07% | | | | | | 1.60% | | | | | | 2.13% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.95% and 0.94%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Global Fixed Income Opportunities Fund
Investment Objective
The investment objective of the Destinations Global Fixed Income Opportunities Fund (the “Fund”) is to maximize total return.
Investment Strategy
The Fund invests in fixed income securities including global investment grade and non-investment grade debt, global sovereign debt, bank loans, preferred securities and convertible securities. The Fund employs a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 6.28% compared to a return of 8.62% for the ICE BofA US High Yield Index and 2.13% for the Bloomberg Barclays US Universal Index. The Fund is allocated across credit sectors, including US corporate credit, emerging market credit and preferred stock. Corporate bond security selection and an allocation to SPACs contributed to performance for the period. An allocation to bank loans and emerging market debt detracted from performance. The Fund’s higher quality bias and more defensive positioning was also a negative for the period compared to the high yield index.
Investment Sub-advisers
CrossingBridge Advisors, LLC
Employs an opportunistic approach, allocating to high yield and investment grade corporate credit securities across multiple credit opportunity types.
DoubleLine Capital LP
Employs a value-oriented, research-driven approach to identify emerging market countries and companies with the potential for improving credit fundamentals and ratings.
Nuveen Asset Management, LLC
Employs a top-down quantitative-driven process complemented by fundamental credit research analysis with a focus on relative value, resulting in a concentrated portfolio of preferred securities.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Global Fixed Income Opportunities Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Global Fixed Income Opportunities Fund from its inception (March 20, 2017) to February 28, 2021 as compared with the ICE BofA US High Yield Index and the Bloomberg Barclays US Universal Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Global Fixed Income Opportunities Fund - Class I | | | | | 2.34% | | | | | | 6.28% | | | | | | 3.98% | | |
| ICE BofA US High Yield Index | | | | | 0.73% | | | | | | 8.62% | | | | | | 6.03% | | |
| Bloomberg Barclays US Universal Index | | | | | -1.91% | | | | | | 2.13% | | | | | | 4.50% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 1.11% and 1.00%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39%. The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Municipal Fixed Income Fund
Investment Objective
The investment objective of the Destinations Municipal Fixed Income Fund (the “Fund”) is to provide current income that is exempt from federal income taxation.
Investment Strategy
The Fund invests in fixed income securities that pay interest that is exempt from regular federal income tax. In seeking high current income exempt from regular federal income tax, the Fund will invest in municipal instruments, which are fixed-income obligations issued by a state, territory or possession of the United States (included the District of Columbia) or a political subdivision, agency or instrumentality thereof, primarily in investment grade debt obligations. The Fund may employ a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 0.00% compared to a return of 1.44% for the ICE BofA US Municipal Securities 1-10 Year Index. The Fund’s emphasis on higher quality securities led to underperformance for the period as lower quality municipal bonds outperformed. Security selection within tax-supported bonds was a detractor from performance. From a state perspective, security selection within Texas and New York were also negatives for the period.
Investment Sub-advisers
Northern Trust Investments, Inc.
Employs a relative value, high quality approach to municipal bonds that seeks to identify undervalued securities and sectors.
Seix Investment Advisors LLC
Seeks to maximize total return through current income that is exempt from federal income taxes by focusing on duration management, yield curve positioning, sector rotation, and security selection.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Municipal Fixed Income Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Municipal Fixed Income Fund from its inception (March 20, 2017) to February 28, 2021 as compared with the ICE BofA US Municipal Securities 1-10 Year Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Municipal Fixed Income Fund - Class I | | | | | -1.32% | | | | | | 0.00% | | | | | | 2.59% | | |
| ICE BofA US Municipal Securities 1-10 Year Index | | | | | -0.55% | | | | | | 1.44% | | | | | | 3.03% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.95% and 0.80%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Multi Strategy Alternatives Fund
Investment Objective
The investment objective of the Destinations Multi Strategy Alternatives Fund (the “Fund”) is capital appreciation with reduced correlation to equity and fixed income markets.
Investment Strategy
The Fund employs a strategy intended to generate long term growth across market cycles with reduced correlation to equity and fixed income markets. The Fund may invest across multiple strategies including long/short credit, long/short equity, relative value, distressed credit, global macro, event-driven and closed-ended funds. The Fund employs a multi-manager sub-advised structure.
Investment Commentary
For the fiscal year ending February 28, 2021, Class I of the Fund returned 11.09%, ahead of the HFRX Global Hedge Fund Index which returned 9.38% for the period. An allocation to an event driven strategy was a positive contributor as equity catalyst trades, particularly within the biotechnology sector, helped drive performance. An allocation to a relative value credit strategy also contributed to performance as the strategy took advantage of severe price dislocations that occurred within mortgage credit and corporate credit markets following the drawdown and market volatility experienced in the first quarter of 2020.
Investment Sub-advisers
Driehaus Capital Management LLC
Employs a concentrated approach seeking asymmetric payoff profiles in directional long, directional short and relative value arbitrage strategies, focusing on liquid credit, equity and derivative securities.
LMCG Investments, LLC
Employs a quantitative approach based on proprietary analytics to exploit pricing inefficiencies in structured credit markets.
Management’s Discussion of Fund Performance (Unaudited)
Destinations Multi Strategy Alternatives Fund (concluded)
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Multi Strategy Alternatives Fund from its inception (March 20, 2017) to February 28, 2021 as compared with the HFRX Global Hedge Fund Index.
Average Total Returns as of February 28, 2021
| | | | YTD | | | 1 Year | | | Since Inception
(3/20/2017) | |
| Destinations Multi Strategy Alternatives Fund - Class I | | | | | 1.93% | | | | | | 11.09% | | | | | | 4.96% | | |
| HFRX Global Hedge Fund Index | | | | | 1.35% | | | | | | 9.38% | | | | | | 3.45% | | |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 2.12% and 1.73%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.
The Fund’s adviser has contractually agreed to waive a portion of its management fee as necessary to keep the management fee from exceeding 0.39% more than the sub-advisory fees paid by the Adviser. Waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39% The waiver is in effect until June 30, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustee.
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 September 1, 2020 and held for the six months ended February 28, 2021.
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 | | | | | 13.57% | | | | | $ | 1,000.00 | | | | | $ | 1,135.66 | | | | | | 0.82% | | | | | $ | 4.34 | | |
| Destinations Large Cap Equity Fund – Class Z | | | | | 13.76% | | | | | | 1,000.00 | | | | | | 1,137.58 | | | | | | 0.67% | | | | | | 3.50 | | |
| Destinations Small-Mid Cap Equity Fund – Class I | | | | | 40.88% | | | | | | 1,000.00 | | | | | | 1,408.80 | | | | | | 1.10% | | | | | | 6.57 | | |
| Destinations Small-Mid Cap Equity Fund – Class Z | | | | | 41.03% | | | | | | 1,000.00 | | | | | | 1,410.26 | | | | | | 0.95% | | | | | | 5.62 | | |
| Destinations International Equity Fund – Class I | | | | | 13.90% | | | | | | 1,000.00 | | | | | | 1,139.01 | | | | | | 1.23% | | | | | | 6.52 | | |
| Destinations International Equity Fund – Class Z | | | | | 13.92% | | | | | | 1,000.00 | | | | | | 1,139.22 | | | | | | 1.08% | | | | | | 5.73 | | |
| Destinations Equity Income Fund – Class I | | | | | 10.96% | | | | | | 1,000.00 | | | | | | 1,109.61 | | | | | | 0.91% | | | | | | 4.76 | | |
| Destinations Equity Income Fund – Class Z | | | | | 11.19% | | | | | | 1,000.00 | | | | | | 1,111.89 | | | | | | 0.76% | | | | | | 3.98 | | |
| Destinations Core Fixed Income Fund – Class I | | | | | (0.85)% | | | | | | 1,000.00 | | | | | | 991.55 | | | | | | 0.78% | | | | | | 3.85 | | |
| Destinations Core Fixed Income Fund – Class Z | | | | | (0.87)% | | | | | | 1,000.00 | | | | | | 991.32 | | | | | | 0.63% | | | | | | 3.11 | | |
| Destinations Low Duration Fixed Income Fund – Class I | | | | | 4.30% | | | | | | 1,000.00 | | | | | | 1,043.00 | | | | | | 0.95% | | | | | | 4.81 | | |
| Destinations Low Duration Fixed Income Fund – Class Z | | | | | 4.38% | | | | | | 1,000.00 | | | | | | 1,043.81 | | | | | | 0.80% | | | | | | 4.05 | | |
| Destinations Global Fixed Income Opportunities Fund – Class I | | | | | 6.24% | | | | | | 1,000.00 | | | | | | 1,062.43 | | | | | | 1.05% | | | | | | 5.37 | | |
| Destinations Global Fixed Income Opportunities Fund – Class Z | | | | | 6.32% | | | | | | 1,000.00 | | | | | | 1,063.19 | | | | | | 0.90% | | | | | | 4.60 | | |
| Destinations Municipal Fixed Income Fund – Class I | | | | | (0.11)% | | | | | | 1,000.00 | | | | | | 998.90 | | | | | | 0.75% | | | | | | 3.72 | | |
| Destinations Municipal Fixed Income Fund – Class Z | | | | | (0.04)% | | | | | | 1,000.00 | | | | | | 999.61 | | | | | | 0.60% | | | | | | 2.97 | | |
| Destinations Multi Strategy Alternatives Fund – Class I | | | | | 9.10% | | | | | | 1,000.00 | | | | | | 1,091.02 | | | | | | 1.43% | | | | | | 7.41 | | |
| Destinations Multi Strategy Alternatives Fund – Class Z | | | | | 9.20% | | | | | | 1,000.00 | | | | | | 1,091.95 | | | | | | 1.28% | | | | | | 6.69 | | |
(1)
For the six months ended February 28, 2021.
(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 (181 days for Class I and Class Z) in the most recent period, then divided by 365 (to reflect the period).
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 | | | Hypothetical
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 | | | | | $ | 1,020.73 | | | | | | 0.82% | | | | | $ | 4.11 | | |
| Destinations Large Cap Equity Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.52 | | | | | | 0.67% | | | | | | 3.31 | | |
| Destinations Small-Mid Cap Equity Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,019.34 | | | | | | 1.10% | | | | | | 5.51 | | |
| Destinations Small-Mid Cap Equity Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.13 | | | | | | 0.95% | | | | | | 4.71 | | |
| Destinations International Equity Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,018.70 | | | | | | 1.23% | | | | | | 6.16 | | |
| Destinations International Equity Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,019.44 | | | | | | 1.08% | | | | | | 5.41 | | |
| Destinations Equity Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.28 | | | | | | 0.91% | | | | | | 4.56 | | |
| Destinations Equity Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.03 | | | | | | 0.76% | | | | | | 3.81 | | |
| Destinations Core Fixed Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.93 | | | | | | 0.78% | | | | | | 3.91 | | |
| Destinations Core Fixed Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.67 | | | | | | 0.63% | | | | | | 3.16 | | |
| Destinations Low Duration Fixed Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.08 | | | | | | 0.95% | | | | | | 4.76 | | |
| Destinations Low Duration Fixed Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.83 | | | | | | 0.80% | | | | | | 4.01 | | |
| Destinations Global Fixed Income Opportunities Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,019.59 | | | | | | 1.05% | | | | | | 5.26 | | |
| Destinations Global Fixed Income Opportunities Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.33 | | | | | | 0.90% | | | | | | 4.51 | | |
| Destinations Municipal Fixed Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.08 | | | | | | 0.75% | | | | | | 3.76 | | |
| Destinations Municipal Fixed Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.82 | | | | | | 0.60% | | | | | | 3.01 | | |
| Destinations Multi Strategy Alternatives Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,017.70 | | | | | | 1.43% | | | | | | 7.15 | | |
| Destinations Multi Strategy Alternatives Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,018.40 | | | | | | 1.28% | | | | | | 6.46 | | |
(1)
For the six months ended February 28, 2021.
(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 (181 days for Class I and Class Z) in the period, then divided by 365 (to reflect the period).
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 97.4% | |
| | BASIC MATERIALS – 2.8% | |
| | Chemicals – 1.9% | |
| | | | 3,360 | | | | Air Products & Chemicals Inc. | | | | $ | 858,883 | | |
| | | | 1,582 | | | | Albemarle Corp. | | | | | 248,706 | | |
| | | | 1,719 | | | | Celanese Corp., Class A Shares | | | | | 238,786 | | |
| | | | 423,046 | | | | CF Industries Holdings Inc. | | | | | 19,155,523 | | |
| | | | 11,278 | | | | Dow Inc. | | | | | 668,898 | | |
| | | | 330,756 | | | | DuPont de Nemours Inc. | | | | | 23,258,762 | | |
| | | | 84,258 | | | | Eastman Chemical Co. | | | | | 9,206,029 | | |
| | | | 3,772 | | | | Ecolab Inc. | | | | | 789,706 | | |
| | | | 1,909 | | | | FMC Corp. | | | | | 194,126 | | |
| | | | 3,779 | | | | International Flavors & Fragrances Inc. | | | | | 512,092 | | |
| | | | 23,148 | | | | Linde PLC | | | | | 5,654,362 | | |
| | | | 3,870 | | | | LyondellBasell Industries NV, Class A Shares | | | | | 398,958 | | |
| | | | 159,079 | | | | Mosaic Co. | | | | | 4,676,923 | | |
| | | | 3,588 | | | | PPG Industries Inc. | | | | | 483,734 | | |
| | | | 33,601 | | | | Sherwin-Williams Co. | | | | | 22,860,105 | | |
| | | | | | | | Total Chemicals | | | | | 89,205,593 | | |
| | Forest Products & Paper – 0.2% | |
| | | | 192,838 | | | | International Paper Co. | | | | | 9,574,407 | | |
| | Iron/Steel – 0.2% | |
| | | | 161,414 | | | | Nucor Corp. | | | | | 9,655,786 | | |
| | Mining – 0.5% | |
| | | | 545,700 | | | | Freeport-McMoRan Inc.* | | | | | 18,504,687 | | |
| | | | 137,292 | | | | Newmont Corp. | | | | | 7,465,939 | | |
| | | | | | | | Total Mining | | | | | 25,970,626 | | |
| | | | | | | | TOTAL BASIC MATERIALS | | | | | 134,406,412 | | |
| | COMMUNICATIONS – 18.0% | |
| | Advertising – 0.0% | |
| | | | 6,112 | | | | Interpublic Group of Cos., Inc. | | | | | 159,645 | | |
| | | | 3,137 | | | | Omnicom Group Inc. | | | | | 215,606 | | |
| | | | | | | | Total Advertising | | | | | 375,251 | | |
| | Internet – 14.3% | |
| | | | 4,946 | | | | Airbnb Inc., Class A Shares* | | | | | 1,020,607 | | |
| | | | 97,950 | | | | Alibaba Group Holding Ltd., ADR* | | | | | 23,288,592 | | |
| | | | 36,144 | | | | Alphabet Inc., Class A Shares* | | | | | 73,079,915 | | |
| | | | 19,860 | | | | Alphabet Inc., Class C Shares* | | | | | 40,452,040 | | |
| | | | 56,347 | | | | Amazon.com Inc.* | | | | | 174,277,327 | | |
| | | | 24,877 | | | | Booking Holdings Inc.* | | | | | 57,926,343 | | |
| | | | 2,128 | | | | CDW Corp. | | | | | 333,862 | | |
| | | | 204,307 | | | | Chewy Inc., Class A Shares* | | | | | 20,749,419 | | |
| | | | 21,605 | | | | DoorDash Inc., Class A Shares, Private Placement*(a)@ | | | | | 3,478,740 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | COMMUNICATIONS – (continued) | |
| | Internet – (continued) | |
| | | | 4,002 | | | | DoorDash Inc., Class A Shares*(b) | | | | $ | 678,299 | | |
| | | | 9,948 | | | | eBay Inc. | | | | | 561,266 | | |
| | | | 42,039 | | | | Etsy Inc.* | | | | | 9,259,931 | | |
| | | | 2,023 | | | | Expedia Group Inc.* | | | | | 325,703 | | |
| | | | 966 | | | | F5 Networks Inc.* | | | | | 183,521 | | |
| | | | 441,349 | | | | Facebook Inc., Class A Shares* | | | | | 113,700,329 | | |
| | | | 70,711 | | | | Farfetch Ltd., Class A Shares* | | | | | 4,658,441 | | |
| | | | 5,559 | | | | IAC/InterActiveCorp* | | | | | 1,361,010 | | |
| | | | 11,600 | | | | Kuaishou Technology, Class B Shares*(c) | | | | | 461,819 | | |
| | | | 196,466 | | | | Match Group Inc.* | | | | | 30,029,828 | | |
| | | | 49,154 | | | | Netflix Inc.* | | | | | 26,486,633 | | |
| | | | 9,259 | | | | NortonLifeLock Inc. | | | | | 180,643 | | |
| | | | 65,559 | | | | Proofpoint Inc.* | | | | | 7,927,394 | | |
| | | | 3,917 | | | | Shopify Inc., Class A Shares* | | | | | 5,017,559 | | |
| | | | 358,283 | | | | Snap Inc., Class A Shares* | | | | | 23,524,862 | | |
| | | | 22,163 | | | | Spotify Technology SA* | | | | | 6,812,463 | | |
| | | | 118,400 | | | | Tencent Holdings Ltd. | | | | | 10,112,874 | | |
| | | | 138,445 | | | | Twitter Inc.* | | | | | 10,668,572 | | |
| | | | 364,537 | | | | Uber Technologies Inc.* | | | | | 18,864,790 | | |
| | | | 47,679 | | | | VeriSign Inc.* | | | | | 9,251,156 | | |
| | | | 6,928 | | | | Wix.com Ltd.* | | | | | 2,414,893 | | |
| | | | | | | | Total Internet | | | | | 677,088,831 | | |
| | Media – 1.4% | |
| | | | 2,217 | | | | Charter Communications Inc., Class A Shares* | | | | | 1,359,952 | | |
| | | | 517,250 | | | | Comcast Corp., Class A Shares | | | | | 27,269,420 | | |
| | | | 2,403 | | | | Discovery Inc., Class A Shares* | | | | | 127,431 | | |
| | | | 4,740 | | | | Discovery Inc., Class C Shares* | | | | | 213,300 | | |
| | | | 3,866 | | | | DISH Network Corp., Class A Shares* | | | | | 121,818 | | |
| | | | 278,730 | | | | Fox Corp., Class A Shares | | | | | 9,284,496 | | |
| | | | 2,551 | | | | Fox Corp., Class B Shares | | | | | 81,453 | | |
| | | | 6,421 | | | | News Corp., Class A Shares | | | | | 150,572 | | |
| | | | 1,587 | | | | News Corp., Class B Shares | | | | | 36,374 | | |
| | | | 8,473 | | | | ViacomCBS Inc., Class B Shares | | | | | 546,424 | | |
| | | | 17,332 | | | | Vimeo Inc., Class A, Private Placement*(a)(d)@ | | | | | 561,730 | | |
| | | | 152,369 | | | | Walt Disney Co.* | | | | | 28,803,836 | | |
| | | | | | | | Total Media | | | | | 68,556,806 | | |
| | Telecommunications – 2.3% | |
| | | | 804 | | | | Arista Networks Inc.* | | | | | 224,991 | | |
| | | | 455,107 | | | | AT&T Inc. | | | | | 12,692,934 | | |
| | | | 521,921 | | | | Cisco Systems Inc. | | | | | 23,418,595 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | COMMUNICATIONS – (continued) | |
| | Telecommunications – (continued) | |
| | | | 323,911 | | | | Corning Inc. | | | | $ | 12,386,357 | | |
| | | | 4,865 | | | | Juniper Networks Inc. | | | | | 113,257 | | |
| | | | 15,499 | | | | Lumen Technologies Inc. | | | | | 190,483 | | |
| | | | 164,097 | | | | Motorola Solutions Inc. | | | | | 28,795,742 | | |
| | | | 8,875 | | | | T-Mobile US Inc.* | | | | | 1,064,734 | | |
| | | | 419,123 | | | | Verizon Communications Inc. | | | | | 23,177,502 | | |
| | | | 254,000 | | | | Vodafone Group PLC, ADR | | | | | 4,363,720 | | |
| | | | | | | | Total Telecommunications | | | | | 106,428,315 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 852,449,203 | | |
| | CONSUMER CYCLICAL – 6.8% | |
| | Airlines – 0.1% | |
| | | | 1,950 | | | | Alaska Air Group Inc.* | | | | | 126,789 | | |
| | | | 9,268 | | | | American Airlines Group Inc.* | | | | | 194,072 | | |
| | | | 9,587 | | | | Delta Air Lines Inc.* | | | | | 459,601 | | |
| | | | 37,579 | | | | Southwest Airlines Co.* | | | | | 2,184,467 | | |
| | | | 4,582 | | | | United Airlines Holdings Inc.* | | | | | 241,380 | | |
| | | | | | | | Total Airlines | | | | | 3,206,309 | | |
| | Apparel – 1.3% | |
| | | | 5,455 | | | | Hanesbrands Inc. | | | | | 96,499 | | |
| | | | 413,507 | | | | NIKE Inc., Class B Shares | | | | | 55,732,473 | | |
| | | | 1,111 | | | | PVH Corp.* | | | | | 111,056 | | |
| | | | 754 | | | | Ralph Lauren Corp., Class A Shares* | | | | | 88,278 | | |
| | | | 4,338 | | | | Tapestry Inc.* | | | | | 182,803 | | |
| | | | 2,206 | | | | Under Armour Inc., Class A Shares* | | | | | 48,289 | | |
| | | | 3,934 | | | | Under Armour Inc., Class C Shares* | | | | | 71,599 | | |
| | | | 89,529 | | | | VF Corp. | | | | | 7,084,430 | | |
| | | | | | | | Total Apparel | | | | | 63,415,427 | | |
| | Auto Manufacturers – 1.0% | |
| | | | 58,057 | | | | Cummins Inc. | | | | | 14,700,032 | | |
| | | | 40,772 | | | | Ferrari NV | | | | | 8,047,577 | | |
| | | | 59,261 | | | | Ford Motor Co.* | | | | | 693,354 | | |
| | | | 275,839 | | | | General Motors Co.* | | | | | 14,158,816 | | |
| | | | 5,256 | | | | PACCAR Inc. | | | | | 478,243 | | |
| | | | 11,523 | | | | Tesla Inc.* | | | | | 7,783,786 | | |
| | | | | | | | Total Auto Manufacturers | | | | | 45,861,808 | | |
| | Auto Parts & Equipment – 0.1% | |
| | | | 32,978 | | | | Aptiv PLC* | | | | | 4,941,424 | | |
| | | | 3,820 | | | | BorgWarner Inc. | | | | | 171,900 | | |
| | | | | | | | Total Auto Parts & Equipment | | | | | 5,113,324 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Distribution/Wholesale – 0.0% | |
| | | | 3,127 | | | | Copart Inc.* | | | | $ | 341,343 | | |
| | | | 8,684 | | | | Fastenal Co. | | | | | 402,677 | | |
| | | | 4,380 | | | | LKQ Corp.* | | | | | 172,528 | | |
| | | | 630 | | | | Pool Corp. | | | | | 210,905 | | |
| | | | 667 | | | | WW Grainger Inc. | | | | | 248,598 | | |
| | | | | | | | Total Distribution/Wholesale | | | | | 1,376,051 | | |
| | Entertainment – 0.3% | |
| | | | 67,998 | | | | DraftKings Inc., Class A Shares* | | | | | 4,183,917 | | |
| | | | 106,834 | | | | Live Nation Entertainment Inc.* | | | | | 9,493,269 | | |
| | | | 54,082 | | | | Playtika Holding Corp.* | | | | | 1,608,940 | | |
| | | | | | | | Total Entertainment | | | | | 15,286,126 | | |
| | Home Builders – 0.0% | |
| | | | 4,962 | | | | DR Horton Inc. | | | | | 381,429 | | |
| | | | 4,098 | | | | Lennar Corp., Class A Shares | | | | | 340,011 | | |
| | | | 55 | | | | NVR Inc.* | | | | | 247,546 | | |
| | | | 4,190 | | | | PulteGroup Inc. | | | | | 189,011 | | |
| | | | | | | | Total Home Builders | | | | | 1,157,997 | | |
| | Home Furnishings – 0.2% | |
| | | | 72,744 | | | | Dolby Laboratories Inc., Class A Shares | | | | | 7,101,997 | | |
| | | | 2,075 | | | | Leggett & Platt Inc. | | | | | 89,785 | | |
| | | | 978 | | | | Whirlpool Corp. | | | | | 185,898 | | |
| | | | | | | | Total Home Furnishings | | | | | 7,377,680 | | |
| | Housewares – 0.0% | |
| | | | 5,909 | | | | Newell Brands Inc. | | | | | 136,912 | | |
| | Leisure Time – 0.0% | |
| | | | 10,905 | | | | Carnival Corp.* | | | | | 291,709 | | |
| | | | 4,932 | | | | Norwegian Cruise Line Holdings Ltd.* | | | | | 145,790 | | |
| | | | 2,910 | | | | Royal Caribbean Cruises Ltd.* | | | | | 271,416 | | |
| | | | | | | | Total Leisure Time | | | | | 708,915 | | |
| | Lodging – 0.7% | |
| | | | 4,189 | | | | Hilton Worldwide Holdings Inc.* | | | | | 518,095 | | |
| | | | 382,395 | | | | Las Vegas Sands Corp.* | | | | | 23,937,927 | | |
| | | | 4,029 | | | | Marriott International Inc., Class A Shares* | | | | | 596,574 | | |
| | | | 6,405 | | | | MGM Resorts International | | | | | 242,045 | | |
| | | | 76,093 | | | | Wynn Resorts Ltd.* | | | | | 10,023,731 | | |
| | | | | | | | Total Lodging | | | | | 35,318,372 | | |
| | Retail – 3.1% | |
| | | | 1,059 | | | | Advance Auto Parts Inc. | | | | | 169,810 | | |
| | | | 350 | | | | AutoZone Inc.* | | | | | 405,972 | | |
| | | | 3,468 | | | | Best Buy Co., Inc. | | | | | 348,014 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Retail – (continued) | |
| | | | 2,423 | | | | CarMax Inc.* | | | | $ | 289,572 | | |
| | | | 17,533 | | | | Carvana Co., Class A Shares* | | | | | 4,970,606 | | |
| | | | 5,227 | | | | Chipotle Mexican Grill Inc., Class A Shares* | | | | | 7,537,334 | | |
| | | | 103,186 | | | | Costco Wholesale Corp. | | | | | 34,154,566 | | |
| | | | 1,919 | | | | Darden Restaurants Inc. | | | | | 263,536 | | |
| | | | 3,720 | | | | Dollar General Corp. | | | | | 703,043 | | |
| | | | 203,389 | | | | Dollar Tree Inc.* | | | | | 19,972,800 | | |
| | | | 25,013 | | | | Domino’s Pizza Inc. | | | | | 8,667,255 | | |
| | | | 3,217 | | | | Gap Inc.* | | | | | 80,264 | | |
| | | | 2,121 | | | | Genuine Parts Co. | | | | | 223,447 | | |
| | | | 16,358 | | | | Home Depot Inc. | | | | | 4,225,926 | | |
| | | | 16,600 | | | | JD Health International Inc.*(c) | | | | | 303,474 | | |
| | | | 3,652 | | | | L Brands Inc.* | | | | | 199,618 | | |
| | | | 138,034 | | | | Lowe’s Cos., Inc. | | | | | 22,050,931 | | |
| | | | 22,964 | | | | Lululemon Athletica Inc.* | | | | | 7,157,420 | | |
| | | | 11,315 | | | | McDonald’s Corp. | | | | | 2,332,474 | | |
| | | | 1,097 | | | | O’Reilly Automotive Inc.* | | | | | 490,721 | | |
| | | | 110,762 | | | | Ross Stores Inc.* | | | | | 12,919,280 | | |
| | | | 17,837 | | | | Starbucks Corp. | | | | | 1,926,931 | | |
| | | | 7,609 | | | | Target Corp. | | | | | 1,395,795 | | |
| | | | 18,242 | | | | TJX Cos., Inc. | | | | | 1,203,790 | | |
| | | | 1,723 | | | | Tractor Supply Co. | | | | | 273,888 | | |
| | | | 831 | | | | Ulta Beauty Inc.* | | | | | 267,856 | | |
| | | | 10,906 | | | | Walgreens Boots Alliance Inc. | | | | | 522,725 | | |
| | | | 21,068 | | | | Walmart Inc. | | | | | 2,737,155 | | |
| | | | 91,041 | | | | Yum! Brands Inc. | | | | | 9,425,475 | | |
| | | | | | | | Total Retail | | | | | 145,219,678 | | |
| | Textiles – 0.0% | |
| | | | 935 | | | | Mohawk Industries Inc.* | | | | | 163,616 | | |
| | Toys/Games/Hobbies – 0.0% | |
| | | | 1,994 | | | | Hasbro Inc. | | | | | 186,858 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 324,529,073 | | |
| | CONSUMER NON-CYCLICAL – 24.6% | |
| | Agriculture – 1.2% | |
| | | | 236,308 | | | | Altria Group Inc. | | | | | 10,303,029 | | |
| | | | 421,726 | | | | Archer-Daniels-Midland Co. | | | | | 23,861,257 | | |
| | | | 265,371 | | | | Philip Morris International Inc. | | | | | 22,296,471 | | |
| | | | | | | | Total Agriculture | | | | | 56,460,757 | | |
| | Beverages – 0.7% | |
| | | | 122,362 | | | | Brown-Forman Corp., Class B Shares | | | | | 8,758,672 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Beverages – (continued) | |
| | | | 58,720 | | | | Coca-Cola Co. | | | | $ | 2,876,693 | | |
| | | | 2,573 | | | | Constellation Brands Inc., Class A Shares | | | | | 550,982 | | |
| | | | 207,904 | | | | Molson Coors Beverage Co., Class B Shares* | | | | | 9,241,333 | | |
| | | | 5,616 | | | | Monster Beverage Corp.* | | | | | 492,748 | | |
| | | | 93,701 | | | | PepsiCo Inc. | | | | | 12,105,232 | | |
| | | | | | | | Total Beverages | | | | | 34,025,660 | | |
| | Biotechnology – 3.4% | |
| | | | 3,326 | | | | Alexion Pharmaceuticals Inc.* | | | | | 508,046 | | |
| | | | 48,185 | | | | Amgen Inc. | | | | | 10,837,770 | | |
| | | | 7,864 | | | | Argenx SE, ADR* | | | | | 2,600,468 | | |
| | | | 51,653 | | | | Biogen Inc.* | | | | | 14,095,071 | | |
| | | | 216,636 | | | | BioMarin Pharmaceutical Inc.* | | | | | 16,774,125 | | |
| | | | 337 | | | | Bio-Rad Laboratories Inc., Class A Shares* | | | | | 196,976 | | |
| | | | 11,317 | | | | Corteva Inc. | | | | | 510,963 | | |
| | | | 216,242 | | | | Exact Sciences Corp.* | | | | | 29,434,861 | | |
| | | | 160,372 | | | | Gilead Sciences Inc. | | | | | 9,846,841 | | |
| | | | 90,748 | | | | Illumina Inc.* | | | | | 39,875,579 | | |
| | | | 157,873 | | | | Incyte Corp.* | | | | | 12,418,290 | | |
| | | | 1,595 | | | | Regeneron Pharmaceuticals Inc.* | | | | | 718,659 | | |
| | | | 27,478 | | | | United Therapeutics Corp.* | | | | | 4,593,772 | | |
| | | | 82,685 | | | | Vertex Pharmaceuticals Inc.* | | | | | 17,574,697 | | |
| | | | | | | | Total Biotechnology | | | | | 159,986,118 | | |
| | Commercial Services – 4.2% | |
| | | | 6,351 | | | | Affirm Holdings Inc., Class A Shares*(b) | | | | | 591,024 | | |
| | | | 6,517 | | | | Automatic Data Processing Inc. | | | | | 1,134,088 | | |
| | | | 26,500 | | | | Avalara Inc.* | | | | | 4,158,910 | | |
| | | | 22,655 | | | | Cintas Corp. | | | | | 7,347,923 | | |
| | | | 14,581 | | | | CoStar Group Inc.* | | | | | 12,011,245 | | |
| | | | 61,703 | | | | Equifax Inc. | | | | | 9,988,482 | | |
| | | | 1,250 | | | | FleetCor Technologies Inc.* | | | | | 346,637 | | |
| | | | 1,397 | | | | Gartner Inc.* | | | | | 250,119 | | |
| | | | 61,214 | | | | Global Payments Inc. | | | | | 12,119,760 | | |
| | | | 5,658 | | | | IHS Markit Ltd. | | | | | 510,125 | | |
| | | | 17,061 | | | | MarketAxess Holdings Inc. | | | | | 9,484,892 | | |
| | | | 2,456 | | | | Moody’s Corp. | | | | | 675,130 | | |
| | | | 118,089 | | | | New Oriental Education & Technology Group Inc., ADR* | | | | | 20,974,968 | | |
| | | | 5,586 | | | | Nielsen Holdings PLC | | | | | 125,182 | | |
| | | | 237,429 | | | | PayPal Holdings Inc.* | | | | | 61,695,926 | | |
| | | | 116,700 | | | | Quanta Services Inc. | | | | | 9,785,295 | | |
| | | | 1,778 | | | | Robert Half International Inc. | | | | | 138,311 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Commercial Services – (continued) | |
| | | | 3,462 | | | | Rollins Inc. | | | | $ | 114,835 | | |
| | | | 50,349 | | | | S&P Global Inc. | | | | | 16,582,947 | | |
| | | | 86,367 | | | | Square Inc., Class A Shares* | | | | | 19,867,001 | | |
| | | | 45,584 | | | | StoneCo Ltd., Class A Shares* | | | | | 3,911,563 | | |
| | | | 49,773 | | | | TransUnion | | | | | 4,191,384 | | |
| | | | 1,070 | | | | United Rentals Inc.* | | | | | 318,197 | | |
| | | | 2,470 | | | | Verisk Analytics Inc., Class A Shares | | | | | 404,709 | | |
| | | | | | | | Total Commercial Services | | | | | 196,728,653 | | |
| | Cosmetics/Personal Care – 0.6% | |
| | | | 13,035 | | | | Colgate-Palmolive Co. | | | | | 980,232 | | |
| | | | 78,321 | | | | Estee Lauder Cos., Inc., Class A Shares | | | | | 22,388,841 | | |
| | | | 37,718 | | | | Procter & Gamble Co. | | | | | 4,659,305 | | |
| | | | | | | | Total Cosmetics/Personal Care | | | | | 28,028,378 | | |
| | Food – 1.1% | |
| | | | 3,162 | | | | Campbell Soup Co. | | | | | 143,808 | | |
| | | | 556,807 | | | | Conagra Brands Inc. | | | | | 18,892,462 | | |
| | | | 9,290 | | | | General Mills Inc. | | | | | 511,043 | | |
| | | | 2,209 | | | | Hershey Co. | | | | | 321,741 | | |
| | | | 4,384 | | | | Hormel Foods Corp. | | | | | 203,286 | | |
| | | | 1,784 | | | | JM Smucker Co. | | | | | 199,808 | | |
| | | | 3,971 | | | | Kellogg Co. | | | | | 229,166 | | |
| | | | 9,686 | | | | Kraft Heinz Co. | | | | | 352,377 | | |
| | | | 11,644 | | | | Kroger Co. | | | | | 375,053 | | |
| | | | 2,291 | | | | Lamb Weston Holdings Inc. | | | | | 182,753 | | |
| | | | 3,738 | | | | McCormick & Co., Inc. | | | | | 315,039 | | |
| | | | 567,218 | | | | Mondelez International Inc., Class A Shares | | | | | 30,153,309 | | |
| | | | 7,740 | | | | Sysco Corp. | | | | | 616,336 | | |
| | | | 4,373 | | | | Tyson Foods Inc., Class A Shares | | | | | 295,921 | | |
| | | | | | | | Total Food | | | | | 52,792,102 | | |
| | Healthcare-Products – 5.2% | |
| | | | 81,631 | | | | Abbott Laboratories | | | | | 9,777,761 | | |
| | | | 108,411 | | | | ABIOMED Inc.* | | | | | 35,184,790 | | |
| | | | 124,159 | | | | Alcon Inc.* | | | | | 8,492,476 | | |
| | | | 57,968 | | | | Align Technology Inc.* | | | | | 32,874,232 | | |
| | | | 108,664 | | | | Avantor Inc.* | | | | | 3,028,466 | | |
| | | | 7,748 | | | | Baxter International Inc. | | | | | 601,942 | | |
| | | | 21,736 | | | | Boston Scientific Corp.* | | | | | 842,922 | | |
| | | | 726 | | | | Cooper Cos., Inc. | | | | | 280,330 | | |
| | | | 56,899 | | | | Danaher Corp. | | | | | 12,499,003 | | |
| | | | 3,419 | | | | DENTSPLY SIRONA Inc. | | | | | 181,446 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Healthcare-Products – (continued) | |
| | | | 399,676 | | | | Edwards Lifesciences Corp.* | | | | $ | 33,213,076 | | |
| | | | 3,833 | | | | Hologic Inc.* | | | | | 276,321 | | |
| | | | 61,011 | | | | IDEXX Laboratories Inc.* | | | | | 31,736,092 | | |
| | | | 20,258 | | | | Intuitive Surgical Inc.* | | | | | 14,926,094 | | |
| | | | 239,350 | | | | Medtronic PLC | | | | | 27,996,770 | | |
| | | | 1,750 | | | | PerkinElmer Inc. | | | | | 220,657 | | |
| | | | 2,200 | | | | ResMed Inc. | | | | | 424,116 | | |
| | | | 1,262 | | | | STERIS PLC | | | | | 220,598 | | |
| | | | 58,743 | | | | Stryker Corp. | | | | | 14,256,339 | | |
| | | | 692 | | | | Teleflex Inc. | | | | | 275,499 | | |
| | | | 6,026 | | | | Thermo Fisher Scientific Inc. | | | | | 2,712,182 | | |
| | | | 53,237 | | | | Varian Medical Systems Inc.* | | | | | 9,330,849 | | |
| | | | 1,108 | | | | West Pharmaceutical Services Inc. | | | | | 310,960 | | |
| | | | 46,315 | | | | Zimmer Biomet Holdings Inc. | | | | | 7,552,124 | | |
| | | | | | | | Total Healthcare-Products | | | | | 247,215,045 | | |
| | Healthcare-Services – 2.5% | |
| | | | 26,704 | | | | Anthem Inc. | | | | | 8,096,386 | | |
| | | | 2,447 | | | | Catalent Inc.* | | | | | 278,248 | | |
| | | | 159,579 | | | | Centene Corp.* | | | | | 9,341,755 | | |
| | | | 91,122 | | | | DaVita Inc.* | | | | | 9,306,290 | | |
| | | | 88,898 | | | | HCA Healthcare Inc.* | | | | | 15,293,123 | | |
| | | | 35,630 | | | | Humana Inc. | | | | | 13,526,929 | | |
| | | | 2,915 | | | | IQVIA Holdings Inc.* | | | | | 561,983 | | |
| | | | 28,851 | | | | Laboratory Corp. of America Holdings* | | | | | 6,921,643 | | |
| | | | 1,988 | | | | Quest Diagnostics Inc. | | | | | 229,793 | | |
| | | | 158,532 | | | | UnitedHealth Group Inc. | | | | | 52,667,501 | | |
| | | | 1,216 | | | | Universal Health Services Inc., Class B Shares* | | | | | 152,401 | | |
| | | | | | | | Total Healthcare-Services | | | | | 116,376,052 | | |
| | Household Products/Wares – 0.0% | |
| | | | 1,302 | | | | Avery Dennison Corp. | | | | | 228,123 | | |
| | | | 3,711 | | | | Church & Dwight Co., Inc. | | | | | 292,241 | | |
| | | | 1,895 | | | | Clorox Co. | | | | | 343,090 | | |
| | | | 5,165 | | | | Kimberly-Clark Corp. | | | | | 662,824 | | |
| | | | | | | | Total Household Products/Wares | | | | | 1,526,278 | | |
| | Pharmaceuticals – 5.7% | |
| | | | 99,893 | | | | AbbVie Inc. | | | | | 10,762,472 | | |
| | | | 2,298 | | | | AmerisourceBergen Corp., Class A Shares | | | | | 232,604 | | |
| | | | 102,768 | | | | AstraZeneca PLC, ADR(b) | | | | | 4,971,916 | | |
| | | | 54,921 | | | | Becton Dickinson & Co. | | | | | 13,244,199 | | |
| | | | 504,510 | | | | Bristol-Myers Squibb Co. | | | | | 30,941,598 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Pharmaceuticals – (continued) | |
| | | | 374,991 | | | | Cardinal Health Inc. | | | | $ | 19,319,536 | | |
| | | | 154,020 | | | | Cigna Corp. | | | | | 32,328,798 | | |
| | | | 357,382 | | | | CVS Health Corp. | | | | | 24,348,436 | | |
| | | | 1,461 | | | | DexCom Inc.* | | | | | 581,157 | | |
| | | | 253,049 | | | | Elanco Animal Health Inc.* | | | | | 8,315,190 | | |
| | | | 190,772 | | | | Eli Lilly & Co. | | | | | 39,087,275 | | |
| | | | 2,232 | | | | Henry Schein Inc.* | | | | | 138,049 | | |
| | | | 162,541 | | | | Johnson & Johnson | | | | | 25,756,247 | | |
| | | | 27,034 | | | | McKesson Corp. | | | | | 4,582,804 | | |
| | | | 297,150 | | | | Merck & Co., Inc. | | | | | 21,579,033 | | |
| | | | 2,134 | | | | Perrigo Co. PLC | | | | | 86,128 | | |
| | | | 84,464 | | | | Pfizer Inc. | | | | | 2,828,699 | | |
| | | | 148,104 | | | | Sarepta Therapeutics Inc.* | | | | | 12,893,934 | | |
| | | | 1,236,188 | | | | Viatris Inc.* | | | | | 18,357,392 | | |
| | | | 7,229 | | | | Zoetis Inc., Class A Shares | | | | | 1,122,230 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 271,477,697 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 1,164,616,740 | | |
| | ENERGY – 2.5% | |
| | Energy-Alternate Sources – 0.2% | |
| | | | 1,903 | | | | Enphase Energy Inc.* | | | | | 335,042 | | |
| | | | 143,944 | | | | NextEra Energy Partners LP | | | | | 10,456,092 | | |
| | | | | | | | Total Energy-Alternate Sources | | | | | 10,791,134 | | |
| | Oil & Gas – 2.3% | |
| | | | 5,677 | | | | Apache Corp. | | | | | 112,007 | | |
| | | | 6,235 | | | | Cabot Oil & Gas Corp. | | | | | 115,410 | | |
| | | | 29,288 | | | | Chevron Corp. | | | | | 2,928,800 | | |
| | | | 687,603 | | | | ConocoPhillips | | | | | 35,762,232 | | |
| | | | 9,259 | | | | Devon Energy Corp. | | | | | 199,439 | | |
| | | | 2,470 | | | | Diamondback Energy Inc. | | | | | 171,122 | | |
| | | | 8,867 | | | | EOG Resources Inc. | | | | | 572,454 | | |
| | | | 274,931 | | | | EQT Corp.* | | | | | 4,891,022 | | |
| | | | 286,083 | | | | Exxon Mobil Corp. | | | | | 15,554,333 | | |
| | | | 208,457 | | | | Hess Corp. | | | | | 13,660,187 | | |
| | | | 2,369 | | | | HollyFrontier Corp. | | | | | 89,738 | | |
| | | | 12,461 | | | | Marathon Oil Corp. | | | | | 138,317 | | |
| | | | 409,256 | | | | Marathon Petroleum Corp. | | | | | 22,353,563 | | |
| | | | 12,380 | | | | Occidental Petroleum Corp. | | | | | 329,432 | | |
| | | | 6,627 | | | | Phillips 66 | | | | | 550,372 | | |
| | | | 3,162 | | | | Pioneer Natural Resources Co. | | | | | 469,778 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | ENERGY – (continued) | |
| | Oil & Gas – (continued) | |
| | | | 79,496 | | | | Valero Energy Corp. | | | | $ | 6,119,602 | | |
| | | | | | | | Total Oil & Gas | | | | | 104,017,808 | | |
| | Oil & Gas Services – 0.0% | |
| | | | 10,717 | | | | Baker Hughes Co., Class A Shares | | | | | 262,352 | | |
| | | | 13,107 | | | | Halliburton Co. | | | | | 286,126 | | |
| | | | 6,084 | | | | NOV Inc.* | | | | | 91,868 | | |
| | | | 21,055 | | | | Schlumberger NV | | | | | 587,645 | | |
| | | | | | | | Total Oil & Gas Services | | | | | 1,227,991 | | |
| | Pipelines – 0.0% | |
| | | | 29,487 | | | | Kinder Morgan Inc. | | | | | 433,459 | | |
| | | | 6,593 | | | | ONEOK Inc. | | | | | 292,004 | | |
| | | | 18,300 | | | | Williams Cos., Inc. | | | | | 417,972 | | |
| | | | | | | | Total Pipelines | | | | | 1,143,435 | | |
| | | | | | | | TOTAL ENERGY | | | | | 117,180,368 | | |
| | FINANCIAL – 13.2% | |
| | Banks – 3.6% | |
| | | | 552,277 | | | | Bank of America Corp. | | | | | 19,169,535 | | |
| | | | 12,349 | | | | Bank of New York Mellon Corp. | | | | | 520,634 | | |
| | | | 31,637 | | | | Citigroup Inc. | | | | | 2,084,246 | | |
| | | | 6,318 | | | | Citizens Financial Group Inc. | | | | | 274,454 | | |
| | | | 2,176 | | | | Comerica Inc. | | | | | 148,186 | | |
| | | | 10,687 | | | | Fifth Third Bancorp | | | | | 370,732 | | |
| | | | 2,629 | | | | First Republic Bank | | | | | 433,128 | | |
| | | | 79,836 | | | | Goldman Sachs Group Inc. | | | | | 25,506,005 | | |
| | | | 16,012 | | | | Huntington Bancshares Inc. | | | | | 245,624 | | |
| | | | 327,834 | | | | JPMorgan Chase & Co. | | | | | 48,247,330 | | |
| | | | 14,540 | | | | KeyCorp | | | | | 292,836 | | |
| | | | 1,909 | | | | M&T Bank Corp. | | | | | 288,144 | | |
| | | | 340,213 | | | | Morgan Stanley | | | | | 26,152,173 | | |
| | | | 3,110 | | | | Northern Trust Corp. | | | | | 295,854 | | |
| | | | 6,455 | | | | PNC Financial Services Group Inc. | | | | | 1,086,764 | | |
| | | | 14,250 | | | | Regions Financial Corp. | | | | | 293,978 | | |
| | | | 5,331 | | | | State Street Corp. | | | | | 387,937 | | |
| | | | 776 | | | | SVB Financial Group* | | | | | 392,159 | | |
| | | | 613,392 | | | | Truist Financial Corp. | | | | | 34,938,808 | | |
| | | | 20,883 | | | | US Bancorp | | | | | 1,044,150 | | |
| | | | 279,868 | | | | Wells Fargo & Co. | | | | | 10,122,826 | | |
| | | | 2,566 | | | | Zions Bancorp N.A. | | | | | 136,434 | | |
| | | | | | | | Total Banks | | | | | 172,431,937 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Diversified Financial Services – 4.6% | |
| | | | 54,088 | | | | Afterpay Ltd.* | | | | $ | 4,974,508 | | |
| | | | 269,647 | | | | Ally Financial Inc. | | | | | 11,190,350 | | |
| | | | 9,909 | | | | American Express Co. | | | | | 1,340,291 | | |
| | | | 50,113 | | | | Ameriprise Financial Inc. | | | | | 11,087,000 | | |
| | | | 282,464 | | | | Ant International Co., Ltd., Class C Shares, Private Placement*(a)(d)@ | | | | | 2,279,484 | | |
| | | | 2,158 | | | | BlackRock Inc., Class A Shares | | | | | 1,498,731 | | |
| | | | 188,457 | | | | Capital One Financial Corp. | | | | | 22,650,647 | | |
| | | | 1,693 | | | | Cboe Global Markets Inc. | | | | | 167,539 | | |
| | | | 138,865 | | | | Charles Schwab Corp. | | | | | 8,570,748 | | |
| | | | 5,457 | | | | CME Group Inc., Class A Shares | | | | | 1,089,763 | | |
| | | | 252,418 | | | | Discover Financial Services | | | | | 23,744,961 | | |
| | | | 4,262 | | | | Franklin Resources Inc. | | | | | 111,537 | | |
| | | | 8,533 | | | | Intercontinental Exchange Inc. | | | | | 941,275 | | |
| | | | 5,895 | | | | Invesco Ltd. | | | | | 132,166 | | |
| | | | 72,258 | | | | LPL Financial Holdings Inc. | | | | | 9,504,817 | | |
| | | | 349 | | | | Maplebear Inc. d/b/a Instacart, Non-voting Shares*(a)(d)@ | | | | | 43,625 | | |
| | | | 6,679 | | | | Maplebear Inc. d/b/a Instacart, Private Placement*(a)(d)@ | | | | | 834,875 | | |
| | | | 87,229 | | | | Mastercard Inc., Class A Shares | | | | | 30,865,982 | | |
| | | | 1,794 | | | | Nasdaq Inc. | | | | | 248,092 | | |
| | | | 1,905 | | | | Raymond James Financial Inc. | | | | | 222,390 | | |
| | | | 118,586 | | | | Social Finance Inc., Private Placement*(a)@ | | | | | 3,618,074 | | |
| | | | 8,085 | | | | Synchrony Financial | | | | | 312,728 | | |
| | | | 3,448 | | | | T Rowe Price Group Inc. | | | | | 559,059 | | |
| | | | 34,622 | | | | Tradeweb Markets Inc., Class A Shares | | | | | 2,520,135 | | |
| | | | 368,123 | | | | Visa Inc., Class A Shares | | | | | 78,185,644 | | |
| | | | 6,438 | | | | Western Union Co. | | | | | 149,490 | | |
| | | | 69,456 | | | | XP Inc., Class A Shares* | | | | | 3,065,788 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 219,909,699 | | |
| | Equity Real Estate Investment Trusts (REITs) – 1.1% | |
| | | | 1,845 | | | | Alexandria Real Estate Equities Inc. | | | | | 294,628 | | |
| | | | 6,745 | | | | American Tower Corp. | | | | | 1,457,797 | | |
| | | | 2,090 | | | | AvalonBay Communities Inc. | | | | | 367,317 | | |
| | | | 2,214 | | | | Boston Properties Inc. | | | | | 219,474 | | |
| | | | 6,547 | | | | Crown Castle International Corp. | | | | | 1,019,695 | | |
| | | | 4,255 | | | | Digital Realty Trust Inc. | | | | | 573,276 | | |
| | | | 5,815 | | | | Duke Realty Corp. | | | | | 228,239 | | |
| | | | 1,354 | | | | Equinix Inc. | | | | | 877,852 | | |
| | | | 326,317 | | | | Equity Residential | | | | | 21,344,395 | | |
| | | | 1,020 | | | | Essex Property Trust Inc. | | | | | 259,886 | | |
| | | | 2,021 | | | | Extra Space Storage Inc. | | | | | 254,040 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Equity Real Estate Investment Trusts (REITs) – (continued) | |
| | | | 1,076 | | | | Federal Realty Investment Trust | | | | $ | 108,859 | | |
| | | | 7,923 | | | | Healthpeak Properties Inc. | | | | | 230,480 | | |
| | | | 11,059 | | | | Host Hotels & Resorts Inc.* | | | | | 183,469 | | |
| | | | 4,506 | | | | Iron Mountain Inc. | | | | | 156,764 | | |
| | | | 6,780 | | | | Kimco Realty Corp. | | | | | 124,277 | | |
| | | | 1,787 | | | | Mid-America Apartment Communities Inc. | | | | | 240,763 | | |
| | | | 11,228 | | | | Prologis Inc. | | | | | 1,112,358 | | |
| | | | 2,307 | | | | Public Storage | | | | | 539,700 | | |
| | | | 5,233 | | | | Realty Income Corp. | | | | | 315,341 | | |
| | | | 2,471 | | | | Regency Centers Corp. | | | | | 135,361 | | |
| | | | 1,681 | | | | SBA Communications Corp., Class A Shares | | | | | 428,874 | | |
| | | | 4,949 | | | | Simon Property Group Inc. | | | | | 558,841 | | |
| | | | 1,147 | | | | SL Green Realty Corp. | | | | | 79,223 | | |
| | | | 4,625 | | | | UDR Inc. | | | | | 190,411 | | |
| | | | 5,540 | | | | Ventas Inc. | | | | | 293,066 | | |
| | | | 2,462 | | | | Vornado Realty Trust | | | | | 105,718 | | |
| | | | 6,286 | | | | Welltower Inc. | | | | | 426,819 | | |
| | | | 542,048 | | | | Weyerhaeuser Co. | | | | | 18,359,166 | | |
| | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | 50,486,089 | | |
| | Insurance – 3.9% | |
| | | | 9,867 | | | | Aflac Inc. | | | | | 472,531 | | |
| | | | 187,469 | | | | Allstate Corp. | | | | | 19,984,195 | | |
| | | | 567,472 | | | | American International Group Inc. | | | | | 24,940,394 | | |
| | | | 3,470 | | | | Aon PLC, Class A Shares | | | | | 790,154 | | |
| | | | 2,884 | | | | Arthur J Gallagher & Co. | | | | | 345,503 | | |
| | | | 143,806 | | | | Assurant Inc. | | | | | 17,719,775 | | |
| | | | 126,179 | | | | Berkshire Hathaway Inc., Class B Shares* | | | | | 30,347,311 | | |
| | | | 175,850 | | | | Chubb Ltd. | | | | | 28,589,693 | | |
| | | | 2,342 | | | | Cincinnati Financial Corp. | | | | | 229,212 | | |
| | | | 133,410 | | | | Essent Group Ltd. | | | | | 5,500,494 | | |
| | | | 625 | | | | Everest Re Group Ltd. | | | | | 151,131 | | |
| | | | 1,504 | | | | Globe Life Inc. | | | | | 140,474 | | |
| | | | 5,309 | | | | Hartford Financial Services Group Inc. | | | | | 269,113 | | |
| | | | 2,841 | | | | Lincoln National Corp. | | | | | 161,568 | | |
| | | | 3,655 | | | | Loews Corp. | | | | | 174,746 | | |
| | | | 7,697 | | | | Marsh & McLennan Cos., Inc. | | | | | 886,848 | | |
| | | | 409,073 | | | | MetLife Inc. | | | | | 23,562,605 | | |
| | | | 3,994 | | | | Principal Financial Group Inc. | | | | | 225,981 | | |
| | | | 8,898 | | | | Progressive Corp. | | | | | 764,783 | | |
| | | | 5,974 | | | | Prudential Financial Inc. | | | | | 518,065 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Insurance – (continued) | |
| | | | 47,393 | | | | Reinsurance Group of America Inc. | | | | $ | 5,792,846 | | |
| | | | 3,832 | | | | Travelers Cos., Inc. | | | | | 557,556 | | |
| | | | 3,206 | | | | Unum Group | | | | | 84,895 | | |
| | | | 336,571 | | | | Voya Financial Inc. | | | | | 20,288,500 | | |
| | | | 1,943 | | | | Willis Towers Watson PLC | | | | | 428,704 | | |
| | | | 2,197 | | | | WR Berkley Corp. | | | | | 152,318 | | |
| | | | | | | | Total Insurance | | | | | 183,079,395 | | |
| | Real Estate – 0.0% | |
| | | | 5,008 | | | | CBRE Group Inc., Class A Shares* | | | | | 379,456 | | |
| | Savings & Loans – 0.0% | |
| | | | 6,185 | | | | People’s United Financial Inc. | | | | | 110,959 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 626,397,535 | | |
| | INDUSTRIAL – 8.1% | |
| | Aerospace/Defense – 2.3% | |
| | | | 23,973 | | | | Airbus SE* | | | | | 2,774,046 | | |
| | | | 41,621 | | | | Boeing Co.* | | | | | 8,824,068 | | |
| | | | 58,907 | | | | General Dynamics Corp. | | | | | 9,629,527 | | |
| | | | 6,104 | | | | Howmet Aerospace Inc.* | | | | | 171,583 | | |
| | | | 45,998 | | | | L3Harris Technologies Inc. | | | | | 8,367,496 | | |
| | | | 30,796 | | | | Lockheed Martin Corp. | | | | | 10,170,379 | | |
| | | | 113,871 | | | | Northrop Grumman Corp. | | | | | 33,211,616 | | |
| | | | 295,712 | | | | Raytheon Technologies Corp. | | | | | 21,288,307 | | |
| | | | 22,861 | | | | Teledyne Technologies Inc.* | | | | | 8,481,431 | | |
| | | | 827 | | | | TransDigm Group Inc.* | | | | | 476,906 | | |
| | | | | | | | Total Aerospace/Defense | | | | | 103,395,359 | | |
| | Building Materials – 0.6% | |
| | | | 260,851 | | | | Carrier Global Corp. | | | | | 9,528,887 | | |
| | | | 2,172 | | | | Fortune Brands Home & Security Inc. | | | | | 180,580 | | |
| | | | 10,990 | | | | Johnson Controls International PLC | | | | | 613,132 | | |
| | | | 927 | | | | Martin Marietta Materials Inc. | | | | | 312,279 | | |
| | | | 4,086 | | | | Masco Corp. | | | | | 217,457 | | |
| | | | 87,260 | | | | Vulcan Materials Co. | | | | | 14,571,547 | | |
| | | | | | | | Total Building Materials | | | | | 25,423,882 | | |
| | Electrical Components & Equipment – 0.1% | |
| | | | 3,480 | | | | AMETEK Inc. | | | | | 410,536 | | |
| | | | 9,107 | | | | Emerson Electric Co. | | | | | 782,291 | | |
| | | | 8,400 | | | | Generac Holdings Inc.* | | | | | 2,768,304 | | |
| | | | | | | | Total Electrical Components & Equipment | | | | | 3,961,131 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Electronics – 1.2% | |
| | | | 4,658 | | | | Agilent Technologies Inc. | | | | $ | 568,602 | | |
| | | | 1,439 | | | | Allegion PLC | | | | | 156,534 | | |
| | | | 4,541 | | | | Amphenol Corp., Class A Shares | | | | | 570,713 | | |
| | | | 165,436 | | | | FLIR Systems Inc. | | | | | 8,834,282 | | |
| | | | 5,062 | | | | Fortive Corp. | | | | | 333,181 | | |
| | | | 2,212 | | | | Garmin Ltd. | | | | | 274,332 | | |
| | | | 107,269 | | | | Honeywell International Inc. | | | | | 21,705,882 | | |
| | | | 54,660 | | | | Hubbell Inc., Class B Shares | | | | | 9,702,697 | | |
| | | | 2,799 | | | | Keysight Technologies Inc.* | | | | | 396,114 | | |
| | | | 360 | | | | Mettler-Toledo International Inc.* | | | | | 401,778 | | |
| | | | 31,120 | | | | Roper Technologies Inc. | | | | | 11,751,534 | | |
| | | | 5,024 | | | | TE Connectivity Ltd. | | | | | 653,271 | | |
| | | | 3,799 | | | | Trimble Inc.* | | | | | 281,658 | | |
| | | | 2,109 | | | | Vontier Corp.* | | | | | 66,223 | | |
| | | | 915 | | | | Waters Corp.* | | | | | 250,600 | | |
| | | | | | | | Total Electronics | | | | | 55,947,401 | | |
| | Engineering & Construction – 0.0% | |
| | | | 2,029 | | | | Jacobs Engineering Group Inc. | | | | | 233,497 | | |
| | Environmental Control – 0.0% | |
| | | | 2,603 | | | | Pentair PLC | | | | | 145,586 | | |
| | | | 3,126 | | | | Republic Services Inc., Class A Shares | | | | | 278,495 | | |
| | | | 5,911 | | | | Waste Management Inc. | | | | | 655,471 | | |
| | | | | | | | Total Environmental Control | | | | | 1,079,552 | | |
| | Hand/Machine Tools – 0.0% | |
| | | | 846 | | | | Snap-on Inc. | | | | | 171,831 | | |
| | | | 2,421 | | | | Stanley Black & Decker Inc. | | | | | 423,288 | | |
| | | | | | | | Total Hand/Machine Tools | | | | | 595,119 | | |
| | Machinery-Construction & Mining – 0.5% | |
| | | | 119,947 | | | | Caterpillar Inc. | | | | | 25,894,158 | | |
| | Machinery-Diversified – 0.3% | |
| | | | 4,766 | | | | Deere & Co. | | | | | 1,663,906 | | |
| | | | 2,137 | | | | Dover Corp. | | | | | 263,407 | | |
| | | | 2,046 | | | | Flowserve Corp. | | | | | 75,702 | | |
| | | | 1,113 | | | | IDEX Corp. | | | | | 217,224 | | |
| | | | 235,945 | | | | Ingersoll Rand Inc.* | | | | | 10,933,691 | | |
| | | | 6,145 | | | | Otis Worldwide Corp. | | | | | 391,498 | | |
| | | | 1,760 | | | | Rockwell Automation Inc. | | | | | 428,173 | | |
| | | | 2,796 | | | | Westinghouse Air Brake Technologies Corp. | | | | | 202,514 | | |
| | | | 2,680 | | | | Xylem Inc. | | | | | 266,821 | | |
| | | | | | | | Total Machinery-Diversified | | | | | 14,442,936 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Miscellaneous Manufacturers – 1.6% | |
| | | | 8,759 | | | | 3M Co. | | | | $ | 1,533,351 | | |
| | | | 155,199 | | | | AO Smith Corp. | | | | | 9,214,165 | | |
| | | | 171,699 | | | | Eaton Corp. PLC | | | | | 22,353,493 | | |
| | | | 133,111 | | | | General Electric Co. | | | | | 1,669,212 | | |
| | | | 4,373 | | | | Illinois Tool Works Inc. | | | | | 884,133 | | |
| | | | 10,612 | | | | Parker-Hannifin Corp. | | | | | 3,045,220 | | |
| | | | 186,032 | | | | Textron Inc. | | | | | 9,364,851 | | |
| | | | 190,176 | | | | Trane Technologies PLC | | | | | 29,142,570 | | |
| | | | | | | | Total Miscellaneous Manufacturers | | | | | 77,206,995 | | |
| | Packaging & Containers – 0.0% | |
| | | | 23,336 | | | | Amcor PLC | | | | | 255,296 | | |
| | | | 4,951 | | | | Ball Corp. | | | | | 422,766 | | |
| | | | 1,482 | | | | Packaging Corp. of America | | | | | 195,654 | | |
| | | | 2,425 | | | | Sealed Air Corp. | | | | | 101,608 | | |
| | | | 4,107 | | | | WestRock Co. | | | | | 179,024 | | |
| | | | | | | | Total Packaging & Containers | | | | | 1,154,348 | | |
| | Shipbuilding – 0.2% | |
| | | | 51,310 | | | | Huntington Ingalls Industries Inc. | | | | | 9,025,942 | | |
| | Transportation – 1.3% | |
| | | | 2,126 | | | | CH Robinson Worldwide Inc. | | | | | 193,147 | | |
| | | | 11,620 | | | | CSX Corp. | | | | | 1,063,811 | | |
| | | | 2,645 | | | | Expeditors International of Washington Inc. | | | | | 242,917 | | |
| | | | 102,188 | | | | FedEx Corp. | | | | | 26,006,846 | | |
| | | | 1,306 | | | | JB Hunt Transport Services Inc. | | | | | 191,812 | | |
| | | | 1,395 | | | | Kansas City Southern | | | | | 296,214 | | |
| | | | 14,536 | | | | Norfolk Southern Corp. | | | | | 3,663,944 | | |
| | | | 1,432 | | | | Old Dominion Freight Line Inc. | | | | | 307,551 | | |
| | | | 88,213 | | | | Union Pacific Corp. | | | | | 18,168,349 | | |
| | | | 67,293 | | | | United Parcel Service Inc., Class B Shares | | | | | 10,620,854 | | |
| | | | | | | | Total Transportation | | | | | 60,755,445 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 379,115,765 | | |
| | TECHNOLOGY – 19.6% | |
| | Computers – 2.7% | |
| | | | 9,636 | | | | Accenture PLC, Class A Shares | | | | | 2,417,672 | | |
| | | | 674,301 | | | | Apple Inc. | | | | | 81,765,739 | | |
| | | | 410,923 | | | | Cognizant Technology Solutions Corp., Class A Shares | | | | | 30,194,622 | | |
| | | | 8,491 | | | | Crowdstrike Holdings Inc., Class A Shares* | | | | | 1,834,056 | | |
| | | | 3,983 | | | | DXC Technology Co.* | | | | | 100,451 | | |
| | | | 2,007 | | | | Fortinet Inc.* | | | | | 338,882 | | |
| | | | 19,003 | | | | Hewlett Packard Enterprise Co. | | | | | 276,684 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – (continued) | |
| | Computers – (continued) | |
| | | | 20,885 | | | | HP Inc. | | | | $ | 605,038 | | |
| | | | 13,532 | | | | International Business Machines Corp. | | | | | 1,609,361 | | |
| | | | 90,405 | | | | Leidos Holdings Inc. | | | | | 7,996,322 | | |
| | | | 3,495 | | | | NetApp Inc. | | | | | 218,787 | | |
| | | | 3,495 | | | | Seagate Technology PLC | | | | | 255,939 | | |
| | | | 4,474 | | | | Western Digital Corp.* | | | | | 306,603 | | |
| | | | | | | | Total Computers | | | | | 127,920,156 | | |
| | Office/Business Equipment – 0.2% | |
| | | | 2,435 | | | | Xerox Holdings Corp. | | | | | 62,044 | | |
| | | | 20,845 | | | | Zebra Technologies Corp., Class A Shares* | | | | | 10,410,618 | | |
| | | | | | | | Total Office/Business Equipment | | | | | 10,472,662 | | |
| | Semiconductors – 4.9% | |
| | | | 228,914 | | | | Advanced Micro Devices Inc.* | | | | | 19,345,522 | | |
| | | | 5,625 | | | | Analog Devices Inc. | | | | | 876,488 | | |
| | | | 349,359 | | | | Applied Materials Inc. | | | | | 41,290,740 | | |
| | | | 25,709 | | | | ASML Holding NV, Class NY Registered Shares, ADR | | | | | 14,579,317 | | |
| | | | 57,851 | | | | Broadcom Inc. | | | | | 27,182,449 | | |
| | | | 62,265 | | | | Intel Corp. | | | | | 3,784,467 | | |
| | | | 560 | | | �� | IPG Photonics Corp.* | | | | | 127,316 | | |
| | | | 2,353 | | | | KLA Corp. | | | | | 732,324 | | |
| | | | 2,191 | | | | Lam Research Corp. | | | | | 1,242,713 | | |
| | | | 4,029 | | | | Maxim Integrated Products Inc.* | | | | | 375,382 | | |
| | | | 33,949 | | | | Microchip Technology Inc. | | | | | 5,181,636 | | |
| | | | 157,119 | | | | Micron Technology Inc.* | | | | | 14,381,102 | | |
| | | | 644 | | | | Monolithic Power Systems Inc. | | | | | 241,191 | | |
| | | | 99,219 | | | | NVIDIA Corp. | | | | | 54,429,559 | | |
| | | | 24,301 | | | | NXP Semiconductors NV | | | | | 4,436,148 | | |
| | | | 53,479 | | | | Qorvo Inc.* | | | | | 9,344,386 | | |
| | | | 146,339 | | | | QUALCOMM Inc. | | | | | 19,929,908 | | |
| | | | 2,507 | | | | Skyworks Solutions Inc. | | | | | 445,795 | | |
| | | | 68,094 | | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | | | 8,575,758 | | |
| | | | 2,488 | | | | Teradyne Inc. | | | | | 319,982 | | |
| | | | 13,964 | | | | Texas Instruments Inc. | | | | | 2,405,578 | | |
| | | | 3,731 | | | | Xilinx Inc.* | | | | | 486,149 | | |
| | | | | | | | Total Semiconductors | | | | | 229,713,910 | | |
| | Software – 11.8% | |
| | | | 307,589 | | | | Activision Blizzard Inc. | | | | | 29,408,584 | | |
| | | | 93,050 | | | | Adobe Inc.* | | | | | 42,772,294 | | |
| | | | 2,402 | | | | Akamai Technologies Inc.* | | | | | 226,989 | | |
| | | | 1,305 | | | | ANSYS Inc.* | | | | | 444,992 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – (continued) | |
| | Software – (continued) | |
| | | | 33,187 | | | | Autodesk Inc.* | | | | $ | 9,159,612 | | |
| | | | 54,382 | | | | Black Knight Inc.* | | | | | 4,170,556 | | |
| | | | 62,594 | | | | Broadridge Financial Solutions Inc. | | | | | 8,919,019 | | |
| | | | 4,252 | | | | Cadence Design Systems Inc.* | | | | | 599,915 | | |
| | | | 4,603 | | | | Cerner Corp. | | | | | 318,251 | | |
| | | | 1,925 | | | | Citrix Systems Inc. | | | | | 257,142 | | |
| | | | 28,144 | | | | Clarivate PLC* | | | | | 640,276 | | |
| | | | 616,691 | | | | Cloudera Inc.* | | | | | 9,953,393 | | |
| | | | 5,894 | | | | Coupa Software Inc.* | | | | | 2,040,856 | | |
| | | | 40,963 | | | | Datadog Inc., Class A Shares* | | | | | 3,908,280 | | |
| | | | 45,724 | | | | DocuSign Inc., Class A Shares* | | | | | 10,363,802 | | |
| | | | 4,408 | | | | Electronic Arts Inc. | | | | | 590,540 | | |
| | | | 2,896 | | | | Epic Games Inc., Private Placement*(a)(d)@ | | | | | 1,665,200 | | |
| | | | 171,036 | | | | Fidelity National Information Services Inc. | | | | | 23,602,968 | | |
| | | | 119,141 | | | | Fiserv Inc.* | | | | | 13,745,297 | | |
| | | | 154,532 | | | | Intuit Inc. | | | | | 60,289,115 | | |
| | | | 1,194 | | | | Jack Henry & Associates Inc. | | | | | 177,237 | | |
| | | | 489,288 | | | | Microsoft Corp. | | | | | 113,700,745 | | |
| | | | 74,924 | | | | MSCI Inc., Class A Shares | | | | | 31,057,497 | | |
| | | | 338,314 | | | | Oracle Corp. | | | | | 21,824,636 | | |
| | | | 4,843 | | | | Paychex Inc. | | | | | 441,052 | | |
| | | | 8,569 | | | | Paycom Software Inc.* | | | | | 3,206,863 | | |
| | | | 238,654 | | | | salesforce.com Inc.* | | | | | 51,668,591 | | |
| | | | 89,258 | | | | Sea Ltd., ADR* | | | | | 21,037,218 | | |
| | | | 95,740 | | | | ServiceNow Inc.* | | | | | 51,073,460 | | |
| | | | 19,678 | | | | Slack Technologies Inc., Class A Shares* | | | | | 805,421 | | |
| | | | 3,920 | | | | Snowflake Inc., Class A Shares* | | | | | 1,017,397 | | |
| | | | 1,424 | | | | Snowflake Inc., Class B Lock-up Shares, Private Placement*(a)@ | | | | | 351,106 | | |
| | | | 474 | | | | Snowflake Inc., Class B Shares, Private Placement*(a)@ | | | | | 123,022 | | |
| | | | 223,439 | | | | Splunk Inc.* | | | | | 31,954,011 | | |
| | | | 20,012 | | | | Stripe Inc., Class B Shares, Private Placement*(a)(d)@ | | | | | 313,988 | | |
| | | | 2,328 | | | | Synopsys Inc.* | | | | | 570,849 | | |
| | | | 1,727 | | | | Take-Two Interactive Software Inc.* | | | | | 318,562 | | |
| | | | 596 | | | | Tyler Technologies Inc.* | | | | | 276,198 | | |
| | | | 9,295 | | | | UiPath Inc., Class A Shares, Private Placement*(a)(d)@ | | | | | 578,853 | | |
| | | | 13,033 | | | | Workday Inc., Class A Shares* | | | | | 3,195,431 | | |
| | | | 10,400 | | | | Zoom Video Communications Inc., Class A Shares* | | | | | 3,885,544 | | |
| | | | | | | | Total Software | | | | | 560,654,762 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 928,761,490 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | UTILITIES – 1.8% | |
| | Electric – 1.8% | |
| | | | 402,674 | | | | AES Corp. | | | | $ | 10,695,022 | | |
| | | | 3,915 | | | | Alliant Energy Corp. | | | | | 180,716 | | |
| | | | 3,662 | | | | Ameren Corp. | | | | | 257,329 | | |
| | | | 7,525 | | | | American Electric Power Co., Inc. | | | | | 563,246 | | |
| | | | 8,527 | | | | CenterPoint Energy Inc. | | | | | 165,765 | | |
| | | | 140,121 | | | | Clearway Energy Inc., Class C Shares | | | | | 3,847,723 | | |
| | | | 4,464 | | | | CMS Energy Corp. | | | | | 241,547 | | |
| | | | 5,134 | | | | Consolidated Edison Inc. | | | | | 337,047 | | |
| | | | 12,391 | | | | Dominion Energy Inc. | | | | | 846,553 | | |
| | | | 2,900 | | | | DTE Energy Co. | | | | | 341,388 | | |
| | | | 11,174 | | | | Duke Energy Corp. | | | | | 956,383 | | |
| | | | 356,359 | | | | Edison International | | | | | 19,239,822 | | |
| | | | 2,972 | | | | Entergy Corp. | | | | | 257,999 | | |
| | | | 3,544 | | | | Evergy Inc. | | | | | 190,065 | | |
| | | | 5,194 | | | | Eversource Energy | | | | | 412,819 | | |
| | | | 519,417 | | | | Exelon Corp. | | | | | 20,049,496 | | |
| | | | 8,484 | | | | FirstEnergy Corp. | | | | | 281,160 | | |
| | | | 29,795 | | | | NextEra Energy Inc. | | | | | 2,189,337 | | |
| | | | 3,813 | | | | NRG Energy Inc. | | | | | 139,213 | | |
| | | | 1,759 | | | | Pinnacle West Capital Corp. | | | | | 123,007 | | |
| | | | 710,186 | | | | PPL Corp. | | | | | 18,599,771 | | |
| | | | 7,651 | | | | Public Service Enterprise Group Inc. | | | | | 411,853 | | |
| | | | 4,374 | | | | Sempra Energy | | | | | 507,297 | | |
| | | | 16,049 | | | | Southern Co. | | | | | 910,299 | | |
| | | | 4,766 | | | | WEC Energy Group Inc. | | | | | 384,330 | | |
| | | | 7,973 | | | | Xcel Energy Inc. | | | | | 467,138 | | |
| | | | | | | | Total Electric | | | | | 82,596,325 | | |
| | Gas – 0.0% | |
| | | | 1,967 | | | | Atmos Energy Corp. | | | | | 166,428 | | |
| | | | 5,965 | | | | NiSource Inc. | | | | | 128,844 | | |
| | | | | | | | Total Gas | | | | | 295,272 | | |
| | Water – 0.0% | |
| | | | 2,741 | | | | American Water Works Co., Inc. | | | | | 388,893 | | |
| | | | | | | | TOTAL UTILITIES | | | | | 83,280,490 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $3,099,346,000) | | | | | 4,610,737,076 | | |
| | PREFERRED STOCKS – 0.8% | |
| | CONSUMER CYCLICAL – 0.6% | |
| | Auto Manufacturers – 0.6% | |
| | | | 48,210 | | | | Aurora Innovation Inc., Series B, Private Placement*(a)(d)@ | | | | | 947,653 | | |
| | | | 213,270 | | | | Rivian Automotive Inc., Series D, Private Placement*(a)(d)@ | | | | | 7,858,999 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | PREFERRED STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Auto Manufacturers – (continued) | |
| | | | 348,850 | | | | Rivian Automotive Inc., Series E, Private Placement*(a)(d)@ | | | | $ | 12,855,122 | | |
| | | | 66,431 | | | | Rivian Automotive Inc., Series F, Private Placement*(a)(d)@ | | | | | 2,447,982 | | |
| | | | 21,292 | | | | Sila Nanotechnologies Inc., Series F, Private Placement*(a)(d)@ | | | | | 878,780 | | |
| | | | 9,549 | | | | Waymo LLC, Series A2, Private Placement*(a)(d)@ | | | | | 819,946 | | |
| | | | | | | | Total Auto Manufacturers | | | | | 25,808,482 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 25,808,482 | | |
| | FINANCIAL – 0.1% | |
| | Diversified Financial Services – 0.1% | |
| | | | 1,020 | | | | Maplebear Inc. d/b/a Instacart, Series A*(a)(d)@ | | | | | 127,500 | | |
| | | | 13,638 | | | | Maplebear Inc. d/b/a Instacart, Series G*(a)(d)@ | | | | | 1,704,750 | | |
| | | | 2,066 | | | | Maplebear Inc. d/b/a Instacart, Series I*(a)(d)@ | | | | | 258,250 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 2,090,500 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 2,090,500 | | |
| | INDUSTRIAL – 0.0% | |
| | Electrical Components & Equipment – 0.0% | |
| | | | 48,400 | | | | GM Cruise Holdings LLC, Class F Shares, Private Placement*(a)(d)@ | | | | | 1,275,340 | | |
| | | | 39,865 | | | | GM Cruise Holdings LLC, Class G Shares, Private Placement*(a)(d)@ | | | | | 1,050,443 | | |
| | | | | | | | Total Electrical Components & Equipment | | | | | 2,325,783 | | |
| | Machinery – 0.0% | |
| | | | 72,056 | | | | Nuro Inc., Series C, Private Placement*(a)(d)@ | | | | | 940,662 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 3,266,445 | | |
| | TECHNOLOGY – 0.1% | |
| | Software – 0.1% | |
| | | | 15,057 | | | | Magic Leap Inc., Series D, Private Placement*(a)(d)@ | | | | | 40,654 | | |
| | | | 20,620 | | | | Rappi Inc., Series E, Private Placement*(a)(d)@ | | | | | 1,231,963 | | |
| | | | 51,900 | | | | UiPath Inc., Series D1, Private Placement*(a)(d)@ | | | | | 3,232,112 | | |
| | | | 8,715 | | | | UiPath Inc., Series D2, Private Placement*(a)(d)@ | | | | | 542,733 | | |
| | | | 1,878 | | | | UiPath Inc., Series E, Private Placement*(a)(d)@ | | | | | 116,954 | | |
| | | | 14,257 | | | | UiPath Inc., Series F, Private Placement*(a)(d)@ | | | | | 887,866 | | |
| | | | | | | | Total Software | | | | | 6,052,282 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 6,052,282 | | |
| | | | | | | | TOTAL PREFERRED STOCKS
(Cost – $19,494,394) | | | | | 37,217,709 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $3,118,840,394) | | | | | 4,647,954,785 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| | Face Amount† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 1.8% | |
| | TIME DEPOSITS – 1.8%
| |
| | | $ | 13,123,103 | | | | ANZ National Bank – London, 0.000% due 3/1/21 | | | | $ | 13,123,103 | | |
| | | | 42,833,888 | | | | Barclays Bank PLC – London, 0.000% due 3/1/21 | | | | | 42,833,888 | | |
| | | | 569,596EUR | | | | BNP Paribas SA – Paris, (0.710)% due 3/1/21 | | | | | 687,217 | | |
| | | | 4GBP | | | | Brown Brothers Harriman – Grand Cayman, 0.000% due 3/1/21 | | | | | 6 | | |
| | | | 28,975,854 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.000% due 3/1/21 | | | | | 28,975,854 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $85,620,068) | | | | | 85,620,068 | | |
| | Shares/Units | | | | | | | | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.1% | |
| | MONEY MARKET FUND – 0.1% | |
| | | | 4,160,982 | | | | Federated Government Obligations Fund, Premier Class, 0.000%(e)
(Cost – $4,160,982) | | | | $ | 4,160,982 | | |
| | | | | | | | TOTAL INVESTMENTS – 100.1%
(Cost – $3,208,621,444) | | | | | 4,737,735,835 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (0.1)% | | | | | (5,154,292) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 4,732,581,543 | | |
†
Face amount denominated in U.S. dollars, unless otherwise noted.
*
Non-income producing security.
(a)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2021, amounts to $51,066,406 and represents 1.08% of net assets.
(b)
All or a portion of this security is on loan (See Note 5).
(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 February 28, 2021, amounts to $765,293 and represents 0.02% of net assets.
(d)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
(e)
Represents investment of collateral received from securities lending transactions.
@
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 | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
| Ant International Co., Ltd., Class C Shares, Private Placement | | | | | 6/7/2018 | | | | | $ | 1,584,623 | | | | | $ | 2,279,484 | | | | | | 0.04% | | |
| Aurora Innovation Inc., Series B, Private Placement | | | | | 3/1/2019 | | | | | | 445,475 | | | | | | 947,653 | | | | | | 0.02% | | |
| DoorDash Inc.,Class A Shares, Private Placement | | | | | 11/12/2019 | | | | | | 877,958 | | | | | | 3,478,740 | | | | | | 0.07% | | |
| 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 | | | | | | 1,275,340 | | | | | | 0.03% | | |
| GM Cruise Holdings LLC, Class G Shares, Private Placement | | | | | 01/21/2021 | | | | | | 1,050,443 | | | | | | 1,050,443 | | | | | | 0.02% | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (continued)
| Security | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
| Magic Leap Inc., Series D, Private Placement | | | | | 10/12/2017 | | | | | | 406,539 | | | | | | 40,654 | | | | | | 0.00%* | | |
| Maplebear Inc. d/b/a Instacart, Non-voting Shares | | | | | 8/7/2020 | | | | | | 16,171 | | | | | | 43,625 | | | | | | 0.00%* | | |
| Maplebear Inc. d/b/a Instacart, Private Placement | | | | | 8/7/2020 | | | | | | 309,464 | | | | | | 834,875 | | | | | | 0.02% | | |
| Maplebear Inc. d/b/a Instacart, Series A | | | | | 11/18/2020 | | | | | | 62,232 | | | | | | 127,500 | | | | | | 0.00%* | | |
| Maplebear Inc. d/b/a Instacart, Series G | | | | | 7/2/2020 | | | | | | 655,877 | | | | | | 1,704,750 | | | | | | 0.04% | | |
| Maplebear Inc. d/b/a Instacart, Series I | | | | | 2/26/2021 | | | | | | 258,250 | | | | | | 258,250 | | | | | | 0.01% | | |
| Nuro Inc., Series C, Private Placement | | | | | 10/30/2020 | | | | | | 940,662 | | | | | | 940,662 | | | | | | 0.02% | | |
| Rappi Inc., Series E, Private Placement | | | | | 9/8/2020 | | | | | | 1,231,963 | | | | | | 1,231,963 | | | | | | 0.03% | | |
| Rivian Automotive Inc., Series D, Private Placement | | | | | 12/23/2019 | | | | | | 2,291,373 | | | | | | 7,858,999 | | | | | | 0.17% | | |
| Rivian Automotive Inc., Series E, Private Placement | | | | | 7/10/2020 | | | | | | 5,403,687 | | | | | | 12,855,122 | | | | | | 0.27% | | |
| Rivian Automotive Inc., Series F, Private Placement | | | | | 1/19/2021 | | | | | | 2,447,982 | | | | | | 2,447,982 | | | | | | 0.05% | | |
| Sila Nanotechnologies Inc., Series F, Private Placement | | | | | 1/7/2021 | | | | | | 878,780 | | | | | | 878,780 | | | | | | 0.02% | | |
| Snowflake Inc., Class B Lock-up Shares, Private Placement | | | | | 3/17/2020 | | | | | | 73,617 | | | | | | 351,106 | | | | | | 0.01% | | |
| Snowflake Inc., Class B Shares, Private Placement | | | | | 3/17/2020 | | | | | | 18,385 | | | | | | 123,022 | | | | | | 0.00%* | | |
| Social Finance Inc., Private Placement | | | | | 12/30/2020 | | | | | | 2,185,540 | | | | | | 3,618,074 | | | | | | 0.07% | | |
| Stripe Inc., Class B Shares, Private Placement | | | | | 12/17/2019 | | | | | | 313,988 | | | | | | 313,988 | | | | | | 0.01% | | |
| UiPath Inc., Class A Shares, Private Placement | | | | | 12/11/2020 | | | | | | 270,413 | | | | | | 578,853 | | | | | | 0.01% | | |
| UiPath Inc., Series D1, Private Placement | | | | | 4/26/2019 | | | | | | 680,784 | | | | | | 3,232,112 | | | | | | 0.07% | | |
| UiPath Inc., Series D2, Private Placement | | | | | 4/26/2019 | | | | | | 114,317 | | | | | | 542,733 | | | | | | 0.01% | | |
| UiPath Inc., Series E, Private Placement | | | | | 7/9/2020 | | | | | | 34,919 | | | | | | 116,954 | | | | | | 0.00%* | | |
| UiPath Inc., Series F, Private Placement | | | | | 2/2/2021 | | | | | | 887,866 | | | | | | 887,866 | | | | | | 0.02% | | |
| Vimeo Inc., Class A, Private Placement | | | | | 1/25/2021 | | | | | | 561,730 | | | | | | 561,730 | | | | | | 0.01% | | |
| Waymo LLC, Series A2, Private Placement | | | | | 5/8/2020 | | | | | | 819,946 | | | | | | 819,946 | | | | | | 0.02% | | |
| Total | | | | | | | | | | | | | | | | $ | 51,066,406 | | | | | | 1.08% | | |
| |
*
Position represents less than 0.005%.
Abbreviations used in this schedule:
ADR
— American Depositary Receipts
LLC
— Limited Liability Company
LP
— Limited Partnership
PLC
— Public Limited Company
Summary of Investments by Security Sector^ (Unaudited)
| | Consumer Non-cyclical | | | | | 24.6% | | |
| | Technology | | | | | 19.7 | | |
| | Communications | | | | | 18.0 | | |
| | Financial | | | | | 13.2 | | |
| | Industrial | | | | | 8.1 | | |
| | Consumer Cyclical | | | | | 7.4 | | |
| | Basic Materials | | | | | 2.8 | | |
| | Energy | | | | | 2.5 | | |
| | Utilities | | | | | 1.8 | | |
| | Short-Term Investments | | | | | 1.8 | | |
| | Money Market Fund | | | | | 0.1 | | |
| | | | | | | 100.0% | | |
^ As a percentage of total investments.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Large Cap Equity Fund (concluded)
At February 28, 2021, 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 March Futures | | | | | 32 | | | | | | 3/21 | | | | | $ | 5,919,240 | | | | | $ | 6,094,800 | | | | | $ | 175,560 | | |
At February 28, 2021, Destinations Large Cap Equity Fund had deposited cash of $356,000 with a broker or brokers as margin collateral on open exchange traded futures contracts.
Currency Abbreviations used in this schedule:
EUR
— Euro
GBP
— British Pound
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 94.4% | |
| | BASIC MATERIALS – 5.9% | |
| | Chemicals – 5.0% | |
| | | | 25,900 | | | | Air Products & Chemicals Inc. | | | | $ | 6,620,558 | | |
| | | | 102,300 | | | | Ashland Global Holdings Inc. | | | | | 8,605,476 | | |
| | | | 36,665 | | | | Cabot Corp. | | | | | 1,805,018 | | |
| | | | 45,500 | | | | Celanese Corp., Class A Shares | | | | | 6,320,405 | | |
| | | | 71,400 | | | | FMC Corp. | | | | | 7,260,666 | | |
| | | | 24,968 | | | | Ingevity Corp.* | | | | | 1,734,777 | | |
| | | | 21,194 | | | | Innospec Inc. | | | | | 2,128,937 | | |
| | | | 59,500 | | | | International Flavors & Fragrances Inc. | | | | | 8,062,845 | | |
| | | | 61,527 | | | | Olin Corp. | | | | | 1,903,645 | | |
| | | | 48,100 | | | | PPG Industries Inc. | | | | | 6,484,842 | | |
| | | | 22,600 | | | | Rogers Corp.* | | | | | 4,101,448 | | |
| | | | 35,435 | | | | Tronox Holdings PLC, Class A Shares | | | | | 649,878 | | |
| | | | 109,910 | | | | Valvoline Inc. | | | | | 2,743,354 | | |
| | | | 56,440 | | | | WR Grace & Co. | | | | | 3,344,634 | | |
| | | | | | | | Total Chemicals | | | | | 61,766,483 | | |
| | Iron/Steel – 0.0% | |
| | | | 37,832 | | | | Cleveland-Cliffs Inc.* | | | | | 504,679 | | |
| | Mining – 0.9% | |
| | | | 207,600 | | | | Freeport-McMoRan Inc.* | | | | | 7,039,716 | | |
| | | | 155,209 | | | | Livent Corp.* | | | | | 2,889,992 | | |
| | | | 17,638 | | | | MP Materials Corp.* | | | | | 741,325 | | |
| | | | | | | | Total Mining | | | | | 10,671,033 | | |
| | | | | | | | TOTAL BASIC MATERIALS | | | | | 72,942,195 | | |
| | COMMUNICATIONS – 6.7% | |
| | Internet – 3.0% | |
| | | | 187,270 | | | | CarParts.com Inc.* | | | | | 3,320,297 | | |
| | | | 282,871 | | | | ChannelAdvisor Corp.* | | | | | 6,392,885 | | |
| | | | 24,764 | | | | Cogent Communications Holdings Inc. | | | | | 1,482,125 | | |
| | | | 83,987 | | | | fuboTV Inc.*(a) | | | | | 2,964,741 | | |
| | | | 138,904 | | | | HyreCar Inc.* | | | | | 1,429,322 | | |
| | | | 68,023 | | | | Liquidity Services Inc.* | | | | | 1,061,839 | | |
| ��� | | | 197,872 | | | | Magnite Inc.* | | | | | 9,670,005 | | |
| | | | 86,974 | | | | Open Lending Corp., Class A Shares* | | | | | 3,325,886 | | |
| | | | 32,691 | | | | Overstock.com Inc.* | | | | | 2,195,854 | | |
| | | | 214,435 | | | | Perion Network Ltd.* | | | | | 4,256,535 | | |
| | | | 3,660 | | | | Q2 Holdings Inc.* | | | | | 446,081 | | |
| | | | 2,566 | | | | Roku Inc., Class A Shares* | | | | | 1,014,802 | | |
| | | | | | | | Total Internet | | | | | 37,560,372 | | |
| | Media – 0.3% | |
| | | | 208,756 | | | | TEGNA Inc. | | | | | 3,805,622 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | COMMUNICATIONS – (continued) | |
| | Telecommunications – 3.4% | |
| | | | 34,953 | | | | Aviat Networks Inc.* | | | | $ | 2,143,667 | | |
| | | | 215,391 | | | | Calix Inc.* | | | | | 8,510,098 | | |
| | | | 124,901 | | | | Cambium Networks Corp.* | | | | | 5,282,063 | | |
| | | | 307,829 | | | | Harmonic Inc.* | | | | | 2,384,136 | | |
| | | | 74,900 | | | | Motorola Solutions Inc. | | | | | 13,143,452 | | |
| | | | 127,611 | | | | Rackspace Technology Inc.* | | | | | 2,682,383 | | |
| | | | 225,552 | | | | Sierra Wireless Inc.* | | | | | 3,793,785 | | |
| | | | 266,093 | | | | Viavi Solutions Inc.* | | | | | 4,306,715 | | |
| | | | | | | | Total Telecommunications | | | | | 42,246,299 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 83,612,293 | | |
| | CONSUMER CYCLICAL – 13.7% | |
| | Airlines – 0.6% | |
| | | | 14,056 | | | | Alaska Air Group Inc.* | | | | | 913,921 | | |
| | | | 3,172 | | | | Allegiant Travel Co., Class A Shares* | | | | | 799,947 | | |
| | | | 185,974 | | | | Mesa Air Group Inc.* | | | | | 2,268,883 | | |
| | | | 86,411 | | | | Spirit Airlines Inc.* | | | | | 3,100,427 | | |
| | | | | | | | Total Airlines | | | | | 7,083,178 | | |
| | Apparel – 1.7% | |
| | | | 15,160 | | | | Carter’s Inc.* | | | | | 1,265,405 | | |
| | | | 62,741 | | | | Crocs Inc.* | | | | | 4,813,490 | | |
| | | | 2,369 | | | | Deckers Outdoor Corp.* | | | | | 772,555 | | |
| | | | 25,495 | | | | Oxford Industries Inc. | | | | | 1,943,739 | | |
| | | | 53,488 | | | | Steven Madden Ltd. | | | | | 1,978,521 | | |
| | | | 18,739 | | | | Tapestry Inc.* | | | | | 789,661 | | |
| | | | 41,213 | | | | Urban Outfitters Inc.* | | | | | 1,397,121 | | |
| | | | 80,000 | | | | VF Corp. | | | | | 6,330,400 | | |
| | | | | | | | Total Apparel | | | | | 19,290,892 | | |
| | Auto Parts & Equipment – 2.2% | |
| | | | 194,400 | | | | BorgWarner Inc. | | | | | 8,748,000 | | |
| | | | 34,270 | | | | Fox Factory Holding Corp.* | | | | | 4,357,430 | | |
| | | | 9,369 | | | | Gentherm Inc.* | | | | | 663,231 | | |
| | | | 148,201 | | | | Goodyear Tire & Rubber Co.* | | | | | 2,491,259 | | |
| | | | 138,520 | | | | Modine Manufacturing Co.* | | | | | 1,921,272 | | |
| | | | 126,105 | | | | Shyft Group Inc. | | | | | 4,147,593 | | |
| | | | 5,982 | | | | Visteon Corp.* | | | | | 760,731 | | |
| | | | 153,512 | | | | Westport Fuel Systems Inc.* | | | | | 1,438,407 | | |
| | | | 80,025 | | | | XPEL Inc.* | | | | | 3,869,209 | | |
| | | | | | | | Total Auto Parts Equipment | | | | | 28,397,132 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Distribution/Wholesale – 0.0% | |
| | | | 13,534 | | | | H&E Equipment Services Inc. | | | | $ | 418,607 | | |
| | Entertainment – 1.1% | |
| | | | 97,480 | | | | Bally’s Corp*. | | | | | 5,802,010 | | |
| | | | 10,182 | | | | Caesars Entertainment Inc.* | | | | | 951,406 | | |
| | | | 2,554 | | | | Churchill Downs Inc. | | | | | 589,029 | | |
| | | | 273,232 | | | | Everi Holdings Inc.* | | | | | 4,128,536 | | |
| | | | 120,142 | | | | GAN Ltd.* | | | | | 3,068,427 | | |
| | | | 11,740 | | | | SeaWorld Entertainment Inc.* | | | | | 583,008 | | |
| | | | 7,709 | | | | Six Flags Entertainment Corp.* | | | | | 343,821 | | |
| | | | | | | | Total Entertainment | | | | | 15,466,237 | | |
| | Home Builders – 0.3% | |
| | | | 71,521 | | | | Skyline Champion Corp.* | | | | | 3,164,804 | | |
| | Home Furnishings – 1.7% | |
| | | | 85,300 | | | | Dolby Laboratories Inc., Class A Shares | | | | | 8,327,839 | | |
| | | | 82,400 | | | | Lovesac Co.* | | | | | 4,753,656 | | |
| | | | 149,869 | | | | Purple Innovation Inc., Class A Shares* | | | | | 5,513,680 | | |
| | | | 124,278 | | | | VOXX International Corp., Class A Shares* | | | | | 2,576,283 | | |
| | | | | | | | Total Home Furnishings | | | | | 21,171,458 | | |
| | Housewares – 0.0% | |
| | | | 1,243 | | | | Scotts Miracle-Gro Co. | | | | | 264,945 | | |
| | Leisure Time – 1.1% | |
| | | | 7,132 | | | | BRP Inc. | | | | | 515,216 | | |
| | | | 47,701 | | | | Callaway Golf Co.* | | | | | 1,333,243 | | |
| | | | 93,367 | | | | Lindblad Expeditions Holdings Inc.* | | | | | 1,944,835 | | |
| | | | 43,497 | | | | Malibu Boats Inc., Class A Shares* | | | | | 3,242,266 | | |
| | | | 178,702 | | | | Vista Outdoor Inc.* | | | | | 5,648,770 | | |
| | | | | | | | Total Leisure Time | | | | | 12,684,330 | | |
| | Lodging – 0.6% | |
| | | | 114,400 | | | | Wyndham Hotels & Resorts Inc. | | | | | 7,468,032 | | |
| | Retail – 4.4% | |
| | | | 52,700 | | | | Advance Auto Parts Inc. | | | | | 8,450,445 | | |
| | | | 103,220 | | | | American Eagle Outfitters Inc. | | | | | 2,652,754 | | |
| | | | 145,851 | | | | Aspen Aerogels Inc.* | | | | | 3,245,185 | | |
| | | | 107,190 | | | | At Home Group Inc.* | | | | | 2,700,116 | | |
| | | | 12,673 | | | | BJ’s Restaurants Inc.* | | | | | 703,732 | | |
| | | | 70,472 | | | | Boot Barn Holdings Inc.* | | | | | 4,257,918 | | |
| | | | 11,988 | | | | Brinker International Inc.* | | | | | 822,257 | | |
| | | | 179,075 | | | | Clean Energy Fuels Corp.* | | | | | 2,335,138 | | |
| | | | 58,000 | | | | Darden Restaurants Inc. | | | | | 7,965,140 | | |
| | | | 110,900 | | | | Foot Locker Inc. | | | | | 5,333,181 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Retail – (continued) | |
| | | | 3,845 | | | | Freshpet Inc.* | | | | $ | 599,358 | | |
| | | | 179,071 | | | | GrowGeneration Corp.* | | | | | 8,171,010 | | |
| | | | 2,196 | | | | Lithia Motors Inc., Class A Shares | | | | | 821,194 | | |
| | | | 33,715 | | | | Murphy USA Inc. | | | | | 4,202,575 | | |
| | | | 21,436 | | | | Texas Roadhouse Inc., Class A Shares* | | | | | 1,948,104 | | |
| | | | | | | | Total Retail | | | | | 54,208,107 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 169,617,722 | | |
| | CONSUMER NON-CYCLICAL – 21.0% | |
| | Agriculture – 0.7% | |
| | | | 81,249 | | | | Turning Point Brands Inc. | | | | | 3,997,451 | | |
| | | | 316,811 | | | | Village Farms International Inc.* | | | | | 5,002,446 | | |
| | | | | | | | Total Agriculture | | | | | 8,999,897 | | |
| | Beverages – 0.8% | |
| | | | 128,110 | | | | Celsius Holdings Inc.* | | | | | 7,626,388 | | |
| | | | 32,021 | | | | MGP Ingredients Inc. | | | | | 2,045,502 | | |
| | | | | | | | Total Beverages | | | | | 9,671,890 | | |
| | Biotechnology – 4.6% | |
| | | | 186,577 | | | | Agrify Corp.* | | | | | 2,391,917 | | |
| | | | 72,810 | | | | AnaptysBio Inc.* | | | | | 2,089,647 | | |
| | | | 44,191 | | | | Apellis Pharmaceuticals Inc.* | | | | | 2,128,680 | | |
| | | | 82,518 | | | | Applied Therapeutics Inc.* | | | | | 1,792,291 | | |
| | | | 941 | | | | Argenx SE, ADR* | | | | | 311,170 | | |
| | | | 112,342 | | | | Avid Bioservices Inc.* | | | | | 2,311,998 | | |
| | | | 51,206 | | | | Aziyo Biologics Inc., Class A Shares*(a) | | | | | 815,200 | | |
| | | | 36,327 | | | | Black Diamond Therapeutics Inc.* | | | | | 1,017,156 | | |
| | | | 4,832 | | | | Blueprint Medicines Corp.* | | | | | 474,599 | | |
| | | | 53,444 | | | | Celldex Therapeutics Inc.* | | | | | 1,447,264 | | |
| | | | 76,974 | | | | Cogent Biosciences Inc.*(a) | | | | | 603,476 | | |
| | | | 148,404 | | | | Crinetics Pharmaceuticals Inc.* | | | | | 2,269,097 | | |
| | | | 59,408 | | | | Essa Pharma Inc.* | | | | | 1,609,363 | | |
| | | | 129,242 | | | | EyePoint Pharmaceuticals Inc.* | | | | | 1,397,106 | | |
| | | | 163,192 | | | | Gamida Cell Ltd.* | | | | | 1,527,477 | | |
| | | | 2,973 | | | | Guardant Health Inc.* | | | | | 437,566 | | |
| | | | 18,570 | | | | Halozyme Therapeutics Inc.* | | | | | 840,293 | | |
| | | | 9,496 | | | | Intra-Cellular Therapies Inc.* | | | | | 336,443 | | |
| | | | 12,116 | | | | Maravai LifeSciences Holdings Inc., Class A Shares* | | | | | 394,012 | | |
| | | | 10,558 | | | | Mirati Therapeutics Inc.* | | | | | 2,121,313 | | |
| | | | 90,053 | | | | NeoGenomics Inc.* | | | | | 4,590,001 | | |
| | | | 33,867 | | | | Olema Pharmaceuticals Inc.* | | | | | 1,351,971 | | |
| | | | 159,318 | | | | Relay Therapeutics Inc.* | | | | | 6,575,054 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Biotechnology – (continued) | |
| | | | 7,697 | | | | REVOLUTION Medicines Inc.* | | | | $ | 351,599 | | |
| | | | 111,026 | | | | SpringWorks Therapeutics Inc.* | | | | | 9,553,787 | | |
| | | | 34,575 | | | | Turning Point Therapeutics Inc.* | | | | | 4,076,738 | | |
| | | | 21,756 | | | | Twist Bioscience Corp.* | | | | | 2,994,496 | | |
| | | | 52,394 | | | | Xenon Pharmaceuticals Inc.* | | | | | 978,720 | | |
| | | | 59,132 | | | | Y-mAbs Therapeutics Inc.* | | | | | 2,079,672 | | |
| | | | | | | | Total Biotechnology | | | | | 58,868,106 | | |
| | Commercial Services – 2.0% | |
| | | | 4,293 | | | | AMN Healthcare Services Inc.* | | | | | 312,831 | | |
| | | | 2,823 | | | | ASGN Inc.* | | | | | 262,454 | | |
| | | | 5,519 | | | | Chegg Inc.* | | | | | 532,749 | | |
| | | | 67,800 | | | | Global Payments Inc. | | | | | 13,423,722 | | |
| | | | 52,367 | | | | Huron Consulting Group Inc.* | | | | | 2,665,480 | | |
| | | | 58,846 | | | | Kelly Services Inc., Class A Shares* | | | | | 1,225,174 | | |
| | | | 72,302 | | | | Korn Ferry | | | | | 4,450,188 | | |
| | | | 174,152 | | | | Team Inc.* | | | | | 1,931,346 | | |
| | | | | | | | Total Commercial Services | | | | | 24,803,944 | | |
| | Food – 1.8% | |
| | | | 41,808 | | | | Cal-Maine Foods Inc.* | | | | | 1,592,885 | | |
| | | | 41,409 | | | | Hain Celestial Group Inc.* | | | | | 1,746,632 | | |
| | | | 179,304 | | | | Hostess Brands Inc., Class A Shares* | | | | | 2,580,185 | | |
| | | | 50,464 | | | | Ingredion Inc. | | | | | 4,551,853 | | |
| | | | 31,011 | | | | Laird Superfood Inc.*(a) | | | | | 1,224,004 | | |
| | | | 16,250 | | | | Sanderson Farms Inc. | | | | | 2,478,125 | | |
| | | | 235,243 | | | | SunOpta Inc.* | | | | | 3,655,676 | | |
| | | | 104,550 | | | | TreeHouse Foods Inc.* | | | | | 5,229,591 | | |
| | | | | | | | Total Food | | | | | 23,058,951 | | |
| | Healthcare-Products – 7.0% | |
| | | | 267,222 | | | | Alphatec Holdings Inc.* | | | | | 4,288,913 | | |
| | | | 4,763 | | | | AtriCure Inc.* | | | | | 310,881 | | |
| | | | 64,542 | | | | Axonics Modulation Technologies Inc.* | | | | | 3,247,108 | | |
| | | | 61,592 | | | | Castle Biosciences Inc.* | | | | | 4,685,919 | | |
| | | | 98,538 | | | | Envista Holdings Corp.* | | | | | 3,797,655 | | |
| | | | 138,363 | | | | GenMark Diagnostics Inc.* | | | | | 2,704,997 | | |
| | | | 4,774 | | | | Inari Medical Inc.* | | | | | 499,360 | | |
| | | | 31,249 | | | | Inspire Medical Systems Inc.* | | | | | 7,274,455 | | |
| | | | 45,285 | | | | Integra LifeSciences Holdings Corp.* | | | | | 3,094,777 | | |
| | | | 72,094 | | | | Natera Inc.* | | | | | 8,369,392 | | |
| | | | 34,591 | | | | NuVasive Inc.* | | | | | 2,086,875 | | |
| | | | 43,132 | | | | OrthoPediatrics Corp.* | | | | | 2,348,969 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Healthcare-Products – (continued) | |
| | | | 149,100 | | | | PerkinElmer Inc. | | | | $ | 18,800,019 | | |
| | | | 35,295 | | | | Pulmonx Corp.* | | | | | 2,005,815 | | |
| | | | 53,435 | | | | Quanterix Corp.* | | | | | 4,047,701 | | |
| | | | 2,787 | | | | Repligen Corp.* | | | | | 591,931 | | |
| | | | 110,899 | | | | SeaSpine Holdings Corp.* | | | | | 2,098,209 | | |
| | | | 170,275 | | | | Sientra Inc.* | | | | | 1,324,740 | | |
| | | | 96,400 | | | | Zimmer Biomet Holdings Inc. | | | | | 15,718,984 | | |
| | | | | | | | Total Healthcare-Products | | | | | 87,296,700 | | |
| | Healthcare-Services – 2.2% | |
| | | | 31,430 | | | | Fulgent Genetics Inc.*(a) | | | | | 3,182,602 | | |
| | | | 45,200 | | | | Humana Inc. | | | | | 17,160,180 | | |
| | | | 30,503 | | | | Invitae Corp.* | | | | | 1,224,085 | | |
| | | | 46,000 | | | | Personalis Inc.* | | | | | 1,418,180 | | |
| | | | 109,992 | | | | SI-BONE Inc.* | | | | | 3,452,649 | | |
| | | | | | | | Total Healthcare-Services | | | | | 26,437,696 | | |
| | Household Products/Wares – 0.2% | |
| | | | 24,039 | | | | Spectrum Brands Holdings Inc. | | | | | 1,864,224 | | |
| | Pharmaceuticals – 1.7% | |
| | | | 95,705 | | | | AdaptHealth Corp., Class A Shares* | | | | | 2,944,843 | | |
| | | | 249,984 | | | | Cytokinetics Inc.* | | | | | 4,682,200 | | |
| | | | 106,642 | | | | Fulcrum Therapeutics Inc.* | | | | | 1,344,756 | | |
| | | | 93,379 | | | | Merus NV* | | | | | 2,101,028 | | |
| | | | 61,400 | | | | Mirum Pharmaceuticals Inc.* | | | | | 1,127,304 | | |
| | | | 88,154 | | | | Odonate Therapeutics Inc.* | | | | | 1,855,642 | | |
| | | | 36,089 | | | | PMV Pharmaceuticals Inc.* | | | | | 1,358,029 | | |
| | | | 76,813 | | | | Prestige Consumer Healthcare Inc.* | | | | | 3,203,870 | | |
| | | | 35,267 | | | | Revance Therapeutics Inc.* | | | | | 926,111 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 19,543,783 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 260,545,191 | | |
| | DIVERSIFIED – 0.2% | |
| | SPACs – 0.2% | |
| | | | 217,025 | | | | CF Finance Acquisition Corp. II, Class A Shares* | | | | | 2,163,739 | | |
| | | | 14,875 | | | | CM Life Sciences Inc., Class A Shares* | | | | | 297,649 | | |
| | | | 23,834 | | | | Spartan Acquisition Corp. II, Class A Shares* | | | | | 283,624 | | |
| | | | 9,386 | | | | TPG Pace Beneficial Finance Corp., Class A Shares* | | | | | 193,915 | | |
| | | | | | | | Total SPACs | | | | | 2,938,927 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 2,938,927 | | |
| | ENERGY – 2.3% | |
| | Coal – 0.0% | |
| | | | 29,518 | | | | Warrior Met Coal Inc. | | | | | 565,860 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | ENERGY – (continued) | |
| | Energy-Alternate Sources – 0.8% | |
| | | | 61,437 | | | | Green Plains Inc.* | | | | $ | 1,555,585 | | |
| | | | 55,803 | | | | Plug Power Inc.* | | | | | 2,699,749 | | |
| | | | 71,036 | | | | Sunnova Energy International Inc.* | | | | | 3,185,254 | | |
| | | | 42,437 | | | | TPI Composites Inc.* | | | | | 2,022,547 | | |
| | | | | | | | Total Energy-Alternate Sources | | | | | 9,463,135 | | |
| | Oil & Gas – 1.2% | |
| | | | 16,346 | | | | Cimarex Energy Co. | | | | | 947,905 | | |
| | | | 102,300 | | | | ConocoPhillips | | | | | 5,320,623 | | |
| | | | 278,950 | | | | Matador Resources Co.* | | | | | 5,827,266 | | |
| | | | 67,534 | | | | PDC Energy Inc.* | | | | | 2,360,313 | | |
| | | | | | | | Total Oil & Gas | | | | | 14,456,107 | | |
| | Oil & Gas Services – 0.3% | |
| | | | 56,949 | | | | DMC Global Inc. | | | | | 3,587,218 | | |
| | | | 87,620 | | | | Select Energy Services Inc., Class A Shares* | | | | | 553,758 | | |
| | | | | | | | Total Oil & Gas Services | | | | | 4,140,976 | | |
| | | | | | | | TOTAL ENERGY | | | | | 28,626,078 | | |
| | FINANCIAL – 14.0% | |
| | Banks – 5.3% | |
| | | | 130,088 | | | | Bank of NT Butterfield & Son Ltd. | | | | | 4,746,911 | | |
| | | | 145,814 | | | | BankUnited Inc. | | | | | 5,860,265 | | |
| | | | 279,998 | | | | First Horizon Corp. | | | | | 4,535,968 | | |
| | | | 429,873 | | | | FNB Corp. | | | | | 5,085,398 | | |
| | | | 92,168 | | | | Live Oak Bancshares Inc. | | | | | 5,079,378 | | |
| | | | 76,801 | | | | Meta Financial Group Inc. | | | | | 3,401,516 | | |
| | | | 79,740 | | | | Pinnacle Financial Partners Inc. | | | | | 6,472,496 | | |
| | | | 36,200 | | | | Signature Bank | | | | | 7,903,908 | | |
| | | | 31,878 | | | | Silvergate Capital Corp., Class A Shares* | | | | | 4,066,358 | | |
| | | | 74,990 | | | | Triumph Bancorp Inc.* | | | | | 5,751,733 | | |
| | | | 207,613 | | | | Umpqua Holdings Corp. | | | | | 3,543,954 | | |
| | | | 98,974 | | | | Univest Financial Corp. | | | | | 2,489,196 | | |
| | | | 75,338 | | | | Western Alliance Bancorp | | | | | 6,894,180 | | |
| | | | | | | | Total Banks | | | | | 65,831,261 | | |
| | Diversified Financial Services – 1.3% | |
| | | | 119,500 | | | | Capital One Financial Corp. | | | | | 14,362,705 | | |
| | | | 91,331 | | | | Cowen Inc., Class A Shares | | | | | 3,091,554 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 17,454,259 | | |
| | Equity Real Estate Investment Trusts (REITs) – 2.7% | |
| | | | 59,397 | | | | American Campus Communities Inc. | | | | | 2,432,901 | | |
| | | | 39,600 | | | | AvalonBay Communities Inc. | | | | | 6,959,700 | | |
| | | | 112,703 | | | | Blackstone Mortgage Trust Inc., Class A Shares | | | | | 3,290,928 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Equity Real Estate Investment Trusts (REITs) – (continued) | |
| | | | 152,341 | | | | Columbia Property Trust Inc. | | | | $ | 2,151,055 | | |
| | | | 68,787 | | | | Corporate Office Properties Trust | | | | | 1,788,462 | | |
| | | | 89,027 | | | | Dynex Capital Inc. | | | | | 1,675,488 | | |
| | | | 148,420 | | | | Lexington Realty Trust | | | | | 1,591,062 | | |
| | | | 52,800 | | | | SBA Communications Corp., Class A Shares | | | | | 13,470,864 | | |
| | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | 33,360,460 | | |
| | Insurance – 3.1% | |
| | | | 85,469 | | | | BRP Group Inc., Class A Shares* | | | | | 2,267,493 | | |
| | | | 33,496 | | | | Goosehead Insurance Inc., Class A Shares | | | | | 4,339,072 | | |
| | | | 34,031 | | | | Hanover Insurance Group Inc. | | | | | 3,925,476 | | |
| | | | 193,400 | | | | Hartford Financial Services Group Inc. | | | | | 9,803,446 | | |
| | | | 30,225 | | | | Kemper Corp. | | | | | 2,285,614 | | |
| | | | 367,475 | | | | MGIC Investment Corp. | | | | | 4,475,845 | | |
| | | | 18,122 | | | | Midwest Holding Inc.* | | | | | 906,100 | | |
| | | | 14,446 | | | | NMI Holdings Inc., Class A Shares* | | | | | 330,236 | | |
| | | | 100,100 | | | | Progressive Corp. | | | | | 8,603,595 | | |
| | | | 76,106 | | | | Trean Insurance Group Inc.* | | | | | 1,287,713 | | |
| | | | | | | | Total Insurance | | | | | 38,224,590 | | |
| | Investment Companies – 0.2% | |
| | | | 135,625 | | | | Grid Dynamics Holdings Inc.* | | | | | 2,022,169 | | |
| | Private Equity – 0.3% | |
| | | | 254,675 | | | | Hercules Capital Inc. | | | | | 4,044,239 | | |
| | Real Estate – 0.6% | |
| | | | 58,960 | | | | eXp World Holdings Inc.* | | | | | 3,560,594 | | |
| | | | 352,642 | | | | Newmark Group Inc., Class A Shares | | | | | 3,533,473 | | |
| | | | 4,232 | | | | Redfin Corp.* | | | | | 320,532 | | |
| | | | | | | | Total Real Estate | | | | | 7,414,599 | | |
| | Savings & Loans – 0.5% | |
| | | | 265,812 | | | | Sterling Bancorp | | | | | 5,802,676 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 174,154,253 | | |
| | INDUSTRIAL – 15.9% | |
| | Aerospace/Defense – 1.3% | |
| | | | 2,721 | | | | AeroVironment Inc.* | | | | | 299,528 | | |
| | | | 375,141 | | | | Embraer SA, ADR* | | | | | 3,301,241 | | |
| | | | 47,877 | | | | Hexcel Corp.* | | | | | 2,573,868 | | |
| | | | 51,600 | | | | L3Harris Technologies Inc. | | | | | 9,386,556 | | |
| | | | | | | | Total Aerospace/Defense | | | | | 15,561,193 | | |
| | Building Materials – 0.3% | |
| | | | 35,777 | | | | Masonite International Corp.* | | | | | 3,925,452 | | |
| | | | 11,813 | | | | Summit Materials Inc., Class A Shares* | | | | | 327,338 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Building Materials – (continued) | |
| | | | 4,205 | | | | Trex Co., Inc.* | | | | $ | 385,346 | | |
| | | | | | | | Total Building Materials | | | | | 4,638,136 | | |
| | Electrical Components & Equipment – 1.3% | |
| | | | 60,100 | | | | AMETEK Inc. | | | | | 7,089,997 | | |
| | | | 21,996 | | | | Belden Inc. | | | | | 972,443 | | |
| | | | 32,758 | | | | Energizer Holdings Inc. | | | | | 1,369,284 | | |
| | | | 2,391 | | | | Generac Holdings Inc.* | | | | | 787,978 | | |
| | | | 115,610 | | | | nLight Inc.* | | | | | 4,407,053 | | |
| | | | | | | | Total Electrical Components & Equipment | | | | | 14,626,755 | | |
| | Electronics – 2.0% | |
| | | | 78,400 | | | | Agilent Technologies Inc. | | | | | 9,570,288 | | |
| | | | 55,783 | | | | Camtek Ltd.* | | | | | 1,539,611 | | |
| | | | 47,700 | | | | Hubbell Inc., Class B Shares | | | | | 8,467,227 | | |
| | | | 110,889 | | | | Rekor Systems Inc.* | | | | | 1,714,344 | | |
| | | | 35,639 | | | | Vicor Corp.* | | | | | 3,510,085 | | |
| | | | | | | | Total Electronics | | | | | 24,801,555 | | |
| | Engineering & Construction – 0.1% | |
| | | | 17,553 | | | | EMCOR Group Inc. | | | | | 1,709,136 | | |
| | | | 2,928 | | | | Exponent Inc. | | | | | 282,464 | | |
| | | | | | | | Total Engineering & Construction | | | | | 1,991,600 | | |
| | Environmental Control – 1.7% | |
| | | | 49,694 | | | | Clean Harbors Inc.* | | | | | 4,231,444 | | |
| | | | 114,771 | | | | Harsco Corp.* | | | | | 1,877,654 | | |
| | | | 88,638 | | | | Montrose Environmental Group Inc.* | | | | | 4,332,625 | | |
| | | | 104,900 | | | | Republic Services Inc., Class A Shares | | | | | 9,345,541 | | |
| | | | | | | | Total Environmental Control | | | | | 19,787,264 | | |
| | Hand/Machine Tools – 1.2% | |
| | | | 38,847 | | | | Regal Beloit Corp. | | �� | | | 5,309,220 | | |
| | | | 55,100 | | | | Stanley Black & Decker Inc. | | | | | 9,633,684 | | |
| | | | | | | | Total Hand/Machine Tools | | | | | 14,942,904 | | |
| | Machinery-Construction & Mining – 1.2% | |
| | | | 54,525 | | | | BWX Technologies Inc. | | | | | 3,162,995 | | |
| | | | 60,800 | | | | Oshkosh Corp. | | | | | 6,444,800 | | |
| | | | 113,962 | | | | Terex Corp. | | | | | 4,692,955 | | |
| | | | | | | | Total Machinery-Construction & Mining | | | | | 14,300,750 | | |
| | Machinery-Diversified – 4.0% | |
| | | | 67,383 | | | | Altra Industrial Motion Corp. | | | | | 3,902,823 | | |
| | | | 98,790 | | | | Cactus Inc., Class A Shares | | | | | 3,148,437 | | |
| | | | 52,012 | | | | Chart Industries Inc.* | | | | | 7,442,397 | | |
| | | | 50,108 | | | | CIRCOR International Inc.* | | | | | 1,784,346 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Machinery-Diversified – (continued) | |
| | | | 56,500 | | | | Dover Corp. | | | | $ | 6,964,190 | | |
| | | | 18,042 | | | | Gates Industrial Corp. PLC* | | | | | 270,630 | | |
| | | | 73,157 | | | | Hydrofarm Holdings Group Inc.* | | | | | 4,644,006 | | |
| | | | 4,881 | | | | Kornit Digital Ltd.* | | | | | 552,188 | | |
| | | | 57,800 | | | | Nordson Corp. | | | | | 11,121,298 | | |
| | | | 37,100 | | | | Rockwell Automation Inc. | | | | | 9,025,688 | | |
| | | | 24,503 | | | | SPX FLOW Inc.* | | | | | 1,508,405 | | |
| | | | | | | | Total Machinery-Diversified | | | | | 50,364,408 | | |
| | Metal Fabricate/Hardware – 0.5% | |
| | | | 3,775 | | | | Advanced Drainage Systems Inc. | | | | | 415,326 | | |
| | | | 41,208 | | | | Rexnord Corp. | | | | | 1,852,300 | | |
| | | | 32,262 | | | | Standex International Corp. | | | | | 3,163,612 | | |
| | | | | | | | Total Metal Fabricate/Hardware | | | | | 5,431,238 | | |
| | Miscellaneous Manufacturers – 1.3% | |
| | | | 2,787 | | | | Axon Enterprise Inc.* | | | | | 461,221 | | |
| | | | 73,389 | | | | Enerpac Tool Group Corp., Class A Shares | | | | | 1,812,708 | | |
| | | | 32,663 | | | | EnPro Industries Inc. | | | | | 2,624,145 | | |
| | | | 31,803 | | | | Hillenbrand Inc. | | | | | 1,477,567 | | |
| | | | 54,308 | | | | ITT Inc. | | | | | 4,506,478 | | |
| | | | 22,200 | | | | Parker-Hannifin Corp. | | | | | 6,370,512 | | |
| | | | | | | | Total Miscellaneous Manufacturers | | | | | 17,252,631 | | |
| | Packaging & Containers – 0.3% | |
| | | | 213,625 | | | | O-I Glass Inc.* | | | | | 2,495,140 | | |
| | | | 45,837 | | | | Silgan Holdings Inc. | | | | | 1,721,638 | | |
| | | | | | | | Total Packaging & Containers | | | | | 4,216,778 | | |
| | Transportation – 0.7% | |
| | | | 81,559 | | | | CryoPort Inc.* | | | | | 4,847,867 | | |
| | | | 1,835 | | | | Saia Inc.* | | | | | 367,973 | | |
| | | | 238,413 | | | | Star Bulk Carriers Corp.*(a) | | | | | 3,356,855 | | |
| | | | | | | | Total Transportation | | | | | 8,572,695 | | |
| | Trucking & Leasing – 0.0% | |
| | | | 7,029 | | | | Greenbrier Cos., Inc. | | | | | 330,714 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 196,818,621 | | |
| | TECHNOLOGY – 11.5% | |
| | Computers – 0.9% | |
| | | | 12,379 | | | | CACI International Inc., Class A Shares* | | | | | 2,739,968 | | |
| | | | 52,185 | | | | Endava PLC, ADR* | | | | | 4,615,763 | | |
| | | | 36,698 | | | | ExlService Holdings Inc.* | | | | | 3,105,385 | | |
| | | | 2,554 | | | | Zscaler Inc.* | | | | | 523,647 | | |
| | | | | | | | Total Computers | | | | | 10,984,763 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – (continued) | |
| | Semiconductors – 4.7% | |
| | | | 30,994 | | | | ACM Research Inc., Class A Shares* | | | | $ | 3,011,377 | | |
| | | | 84,264 | | | | FormFactor Inc.* | | | | | 3,823,058 | | |
| | | | 46,018 | | | | Impinj Inc.* | | | | | 2,943,772 | | |
| | | | 33,400 | | | | KLA Corp. | | | | | 10,395,082 | | |
| | | | 12,441 | | | | Lattice Semiconductor Corp.* | | | | | 598,661 | | |
| | | | 37,244 | | | | MACOM Technology Solutions Holdings Inc.* | | | | | 2,396,651 | | |
| | | | 167,300 | | | | Marvell Technology Group Ltd. | | | | | 8,077,244 | | |
| | | | 75,900 | | | | NXP Semiconductors NV | | | | | 13,855,545 | | |
| | | | 66,356 | | | | SiTime Corp.* | | | | | 6,465,065 | | |
| | | | 9,661 | | | | Synaptics Inc.* | | | | | 1,294,864 | | |
| | | | 133,945 | | | | Ultra Clean Holdings Inc.* | | | | | 6,212,369 | | |
| | | | | | | | Total Semiconductors | | | | | 59,073,688 | | |
| | Software – 5.9% | |
| | | | 190,902 | | | | Avaya Holdings Corp.* | | | | | 5,664,062 | | |
| | | | 16,067 | | | | Bandwidth Inc., Class A Shares* | | | | | 2,544,370 | | |
| | | | 104,244 | | | | Brightcove Inc.* | | | | | 2,270,434 | | |
| | | | 30,817 | | | | Cardlytics Inc.* | | | | | 4,081,095 | | |
| | | | 79,600 | | | | Citrix Systems Inc. | | | | | 10,632,968 | | |
| | | | 91,553 | | | | Digital Turbine Inc.* | | | | | 7,559,531 | | |
| | | | 81,539 | | | | Docebo Inc.* | | | | | 3,550,208 | | |
| | | | 67,812 | | | | Domo Inc., Class B Shares* | | | | | 4,321,659 | | |
| | | | 4,125 | | | | Elastic NV* | | | | | 554,359 | | |
| | | | 4,042 | | | | Five9 Inc.* | | | | | 748,740 | | |
| | | | 45,400 | | | | Jack Henry & Associates Inc. | | | | | 6,739,176 | | |
| | | | 47,617 | | | | Motorsport Games Inc., Class A Shares* | | | | | 1,278,516 | | |
| | | | 101,180 | | | | NEOGAMES SA* | | | | | 3,068,789 | | |
| | | | 42,839 | | | | Phreesia Inc.* | | | | | 2,623,889 | | |
| | | | 115,574 | | | | PubMatic Inc., Class A Shares*(a) | | | | | 7,490,351 | | |
| | | | 1,590 | | | | RingCentral Inc., Class A Shares* | | | | | 601,274 | | |
| | | | 29,070 | | | | Schrodinger Inc.* | | | | | 2,979,094 | | |
| | | | 12,500 | | | | Sprout Social Inc., Class A Shares* | | | | | 849,625 | | |
| | | | 13,855 | | | | Teradata Corp.* | | | | | 555,586 | | |
| | | | 53,791 | | | | Veritone Inc.*(a) | | | | | 1,939,166 | | |
| | | | 49,953 | | | | Viant Technology Inc., Class A Shares* | | | | | 2,477,169 | | |
| | | | | | | | Total Software | | | | | 72,530,061 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 142,588,512 | | |
| | UTILITIES – 3.2% | |
| | Electric – 3.0% | |
| | | | 85,400 | | | | Ameren Corp. | | | | | 6,001,058 | | |
| | | | 19,255 | | | | Ameresco Inc., Class A Shares* | | | | | 1,099,846 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | UTILITIES – (continued) | |
| | Electric – (continued) | |
| | | | 41,536 | | | | Black Hills Corp. | | | | $ | 2,457,270 | | |
| | | | 110,000 | | | | CMS Energy Corp. | | | | | 5,952,100 | | |
| | | | 83,100 | | | | Eversource Energy | | | | | 6,604,788 | | |
| | | | 33,426 | | | | IDACORP Inc. | | | | | 2,882,658 | | |
| | | | 163,358 | | | | Portland General Electric Co. | | | | | 6,887,173 | | |
| | | | 51,800 | | | | Sempra Energy | | | | | 6,007,764 | | |
| | | | | | | | Total Electric | | | | | 37,892,657 | | |
| | Gas – 0.2% | |
| | | | 30,206 | | | | Spire Inc. | | | | | 2,006,282 | | |
| | | | | | | | TOTAL UTILITIES | | | | | 39,898,939 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $853,798,856) | | | | | 1,171,742,731 | | |
| | EXCHANGE TRADED FUNDS (ETFs) – 3.6% | |
| | | | 152,197 | | | | iShares Russell 2000(a) | | | | | 33,226,127 | | |
| | | | 164,639 | | | | iShares Russell Mid-Capital | | | | | 11,880,350 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $37,988,259) | | | | | 45,106,477 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $891,787,115) | | | | | 1,216,849,208 | | |
| | Face Amount | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS – 2.2% | |
| | TIME DEPOSITS – 2.2% | |
| | | $ | 2,724,452 | | | | Banco Santander SA – Frankfurt, 0.000% due 3/1/21 | | | | | 2,724,452 | | |
| | | | 1,019,445 | | | | Royal Bank of Canada – Toronto, 0.000% due 3/1/21 | | | | | 1,019,445 | | |
| | | | 16,031,811 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.000% due 3/1/21 | | | | | 16,031,811 | | |
| | | | 7,145,323 | | | | Sumitomo Mitsui Banking Corp. – Tokyo, 0.000% due 3/1/21 | | | | | 7,145,323 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $26,921,031) | | | | | 26,921,031 | | |
| | Shares/Units | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.8% | |
| | MONEY MARKET FUND – 1.8% | |
| | | | 22,638,714 | | | | Federated Government Obligations Fund, Premier Class, 0.000%(b)
(Cost – $22,638,714) | | | | $ | 22,638,714 | | |
| | | | | | | | TOTAL INVESTMENTS – 102.0%
(Cost – $941,346,860) | | | | | 1,266,408,953 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (2.0)% | | | | | (25,141,435) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 1,241,267,518 | | |
*
Non-income producing security.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Small-Mid Cap Equity Fund (concluded)
(a)
All or a portion of this security is on loan (See Note 5).
(b)
Represents investment of collateral received from securities lending transactions.
Abbreviations used in this schedule:
ADR
— American Depositary Receipts
PLC
— Public Limited Company
Summary of Investments by Security Sector^ (Unaudited)
| | Consumer Non-cyclical | | | | | 20.6% | | |
| | Industrial | | | | | 15.4 | | |
| | Financial | | | | | 13.8 | | |
| | Consumer Cyclical | | | | | 13.4 | | |
| | Technology | | | | | 11.3 | | |
| | Communications | | | | | 6.6 | | |
| | Basic Materials | | | | | 5.7 | | |
| | Utilities | | | | | 3.2 | | |
| | Energy | | | | | 2.3 | | |
| | Diversified | | | | | 0.2 | | |
| | Exchange Traded Funds (ETFs) | | | | | 3.6 | | |
| | Short-Term Investments | | | | | 2.1 | | |
| | Money Market Fund | | | | | 1.8 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 94.8% | |
| | Australia – 0.7% | |
| | | | 774,413 | | | | Elmo Software Ltd.*(a) | | | | $ | 3,107,577 | | |
| | | | 690,912 | | | | Nanosonics Ltd.* | | | | | 3,211,414 | | |
| | | | 305,250 | | | | Pro Medicus Ltd. | | | | | 10,357,789 | | |
| | | | | | | | Total Australia | | | | | 16,676,780 | | |
| | Austria – 0.2% | |
| | | | 177,150 | | | | Erste Group Bank AG* | | | | | 5,823,190 | | |
| | Belgium – 0.0% | |
| | | | 34,861 | | | | Unifiedpost Group SA* | | | | | 828,483 | | |
| | Bermuda – 0.2% | |
| | | | 264,584 | | | | Golar LNG Ltd.* | | | | | 2,987,153 | | |
| | | | 175,715 | | | | Hiscox Ltd.* | | | | | 2,304,054 | | |
| | | | | | | | Total Bermuda | | | | | 5,291,207 | | |
| | Brazil – 2.6% | |
| | | | 1,367,929 | | | | Aeris Industria E Comercio de Equipamentos Para Geracao de Energia SA* | | | | | 2,486,345 | | |
| | | | 106,383 | | | | Afya Ltd., Class A Shares* | | | | | 2,385,107 | | |
| | | | 130,308 | | | | B3 SA – Brasil Bolsa Balcao | | | | | 1,262,102 | | |
| | | | 869,322 | | | | Itau Unibanco Holding SA, ADR | | | | | 3,938,029 | | |
| | | | 470,616 | | | | Localiza Rent a Car SA | | | | | 4,868,760 | | |
| | | | 1,268,217 | | | | Lojas Americanas SA | | | | | 5,634,962 | | |
| | | | 782,929 | | | | Magazine Luiza SA | | | | | 3,376,777 | | |
| | | | 373,814 | | | | Notre Dame Intermedica Participacoes SA | | | | | 5,782,272 | | |
| | | | 97,464 | | | | Pagseguro Digital Ltd., Class A Shares* | | | | | 5,658,760 | | |
| | | | 99,250 | | | | Rede D’Or Sao Luiz SA(b) | | | | | 1,223,298 | | |
| | | | 84,661 | | | | StoneCo Ltd., Class A Shares* | | | | | 7,264,760 | | |
| | | | 718,920 | | | | Suzano SA* | | | | | 9,382,904 | | |
| | | | 234,802 | | | | XP Inc., Class A Shares* | | | | | 10,364,160 | | |
| | | | | | | | Total Brazil | | | | | 63,628,236 | | |
| | Canada – 2.0% | |
| | | | 71,072 | | | | Agnico Eagle Mines Ltd. | | | | | 3,968,368 | | |
| | | | 29,779 | | | | Descartes Systems Group Inc.* | | | | | 1,743,954 | | |
| | | | 82,032 | | | | Equitable Group Inc.(a) | | | | | 8,744,148 | | |
| | | | 79,369 | | | | Franco-Nevada Corp. | | | | | 8,500,212 | | |
| | | | 286,921 | | | | Lundin Mining Corp. | | | | | 3,285,734 | | |
| | | | 58,035 | | | | Magna International Inc. | | | | | 4,886,547 | | |
| | | | 683,633 | | | | Seven Generations Energy Ltd., Class A Shares* | | | | | 4,513,493 | | |
| | | | 74,452 | | | | Sun Life Financial Inc. | | | | | 3,583,621 | | |
| | | | 75,971 | | | | TMX Group Ltd. | | | | | 7,254,356 | | |
| | | | 67,838 | | | | Wheaton Precious Metals Corp. | | | | | 2,427,089 | | |
| | | | | | | | Total Canada | | | | | 48,907,522 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | China – 10.5% | |
| | | | 3,178,000 | | | | AK Medical Holdings Ltd.(a) | | | | $ | 4,677,962 | | |
| | | | 159,622 | | | | Alibaba Group Holding Ltd., ADR* | | | | | 37,951,727 | | |
| | | | 14,348 | | | | Baidu Inc., ADR* | | | | | 4,067,084 | | |
| | | | 734,812 | | | | Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A Shares(c) | | | | | 5,352,946 | | |
| | | | 683,600 | | | | BTG Hotels Group Co., Ltd., Class A Shares(c) | | | | | 2,499,550 | | |
| | | | 1,523,202 | | | | China Conch Venture Holdings Ltd. | | | | | 6,770,277 | | |
| | | | 1,793,311 | | | | China Mengniu Dairy Co., Ltd.* | | | | | 9,844,896 | | |
| | | | 2,576,534 | | | | China Molybdenum Co., Ltd., Class A Shares(c) | | | | | 2,660,053 | | |
| | | | 1,841,475 | | | | China Molybdenum Co., Ltd., Class H Shares(d) | | | | | 1,423,118 | | |
| | | | 138,961 | | | | China Tourism Group Duty Free Corp., Ltd, Class A Shares(c) | | | | | 6,595,285 | | |
| | | | 76,656 | | | | GDS Holdings Ltd., ADR* | | | | | 7,831,177 | | |
| | | | 159,733 | | | | GDS Holdings Ltd., Class A Shares* | | | | | 2,015,775 | | |
| | | | 414,513 | | | | Glodon Co., Ltd., Class A Shares(c) | | | | | 4,517,831 | | |
| | | | 618,300 | | | | Gree Electric Appliances Inc. of Zhuhai, Class A Shares(c) | | | | | 5,622,449 | | |
| | | | 198,979 | | | | Hangzhou Tigermed Consulting Co., Ltd., Class A Shares(c) | | | | | 4,309,051 | | |
| | | | 693,006 | | | | Han’s Laser Technology Industry Group Co., Ltd., Class A Shares(c) | | | | | 4,604,443 | | |
| | | | 796,248 | | | | Hua Hong Semiconductor Ltd.*(a)(b) | | | | | 4,915,954 | | |
| | | | 18,500 | | | | JD Health International Inc.*(b) | | | | | 337,400 | | |
| | | | 1,589,407 | | | | Kingdee International Software Group Co., Ltd.* | | | | | 5,755,124 | | |
| | | | 931,985 | | | | Kingsoft Corp., Ltd | | | | | 6,563,384 | | |
| | | | 16,310 | | | | Kuaishou Technology, Class B Shares*(b) | | | | | 649,334 | | |
| | | | 13,865 | | | | Kweichow Moutai Co., Ltd., Class A Shares(c) | | | | | 4,538,859 | | |
| | | | 286,878 | | | | Lufax Holding Ltd., ADR* | | | | | 4,308,908 | | |
| | | | 127,620 | | | | Meituan, Class B Shares*(b) | | | | | 5,631,011 | | |
| | | | 439,138 | | | | Midea Group Co., Ltd., Class A Shares(c) | | | | | 6,300,306 | | |
| | | | 513,100 | | | | NARI Technology Co., Ltd., Class A Shares(c) | | | | | 2,245,102 | | |
| | | | 14,244 | | | | New Oriental Education & Technology Group Inc., ADR* | | | | | 2,530,019 | | |
| | | | 576,515 | | | | Ping An Insurance Group Co. of China Ltd., Class H Shares(d) | | | | | 7,079,788 | | |
| | | | 267,258 | | | | SF Holding Co., Ltd., Class A Shares(c) | | | | | 4,328,200 | | |
| | | | 275,488 | | | | Shanghai Henlius Biotech Inc., Class H Shares*(a)(b)(d) | | | | | 1,352,666 | | |
| | | | 777,400 | | | | Shanghai Kindly Medical Instruments Co., Ltd., Class H Shares(d) | | | | | 4,015,730 | | |
| | | | 83,657 | | | | Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares(c) | | | | | 5,389,813 | | |
| | | | 297,035 | | | | Shenzhou International Group Holdings Ltd. | | | | | 6,226,896 | | |
| | | | 3,772,019 | | | | Sino Biopharmaceutical Ltd. | | | | | 4,196,006 | | |
| | | | 390,189 | | | | Tencent Holdings Ltd. | | | | | 33,274,039 | | |
| | | | 12,058 | | | | Tencent Holdings Ltd., ADR | | | | | 1,051,458 | | |
| | | | 660,925 | | | | Venustech Group Inc., Class A Shares(c) | | | | | 3,151,786 | | |
| | | | 102,269 | | | | Will Semiconductor Co., Ltd. Shanghai, Class A Shares(c) | | | | | 4,459,501 | | |
| | | | 1,002,742 | | | | Winning Health Technology Group Co., Ltd., Class A Shares(c) | | | | | 2,610,081 | | |
| | | | 83,072 | | | | Yum China Holdings Inc. | | | | | 4,976,980 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | China – (continued) | |
| | | | 235,542 | | | | Yunnan Baiyao Group Co., Ltd., Class A Shares(c) | | | | $ | 4,749,756 | | |
| | | | 78,252 | | | | Zai Lab Ltd., ADR* | | | | | 11,543,735 | | |
| | | | 102,392 | | | | ZTO Express Cayman Inc., ADR | | | | | 3,454,706 | | |
| | | | | | | | Total China | | | | | 256,380,166 | | |
| | Cyprus – 0.1% | |
| | | | 44,586 | | | | Ozon Holdings PLC, ADR*(a) | | | | | 2,646,179 | | |
| | Denmark – 0.6% | |
| | | | 28,953 | | | | Jyske Bank AS, Class Registered Shares* | | | | | 1,249,253 | | |
| | | | 140,020 | | | | Novozymes AS, Class B Shares* | | | | | 8,645,519 | | |
| | | | 33,694 | | | | Royal Unibrew AS | | | | | 3,467,640 | | |
| | | | 38,390 | | | | Sydbank AS* | | | | | 876,639 | | |
| | | | | | | | Total Denmark | | | | | 14,239,051 | | |
| | Egypt – 0.8% | |
| | | | 18,181,040 | | | | Cleopatra Hospital* | | | | | 6,195,648 | | |
| | | | 3,934,533 | | | | Fawry for Banking & Payment Technology Services SAE*(c) | | | | | 12,164,270 | | |
| | | | | | | | Total Egypt | | | | | 18,359,918 | | |
| | Finland – 0.3% | |
| | | | 112,009 | | | | Musti Group OYJ* | | | | | 3,610,192 | | |
| | | | 176,123 | | | | Talenom OYJ*(a) | | | | | 2,308,489 | | |
| | | | 88,158 | | | | Wartsila OYJ Abp | | | | | 1,006,715 | | |
| | | | | | | | Total Finland | | | | | 6,925,396 | | |
| | France – 6.4% | |
| | | | 34,355 | | | | Air Liquide SA | | | | | 5,167,416 | | |
| | | | 23,198 | | | | Alstom SA* | | | | | 1,153,989 | | |
| | | | 75,851 | | | | Aubay | | | | | 3,445,011 | | |
| | | | 21,105 | | | | Cie Generale des Etablissements Michelin SCA | | | | | 3,048,259 | | |
| | | | 96,530 | | | | Danone SA | | | | | 6,560,507 | | |
| | | | 6,382 | | | | Dassault Aviation SA* | | | | | 6,874,235 | | |
| | | | 27,661 | | | | Dassault Systemes SE | | | | | 5,735,424 | | |
| | | | 68,304 | | | | Esker SA | | | | | 17,034,529 | | |
| | | | 89,041 | | | | EssilorLuxottica SA | | | | | 14,498,874 | | |
| | | | 141,065 | | | | Legrand SA | | | | | 12,236,906 | | |
| | | | 41,230 | | | | L’Oreal SA | | | | | 15,031,814 | | |
| | | | 8,685 | | | | LVMH Moet Hennessy Louis Vuitton SE | | | | | 5,499,306 | | |
| | | | 81,156 | | | | Pernod Ricard SA | | | | | 15,402,812 | | |
| | | | 107,210 | | | | Sanofi | | | | | 9,813,213 | | |
| | | | 137,681 | | | | Schneider Electric SE | | | | | 20,400,589 | | |
| | | | 151,143 | | | | Thales SA | | | | | 14,298,700 | | |
| | | | | | | | Total France | | | | | 156,201,584 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Germany – 5.4% | |
| | | | 65,547 | | | | Atoss Software AG | | | | $ | 12,666,909 | | |
| | | | 16,368 | | | | Auto1 Group SE*(b) | | | | | 908,408 | | |
| | | | 64,974 | | | | Bayer AG, Class Registered Shares | | | | | 3,930,452 | | |
| | | | 39,030 | | | | Beiersdorf AG | | | | | 3,854,737 | | |
| | | | 28,501 | | | | Deutsche Boerse AG | | | | | 4,656,390 | | |
| | | | 168,114 | | | | Deutsche Wohnen SE | | | | | 7,894,957 | | |
| | | | 183,993 | | | | Elmos Semiconductor SE | | | | | 7,308,044 | | |
| | | | 118,737 | | | | Evotec SE* | | | | | 4,588,915 | | |
| | | | 167,186 | | | | Exasol AG* | | | | | 4,321,711 | | |
| | | | 114,832 | | | | GEA Group AG | | | | | 3,961,235 | | |
| | | | 137,849 | | | | Henkel AG & Co. KGaA | | | | | 13,580,309 | | |
| | | | 18,311 | | | | Hypoport SE* | | | | | 12,852,446 | | |
| | | | 28,448 | | | | Infineon Technologies AG | | | | | 1,234,271 | | |
| | | | 50,225 | | | | Knorr-Bremse AG | | | | | 6,390,177 | | |
| | | | 23,622 | | | | LEG Immobilien AG | | | | | 3,222,623 | | |
| | | | 62,704 | | | | Mensch und Maschine Software SE | | | | | 4,214,273 | | |
| | | | 7,825 | | | | Merck KGaA | | | | | 1,267,104 | | |
| | | | 33,195 | | | | MorphoSys AG* | | | | | 3,333,096 | | |
| | | | 117,238 | | | | Nexus AG | | | | | 7,629,564 | | |
| | | | 32,300 | | | | SAP SE | | | | | 3,974,262 | | |
| | | | 2,311 | | | | Sartorius AG | | | | | 1,187,012 | | |
| | | | 57,066 | | | | Symrise AG, Class A Shares | | | | | 6,641,138 | | |
| | | | 99,033 | | | | TAG Immobilien AG* | | | | | 2,813,470 | | |
| | | | 61,146 | | | | TeamViewer AG*(b) | | | | | 3,281,297 | | |
| | | | 73,793 | | | | Vonovia SE | | | | | 4,699,368 | | |
| | | | 17,472 | | | | Zalando SE*(b) | | | | | 1,791,355 | | |
| | | | | | | | Total Germany | | | | | 132,203,523 | | |
| | Greece – 0.2% | |
| | | | 475,568 | | | | Sarantis SA | | | | | 5,321,363 | | |
| | Hong Kong – 1.7% | |
| | | | 1,078,000 | | | | AIA Group Ltd. | | | | | 13,493,714 | | |
| | | | 1,319,916 | | | | Budweiser Brewing Co. APAC Ltd.(b) | | | | | 4,030,665 | | |
| | | | 635,364 | | | | Galaxy Entertainment Group Ltd. | | | | | 5,875,713 | | |
| | | | 32,851 | | | | Hong Kong Exchanges & Clearing Ltd. | | | | | 2,000,106 | | |
| | | | 169,028 | | | | New Frontier Health Corp.*(a) | | | | | 1,891,423 | | |
| | | | 485,711 | | | | Techtronic Industries Co., Ltd. | | | | | 7,400,635 | | |
| | | | 1,520,000 | | | | Vitasoy International Holdings Ltd. | | | | | 6,695,467 | | |
| | | | | | | | Total Hong Kong | | | | | 41,387,723 | | |
| | Hungary – 0.2% | |
| | | | 97,236 | | | | OTP Bank Nyrt* | | | | | 4,423,350 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | India – 8.1% | |
| | | | 411,927 | | | | Aavas Financiers Ltd.* | | | | $ | 12,563,324 | | |
| | | | 520,991 | | | | Amara Raja Batteries Ltd. | | | | | 6,265,738 | | |
| | | | 123,485 | | | | Asian Paints Ltd. | | | | | 3,835,132 | | |
| | | | 678,279 | | | | Axis Bank Ltd.* | | | | | 6,624,760 | | |
| | | | 164,334 | | | | Bajaj Finance Ltd. | | | | | 11,665,267 | | |
| | | | 707,156 | | | | Berger Paints India Ltd. | | | | | 6,480,790 | | |
| | | | 457,388 | | | | Bharti Airtel Ltd. | | | | | 3,468,176 | | |
| | | | 3,201,774 | | | | City Union Bank Ltd. | | | | | 7,147,462 | | |
| | | | 114,292 | | | | Divi’s Laboratories Ltd.* | | | | | 5,181,725 | | |
| | | | 208,784 | | | | Dr Lal PathLabs Ltd. | | | | | 6,486,325 | | |
| | | | 61,072 | | | | Dr Reddy’s Laboratories Ltd. | | | | | 3,648,753 | | |
| | | | 21,100 | | | | Dr Reddy’s Laboratories Ltd., ADR | | | | | 1,265,367 | | |
| | | | 2,029,672 | | | | Edelweiss Financial Services Ltd.* | | | | | 1,914,738 | | |
| | | | 588,083 | | | | Gulf Oil Lubricants India Ltd. | | | | | 5,793,783 | | |
| | | | 283,493 | | | | HDFC Bank Ltd.* | | | | | 5,871,325 | | |
| | | | 282,091 | | | | Hemisphere Properties India Ltd.* | | | | | 665,619 | | |
| | | | 108,292 | | | | Hindustan Unilever Ltd. | | | | | 3,117,091 | | |
| | | | 534,035 | | | | Housing Development Finance Corp., Ltd | | | | | 18,316,273 | | |
| | | | 168,070 | | | | ICICI Lombard General Insurance Co., Ltd.*(b) | | | | | 3,233,627 | | |
| | | | 2,676,820 | | | | JM Financial Ltd. | | | | | 3,280,132 | | |
| | | | 71,087 | | | | Jubilant Foodworks Ltd. | | | | | 2,883,466 | | |
| | | | 299,078 | | | | Kotak Mahindra Bank Ltd.* | | | | | 7,179,540 | | |
| | | | 35,564 | | | | Maruti Suzuki India Ltd. | | | | | 3,307,574 | | |
| | | | 649,797 | | | | Max Financial Services Ltd.* | | | | | 7,658,095 | | |
| | | | 484,609 | | | | Metropolis Healthcare Ltd. | | | | | 12,813,976 | | |
| | | | 226,903 | | | | Muthoot Finance Ltd. | | | | | 3,979,188 | | |
| | | | 766,428 | | | | Nippon Life India Asset Management Ltd.(b) | | | | | 3,409,959 | | |
| | | | 4,159,000 | | | | NTPC Ltd. | | | | | 6,021,770 | | |
| | | | 437,069 | | | | Reliance Industries Ltd. | | | | | 11,953,392 | | |
| | | | 340,644 | | | | SBI Life Insurance Co., Ltd.*(b) | | | | | 3,997,078 | | |
| | | | 207,571 | | | | Supreme Industries Ltd. | | | | | 5,742,631 | | |
| | | | 327,323 | | | | Tata Communications Ltd. | | | | | 4,748,150 | | |
| | | | 503,534 | | | | Tata Consumer Products Ltd. | | | | | 4,132,687 | | |
| | | | 177,213 | | | | Titan Co., Ltd. | | | | | 3,360,659 | | |
| | | | | | | | Total India | | | | | 198,013,572 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Indonesia – 0.9% | |
| | | | 32,614,500 | | | | Ace Hardware Indonesia Tbk PT | | | | $ | 3,483,677 | | |
| | | | 25,404,900 | | | | Bank BTPN Syariah Tbk PT | | | | | 7,295,406 | | |
| | | | 2,984,900 | | | | Bank Central Asia Tbk PT | | | | | 7,029,631 | | |
| | | | 58,429,700 | | | | Sarana Menara Nusantara Tbk PT@ | | | | | 5,181,600 | | |
| | | | | | | | Total Indonesia | | | | | 22,990,314 | | |
| | Ireland – 0.6% | |
| | | | 191,180 | | | | Experian PLC | | | | | 6,042,702 | | |
| | | | 36,377 | | | | Kerry Group PLC, Class A Shares | | | | | 4,385,633 | | |
| | | | 45,662 | | | | Ryanair Holdings PLC, ADR* | | | | | 4,909,578 | | |
| | | | | | | | Total Ireland | | | | | 15,337,913 | | |
| | Israel – 0.4% | |
| | | | 57,722 | | | | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | | | | | 3,694,079 | | |
| | | | 14,828 | | | | Wix.com Ltd.* | | | | | 5,168,596 | | |
| | | | | | | | Total Israel | | | | | 8,862,675 | | |
| | Italy – 0.9% | |
| | | | 518,835 | | | | Banca Mediolanum SpA* | | | | | 4,523,090 | | |
| | | | 143,209 | | | | Carel Industries SpA | | | | | 2,957,272 | | |
| | | | 18,464 | | | | DiaSorin SpA | | | | | 3,615,143 | | |
| | | | 177,235 | | | | Gruppo MutuiOnline SpA | | | | | 8,404,089 | | |
| | | | 204,903 | | | | Terna Rete Elettrica Nazionale SpA | | | | | 1,424,732 | | |
| | | | | | | | Total Italy | | | | | 20,924,326 | | |
| | Japan – 14.2% | |
| | | | 785,816 | | | | Avant Corp. | | | | | 10,238,101 | | |
| | | | 67,794 | | | | BASE Inc.*(a) | | | | | 6,758,725 | | |
| | | | 232,500 | | | | Chiba Bank Ltd. | | | | | 1,497,680 | | |
| | | | 54,986 | | | | Commerce One Holdings Inc.* | | | | | 2,934,562 | | |
| | | | 104,700 | | | | Cybozu Inc. | | | | | 2,299,384 | | |
| | | | 52,000 | | | | Daiichi Sankyo Co., Ltd. | | | | | 1,477,910 | | |
| | | | 16,200 | | | | Disco Corp. | | | | | 5,075,442 | | |
| | | | 205,800 | | | | eGuarantee Inc. | | | | | 4,028,938 | | |
| | | | 67,700 | | | | Ezaki Glico Co., Ltd. | | | | | 2,765,745 | | |
| | | | 97,300 | | | | Freee KK*(a) | | | | | 9,984,503 | | |
| | | | 205,400 | | | | Fujitsu General Ltd. | | | | | 5,549,190 | | |
| | | | 228,100 | | | | Hachijuni Bank Ltd. | | | | | 757,105 | | |
| | | | 85,389 | | | | Hennge KK*(a) | | | | | 6,125,806 | | |
| | | | 7,500 | | | | Hikari Tsushin Inc. | | | | | 1,483,757 | | |
| | | | 56,710 | | | | Hirose Electric Co., Ltd. | | | | | 8,359,742 | | |
| | | | 40,200 | | | | Hoshizaki Corp. | | | | | 3,549,304 | | |
| | | | 780,130 | | | | Infomart Corp. | | | | | 6,854,947 | | |
| | | | 86,100 | | | | IR Japan Holdings Ltd. | | | | | 10,434,914 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Japan – (continued) | |
| | | | 138,400 | | | | Ito En Ltd. | | | | $ | 7,658,539 | | |
| | | | 523,800 | | | | Japan Elevator Service Holdings Co., Ltd. | | | | | 10,401,545 | | |
| | | | 523,668 | | | | Japan Material Co., Ltd. | | | | | 6,636,133 | | |
| | | | 212,400 | | | | Kansai Paint Co., Ltd. | | | | | 5,596,438 | | |
| | | | 203,500 | | | | Kao Corp. | | | | | 13,735,505 | | |
| | | | 8,752 | | | | Keyence Corp. | | | | | 4,185,900 | | |
| | | | 88,600 | | | | Kobayashi Pharmaceutical Co., Ltd. | | | | | 8,387,284 | | |
| | | | 10,000 | | | | Kose Corp. | | | | | 1,599,584 | | |
| | | | 38,800 | | | | Kusuri no Aoki Holdings Co., Ltd. | | | | | 3,037,163 | | |
| | | | 72,100 | | | | Lion Corp. | | | | | 1,384,321 | | |
| | | | 384,100 | | | | Mebuki Financial Group Inc. | | | | | 842,577 | | |
| | | | 129,500 | | | | Medley Inc.*(a) | | | | | 5,223,132 | | |
| | | | 46,034 | | | | Miroku Jyoho Service Co., Ltd. | | | | | 889,959 | | |
| | | | 70,800 | | | | Murata Manufacturing Co., Ltd. | | | | | 6,063,606 | | |
| | | | 161,700 | | | | Nihon Kohden Corp. | | | | | 4,382,190 | | |
| | | | 419,600 | | | | Nippon Telegraph & Telephone Corp. | | | | | 10,855,567 | | |
| | | | 22,900 | | | | Nissin Foods Holdings Co., Ltd. | | | | | 1,729,256 | | |
| | | | 167,100 | | | | Nomura Research Institute Ltd. | | | | | 5,186,058 | | |
| | | | 341,900 | | | | North Pacific Bank Ltd. | | | | | 776,765 | | |
| | | | 73,000 | | | | NTT Data Corp. | | | | | 1,127,809 | | |
| | | | 31,000 | | | | Obic Co., Ltd. | | | | | 5,228,187 | | |
| | | | 68,300 | | | | Omron Corp. | | | | | 5,537,905 | | |
| | | | 83,300 | | | | ORIX Corp. | | | | | 1,432,464 | | |
| | | | 226,900 | | | | Otsuka Holdings Co., Ltd. | | | | | 9,089,079 | | |
| | | | 222,600 | | | | Outsourcing Inc. | | | | | 3,397,834 | | |
| | | | 149,600 | | | | Pan Pacific International Holdings Corp. | | | | | 3,528,594 | | |
| | | | 244,500 | | | | Persol Holdings Co., Ltd. | | | | | 4,885,951 | | |
| | | | 1,404,906 | | | | Prestige International Inc. | | | | | 9,774,001 | | |
| | | | 564,504 | | | | Rakus Co., Ltd.(a) | | | | | 9,753,086 | | |
| | | | 185,100 | | | | Rohto Pharmaceutical Co., Ltd. | | | | | 4,984,275 | | |
| | | | 399,100 | | | | Santen Pharmaceutical Co., Ltd. | | | | | 5,502,547 | | |
| | | | 92,000 | | | | Secom Co., Ltd. | | | | | 8,021,062 | | |
| | | | 135,900 | | | | Seven & i Holdings Co., Ltd. | | | | | 5,190,231 | | |
| | | | 279,000 | | | | Shimadzu Corp. | | | | | 10,128,694 | | |
| | | | 9,300 | | | | Shiseido Co., Ltd. | | | | | 703,772 | | |
| | | | 12,300 | | | | SMC Corp. | | | | | 7,312,258 | | |
| | | | 137,838 | | | | SMS Co., Ltd. | | | | | 4,525,458 | | |
| | | | 49,700 | | | | Sohgo Security Services Co., Ltd. | | | | | 2,251,664 | | |
| | | | 41,200 | | | | Sony Corp. | | | | | 4,330,481 | | |
| | | | 134,400 | | | | Stanley Electric Co., Ltd. | | | | | 4,015,362 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Japan – (continued) | |
| | | | 57,900 | | | | Suzuki Motor Corp. | | | | $ | 2,523,114 | | |
| | | | 505,700 | | | | Systena Corp. | | | | | 8,932,162 | | |
| | | | 228,440 | | | | Takeda Pharmaceutical Co., Ltd. | | | | | 7,636,487 | | |
| | | | 142,000 | | | | Terumo Corp. | | | | | 5,297,843 | | |
| | | | 157,300 | | | | Toyo Suisan Kaisha Ltd. | | | | | 6,699,013 | | |
| | | | 166,890 | | | | YAKUODO Holdings Co., Ltd. | | | | | 4,016,732 | | |
| | | | 134,700 | | | | Yokogawa Electric Corp. | | | | | 2,579,434 | | |
| | | | 1,447,400 | | | | Z Holdings Corp. | | | | | 8,804,740 | | |
| | | | | | | | Total Japan | | | | | 345,957,516 | | |
| | Jersey, Channel Islands – 0.3% | |
| | | | 719,248 | | | | JTC PLC | | | | | 6,610,799 | | |
| | Mexico – 1.0% | |
| | | | 1,367,170 | | | | Grupo Mexico SAB de CV, Class B Shares | | | | | 6,478,699 | | |
| | | | 2,284,208 | | | | Qualitas Controladora SAB de CV | | | | | 12,391,551 | | |
| | | | 1,716,139 | | | | Wal-Mart de Mexico SAB de CV | | | | | 4,882,052 | | |
| | | | | | | | Total Mexico | | | | | 23,752,302 | | |
| | Netherlands – 2.7% | |
| | | | 1,036 | | | | Adyen NV*(b) | | | | | 2,391,585 | | |
| | | | 82,186 | | | | Akzo Nobel NV | | | | | 8,481,999 | | |
| | | | 22,817 | | | | ASML Holding NV | | | | | 12,846,726 | | |
| | | | 32,632 | | | | Core Laboratories NV | | | | | 1,159,741 | | |
| | | | 29,018 | | | | Euronext NV(b) | | | | | 3,122,259 | | |
| | | | 78,244 | | | | Heineken NV | | | | | 7,695,302 | | |
| | | | 202,991 | | | | Koninklijke Philips NV* | | | | | 11,007,302 | | |
| | | | 32,529 | | | | NXP Semiconductors NV | | | | | 5,938,169 | | |
| | | | 102,274 | | | | Prosus NV* | | | | | 12,114,470 | | |
| | | | | | | | Total Netherlands | | | | | 64,757,553 | | |
| | Norway – 0.9% | |
| | | | 1,066,249 | | | | LINK Mobility Group Holding ASA* | | | | | 6,709,624 | | |
| | | | 139,297 | | | | Medistim ASA | | | | | 4,002,416 | | |
| | | | 921,092 | | | | Pexip Holding ASA* | | | | | 11,451,803 | | |
| | | | | | | | Total Norway | | | | | 22,163,843 | | |
| | Peru – 0.1% | |
| | | | 10,714 | | | | Credicorp Ltd. | | | | | 1,714,347 | | |
| | Philippines – 0.6% | |
| | | | 3,987,282 | | | | Ayala Land Inc. | | | | | 3,196,582 | | |
| | | | 1,141,804 | | | | BDO Unibank Inc. | | | | | 2,476,995 | | |
| | | | 2,885,928 | | | | Philippine Seven Corp.(c) | | | | | 5,852,389 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Philippines – (continued) | |
| | | | 106,000 | | | | SM Investments Corp. | | | | $ | 2,195,334 | | |
| | | | | | | | Total Philippines | | | | | 13,721,300 | | |
| | Poland – 0.4% | |
| | | | 204,431 | | | | InPost SA* | | | | | 4,478,104 | | |
| | | | 544,374 | | | | Powszechny Zaklad Ubezpieczen SA* | | | | | 4,247,708 | | |
| | | | | | | | Total Poland | | | | | 8,725,812 | | |
| | Portugal – 0.6% | |
| | | | 754,807 | | | | Galp Energia SGPS SA | | | | | 8,472,256 | | |
| | | | 385,772 | | | | Jeronimo Martins SGPS SA | | | | | 5,980,048 | | |
| | | | | | | | Total Portugal | | | | | 14,452,304 | | |
| | Russia – 1.3% | |
| | | | 277,070 | | | | HeadHunter Group PLC, ADR | | | | | 9,639,265 | | |
| | | | 38,829 | | | | Novatek PJSC, GDR | | | | | 6,585,259 | | |
| | | | 8,027 | | | | Polyus PJSC | | | | | 1,511,672 | | |
| | | | 11,469 | | | | Polyus PJSC, GDR(c) | | | | | 1,074,645 | | |
| | | | 117,007 | | | | Sberbank of Russia PJSC, ADR (listed in UK) | | | | | 1,689,084 | | |
| | | | 535,290 | | | | Sberbank of Russia PJSC, ADR (listed in US) | | | | | 7,793,822 | | |
| | | | 52,671 | | | | Yandex NV, Class A Shares* | | | | | 3,370,154 | | |
| | | | | | | | Total Russia | | | | | 31,663,901 | | |
| | Singapore – 0.2% | |
| | | | 3,536,400 | | | | Sheng Siong Group Ltd. | | | | | 4,118,552 | | |
| | South Africa – 0.9% | |
| | | | 31,875 | | | | Capitec Bank Holdings Ltd.* | | | | | 2,818,268 | | |
| | | | 81,783 | | | | Naspers Ltd., Class N Shares | | | | | 19,014,246 | | |
| | | | | | | | Total South Africa | | | | | 21,832,514 | | |
| | South Korea – 4.3% | |
| | | | 51,885 | | | | KINX Inc.* | | | | | 3,398,537 | | |
| | | | 67,471 | | | | Korea Shipbuilding & Offshore Engineering Co., Ltd.* | | | | | 6,696,109 | | |
| | | | 101,285 | | | | LEENO Industrial Inc. | | | | | 14,381,740 | | |
| | | | 3,482 | | | | LG Household & Health Care Ltd. | | | | | 4,672,269 | | |
| | | | 41,395 | | | | NAVER Corp. | | | | | 13,754,966 | | |
| | | | 506,366 | | | | NICE Information Service Co., Ltd.* | | | | | 9,844,147 | | |
| | | | 706,426 | | | | Samsung Electronics Co., Ltd. | | | | | 51,623,611 | | |
| | | | | | | | Total South Korea | | | | | 104,371,379 | | |
| | Spain – 0.6% | |
| | | | 200,210 | | | | Amadeus IT Group SA* | | | | | 13,883,943 | | |
| | Sweden – 2.0% | |
| | | | 115,697 | | | | Assa Abloy AB, Class B Shares | | | | | 2,899,396 | | |
| | | | 266,062 | | | | Biotage AB | | | | | 4,785,225 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Sweden – (continued) | |
| | | | 125,939 | | | | Cellavision AB* | | | | $ | 4,356,974 | | |
| | | | 187,092 | | | | Epiroc AB, Class A Shares | | | | | 3,969,048 | | |
| | | | 102,673 | | | | Essity AB, Class B Shares | | | | | 3,081,793 | | |
| | | | 285,635 | | | | Fortnox AB(c) | | | | | 15,980,065 | | |
| | | | 299,712 | | | | Swedbank AB, Class A Shares | | | | | 5,240,774 | | |
| | | | 182,698 | | | | Vitec Software Group AB, Class B Shares | | | | | 8,412,438 | | |
| | | | | | | | Total Sweden | | | | | 48,725,713 | | |
| | Switzerland – 5.2% | |
| | | | 53,022 | | | | Alcon Inc.* | | | | | 3,636,440 | | |
| | | | 140 | | | | Chocoladefabriken Lindt & Spruengli AG | | | | | 1,173,610 | | |
| | | | 48,204 | | | | Cie Financiere Richemont SA, Class Registered Shares | | | | | 4,639,890 | | |
| | | | 6,898 | | | | Geberit AG, Class Registered Shares | | | | | 4,065,573 | | |
| | | | 4,858 | | | | Givaudan SA, Class Registered Shares | | | | | 18,301,361 | | |
| | | | 1,918,705 | | | | Glencore PLC* | | | | | 7,751,772 | | |
| | | | 187,354 | | | | Julius Baer Group Ltd. | | | | | 11,490,203 | | |
| | | | 17,621 | | | | Lonza Group AG, Class Registered Shares | | | | | 11,102,426 | | |
| | | | 339,134 | | | | Nestle SA, Class Registered Shares | | | | | 35,416,303 | | |
| | | | 10,421 | | | | Roche Holding AG | | | | | 3,406,624 | | |
| | | | 19,525 | | | | Schindler Holding AG | | | | | 5,326,576 | | |
| | | | 3,333 | | | | SGS SA, Class Registered Shares | | | | | 9,507,773 | | |
| | | | 17,653 | | | | Sika AG, Class Registered Shares | | | | | 4,654,015 | | |
| | | | 16,170 | | | | Temenos AG, Class Registered Shares | | | | | 2,175,174 | | |
| | | | 217,938 | | | | UBS Group AG, Class Registered Shares | | | | | 3,369,036 | | |
| | | | | | | | Total Switzerland | | | | | 126,016,776 | | |
| | Taiwan – 4.5% | |
| | | | 1,183,000 | | | | Bioteque Corp. | | | | | 5,453,283 | | |
| | | | 627,000 | | | | Chief Telecom Inc. | | | | | 6,763,701 | | |
| | | | 782,000 | | | | Delta Electronics Inc. | | | | | 7,894,314 | | |
| | | | 299,820 | | | | Poya International Co., Ltd. | | | | | 6,741,114 | | |
| | | | 1,182,000 | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 25,811,338 | | |
| | | | 372,826 | | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | | | 46,953,706 | | |
| | | | 260,981 | | | | Voltronic Power Technology Corp. | | | | | 10,833,907 | | |
| | | | | | | | Total Taiwan | | | | | 110,451,363 | | |
| | Thailand – 0.5% | |
| | | | 2,092,200 | | | | CP ALL PCL, Class F Shares(c) | | | | | 4,092,239 | | |
| | | | 2,199,400 | | | | TQM Corp. PCL, Class F Shares(c) | | | | | 8,748,435 | | |
| | | | | | | | Total Thailand | | | | | 12,840,674 | | |
| | United Arab Emirates – 0.3% | |
| | | | 1,326,894 | | | | Network International Holdings PLC(b) | | | | | 6,843,277 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | United Kingdom – 8.3% | |
| | | | 395,691 | | | | Amcor PLC | | | | $ | 4,353,762 | | |
| | | | 1,089,956 | | | | Arrow Global Group PLC* | | | | | 4,030,172 | | |
| | | | 111,110 | | | | AstraZeneca PLC, ADR(a) | | | | | 5,375,502 | | |
| | | | 334,316 | | | | Avon Rubber PLC | | | | | 13,056,457 | | |
| | | | 780,666 | | | | boohoo Group PLC* | | | | | 3,662,727 | | |
| | | | 158,349 | | | | Burberry Group PLC* | | | | | 4,003,148 | | |
| | | | 1,054,103 | | | | Bytes Technology Group PLC* | | | | | 6,146,137 | | |
| | | | 103,990 | | | | CNH Industrial NV* | | | | | 1,535,837 | | |
| | | | 225,215 | | | | Compass Group PLC* | | | | | 4,562,634 | | |
| | | | 26,178 | | | | Croda International PLC | | | | | 2,248,665 | | |
| | | | 307,582 | | | | Diageo PLC | | | | | 12,087,794 | | |
| | | | 2,033,258 | | | | dotdigital group PLC | | | | | 4,731,020 | | |
| | | | 31,082 | | | | Farfetch Ltd., Class A Shares* | | | | | 2,047,682 | | |
| | | | 293,105 | | | | FDM Group Holdings PLC | | | | | 4,096,842 | | |
| | | | 438,499 | | | | Future PLC | | | | | 11,883,919 | | |
| | | | 487,830 | | | | GB Group PLC | | | | | 5,621,996 | | |
| | | | 184,384 | | | | Halma PLC | | | | | 5,820,427 | | |
| | | | 240,792 | | | | HomeServe PLC | | | | | 3,490,465 | | |
| | | | 374,119 | | | | IMI PLC | | | | | 6,818,817 | | |
| | | | 82,360 | | | | Intertek Group PLC | | | | | 6,142,956 | | |
| | | | 5,764,457 | | | | Johnson Service Group PLC* | | | | | 13,227,545 | | |
| | | | 28,067 | | | | Linde PLC | | | | | 6,927,390 | | |
| | | | 66,833 | | | | London Stock Exchange Group PLC | | | | | 8,950,863 | | |
| | | | 123,088 | | | | Mortgage Advice Bureau Holdings Ltd. | | | | | 1,578,876 | | |
| | | | 309,651 | | | | Patisserie Holdings PLC*(c)(e) | | | | | 4,313 | | |
| | | | 148,250 | | | | Reckitt Benckiser Group PLC | | | | | 12,395,123 | | |
| | | | 246,503 | | | | Smith & Nephew PLC | | | | | 4,754,211 | | |
| | | | 103,465 | | | | Spectris PLC | | | | | 4,370,970 | | |
| | | | 59,326 | | | | Spirax-Sarco Engineering PLC | | | | | 8,848,502 | | |
| | | | 1,394,726 | | | | Strix Group PLC | | | | | 4,930,703 | | |
| | | | 177,391 | | | | THG PLC* | | | | | 1,749,237 | | |
| | | | 207,506 | | | | Unilever PLC | | | | | 10,760,073 | | |
| | | | 961,490 | | | | YouGov PLC(c) | | | | | 12,828,527 | | |
| | | | | | | | Total United Kingdom | | | | | 203,043,292 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | United States – 3.1% | |
| | | | 53,782 | | | | Analog Devices Inc. | | | | $ | 8,380,311 | | |
| | | | 30,974 | | | | ANSYS Inc.* | | | | | 10,561,824 | | |
| | | | 152,134 | | | | Cadence Design Systems Inc.* | | | | | 21,464,586 | | |
| | | | 97,677 | | | | Colgate-Palmolive Co. | | | | | 7,345,311 | | |
| | | | 123,673 | | | | DD3 Acquisition Corp. II Forward Shares*(c)(e)@ | | | | | 32,155 | | |
| | | | 24,735 | | | | DD3 Acquisition Corp. II Founders Shares*(c)(e)@ | | | | | 184,523 | | |
| | | | 1,830 | | | | DD3 Acquisition Corp. II Private Units*(c)(e)@ | | | | | 19,709 | | |
| | | | 18,635 | | | | Nordson Corp. | | | | | 3,585,560 | | |
| | | | 102,902 | | | | Philip Morris International Inc. | | | | | 8,645,826 | | |
| | | | 17,435 | | | | Texas Instruments Inc. | | | | | 3,003,528 | | |
| | | | 34,500 | | | | Visa Inc., Class A Shares | | | | | 7,327,455 | | |
| | | | 50,020 | | | | Waste Connections Inc. | | | | | 4,886,454 | | |
| | | | | | | | Total United States | | | | | 75,437,242 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $1,553,273,064) | | | | | 2,306,456,873 | | |
| | EXCHANGE TRADED FUNDS (ETFs) – 2.5% | |
| | United States – 2.5% | |
| | | | 329,453 | | | | iShares Core MSCI EAFE | | | | | 23,170,429 | | |
| | | | 589,637 | | | | iShares Core MSCI Emerging Markets | | | | | 38,167,203 | | |
| | | | | | | | Total United States | | | | | 61,337,632 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $48,486,947) | | | | | 61,337,632 | | |
| | PREFERRED STOCK – 0.1% | |
| | United Kingdom – 0.1% | |
| | | | 1,899 | | | | Roofoods Ltd. Series G*(c)(e)@
(Cost – $793,594) | | | | | 1,666,850 | | |
| | WARRANT – 0.0% | |
| | Switzerland – 0.0% | |
| | | | 96,408 | | | | Cie Financiere Richemont SA*(c)
(Cost – $0) | | | | | 33,917 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,602,553,605) | | | | | 2,369,495,272 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
| | Face Amount† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 2.7% | |
| | TIME DEPOSITS – 2.7% | |
| | | $ | 14,111,608 | | | | ANZ National Bank – London, 0.000% due 3/1/21 | | | | $ | 14,111,608 | | |
| | | | 16,139,585 | | | | Barclays Bank PLC – London, 0.000% due 3/1/21 | | | | | 16,139,585 | | |
| | | | | | | | Brown Brothers Harriman – Grand Cayman: | | | | | | | |
| | | | 90,022CHF | | | | (1.350)% due 3/1/21 | | | | | 98,969 | | |
| | | | 849EUR | | | | (0.710)% due 3/1/21 | | | | | 1,024 | | |
| | | | 458DKK | | | | (0.520)% due 3/1/21 | | | | | 74 | | |
| | | | 1,813,763JPY | | | | (0.320)% due 3/1/21 | | | | | 17,016 | | |
| | | | 20NOK | | | | (0.080)% due 3/1/21 | | | | | 2 | | |
| | | | 157,301AUD | | | | (0.060)% due 3/1/21 | | | | | 121,044 | | |
| | | | 111GBP | | | | 0.000% due 3/1/21 | | | | | 155 | | |
| | | | 5,406HKD | | | | 0.000% due 3/1/21 | | | | | 697 | | |
| | | | 68,671CAD | | | | 0.010% due 3/1/21 | | | | | 53,974 | | |
| | | | 4NZD | | | | 0.010% due 3/1/21 | | | | | 3 | | |
| | | | 772SGD | | | | 0.050% due 3/1/21 | | | | | 579 | | |
| | | | 404,355ZAR | | | | 2.800% due 3/1/21 | | | | | 26,714 | | |
| | | | | | | | Citibank – London: | | | | | | | |
| | | | 572,141EUR | | | | (0.710)% due 3/1/21 | | | | | 690,288 | | |
| | | | 70,138GBP | | | | 0.000% due 3/1/21 | | | | | 97,695 | | |
| | | | 964,232HKD | | | | Hong Kong & Shanghai Bank – Hong Kong, 0.000% due 3/1/21 | | | | | 124,314 | | |
| | | | | | | | Skandinaviska Enskilda Banken AB – Stockholm: | | | | | | | |
| | | | 1,696,580SEK | | | | (0.290)% due 3/1/21 | | | | | 200,893 | | |
| | | | 22,532,633 | | | | 0.000% due 3/1/21 | | | | | 22,532,633 | | |
| | | | | | | | Sumitomo Mitsui Banking Corp. – Tokyo: | | | | | | | |
| | | | 85,070,088JPY | | | | (0.320)% due 3/1/21 | | | | | 798,068 | | |
| | | | 10,240,248 | | | | 0.000% due 3/1/21 | | | | | 10,240,248 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $65,255,583) | | | | | 65,255,583 | | |
| | Shares/Units | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.8% | |
| | MONEY MARKET FUND – 1.8% | |
| | | | 43,364,799 | | | | Federated Government Obligations Fund, Premier Class, 0.000%(f)
(Cost – $43,364,799) | | | | $ | 43,364,799 | | |
| | | | | | | | TOTAL INVESTMENTS – 101.9%
(Cost – $1,711,173,987) | | | | | 2,478,115,654 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (1.9)% | | | | | (45,448,652) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 2,432,667,002 | | |
†
Face amount denominated in U.S. dollars, unless otherwise noted.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (continued)
*
Non-income producing security.
(a)
All or a portion of this security is on loan (See Note 5).
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2021, amounts to $47,119,173 and represents 1.94% of net assets.
(c)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2021, amounts to $136,617,049 and represents 5.62% of net assets.
(d)
Security trades on the Hong Kong exchange.
(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)
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 maybe sold only to qualified buyers.
| Security | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
| DD3 Acquisition Corp. II Forward Shares | | | | | 12/10/20 | | | | | $ | 0 | | | | | $ | 32,155 | | | | | | 0.00% | | |
| DD3 Acquisition Corp. II Founders Shares | | | | | 12/10/20 | | | | | | 215 | | | | | | 184,523 | | | | | | 0.01% | | |
| DD3 Acquisition Corp. II Private Units | | | | | 12/10/20 | | | | | | 18,304 | | | | | | 19,709 | | | | | | 0.00% | | |
| Roofoods Ltd. Series G | | | | | 5/16/19 | | | | | | 793,594 | | | | | | 1,666,850 | | | | | | 0.07% | | |
| Sarana Menara Nusantara Tbk PT | | | | | 4/3/17 | | | | | | 1,400 | | | | | | 5,181,600 | | | | | | 0.21% | | |
| Total | | | | | | | | | | | | | | | | $ | 7,084,837 | | | | | | 0.29% | | |
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^ (Unaudited)
| | Consumer Non-cyclical | | | | | 25.8% | | |
| | Technology | | | | | 17.5 | | |
| | Financial | | | | | 13.8 | | |
| | Industrial | | | | | 12.4 | | |
| | Communications | | | | | 10.4 | | |
| | Consumer Cyclical | | | | | 6.5 | | |
| | Basic Materials | | | | | 5.1 | | |
| | Energy | | | | | 1.4 | | |
| | Utilities | | | | | 0.3 | | |
| | Exchange Traded Funds (ETFs) | | | | | 2.5 | | |
| | Short-Term Investments | | | | | 2.6 | | |
| | Money Market Fund | | | | | 1.7 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations International Equity Fund (concluded)
Schedule of Options Contracts Written
Equity Options
| | Number of
Contracts | | | Notional
Amount | | | Security Name | | | Counterparty | | | Expiration
Date | | | Exercise
Rate | | | Value | |
| | 6 | | | EUR 279,210 | | | ASML Holding NV | | | | | GSC | | | | | | 3/19/21 | | | | EUR 460.00 | | | | $ | 14,297 | | |
| | 104 | | | EUR 283,816 | | | Erste Group Bank AG | | | | | JPM | | | | | | 3/19/21 | | | | EUR 29.00 | | | | | 4,141 | | |
| | 108 | | | CHF 602,640 | | | Julius Baer Group Ltd. | | | | | GSC | | | | | | 6/18/21 | | | | CHF 64.00 | | | | | 6,293 | | |
| | 36 | | | EUR 282,384 | | | Thales SA | | | | | JPM | | | | | | 3/19/21 | | | | EUR 82.00 | | | | | 5,646 | | |
| | | | | | | | TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received – $36,501) | | | | | | | | | | | | | | | | | | | $ | 30,377 | | |
At February 28, 2021, Destinations International Equity Fund had open forward foreign currency contracts as described below.
The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:
| Foreign Currency | | | Local
Currency | | | Counterparty | | | Market
Value | | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
(Depreciation) | | | Unrealized
Appreciation/
(Depreciation) | |
| Contracts to Sell: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Japanese Yen | | | | | 795,000,000 | | | | | | CITI | | | | | $ | 7,472,997 | | | | | | 8/19/21 | | | | | $ | 45,459 | | | | | $ | — | | | | | $ | 45,459 | | |
| Japanese Yen | | | | | 1,563,100,000 | | | | | | HSBC | | | | | | 14,693,134 | | | | | | 8/19/21 | | | | | | 97,534 | | | | | | — | | | | | | 97,534 | | |
| Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | | | | $ | 142,993 | | | | | $ | — | | | | | $ | 142,993 | | |
Currency Abbreviations used in this schedule:
| | AUD
— Australian Dollar | |
| | CAD
— Canadian Dollar | |
| | CHF
— Swiss Franc | |
| | DKK
— Danish Krone | |
| | EUR
— Euro | |
| | GBP
— British Pound | |
| | HKD
— Hong Kong Dollar | |
| | JPY
— Japanese Yen | |
| | NOK
— Norwegian Krone | |
| | NZD
— New Zealand Dollar | |
| | SEK
— Swedish Krona | |
| | SGD
— Singapore Dollar | |
| | ZAR
— South African Rand | |
Counterparty Abbreviations used in this schedule:
| | CITI
— Citigroup Global Markets Inc. | |
| | GSC
— Goldman Sachs & Co. | |
| | HSBC
— HSBC Bank USA | |
| | JPM
— JPMorgan Chase & Co. | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Equity Income Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 88.1% | |
| | BASIC MATERIALS – 1.2% | |
| | Chemicals – 1.2% | |
| | | | 27,161 | | | | DuPont de Nemours Inc. | | | | $ | 1,909,962 | | |
| | | | 51,063 | | | | Nutrien Ltd. | | | | | 2,756,832 | | |
| | | | | | | | Total Chemicals | | | | | 4,666,794 | | |
| | | | | | | | TOTAL BASIC MATERIALS | | | | | 4,666,794 | | |
| | COMMUNICATIONS – 12.7% | |
| | Advertising – 0.5% | |
| | | | 130,300 | | | | Hakuhodo DY Holdings Inc. | | | | | 2,144,061 | | |
| | Media – 0.8% | |
| | | | 56,696 | | | | Comcast Corp., Class A Shares | | | | | 2,989,013 | | |
| | Telecommunications – 11.4% | |
| | | | 267,947 | | | | AT&T Inc. | | | | | 7,473,042 | | |
| | | | 183,850 | | | | BCE Inc.(a) | | | | | 7,865,248 | | |
| | | | 210,290 | | | | Cisco Systems Inc. | | | | | 9,435,712 | | |
| | | | 102,755 | | | | SK Telecom Co., Ltd., ADR | | | | | 2,474,341 | | |
| | | | 158,726 | | | | Verizon Communications Inc. | | | | | 8,777,548 | | |
| | | | 5,455,268 | | | | Vodafone Group PLC | | | | | 9,271,864 | | |
| | | | | | | | Total Telecommunications | | | | | 45,297,755 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 50,430,829 | | |
| | CONSUMER CYCLICAL – 5.9% | |
| | Auto Manufacturers – 0.5% | |
| | | | 42,211 | | | | General Motors Co. | | | | | 2,166,691 | | |
| | Distribution/Wholesale – 1.0% | |
| | | | 181,800 | | | | Mitsui & Co., Ltd. | | | | | 3,860,446 | | |
| | Home Builders – 0.9% | |
| | | | 40,398 | | | | PulteGroup Inc. | | | | | 1,822,354 | | |
| | | | 804,995 | | | | Taylor Wimpey PLC* | | | | | 1,767,133 | | |
| | | | | | | | Total Home Builders | | | | | 3,589,487 | | |
| | Retail – 2.9% | |
| | | | 16,291 | | | | Darden Restaurants Inc. | | | | | 2,237,243 | | |
| | | | 18,200 | | | | Genuine Parts Co. | | | | | 1,917,370 | | |
| | | | 60,835 | | | | Industria de Diseno Textil SA | | | | | 2,004,484 | | |
| | | | 9,966 | | | | Lowe’s Cos., Inc. | | | | | 1,592,068 | | |
| | | | 1,428,010 | | | | Topsports International Holdings Ltd. | | | | | 2,098,810 | | |
| | | | 14,463 | | | | Walmart Inc. | | | | | 1,879,033 | | |
| | | | | | | | Total Retail | | | | | 11,729,008 | | |
| | Toys/Games/Hobbies – 0.6% | |
| | | | 3,780 | | | | Nintendo Co., Ltd. | | | | | 2,296,121 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 23,641,753 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – 24.4% | |
| | Agriculture – 5.3% | |
| | | | 221,250 | | | | British American Tobacco PLC | | | | $ | 7,659,792 | | |
| | | | 159,968 | | | | Philip Morris International Inc. | | | | | 13,440,511 | | |
| | | | | | | | Total Agriculture | | | | | 21,100,303 | | |
| | Beverages – 1.7% | |
| | | | 50,786 | | | | Coca-Cola Co. | | | | | 2,488,006 | | |
| | | | 33,510 | | | | PepsiCo Inc. | | | | | 4,329,157 | | |
| | | | | | | | Total Beverages | | | | | 6,817,163 | | |
| | Biotechnology – 2.4% | |
| | | | 8,300 | | | | Amgen Inc. | | | | | 1,866,836 | | |
| | | | 125,500 | | | | Gilead Sciences Inc. | | | | | 7,705,700 | | |
| | | | | | | | Total Biotechnology | | | | | 9,572,536 | | |
| | Cosmetics/Personal Care – 1.6% | |
| | | | 122,478 | | | | Unilever PLC | | | | | 6,368,483 | | |
| | Food – 1.9% | |
| | | | 57,550 | | | | General Mills Inc. | | | | | 3,165,825 | | |
| | | | 72,700 | | | | Seven & i Holdings Co., Ltd. | | | | | 2,753,318 | | |
| | | | 916,000 | | | | Tingyi Cayman Islands Holding Corp. | | | | | 1,839,924 | | |
| | | | | | | | Total Food | | | | | 7,759,067 | | |
| | Healthcare-Products – 0.5% | |
| | | | 16,160 | | | | Medtronic PLC | | | | | 1,890,235 | | |
| | Healthcare-Services – 1.4% | |
| | | | 10,704 | | | | Anthem Inc. | | | | | 3,245,346 | | |
| | | | 31,769 | | | | Fresenius Medical Care AG & Co. KGaA | | | | | 2,198,569 | | |
| | | | | | | | Total Healthcare-Services | | | | | 5,443,915 | | |
| | Household Products/Wares – 0.8% | |
| | | | 23,750 | | | | Kimberly-Clark Corp. | | | | | 3,047,838 | | |
| | Pharmaceuticals – 8.8% | |
| | | | 111,701 | | | | AbbVie Inc. | | | | | 12,034,666 | | |
| | | | 15,505 | | | | AstraZeneca PLC | | | | | 1,499,906 | | |
| | | | 41,359 | | | | Bristol-Myers Squibb Co. | | | | | 2,536,547 | | |
| | | | 180,798 | | | | GlaxoSmithKline PLC | | | | | 2,998,834 | | |
| | | | 83,450 | | | | Merck & Co., Inc. | | | | | 6,060,139 | | |
| | | | 255,025 | | | | Pfizer Inc. | | | | | 8,540,787 | | |
| | | | 4,281 | | | | Roche Holding AG | | | | | 1,402,291 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 35,073,170 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 97,072,710 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | ENERGY – 9.4% | |
| | Oil & Gas – 5.8% | |
| | | | 134,943 | | | | Chevron Corp. | | | | $ | 13,494,300 | | |
| | | | 175,350 | | | | Exxon Mobil Corp. | | | | | 9,533,780 | | |
| | | | | | | | Total Oil & Gas | | | | | 23,028,080 | | |
| | Pipelines – 3.6% | |
| | | | 242,100 | | | | Enbridge Inc. | | | | | 8,178,463 | | |
| | | | 152,737 | | | | Enterprise Products Partners LP | | | | | 3,256,353 | | |
| | | | 72,450 | | | | TC Energy Corp. | | | | | 3,035,121 | | |
| | | | | | | | Total Pipelines | | | | | 14,469,937 | | |
| | | | | | | | TOTAL ENERGY | | | | | 37,498,017 | | |
| | FINANCIAL – 14.8% | |
| | Banks – 10.8% | |
| | | | 296,772 | | | | Bank Leumi Le-Israel BM | | | | | 1,815,544 | | |
| | | | 53,252 | | | | Bank of America Corp. | | | | | 1,848,377 | | |
| | | | 87,725 | | | | Canadian Imperial Bank of Commerce | | | | | 8,089,896 | | |
| | | | 53,748 | | | | Citigroup Inc. | | | | | 3,540,918 | | |
| | | | 203,314 | | | | ING Groep NV | | | | | 2,217,252 | | |
| | | | 36,751 | | | | JPMorgan Chase & Co. | | | | | 5,408,645 | | |
| | | | 288,675 | | | | KeyCorp | | | | | 5,813,914 | | |
| | | | 234,673 | | | | Oversea-Chinese Banking Corp., Ltd. | | | | | 1,933,688 | | |
| | | | 27,808 | | | | PNC Financial Services Group Inc. | | | | | 4,681,755 | | |
| | | | 207,900 | | | | Regions Financial Corp. | | | | | 4,288,977 | | |
| | | | 62,935 | | | | Truist Financial Corp. | | | | | 3,584,778 | | |
| | | | | | | | Total Banks | | | | | 43,223,744 | | |
| | Diversified Financial Services – 0.9% | |
| | | | 10,581 | | | | Deutsche Boerse AG | | | | | 1,730,428 | | |
| | | | 77,075 | | | | Western Union Co. | | | | | 1,789,681 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 3,520,109 | | |
| | Equity Real Estate Investment Trusts (REITs) – 0.7% | |
| | | | 61,375 | | | | National Retail Properties Inc. | | | | | 2,690,680 | | |
| | Insurance – 2.4% | |
| | | | 50,344 | | | | Ageas SA/NV | | | | | 2,821,982 | | |
| | | | 9,270 | | | | Allianz SE, Class Registered Shares | | | | | 2,234,614 | | |
| | | | 9,353 | | | | Everest Re Group Ltd. | | | | | 2,261,649 | | |
| | | | 5,654 | | | | Zurich Insurance Group AG | | | | | 2,309,214 | | |
| | | | | | | | Total Insurance | | | | | 9,627,459 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 59,061,992 | | |
| | INDUSTRIAL – 4.6% | |
| | Aerospace/Defense – 1.1% | |
| | | | 16,635 | | | | General Dynamics Corp. | | | | | 2,719,323 | | |
| | | | 17,894 | | | | Thales SA | | | | | 1,693,450 | | |
| | | | | | | | Total Aerospace/Defense | | | | | 4,412,773 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Engineering & Construction – 0.5% | |
| | | | 46,678 | | | | Bouygues SA | | | | $ | 1,889,999 | | |
| | Miscellaneous Manufacturers – 2.1% | |
| | | | 21,275 | | | | 3M Co. | | | | | 3,724,402 | | |
| | | | 14,741 | | | | Eaton Corp. PLC | | | | | 1,919,131 | | |
| | | | 17,411 | | | | Siemens AG, Class Registered Shares | | | | | 2,688,395 | | |
| | | | | | | | Total Miscellaneous Manufacturers | | | | | 8,331,928 | | |
| | Transportation – 0.9% | |
| | | | 73,769 | | | | Deutsche Post AG, Class Registered Shares | | | | | 3,654,434 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 18,289,134 | | |
| | TECHNOLOGY – 5.3% | |
| | Computers – 1.0% | |
| | | | 32,400 | | | | International Business Machines Corp. | | | | | 3,853,332 | | |
| | Semiconductors – 2.8% | |
| | | | 8,714 | | | | Broadcom Inc. | | | | | 4,094,447 | | |
| | | | 42,591 | | | | Infineon Technologies AG | | | | | 1,849,898 | | |
| | | | 30,857 | | | | Intel Corp. | | | | | 1,875,489 | | |
| | | | 52,936 | | | | Samsung Electronics Co., Ltd. | | | | | 3,417,997 | | |
| | | | | | | | Total Semiconductors | | | | | 11,237,831 | | |
| | Software – 1.5% | |
| | | | 15,103 | | | | Microsoft Corp. | | | | | 3,509,635 | | |
| | | | 41,294 | | | | Oracle Corp. | | | | | 2,663,876 | | |
| | | | | | | | Total Software | | | | | 6,173,511 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 21,264,674 | | |
| | UTILITIES – 9.8% | |
| | Electric – 9.8% | |
| | | | 28,650 | | | | American Electric Power Co., Inc. | | | | | 2,144,452 | | |
| | | | 60,375 | | | | Dominion Energy Inc. | | | | | 4,124,820 | | |
| | | | 82,380 | | | | Duke Energy Corp. | | | | | 7,050,904 | | |
| | | | 65,887 | | | | Evergy Inc. | | | | | 3,533,520 | | |
| | | | 607,399 | | | | National Grid PLC | | | | | 6,822,515 | | |
| | | | 197,550 | | | | PPL Corp. | | | | | 5,173,835 | | |
| | | | 43,225 | | | | Public Service Enterprise Group Inc. | | | | | 2,326,802 | | |
| | | | 140,160 | | | | Southern Co. | | | | | 7,949,875 | | |
| | | | | | | | Total Electric | | | | | 39,126,723 | | |
| | | | | | | | TOTAL UTILITIES | | | | | 39,126,723 | | |
| | | | | | | | TOTAL COMMON STOCKS | | | | | | | |
| | | | | | | | (Cost – $320,263,657) | | | | | 351,052,626 | | |
| | EXCHANGE TRADED FUNDS (ETFs) – 8.9% | |
| | | | 684,557 | | | | iShares Core Dividend Growth | | | | | 31,010,432 | | |
| | | | 51,729 | | | | iShares Core High Dividend | | | | | 4,632,849 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $27,880,863) | | | | | 35,643,281 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | CONVERTIBLE PREFERRED STOCKS – 1.0% | |
| | CONSUMER NON-CYCLICAL – 0.3% | |
| | Healthcare-Products – 0.3% | |
| | | | 16,270 | | | | Avantor Inc., 6.250% | | | | $ | 1,417,280 | | |
| | TECHNOLOGY – 0.7% | |
| | Semiconductors – 0.7% | |
| | | | 1,750 | | | | Broadcom Inc., 8.000% | | | | | 2,645,667 | | |
| | | | | | | | TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost – $3,078,437) | | | | | 4,062,947 | | |
| | EQUITY LINKED NOTE – 0.3% | |
| | FINANCIAL – 0.3% | |
| | Diversified Financial Services – 0.3% | |
| | | | 22,825 | | | | Merrill Lynch International & Co.CV*(b)
(Cost – $1,182,915) | | | | | 1,221,773 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $352,405,872) | | | | | 391,980,627 | | |
| | Face Amount† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 1.4% | |
| | TIME DEPOSITS – 1.4% | |
| | | | 9,746EUR | | | | Brown Brothers Harriman – Grand Cayman, (0.710)% due 3/1/21 | | | | | 11,758 | | |
| | | $ | 5,533,783 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.000% due 3/1/21 | | | | | 5,533,783 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $5,545,541) | | | | | 5,545,541 | | |
| | Shares/Units | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 2.1% | |
| | MONEY MARKET FUND – 2.1% | |
| | | | 8,305,200 | | | | Federated Government Obligations Fund, Premier Class, 0.000%(c)
(Cost – $8,305,200) | | | | $ | 8,305,200 | | |
| | | | | | | | TOTAL INVESTMENTS – 101.8%
(Cost – $366,256,613) | | | | | 405,831,368 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (1.8)% | | | | | (7,160,912) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 398,670,456 | | |
†
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)
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 February 28, 2021, amounts to $1,221,773 and represents 0.31% of net assets.
(c)
Represents investment of collateral received from securities lending transactions.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Equity Income Fund (concluded)
Abbreviations used in this schedule:
ADR
— American Depositary Receipts
LP
— Limited Partnership
PLC
— Public Limited Company
Summary of Investments by Security Sector^ (Unaudited)
| | Consumer Non-cyclical | | | | | 24.3% | | |
| | Financial | | | | | 14.9 | | |
| | Communications | | | | | 12.4 | | |
| | Utilities | | | | | 9.6 | | |
| | Energy | | | | | 9.2 | | |
| | Technology | | | | | 5.9 | | |
| | Consumer Cyclical | | | | | 5.8 | | |
| | Industrial | | | | | 4.5 | | |
| | Basic Materials | | | | | 1.1 | | |
| | Exchange Traded Funds (ETFs) | | | | | 8.8 | | |
| | Short-Term Investments | | | | | 1.4 | | |
| | Money Market Fund | | | | | 2.1 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
Currency Abbreviations used in this schedule:
EUR
— Euro
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 26.9% | |
| | Basic Materials – 0.4% | |
| | | $ | 255,000 | | | | Air Products & Chemicals Inc., Senior Unsecured Notes, 1.850% due 5/15/27 | | | | $ | 263,691 | | |
| | | | 210,000 | | | | Arconic Corp., Secured Notes, 6.125% due 2/15/28(a) | | | | | 221,619 | | |
| | | | 200,000 | | | | Braskem Idesa SAPI, Senior Secured Notes, 7.450% due 11/15/29(a) | | | | | 200,500 | | |
| | | | 700,000 | | | | Braskem Netherlands Finance BV, Company Guaranteed Notes, 8.500% (5-Year
CMT Index + 8.220%) due 1/23/81(a)(b) | | | | | 791,350 | | |
| | | | 800,000 | | | | CSN Islands XII Corp., Company Guaranteed Notes, 7.000%(c) | | | | | 805,440 | | |
| | | | | | | | DuPont de Nemours Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,270,000 | | | | 4.205% due 11/15/23 | | | | | 1,392,055 | | |
| | | | 175,000 | | | | 5.419% due 11/15/48 | | | | | 233,433 | | |
| | | | 410,000 | | | | Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(a) | | | | | 448,454 | | |
| | | | 95,000 | | | | Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(a) | | | | | 100,700 | | |
| | | | 130,000 | | | | Illuminate Buyer LLC/Illuminate Holdings IV Inc., Senior Unsecured Notes,
9.000% due 7/1/28(a) | | | | | 144,625 | | |
| | | | 215,000 | | | | Kraton Polymers LLC/Kraton Polymers Capital Corp., Company Guaranteed
Notes, 4.250% due 12/15/25(a) | | | | | 217,692 | | |
| | | | 400,000 | | | | LYB International Finance III LLC, Company Guaranteed Notes, 3.800% due
10/1/60 | | | | | 403,481 | | |
| | | | 600,000 | | | | MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(a) | | | | | 665,604 | | |
| | | | 85,000 | | | | Novelis Corp., Company Guaranteed Notes, 4.750% due 1/30/30(a) | | | | | 88,587 | | |
| | | | | | | | POSCO, Senior Unsecured Notes: | | | | | | | |
| | | | 600,000 | | | | 2.375% due 1/17/23 | | | | | 617,258 | | |
| | | | 300,000 | | | | 2.750% due 7/15/24 | | | | | 318,208 | | |
| | | | 550,000 | | | | Sherwin-Williams Co., Senior Unsecured Notes, 3.300% due 5/15/50 | | | | | 559,538 | | |
| | | | 925,000 | | | | Vale Overseas Ltd., Company Guaranteed Notes, 3.750% due 7/8/30 | | | | | 983,090 | | |
| | | | 400,000 | | | | Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250% due
4/23/26(a) | | | | | 363,200 | | |
| | | | 800,000 | | | | Vedanta Resources Ltd., Senior Unsecured Notes, 6.125% due 8/9/24 | | | | | 678,000 | | |
| | | | | | | | Total Basic Materials | | | | | 9,496,525 | | |
| | Communications – 3.1% | |
| | | | 865,000 | | | | Alibaba Group Holding Ltd., Senior Unsecured Notes, 3.400% due 12/6/27 | | | | | 947,011 | | |
| | | | | | | | Alphabet Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,290,000 | | | | 2.050% due 8/15/50 | | | | | 1,110,827 | | |
| | | | 475,000 | | | | 2.250% due 8/15/60 | | | | | 401,713 | | |
| | | | 370,000 | | | | Amazon.com Inc., Senior Unsecured Notes, 2.800% due 8/22/24 | | | | | 398,007 | | |
| | | | 50,000 | | | | Arches Buyer Inc., Senior Secured Notes, 4.250% due 6/1/28(a) | | | | | 50,416 | | |
| | | | | | | | AT&T Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 6,261,000 | | | | 2.750% due 6/1/31 | | | | | 6,354,355 | | |
| | | | 470,000 | | | | 2.250% due 2/1/32 | | | | | 451,268 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Communications – (continued) | |
| | | $ | 1,070,000 | | | | 2.550% due 12/1/33(a) | | | | $ | 1,033,696 | | |
| | | | 900,000 | | | | 3.650% due 6/1/51 | | | | | 872,289 | | |
| | | | 225,000 | | | | 3.300% due 2/1/52 | | | | | 203,640 | | |
| | | | 1,565,000 | | | | 3.500% due 2/1/61 | | | | | 1,405,741 | | |
| | | | 150,000 | | | | Avaya Inc., Senior Secured Notes, 6.125% due 9/15/28(a) | | | | | 161,438 | | |
| | | | | | | | Baidu Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 200,000 | | | | 1.720% due 4/9/26 | | | | | 199,506 | | |
| | | | 200,000 | | | | 3.425% due 4/7/30 | | | | | 213,839 | | |
| | | | | | | | CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 265,000 | | | | 4.750% due 3/1/30(a) | | | | | 276,580 | | |
| | | | 125,000 | | | | 4.500% due 8/15/30(a) | | | | | 129,437 | | |
| | | | 125,000 | | | | Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(a) | | | | | 124,062 | | |
| | | | | | | | Charter Communications Operating LLC/Charter Communications Operating
Capital, Senior Secured Notes: | | | | | | | |
| | | | 410,000 | | | | 4.908% due 7/23/25 | | | | | 468,045 | | |
| | | | 360,000 | | | | 4.200% due 3/15/28 | | | | | 403,550 | | |
| | | | 570,000 | | | | 2.300% due 2/1/32 | | | | | 546,174 | | |
| | | | 6,745,000 | | | | 4.800% due 3/1/50 | | | | | 7,417,357 | | |
| | | | 15,000 | | | | Clear Channel Outdoor Holdings Inc., Company Guaranteed Notes, 7.750% due
4/15/28(a) | | | | | 15,225 | | |
| | | | | | | | Comcast Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 3,230,000 | | | | 3.750% due 4/1/40 | | | | | 3,645,910 | | |
| | | | 320,000 | | | | 4.700% due 10/15/48 | | | | | 405,965 | | |
| | | | 100,000 | | | | CommScope Inc., Senior Secured Notes, 6.000% due 3/1/26(a) | | | | | 105,125 | | |
| | | | 85,000 | | | | CommScope Technologies LLC, Company Guaranteed Notes, 5.000% due
3/15/27(a) | | | | | 83,264 | | |
| | | | 610,000 | | | | Cox Communications Inc., Senior Unsecured Notes, 8.375% due 3/1/39(a) | | | | | 1,036,227 | | |
| | | | 2,306,000 | | | | Crown Castle Towers LLC, Asset Backed, 4.241% due 7/15/28(a) | | | | | 2,612,762 | | |
| | | | | | | | CSC Holdings LLC, Senior Unsecured Notes: | | | | | | | |
| | | | 295,000 | | | | 5.750% due 1/15/30(a) | | | | | 314,824 | | |
| | | | 200,000 | | | | 4.625% due 12/1/30(a) | | | | | 199,446 | | |
| | | | | | | | Digicel Group 0.5 Ltd.: | | | | | | | |
| | | | 52,337 | | | | Senior Unsecured Notes, 8.000% due 4/1/25(a)(d) | | | | | 42,655 | | |
| | | | 78,040 | | | | Subordinated Notes, 7.000%(a)(c)(d) | | | | | 51,311 | | |
| | | | | | | | Discovery Communications LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 60,000 | | | | 5.300% due 5/15/49 | | | | | 74,735 | | |
| | | | 1,120,000 | | | | 4.650% due 5/15/50 | | | | | 1,298,258 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Communications – (continued) | |
| | | $ | 130,000 | | | | Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36 | | | | $ | 154,538 | | |
| | | | 105,000 | | | | Endurance Acquisition Merger Sub, Senior Unsecured Notes, 6.000% due
2/15/29(a) | | | | | 101,850 | | |
| | | | 550,000 | | | | Expedia Group Inc., Company Guaranteed Notes, 3.800% due 2/15/28 | | | | | 589,974 | | |
| | | | | | | | Frontier Communications Corp.: | | | | | | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 45,000 | | | | 5.875% due 10/15/27(a) | | | | | 48,150 | | |
| | | | 90,000 | | | | 5.000% due 5/1/28(a) | | | | | 92,673 | | |
| | | | | | | | Senior Unsecured Notes: | | | | | | | |
| | | | 45,000 | | | | 8.500% due 4/15/20(e)(f) | | | | | 24,638 | | |
| | | | 100,000 | | | | 7.125% due 1/15/23(e)(f) | | | | | 53,250 | | |
| | | | 60,000 | | | | Secured Notes, 6.750% due 5/1/29(a) | | | | | 62,832 | | |
| | | | 135,000 | | | | GCI LLC, Senior Unsecured Notes, 4.750% due 10/15/28(a) | | | | | 139,556 | | |
| | | | 185,000 | | | | Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., Senior Secured Notes,
9.875% due 5/1/24(a) | | | | | 195,184 | | |
| | | | 190,000 | | | | Gray Television Inc., Company Guaranteed Notes, 7.000% due 5/15/27(a) | | | | | 207,575 | | |
| | | | 120,000 | | | | GTT Communications Inc., Company Guaranteed Notes, 7.875% due
12/31/24(a) | | | | | 22,800 | | |
| | | | 25,000 | | | | iHeartCommunications Inc., Company Guaranteed Notes, 8.375% due 5/1/27 | | | | | 26,510 | | |
| | | | 110,000 | | | | Intelsat Jackson Holdings SA, Company Guaranteed Notes, 5.500% due
8/1/23(f) | | | | | 69,850 | | |
| | | | 85,000 | | | | Lamar Media Corp., Company Guaranteed Notes, 3.625% due 1/15/31(a) | | | | | 83,991 | | |
| | | | 40,000 | | | | Level 3 Financing Inc., Company Guaranteed Notes, 3.750% due 7/15/29(a) | | | | | 39,900 | | |
| | | | 65,000 | | | | LogMeIn Inc., Senior Secured Notes, 5.500% due 9/1/27(a) | | | | | 67,925 | | |
| | | | | | | | Lumen Technologies Inc.: | | | | | | | |
| | | | 125,000 | | | | Senior Secured Notes, 4.000% due 2/15/27(a) | | | | | 127,775 | | |
| | | | 135,000 | | | | Senior Unsecured Notes, 5.125% due 12/15/26(a) | | | | | 140,737 | | |
| | | | 65,000 | | | | Match Group Holdings II LLC, Senior Unsecured Notes, 4.625% due 6/1/28(a) | | | | | 67,482 | | |
| | | | 440,000 | | | | Omnicom Group Inc., Senior Unsecured Notes, 2.450% due 4/30/30 | | | | | 448,270 | | |
| | | | | | | | Radiate Holdco LLC/Radiate Finance Inc.: | | | | | | | |
| | | | 110,000 | | | | Senior Secured Notes, 4.500% due 9/15/26(a) | | | | | 111,375 | | |
| | | | 40,000 | | | | Senior Unsecured Notes, 6.500% due 9/15/28(a) | | | | | 42,000 | | |
| | | | 50,000 | | | | Scripps Escrow II Inc., Senior Secured Notes, 3.875% due 1/15/29(a) | | | | | 49,106 | | |
| | | | 125,000 | | | | Scripps Escrow Inc., Company Guaranteed Notes, 5.875% due 7/15/27(a) | | | | | 130,250 | | |
| | | | 600,000 | | | | SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 4.500% due
9/8/21 | | | | | 611,754 | | |
| | | | 1,976,000 | | | | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III
LLC, Senior Secured Notes, 5.152% due 3/20/28(a) | | | | | 2,292,891 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Communications – (continued) | |
| | | $ | 80,000 | | | | Switch Ltd., Company Guaranteed Notes, 3.750% due 9/15/28(a) | | | | $ | 81,500 | | |
| | | | 5,478,000 | | | | TD Ameritrade Holding Corp., Senior Unsecured Notes, 2.750% due 10/1/29 | | | | | 5,827,299 | | |
| | | | 300,000 | | | | Telefonica Emisiones SA, Company Guaranteed Notes, 4.895% due 3/6/48 | | | | | 348,947 | | |
| | | | 130,000 | | | | Telesat Canada/Telesat LLC, Company Guaranteed Notes, 6.500% due
10/15/27(a) | | | | | 134,164 | | |
| | | | 500,000 | | | | Tencent Holdings Ltd., Senior Unsecured Notes, 2.390% due 6/3/30(a) | | | | | 496,702 | | |
| | | | 55,000 | | | | Terrier Media Buyer Inc., Company Guaranteed Notes, 8.875% due 12/15/27(a) | | | | | 58,919 | | |
| | | | | | | | T-Mobile USA Inc.: | | | | | | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 650,000 | | | | 3.500% due 4/15/25(a) | | | | | 702,800 | | |
| | | | 2,595,000 | | | | 3.875% due 4/15/30(a) | | | | | 2,852,995 | | |
| | | | 2,485,000 | | | | 3.000% due 2/15/41(a) | | | | | 2,330,259 | | |
| | | | 95,000 | | | | 4.500% due 4/15/50(a) | | | | | 105,579 | | |
| | | | 40,000 | | | | Company Guaranteed Notes, 2.875% due 2/15/31 | | | | | 39,250 | | |
| | | | 35,000 | | | | Townsquare Media Inc., Senior Secured Notes, 6.875% due 2/1/26(a) | | | | | 36,605 | | |
| | | | | | | | Uber Technologies Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 130,000 | | | | 8.000% due 11/1/26(a) | | | | | 140,446 | | |
| | | | 70,000 | | | | 7.500% due 9/15/27(a) | | | | | 76,563 | | |
| | | | | | | | Verizon Communications Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 9,261,000 | | | | 1.750% due 1/20/31 | | | | | 8,826,194 | | |
| | | | 3,890,000 | | | | 4.500% due 8/10/33 | | | | | 4,639,329 | | |
| | | | 120,000 | | | | 2.650% due 11/20/40 | | | | | 112,141 | | |
| | | | 1,730,000 | | | | ViacomCBS Inc., Senior Unsecured Notes, 4.950% due 1/15/31 | | | | | 2,083,027 | | |
| | | | 165,000 | | | | ViaSat Inc., Senior Unsecured Notes, 6.500% due 7/15/28(a) | | | | | 176,204 | | |
| | | | 280,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.250% due 9/17/50 | | | | | 314,021 | | |
| | | | 65,000 | | | | Zayo Group Holdings Inc., Senior Unsecured Notes, 6.125% due 3/1/28(a) | | | | | 67,022 | | |
| | | | | | | | Total Communications | | | | | 68,507,460 | | |
| | Consumer Cyclical – 2.1% | |
| | | | 140,000 | | | | Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27(a) | | | | | 147,661 | | |
| | | | 5,000,000 | | | | Advance Auto Parts Inc., Company Guaranteed Notes, 3.900% due 4/15/30 | | | | | 5,567,118 | | |
| | | | | | | | Asbury Automotive Group Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 38,000 | | | | 4.500% due 3/1/28 | | | | | 39,140 | | |
| | | | 38,000 | | | | 4.750% due 3/1/30 | | | | | 39,805 | | |
| | | | | | | | AutoZone Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 365,000 | | | | 3.625% due 4/15/25 | | | | | 401,347 | | |
| | | | 1,702,000 | | | | 1.650% due 1/15/31 | | | | | 1,609,807 | | |
| | | | 265,000 | | | | Bally’s Corp., Company Guaranteed Notes, 6.750% due 6/1/27(a) | | | | | 283,696 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – (continued) | |
| | | $ | 215,000 | | | | Beacon Roofing Supply Inc., Company Guaranteed Notes, 4.875% due
11/1/25(a) | | | | $ | 216,907 | | |
| | | | 215,000 | | | | Boyd Gaming Corp., Company Guaranteed Notes, 4.750% due 12/1/27 | | | | | 218,565 | | |
| | | | 165,000 | | | | Caesars Entertainment Inc., Senior Secured Notes, 6.250% due 7/1/25(a) | | | | | 174,693 | | |
| | | | 200,000 | | | | Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes,
5.250% due 10/15/25(a) | | | | | 198,760 | | |
| | | | | | | | Carnival Corp.: | | | | | | | |
| | | | 65,000 | | | | Senior Secured Notes, 11.500% due 4/1/23(a) | | | | | 74,113 | | |
| | | | 80,000 | | | | Senior Unsecured Notes, 5.750% due 3/1/27(a) | | | | | 81,212 | | |
| | | | 65,000 | | | | Carvana Co., Company Guaranteed Notes, 5.625% due 10/1/25(a) | | | | | 67,762 | | |
| | | | 280,000 | | | | Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29 | | | | | 280,700 | | |
| | | | 115,000 | | | | Century Communities Inc., Company Guaranteed Notes, 6.750% due 6/1/27 | | | | | 122,475 | | |
| | | | 693,946 | | | | Continental Airlines 2012-1 Class A Pass-Through Trust, Pass-Thru Certificates,
4.150% due 4/11/24 | | | | | 712,254 | | |
| | | | 45,000 | | | | Dana Inc., Senior Unsecured Notes, 5.375% due 11/15/27 | | | | | 47,025 | | |
| | | | 110,000 | | | | Dealer Tire LLC/DT Issuer LLC, Senior Unsecured Notes, 8.000% due
2/1/28(a) | | | | | 117,700 | | |
| | | | 50,000 | | | | Delta Air Lines Inc., Senior Secured Notes, 7.000% due 5/1/25(a) | | | | | 58,251 | | |
| | | | 85,000 | | | | Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes, 4.750% due
10/20/28(a) | | | | | 94,387 | | |
| | | | 425,000 | | | | Dollar General Corp., Senior Unsecured Notes, 3.500% due 4/3/30 | | | | | 468,081 | | |
| | | | 420,000 | | | | Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25 | | | | | 467,269 | | |
| | | | 200,000 | | | | Falabella SA, Senior Unsecured Notes, 3.750% due 4/30/23 | | | | | 210,652 | | |
| | | | | | | | Ford Motor Co., Senior Unsecured Notes: | | | | | | | |
| | | | 70,000 | | | | 9.000% due 4/22/25 | | | | | 84,684 | | |
| | | | 170,000 | | | | 7.450% due 7/16/31 | | | | | 220,362 | | |
| | | | 35,000 | | | | Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(a) | | | | | 37,100 | | |
| | | | 800,000 | | | | General Motors Co., Senior Unsecured Notes, 6.125% due 10/1/25 | | | | | 952,376 | | |
| | | | 800,000 | | | | General Motors Financial Co., Inc., Company Guaranteed Notes, 1.228%
(3-Month USD-LIBOR + 0.990%) due 1/5/23(b) | | | | | 808,095 | | |
| | | | 105,000 | | | | Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(a) | | | | | 111,465 | | |
| | | | | | | | Golden Nugget Inc.: | | | | | | | |
| | | | 50,000 | | | | Company Guaranteed Notes, 8.750% due 10/1/25(a) | | | | | 53,087 | | |
| | | | 280,000 | | | | Senior Unsecured Notes, 6.750% due 10/15/24(a) | | | | | 284,726 | | |
| | | | 50,000 | | | | Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(a) | | | | | 50,500 | | |
| | | | | | | | Hilton Domestic Operating Co., Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 10,000 | | | | 5.375% due 5/1/25(a) | | | | | 10,518 | | |
| | | | 10,000 | | | | 5.750% due 5/1/28(a) | | | | | 10,831 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – (continued) | |
| | | | | | | | Home Depot Inc., Senior Unsecured Notes: | |
| | | $ | 860,000 | | | | 1.375% due 3/15/31 | | | | $ | 815,522 | | |
| | | | 1,190,000 | | | | 3.300% due 4/15/40 | | | | | 1,289,057 | | |
| | | | 375,000 | | | | 3.900% due 6/15/47 | | | | | 431,590 | | |
| | | | 430,000 | | | | Hyundai Capital America, Senior Unsecured Notes, 3.000% due 2/10/27(a) | | | | | 456,644 | | |
| | | | 155,000 | | | | Installed Building Products Inc., Company Guaranteed Notes, 5.750% due
2/1/28(a) | | | | | 164,688 | | |
| | | | | | | | IRB Holding Corp.: | | | | | | | |
| | | | 230,000 | | | | Company Guaranteed Notes, 6.750% due 2/15/26(a) | | | | | 236,900 | | |
| | | | 100,000 | | | | Senior Secured Notes, 7.000% due 6/15/25(a) | | | | | 108,531 | | |
| | | | 100,000 | | | | KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(a) | | | | | 101,500 | | |
| | | | 340,000 | | | | Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26 | | | | | 360,125 | | |
| | | | 100,000 | | | | LBM Acquisition LLC, Company Guaranteed Notes, 6.250% due 1/15/29(a) | | | | | 101,396 | | |
| | | | 165,000 | | | | Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 6.375% due
2/1/24(a) | | | | | 168,417 | | |
| | | | 310,000 | | | | Live Nation Entertainment Inc., Company Guaranteed Notes, 5.625% due
3/15/26(a) | | | | | 317,750 | | |
| | | | 1,930,000 | | | | Lowe’s Cos. Inc., Senior Unsecured Notes, 1.700% due 10/15/30 | | | | | 1,856,028 | | |
| | | | 80,000 | | | | LSF9 Atlantis Holdings LLC/Victra Finance Corp., Senior Secured Notes,
7.750% due 2/15/26(a) | | | | | 81,790 | | |
| | | | 130,000 | | | | M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28 | | | | | 136,386 | | |
| | | | 140,000 | | | | Mattamy Group Corp., Senior Unsecured Notes, 4.625% due 3/1/30(a) | | | | | 145,425 | | |
| | | | | | | | McDonald’s Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 170,000 | | | | 3.350% due 4/1/23 | | | | | 179,943 | | |
| | | | 815,000 | | | | 4.200% due 4/1/50 | | | | | 956,765 | | |
| | | | 160,000 | | | | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
Senior Secured Notes, 6.500% due 6/20/27(a) | | | | | 174,800 | | |
| | | | 120,000 | | | | Murphy Oil USA Inc., Company Guaranteed Notes, 4.750% due 9/15/29 | | | | | 128,700 | | |
| | | | 85,000 | | | | NCL Corp., Ltd, Company Guaranteed Notes, 5.875% due 3/15/26(a) | | | | | 85,408 | | |
| | | | 220,000 | | | | NCL Corp., Ltd., Senior Unsecured Notes, 3.625% due 12/15/24(a) | | | | | 205,634 | | |
| | | | 200,000 | | | | Performance Food Group Inc., Company Guaranteed Notes, 5.500% due
10/15/27(a) | | | | | 210,018 | | |
| | | | 140,000 | | | | PetSmart Inc., Company Guaranteed Notes, 7.125% due 3/15/23(a) | | | | | 140,252 | | |
| | | | 250,000 | | | | PetSmart Inc./PetSmart Finance Corp., Senior Secured Notes, 4.750% due
2/15/28(a) | | | | | 258,540 | | |
| | | | 35,000 | | | | Real Hero Merger Sub 2 Inc., Senior Unsecured Notes, 6.250% due 2/1/29(a) | | | | | 36,050 | | |
| | | | 80,000 | | | | Scientific Games International Inc., Company Guaranteed Notes, 8.250% due
3/15/26(a) | | | | | 84,802 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – (continued) | |
| | | $ | 155,000 | | | | Scotts Miracle-Gro Co., Company Guaranteed Notes, 4.500% due 10/15/29 | | | | $ | 164,354 | | |
| | | | 280,000 | | | | Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875% due
7/31/24(a) | | | | | 280,230 | | |
| | | | 6,250,000 | | | | Southwest Airlines Co., Senior Unsecured Notes, 5.125% due 6/15/27 | | | | | 7,322,856 | | |
| | | | | | | | Staples Inc.: | | | | | | | |
| | | | 130,000 | | | | Senior Secured Notes, 7.500% due 4/15/26(a) | | | | | 130,286 | | |
| | | | 55,000 | | | | Senior Unsecured Notes, 10.750% due 4/15/27(a) | | | | | 52,525 | | |
| | | | 305,000 | | | | Starbucks Corp., Senior Unsecured Notes, 3.800% due 8/15/25 | | | | | 340,471 | | |
| | | | 4,750,000 | | | | Steelcase Inc., Senior Unsecured Notes, 5.125% due 1/18/29 | | | | | 5,627,345 | | |
| | | | 2,229,167 | | | | United Airlines 2016-2 Class B Pass-Through Trust, Pass-Thru Certificates,
3.650% due 10/7/25 | | | | | 2,187,929 | | |
| | | | | | | | Viking Cruises Ltd.: | | | | | | | |
| | | | 360,000 | | | | Company Guaranteed Notes, 5.875% due 9/15/27(a) | | | | | 346,572 | | |
| | | | 50,000 | | | | Senior Secured Notes, 13.000% due 5/15/25(a) | | | | | 58,863 | | |
| | | | 5,000,000 | | | | Volkswagen Group of America Finance LLC, Company Guaranteed Notes,
1.250% due 11/24/25(a) | | | | | 4,994,817 | | |
| | | | 114,000 | | | | Wolverine Escrow LLC, Senior Secured Notes, 9.000% due 11/15/26(a) | | | | | 112,290 | | |
| | | | 140,000 | | | | Wyndham Hotels & Resorts Inc., Company Guaranteed Notes, 4.375% due
8/15/28(a) | | | | | 142,800 | | |
| | | | 130,000 | | | | Yum! Brands Inc., Senior Unsecured Notes, 4.750% due 1/15/30(a) | | | | | 135,642 | | |
| | | | | | | | Total Consumer Cyclical | | | | | 45,452,765 | | |
| | Consumer Non-cyclical – 3.6% | |
| | | | | | | | AbbVie Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 695,000 | | | | 3.450% due 3/15/22 | | | | | 713,419 | | |
| | | | 450,000 | | | | 3.850% due 6/15/24 | | | | | 491,786 | | |
| | | | 380,000 | | | | 2.950% due 11/21/26 | | | | | 410,830 | | |
| | | | 535,000 | | | | 3.200% due 11/21/29 | | | | | 578,396 | | |
| | | | 6,678,000 | | | | 4.250% due 11/21/49 | | | | | 7,709,537 | | |
| | | | 300,000 | | | | Adani International Container Terminal Pvt Ltd., Senior Secured Notes, 3.000%
due 2/16/31(a) | | | | | 293,868 | | |
| | | | 120,000 | | | | Air Methods Corp., Senior Unsecured Notes, 8.000% due 5/15/25(a) | | | | | 113,100 | | |
| | | | 1,465,000 | | | | Alcon Finance Corp., Company Guaranteed Notes, 2.750% due 9/23/26(a) | | | | | 1,576,429 | | |
| | | | | | | | Allied Universal Holdco LLC/Allied Universal Finance Corp.: | | | | | | | |
| | | | 130,000 | | | | Senior Secured Notes, 6.625% due 7/15/26(a) | | | | | 137,674 | | |
| | | | 255,000 | | | | Senior Unsecured Notes, 9.750% due 7/15/27(a) | | | | | 281,403 | | |
| | | | | | | | Altria Group Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 340,000 | | | | 2.350% due 5/6/25 | | | | | 355,323 | | |
| | | | 129,000 | | | | 4.800% due 2/14/29 | | | | | 151,273 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 330,000 | | | | 2.450% due 2/4/32 | | | | $ | 320,396 | | |
| | | | 1,135,000 | | | | 3.875% due 9/16/46 | | | | | 1,107,270 | | |
| | | | | | | | Amgen Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 340,000 | | | | 2.200% due 2/21/27 | | | | | 354,868 | | |
| | | | 450,000 | | | | 2.450% due 2/21/30 | | | | | 463,139 | | |
| | | | 1,815,000 | | | | 2.300% due 2/25/31 | | | | | 1,828,961 | | |
| | | | 3,500,000 | | | | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company
Guaranteed Notes, 4.900% due 2/1/46 | | | | | 4,209,749 | | |
| | | | | | | | Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 340,000 | | | | 4.439% due 10/6/48 | | | | | 386,059 | | |
| | | | 345,000 | | | | 5.550% due 1/23/49 | | | | | 448,925 | | |
| | | | 1,180,000 | | | | 4.750% due 4/15/58 | | | | | 1,402,799 | | |
| | | | | | | | Anthem Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 435,000 | | | | 3.300% due 1/15/23 | | | | | 457,255 | | |
| | | | 780,000 | | | | 3.500% due 8/15/24 | | | | | 850,348 | | |
| | | | 415,000 | | | | 5.100% due 1/15/44 | | | | | 538,803 | | |
| | | | 355,000 | | | | Archer-Daniels-Midland Co., Senior Unsecured Notes, 3.250% due 3/27/30 | | | | | 394,498 | | |
| | | | | | | | B&G Foods Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 105,000 | | | | 5.250% due 4/1/25 | | | | | 107,667 | | |
| | | | 85,000 | | | | 5.250% due 9/15/27 | | | | | 89,188 | | |
| | | | | | | | BAT Capital Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 1,170,000 | | | | 2.259% due 3/25/28 | | | | | 1,170,184 | | |
| | | | 905,000 | | | | 2.726% due 3/25/31 | | | | | 895,668 | | |
| | | | 705,000 | | | | BAT International Finance PLC, Company Guaranteed Notes, 1.668% due
3/25/26 | | | | | 706,728 | | |
| | | | | | | | Bausch Health Cos. Inc.: | | | | | | | |
| | | | | | | | Company Guaranteed Notes: | | | | | | | |
| | | | 120,000 | | | | 6.250% due 2/15/29(a) | | | | | 127,884 | | |
| | | | 135,000 | | | | 5.250% due 1/30/30(a) | | | | | 137,254 | | |
| | | | 65,000 | | | | Senior Secured Notes, 7.000% due 3/15/24(a) | | | | | 66,411 | | |
| | | | 280,000 | | | | Baxter International Inc., Senior Unsecured Notes, 3.950% due 4/1/30(a) | | | | | 322,232 | | |
| | | | | | | | Bayer US Finance II LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 210,000 | | | | 4.250% due 12/15/25(a) | | | | | 236,509 | | |
| | | | 400,000 | | | | 4.875% due 6/25/48(a) | | | | | 499,078 | | |
| | | | | | | | Becton Dickinson & Co., Senior Unsecured Notes: | | | | | | | |
| | | | 692,000 | | | | 2.894% due 6/6/22 | | | | | 711,942 | | |
| | | | 335,000 | | | | 3.363% due 6/6/24 | | | | | 361,812 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 360,000 | | | | 2.823% due 5/20/30 | | | | $ | 379,774 | | |
| | | | | | | | Boston Scientific Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 1,615,000 | | | | 3.750% due 3/1/26 | | | | | 1,802,931 | | |
| | | | 4,779,000 | | | | 2.650% due 6/1/30 | | | | | 4,947,786 | | |
| | | | | | | | Bristol-Myers Squibb Co., Senior Unsecured Notes: | | | | | | | |
| | | | 71,000 | | | | 2.900% due 7/26/24 | | | | | 76,535 | | |
| | | | 780,000 | | | | 0.750% due 11/13/25 | | | | | 776,212 | | |
| | | | 460,000 | | | | 2.550% due 11/13/50 | | | | | 423,147 | | |
| | | | | | | | Catalent Pharma Solutions Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 100,000 | | | | 5.000% due 7/15/27(a) | | | | | 105,250 | | |
| | | | 80,000 | | | | 3.125% due 2/15/29(a) | | | | | 79,038 | | |
| | | | | | | | Centene Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 80,000 | | | | 3.000% due 10/15/30 | | | | | 81,256 | | |
| | | | 80,000 | | | | 2.500% due 3/1/31 | | | | | 77,376 | | |
| | | | | | | | CHS/Community Health Systems Inc.: | | | | | | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 95,000 | | | | 6.000% due 1/15/29(a) | | | | | 100,700 | | |
| | | | 85,000 | | | | 4.750% due 2/15/31(a) | | | | | 83,354 | | |
| | | | 70,000 | | | | Secured Notes, 6.875% due 4/15/29(a) | | | | | 71,851 | | |
| | | | | | | | Cigna Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 460,000 | | | | 1.131% (3-Month USD-LIBOR + 0.890%) due 7/15/23(b) | | | | | 466,100 | | |
| | | | 280,000 | | | | 3.050% due 10/15/27 | | | | | 306,673 | | |
| | | | 340,000 | | | | 4.900% due 12/15/48 | | | | | 429,709 | | |
| | | | 325,000 | | | | CommonSpirit Health, Senior Secured Notes, 2.760% due 10/1/24 | | | | | 346,189 | | |
| | | | 1,220,000 | | | | Conagra Brands Inc., Senior Unsecured Notes, 1.375% due 11/1/27 | | | | | 1,194,240 | | |
| | | | | | | | Constellation Brands Inc.: | | | | | | | |
| | | | | | | | Company Guaranteed Notes: | | | | | | | |
| | | | 1,170,000 | | | | 3.600% due 2/15/28 | | | | | 1,307,442 | | |
| | | | 280,000 | | | | 3.150% due 8/1/29 | | | | | 300,273 | | |
| | | | 160,000 | | | | Senior Unsecured Notes, 2.875% due 5/1/30 | | | | | 168,268 | | |
| | | | | | | | CVS Health Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 947,000 | | | | 4.780% due 3/25/38 | | | | | 1,154,229 | | |
| | | | 885,000 | | | | 5.050% due 3/25/48 | | | | | 1,117,740 | | |
| | | | 1,295,536 | | | | CVS Pass-Through Trust, Pass-Thru Certificates, 6.943% due 1/10/30 | | | | | 1,567,325 | | |
| | | | 85,000 | | | | DaVita Inc., Company Guaranteed Notes, 4.625% due 6/1/30(a) | | | | | 86,487 | | |
| | | | 1,265,000 | | | | Diageo Capital PLC, Company Guaranteed Notes, 2.000% due 4/29/30 | | | | | 1,269,542 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 60,000 | | | | Emergent BioSolutions Inc., Company Guaranteed Notes, 3.875% due
8/15/28(a) | | | | $ | 60,844 | | |
| | | | | | | | Encompass Health Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 65,000 | | | | 4.500% due 2/1/28 | | | | | 67,575 | | |
| | | | 20,000 | | | | 4.750% due 2/1/30 | | | | | 21,157 | | |
| | | | 165,000 | | | | 4.625% due 4/1/31 | | | | | 175,271 | | |
| | | | 510,000 | | | | Equifax Inc., Senior Unsecured Notes, 2.600% due 12/15/25 | | | | | 541,183 | | |
| | | | 140,000 | | | | ERAC USA Finance LLC, Company Guaranteed Notes, 7.000% due
10/15/37(a) | | | | | 207,915 | | |
| | | | 235,000 | | | | Estee Lauder Cos. Inc., Senior Unsecured Notes, 2.600% due 4/15/30 | | | | | 248,998 | | |
| | | | | | | | Garda World Security Corp.: | | | | | | | |
| | | | 220,000 | | | | Senior Secured Notes, 4.625% due 2/15/27(a) | | | | | 218,350 | | |
| | | | 200,000 | | | | Senior Unsecured Notes, 8.750% due 5/15/25(a) | | | | | 207,500 | | |
| | | | 670,000 | | | | General Mills Inc., Senior Unsecured Notes, 2.875% due 4/15/30 | | | | | 709,799 | | |
| | | | | | | | Gilead Sciences Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 170,000 | | | | 2.500% due 9/1/23 | | | | | 177,985 | | |
| | | | 1,285,000 | | | | 1.650% due 10/1/30 | | | | | 1,235,603 | | |
| | | | 925,000 | | | | GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 3.625% due
5/15/25 | | | | | 1,026,660 | | |
| | | | 795,000 | | | | Global Payments Inc., Senior Unsecured Notes, 2.900% due 5/15/30 | | | | | 830,253 | | |
| | | | 200,000 | | | | HCA Inc., Senior Secured Notes, 4.125% due 6/15/29 | | | | | 225,762 | | |
| | | | 160,000 | | | | H-Food Holdings LLC/Hearthside Finance Co., Inc., Senior Unsecured Notes,
8.500% due 6/1/26(a) | | | | | 166,000 | | |
| | | | 105,000 | | | | Hill-Rom Holdings Inc., Company Guaranteed Notes, 4.375% due 9/15/27(a) | | | | | 109,463 | | |
| | | | 70,000 | | | | Jaguar Holding Co. II/PPD Development LP, Company Guaranteed Notes,
5.000% due 6/15/28(a) | | | | | 74,200 | | |
| | | | 435,000 | | | | Johnson & Johnson, Senior Unsecured Notes, 3.550% due 3/1/36 | | | | | 508,379 | | |
| | | | | | | | Kraft Heinz Foods Co., Company Guaranteed Notes: | | | | | | | |
| | | | 150,000 | | | | 5.000% due 7/15/35 | | | | | 181,475 | | |
| | | | 4,167,000 | | | | 4.625% due 10/1/39(a) | | | | | 4,785,868 | | |
| | | | 420,000 | | | | 5.200% due 7/15/45 | | | | | 504,729 | | |
| | | | | | | | Kronos Acquisition Holdings Inc./KIK Custom Products Inc.: | | | | | | | |
| | | | 115,000 | | | | Company Guaranteed Notes, 7.000% due 12/31/27(a) | | | | | 113,821 | | |
| | | | 215,000 | | | | Senior Secured Notes, 5.000% due 12/31/26(a) | | | | | 221,386 | | |
| | | | 840,000 | | | | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 3.600% due
2/1/25 | | | | | 917,808 | | |
| | | | 145,000 | | | | Legacy LifePoint Health LLC, Senior Secured Notes, 4.375% due 2/15/27(a) | | | | | 144,142 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 75,000 | | | | Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer Inc.,
Senior Secured Notes, 5.000% due 2/1/26(a) | | | | $ | 76,313 | | |
| | | | 105,000 | | | | LifePoint Health Inc., Company Guaranteed Notes, 5.375% due 1/15/29(a) | | | | | 105,525 | | |
| | | | 725,000 | | | | Mondelez International Inc., Senior Unsecured Notes, 1.500% due 2/4/31 | | | | | 681,239 | | |
| | | | 240,000 | | | | MPH Acquisition Holdings LLC, Company Guaranteed Notes, 5.750% due
11/1/28(a) | | | | | 238,200 | | |
| | | | 264,000 | | | | New York & Presbyterian Hospital, Unsecured Notes, 4.763% due 8/1/16 | | | | | 331,298 | | |
| | | | | | | | Novartis Capital Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 1,315,000 | | | | 2.000% due 2/14/27 | | | | | 1,373,335 | | |
| | | | 355,000 | | | | 2.200% due 8/14/30 | | | | | 366,576 | | |
| | | | | | | | Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, Senior Unsecured
Notes: | | | | | | | |
| | | | 17,000 | | | | 7.375% due 6/1/25(a) | | | | | 18,211 | | |
| | | | 129,000 | | | | 7.250% due 2/1/28(a) | | | | | 140,933 | | |
| | | | 725,000 | | | | PepsiCo Inc., Senior Unsecured Notes, 3.625% due 3/19/50 | | | | | 819,645 | | |
| | | | 960,000 | | | | Pfizer Inc., Senior Unsecured Notes, 1.700% due 5/28/30 | | | | | 947,122 | | |
| | | | 775,000 | | | | Philip Morris International Inc., Senior Unsecured Notes, 2.100% due 5/1/30 | | | | | 771,971 | | |
| | | | 45,000 | | | | Post Holdings Inc., Company Guaranteed Notes, 5.500% due 12/15/29(a) | | | | | 48,432 | | |
| | | | 400,000 | | | | PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.125% due 9/5/29 | | | | | 405,202 | | |
| | | | 320,000 | | | | Quest Diagnostics Inc., Senior Unsecured Notes, 2.800% due 6/30/31 | | | | | 336,888 | | |
| | | | 160,000 | | | | Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(a) | | | | | 173,200 | | |
| | | | | | | | Royalty Pharma PLC, Company Guaranteed Notes: | | | | | | | |
| | | | 1,810,000 | | | | 2.200% due 9/2/30(a) | | | | | 1,780,810 | | |
| | | | 445,000 | | | | 3.300% due 9/2/40(a) | | | | | 448,071 | | |
| | | | 245,000 | | | | 3.550% due 9/2/50(a) | | | | | 240,745 | | |
| | | | 180,000 | | | | RP Escrow Issuer LLC, Senior Secured Notes, 5.250% due 12/15/25(a) | | | | | 186,300 | | |
| | | | 75,000 | | | | Sabre GLBL Inc., Senior Secured Notes, 9.250% due 4/15/25(a) | | | | | 88,969 | | |
| | | | 220,000 | | | | SEG Holding LLC/SEG Finance Corp., Senior Secured Notes, 5.625% due
10/15/28(a) | | | | | 233,200 | | |
| | | | 305,000 | | | | Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(a) | | | | | 326,350 | | |
| | | | 425,000 | | | | Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(a) | | | | | 469,723 | | |
| | | | | | | | Spectrum Brands Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 130,000 | | | | 5.000% due 10/1/29(a) | | | | | 138,450 | | |
| | | | 80,000 | | | | 3.875% due 3/15/31(a) | | | | | 79,079 | | |
| | | | 310,000 | | | | Sutter Health, Unsecured Notes, 3.361% due 8/15/50 | | | | | 319,889 | | |
| | | | | | | | Sysco Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 200,000 | | | | 3.250% due 7/15/27 | | | | | 219,853 | | |
| | | | 225,000 | | | | 3.300% due 2/15/50 | | | | | 222,245 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 200,000 | | | | Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30 | | | | $ | 196,765 | | |
| | | | | | | | Tenet Healthcare Corp.: | | | | | | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | �� | | 190,000 | | | | 4.875% due 1/1/26(a) | | | | | 196,401 | | |
| | | | 80,000 | | | | 5.125% due 11/1/27(a) | | | | | 83,857 | | |
| | | | 255,000 | | | | Company Guaranteed Notes, 6.125% due 10/1/28(a) | | | | | 268,439 | | |
| | | | 200,000 | | | | Secured Notes, 6.250% due 2/1/27(a) | | | | | 211,100 | | |
| | | | 135,000 | | | | United Natural Foods Inc., Company Guaranteed Notes, 6.750% due
10/15/28(a) | | | | | 141,413 | | |
| | | | | | | | United Rentals North America Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 15,000 | | | | 5.250% due 1/15/30 | | | | | 16,500 | | |
| | | | 25,000 | | | | 3.875% due 2/15/31 | | | | | 25,566 | | |
| | | | | | | | UnitedHealth Group Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,270,000 | | | | 2.375% due 8/15/24 | | | | | 1,348,212 | | |
| | | | 800,000 | | | | 3.500% due 8/15/39 | | | | | 884,539 | | |
| | | | | | | | US Foods Inc.: | | | | | | | |
| | | | 15,000 | | | | Senior Secured Notes, 6.250% due 4/15/25(a) | | | | | 15,956 | | |
| | | | 75,000 | | | | Senior Unsecured Notes, 4.750% due 2/15/29(a) | | | | | 76,061 | | |
| | | | 130,000 | | | | Viatris Inc., Company Guaranteed Notes, 1.650% due 6/22/25(a) | | | | | 131,978 | | |
| | | | 145,000 | | | | Vizient Inc., Senior Unsecured Notes, 6.250% due 5/15/27(a) | | | | | 152,975 | | |
| | | | | | | | Total Consumer Non-cyclical | | | | | 78,747,754 | | |
| | Energy – 2.2% | |
| | | | 15,000 | | | | Aethon United BR LP/Aethon United Finance Corp., Senior Unsecured Notes,
8.250% due 2/15/26(a) | | | | | 15,600 | | |
| | | | 105,000 | | | | Antero Midstream Partners LP/Antero Midstream Finance Corp., Company
Guaranteed Notes, 5.750% due 3/1/27(a) | | | | | 105,394 | | |
| | | | | | | | Apache Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 70,000 | | | | 4.625% due 11/15/25 | | | | | 72,537 | | |
| | | | 135,000 | | | | 4.375% due 10/15/28 | | | | | 137,025 | | |
| | | | 500,000 | | | | BG Energy Capital PLC, Company Guaranteed Notes, 5.125% due 10/15/41(a) | | | | | 621,963 | | |
| | | | 55,000 | | | | Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes,
7.625% due 12/15/25(a) | | | | | 59,137 | | |
| | | | | | | | BP Capital Markets America Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 300,000 | | | | 3.633% due 4/6/30 | | | | | 335,485 | | |
| | | | 255,000 | | | | 2.939% due 6/4/51 | | | | | 233,065 | | |
| | | | 445,000 | | | | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.950% due
1/15/23 | | | | | 463,328 | | |
| | | | 5,250,000 | | | | Cenovus Energy Inc., Senior Unsecured Notes, 4.250% due 4/15/27 | | | | | 5,750,274 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | $ | 185,000 | | | | Cheniere Energy Partners LP, Company Guaranteed Notes, 5.625% due 10/1/26 | | | | $ | 192,233 | | |
| | | | 85,000 | | | | Chesapeake Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(a) | | | | | 90,739 | | |
| | | | 180,000 | | | | CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured
Notes, 6.500% due 3/15/26(a) | | | | | 185,400 | | |
| | | | 40,000 | | | | CNX Resources Corp., Company Guaranteed Notes, 6.000% due 1/15/29(a) | | | | | 41,850 | | |
| | | | 361,120 | | | | Empresa Electrica Cochrane SpA, Senior Secured Notes, 5.500% due 5/14/27 | | | | | 379,078 | | |
| | | | 90,000 | | | | Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes,
6.625% due 7/15/25(a) | | | | | 94,597 | | |
| | | | | | | | Energy Transfer Operating LP, Company Guaranteed Notes: | | | | | | | |
| | | | 220,000 | | | | 4.750% due 1/15/26 | | | | | 246,034 | | |
| | | | 1,260,000 | | | | 4.900% due 3/15/35 | | | | | 1,368,229 | | |
| | | | 345,000 | | | | 5.950% due 10/1/43 | | | | | 392,007 | | |
| | | | 1,020,000 | | | | 6.250% due 4/15/49 | | | | | 1,219,711 | | |
| | | | | | | | Enterprise Products Operating LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 420,000 | | | | 3.750% due 2/15/25 | | | | | 461,369 | | |
| | | | 6,000,000 | | | | 4.150% due 10/16/28 | | | | | 6,900,489 | | |
| | | | 1,010,000 | | | | 4.800% due 2/1/49 | | | | | 1,182,074 | | |
| | | | | | | | EQM Midstream Partners LP, Senior Unsecured Notes: | | | | | | | |
| | | | 50,000 | | | | 6.500% due 7/1/27(a) | | | | | 53,635 | | |
| | | | 85,000 | | | | 4.750% due 1/15/31(a) | | | | | 81,919 | | |
| | | | 80,000 | | | | EQT Corp., Senior Unsecured Notes, 8.500% due 2/1/30 | | | | | 104,635 | | |
| | | | 630,000 | | | | Equinor ASA, Company Guaranteed Notes, 3.700% due 4/6/50 | | | | | 690,904 | | |
| | | | 135,000 | | | | Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes,
8.125% due 5/1/25 | | | | | 122,850 | | |
| | | | | | | | Exxon Mobil Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 295,000 | | | | 2.992% due 3/19/25 | | | | | 318,118 | | |
| | | | 570,000 | | | | 4.227% due 3/19/40 | | | | | 655,188 | | |
| | | | | | | | Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes: | | | | | | | |
| | | | 400,000 | | | | 2.160% due 3/31/34(a) | | | | | 395,534 | | |
| | | | 700,000 | | | | 2.940% due 9/30/40(a) | | | | | 689,974 | | |
| | | | 500,000 | | | | Geopark Ltd., Company Guaranteed Notes, 6.500% due 9/21/24 | | | | | 522,500 | | |
| | | | 200,000 | | | | Gran Tierra Energy Inc., Company Guaranteed Notes, 7.750% due 5/23/27(a) | | | | | 164,500 | | |
| | | | 1,100,000 | | | | Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes,
6.250% due 2/15/25 | | | | | 904,750 | | |
| | | | 175,000 | | | | Gulfport Energy Corp., Company Guaranteed Notes, 6.375% due 5/15/25(f) | | | | | 160,344 | | |
| | | | 220,000 | | | | Halliburton Co., Senior Unsecured Notes, 2.920% due 3/1/30 | | | | | 225,897 | | |
| | | | 620,000 | | | | Hess Corp., Senior Unsecured Notes, 7.300% due 8/15/31 | | | | | 817,261 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | | | | | | Hess Midstream Operations LP, Company Guaranteed Notes: | |
| | | $ | 160,000 | | | | 5.625% due 2/15/26(a) | | | | $ | 165,741 | | |
| | | | 145,000 | | | | 5.125% due 6/15/28(a) | | | | | 149,350 | | |
| | | | 190,000 | | | | Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 6.250% due
11/1/28(a) | | | | | 198,312 | | |
| | | | 600,000 | | | | Indian Oil Corp., Ltd., Senior Unsecured Notes, 5.625% due 8/2/21 | | | | | 611,379 | | |
| | | | 85,000 | | | | Indigo Natural Resources LLC, Senior Unsecured Notes, 5.375% due 2/1/29(a) | | | | | 84,575 | | |
| | | | 560,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 4.700% due 5/1/25 | | | | | 636,947 | | |
| | | | | | | | MEG Energy Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 175,000 | | | | 7.125% due 2/1/27(a) | | | | | 183,697 | | |
| | | | 20,000 | | | | 5.875% due 2/1/29(a) | | | | | 20,306 | | |
| | | | 120,000 | | | | Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500% due
1/15/26(a) | | | | | 99,600 | | |
| | | | | | | | MPLX LP, Senior Unsecured Notes: | | | | | | | |
| | | | 4,438,000 | | | | 1.330% (3-Month USD-LIBOR + 1.100%) due 9/9/22(b) | | | | | 4,441,019 | | |
| | | | 225,000 | | | | 1.750% due 3/1/26 | | | | | 226,732 | | |
| | | | 315,000 | | | | 4.125% due 3/1/27 | | | | | 352,702 | | |
| | | | 210,000 | | | | 4.000% due 3/15/28 | | | | | 234,657 | | |
| | | | 635,000 | | | | 4.700% due 4/15/48 | | | | | 694,802 | | |
| | | | 140,000 | | | | NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes,
7.500% due 2/1/26(a) | | | | | 144,342 | | |
| | | | 90,000 | | | | NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed
Notes, 7.500% due 4/15/26 | | | | | 73,913 | | |
| | | | 265,000 | | | | NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26 | | | | | 282,641 | | |
| | | | | | | | Occidental Petroleum Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 95,000 | | | | 8.000% due 7/15/25 | | | | | 110,259 | | |
| | | | 275,000 | | | | 3.500% due 8/15/29 | | | | | 262,974 | | |
| | | | 225,000 | | | | 6.625% due 9/1/30 | | | | | 255,938 | | |
| | | | 205,000 | | | | 6.125% due 1/1/31 | | | | | 229,026 | | |
| | | | | | | | ONEOK Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 200,000 | | | | 5.850% due 1/15/26 | | | | | 236,760 | | |
| | | | 230,000 | | | | 3.100% due 3/15/30 | | | | | 235,233 | | |
| | | | 400,000 | | | | ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22 | | | | | 405,460 | | |
| | | | 80,000 | | | | Ovintiv Inc., Company Guaranteed Notes, 7.375% due 11/1/31 | | | | | 103,287 | | |
| | | | 140,000 | | | | Par Petroleum LLC/Par Petroleum Finance Corp., Senior Secured Notes, 7.750%
due 12/15/25(a) | | | | | 136,850 | | |
| | | | 205,000 | | | | Parkland Corp., Company Guaranteed Notes, 5.875% due 7/15/27(a) | | | | | 217,813 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | $ | 210,000 | | | | Parsley Energy LLC/Parsley Finance Corp., Company Guaranteed Notes, 5.625%
due 10/15/27(a) | | | | $ | 230,213 | | |
| | | | 40,000 | | | | PBF Holding Co. LLC/PBF Finance Corp., Company Guaranteed Notes, 6.000%
due 2/15/28 | | | | | 25,400 | | |
| | | | 66,118 | | | | Peabody Energy Corp., Senior Secured Notes, 8.500% due 12/31/24(a)(d) | | | | | 39,010 | | |
| | | | 450,000 | | | | Pertamina Persero PT, Senior Unsecured Notes, 4.300% due 5/20/23 | | | | | 477,578 | | |
| | | | 65,691 | | | | PIC AU Holdings LLC/PIC AU Holdings Corp., Senior Secured Notes, 10.000%
due 12/31/24(a) | | | | | 58,465 | | |
| | | | 280,000 | | | | Pioneer Natural Resources Co., Senior Unsecured Notes, 1.125% due 1/15/26 | | | | | 277,770 | | |
| | | | 200,000 | | | | PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 2.587% due
6/10/27(a) | | | | | 208,431 | | |
| | | | 145,000 | | | | QEP Resources Inc., Senior Unsecured Notes, 5.250% due 5/1/23 | | | | | 153,845 | | |
| | | | 110,000 | | | | Rattler Midstream LP, Company Guaranteed Notes, 5.625% due 7/15/25(a) | | | | | 114,675 | | |
| | | | 500,000 | | | | Reliance Industries Ltd., Senior Unsecured Notes, 5.400% due 2/14/22 | | | | | 521,535 | | |
| | | | | | | | Sabine Pass Liquefaction LLC, Senior Secured Notes: | | | | | | | |
| | | | 320,000 | | | | 5.000% due 3/15/27 | | | | | 372,045 | | |
| | | | 200,000 | | | | 4.500% due 5/15/30(a)(e) | | | | | 228,757 | | |
| | | | 200,000 | | | | Saudi Arabian Oil Co., Senior Unsecured Notes, 2.250% due 11/24/30(a) | | | | | 196,280 | | |
| | | | 3,530,000 | | | | Schlumberger Investment SA, Company Guaranteed Notes, 2.650% due
6/26/30 | | | | | 3,670,785 | | |
| | | | 140,000 | | | | SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Company
Guaranteed Notes, 7.500% due 6/15/25(a) | | | | | 145,292 | | |
| | | | 330,000 | | | | Sunoco Logistics Partners Operations LP, Company Guaranteed Notes, 3.900%
due 7/15/26 | | | | | 358,547 | | |
| | | | | | | | Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 105,000 | | | | 6.000% due 4/15/27 | | | | | 109,300 | | |
| | | | 55,000 | | | | 4.500% due 5/15/29(a) | | | | | 55,000 | | |
| | | | 240,000 | | | | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company
Guaranteed Notes, 4.875% due 2/1/31(a) | | | | | 246,120 | | |
| | | | 415,000 | | | | Total Capital International SA, Company Guaranteed Notes, 3.386% due
6/29/60 | | | | | 416,637 | | |
| | | | 415,000 | | | | TransCanada PipeLines Ltd., Senior Unsecured Notes, 5.100% due 3/15/49 | | | | | 514,755 | | |
| | | | 50,000 | | | | Transocean Inc., Company Guaranteed Notes, 11.500% due 1/30/27(a) | | | | | 40,985 | | |
| | | | 300,000 | | | | Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(a) | | | | | 280,500 | | |
| | | | 550,000 | | | | UEP Penonome II SA, Senior Secured Notes, 6.500% due 10/1/38(a) | | | | | 563,068 | | |
| | | | 325,000 | | | | USA Compression Partners LP/USA Compression Finance Corp., Company
Guaranteed Notes, 6.875% due 9/1/27 | | | | | 341,250 | | |
| | | | | | | | Valero Energy Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 295,000 | | | | 2.850% due 4/15/25 | | | | | 311,294 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | $ | 450,000 | | | | 2.150% due 9/15/27 | | | | $ | 449,878 | | |
| | | | 60,000 | | | | Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., Company Guaranteed Notes,
8.750% due 4/15/23(a) | | | | | 59,850 | | |
| | | | 125,000 | | | | Viper Energy Partners LP, Company Guaranteed Notes, 5.375% due 11/1/27(a) | | | | | 131,563 | | |
| | | | 4,000 | | | | Weatherford International Ltd., Company Guaranteed Notes, 11.000% due
12/1/24(a) | | | | | 3,929 | | |
| | | | | | | | Western Midstream Operating LP, Senior Unsecured Notes: | | | | | | | |
| | | | 150,000 | | | | 4.350% due 2/1/25 | | | | | 153,543 | | |
| | | | 155,000 | | | | 5.300% due 2/1/30 | | | ��� | | 167,984 | | |
| | | | 215,000 | | | | Williams Cos. Inc., Senior Unsecured Notes, 3.750% due 6/15/27 | | | | | 238,458 | | |
| | | | | | | | WPX Energy Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 120,000 | | | | 5.875% due 6/15/28 | | | | | 131,266 | | |
| | | | 90,000 | | | | 4.500% due 1/15/30 | | | | | 95,652 | | |
| | | | | | | | Total Energy | | | | | 48,639,602 | | |
| | Financial – 9.0% | |
| | | | 95,000 | | | | Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 4.250% due
2/15/29(a) | | | | | 93,357 | | |
| | | | 430,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.250% due 3/1/25 | | | | | 455,149 | | |
| | | | 590,000 | | | | Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 1.875% due
2/1/33 | | | | | 556,127 | | |
| | | | 135,000 | | | | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior
Unsecured Notes, 6.750% due 10/15/27(a) | | | | | 140,148 | | |
| | | | 515,000 | | | | American Express Co., Senior Unsecured Notes, 4.200% due 11/6/25 | | | | | 588,841 | | |
| | | | 1,575,000 | | | | American International Group Inc., Senior Unsecured Notes, 2.500% due
6/30/25 | | | | | 1,665,120 | | |
| | | | 1,590,000 | | | | American Tower Corp., Senior Unsecured Notes, 1.500% due 1/31/28 | | | | | 1,555,421 | | |
| | | | 3,700,000 | | | | American Tower Trust #1, Asset Backed, 3.070% due 3/15/23(a) | | | | | 3,745,856 | | |
| | | | | | | | AssuredPartners Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 160,000 | | | | 7.000% due 8/15/25(a) | | | | | 163,590 | | |
| | | | 25,000 | | | | 5.625% due 1/15/29(a) | | | | | 25,125 | | |
| | | | | | | | Avolon Holdings Funding Ltd.: | | | | | | | |
| | | | 155,000 | | | | Company Guaranteed Notes, 3.250% due 2/15/27(a) | | | | | 157,807 | | |
| | | | 295,000 | | | | Senior Unsecured Notes, 2.125% due 2/21/26(a) | | | | | 284,412 | | |
| | | | 300,000 | | | | Banco Continental SAECA, Senior Unsecured Notes, 2.750% due 12/10/25(a) | | | | | 299,610 | | |
| | | | | | | | Banco de Credito del Peru, Subordinated Notes: | | | | | | | |
| | | | 200,000 | | | | 6.125% (3-Month USD-LIBOR + 7.043%) due 4/24/27(b) | | | | | 209,252 | | |
| | | | 250,000 | | | | 3.125% (5-Year CMT Index + 3.000%) due 7/1/30(b) | | | | | 255,125 | | |
| | | | 200,000 | | | | 3.125% (5-Year CMT Index + 3.000%) due 7/1/30(a)(b) | | | | | 204,100 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 800,000 | | | | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23 | | | | $ | 832,000 | | |
| | | | 200,000 | | | | Banco do Estado do Rio Grande do Sul SA, Subordinated Notes, 5.375% (5-Year
CMT Index + 4.928%) due 1/28/31(a)(b) | | | | | 198,500 | | |
| | | | 600,000 | | | | Banco Internacional del Peru SAA Interbank, Subordinated Notes, 4.000%
(1-Year CMT Index + 3.711%) due 7/8/30(b) | | | | | 621,000 | | |
| | | | | | | | Banco Macro SA, Subordinated Notes: | | | | | | | |
| | | | 200,000 | | | | 6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(a)(b) | | | | | 163,002 | | |
| | | | 650,000 | | | | 6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(b) | | | | | 529,757 | | |
| | | | 600,000 | | | | Banco Mercantil del Norte SA, Junior Subordinated Notes, 7.625% (5-Year CMT
Index + 5.353%)(b)(c) | | | | | 674,640 | | |
| | | | 500,000 | | | | Bangkok Bank PCL, Junior Subordinated Notes, 5.000% (5-Year CMT Index +
4.729%)(b)(c) | | | | | 528,750 | | |
| | | | | | | | Bank of America Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 2,375,000 | | | | 2.456% (3-Month USD-LIBOR + 0.870%) due 10/22/25(b) | | | | | 2,511,860 | | |
| | | | 1,535,000 | | | | 3.559% (3-Month USD-LIBOR + 1.060%) due 4/23/27(b) | | | | | 1,698,373 | | |
| | | | 885,000 | | | | 3.824% (3-Month USD-LIBOR + 1.575%) due 1/20/28(b) | | | | | 995,806 | | |
| | | | 1,000,000 | | | | 3.974% (3-Month USD-LIBOR + 1.210%) due 2/7/30(b) | | | | | 1,139,134 | | |
| | | | 690,000 | | | | 1.898% (SOFR rate + 1.530%) due 7/23/31(b) | | | | | 668,615 | | |
| | | | 6,075,000 | | | | 1.922% (SOFR rate + 1.370%) due 10/24/31(b) | | | | | 5,897,288 | | |
| | | | 2,345,000 | | | | 4.083% (3-Month USD-LIBOR + 3.150%) due 3/20/51(b) | | | | | 2,725,821 | | |
| | | | | | | | Bank of New York Mellon Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 455,000 | | | | 2.100% due 10/24/24 | | | | | 480,234 | | |
| | | | 555,000 | | | | 2.450% due 8/17/26 | | | | | 591,083 | | |
| | | | 420,000 | | | | Bank of Nova Scotia, Senior Unsecured Notes, 3.400% due 2/11/24 | | | | | 454,548 | | |
| | | | 5,000,000 | | | | Barclays PLC, Senior Unsecured Notes, 4.375% due 1/12/26 | | | | | 5,657,392 | | |
| | | | 1,045,000 | | | | BBVA USA, Senior Unsecured Notes, 2.500% due 8/27/24 | | | | | 1,103,716 | | |
| | | | 1,000,000 | | | | BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23 | | | | | 1,042,500 | | |
| | | | 525,000 | | | | Berkshire Hathaway Finance Corp., Company Guaranteed Notes, 4.200% due
8/15/48 | | | | | 632,326 | | |
| | | | 1,170,000 | | | | BlackRock Inc., Senior Unsecured Notes, 1.900% due 1/28/31 | | | | | 1,162,801 | | |
| | | | | | | | BNP Paribas SA, Senior Unsecured Notes: | | | | | | | |
| | | | 935,000 | | | | 2.219% (SOFR rate + 2.074%) due 6/9/26(a)(b) | | | | | 969,145 | | |
| | | | 495,000 | | | | 1.323% (SOFR rate + 1.004%) due 1/13/27(a)(b) | | | | | 490,300 | | |
| | | | | | | | Boston Properties LP, Senior Unsecured Notes: | | | | | | | |
| | | | 825,000 | | | | 3.650% due 2/1/26 | | | | | 916,775 | | |
| | | | 3,000,000 | | | | 2.750% due 10/1/26 | | | | | 3,212,460 | | |
| | | | 2,983,000 | | | | 3.400% due 6/21/29 | | | | | 3,225,598 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 200,000 | | | | Brixmor Operating Partnership LP, Senior Unsecured Notes, 4.050% due
7/1/30 | | | | $ | 221,484 | | |
| | | | 310,000 | | | | Brown & Brown Inc., Senior Unsecured Notes, 2.375% due 3/15/31 | | | | | 309,974 | | |
| | | | | | | | CIMB Bank Bhd, Senior Unsecured Notes: | | | | | | | |
| | | | 200,000 | | | | 3.263% due 3/15/22 | | | | | 204,866 | | |
| | | | 200,000 | | | | 1.005% (3-Month USD-LIBOR + 0.780%) due 10/9/24(b) | | | | | 200,145 | | |
| | | | | | | | Citigroup Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 805,000 | | | | 2.876% (3-Month USD-LIBOR + 0.950%) due 7/24/23(b) | | | | | 831,672 | | |
| | | | 5,000,000 | | | | 3.106% (SOFR rate + 2.842%) due 4/8/26(b) | | | | | 5,376,116 | | |
| | | | 815,000 | | | | 3.668% (3-Month USD-LIBOR + 1.390%) due 7/24/28(b) | | | | | 907,253 | | |
| | | | 1,670,000 | | | | 4.412% (SOFR rate + 3.914%) due 3/31/31(b) | | | | | 1,942,700 | | |
| | | | 180,000 | | | | Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due
7/12/47(a) | | | | | 210,534 | | |
| | | | 5,000,000 | | | | Credit Suisse Group AG, Senior Unsecured Notes, 4.194% (SOFR rate + 3.730%)
due 4/1/31(a)(b) | | | | | 5,698,731 | | |
| | | | 300,000 | | | | Credito Real SAB de CV SOFOM ER, Company Guaranteed Notes, 9.500% due
2/7/26(a) | | | | | 329,490 | | |
| | | | | | | | Crown Castle International Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 3,000,000 | | | | 3.800% due 2/15/28 | | | | | 3,333,325 | | |
| | | | 395,000 | | | | 4.300% due 2/15/29 | | | | | 451,924 | | |
| | | | | | | | DBS Group Holdings Ltd.: | | | | | | | |
| | | | 500,000 | | | | Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(b)(c) | | | | | 505,000 | | |
| | | | 200,000 | | | | Senior Unsecured Notes, 0.838% (3-Month USD-LIBOR + 0.620%) due
7/25/22(b) | | | | | 201,016 | | |
| | | | 300,000 | | | | Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate +
1.590%) due 12/11/28(b) | | | | | 326,682 | | |
| | | | 400,000 | | | | Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27 | | | | | 451,901 | | |
| | | | 115,000 | | | | Equinix Inc., Senior Unsecured Notes, 1.800% due 7/15/27 | | | | | 115,650 | | |
| | | | 6,017,000 | | | | ERP Operating LP, Senior Unsecured Notes, 3.375% due 6/1/25 | | | | | 6,547,994 | | |
| | | | 555,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 2.375% due 1/28/25 | | | | | 582,311 | | |
| | | | 6,134,000 | | | | Five Corners Funding Trust II, Senior Unsecured Notes, 2.850% due 5/15/30(a) | | | | | 6,514,371 | | |
| | | | 900,000 | | | | GE Capital Funding LLC, Company Guaranteed Notes, 4.400% due 5/15/30(a) | | | | | 1,032,903 | | |
| | | | | | | | Gilex Holding SARL, Senior Secured Notes: | | | | | | | |
| | | | 200,000 | | | | 8.500% due 5/2/23(a) | | | | | 208,752 | | |
| | | | 450,000 | | | | 8.500% due 5/2/23 | | | | | 469,692 | | |
| | | | 202,068 | | | | Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% due
9/15/24(a)(d) | | | | | 187,539 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 260,000 | | | | GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due
1/15/29 | | | | $ | 297,084 | | |
| | | | | | | | Goldman Sachs Group Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,150,000 | | | | 2.905% (3-Month USD-LIBOR + 0.990%) due 7/24/23(b) | | | | | 1,188,744 | | |
| | | | 6,360,000 | | | | 3.500% due 4/1/25 | | | | | 6,955,930 | | |
| | | | 920,000 | | | | 1.364% (3-Month USD-LIBOR + 1.170%) due 5/15/26(b) | | | | | 942,316 | | |
| | | | 540,000 | | | | 3.500% due 11/16/26 | | | | | 594,746 | | |
| | | | 300,000 | | | | 1.992% (SOFR rate + 1.090%) due 1/27/32(b) | | | | | 293,278 | | |
| | | | 590,000 | | | | 6.250% due 2/1/41 | | | | | 867,017 | | |
| | | | | | | | HSBC Holdings PLC, Senior Unsecured Notes: | | | | | | | |
| | | | 1,950,000 | | | | 3.033% (3-Month USD-LIBOR + 0.923%) due 11/22/23(b) | | | | | 2,033,983 | | |
| | | | 800,000 | | | | 4.583% (3-Month USD-LIBOR + 1.535%) due 6/19/29(b) | | | | | 922,152 | | |
| | | | 1,400,000 | | | | 3.973% (3-Month USD-LIBOR + 1.610%) due 5/22/30(b) | | | | | 1,564,522 | | |
| | | | | | | | Iron Mountain Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 70,000 | | | | 4.875% due 9/15/29(a) | | | | | 71,400 | | |
| | | | 100,000 | | | | 4.500% due 2/15/31(a) | | | | | 99,270 | | |
| | | | 105,000 | | | | iStar Inc., Senior Unsecured Notes, 4.750% due 10/1/24 | | | | | 107,756 | | |
| | | | 200,000 | | | | Itau Unibanco Holding SA, Junior Subordinated Notes, 4.625% (5-Year CMT
Index + 3.222%)(b)(c) | | | | | 188,690 | | |
| | | | | | | | JPMorgan Chase & Co., Senior Unsecured Notes: | | | | | | | |
| | | | 2,760,000 | | | | 3.300% due 4/1/26 | | | | | 3,032,932 | | |
| | | | 4,170,000 | | | | 3.960% (3-Month USD-LIBOR + 1.245%) due 1/29/27(b) | | | | | 4,690,641 | | |
| | | | 730,000 | | | | 3.509% (3-Month USD-LIBOR + 0.945%) due 1/23/29(b) | | | | | 806,713 | | |
| | | | 5,817,000 | | | | 2.522% (SOFR rate + 2.040%) due 4/22/31(b) | | | | | 5,975,430 | | |
| | | | 500,000 | | | | Kasikornbank PCL, Junior Subordinated Notes, 5.275% (5-Year CMT Index +
4.940%)(b)(c) | | | | | 527,500 | | |
| | | | 575,000 | | | | KeyCorp, Senior Unsecured Notes, 2.550% due 10/1/29 | | | | | 601,916 | | |
| | | | 875,000 | | | | Macquarie Group Ltd., Senior Unsecured Notes, 4.150%
(3-Month USD-LIBOR + 1.330%) due 3/27/24(a)(b) | | | | | 937,888 | | |
| | | | 900,000 | | | | Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(b) | | | | | 916,245 | | |
| | | | 6,500,000 | | | | Manufacturers & Traders Trust Co., Subordinated Notes, 0.865% (3-Month
USD-LIBOR + 0.640%) due 12/1/21(b) | | | | | 6,500,000 | | |
| | | | 555,000 | | | | Marsh & McLennan Cos. Inc., Senior Unsecured Notes, 4.750% due 3/15/39 | | | | | 704,054 | | |
| | | | | | | | Massachusetts Mutual Life Insurance Co., Subordinated Notes: | | | | | | | |
| | | | 440,000 | | | | 3.375% due 4/15/50(a) | | | | | 450,112 | | |
| | | | 150,000 | | | | 3.729% due 10/15/70(a) | | | | | 156,872 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 470,000 | | | | Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes, 0.928% (3-Month
USD-LIBOR + 0.740%) due 3/2/23(b) | | | | $ | 474,484 | | |
| | | | | | | | Morgan Stanley, Senior Unsecured Notes: | | | | | | | |
| | | | 875,000 | | | | 3.737% (3-Month USD-LIBOR + 0.847%) due 4/24/24(b) | | | | | 934,226 | | |
| | | | 2,145,000 | | | | 3.700% due 10/23/24 | | | | | 2,367,444 | | |
| | | | 5,031,000 | | | | 3.591% (3-Month USD-LIBOR + 1.340%) due 7/22/28(b) | | | | | 5,622,184 | | |
| | | | 3,600,000 | | | | 2.699% (SOFR rate + 1.143%) due 1/22/31(b) | | | | | 3,741,552 | | |
| | | | 675,000 | | | | 1.928% (SOFR rate + 1.020%) due 4/28/32(b) | | | | | 655,574 | | |
| | | | | | | | Nationstar Mortgage Holdings Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 30,000 | | | | 6.000% due 1/15/27(a) | | | | | 31,500 | | |
| | | | 150,000 | | | | 5.500% due 8/15/28(a) | | | | | 154,125 | | |
| | | | 100,000 | | | | Navient Corp., Senior Unsecured Notes, 5.000% due 3/15/27 | | | | | 98,000 | | |
| | | | 140,000 | | | | New York Life Insurance Co., Subordinated Notes, 3.750% due 5/15/50(a) | | | | | 155,608 | | |
| | | | | | | | NFP Corp.: | | | | | | | |
| | | | 20,000 | | | | Senior Secured Notes, 7.000% due 5/15/25(a) | | | | | 21,350 | | |
| | | | 135,000 | | | | Senior Unsecured Notes, 6.875% due 8/15/28(a) | | | | | 139,412 | | |
| | | | 400,000 | | | | NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(a) | | | | | 400,493 | | |
| | | | 450,000 | | | | NTT Finance Corp., Company Guaranteed Notes, 1.162% due 4/3/26(a) | | | | | 447,980 | | |
| | | | 725,000 | | | | Nuveen Finance LLC, Senior Unsecured Notes, 4.125% due 11/1/24(a) | | | | | 811,300 | | |
| | | | 3,185,000 | | | | Office Properties Income Trust, Senior Unsecured Notes, 4.250% due 5/15/24 | | | | | 3,366,320 | | |
| | | | | | | | OneMain Finance Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 115,000 | | | | 7.125% due 3/15/26 | | | | | 132,825 | | |
| | | | 40,000 | | | | 6.625% due 1/15/28 | | | | | 45,488 | | |
| | | | 90,000 | | | | 5.375% due 11/15/29 | | | | | 94,950 | | |
| | | | 800,000 | | | | Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 4.250% due
6/19/24 | | | | | 880,373 | | |
| | | | | | | | PennyMac Financial Services Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 95,000 | | | | 5.375% due 10/15/25(a) | | | | | 99,275 | | |
| | | | 50,000 | | | | 4.250% due 2/15/29(a) | | | | | 49,386 | | |
| | | | 500,000 | | | | PNC Bank N.A., Subordinated Notes, 2.700% due 10/22/29 | | | | | 524,324 | | |
| | | | 435,000 | | | | Progressive Corp., Senior Unsecured Notes, 3.200% due 3/26/30 | | | | | 484,792 | | |
| | | | | | | | Realogy Group LLC/Realogy Co.-Issuer Corp.: | | | | | | | |
| | | | 65,000 | | | | Company Guaranteed Notes, 5.750% due 1/15/29(a) | | | | | 65,488 | | |
| | | | 105,000 | | | | Secured Notes, 7.625% due 6/15/25(a) | | | | | 114,362 | | |
| | | | 980,000 | | | | Royal Bank of Canada, Senior Unsecured Notes, 2.550% due 7/16/24 | | | | | 1,043,541 | | |
| | | | | | | | Santander Holdings USA Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 605,000 | | | | 3.700% due 3/28/22 | | | | | 623,725 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 435,000 | | | | 3.400% due 1/18/23 | | | | $ | 455,579 | | |
| | | | 6,740,000 | | | | SBA Tower Trust, Asset Backed, 3.168% due 4/11/22(a) | | | | | 6,759,874 | | |
| | | | | | | | Simon Property Group LP, Senior Unsecured Notes: | | | | | | | |
| | | | 3,000,000 | | | | 3.500% due 9/1/25 | | | | | 3,269,498 | | |
| | | | 1,126,000 | | | | 3.250% due 9/13/49 | | | | | 1,081,010 | | |
| | | | 5,390,000 | | | | Standard Chartered PLC, Senior Unsecured Notes, 1.319% (1-Year CMT Index +
1.170%) due 10/14/23(a)(b) | | | | | 5,439,372 | | |
| | | | 1,470,000 | | | | State Street Corp., Senior Unsecured Notes, 3.776% (3-Month USD-LIBOR +
0.770%) due 12/3/24(b) | | | | | 1,602,418 | | |
| | | | 355,000 | | | | Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 0.963%
(3-Month USD-LIBOR + 0.740%) due 1/17/23(b) | | | | | 358,209 | | |
| | | | | | | | Temasek Financial I Ltd., Company Guaranteed Notes: | | | | | | | |
| | | | 800,000 | | | | 1.000% due 10/6/30(a) | | | | | 749,524 | | |
| | | | 250,000 | | | | 1.000% due 10/6/30 | | | | | 234,226 | | |
| | | | 1,254,000 | | | | UBS Group AG, Senior Unsecured Notes, 1.364% (1-Year CMT Index + 1.080%)
due 1/30/27(a)(b) | | | | | 1,249,726 | | |
| | | | 5,160,000 | | | | UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30 | | | | | 5,563,570 | | |
| | | | 1,700,000 | | | | Unifin Financiera SAB de CV, Junior Subordinated Notes, 8.875% (5-Year CMT
Index + 6.308%)(b)(c) | | | | | 1,428,000 | | |
| | | | | | | | United Overseas Bank Ltd.: | | | | | | | |
| | | | 300,000 | | | | Junior Subordinated Notes, 3.875% (5-Year USD Swap Rate + 1.794%)(b)(c) | | | | | 310,323 | | |
| | | | 600,000 | | | | Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236%) due
9/16/26(b) | | | | | 607,566 | | |
| | | | 70,000 | | | | Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Company
Guaranteed Notes, 6.500% due 2/15/29(a) | | | | | 70,525 | | |
| | | | 5,480,000 | | | | Ventas Realty LP, Company Guaranteed Notes, 3.500% due 2/1/25 | | | | | 5,950,085 | | |
| | | | 175,000 | | | | VEREIT Operating Partnership LP, Company Guaranteed Notes, 2.850% due
12/15/32 | | | | | 174,594 | | |
| | | | 25,000 | | | | VICI Properties LP/VICI Note Co., Inc., Company Guaranteed Notes, 3.750%
due 2/15/27(a) | | | | | 25,375 | | |
| | | | 220,000 | | | | Visa Inc., Senior Unsecured Notes, 4.300% due 12/14/45 | | | | | 275,731 | | |
| | | | | | | | Weingarten Realty Investors, Senior Unsecured Notes: | | | | | | | |
| | | | 1,012,000 | | | | 3.500% due 4/15/23 | | | | | 1,063,785 | | |
| | | | 300,000 | | | | 4.450% due 1/15/24 | | | | | 326,095 | | |
| | | | | | | | Wells Fargo & Co.: | | | | | | | |
| | | | | | | | Senior Unsecured Notes: | | | | | | | |
| | | | 1,620,000 | | | | 3.069% due 1/24/23 | | | | | 1,659,157 | | |
| | | | 2,205,000 | | | | 3.750% due 1/24/24 | | | | | 2,396,384 | | |
| | | | 620,000 | | | | 3.000% due 4/22/26 | | | | | 671,151 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 425,000 | | | | 3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(b) | | | | $ | 470,611 | | |
| | | | 495,000 | | | | 5.013% (3-Month USD-LIBOR + 4.240%) due 4/4/51(b) | | | | | 661,965 | | |
| | | | 360,000 | | | | Subordinated Notes, 4.900% due 11/17/45 | | | | | 446,162 | | |
| | | | 390,000 | | | | Welltower Inc., Senior Unsecured Notes, 2.700% due 2/15/27 | | | | | 417,968 | | |
| | | | 75,000 | | | | WeWork Cos. Inc., Company Guaranteed Notes, 7.875% due 5/1/25(a) | | | | | 67,875 | | |
| | | | | | | | Willis North America Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 775,000 | | | | 2.950% due 9/15/29 | | | | | 823,278 | | |
| | | | 395,000 | | | | 3.875% due 9/15/49 | | | | | 443,628 | | |
| | | | 400,000 | | | | Woori Bank, Junior Subordinated Notes, 4.250% (5-Year CMT Index +
2.664%)(b)(c) | | | | | 416,951 | | |
| | | | 100,000 | | | | XHR LP, Senior Secured Notes, 6.375% due 8/15/25(a) | | | | | 105,750 | | |
| | | | | | | | Total Financial | | | | | 197,267,726 | | |
| | Government – 0.0% | |
| | | | 200,000 | | | | Banco Latinoamericano de Comercio Exterior SA, Senior Unsecured Notes,
2.375% due 9/14/25(a) | | | | | 204,600 | | |
| | | | 300,000 | | | | Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25 | | | | | 323,638 | | |
| | | | | | | | Total Government | | | | | 528,238 | | |
| | Industrial – 2.0% | |
| | | | 130,000 | | | | Advanced Drainage Systems Inc., Company Guaranteed Notes, 5.000% due
9/30/27(a) | | | | | 136,500 | | |
| | | | 415,000 | | | | Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28 | | | | | 461,345 | | |
| | | | 455,000 | | | | Berry Global Inc., Senior Secured Notes, 0.950% due 2/15/24(a) | | | | | 455,191 | | |
| | | | | | | | Boeing Co., Senior Unsecured Notes: | | | | | | | |
| | | | 1,025,000 | | | | 5.040% due 5/1/27 | | | | | 1,181,347 | | |
| | | | 460,000 | | | | 2.950% due 2/1/30 | | | | | 468,846 | | |
| | | | 105,000 | | | | Bombardier Inc., Senior Unsecured Notes, 6.000% due 10/15/22(a) | | | | | 102,940 | | |
| | | | | | | | Builders FirstSource Inc.: | | | | | | | |
| | | | 140,000 | | | | Company Guaranteed Notes, 5.000% due 3/1/30(a) | | | | | 147,133 | | |
| | | | 64,000 | | | | Senior Secured Notes, 6.750% due 6/1/27(a) | | | | | 68,640 | | |
| | | | | | | | Carrier Global Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 800,000 | | | | 2.242% due 2/15/25 | | | | | 834,620 | | |
| | | | 5,210,000 | | | | 3.577% due 4/5/50 | | | | | 5,361,313 | | |
| | | | | | | | Caterpillar Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 860,000 | | | | 3.400% due 5/15/24 | | | | | 932,928 | | |
| | | | 415,000 | | | | 2.600% due 4/9/30 | | | | | 438,774 | | |
| | | | 45,000 | | | | Clean Harbors Inc., Company Guaranteed Notes, 5.125% due 7/15/29(a) | | | | | 48,487 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Industrial – (continued) | |
| | | $ | 160,000 | | | | Cornerstone Building Brands Inc., Company Guaranteed Notes, 6.125% due
1/15/29(a) | | | | $ | 164,000 | | |
| | | | 395,000 | | | | CSX Corp., Senior Unsecured Notes, 3.350% due 9/15/49 | | | | | 407,449 | | |
| | | | | | | | FedEx Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 1,265,000 | | | | 4.250% due 5/15/30 | | | | | 1,473,071 | | |
| | | | 185,000 | | | | 4.750% due 11/15/45 | | | | | 223,970 | | |
| | | | 255,000 | | | | General Dynamics Corp., Company Guaranteed Notes, 4.250% due 4/1/40 | | | | | 311,633 | | |
| | | | | | | | General Electric Co., Senior Unsecured Notes: | | | | | | | |
| | | | 345,000 | | | | 5.875% due 1/14/38 | | | | | 452,897 | | |
| | | | 180,000 | | | | 6.875% due 1/10/39 | | | | | 256,843 | | |
| | | | | | | | GFL Environmental Inc.: | | | | | | | |
| | | | 210,000 | | | | Company Guaranteed Notes, 4.000% due 8/1/28(a) | | | | | 204,750 | | |
| | | | 155,000 | | | | Senior Secured Notes, 3.500% due 9/1/28(a) | | | | | 151,512 | | |
| | | | 70,000 | | | | GrafTech Finance Inc., Senior Secured Notes, 4.625% due 12/15/28(a) | | | | | 71,414 | | |
| | | | 105,000 | | | | Hillman Group Inc., Company Guaranteed Notes, 6.375% due 7/15/22(a) | | | | | 105,331 | | |
| | | | 1,150,000 | | | | Honeywell International Inc., Senior Unsecured Notes, 1.950% due 6/1/30 | | | | | 1,163,746 | | |
| | | | 85,000 | | | | Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co.-Issuer LLC,
Senior Secured Notes, 6.000% due 9/15/28(a) | | | | | 88,612 | | |
| | | | 240,000 | | | | Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(a) | | | | | 242,400 | | |
| | | | 730,000 | | | | John Deere Capital Corp., Senior Unsecured Notes, 1.750% due 3/9/27 | | | | | 748,003 | | |
| | | | 30,000 | | | | Kenan Advantage Group Inc., Senior Unsecured Notes, 7.875% due 7/31/23(a) | | | | | 29,700 | | |
| | | | 505,000 | | | | L3Harris Technologies Inc., Senior Unsecured Notes, 3.850% due 6/15/23 | | | | | 542,287 | | |
| | | | 300,000 | | | | Lockheed Martin Corp., Senior Unsecured Notes, 4.090% due 9/15/52 | | | | | 359,102 | | |
| | | | 145,000 | | | | Norfolk Southern Corp., Senior Unsecured Notes, 3.400% due 11/1/49 | | | | | 152,285 | | |
| | | | | | | | Northrop Grumman Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 4,875,000 | | | | 2.930% due 1/15/25 | | | | | 5,208,985 | | |
| | | | 665,000 | | | | 5.150% due 5/1/40 | | | | | 865,534 | | |
| | | | 1,750,000 | | | | Otis Worldwide Corp., Senior Unsecured Notes, 2.565% due 2/15/30 | | | | | 1,801,603 | | |
| | | | 200,000 | | | | Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes,
4.200% due 4/1/27(a) | | | | | 228,787 | | |
| | | | | | | | Raytheon Technologies Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 1,765,000 | | | | 3.125% due 5/4/27 | | | | | 1,934,751 | | |
| | | | 1,457,000 | | | | 6.700% due 8/1/28 | | | | | 1,914,144 | | |
| | | | 635,000 | | | | Republic Services Inc., Senior Unsecured Notes, 1.450% due 2/15/31 | | | | | 597,019 | | |
| | | | 395,000 | | | | Roper Technologies Inc., Senior Unsecured Notes, 4.200% due 9/15/28 | | | | | 455,891 | | |
| | | | 797,025 | | | | Stoneway Capital Corp., Senior Secured Notes, 10.000% due 3/1/27(e)(f) | | | | | 306,862 | | |
| | | | 145,000 | | | | Tervita Corp., Secured Notes, 11.000% due 12/1/25(a) | | | | | 156,600 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Industrial – (continued) | |
| | | $ | 690,000 | | | | Textron Inc., Senior Unsecured Notes, 2.450% due 3/15/31 | | | | $ | 681,249 | | |
| | | | 55,000 | | | | Titan Acquisition Ltd./Titan Co.-Borrower LLC, Senior Unsecured Notes,
7.750% due 4/15/26(a) | | | | | 56,650 | | |
| | | | 360,000 | | | | Trane Technologies Luxembourg Finance SA, Company Guaranteed Notes,
4.500% due 3/21/49 | | | | | 445,063 | | |
| | | | | | | | TransDigm Inc.: | | | | | | | |
| | | | | | | | Company Guaranteed Notes: | | | | | | | |
| | | | 140,000 | | | | 6.375% due 6/15/26 | | | | | 144,225 | | |
| | | | 125,000 | | | | 5.500% due 11/15/27 | | | | | 128,413 | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 35,000 | | | | 8.000% due 12/15/25(a) | | | | | 38,106 | | |
| | | | 220,000 | | | | 6.250% due 3/15/26(a) | | | | | 231,856 | | |
| | | | 140,000 | | | | Trident TPI Holdings Inc., Company Guaranteed Notes, 6.625% due 11/1/25(a) | | | | | 142,100 | | |
| | | | | | | | Triumph Group Inc.: | | | | | | | |
| | | | 109,000 | | | | Company Guaranteed Notes, 7.750% due 8/15/25 | | | | | 105,730 | | |
| | | | 55,000 | | | | Secured Notes, 6.250% due 9/15/24(a) | | | | | 55,275 | | |
| | | | | | | | Union Pacific Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 2,075,000 | | | | 3.950% due 8/15/59 | | | | | 2,337,378 | | |
| | | | 1,145,000 | | | | 2.973% due 9/16/62(a) | | | | | 1,065,315 | | |
| | | | 200,000 | | | | Vertical US Newco Inc., Senior Secured Notes, 5.250% due 7/15/27(a) | | | | | 208,500 | | |
| | | | 300,000 | | | | Waste Management Inc., Company Guaranteed Notes, 2.500% due 11/15/50 | | | | | 269,604 | | |
| | | | 130,000 | | | | Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(a) | | | | | 133,641 | | |
| | | | | | | | WRKCo Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 415,000 | | | | 3.750% due 3/15/25 | | | | | 457,058 | | |
| | | | 5,245,000 | | | | 3.900% due 6/1/28 | | | | | 5,932,480 | | |
| | | | | | | | Total Industrial | | | | | 43,689,888 | | |
| | Materials – 0.0% | |
| | | | 200,000 | | | | Ardagh Packaging Group Ltd., Company Guaranteed Notes, 4.000% due
9/1/29(a) | | | | | 200,000 | | |
| | Technology – 1.8% | |
| | | | 500,000 | | | | Activision Blizzard Inc., Senior Unsecured Notes, 2.500% due 9/15/50 | | | | | 440,803 | | |
| | | | | | | | Apple Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 5,130,000 | | | | 1.125% due 5/11/25 | | | | | 5,184,293 | | |
| | | | 240,000 | | | | 1.200% due 2/8/28 | | | | | 234,979 | | |
| | | | 925,000 | | | | 1.250% due 8/20/30 | | | | | 877,874 | | |
| | | | 1,090,000 | | | | 3.850% due 5/4/43 | | | | | 1,272,120 | | |
| | | | 240,000 | | | | 2.650% due 2/8/51 | | | | | 223,327 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Technology – (continued) | |
| | | $ | 205,000 | | | | Ascend Learning LLC, Senior Unsecured Notes, 6.875% due 8/1/25(a) | | | | $ | 210,637 | | |
| | | | 45,000 | | | | Austin BidCo Inc., Senior Unsecured Notes, 7.125% due 12/15/28(a) | | | | | 46,181 | | |
| | | | 60,000 | | | | Banff Merger Sub Inc., Senior Unsecured Notes, 9.750% due 9/1/26(a) | | | | | 63,937 | | |
| | | | 15,000 | | | | Boxer Parent Co., Inc., Senior Secured Notes, 7.125% due 10/2/25(a) | | | | | 16,238 | | |
| | | | | | | | Broadcom Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 420,000 | | | | 3.150% due 11/15/25 | | | | | 451,704 | | |
| | | | 4,035,000 | | | | 4.110% due 9/15/28 | | | | | 4,475,223 | | |
| | | | 45,000 | | | | Camelot Finance SA, Senior Secured Notes, 4.500% due 11/1/26(a) | | | | | 46,688 | | |
| | | | 125,000 | | | | Castle US Holding Corp., Senior Unsecured Notes, 9.500% due 2/15/28(a) | | | | | 128,750 | | |
| | | | 385,000 | | | | Dell International LLC/EMC Corp., Senior Secured Notes, 6.020% due
6/15/26(a) | | | | | 461,486 | | |
| | | | | | | | Fidelity National Information Services Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 750,000 | | | | 3.750% due 5/21/29 | | | | | 844,362 | | |
| | | | 1,265,000 | | | | 2.250% due 3/1/31 | | | | | 1,257,351 | | |
| | | | 2,325,000 | | | | Fiserv Inc., Senior Unsecured Notes, 2.250% due 6/1/27 | | | | | 2,416,306 | | |
| | | | 842,000 | | | | Hewlett Packard Enterprise Co., Senior Unsecured Notes, 0.958% (3-Month
USD-LIBOR + 0.720%) due 10/5/21(b) | | | | | 842,157 | | |
| | | | | | | | Intel Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 335,000 | | | | 2.450% due 11/15/29 | | | | | 351,653 | | |
| | | | 810,000 | | | | 3.250% due 11/15/49 | | | | | 837,454 | | |
| | | | 200,000 | | | | 3.100% due 2/15/60 | | | | | 198,270 | | |
| | | | | | | | International Business Machines Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 215,000 | | | | 3.300% due 5/15/26 | | | | | 237,492 | | |
| | | | 2,250,000 | | | | 1.950% due 5/15/30 | | | | | 2,229,006 | | |
| | | | 455,000 | | | | Leidos Inc., Company Guaranteed Notes, 3.625% due 5/15/25(a) | | | | | 503,225 | | |
| | | | 770,000 | | | | Microchip Technology Inc., Senior Secured Notes, 2.670% due 9/1/23(a) | | | | | 805,933 | | |
| | | | 450,000 | | | | Micron Technology Inc., Senior Unsecured Notes, 2.497% due 4/24/23 | | | | | 468,747 | | |
| | | | 580,000 | | | | Microsoft Corp., Senior Unsecured Notes, 3.700% due 8/8/46 | | | | | 684,447 | | |
| | | | 235,000 | | | | NetApp Inc., Senior Unsecured Notes, 1.875% due 6/22/25 | | | | | 242,010 | | |
| | | | | | | | NVIDIA Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 1,065,000 | | | | 2.850% due 4/1/30 | | | | | 1,145,528 | | |
| | | | 50,000 | | | | 3.500% due 4/1/40 | | | | | 55,336 | | |
| | | | 2,200,000 | | | | NXP BV/NXP Funding LLC, Company Guaranteed Notes, 4.875% due
3/1/24(a) | | | | | 2,454,608 | | |
| | | | | | | | Oracle Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 520,000 | | | | 1.900% due 9/15/21 | | | | | 523,858 | | |
| | | | 1,910,000 | | | | 3.600% due 4/1/50 | | | | | 2,001,316 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Technology – (continued) | |
| | | $ | 10,000 | | | | Rackspace Technology Global Inc., Company Guaranteed Notes, 5.375% due
12/1/28(a) | | | | $ | 10,316 | | |
| | | | 70,000 | | | | Rent-A-Center East Inc., Company Guaranteed Notes, 6.370% due 2/15/29(a) | | | | | 72,808 | | |
| | | | 220,000 | | | | salesforce.com Inc., Senior Unsecured Notes, 3.250% due 4/11/23 | | | | | 232,949 | | |
| | | | 60,000 | | | | Science Applications International Corp., Company Guaranteed Notes, 4.875%
due 4/1/28(a) | | | | | 62,550 | | |
| | | | 75,000 | | | | Seagate HDD Cayman, Company Guaranteed Notes, 3.375% due 7/15/31(a) | | | | | 72,983 | | |
| | | | 6,680,000 | | | | Xilinx Inc., Senior Unsecured Notes, 2.375% due 6/1/30 | | | | | 6,790,803 | | |
| | | | | | | | Total Technology | | | | | 39,475,708 | | |
| | Utilities – 2.7% | |
| | | | 310,000 | | | | AEP Texas Inc., Senior Unsecured Notes, 3.450% due 1/15/50 | | | | | 319,136 | | |
| | | | 800,000 | | | | AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad
It, Company Guaranteed Notes, 7.950% due 5/11/26 | | | | | 840,008 | | |
| | | | 200,000 | | | | AES Gener SA, Junior Subordinated Notes, 6.350% (5-Year CMT Index +
4.917%) due 10/7/79(a)(b) | | | | | 214,750 | | |
| | | | 1,065,000 | | | | American Water Capital Corp., Senior Unsecured Notes, 3.750% due 9/1/28 | | | | | 1,205,270 | | |
| | | | 1,071,000 | | | | Appalachian Power Co., Senior Unsecured Notes, 7.000% due 4/1/38 | | | | | 1,577,724 | | |
| | | | | | | | Berkshire Hathaway Energy Co., Senior Unsecured Notes: | | | | | | | |
| | | | 775,000 | | | | 6.125% due 4/1/36 | | | | | 1,084,159 | | |
| | | | 1,100,000 | | | | 5.950% due 5/15/37 | | | | | 1,497,079 | | |
| | | | | | | | Calpine Corp.: | | | | | | | |
| | | | | | | | Senior Unsecured Notes: | | | | | | | |
| | | | 60,000 | | | | 5.125% due 3/15/28(a) | | | | | 60,300 | | |
| | | | 75,000 | | | | 4.625% due 2/1/29(a) | | | | | 74,062 | | |
| | | | 95,000 | | | | Senior Secured Notes, 4.500% due 2/15/28(a) | | | | | 97,612 | | |
| | | | 200,000 | | | | Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28(a) | | | | | 164,600 | | |
| | | | | | | | Cleco Corporate Holdings LLC, Senior Unsecured Notes: | | | | | | | |
| | | | 330,000 | | | | 3.743% due 5/1/26 | | | | | 363,100 | | |
| | | | 70,000 | | | | 4.973% due 5/1/46 | | | | | 80,991 | | |
| | | | 360,000 | | | | Commonwealth Edison Co., 1st Mortgage Notes, 4.000% due 3/1/48 | | | | | 418,371 | | |
| | | | 470,000 | | | | Dominion Energy Inc., Senior Unsecured Notes, 3.900% due 10/1/25 | | | | | 524,483 | | |
| | | | 500,000 | | | | Dominion Energy South Carolina Inc., 1st Mortgage Notes, 5.100% due 6/1/65 | | | | | 708,949 | | |
| | | | 1,590,000 | | | | Duke Energy Carolinas LLC, 1st Mortgage Notes, 5.300% due 2/15/40 | | | | | 2,124,503 | | |
| | | | | | | | Duke Energy Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 5,000,000 | | | | 0.900% due 9/15/25 | | | | | 4,947,665 | | |
| | | | 645,000 | | | | 2.650% due 9/1/26 | | | | | 685,319 | | |
| | | | 221,700 | | | | Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29 | | | | | 222,809 | | |
| | | | 900,000 | | | | Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25 | | | | | 740,497 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Utilities – (continued) | |
| | | $ | 200,000 | | | | ENN Energy Holdings Ltd., Senior Unsecured Notes, 3.250% due 7/24/22 | | | | $ | 205,326 | | |
| | | | 415,000 | | | | Essential Utilities Inc., Senior Unsecured Notes, 3.351% due 4/15/50 | | | | | 426,126 | | |
| | | | 880,000 | | | | Evergy Inc., Senior Unsecured Notes, 2.900% due 9/15/29 | | | | | 933,180 | | |
| | | | 355,000 | | | | Exelon Corp., Senior Unsecured Notes, 2.450% due 4/15/21 | | | | | 355,187 | | |
| | | | 179,412 | | | | Fenix Power Peru SA, Senior Unsecured Notes, 4.317% due 9/20/27 | | | | | 189,281 | | |
| | | | 510,000 | | | | Georgia Power Co., Senior Unsecured Notes, 2.100% due 7/30/23 | | | | | 530,288 | | |
| | | | 750,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 2.950% due 5/14/30(a) | | | | | 791,364 | | |
| | | | | | | | Korea East-West Power Co., Ltd., Senior Unsecured Notes: | | | | | | | |
| | | | 200,000 | | | | 1.750% due 5/6/25(a) | | | | | 205,350 | | |
| | | | 200,000 | | | | 1.750% due 5/6/25 | | | | | 205,350 | | |
| | | | 729,600 | | | | LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(a) | | | | | 871,653 | | |
| | | | | | | | Minejesa Capital BV, Senior Secured Notes: | | | | | | | |
| | | | 600,000 | | | | 4.625% due 8/10/30 | | | | | 631,500 | | |
| | | | 300,000 | | | | 5.625% due 8/10/37 | | | | | 317,250 | | |
| | | | 155,000 | | | | Monongahela Power Co., 1st Mortgage Notes, 5.400% due 12/15/43(a) | | | | | 197,018 | | |
| | | | | | | | NextEra Energy Capital Holdings Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 6,920,000 | | | | 0.740% (3-Month USD-LIBOR + 0.550%) due 8/28/21(b) | | | | | 6,922,311 | | |
| | | | 445,000 | | | | 2.750% due 5/1/25 | | | | | 474,750 | | |
| | | | 1,175,000 | | | | 2.250% due 6/1/30 | | | | | 1,186,196 | | |
| | | | 1,375,000 | | | | NiSource Inc., Senior Unsecured Notes, 3.600% due 5/1/30 | | | | | 1,530,342 | | |
| | | | 200,000 | | | | NRG Energy Inc., Company Guaranteed Notes, 3.625% due 2/15/31(a) | | | | | 197,000 | | |
| | | | 920,000 | | | | Oglethorpe Power Corp., 1st Mortgage Notes, 5.050% due 10/1/48 | | | | | 1,112,790 | | |
| | | | 1,730,000 | | | | Pacific Gas & Electric Co., 1st Mortgage Notes, 2.500% due 2/1/31 | | | | | 1,682,211 | | |
| | | | 75,000 | | | | PG&E Corp., Senior Secured Notes, 5.000% due 7/1/28 | | | | | 78,844 | | |
| | | | 140,000 | | | | Pike Corp., Company Guaranteed Notes, 5.500% due 9/1/28(a) | | | | | 145,600 | | |
| | | | | | | | Puget Energy Inc., Senior Secured Notes: | | | | | | | |
| | | | 735,000 | | | | 3.650% due 5/15/25 | | | | | 801,436 | | |
| | | | 830,000 | | | | 4.100% due 6/15/30 | | | | | 926,857 | | |
| | | | | | | | Sempra Energy, Senior Unsecured Notes: | | | | | | | |
| | | | 1,395,000 | | | | 3.400% due 2/1/28 | | | | | 1,536,934 | | |
| | | | 6,932,000 | | | | 4.000% due 2/1/48 | | | | | 7,661,739 | | |
| | | | 185,827 | | | | Southaven Combined Cycle Generation LLC, Secured Notes, 3.846% due
8/15/33 | | | | | 199,320 | | |
| | | | | | | | Southern California Edison Co., 1st Mortgage Notes: | | | | | | | |
| | | | 330,000 | | | | 2.850% due 8/1/29 | | | | | 347,938 | | |
| | | | 5,000,000 | | | | 4.875% due 3/1/49 | | | | | 6,121,876 | | |
| | | | 970,000 | | | | Southern California Edison Co., 1st Ref Notes, 4.125% due 3/1/48 | | | | | 1,066,524 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Utilities – (continued) | |
| | | $ | 2,745,000 | | | | Southern Co., Senior Unsecured Notes, 3.700% due 4/30/30 | | | | $ | 3,053,035 | | |
| | | | 300,000 | | | | State Grid Overseas Investment 2013 Ltd., Company Guaranteed Notes, 3.125%
due 5/22/23 | | | | | 315,507 | | |
| | | | 500,000 | | | | State Grid Overseas Investment 2016 Ltd., Company Guaranteed Notes, 3.750%
due 5/2/23 | | | | | 532,418 | | |
| | | | | | | | Total Utilities | | | | | 59,703,888 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Cost – $602,087,776) | | | | | 591,709,554 | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – 21.8% | |
| | | | | | | | Alternative Loan Trust: | | | | | | | |
| | | | 905,025 | | | | Series 2005-28CB, Class 1A7, 5.500% due 8/25/35 | | | | | 906,540 | | |
| | | | 6,820,722 | | | | Series 2005-7CB, Class 2A2, 4.932% (1-Month USD-LIBOR + 5.050%) due
3/1/38(b)(g) | | | | | 842,589 | | |
| | | | 6,820,722 | | | | Series 2005-7CB, Class 2A5, 0.568% (1-Month USD-LIBOR + 0.450%) due
3/1/38(b) | | | | | 5,650,580 | | |
| | | | 3,431,384 | | | | Series 2007-4CB, Class 1A1, 0.718% (1-Month USD-LIBOR + 0.600%) due
4/25/37(b) | | | | | 2,760,812 | | |
| | | | 1,414,590 | | | | Angel Oak Mortgage Trust, Series 2020-R1, Class A1, 0.990% due 4/25/53(a)(b) | | | | | 1,420,266 | | |
| | | | | | | | Angel Oak Mortgage Trust I LLC: | | | | | | | |
| | | | 577,879 | | | | Series 2018-3, Class A1, 3.649% due 9/25/48(a)(b) | | | | | 585,226 | | |
| | | | 822,051 | | | | Series 2018-3, Class A2, 3.751% due 9/25/48(a)(b) | | | | | 831,174 | | |
| | | | 784,998 | | | | Series 2018-3, Class A3, 3.853% due 9/25/48(a)(b) | | | | | 792,815 | | |
| | | | 744,246 | | | | Ashford Hospitality Trust, Series 2018-ASHF, Class A, 1.012% (1-Month
USD-LIBOR + 0.900%) due 4/15/35(a)(b) | | | | | 743,382 | | |
| | | | | | | | BANK: | | | | | | | |
| | | | 12,137,483 | | | | Series 2017-BNK4, Class XA, 1.398% due 5/15/50(b)(g) | | | | | 744,314 | | |
| | | | 16,127,020 | | | | Series 2018-BN10, Class XA, 0.730% due 2/15/61(b)(g) | | | | | 686,929 | | |
| | | | 7,540,000 | | | | Series 2020-BN30, Class A4, 1.925% due 12/15/53 | | | | | 7,477,873 | | |
| | | | | | | | BBCMS Mortgage Trust: | | | | | | | |
| | | | 178,000 | | | | Series 2017-DELC, Class C, 1.312% (1-Month USD-LIBOR + 1.200%) due
8/15/36(a)(b) | | | | | 177,774 | | |
| | | | 203,000 | | | | Series 2017-DELC, Class D, 1.812% (1-Month USD-LIBOR + 1.700%) due
8/15/36(a)(b) | | | | | 201,724 | | |
| | | | 408,000 | | | | Series 2017-DELC, Class E, 2.612% (1-Month USD-LIBOR + 2.500%) due
8/15/36(a)(b) | | | | | 402,879 | | |
| | | | 407,000 | | | | Series 2017-DELC, Class F, 3.612% (1-Month USD-LIBOR + 3.500%) due
8/15/36(a)(b) | | | | | 384,198 | | |
| | | | 1,236,000 | | | | Series 2018-TALL, Class F, 3.347% (1-Month USD-LIBOR + 3.235%) due
3/15/37(a)(b) | | | | | 1,105,453 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 1,800,000 | | | | Series 2020-C6, Class A4, 2.639% due 2/15/53 | | | | $ | 1,900,826 | | |
| | | | 1,486,582 | | | | Series 2020-C7, Class XA, 1.631% due 4/15/53(b)(g) | | | | | 162,033 | | |
| | | | | | | | BBCMS Trust: | | | | | | | |
| | | | 103,488 | | | | Series 2018-BXH, Class A, 1.112% (1-Month USD-LIBOR + 1.000%) due
10/15/37(a)(b) | | | | | 103,566 | | |
| | | | 1,083,000 | | | | Series 2018-CBM, Class A, 1.112% (1-Month USD-LIBOR + 1.000%) due
7/15/37(a)(b) | | | | | 1,081,012 | | |
| | | | 3,525,447 | | | | Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 2.959% due 2/25/36(b) | | | | | 2,987,899 | | |
| | | | | | | | Benchmark Mortgage Trust: | | | | | | | |
| | | | 35,473,377 | | | | Series 2018-B7, Class XA, 0.441% due 5/15/53(b)(g) | | | | | 921,840 | | |
| | | | 2,375,414 | | | | Series 2020-B22, Class XA, 1.523% due 1/15/54(b)(g) | | | | | 291,232 | | |
| | | | 997,000 | | | | BHMS, Series 2018-ATLS, Class A, 1.362% (1-Month USD-LIBOR + 1.250%)
due 7/15/35(a)(b) | | | | | 996,350 | | |
| | | | 3,800,000 | | | | BRAVO Residential Funding Trust, Series 2021-A, Class A1, step bond to yield,
1.991% due 1/25/24(a)(e) | | | | | 3,776,788 | | |
| | | | 1,400,000 | | | | BX, Series 2021-MFM1, Class D, 1.612% (1-Month USD-LIBOR + 1.500%) due
1/15/34(a)(b) | | | | | 1,400,441 | | |
| | | | | | | | BX Commercial Mortgage Trust: | | | | | | | |
| | | | 4,445,000 | | | | Series 2018, Class D, 1.412% due 11/15/35(a)(b) | | | | | 4,446,395 | | |
| | | | 7,734,000 | | | | Series 2018-BIOA, Class D, 1.433% (1-Month USD-LIBOR + 1.321%) due
3/15/37(a)(b) | | | | | 7,738,654 | | |
| | | | 280,000 | | | | Series 2018-IND, Class E, 1.812% (1-Month USD-LIBOR + 1.700%) due
11/15/35(a)(b) | | | | | 280,088 | | |
| | | | 607,551 | | | | Series 2019-XL, Class D, 1.562% (1-Month USD-LIBOR + 1.450%) due
10/15/36(a)(b) | | | | | 607,983 | | |
| | | | 4,025,023 | | | | Series 2019-XL, Class E, 1.912% (1-Month USD-LIBOR + 1.800%) due
10/15/36(a)(b) | | | | | 4,027,868 | | |
| | | | 3,512,402 | | | | Series 2019-XL, Class F, 2.112% (1-Month USD-LIBOR + 2.000%) due
10/15/36(a)(b) | | | | | 3,514,876 | | |
| | | | | | | | BX Trust: | | | | | | | |
| | | | 193,395 | | | | Series 2017-SLCT, Class D, 2.162% (1-Month USD-LIBOR + 2.050%) due
7/15/34(a)(b) | | | | | 193,270 | | |
| | | | 474,300 | | | | Series 2017-SLCT, Class E, 3.262% (1-Month USD-LIBOR + 3.150%) due
7/15/34(a)(b) | | | | | 474,821 | | |
| | | | 112,516 | | | | Series 2018-EXCL, Class A, 1.200% (1-Month USD-LIBOR + 1.088%) due
9/15/37(a)(b) | | | | | 107,894 | | |
| | | | 903,000 | | | | Series 2018-GW, Class A, 0.912% (1-Month USD-LIBOR + 0.800%) due
5/15/35(a)(b) | | | | | 903,300 | | |
| | | | 1,600,000 | | | | Series 2019-OC11, Class E, 4.075% due 12/9/41(a)(b) | | | | | 1,642,060 | | |
| | | | 366,000 | | | | CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 1.182%
(1-Month USD-LIBOR + 1.070%) due 12/15/37(a)(b) | | | | | 366,792 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 365,000 | | | | Cascade MH Asset Trust, Series 2021-MH1, Class A1, 1.750% due
2/25/46(a) | | | | $ | 368,636 | | |
| | | | 19,835,851 | | | | CD Mortgage Trust, Series 2017-CD4, Class XA, 1.290% due 5/10/50(b)(g) | | | | | 1,123,614 | | |
| | | | 15,943,950 | | | | CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XA, 1.595% due
6/15/50(b)(g) | | | | | 1,096,996 | | |
| | | | 760,000 | | | | CGDB Commercial Mortgage Trust, Series 2019-MOB, Class E, 2.112%
(1-Month USD-LIBOR + 2.000%) due 11/15/36(a)(b) | | | | | 752,382 | | |
| | | | | | | | Citigroup Commercial Mortgage Trust: | | | | | | | |
| | | | 1,415,000 | | | | Series 2015-GC31, Class A4, 3.762% due 6/10/48 | | | | | 1,569,427 | | |
| | | | 34,147,267 | | | | Series 2015-GC35, Class XA, 0.778% due 11/10/48(b)(g) | | | | | 947,201 | | |
| | | | 7,640,000 | | | | Series 2019-GC43, Class A4, 3.038% due 11/10/52 | | | | | 8,259,162 | | |
| | | | | | | | Citigroup Mortgage Loan Trust: | | | | | | | |
| | | | 5,942,225 | | | | Series 2018-A, Class A1, 4.000% due 1/25/68(a)(b) | | | | | 5,966,460 | | |
| | | | 2,549,672 | | | | Series 2019-B, Class A1, 3.258% due 4/25/66(a)(b) | | | | | 2,574,030 | | |
| | | | 301,778 | | | | Cold Storage Trust, Series 2020-ICE5, Class B, 1.412% (1-Month USD-LIBOR +
1.300%) due 11/15/37(a)(b) | | | | | 302,249 | | |
| | | | 778,000 | | | | COLT Mortgage Loan Trust, Series 2021-2R, Class A1, 0.798% due
7/27/54(a)(b)(e) | | | | | 770,678 | | |
| | | | | | | | Commercial Mortgage Trust: | | | | | | | |
| | | | 235,868,816 | | | | Series 2013-CR9, Class XA, 0.094% due 7/10/45(b)(g) | | | | | 401,189 | | |
| | | | 1,050,000 | | | | Series 2015-CR23, Class A4, 3.497% due 5/10/48 | | | | | 1,151,890 | | |
| | | | 800,000 | | | | Series 2016-DC2, Class C, 4.633% due 2/10/49 | | | | | 854,738 | | |
| | | | 6,750,000 | | | | Series 2020-CX, Class A, 2.173% due 11/10/46(a) | | | | | 6,766,207 | | |
| | | | 3,750,000 | | | | Series 2020-SBX, Class C, 2.056% due 1/10/38(a)(b) | | | | | 3,770,062 | | |
| | | | | | | | Credit Suisse Commercial Mortgage Capital Trust: | | | | | | | |
| | | | 713,000 | | | | Series 2017-LSTK, Class C, 3.229% due 4/5/33(a) | | | | | 710,093 | | |
| | | | 848,000 | | | | Series 2017-LSTK, Class D, 3.331% due 4/5/33(a)(b) | | | | | 841,342 | | |
| | | | 1,246,000 | | | | Series 2017-LSTK, Class E, 3.331% due 4/5/33(a)(b) | | | | | 1,231,473 | | |
| | | | 69,653,000 | | | | Series 2017-LSTK, Class XACP, – % due 4/5/33(a)(b)(g) | | | | | 697 | | |
| | | | 25,355,000 | | | | Series 2017-LSTK, Class XBCP, – % due 4/5/33(a)(b)(g) | | | | | 254 | | |
| | | | 4,327,154 | | | | Series 2019-RPL2, Class A1, 3.855% due 11/25/58(a)(b) | | | | | 4,432,014 | | |
| | | | 735,000 | | | | Series 2021-AFC1, Class A1, 0.830% due 3/25/56(a)(b)(e) | | | | | 734,893 | | |
| | | | | | | | Credit Suisse Mortgage Capital Certificates: | | | | | | | |
| | | | 110,000 | | | | Series 2019-ICE4, Class C, 1.542% (1-Month USD-LIBOR + 1.430%) due
5/15/36(a)(b) | | | | | 110,138 | | |
| | | | 6,885,000 | | | | Series 2019-ICE4, Class E, 2.262% (1-Month USD-LIBOR + 2.150%) due
5/15/36(a)(b) | | | | | 6,934,715 | | |
| | | | | | | | CSAIL Commercial Mortgage Trust: | | | | | | | |
| | | | 1,985,982 | | | | Series 2015-C4, Class A3, 3.544% due 11/15/48 | | | | | 2,149,285 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 1,205,000 | | | | Series 2018-C14, Class C, 4.890% due 11/15/51(b) | | | | $ | 1,342,561 | | |
| | | | 2,179,968 | | | | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6,
5.500% due 10/25/35 | | | | | 1,755,309 | | |
| | | | | | | | CSMC: | | | | | | | |
| | | | 555,000 | | | | Series 2020-NET, Class A, 2.257% due 8/15/37(a) | | | | | 568,974 | | |
| | | | 495,931 | | | | Series 2021-NQM1, Class A1, 0.809% due 5/25/65(a)(b) | | | | | 495,578 | | |
| | | | | | | | DBGS Mortgage Trust: | | | | | | | |
| | | | 928,139 | | | | Series 2018-BIOD, Class B, 1.000% (1-Month USD-LIBOR + 0.888%) due
5/15/35(a)(b) | | | | | 928,697 | | |
| | | | 3,935,309 | | | | Series 2018-BIOD, Class E, 1.812% (1-Month USD-LIBOR + 1.700%) due
5/15/35(a)(b) | | | | | 3,937,683 | | |
| | | | 21,195,000 | | | | DBJPM 17-C6 Mortgage Trust, Series 2017-C6, Class XB, 0.241% due
6/10/50(b)(g) | | | | | 384,823 | | |
| | | | 610,000 | | | | DC Office Trust, Series 2019-MTC, Class A, 2.965% due 9/15/45(a) | | | | | 651,228 | | |
| | | | 460,000 | | | | Deephaven Residential Mortgage Trust, Series 2021-1, Class A1, 0.715% due
5/25/65(a)(b) | | | | | 459,797 | | |
| | | | 289,000 | | | | Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.797% due
2/25/66(a)(b) | | | | | 288,894 | | |
| | | | | | | | Federal Home Loan Mortgage Corp. (FHLMC). REMICS: | | | | | | | |
| | | | 2,076,645 | | | | Series 4116, Class AP, 1.350% due 8/15/42 | | | | | 2,081,740 | | |
| | | | 6,773,498 | | | | Series 4223, Class SB, 5.283% (1-Month USD-LIBOR + 5.431%) due
7/15/43(b) | | | | | 7,111,696 | | |
| | | | 12,263,464 | | | | Series 4640, Class VB, 3.000% due 3/15/37 | | | | | 12,571,593 | | |
| | | | 8,695,081 | | | | Series 4655, Class CZ, 3.000% due 2/15/47 | | | | | 9,028,888 | | |
| | | | 1,491,274 | | | | Series 4664, Class TC, 3.000% due 6/15/41 | | | | | 1,495,743 | | |
| | | | 20,223,972 | | | | Series 4726, Class Z, 3.500% due 10/15/47 | | | | | 22,086,209 | | |
| | | | 7,491,912 | | | | Series 4750, Class PA, 3.000% due 7/15/46 | | | | | 7,749,225 | | |
| | | | 7,299,198 | | | | Series 4892, Class ES, 6.032% (1-Month USD-LIBOR + 6.150%) due
7/25/45(b)(g) | | | | | 1,718,305 | | |
| | | | | | | | Federal National Mortgage Association (FNMA), Aces: | | | | | | | |
| | | | 7,911,541 | | | | Series 2017-M2, Class A2, 2.807% due 2/25/27(b) | | | | | 8,567,246 | | |
| | | | 4,695,000 | | | | Series 2018-M14, Class A2, 3.578% due 8/25/28(b) | | | | | 5,379,823 | | |
| | | | 1,395,000 | | | | Series 2018-M7, Class A2, 3.052% due 3/25/28(b) | | | | | 1,540,523 | | |
| | | | 14,406,676 | | | | Series 2020-M15, Class X1, 1.575% due 9/25/31(b)(g) | | | | | 1,919,299 | | |
| | | | | | | | Federal National Mortgage Association (FNMA), REMICS: | | | | | | | |
| | | | 249,397 | | | | Series 2011-51, Class TO, 0.000% due 6/25/41(h) | | | | | 235,135 | | |
| | | | 3,215,779 | | | | Series 2014-11, Class KZ, 2.500% due 10/25/41 | | | | | 3,305,369 | | |
| | | | 2,626,030 | | | | Series 2015-55, Class PD, 2.500% due 3/25/43 | | | | | 2,701,237 | | |
| | | | 4,812,400 | | | | Series 2017-107, Class GA, 3.000% due 8/25/45 | | | | | 4,890,792 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 7,731,019 | | | | Series 2017-24, Class LG, 3.000% due 4/25/37 | | | | $ | 8,331,066 | | |
| | | | 4,126,205 | | | | Series 2017-32, Class CA, 3.000% due 10/25/42 | | | | | 4,158,373 | | |
| | | | 7,814,172 | | | | Series 2018-33, Class C, 3.000% due 5/25/48 | | | | | 8,170,873 | | |
| | | | 3,507,737 | | | | Series 2018-38, Class LA, 3.000% due 6/25/48 | | | | | 3,671,524 | | |
| | | | 4,000,000 | | | | FMC GMSR Issuer Trust, Series 2019-GT2, Class A, 4.230% due 9/25/24(a)(b) | | | | | 4,005,561 | | |
| | | | | | | | Freddie Mac Multifamily Structured Pass-Through Certificates: | | | | | | | |
| | | | 114,449,822 | | | | Series K064, Class X1, 0.605% due 3/25/27(b)(g) | | | | | 3,833,978 | | |
| | | | 6,770,000 | | | | Series K084, Class A2, 3.780% due 10/25/28(b) | | | | | 7,863,673 | | |
| | | | 8,000,000 | | | | Series K085, Class A2, 4.060% due 10/25/28(b) | | | | | 9,447,794 | | |
| | | | 2,975,000 | | | | Series K088, Class A2, 3.690% due 1/25/29 | | | | | 3,459,855 | | |
| | | | 25,000,000 | | | | Series K108, Class X1, 1.690% due 3/25/30(b)(g) | | | | | 3,359,143 | | |
| | | | 14,994,951 | | | | Series K112, Class X1, 1.433% due 5/25/30(b)(g) | | | | | 1,738,144 | | |
| | | | 30,184,265 | | | | Series K116, Class X1, 1.427% due 7/25/30(b)(g) | | | | | 3,435,956 | | |
| | | | 40,177,342 | | | | Series K119, Class X1, 0.933% due 9/25/30(b)(g) | | | | | 3,100,855 | | |
| | | | 41,803,537 | | | | Series K121, Class X1, 1.029% due 10/25/30(b)(g) | | | | | 3,534,702 | | |
| | | | 12,798,491 | | | | Series K122, Class X1, 0.883% due 11/25/30(b)(g) | | | | | 948,120 | | |
| | | | 36,296,406 | | | | Series K123, Class X1, 0.775% due 12/25/30(b)(g) | | | | | 2,381,044 | | |
| | | | 23,981,000 | | | | Series K124, Class X1, 0.722% due 12/25/30(b)(g) | | | | | 1,497,302 | | |
| | | | 26,000,000 | | | | Series K125, Class X1, 0.586% due 1/25/31(b)(g) | | | | | 1,318,702 | | |
| | | | 30,991,460 | | | | Series K-1519, Class X1, 0.611% due 12/25/35(b)(g) | | | | | 2,118,886 | | |
| | | | 8,000,000 | | | | Series KIR3, Class A2, 3.281% due 8/25/27 | | | | | 8,982,496 | | |
| | | | 1,500,000 | | | | Series Q001, Class A3, 3.815% due 2/25/32 | | | | | 1,685,900 | | |
| | | | | | | | FREMF Mortgage Trust: | | | | | | | |
| | | | 2,000,000 | | | | Series 2019-K102, Class B, 3.530% due 12/25/51(a)(b) | | | | | 2,159,769 | | |
| | | | 860,000 | | | | Series 2019-K97, Class B, 3.764% due 9/25/51(a)(b) | | | | | 944,049 | | |
| | | | 1,982,613 | | | | FWD Securitization Trust, Series 2019-INV1, Class A3, 3.110% due
6/25/49(a)(b) | | | | | 2,057,736 | | |
| | | | 2,206,016 | | | | Government National Mortgage Association (GNMA), Series 2012-32, Class Z,
3.500% due 3/20/42 | | | | | 2,376,757 | | |
| | | | | | | | Great Wolf Trust: | | | | | | | |
| | | | 500,000 | | | | Series 2019-WOLF, Class E, 2.844% (1-Month USD-LIBOR + 2.732%) due
12/15/36(a)(b) | | | | | 484,963 | | |
| | | | 500,000 | | | | Series 2019-WOLF, Class F, 3.243% (1-Month USD-LIBOR + 3.131%) due
12/15/36(a)(b) | | | | | 474,048 | | |
| | | | | | | | GS Mortgage Securities Corp. Trust: | | | | | | | |
| | | | 400,000 | | | | Series 2018-TWR, Class D, 1.712% (1-Month USD-LIBOR + 1.600%) due
7/15/31(a)(b) | | | | | 393,203 | | |
| | | | 400,000 | | | | Series 2018-TWR, Class E, 2.212% (1-Month USD-LIBOR + 2.100%) due
7/15/31(a)(b) | | | | | 382,634 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 400,000 | | | | Series 2018-TWR, Class F, 2.912% (1-Month USD-LIBOR + 2.800%) due
7/15/31(a)(b) | | | | $ | 373,586 | | |
| | | | 400,000 | | | | Series 2018-TWR, Class G, 4.037% (1-Month USD-LIBOR + 3.925%) due
7/15/31(a)(b) | | | | | 343,570 | | |
| | | | 1,250,000 | | | | Series 2019-SOHO, Class E, 1.987% (1-Month USD-LIBOR + 1.875%) due
6/15/36(a)(b) | | | | | 1,185,222 | | |
| | | | | | | | GS Mortgage Securities Trust: | | | | | | | |
| | | | 705,000 | | | | Series 2015-GC30, Class A4, 3.382% due 5/10/50 | | | | | 767,735 | | |
| | | | 10,436,695 | | | | Series 2017-GS7, Class XA, 1.119% due 8/10/50(b)(g) | | | | | 564,810 | | |
| | | | 1,400,000 | | | | Series 2018-GS9, Class A4, 3.992% due 3/10/51(b) | | | | | 1,591,385 | | |
| | | | 1,200,000 | | | | Series 2018-GS9, Class C, 4.362% due 3/10/51(b) | | | | | 1,313,832 | | |
| | | | 1,500,000 | | | | Series 2020-GC45, Class A5, 2.911% due 2/13/53 | | | | | 1,607,243 | | |
| | | | 6,984,824 | | | | HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 0.261%
(1-Month USD-LIBOR + 0.150%) due 1/25/47(b) | | | | | 6,550,140 | | |
| | | | 1,011,224 | | | | HPLY Trust, Series 2019-HIT, Class F, 3.262% (1-Month USD-LIBOR +
3.150%) due 11/15/36(a)(b) | | | | | 965,620 | | |
| | | | | | | | IMT Trust: | | | | | | | |
| | | | 6,018,963 | | | | Series 2017-APTS, Class BFL, 1.062% (1-Month USD-LIBOR + 0.950%) due
6/15/34(a)(b) | | | | | 6,011,890 | | |
| | | | 994,123 | | | | Series 2017-APTS, Class CFL, 1.212% (1-Month USD-LIBOR + 1.100%) due
6/15/34(a)(b) | | | | | 993,993 | | |
| | | | 33,247 | | | | JP Morgan Chase Commercial Mortgage Securities Corp., Series 2017-FL10,
Class D, 2.012% (1-Month USD-LIBOR + 1.900%) due 6/15/32(a)(b) | | | | | 33,164 | | |
| | | | | | | | JP Morgan Chase Commercial Mortgage Securities Trust: | | | | | | | |
| | | | 562,207 | | | | Series 2018-LAQ, Class A, 1.112% (1-Month USD-LIBOR + 1.000%) due
6/15/32(a)(b) | | | | | 562,195 | | |
| | | | 805,000 | | | | Series 2018-WPT, Class FFX, 5.542% due 7/5/33(a)(b) | | | | | 811,645 | | |
| | | | 1,950,000 | | | | Series 2019-OSB, Class A, 3.397% due 6/5/39(a) | | | | | 2,154,049 | | |
| | | | 823,000 | | | | Series 2020-ACE, Class C, 3.694% due 1/10/37(a)(b) | | | | | 789,915 | | |
| | | | 805,000 | | | | Series 2020-LOOP, Class E, 3.861% due 12/5/38(a)(b) | | | | | 760,323 | | |
| | | | | | | | JP Morgan Mortgage Trust: | | | | | | | |
| | | | 3,361,426 | | | | Series 2006-S1, Class 2A9, 6.500% due 4/25/36 | | | | | 3,490,545 | | |
| | | | 7,650,843 | | | | Series 2006-S4, Class A7, 6.000% due 1/25/37 | | | | | 4,892,389 | | |
| | | | 1,621,000 | | | | Series 2021-3, Class B1, 2.967% due 7/1/51(a)(b) | | | | | 1,685,211 | | |
| | | | | | | | JPMBB Commercial Mortgage Securities Trust: | | | | | | | |
| | | | 380,000 | | | | Series 2014-C26, Class C, 4.380% due 1/15/48(b) | | | | | 397,891 | | |
| | | | 1,667,000 | | | | Series 2015-C27, Class C, 4.312% due 2/15/48(b) | | | | | 1,703,172 | | |
| | | | 2,200,000 | | | | Series 2015-C28, Class A4, 3.227% due 10/15/48 | | | | | 2,383,267 | | |
| | | | 1,205,000 | | | | Series 2015-C28, Class C, 4.151% due 10/15/48(b) | | | | | 1,189,527 | | |
| | | | 529,000 | | | | Series 2016-C1, Class A5, 3.576% due 3/15/49 | | | | | 587,485 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 1,100,000 | | | | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A5,
3.490% due 7/15/50 | | | | $ | 1,218,837 | | |
| | | | 1,123,000 | | | | JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class B,
3.294% due 5/13/53(b) | | | | | 1,200,294 | | |
| | | | 1,180,782 | | | | Legacy Mortgage Asset Trust, Series 2019-SL3, Class A, step bond to yield,
3.474% due 11/25/61(a) | | | | | 1,186,823 | | |
| | | | 4,771,608 | | | | Lehman XS Trust, Series 2007-4N, Class 1A3, 0.370% (1-Month USD-LIBOR +
0.240%) due 3/25/47(b) | | | | | 4,445,722 | | |
| | | | 7,054,627 | | | | Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750%
due 8/25/36 | | | | | 4,195,830 | | |
| | | | | | | | Morgan Stanley Bank of America Merrill Lynch Trust: | | | | | | | |
| | | | 2,000,000 | | | | Series 2014-C17, Class C, 4.483% due 8/15/47(b) | | | | | 2,138,763 | | |
| | | | 17,891,832 | | | | Series 2014-C19, Class XA, 1.000% due 12/15/47(b)(g) | | | | | 518,478 | | |
| | | | 2,583,782 | | | | Series 2015-C20, Class A4, 3.249% due 2/15/48 | | | | | 2,799,290 | | |
| | | | 1,405,000 | | | | Series 2015-C26, Class A5, 3.531% due 10/15/48 | | | | | 1,551,978 | | |
| | | | 1,652,000 | | | | Series 2016-C31, Class C, 4.305% due 11/15/49(b) | | | | | 1,694,025 | | |
| | | | | | | | Morgan Stanley Capital I Trust: | | | | | | | |
| | | | 16,559,329 | | | | Series 2016-UB11, Class XA, 1.506% due 8/15/49(b)(g) | | | | | 971,728 | | |
| | | | 14,069,986 | | | | Series 2016-UB12, Class XA, 0.743% due 12/15/49(b)(g) | | | | | 420,890 | | |
| | | | 1,083,000 | | | | Series 2018-SUN, Class A, 1.012% (1-Month USD-LIBOR + 0.900%) due
7/15/35(a)(b) | | | | | 1,082,627 | | |
| | | | 1,356,000 | | | | Series 2019-H7, Class AS, 3.524% due 7/15/52 | | | | | 1,476,654 | | |
| | | | 583,000 | | | | Series 2019-H7, Class B, 3.725% due 7/15/52 | | | | | 609,995 | | |
| | | | 22,104,798 | | | | Series 2019-L3, Class XA, 0.643% due 11/15/52(b)(g) | | | | | 1,055,128 | | |
| | | | 7,797,476 | | | | Series 2020-HR8, Class XA, 1.846% due 7/15/53(b)(g) | | | | | 1,088,869 | | |
| | | | 806,000 | | | | Series 2020-L4, Class B, 3.082% due 2/15/53 | | | | | 830,054 | | |
| | | | 2,879,216 | | | | Morgan Stanley Residential Mortgage Loan Trust, Series 2020-RPL1, Class A1,
2.693% due 10/25/60(a)(b) | | | | | 2,870,910 | | |
| | | | 1,877,000 | | | | MRCD Mortgage Trust, Series 2019-PARK, Class G, 2.718% due 12/15/36(a) | | | | | 1,773,280 | | |
| | | | 1,190,000 | | | | New Residential Mortgage LLC, Series 2021-NQ1R, Class A1, zero coupon, due
7/25/55(a)(e) | | | | | 1,190,000 | | |
| | | | | | | | New Residential Mortgage Loan Trust: | | | | | | | |
| | | | 2,350,845 | | | | Series 2020-NPL1, Class A1, step bond to yield, 4.335% due 7/25/60(a) | | | | | 2,391,666 | | |
| | | | 1,336,966 | | | | Series 2020-RPL2, Class A1, 3.578% due 8/25/25(a)(b) | | | | | 1,364,457 | | |
| | | | | | | | PMT Credit Risk Transfer Trust: | | | | | | | |
| | | | 2,040,969 | | | | Series 2019-2R, Class A, 2.878% (1-Month USD-LIBOR + 2.750%) due
5/27/23(a)(b)(e) | | | | | 2,009,780 | | |
| | | | 1,388,892 | | | | Series 2019-3R, Class A, 2.828% (1-Month USD-LIBOR + 2.700%) due
10/27/22(a)(b) | | | | | 1,389,793 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 9,685,296 | | | | PRPM LLC, Series 2020-3, Class A1, step bond to yield, 2.857% due
9/25/25(a) | | | | $ | 9,763,862 | | |
| | | | 1,734,068 | | | | Rali Trust, Series 2005-QS13, Class 1A3, 5.500% due 9/25/35 | | | | | 1,678,231 | | |
| | | | 4,655,078 | | | | Residential Asset Securitization Trust, Series 2005-A8CB, Class A6, 5.000% due
7/25/35 | | | | | 3,879,535 | | |
| | | | | | | | Residential Mortgage Loan Trust: | | | | | | | |
| | | | 3,100,000 | | | | Series 2020-1, Class M1, 3.242% due 2/25/24(a)(b) | | | | | 3,139,772 | | |
| | | | 905,000 | | | | Series 2021-1R, Class A1, 0.859% due 1/25/65(a)(b)(e) | | | | | 904,983 | | |
| | | | | | | | Seasoned Credit Risk Transfer Trust: | | | | | | | |
| | | | 5,947,295 | | | | Series 2019-4, Class MV, 3.000% due 2/25/59 | | | | | 6,399,526 | | |
| | | | 922,599 | | | | Series 2020-1, Class MT, 2.500% due 8/25/59 | | | | | 958,486 | | |
| | | | 9,090,203 | | | | Series 2020-2, Class MT, 2.000% due 11/25/59 | | | | | 9,119,560 | | |
| | | | 9,535,720 | | | | Series 2020-3, Class M5TW, 3.000% due 5/25/60 | | | | | 10,072,835 | | |
| | | | 7,587,278 | | | | Seasoned Loans Structured Transaction Trust, Series 2020-2, Class A1D, 1.750%
due 9/25/30 | | | | | 7,782,386 | | |
| | | | | | | | UBS Commercial Mortgage Trust: | | | | | | | |
| | | | 5,186,840 | | | | Series 2017-C1, Class XA, 1.524% due 6/15/50(b)(g) | | | | | 380,910 | | |
| | | | 1,815,000 | | | | Series 2017-C7, Class A3, 3.418% due 12/15/50 | | | | | 1,989,176 | | |
| | | | 4,071,839 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 0.914%
due 3/10/46(a)(b)(g) | | | | | 53,996 | | |
| | | | | | | | Verus Securitization Trust: | | | | | | | |
| | | | 6,400,000 | | | | Series 2019-INV2, Class M1, 3.499% due 7/25/59(a)(b) | | | | | 6,615,893 | | |
| | | | 992,929 | | | | Series 2021-R1, Class A1, 0.820% due 10/25/63(a)(b) | | | | | 993,611 | | |
| | | | 1,336,894 | | | | VOLT XCIII LLC, Series 2021-NPL2, Class A1, step bond to yield, 1.893% due
3/27/51(a)(e) | | | | | 1,336,148 | | |
| | | | 2,131,963 | | | | VOLT XCIV LLC, Series 2021-NPL3, Class A1, step bond to yield, 2.240% due
2/27/51(a)(e) | | | | | 2,131,315 | | |
| | | | | | | | Wells Fargo Commercial Mortgage Trust: | | | | | | | |
| | | | 1,400,000 | | | | Series 2016-BNK1, Class A3, 2.652% due 8/15/49 | | | | | 1,490,258 | | |
| | | | 9,999,626 | | | | Series 2017-C38, Class XA, 1.021% due 7/15/50(b)(g) | | | | | 497,240 | | |
| | | | 800,000 | | | | Series 2018-C45, Class ASB, 4.147% due 6/15/51 | | | | | 905,657 | | |
| | | | 806,000 | | | | Series 2020-C55, Class AS, 2.937% due 2/15/53 | | | | | 838,050 | | |
| | | | 9,339,133 | | | | Series 2020-C58, Class XA, 1.889% due 7/15/53(b)(g) | | | | | 1,326,721 | | |
| | | | 4,900,000 | | | | Series 2021-SAVE, Class D, 2.650% (1-Month USD-LIBOR + 2.500%) due
2/15/40(a)(b) | | | | | 4,918,033 | | |
| | | | | | | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $488,664,419) | | | | | 479,335,673 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | U.S. GOVERNMENT OBLIGATIONS – 20.9% | |
| | | | | | | | U.S. Treasury Bonds: | |
| | | $ | 1,675,000 | | | | 1.875% due 2/15/41 | | | | $ | 1,639,145 | | |
| | | | 9,835,000 | | | | 3.625% due 2/15/44 | | | | | 12,679,466 | | |
| | | | 12,905,000 | | | | 3.375% due 5/15/44 | | | | | 16,034,967 | | |
| | | | 1,390,000 | | | | 2.250% due 8/15/46 | | | | | 1,428,062 | | |
| | | | 8,500,000 | | | | 3.000% due 2/15/48 | | | | | 10,078,476 | | |
| | | | 7,800,000 | | | | 3.125% due 5/15/48 | | | | | 9,459,328 | | |
| | | | 3,000,000 | | | | 2.000% due 2/15/50 | | | | | 2,922,305 | | |
| | | | 68,640,000 | | | | 1.625% due 11/15/50 | | | | | 61,035,975 | | |
| | | | 7,900,000 | | | | 1.875% due 2/15/51 | | | | | 7,480,312 | | |
| | | | 5,953,291 | | | | U.S. Treasury Inflation Indexed Notes, 0.125% due 7/15/30 | | | | | 6,520,947 | | |
| | | | | | | | U.S. Treasury Notes: | | | | | | | |
| | | | 87,870,000 | | | | 0.125% due 11/30/22 | | | | | 87,870,000 | | |
| | | | 2,435,000 | | | | 0.125% due 1/31/23 | | | | | 2,434,715 | | |
| | | | 43,125,000 | | | | 0.250% due 11/15/23 | | | | | 43,138,477 | | |
| | | | 68,970,000 | | | | 0.125% due 12/15/23 | | | | | 68,727,528 | | |
| | | | 10,600,000 | | | | 2.125% due 7/31/24 | | | | | 11,231,859 | | |
| | | | 1,865,000 | | | | 0.250% due 5/31/25 | | | | | 1,839,866 | | |
| | | | 20,900,000 | | | | 0.250% due 6/30/25 | | | | | 20,596,297 | | |
| | | | 22,800,000 | | | | 2.250% due 11/15/25 | | | | | 24,477,047 | | |
| | | | 15,635,000 | | | | 0.375% due 11/30/25 | | | | | 15,413,301 | | |
| | | | 8,370,000 | | | | 0.500% due 2/28/26 | | | | | 8,282,377 | | |
| | | | 5,850,000 | | | | 1.625% due 5/15/26 | | | | | 6,105,937 | | |
| | | | 16,700,000 | | | | 0.500% due 6/30/27 | | | | | 16,183,996 | | |
| | | | 8,500,000 | | | | 0.625% due 5/15/30 | | | | | 7,961,777 | | |
| | | | 15,235,000 | | | | 0.875% due 11/15/30 | | | | | 14,525,620 | | |
| | | | 2,300,000 | | | | 1.125% due 2/15/31 | | | | | 2,243,578 | | |
| | | | | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $468,390,613) | | | | | 460,311,358 | | |
| | MORTGAGE-BACKED SECURITIES – 19.1% | |
| | FHLMC – 3.1% | |
| | | | | | | | Federal Home Loan Mortgage Corp. (FHLMC), Gold: | | | | | | | |
| | | | 15,151,559 | | | | 3.000% due 3/1/42 – 4/1/50 | | | | | 16,061,038 | | |
| | | | 3,922,509 | | | | 3.030% due 1/1/50 | | | | | 4,203,794 | | |
| | | | 17,961,852 | | | | 3.500% due 12/1/46 – 1/1/48 | | | | | 19,721,746 | | |
| | | | 116,496 | | | | 4.000% due 12/1/47 | | | | | 125,780 | | |
| | | | | | | | Federal Home Loan Mortgage Corp. (FHLMC), Gold UMBS: | | | | | | | |
| | | | 7,000,000 | | | | 2.000% due 3/1/51 | | | | | 7,075,895 | | |
| | | | 8,770,788 | | | | 2.500% due 11/1/50 | | | | | 9,101,352 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | MORTGAGE-BACKED SECURITIES – (continued) | |
| | FHLMC – (continued) | |
| | | $ | 4,522,758 | | | | 3.000% due 2/1/33 – 1/1/51 | | | | $ | 4,786,165 | | |
| | | | 2,319,256 | | | | 3.500% due 8/1/43 – 10/1/49 | | | | | 2,504,623 | | |
| | | | 3,316,887 | | | | 4.000% due 10/1/44 – 12/1/47 | | | | | 3,605,974 | | |
| | | | 909,217 | | | | 4.500% due 5/1/48 | | | | | 989,579 | | |
| | | | | | | | TOTAL FHLMC | | | | | 68,175,946 | | |
| | FNMA – 13.5% | |
| | | | | | | | Federal National Mortgage Association (FNMA), UMBS: | | | | | | | |
| | | | 7,449,000 | | | | 1.500% due 3/15/36 – 4/1/36(i) | | | | | 7,525,762 | | |
| | | | 84,070,000 | | | | 2.000% due 3/1/36 – 4/1/51(i) | | | | | 84,942,444 | | |
| | | | 8,974,540 | | | | 2.000% due 8/1/50 – 2/1/51 | | | | | 9,090,624 | | |
| | | | 37,492,643 | | | | 2.500% due 6/1/30 – 2/1/51 | | | | | 38,942,896 | | |
| | | | 17,772,000 | | | | 2.500% due 1/1/36 – 3/1/51(i) | | | | | 18,491,618 | | |
| | | | 25,593,955 | | | | 3.000% due 2/1/30 – 1/1/51 | | | | | 27,297,005 | | |
| | | | 21,860,000 | | | | 3.000% due 3/1/51(i) | | | | | 22,877,856 | | |
| | | | 7,701,574 | | | | 3.500% due 7/1/32 – 7/1/50 | | | | | 8,254,630 | | |
| | | | 9,845,000 | | | | 3.500% due 3/1/51(i) | | | | | 10,438,662 | | |
| | | | 1,778,800 | | | | 4.000% due 3/1/47 – 8/1/48 | | | | | 1,936,944 | | |
| | | | 3,255,000 | | | | 4.000% due 3/1/51(i) | | | | | 3,497,345 | | |
| | | | 635,810 | | | | 4.500% due 5/1/48 | | | | | 697,536 | | |
| | | | 9,350,000 | | | | 4.500% due 3/1/51(i) | | | | | 10,170,942 | | |
| | | | | | | | Federal National Mortgage Association (FNMA): | | | | | | | |
| | | | 7,729,013 | | | | 2.000% due 10/1/50 | | | | | 7,774,118 | | |
| | | | 3,700,000 | | | | 2.310% due 12/1/29 | | | | | 3,937,857 | | |
| | | | 1,700,000 | | | | 2.490% due 9/1/28 | | | | | 1,825,843 | | |
| | | | 3,852,155 | | | | 2.665% due 5/1/44(b) | | | | | 4,009,930 | | |
| | | | 4,443,000 | | | | 2.760% due 9/1/31 | | | | | 4,846,843 | | |
| | | | 10,900,000 | | | | 2.960% due 9/1/34 | | | | | 11,746,454 | | |
| | | | 1,736,809 | | | | 3.000% due 12/1/50 | | | | | 1,850,557 | | |
| | | | 5,701,873 | | | | 3.000% due 4/1/53 | | | | | 6,147,819 | | |
| | | | 8,500,000 | | | | 3.710% due 8/1/30 | | | | | 9,833,100 | | |
| | | | | | | | TOTAL FNMA | | | | | 296,136,785 | | |
| | GNMA – 2.6% | |
| | | | | | | | Government National Mortgage Association (GNMA): | | | | | | | |
| | | | 3,260,000 | | | | 2.000% due 3/1/51(i) | | | | | 3,308,773 | | |
| | | | 12,150,000 | | | | 2.500% due 3/1/51 – 4/1/51(i) | | | | | 12,601,336 | | |
| | | | 13,935,000 | | | | 3.000% due 3/1/51 – 4/1/51(i) | | | | | 14,508,207 | | |
| | | | 1,935,000 | | | | 3.500% due 3/1/51(i) | | | | | 2,049,868 | | |
| | | | 525,000 | | | | 4.000% due 3/1/51(i) | | | | | 561,709 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | MORTGAGE-BACKED SECURITIES – (continued) | |
| | GNMA – (continued) | |
| | | $ | 3,800,000 | | | | 4.500% due 3/1/51(i) | | | | $ | 4,105,145 | | |
| | | | | | | | Government National Mortgage Association (GNMA) II: | | | | | | | |
| | | | 1,645,758 | | | | 2.500% due 1/20/51 | | | | | 1,709,404 | | |
| | | | 197,196 | | | | 3.000% due 12/20/50 | | | | | 208,222 | | |
| | | | 8,627,631 | | | | 3.500% due 8/20/42 – 9/20/50 | | | | | 9,196,664 | | |
| | | | 5,842,803 | | | | 4.000% due 10/20/44 – 3/20/49 | | | | | 6,361,248 | | |
| | | | 1,419,187 | | | | 4.500% due 7/20/49 – 8/20/49 | | | | | 1,542,689 | | |
| | | | | | | | TOTAL GNMA | | | | | 56,153,265 | | |
| | | | | | | | TOTAL MORTGAGE-BACKED SECURITIES
(Cost – $418,606,223) | | | | | 420,465,996 | | |
| | ASSET-BACKED SECURITIES – 6.6% | |
| | | | 500,000 | | | | 522 Funding CLO I Ltd., Series 2019-5A, Class A1, 1.631% (3-Month
USD-LIBOR + 1.390%) due 1/15/33(a)(b) | | | | | 501,256 | | |
| | | | 1,784,362 | | | | Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(a) | | | | | 1,796,303 | | |
| | | | 1,798,122 | | | | AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(a) | | | | | 1,789,033 | | |
| | | | 500,000 | | | | AGL Core CLO 5 Ltd., Series 2020-5A, Class B, 3.004% (3-Month
USD-LIBOR + 2.780%) due 7/20/30(a)(b) | | | | | 502,472 | | |
| | | | 500,000 | | | | ALM 2020 Ltd., Series 2020-1A, Class A2, 2.091% (3-Month USD-LIBOR +
1.850%) due 10/15/29(a)(b) | | | | | 500,036 | | |
| | | | 4,000,000 | | | | AMSR Trust, Series 2020-SFR4, Class E2, 2.456% due 11/17/37(a) | | | | | 3,988,638 | | |
| | | | 1,000,000 | | | | Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class B, 1.719% (3-Month
USD-LIBOR + 1.500%) due 1/28/31(a)(b) | | | | | 997,087 | | |
| | | | 500,000 | | | | Apidos CLO XII, Series 2013-12A, Class CR, 2.041% (3-Month USD-LIBOR +
1.800%) due 4/15/31(a)(b) | | | | | 490,312 | | |
| | | | | | | | Avis Budget Rental Car Funding AESOP LLC: | | | | | | | |
| | | | 5,915,000 | | | | Series 2017-1A, Class A, 3.070% due 9/20/23(a) | | | | | 6,119,150 | | |
| | | | 410,000 | | | | Series 2017-2A, Class A, 2.970% due 3/20/24(a) | | | | | 428,405 | | |
| | | | 1,000,000 | | | | Bain Capital Credit CLO Ltd., Series 2019-3A, Class B2, 2.094% (3-Month
USD-LIBOR + 1.870%) due 10/21/32(a)(b) | | | | | 1,001,728 | | |
| | | | 7,600,000 | | | | Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.060% due
8/15/28 | | | | | 8,005,722 | | |
| | | | 1,973,747 | | | | Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A,
1.263% (3-Month USD-LIBOR + 1.050%) due 7/27/31(a)(b) | | | | | 1,973,892 | | |
| | | | 765,000 | | | | Carlyle Vantage CLO Ltd., Series 2021-2, Class A1, zero coupon, due 4/20/34(a) | | | | | 765,000 | | |
| | | | 1,700,000 | | | | Carmax Auto Owner Trust, Series 2021-1, Class C, 0.940% due 12/15/26 | | | | | 1,692,401 | | |
| | | | 2,383,808 | | | | Carrington Mortgage Loan Trust, Series 2006-NC4, Class A3, 0.278% (1-Month
USD-LIBOR + 0.160%) due 10/25/36(b) | | | | | 2,301,557 | | |
| | | | 1,441,213 | | | | Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125% due
6/15/43(a) | | | | | 1,452,891 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 1,000,000 | | | | CIFC Funding Ltd., Series 2020-1A, Class B, 2.541% (3-Month USD-LIBOR +
2.300%) due 7/15/32(a)(b) | | | | $ | 1,002,835 | | |
| | | | 5,127,548 | | | | CLI Funding VI LLC, Series 2019-1A, Class A, 3.710% due 5/18/44(a) | | | | | 5,150,372 | | |
| | | | 6,565,000 | | | | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640% due 2/18/46(a) | | | | | 6,564,877 | | |
| | | | 5,310,677 | | | | Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4,
Class AV4, 0.598% (1-Month USD-LIBOR + 0.480%) due 5/25/36(b) | | | | | 4,391,783 | | |
| | | | 2,000,000 | | | | Dryden 53 CLO Ltd., Series 2017-53A, Class A, 1.361% (3-Month
USD-LIBOR + 1.120%) due 1/15/31(a)(b) | | | | | 2,000,016 | | |
| | | | 500,000 | | | | Dryden 75 CLO Ltd., Series 2019-75A, Class AR2, 0.000% (3-Month
USD-LIBOR + 1.040%) due 4/15/34(a)(b)(e) | | | | | 500,054 | | |
| | | | | | | | Exeter Automobile Receivables Trust: | | | | | | | |
| | | | 600,000 | | | | Series 2021-1A, Class D, 1.080% due 11/16/26 | | | | | 598,034 | | |
| | | | 900,000 | | | | Series 2021-1A, Class E, 2.210% due 2/15/28(a) | | | | | 893,070 | | |
| | | | 6,756,420 | | | | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A1, 0.258%
(1-Month USD-LIBOR + 0.140%) due 3/25/37(b) | | | | | 4,702,616 | | |
| | | | 2,685,000 | | | | Ford Credit Auto Lease Trust, Series 2021-A, Class C, 0.780% due 9/15/25 | | | | | 2,686,203 | | |
| | | | | | | | Ford Credit Auto Owner Trust: | | | | | | | |
| | | | 6,750,000 | | | | Series 2020-1, Class C, 2.540% due 8/15/31(a) | | | | | 7,128,705 | | |
| | | | 3,650,000 | | | | Series 2020-2, Class C, 1.740% due 4/15/33(a) | | | | | 3,727,655 | | |
| | | | 500,000 | | | | Fort Washington CLO, Series 2019-1A, Class A, 1.644% (3-Month
USD-LIBOR + 1.420%) due 10/20/32(a)(b) | | | | | 500,703 | | |
| | | | | | | | GM Financial Automobile Leasing Trust: | | | | | | | |
| | | | 500,000 | | | | Series 2020-1, Class D, 2.280% due 6/20/24 | | | | | 509,104 | | |
| | | | 1,000,000 | | | | Series 2020-2, Class D, 3.210% due 12/20/24 | | | | | 1,046,625 | | |
| | | | 2,750,000 | | | | GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class C,
1.040% due 5/17/27 | | | | | 2,751,218 | | |
| | | | 785,000 | | | | Greystone CRE Notes Ltd., Series 2019-FL2, Class C, 2.107% (1-Month
USD-LIBOR + 2.000%) due 9/15/37(a)(b) | | | | | 781,560 | | |
| | | | 1,000,000 | | | | Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, 1.611% (3-Month
USD-LIBOR + 1.370%) due 4/15/33(a)(b) | | | | | 1,002,610 | | |
| | | | | | | | Halsey Point CLO I Ltd.: | | | | | | | |
| | | | 1,000,000 | | | | Series 2019-1A, Class A1A1, 1.574% (3-Month USD-LIBOR + 1.350%) due
1/20/33(a)(b) | | | | | 1,000,080 | | |
| | | | 1,000,000 | | | | Series 2019-1A, Class B1, 2.424% (3-Month USD-LIBOR + 2.200%) due
1/20/33(a)(b) | | | | | 993,402 | | |
| | | | 1,000,000 | | | | Helios Issuer LLC, Series 2021-A, Class A, 1.800% due 2/20/48(a) | | | | | 996,139 | | |
| | | | 4,767,406 | | | | Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425% due
11/15/39(a) | | | | | 4,804,972 | | |
| | | | | | | | Invitation Homes Trust: | | | | | | | |
| | | | 2,240,000 | | | | Series 2018-SFR1, Class C, 1.356% (1-Month USD-LIBOR + 1.250%) due
3/17/37(a)(b) | | | | | 2,241,777 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 1,424,482 | | | | Series 2018-SFR1, Class D, 1.556% (1-Month USD-LIBOR + 1.450%) due
3/17/37(a)(b) | | | | $ | 1,425,607 | | |
| | | | 965,000 | | | | Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.846% due
7/30/47(a) | | | | | 1,014,968 | | |
| | | | 1,000,000 | | | | LCM XV LP, Series 15A, Class DR, 3.924% (3-Month USD-LIBOR + 3.700%)
due 7/20/30(a)(b) | | | | | 992,688 | | |
| | | | 500,000 | | | | Madison Park Funding XXV Ltd., Series 2017-25A, Class A2, 1.968% (3-Month
USD-LIBOR + 1.750%) due 4/25/29(a)(b) | | | | | 500,279 | | |
| | | | 1,000,000 | | | | Marble Point CLO XIV Ltd., Series 2018-2A, Class A1R, 1.504% (3-Month
USD-LIBOR + 1.280%) due 1/20/32(a)(b) | | | | | 1,000,143 | | |
| | | | 2,000,000 | | | | Marlette Funding Trust, Series 2019-4A, Class C, 3.760% due 12/17/29(a) | | | | | 2,081,570 | | |
| | | | 1,000,000 | | | | MKS CLO Ltd., Series 2017-1A, Class A, 1.564% (3-Month USD-LIBOR +
1.340%) due 7/20/30(a)(b) | | | | | 1,000,407 | | |
| | | | 1,000,000 | | | | MP CLO III Ltd., Series 2013-1A, Class AR, 1.474% (3-Month USD-LIBOR +
1.250%) due 10/20/30(a)(b) | | | | | 1,000,347 | | |
| | | | 1,000,000 | | | | MP CLO IV Ltd., Series 2013-2A, Class ARR, 1.498% (3-Month USD-LIBOR +
1.280%) due 7/25/29(a)(b) | | | | | 1,000,378 | | |
| | | | 988,761 | | | | Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 1.464% (3-Month
USD-LIBOR + 1.270%) due 11/15/30(a)(b) | | | | | 982,965 | | |
| | | | | | | | Pretium Mortgage Credit Partners I LLC: | | | | | | | |
| | | | 898,240 | | | | Series 2019-CFL1, Class A1, step bond to yield, 3.721% due 1/25/59(a) | | | | | 899,568 | | |
| | | | 1,933,387 | | | | Series 2020-NPL3, Class A1, step bond to yield, 3.105% due 6/27/60(a) | | | | | 1,952,624 | | |
| | | | 2,100,000 | | | | Progress Residential, Series 2021-SFR1, Class D, 1.805% due 4/17/38(a) | | | | | 2,075,088 | | |
| | | | 2,732,570 | | | | PRPM LLC, Series 2019-3A, Class A1, step bond to yield, 3.351% due
7/25/24(a) | | | | | 2,747,756 | | |
| | | | 1,989,453 | | | | Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 1.451% (3-Month
USD-LIBOR + 1.210%) due 10/15/30(a)(b) | | | | | 1,990,424 | | |
| | | | 1,000,000 | | | | Regatta XI Funding Ltd., Series 2018-1A, Class B, 1.873% (3-Month
USD-LIBOR + 1.650%) due 7/17/31(a)(b) | | | | | 997,194 | | |
| | | | 1,000,000 | | | | Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due
8/25/47(a) | | | | | 1,053,523 | | |
| | | | 3,500,000 | | | | STAR Trust, Series 2021-SFR1, Class G, 0.000% (1-Month USD-LIBOR +
3.200%) due 4/17/38(a)(b)(e) | | | | | 3,499,846 | | |
| | | | 1,000,000 | | | | Steele Creek CLO Ltd., Series 2015-1A, Class AR, 1.442% (3-Month
USD-LIBOR + 1.260%) due 5/21/29(a)(b) | | | | | 997,706 | | |
| | | | 5,849,066 | | | | Structured Asset Investment Loan Trust, Series 2005-5, Class M5, 1.093%
(1-Month USD-LIBOR + 0.975%) due 6/25/35(b) | | | | | 5,878,636 | | |
| | | | 6,413,311 | | | | TIF Funding II LLC, Series 2021-1A, Class A, 1.650% due 2/20/46(a) | | | | | 6,366,560 | | |
| | | | 1,495,493 | | | | Upgrade Receivables Trust, Series 2019-1A, Class C, 5.150% due 3/15/25(a) | | | | | 1,506,169 | | |
| | | | 800,000 | | | | Upstart Securitization Trust, Series 2019-3, Class C, 5.381% due 1/21/30(a) | | | | | 833,523 | | |
| | | | 1,300,000 | | | | US Auto Funding LLC, Series 2019-1A, Class D, 8.060% due 11/15/25(a) | | | | | 1,365,023 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 993,913 | | | | Venture XV CLO Ltd., Series 2013-15A, Class A1R2, 1.611% (3-Month
USD-LIBOR + 1.370%) due 7/15/32(a)(b) | | | | $ | 992,430 | | |
| | | | 757,000 | | | | Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, step bond to
yield, 3.967% due 2/25/49(a) | | | | | 759,875 | | |
| | | | 1,090,000 | | | | Volt Information Sciences Inc., Series 2021-NPL4, Class A1, zero coupon, due
3/27/51(a) | | | | | 1,090,000 | | |
| | | | 3,905,835 | | | | VOLT LXXXVII LLC, Series 2020-NPL3, Class A1A, step bond to yield,
2.981% due 2/25/50(a) | | | | | 3,919,468 | | |
| | | | 1,000,000 | | | | Wingstop Funding LLC, Series 2020-1A, Class A2, 2.841% due 12/5/50(a) | | | | | 1,010,080 | | |
| | | | 4,000,000 | | | | York CLO-6 Ltd., Series 2019-1A, Class A1, 1.572% (3-Month USD-LIBOR +
1.350%) due 7/22/32(a)(b) | | | | | 4,006,278 | | |
| | | | | | | | TOTAL ASSET-BACKED SECURITIES
(Cost – $144,940,762) | | | | | 145,221,416 | | |
| | SENIOR LOANS(b) – 1.1% | |
| | | | 153,355 | | | | Acrisure LLC, 3.615% (1-Month USD-LIBOR + 0.350%) due 2/15/27 | | | | | 152,269 | | |
| | | | 60,000 | | | | Acuris Finance US Inc., 4.500% (3-Month USD-LIBOR + 0.400%) due
2/16/28 | | | | | 60,300 | | |
| | | | 125,706 | | | | Air Methods Corp., 4.500% (3-Month USD-LIBOR + 0.350%) due 4/22/24 | | | | | 121,935 | | |
| | | | | | | | Aldevron LLC: | | | | | | | |
| | | | 10,000 | | | | due 10/12/26(j) | | | | | 10,021 | | |
| | | | 153,862 | | | | 5.250% (1-Month USD-LIBOR + 0.425%) due 10/12/26(e) | | | | | 154,182 | | |
| | | | 110,000 | | | | AlixPartners LLP, 0.000% (1-Month USD-LIBOR) due 2/4/28 | | | | | 109,951 | | |
| | | | 50,000 | | | | Alliance Laundry Systems LLC, 4.250% (3-Month USD-LIBOR + 0.350%) due
10/8/27 | | | | | 50,143 | | |
| | | | 108,350 | | | | Alliant Holdings Intermediate LLC, 3.365% (1-Month USD-LIBOR + 0.325%)
due 5/9/25 | | | | | 107,583 | | |
| | | | 205,807 | | | | Alterra Mountain Co., 2.865% (1-Month USD-LIBOR + 0.275%) due 7/31/24 | | | | | 204,263 | | |
| | | | 74,875 | | | | Amentum Government Services Holdings LLC, 3.615% (1-Month
USD-LIBOR + 0.350%) due 1/29/27 | | | | | 74,407 | | |
| | | | | | | | American Airlines Inc.: | | | | | | | |
| | | | 25,000 | | | | due 4/28/23(j) | | | | | 23,422 | | |
| | | | 43,779 | | | | 2.112% (1-Month USD-LIBOR + 0.200%) due 12/15/23 | | | | | 41,289 | | |
| | | | 54,450 | | | | due 1/29/27(j) | | | | | 49,884 | | |
| | | | 45,000 | | | | American Residential Services LLC, 4.250% (3-Month USD-LIBOR + 0.350%)
due 10/15/27 | | | | | 45,197 | | |
| | | | 72,060 | | | | American Tire Distributors Inc., 8.500% (3-Month USD-LIBOR + 0.750%) due
9/2/24 | | | | | 70,214 | | |
| | | | 55,000 | | | | American Trailer World Corp., due 2/17/28(j) | | | | | 54,725 | | |
| | | | 10,000 | | | | AmWINS Group Inc., 3.000% (1-Month USD-LIBOR + 0.225%) due 2/19/28 | | | | | 9,996 | | |
| | | | | | | | Aramark Intermediate HoldCo Corp.: | | | | | | | |
| | | | 135,000 | | | | 1.865% (1-Month USD-LIBOR + 0.175%) due 3/11/25 | | | | | 133,144 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 59,550 | | | | 1.865% (1-Month USD-LIBOR + 0.175%) due 1/15/27 | | | | $ | 58,899 | | |
| | | | 119,700 | | | | Asplundh Tree Expert LLC, 2.615% (1-Month USD-LIBOR + 0.250%) due
9/7/27 | | | | | 119,775 | | |
| | | | | | | | Asurion LLC: | | | | | | | |
| | | | 70,000 | | | | 3.365% (1-Month USD-LIBOR + 0.325%) due 7/31/27 | | | | | 69,738 | | |
| | | | 20,000 | | | | 5.365% (1-Month USD-LIBOR + 0.525%) due 1/31/28 | | | | | 20,544 | | |
| | | | | | | | athenahealth Inc.: | | | | | | | |
| | | | 25,000 | | | | 4.453% (3-Month USD-LIBOR + 0.425%) due 2/11/26 | | | | | 25,136 | | |
| | | | 120,648 | | | | 4.750% (3-Month USD-LIBOR + 0.450%) due 2/11/26(e) | | | | | 121,304 | | |
| | | | | | | | Avantor Funding Inc.: | | | | | | | |
| | | | 48,278 | | | | 3.250% (1-Month USD-LIBOR + 0.225%) due 11/21/24 | | | | | 48,361 | | |
| | | | 85,000 | | | | 3.500% (1-Month USD-LIBOR + 0.250%) due 11/8/27 | | | | | 85,451 | | |
| | | | | | | | Avaya Inc.: | | | | | | | |
| | | | 85,000 | | | | due 12/15/27(j) | | | | | 85,106 | | |
| | | | 94,286 | | | | 4.362% (1-Month USD-LIBOR + 0.425%) due 12/15/27 | | | | | 94,537 | | |
| | | | 121,247 | | | | Aventiv Technologies LLC, 5.500% (3-Month USD-LIBOR + 0.450%) due
11/1/24 | | | | | 111,358 | | |
| | | | 120,463 | | | | Azalea TopCo Inc., 3.711% (3-Month USD-LIBOR + 0.350%) due 7/24/26 | | | | | 120,313 | | |
| | | | 40,000 | | | | B&G Foods Inc., 2.615% (1-Month USD-LIBOR + 0.250%) due 10/10/26 | | | | | 40,028 | | |
| | | | 167,966 | | | | Bass Pro Group LLC, 5.750% (1-Month USD-LIBOR + 0.500%) due 9/25/24 | | | | | 168,045 | | |
| | | | | | | | Bausch Health Cos. Inc.: | | | | | | | |
| | | | 73,994 | | | | 3.115% (1-Month USD-LIBOR + 0.300%) due 6/2/25 | | | | | 74,059 | | |
| | | | 135,000 | | | | 2.865% (1-Month USD-LIBOR + 0.275%) due 11/27/25 | | | | | 134,895 | | |
| | | | 72,709 | | | | BellRing Brands LLC, 0.000% (1-Month USD-LIBOR + 0.500%) due
10/21/24 | | | | | 73,300 | | |
| | | | 142,722 | | | | Blackhawk Network Holdings Inc., 3.115% (1-Month USD-LIBOR + 0.300%)
due 6/15/25 | | | | | 141,117 | | |
| | | | 132,728 | | | | Blackstone CQP Holdco LP, 3.736% (3-Month USD-LIBOR + 0.350%) due
9/30/24 | | | | | 132,694 | | |
| | | | 173,472 | | | | Brand Energy & Infrastructure Services Inc., 5.250% (3-Month USD-LIBOR +
0.425%) due 6/21/24 | | | | | 172,588 | | |
| | | | 77,723 | | | | Brazos Delaware II LLC, 4.111% (1-Month USD-LIBOR + 0.400%) due
5/21/25 | | | | | 71,560 | | |
| | | | 152,163 | | | | Bright Bidco BV, due 6/30/24(j) | | | | | 115,970 | | |
| | | | 114,994 | | | | Brookfield WEC Holdings Inc., 3.250% (1-Month USD-LIBOR + 0.275%) due
8/1/25 | | | | | 114,688 | | |
| | | | 178,763 | | | | Buckeye Partners LP, 2.370% (1-Month USD-LIBOR + 0.225%) due 11/1/26 | | | | | 178,510 | | |
| | | | 114,425 | | | | BY Crown Parent LLC, 4.000% (1-Month USD-LIBOR + 0.300%) due 2/2/26 | | | | | 114,568 | | |
| | | | 84,788 | | | | Cablevision Lightpath LLC, 3.750% (1-Month USD-LIBOR + 0.325%) due
11/30/27 | | | | | 84,929 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 99,750 | | | | Caesars Resort Collection LLC, 4.615% (1-Month USD-LIBOR + 0.450%) due
7/21/25 | | | | $ | 99,989 | | |
| | | | 14,813 | | | | Calpine Corp., 2.115% (1-Month USD-LIBOR + 0.200%) due 8/12/26 | | | | | 14,721 | | |
| | | | 94,758 | | | | Cambium Learning Group Inc., 4.754% (3-Month USD-LIBOR + 0.450%) due
12/18/25 | | | | | 94,798 | | |
| | | | 10,000 | | | | Camelot U.S. Acquisition 1 Co., 4.000% (1-Month USD-LIBOR + 0.300%) due
10/30/26 | | | | | 10,033 | | |
| | | | 59,700 | | | | Carnival Corp., 8.500% (1-Month USD-LIBOR + 0.750%) due 6/30/25 | | | | | 61,889 | | |
| | | | 173,674 | | | | Cengage Learning Inc., 5.250% (3-Month USD-LIBOR + 0.425%) due 6/7/23 | | | | | 170,996 | | |
| | | | 125,000 | | | | Charter Nex US Holdings Inc., 5.000% (1-Month USD-LIBOR + 0.425%) due
12/1/27 | | | | | 125,938 | | |
| | | | 203,246 | | | | CHG PPC Parent LLC, 2.865% (1-Month USD-LIBOR + 0.275%) due 3/31/25 | | | | | 202,230 | | |
| | | | 64,873 | | | | Cincinnati Bell Inc., 4.250% (1-Month USD-LIBOR + 0.325%) due 10/2/24 | | | | | 64,836 | | |
| | | | 134,410 | | | | Clear Channel Outdoor Holdings Inc., 3.711% (2-Month USD-LIBOR + 0.350%)
due 8/21/26 | | | | | 130,621 | | |
| | | | 116,633 | | | | ClubCorp Holdings Inc., 3.004% (3-Month USD-LIBOR + 0.275%) due
9/18/24 | | | | | 109,942 | | |
| | | | 90,000 | | | | CNT Holdings I Corp., 4.500% (3-Month USD-LIBOR + 0.375%) due 11/8/27 | | | | | 90,352 | | |
| | | | 177,750 | | | | Compass Power Generation LLC, 4.500% (1-Month USD-LIBOR + 0.350%) due
12/20/24 | | | | | 177,195 | | |
| | | | 64,513 | | | | Connect Finco SARL, 4.500% (1-Month USD-LIBOR + 0.350%) due 12/11/26 | | | | | 64,720 | | |
| | | | 99,750 | | | | Conservice Midco LLC, 4.503% (3-Month USD-LIBOR + 0.425%) due
5/13/27 | | | | | 100,049 | | |
| | | | 39,900 | | | | Consolidated Communications Inc., 5.750% (1-Month USD-LIBOR + 0.475%)
due 10/2/27 | | | | | 40,093 | | |
| | | | 139,953 | | | | CornerStone OnDemand Inc., 4.361% (1-Month USD-LIBOR + 0.425%) due
4/22/27 | | | | | 140,587 | | |
| | | | 210,000 | | | | CP Atlas Buyer Inc., 4.250% (3-Month USD-LIBOR + 0.375%) due 11/23/27 | | | | | 209,887 | | |
| | | | | | | | CSC Holdings LLC: | | | | | | | |
| | | | 15,464 | | | | 2.361% (1-Month USD-LIBOR + 0.225%) due 7/17/25 | | | | | 15,366 | | |
| | | | 53,900 | | | | 2.361% (1-Month USD-LIBOR + 0.225%) due 1/15/26 | | | | | 53,553 | | |
| | | | 111,288 | | | | CSM Bakery Solutions Ltd., 7.250% (3-Month USD-LIBOR + 0.625%) due
1/4/22 | | | | | 110,268 | | |
| | | | 240,311 | | | | Cvent Inc., 3.900% (2-Month USD-LIBOR + 0.375%) due 11/29/24 | | | | | 231,359 | | |
| | | | 39,481 | | | | Cyanco Intermediate 2 Corp., 3.615% (1-Month USD-LIBOR + 0.350%) due
3/16/25 | | | | | 39,422 | | |
| | | | 101,709 | | | | Cyxtera DC Holdings Inc., 0.000% (3-Month USD-LIBOR + 0.300%) due
5/1/24 | | | | | 100,240 | | |
| | | | 149,063 | | | | DCert Buyer Inc., due 10/16/26(j) | | | | | 149,116 | | |
| | | | 14,850 | | | | Dealer Tire LLC, 4.365% (1-Month USD-LIBOR + 0.425%) due 12/12/25 | | | | | 14,831 | | |
| | | | 115,000 | | | | Delta Topco Inc., 4.500% (3-Month USD-LIBOR + 0.375%) due 12/1/27 | | | | | 115,553 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 199,702 | | | | Dentalcorp Health Services ULC, 4.750% (1-Month USD-LIBOR + 0.375%) due
6/6/25 | | | | $ | 198,142 | | |
| | | | 69,114 | | | | Dhanani Group Inc., 3.865% (1-Month USD-LIBOR + 0.375%) due 7/20/25 | | | | | 68,207 | | |
| | | | 59,373 | | | | Diamond Sports Group LLC, 3.370% (1-Month USD-LIBOR + 0.325%) due
8/24/26 | | | | | 44,530 | | |
| | | | 45,000 | | | | Domtar Corp., due 2/18/28(j) | | | | | 45,113 | | |
| | | | | | | | Dynasty Acquisition Co., Inc.: | | | | | | | |
| | | | 108,712 | | | | 3.754% (3-Month USD-LIBOR + 0.350%) due 4/6/26 | | | | | 104,956 | | |
| | | | 203,439 | | | | EAB Global Inc., 4.750% (3-Month USD-LIBOR + 0.375%) due 11/15/24 | | | | | 202,613 | | |
| | | | 68,157 | | | | EG Group Ltd., 4.254% (3-Month USD-LIBOR + 0.400%) due 2/7/25 | | | | | 67,840 | | |
| | | | 150,000 | | | | Endurance International Group Holdings Inc., 4.250% (3-Month USD-LIBOR +
0.350%) due 2/10/28 | | | | | 148,875 | | |
| | | | 166,227 | | | | Envision Healthcare Corp., 3.865% (1-Month USD-LIBOR + 0.375%) due
10/10/25 | | | | | 142,623 | | |
| | | | 5,000 | | | | eResearchTechnology Inc., due 2/4/27(j) | | | | | 5,017 | | |
| | | | 77,441 | | | | ESH Hospitality Inc., 2.115% (1-Month USD-LIBOR + 0.200%) due 9/18/26 | | | | | 76,957 | | |
| | | | 69,109 | | | | Excelitas Technologies Corp., 4.500% (3-Month USD-LIBOR + 0.350%) due
12/2/24 | | | | | 68,707 | | |
| | | | 89,775 | | | | Exgen Renewables IV LLC, 3.750% (3-Month USD-LIBOR + 0.275%) due
12/15/27 | | | | | 90,201 | | |
| | | | 208,754 | | | | Filtration Group Corp., 3.115% (1-Month USD-LIBOR + 0.300%) due 3/31/25 | | | | | 207,405 | | |
| | | | | | | | First Advantage Holdings LLC: | | | | | | | |
| | | | 129,599 | | | | 0.000% (1-Month USD-LIBOR + 0.325%) due 1/31/27(e) | | | | | 128,951 | | |
| | | | 15,000 | | | | 3.123% (3-Month USD-LIBOR + 0.300%) due 1/31/27 | | | | | 14,925 | | |
| | | | | | | | Flex Acquisition Co., Inc.: | | | | | | | |
| | | | 61,889 | | | | 4.000% (3-Month USD-LIBOR + 0.300%) due 12/29/23 | | | | | 61,821 | | |
| | | | 124,521 | | | | 3.238% (3-Month USD-LIBOR + 0.300%) due 6/29/25 | | | | | 123,479 | | |
| | | | 108,067 | | | | Flexera Software LLC, 4.250% (3-Month USD-LIBOR + 0.325%) due 2/26/25 | | | | | 108,222 | | |
| | | | 151,627 | | | | Flutter Entertainment PLC, 3.754% (3-Month USD-LIBOR + 0.350%) due
7/10/25 | | | | | 152,164 | | |
| | | | 65,000 | | | | Forcepoint LLC, 0.000% (1-Month USD-LIBOR) due 1/11/28 | | | | | 64,919 | | |
| | | | 46,747 | | | | Forterra Finance LLC, 4.000% (1-Month USD-LIBOR + 0.300%) due 10/25/23 | | | | | 46,825 | | |
| | | | | | | | Foundation Building Materials Inc.: | | | | | | | |
| | | | 27,481 | | | | 0.000% (1-Month USD-LIBOR) due 1/31/28 | | | | | 27,419 | | |
| | | | 47,519 | | | | 3.750% (1-Month USD-LIBOR + 0.325%) due 1/31/28 | | | | | 47,412 | | |
| | | | 43,891 | | | | Frontdoor Inc., 2.625% (1-Month USD-LIBOR + 0.250%) due 8/16/25 | | | | | 43,727 | | |
| | | | 65,184 | | | | Frontera Generation Holdings LLC, 5.250% (3-Month USD-LIBOR + 0.425%)
due 5/2/25 | | | | | 6,844 | | |
| | | | 60,000 | | | | Frontier Communications Corp., 5.750% (1-Month USD-LIBOR + 0.475%) due
10/8/21 | | | | | 60,413 | | |
| | | | 145,000 | | | | Gemini HDPE LLC, 3.500% (3-Month USD-LIBOR + 0.300%) due 12/31/27 | | | | | 144,638 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 121,782 | | | | Getty Images Inc., 4.625% (1-Month USD-LIBOR + 0.450%) due 2/19/26 | | | | $ | 121,040 | | |
| | | | 63,821 | | | | GFL Environmental Inc., 3.500% (3-Month USD-LIBOR + 0.300%) due
5/30/25 | | | | | 64,087 | | |
| | | | 145,000 | | | | Global Medical Response Inc., 5.750% (3-Month USD-LIBOR + 0.475%) due
10/2/25 | | | | | 145,000 | | |
| | | | 144,275 | | | | Go Daddy Operating Co. LLC, 2.615% (1-Month USD-LIBOR + 0.250%) due
8/10/27 | | | | | 144,353 | | |
| | | | 75,000 | | | | Grab Holdings Inc., 5.500% (3-Month USD-LIBOR + 0.450%) due 1/29/26 | | | | | 74,906 | | |
| | | | 132,254 | | | | Graham Packaging Co., Inc., 0.000% (1-Month USD-LIBOR + 0.375%) due
8/4/27 | | | | | 132,389 | | |
| | | | 154,157 | | | | Granite US Holdings Corp., 4.169% (2-Month USD-LIBOR + 0.400%) due
9/30/26 | | | | | 154,350 | | |
| | | | 110,000 | | | | Great American Outdoors Group LLC, due 2/25/28(j) | | | | | 110,086 | | |
| | | | 81,148 | | | | GTT Communications Inc., 3.000% (3-Month USD-LIBOR + 0.275%) due
5/31/25(f) | | | | | 63,071 | | |
| | | | 91,617 | | | | Gulf Finance LLC, 6.250% (1-Month USD-LIBOR + 0.525%) due 8/25/23 | | | | | 70,709 | | |
| | | | 169,575 | | | | Harbor Freight Tools USA Inc., 4.000% (1-Month USD-LIBOR + 0.325%) due
10/19/27 | | | | | 170,282 | | |
| | | | 148,310 | | | | Hayward Industries Inc., 3.615% (1-Month USD-LIBOR + 0.350%) due 8/5/24 | | | | | 148,156 | | |
| | | | 59,100 | | | | Hexion Inc., 3.740% (3-Month USD-LIBOR + 0.350%) due 7/1/26 | | | | | 58,805 | | |
| | | | 207,995 | | | | H-Food Holdings LLC, 3.802% (1-Month USD-LIBOR + 0.369%) due 5/23/25 | | | | | 206,695 | | |
| | | | | | | | Hillman Group Inc.: | | | | | | | |
| | | | 40,000 | | | | due 2/24/28(e)(j) | | | | | 40,000 | | |
| | | | 210,000 | | | | Hilton Worldwide Finance LLC, 1.868% (1-Month USD-LIBOR + 0.175%) due
6/22/26 | | | | | 209,399 | | |
| | | | 65,000 | | | | Horizon Therapeutics USA Inc., due 2/26/28(j) | | | | | 65,081 | | |
| | | | 40,125 | | | | Hyland Software Inc., 7.750% (1-Month USD-LIBOR + 0.700%) due 7/7/25 | | | | | 40,392 | | |
| | | | 106,635 | | | | iHeartCommunications Inc., 3.115% (1-Month USD-LIBOR + 0.300%) due
5/1/26 | | | | | 105,542 | | |
| | | | 125,000 | | | | INEOS Styrolution Group GmbH, 3.250% (1-Month USD-LIBOR + 0.275%) due
1/29/26 | | | | | 125,469 | | |
| | | | 158,800 | | | | Informatica LLC, 3.365% (1-Month USD-LIBOR + 0.325%) due 2/25/27 | | | | | 158,400 | | |
| | | | 44,663 | | | | Ingersoll-Rand Services Co., 1.865% (1-Month USD-LIBOR + 0.175%) due
3/1/27 | | | | | 44,551 | | |
| | | | 36,839 | | | | Intelsat Jackson Holdings SA, 6.500% (3-Month USD-LIBOR + 0.550%) due
7/13/22 | | | | | 37,380 | | |
| | | | | | | | Iqvia Inc.: | | | | | | | |
| | | | 171,456 | | | | 1.865% (1-Month USD-LIBOR + 0.175%) due 1/17/25 | | | | | 171,284 | | |
| | | | 84,238 | | | | 2.004% (3-Month USD-LIBOR + 0.175%) due 6/11/25 | | | | | 84,148 | | |
| | | | 120,000 | | | | IRB Holding Corp., 4.250% (3-Month USD-LIBOR + 0.325%) due 12/15/27 | | | | | 120,407 | | |
| | | | 110,000 | | | | Ivanti Software Inc., 5.750% (3-Month USD-LIBOR + 0.475%) due 12/1/27 | | | | | 110,688 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 79,602 | | | | KBR Inc., 0.000% (1-Month USD-LIBOR + 0.275%) due 2/5/27 | | | | $ | 79,701 | | |
| | | | 113,850 | | | | Kestrel Bidco Inc., 4.000% (3-Month USD-LIBOR + 0.300%) due 12/11/26 | | | | | 110,150 | | |
| | | | 98,982 | | | | Kindred Healthcare LLC, 4.625% (1-Month USD-LIBOR + 0.450%) due
7/2/25 | | | | | 99,106 | | |
| | | | 115,000 | | | | Klockner Pentaplast GmbH, due 2/4/26(j) | | | | | 115,072 | | |
| | | | 35,000 | | | | Kodiak Building Partners Inc., due 2/15/28(j) | | | | | 34,956 | | |
| | | | 105,000 | | | | Kronos Acquisition Holdings Inc., 4.250% (3-Month USD-LIBOR + 0.375%)
due 12/22/26 | | | | | 104,847 | | |
| | | | | | | | LBM Acquisition LLC: | | | | | | | |
| | | | 19,091 | | | | due 12/17/27(j) | | | | | 19,123 | | |
| | | | 85,909 | | | | 4.500% (3-Month USD-LIBOR + 0.375%) due 12/17/27 | | | | | 86,053 | | |
| | | | 7,065 | | | | Lealand Finance Co. BV, 4.115% (1-Month USD-LIBOR + 0.400%) due
6/30/25 | | | | | 4,553 | | |
| | | | 177,368 | | | | LifePoint Health Inc., 3.865% (1-Month USD-LIBOR + 0.375%) due 11/16/25 | | | | | 177,460 | | |
| | | | 34,865 | | | | Lions Gate Capital Holdings LLC, 2.365% (1-Month USD-LIBOR + 0.225%)
due 3/24/25 | | | | | 34,516 | | |
| | | | 155,000 | | | | LogMeIn Inc., 4.874% (1-Month USD-LIBOR + 0.475%) due 8/31/27 | | | | | 154,871 | | |
| | | | 127,518 | | | | Lower Cadence Holdings LLC, 4.115% (1-Month USD-LIBOR + 0.400%) due
5/22/26 | | | | | 125,021 | | |
| | | | 132,385 | | | | Lucid Energy Group II Borrower LLC, 4.000% (1-Month USD-LIBOR +
0.300%) due 2/17/25 | | | | | 127,199 | | |
| | | | 149,625 | | | | Lummus Technology Holdings V LLC, 0.000% (1-Month USD-LIBOR +
0.400%) due 6/30/27(e) | | | | | 149,625 | | |
| | | | 36,667 | | | | Maravai Intermediate Holdings LLC, 5.250% (3-Month USD-LIBOR + 0.425%)
due 10/19/27 | | | | | 36,896 | | |
| | | | | | | | Mavis Tire Express Services Corp.: | | | | | | | |
| | | | 163,106 | | | | 3.504% (3-Month USD-LIBOR + 0.325%) due 3/20/25 | | | | | 161,924 | | |
| | | | 110,000 | | | | 5.000% (3-Month USD-LIBOR + 0.400%) due 3/20/25 | | | | | 110,344 | | |
| | | | | | | | MED ParentCo LP: | | | | | | | |
| | | | 118,716 | | | | 4.365% (3-Month USD-LIBOR + 0.425%) due 8/31/26 | | | | | 117,002 | | |
| | | | 143,983 | | | | Messer Industries GmbH, 2.754% (3-Month USD-LIBOR + 0.250%) due
3/2/26 | | | | | 143,875 | | |
| | | | 120,000 | | | | Milano Acquisition Corp., due 10/1/27(j) | | | | | 119,600 | | |
| | | | 110,000 | | | | Mileage Plus Holdings LLC, 6.250% (3-Month USD-LIBOR + 0.525%) due
6/21/27 | | | | | 117,294 | | |
| | | | 200,376 | | | | Minotaur Acquisition Inc., 5.115% (1-Month USD-LIBOR + 0.500%) due
3/27/26 | | | | | 200,689 | | |
| | | | 29,924 | | | | Mirion Technologies Finance LLC, 4.257% (3-Month USD-LIBOR + 0.400%)
due 3/6/26 | | | | | 29,961 | | |
| | | | | | | | Misys Ltd.: | | | | | | | |
| | | | 130,785 | | | | 4.500% (3-Month USD-LIBOR + 0.350%) due 6/13/24 | | | | | 129,369 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 45,000 | | | | 8.250% (3-Month USD-LIBOR + 0.725%) due 6/13/25 | | | | $ | 45,246 | | |
| | | | | | | | Mitchell International Inc.: | |
| | | | 121,530 | | | | 3.365% (1-Month USD-LIBOR + 0.325%) due 11/29/24 | | | | | 120,163 | | |
| | | | 30,000 | | | | 7.365% (1-Month USD-LIBOR + 0.725%) due 12/1/25 | | | | | 29,963 | | |
| | | | 61,677 | | | | MLN US HoldCo LLC, 4.613% (1-Month USD-LIBOR + 0.450%) due
11/30/25 | | | | | 57,498 | | |
| | | | | | | | Motion Acquisition Ltd.: | | | | | | | |
| | | | 39,602 | | | | 3.504% (3-Month USD-LIBOR + 0.325%) due 11/12/26 | | | | | 38,463 | | |
| | | | 95,123 | | | | MPH Acquisition Holdings LLC, 3.750% (3-Month USD-LIBOR + 0.275%) due
6/7/23 | | | | | 94,982 | | |
| | | | 56,399 | | | | NASCAR Holdings LLC, 2.865% (1-Month USD-LIBOR + 0.275%) due
10/19/26 | | | | | 56,336 | | |
| | | | 43,988 | | | | NCR Corp., 2.720% (3-Month USD-LIBOR + 0.250%) due 8/28/26 | | | | | 43,621 | | |
| | | | 25,000 | | | | Option Care Health Inc., 3.865% (1-Month USD-LIBOR + 0.375%) due 8/6/26 | | | | | 25,005 | | |
| | | | 61,702 | | | | Ortho-Clinical Diagnostics Inc., 3.363% (3-Month USD-LIBOR + 0.225%) due
6/30/25 | | | | | 61,779 | | |
| | | | 44,100 | | | | Outcomes Group Holdings Inc., 3.504% (3-Month USD-LIBOR + 0.325%) due
10/24/25 | | | | | 43,549 | | |
| | | | 65,000 | | | | Packaging Coordinators Midco Inc., 4.500% (6-Month USD-LIBOR + 0.375%)
due 11/30/27 | | | | | 65,195 | | |
| | | | | | | | Pactiv Evergreen Inc.: | | | | | | | |
| | | | 91,610 | | | | 2.865% (1-Month USD-LIBOR + 0.275%) due 2/5/23 | | | | | 91,353 | | |
| | | | 75,000 | | | | 3.365% (1-Month USD-LIBOR + 0.325%) due 2/5/26 | | | | | 74,687 | | |
| | | | 60,000 | | | | PAI Holdco Inc., 5.000% (3-Month USD-LIBOR + 0.400%) due 10/28/27 | | | | | 60,450 | | |
| | | | 75,000 | | | | Park River Holdings Inc., 4.000% (2-Month USD-LIBOR + 0.325%) due
12/28/27 | | | | | 75,080 | | |
| | | | | | | | Pathway Vet Alliance LLC: | | | | | | | |
| | | | 20,000 | | | | 3.865% (1-Month USD-LIBOR + 0.375%) due 3/31/27 | | | | | 20,020 | | |
| | | | 208,504 | | | | 4.146% (1-Month USD-LIBOR + 0.400%) due 3/31/27(e) | | | | | 208,712 | | |
| | | | 48,305 | | | | PCI Gaming Authority, 2.615% (1-Month USD-LIBOR + 0.250%) due 5/29/26 | | | | | 48,224 | | |
| | | | 195,255 | | | | Peak 10 Holding Corp., 3.754% (3-Month USD-LIBOR + 0.350%) due 8/1/24 | | | | | 183,225 | | |
| | | | 39,614 | | | | Penn National Gaming Inc., 3.000% (1-Month USD-LIBOR + 0.225%) due
10/15/25 | | | | | 39,551 | | |
| | | | | | | | Peraton Corp.: | | | | | | | |
| | | | 125,000 | | | | due 2/1/28(j) | | | | | 125,469 | | |
| | | | 65,000 | | | | Petco Animal Supplies Inc., due 2/25/28(e)(j) | | | | | 64,919 | | |
| | | | 75,000 | | | | PetSmart LLC, 4.500% (3-Month USD-LIBOR + 0.375%) due 2/11/28 | | | | | 75,492 | | |
| | | | 5,000 | | | | PetVet Care Centers LLC, 0.000% (1-Month USD-LIBOR) due 2/14/25(e) | | | | | 4,998 | | |
| | | | 129,350 | | | | PG&E Corp., 3.500% (1-Month USD-LIBOR + 0.300%) due 6/23/25 | | | | | 129,713 | | |
| | | | 39,593 | | | | Phoenix Services International LLC, 4.750% (1-Month USD-LIBOR + 0.375%)
due 3/1/25 | | | | | 39,494 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | | | | | | Pike Corp.: | |
| | | $ | 12,945 | | | | due 1/21/28(j) | | | | $ | 12,941 | | |
| | | | 17,055 | | | | 3.120% (1-Month USD-LIBOR + 0.300%) due 1/21/28 | | | | | 17,050 | | |
| | | | 40,000 | | | | Playa Resorts Holding BV, due 4/29/24(j) | | | | | 38,377 | | |
| | | | 82,821 | | | | Playtika Holding Corp., 7.000% (3-Month USD-LIBOR + 0.600%) due
12/10/24 | | | | | 83,193 | | |
| | | | 65,416 | | | | Ply Gem Midco Inc., 3.860% (1-Month USD-LIBOR + 0.375%) due 4/12/25 | | | | | 65,416 | | |
| | | | 160,498 | | | | PODS LLC, 3.750% (1-Month USD-LIBOR + 0.275%) due 12/6/24 | | | | | 160,738 | | |
| | | | 77,794 | | | | PowerTeam Services LLC, 4.250% (3-Month USD-LIBOR + 0.325%) due
3/6/25 | | | | | 77,736 | | |
| | | | 54,113 | | | | Prairie ECI Acquiror LP, 4.865% (1-Month USD-LIBOR + 0.475%) due
3/11/26 | | | | | 53,076 | | |
| | | | 143,550 | | | | Pregis TopCo LLC, 3.865% (1-Month USD-LIBOR + 0.375%) due 7/31/26 | | | | | 143,550 | | |
| | | | 24,875 | | | | Presidio Holdings Inc., 3.720% (3-Month USD-LIBOR + 0.350%) due 1/22/27 | | | | | 24,906 | | |
| | | | 69,112 | | | | Pro Mach Group Inc., 2.865% (1-Month USD-LIBOR + 0.275%) due 3/7/25 | | | | | 68,507 | | |
| | | | 134,361 | | | | Pug LLC, 3.615% (1-Month USD-LIBOR + 0.350%) due 2/12/27 | | | | | 130,330 | | |
| | | | 155,000 | | | | Rackspace Technology Global Inc., 3.500% (3-Month USD-LIBOR + 0.275%)
due 2/15/28 | | | | | 154,881 | | |
| | | | 135,000 | | | | RealPage Inc., due 2/18/28(j) | | | | | 135,057 | | |
| | | | 94,763 | | | | Redstone Holdco 2 LP, 6.000% (3-Month USD-LIBOR + 0.500%) due 9/1/27 | | | | | 95,868 | | |
| | | | 186,032 | | | | Renaissance Holding Corp., 3.365% (1-Month USD-LIBOR + 0.325%) due
5/30/25 | | | | | 184,093 | | |
| | | | 40,000 | | | | Rent-A-Center Inc, 0.000% (1-Month USD-LIBOR) due 1/17/28 | | | | | 40,250 | | |
| | | | 136,125 | | | | RentPath LLC, 0.000% (3-Month USD-LIBOR + 0.380%) due 12/17/21(f) | | | | | 118,599 | | |
| | | | 43,564 | | | | Reynolds Consumer Products LLC, 1.865% (1-Month USD-LIBOR + 0.175%)
due 2/4/27 | | | | | 43,597 | | |
| | | | 60,000 | | | | Riverbed Technology Inc., due 12/31/25(j) | | | | | 58,250 | | |
| | | | 44,888 | | | | Ryan Specialty Group LLC, 4.000% (1-Month USD-LIBOR + 0.325%) due
9/1/27 | | | | | 44,944 | | |
| | | | | | | | Sabre GLBL Inc.: | | | | | | | |
| | | | 89,538 | | | | 2.115% (1-Month USD-LIBOR + 0.200%) due 2/22/24 | | | | | 87,972 | | |
| | | | 35,000 | | | | 4.115% (1-Month USD-LIBOR + 0.400%) due 12/17/27 | | | | | 35,372 | | |
| | | | 75,000 | | | | Schenectady International Group Inc., 4.867% (2-Month USD-LIBOR + 0.475%)
due 10/15/25 | | | | | 74,625 | | |
| | | | 40,800 | | | | Science Applications International Corp., 2.365% (1-Month USD-LIBOR +
0.225%) due 3/12/27 | | | | | 40,851 | | |
| | | | 173,457 | | | | Scientific Games International Inc., 2.865% (1-Month USD-LIBOR + 0.275%)
due 8/14/24 | | | | | 170,576 | | |
| | | | 143,707 | | | | Sedgwick Claims Management Services Inc., 3.365% (1-Month USD-LIBOR +
0.325%) due 12/31/25 | | | | | 142,569 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 207,375 | | | | Sinclair Television Group Inc., 2.620% (1-Month USD-LIBOR + 0.250%) due
9/30/26 | | | | $ | 206,469 | | |
| | | | 178,704 | | | | SIWF Holdings Inc., 4.365% (1-Month USD-LIBOR + 0.425%) due 6/15/25 | | | | | 177,848 | | |
| | | | 86,819 | | | | Six Flags Theme Parks Inc., 1.870% (1-Month USD-LIBOR + 0.175%) due
4/17/26 | | | | | 84,746 | | |
| | | | 90,000 | | | | SkyMiles IP Ltd., 4.750% (3-Month USD-LIBOR + 0.375%) due 10/20/27 | | | | | 95,194 | | |
| | | | 19,800 | | | | SMG US Midco 2 Inc., 2.683% (3-Month USD-LIBOR + 0.250%) due 1/23/25 | | | | | 18,835 | | |
| | | | 242,500 | | | | SolarWinds Holdings Inc., 2.865% (1-Month USD-LIBOR + 0.275%) due
2/5/24 | | | | | 238,508 | | |
| | | | | | | | Solenis Holdings LLC: | | | | | | | |
| | | | 118,792 | | | | 4.190% (3-Month USD-LIBOR + 0.400%) due 6/26/25 | | | | | 118,799 | | |
| | | | 5,000 | | | | 8.690% (3-Month USD-LIBOR + 0.850%) due 6/26/26 | | | | | 4,996 | | |
| | | | 242,666 | | | | Solera LLC, 2.865% (1-Month USD-LIBOR + 0.275%) due 3/3/23 | | | | | 242,285 | | |
| | | | 95,000 | | | | Sotera Health Holdings LLC, 3.250% (2-Month USD-LIBOR + 0.275%) due
12/11/26 | | | | | 94,911 | | |
| | | | 60,868 | | | | Southern Graphics Inc., 3.365% (1-Month USD-LIBOR + 0.325%) due
12/31/22 | | | | | 44,966 | | |
| | | | | | | | Southern Veterinary Partners LLC: | | | | | | | |
| | | | 19,394 | | | | due 10/5/27(j) | | | | | 19,455 | | |
| | | | 140,606 | | | | 5.000% (6-Month USD-LIBOR + 0.400%) due 10/5/27 | | | | | 141,046 | | |
| | | | 132,518 | | | | SS&C Technologies Holdings Inc., 1.865% (1-Month USD-LIBOR + 0.175%)
due 4/16/25 | | | | | 132,021 | | |
| | | | 73,744 | | | | Staples Inc., 5.205% (3-Month USD-LIBOR + 0.500%) due 4/16/26 | | | | | 72,234 | | |
| | | | 34,650 | | | | Sunshine Luxembourg VII SARL, 5.000% (3-Month USD-LIBOR + 0.400%) due
10/1/26 | | | | | 34,763 | | |
| | | | 31,587 | | | | Syncreon Group BV, 6.000% (1-Month USD-LIBOR + 0.500%) due 10/1/24 | | | | | 31,321 | | |
| | | | 98,849 | | | | TAMKO Building Products LLC, 3.365% (1-Month USD-LIBOR + 0.325%) due
5/29/26 | | | | | 98,602 | | |
| | | | 1,417 | | | | Tapstone Energy Holdings III LLC, 5.000% (1-Month USD-LIBOR + 0.400%)
due 4/17/24 | | | | | 1,417 | | |
| | | | 64,243 | | | | Team Health Holdings Inc., 3.750% (1-Month USD-LIBOR + 0.275%) due
2/6/24 | | | | | 59,906 | | |
| | | | 79,800 | | | | Tech Data Corp., 5.615% (1-Month USD-LIBOR + 0.550%) due 6/30/25 | | | | | 80,299 | | |
| | | | 130,181 | | | | Telesat Canada, 2.870% (1-Month USD-LIBOR + 0.275%) due 12/7/26 | | | | | 128,660 | | |
| | | | 143,550 | | | | Terrier Media Buyer Inc., 3.615% (1-Month USD-LIBOR + 0.350%) due
12/17/26 | | | | | 143,371 | | |
| | | | 15,000 | | | | TIBCO Software Inc., 7.370% (1-Month USD-LIBOR + 0.725%) due 3/3/28 | | | | | 15,141 | | |
| | | | 197,234 | | | | Titan Acquisition Ltd., 3.267% (3-Month USD-LIBOR + 0.300%) due 3/28/25 | | | | | 193,716 | | |
| | | | 156,114 | | | | TKC Holdings Inc., 4.750% (3-Month USD-LIBOR + 0.375%) due 2/1/23 | | | | | 153,455 | | |
| | | | 36,138 | | | | Trans Union LLC, 1.865% (1-Month USD-LIBOR + 0.175%) due 11/16/26 | | | | | 36,159 | | |
| | | | 192,495 | | | | TransDigm Inc., 2.365% (1-Month USD-LIBOR + 0.225%) due 12/9/25 | | | | | 189,863 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 104,400 | | | | Travel Leaders Group LLC, 4.115% (1-Month USD-LIBOR + 0.400%) due
1/25/24 | | | | $ | 97,157 | | |
| | | | | | | | Travelport Finance (Luxembourg) SARL: | | | | | | | |
| | | | 76,950 | | | | due 2/28/25(j) | | | | | 76,719 | | |
| | | | 40,942 | | | | 5.254% (3-Month USD-LIBOR + 0.500%) due 5/29/26 | | | | | 31,884 | | |
| | | | | | | | Tricorbraun Inc.: | | | | | | | |
| | | | 75,000 | | | | due 1/29/28(j) | | | | | 74,883 | | |
| | | | 40,000 | | | | Truck Hero Inc., 4.500% (1-Month USD-LIBOR + 0.375%) due 1/31/28 | | | | | 40,028 | | |
| | | | 45,000 | | | | US Silica Co., 5.000% (1-Month USD-LIBOR + 0.400%) due 5/1/25 | | | | | 42,525 | | |
| | | | | | | | Uber Technologies Inc.: | | | | | | | |
| | | | 9,846 | | | | 0.000% (1-Month USD-LIBOR + 0.350%) due 7/13/23 | | | | | 9,864 | | |
| | | | 125,000 | | | | due 4/4/25(j) | | | | | 125,094 | | |
| | | | 63,988 | | | | UGI Energy Services LLC, 3.865% (1-Month USD-LIBOR + 0.375%) due
8/13/26 | | | | | 64,228 | | |
| | | | | | | | UKG Inc.: | | | | | | | |
| | | | 118,088 | | | | 3.865% (1-Month USD-LIBOR + 0.375%) due 5/4/26 | | | | | 118,530 | | |
| | | | 214,538 | | | | 4.000% (3-Month USD-LIBOR + 0.325%) due 5/4/26 | | | | | 215,758 | | |
| | | | 20,000 | | | | 7.500% (3-Month USD-LIBOR + 0.675%) due 5/3/27 | | | | | 20,625 | | |
| | | | 36,930 | | | | United Natural Foods Inc., 3.615% (1-Month USD-LIBOR + 0.350%) due
10/22/25 | | | | | 37,022 | | |
| | | | 29,700 | | | | Univar Solutions USA Inc., 2.115% (1-Month USD-LIBOR + 0.200%) due
7/1/26 | | | | | 29,598 | | |
| | | | 36,660 | | | | Univision Communications Inc., 4.750% (1-Month USD-LIBOR + 0.375%) due
3/15/26 | | | | | 36,811 | | |
| | | | 54,588 | | | | Upstream Newco Inc., 4.615% (1-Month USD-LIBOR + 0.450%) due 11/20/26 | | | | | 54,747 | | |
| | | | 207,375 | | | | US Foods Inc., 2.115% (1-Month USD-LIBOR + 0.200%) due 9/13/26 | | | | | 203,953 | | |
| | | | 108,046 | | | | USIC Holdings Inc., 4.000% (1-Month USD-LIBOR + 0.300%) due 12/8/23 | | | | | 107,957 | | |
| | | | 5,000 | | | | Utz Quality Foods LLC, 3.111% (1-Month USD-LIBOR + 0.300%) due
1/20/28 | | | | | 5,023 | | |
| | | | 89,792 | | | | Vantage Specialty Chemicals Inc., 4.500% (3-Month USD-LIBOR + 0.350%) due
10/28/24 | | | | | 86,219 | | |
| | | | 5,000 | | | | Verscend Holding Corp., due 8/27/25(j) | | | | | 5,024 | | |
| | | | 127 | | | | Vertical Midco GmbH, 4.570% (6-Month USD-LIBOR + 0.425%) due 7/14/27 | | | | | 128 | | |
| | | | 259,917 | | | | VICI Properties 1 LLC, 1.861% (1-Month USD-LIBOR + 0.175%) due
12/20/24 | | | | | 258,066 | | |
| | | | 243,520 | | | | Virgin Media Bristol LLC, 2.612% (1-Month USD-LIBOR + 0.250%) due
1/31/28 | | | | | 242,855 | | |
| | | | 30,000 | | | | Virtusa Corp., 4.365% (1-Month USD-LIBOR + 0.425%) due 2/11/28 | | | | | 30,165 | | |
| | | | 167,607 | | | | Wand Newco 3 Inc., 3.115% (1-Month USD-LIBOR + 0.300%) due 2/5/26 | | | | | 166,380 | | |
| | | | 40,000 | | | | WaterBridge Midstream Operating LLC, 6.750% (1-Month USD-LIBOR +
0.575%) due 6/22/26 | | | | | 34,960 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 195,725 | | | | Whatabrands LLC, 2.862% (1-Month USD-LIBOR + 0.275%) due 7/31/26 | | | | $ | 195,535 | | |
| | | | 174,173 | | | | Zelis Cost Management Buyer Inc., 3.623% (1-Month USD-LIBOR + 0.350%)
due 9/30/26 | | | | | 174,342 | | |
| | | | 20,000 | | | | Ziggo Financing Partnership, 2.612% (1-Month USD-LIBOR + 0.250%) due
4/30/28 | | | | | 19,878 | | |
| | | | | | | | TOTAL SENIOR LOANS
(Cost – $24,446,965) | | | | | 24,549,259 | | |
| | SOVEREIGN BONDS – 0.8% | |
| | Brazil – 0.1% | |
| | | | 1,200,000 | | | | Brazilian Government International Bond, 2.875% due 6/6/25 | | | | | 1,222,500 | | |
| | Chile – 0.0% | |
| | | | 900,000 | | | | Chile Government International Bond, 2.550% due 1/27/32 | | | | | 910,971 | | |
| | Dominican Republic – 0.0% | |
| | | | 250,000 | | | | Dominican Republic International Bond, 5.300% due 1/21/41(a) | | | | | 245,625 | | |
| | Indonesia – 0.0% | |
| | | | 500,000 | | | | Indonesia Government International Bond, 3.375% due 4/15/23 | | | | | 524,950 | | |
| | | | 500,000 | | | | Perusahaan Penerbit SBSN Indonesia III, 3.750% due 3/1/23 | | | | | 528,005 | | |
| | | | | | | | Total Indonesia | | | | | 1,052,955 | | |
| | Mexico – 0.2% | |
| | | | | | | | Mexico Government International Bond: | | | | | | | |
| | | | 1,395,000 | | | | 2.659% due 5/24/31 | | | | | 1,343,748 | | |
| | | | 1,155,000 | | | | 4.750% due 4/27/32 | | | | | 1,299,952 | | |
| | | | 490,000 | | | | 3.771% due 5/24/61 | | | | | 430,470 | | |
| | | | 275,000 | | | | 3.750% due 4/19/71 | | | | | 237,188 | | |
| | | | | | | | Total Mexico | | | | | 3,311,358 | | |
| | Panama – 0.2% | |
| | | | | | | | Panama Government International Bond: | | |
| | | | 500,000 | | | | 4.000% due 9/22/24 | | | | | 543,755 | | |
| | | | 200,000 | | | | 3.750% due 3/16/25 | | | | | 216,752 | | |
| | | | 200,000 | | | | 3.160% due 1/23/30 | | | | | 208,502 | | |
| | | | 1,565,000 | | | | 2.252% due 9/29/32 | | | | | 1,494,575 | | |
| | | | 925,000 | | | | 3.870% due 7/23/60 | | | | | 913,437 | | |
| | | | | | | | Total Panama | | | | | 3,377,021 | | |
| | Peru – 0.0% | |
| | | | | | | | Peruvian Government International Bond: | | | | | | | |
| | | | 545,000 | | | | 2.392% due 1/23/26 | | | | | 566,528 | | |
| | | | 500,000 | | | | 2.783% due 1/23/31 | | | | | 506,755 | | |
| | | | | | | | Total Peru | | | | | 1,073,283 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SOVEREIGN BONDS – (continued) | |
| | Philippines – 0.1% | |
| | | | | | | | Philippine Government International Bond: | |
| | | $ | 600,000 | | | | 1.648% due 6/10/31 | | | | $ | 568,112 | | |
| | | | 915,000 | | | | 3.700% due 2/2/42 | | | | | 966,972 | | |
| | | | | | | | Total Philippines | | | | | 1,535,084 | | |
| | Qatar – 0.1% | |
| | | | | | | | Qatar Government International Bond: | | | | | | | |
| | | | 400,000 | | | | 3.875% due 4/23/23 | | | | | 427,031 | | |
| | | | 400,000 | | | | 3.400% due 4/16/25(a) | | | | | 437,000 | | |
| | | | 600,000 | | | | 5.103% due 4/23/48 | | | | | 762,900 | | |
| | | | | | | | Total Qatar | | | | | 1,626,931 | | |
| | Saudi Arabia – 0.1% | |
| | | | | | | | Saudi Government International Bond: | | | | | | | |
| | | | 800,000 | | | | 2.900% due 10/22/25(a) | | | | | 855,280 | | |
| | | | 1,129,000 | | | | 2.250% due 2/2/33(a) | | | | | 1,081,017 | | |
| | | | 445,000 | | | | 4.500% due 10/26/46 | | | | | 498,912 | | |
| | | | | | | | Total Saudi Arabia | | | | | 2,435,209 | | |
| | South Korea – 0.0% | |
| | | | 400,000 | | | | Korea Electric Power Corp., 1.125% due 6/15/25(a) | | | | | 399,699 | | |
| | Thailand – 0.0% | |
| | | | 500,000 | | | | Export Import Bank of Thailand, 1.025% due 5/23/24(b) | | | | | 504,030 | | |
| | United Arab Emirates – 0.0% | |
| | | | | | | | Abu Dhabi Government International Bond: | | | | | | | |
| | | | 200,000 | | | | 0.750% due 9/2/23(a) | | | | | 200,529 | | |
| | | | 300,000 | | | | 2.500% due 4/16/25(a) | | | | | 317,582 | | |
| | | | | | | | Total United Arab Emirates | | | | | 518,111 | | |
| | | | | | | | TOTAL SOVEREIGN BONDS
(Cost – $18,826,890) | | | | | 18,212,777 | | |
| | Face
Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – 0.1% | | |
| | California – 0.1% | | |
| | | | 140,000 | | | | AA- | | | Regents of the University of California Medical Center Pooled Revenue,
Revenue Bonds, Series H, 6.548% due 5/15/48 | | | | | 219,323 | | |
| | | | 360,000 | | | | AA- | | | State of California, GO, 7.300% due 10/1/39 | | | | | 568,303 | | |
| | | | | | | | | | | Total California | | | | | 787,626 | | |
| | Connecticut – 0.0% | | | | | | | |
| | | | 100,000 | | | | A | | | State of Connecticut, GO, Series A, 3.000% due 7/1/21 | | | | | 100,950 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
| | Face
Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | | |
| | New York – 0.0% | | |
| | | $ | 200,000 | | | | A | | | New York State Thruway Authority, Revenue Bonds, Series M, 2.900% due
1/1/35 | | | | $ | 214,924 | | |
| | | | | | | | | | | TOTAL MUNICIPAL BONDS
(Cost – $1,099,028) | | | | | 1,103,500 | | |
| | Shares/Units | | | | | | Security | | | Value | |
| | EXCHANGE TRADED FUNDS (ETFs) – 1.9% | |
| | | | 256,191 | | | | | | | iShares Core US Aggregate Bond | | | | | 29,549,070 | | |
| | | | 79,500 | | | | | | | iShares iBoxx $Investment Grade Corporate Bond | | | | | 10,515,465 | | |
| | | | | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $40,756,165) | | | | | 40,064,535 | | |
| | COMMON STOCKS – 0.0% | |
| | DIVERSIFIED – 0.0% | |
| | SPACs – 0.0% | |
| | | | 1,640 | | | | | | | Foresight Energy LLC/Foresight Energy Finance Corp.*(e) | | | | | 30,578 | | |
| | ENERGY – 0.0% | |
| | Oil & Gas – 0.0% | |
| | | | 1,250 | | | | | | | Oasis Petroleum Inc.* | | | | | 71,075 | | |
| | | | 1,842 | | | | | | | Tapstone Energy LLC/Tapstone Energy Finance Corp.*(e) | | | | | 2,745 | | |
| | | | 1,840 | | | | | | | Whiting Petroleum Corp.* | | | | | 63,112 | | |
| | | | | | | | | | | Total Oil & Gas | | | | | 136,932 | | |
| | | | | | | | | | | TOTAL ENERGY | | | | | 136,932 | | |
| | INDUSTRIAL – 0.0% | |
| | Engineering & Construction – 0.0% | |
| | | | 3,092 | | | | | | | Mcdermott International Ltd.* | | | | | 2,628 | | |
| | | | | | | | | | | TOTAL COMMON STOCKS
(Cost – $250,103) | | | | | 170,138 | | |
| | | | | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $2,208,068,944) | | | | | 2,181,144,206 | | |
| | Face Amount | | | | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 10.3% | |
| | TIME DEPOSITS – 10.3% | |
| | | $ | 192,209,835 | | | | | | | Barclays Bank PLC – London, 0.000% due 3/1/21 | | | | | 192,209,835 | | |
| | | | 35,488,027 | | | | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.000% due 3/1/21 | | | | | 35,488,027 | | |
| | | | | | | | | | | TOTAL TIME DEPOSITS
(Cost – $227,697,862) | | | | | 227,697,862 | | |
| | | | | | | | | | | TOTAL INVESTMENTS – 109.5%
(Cost – $2,435,766,806) | | | | | 2,408,842,068 | | |
| | | | | | | | | | | Liabilities in Excess of Other Assets – (9.5)% | | | | | (208,490,334) | | |
| | | | | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 2,200,351,734 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (continued)
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted. All ratings are unaudited.
*
Non-income producing security.
(a)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2021, amounts to $376,762,786 and represents 17.12% of net assets.
(b)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.
(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)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2021, amounts to $18,374,006 and represents 0.84% of net assets.
(f)
Security is currently in default.
(g)
Interest only security.
(h)
Principal only security.
(i)
This security is traded on a TBA basis (See Note 5).
(j)
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
Abbreviations used in this schedule:
CLO
— Collateralized Loan Obligation
CMT
— Constant Maturity Treasury Index
GO
— General Obligation
LIBOR
— London Interbank Offered Rate
LLC
— Limited Liability Company
LP
— Limited Partnership
PCL
— Public Company Limited
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
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Core Fixed Income Fund (concluded)
Summary of Investments by Security Type^
| | Corporate Bonds & Notes | | | | | 24.5% | | |
| | Collateralized Mortgage Obligations | | | | | 19.9 | | |
| | U.S. Government Obligations | | | | | 19.1 | | |
| | Mortgage-Backed Securities | | | | | 17.5 | | |
| | Asset-Backed Securities | | | | | 6.0 | | |
| | Exchange Traded Funds (ETFs) | | | | | 1.7 | | |
| | Senior Loans | | | | | 1.0 | | |
| | Sovereign Bonds | | | | | 0.8 | | |
| | Municipal Bonds | | | | | 0.0* | | |
| | Common Stocks | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 9.5 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
Schedule of Forward Sale Commitments
| | Face Amounts | | | Security | | | Value | |
| | | | | | | | Federal National Mortgage Association: | | | | | | | |
| | | $ | 6,300,000 | | | | 3.000% due 3/1/36(a) (Proceeds – $6,663,220) | | | | $ | 6,651,422 | | |
| | | | 2,000,000 | | | | 3.500% due 3/1/36(a) (Proceeds – $2,134,462) | | | | | 2,132,578 | | |
| | | | 770,000 | | | | 1.500% due 3/1/51(a) (Proceeds – $775,414) | | | | | 756,495 | | |
| | | | 140,000 | | | | 2.500% due 3/1/51(a) (Proceeds – $147,230) | | | | | 145,141 | | |
| | | | 139,000 | | | | 3.500% due 3/1/51(a) (Proceeds – $147,872) | | | | | 147,382 | | |
| | | | 45,000 | | | | 4.000% due 3/1/51(a) (Proceeds – $48,336) | | | | | 48,350 | | |
| | | | 7,400,000 | | | | 3.000% due 4/1/51(a) (Proceeds – $7,769,133) | | | | | 7,746,586 | | |
| | | | | | | | TOTAL OPEN FORWARD SALE COMMITMENTS
(Proceeds – $17,685,667) | | | | $ | 17,627,954 | | |
(a)
This security is traded on a TBA basis.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 49.2% | |
| | Basic Materials – 2.0% | |
| | | $ | 4,613,000 | | | | Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due
9/30/24(a) | | | | $ | 4,785,987 | | |
| | | | 110,000 | | | | DuPont de Nemours Inc., Senior Unsecured Notes, 4.493% due
11/15/25 | | | | | 125,946 | | |
| | | | 200,000 | | | | LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24 | | | | | 217,620 | | |
| | | | 200,000 | | | | POSCO, Senior Unsecured Notes, 2.375% due 11/12/22 | | | | | 205,203 | | |
| | | | 3,040,000 | | | | Taseko Mines Ltd., Senior Secured Notes, 8.750% due 6/15/22(a) | | | | | 3,106,880 | | |
| | | | | | | | Total Basic Materials | | | | | 8,441,636 | | |
| | Communications – 14.0% | |
| | | | 120,000 | | | | AT&T Inc., Senior Unsecured Notes, 4.450% due 4/1/24 | | | | | 132,711 | | |
| | | | 200,000 | | | | Baidu Inc., Senior Unsecured Notes, 3.075% due 4/7/25 | | | | | 211,659 | | |
| | | | 1,032,000EUR | | | | CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR +
7.000)% due 7/3/23(b) | | | | | 1,294,912 | | |
| | | | 967,000 | | | | Cogent Communications Group Inc., Senior Secured Notes, 5.375% due 3/1/22(a) | | | | | 989,077 | | |
| | | | 4,168,000 | | | | CSC Holdings LLC, Senior Unsecured Notes, 6.750% due 11/15/21 | | | | | 4,303,460 | | |
| | | | 7,476,000 | | | | DISH DBS Corp., Company Guaranteed Notes, 6.750% due 6/1/21 | | | | | 7,560,105 | | |
| | | | 120,000 | | | | eBay Inc., Senior Unsecured Notes, 2.750% due 1/30/23 | | | | | 125,127 | | |
| | | | 8,286,000 | | | | HC2 Holdings Inc., Senior Secured Notes, 8.500% due 2/1/26(a) | | | | | 8,244,570 | | |
| | | | 6,118,000 | | | | Hughes Satellite Systems Corp., Company Guaranteed Notes, 7.625% due
6/15/21 | | | | | 6,217,418 | | |
| | | | 200,000 | | | | JD.com Inc., Senior Unsecured Notes, 3.125% due 4/29/21 | | | | | 200,778 | | |
| | | | 8,773,000EUR | | | | Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000)% due
8/9/22(a)(b) | | | | | 10,425,431 | | |
| | | | 7,054,000 | | | | Lumen Technologies Inc., Senior Unsecured Notes, 6.450% due 6/15/21 | | | | | 7,145,702 | | |
| | | | 120,000 | | | | Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.625%
due 5/1/22 | | | | | 124,395 | | |
| | | | 200,000 | | | | SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 3.250% due
6/30/25 | | | | | 216,195 | | |
| | | | 4,649,000 | | | | Sirius XM Radio Inc., Company Guaranteed Notes, 3.875% due 8/1/22(a) | | | | | 4,672,245 | | |
| | | | 5,644,000 | | | | Sprint Corp., Company Guaranteed Notes, 7.250% due 9/15/21 | | | | | 5,806,886 | | |
| | | | 200,000 | | | | Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22 | | | | | 209,442 | | |
| | | | 200,000 | | | | Tencent Holdings Ltd., Senior Unsecured Notes, 1.810% due 1/26/26(a) | | | | | 201,337 | | |
| | | | 1,810,000 | | | | T-Mobile USA Inc., Company Guaranteed Notes, 6.000% due 3/1/23 | | | | | 1,819,412 | | |
| | | | 1,581,000 | | | | VeriSign Inc., Senior Unsecured Notes, 4.625% due 5/1/23 | | | | | 1,590,881 | | |
| | | | 120,000 | | | | Verizon Communications Inc., Senior Unsecured Notes, 1.298% (3-Month
USD-LIBOR + 1.100)% due 5/15/25(b) | | | | | 123,334 | | |
| | | | | | | | Total Communications | | | | | 61,615,077 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – 5.8%
| |
| | | $ | 1,821,000 | | | | BCD Acquisition Inc., Senior Secured Notes, 9.625% due 9/15/23(a) | | | | $ | 1,866,525 | | |
| | | | | | | | Dollar Tree Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 75,000 | | | | 3.700% due 5/15/23 | | | | | 79,857 | | |
| | | | 35,000 | | | | 4.000% due 5/15/25 | | | | | 38,939 | | |
| | | | 1,700,000EUR | | | | European Lingerie Group AB, Senior Secured Notes, 7.750% (3-Month
EURIBOR + 7.750)% due 2/22/21(b)(c) | | | | | 1,189,609 | | |
| | | | 5,711,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.336% due 3/18/21 | | | | | 5,714,427 | | |
| | | | 7,000,000SEK | | | | Gaming Innovation Group PLC, Senior Secured Notes, 8.985% (3-Month
SEK-STIBOR + 9.000)% due 6/28/22(b) | | | | | 820,584 | | |
| | | | 110,000 | | | | General Motors Financial Co., Inc., Company Guaranteed Notes, 5.250% due
3/1/26 | | | | | 127,277 | | |
| | | | 6,266,334 | | | | Hawaiian Airlines Class B Pass-Through Certificates, Pass-Thru Certificates,
4.950% due 1/15/22 | | | | | 6,150,598 | | |
| | | | 3,169,000 | | | | 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) | | | | | 3,169,000 | | |
| | | | 115,000 | | | | Hyundai Capital America, Senior Unsecured Notes, 2.850% due 11/1/22(a) | | | | | 118,931 | | |
| | | | 4,162,000 | | | | PetSmart Inc., Company Guaranteed Notes, 7.125% due 3/15/23(a) | | | | | 4,169,492 | | |
| | | | 1,000,000EUR | | | | SB Holdco PLC, Secured Notes, 8.000% (3-Month EURIBOR + 8.000)% due
7/13/22(b) | | | | | 1,218,565 | | |
| | | | 908,000 | | | | Universal Entertainment Corp., Senior Secured Notes, 8.500% due 12/11/24(a) | | | | | 973,830 | | |
| | | | | | | | Total Consumer Cyclical | | | | | 25,637,634 | | |
| | Consumer Non-cyclical – 4.8%
| |
| | | | 125,000 | | | | AbbVie Inc., Senior Unsecured Notes, 2.300% due 11/21/22(a) | | | | | 129,032 | | |
| | | | | | | | Anthem Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 50,000 | | | | 3.300% due 1/15/23 | | | | | 52,558 | | |
| | | | 75,000 | | | | 3.500% due 8/15/24 | | | | | 81,764 | | |
| | | | 5,297,000 | | | | APX Group Inc., Senior Secured Notes, 7.875% due 12/1/22 | | | | | 5,310,243 | | |
| | | | 120,000 | | | | AstraZeneca PLC, Senior Unsecured Notes, 3.500% due 8/17/23 | | | | | 128,524 | | |
| | | | 125,000 | | | | BAT International Finance PLC, Company Guaranteed Notes, 1.668% due
3/25/26 | | | | | 125,306 | | |
| | | | 125,000 | | | | Bristol-Myers Squibb Co., Senior Unsecured Notes, 2.600% due 5/16/22 | | | | | 128,515 | | |
| | | | 125,000 | | | | Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22 | | | | | 128,245 | | |
| | | | 16,250,000SEK | | | | Desenio Holding AB, Secured Notes, 5.397% (3-Month SEK-STIBOR + 5.500)%
due 12/16/24(b)(d) | | | | | 1,977,817 | | |
| | | | 276,263 | | | | ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23 | | | | | 283,515 | | |
| | | | 125,000 | | | | GlaxoSmithKline Capital PLC, Company Guaranteed Notes, 0.534% due 10/1/23 | | | | | 125,339 | | |
| | | | 115,000 | | | | HCA Inc., Senior Secured Notes, 5.000% due 3/15/24 | | | | | 128,792 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued)
| |
| | | $ | 200,000 | | | | HPHT Finance 19 Ltd., Company Guaranteed Notes, 2.875% due 11/5/24 | | | | $ | 209,329 | | |
| | | | 3,176,000 | | | | Ingles Markets Inc., Senior Unsecured Notes, 5.750% due 6/15/23 | | | | | 3,222,338 | | |
| | | | | | | | Mondelez International Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 45,000 | | | | 0.625% due 7/1/22 | | | | | 45,174 | | |
| | | | 70,000 | | | | 2.125% due 4/13/23 | | | | | 72,433 | | |
| | | | 1,582,000 | | | | Nielsen Co. Luxembourg SARL, Company Guaranteed Notes, 5.500% due
10/1/21(a) | | | | | 1,585,955 | | |
| | | | | | | | PayPal Holdings Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 95,000 | | | | 2.200% due 9/26/22 | | | | | 97,720 | | |
| | | | 25,000 | | | | 1.350% due 6/1/23 | | | | | 25,510 | | |
| | | | 1,872,000 | | | | Post Holdings Inc., Company Guaranteed Notes, 5.000% due 8/15/26(a) | | | | | 1,953,432 | | |
| | | | 4,691,000 | | | | Primo Water Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(a) | | | | | 4,826,382 | | |
| | | | 200,000 | | | | PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26 | | | | | 209,183 | | |
| | | | 65,000 | | | | Royalty Pharma PLC, Company Guaranteed Notes, 0.750% due 9/2/23(a) | | | | | 65,191 | | |
| | | | 7,119,000 | | | | UpHealth Inc., Senior Unsecured Notes, 6.250% due 3/15/26(d)(e) | | | | | — | | |
| | | | | | | | Total Consumer Non-cyclical | | | | | 20,912,297 | | |
| | Diversified – 1.4%
| |
| | | | 5,077,000EUR | | | | LR Global Holding GmbH, Senior Secured Notes, 7.250% (3-Month
EURIBOR + 7.250)% due 2/3/25(b) | | | | | 6,229,213 | | |
| | Energy – 2.6%
| |
| | | | 125,000 | | | | Exxon Mobil Corp., Senior Unsecured Notes, 1.571% due 4/15/23 | | | | | 128,115 | | |
| | | | 5,520,260 | | | | Martin Midstream Partners LP/Martin Midstream Finance Corp., Secured Notes,
10.000% due 2/29/24(a) | | | | | 5,775,572 | | |
| | | | 200,000 | | | | ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22 | | | | | 202,730 | | |
| | | | 4,416,000 | | | | PBF Logistics LP/PBF Logistics Finance Corp., Company Guaranteed Notes,
6.875% due 5/15/23 | | | | | 4,294,560 | | |
| | | | 200,000 | | | | Petrobras Global Finance BV, Company Guaranteed Notes, 4.375% due
5/20/23 | | | | | 213,700 | | |
| | | | 200,000 | | | | Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22 | | | | | 205,560 | | |
| | | | 250,000 | | | | Reliance Industries Ltd., Senior Unsecured Notes, 5.400% due 2/14/22 | | | | | 260,768 | | |
| | | | 200,000 | | | | Saudi Arabian Oil Co., Senior Unsecured Notes, 2.750% due 4/16/22 | | | | | 204,489 | | |
| | | | 115,000 | | | | Schlumberger Holdings Corp., Senior Unsecured Notes, 3.750% due 5/1/24(a) | | | | | 124,638 | | |
| | | | 125,000 | | | | Valero Energy Corp., Senior Unsecured Notes, 1.200% due 3/15/24 | | | | | 126,072 | | |
| | | | | | | | Total Energy | | | | | 11,536,204 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – 4.4%
| |
| | | $ | 115,000 | | | | American Express Co., Senior Unsecured Notes, 3.700% due 11/5/21 | | | | $ | 117,367 | | |
| | | | 125,000 | | | | Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.625% due
5/1/22(a) | | | | | 127,334 | | |
| | | | 200,000 | | | | Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due
4/21/25 | | | | | 215,752 | | |
| | | | 150,000 | | | | Banco Continental SAECA, Senior Unsecured Notes, 2.750% due 12/10/25(a) | | | | | 149,805 | | |
| | | | 150,000 | | | | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23 | | | | | 156,000 | | |
| | | | 130,000 | | | | Bank of America Corp., Senior Unsecured Notes, 1.015% (3-Month
USD-LIBOR + 0.790)% due 3/5/24(b) | | | | | 131,391 | | |
| | | | 130,000 | | | | Bank of Nova Scotia, Senior Unsecured Notes, 0.550% due 9/15/23 | | | | | 130,546 | | |
| | | | | | | | Capital One Financial Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 50,000 | | | | 3.200% due 1/30/23 | | | | | 52,522 | | |
| | | | 75,000 | | | | 3.900% due 1/29/24 | | | | | 81,584 | | |
| | | | 130,000 | | | | Citigroup Inc., Senior Unsecured Notes, 1.214% (3-Month USD-LIBOR +
1.023)% due 6/1/24(b) | | | | | 131,993 | | |
| | | | 130,000 | | | | Crown Castle International Corp., Senior Unsecured Notes, 1.350% due
7/15/25 | | | | | 130,803 | | |
| | | | 2,762,000 | | | | CTO Realty Growth Inc., Senior Unsecured Notes, 3.875% due 4/15/25(a) | | | | | 2,834,917 | | |
| | | | 200,000 | | | | Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21 | | | | | 202,760 | | |
| | | | 115,000 | | | | Goldman Sachs Group Inc., Senior Unsecured Notes, 3.500% due 4/1/25 | | | | | 125,775 | | |
| | | | 200,000 | | | | Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22 | | | | | 210,500 | | |
| | | | 200,000 | | | | Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due
5/18/21 | | | | | 203,500 | | |
| | | | 1,079,000 | | | | Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes, 6.250% due 2/1/22 | | | | | 1,079,000 | | |
| | | | 100,000 | | | | Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22 | | | | | 105,500 | | |
| | | | 41,639 | | | | Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon,
due 11/30/25 | | | | | 39,532 | | |
| | | | 120,000 | | | | JPMorgan Chase & Co., Senior Unsecured Notes, 3.207% (3-Month
USD-LIBOR + 0.695)% due 4/1/23(b) | | | | | 123,716 | | |
| | | | 90,000 | | | | Macquarie Bank Ltd., Senior Unsecured Notes, 2.100% due 10/17/22(a) | | | | | 92,516 | | |
| | | | 30,000 | | | | Macquarie Group Ltd., Senior Unsecured Notes, 4.150% (3-Month
USD-LIBOR + 1.330)% due 3/27/24(a)(b) | | | | | 32,156 | | |
| | | | 200,000 | | | | Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542)% due 10/29/26(b) | | | | | 203,610 | | |
| | | | 115,000 | | | | Marsh & McLennan Cos. Inc., Senior Unsecured Notes, 3.875% due 3/15/24 | | | | | 126,140 | | |
| | | | 120,000 | | | | Morgan Stanley, Senior Unsecured Notes, 0.529% (SOFR rate + 0.455)% due
1/25/24(b) | | | | | 120,061 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued)
| |
| | | $ | 200,000 | | | | NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(a) | | | | $ | 200,247 | | |
| | | | 200,000 | | | | Oversea-Chinese Banking Corp., Ltd, Subordinated Notes, 1.832% (5-Year CMT
Index + 1.580)% due 9/10/30(a)(b) | | | | | 200,146 | | |
| | | | 140,447 | | | | Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon,
due 6/2/25 | | | | | 135,356 | | |
| | | | 115,000 | | | | Prudential Financial Inc., Senior Unsecured Notes, 3.500% due 5/15/24 | | | | | 126,037 | | |
| | | | 125,000 | | | | Royal Bank of Canada, Senior Unsecured Notes, 0.563% (SOFR rate + 0.525)%
due 1/20/26(b) | | | | | 124,973 | | |
| | | | 13,750,000SEK | | | | Stockwik Förvaltning AB, Senior Secured Notes, 7.000% (3-Month
SEK-STIBOR + 7.000)% due 9/3/23(b) | | | | | 1,640,254 | | |
| | | | 7,753,000 | | | | StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(a) | | | | | 8,237,563 | | |
| | | | 250,000 | | | | Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23 | | | | | 259,371 | | |
| | | | | | | | Truist Financial Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 65,000 | | | | 2.200% due 3/16/23 | | | | | 67,302 | | |
| | | | 55,000 | | | | 2.850% due 10/26/24 | | | | | 59,218 | | |
| | | | 200,000 | | | | Unifin Financiera SAB de CV, Company Guaranteed Notes, 7.000%
due 1/15/25 | | | | | 196,502 | | |
| | | | 200,000 | | | | United Overseas Bank Ltd., Subordinated Notes, 3.500% (5-Year USD Swap
Rate + 2.236)% due 9/16/26(b) | | | | | 202,522 | | |
| | | | 5,040,000SEK | | | | VNV Global AB, Senior Secured Notes, 5.750% due 10/4/22 | | | | | 616,951 | | |
| | | | 130,000 | | | | Wells Fargo & Co., Senior Unsecured Notes, 1.654% (SOFR rate + 1.600)% due
6/2/24(b) | | | | | 133,253 | | |
| | | | 115,000 | | | | Welltower Inc., Senior Unsecured Notes, 3.625% due 3/15/24 | | | | | 124,732 | | |
| | | | 110,000 | | | | WP Carey Inc., Senior Unsecured Notes, 4.250% due 10/1/26 | | | | | 124,916 | | |
| | | | | | | | Total Financial | | | | | 19,374,123 | | |
| | Government – 0.0%
| |
| | | | 200,000 | | | | Banco Latinoamericano de Comercio Exterior SA, Senior Unsecured Notes,
2.375% due 9/14/25(a) | | | | | 204,600 | | |
| | Industrial – 9.7%
| |
| | | | 3,000,000 | | | | Altera Shuttle Tankers LLC, Senior Unsecured Notes, 7.125% due 8/15/22 | | | | | 3,037,500 | | |
| | | | 1,940,000 | | | | Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company
Guaranteed Notes, 6.000% due 2/15/25(a) | | | | | 2,005,378 | | |
| | | | 120,000 | | | | Boeing Co., Senior Unsecured Notes, 4.508% due 5/1/23 | | | | | 128,711 | | |
| | | | 1,466,000 | | | | Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/23(a) | | | | | 1,491,655 | | |
| | | | 1,370,000 | | | | C3 Nano Inc., Senior Secured Notes, 6.500% due 2/15/24(a)(d) | | | | | 1,362,627 | | |
| | | | 115,000 | | | | Carrier Global Corp., Senior Unsecured Notes, 2.242% due 2/15/25 | | | | | 119,977 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Industrial – (continued)
| |
| | | | | | | | Golar LNG Partners LP, Senior Unsecured Notes: | |
| | | $ | 2,212,147 | | | | 6.432% (3-Month USD-LIBOR + 6.250)% due 11/22/21(b) | | | | $ | 2,173,434 | | |
| | | | 884,187 | | | | 8.294% (3-Month USD-LIBOR + 8.100)% due 11/15/22(a)(b) | | | | | 870,924 | | |
| | | | 9,028,000 | | | | Great Lakes Dredge & Dock Corp., Company Guaranteed Notes, 8.000% due
5/15/22 | | | | | 9,109,252 | | |
| | | | 7,792,000 | | | | Hillman Group Inc., Company Guaranteed Notes, 6.375% due 7/15/22(a) | | | | | 7,816,545 | | |
| | | | 65,000 | | | | Honeywell International Inc., Senior Unsecured Notes, 0.483% due 8/19/22 | | | | | 65,081 | | |
| | | | 2,785,000 | | | | Louisiana-Pacific Corp., Senior Unsecured Notes, 4.875% due 9/15/24 | | | | | 2,855,739 | | |
| | | | 10,000,000NOK | | | | Odfjell SE, Senior Unsecured Notes, 6.250% (3-Month NIBOR + 5.750)% due
1/21/25(b) | | | | | 1,161,678 | | |
| | | | 120,000 | | | | Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes,
2.700% due 11/1/24(a) | | | | | 127,540 | | |
| | | | 115,000 | | | | Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24 | | | | | 121,888 | | |
| | | | 3,800,000 | | | | Seaspan Corp., Senior Unsecured Notes, 6.500% due 2/5/24(a) | | | | | 3,876,000 | | |
| | | | 2,918,000 | | | | SFL Corp., Ltd., Senior Unsecured Notes, 5.750% due 10/15/21 | | | | | 2,919,025 | | |
| | | | 3,366,000 | | | | Tennant Co., Company Guaranteed Notes, 5.625% due 5/1/25 | | | | | 3,475,395 | | |
| | | | | | | | Union Pacific Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 115,000 | | | | 3.200% due 6/8/21 | | | | | 115,895 | | |
| | | | 10,000 | | | | 3.150% due 3/1/24 | | | | | 10,730 | | |
| | | | | | | | Total Industrial | | | | | 42,844,974 | | |
| | Technology – 4.0%
| |
| | | | 4,141,000EUR | | | | Azerion Holding BV, Senior Secured Notes, 8.500% (3-Month EURIBOR +
8.500)% due 3/17/23(b) | | | | | 5,071,058 | | |
| | | | 2,075,000 | | | | Blast Motion Inc., Senior Secured Notes, 7.000% due 1/15/24(a) | | | | | 2,069,813 | | |
| | | | 10,146,000 | | | | Dell International LLC/EMC Corp., Company Guaranteed Notes, 5.875% due
6/15/21(a) | | | | | 10,146,000 | | |
| | | | 125,000 | | | | Microchip Technology Inc., Senior Secured Notes, 0.972% due 2/15/24(a) | | | | | 125,451 | | |
| | | | 120,000 | | | | Micron Technology Inc., Senior Unsecured Notes, 2.497% due 4/24/23 | | | | | 124,999 | | |
| | | | | | | | Total Technology | | | | | 17,537,321 | | |
| | Utilities – 0.5%
| |
| | | | 200,000 | | | | AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate +
4.644)% due 3/26/79(a)(b) | | | | | 217,360 | | |
| | | | | | | | DTE Energy Co., Senior Unsecured Notes: | | | | | | | |
| | | | 20,000 | | | | 2.250% due 11/1/22 | | | | | 20,599 | | |
| | | | 60,000 | | | | 2.529% due 10/1/24 | | | | | 63,556 | | |
| | | | 45,000 | | | | 1.050% due 6/1/25 | | | | | 44,833 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Utilities – (continued)
| |
| | | $ | 147,800 | | | | Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29 | | | | $ | 148,539 | | |
| | | | 200,000 | | | | Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25 | | | | | 164,555 | | |
| | | | 200,000 | | | | Enel Generacion Chile SA, Senior Unsecured Notes, 4.250% due 4/15/24 | | | | | 216,563 | | |
| | | | 200,000 | | | | Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23 | | | | | 225,989 | | |
| | | | 200,000 | | | | Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due 5/6/25(a) | | | | | 205,350 | | |
| | | | 110,000 | | | | Pacific Gas & Electric Co., 1st Mortgage Notes, 1.750% due 6/16/22 | | | | | 110,295 | | |
| | | | 200,000 | | | | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured
Notes, 5.500% due 11/22/21 | | | | | 206,290 | | |
| | | | 125,000 | | | | PSEG Power LLC, Company Guaranteed Notes, 3.850% due 6/1/23 | | | | | 133,996 | | |
| | | | 200,000 | | | | State Grid Overseas Investment Ltd., Senior Unsecured Notes, 1.000% due 8/5/25 | | | | | 195,150 | | |
| | | | 200,000 | | | | TNB Global Ventures Capital Bhd, Senior Unsecured Notes, 3.244% due
10/19/26 | | | | | 213,339 | | |
| | | | | | | | Total Utilities | | | | | 2,166,414 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES | | | | | | | |
| | | | | | | | (Cost – $215,063,374) | | | | | 216,499,493 | | |
| | SENIOR LOANS(b) – 16.6% | |
| | | | 2,235,614 | | | | Alliance HealthCare Services Inc., 5.500% (1-Month USD-LIBOR + 4.500)%
due 10/24/23 | | | | | 2,066,557 | | |
| | | | 3,283,000 | | | | Change Healthcare Holdings LLC, due 3/1/24(f) | | | | | 3,284,871 | | |
| | | | 1,236,414 | | | | Chefs’ Warehouse Inc., 3.610% (1-Month USD-LIBOR + 3.500)%
due 6/22/22 | | | | | 1,233,323 | | |
| | | | 6,710,570 | | | | Cincinnati Bell Inc., 4.250% (1-Month USD-LIBOR + 3.250)% due 10/2/24 | | | | | 6,706,813 | | |
| | | | 2,727,244 | | | | Crestwood Holdings LLC, due 3/6/23(f) | | | | | 2,431,338 | | |
| | | | 4,764,000 | | | | EP Energy LLC, due 11/23/21(d)(e)(f) | | | | | 4,761,023 | | |
| | | | | | | | Fieldwood Energy LLC: | | | | | | | |
| | | | 329,625 | | | | 3.675% (1-Month USD-LIBOR + 8.750)% due 8/4/21 | | | | | 339,514 | | |
| | | | 5,080,000 | | | | 4.250% (3-Month USD-LIBOR) due 4/11/22(c) | | | | | 1,456,284 | | |
| | | | 7,131,526 | | | | First Brands Group LLC, 8.500% (3-Month USD-LIBOR + 7.500)%
due 2/2/24 | | | | | 7,243,848 | | |
| | | | 1,087,000 | | | | Forterra Finance LLC, due 10/25/23(f) | | | | | 1,088,815 | | |
| | | | 3,717,444 | | | | Golden Nugget Online Gaming Inc., 13.000% (3-Month USD-LIBOR +
12.000)% due 10/4/23 | | | | | 4,237,886 | | |
| | | | 6,471,919 | | | | Hertz Corp., due 12/31/21(f) | | | | | 6,587,508 | | |
| | | | 625,000 | | | | Hillman Group Inc., 4.115% (1-Month USD-LIBOR + 4.000)% due 5/30/25 | | | | | 624,613 | | |
| | | | 1,328,000 | | | | Intelsat Jackson Holdings SA, 6.500% (3-Month USD-LIBOR + 5.500)% due
7/13/22 | | | | | 1,347,508 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | SENIOR LOANS(b) – (continued) | |
| | | $ | 10,715,000 | | | | JZ Capital Partners Ltd., 12.000% (1-Month USD-LIBOR + 11.000)% due
10/8/25(d)(e) | | | | $ | 10,715,000 | | |
| | | | 1,100,733 | | | | K&N Parent Inc., due 10/20/23(f) | | | | | 1,020,016 | | |
| | | | 2,695,935 | | | | Lealand Finance Company BV, due 6/28/24(f) | | | | | 2,102,829 | | |
| | | | 8,272,000 | | | | Mallinckrodt International Finance SA, due 2/28/22(f) | | | | | 8,033,270 | | |
| | | | 989,600 | | | | MTS Systems Corp., 4.000% (1-Month USD-LIBOR + 3.250)% due 7/5/23 | | | | | 987,749 | | |
| | | | 3,272,000 | | | | Petco Animal Supplies Inc., 4.250% (3-Month USD-LIBOR + 3.250)% due
1/26/23 | | | | | 3,268,924 | | |
| | | | 1,624,929 | | | | PI UK Holdco II Ltd., due 12/22/25(f) | | | | | 1,620,867 | | |
| | | | 1,973,402 | | | | Pixelle Specialty Solutions LLC, 7.500% (1-Month USD-LIBOR + 6.500)% due
10/31/24 | | | | | 1,971,429 | | |
| | | | | | | | TOTAL SENIOR LOANS
(Cost – $76,299,366) | | | | | 73,129,985 | | |
| | ASSET-BACKED SECURITIES – 6.2%
| |
| | | | 446,091 | | | | Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(a) | | | | | 449,076 | | |
| | | | | | | | AccessLex Institute: | | | | | | | |
| | | | 217,007 | | | | Series 2004-2, Class A3, 0.408% (3-Month USD-LIBOR + 0.190)% due
10/25/24(b) | | | | | 214,024 | | |
| | | | 231,246 | | | | Series 2007-A, Class A3, 0.488% (3-Month USD-LIBOR + 0.300)% due
5/25/36(b) | | | | | 230,029 | | |
| | | | | | | | Affirm Asset Securitization Trust: | | | | | | | |
| | | | 200,000 | | | | Series 2020-A, Class A, 2.100% due 2/18/25(a) | | | | | 202,534 | | |
| | | | 205,018 | | | | Series 2020-Z2, Class A, 1.900% due 1/15/25(a) | | | | | 206,763 | | |
| | | | 1,105,958 | | | | Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.950%
due 10/25/58(a)(b) | | | | | 1,108,561 | | |
| | | | 129,296 | | | | Aqua Finance Trust, Series 2020-AA, Class A, 1.900% due 7/17/46(a) | | | | | 130,630 | | |
| | | | 177,000 | | | | Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class AS,
1.507% (1-Month USD-LIBOR + 1.400)% due 2/15/35(a)(b) | | | | | 177,000 | | |
| | | | 192,000 | | | | Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL1, Class B,
1.807% (1-Month USD-LIBOR + 1.700)% due 5/15/37(a)(b) | | | | | 191,885 | | |
| | | | 187,658 | | | | Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1, Class A, 2.990%
due 7/15/24(a) | | | | | 190,165 | | |
| | | | 445,794 | | | | Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step
bond to yield, 3.475% due 6/28/34(a) | | | | | 447,684 | | |
| | | | 352,000 | | | | BSPRT Issuer Ltd., Series 2019-FL5, Class A, 1.257% (1-Month USD-LIBOR +
1.150)% due 5/15/29(a)(b) | | | | | 352,000 | | |
| | | | 482,292 | | | | CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220% due 9/25/45(a) | | | | | 491,379 | | |
| | | | 991,833 | | | | Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A,
1.263% (3-Month USD-LIBOR + 1.050)% due 7/27/31(a)(b) | | | | | 991,905 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
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, 1.468% (3-Month
USD-LIBOR + 1.250)% due 10/25/31(a)(b) | | | | $ | 500,147 | | |
| | | | | | | | CHCP Ltd.: | | |
| | | | 120,000 | | | | Series 2021-FL1, Class A, 0.000% (1-Month USD-LIBOR + 1.050)% due
2/15/38(a)(b) | | | | | 120,149 | | |
| | | | 100,000 | | | | Series 2021-FL1, Class AS, 1.450% (1-Month USD-LIBOR + 1.300)% due
2/15/38(a)(b) | | | | | 100,156 | | |
| | | | 177,000 | | | | CLNC Ltd., Series 2019-FL1, Class AS, 1.661% (1-Month USD-LIBOR +
1.550)% due 8/20/35(a)(b) | | | | | 177,000 | | |
| | | | 364,640 | | | | Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.980% due
8/25/50(a) | | | | | 372,543 | | |
| | | | 111,927 | | | | DT Auto Owner Trust, Series 2020-2A, Class A, 1.140% due 1/16/24(a) | | | | | 112,423 | | |
| | | | 77,536 | | | | Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650% due
1/25/41(a) | | | | | 78,465 | | |
| | | | 700,000 | | | | Exeter Automobile Receivables Trust, Series 2021-1A, Class C, 0.740% due
1/15/26 | | | | | 699,505 | | |
| | | | 190,672 | | | | Freed ABS Trust, Series 2020-FP1, Class A, 2.520% due 3/18/27(a) | | | | | 192,269 | | |
| | | | 403,881 | | | | Freed ABS Trust, Series 2019-2, Class A, 2.620% due 11/18/26(a) | | | | | 405,916 | | |
| | | | 500,000 | | | | Galaxy XV CLO Ltd., Series 2013-15A, Class AR, 1.441% (3-Month
USD-LIBOR + 1.200)% due 10/15/30(a)(b) | | | | | 500,000 | | |
| | | | 177,138 | | | | Genesis Private Label Amortizing Trust, Series 2020-1, Class A, 2.080% due
7/20/30(a) | | | | | 177,449 | | |
| | | | 250,000 | | | | Genesis Sales Finance Master Trust, Series 2020-AA, Class A, 1.650% due
9/22/25(a) | | | | | 251,675 | | |
| | | | | | | | GLS Auto Receivables Issuer Trust: | | | | | | | |
| | | | 14,504 | | | | Series 2019-1A, Class A, 3.370% due 1/17/23(a) | | | | | 14,527 | | |
| | | | 62,964 | | | | Series 2019-2A, Class A, 3.060% due 4/17/23(a) | | | | | 63,257 | | |
| | | | 500,000 | | | | Greywolf CLO V Ltd., Series 2015-1A, Class A1R, 1.378% (3-Month
USD-LIBOR + 1.160)% due 1/27/31(a)(b) | | | | | 500,041 | | |
| | | | 1,000,000 | | | | Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 1.404% (3-Month
USD-LIBOR + 1.180)% due 10/20/31(a)(b) | | | | | 999,979 | | |
| | | | 1,000,000 | | | | Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A1, 1.481% (3-Month
USD-LIBOR + 1.320)% due 4/15/34(a)(b) | | | | | 1,000,421 | | |
| | | | 500,000 | | | | Hayfin US XII Ltd., Series 2018-8A, Class A, 1.344% (3-Month USD-LIBOR +
1.120)% due 4/20/31(a)(b) | | | | | 498,839 | | |
| | | | 389,737 | | | | Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.740%
due 2/25/39(a) | | | | | 406,325 | | |
| | | | 192,696 | | | | Hunt CRE Ltd., Series 2017-FL1, Class A, 1.107% (1-Month USD-LIBOR +
1.000)% due 8/15/34(a)(b) | | | | | 192,696 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued)
| |
| | | | | | | | Invitation Homes Trust: | | |
| | | $ | 179,493 | | | | Series 2017-SFR2, Class A, 0.956% (1-Month USD-LIBOR + 0.850)% due
12/17/36(a)(b) | | | | $ | 179,856 | | |
| | | | 173,497 | | | | Series 2018-SFR1, Class A, 0.806% (1-Month USD-LIBOR + 0.700)% due
3/17/37(a)(b) | | | | | 173,776 | | |
| | | | 67,156 | | | | Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX, 2.340% due
10/25/48(a) | | | | | 68,353 | | |
| | | | 173,000 | | | | LMREC, Inc., Series 2019-CRE3, Class A, 1.515% (1-Month USD-LIBOR +
1.400)% due 12/22/35(a)(b) | | | | | 173,001 | | |
| | | | 173,000 | | | | LoanCore Issuer Ltd., Series 2019-CRE2, Class A, 1.242% (1-Month
USD-LIBOR + 1.130)% due 5/15/36(a)(b) | | | | | 173,051 | | |
| | | | | | | | Marlette Funding Trust: | | | | | | | |
| | | | 98,026 | | | | Series 2019-2A, Class A, 3.130% due 7/16/29(a) | | | | | 98,810 | | |
| | | | 186,000 | | | | Series 2019-4A, Class C, 3.760% due 12/17/29(a) | | | | | 193,586 | | |
| | | | 187,490 | | | | Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170% due
9/16/69(a) | | | | | 188,276 | | |
| | | | 341,000 | | | | NLY Commercial Mortgage Trust, Series 2019-FL2, Class AS, 1.712% (1-Month
USD-LIBOR + 1.600)% due 2/15/36(a)(b) | | | | | 338,136 | | |
| | | | 988,761 | | | | Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 1.464% (3-Month
USD-LIBOR + 1.270)% due 11/15/30(a)(b) | | | | | 982,965 | | |
| | | | 982,916 | | | | Ocean Trails CLO V, Series 2014-5A, Class ARR, 1.505% (3-Month
USD-LIBOR + 1.280)% due 10/13/31(a)(b) | | | | | 982,916 | | |
| | | | 250,000 | | | | OCP CLO Ltd., Series 2014-5A, Class A1R, 1.295% (3-Month USD-LIBOR +
1.080)% due 4/26/31(a)(b) | | | | | 250,292 | | |
| | | | 234,486 | | | | Pagaya AI Debt Selection Trust, Series 2020-3, Class A, 2.100% due 5/17/27(a) | | | | | 234,434 | | |
| | | | 531,333 | | | | PRPM LLC, Series 2019-3A, Class A1, step bond to yield, 3.351% due 7/25/24(a) | | | | | 534,286 | | |
| | | | 994,727 | | | | Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 1.451% (3-Month
USD-LIBOR + 1.210)% due 10/15/30(a)(b) | | | | | 995,212 | | |
| | | | 1,000,000 | | | | Regatta Funding LP, Series 2013-2A, Class A1R2, 1.491% (3-Month
USD-LIBOR + 1.250)% due 1/15/29(a)(b) | | | | | 1,000,266 | | |
| | | | 224,262 | | | | Sofi Professional Loan Program LLC, Series 2015-C, Class A2, 2.510% due
8/25/33(a) | | | | | 225,089 | | |
| | | | 1,000,000 | | | | Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 1.474% (3-Month
USD-LIBOR + 1.250)% due 10/20/31(a)(b) | | | | | 1,000,296 | | |
| | | | 500,000 | | | | Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 1.344% (3-Month
USD-LIBOR + 1.120)% due 1/21/31(a)(b) | | | | | 499,379 | | |
| | | | | | | | Steele Creek CLO Ltd.: | | | | | | | |
| | | | 1,000,000 | | | | Series 2015-1A, Class AR, 1.442% (3-Month USD-LIBOR + 1.260)% due
5/21/29(a)(b) | | | | | 997,706 | | |
| | | | 1,000,000 | | | | Series 2018-2A, Class A, 1.389% (3-Month USD-LIBOR + 1.200)% due
8/18/31(a)(b) | | | | | 1,000,380 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued)
| |
| | | $ | 100,855 | | | | Tesla Auto Lease Trust, Series 2018-B, Class A, 3.710% due 8/20/21(a) | | | | $ | 101,400 | | |
| | | | 150,000 | | | | Theorem Funding Trust, Series 2020-1A, Class B, 3.950% due 10/15/26(a) | | | | | 155,367 | | |
| | | | 1,000,000 | | | | Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.684% (3-Month USD-LIBOR +
1.460)% due 7/20/32(a)(b) | | | | | 1,005,690 | | |
| | | | 633,363 | | | | Upstart Securitization Trust, Series 2020-3, Class A, 1.702% due 11/20/30(a) | | | | | 639,089 | | |
| | | | | | | | Vericrest Opportunity Loan Trust: | | | | | | | |
| | | | 587,358 | | | | Series 2019-NPL7, Class A1A, step bond to yield, 3.179% due 10/25/49(a) | | | | | 588,477 | | |
| | | | 748,085 | | | | Series 2020-NPL2, Class A1A, step bond to yield, 2.981% due 2/25/50(a) | | | | | 750,626 | | |
| | | | 500,000 | | | | Vibrant ClO VIII Ltd., Series 2018-8A, Class A1A, 1.364% (3-Month
USD-LIBOR + 1.140)% due 1/20/31(a)(b) | | | | | 500,002 | | |
| | | | 203,989 | | | | VOLT LXXXIV LLC, Series 2019-NP10, Class A1A, step bond to yield, 3.426%
due 12/27/49(a) | | | | | 204,661 | | |
| | | | 342,605 | | | | VOLT LXXXVIII LLC, Series 2020-NPL4, Class A1, step bond to yield, 2.981%
due 3/25/50(a)(d) | | | | | 343,610 | | |
| | | | | | | | TOTAL ASSET-BACKED SECURITIES
(Cost – $27,187,186) | | | | | 27,326,405 | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – 5.4% | |
| | | | 611,407 | | | | Angel Oak Mortgage Trust, Series 2020-6, Class A1, 1.261% due 5/25/65(a)(b) | | | | | 615,492 | | |
| | | | 200,000 | | | | Bancorp Commercial Mortgage Trust, Series 2019-CRE5, Class B, 1.612%
(1-Month USD-LIBOR + 1.500)% due 3/15/36(a)(b) | | | | | 200,000 | | |
| | | | | | | | BANK: | | | | | | | |
| | | | 1,521,505 | | | | Series 2017-BNK4, Class XA, 1.398% due 5/15/50(b)(g) | | | | | 93,304 | | |
| | | | 1,830,713 | | | | Series 2017-BNK6, Class XA, 0.820% due 7/15/60(b)(g) | | | | | 70,842 | | |
| | | | | | | | BBCMS Mortgage Trust: | | | | | | | |
| | | | 192,000 | | | | Series 2017-DELC, Class B, 1.142% (1-Month USD-LIBOR + 1.030)% due
8/15/36(a)(b) | | | | | 191,881 | | |
| | | | 240,000 | | | | Series 2018-TALL, Class B, 1.083% (1-Month USD-LIBOR + 0.971)% due
3/15/37(a)(b) | | | | | 238,801 | | |
| | | | 200,000 | | | | Series 2019-BWAY, Class A, 1.068% (1-Month USD-LIBOR + 0.956)% due
11/15/34(a)(b) | | | | | 199,232 | | |
| | | | 1,491,000 | | | | Series 2021-C9, Class XA, 1.771% due 2/15/54(b)(g) | | | | | 191,953 | | |
| | | | 75,000 | | | | BHMS, Series 2018-ATLS, Class A, 1.362% (1-Month USD-LIBOR + 1.250)%
due 7/15/35(a)(b) | | | | | 74,951 | | |
| | | | 797,222 | | | | BRAVO Residential Funding Trust, Series 2021-A, Class A1, step bond to yield,
1.991% due 12/31/49(a)(d) | | | | | 795,113 | | |
| | | | 321,392 | | | | BX Trust, Series 2019-MMP, Class B, 1.412% (1-Month USD-LIBOR + 1.300)%
due 8/15/36(a)(b) | | | | | 320,184 | | |
| | | | 117,000 | | | | BXMT Series 2017-FL1, Class C, 2.058% (1-Month USD-LIBOR + 1.950)% due
6/15/35(a)(b) | | | | | 117,035 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 192,000 | | | | Series 2020-FL2, Class C, 1.758% (1-Month USD-LIBOR + 1.650)% due
2/16/37(a)(b) | | | | $ | 191,885 | | |
| | | | 1,659,143 | | | | CD Mortgage Trust, Series 2017-CD4, Class XA, 1.290% due 5/10/50(b)(g) | | | | | 93,983 | | |
| | | | | | | | CFCRE Commercial Mortgage Trust: | | |
| | | | 1,324,081 | | | | Series 2017-C8, Class XA, 1.595% due 6/15/50(b)(g) | | | | | 91,101 | | |
| | | | 287,000 | | | | Series 2017-C8, Class XB, 0.946% due 6/15/50(b)(g) | | | | | 14,876 | | |
| | | | | | | | Citigroup Commercial Mortgage Trust: | | | | | | | |
| | | | 178,000 | | | | Series 2018-TBR, Class B, 1.262% (1-Month USD-LIBOR + 1.150)% due
12/15/36(a)(b) | | | | | 176,222 | | |
| | | | 386,000 | | | | Series 2019-PRM, Class D, 4.350% due 5/10/36(a) | | | | | 402,603 | | |
| | | | 527,050 | | | | COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.853% due 3/25/65(a)(b) | | | | | 534,449 | | |
| | | | 446,513 | | | | COLT Mortgage Pass-Through Certificates, Series 2021-1R, Class A1, 0.857%
due 5/25/65(a)(b) | | | | | 446,556 | | |
| | | | | | | | Commercial Mortgage Trust: | | | | | | | |
| | | | 20,250,743 | | | | Series 2013-CR9, Class XA, 0.094% due 7/10/45(b)(g) | | | | | 34,445 | | |
| | | | 1,500,263 | | | | Series 2013-LC6, Class XA, 1.323% due 1/10/46(b)(g) | | | | | 27,354 | | |
| | | | 303,859 | | | | Series 2014-CR15, Class A2, 2.928% due 2/10/47 | | | | | 302,366 | | |
| | | | 325,000 | | | | Series 2014-FL5, Class C, 1.513% (1-Month USD-LIBOR + 2.150)% due
10/15/31(a)(b) | | | | | 307,522 | | |
| | | | 344,000 | | | | Series 2014-FL5, Class D, 1.513% (1-Month USD-LIBOR + 4.000)% due
10/15/31(a)(b) | | | | | 319,812 | | |
| | | | 227,000 | | | | Series 2018-HCLV, Class A, 1.112% (1-Month USD-LIBOR + 1.000)% due
9/15/33(a)(b) | | | | | 226,791 | | |
| | | | | | | | Credit Suisse Commercial Mortgage Capital Trust: | | | | | | | |
| | | | 70,000 | | | | Series 2017-CHOP, Class D, 2.012% (1-Month USD-LIBOR + 1.900)% due
7/15/32(a)(b) | | | | | 67,262 | | |
| | | | 573,000 | | | | Series 2017-CHOP, Class E, 3.412% (1-Month USD-LIBOR + 3.300)% due
7/15/32(a)(b) | | | | | 504,250 | | |
| | | | 107,000 | | | | Series 2017-LSTK, Class C, 3.229% due 4/5/33(a) | | | | | 106,564 | | |
| | | | 128,000 | | | | Series 2017-LSTK, Class D, 3.331% due 4/5/33(a)(b) | | | | | 126,995 | | |
| | | | 47,000 | | | | Series 2017-LSTK, Class E, 3.331% due 4/5/33(a)(b) | | | | | 46,452 | | |
| | | | 8,157,000 | | | | Series 2017-LSTK, Class XACP, 0.000% due 4/5/33(a)(b)(g) | | | | | 82 | | |
| | | | 2,969,000 | | | | Series 2017-LSTK, Class XBCP, 0.000% due 4/5/33(a)(b)(g) | | | | | 30 | | |
| | | | 713,485 | | | | Series 2020-BPL1, Class A1, step bond to yield, 3.393% due 2/25/24(a) | | | | | 716,269 | | |
| | | | 664,861 | | | | Series 2020-RPL3, Class A1, 2.691% due 3/25/60(a)(b) | | | | | 673,705 | | |
| | | | 344,000 | | | | Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ,
Class A, 1.362% (1-Month USD-LIBOR + 1.250)% due 1/15/34(a)(b) | | | | | 343,965 | | |
| | | | | | | | CSAIL Commercial Mortgage Trust: | | | | | | | |
| | | | 810,186 | | | | Series 2017-C8, Class XA, 1.225% due 6/15/50(b)(g) | | | | | 37,516 | | |
| | | | 4,774,806 | | | | Series 2017-CX10, Class XA, 0.715% due 11/15/50(b)(g) | | | | | 178,040 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 3,491,587 | | | | Series 2018-CX12, Class XA, 0.606% due 8/15/51(b)(g) | | | | $ | 126,079 | | |
| | | | 182,000 | | | | DBGS Mortgage Trust, Series 2018-5BP, Class D, 1.462% (1-Month
USD-LIBOR + 1.350)% due 6/15/33(a)(b) | | | | | 180,401 | | |
| | | | | | | | Deephaven Residential Mortgage Trust: | | |
| | | | 28,870 | | | | Series 2017-1A, Class A1, 2.725% due 12/26/46(a)(b) | | | | | 28,901 | | |
| | | | 28,870 | | | | Series 2017-1A, Class A2, 2.928% due 12/26/46(a)(b) | | | | | 28,898 | | |
| | | | | | | | Federal Home Loan Mortgage Corp. (FHLMC), REMICS: | | | | | | | |
| | | | 335,641 | | | | Series 4710, Class KA, 3.500% due 10/15/42 | | | | | 337,293 | | |
| | | | 424,571 | | | | Series 4911, Class MB, 3.000% due 9/25/49 | | | | | 441,409 | | |
| | | | 253,734 | | | | Federal National Mortgage Association (FNMA), REMICS, Series 2018-77,
Class BA, 3.000% due 4/25/44 | | | | | 255,301 | | |
| | | | | | | | Federal National Mortgage Association, Aces: | | | | | | | |
| | | | 1,197,555 | | | | Series 2020-M49, Class 1A1, 1.256% due 11/25/30(b) | | | | | 1,201,646 | | |
| | | | 700,000 | | | | Series 21-M5, Class A1, 1.461% due 1/25/33(d) | | | | | 703,213 | | |
| | | | 239,000 | | | | GB Trust, Series 2020-FLX, Class D, 2.462% (1-Month USD-LIBOR + 2.350)%
due 8/15/37(a)(b) | | | | | 242,578 | | |
| | | | 361,000 | | | | GS Mortgage Securities Corp. Trust, Series 2012-ALOH, Class A, 3.551% due
4/10/34(a) | | | | | 367,761 | | |
| | | | | | | | GS Mortgage Securities Trust: | | | | | | | |
| | | | 4,516,960 | | | | Series 2016-GS4, Class XA, 0.503% due 11/10/49(b)(g) | | | | | 109,873 | | |
| | | | 1,753,455 | | | | Series 2017-GS6, Class XA, 1.033% due 5/10/50(b)(g) | | | | | 94,987 | | |
| | | | 3,593,828 | | | | Series 2017-GS8, Class XA, 0.972% due 11/10/50(b)(g) | | | | | 173,149 | | |
| | | | 78,000 | | | | Hilton Orlando Trust, Series 2018-ORL, Class B, 1.312% (1-Month
USD-LIBOR + 1.200)% due 12/15/34(a)(b) | | | | | 77,906 | | |
| | | | | | | | JP Morgan Chase Commercial Mortgage Securities Trust: | | | | | | | |
| | | | 2,483,755 | | | | Series 2014-C20, Class XA, 0.936% due 7/15/47(b)(g) | | | | | 38,123 | | |
| | | | 4,075,000 | | | | Series 2020-MKST, Class XCP, 2.628% due 12/15/36(a)(b)(g) | | | | | 84,997 | | |
| | | | 1,027,228 | | | | JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class XA,
1.212% due 11/15/48(b)(g) | | | | | 33,293 | | |
| | | | 259,000 | | | | KKR Industrial Portfolio Trust, Series 2021-KDIP, Class E, 1.662% (1-Month
USD-LIBOR + 1.550)% due 12/15/37(a)(b) | | | | | 259,000 | | |
| | | | 159,300 | | | | LoanCore Issuer Ltd., Series 2019-CRE3, Class AS, 1.482% (1-Month
USD-LIBOR + 1.370)% due 4/15/34(a)(b) | | | | | 159,157 | | |
| | | | | | | | MF1 Ltd.: | | | | | | | |
| | | | 175,453 | | | | Series 2019-FL2, Class A, 1.248% (1-Month USD-LIBOR + 1.130)% due
12/25/34(a)(b) | | | | | 175,617 | | |
| | | | 225,000 | | | | Series 2020-FL3, Class A, 2.157% (1-Month USD-LIBOR + 2.050)% due
7/15/35(a)(b) | | | | | 227,391 | | |
| | | | | | | | Morgan Stanley Capital I Trust: | | | | | | | |
| | | | 1,385,957 | | | | Series 2016-UB11, Class XA, 1.506% due 8/15/49(b)(g) | | | | | 81,330 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 4,066,443 | | | | Series 2016-UB12, Class XA, 0.743% due 12/15/49(b)(g) | | | | $ | 121,644 | | |
| | | | 76,000 | | | | Series 2017-ASHF, Class D, 2.312% (1-Month USD-LIBOR + 2.200)% due
11/15/34(a)(b) | | | | | 74,828 | | |
| | | | 968,762 | | | | Series 2017-H1, Class XA, 1.416% due 6/15/50(b)(g) | | | | | 56,642 | | |
| | | | | | | | Natixis Commercial Mortgage Securities Trust: | | | | | | | |
| | | | 350,000 | | | | Series 2018-850T, Class C, 1.266% (1-Month USD-LIBOR + 1.154)% due
7/15/33(a)(b) | | | | | 338,720 | | |
| | | | 350,000 | | | | Series 2018-850T, Class D, 1.566% (1-Month USD-LIBOR + 1.454)% due
7/15/33(a)(b) | | | | | 335,425 | | |
| | | | | | | | New Residential Mortgage Loan Trust: | | | | | | | |
| | | | 564,203 | | | | Series 2020-NPL1, Class A1, step bond to yield, 4.335% due 7/25/60(a) | | | | | 574,000 | | |
| | | | 510,647 | | | | Series 2020-NQM1, Class A2, 2.718% due 1/26/60(a)(b) | | | | | 518,720 | | |
| | | | 716,232 | | | | Series 2020-RPL2, Class A1, 3.578% due 8/25/25(a)(b) | | | | | 730,959 | | |
| | | | 211,046 | | | | PFP Ltd., Series 2019-6, Class A, 1.156% (1-Month USD-LIBOR + 1.050)% due
4/14/37(a)(b) | | | | | 211,046 | | |
| | | | 570,959 | | | | PRPM, Series 2019-GS1, Class A1, 3.500% due 10/25/24(a)(b) | | | | | 577,833 | | |
| | | | 641,957 | | | | PRPM LLC, Series 2020-3, Class A1, step bond to yield, 2.857% due
9/25/25(a) | | | | | 647,164 | | |
| | | | 29,861 | | | | Rosslyn Portfolio Trust, Series 2017-ROSS, Class B, 2.239% (1-Month
USD-LIBOR + 1.250)% due 6/15/33(a)(b) | | | | | 30,010 | | |
| | | | 299,200 | | | | Shelter Growth CRE Issuer Ltd., Series 2019-FL2, Class B, 2.407% (1-Month
USD-LIBOR + 2.300)% due 5/15/36(a)(b) | | | | | 292,530 | | |
| | | | 160,639 | | | | SLIDE, Series 2018-FUN, Class A, 1.012% (1-Month USD-LIBOR + 0.900)%
due 6/15/31(a)(b) | | | | | 160,538 | | |
| | | | 147,435 | | | | Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class B, 1.373% (1-Month
USD-LIBOR + 1.250)% due 11/11/34(a)(b) | | | | | 147,155 | | |
| | | | | | | | UBS Commercial Mortgage Trust: | | | | | | | |
| | | | 1,654,520 | | | | Series 2012-C1, Class XA, 2.056% due 5/10/45(a)(b)(g) | | | | | 21,271 | | |
| | | | 1,004,978 | | | | Series 2017-C1, Class XA, 1.524% due 6/15/50(b)(g) | | | | | 73,803 | | |
| | | | 386,000 | | | | Series 2018-NYCH, Class D, 2.212% (1-Month USD-LIBOR + 2.100)% due
2/15/32(a)(b) | | | | | 374,921 | | |
| | | | | | | | Verus Securitization Trust: | | | | | | | |
| | | | 1,139,047 | | | | Series 2019-INV2, Class A3, 3.219% due 7/25/59(a)(b) | | | | | 1,166,844 | | |
| | | | 283,483 | | | | Series 2020-2, Class A1, 2.226% due 5/25/60(a)(b) | | | | | 286,737 | | |
| | | | 907,473 | | | | Series 2021-R1, Class A2, 1.057% due 10/25/63(a)(b) | | | | | 908,405 | | |
| | | | 351,282 | | | | Vista Point Securitization Trust, Series 2020-2, Class A1, 1.475% due
4/25/65(a)(b) | | | | | 353,290 | | |
| | | | 170,820 | | | | VMC Finance LLC, Series 2018-FL2, Class A, 1.028% (1-Month USD-LIBOR +
0.920)% due 10/15/35(a)(b) | | | | | 170,234 | | |
| | | | 491,689 | | | | VOLT XCIV LLC, Series 2021-NPL3, Class A1, step bond to yield, 2.240% due
2/27/51(a)(d) | | | | | 491,540 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | | | | | | Wells Fargo Commercial Mortgage Trust: | | |
| | | $ | 2,526,137 | | | | Series 2015-LC22, Class XA, 0.772% due 9/15/58(b)(g) | | | | $ | 72,837 | | |
| | | | 4,941,796 | | | | Series 2015-NXS2, Class XA, 0.663% due 7/15/58(b)(g) | | | | | 122,011 | | |
| | | | 100,000 | | | | Series 2021-SAVE, Class A, 1.300% (1-Month USD-LIBOR + 1.150)% due
2/15/40(a)(b) | | | | | 100,182 | | |
| | | | 100,000 | | | | Series 2021-SAVE, Class B, 1.600% (1-Month USD-LIBOR + 1.450)% due
2/15/40(a)(b) | | | | | 100,119 | | |
| | | | | | | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $25,414,968) | | | | | 23,567,594 | | |
| | U.S. GOVERNMENT OBLIGATIONS – 1.3%
| |
| | | | | | | | U.S. Treasury Notes: | | | | | | | |
| | | | 1,060,000 | | | | 1.500% due 9/30/21 | | | | | 1,068,944 | | |
| | | | 1,130,000 | | | | 0.375% due 3/31/22 | | | | | 1,133,090 | | |
| | | | 1,580,000 | | | | 0.125% due 5/15/23 | | | | | 1,578,580 | | |
| | | | 1,450,000 | | | | 0.125% due 12/15/23 | | | | | 1,444,902 | | |
| | | | 5,000 | | | | 2.250% due 12/31/23 | | | | | 5,281 | | |
| | | | 630,000 | | | | 0.125% due 2/15/24 | | | | | 627,244 | | |
| | | | | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $5,860,024) | | | | | 5,858,041 | | |
| | MORTGAGE-BACKED SECURITIES – 0.6% | |
| | FHLMC – 0.4% | |
| | | | | | | | Freddie Mac Pool: | | | | | | | |
| | | | 1,692,466 | | | | 1.500% due 2/1/36 – 3/1/36 | | | | | 1,712,320 | | |
| | FNMA – 0.2% | |
| | | | 985,984 | | | | Federal National Mortgage Association (FNMA), 2.000% due 1/1/36 | | | | | 1,025,106 | | |
| | | | | | | | TOTAL MORTGAGE-BACKED SECURITIES
(Cost – $2,768,425) | | | | | 2,737,426 | | |
| | SOVEREIGN BONDS – 0.5% | |
| | Brazil – 0.0% | |
| | | | 200,000 | | | | Brazilian Government International Bond, 2.875% due 6/6/25 | | | | | 203,750 | | |
| | Colombia – 0.0% | |
| | | | 200,000 | | | | Colombia Government International Bond, 2.625% due 3/15/23 | | | | | 205,002 | | |
| | Indonesia – 0.1% | |
| | | | 200,000 | | | | Indonesia Government International Bond, 3.375% due 4/15/23 | | | | | 209,980 | | |
| | | | 300,000 | | | | Perusahaan Penerbit SBSN Indonesia III, 3.300% due 11/21/22 | | | | | 312,471 | | |
| | | | | | | | Total Indonesia | | | | | 522,451 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | SOVEREIGN BONDS – (continued) | |
| | Panama – 0.1% | |
| | | $ | 200,000 | | | | Panama Government International Bond, 3.750% due 3/16/25 | | | | $ | 216,752 | | |
| | Peru – 0.1% | |
| | | | 250,000 | | | | Peruvian Government International Bond, 2.392% due 1/23/26 | | | | | 259,875 | | |
| | Qatar – 0.0% | |
| | | | 200,000 | | | | Qatar Government International Bond, 2.375% due 6/2/21 | | | | | 200,800 | | |
| | Saudi Arabia – 0.1% | |
| | | | 250,000 | | | | Saudi Government International Bond, 2.875% due 3/4/23 | | | | | 260,255 | | |
| | South Korea – 0.0% | |
| | | | 200,000 | | | | Korea Electric Power Corp., 1.125% due 6/15/25 | | | | | 199,849 | | |
| | United Arab Emirates – 0.1% | |
| | | | 200,000 | | | | Abu Dhabi Government International Bond, 2.500% due 4/16/25(a) | | | | | 211,721 | | |
| | | | | | | | TOTAL SOVEREIGN BONDS
(Cost – $2,261,625) | | | | | 2,280,455 | | |
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 7.1% | |
| | BASIC MATERIALS – 0.0% | |
| | Forest Products & Paper – 0.0% | |
| | | | 20,309 | | | | Appvion Inc.*(d)(e) | | | | | 201,059 | | |
| | DIVERSIFIED – 6.8% | |
| | SPACs – 6.8% | |
| | | | 108,264 | | | | Ares Acquisition Corp.* | | | | | 1,115,119 | | |
| | | | 37,916 | | | | Ark Global Acquisition Corp.* | | | | | 388,639 | | |
| | | | 175,373 | | | | Atlantic Avenue Acquisition Corp., Class A Shares* | | | | | 1,809,849 | | |
| | | | 25,766 | | | | Austerlitz Acquisition Corp. I* | | | | | 265,390 | | |
| | | | 38,648 | | | | Austerlitz Acquisition Corp. II* | | | | | 396,142 | | |
| | | | 22,246 | | | | Authentic Equity Acquisition Corp.* | | | | | 228,021 | | |
| | | | 137,418 | | | | BGP Acquisition Corp.*(d) | | | | | 1,375,554 | | |
| | | | 78,591 | | | | Cartesian Growth Corp.* | | | | | 793,769 | | |
| | | | 133,246 | | | | Cerberus Telecom Acquisition Corp., Class A Shares*(h) | | | | | 1,425,732 | | |
| | | | 41,903 | | | | CF Acquisition Corp. IV, Class A Shares*(h) | | | | | 423,639 | | |
| | | | 52,470 | | | | CF Acquisition Corp. VI* | | | | | 536,768 | | |
| | | | 43,373 | | | | Clarim Acquisition Corp.* | | | | | 441,537 | | |
| | | | 22,246 | | | | Class Acceleration Corp.* | | | | | 230,691 | | |
| | | | 31,129 | | | | Cohn Robbins Holdings Corp., Class A Shares* | | | | | 326,543 | | |
| | | | 51,531 | | | | EJF Acquisition Corp.*(d) | | | | | 518,917 | | |
| | | | 18,589 | | | | Empowerment & Inclusion Capital I Corp.* | | | | | 191,467 | | |
| | | | 63,245 | | | | Equity Distribution Acquisition Corp., Class A Shares* | | | | | 658,380 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | DIVERSIFIED – (continued) | |
| | SPACs – (continued) | |
| | | | 28,935 | | | | FG New America Acquisition Corp., Class A Shares*(h) | | | | $ | 293,690 | | |
| | | | 26,141 | | | | Foresight Acquisition Corp.* | | | | | 266,638 | | |
| | | | 21,743 | | | | Fortress Capital Acquisition Corp.* | | | | | 224,823 | | |
| | | | 19,974 | | | | Fortress Value Acquisition Corp. III* | | | | | 206,531 | | |
| | | | 65,341 | | | | GigCapital4 Inc.* | | | | | 669,745 | | |
| | | | 29,178 | | | | Global Partner Acquisition Corp. II* | | | | | 299,366 | | |
| | | | 41,903 | | | | Golden Falcon Acquisition Corp., Class A Shares* | | | | | 424,896 | | |
| | | | 14,479 | | | | Gores Metropoulos II Inc.* | | | | | 154,491 | | |
| | | | 14,487 | | | | Group Nine Acquisition Corp.* | | | | | 150,520 | | |
| | | | 43,485 | | | | Hamilton Lane Alliance Holdings I Inc.* | | | | | 444,417 | | |
| | | | 15,565 | | | | Horizon Acquisition Corp., Class A Shares*(h) | | | | | 161,409 | | |
| | | | 3,095 | | | | Hudson Executive Investment Corp. II* | | | | | 32,343 | | |
| | | | 51,527 | | | | Isleworth Healthcare Acquisition Corp.*(d) | | | | | 517,846 | | |
| | | | 28,958 | | | | Jack Creek Investment Corp.* | | | | | 298,267 | | |
| | | | 31,129 | | | | Landcadia Holdings III Inc., Class A Shares*(h) | | | | | 324,364 | | |
| | | | 28,974 | | | | Marlin Technology Corp., Class A Shares* | | | | | 301,330 | | |
| | | | 464,323 | | | | Mason Industrial Technology Inc.* | | | | | 4,736,095 | | |
| | | | 14,797 | | | | Noble Rock Acquisition Corp.* | | | | | 149,820 | | |
| | | | 56,099 | | | | Oaktree Acquisition Corp. II, Class A Shares*(h) | | | | | 591,283 | | |
| | | | 14,497 | | | | OCA Acquisition Corp.* | | | | | 150,769 | | |
| | | | 43,437 | | | | One Equity Partners Open Water I Corp.* | | | | | 444,795 | | |
| | | | 21,749 | | | | Pontem Corp.* | | | | | 224,232 | | |
| | | | 104,261 | | | | RMG Acquisition Corp. III*(d) | | | | | 1,094,741 | | |
| | | | 36,198 | | | | SCP & CO Healthcare Acquisition Co.* | | | | | 369,220 | | |
| | | | 46,694 | | | | Seven Oaks Acquisition Corp., Class A Shares* | | | | | 478,147 | | |
| | | | 13,118 | | | | Spartan Acquisition Corp. III* | | | | | 137,477 | | |
| | | | 47,645 | | | | Starboard Value Acquisition Corp., Class A Shares*(h) | | | | | 486,455 | | |
| | | | 62,025 | | | | Tailwind Acquisition Corp., Class A Shares* | | | | | 651,883 | | |
| | | | 65,340 | | | | Tailwind International Acquisition Corp.* | | | | | 672,349 | | |
| | | | 115,656 | | | | Tekkorp Digital Acquisition Corp., Class A Shares*(h) | | | | | 1,208,605 | | |
| | | | 130,650 | | | | Tishman Speyer Innovation Corp. II* | | | | | 1,371,825 | | |
| | | | 98,787 | | | | Vector Acquisition Corp., Class A Shares*(h) | | | | | 1,012,567 | | |
| | | | 28,949 | | | | Z-Work Acquisition Corp.* | | | | | 301,070 | | |
| | | | | | | | Total SPACs | | | | | 29,978,166 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 29,978,166 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | ENERGY – 0.3% | |
| | Oil & Gas Services – 0.3% | |
| | | | 40,426 | | | | Superior Energy Services Inc.* | | | | $ | 1,212,780 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $30,892,229) | | | | | 31,392,005 | | |
| | EXCHANGE TRADED FUND (ETF) – 4.6% | |
| | | | 393,240 | | | | iShares Core 1-5 Year USD Bond(h)
(Cost – $19,980,226) | | | | | 20,204,671 | | |
| | PREFERRED STOCK – 0.8% | |
| | FINANCIAL – 0.8% | |
| | Equity Real Estate Investment Trusts (REITs) – 0.8% | |
| | | | 144,071 | | | | Gladstone Land Corp., 5.000%
(Cost – $3,601,775) | | | | | 3,695,421 | | |
| | WARRANTS – 0.0% | |
| | DIVERSIFIED – 0.0% | |
| | SPACs – 0.0% | |
| | | | 15,233 | | | | Cerberus Telecom Acquisition Corp.*(d) | | | | | 26,431 | | |
| | | | 14,509 | | | | Golden Falcon Acquisition Corp.*(d) | | | | | 18,862 | | |
| | | | | | | | Total SPACs | | | | | 45,293 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 45,293 | | |
| | | | | | | | TOTAL WARRANTS
(Cost – $37,338) | | | | | 45,293 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $409,366,536) | | | | | 406,736,789 | | |
| | Face Amount† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 14.6% | |
| | COMMERCIAL PAPERS – 1.8% | |
| | | $ | 5,379,000 | | | | Bell Canada, 0.220% due 3/15/21(i) | | | | | 5,378,634 | | |
| | | | 2,689,000 | | | | General Motors Co., 0.480% due 3/4/21(i) | | | | | 2,688,862 | | |
| | | | | | | | TOTAL COMMERCIAL PAPERS
(Cost – $8,067,432) | | | | | 8,067,496 | | |
| | TIME DEPOSITS – 12.7% | |
| | | | 23,516EUR | | | | BNP Paribas – Paris, (0.710)% due 3/1/21 | | | | | 28,373 | | |
| | | | 4,095,772 | | | | Royal Bank of Canada – Toronto, 0.000% due 3/1/21 | | | | | 4,095,772 | | |
| | | | 2,222,682 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.000% due 3/1/21 | | | | | 2,222,682 | | |
| | | | 49,424,457 | | | | Sumitomo Mitsui Banking Corp. – Tokyo, 0.000% due 3/1/21 | | | | | 49,424,457 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $55,771,284) | | | | | 55,771,284 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount† | | | Security | | | Value | |
| | U.S. GOVERNMENT OBLIGATION – 0.1% | |
| | | $ | 380,000 | | | | U.S. Treasury Bills, 0.069% due 7/8/21(i)
(Cost – $379,907) | | | | $ | 379,939 | | |
| | | | | | | | TOTAL SHORT-TERM INVESTMENTS
(Cost – $64,218,623) | | | | | 64,218,719 | | |
| |
| | Shares/Units | | | | | | | | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.7% | |
| | MONEY MARKET FUND – 0.7% | |
| | | | 2,896,830 | | | | Federated Government Obligations Fund, Premier Class, 0.000%(j)
(Cost – $2,896,830) | | | | | 2,896,830 | | |
| | | | | | | | TOTAL INVESTMENTS – 107.6%
(Cost – $476,481,989) | | | | | 473,852,338 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (7.6)% | | | | | (33,655,379) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 440,196,959 | | |
†
Face amount denominated in U.S. dollars, unless otherwise noted.
*
Non-income producing security.
(a)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2021, amounts to $145,036,668 and represents 32.95% of net assets.
(b)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.
(c)
Security is currently in default.
(d)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2021, amounts to $24,903,353 and represents 5.66% of net assets.
(e)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
(f)
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(g)
Interest only security.
(h)
All or a portion of this security is on loan (See Note 5).
(i)
Rate shown represents yield-to-maturity.
(j)
Represents investment of collateral received from securities lending transactions.
Abbreviations used in this schedule:
ABS
— Asset-Based Security
CLO
— Collateralized Loan Obligation
CMT
— Constant Maturity Treasury Index
EURIBOR
— Euro Interbank Offered Rate
LIBOR
— London Interbank Offered Rate
LLC
— Limited Liability Company
LP
— Limited Partnership
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (continued)
NIBOR
— Norwegian Interbank Offered Rate
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
Summary of Investments by Security Type^
| | Corporate Bonds & Notes | | | | | 45.6% | | |
| | Senior Loans | | | | | 15.4 | | |
| | Common Stocks | | | | | 6.6 | | |
| | Asset-Backed Securities | | | | | 5.8 | | |
| | Collateralized Mortgage Obligations | | | | | 5.0 | | |
| | Exchange Traded Fund (ETF) | | | | | 4.3 | | |
| | U.S. Government Agencies & Obligations | | | | | 1.2 | | |
| | Preferred Stock | | | | | 0.8 | | |
| | Mortgage-Backed Securities | | | | | 0.6 | | |
| | Sovereign Bonds | | | | | 0.5 | | |
| | Warrants | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 13.6 | | |
| | Money Market Fund | | | | | 0.6 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
At February 28, 2021, 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 Buy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Euro | | | | | 555,500 | | | | | | BBH | | | | | $ | 670,448 | | | | | | 3/16/21 | | | | | $ | — | | | | | $ | (4,218) | | | | | $ | (4,218) | | |
| Contracts to Sell: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Euro | | | | | 21,801,500 | | | | | | BBH | | | | | | 26,312,836 | | | | | | 3/16/21 | | | | | $ | 156,365 | | | | | $ | — | | | | | $ | 156,365 | | |
| Norwegian Krone | | | | | 10,120,125 | | | | | | BBH | | | | | | 1,166,881 | | | | | | 3/16/21 | | | | | | 29,680 | | | | | | — | | | | | | 29,680 | | |
| Swedish Krona | | | | | 42,883,000 | | | | | | BBH | | | | | | 5,078,678 | | | | | | 3/16/21 | | | | | | 78,281 | | | | | | — | | | | | | 78,281 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 264,326 | | | | | $ | — | | | | | | 264,326 | | |
| Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | | | | $ | 264,326 | | | | | $ | (4,218) | | | | | $ | 260,108 | | |
Counterparty Abbreviations used in this schedule:
BBH
— Brown Brothers Harriman & Co.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Low Duration Fixed Income Fund (concluded)
Currency Abbreviations used in this schedule:
EUR
— Euro
NOK
— Norwegian Krone
SEK
— Swedish Krona
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 63.0% | |
| | Australia – 0.2% | |
| | | $ | 1,300,000 | | | | QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate +
4.300%) due 12/2/44(a)@ | | | | $ | 1,459,900 | | |
| | Bermuda – 1.0% | |
| | | | 600,000 | | | | Credicorp Ltd., Senior Unsecured Notes, 2.750% due 6/17/25(b) | | | | | 620,550 | | |
| | | | | | | | Digicel Group 0.5 Ltd.: | | | | | | | |
| | | | 359,665 | | | | Senior Unsecured Notes, 8.000% due 4/1/25(b)(c) | | | | | 293,127 | | |
| | | | 59,410 | | | | Subordinated Notes, 7.000%(b)(c)(d) | | | | | 39,062 | | |
| | | | 800,000 | | | | Geopark Ltd., Company Guaranteed Notes, 6.500% due 9/21/24 | | | | | 836,000 | | |
| | | | 4,759,000 | | | | SFL Corp., Ltd., Senior Unsecured Notes, 5.750% due 10/15/21 | | | | | 4,760,671 | | |
| | | | | | | | Total Bermuda | | | | | 6,549,410 | | |
| | Brazil – 0.5% | |
| | | | 2,500,000 | | | | Banco Bradesco SA, Senior Unsecured Notes, 2.850% due 1/27/23(b) | | | | | 2,546,275 | | |
| | | | 500,000 | | | | Banco BTG Pactual SA, Subordinated Notes, 7.750% (5-Year CMT Index +
5.257%) due 2/15/29(a)(b) | | | | | 541,880 | | |
| | | | 400,000 | | | | Itau Unibanco Holding SA, Subordinated Notes, 6.200% due 12/21/21 | | | | | 415,400 | | |
| | | | | | | | Total Brazil | | | | | 3,503,555 | | |
| | British Virgin Islands – 0.7% | |
| | | | 700,000 | | | | CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due
4/28/21 | | | | | 703,962 | | |
| | | | | | | | Sinopec Group Overseas Development 2016 Ltd.: | | | | | | | |
| | | | 700,000 | | | | Company Guaranteed Notes, 2.000% due 9/29/21 | | | | | 704,207 | | |
| | | | 800,000 | | | | Company Guaranteed Notes, 2.000% due 9/29/21(b) | | | | | 804,808 | | |
| | | | 1,783,000 | | | | State Grid Overseas Investment 2013 Ltd., Company Guaranteed Notes, 3.125%
due 5/22/23 | | | | | 1,875,161 | | |
| | | | 500,000 | | | | State Grid Overseas Investment Ltd., Senior Unsecured Notes, 1.000% due 8/5/25 | | | | | 487,875 | | |
| | | | | | | | Total British Virgin Islands | | | | | 4,576,013 | | |
| | Canada – 1.5% | |
| | | | 750,000 | | | | Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR +
5.440%) due 6/15/76(a) | | | | | 873,233 | | |
| | | | 735,000 | | | | Enbridge Inc., Subordinated Notes, 5.750% (5-Year CMT Index + 5.314%) due
7/15/80(a) | | | | | 795,182 | | |
| | | | 1,000,000 | | | | MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(b) | | | | | 1,109,340 | | |
| | | | | | | | Taseko Mines Ltd., Senior Secured Notes: | | | | | | | |
| | | | 4,193,000 | | | | 8.750% due 6/15/22(b) | | | | | 4,285,246 | | |
| | | | 3,952,000 | | | | 7.000% due 2/15/26(b) | | | | | 4,031,870 | | |
| | | | | | | | Total Canada | | | | | 11,094,871 | | |
| | Cayman Islands – 3.2% | |
| | | | 3,400,000 | | | | Alibaba Group Holding Ltd., Senior Unsecured Notes, 2.800% due 6/6/23 | | | | | 3,561,754 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Cayman Islands – (continued) | |
| | | | | | | | Baidu Inc., Senior Unsecured Notes: | |
| | | $ | 1,100,000 | | | | 3.500% due 11/28/22 | | | | $ | 1,149,341 | | |
| | | | 2,400,000 | | | | 3.875% due 9/29/23 | | | | | 2,569,733 | | |
| | | | 650,000 | | | | 3.075% due 4/7/25 | | | | | 687,893 | | |
| | | | 200,000 | | | | ENN Energy Holdings Ltd., Senior Unsecured Notes, 3.250% due 7/24/22 | | | | | 205,326 | | |
| | | | 2,898,000 | | | | Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22 | | | | | 3,050,145 | | |
| | | | 4,500,000 | | | | HPHT Finance 19 Ltd., Company Guaranteed Notes, 2.875% due 11/5/24 | | | | | 4,709,905 | | |
| | | | 416,391 | | | | Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due
11/30/25 | | | | | 395,322 | | |
| | | | 1,200,000 | | | | JD.com Inc., Senior Unsecured Notes, 3.125% due 4/29/21 | | | | | 1,204,670 | | |
| | | | 297,748 | | | | Peru Enhanced Pass-Through Finance Ltd., Pass Thru Certificates, zero coupon,
due 6/2/25 | | | | | 286,954 | | |
| | | | | | | | SPARC EM SPC Panama Metro Line 2 SP: | | | | | | | |
| | | | 1,702,165 | | | | Senior Secured Notes, zero coupon, due 12/5/22 | | | | | 1,653,245 | | |
| | | | 1,030,037 | | | | Senior Secured Notes, zero coupon, due 12/5/22(b) | | | | | 1,000,433 | | |
| | | | | | | | Tencent Holdings Ltd., Senior Unsecured Notes: | | | | | | | |
| | | | 374,000 | | | | 3.280% due 4/11/24 | | | | | 400,314 | | |
| | | | 3,500,000 | | | | 1.810% due 1/26/26(b) | | | | | 3,523,403 | | |
| | | | | | | | Total Cayman Islands | | | | | 24,398,438 | | |
| | Chile – 3.7% | |
| | | | | | | | AES Gener SA: | | | | | | | |
| | | | | | | | Junior Subordinated Notes: | | | | | | | |
| | | | 1,000,000 | | | | 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a) | | | | | 1,086,800 | | |
| | | | 800,000 | | | | 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b) | | | | | 869,440 | | |
| | | | 200,000 | | | | Senior Unsecured Notes, 5.000% due 7/14/25 | | | | | 210,500 | | |
| | | | 3,400,000 | | | | Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28(b) | | | | | 2,798,200 | | |
| | | | 400,000 | | | | Colbun SA, Senior Unsecured Notes, 4.500% due 7/10/24 | | | | | 439,150 | | |
| | | | 889,017 | | | | Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29 | | | | | 893,462 | | |
| | | | 1,524,000 | | | | Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25 | | | | | 1,253,909 | | |
| | | | 6,400,000 | | | | Enel Generacion Chile SA, Senior Unsecured Notes, 4.250% due 4/15/24 | | | | | 6,930,019 | | |
| | | | 2,464,000 | | | | Falabella SA, Senior Unsecured Notes, 3.750% due 4/30/23 | | | | | 2,595,235 | | |
| | | | 5,135,000 | | | | Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22 | | | | | 5,263,375 | | |
| | | | 6,000,000 | | | | Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22 | | | | | 6,283,260 | | |
| | | | | | | | Total Chile | | | | | 28,623,350 | | |
| | Colombia – 0.6% | |
| | | | 400,000 | | | | Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due
4/21/25 | | | | | 431,504 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Colombia – (continued) | |
| | | $ | 3,945,000 | | | | Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due
5/18/21 | | | | $ | 4,014,038 | | |
| | | | | | | | Total Colombia | | | | | 4,445,542 | | |
| | Denmark – 0.1% | |
| | | | 1,000,000EUR | | | | Georg Jensen AS, Secured Notes, 6.000% (3-Month EURIBOR + 6.000%) due
5/15/23(a) | | | | | 1,164,187 | | |
| | Dominican Republic – 0.1% | |
| | | | 1,100,000 | | | | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23 | | | | | 1,144,000 | | |
| | France – 0.3% | |
| | | | 1,200,000 | | | | BNP Paribas SA, Junior Subordinated Notes, 6.625% (5-Year USD Swap Rate +
4.149%)(a)(b)(d) | | | | | 1,300,560 | | |
| | | | 575,000 | | | | Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap
Rate + 6.185%)(a)(b)(d) | | | | | 694,718 | | |
| | | | 290,000 | | | | Societe Generale SA, Junior Subordinated Notes, 7.875% (5-Year USD Swap
Rate + 4.979%)(a)(b)(d) | | | | | 320,267 | | |
| | | | | | | | Total France | | | | | 2,315,545 | | |
| | Germany – 1.4% | |
| | | | 200,000 | | | | Deutsche Bank AG, Junior Subordinated Notes, 6.000% (5-Year CMT Index +
4.524%)(a)(d) | | | | | 199,500 | | |
| | | | 2,640,000EUR | | | | LifeFit Group, Secured Notes, 7.500% (3-Month EURIBOR + 7.500%) due
7/26/23(a) | | | | | 3,017,939 | | |
| | | | 5,907,000EUR | | | | LR Global Holding GmbH, Senior Secured Notes, 7.250% (3-Month
EURIBOR + 7.250%) due 2/3/25(a) | | | | | 7,247,580 | | |
| | | | | | | | Total Germany | | | | | 10,465,019 | | |
| | India – 1.3% | |
| | | | 900,000 | | | | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.375%
due 7/24/24 | | | | | 948,681 | | |
| | | | | | | | Indian Oil Corp., Ltd., Senior Unsecured Notes: | | | | | | | |
| | | | 2,995,000 | | | | 5.625% due 8/2/21 | | | | | 3,051,801 | | |
| | | | 1,500,000 | | | | 5.750% due 8/1/23 | | | | | 1,645,567 | | |
| | | | 1,100,000 | | | | ONGC Videsh Ltd., Company Guaranteed Notes, 3.750% due 5/7/23 | | | | | 1,154,191 | | |
| | | | 3,150,000 | | | | Reliance Industries Ltd., Senior Unsecured Notes, 5.400% due 2/14/22 | | | | | 3,285,672 | | |
| | | | | | | | Total India | | | | | 10,085,912 | | |
| | Indonesia – 0.1% | |
| | | | 1,000,000 | | | | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured
Notes, 5.500% due 11/22/21 | | | | | 1,031,450 | | |
| | Ireland – 0.2% | |
| | | | 1,400,000 | | | | C&W Senior Financing DAC, Senior Unsecured Notes, 7.500% due 10/15/26 | | | �� | | 1,480,234 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Israel – 0.1% | |
| | | $ | 500,000 | | | | Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23 | | | | $ | 564,972 | | |
| | Italy – 1.3% | |
| | | | 365,000 | | | | Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap
Rate + 5.462%)(a)(b)(d) | | | | | 411,537 | | |
| | | | 7,461,000EUR | | | | Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%) due
8/9/22(a)(b) | | | | | 8,866,311 | | |
| | | | 445,000 | | | | UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate +
5.180%)(a)(d)@ | | | | | 491,169 | | |
| | | | | | | | Total Italy | | | | | 9,769,017 | | |
| | Japan – 0.1% | |
| | | | 1,046,000 | | | | Universal Entertainment Corp., Senior Secured Notes, 8.500% due 12/11/24(b) | | | | | 1,121,835 | | |
| | Jersey, Channel Islands – 0.3% | |
| | | | 2,400,000 | | | | Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes, 1.750% due 9/30/27 | | | | | 2,409,661 | | |
| | Luxembourg – 0.1% | |
| | | | 1,000,000 | | | | Rumo Luxembourg SARL, Company Guaranteed Notes, 7.375% due 2/9/24 | | | | | 1,036,510 | | |
| | Malaysia – 1.8% | |
| | | | 1,250,000 | | | | Axiata SPV2 Bhd, Senior Unsecured Notes, 4.357% due 3/24/26 | | | | | 1,413,037 | | |
| | | | 200,000 | | | | CIMB Bank Bhd, Senior Unsecured Notes, 3.263% due 3/15/22 | | | | | 204,866 | | |
| | | | 1,715,000 | | | | Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(a) | | | | | 1,745,956 | | |
| | | | 1,000,000 | | | | Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25 | | | | | 1,078,793 | | |
| | | | 2,700,000 | | | | Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22 | | | | | 2,775,060 | | |
| | | | 4,800,000 | | | | TNB Global Ventures Capital Bhd, Senior Unsecured Notes, 3.244% due
10/19/26 | | | | | 5,120,128 | | |
| | | | 1,000,000 | | | | Wakala Global Sukuk Bhd, Senior Unsecured Notes, 4.646% due 7/6/21 | | | | | 1,013,210 | | |
| | | | | | | | Total Malaysia | | | | | 13,351,050 | | |
| | Marshall Islands – 0.3% | |
| | | | 1,837,000 | | | | Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/23(b) | | | | | 1,869,147 | | |
| | | | 1,081,280 | | | | Golar LNG Partners LP, Senior Unsecured Notes, 6.432% (3-Month
USD-LIBOR + 6.250%) due 11/22/21(a) | | | | | 1,062,358 | | |
| | | | | | | | Total Marshall Islands | | | | | 2,931,505 | | |
| | Mexico – 2.7% | |
| | | | 3,800,000 | | | | Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT
Index + 5.035%)(a)(d) | | | | | 3,904,500 | | |
| | | | 6,300,000 | | | | Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year
CMT Index + 3.000%) due 8/11/26(a) | | | | | 6,300,063 | | |
| | | | | | | | BBVA Bancomer SA, Subordinated Notes: | | | | | | | |
| | | | 1,500,000 | | | | 6.500% due 3/10/21 | | | | | 1,501,200 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Mexico – (continued) | |
| | | $ | 457,000 | | | | 6.750% due 9/30/22 | | | | $ | 494,474 | | |
| | | | 1,943,000 | | | | 5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a) | | | | | 2,015,863 | | |
| | | | 350,000 | | | | Fomento Economico Mexicano SAB de CV, Senior Unsecured Notes, 2.875%
due 5/10/23 | | | | | 365,456 | | |
| | | | 1,400,000 | | | | Grupo Bimbo SAB de CV, Company Guaranteed Notes, 4.500% due 1/25/22 | | | | | 1,446,684 | | |
| | | | | | | | Unifin Financiera SAB de CV, Company Guaranteed Notes: | | | | | | | |
| | | | 2,450,000 | | | | 7.250% due 9/27/23 | | | | | 2,459,922 | | |
| | | | 1,700,000 | | | | 7.000% due 1/15/25 | | | | | 1,670,267 | | |
| | | | | | | | Total Mexico | | | | | 20,158,429 | | |
| | Multinational – 1.3% | |
| | | | 9,397,000 | | | | Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750%
due 10/1/26(b) | | | | | 9,740,695 | | |
| | Netherlands – 2.1% | |
| | | | 1,410,000 | | | | AerCap Holdings NV, Company Guaranteed Notes, 5.875% (5-Year CMT
Index + 4.535%) due 10/10/79(a) | | | | | 1,441,725 | | |
| | | | 1,200,000 | | | | AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad
It, Company Guaranteed Notes, 7.950% due 5/11/26 | | | | | 1,260,012 | | |
| | | | 4,827,000EUR | | | | Azerion Holding BV, Senior Secured Notes, 8.500% (3-Month EURIBOR +
8.500%) due 3/17/23(a) | | | | | 5,911,132 | | |
| | | | 600,000 | | | | ING Groep NV, Junior Subordinated Notes, 5.750% (5-Year CMT Index +
4.342%)(a)(d) | | | | | 657,000 | | |
| | | | 6,150,000 | | | | Petrobras Global Finance BV, Company Guaranteed Notes, 4.375% due 5/20/23 | | | | | 6,571,275 | | |
| | | | | | | | Total Netherlands | | | | | 15,841,144 | | |
| | Norway – 1.0% | |
| | | | 24,500,000NOK | | | | Aker Horizons AS, Senior Unsecured Notes, 3.700% due 8/15/25(a) | | | | | 2,817,862 | | |
| | | | 13,500,000NOK | | | | Grieg Seafood ASA, Senior Unsecured Notes, 3.900% due 6/25/25(a)(b) | | | | | 1,541,033 | | |
| | | | 2,200,000 | | | | Jacktel AS, Senior Secured Notes, 10.000% due 12/4/23(b) | | | | | 440,000 | | |
| | | | 4,900,000SEK | | | | Mercell Holding AS, zero coupon, due 12/8/25 | | | | | 597,618 | | |
| | | | 18,100,000NOK | | | | Modex AS, Senior Secured Notes, 8.200% due 3/2/26(a) | | | | | 2,097,419 | | |
| | | | | | | | Total Norway | | | | | 7,493,932 | | |
| | Panama – 1.7% | |
| | | | | | | | Banistmo SA: | | | | | | | |
| | | | 2,200,000 | | | | Senior Unsecured Notes, 3.650% due 9/19/22 | | | | | 2,262,722 | | |
| | | | 300,000 | | | | Senior Unsecured Notes, 3.650% due 9/19/22(b) | | | | | 308,553 | | |
| | | | 4,208,595 | | | | ENA Norte Trust, Pass Thru Certificates, 4.950% due 4/25/23 | | | | | 4,319,071 | | |
| | | | 2,200,000 | | | | Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21 | | | | | 2,230,360 | | |
| | | | 3,400,000 | | | | Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22 | | | | | 3,496,220 | | |
| | | | | | | | Total Panama | | | | | 12,616,926 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Paraguay – 0.1% | |
| | | $ | 950,000 | | | | Banco Continental SAECA, Senior Unsecured Notes, 2.750% due 12/10/25(b) | | | | $ | 948,765 | | |
| | Peru – 1.1% | |
| | | | 4,100,000 | | | | Banco de Credito del Peru, Subordinated Notes, 6.125% (3-Month
USD-LIBOR + 7.043%) due 4/24/27(a) | | | | | 4,289,666 | | |
| | | | 3,633,088 | | | | Fenix Power Peru SA, Senior Unsecured Notes, 4.317% due 9/20/27 | | | | | 3,832,944 | | |
| | | | | | | | Total Peru | | | | | 8,122,610 | | |
| | Philippines – 0.6% | |
| | | | 700,000 | | | | Bank of the Philippine Islands, Senior Unsecured Notes, 2.500% due 9/10/24 | | | | | 731,500 | | |
| | | | 3,000,000 | | | | BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23 | | | | | 3,127,500 | | |
| | | | 800,000 | | | | Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22 | | | | | 834,626 | | |
| | | | | | | | Total Philippines | | | | | 4,693,626 | | |
| | Portugal – 0.0% | |
| | | | 70,068 | | | | Invepar, zero coupon, due 12/30/28(e)(f) | | | | | 2,996 | | |
| | Saudi Arabia – 0.3% | |
| | | | | | | | Saudi Arabian Oil Co., Senior Unsecured Notes: | | | | | | | |
| | | | 2,100,000 | | | | 2.750% due 4/16/22 | | | | | 2,147,131 | | |
| | | | 300,000 | | | | 1.250% due 11/24/23(b) | | | | | 302,196 | | |
| | | | | | | | Total Saudi Arabia | | | | | 2,449,327 | | |
| | Singapore – 5.1% | |
| | | | | | | | DBS Group Holdings Ltd.: | | | | | | | |
| | | | 6,100,000 | | | | Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(a)(d) | | | | | 6,161,000 | | |
| | | | 500,000 | | | | Senior Unsecured Notes, 2.850% due 4/16/22 | | | | | 513,556 | | |
| | | | 500,000 | | | | Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate +
1.590%) due 12/11/28(a) | | | | | 544,470 | | |
| | | | 5,190,000 | | | | ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22 | | | | | 5,260,843 | | |
| | | | 2,500,000 | | | | Oversea-Chinese Banking Corp., Ltd, Subordinated Notes, Private Placement,
1.832% (5-Year CMT Index + 1.580%) due 9/10/30(a)(b) | | | | | 2,501,827 | | |
| | | | 4,400,000 | | | | Oversea-Chinese Banking Corp., Ltd, Subordinated Notes, 1.832% (5-Year CMT
Index + 1.580%) due 9/10/30(a) | | | | | 4,403,215 | | |
| | | | 200,000 | | | | Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 4.250%
due 6/19/24 | | | | | 220,093 | | |
| | | | 950,000 | | | | PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26 | | | | | 993,618 | | |
| | | | | | | | SingTel Group Treasury Pte Ltd., Company Guaranteed Notes: | | | | | | | |
| | | | 1,200,000 | | | | 3.250% due 6/30/25 | | | | | 1,297,172 | | |
| | | | 2,100,000 | | | | 2.375% due 10/3/26 | | | | | 2,214,706 | | |
| | | | 3,000,000 | | | | SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22 | | | | | 3,089,250 | | |
| | | $ | 4,000,000 | | | | Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23 | | | | | 4,149,932 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Singapore – (continued) | |
| | | | | | | | United Overseas Bank Ltd., Subordinated Notes: | |
| | | $ | 4,700,000 | | | | 3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a) | | | | $ | 4,759,267 | | |
| | | | 1,900,000 | | | | 3.750% (5-Year CMT Index + 1.500%) due 4/15/29(a) | | | | | 2,037,521 | | |
| | | | 500,000 | | | | 1.750% (5-Year CMT Index + 1.520%) due 3/16/31(a) | | | | | 497,160 | | |
| | | | | | | | Total Singapore | | | | | 38,643,630 | | |
| | South Korea – 4.1% | |
| | | | | | | | Korea East-West Power Co., Ltd.: | | | | | | | |
| | | | 2,700,000 | | | | Senior Unsecured Notes, 1.750% due 5/6/25 | | | | | 2,772,229 | | |
| | | | 2,200,000 | | | | Senior Unsecured Notes, 1.750% due 5/6/25(b) | | | | | 2,258,854 | | |
| | | | 4,800,000 | | | | Korea Southern Power Co., Ltd., Senior Unsecured Notes, 0.750% due 1/27/26(b) | | | | | 4,704,042 | | |
| | | | 7,300,000 | | | | KT Corp., Senior Unsecured Notes, 1.000% due 9/1/25 | | | | | 7,216,326 | | |
| | | | 3,900,000 | | | | LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24 | | | | | 4,243,597 | | |
| | | | | | | | NongHyup Bank: | | | | | | | |
| | | | 2,000,000 | | | | Senior Unsecured Notes Private Placement, 1.250% due 7/20/25(b) | | | | | 2,002,465 | | |
| | | | 2,000,000 | | | | Senior Unsecured Notes, 1.250% due 7/20/25 | | | | | 2,002,465 | | |
| | | | | | | | POSCO, Senior Unsecured Notes: | | | | | | | |
| | | | 2,000,000 | | | | 2.375% due 11/12/22 | | | | | 2,052,026 | | |
| | | | 3,044,000 | | | | 2.375% due 1/17/23 | | | | | 3,131,558 | | |
| | | | 700,000 | | | | 2.750% due 7/15/24 | | | | | 742,485 | | |
| | | | | | | | Total South Korea | | | | | 31,126,047 | | |
| | Sweden – 0.1% | |
| | | | 3,750,000SEK | | | | VNV Global AB, Senior Secured Notes, 5.750% due 10/4/22 | | | | | 459,041 | | |
| | Switzerland – 0.4% | |
| | | | 1,700,000 | | | | Credit Suisse Group AG, Junior Subordinated Notes, 6.375% (5-Year CMT
Index + 4.822%)(a)(b)(d) | | | | | 1,895,500 | | |
| | | | 1,400,000 | | | | UBS Group AG, Junior Subordinated Notes, 6.875% (5-Year USD Swap Rate +
4.590%)(a)(d)@ | | | | | 1,582,000 | | |
| | | | | | | | Total Switzerland | | | | | 3,477,500 | | |
| | Thailand – 0.2% | |
| | | | 1,800,000 | | | | Bangkok Bank PCL, Senior Unsecured Notes, 3.875% due 9/27/22 | | | | | 1,885,410 | | |
| | United Kingdom – 1.2% | |
| | | | 1,525,000 | | | | Barclays PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate +
4.842%)(a)(d) | | | | | 1,654,259 | | |
| | | | 430,000 | | | | HSBC Holdings PLC, Junior Subordinated Notes, 6.000% (5-Year USD 1100
Run ICE Swap Rate + 3.746%)(a)(d) | | | | | 467,625 | | |
| | | | 1,480,000 | | | | Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD
Swap Rate + 4.496%)(a)(d) | | | | | 1,694,230 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United Kingdom – (continued) | |
| | | $ | 800,000 | | | | Natwest Group PLC, Junior Subordinated Notes, 6.000% (5-Year CMT Index +
5.625%)(a)(d) | | | | $ | 886,000 | | |
| | | | 2,400,000EUR | | | | SB Holdco PLC, Secured Notes, 8.000% (3-Month EURIBOR + 8.000%) due
7/13/22(a) | | | | | 2,924,556 | | |
| | | | | | | | Vedanta Resources Ltd., Senior Unsecured Notes: | | | | | | | |
| | | | 800,000 | | | | 7.125% due 5/31/23 | | | | | 742,400 | | |
| | | | 200,000 | | | | 6.125% due 8/9/24 | | | | | 169,500 | | |
| | | | 210,000 | | | | Vodafone Group PLC, Junior Subordinated Notes, 7.000% (5-Year USD Swap
Rate + 4.873%) due 4/4/79(a) | | | | | 251,693 | | |
| | | | | | | | Total United Kingdom | | | | | 8,790,263 | | |
| | United States – 22.1% | |
| | | | 6,750,000 | | | | 99 Escrow Issuer Inc., Senior Secured Notes, 7.500% due 1/15/26(b) | | | | | 6,598,125 | | |
| | | | 665,000 | | | | Ameren Corp., Senior Unsecured Notes, 1.750% due 3/15/28 | | | | | 660,288 | | |
| | | | 395,000 | | | | American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month
USD-LIBOR + 2.868%) due 4/1/48(a) | | | | | 448,226 | | |
| | | | 3,088,439 | | | | Anagram International Inc./Anagram Holdings LLC, Senior Secured Notes,
15.000% due 8/15/25(b)(c) | | | | | 3,536,263 | | |
| | | | 11,016,000 | | | | APX Group Inc., Senior Secured Notes, 7.875% due 12/1/22 | | | | | 11,043,540 | | |
| | | | 700,000 | | | | Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135%)
due 3/27/48(a) | | | | | 794,500 | | |
| | | | 969,000 | | | | Assured Guaranty Municipal Holdings Inc., Company Guaranteed Notes, 6.400%
(1-Month USD-LIBOR + 2.215%) due 12/15/66(a)(b) | | | | | 1,019,961 | | |
| | | | 4,174,000 | | | | At Home Holding III Inc., Senior Secured Notes, 8.750% due 9/1/25(b) | | | | | 4,549,660 | | |
| | | | 1,350,000 | | | | Bank of America Corp., Junior Subordinated Notes, 6.300% (3-Month
USD-LIBOR + 4.553%)(a)(d) | | | | | 1,549,973 | | |
| | | | 3,252,000 | | | | BCD Acquisition Inc., Senior Secured Notes, 9.625% due 9/15/23(b) | | | | | 3,333,300 | | |
| | | | 133,000 | | | | Briggs & Stratton Corp., Senior Unsecured Notes, 6.875%, due 12/15/20 | | | | | 11,205 | | |
| | | | 630,000 | | | | Capital Farm Credit ACA, Junior Subordinated Notes, 5.000% (5-Year CMT
Index + 4.523%)(a)(b)(d)(e) | | | | | 640,237 | | |
| | | | 205,000 | | | | Capital One Financial Corp., Junior Subordinated Notes, 3.991% (3-Month
USD-LIBOR + 3.800%)(a)(d) | | | | | 203,975 | | |
| | | | 600,000 | | | | CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month
USD-LIBOR + 3.270%)(a)(d) | | | | | 636,000 | | |
| | | | 710,000 | | | | Charles Schwab Corp., Junior Subordinated Notes, 5.375% (5-Year CMT Index +
4.971%)(a)(d) | | | | | 773,900 | | |
| | | | 260,000 | | | | CIT Group Inc., Junior Subordinated Notes, 5.800% (3-Month USD-LIBOR +
3.972%)(a)(d) | | | | | 268,918 | | |
| | | | 2,039,000 | | | | Citigroup Inc., Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR +
3.905%)(a)(d) | | | | | 2,212,315 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United States – (continued) | |
| | | $ | 225,000 | | | | Citizens Financial Group Inc., Junior Subordinated Notes, 6.375% (3-Month
USD-LIBOR + 3.157%)(a)(d) | | | | $ | 238,905 | | |
| | | | 1,075,000 | | | | CoBank ACB, Junior Subordinated Notes, 6.250% (3-Month USD-LIBOR +
4.660%)(a)(d) | | | | | 1,193,250 | | |
| | | | 137,874 | | | | Continental Airlines Class A-1 Pass-Through Trust, Pass Thru Certificates,
7.707% due 4/2/21 | | | | | 137,720 | | |
| | | | 2,112,000 | | | | CTO Realty Growth Inc., Senior Unsecured Notes, Private Placement, 3.875%
due 4/15/25(b) | | | | | 2,167,757 | | |
| | | | 2,683,000 | | | | CTO Realty Growth Inc., Senior Unsecured Notes, 3.875% due 4/15/25 | | | | | 2,753,831 | | |
| | | | 510,000 | | | | Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(b)(d) | | | | | 510,637 | | |
| | | | 5,164,000 | | | | Dell International LLC/EMC Corp., Company Guaranteed Notes, 7.125% due
6/15/24(b) | | | | | 5,343,707 | | |
| | | | 2,127,000 | | | | Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes,
12.750% due 12/1/26(b) | | | | | 1,850,490 | | |
| | | | 390,000 | | | | Discover Financial Services, Junior Subordinated Notes, 6.125% (5-Year CMT
Index + 5.783%)(a)(d) | | | | | 427,050 | | |
| | | | 1,321,000 | | | | Donnelley Financial Solutions Inc., Company Guaranteed Notes, 8.250% due
10/15/24 | | | | | 1,377,143 | | |
| | | | | | | | Dropbox Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 831,000 | | | | zero coupon, due 3/1/26(b) | | | | | 817,871 | | |
| | | | 665,000 | | | | zero coupon, due 3/1/28(b) | | | | | 653,597 | | |
| | | | 615,000 | | | | Equitable Holdings Inc., Junior Subordinated Notes, 4.950% (5-Year CMT
Index + 4.736%)(a)(d) | | | | | 659,895 | | |
| | | | 2,933,000 | | | | Ferrellgas LP/Ferrellgas Finance Corp., Senior Secured Notes, 10.000% due
4/15/25(b) | | | | | 3,255,630 | | |
| | | | 610,000 | | | | Fifth Third Bancorp, Junior Subordinated Notes, 4.500% (5-Year CMT Index +
4.215%)(a)(d) | | | | | 646,173 | | |
| | | | 3,164,000 | | | | FXI Holdings Inc., Senior Secured Notes, 12.250% due 11/15/26(b) | | | | | 3,589,147 | | |
| | | | 920,000 | | | | General Electric Co., Junior Subordinated Notes, 3.521% (3-Month
USD-LIBOR + 3.330%)(a)(d) | | | | | 876,944 | | |
| | | | | | | | General Motors Financial Co., Inc., Junior Subordinated Notes: | | | | | | | |
| | | | 150,000 | | | | 5.700% (5-Year CMT Index + 4.997%)(a)(d) | | | | | 166,500 | | |
| | | | 1,090,000 | | | | 5.750% (3-Month USD-LIBOR + 3.598%)(a)(d) | | | | | 1,143,846 | | |
| | | | 1,444,000 | | | | Goldman Sachs Group Inc., Junior Subordinated Notes, 5.500% (5-Year CMT
Index + 3.623%)(a)(d) | | | | | 1,559,520 | | |
| | | | 7,925,763 | | | | Hawaiian Airlines Class A Pass-Through Certificates, Pass Thru Certificates,
3.900% due 1/15/26 | | | | | 7,643,858 | | |
| | | | 864,380 | | | | Hawaiian Airlines Class B Pass-Through Certificates, Pass Thru Certificates,
4.950% due 1/15/22 | | | | | 848,416 | | |
| | | | 11,528,000 | | | | HC2 Holdings Inc., Senior Secured Notes, 8.500% due 2/1/26(b) | | | | | 11,470,360 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United States – (continued) | |
| | | $ | 4,121,000 | | | | 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) | | | | $ | 4,121,000 | | |
| | | | 1,120,000 | | | | Huntington Bancshares Inc., Junior Subordinated Notes, 5.625% (5-Year CMT
Index + 4.945%)(a)(d) | | | | | 1,262,800 | | |
| | | | | | | | JPMorgan Chase & Co., Junior Subordinated Notes: | | | | | | | |
| | | | 1,015,000 | | | | 5.000% (SOFR rate + 3.380%)(a)(d) | | | | | 1,054,260 | | |
| | | | 685,000 | | | | 6.750% (3-Month USD-LIBOR + 3.780%)(a)(d) | | | | | 756,925 | | |
| | | | 475,000 | | | | KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR +
3.606%) (a)(d) | | | | | 505,847 | | |
| | | | 1,655,000 | | | | Land O’ Lakes Inc., Junior Subordinated Notes, 7.250%(b)(d) | | | | | 1,696,375 | | |
| | | | 659,000 | | | | LSF9 Atlantis Holdings LLC/Victra Finance Corp., Senior Secured Notes,
7.750% due 2/15/26(b) | | | | | 673,742 | | |
| | | | 500,000 | | | | M&T Bank Corp., Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR +
3.520%)(a)(d) | | | | | 539,250 | | |
| | | | 855,000 | | | | Markel Corp., Junior Subordinated Notes, 6.000% (5-Year CMT Index +
5.662%) (a)(d) | | | | | 938,508 | | |
| | | | | | | | Martin Midstream Partners LP/Martin Midstream Finance Corp., Secured Notes: | | | | | | | |
| | | | 7,118,576 | | | | 10.000% due 2/29/24(b) | | | | | 7,447,810 | | |
| | | | 3,594,055 | | | | 11.500% due 2/28/25(b) | | | | | 3,629,996 | | |
| | | | 825,000 | | | | MetLife Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR +
2.959%)(a)(d) | | | | | 938,438 | | |
| | | | 11,287,000 | | | | Mueller Industries Inc., Subordinated Notes, 6.000% due 3/1/27 | | | | | 11,542,086 | | |
| | | | 510,000 | | | | NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index +
2.843%)(a)(d) | | | | | 525,300 | | |
| | | | 195,000 | | | | PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500% (5-Year CMT
Index + 3.815%) due 10/1/50(a) | | | | | 203,403 | | |
| | | | 7,420,000 | | | | PBF Logistics LP/PBF Logistics Finance Corp., Company Guaranteed Notes,
6.875% due 5/15/23 | | | | | 7,215,950 | | |
| | | | 8,118,000 | | | | PetSmart Inc., Company Guaranteed Notes, 7.125% due 3/15/23(b) | | | | | 8,132,612 | | |
| | | | 717,000 | | | | PNC Financial Services Group Inc., Junior Subordinated Notes, 5.000%
(3-Month USD-LIBOR + 3.300%)(a)(d) | | | | | 784,670 | | |
| | | | 3,191,000 | | | | Post Holdings Inc., Company Guaranteed Notes, 5.000% due 8/15/26(b) | | | | | 3,329,809 | | |
| | | | 480,000 | | | | Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38 | | | | | 557,074 | | |
| | | | 850,000 | | | | Regions Financial Corp., Junior Subordinated Notes, 5.750% (5-Year CMT
Index + 5.430%)(a)(d) | | | | | 939,250 | | |
| | | | 845,000 | | | | SBL Holdings Inc., Junior Subordinated Notes, 7.000% (5-Year CMT Index +
5.580%)(a)(b)(d) | | | | | 775,288 | | |
| | | | 410,000 | | | | Sempra Energy, Junior Subordinated Notes, 4.875% (5-Year CMT Index +
4.550%)(a)(d) | | | | | 437,040 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United States – (continued) | |
| | | $ | 595,000 | | | | Southern Co., Junior Subordinated Notes, 4.000% (5-Year CMT Index + 3.733%)
due 1/15/51(a) | | | | $ | 621,236 | | |
| | | | 6,380,000 | | | | StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(b) | | | | | 6,778,750 | | |
| | | | 1,156,000 | | | | StorCentric Inc., Senior Secured Notes, 5.875% due 2/19/23(b)(e) | | | | | 1,161,780 | | |
| | | | 485,000 | | | | SVB Financial Group, Junior Subordinated Notes, 4.100% (5-Year CMT Index +
3.064%)(a)(d) | | | | | 489,850 | | |
| | | | 1,894,000 | | | | Talos Production Inc., Secured Notes, 12.000% due 1/15/26(b) | | | | | 1,789,830 | | |
| | | | 1,374,000 | | | | Tapestry Inc., Senior Unsecured Notes, 4.250% due 4/1/25 | | | | | 1,491,592 | | |
| | | | 4,378,000 | | | | T-Mobile USA Inc., Company Guaranteed Notes, 6.000% due 3/1/23 | | | | | 4,400,766 | | |
| | | | 1,810,000 | | | | Truist Financial Corp., Junior Subordinated Notes, 4.800% (5-Year CMT Index +
3.003%)(a)(d) | | | | | 1,877,875 | | |
| | | | 8,201,000 | | | | UpHealth Inc., Senior Unsecured Notes, 6.250%, due 3/15/26(e)(f) | | | | | — | | |
| | | | 770,000 | | | | Voya Financial Inc., Junior Subordinated Notes, 6.125% (5-Year CMT Index +
3.358%)(a)(d) | | | | | 827,981 | | |
| | | | | | | | Wells Fargo & Co., Junior Subordinated Notes: | | | | | | | |
| | | | 950,000 | | | | 3.900% (5-Year CMT Index + 3.453%)(a)(d) | | | | | 946,343 | | |
| | | | 1,775,000 | | | | 5.900% (3-Month USD-LIBOR + 3.110%)(a)(d) | | | | | 1,885,937 | | |
| | | | | | | | Total United States | | | | | 167,892,006 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Cost – $465,683,470) | | | | | 477,864,323 | | |
| | SENIOR LOANS – 11.1%(a) | |
| | | | | | | | Alliance HealthCare Services Inc.: | | | | | | | |
| | | | 2,904,970 | | | | 5.500% (1-Month USD-LIBOR + 4.500%) due 10/24/23 | | | | | 2,685,296 | | |
| | | | 1,363,460 | | | | due 4/24/24(g) | | | | | 596,514 | | |
| | | | 732,665 | | | | Appvion Operations Inc., 7.000% (3-Month USD-LIBOR + 6.000%)
due 6/12/26 | | | | | 729,001 | | |
| | | | 8,023,441 | | | | Crestwood Holdings LLC, 7.620% (1-Month USD-LIBOR + 7.500%)
due 3/6/23 | | | | | 7,152,897 | | |
| | | | 3,496,369 | | | | Elevate Textiles Inc., 5.259% (3-Month USD-LIBOR + 5.000%) due 5/1/24 | | | | | 3,283,300 | | |
| | | | 8,261,000 | | | | Fieldwood Energy LLC, 4.250% (3-Month USD-LIBOR + 4.250%) due
4/11/22(h) | | | | | 2,368,181 | | |
| | | | 9,673,402 | | | | First Brands Group LLC, 8.500% (3-Month USD-LIBOR + 7.500%) due 2/2/24 | | | | | 9,825,758 | | |
| | | | 4,828,763 | | | | Golden Nugget Online Gaming Inc., 13.000% (3-Month USD-LIBOR +
12.000%) due 10/4/23 | | | | | 5,504,790 | | |
| | | | 12,936,878 | | | | Hertz Corp., due 12/31/21(g) | | | | | 13,167,931 | | |
| | | | 2,777,853 | | | | IEA Energy Services LLC, 7.004% (3-Month USD-LIBOR + 6.750%) due
9/25/24 | | | | | 2,767,436 | | |
| | | | 14,779,000 | | | | JZ Capital Partners Ltd., 12.000% (1-Month USD-LIBOR + 11.000%) due
10/8/25(e)(f) | | | | | 14,779,000 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | SENIOR LOANS – (continued) | |
| | | $ | 4,454,166 | | | | Lealand Finance Co., BV, 4.115% (1-Month USD-LIBOR + 4.000%)
due 6/30/25 | | | | $ | 2,870,710 | | |
| | | | 9,529,000 | | | | Mallinckrodt International Finance SA, due 2/28/22(g) | | | | | 9,253,993 | | |
| | | | 2,110,697 | | | | PI UK Holdco II Ltd., due 12/22/25(g) | | | | | 2,105,420 | | |
| | | | 4,538,386 | | | | Pixelle Specialty Solutions LLC, 7.500% (1-Month USD-LIBOR + 6.500%) due
10/31/24 | | | | | 4,533,848 | | |
| | | | 2,254,913 | | | | RA Acquisition Purchaser LLC, due 5/31/23(f)(g) | | | | | 2,221,089 | | |
| | | | | | | | TOTAL SENIOR LOANS
(Cost – $89,501,903) | | | | | 83,845,164 | | |
| | SOVEREIGN BONDS – 7.7% | |
| | Brazil – 0.9% | |
| | | | 6,850,000 | | | | Brazilian Government International Bond, 2.875% due 6/6/25 | | | | | 6,978,437 | | |
| | Colombia – 0.3% | |
| | | | 2,100,000 | | | | Colombia Government International Bond, 2.625% due 3/15/23 | | | | | 2,152,521 | | |
| | India – 0.3% | |
| | | | 2,000,000 | | | | Export-Import Bank of India, 3.125% due 7/20/21 | | | | | 2,015,376 | | |
| | Indonesia – 1.3% | |
| | | | | | | | Indonesia Government International Bond: | | | | | | | |
| | | | 1,500,000 | | | | 3.750% due 4/25/22 | | | | | 1,549,641 | | |
| | | | 2,200,000 | | | | 2.950% due 1/11/23 | | | | | 2,280,987 | | |
| | | | 300,000 | | | | 3.375% due 4/15/23 | | | | | 314,970 | | |
| | | | | | | | Perusahaan Penerbit SBSN Indonesia III: | | | | | | | |
| | | | 1,000,000 | | | | 3.400% due 3/29/22 | | | | | 1,026,670 | | |
| | | | 3,018,000 | | | | 3.300% due 11/21/22 | | | | | 3,143,458 | | |
| | | | 1,321,000 | | | | 3.750% due 3/1/23 | | | | | 1,394,989 | | |
| | | | | | | | Total Indonesia | | | | | 9,710,715 | | |
| | Panama – 0.9% | |
| | | | | | | | Panama Government International Bond: | | | | | | | |
| | | | 4,300,000 | | | | 4.000% due 9/22/24 | | | | | 4,676,293 | | |
| | | | 2,000,000 | | | | 3.750% due 3/16/25 | | | | | 2,167,520 | | |
| | | | | | | | Total Panama | | | | | 6,843,813 | | |
| | Peru – 0.9% | |
| | | | 6,900,000 | | | | Peruvian Government International Bond, 2.392% due 1/23/26 | | | | | 7,172,550 | | |
| | Qatar – 0.4% | |
| | | | | | | | Qatar Government International Bond: | | | | | | | |
| | | | 2,300,000 | | | | 2.375% due 6/2/21 | | | | | 2,309,200 | | |
| | | | 900,000 | | | | 4.500% due 1/20/22 | | | | | 930,548 | | |
| | | | | | | | Total Qatar | | | | | 3,239,748 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | SOVEREIGN BONDS – (continued) | |
| | Saudi Arabia – 0.9% | |
| | | | | | | | Saudi Government International Bond: | |
| | | $ | 3,500,000 | | | | 2.375% due 10/26/21 | | | | $ | 3,539,662 | | |
| | | | 3,000,000 | | | | 2.875% due 3/4/23 | | | | | 3,123,060 | | |
| | | | | | | | Total Saudi Arabia | | | | | 6,662,722 | | |
| | South Korea – 1.3% | |
| | | | | | | | Korea Development Bank: | | | | | | | |
| | | | 300,000 | | | | 1.250% due 6/3/25 | | | | | 302,225 | | |
| | | | 2,200,000 | | | | 0.800% due 4/27/26 | | | | | 2,177,393 | | |
| | | | 7,200,000 | | | | Korea Electric Power Corp.: | | | | | | | |
| | | | 5,300,000 | | | | 1.125% due 6/15/25 | | | | | 5,296,012 | | |
| | | | 1,900,000 | | | | 1.125% due 6/15/25(b) | | | | | 1,898,570 | | |
| | | | | | | | Total South Korea | | | | | 9,674,200 | | |
| | United Arab Emirates – 0.5% | |
| | | | | | | | Abu Dhabi Government International Bond: | | | | | | | |
| | | | 2,000,000 | | | | 0.750% due 9/2/23(b) | | | | | 2,005,288 | | |
| | | | 1,600,000 | | | | 2.500% due 4/16/25(b) | | | | | 1,693,770 | | |
| | | | | | | | Total United Arab Emirates | | | | | 3,699,058 | | |
| | | | | | | | TOTAL SOVEREIGN BONDS
(Cost – $57,857,770) | | | | | 58,149,140 | | |
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BOND – 0.7% | |
| | Puerto Rico – 0.7% | | |
| | | | 6,427,831 | | | | NR | | | Gdb Debt Recovery Authority Of Commonwealth Puerto Rico, Revenue
Bonds,
7.500% due 8/20/40 | | | | | 5,479,726 | | |
| | | | | | | | | | | (Cost – $4,460,540) | | | | | | | |
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 8.4% | |
| | Canada – 0.3% | |
| | | | 44,400 | | | | Barrick Gold Corp. | | | | | 828,948 | | |
| | | | 158,308 | | | | BGP Acquisition Corp.*(e) | | | | | 1,584,663 | | |
| | | | 21,182 | | | | Frontera Energy Corp.* | | | | | 105,772 | | |
| | | | | | | | Total Canada | | | | | 2,519,383 | | |
| | Cayman Island – 0.1% | |
| | | | 30,029 | | | | Austerlitz Acquisition Corp. I* | | | | | 309,299 | | |
| | | | 45,044 | | | | Austerlitz Acquisition Corp. II* | | | | | 461,701 | | |
| | | | | | | | Total Cayman Island | | | | | 771,000 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | United Kingdom – 0.1% | |
| | | | 48,331 | | | | EdtechX Holdings Acquisition Corp. II* | | | | $ | 507,476 | | |
| | United States – 7.9% | |
| | | | 53,841 | | | | Alpine Income Property Trust Inc. | | | | | 986,367 | | |
| | | | 267,281 | | | | Appvion Inc.*(e)(f) | | | | | 2,646,082 | | |
| | | | 125,028 | | | | Ares Acquisition Corp.* | | | | | 1,287,788 | | |
| | | | 44,192 | | | | Ark Global Acquisition Corp.* | | | | | 452,968 | | |
| | | | 241,887 | | | | Atlantic Avenue Acquisition Corp., Class A Shares* | | | | | 2,496,274 | | |
| | | | 25,628 | | | | Authentic Equity Acquisition Corp.* | | | | | 262,687 | | |
| | | | 264,887 | | | | Carney Technology Acquisition Corp. II, Class A Shares* | | | | | 2,688,603 | | |
| | | | 91,599 | | | | Cartesian Growth Corp.* | | | | | 925,150 | | |
| | | | 99,874 | | | | Cascade Acquisition Corp., Class A Shares* | | | | | 1,023,708 | | |
| | | | 37,023 | | | | CBRE Acquisition Holdings Inc., Class A Shares* | | | | | 372,081 | | |
| | | | 160,214 | | | | Cerberus Telecom Acquisition Corp., Class A Shares* | | | | | 1,714,290 | | |
| | | | 54,430 | | | | CF Acquisition Corp. IV, Class A Shares*(i) | | | | | 550,287 | | |
| | | | 61,153 | | | | CF Acquisition Corp. VI* | | | | | 625,595 | | |
| | | | 49,965 | | | | Clarim Acquisition Corp.* | | | | | 508,644 | | |
| | | | 25,628 | | | | Class Acceleration Corp.* | | | | | 265,762 | | |
| | | | 36,281 | | | | Cohn Robbins Holdings Corp., Class A Shares* | | | | | 380,588 | | |
| | | | 36,060 | | | | CTO Realty Growth Inc. | | | | | 1,866,105 | | |
| | | | 60,059 | | | | EJF Acquisition Corp.*(e) | | | | | 604,794 | | |
| | | | 24,408 | | | | Empowerment & Inclusion Capital I Corp.* | | | | | 251,402 | | |
| | | | 352 | | | | Energy Harbor Corp.* | | | | | 9,900 | | |
| | | | 72,860 | | | | Equity Distribution Acquisition Corp., Class A Shares* | | | | | 758,473 | | |
| | | | 37,586 | | | | FG New America Acquisition Corp., Class A Shares*(i) | | | | | 381,498 | | |
| | | | 30,467 | | | | Foresight Acquisition Corp.* | | | | | 310,763 | | |
| | | | 25,048 | | | | Fortress Capital Acquisition Corp.* | | | | | 258,996 | | |
| | | | 25,944 | | | | Fortress Value Acquisition Corp. III* | | | | | 268,261 | | |
| | | | 200,369 | | | | Genesis Park Acquisition Corp., Class A Shares* | | | | | 2,087,845 | | |
| | | | 76,154 | | | | GigCapital4 Inc.* | | | | | 780,579 | | |
| | | | 33,614 | | | | Global Partner Acquisition Corp. II* | | | | | 344,880 | | |
| | | | 54,430 | | | | Golden Falcon Acquisition Corp., Class A Shares* | | | | | 551,920 | | |
| | | | 16,680 | | | | Gores Metropoulos II Inc.* | | | | | 177,976 | | |
| | | | 16,689 | | | | Group Nine Acquisition Corp.* | | | | | 173,399 | | |
| | | | 50,095 | | | | Hamilton Lane Alliance Holdings I Inc.* | | | | | 511,971 | | |
| | | | 18,141 | | | | Horizon Acquisition Corp., Class A Shares* | | | | | 188,122 | | |
| | | | 3,566 | | | | Hudson Executive Investment Corp. II* | | | | | 37,265 | | |
| | | | 664,800 | | | | InterCure Ltd.*(f) | | | | | — | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | United States – (continued) | |
| | | | 60,053 | | | | Isleworth Healthcare Acquisition Corp.*(e) | | | | $ | 603,533 | | |
| | | | 33,360 | | | | Jack Creek Investment Corp.* | | | | | 343,608 | | |
| | | | 62,712 | | | | KINS Technology Group Inc., Class A Shares* | | | | | 635,900 | | |
| | | | 36,281 | | | | Landcadia Holdings III Inc., Class A Shares*(i) | | | | | 378,048 | | |
| | | | 60,006 | | | | Live Oak Acquisition Corp. II, Class A Shares*(i) | | | | | 628,263 | | |
| | | | 18,600 | | | | Magellan Midstream Partners LP | | | | | 775,062 | | |
| | | | 33,378 | | | | Marlin Technology Corp., Class A Shares* | | | | | 347,131 | | |
| | | | 534,907 | | | | Mason Industrial Technology Inc.* | | | | | 5,456,051 | | |
| | | | 251,150 | | | | McDermott International Inc.* | | | | | 213,478 | | |
| | | | 555,414 | | | | McDermott International Inc.*(e) | | | | | 472,102 | | |
| | | | 17,046 | | | | Noble Rock Acquisition Corp.* | | | | | 172,591 | | |
| | | | 77,376 | | | | Oaktree Acquisition Corp. II, Class A Shares* | | | | | 815,543 | | |
| | | | 16,700 | | | | OCA Acquisition Corp.* | | | | | 173,680 | | |
| | | | 466,079 | | | | Omnichannel Acquisition Corp., Class A Shares*(i) | | | | | 4,726,041 | | |
| | | | 50,040 | | | | One Equity Partners Open Water I Corp.* | | | | | 512,410 | | |
| | | | 25,056 | | | | Pontem Corp.* | | | | | 258,327 | | |
| | | | 52 | | | | Real Alloy Holding Inc.*(e)(f) | | | | | 1,040,800 | | |
| | | | 621,485 | | | | Rescap Liquidating Trust*(e) | | | | | 512,725 | | |
| | | | 110,320 | | | | RMG Acquisition Corp. II, Class A Shares*(e) | | | | | 1,213,520 | | |
| | | | 121,508 | | | | RMG Acquisition Corp. III*(e) | | | | | 1,275,834 | | |
| | | | 41,700 | | | | SCP & CO Healthcare Acquisition Co.* | | | | | 425,340 | | |
| | | | 54,422 | | | | Seven Oaks Acquisition Corp., Class A Shares* | | | | | 557,281 | | |
| | | | 15,288 | | | | Spartan Acquisition Corp. III* | | | | | 160,218 | | |
| | | | 55,530 | | | | Starboard Value Acquisition Corp., Class A Shares*(i) | | | | | 566,961 | | |
| | | | 146,756 | | | | Superior Energy Services Inc.* | | | | | 4,402,680 | | |
| | | | 72,291 | | | | Tailwind Acquisition Corp., Class A Shares* | | | | | 759,778 | | |
| | | | 76,153 | | | | Tailwind International Acquisition Corp.* | | | | | 783,614 | | |
| | | | 138,757 | | | | Tekkorp Digital Acquisition Corp., Class A Shares* | | | | | 1,450,011 | | |
| | | | 26,489 | | | | Thayer Ventures Acquisition Corp., Class A Shares* | | | | | 268,863 | | |
| | | | 152,272 | | | | Tishman Speyer Innovation Corp. II* | | | | | 1,598,856 | | |
| | | | 126,645 | | | | TS Innovation Acquisitions Corp.*(f) | | | | | — | | |
| | | | 128,319 | | | | Vector Acquisition Corp., Class A Shares* | | | | | 1,315,270 | | |
| | | | 246,967 | | | | Vector Acquisition Corp., Class A Shares*(f) | | | | | — | | |
| | | | 33,349 | | | | Z-Work Acquisition Corp.* | | | | | 346,830 | | |
| | | | | | | | Total United States | | | | | 59,941,372 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $62,863,284) | | | | | 63,739,231 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | PREFERRED STOCKS – 3.1% | |
| | Bermuda – 0.3% | |
| | | | 30,926 | | | | Aspen Insurance Holdings Ltd., 5.625%(d) | | | | $ | 797,891 | | |
| | | | 24,704 | | | | Athene Holding Ltd., 6.375% (5-Year CMT Index + 5.970%)(a)(d) | | | | | 674,913 | | |
| | | | 19,388 | | | | Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015%)(a)(d) | | | | | 536,272 | | |
| | | | | | | | Total Bermuda | | | | | 2,009,076 | | |
| | United States – 2.8% | |
| | | | 13,299 | | | | Air Lease Corp., 6.150% (3-Month USD-LIBOR + 3.650%)(a)(d) | | | | | 342,449 | | |
| | | | 31,620 | | | | American Equity Investment Life Holding Co., 6.625% (5-Year CMT Index +
6.297%)(a)(d) | | | | | 851,527 | | |
| | | | 131,518 | | | | Babcock & Wilcox Enterprises Inc., 8.125% | | | | | 3,287,950 | | |
| | | | 3,290 | | | | CoBank ACB, 6.250% (3-Month USD-LIBOR + 4.557%)(a)(d) | | | | | 352,030 | | |
| | | | 1,000 | | | | Dairy Farmers of America Inc., 7.875%(b)(d)(e) | | | | | 102,500 | | |
| | | | 49,000 | | | | Delphi Financial Group Inc., 3.388% (3-Month USD-LIBOR + 3.190%)(a) | | | | | 1,053,500 | | |
| | | | 11,970 | | | | Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010%)(a)(b)(d) | | | | | 1,292,760 | | |
| | | | 165,887 | | | | Gladstone Land Corp., 5.000% | | | | | 4,255,002 | | |
| | | | 13,850 | | | | GMAC Capital Trust I, 5.983% (3-Month USD-LIBOR + 5.785%)(a) | | | | | 359,407 | | |
| | | | 6,650 | | | | Great Elm Capital Corp., 6.500% | | | | | 166,184 | | |
| | | | 77,421 | | | | Monmouth Real Estate Investment Corp., 6.125%(d) | | | | | 1,948,687 | | |
| | | | 59,120 | | | | Morgan Stanley, 5.850% (3-Month USD-LIBOR + 3.491%)(a)(d) | | | | | 1,641,171 | | |
| | | | 15,933 | | | | New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR +
3.821%)(a)(d) | | | | | 444,849 | | |
| | | | 160,567 | | | | NGL Energy Partners LP, 9.000% (3-Month USD-LIBOR + 7.213%)(a)(d) | | | | | 1,782,294 | | |
| | | | 49,161 | | | | NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643%)(a)(d) | | | | | 902,104 | | |
| | | | 18,347 | | | | Seritage Growth Properties, 7.000%(d) | | | | | 377,031 | | |
| | | | 6,165 | | | | Synchrony Financial, 5.625%(d) | | | | | 160,105 | | |
| | | | 60,924 | | | | WESCO International Inc. (5-Year CMT Index + 10.325%)(a)(d) | | | | | 1,849,043 | | |
| | | | 6,536 | | | | Wintrust Financial Corp., 6.875% (5-Year CMT Index + 6.507%)(a)(d) | | | | | 179,740 | | |
| | | | | | | | Total United States | | | | | 21,348,333 | | |
| | | | | | | | TOTAL PREFERRED STOCKS
(Cost – $22,796,927) | | | | | 23,357,409 | | |
| | WARRANTS – 0.1% | |
| | Bermuda – 0.0% | |
| | | | 558,670 | | | | McDermott International Ltd.*(e) | | | | | — | | |
| | | | 502,803 | | | | WT PUR COM* | | | | | — | | |
| | | | | | | | Total Bermuda | | | | | — | | |
| | Brazil – 0.0% | |
| | | | 58,463 | | | | OAS finance Ltd. Warrants*(e)(f) | | | | | — | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | WARRANTS – (continued) | |
| | Cayman Island – 0.0% | |
| | | | 1 | | | | RMG Acquisition Corp. II* | | | | $ | 2 | | |
| | United States – 0.1% | |
| | | | 88,295 | | | | Carney Technology Acquisition Corp. II*(e) | | | | | 128,028 | | |
| | | | 4,178 | | | | CBRE Acquisition Holdings Inc.*(e) | | | | | 6,413 | | |
| | | | 19,786 | | | | Cerberus Telecom Acquisition Corp.*(e) | | | | | 34,331 | | |
| | | | 100,184 | | | | Genesis Park Acquisition Corp.*(e) | | | | | 180,331 | | |
| | | | 16,910 | | | | Golden Falcon Acquisition Corp.11/4/26*(e) | | | | | 21,983 | | |
| | | | 18,398 | | | | KINS Technology Group Inc.*(e) | | | | | 24,101 | | |
| | | | 233,039 | | | | Omnichannel Acquisition Corp.*(e) | | | | | 375,193 | | |
| | | | | | | | Total United States | | | | | 770,380 | | |
| | | | | | | | TOTAL WARRANTS
(Cost – $1,396,973) | | | | | 770,382 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $704,560,867) | | | | | 713,205,375 | | |
| | Face Amount† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 7.8% | |
| | TIME DEPOSITS – 7.8% | |
| | | $ | 6,387,093 | | | | ANZ National Bank – London, 0.000% due 3/1/21 | | | | | 6,387,093 | | |
| | | | 27,361EUR | | | | BNP Paribas – Paris, (0.710)% due 3/1/21 | | | | | 33,011 | | |
| | | | 9,748,651 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.000% due 3/1/21 | | | | | 9,748,651 | | |
| | | | 42,952,805 | | | | Sumitomo Mitsui Banking Corp. – Tokyo, 0.000% due 3/1/21 | | | | | 42,952,805 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $59,121,560) | | | | | 59,121,560 | | |
| | Shares/Units | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.3% | |
| | MONEY MARKET FUND – 0.3% | |
| | | | 2,156,744 | | | | Federated Government Obligations Fund, Premier Class, 0.000%(j)
(Cost – $2,156,744) | | | | $ | 2,156,744 | | |
| | | | | | | | TOTAL INVESTMENTS – 102.2%
(Cost – $765,839,171) | | | | | 774,483,679 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (2.2)% | | | | | (16,604,372) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 757,879,307 | | |
†
Face amount denominated in U.S. dollars, unless otherwise noted.
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted. All ratings are unaudited.
*
Non-income producing security.
(a)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2021, amounts to $159,558,561 and represents 21.05% of net assets.
(c)
Payment in-kind security for which part of the income earned may be paid as additional principal.
(d)
Security is perpetual in nature and has no stated maturity date.
(e)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2021, amounts to $27,410,946 and represents 3.62% of net assets.
(f)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
(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)
Security is currently in default.
(i)
All or a portion of this security is on loan (See Note 5).
(j)
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 | | | First
Acquisition
Date | | | First
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 | | | | | $ | 1,459,900 | | | | | | 0.19% | | |
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap
Rate + 5.180%) | | | | | 5/4/17 | | | | | | 328,006 | | | | | | 491,169 | | | | | | 0.06% | | |
| UBS Group AG, Junior Subordinated Notes, 6.875% (5-Year USD Swap Rate + 4.590%) | | | | | 4/18/17 | | | | | | 1,300,500 | | | | | | 1,582,000 | | | | | | 0.22% | | |
| Total | | | | | | | | | | | | | | | | $ | 3,533,069 | | | | | | 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 |
PCL
| —
| Public Company Limited |
PLC
| —
| Public Limited Company |
SOFR
| —
| Secured Overnight Financing Rate |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (continued)
Summary of Investments by Security Type^
| | Corporate Bonds & Notes | | | | | 61.7% | | |
| | Senior Loans | | | | | 10.8 | | |
| | Common Stocks | | | | | 8.2 | | |
| | Sovereign Bonds | | | | | 7.5 | | |
| | Preferred Stocks | | | | | 3.0 | | |
| | Municipal Bond | | | | | 0.7 | | |
| | Warrants | | | | | 0.1 | | |
| | Short-Term Investments | | | | | 7.7 | | |
| | Money Market Fund | | | | | 0.3 | | |
| | | | | | | 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 | |
| | 333 | | | | $ | 349,983 | | | | CF Finance Acquisition Corp. II | | | | | CIBC | | | | | | 7/16/21 | | | | | $ | 10.00 | | | | | $ | 66,600 | | |
| | 13 | | | | $ | 28,535 | | | | Crestwood Equity Partners LP | | | | | CIBC | | | | | | 4/16/21 | | | | | $ | 15.00 | | | | | | 10,400 | | |
| | 667 | | | | $ | 5,765,548 | | | | iShares iBoxx HighYield Corp. | | | | | CIBC | | | | | | 3/19/21 | | | | | $ | 86.00 | | | | | | 53,360 | | |
| | 665 | | | | $ | 5,748,260 | | | | iShares iBoxx HighYield Corp. | | | | | CIBC | | | | | | 4/16/21 | | | | | $ | 85.00 | | | | | | 65,170 | | |
| | 191 | | | | $ | 2,810,947 | | | | JPMorgan Chase & Co. | | | | | CIBC | | | | | | 3/19/21 | | | | | $ | 110.00 | | | | | | 2,292 | | |
| | | | | | | | | | | TOTAL OPTIONS CONTRACTS WRITTEN | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | (Premiums received – $272,626) | | | | | | | | | | | | | | | | | | | | | | $ | 197,822 | | |
At February 28, 2021, Destinations Global Fixed Income Opportunities Fund had open forward foreign currency contracts as described below.
The unrealized appreciation/(depreciation) on the open contracts reflected in the accompanying financial statements were as follows:
| Foreign Currency | | | Local
Currency | | | Counterparty | | | Market
Value | | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
(Depreciation) | | | Unrealized
Appreciation/
(Depreciation) | |
| Contracts to Buy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Euro | | | | | 510,000 | | | | | | BBH | | | | | $ | 615,533 | | | | | | 3/16/21 | | | | | $ | — | | | | | $ | (3,872) | | | | | $ | (3,872) | | |
| Contracts to Sell: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Euro | | | | | 24,851,000 | | | | | | BBH | | | | | | 29,993,362 | | | | | | 3/16/21 | | | | | | 178,237 | | | | | | — | | | | | | 178,237 | | |
| Norwegian Krone | | | | | 18,083,000 | | | | | | BBH | | | | | | 2,085,024 | | | | | | 3/16/21 | | | | | | 3,147 | | | | | | — | | | | | | 3,147 | | |
| Norwegian Krone | | | | | 37,900,650 | | | | | | BBH | | | | | | 4,370,059 | | | | | | 3/16/21 | | | | | | 111,152 | | | | | | — | | | | | | 111,152 | | |
| Swedish Krona | | | | | 8,912,000 | | | | | | BBH | | | | | | 1,055,457 | | | | | | 3/16/21 | | | | | | 16,269 | | | | | | — | | | | | | 16,269 | | |
| Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | | | | $ | 308,805 | | | | | $ | (3,872) | | | | | $ | 304,933 | | |
Currency Abbreviations used in this schedule:
Counterparty Abbreviations used in this schedule:
BBH
| —
| Brown Brothers Harriman & Co. |
CIBC
| —
| CIBC World Markets Corp. |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Global Fixed Income Opportunities Fund (concluded)
| | Face Amount† | | | Security | | | Value | |
| | SECURITIES SOLD SHORT – 0.8% | |
| | CORPORATE BONDS & NOTES – 0.2% | |
| | Consumer Non-cyclical – 0.1% | |
| | | $ | 840,000 | | | | McKesson Corp., Senior Unsecured Notes, 3.950% due 2/16/28 | | | | $ | 955,342 | | |
| | Financial – 0.1% | |
| | | | 1,014,000 | | | | Capital One Financial Corp., Senior Unsecured Notes, 3.450% due 4/30/21 | | | | | 1,016,651 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Proceeds – $1,823,590) | | | | | 1,971,993 | | |
| | Shares/Units | | | | | | | | | | |
| | COMMON STOCKS – 0.5% | |
| | ENERGY – 0.4% | |
| | Pipelines – 0.4% | |
| | | | 132,957 | | | | Crestwood Equity Partners LP | | | | | 2,918,406 | | |
| | INDUSTRIAL – 0.1% | |
| | Environmental Control – 0.1% | |
| | | | 13,400 | | | | GFL Environmental Inc. | | | | | 415,668 | | |
| | Machinery-Diversified – 0.0% | |
| | | | 116,500 | | | | Briggs & Stratton Corp.*(a)(b) | | | | | — | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 415,668 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Proceeds – $3,016,954) | | | | | 3,334,074 | | |
| | EXCHANGE TRADED FUND (ETF) – 0.1% | |
| | | | 23,500 | | | | Defiance NextGen SPAC Derived*
(Proceeds – $709,675) | | | | | 705,940 | | |
| | | | | | | | TOTAL SECURITIES SOLD SHORT – 0.8%
(Proceeds – $5,550,219) | | | | $ | 6,012,007 | | |
†
Face amount denominated in U.S. dollars, unless otherwise noted.
*
Non-income producing security.
(a)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
(b)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2021, amounts to $0 and represents 0.00% of net assets.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – 86.9% | |
| | Alabama – 2.3% | |
| | | $ | 6,000,000 | | | | AA | | | Alabama Public School & College Authority, Revenue Bonds, Series A,
5.000% due 11/1/31 | | | | $ | 8,025,240 | | |
| | | | 2,000,000 | | | ��� | AA- | | | Auburn University, Revenue Bonds, Series A, 5.000% due 6/1/35 | | | | | 2,476,640 | | |
| | | | 1,835,000 | | | | Aa2(a) | | | Black Belt Energy Gas District, Revenue Bonds, Series A, 4.000% due
7/1/46(b) | | | | | 1,848,928 | | |
| | | | 355,000 | | | | AA- | | | County of Jefferson AL, GO, Series B, 5.000% due 4/1/21 | | | | | 356,353 | | |
| | | | 2,540,000 | | | | A2(a) | | | Lower Alabama Gas District, Revenue Bonds, 4.000% due 12/1/50(b) | | | | | 2,897,175 | | |
| | | | | | | | | | | Mobile County Board of School Commissioners, Special Tax: | | | | | | | |
| | | | 260,000 | | | | A- | | | 5.000% due 3/1/28 | | | | | 308,963 | | |
| | | | 175,000 | | | | A- | | | 5.000% due 3/1/29 | | | | | 206,852 | | |
| | | | 180,000 | | | | A- | | | 5.000% due 3/1/30 | | | | | 211,538 | | |
| | | | 185,000 | | | | A- | | | 5.000% due 3/1/31 | | | | | 216,755 | | |
| | | | 145,000 | | | | A- | | | 5.000% due 3/1/32 | | | | | 169,348 | | |
| | | | 215,000 | | | | A- | | | 5.000% due 3/1/33 | | | | | 250,421 | | |
| | | | 3,500,000 | | | | A1(a) | | | Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000%
due 6/1/49(b) | | | | | 3,828,580 | | |
| | | | | | | | | | | Total Alabama | | | | | 20,796,793 | | |
| | Alaska – 0.2% | |
| | | | 1,000,000 | | | | AA+ | | | Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due
6/1/30 | | | | | 1,212,720 | | |
| | | | 215,000 | | | | AA- | | | State of Alaska, GO, Series A, 5.000% due 8/1/33 | | | | | 251,772 | | |
| | | | | | | | | | | Total Alaska | | | | | 1,464,492 | | |
| | Arizona – 3.7% | |
| | | | | | | | | | | Arizona Department of Transportation State Highway Fund Revenue, Revenue Bonds: | | |
| | | | 5,000,000 | | | | AA+ | | | 5.000% due 7/1/27 | | | | | 6,115,400 | | |
| | | | 3,810,000 | | | | AA+ | | | 5.000% due 7/1/34 | | | | | 4,569,371 | | |
| | | | 2,000,000 | | | | AA | | | Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39 | | | | | 2,508,400 | | |
| | | | 1,800,000 | | | | A+ | | | Chandler Industrial Development Authority, Revenue Bonds, 5.000% due
6/1/49(b)(c) | | | | | 2,047,302 | | |
| | | | 65,000 | | | | AA | | | City of Glendale AZ, GO, AGM-Insured, 4.000% due 7/1/21 | | | | | 65,818 | | |
| | | | | | | | | | | City of Glendale AZ, Revenue Bonds, AGM: | | | | | | | |
| | | | 105,000 | | | | AA | | | Series A, 5.000% due 7/1/23 | | | | | 115,416 | | |
| | | | 230,000 | | | | AA | | | Series A, 5.000% due 7/1/27 | | | | | 268,166 | | |
| | | | 215,000 | | | | AA | | | Series A, 5.000% due 7/1/28 | | | | | 249,688 | | |
| | | | 235,000 | | | | AA | | | Series A, 5.000% due 7/1/29 | | | | | 271,836 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Arizona – (continued) | |
| | | $ | 85,000 | | | | AA | | | Series A, 5.000% due 7/1/32 | | | | $ | 101,936 | | |
| | | | | | | | | | | City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds,
AGM: | | | | | | | |
| | | | 55,000 | | | | AA | | | 5.000% due 7/1/24 | | | | | 63,325 | | |
| | | | 105,000 | | | | AA | | | 5.000% due 7/1/26 | | | | | 124,135 | | |
| | | | | | | | | | | City of Phoenix Civic Improvement Corp., Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | A+ | | | Series A, 5.000% due 7/1/27(c) | | | | | 80,089 | | |
| | | | 90,000 | | | | A+ | | | Series A, 5.000% due 7/1/28(c) | | | | | 110,146 | | |
| | | | 6,365,000 | | | | AAA | | | Series B, 4.000% due 7/1/29 | | | | | 6,994,117 | | |
| | | | 30,000 | | | | AAA | | | Series C, 5.000% due 7/1/21 | | | | | 30,483 | | |
| | | | 1,000,000 | | | | AAA | | | City of Scottsdale AZ, GO, 5.000% due 7/1/23 | | | | | 1,110,530 | | |
| | | | 160,000 | | | | A+ | | | Coconino County Pollution Control Corp., Revenue Bonds, 1.875% due
9/1/32(b)(c) | | | | | 164,283 | | |
| | | | | | | | | | | County of Pima AZ Sewer System Revenue, Revenue Bonds: | | | | | | | |
| | | | 15,000 | | | | AA | | | Series A, 5.000% due 7/1/22 | | | | | 15,967 | | |
| | | | 30,000 | | | | AA | | | Series A, 5.000% due 7/1/23 | | | | | 31,906 | | |
| | | | 60,000 | | | | AA | | | Series B, Prerefunded 7/1/21 @ 100, 5.000% due 7/1/25(d) | | | | | 60,965 | | |
| | | | 820,000 | | | | AAA | | | Maricopa County Community College District, GO, Series D, 4.250% due
7/1/25 | | | | | 831,160 | | |
| | | | | | | | | | | Maricopa County Industrial Development Authority, Revenue Bonds: | | | | | | | |
| | | | 800,000 | | | | AA- | | | 5.000% due 1/1/46(b) | | | | | 969,040 | | |
| | | | 200,000 | | | | A2(a) | | | 5.000% due 7/1/47 | | | | | 244,694 | | |
| | | | 190,000 | | | | AA- | | | Series A, 4.000% due 1/1/24 | | | | | 209,139 | | |
| | | | 70,000 | | | | AA- | | | Series A, 5.000% due 1/1/22 | | | | | 72,757 | | |
| | | | 145,000 | | | | AA- | | | Series A, 5.000% due 1/1/23 | | | | | 157,347 | | |
| | | | 60,000 | | | | AA- | | | Series A, 5.000% due 1/1/24 | | | | | 67,730 | | |
| | | | 225,000 | | | | AA- | | | Series A, 5.000% due 1/1/25 | | | | | 262,960 | | |
| | | | 735,000 | | | | A2(a) | | | Series B, 5.000% due 9/1/45(b) | | | | | 853,967 | | |
| | | | 430,000 | | | | AA- | | | Series B, 5.000% due 1/1/48(b) | | | | | 461,175 | | |
| | | | 290,000 | | | | AA- | | | Series C, 5.000% due 1/1/48(b) | | | | | 335,524 | | |
| | | | 50,000 | | | | AA- | | | McAllister Academic Village LLC, Revenue Bonds, 5.000% due 7/1/21 | | | | | 50,794 | | |
| | | | | | | | | | | Salt River Project Agricultural Improvement & Power District, Revenue Bonds: | | |
| | | | 2,000,000 | | | | AA+ | | | Series A, 5.000% due 1/1/29 | | | | | 2,545,700 | | |
| | | | 145,000 | | | | AA+ | | | Series A, 5.000% due 1/1/33 | | | | | 180,490 | | |
| | | | | | | | | | | State of Arizona, COP: | | |
| | | | 215,000 | | | | AA- | | | Series A, 5.000% due 10/1/21 | | | | | 221,087 | | |
| | | | 225,000 | | | | AA- | | | Series A, 5.000% due 10/1/22 | | | | | 242,257 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Arizona – (continued) | |
| | | $ | 300,000 | | | | AA- | | | Series A, 5.000% due 10/1/23 | | | | $ | 335,982 | | |
| | | | 310,000 | | | | AA- | | | Series A, 5.000% due 10/1/24 | | | | | 359,430 | | |
| | | | 560,000 | | | | AA- | | | Western Maricopa Education Center District No 402, GO, Series B, 4.000%
due 7/1/21 | | | | | 567,045 | | |
| | | | | | | | | | | Total Arizona | | | | | 34,067,557 | | |
| | Arkansas – 0.0% | |
| | | | 90,000 | | | | Aa2(a) | | | Little Rock School District, GO, 3.000% due 2/1/22 | | | | | 92,291 | | |
| | California – 4.4% | |
| | | | 60,000 | | | | A- | | | Alameda Corridor Transportation Authority, Revenue Bonds, Series A,
5.000% due 10/1/23 | | | | | 66,736 | | |
| | | | | | | | | | | Bay Area Toll Authority, Revenue Bonds: | | |
| | | | 210,000 | | | | AA | | | Series B, 2.850% due 4/1/47(b) | | | | | 226,006 | | |
| | | | 195,000 | | | | AA | | | Series C, 2.100% due 4/1/45(b) | | | | | 197,149 | | |
| | | | | | | | | | | California Health Facilities Financing Authority, Revenue Bonds: | | |
| | | | 115,000 | | | | AA- | | | Series A, 5.000% due 7/1/25 | | | | | 127,065 | | |
| | | | 85,000 | | | | A+ | | | Series D, Prerefunded 8/15/21 @ 100, 5.000% due 8/15/35(d) | | | | | 86,861 | | |
| | | | | | | | | | | California State Public Works Board, Revenue Bonds: | | |
| | | | 60,000 | | | | A+ | | | Series A, 5.000% due 4/1/22 | | | | | 63,121 | | |
| | | | 145,000 | | | | A+ | | | Series A, 5.000% due 4/1/23 | | | | | 152,480 | | |
| | | | 3,000,000 | | | | A+ | | | Series A, 5.000% due 2/1/28 | | | | | 3,696,810 | | |
| | | | 3,000,000 | | | | A+ | | | Series A, 5.000% due 2/1/29 | | | | | 3,762,420 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.250% due 10/1/24 | | | | | 118,361 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.250% due 10/1/25 | | | | | 118,361 | | |
| | | | 70,000 | | | | A+ | | | Series D, 5.000% due 12/1/21 | | | | | 72,502 | | |
| | | | 30,000 | | | | A+ | | | Series G, 5.000% due 11/1/23 | | | | | 32,381 | | |
| | | | 30,000 | | | | A+ | | | Series G, 5.000% due 11/1/24 | | | | | 32,381 | | |
| | | | 3,000,000 | | | | AA- | | | City of Riverside CA Sewer Revenue, Revenue Bonds, Series A, 5.000% due
8/1/36 | | | | | 3,752,400 | | |
| | | | | | | | | | | Golden State Tobacco Securitization Corp., Revenue Bonds: | | |
| | | | 175,000 | | | | A+ | | | Series A, AMBAC, zero coupon, due 6/1/24 | | | | | 171,419 | | |
| | | | 145,000 | | | | A+ | | | Series A, 5.000% due 6/1/29 | | | | | 157,226 | | |
| | | | 115,000 | | | | Au | | | Series A1, 5.000% due 6/1/25 | | | | | 135,231 | | |
| | | | 30,000 | | | | BBB | | | Series A1, 5.000% due 6/1/26 | | | | | 36,278 | | |
| | | | 290,000 | | | | AA- | | | Los Angeles Department of Water & Power Power System Revenue,
Revenue Bonds, Series A, 5.000% due 7/1/29 | | | | | 337,963 | | |
| | | | 1,500,000 | | | | Aa3(a) | | | Los Angeles Unified School District, GO, Series A, 5.000% due 7/1/27 | | | | | 1,889,925 | | |
| | | | | | | | | | | Modesto Irrigation District, Revenue Bonds: | | |
| | | | 30,000 | | | | A+ | | | Series A, 5.000% due 7/1/22 | | | | | 30,480 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | California – (continued) | |
| | | $ | 110,000 | | | | A+ | | | Series A, 5.000% due 7/1/23 | | | | $ | 111,762 | | |
| | | | 170,000 | | | | Aa3(a) | | | Oakland Alameda County Coliseum Authority, Revenue Bonds, Series A,
5.000% due 2/1/23 | | | | | 176,360 | | |
| | | | | | | | | | | Oakland Unified School District, GO: | | |
| | | | 100,000 | | | | AA | | | AGM, 5.000% due 8/1/26 | | | | | 118,724 | | |
| | | | 30,000 | | | | A- | | | Series A, 5.000% due 8/1/28 | | | | | 35,191 | | |
| | | | 1,500,000 | | | | AA+ | | | Ohlone Community College District, GO, Series A, Prerefunded 8/1/21 @
100, 5.000% due 8/1/38(d) | | | | | 1,530,345 | | |
| | | | 145,000 | | | | A+ | | | Port of Oakland, Revenue Bonds, Series P, 5.000% due 5/1/22(c) | | | | | 152,370 | | |
| | | | 90,000 | | | | A | | | Sacramento City Financing Authority, Special Tax, Series A, NPFG, zero
coupon, due 12/1/26 | | | | | 83,893 | | |
| | | | 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) | | | | | 268,829 | | |
| | | | 185,000 | | | | A | | | San Francisco City & County Airport Comm-San Francisco International
Airport, Revenue Bonds, Series A, 5.000% due 5/1/37(c) | | | | | 227,086 | | |
| | | | | | | | | | | State of California, GO: | | | | | | | |
| | | | 5,000,000 | | | | AA | | | AGM, 5.250% due 8/1/32 | | | | | 6,913,700 | | |
| | | | 760,000 | | | | AA- | | | 4.000% due 3/1/26 | | | | | 884,762 | | |
| | | | 3,125,000 | | | | AA- | | | 4.000% due 12/1/30(b) | | | | | 3,154,000 | | |
| | | | 80,000 | | | | AA- | | | 5.000% due 9/1/29 | | | | | 97,573 | | |
| | | | 1,000,000 | | | | AA- | | | 5.000% due 4/1/30 | | | | | 1,317,230 | | |
| | | | 760,000 | | | | AA- | | | 5.000% due 8/1/30 | | | | | 950,038 | | |
| | | | 3,000,000 | | | | AA- | | | 5.000% due 11/1/31 | | | | | 3,974,190 | | |
| | | | 3,000,000 | | | | AA- | | | 5.000% due 4/1/36 | | | | | 3,786,720 | | |
| | | | 435,000 | | | | AA- | | | Series B, 5.000% due 8/1/26 | | | | | 534,045 | | |
| | | | 205,000 | | | | AA- | | | Series C, 5.000% due 8/1/29 | | | | | 249,485 | | |
| | | | 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) | | | | | 67,373 | | |
| | | | 100,000 | | | | A1(a) | | | Washington Township Health Care District, GO, Series A, 5.500% due
8/1/40 | | | | | 111,287 | | |
| | | | 230,000 | | | | AA- | | | West Contra Costa Unified School District, GO, 5.000% due 8/1/26 | | | | | 244,104 | | |
| | | | | | | | | | | Total California | | | | | 40,252,623 | | |
| | Colorado – 2.3% | |
| | | | | | | | | | | City & County of Denver CO Airport System Revenue, Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | A+ | | | Series A, 5.000% due 11/15/24(c) | | | | | 75,283 | | |
| | | | 315,000 | | | | A | | | Series A, 5.000% due 12/1/26(c) | | | | | 384,681 | | |
| | | | 30,000 | | | | A+ | | | Series A, 5.000% due 11/15/27(c) | | | | | 37,441 | | |
| | | | 195,000 | | | | A+ | | | Series A, 5.000% due 11/15/28(c) | | | | | 240,763 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Colorado – (continued) | |
| | | $ | 145,000 | | | | A+ | | | Series A, 5.000% due 11/15/29(c) | | | | $ | 177,610 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.000% due 11/15/30(c) | | | | | 140,090 | | |
| | | | 915,000 | | | | A+ | | | Series C, 5.000% due 11/15/30 | | | | | 1,187,551 | | |
| | | | | | | | | | | Colorado Health Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 655,000 | | | | Aaa(a) | | | zero coupon, due 7/15/22 | | | | | 652,583 | | |
| | | | 220,000 | | | | A- | | | 2.800% due 5/15/42(b) | | | | | 228,560 | | |
| | | | 2,115,000 | | | | AA | | | 5.000% due 11/15/36(b) | | | | | 2,379,163 | | |
| | | | 190,000 | | | | Baa1(a) | | | 5.000% due 9/1/46 | | | | | 214,345 | | |
| | | | 640,000 | | | | AA | | | 5.000% due 11/15/49(b) | | | | | 792,147 | | |
| | | | 500,000 | | | | BBB+ | | | Series A, 5.000% due 8/1/44 | | | | | 605,180 | | |
| | | | 325,000 | | | | BBB+ | | | Series B-2, 5.000% due 8/1/49(b) | | | | | 383,854 | | |
| | | | 220,000 | | | | BBB+ | | | Series D3, 5.000% due 10/1/38(b) | | | | | 226,290 | | |
| | | | 105,000 | | | | AA | | | Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250%
due 11/1/49 | | | | | 117,360 | | |
| | | | | | | | | | | E-470 Public Highway Authority, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | A | | | zero coupon, due 9/1/35 | | | | | 42,473 | | |
| | | | 85,000 | | | | A | | | zero coupon, due 9/1/37 | | | | | 56,116 | | |
| | | | 110,000 | | | | A | | | zero coupon, due 9/1/38 | | | | | 70,085 | | |
| | | | 165,000 | | | | A | | | Series A, 5.000% due 9/1/34 | | | | | 211,324 | | |
| | | | 1,500,000 | | | | AAA | | | Metro Wastewater Reclamation District, Revenue Bonds, Series A,
Prerefunded 4/1/22 @ 100, 4.000% due 4/1/30(d) | | | | | 1,562,490 | | |
| | | | | | | | | | | Pueblo County School District No 70, GO: | | | | | | | |
| | | | 1,000,000 | | | | AA | | | Series A, 4.000% due 12/1/29 | | | | | 1,229,040 | | |
| | | | 1,945,000 | | | | AA | | | Series A, 4.000% due 12/1/30 | ��� | | | | 2,421,895 | | |
| | | | 2,000,000 | | | | AA+ | | | Regional Transportation District Sales Tax Revenue, Revenue Bonds,
0.900% due 11/1/26 | | | | | 1,983,680 | | |
| | | | 2,250,000 | | | | AA- | | | State of Colorado, COP, Series A, 4.000% due 12/15/36 | | | | | 2,600,595 | | |
| | | | 1,435,000 | | | | Aa1(a) | | | University of Colorado, Revenue Bonds, Series C, 2.000% due 6/1/54(b) | | | | | 1,509,663 | | |
| | | | 210,000 | | | | AA | | | University of Colorado Hospital Authority, Revenue Bonds, Series C,
5.000% due 11/15/38(b) | | | | | 214,710 | | |
| | | | | | | | | | | Vauxmont Metropolitan District, GO, AGM: | | |
| | | | 150,000 | | | | AA | | | 5.000% due 12/1/21 | | | | | 154,694 | | |
| | | | 125,000 | | | | AA | | | 5.000% due 12/15/27 | | | | | 145,102 | | |
| | | | 120,000 | | | | AA | | | 5.000% due 12/15/29 | | | | | 138,085 | | |
| | | | 135,000 | | | | AA | | | 5.000% due 12/15/31 | | | | | 154,532 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Colorado – (continued) | |
| | | $ | 285,000 | | | | AA | | | 5.000% due 12/1/34 | | | | $ | 353,460 | | |
| | | | | | | | | | | Total Colorado | | | | | 20,690,845 | | |
| | Connecticut – 1.8% | |
| | | | | | | | | | | Connecticut State Health & Educational Facilities Authority, Revenue Bonds: | | |
| | | | 1,075,000 | | | | AAA | | | Series 2017 B1, 5.000% due 7/1/29 | | | | | 1,416,237 | | |
| | | | 410,000 | | | | A | | | Series A, 5.000% due 7/1/34 | | | | | 509,519 | | |
| | | | 505,000 | | | | AA- | | | Series B, 1.800% due 7/1/49(b) | | | | | 523,771 | | |
| | | | 65,000 | | | | A- | | | Series S, 5.000% due 7/1/26 | | | | | 78,554 | | |
| | | | 30,000 | | | | A- | | | Series S, 5.000% due 7/1/29 | | | | | 37,460 | | |
| | | | 4,465,000 | | | | AAA | | | Series V1, 0.010% due 7/1/36(b) | | | | | 4,465,000 | | |
| | | | | | | | | | | State of Connecticut, GO: | | |
| | | | 3,000,000 | | | | A | | | Series 2021 A, 4.000% due 1/15/29 | | | | | 3,611,940 | | |
| | | | 90,000 | | | | A | | | Series A, 5.000% due 3/15/26 | | | | | 108,670 | | |
| | | | 375,000 | | | | A | | | Series A, 5.000% due 4/15/26 | | | | | 453,833 | | |
| | | | 150,000 | | | | A | | | Series A, 5.000% due 4/15/30 | | | | | 191,970 | | |
| | | | 170,000 | | | | A | | | Series A, 5.000% due 4/15/34 | | | | | 213,233 | | |
| | | | 60,000 | | | | A | | | Series A, 5.000% due 4/15/35 | | | | | 75,066 | | |
| | | | 175,000 | | | | A | | | Series B, 5.000% due 1/15/26 | | | | | 210,287 | | |
| | | | 85,000 | | | | A | | | Series E, 5.000% due 9/15/23 | | | | | 90,990 | | |
| | | | 100,000 | | | | A | | | Series E, 5.000% due 10/15/26 | | | | | 122,657 | | |
| | | | 150,000 | | | | A | | | Series E, 5.000% due 10/15/29 | | | | | 182,122 | | |
| | | | 1,600,000 | | | | A | | | Series F, 5.000% due 9/15/26 | | | | | 1,958,240 | | |
| | | | 1,500,000 | | | | AAA | | | Town of Greenwich CT, GO, 5.000% due 1/15/23 | | | | | 1,634,280 | | |
| | | | 330,000 | | | | A+ | | | University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27 | | | | | 413,939 | | |
| | | | | | | | | | | Total Connecticut | | | | | 16,297,768 | | |
| | Delaware – 0.4% | |
| | | | | | | | | | | Delaware River & Bay Authority, Revenue Bonds: | | |
| | | | 85,000 | | | | A | | | Series C, 5.000% due 1/1/22 | | | | | 88,341 | | |
| | | | 35,000 | | | | A | | | Series C, 5.000% due 1/1/24 | | | | | 39,361 | | |
| | | | 80,000 | | | | A | | | Series C, 5.000% due 1/1/25 | | | | | 89,633 | | |
| | | | 220,000 | | | | A | | | Delaware State Economic Development Authority, Revenue Bonds, 1.050%
due 1/1/31(b) | | | | | 223,018 | | |
| | | | 3,160,000 | | | | NR | | | State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000% due
7/1/27(d) | | | | | 3,632,483 | | |
| | | | | | | | | | | Total Delaware | | | | | 4,072,836 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | District of Columbia – 0.9% | |
| | | $ | 2,000,000 | | | | AA+ | | | District of Columbia, GO, Series C, 5.000% due 6/1/34 | | | | $ | 2,273,000 | | |
| | | | | | | | | | | District of Columbia, Revenue Bonds: | | |
| | | | 80,000 | | | | AAA | | | Series A, 5.000% due 12/1/36 | | | | | 82,730 | | |
| | | | 40,000 | | | | NR | | | Series A, Prerefunded 12/01/21 @ 100, 5.000% due 12/1/36(d) | | | | | 41,439 | | |
| | | | | | | | | | | Metropolitan Washington Airports Authority, Revenue Bonds: | | |
| | | | 90,000 | | | | A+ | | | Series A, 5.000% due 10/1/21(c) | | | | | 92,430 | | |
| | | | 50,000 | | | | A+ | | | Series A, 5.000% due 10/1/22(c) | | | | | 53,653 | | |
| | | | 75,000 | | | | A+ | | | Series A, 5.000% due 10/1/23(c) | | | | | 83,584 | | |
| | | | 2,625,000 | | | | A+ | | | Series A, 5.000% due 10/1/24(c) | | | | | 3,030,379 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.000% due 10/1/28(c) | | | | | 145,584 | | |
| | | | 120,000 | | | | A+ | | | Series A, 5.000% due 10/1/29(c) | | | | | 150,392 | | |
| | | | 95,000 | | | | A+ | | | Series A, 5.000% due 10/1/30(c) | | | | | 118,196 | | |
| | | | 205,000 | | | | A+ | | | Series A, 5.000% due 10/1/31(c) | | | | | 252,306 | | |
| | | | 60,000 | | | | A+ | | | Series A, 5.000% due 10/1/34(c) | | | | | 72,245 | | |
| | | | 55,000 | | | | A+ | | | Series A, 5.000% due 10/1/36(c) | | | | | 65,869 | | |
| | | | 195,000 | | | | A+ | | | Series C, 5.000% due 10/1/22(c) | | | | | 200,242 | | |
| | | | 210,000 | | | | A+ | | | Series C, 5.000% due 10/1/23(c) | | | | | 215,844 | | |
| | | | 190,000 | | | | A+ | | | Series C, 5.000% due 10/1/24(c) | | | | | 195,233 | | |
| | | | 255,000 | | | | A+ | | | Series C, 5.000% due 10/1/25(c) | | | | | 261,900 | | |
| | | | 400,000 | | | | A- | | | Metropolitan Washington Airports Authority Dulles Toll Road Revenue,
Revenue Bonds, 4.000% due 10/1/35 | | | | | 454,960 | | |
| | | | 240,000 | | | | AA- | | | Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B,
5.000% due 7/1/34 | | | | | 291,209 | | |
| | | | | | | | | | | Total District of Columbia | | | | | 8,081,195 | | |
| | Florida – 4.4% | |
| | | | | | | | | | | Brevard County School District, COP: | | |
| | | | 95,000 | | | | Aa3(a) | | | 5.000% due 7/1/27 | | | | | 108,328 | | |
| | | | 215,000 | | | | Aa3(a) | | | 5.000% due 7/1/30 | | | | | 244,324 | | |
| | | | 85,000 | | | | Aa3(a) | | | Series C, 5.000% due 7/1/24 | | | | | 96,925 | | |
| | | | | | | | | | | Citizens Property Insurance Inc., Revenue Bonds: | | |
| | | | 80,000 | | | | A+ | | | Series A1, 5.000% due 6/1/21 | | | | | 80,948 | | |
| | | | 60,000 | | | | A+ | | | Series A1, 5.000% due 6/1/22 | | | | | 63,570 | | |
| | | | | | | | | | | City of Clearwater FL Water & Sewer Revenue, Revenue Bonds: | | |
| | | | 40,000 | | | | AA+ | | | 5.000% due 12/1/21 | | | | | 41,451 | | |
| | | | 65,000 | | | | AA+ | | | Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/23(d) | | | | | 67,363 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | $ | 70,000 | | | | AA+ | | | Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/24(d) | | | | $ | 72,545 | | |
| | | | | | | | | | | City of Jacksonville FL, Revenue Bonds: | | |
| | | | 115,000 | | | | A+ | | | 5.000% due 10/1/22 | | | | | 123,592 | | |
| | | | 155,000 | | | | A+ | | | 5.000% due 10/1/23 | | | | | 166,521 | | |
| | | | 55,000 | | | | A+ | | | City of Tampa FL, Revenue Bonds, 5.000% due 9/1/28 | | | | | 58,199 | | |
| | | | | | | | | | | County of Broward FL Airport System Revenue, Revenue Bonds: | | |
| | | | 60,000 | | | | A | | | 5.000% due 10/1/30(c) | | | | | 72,773 | | |
| | | | 90,000 | | | | A | | | 5.000% due 10/1/31(c) | | | | | 108,725 | | |
| | | | 120,000 | | | | A | | | Series A, 5.000% due 10/1/29(c) | | | | | 140,830 | | |
| | | | 85,000 | | | | A | | | Series A, 5.000% due 10/1/31(c) | | | | | 99,175 | | |
| | | | 115,000 | | | | A | | | Series A, 5.000% due 10/1/32(c) | | | | | 133,731 | | |
| | | | 1,000,000 | | | | A | | | Series B, 5.000% due 10/1/29(c) | | | | | 1,272,630 | | |
| | | | 90,000 | | | | A | | | Series Q1, 5.000% due 10/1/23 | | | | | 96,705 | | |
| | | | | | | | | | | County of Hillsborough FL Solid Waste & Resource Recovery Revenue, Revenue Bonds: | | |
| | | | 40,000 | | | | AA+ | | | Series A, 5.000% due 9/1/21(c) | | | | | 40,925 | | |
| | | | 50,000 | | | | AA+ | | | Series A, 5.000% due 9/1/22(c) | | | | | 53,344 | | |
| | | | 60,000 | | | | AA+ | | | Series A, 5.000% due 9/1/23(c) | | | | | 66,456 | | |
| | | | 65,000 | | | | AA+ | | | Series A, 5.000% due 9/1/24(c) | | | | | 74,324 | | |
| | | | 65,000 | | | | AA+ | | | Series A, 5.000% due 9/1/26(c) | | | | | 78,233 | | |
| | | | 120,000 | | | | AA | | | County of Miami-Dade FL, GO, Series A, 5.000% due 11/1/23 | | | | | 134,755 | | |
| | | | | | | | | | | County of Miami-Dade FL, Revenue Bonds: | | |
| | | | 160,000 | | | | A+ | | | 5.000% due 10/1/28 | | | | | 195,880 | | |
| | | | 120,000 | | | | A+ | | | 5.000% due 10/1/29 | | | | | 146,219 | | |
| | | | 215,000 | | | | A+ | | | 5.000% due 10/1/30 | | | | | 261,554 | | |
| | | | 65,000 | | | | A+ | | | Series A, Prerefunded 10/01/22 @ 100, 5.000% due 10/1/25(d) | | | | | 69,975 | | |
| | | | | | | | | | | County of Miami-Dade FL Aviation Revenue, Revenue Bonds: | | |
| | | | 175,000 | | | | A- | | | Series A, 5.000% due 10/1/21(c) | | | | | 179,517 | | |
| | | | 85,000 | | | | A- | | | Series A, 5.000% due 10/1/22(c) | | | | | 91,070 | | |
| | | | 290,000 | | | | A- | | | Series A, 5.000% due 10/1/24(c) | | | | | 311,077 | | |
| | | | 55,000 | | | | A- | | | Series A, 5.000% due 10/1/27(c) | | | | | 63,114 | | |
| | | | 80,000 | | | | A- | | | Series A, 5.000% due 10/1/29(c) | | | | | 91,498 | | |
| | | | 70,000 | | | | A- | | | Series A, 5.000% due 10/1/30 | | | | | 83,603 | | |
| | | | 30,000 | | | | A- | | | Series A, 5.000% due 10/1/31 | | | | | 35,707 | | |
| | | | 160,000 | | | | A- | | | Series A, 5.000% due 10/1/33(c) | | | | | 182,083 | | |
| | | | 70,000 | | | | A- | | | Series A, 5.000% due 10/1/35(c) | | | | | 79,768 | | |
| | | | 65,000 | | | | A- | | | Series B, 5.000% due 10/1/24 | | | | | 69,939 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | $ | 215,000 | | | | A- | | | Series B, 5.000% due 10/1/37 | | | | $ | 245,981 | | |
| | | | 500,000 | | | | A- | | | Series B, 5.000% due 10/1/40(c) | | | | | 591,200 | | |
| | | | | | | | | | | County of Miami-Dade FL Transit System, Revenue Bonds: | | |
| | | | 1,500,000 | | | | AA | | | 4.000% due 7/1/50 | | | | | 1,716,480 | | |
| | | | 35,000 | | | | AA | | | 5.000% due 7/1/21 | | | | | 35,544 | | |
| | | | 50,000 | | | | AA | | | Series Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(d) | | | | | 53,229 | | |
| | | | | | | | | | | Duval County Public Schools, COP: | | |
| | | | 125,000 | | | | A+ | | | Series B, 5.000% due 7/1/27 | | | | | 146,670 | | |
| | | | 30,000 | | | | A+ | | | Series B, 5.000% due 7/1/28 | | | | | 35,117 | | |
| | | | 190,000 | | | | A+ | | | Series B, 5.000% due 7/1/30 | | | | | 221,880 | | |
| | | | | | | | | | | Florida Municipal Power Agency, Revenue Bonds: | | |
| | | | 30,000 | | | | A2(a) | | | 5.000% due 10/1/24 | | | | | 34,714 | | |
| | | | 45,000 | | | | A2(a) | | | 5.000% due 10/1/27 | | | | | 53,400 | | |
| | | | 80,000 | | | | A1(a) | | | Series A, 5.000% due 10/1/22 | | | | | 85,845 | | |
| | | | 355,000 | | | | A2(a) | | | Series A, 5.000% due 10/1/26 | | | | | 379,207 | | |
| | | | 55,000 | | | | A2(a) | | | Series A, 5.000% due 10/1/30 | | | | | 66,577 | | |
| | | | 60,000 | | | | A2(a) | | | Series A, 5.000% due 10/1/31 | | | | | 72,559 | | |
| | | | 2,500,000 | | | | AA | | | Florida’s Turnpike Enterprise, Revenue Bonds, Series C, 4.375%
due 7/1/37 | | | | | 2,684,475 | | |
| | | | | | | | | | | Greater Orlando Aviation Authority, Revenue Bonds: | | |
| | | | 100,000 | | | | A | | | Series A, 5.000% due 10/1/28(c) | | | | | 123,235 | | |
| | | | 60,000 | | | | A | | | Series A, 5.000% due 10/1/30(c) | | | | | 73,025 | | |
| | | | | | | | | | | Halifax Hospital Medical Center, Revenue Bonds: | | |
| | | | 35,000 | | | | A- | | | 5.000% due 6/1/28 | | | | | 39,921 | | |
| | | | 70,000 | | | | A- | | | 5.000% due 6/1/35 | | | | | 78,251 | | |
| | | | | | | | | | | Hillsborough County Port District, Revenue Bonds: | | |
| | | | 850,000 | | | | A(e) | | | Series B, 5.000% due 6/1/33(c) | | | | | 1,017,127 | | |
| | | | 185,000 | | | | A(e) | | | Series B, 5.000% due 6/1/38(c) | | | | | 216,909 | | |
| | | | 75,000 | | | | AA- | | | Indian River County District School Board, COP, Series A, 5.000% due
7/1/24 | | | | | 84,938 | | |
| | | | 200,000 | | | | A | | | JEA Electric System Revenue, Revenue Bonds, Series B, 5.000% due
10/1/26 | | | | | 241,550 | | |
| | | | | | | | | | | Lake County School Board, COP, AGM: | | |
| | | | 30,000 | | | | AA | | | Series A, 5.000% due 6/1/25 | | | | | 34,105 | | |
| | | | 50,000 | | | | AA | | | Series A, 5.000% due 6/1/26 | | | | | 56,808 | | |
| | | | 15,000 | | | | AA | | | Series A, 5.000% due 6/1/28 | | | | | 16,980 | | |
| | | | | | | | | | | Lee Memorial Health System, Revenue Bonds: | | |
| | | | 550,000 | | | | A+ | | | Series A1, 5.000% due 4/1/33 | | | | | 688,138 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | $ | 415,000 | | | | A+ | | | Series A1, 5.000% due 4/1/35 | | | | $ | 515,978 | | |
| | | | 755,000 | | | | A+ | | | Series A2, 5.000% due 4/1/33(b) | | | | | 872,818 | | |
| | | | | | | | | | | Miami-Dade County Expressway Authority, Revenue Bonds: | | |
| | | | 45,000 | | | | A | | | Series A, 5.000% due 7/1/31 | | | | | 53,609 | | |
| | | | 115,000 | | | | A | | | Series A, 5.000% due 7/1/32 | | | | | 136,544 | | |
| | | | 95,000 | | | | A | | | Series A, 5.000% due 7/1/33 | | | | | 113,608 | | |
| | | | 30,000 | | | | A | | | Series A, 5.000% due 7/1/34 | | | | | 35,808 | | |
| | | | 235,000 | | | | A | | | Series A, 5.000% due 7/1/40 | | | | | 235,646 | | |
| | | | 85,000 | | | | A | | | Series A, 5.000% due 7/1/44 | | | | | 95,399 | | |
| | | | | | | | | | | Orange County Health Facilities Authority, Revenue Bonds: | | |
| | | | 200,000 | | | | A+ | | | Series A, 5.000% due 10/1/39 | | | | | 234,648 | | |
| | | | 365,000 | | | | A+ | | | Series A, Prerefunded 4/01/22 @ 100, 5.000% due 10/1/42(d) | | | | | 383,943 | | |
| | | | 150,000 | | | | A+ | | | Series B, Prerefunded 4/01/22 @ 100, 5.000% due 10/1/42(d) | | | | | 157,785 | | |
| | | | | | | | | | | Orange County School Board, COP: | | | | | | | |
| | | | 115,000 | | | | Aa2(a) | | | Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(d) | | | | | 122,891 | | |
| | | | 200,000 | | | | Aa2(a) | | | Series C, 5.000% due 8/1/29 | | | | | 235,438 | | |
| | | | 50,000 | | | | AA | | | Orlando Utilities Commission, Revenue Bonds, Series A, 5.000% due
10/1/23 | | | | | 56,038 | | |
| | | | | | | | | | | Palm Beach County Health Facilities Authority, Revenue Bonds: | | |
| | | | 10,000 | | | | WD(e) | | | 5.000% due 12/1/23 | | | | | 11,267 | | |
| | | | 20,000 | | | | WD(e) | | | 5.000% due 12/1/24 | | | | | 23,345 | | |
| | | | | | | | | | | Palm Beach County School District, COP: | | |
| | | | 55,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/22 | | | | | 58,733 | | |
| | | | 35,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/23 | | | | | 38,962 | | |
| | | | 40,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/24 | | | | | 46,145 | | |
| | | | 705,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/26 | | | | | 863,843 | | |
| | | | 300,000 | | | | Aa3(a) | | | Series B, 5.000% due 8/1/26 | | | | | 356,307 | | |
| | | | 240,000 | | | | Aa3(a) | | | Series B, 5.000% due 8/1/27 | | | | | 284,126 | | |
| | | | 160,000 | | | | Aa3(a) | | | Series B, 5.000% due 8/1/28 | | | | | 189,035 | | |
| | | | 695,000 | | | | Aa3(a) | | | Series D, 5.000% due 8/1/26 | | | | | 825,445 | | |
| | | | 315,000 | | | | Aa3(a) | | | Series D, 5.000% due 8/1/27 | | | | | 372,916 | | |
| | | | 110,000 | | | | Aa3(a) | | | Series D, 5.000% due 8/1/28 | | | | | 129,962 | | |
| | | | 250,000 | | | | AA+ | | | Palm Beach County Solid Waste Authority, Revenue Bonds, 5.000% due
10/1/24 | | | | | 256,885 | | |
| | | | 300,000 | | | | AA | | | Pasco County School Board, COP, Series D, AGM-Insured, 5.000% due
8/1/30 | | | | | 389,127 | | |
| | | | | | | | | | | School Board of Miami-Dade County, COP: | | |
| | | | 120,000 | | | | AA | | | AGM, Series A, 5.000% due 5/1/27 | | | | | 140,483 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | $ | 570,000 | | | | A+ | | | Series A, 5.000% due 5/1/31 | | | | $ | 678,898 | | |
| | | | 220,000 | | | | A+ | | | Series B, 5.000% due 8/1/27 | | | | | 266,961 | | |
| | | | 395,000 | | | | A+ | | | Series B, 5.000% due 5/1/28 | | | | | 460,128 | | |
| | | | 340,000 | | | | A+ | | | Series D, 5.000% due 11/1/24 | | | | | 393,302 | | |
| | | | 355,000 | | | | A+ | | | Series D, 5.000% due 11/1/25 | | | | | 410,653 | | |
| | | | 230,000 | | | | A+ | | | Series D, 5.000% due 11/1/26 | | | | | 265,153 | | |
| | | | 115,000 | | | | A+ | | | Series D, 5.000% due 2/1/29 | | | | | 136,476 | | |
| | | | 190,000 | | | | A+ | | | Series D, 5.000% due 2/1/30 | | | | | 224,882 | | |
| | | | | | | | | | | School District of Broward County, COP: | | |
| | | | 155,000 | | | | A+ | | | Series A, 5.000% due 7/1/21 | | | | | 157,457 | | |
| | | | 145,000 | | | | A+ | | | Series A, 5.000% due 7/1/22 | | | | | 154,203 | | |
| | | | 45,000 | | | | A+ | | | Series A, 5.000% due 7/1/25 | | | | | 47,691 | | |
| | | | 460,000 | | | | A+ | | | Series A, 5.000% due 7/1/26 | | | | | 525,573 | | |
| | | | 265,000 | | | | A+ | | | Series A, 5.000% due 7/1/27 | | | | | 310,569 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.000% due 7/1/28 | | | | | 134,403 | | |
| | | | 70,000 | | | | A+ | | | Series A, 5.000% due 7/1/32 | | | | | 83,591 | | |
| | | | 120,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d) | | | | | 127,583 | | |
| | | | 580,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(d) | | | | | 616,650 | | |
| | | | 335,000 | | | | A+ | | | Series B, 5.000% due 7/1/26 | | | | | 393,856 | | |
| | | | 230,000 | | | | A+ | | | Series B, 5.000% due 7/1/27 | | | | | 269,551 | | |
| | | | 390,000 | | | | A+ | | | Series B, 5.000% due 7/1/28 | | | | | 455,801 | | |
| | | | | | | | | | | Seminole County School Board, COP: | | |
| | | | 60,000 | | | | Aa3(a) | | | Series C, 5.000% due 7/1/23 | | | | | 66,335 | | |
| | | | 50,000 | | | | Aa3(a) | | | Series C, 5.000% due 7/1/24 | | | | | 57,282 | | |
| | | | 115,000 | | | | AA | | | South Florida Water Management District, COP, 5.000% due 10/1/30 | | | | | 137,318 | | |
| | | | 75,000 | | | | AA- | | | South Miami Health Facilities Authority, Revenue Bonds, 5.000% due
8/15/24 | | | | | 86,164 | | |
| | | | | | | | | | | St Lucie County School Board, COP: | | |
| | | | 60,000 | | | | A | | | Series A, 5.000% due 7/1/25 | | | | | 66,055 | | |
| | | | 125,000 | | | | A | | | Series A, 5.000% due 7/1/27 | | | | | 137,369 | | |
| | | | | | | | | | | State of Florida, GO: | | |
| | | | 5,995,000 | | | | AAA | | | 5.000% due 7/1/32 | | | | | 7,661,550 | | |
| | | | 289,000 | | | | AAA | | | Series C, 5.000% due 6/1/22 | | | | | 292,477 | | |
| | | | 145,000 | | | | AAA | | | Series E, 5.000% due 6/1/24 | | | | | 146,744 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | $ | 2,000,000 | | | | AA+ | | | State of Florida Department of Transportation, Revenue Bonds, 5.000% due
7/1/27 | | | | $ | 2,503,060 | | |
| | | | | | | | | | | Tampa Bay Water, Revenue Bonds: | | |
| | | | 70,000 | | | | AA+ | | | Series A, NPFG, 6.000% due 10/1/29 | | | | | 97,213 | | |
| | | | 70,000 | | | | AA+ | | | Series NPFG, 5.500% due 10/1/22 | | | | | 75,840 | | |
| | | | | | | | | | | Volusia County Educational Facility Authority, Revenue Bonds: | | |
| | | | 150,000 | | | | A3(a) | | | 4.000% due 10/15/36 | | | | | 171,042 | | |
| | | | 80,000 | | | | A3(a) | | | 5.000% due 10/15/44 | | | | | 96,166 | | |
| | | | 150,000 | | | | A3(a) | | | 5.000% due 10/15/49 | | | | | 179,331 | | |
| | | | | | | | | | | Volusia County School Board, COP: | | |
| | | | 600,000 | | | | Aa3(a) | | | 5.000% due 8/1/24 | | | | | 682,968 | | |
| | | | 145,000 | | | | AA | | | Series A, 5.000% due 8/1/32 | | | | | 171,925 | | |
| | | | | | | | | | | Total Florida | | | | | 40,430,195 | | |
| | Georgia – 3.6% | |
| | | | | | | | | | | City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds: | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 11/1/27 | | | | | 35,191 | | |
| | | | 70,000 | | | | AA- | | | 5.000% due 11/1/29 | | | | | 81,862 | | |
| | | | 2,000,000 | | | | AA- | | | 5.000% due 11/1/40 | | | | | 2,315,840 | | |
| | | | 205,000 | | | | Aaa(a) | | | Colquitt County Development Authority, Revenue Bonds, zero coupon, due
12/1/21 | | | | | 204,725 | | |
| | | | 45,000 | | | | A+ | | | County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds,
Series A, 5.250% due 10/1/25 | | | | | 46,283 | | |
| | | | | | | | | | | Development Authority of Burke County, Revenue Bonds: | | |
| | | | 600,000 | | | | A- | | | 1.700% due 12/1/49(b) | | | | | 619,146 | | |
| | | | 830,000 | | | | A- | | | 2.925% due 11/1/53(b) | | | | | 884,988 | | |
| | | | 155,000 | | | | AA- | | | Fulton County Development Authority, Revenue Bonds, 5.000%
due 6/15/44 | | | | | 187,745 | | |
| | | | | | | | | | | Main Street Natural Gas Inc., Revenue Bonds: | | |
| | | | 5,000,000 | | | | Aa2(a) | | | Series A, 4.000% due 4/1/48(b) | | | | | 5,402,500 | | |
| | | | 840,000 | | | | Aa2(a) | | | Series C, 4.000% due 8/1/48(b) | | | | | 913,702 | | |
| | | | | | | | | | | Municipal Electric Authority of Georgia, Revenue Bonds: | | |
| | | | 160,000 | | | | A- | | | Series A, 5.000% due 1/1/27 | | | | | 195,283 | | |
| | | | 145,000 | | | | A- | | | Series A, 5.000% due 1/1/30 | | | | | 181,379 | | |
| | | | 105,000 | | | | A | | | Series GG, 5.000% due 1/1/24 | | | | | 113,586 | | |
| | | | 35,000 | | | | A | | | Series GG, 5.000% due 1/1/25 | | | | | 37,723 | | |
| | | | 145,000 | | | | A | | | Series GG, 5.000% due 1/1/26 | | | | | 156,130 | | |
| | | | | | | | | | | Municipal Gas Authority of Georgia, Revenue Bonds: | | |
| | | | 60,000 | | | | AA- | | | Series Q, 5.000% due 10/1/22 | | | | | 64,473 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Georgia – (continued) | |
| | | $ | 35,000 | | | | AA- | | | Series S, 5.000% due 10/1/22 | | | | $ | 37,609 | | |
| | | | 70,000 | | | | AA- | | | Series S, 5.000% due 10/1/24 | | | | | 74,986 | | |
| | | | 40,000 | | | | AA- | | | Series U, 5.000% due 10/1/24 | | | | | 46,394 | | |
| | | | | | | | | | | State of Georgia, GO: | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 7/1/29 | | | | | 6,419,900 | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/30 | | | | | 6,728,950 | | |
| | | | 2,500,000 | | | | AAA | | | Series A, 5.000% due 7/1/32 | | | | | 3,241,800 | | |
| | | | 3,835,000 | | | | AAA | | | Series C, 5.000% due 7/1/29 | | | | | 4,790,720 | | |
| | | | | | | | | | | Total Georgia | | | | | 32,780,915 | | |
| | Hawaii – 0.1% | |
| | | | | | | | | | | City & County of Honolulu HI, GO: | | |
| | | | 115,000 | | | | Aa1(a) | | | Series D, 5.000% due 9/1/22 | | | | | 123,320 | | |
| | | | 90,000 | | | | Aa1(a) | | | Series D, 5.000% due 9/1/26 | | | | | 110,966 | | |
| | | | 500,000 | | | | AA+ | | | State of Hawaii, GO, Series FH, 5.000% due 10/1/28 | | | | | 613,895 | | |
| | | | | | | | | | | Total Hawaii | | | | | 848,181 | | |
| | Idaho – 0.4% | |
| | | | | | | | | | | Idaho Housing & Finance Association, Revenue Bonds: | | |
| | | | 90,000 | | | | A2(a) | | | 5.000% due 7/15/21 | | | | | 91,486 | | |
| | | | 100,000 | | | | A2(a) | | | 5.000% due 7/15/22 | | | | | 106,048 | | |
| | | | 45,000 | | | | A2(a) | | | 5.000% due 7/15/23 | | | | | 49,757 | | |
| | | | 35,000 | | | | A2(a) | | | 5.000% due 7/15/24 | | | | | 40,099 | | |
| | | | 95,000 | | | | A2(a) | | | 5.000% due 7/15/27 | | | | | 117,541 | | |
| | | | 70,000 | | | | Aa1(a) | | | Series A, 4.000% due 1/1/50 | | | | | 77,665 | | |
| | | | 2,380,000 | | | | Aa1(a) | | | Kootenai County School District No 271 Coeur d’Alene, GO, 4.000% due
9/15/28 | | | | | 2,777,627 | | |
| | | | | | | | | | | Total Idaho | | | | | 3,260,223 | | |
| | Illinois – 4.1% | |
| | | | | | | | | | | Chicago Midway International Airport, Revenue Bonds: | | |
| | | | 65,000 | | | | A- | | | Series A, 5.000% due 1/1/29(c) | | | | | 75,189 | | |
| | | | 100,000 | | | | A- | | | Series A, 5.000% due 1/1/30(c) | | | | | 114,885 | | |
| | | | 70,000 | | | | A- | | | Series A, 5.000% due 1/1/31(c) | | | | | 80,081 | | |
| | | | 190,000 | | | | A- | | | Series A, 5.000% due 1/1/32(c) | | | | | 209,604 | | |
| | | | 30,000 | | | | A- | | | Series B, 5.000% due 1/1/22 | | | | | 31,179 | | |
| | | | 95,000 | | | | A- | | | Series B, 5.000% due 1/1/24 | | | | | 106,695 | | |
| | | | | | | | | | | Chicago O’Hare International Airport, Revenue Bonds: | | |
| | | | 75,000 | | | | BBB+ | | | 5.000% due 7/1/38(c) | | | | | 88,441 | | |
| | | | 50,000 | | | | A | | | Series A, 5.000% due 1/1/22 | | | | | 51,965 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 125,000 | | | | A | | | Series A, 5.000% due 1/1/24(c) | | | | $ | 140,201 | | |
| | | | 270,000 | | | | A | | | Series A, 5.000% due 1/1/29 | | | | | 326,533 | | |
| | | | 200,000 | | | | A | | | Series A, 5.000% due 1/1/48(c) | | | | | 234,992 | | |
| | | | 1,000,000 | | | | A | | | Series A, Prerefunded 1/01/22 @ 100, 5.000% due 1/1/25(c)(d) | | | | | 1,038,700 | | |
| | | | 200,000 | | | | A | | | Series B, 5.000% due 1/1/22(c) | | | | | 207,756 | | |
| | | | 285,000 | | | | A | | | Series B, 5.000% due 1/1/32 | | | | | 329,089 | | |
| | | | 120,000 | | | | A | | | Series B, 5.000% due 1/1/53 | | | | | 142,282 | | |
| | | | 65,000 | | | | A | | | Series C, 5.000% due 1/1/22 | | | | | 67,554 | | |
| | | | 80,000 | | | | A | | | Series C, 5.000% due 1/1/23 | | | | | 86,797 | | |
| | | | 45,000 | | | | A | | | Series C, 5.000% due 1/1/24 | | | | | 50,635 | | |
| | | | 65,000 | | | | A | | | Series C, 5.000% due 1/1/25 | | | | | 75,536 | | |
| | | | 60,000 | | | | A | | | Series C, 5.000% due 1/1/26 | | | | | 71,764 | | |
| | | | 70,000 | | | | A | | | Series C, 5.000% due 1/1/33 | | | | | 81,801 | | |
| | | | 80,000 | | | | A | | | Series C, 5.000% due 1/1/34 | | | | | 93,332 | | |
| | | | 60,000 | | | | A | | | Series D, 5.000% due 1/1/27(c) | | | | | 73,004 | | |
| | | | 15,000 | | | | A | | | Series D, 5.000% due 1/1/28(c) | | | | | 18,085 | | |
| | | | 85,000 | | | | A | | | Series D, 5.000% due 1/1/31(c) | | | | | 100,570 | | |
| | | | 45,000 | | | | A | | | Series D, 5.000% due 1/1/33(c) | | | | | 52,881 | | |
| | | | 40,000 | | | | A | | | City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds,
5.000% due 1/1/23 | | | | | 41,462 | | |
| | | | 30,000 | | | | AA | | | City of Chicago IL Waterworks Revenue, Revenue Bonds, AGM-Insured,
5.250% due 11/1/33 | | | | | 30,098 | | |
| | | | | | | | | | | Cook County Forest Preserve District, GO: | | |
| | | | 30,000 | | | | AA- | | | Series B, 5.000% due 12/15/23 | | | | | 31,736 | | |
| | | | 40,000 | | | | AA- | | | Series B, 5.000% due 12/15/24 | | | | | 42,362 | | |
| | | | 60,000 | | | | AA- | | | Series C, 5.000% due 12/15/25 | | | | | 63,535 | | |
| | | | 155,000 | | | | Aaa(a) | | | Cook Kane Lake & McHenry Counties Community College District No 512,
GO, Series B, 5.000% due 12/1/24 | | | | | 179,964 | | |
| | | | | | | | | | | County of Cook IL, GO: | | |
| | | | 45,000 | | | | A+ | | | Series A, 5.250% due 11/15/24 | | | | | 46,476 | | |
| | | | 60,000 | | | | A+ | | | Series C, 5.000% due 11/15/22 | | | | | 64,850 | | |
| | | | 145,000 | | | | A+ | | | Series C, 5.000% due 11/15/23 | | | | | 156,326 | | |
| | | | 540,000 | | | | A+ | | | Series C, 5.000% due 11/15/24 | | | | | 580,403 | | |
| | | | 15,000 | | | | AA | | | Series C, AGM, 5.000% due 11/15/25 | | | | | 16,101 | | |
| | | | 35,000 | | | | Aa3(a) | | | Grundy & Will Counties Community Unit School District No 1 Coal City,
GO, 5.000% due 2/1/29 | | | | | 42,742 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 835,000 | | | | AA+ | | | Illinois Development Finance Authority, Revenue Bonds, zero coupon, due
7/15/23 | | | | $ | 826,157 | | |
| | | | | | | | | | | Illinois Finance Authority, Revenue Bonds: | | |
| | | | 100,000 | | | | AA+ | | | 2.250% due 11/15/42(b) | | | | | 102,382 | | |
| | | | 5,000,000 | | | | AAA | | | 4.000% due 7/1/38 | | | | | 5,939,250 | | |
| | | | 60,000 | | | | AA+ | | | 5.000% due 7/15/26 | | | | | 73,180 | | |
| | | | 75,000 | | | | A+ | | | 5.000% due 11/15/26 | | | | | 80,182 | | |
| | | | 25,000 | | | | A3(a) | | | 5.000% due 8/15/27 | | | | | 29,060 | | |
| | | | 70,000 | | | | A | | | 5.000% due 5/15/28 | | | | | 82,526 | | |
| | | | 60,000 | | | | AA+ | | | 5.000% due 7/15/28 | | | | | 75,219 | | |
| | | | 40,000 | | | | A | | | 5.000% due 5/15/29 | | | | | 46,894 | | |
| | | | 150,000 | | | | AAA | | | 5.000% due 7/1/29 | | | | | 185,468 | | |
| | | | 25,000 | | | | A+ | | | 5.000% due 11/15/29 | | | | | 26,559 | | |
| | | | 110,000 | | | | A3(a) | | | 5.000% due 12/1/29 | | | | | 128,267 | | |
| | | | 145,000 | | | | AAA | | | 5.000% due 1/1/30 | | | | | 178,779 | | |
| | | | 330,000 | | | | AA- | | | 5.000% due 8/15/30 | | | | | 433,742 | | |
| | | | 255,000 | | | | AAA | | | 5.000% due 7/1/31 | | | | | 313,237 | | |
| | | | 235,000 | | | | AA+ | | | 5.000% due 9/1/32 | | | | | 247,528 | | |
| | | | 175,000 | | | | A3(a) | | | 5.000% due 8/15/35 | | | | | 198,254 | | |
| | | | 170,000 | | | | A | | | 5.000% due 1/1/36 | | | | | 199,527 | | |
| | | | 870,000 | | | | A | | | 5.000% due 1/1/38 | | | | | 1,036,675 | | |
| | | | 315,000 | | | | AA+ | | | 5.000% due 9/1/38 | | | | | 331,972 | | |
| | | | 1,300,000 | | | | A | | | 5.000% due 1/1/44 | | | | | 1,528,852 | | |
| | | | 100,000 | | | | A3(a) | | | 5.000% due 12/1/46 | | | | | 112,293 | | |
| | | | 25,000 | | | | BBB+ | | | 5.000% due 8/1/49 | | | | | 28,186 | | |
| | | | 10,000 | | | | A+ | | | Series A, 5.000% due 11/15/21 | | | | | 10,327 | | |
| | | | 495,000 | | | | AA- | | | Series A, 5.000% due 2/15/24 | | | | | 555,073 | | |
| | | | 95,000 | | | | AA- | | | Series A, 5.000% due 2/15/25 | | | | | 109,851 | | |
| | | | 45,000 | | | | AA- | | | Series A, 5.000% due 2/15/26 | | | | | 53,529 | | |
| | | | 30,000 | | | | A | | | Series A, 5.000% due 11/15/27 | | | | | 35,040 | | |
| | | | 35,000 | | | | A | | | Series A, 5.000% due 11/15/28 | | | | | 40,665 | | |
| | | | 55,000 | | | | A | | | Series A, 5.000% due 11/15/29 | | | | | 63,560 | | |
| | | | 75,000 | | | | A | | | Series A, 5.000% due 7/1/30 | | | | | 88,593 | | |
| | | | 100,000 | | | | A | | | Series A, 5.000% due 11/15/32 | | | | | 114,499 | | |
| | | | 50,000 | | | | A | | | Series A, 5.000% due 7/1/34 | | | | | 58,377 | | |
| | | | 15,000 | | | | AA+ | | | Series A, 5.000% due 9/1/34 | | | | | 16,715 | | |
| | | | 60,000 | | | | A+ | | | Series A, 5.000% due 11/15/34 | | | | | 68,621 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 255,000 | | | | A | | | Series A, 5.000% due 7/1/36 | | | | $ | 296,024 | | |
| | | | 20,000 | | | | BBB+ | | | Series A, 5.000% due 8/1/47 | | | | | 22,564 | | |
| | | | 45,000 | | | | A | | | Series A, Prerefunded 5/15/22 @ 100, 5.000% due 5/15/23(d) | | | | | 47,599 | | |
| | | | 95,000 | | | | AA- | | | Series A, Prerefunded 8/15/26 @ 100, 5.000% due 8/15/33(d) | | | | | 116,703 | | |
| | | | 85,000 | | | | A+ | | | Series B, 5.000% due 11/15/26 | | | | | 98,762 | | |
| | | | 35,000 | | | | AA+ | | | Series C, 3.750% due 2/15/34 | | | | | 38,826 | | |
| | | | 160,000 | | | | AA+ | | | Series C, 4.000% due 2/15/36 | | | | | 179,974 | | |
| | | | 35,000 | | | | AA+ | | | Series C, 5.000% due 2/15/22 | | | | | 36,598 | | |
| | | | 15,000 | | | | AA+ | | | Series C, 5.000% due 2/15/24 | | | | | 16,985 | | |
| | | | 75,000 | | | | AA+ | | | Series C, 5.000% due 2/15/26 | | | | | 90,503 | | |
| | | | 200,000 | | | | AA+ | | | Series C, 5.000% due 2/15/28 | | | | | 246,646 | | |
| | | | 135,000 | | | | AA+ | | | Series C, 5.000% due 2/15/29 | | | | | 165,356 | | |
| | | | 50,000 | | | | AA+ | | | Series C, 5.000% due 2/15/31 | | | | | 60,608 | | |
| | | | 365,000 | | | | AA+ | | | Series C, 5.000% due 2/15/32 | | | | | 440,796 | | |
| | | | 145,000 | | | | AA+ | | | Series C, 5.000% due 2/15/33 | | | | | 174,550 | | |
| | | | 65,000 | | | | AA+ | | | Series C, 5.000% due 2/15/36 | | | | | 77,663 | | |
| | | | 205,000 | | | | AA+ | | | Series C, 5.000% due 2/15/41 | | | | | 241,871 | | |
| | | | 60,000 | | | | AA- | | | Series L, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/22(d) | | | | | 62,158 | | |
| | | | 95,000 | | | | A(e) | | | Series Prerefunded 11/15/22 @ 100, 5.000% due 11/15/43(d) | | | | | 102,560 | | |
| | | | 20,000 | | | | NR | | | Series Prerefunded 2/15/27 @ 100, 4.000% due 2/15/41(d) | | | | | 23,548 | | |
| | | | | | | | | | | Illinois Municipal Electric Agency, Revenue Bonds: | | |
| | | | 1,000,000 | | | | A | | | Series A, 5.000% due 2/1/22 | | | | | 1,041,730 | | |
| | | | 290,000 | | | | A | | | Series A, 5.000% due 2/1/28 | | | | | 341,797 | | |
| | | | 105,000 | | | | A | | | Series A, 5.000% due 2/1/31 | | | | | 123,605 | | |
| | | | | | | | | | | Illinois State Toll Highway Authority, Revenue Bonds: | | |
| | | | 2,000,000 | | | | AA- | | | 5.000% due 1/1/40 | | | | | 2,521,380 | | |
| | | | 50,000 | | | | AA- | | | Series A, 5.000% due 12/1/31 | | | | | 59,542 | | |
| | | | 175,000 | | | | AA- | | | Series D, 5.000% due 1/1/24 | | | | | 197,124 | | |
| | | | 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 | | | | | 254,556 | | |
| | | | | | | | | | | Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO: | | |
| | | | 260,000 | | | | AA | | | 5.000% due 1/1/26 | | | | | 303,865 | | |
| | | | 55,000 | | | | AA | | | 5.000% due 1/1/29 | | | | | 68,756 | | |
| | | | 230,000 | | | | AA | | | McHenry & Kane Counties Community Consolidated School District No
158 Huntley, GO, AGM, zero coupon, due 1/1/24 | | | | | 222,990 | | |
| | | | | | | | | | | McHenry County Community Unit School District No 200 Woodstock, GO: | | |
| | | | 215,000 | | | | Aa2(a) | | | Series B, NPFG, zero coupon, due 1/15/24(f) | | | | | 208,928 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 225,000 | | | | Aa2(a) | | | Series B, NPFG, zero coupon due 1/15/25 | | | | $ | 214,585 | | |
| | | | 170,000 | | | | Aa2(a) | | | Series B, NPFG, zero coupon, due 1/15/26 | | | | | 158,970 | | |
| | | | | | | | | | | McHenry County Conservation District, GO: | | |
| | | | 65,000 | | | | AA+ | | | 5.000% due 2/1/24 | | | | | 73,439 | | |
| | | | 175,000 | | | | AA+ | | | 5.000% due 2/1/27 | | | | | 204,708 | | |
| | | | 70,000 | | | | AA | | | Regional Transportation Authority, Revenue Bonds, Series A, 5.000% due
7/1/21 | | | | | 71,107 | | |
| | | | | | | | | | | State of Illinois, GO: | | |
| | | | 80,000 | | | | BBB- | | | 5.000% due 3/1/21 | | | | | 80,000 | | |
| | | | 45,000 | | | | BBB- | | | 5.000% due 8/1/21 | | | | | 45,768 | | |
| | | | 225,000 | | | | BBB- | | | 5.000% due 1/1/22 | | | | | 232,576 | | |
| | | | 145,000 | | | | BBB- | | | 5.000% due 3/1/22 | | | | | 150,797 | | |
| | | | 190,000 | | | | BBB- | | | 5.000% due 8/1/22 | | | | | 200,467 | | |
| | | | 45,000 | | | | BBB- | | | 5.000% due 2/1/23 | | | | | 48,252 | | |
| | | | 220,000 | | | | BBB- | | | 5.000% due 4/1/23 | | | | | 237,103 | | |
| | | | 100,000 | | | | BBB- | | | 5.000% due 8/1/23 | | | | | 108,826 | | |
| | | | 225,000 | | | | BBB- | | | 5.000% due 6/1/25 | | | | | 254,930 | | |
| | | | 65,000 | | | | BBB- | | | 5.000% due 2/1/26 | | | | | 70,735 | | |
| | | | 270,000 | | | | BBB- | | | 5.000% due 2/1/27 | | | | | 309,022 | | |
| | | | 180,000 | | | | BBB- | | | 5.000% due 2/1/28 | | | | | 208,589 | | |
| | | | 60,000 | | | | BBB- | | | 5.000% due 4/1/28 | | | | | 65,414 | | |
| | | | 25,000 | | | | BBB- | | | 5.000% due 5/1/28 | | | | | 27,306 | | |
| | | | 165,000 | | | | BBB- | | | 5.000% due 2/1/29 | | | | | 189,869 | | |
| | | | 70,000 | | | | BBB- | | | 5.000% due 5/1/32 | | | | | 75,610 | | |
| | | | 190,000 | | | | BBB- | | | 5.000% due 5/1/33 | | | | | 204,839 | | |
| | | | 305,000 | | | | BBB- | | | 5.250% due 2/1/31 | | | | | 330,464 | | |
| | | | 115,000 | | | | BBB- | | | 5.500% due 7/1/38 | | | | | 122,621 | | |
| | | | 65,000 | | | | BBB- | | | Series A, 4.000% due 1/1/23 | | | | | 66,524 | | |
| | | | 105,000 | | | | BBB- | | | Series A, 5.000% due 1/1/33 | | | | | 107,359 | | |
| | | | 365,000 | | | | BBB- | | | Series B, 5.000% due 9/1/21 | | | | | 372,464 | | |
| | | | 360,000 | | | | BBB- | | | Series B, 5.000% due 9/1/22 | | | | | 380,905 | | |
| | | | 365,000 | | | | BBB- | | | Series B, 5.000% due 9/1/23 | | | | | 397,985 | | |
| | | | 365,000 | | | | BBB- | | | Series B, 5.000% due 9/1/24 | | | | | 407,212 | | |
| | | | 620,000 | | | | BBB- | | | Series D, 5.000% due 11/1/23 | | | | | 677,443 | | |
| | | | 405,000 | | | | BBB- | | | Series D, 5.000% due 11/1/25 | | | | | 460,331 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 390,000 | | | | BBB- | | | Series D, 5.000% due 11/1/26 | | | | $ | 448,114 | | |
| | | | | | | | | | | University of Illinois, Revenue Bonds: | | |
| | | | 115,000 | | | | A- | | | 6.000% due 10/1/42 | | | | | 126,912 | | |
| | | | 115,000 | | | | A- | | | 6.250% due 10/1/38 | | | | | 128,104 | | |
| | | | | | | | | | | Will County Community Unit School District No 365 Valley View, GO: | | |
| | | | 2,420,000 | | | | Aa2(a) | | | Series A, 5.000% due 11/1/25 | | | | | 2,868,281 | | |
| | | | 165,000 | | | | AA | | | Series B, AGM, zero coupon, due 11/1/26 | | | | | 154,397 | | |
| | | | 200,000 | | | | AA | | | Will County School District No 86 Joliet, GO, AGM-Insured, zero coupon,
due 11/1/21 | | | | | 199,298 | | |
| | | | | | | | | | | Total Illinois | | | | | 37,030,538 | | |
| | Indiana – 2.3% | |
| | | | | | | | | | | City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds AGM: | | |
| | | | 315,000 | | | | A+ | | | Series A, 5.000% due 10/1/24 | | | | | 361,834 | | |
| | | | 160,000 | | | | AA | | | Series B, AGM, 5.000% due 10/1/21 | | | | | 164,368 | | |
| | | | | | | | | | | City of Whiting IN, Revenue Bonds: | | |
| | | | 370,000 | | | | A-u | | | 5.000% due 12/1/44(b)(c) | | | | | 450,712 | | |
| | | | 1,020,000 | | | | A- | | | 5.000% due 11/1/45(b)(c) | | | | | 1,095,949 | | |
| | | | 300,000 | | | | A- | | | County of St Joseph IN, Revenue Bonds, 4.000% due 4/1/38 | | | | | 332,199 | | |
| | | | | | | | | | | Indiana Finance Authority, Revenue Bonds: | | |
| | | | 320,000 | | | | AA | | | 2.250% due 12/1/58(b) | | | | | 337,130 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 3/1/22 | | | | | 31,452 | | |
| | | | 90,000 | | | | AA- | | | 5.000% due 8/15/25 | | | | | 99,463 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 9/1/26 | | | | | 36,554 | | |
| | | | 15,000 | | | | AA- | | | 5.000% due 9/1/29 | | | | | 17,893 | | |
| | | | 5,000,000 | | | | AAA | | | 5.000% due 2/1/35 | | | | | 6,352,750 | | |
| | | | 240,000 | | | | AA- | | | 5.000% due 3/1/36 | | | | | 270,458 | | |
| | | | 60,000 | | | | AA- | | | 5.000% due 9/1/36 | | | | | 70,083 | | |
| | | | 65,000 | | | | AA | | | Series A, 5.000% due 10/1/25 | | | | | 69,789 | | |
| | | | 70,000 | | | | AA | | | Series A, 5.000% due 10/1/26 | | | | | 80,797 | | |
| | | | 35,000 | | | | AA | | | Series A, 5.000% due 10/1/28 | | | | | 40,133 | | |
| | | | 115,000 | | | | AA | | | Series A, 5.250% due 10/1/24 | | | | | 118,306 | | |
| | | | 535,000 | | | | AA | | | Series Prerefunded 1/1/22 @ 100, 1.650% due 12/1/42(b)(d) | | | | | 541,479 | | |
| | | | 45,000 | | | | AA- | | | Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/23(d) | | | | | 47,178 | | |
| | | | 30,000 | | | | AA- | | | Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/30(d) | | | | | 31,452 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Indiana – (continued) | |
| | | $ | 155,000 | | | | AA- | | | Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/41(d) | | | | $ | 162,504 | | |
| | | | | | | | | | | Indiana Health Facility Financing Authority, Revenue Bonds: | | |
| | | | 1,000,000 | | | | AA+ | | | Series A2, 2.000% due 11/15/36(b) | | | | | 1,030,640 | | |
| | | | 7,500,000 | | | | AA+ | | | Series E, 0.010% due 11/15/39(b) | | | | | 7,500,000 | | |
| | | | 290,000 | | | | Aaa(a) | | | Indiana Housing & Community Development Authority, Revenue Bonds,
Series B, 3.500% due 1/1/49 | | | | | 316,666 | | |
| | | | | | | | | | | Indiana Municipal Power Agency, Revenue Bonds: | | |
| | | | 20,000 | | | | A+ | | | Series A, 5.000% due 1/1/24 | | | | | 21,254 | | |
| | | | 20,000 | | | | A+ | | | Series A, 5.000% due 1/1/25 | | | | | 21,251 | | |
| | | | 55,000 | | | | A+ | | | Series A, 5.000% due 1/1/26 | | | | | 58,426 | | |
| | | | 10,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d) | | | | | 10,646 | | |
| | | | 10,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/25(d) | | | | | 10,646 | | |
| | | | 25,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/26(d) | | | | | 26,614 | | |
| | | | 515,000 | | | | AAA | | | Indiana University, Revenue Bonds, Series W-1, 5.000% due 8/1/26 | | | | | 593,357 | | |
| | | | 255,000 | | | | A1(a) | | | Indianapolis Local Public Improvement Bond Bank, Revenue Bonds,
5.000% due 1/1/25(c) | | | | | 294,971 | | |
| | | | | | | | | | | Lake Central Multi-District School Building Corp., Revenue Bonds: | | |
| | | | 40,000 | | | | AA+ | | | Series B, 4.000% due 1/15/22 | | | | | 41,266 | | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 7/15/22 | | | | | 31,900 | | |
| | | | 40,000 | | | | AA+ | | | Series B, 5.000% due 7/15/23 | | | | | 43,467 | | |
| | | | 40,000 | | | | NR | | | Series B, Prerefunded 1/15/23 @ 100, 5.000% due 7/15/23(d) | | | | | 43,494 | | |
| | | | 120,000 | | | | AA+ | | | Series B, Prerefunded 1/15/23 @ 100, 5.000% due 7/15/24(d) | | | | | 130,601 | | |
| | | | 125,000 | | | | AA+ | | | Series B, Prerefunded 1/15/23 @ 100, 5.000% due 7/15/25(d) | | | | | 136,043 | | |
| | | | | | | | | | | Total Indiana | | | | | 21,023,725 | | |
| | Iowa – 1.4% | |
| | | | 1,155,000 | | | | Aa1(a) | | | City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25 | | | | | 1,320,996 | | |
| | | | | | | | | | | Iowa Finance Authority, Revenue Bonds: | | |
| | | | 3,840,000 | | | | AAA | | | 5.000% due 8/1/31 | | | | | 4,800,461 | | |
| | | | 90,000 | | | | BBB(e) | | | Series A, 5.000% due 5/15/43 | | | | | 102,352 | | |
| | | | 105,000 | | | | BBB(e) | | | Series A, 5.000% due 5/15/48 | | | | | 118,320 | | |
| | | | 5,000,000 | | | | A3(a) | | | PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b) | | | | | 6,036,150 | | |
| | | | | | | | | | | Total Iowa | | | | | 12,378,279 | | |
| | Kansas – 0.0% | |
| | | | | | | | | | | Wyandotte County-Kansas City Unified Government Utility System Revenue, Revenue Bonds: | | |
| | | | 30,000 | | | | A | | | Series A, 5.000% due 9/1/30 | | | | | 34,940 | | |
| | | | 35,000 | | | | A | | | Series A, 5.000% due 9/1/32 | | | | | 40,706 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Kansas – (continued) | |
| | | $ | 130,000 | | | | A | | | Series A, Prerefunded 9/01/22 @ 100, 5.000% due 9/1/24(d) | | | | $ | 139,324 | | |
| | | | 30,000 | | | | A | | | Series B, Prerefunded 9/01/22 @ 100, 5.000% due 9/1/23(d) | | | | | 32,152 | | |
| | | | 45,000 | | | | A | | | Series B, Prerefunded 9/01/22 @ 100, 5.000% due 9/1/24(d) | | | | | 48,227 | | |
| | | | | | | | | | | Total Kansas | | | | | 295,349 | | |
| | Kentucky – 1.2% | |
| | | | | | | | | | | Kenton County Airport Board, Revenue Bonds: | | |
| | | | 25,000 | | | | A1(a) | | | 5.000% due 1/1/25 | | | | | 28,949 | | |
| | | | 15,000 | | | | A1(a) | | | 5.000% due 1/1/26 | | | | | 17,863 | | |
| | | | 45,000 | | | | A1(a) | | | 5.000% due 1/1/29 | | | | | 52,762 | | |
| | | | 50,000 | | | | A1(a) | | | 5.000% due 1/1/30 | | | | | 58,249 | | |
| | | | 5,000,000 | | | | A1(a) | | | Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due
1/1/49(b) | | | | | 5,533,200 | | |
| | | | | | | | | | | Kentucky State Property & Building Commission, Revenue Bonds: | | |
| | | | 160,000 | | | | A- | | | 5.000% due 4/1/27 | | | | | 194,728 | | |
| | | | 145,000 | | | | A- | | | 5.000% due 5/1/28 | | | | | 179,851 | | |
| | | | 15,000 | | | | A- | | | 5.000% due 5/1/29 | | | | | 18,468 | | |
| | | | 40,000 | | | | AA | | | 5.000% due 5/1/31 | | | | | 49,750 | | |
| | | | 110,000 | | | | A- | | | Series A, 5.000% due 10/1/27 | | | | | 121,040 | | |
| | | | 165,000 | | | | A- | | | Series A, 5.000% due 2/1/29 | | | | | 192,911 | | |
| | | | 170,000 | | | | A- | | | Series A, 5.000% due 2/1/30 | | | | | 198,421 | | |
| | | | 65,000 | | | | A- | | | Series A, 5.000% due 2/1/32 | | | | | 75,724 | | |
| | | | 80,000 | | | | A- | | | Series A, 5.000% due 2/1/33 | | | | | 93,153 | | |
| | | | 325,000 | | | | A- | | | Series B, 5.000% due 11/1/26 | | | | | 392,896 | | |
| | | | 1,445,000 | | | | A- | | | Series B, 5.000% due 11/1/27 | | | | | 1,740,459 | | |
| | | | 55,000 | | | | A1(a) | | | Series D, 5.000% due 5/1/21 | | | | | 55,425 | | |
| | | | 35,000 | | | | A1(a) | | | Series D, 5.000% due 5/1/26 | | | | | 41,803 | | |
| | | | 30,000 | | | | A1(a) | | | Series D, 5.000% due 5/1/27 | | | | | 36,574 | | |
| | | | 30,000 | | | | A1(a) | | | Series D, 5.000% due 5/1/28 | | | | | 36,347 | | |
| | | | | | | | | | | Louisville/Jefferson County Metropolitan Government, Revenue Bonds: | | |
| | | | 200,000 | | | | A | | | 5.000% due 10/1/47(b) | | | | | 258,274 | | |
| | | | 525,000 | | | | A | | | Series A, 5.000% due 10/1/29 | | | | | 631,790 | | |
| | | | 95,000 | | | | A | | | Series A, 5.000% due 10/1/32 | | | | | 112,707 | | |
| | | | 70,000 | | | | A | | | Series A, 5.500% due 10/1/33 | | | | | 78,360 | | |
| | | | 185,000 | | | | A | | | Series A, 5.750% due 10/1/38 | | | | | 207,855 | | |
| | | | 100,000 | | | | BBB+ | | | Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/28(d) | | | | | 105,924 | | |
| | | | 335,000 | | | | BBB+ | | | Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/29(d) | | | | | 354,845 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Kentucky – (continued) | |
| | | $ | 355,000 | | | | A+ | | | University of Louisville, Revenue Bonds, Series C, 3.000% due 9/1/21 | | | | $ | 359,579 | | |
| | | | | | | | | | | Total Kentucky | | | | | 11,227,907 | | |
| | Louisiana – 0.3% | |
| | | | 1,500,000 | | | | AA | | | Louisiana Local Government Environmental Facilities & Community
Development Authority, Revenue Bonds, 5.000% due 10/1/26 | | | | | 1,817,955 | | |
| | | | | | | | | | | Louisiana Public Facilities Authority, Revenue Bonds: | | |
| | | | 40,000 | | | | A | | | Series A, 5.000% due 12/15/22 | | | | | 43,301 | | |
| | | | 85,000 | | | | A | | | Series A, 5.000% due 12/15/23 | | | | | 95,641 | | |
| | | | | | | | | | | New Orleans Aviation Board, Revenue Bonds: | | |
| | | | 70,000 | | | | A- | | | Series B, 5.000% due 1/1/24(c) | | | | | 78,261 | | |
| | | | 85,000 | | | | A- | | | Series B, 5.000% due 1/1/25(c) | | | | | 97,941 | | |
| | | | 65,000 | | | | A- | | | Series B, 5.000% due 1/1/27(c) | | | | | 74,790 | | |
| | | | 10,000 | | | | A- | | | Series B, 5.000% due 1/1/29(c) | | | | | 11,951 | | |
| | | | 20,000 | | | | A- | | | Series B, 5.000% due 1/1/31(c) | | | | | 23,603 | | |
| | | | 20,000 | | | | A- | | | Series B, 5.000% due 1/1/36(c) | | | | | 23,270 | | |
| | | | 15,000 | | | | A- | | | Series B, 5.000% due 1/1/37(c) | | | | | 17,407 | | |
| | | | 20,000 | | | | A- | | | Series D2, 5.000% due 1/1/26(c) | | | | | 23,671 | | |
| | | | 15,000 | | | | A- | | | Series D2, 5.000% due 1/1/29(c) | | | | | 17,926 | | |
| | | | 20,000 | | | | A- | | | Series D2, 5.000% due 1/1/30(c) | | | | | 23,709 | | |
| | | | 45,000 | | | | A- | | | Series D2, 5.000% due 1/1/32(c) | | | | | 52,914 | | |
| | | | 35,000 | | | | A- | | | Series D2, 5.000% due 1/1/35(c) | | | | | 40,821 | | |
| | | | 15,000 | | | | A- | | | Series D2, 5.000% due 1/1/38(c) | | | | | 17,369 | | |
| | | | | | | | | | | Total Louisiana | | | | | 2,460,530 | | |
| | Maine – 0.3% | |
| | | | 2,500,000 | | | | AA+ | | | Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due
11/15/39 | | | | | 2,700,050 | | |
| | | | 60,000 | | | | AA- | | | Maine Turnpike Authority, Revenue Bonds, 5.000% due 7/1/27 | | | | | 70,794 | | |
| | | | | | | | | | | Total Maine | | | | | 2,770,844 | | |
| | Maryland – 4.5% | |
| | | | | | | | | | | City of Baltimore MD, Revenue Bonds: | | |
| | | | 105,000 | | | | AA | | | Series C, 5.000% due 7/1/28 | | | | | 129,033 | | |
| | | | 195,000 | | | | AA | | | Series C, 5.000% due 7/1/31 | | | | | 237,188 | | |
| | | | 200,000 | | | | AA | | | Series C, 5.000% due 7/1/33 | | | | | 241,678 | | |
| | | | 170,000 | | | | AA- | | | Series D, 5.000% due 7/1/33 | | | | | 205,426 | | |
| | | | 4,325,000 | | | | AAA | | | County of Harford MD, GO, Series B, 5.000% due 7/1/26 | | | | | 5,317,804 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Maryland – (continued) | |
| | | $ | 2,500,000 | | | | AAA | | | County of Howard MD, GO, Series D, 5.000% due 2/15/30 | | | | $ | 3,153,400 | | |
| | | | | | | | | | | County of Prince George’s MD, GO: | | |
| | | | 3,595,000 | | | | AAA | | | Series A, 5.000% due 7/15/22 | | | | | 3,834,966 | | |
| | | | 5,805,000 | | | | AAA | | | Series A, 5.000% due 7/15/29 | | | | | 7,445,203 | | |
| | | | 2,065,000 | | | | AAA | | | Series C, Prerefunded 8/1/23 @ 100, 4.000% due 8/1/26(d) | | | | | 2,251,242 | | |
| | | | | | | | | | | Maryland Community Development Administration, Revenue Bonds: | | |
| | | | 385,000 | | | | Aa1(a) | | | Series B, 4.000% due 9/1/49 | | | | | 427,007 | | |
| | | | 310,000 | | | | Aa1(a) | | | Series C, 3.500% due 3/1/50 | | | | | 339,348 | | |
| | | | 320,000 | | | | Aa1(a) | | | Series C, 5.000% due 9/1/28 | | | | | 407,357 | | |
| | | | | | | | | | | Maryland Health & Higher Educational Facilities Authority, Revenue Bonds: | | |
| | | | 155,000 | | | | BBB+ | | | Series A, 4.000% due 7/1/42 | | | | | 168,456 | | |
| | | | 65,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/33 | | | | | 75,780 | | |
| | | | 50,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/34 | | | | | 58,155 | | |
| | | | 20,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/35 | | | | | 23,218 | | |
| | | | 50,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/36 | | | | | 57,906 | | |
| | | | 35,000 | | | | A | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/24(d) | | | | | 37,236 | | |
| | | | 30,000 | | | | A | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d) | | | | | 31,917 | | |
| | | | 300,000 | | | | AA- | | | Maryland State Transportation Authority, Revenue Bonds, 5.000% due
7/1/34 | | | | | 389,619 | | |
| | | | | | | | | | | State of Maryland, GO: | | |
| | | | 3,000,000 | | | | AAA | | | 5.000% due 8/1/33 | | | | | 3,982,380 | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 3/15/31 | | | | | 6,304,550 | | |
| | | | 2,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/31 | | | | | 2,608,660 | | |
| | | | 3,000,000 | | | | AAA | | | State of Maryland Department of Transportation, Revenue Bonds, 3.500%
due 10/1/33 | | | | | 3,338,130 | | |
| | | | | | | | | | | Total Maryland | | | | | 41,065,659 | | |
| | Massachusetts – 0.8% | |
| | | | | | | | | | | Commonwealth of Massachusetts, GO: | | |
| | | | 90,000 | | | | AA | | | Series B, 5.000% due 7/1/22 | | | | | 95,812 | | |
| | | | 520,000 | | | | AA | | | Series C, 5.000% due 4/1/23 | | | | | 571,303 | | |
| | | | 45,000 | | | | AA | | | Massachusetts Bay Transportation Authority, Revenue Bonds, Series A,
5.000% due 7/1/45 | | | | | 51,819 | | |
| | | | | | | | | | | Massachusetts Development Finance Agency, Revenue Bonds: | | |
| | | | 45,000 | | | | AA- | | | 5.000% due 7/1/23 | | | | | 49,785 | | |
| | | | 115,000 | | | | AA- | | | 5.000% due 7/1/24 | | | | | 131,953 | | |
| | | | 50,000 | | | | A | | | 5.000% due 7/1/30 | | | | | 63,503 | | |
| | | | 235,000 | | | | A | | | 5.000% due 7/1/31 | | | | | 297,028 | | |
| | | | 500,000 | | | | Baa2(a) | | | 5.000% due 7/1/34 | | | | | 612,465 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Massachusetts – (continued) | |
| | | $ | 65,000 | | | | AAA | | | Series A, 5.000% due 7/15/22 | | | | $ | 69,339 | | |
| | | | 145,000 | | | | NR | | | Series A, Prerefunded 11/15/23 @ 100, 6.250% due 11/15/28(d)(g) | | | | | 163,577 | | |
| | | | 500,000 | | | | AA+ | | | Series N, 1.450% due 7/1/41(b) | | | | | 501,945 | | |
| | | | 105,000 | | | | AA- | | | Series S, 5.000% due 7/1/30 | | | | | 130,905 | | |
| | | | 585,000 | | | | A+ | | | Series S-1, 5.000% due 10/1/24 | | | | | 669,521 | | |
| | | | 335,000 | | | | AA- | | | Series S4, 5.000% due 7/1/38(b) | | | | | 379,096 | | |
| | | | 1,170,000 | | | | AA | | | Massachusetts Transportation Trust Fund Metropolitan Highway System
Revenue, Revenue Bonds, Series A, 5.000% due 1/1/39(b) | | | | | 1,268,959 | | |
| | | | 2,500,000 | | | | AA- | | | University of Massachusetts Building Authority, Revenue Bonds, Series 1,
Prerefunded 11/01/22 @ 100, 4.000% due 11/1/43(d) | | | | | 2,659,450 | | |
| | | | | | | | | | | Total Massachusetts | | | | | 7,716,460 | | |
| | Michigan – 2.2% | |
| | | | 160,000 | | | | AA | | | City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds,
Series G, AGM-Insured, 0.759% (3-Month USD-LIBOR), due 7/1/32(b) | | | | | 156,099 | | |
| | | | 85,000 | | | | Aa1(a) | | | Clarkston Community Schools, GO, 5.000% due 5/1/22 | | | | | 89,627 | | |
| | | | 1,000,000 | | | | AA | | | Detroit City School District, GO, AGM, Series A, 5.250% due 5/1/30 | | | | | 1,337,880 | | |
| | | | 155,000 | | | | AA | | | Detroit Downtown Development Authority, Special Tax, Series A,
AGM-Insured, 5.000% due 7/1/37 | | | | | 174,831 | | |
| | | | | | | | | | | Grand Rapids Public Schools, GO, AGM: | | |
| | | | 40,000 | | | | AA | | | 5.000% due 5/1/27 | | | | | 50,057 | | |
| | | | 55,000 | | | | AA | | | 5.000% due 5/1/29 | | | | | 67,879 | | |
| | | | 100,000 | | | | AA | | | 5.000% due 5/1/30 | | | | | 119,493 | | |
| | | | 145,000 | | | | AA | | | 5.000% due 5/1/31 | | | | | 173,104 | | |
| | | | 20,000 | | | | AA | | | 5.000% due 5/1/32 | | | | | 23,854 | | |
| | | | 90,000 | | | | AA | | | 5.000% due 5/1/33 | | | | | 107,245 | | |
| | | | | | | | | | | Kalamazoo Hospital Finance Authority, Revenue Bonds: | | |
| | | | 100,000 | | | | A2(a) | | | 5.000% due 5/15/27 | | | | | 119,580 | | |
| | | | 75,000 | | | | A2(a) | | | 5.000% due 5/15/28 | | | | | 89,125 | | |
| | | | 100,000 | | | | AAA | | | Kent County Building Authority, Revenue Bonds, 5.500% due 6/1/22 | | | | | 106,624 | | |
| | | | 20,000 | | | | AA | | | Kent Hospital Finance Authority, Revenue Bonds, Series A, 5.000% due
11/15/21 | | | | | 20,668 | | |
| | | | | | | | | | | Michigan Finance Authority, Revenue Bonds AGM: | | |
| | | | 310,000 | | | | AA | | | AGM, 5.000% due 7/1/22 | | | | | 329,545 | | |
| | | | 1,250,000 | | | | Aa3(a) | | | 5.000% due 11/1/23 | | | | | 1,393,787 | | |
| | | | 45,000 | | | | AA- | | | 5.000% due 12/1/23 | | | | | 50,627 | | |
| | | | 750,000 | | | | Aa3(a) | | | 5.000% due 11/1/24 | | | | | 863,160 | | |
| | | | 50,000 | | | | AA- | | | 5.000% due 12/1/24 | | | | | 58,255 | | |
| | | | 85,000 | | | | AA- | | | 5.000% due 12/1/25 | | | | | 102,212 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Michigan – (continued) | |
| | | $ | 40,000 | | | | AA- | | | 5.000% due 12/1/26 | | | | $ | 49,478 | | |
| | | | 10,000 | | | | AA- | | | 5.000% due 7/1/27 | | | | | 11,827 | | |
| | | | 35,000 | | | | AA- | | | 5.000% due 12/1/27 | | | | | 44,345 | | |
| | | | 160,000 | | | | A+ | | | 5.000% due 8/15/28 | | | | | 175,635 | | |
| | | | 60,000 | | | | AA- | | | 5.000% due 12/1/28 | | | | | 75,471 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 7/1/29 | | | | | 35,299 | | |
| | | | 60,000 | | | | A+ | | | 5.000% due 8/15/29 | | | | | 65,674 | | |
| | | | 35,000 | | | | AA- | | | 5.000% due 7/1/31 | | | | | 41,166 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 7/1/32 | | | | | 35,257 | | |
| | | | 315,000 | | | | A | | | 5.000% due 11/15/32 | | | | | 377,083 | | |
| | | | 25,000 | | | | AA- | | | 5.000% due 7/1/33 | | | | | 29,357 | | |
| | | | 205,000 | | | | A | | | 5.000% due 11/15/36 | | | | | 217,234 | | |
| | | | 45,000 | | | | A | | | 5.000% due 11/15/42 | | | | | 47,502 | | |
| | | | 735,000 | | | | AA- | | | 5.000% due 12/1/44(b) | | | | | 854,504 | | |
| | | | 45,000 | | | | WR(a) | | | Series A, 5.000% due 6/1/21 | | | | | 45,536 | | |
| | | | 65,000 | | | | WR(a) | | | Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(d) | | | | | 68,893 | | |
| | | | 140,000 | | | | WR(a) | | | Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(d) | | | | | 148,385 | | |
| | | | | | | | | | | Michigan State Building Authority, Revenue Bonds: | | |
| | | | 495,000 | | | | AA- | | | Series I, 5.000% due 10/15/34 | | | | | 597,485 | | |
| | | | 80,000 | | | | AA- | | | Series I, 5.000% due 4/15/35 | | | | | 96,370 | | |
| | | | | | | | | | | Michigan State Hospital Finance Authority, Revenue Bonds: | | |
| | | | 180,000 | | | | AA+ | | | Series C, 2.400% due 11/15/47(b) | | | | | 187,330 | | |
| | | | 45,000 | | | | AA- | | | Series C, 5.000% due 12/1/24 | | | | | 52,430 | | |
| | | | 60,000 | | | | AA- | | | Series C, 5.000% due 12/1/26 | | | | | 74,217 | | |
| | | | 40,000 | | | | AA- | | | Series C, 5.000% due 12/1/27 | | | | | 50,710 | | |
| | | | 60,000 | | | | AA- | | | Series C, 5.000% due 12/1/28 | | | | | 75,471 | | |
| | | | 710,000 | | | | AA+ | | | Series F5, 4.000% due 11/15/47(b) | | | | | 785,047 | | |
| | | | | | | | | | | Michigan Strategic Fund, Revenue Bonds: | | |
| | | | 290,000 | | | | A | | | 1.450% due 8/1/29(b) | | | | | 291,641 | | |
| | | | 35,000 | | | | A | | | 1.450% due 9/1/30(b) | | | | | 35,198 | | |
| | | | 500,000 | | | | A | | | 1.800% due 10/1/49(b)(c) | | | | | 512,310 | | |
| | | | | | | | | | | Portage Public Schools, GO: | | |
| | | | 35,000 | | | | AA- | | | 5.000% due 11/1/27 | | | | | 42,549 | | |
| | | | 90,000 | | | | AA- | | | 5.000% due 11/1/29 | | | | | 108,802 | | |
| | | | | | | | | | | Royal Oak Hospital Finance Authority, Revenue Bonds: | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 9/1/22 | | | | | 32,077 | | |
| | | | 60,000 | | | | A+ | | | 5.000% due 9/1/24 | | | | | 67,926 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Michigan – (continued) | |
| | | $ | 95,000 | | | | AA | | | State of Michigan, Revenue Bonds, 5.000% due 3/15/27 | | | | $ | 118,323 | | |
| | | | | | | | | | | State of Michigan, GO: | | |
| | | | 1,500,000 | | | | Aa1(a) | | | Series A, 4.000% due 5/15/38 | | | | | 1,795,380 | | |
| | | | 2,000,000 | | | | Aa1(a) | | | Series A, 5.000% due 5/15/33 | | | | | 2,629,300 | | |
| | | | | | | | | | | Warren Consolidated Schools, GO: | | |
| | | | 130,000 | | | | AA | | | 5.000% due 5/1/30 | | | | | 157,745 | | |
| | | | 140,000 | | | | AA | | | 5.000% due 5/1/31 | | | | | 169,641 | | |
| | | | 145,000 | | | | AA | | | 5.000% due 5/1/32 | | | | | 175,536 | | |
| | | | | | | | | | | Wayne County Airport Authority, Revenue Bonds: | | |
| | | | 5,000 | | | | A- | | | Series A, 5.000% due 12/1/29 | | | | | 6,191 | | |
| | | | 10,000 | | | | A- | | | Series A, 5.000% due 12/1/30 | | | | | 12,323 | | |
| | | | 10,000 | | | | A- | | | Series A, 5.000% due 12/1/31 | | | | | 12,251 | | |
| | | | 15,000 | | | | A- | | | Series A, 5.000% due 12/1/36 | | | | | 18,047 | | |
| | | | 620,000 | | | | A- | | | Series B, 5.000% due 12/1/29(c) | | | | | 757,404 | | |
| | | | 15,000 | | | | A- | | | Series B, 5.000% due 12/1/30(c) | | | | | 18,236 | | |
| | | | 15,000 | | | | A- | | | Series B, 5.000% due 12/1/31(c) | | | | | 18,162 | | |
| | | | 10,000 | | | | A- | | | Series B, 5.000% due 12/1/33(c) | | | | | 12,022 | | |
| | | | 25,000 | | | | A- | | | Series B, 5.000% due 12/1/36(c) | | | | | 29,815 | | |
| | | | 60,000 | | | | A- | | | Series C, 5.000% due 12/1/22 | | | | | 64,943 | | |
| | | | 65,000 | | | | A- | | | Series C, 5.000% due 12/1/23 | | | | | 73,090 | | |
| | | | 70,000 | | | | A- | | | Series C, 5.000% due 12/1/24 | | | | | 81,331 | | |
| | | | 70,000 | | | | A- | | | Series C, 5.000% due 12/1/25 | | | | | 83,631 | | |
| | | | 45,000 | | | | A- | | | Series C, 5.000% due 12/1/26 | | | | | 55,152 | | |
| | | | 45,000 | | | | A- | | | Series C, 5.000% due 12/1/27 | | | | | 56,313 | | |
| | | | | | | | | | | Western Michigan University, Revenue Bonds, AGM: | | |
| | | | 700,000 | | | | AA | | | 5.000% due 11/15/36 | | | | | 876,050 | | |
| | | | 800,000 | | | | AA | | | 5.000% due 11/15/38 | | | | | 994,592 | | |
| | | | 950,000 | | | | AA | | | 5.000% due 11/15/40 | | | | | 1,173,677 | | |
| | | | | | | | | | | Total Michigan | | | | | 20,155,016 | | |
| | Minnesota – 1.8% | |
| | | | 2,500,000 | | | | AAA | | | Metropolitan Council, GO, Series I, 3.000% due 3/1/27 | | | | | 2,553,850 | | |
| | | | | | | | | | | State of Minnesota, GO: | | | | | | | |
| | | | 1,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/32 | | | | | 1,300,930 | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/37 | | | | | 6,275,500 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Minnesota – (continued) | |
| | | $ | 4,835,000 | | | | AAA | | | Series B, 5.000% due 8/1/27 | | | | $ | 6,121,303 | | |
| | | | | | | | | | | Total Minnesota | | | | | 16,251,583 | | |
| | Mississippi – 0.3% | |
| | | | | | | | | | | Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 225,000 | | | | A2(a) | | | 5.000% due 1/1/30 | | | | | 285,624 | | |
| | | | 435,000 | | | | A2(a) | | | 5.000% due 1/1/34 | | | | | 541,423 | | |
| | | | 170,000 | | | | A+ | | | 5.000% due 10/1/40(b) | | | | | 202,577 | | |
| | | | | | | | | | | State of Mississippi, GO: | | | | | | | |
| | | | 160,000 | | | | AA | | | Series A, 5.000% due 10/1/30 | | | | | 199,498 | | |
| | | | 1,250,000 | | | | AA | | | Series A, 5.000% due 10/1/34 | | | | | 1,541,875 | | |
| | | | | | | | | | | Total Mississippi | | | | | 2,770,997 | | |
| | Missouri – 0.4% | |
| | | | | | | | | | | Health & Educational Facilities Authority of the State of Missouri, Revenue
Bonds: | | | | | | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 5/15/29 | | | | | 35,467 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 5/15/30 | | | | | 35,276 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 5/15/31 | | | | | 35,164 | | |
| | | | 85,000 | | | | A+ | | | 5.000% due 5/15/36 | | | | | 98,117 | | |
| | | | 20,000 | | | | A+ | | | Series B, 4.000% due 2/1/40 | | | | | 21,533 | | |
| | | | 70,000 | | | | A+ | | | Series B, 5.000% due 2/1/30 | | | | | 81,593 | | |
| | | | 80,000 | | | | A+ | | | Series B, 5.000% due 2/1/32 | | | | | 92,642 | | |
| | | | 65,000 | | | | A+ | | | Series B, 5.000% due 2/1/36 | | | | | 74,417 | | |
| | | | 105,000 | | | | A+ | | | Series B, 5.000% due 2/1/45 | | | | | 118,318 | | |
| | | | 2,500,000 | | | | AAA | | | Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due
5/1/37 | | | | | 3,026,475 | | |
| | | | 85,000 | | | | AA+ | | | Missouri Housing Development Commission, Revenue Bonds, 4.000% due
5/1/50 | | | | | 94,336 | | |
| | | | | | | | | | | Total Missouri | | | | | 3,713,338 | | |
| | Montana – 0.1% | |
| | | | | | | | | | | Montana Board of Housing, Revenue Bonds: | | | | | | | |
| | | | 80,000 | | | | AA+ | | | Series A-1, 4.000% due 12/1/47(c) | | | | | 84,650 | | |
| | | | 40,000 | | | | AA+ | | | Series B, 4.000% due 6/1/50 | | | | | 45,199 | | |
| | | | | | | | | | | Montana Facility Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 40,000 | | | | A+(e) | | | 5.000% due 2/15/22 | | | | | 41,709 | | |
| | | | 60,000 | | | | A+(e) | | | 5.000% due 2/15/23 | | | | | 65,130 | | |
| | | | 60,000 | | | | A+(e) | | | 5.000% due 2/15/24 | | | | | 67,394 | | |
| | | | 60,000 | | | | A+(e) | | | 5.000% due 2/15/25 | | | | | 69,481 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Montana – (continued) | |
| | | $ | 90,000 | | | | A+(e) | | | 5.000% due 2/15/26 | | | | $ | 107,154 | | |
| | | | | | | | | | | Total Montana | | | | | 480,717 | | |
| | Nebraska – 0.1% | |
| | | | | | | | | | | Nebraska Investment Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 225,000 | | | | AA+ | | | Series B, 4.000% due 9/1/49(c) | | | | | 247,669 | | |
| | | | 240,000 | | | | AA+ | | | Series E, 3.750% due 9/1/49(c) | | | | | 259,834 | | |
| | | | | | | | | | | Nebraska Public Power District, Revenue Bonds: | | | | | | | |
| | | | 115,000 | | | | A+ | | | Series B, 5.000% due 1/1/31 | | | | | 136,593 | | |
| | | | 125,000 | | | | A+ | | | Series B, 5.000% due 1/1/34 | | | | | 147,755 | | |
| | | | 155,000 | | | | A+ | | | Series B, 5.000% due 1/1/36 | | | | | 182,530 | | |
| | | | | | | | | | | Total Nebraska | | | | | 974,381 | | |
| | Nevada – 1.1% | |
| | | | | | | | | | | City of Carson City NV, Revenue Bonds: | | |
| | | | 20,000 | | | | A- | | | 5.000% due 9/1/24 | | | | | 22,809 | | |
| | | | 15,000 | | | | A- | | | 5.000% due 9/1/28 | | | | | 18,111 | | |
| | | | 20,000 | | | | A- | | | 5.000% due 9/1/30 | | | | | 23,793 | | |
| | | | 20,000 | | | | A- | | | 5.000% due 9/1/32 | | | | | 23,559 | | |
| | | | 20,000 | | | | A- | | | 5.000% due 9/1/34 | | | | | 23,367 | | |
| | | | | | | | | | | Clark County School District, GO: | | |
| | | | 75,000 | | | | A+ | | | Series A, 5.000% due 6/15/21 | | | | | 76,009 | | |
| | | | 65,000 | | | | A+ | | | Series A, 5.000% due 6/15/23 | | | | | 71,724 | | |
| | | | 1,000,000 | | | | A+ | | | Series C, 5.000% due 6/15/23 | | | | | 1,103,450 | | |
| | | | 280,000 | | | | A | | | County of Clark Department of Aviation, Revenue Bonds, Series C, 5.000%
due 7/1/21(c) | | | | | 284,334 | | |
| | | | 2,250,000 | | | | AA+ | | | County of Clark NV, GO, Series A, 5.000% due 6/1/35 | | | | | 2,760,255 | | |
| | | | 1,300,000 | | | | A+ | | | County of Washoe NV, Revenue Bonds, 2.050% due 3/1/36(b)(c) | | | | | 1,322,321 | | |
| | | | | | | | | | | Las Vegas Valley Water District, GO: | | |
| | | | 85,000 | | | | AA | | | Series A, 5.000% due 6/1/32 | | | | | 102,745 | | |
| | | | 145,000 | | | | AA | | | Series A, 5.000% due 6/1/33 | | | | | 174,776 | | |
| | | | 155,000 | | | | AA | | | Series A, 5.000% due 6/1/34 | | | | | 186,741 | | |
| | | | 30,000 | | | | AA | | | Series B, 5.000% due 6/1/22 | | | | | 31,816 | | |
| | | | 60,000 | | | | AA | | | Series B, 5.000% due 6/1/23 | | | | | 63,602 | | |
| | | | 60,000 | | | | AA | | | Series B, 5.000% due 6/1/24 | | | | | 63,617 | | |
| | | | 30,000 | | | | AA | | | Series B, 5.000% due 6/1/25 | | | | | 31,793 | | |
| | | | 125,000 | | | | AA+ | | | Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49 | | | | | 138,443 | | |
| | | | | | | | | | | State of Nevada, GO: | | |
| | | | 40,000 | | | | AA+ | | | 5.000% due 8/1/21 | | | | | 40,808 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Nevada – (continued) | |
| | | $ | 80,000 | | | | AA+ | | | 5.000% due 3/1/25 | | | | $ | 87,408 | | |
| | | | 2,665,000 | | | | AA+ | | | Series A, 5.000% due 5/1/27 | | | | | 3,327,786 | | |
| | | | | | | | | | | Total Nevada | | | | | 9,979,267 | | |
| | New Hampshire – 0.2% | |
| | | | 740,000 | | | | A- | | | New Hampshire Business Finance Authority, Revenue Bonds, 2.150% due
7/1/27(b)(c) | | | | | 773,825 | | |
| | | | | | | | | | | New Hampshire Health & Education Facilities Authority Act, Revenue Bonds: | | |
| | | | 40,000 | | | | BBB+ | | | 4.000% due 7/1/22 | | | | | 41,604 | | |
| | | | 25,000 | | | | A- | | | 4.000% due 10/1/38 | | | | | 27,041 | | |
| | | | 40,000 | | | | AA- | | | 5.000% due 7/1/24 | | | | | 45,897 | | |
| | | | 35,000 | | | | BBB+ | | | 5.000% due 7/1/26 | | | | | 36,581 | | |
| | | | 135,000 | | | | A- | | | 5.000% due 10/1/26 | | | | | 161,915 | | |
| | | | 145,000 | | | | A- | | | 5.000% due 10/1/27 | | | | | 173,204 | | |
| | | | 60,000 | | | | A- | | | 5.000% due 10/1/28 | | | | | 71,223 | | |
| | | | 70,000 | | | | AA- | | | 5.000% due 7/1/30 | | | | | 87,270 | | |
| | | | 65,000 | | | | A | | | 5.000% due 8/1/30 | | | | | 79,127 | | |
| | | | 210,000 | | | | A- | | | 5.000% due 10/1/30 | | | | | 246,613 | | |
| | | | 70,000 | | | | A2(a) | | | Series A, Prerefunded 10/1/22 @ 100, 5.000% due 10/1/43(d) | | | | | 75,242 | | |
| | | | | | | | | | | New Hampshire State Turnpike System, Revenue Bonds: | | |
| | | | 65,000 | | | | AA- | | | Series B, 5.000% due 2/1/22 | | | | | 67,847 | | |
| | | | 65,000 | | | | AA- | | | Series B, 5.000% due 2/1/23 | | | | | 67,749 | | |
| | | | 50,000 | | | | AA- | | | Series B, 5.000% due 2/1/24 | | | | | 52,110 | | |
| | | | | | | | | | | Total New Hampshire | | | | | 2,007,248 | | |
| | New Jersey – 2.6% | |
| | | | | | | | | | | Camden County Improvement Authority, Revenue Bonds: | | |
| | | | 60,000 | | | | BBB+ | | | 5.000% due 2/15/24 | | | | | 67,356 | | |
| | | | 30,000 | | | | BBB+ | | | 5.000% due 2/15/25 | | | | | 33,557 | | |
| | | | | | | | | | | City of Bayonne NJ, GO: | | |
| | | | 45,000 | | | | AA | | | 5.000% due 7/1/31 | | | | | 53,943 | | |
| | | | 30,000 | | | | AA | | | 5.000% due 7/1/32 | | | | | 35,808 | | |
| | | | 30,000 | | | | AA | | | 5.000% due 7/1/33 | | | | | 35,671 | | |
| | | | | | | | | | | New Jersey Economic Development Authority, Revenue Bonds: | | |
| | | | 40,000 | | | | BBB | | | 5.000% due 3/1/25 | | | | | 43,304 | | |
| | | | 850,000 | | | | BBB | | | 5.000% due 11/1/34 | | | | | 1,031,228 | | |
| | | | 1,000,000 | | | | BBB | | | Series EEE, 5.000% due 6/15/30 | | | | | 1,218,680 | | |
| | | | 220,000 | | | | BBB | | | Series II, 5.000% due 3/1/21 | | | | | 220,000 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New Jersey – (continued) | |
| | | $ | 270,000 | | | | BBB | | | Series NN, 5.000% due 3/1/23 | | | | $ | 293,606 | | |
| | | | 370,000 | | | | BBB | | | Series NN, 5.000% due 3/1/24 | | | | | 400,666 | | |
| | | | 580,000 | | | | BBB | | | Series XX, 5.000% due 6/15/26 | | | | | 671,217 | | |
| | | | 55,000 | | | | Baa1(a) | | | New Jersey Educational Facilities Authority, Revenue Bonds, Series A,
5.000% due 7/1/29 | | | | | 65,085 | | |
| | | | | | | | | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds: | | |
| | | | 620,000 | | | | AA- | | | 5.000% due 7/1/42(b) | | | | | 729,343 | | |
| | | | 625,000 | | | | AA- | | | 5.000% due 7/1/45(b) | | | | | 755,325 | | |
| | | | 15,000 | | | | AA | | | Series A, 5.000% due 7/1/28 | | | | | 18,260 | | |
| | | | 45,000 | | | | AA | | | Series A, 5.000% due 7/1/33 | | | | | 54,089 | | |
| | | | | | | | | | | New Jersey Higher Education Student Assistance Authority, Revenue Bonds: | | |
| | | | 40,000 | | | | AA | | | Series 1A, 5.000% due 12/1/22(c) | | | | | 43,160 | | |
| | | | 100,000 | | | | AA | | | Series 1A, 5.000% due 12/1/24(c) | | | | | 115,142 | | |
| | | | 40,000 | | | | AAA | | | Series 1B, 5.000% due 12/1/21(c) | | | | | 41,386 | | |
| | | | 165,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/22 | | | | | 178,367 | | |
| | | | 115,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/23 | | | | | 129,212 | | |
| | | | 65,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/24 | | | | | 75,390 | | |
| | | | 125,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/25 | | | | | 148,891 | | |
| | | | | | | | | | | New Jersey Transportation Trust Fund Authority, Revenue Bonds: | | |
| | | | 100,000 | | | | BBB | | | 4.000% due 12/15/39 | | | | | 110,275 | | |
| | | | 5,000,000 | | | | A+ | | | 5.000% due 6/15/24 | | | | | 5,700,150 | | |
| | | | 435,000 | | | | A+ | | | 5.000% due 6/15/27 | | | | | 518,990 | | |
| | | | 1,320,000 | | | | BBB | | | 5.000% due 12/15/28 | | | | | 1,639,625 | | |
| | | | 200,000 | | | | BBB | | | 5.000% due 12/15/39 | | | | | 238,704 | | |
| | | | 870,000 | | | | BBB | | | Series A, zero coupon, due 12/15/27 | | | | | 771,612 | | |
| | | | 195,000 | | | | BBB | | | Series A, zero coupon, due 12/15/28 | | | | | 167,677 | | |
| | | | 220,000 | | | | BBB | | | Series A, 5.000% due 12/15/33 | | | | | 264,136 | | |
| | | | 2,000,000 | | | | BBB | | | Series A, 5.000% due 12/15/34 | | | | | 2,395,440 | | |
| | | | 215,000 | | | | BBB | | | Series AA, 5.000% due 6/15/23 | | | | | 226,896 | | |
| | | | 345,000 | | | | BBB | | | Series AA, 5.000% due 6/15/24 | | | | | 363,827 | | |
| | | | 360,000 | | | | BBB | | | Series AA, 5.000% due 6/15/25 | | | | | 407,084 | | |
| | | | 215,000 | | | | BBB | | | Series AA, 5.000% due 6/15/26 | | | | | 241,989 | | |
| | | | 145,000 | | | | BBB | | | Series AA, 5.000% due 6/15/29 | | | | | 151,914 | | |
| | | | | | | | | | | New Jersey Turnpike Authority, Revenue Bonds: | | |
| | | | 1,000,000 | | | | A+ | | | Series A, 4.000% due 1/1/42 | | | | | 1,159,930 | | |
| | | | 1,500,000 | | | | A+ | | | Series B, 1.047% due 1/1/26 | | | | | 1,489,785 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New Jersey – (continued) | |
| | | $ | 750,000 | | | | BBB+ | | | State of New Jersey, GO, Series A, 4.000% due 6/1/32 | | | | $ | 907,552 | | |
| | | | | | | | | | | Total New Jersey | | | | | 23,214,272 | | |
| | New Mexico – 0.1% | |
| | | | 490,000 | | | | AA | | | New Mexico Hospital Equipment Loan Council, Revenue Bonds, Series B,
5.000% due 8/1/49(b) | | | | | 579,317 | | |
| | | | 170,000 | | | | Aaa(a) | | | New Mexico Mortgage Finance Authority, Revenue Bonds, Series D,
3.750% due 1/1/50 | | | | | 187,369 | | |
| | | | | | | | | | | Total New Mexico | | | | | 766,686 | | |
| | New York – 9.9% | |
| | | | | | | | | | | City of New York NY, GO: | | |
| | | | 190,000 | | | | AA | | | Series A, 5.000% due 8/1/22 | | | | | 202,842 | | |
| | | | 5,880,000 | | | | AA | | | Series B1, 5.000% due 11/1/30 | | | | | 7,776,829 | | |
| | | | 2,035,000 | | | | AA | | | Series B1, 5.000% due 12/1/38 | | | | | 2,428,691 | | |
| | | | 90,000 | | | | AA | | | Series C, 5.000% due 8/1/27 | | | | | 104,822 | | |
| | | | 5,000,000 | | | | AA | | | Series D1, 5.000% due 12/1/34 | | | | | 6,166,900 | | |
| | | | 1,000,000 | | | | AA | | | Series F1, 5.000% due 4/1/43 | | | | | 1,184,460 | | |
| | | | 2,000,000 | | | | AA | | | Series H, 5.000% due 1/1/36 | | | | | 2,461,520 | | |
| | | | 90,000 | | | | AA | | | Series J, 5.000% due 8/1/22 | | | | | 96,083 | | |
| | | | 1,925,000 | | | | AA | | | County of Nassau NY, GO, Series A, AGM-Insured, 5.000% due 4/1/32 | | | | | 2,381,110 | | |
| | | | | | | | | | | Hudson Yards Infrastructure Corp., Revenue Bonds: | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.000% due 2/15/32 | | | | | 138,079 | | |
| | | | 215,000 | | | | A+ | | | Series A, 5.000% due 2/15/35 | | | | | 255,661 | | |
| | | | | | | | | | | Long Island Power Authority, Revenue Bonds: | | |
| | | | 1,020,000 | | | | A | | | Series B, 1.650% due 9/1/49(b) | | | | | 1,054,996 | | |
| | | | 60,000 | | | | A | | | Series B, 5.000% due 9/1/22 | | | | | 64,285 | | |
| | | | 45,000 | | | | A | | | Series B, 5.000% due 9/1/23 | | | | | 50,235 | | |
| | | | 40,000 | | | | A | | | Series B, 5.000% due 9/1/24 | | | | | 46,262 | | |
| | | | | | | | | | | Metropolitan Transportation Authority, Revenue Bonds: | | |
| | | | 125,000 | | | | BBB+ | | | Series A1, 5.000% due 11/15/35 | | | | | 140,740 | | |
| | | | 145,000 | | | | BBB+ | | | Series A1, 5.000% due 11/15/36 | | | | | 162,633 | | |
| | | | 245,000 | | | | BBB+ | | | Series A2, 5.000% due 11/15/29 | | | | | 292,091 | | |
| | | | 270,000 | | | | BBB+ | | | Series B, 5.000% due 11/15/30 | | | | | 317,555 | | |
| | | | 290,000 | | | | BBB+ | | | Series C1, 5.000% due 11/15/27 | | | | | 344,210 | | |
| | | | 685,000 | | | | BBB+ | | | Series C1, 5.000% due 11/15/28 | | | | | 794,812 | | |
| | | | 300,000 | | | | BBB+ | | | Series C1, 5.000% due 11/15/31 | | | | | 362,097 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New York – (continued) | |
| | | $ | 415,000 | | | | BBB+ | | | Series D1, 5.000% due 11/15/30 | | | | $ | 466,477 | | |
| | | | | | | | | | | MTA Hudson Rail Yards Trust Obligations, Revenue Bonds: | | |
| | | | 370,000 | | | | A3(a) | | | Series A, 5.000% due 11/15/51 | | | | | 379,805 | | |
| | | | 860,000 | | | | A3(a) | | | Series A, 5.000% due 11/15/56 | | | | | 934,098 | | |
| | | | 2,500,000 | | | | AAA | | | Nassau County Interim Finance Authority, Revenue Bonds, Series BB,
0.829% due 11/15/26 | | | | | 2,471,125 | | |
| | | | 3,000,000 | | | | AA | | | New York City Transitional Finance Authority Building Aid Revenue,
Revenue Bonds, Series S1, 5.000% due 7/15/29 | | | | | 3,717,480 | | |
| | | | | | | | | | | New York City Transitional Finance Authority Future Tax Secured Revenue,
Revenue Bonds: | | |
| | | | 2,500,000 | | | | AAA | | | 0.010% due 8/1/45(b) | | | | | 2,500,000 | | |
| | | | 160,000 | | | | AAA | | | Series A, 5.000% due 11/1/21 | | | | | 165,158 | | |
| | | | 275,000 | | | | AAA | | | Series C2, 5.000% due 5/1/32 | | | | | 343,109 | | |
| | | | 5,390,000 | | | | AAA | | | Series E1, 4.000% due 2/1/38 | | | | | 6,239,626 | | |
| | | | | | | | | | | New York City Water & Sewer System, Revenue Bonds: | | |
| | | | 4,285,000 | | | | AA+ | | | 0.010% due 6/15/50(b) | | | | | 4,285,000 | | |
| | | | 1,725,000 | | | | AA+ | | | 5.000% due 6/15/23 | | | | | 1,909,730 | | |
| | | | 5,000,000 | | | | AA+ | | | Series AA, 5.000% due 6/15/32 | | | | | 5,068,600 | | |
| | | | | | | | | | | New York State Dormitory Authority, Revenue Bonds: | | |
| | | | 2,000,000 | | | | AA- | | | 2.000% due 7/1/33 | | | | | 2,030,920 | | |
| | | | 385,000 | | | | AA | | | 5.000% due 5/15/23 | | | | | 406,872 | | |
| | | | 750,000 | | | | A- | | | 5.000% due 5/1/48(b) | | | | | 832,727 | | |
| | | | 5,000,000 | | | | Aa2(a) | | | Series A, 5.000% due 9/15/22 | | | | | 5,371,150 | | |
| | | | 4,000,000 | | | | Aa2(a) | | | Series A, 5.250% due 3/15/38 | | | | | 5,021,440 | | |
| | | | 2,150,000 | | | | AAA | | | New York State Environmental Facilities Corp., Revenue Bonds, Series A,
5.000% due 6/15/33 | | | | | 2,720,567 | | |
| | | | 60,000 | | | | AA+ | | | New York State Thruway Authority Highway & Bridge Trust Fund, Revenue
Bonds, Series A1, 5.000% due 4/1/21 | | | | | 60,234 | | |
| | | | | | | | | | | New York State Urban Development Corp., Revenue Bonds: | | |
| | | | 285,000 | | | | AA+ | | | Series A, 5.000% due 3/15/22 | | | | | 288,645 | | |
| | | | 80,000 | | | | AA+ | | | Series A, 5.000% due 3/15/32 | | | | | 97,378 | | |
| | | | 175,000 | | | | AA- | | | Onondaga Civic Development Corp., Revenue Bonds, Series A, 5.000% due
12/1/33 | | | | | 226,594 | | |
| | | | | | | | | | | Port Authority of New York & New Jersey, Revenue Bonds: | | |
| | | | 5,000,000 | | | | A+ | | | Series 207, 5.000% due 9/15/24(c) | | | | | 5,765,650 | | |
| | | | 1,400,000 | | | | A+ | | | Series 226, 5.000% due 10/15/30(c) | | | | | 1,787,352 | | |
| | | | 2,000,000 | | | | A+ | | | Series 226, 5.000% due 10/15/31(c) | | | | | 2,580,020 | | |
| | | | 1,250,000 | | | | A+ | | | Series 226, 5.000% due 10/15/32(c) | | | | | 1,603,875 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New York – (continued) | |
| | | $ | 500,000 | | | | A+ | | | Series 226, 5.000% due 10/15/33(c) | | | | $ | 637,365 | | |
| | | | 400,000 | | | | AA+ | | | Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, 4.000% due
10/15/32 | | | | | 444,400 | | |
| | | | 90,000 | | | | Aa1(a) | | | State of New York Mortgage Agency, Revenue Bonds, Series 211, 3.500%
due 10/1/32(c) | | | | | 97,807 | | |
| | | | | | | | | | | Triborough Bridge & Tunnel Authority, Revenue Bonds: | | |
| | | | 4,000,000 | | | | AA- | | | Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(d) | | | | | 4,162,000 | | |
| | | | 85,000 | | | | AA- | | | Series B, 5.000% due 11/15/23 | | | | | 95,567 | | |
| | | | 115,000 | | | | AA- | | | Series B, 5.000% due 11/15/24 | | | | | 129,032 | | |
| | | | | | | | | | | Total New York | | | | | 89,666,716 | | |
| | North Carolina – 2.3% | |
| | | | | | | | | | | County of Mecklenburg NC, GO: | | |
| | | | 5,000,000 | | | | AAA | | | 5.000% due 3/1/30 | | | | | 6,662,550 | | |
| | | | 2,000,000 | | | | AAA | | | 5.000% due 3/1/31 | | | | | 2,717,960 | | |
| | | | | | | | | | | County of New Hanover NC, Revenue Bonds: | | |
| | | | 25,000 | | | | WR(a) | | | 5.000% due 10/1/27 | | | | | 31,444 | | |
| | | | 205,000 | | | | WR(a) | | | Series Prerefunded 10/1/27 @ 100, 5.000% due 10/1/47(d) | | | | | 257,839 | | |
| | | | 655,000 | | | | AA- | | | North Carolina Medical Care Commission, Revenue Bonds, 2.200% due
12/1/48(b) | | | | | 669,004 | | |
| | | | 105,000 | | | | Aa3(a) | | | Raleigh Durham Airport Authority, Revenue Bonds, Series A, 5.000% due
5/1/29(c) | | | | | 134,766 | | |
| | | | | | | | | | | State of North Carolina, Revenue Bonds: | | |
| | | | 330,000 | | | | AA | | | 5.000% due 3/1/22 | | | | | 345,942 | | |
| | | | 290,000 | | | | AA | | | 5.000% due 3/1/23 | | | | | 316,695 | | |
| | | | 10,000,000 | | | | AAA | | | University of North Carolina at Chapel Hill, Revenue Bonds, Series B,
0.432% (1-Month USD-LIBOR), due 12/1/34(b) | | | | | 10,006,200 | | |
| | | | | | | | | | | Total North Carolina | | | | | 21,142,400 | | |
| | Ohio – 0.8% | |
| | | | | | | | | | | American Municipal Power Inc., Revenue Bonds: | | |
| | | | 60,000 | | | | A | | | 5.000% due 2/15/22 | | | | | 62,681 | | |
| | | | 40,000 | | | | A | | | 5.000% due 2/15/42 | | | | | 41,540 | | |
| | | | 800,000 | | | | A | | | Series A, 2.300% due 2/15/38(b) | | | | | 805,264 | | |
| | | | 65,000 | | | | A | | | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(d) | | | | | 67,949 | | |
| | | | 60,000 | | | | A | | | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/24(d) | | | | | 62,722 | | |
| | | | | | | | | | | City of Cleveland OH Airport System Revenue, Revenue Bonds, AGM: | | |
| | | | 30,000 | | | | AA | | | Series A, 5.000% due 1/1/26 | | | | | 34,727 | | |
| | | | 45,000 | | | | AA | | | Series A, 5.000% due 1/1/28 | | | | | 51,723 | | |
| | | | 65,000 | | | | AA | | | Series A, 5.000% due 1/1/29 | | | | | 74,473 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Ohio – (continued) | |
| | | $ | 60,000 | | | | AA | | | Series A, 5.000% due 1/1/30 | | | | $ | 68,501 | | |
| | | | | | | | | | | 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) | | | | | 36,414 | | |
| | | | 45,000 | | | | AA | | | Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/27(d) | | | | | 46,818 | | |
| | | | 55,000 | | | | AA | | | Columbus City School District, GO, 5.000% due 12/1/32 | | | | | 66,326 | | |
| | | | | | | | | | | County of Allen OH Hospital Facilities Revenue, Revenue Bonds: | | |
| | | | 125,000 | | | | A+ | | | 5.000% due 12/1/29 | | | | | 164,207 | | |
| | | | 125,000 | | | | A+ | | | 5.000% due 12/1/30 | | | | | 163,120 | | |
| | | | 80,000 | | | | A+ | | | Series B, 5.000% due 8/1/47(b) | | | | | 84,241 | | |
| | | | 60,000 | | | | Aa2(a) | | | County of Franklin OH, Revenue Bonds, 5.000% due 11/1/26 | | | | | 73,829 | | |
| | | | 140,000 | | | | A- | | | County of Hamilton OH, Revenue Bonds, 5.250% due 6/1/26 | | | | | 146,968 | | |
| | | | 135,000 | | | | BBB | | | County of Lucas OH, Revenue Bonds, Series A, Prerefunded 11/15/21 @
100, 6.500% due 11/15/37(d) | | | | | 140,959 | | |
| | | | 465,000 | | | | A3(a) | | | County of Scioto OH, Revenue Bonds, 5.000% due 2/15/29 | | | | | 534,492 | | |
| | | | 285,000 | | | | Aa3(a) | | | Miami University, Revenue Bonds, Series A, 5.000% due 9/1/30 | | | | | 373,430 | | |
| | | | 55,000 | | | | Aaa(a) | | | Ohio Housing Finance Agency, Revenue Bonds, Series B, 4.500% due
3/1/50 | | | | | 62,005 | | |
| | | | 1,000,000 | | | | AA | | | Ohio State University, Revenue Bonds, Series A, 5.000% due 12/1/30 | | | | | 1,337,480 | | |
| | | | 2,000,000 | | | | AAA | | | Ohio Water Development Authority Water Pollution Control Loan Fund,
Revenue Bonds, Series A, 0.030% due 12/1/36(b) | | | | | 2,000,000 | | |
| | | | | | | | | | | State of Ohio, Revenue Bonds: | | |
| | | | 90,000 | | | | A | | | 4.000% due 1/15/50 | | | | | 101,894 | | |
| | | | 75,000 | | | | AA | | | 5.000% due 1/1/27 | | | | | 93,265 | | |
| | | | 145,000 | | | | AA | | | 5.000% due 1/1/29 | | | | | 183,273 | | |
| | | | | | | | | | | Total Ohio | | | | | 6,878,301 | | |
| | Oklahoma – 0.2% | |
| | | | 560,000 | | | | AA- | | | Canadian County Educational Facilities Authority, Revenue Bonds, 5.000%
due 9/1/26 | | | | | 686,722 | | |
| | | | | | | | | | | Grand River Dam Authority, Revenue Bonds: | | |
| | | | 35,000 | | | | AA- | | | Series A, 5.000% due 6/1/27 | | | | | 39,725 | | |
| | | | 45,000 | | | | AA- | | | Series A, 5.000% due 6/1/28 | | | | | 50,884 | | |
| | | | 90,000 | | | | WR(a) | | | Oklahoma Development Finance Authority, Revenue Bonds,
Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(d) | | | | | 94,127 | | |
| | | | | | | | | | | Oklahoma Municipal Power Authority, Revenue Bonds: | | |
| | | | 50,000 | | | | A | | | Series A, 5.000% due 1/1/26 | | | | | 58,012 | | |
| | | | 175,000 | | | | A | | | Series A, 5.000% due 1/1/27 | | | | | 202,195 | | |
| | | | 60,000 | | | | A | | | Series A, 5.000% due 1/1/28 | | | | | 69,016 | | |
| | | | 45,000 | | | | A | | | Series A, 5.000% due 1/1/29 | | | | | 51,632 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Oklahoma – (continued) | |
| | | $ | 60,000 | | | | A | | | Series B, 5.000% due 1/1/27 | | | | $ | 69,324 | | |
| | | | 600,000 | | | | AAA | | | Oklahoma Water Resources Board, Revenue Bonds, Series A, 4.000% due
4/1/35 | | | | | 723,690 | | |
| | | | | | | | | | | Total Oklahoma | | | | | 2,045,327 | | |
| | Oregon – 0.9% | |
| | | | 85,000 | | | | Aa1(a) | | | Hillsboro School District No 1J, GO, 5.000% due 6/15/30 | | | | | 104,899 | | |
| | | | 3,800,000 | | | | A+ | | | Oregon State Business Development Commission, Revenue Bonds,
Series 232, 2.400% due 12/1/40(b) | | | | | 3,975,180 | | |
| | | | | | | | | | | Port of Portland OR Airport Revenue, Revenue Bonds: | | |
| | | | 300,000 | | | | A+ | | | 5.000% due 7/1/28(c) | | | | | 375,360 | | |
| | | | 165,000 | | | | A+ | | | 5.000% due 7/1/29 | | | | | 206,300 | | |
| | | | 205,000 | | | | A+ | | | Series 24B, 5.000% due 7/1/32(c) | | | | | 242,273 | | |
| | | | 2,675,000 | | | | AA+ | | | Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32 | | | | | 3,367,798 | | |
| | | | | | | | | | | Total Oregon | | | | | 8,271,810 | | |
| | Pennsylvania – 1.2% | |
| | | | | | | | | | | City of Philadelphia PA, GO: | | |
| | | | 550,000 | | | | A | | | Series A, 5.000% due 8/1/22 | | | | | 584,661 | | |
| | | | 1,000,000 | | | | A | | | Series B, 5.000% due 2/1/24 | | | | | 1,128,900 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 8/1/27 | | | | | 100,587 | | |
| | | | 300,000 | | | | A | | | Series B, 5.000% due 8/1/29 | | | | | 353,442 | | |
| | | | 320,000 | | | | A | | | Series B, 5.000% due 8/1/30 | | | | | 376,851 | | |
| | | | 335,000 | | | | A | | | Series B, 5.000% due 8/1/31 | | | | | 394,359 | | |
| | | | | | | | | | | City of Philadelphia PA Airport Revenue, Revenue Bonds: | | |
| | | | 50,000 | | | | A- | | | Series B, 5.000% due 7/1/30(c) | | | | | 59,783 | | |
| | | | 70,000 | | | | A- | | | Series B, 5.000% due 7/1/31(c) | | | | | 83,425 | | |
| | | | | | | | | | | Commonwealth Financing Authority, Revenue Bonds: | | |
| | | | 1,010,000 | | | | A | | | Series A, 5.000% due 6/1/28 | | | | | 1,264,116 | | |
| | | | 500,000 | | | | A | | | Series B, 5.000% due 6/1/25 | | | | | 585,690 | | |
| | | | | | | | | | | Commonwealth of Pennsylvania, GO: | | |
| | | | 290,000 | | | | A+ | | | 5.000% due 10/15/27 | | | | | 323,973 | | |
| | | | 810,000 | | | | A+ | | | 5.000% due 9/15/29 | | | | | 989,391 | | |
| | | | | | | | | | | General Authority of Southcentral Pennsylvania, Revenue Bonds: | | |
| | | | 190,000 | | | | Aa3(a) | | | 5.000% due 6/1/38 | | | | | 236,516 | | |
| | | | 310,000 | | | | Aa3(a) | | | 5.000% due 6/1/39 | | | | | 384,902 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Pennsylvania – (continued) | |
| | | $ | 1,000,000 | | | | A | | | Lehigh County Industrial Development Authority, Revenue Bonds, Series A,
1.800% due 9/1/29(b) | | | | $ | 1,021,180 | | |
| | | | | | | | | | | Montgomery County Higher Education & Health Authority, Revenue Bonds: | | |
| | | | 325,000 | | | | A | | | 5.000% due 9/1/33 | | | | | 405,480 | | |
| | | | 115,000 | | | | A | | | Series A, AMBAC, 6.000% due 6/1/22 | | | | | 122,557 | | |
| | | | 1,000,000 | | | | A+ | | | Northampton County General Purpose Authority, Revenue Bonds, 5.000%
due 11/1/27 | | | | | 1,237,660 | | |
| | | | | | | | | | | Pennsylvania Economic Development Financing Authority, Revenue Bonds: | | | | | | | |
| | | | 90,000 | | | | A | | | 5.000% due 3/1/21 | | | | | 90,000 | | |
| | | | 60,000 | | | | A | | | 5.000% due 3/1/22 | | | | | 62,664 | | |
| | | | | | | | | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds: | | |
| | | | 35,000 | | | | AA | | | Series A, 5.000% due 8/15/27 | | | | | 44,076 | | |
| | | | 35,000 | | | | AA | | | Series A, 5.000% due 8/15/28 | | | | | 43,804 | | |
| | | | 60,000 | | | | AA | | | Series A, 5.000% due 8/15/30 | | | | | 74,149 | | |
| | | | | | | | | | | Pennsylvania Turnpike Commission, Revenue Bonds: | | |
| | | | 15,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/22 | | | | | 16,241 | | |
| | | | 15,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/23 | | | | | 16,915 | | |
| | | | 45,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/29 | | | | | 56,648 | | |
| | | | 30,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/34 | | | | | 37,074 | | |
| | | | 35,000 | | | | A | | | Series A2, 5.000% due 12/1/28 | | | | | 42,327 | | |
| | | | 35,000 | | | | A | | | Series A2, 5.000% due 12/1/33 | | | | | 43,341 | | |
| | | | 250,000 | | | | A- | | | Philadelphia Authority for Industrial Development, Revenue Bonds, 4.000%
due 11/1/21 | | | | | 255,723 | | |
| | | | | | | | | | | Philadelphia Gas Works Co., Revenue Bonds: | | |
| | | | 30,000 | | | | A | | | 5.000% due 8/1/23 | | | | | 33,235 | | |
| | | | 20,000 | | | | A | | | 5.000% due 8/1/24 | | | | | 22,875 | | |
| | | | 250,000 | | | | AA | | | Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A,
AGM-Insured, 5.000% due 9/1/44 | | | | | 306,458 | | |
| | | | 40,000 | | | | A2(a) | | | State Public School Building Authority, Revenue Bonds, 5.000% due 6/1/26 | | | | | 46,910 | | |
| | | | | | | | | | | Total Pennsylvania | | | | | 10,845,913 | | |
| | Rhode Island – 0.5% | |
| | | | | | | | | | | Rhode Island Health & Educational Building Corp., Revenue Bonds: | | |
| | | | 240,000 | | | | AA | | | AGM, 5.000% due 5/15/25 | | | | | 280,754 | | |
| | | | 2,000,000 | | | | AA+ | | | Series A, 5.000% due 9/1/29 | | | | | 2,481,040 | | |
| | | | 155,000 | | | | AA+ | | | Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds,
Series 70, 4.000% due 10/1/49 | | | | | 171,030 | | |
| | | | | | | | | | | Rhode Island Student Loan Authority, Revenue Bonds: | | |
| | | | 80,000 | | | | AA | | | Series A, 3.500% due 12/1/34(c) | | | | | 82,350 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Rhode Island – (continued) | |
| | | $ | 1,125,000 | | | | AA | | | Series A, 5.000% due 12/1/26(c) | | | | $ | 1,349,505 | | |
| | | | | | | | | | | Tobacco Settlement Financing Corp., Revenue Bonds: | | |
| | | | 55,000 | | | | BBB | | | Series A, 5.000% due 6/1/27 | | | | | 64,476 | | |
| | | | 70,000 | | | | BBB | | | Series A, 5.000% due 6/1/28 | | | | | 81,519 | | |
| | | | | | | | | | | Total Rhode Island | | | | | 4,510,674 | | |
| | South Carolina – 1.6% | |
| | | | | | | | | | | Beaufort-Jasper Water & Sewer Authority, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 3/1/22 | | | | | 31,449 | | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 3/1/24 | | | | | 34,131 | | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 3/1/25 | | | | | 35,330 | | |
| | | | 2,500,000 | | | | AAA | | | County of Charleston SC, GO, Series C, 5.000% due 11/1/27 | | | | | 3,185,775 | | |
| | | | 8,000,000 | | | | Aa2(a) | | | Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000%
due 10/1/48(b) | | | | | 8,731,760 | | |
| | | | | | | | | | | Scago Educational Facilities Corp. for Colleton School District, Revenue Bonds: | | |
| | | | 115,000 | | | | A- | | | 5.000% due 12/1/27 | | | | | 131,853 | | |
| | | | 95,000 | | | | A- | | | 5.000% due 12/1/29 | | | | | 108,084 | | |
| | | | | | | | | | | South Carolina Jobs-Economic Development Authority, Revenue Bonds: | | |
| | | | 65,000 | | | | A+ | | | 5.000% due 2/1/22 | | | | | 67,755 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 2/1/24 | | | | | 33,737 | | |
| | | | 50,000 | | | | A+ | | | 5.000% due 2/1/25 | | | | | 58,067 | | |
| | | | 50,000 | | | | A+ | | | 5.000% due 2/1/26 | | | | | 59,681 | | |
| | | | | | | | | | | South Carolina Ports Authority, Revenue Bonds: | | |
| | | | 65,000 | | | | A+ | | | 5.000% due 7/1/28(c) | | | | | 81,792 | | |
| | | | 140,000 | | | | A+ | | | 5.000% due 7/1/30(c) | | | | | 172,865 | | |
| | | | | | | | | | | South Carolina Public Service Authority, Revenue Bonds: | | |
| | | | 515,000 | | | | A | | | Series A, 5.500% due 12/1/54 | | | | | 581,353 | | |
| | | | 185,000 | | | | A | | | Series B, 5.000% due 12/1/35 | | | | | 223,698 | | |
| | | | 275,000 | | | | A | | | Series B, 5.000% due 12/1/36 | | | | | 331,669 | | |
| | | | 115,000 | | | | A | | | Series C, 5.000% due 12/1/25 | | | | | 133,489 | | |
| | | | 115,000 | | | | A | | | Series C, 5.000% due 12/1/26 | | | | | 133,042 | | |
| | | | 90,000 | | | | A | | | Series C, 5.000% due 12/1/27 | | | | | 103,959 | | |
| | | | 105,000 | | | | A | | | Series C, 5.000% due 12/1/46 | | | | | 118,563 | | |
| | | | 190,000 | | | | A | | | Series E, 5.500% due 12/1/53 | | | | | 211,436 | | |
| | | | | | | | | | | South Carolina State Housing Finance & Development Authority, Revenue Bonds: | | |
| | | | 205,000 | | | | Aaa(a) | | | Series A, 4.000% due 1/1/50 | | | | | 230,100 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | South Carolina – (continued) | |
| | | $ | 170,000 | | | | Aaa(a) | | | Series A, 4.000% due 7/1/50 | | | | $ | 191,942 | | |
| | | | | | | | | | | Total South Carolina | | | | | 14,991,530 | | |
| | South Dakota – 0.0% | |
| | | | | | | | | | | South Dakota Health & Educational Facilities Authority, Revenue Bonds: | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 7/1/23 | | | | | 33,124 | | |
| | | | 15,000 | | | | AA- | | | 5.000% due 7/1/24 | | | | | 17,163 | | |
| | | | 10,000 | | | | AA- | | | 5.000% due 7/1/27 | | | | | 12,467 | | |
| | | | 50,000 | | | | AA- | | | 5.000% due 7/1/33 | | | | | 60,432 | | |
| | | | 40,000 | | | | AA- | | | 5.000% due 7/1/35 | | | | | 48,105 | | |
| | | | 35,000 | | | | A+ | | | Series B, 5.000% due 11/1/24 | | | | | 40,611 | | |
| | | | 35,000 | | | | A+ | | | Series B, 5.000% due 11/1/25 | | | | | 40,556 | | |
| | | | 5,000 | | | | A+ | | | Series B, 5.000% due 11/1/26 | | | | | 5,771 | | |
| | | | | | | | | | | Total South Dakota | | | | | 258,229 | | |
| | Tennessee – 1.1% | |
| | | | 1,585,000 | | | | AAA | | | City of Chattanooga TN, GO, Series A, 4.000% due 2/1/33 | | | | | 1,898,561 | | |
| | | | | | | | | | | Greeneville Health & Educational Facilities Board, Revenue Bonds: | | |
| | | | 30,000 | | | | A- | | | Series A, 5.000% due 7/1/29 | | | | | 37,084 | | |
| | | | 35,000 | | | | A- | | | Series A, 5.000% due 7/1/30 | | | | | 42,972 | | |
| | | | | | | | | | | Knox County Health Educational & Housing Facility Board, Revenue Bonds: | | |
| | | | 35,000 | | | | BBB | | | 5.000% due 9/1/22 | | | | | 36,989 | | |
| | | | 30,000 | | | | BBB | | | 5.000% due 4/1/24 | | | | | 33,297 | | |
| | | | 30,000 | | | | BBB | | | 5.000% due 9/1/24 | | | | | 33,673 | | |
| | | | 40,000 | | | | BBB | | | 5.000% due 4/1/25 | | | | | 45,567 | | |
| | | | 6,240,000 | | | | Aa2(a) | | | Tennergy Corp., Revenue Bonds, Series A, 5.000% due 2/1/50(b) | | | | | 7,165,454 | | |
| | | | 350,000 | | | | A2(a) | | | Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 4.000% due
5/1/48(b) | | | | | 373,649 | | |
| | | | | | | | | | | Total Tennessee | | | | | 9,667,246 | | |
| | Texas – 11.8% | |
| | | | 1,895,000 | | | | AAA | | | Alamo Community College District, GO, 5.000% due 8/15/34 | | | | | 2,339,093 | | |
| | | | 40,000 | | | | AA- | | | Austin Community College District, Revenue Bonds, AMBAC-Insured, zero
coupon, due 2/1/22 | | | | | 39,843 | | |
| | | | | | | | | | | Board of Regents of the University of Texas System, Revenue Bonds: | | |
| | | | 90,000 | | | | AAA | | | Series B, 5.000% due 8/15/22 | | | | | 96,346 | | |
| | | | 65,000 | | | | AAA | | | Series D, 5.000% due 8/15/21 | | | | | 66,435 | | |
| | | | 70,000 | | | | AAA | | | Series D, 5.000% due 8/15/22 | | | | | 74,936 | | |
| | | | 80,000 | | | | AAA | | | Series E, 5.000% due 8/15/22 | | | | | 85,641 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 90,000 | | | | AAA | | | Series J, 5.000% due 8/15/22 | | | | $ | 96,346 | | |
| | | | 6,990,000 | | | | Aaa(a) | | | Brazosport Independent School District, GO, PSF-GTD-Insured, 5.000%
due 2/15/29 | | | | | 9,110,766 | | |
| | | | | | | | | | | Central Texas Regional Mobility Authority, Revenue Bonds: | | |
| | | | 70,000 | | | | A- | | | 5.000% due 1/1/31 | | | | | 81,774 | | |
| | | | 145,000 | | | | A- | | | 5.000% due 1/1/32 | | | | | 168,648 | | |
| | | | 95,000 | | | | A- | | | 5.000% due 1/1/35 | | | | | 109,590 | | |
| | | | 45,000 | | | | A- | | | 5.000% due 1/1/36 | | | | | 51,804 | | |
| | | | 35,000 | | | | A- | | | Series A, 5.000% due 1/1/31 | | | | | 40,407 | | |
| | | | 30,000 | | | | A- | | | Series A, 5.000% due 1/1/32 | | | | | 34,539 | | |
| | | | 60,000 | | | | A- | | | Series A, 5.000% due 1/1/34 | | | | | 68,778 | | |
| | | | 160,000 | | | | A- | | | Series A, 5.000% due 1/1/40 | | | | | 181,685 | | |
| | | | 1,800,000 | | | | A- | | | Series E, 5.000% due 1/1/38 | | | | | 2,242,278 | | |
| | | | 90,000 | | | | AA | | | City of Arlington TX, Special Tax, Series C, 5.000% due 2/15/45 | | | | | 90,267 | | |
| | | | 1,770,000 | | | | AAA | | | City of Austin TX, GO, 5.000% due 5/1/27 | | | | | 2,217,438 | | |
| | | | | | | | | | | City of Austin TX Airport System Revenue, Revenue Bonds: | | |
| | | | 165,000 | | | | A | | | 5.000% due 11/15/26(c) | | | | | 190,380 | | |
| | | | 80,000 | | | | A | | | 5.000% due 11/15/29(c) | | | | | 91,611 | | |
| | | | 45,000 | | | | AA | | | City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A,
5.000% due 11/15/23 | | | | | 48,717 | | |
| | | | | | | | | | | City of Dallas TX, GO: | | |
| | | | 130,000 | | | | AA- | | | 5.000% due 2/15/23 | | | | | 135,808 | | |
| | | | 170,000 | | | | AA- | | | 5.000% due 2/15/24 | | | | | 192,982 | | |
| | | | 3,000,000 | | | | AAA | | | City of Dallas TX Waterworks & Sewer System Revenue, Revenue Bonds,
Series A, 5.000% due 10/1/27 | | | | | 3,573,390 | | |
| | | | | | | | | | | City of Houston TX, GO: | | |
| | | | 2,000,000 | | | | AA | | | Series A, 5.000% due 3/1/22 | | | | | 2,097,040 | | |
| | | | 60,000 | | | | Aa3(a) | | | Series A, 5.000% due 3/1/23 | | | | | 65,674 | | |
| | | | 290,000 | | | | Aa3(a) | | | Series A, 5.000% due 3/1/24 | | | | | 330,029 | | |
| | | | 120,000 | | | | Aa3(a) | | | Series A, 5.000% due 3/1/25 | | | | | 141,163 | | |
| | | | | | | | | | | City of Houston TX Airport System Revenue, Revenue Bonds: | | |
| | | | 50,000 | | | | A1(a) | | | Series A, 5.000% due 7/1/26(c) | | | | | 60,166 | | |
| | | | 60,000 | | | | A1(a) | | | Series A, 5.000% due 7/1/27(c) | | | | | 73,682 | | |
| | | | 30,000 | | | | A1(a) | | | Series A, 5.000% due 7/1/28(c) | | | | | 37,417 | | |
| | | | 350,000 | | | | A | | | Series A, Prerefunded 7/01/22 @ 100, 5.000% due 7/1/23(c)(d) | | | | | 371,388 | | |
| | | | 90,000 | | | | A1(a) | | | Series B, 5.000% due 7/1/28 | | | | | 113,970 | | |
| | | | 360,000 | | | | A1(a) | | | Series B, 5.000% due 7/1/29 | | | | | 450,378 | | |
| | | | 190,000 | | | | A1(a) | | | Series B, 5.000% due 7/1/30 | | | | | 235,195 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 1,500,000 | | | | A1(a) | | | Series D, 5.000% due 7/1/25 | | | | $ | 1,775,475 | | |
| | | | 2,005,000 | | | | A1(a) | | | Series D, 5.000% due 7/1/26 | | | | | 2,439,383 | | |
| | | | | | | | | | | City of Houston TX Combined Utility System Revenue, Revenue Bonds: | | |
| | | | 250,000 | | | | Aa2(a) | | | Series B, 4.000% due 11/15/21 | | | | | 256,812 | | |
| | | | 70,000 | | | | Aa2(a) | | | Series B, 5.000% due 11/15/33 | | | | | 84,871 | | |
| | | | 75,000 | | | | AA | | | Series C, 5.000% due 5/15/28 | | | | | 85,395 | | |
| | | | 355,000 | | | | Aa2(a) | | | Series C, 5.000% due 11/15/30 | | | | | 479,009 | | |
| | | | 1,040,000 | | | | AAA | | | City of Irving TX, GO, 5.500% due 8/15/23 | | | | | 1,172,205 | | |
| | | | 1,935,000 | | | | AA | | | City of New Braunfels TX, GO, 5.000% due 2/1/28 | | | | | 2,435,507 | | |
| | | | | | | | | | | City of San Antonio TX Airport System, Revenue Bonds: | | |
| | | | 500,000 | | | | A- | | | Series A, 5.000% due 7/1/27(c) | | | | | 614,695 | | |
| | | | 480,000 | | | | A | | | Series A, 5.000% due 7/1/28(c) | | | | | 603,240 | | |
| | | | | | | | | | | City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds: | | |
| | | | 1,000,000 | | | | AA- | | | 1.750% due 2/1/49(b) | | | | | 1,035,620 | | |
| | | | 45,000 | | | | AA | | | 5.000% due 2/1/29 | | | | | 56,240 | | |
| | | | 30,000 | | | | AA | | | 5.000% due 2/1/30 | | | | | 37,328 | | |
| | | | 45,000 | | | | AA | | | 5.000% due 2/1/31 | | | | | 55,892 | | |
| | | | 35,000 | | | | AA | | | 5.000% due 2/1/33 | | | | | 43,296 | | |
| | | | 90,000 | | | | AA | | | 5.250% due 2/1/25 | | | | | 106,416 | | |
| | | | 1,500,000 | | | | AA- | | | Series 2019, 2.750% due 2/1/48(b) | | | | | 1,565,610 | | |
| | | | 205,000 | | | | AA- | | | Series B, 2.000% due 2/1/33(b) | | | | | 205,906 | | |
| | | | | | | | | | | Comal Independent School District, GO, PSF-GTD: | | |
| | | | 3,000,000 | | | | Aaa(a) | | | 5.000% due 2/1/27 | | | | | 3,738,840 | | |
| | | | 2,000,000 | | | | Aaa(a) | | | 5.000% due 2/1/28 | | | | | 2,550,940 | | |
| | | | | | | | | | | County of Harris TX, Revenue Bonds: | | |
| | | | 30,000 | | | | AA- | | | Series C, 5.000% due 8/15/24 | | | | | 31,990 | | |
| | | | 110,000 | | | | AA- | | | Series C, 5.000% due 8/15/25 | | | | | 117,249 | | |
| | | | | | | | | | | County of Travis TX, GO: | | |
| | | | 85,000 | | | | AAA | | | Series A, 5.000% due 3/1/24 | | | | | 96,569 | | |
| | | | 1,490,000 | | | | AAA | | | Series A, 5.000% due 3/1/38 | | | | | 1,867,223 | | |
| | | | 2,215,000 | | | | AAA | | | County of Williamson TX, GO, 5.000% due 2/15/30 | | | | | 2,723,365 | | |
| | | | | | | | | | | Cypress-Fairbanks Independent School District, GO, PSF-GTD: | | |
| | | | 1,975,000 | | | | AAA | | | 4.000% due 2/15/32 | | | | | 2,252,250 | | |
| | | | 145,000 | | | | AAA | | | 5.000% due 2/15/22 | | | | | 151,708 | | |
| | | | 145,000 | | | | AAA | | | 5.000% due 2/15/23 | | | | | 158,349 | | |
| | | | 725,000 | | | | AAA | | | 5.000% due 2/15/24 | | | | | 823,933 | | |
| | | | 620,000 | | | | AAA | | | 5.000% due 2/15/25 | | | | | 729,331 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 105,000 | | | | AAA | | | 5.000% due 2/15/27 | | | | $ | 126,648 | | |
| | | | 210,000 | | | | AA+ | | | Dallas Area Rapid Transit, Revenue Bonds, AMBAC-Insured, 5.250% due
12/1/29 | | | | | 280,831 | | |
| | | | 185,000 | | | | A2(a) | | | Dallas County Utility & Reclamation District, GO, 5.000% due 2/15/24 | | | | | 208,378 | | |
| | | | | | | | | | | Dallas Fort Worth International Airport, Revenue Bonds: | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 11/1/26(c) | | | | | 91,361 | | |
| | | | 35,000 | | | | A | | | Series B, 5.000% due 11/1/27(c) | | | | | 37,570 | | |
| | | | 80,000 | | | | A | | | Series B, 5.000% due 11/1/28(c) | | | | | 85,750 | | |
| | | | 155,000 | | | | A | | | Series B, 5.000% due 11/1/30(c) | | | | | 165,873 | | |
| | | | 330,000 | | | | A | | | Series B, 5.000% due 11/1/31(c) | | | | | 352,922 | | |
| | | | 420,000 | | | | A | | | Series B, 5.000% due 11/1/32(c) | | | | | 448,812 | | |
| | | | 290,000 | | | | A | | | Series B, 5.000% due 11/1/33(c) | | | | | 309,743 | | |
| | | | 70,000 | | | | A | | | Series B, 5.000% due 11/1/34(c) | | | | | 74,766 | | |
| | | | 1,500,000 | | | | A | | | Series E, 5.000% due 11/1/22(c) | | | | | 1,614,045 | | |
| | | | | | | | | | | Dallas Independent School District, GO, PSF-GTD: | | |
| | | | 45,000 | | | | AAA | | | 5.000% due 2/15/36(b) | | | | | 47,068 | | |
| | | | 20,000 | | | | Aaa(a) | | | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(d) | | | | | 20,917 | | |
| | | | 40,000 | | | | Aaa(a) | | | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(b)(d) | | | | | 41,834 | | |
| | | | 155,000 | | | | AAA | | | Fort Bend Independent School District, GO, Series D, PSF-GTD-Insured,
1.500% due 8/1/42(b) | | | | | 155,865 | | |
| | | | | | | | | | | Fort Worth Independent School District, GO, PSF-GTD: | | |
| | | | 80,000 | | | | AAA | | | 5.000% due 2/15/22 | | | | | 83,701 | | |
| | | | 105,000 | | | | AAA | | | 5.000% due 2/15/26 | | | | | 127,389 | | |
| | | | | | | | | | | Grand Parkway Transportation Corp., Revenue Bonds: | | |
| | | | 150,000 | | | | AA+ | | | Series A, 5.000% due 10/1/31 | | | | | 187,768 | | |
| | | | 125,000 | | | | AA+ | | | Series A, 5.000% due 10/1/32 | | | | | 156,140 | | |
| | | | 190,000 | | | | AA+ | | | Series A, 5.000% due 10/1/33 | | | | | 236,917 | | |
| | | | 145,000 | | | | AA+ | | | Series A, 5.000% due 10/1/34 | | | | | 180,428 | | |
| | | | 70,000 | | | | BBB | | | Series A, 5.125% due 10/1/43 | | | | | 74,255 | | |
| | | | 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) | | | | | 998,101 | | |
| | | | | | | | | | | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds: | | |
| | | | 1,025,000 | | | | A+ | | | 5.000% due 6/1/24 | | | | | 1,170,960 | | |
| | | | 590,000 | | | | A+ | | | 5.000% due 7/1/49(b) | | | | | 662,583 | | |
| | | | | | | | | | | Irving Hospital Authority, Revenue Bonds: | | |
| | | | 15,000 | | | | A+ | | | 5.000% due 10/15/24 | | | | | 17,263 | | |
| | | | 20,000 | | | | A+ | | | 5.000% due 10/15/26 | | | | | 24,093 | | |
| | | | 15,000 | | | | A+ | | | 5.000% due 10/15/27 | | | | | 17,913 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 20,000 | | | | A+ | | | 5.000% due 10/15/29 | | | | $ | 23,544 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 10/15/31 | | | | | 34,966 | | |
| | | | 40,000 | | | | A+ | | | 5.000% due 10/15/35 | | | | | 46,158 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 10/15/36 | | | | | 34,536 | | |
| | | | 35,000 | | | | A+ | | | 5.000% due 10/15/39 | | | | | 40,069 | | |
| | | | 45,000 | | | | A+ | | | 5.000% due 10/15/44 | | | | | 51,055 | | |
| | | | | | | | | | | Lamar Consolidated Independent School District, GO: | | | | | | | |
| | | | 7,280,000 | | | | AAA | | | PSF-GTD, 5.000% due 2/15/31 | | | | | 8,861,798 | | |
| | | | 7,050,000 | | | | AAA | | | PSF-GTD, 5.000% due 2/15/34 | | | | | 8,474,594 | | |
| | | | 1,225,000 | | | | AA+ | | | Lewisville Independent School District, GO, Series B, 5.000% due
8/15/28 | | | | | 1,453,120 | | |
| | | | | | | | | | | Love Field Airport Modernization Corp., Revenue Bonds: | | |
| | | | 40,000 | | | | A- | | | 5.000% due 11/1/30(c) | | | | | 46,613 | | |
| | | | 90,000 | | | | A- | | | 5.000% due 11/1/31(c) | | | | | 104,658 | | |
| | | | | | | | | | | Lower Colorado River Authority, Revenue Bonds: | | |
| | | | 1,135,000 | | | | A | | | 5.000% due 5/15/22 | | | | | 1,146,078 | | |
| | | | 200,000 | | | | A | | | 5.000% due 5/15/26 | | | | | 243,170 | | |
| | | | 135,000 | | | | A | | | 5.000% due 5/15/32 | | | | | 168,583 | | |
| | | | 70,000 | | | | A | | | 5.000% due 5/15/34 | | | | | 86,913 | | |
| | | | 70,000 | | | | A | | | 5.000% due 5/15/36 | | | | | 86,168 | | |
| | | | 195,000 | | | | A | | | Series B, 5.000% due 5/15/25 | | | | | 229,971 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 5/15/27 | | | | | 99,549 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 5/15/28 | | | | | 99,473 | | |
| | | | 245,000 | | | | A | | | Series B, 5.000% due 5/15/29 | | | | | 285,832 | | |
| | | | 25,000 | | | | A | | | Series D, 5.000% due 5/15/22 | | | | | 26,460 | | |
| | | | 20,000 | | | | A | | | Series D, 5.000% due 5/15/23 | | | | | 22,068 | | |
| | | | 35,000 | | | | A | | | Series D, 5.000% due 5/15/24 | | | | | 40,031 | | |
| | | | 40,000 | | | | A | | | Series D, 5.000% due 5/15/26 | | | | | 46,956 | | |
| | | | | | | | | | | New Hope Cultural Education Facilities Finance Corp., Revenue Bonds: | | |
| | | | 60,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/24 | | | | | 68,975 | | |
| | | | 45,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/26 | | | | | 54,901 | | |
| | | | 45,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/27 | | | | | 56,252 | | |
| | | | 70,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/30 | | | | | 86,019 | | |
| | | | | | | | | | | Newark Higher Education Finance Corp., Revenue Bonds: | | |
| | | | 65,000 | | | | A3(a) | | | 5.000% due 4/1/27 | | | | | 76,477 | | |
| | | | 40,000 | | | | A3(a) | | | 5.000% due 4/1/28 | | | | | 46,770 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 125,000 | | | | AAA | | | North East Independent School District, GO, Series B, PSF-GTD-Insured,
1.420% due 8/1/40(b) | | | | $ | 125,656 | | |
| | | | | | | | | | | North Harris County Regional Water Authority, Revenue Bonds: | | |
| | | | 30,000 | | | | AA- | | | 4.000% due 12/15/23 | | | | | 31,888 | | |
| | | | 55,000 | | | | AA- | | | 4.000% due 12/15/24 | | | | | 58,461 | | |
| | | | | | | | | | | North Texas Tollway Authority, Revenue Bonds: | | |
| | | | 50,000 | | | | A+ | | | Series A, 5.000% due 1/1/23 | | | | | 54,191 | | |
| | | | 145,000 | | | | A+ | | | Series A, 5.000% due 1/1/24 | | | | | 163,374 | | |
| | | | 35,000 | | | | A+ | | | Series A, 5.000% due 1/1/30 | | | | | 41,330 | | |
| | | | 40,000 | | | | A+ | | | Series A, 5.000% due 1/1/33 | | | | | 48,059 | | |
| | | | 200,000 | | | | A+ | | | Series A, 5.000% due 1/1/39 | | | | | 231,222 | | |
| | | | 30,000 | | | | WD(e) | | | Series A, Prerefunded 9/1/21 @ 100, 6.000% due 9/1/41(d) | | | | | 30,864 | | |
| | | | 185,000 | | | | A | | | Series B, 5.000% due 1/1/25 | | | | | 214,987 | | |
| | | | 290,000 | | | | A+ | | | Series B, 5.000% due 1/1/29 | | | | | 336,052 | | |
| | | | 160,000 | | | | A+ | | | Series B, 5.000% due 1/1/30 | | | | | 185,620 | | |
| | | | 20,000 | | | | A | | | Series B, 5.000% due 1/1/31 | | | | | 23,538 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 1/1/32 | | | | | 101,874 | | |
| | | | 685,000 | | | | Aaa(a) | | | Northside Independent School District, GO, PSF-GTD-Insured, 2.750% due
8/1/48(b) | | | | | 720,915 | | |
| | | | | | | | | | | Permanent University Fund – University of Texas System, Revenue Bonds: | | |
| | | | 50,000 | | | | Aaa(a) | | | Series B, 5.000% due 7/1/22 | | | | | 53,215 | | |
| | | | 50,000 | | | | Aaa(a) | | | Series B, 5.000% due 7/1/29 | | | | | 60,195 | | |
| | | | 50,000 | | | | AAA | | | Rockwall Independent School District, GO, PSF-GTD-Insured, zero coupon,
due 2/15/25 | | | | | 48,352 | | |
| | | | 1,195,000 | | | | Aaa(a) | | | San Antonio Independent School District, GO, Series A, PSF-GTD-Insured,
5.000% due 8/1/28 | | | | | 1,459,979 | | |
| | | | | | | | | | | San Antonio Public Facilities Corp., Revenue Bonds: | | |
| | | | 140,000 | | | | AA+ | | | 5.000% due 9/15/23 | | | | | 149,583 | | |
| | | | 215,000 | | | | AA+ | | | 5.000% due 9/15/24 | | | | | 229,648 | | |
| | | | 270,000 | | | | AA+ | | | 5.000% due 9/15/25 | | | | | 288,266 | | |
| | | | | | | | | | | San Antonio Water System, Revenue Bonds: | | |
| | | | 175,000 | | | | NR | | | 5.000% due 5/15/22 | | | | | 185,132 | | |
| | | | 2,000,000 | | | | AA | | | Series A, 5.000% due 5/15/36 | | | | | 2,486,560 | | |
| | | | 390,000 | | | | AA | | | Series B, 2.000% due 5/1/44(b) | | | | | 401,392 | | |
| | | | | | | | | | | San Jacinto Community College District, GO: | | |
| | | | 450,000 | | | | AA | | | 5.000% due 2/15/29 | | | | | 584,537 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 435,000 | | | | AA | | | 5.000% due 2/15/30 | | | | $ | 574,191 | | |
| | | | | | | | | | | State of Texas, GO: | | |
| | | | 110,000 | | | | AAA | | | 1.850% due 8/1/29(b) | | | | | 110,088 | | |
| | | | 615,000 | | | | AAA | | | 2.250% due 8/1/29(b) | | | | | 615,209 | | |
| | | | 360,000 | | | | AAA | | | 4.000% due 8/1/21(c) | | | | | 365,580 | | |
| | | | 3,500,000 | | | | AAA | | | 5.000% due 8/1/21 | | | | | 3,570,369 | | |
| | | | 2,500,000 | | | | AAA | | | 5.000% due 10/1/24 | | | | | 2,854,550 | | |
| | | | 150,000 | | | | AAA | | | 5.000% due 8/1/26(c) | | | | | 173,154 | | |
| | | | 200,000 | | | | AAA | | | 5.500% due 8/1/26(c) | | | | | 249,274 | | |
| | | | 45,000 | | | | AAA | | | Series A, 5.000% due 8/1/21(c) | | | | | 45,884 | | |
| | | | 350,000 | | | | AAA | | | Series B, 5.000% due 8/1/25(c) | | | | | 389,715 | | |
| | | | 40,000 | | | | AAA | | | Series C, 5.000% due 8/1/21(c) | | | | | 40,786 | | |
| | | | | | | | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds: | | |
| | | | 165,000 | | | | AA | | | 5.000% due 2/15/25 | | | | | 192,542 | | |
| | | | 60,000 | | | | AA | | | 5.000% due 2/15/34 | | | | | 71,249 | | |
| | | | 400,000 | | | | A(e) | | | Series B, 5.000% due 11/15/40 | | | | | 455,336 | | |
| | | | 30,000 | | | | AA- | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/25(d) | | | | | 33,443 | | |
| | | | 45,000 | | | | AA- | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/26(d) | | | | | 50,165 | | |
| | | | 45,000 | | | | AA- | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/28(d) | | | | | 50,165 | | |
| | | | 110,000 | | | | AA- | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/33(d) | | | | | 122,625 | | |
| | | | 155,000 | | | | A | | | Series Prerefunded 9/1/23 @ 100, 5.500% due 9/1/43(d) | | | | | 174,831 | | |
| | | | 165,000 | | | | AAA | | | Texas A&M University, Revenue Bonds, Series C, 5.000% due 5/15/23 | | | | | 182,218 | | |
| | | | | | | | | | | Texas Department of Housing & Community Affairs, Revenue Bonds: | | |
| | | | 411,342 | | | | Aaa(a) | | | 2.950% due 7/1/36 | | | | | 424,423 | | |
| | | | 420,000 | | | | AA+ | | | Series A, 4.000% due 3/1/50 | | | | | 475,558 | | |
| | | | 600,000 | | | | AA+ | | | Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28 | | | | | 760,680 | | |
| | | | 135,000 | | | | Aa2(a) | | | Texas State University System, Revenue Bonds, Series A, 5.000% due
3/15/29 | | | | | 166,925 | | |
| | | | | | | | | | | Texas Water Development Board, Revenue Bonds: | | |
| | | | 1,000,000 | | | | AAA | | | 3.000% due 8/1/21 | | | | | 1,011,910 | | |
| | | | 125,000 | | | | AAA | | | Series A, 5.000% due 4/15/22 | | | | | 131,779 | | |
| | | | 180,000 | | | | AAA | | | Series A, 5.000% due 4/15/25 | | | | | 213,007 | | |
| | | | 75,000 | | | | AAA | | | Series A, 5.000% due 10/15/25 | | | | | 90,212 | | |
| | | | 125,000 | | | | AAA | | | Series A, 5.000% due 4/15/26 | | | | | 152,684 | | |
| | | | 190,000 | | | | AAA | | | Series A, 5.000% due 4/15/29 | | | | | 240,517 | | |
| | | | 505,000 | | | | AAA | | | Series A, 5.000% due 4/15/30 | | | | | 635,548 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 190,000 | | | | AA | | | University of Houston, Revenue Bonds, Series A, 5.000% due 2/15/30 | | | | $ | 225,452 | | |
| | | | | | | | | | | Total Texas | | | | | 107,006,861 | | |
| | Utah – 0.4% | |
| | | | | | | | | | | Salt Lake City Corp. Airport Revenue, Revenue Bonds: | | |
| | | | 35,000 | | | | A | | | Series A, 5.000% due 7/1/26(c) | | | | | 42,117 | | |
| | | | 115,000 | | | | A | | | Series A, 5.000% due 7/1/28(c) | | | | | 140,194 | | |
| | | | 155,000 | | | | A | | | Series A, 5.000% due 7/1/30(c) | | | | | 190,304 | | |
| | | | 375,000 | | | | AAA | | | State of Utah, GO, Series B, 5.000% due 7/1/22 | | | | | 399,323 | | |
| | | | 85,000 | | | | A- | | | Utah Associated Municipal Power Systems, Revenue Bonds, Series A,
Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(d) | | | | | 91,163 | | |
| | | | 2,500,000 | | | | A+ | | | Utah Transit Authority, Revenue Bonds, Series A, NPFG, 5.000% due
6/15/31 | | | | | 3,159,125 | | |
| | | | | | | | | | | Total Utah | | | | | 4,022,226 | | |
| | Vermont – 0.2% | |
| | | | | | | | | | | Vermont Student Assistance Corp., Revenue Bonds: | | |
| | | | 750,000 | | | | A | | | Series A, 5.000% due 6/15/29(c) | | | | | 907,567 | | |
| | | | 675,000 | | | | A | | | Series A, 5.000% due 6/15/30(c) | | | | | 818,971 | | |
| | | | | | | | | | | Total Vermont | | | | | 1,726,538 | | |
| | Virginia – 2.5% | |
| | | | 195,000 | | | | A+ | | | Arlington County Industrial Development Authority, Revenue Bonds,
5.000% due 7/1/32 | | | | | 252,841 | | |
| | | | 315,000 | | | | AAA | | | City of Chesapeake VA, GO, Series A, 5.000% due 8/1/34 | | | | | 417,567 | | |
| | | | 30,000 | | | | BBB+ | | | City of Chesapeake VA Chesapeake Expressway Toll Road Revenue,
Revenue Bonds, Series A, 5.000% due 7/15/22 | | | | | 31,040 | | |
| | | | 2,635,000 | | | | AAA | | | City of Suffolk VA, GO, Series A, 5.000% due 2/1/27 | | | | | 3,287,400 | | |
| | | | 5,000,000 | | | | AAA | | | Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24 | | | | | 5,409,600 | | |
| | | | | | | | | | | Fredericksburg Economic Development Authority, Revenue Bonds: | | |
| | | | 40,000 | | | | A3(a) | | | 5.000% due 6/15/27 | | | | | 44,804 | | |
| | | | 40,000 | | | | A3(a) | | | 5.000% due 6/15/29 | | | | | 44,457 | | |
| | | | 45,000 | | | | A3(a) | | | 5.000% due 6/15/33 | | | | | 49,548 | | |
| | | | 3,180,000 | | | | AA | | | Hampton Roads Transportation Accountability Commission, Revenue
Bonds, Series A, 5.000% due 7/1/35 | | | | | 3,918,746 | | |
| | | | 1,065,000 | | | | A- | | | King George County Economic Development Authority, Revenue Bonds,
2.500% due 6/1/23(b)(c) | | | | | 1,111,317 | | |
| | | | 320,000 | | | | AA | | | Norfolk Economic Development Authority, Revenue Bonds, Series B,
5.000% due 11/1/48(b) | | | | | 404,662 | | |
| | | | | | | | | | | Stafford County Economic Development Authority, Revenue Bonds: | | |
| | | | 20,000 | | | | A3(a) | | | 4.000% due 6/15/37 | | | | | 21,585 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Virginia – (continued) | |
| | | $ | 50,000 | | | | A3(a) | | | 5.000% due 6/15/32 | | | | $ | 57,875 | | |
| | | | 65,000 | | | | A3(a) | | | 5.000% due 6/15/34 | | | | | 74,849 | | |
| | | | | | | | | | | Virginia College Building Authority, Revenue Bonds: | | |
| | | | 1,670,000 | | | | AA+ | | | 5.000% due 2/1/25 | | | | | 1,959,879 | | |
| | | | 2,805,000 | | | | AA+ | | | Series A, 5.000% due 9/1/32 | | | | | 3,564,762 | | |
| | | | 165,000 | | | | AA+ | | | Series D, 5.000% due 2/1/26 | | | | | 199,952 | | |
| | | | 265,000 | | | | AA+ | | | Series E, 5.000% due 2/1/30 | | | | | 332,387 | | |
| | | | 305,000 | | | | AA+ | | | Series E, 5.000% due 2/1/31 | | | | | 382,061 | | |
| | | | 360,000 | | | | AA+ | | | Virginia Commonwealth Transportation Board, Revenue Bonds, Series A,
5.000% due 5/15/30 | | | | | 452,718 | | |
| | | | 220,000 | | | | BBB- | | | Virginia Small Business Financing Authority, Revenue Bonds, 5.000% due
1/1/40(c) | | | | | 227,183 | | |
| | | | | | | | | | | Winchester Economic Development Authority, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | A+ | | | 5.000% due 1/1/32 | | | | | 69,725 | | |
| | | | 75,000 | | | | A+ | | | 5.000% due 1/1/33 | | | | | 87,072 | | |
| | | | 100,000 | | | | BBB+ | | | York County Economic Development Authority, Revenue Bonds, Series A,
1.900% due 5/1/33(b) | | | | | 102,468 | | |
| | | | | | | | | | | Total Virginia | | | | | 22,504,498 | | |
| | Washington – 3.1% | |
| | | | 60,000 | | | | AA | | | Chelan County Public Utility District No 1, Revenue Bonds, Series A,
NPFG, zero coupon, due 6/1/24 | | | | | 58,375 | | |
| | | | | | | | | | | City of Tacoma WA Electric System Revenue, Revenue Bonds: | | |
| | | | 30,000 | | | | AA | | | 5.000% due 1/1/29 | | | | | 36,850 | | |
| | | | 35,000 | | | | AA | | | 5.000% due 1/1/36 | | | | | 41,935 | | |
| | | | 3,330,000 | | | | AA+ | | | County of King WA Sewer Revenue, Revenue Bonds, Series A, 5.000% due
7/1/22 | | | | | 3,545,518 | | |
| | | | | | | | | | | Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project, Revenue Bonds: | | |
| | | | 30,000 | | | | AA | | | Series A, 5.000% due 1/1/22 | | | | | 31,212 | | |
| | | | 30,000 | | | | AA | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/23(d) | | | | | 31,937 | | |
| | | | 65,000 | | | | AA | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d) | | | | | 69,198 | | |
| | | | | | | | | | | Port of Seattle WA, Revenue Bonds: | | |
| | | | 25,000 | | | | A- | | | 5.000% due 6/1/23(c) | | | | | 27,338 | | |
| | | | 35,000 | | | | A+ | | | 5.000% due 2/1/27 | | | | | 41,944 | | |
| | | | 70,000 | | | | A+ | | | 5.000% due 2/1/29 | | | | | 83,516 | | |
| | | | 85,000 | | | | A+ | | | Series A, 5.000% due 5/1/29(c) | | | | | 102,425 | | |
| | | | 1,000,000 | | | | AA- | | | Series B, 5.000% due 10/1/26(c) | | | | | 1,199,000 | | |
| | | | 980,000 | | | | AA- | | | Series B, 5.000% due 10/1/27(c) | | | | | 1,171,796 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Washington – (continued) | |
| | | $ | 135,000 | | | | AA- | | | Series B, 5.000% due 10/1/29(c) | | | | $ | 160,609 | | |
| | | | | | | | | | | State of Washington, GO: | | |
| | | | 50,000 | | | | AA+ | | | Series 2017A, 5.000% due 8/1/27 | | | | | 61,355 | | |
| | | | 3,430,000 | | | | AA+ | | | Series A, 5.000% due 8/1/32 | | | | | 4,345,888 | | |
| | | | 5,000,000 | | | | AA+ | | | Series C, 5.000% due 2/1/33 | | | | | 6,363,150 | | |
| | | | 50,000 | | | | AA+ | | | Series R2017A, 5.000% due 8/1/28 | | | | | 61,057 | | |
| | | | 50,000 | | | | AA+ | | | Series R2017A, 5.000% due 8/1/30 | | | | | 60,761 | | |
| | | | 355,000 | | | | AA+ | | | Series R2018C, 5.000% due 8/1/30 | | | | | 441,020 | | |
| | | | 725,000 | | | | AA+ | | | Series R2018D, 5.000% due 8/1/32 | | | | | 899,384 | | |
| | | | 640,000 | | | | AA+ | | | Series R2018D, 5.000% due 8/1/33 | | | | | 793,082 | | |
| | | | 5,000,000 | | | | AA+ | | | Series R2018D, 5.000% due 8/1/35 | | | | | 6,171,850 | | |
| | | | | | | | | | | Tobacco Settlement Authority, Revenue Bonds: | | | | | | | |
| | | | 70,000 | | | | A | | | 5.000% due 6/1/23 | | | | | 77,132 | | |
| | | | 100,000 | | | | A | | | 5.000% due 6/1/24 | | | | | 110,082 | | |
| | | | | | | | | | | Washington Health Care Facilities Authority, Revenue Bonds: | | |
| | | | 60,000 | | | | A | | | 5.000% due 7/1/26 | | | | | 72,373 | | |
| | | | 70,000 | | | | AA- | | | 5.000% due 10/1/27 | | | | | 87,700 | | |
| | | | 60,000 | | | | AA- | | | 5.000% due 10/1/28 | | | | | 76,754 | | |
| | | | 40,000 | | | | A+ | | | 5.000% due 1/1/29 | | | | | 46,554 | | |
| | | | 90,000 | | | | A | | | 5.000% due 7/1/29 | | | | | 109,813 | | |
| | | | 20,000 | | | | A | | | 5.000% due 7/1/34 | | | | | 23,899 | | |
| | | | 780,000 | | | | A | | | 5.000% due 7/1/42 | | | | | 919,870 | | |
| | | | 115,000 | | | | AA- | | | Series A, 5.000% due 10/1/24 | | | | | 123,267 | | |
| | | | 440,000 | | | | BBB+ | | | Series A2, 5.000% due 8/1/39 | | | | | 539,651 | | |
| | | | | | | | | | | Washington Higher Education Facilities Authority, Revenue Bonds: | | |
| | | | 15,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/29 | | | | | 17,289 | | |
| | | | 35,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/30 | | | | | 40,079 | | |
| | | | 40,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/31 | | | | | 45,625 | | |
| | | | 210,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/33 | | | | | 237,493 | | |
| | | | | | | | | | | Total Washington | | | | | 28,326,781 | | |
| | West Virginia – 1.7% | |
| | | | | | | | | | | State of West Virginia, GO: | | |
| ��� | | | 9,860,000 | | | | AA- | | | Series B, 5.000% due 12/1/34 | | | | | 12,326,084 | | |
| | | | 2,000,000 | | | | AA- | | | Series B, 5.000% due 6/1/35 | | | | | 2,490,620 | | |
| | | | 190,000 | | | | BBB+ | | | West Virginia Hospital Finance Authority, Revenue Bonds, 5.000% due
1/1/33 | | | | | 232,661 | | |
| | | | | | | | | | | Total West Virginia | | | | | 15,049,365 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Wisconsin – 0.4% | |
| | | $ | 160,000 | | | | A | | | Public Finance Authority, Revenue Bonds, 5.000% due 1/1/31 | | | | $ | 204,365 | | |
| | | | | | | | | | | Wisconsin Health & Educational Facilities Authority, Revenue Bonds: | | |
| | | | 400,000 | | | | A2(a) | | | 5.000% due 10/1/23 | | | | | 444,688 | | |
| | | | 255,000 | | | | A+ | | | 5.000% due 11/15/24 | | | | | 295,341 | | |
| | | | 25,000 | | | | BBB+ | | | 5.000% due 5/1/26 | | | | | 27,870 | | |
| | | | 50,000 | | | | A3(a) | | | 5.000% due 6/1/27 | | | | | 52,120 | | |
| | | | 195,000 | | | | A+ | | | 5.000% due 11/15/27 | | | | | 221,945 | | |
| | | | 50,000 | | | | BBB+ | | | 5.000% due 5/1/28 | | | | | 55,167 | | |
| | | | 25,000 | | | | BBB+ | | | 5.000% due 5/1/29 | | | | | 27,486 | | |
| | | | 30,000 | | | | A3(a) | | | 5.000% due 6/1/32 | | | | | 31,066 | | |
| | | | 70,000 | | | | A3(a) | | | 5.000% due 6/1/39 | | | | | 72,203 | | |
| | | | 1,505,000 | | | | AA | | | 5.000% due 8/15/54(b) | | | | | 1,671,719 | | |
| | | | 30,000 | | | | WR(a) | | | Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/25(d) | | | | | 33,280 | | |
| | | | 200,000 | | | | WR(a) | | | Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/36(d) | | | | | 221,864 | | |
| | | | 50,000 | | | | NR | | | Series C, Prerefunded 8/15/22 @ 100, 5.000% due 8/15/32(d) | | | | | 53,487 | | |
| | | | 540,000 | | | | AA | | | Wisconsin Housing & Economic Development Authority, Revenue Bonds,
Series A, 3.500% due 9/1/50 | | | | | 596,970 | | |
| | | | | | | | | | | Total Wisconsin | | | | | 4,009,571 | | |
| | | | | | | | | | | TOTAL MUNICIPAL BONDS
(Cost – $756,862,324) | | | | | 790,342,696 | | |
| | | | | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $756,862,324) | | | | | 790,342,696 | | |
| | SHORT-TERM INVESTMENTS – 15.7% | |
| | MUNICIPAL BONDS – 5.7% | |
| | | | 5,000,000 | | | | SP-1+ | | | City of Los Angeles CA, Revenue Notes 4.000% due 6/24/21 | | | | | 5,061,000 | | |
| | | | 3,250,000 | | | | SP-1+ | | | Commonwealth of Massachusetts, GO, Series A 2.000% due 4/21/21 | | | | | 3,258,432 | | |
| | | | 5,750,000 | | | | AA | | | Georgia State Road & Tollway Authority, Revenue Bonds 5.000% due
6/1/21 | | | | | 5,818,885 | | |
| | | | 10,000,000 | | | | MIG1(a) | | | School District of Broward County, Revenue Notes 2.000% due 6/30/21 | | | | | 10,062,100 | | |
| | | | 15,000,000 | | | | SP-1+ | | | State of Colorado, Revenue Notes 4.000% due 6/25/21 | | | | | 15,184,650 | | |
| | | | 12,500,000 | | | | SP-1+ | | | State of Texas, Revenue Notes 4.000% due 8/26/21 | | | | | 12,735,625 | | |
| | | | | | | | | | | TOTAL MUNICIPAL BONDS
(Cost – $52,108,209) | | | | | 52,120,692 | | |
| | TIME DEPOSITS – 10.0% | |
| | | | 16,647,516 | | | | | | | ANZ National Bank – London, 0.000% due 3/1/21 | | | | | 16,647,516 | | |
| | | | 68,953,611 | | | | | | | Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.000% due 3/1/21 | | | | | 68,953,611 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount | | | Rating†† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – (continued) | |
| | TIME DEPOSITS – (continued) | |
| | | $ | 5,498,606 | | | | | | | Sumitomo Mitsui Banking Corp. – Tokyo, 0.000% due 3/1/21 | | | | $ | 5,498,606 | | |
| | | | | | | | | | | TOTAL TIME DEPOSITS
(Cost – $91,099,733) | | | | | 91,099,733 | | |
| | | | | | | | | | | TOTAL SHORT-TERM INVESTMENTS
(Cost – $143,207,942) | | | | | 143,220,425 | | |
| | | | | | | | | | | TOTAL INVESTMENTS – 102.6%
(Cost – $900,070,266) | | | | | 933,563,121 | | |
| | | | | | | | | | | Liabilities in Excess of Other Assets – (2.6)% | | | | | (23,744,691) | | |
| | | | | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 909,818,430 | | |
| |
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted. All ratings are unaudited.
(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 February 28, 2021.
(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.
(e)
Rating by Fitch Ratings Service. All ratings are unaudited.
(f)
Illiquid security. The aggregate value of illiquid holdings at February, 2021, amounts to $208,928 and represents 0.02% of net assets.
(g)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2021, amounts to $163,577 and represents 0.02% of net assets.
Abbreviations used in this schedule:
AGM
— Assured Guaranty Municipal Corporation
AMBAC
— American Bond Assurance Corporation
COP
— Certificate of Participation
GO
— General Obligation
LIBOR
— London Interbank Offered Rate
LLC
— Limited Liability Company
MTA
— Metropolitan Transportation Authority
NPFG
— National Public Finance Guarantee Corporation
PSF-GTD
— Permanent School Fund Guaranteed
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Municipal Fixed Income Fund (concluded)
Summary of Investments by Security Industry^ (Unaudited)
| | General Obligation | | | | | 40.3% | | |
| | Education | | | | | 15.2 | | |
| | Water and Sewer | | | | | 7.4 | | |
| | Health Care Providers & Services | | | | | 6.6 | | |
| | Transportation | | | | | 6.5 | | |
| | Airport | | | | | 3.2 | | |
| | Power | | | | | 1.7 | | |
| | Development | | | | | 1.2 | | |
| | Single Family Housing | | | | | 0.9 | | |
| | Utilities | | | | | 0.7 | | |
| | Student Loan | | | | | 0.4 | | |
| | Pollution | | | | | 0.2 | | |
| | Multifamily Hsg | | | | | 0.1 | | |
| | Nursing Homes | | | | | 0.1 | | |
| | Tobacco Settlement | | | | | 0.1 | | |
| | Bond Bank | | | | | 0.0* | | |
| | Facilities | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 15.4 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – 19.8% | |
| | | $ | 2,621,604 | | | | Alternative Loan Trust, Series 2005-61, Class 2A2, 0.498% (1-Month
USD-LIBOR + 0.760%) due 12/25/35(a) | | | | $ | 2,394,152 | | |
| | | | 965,840 | | | | Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 0.438% (1-Month
USD-LIBOR + 0.320%) due 2/25/34(a) | | | | | 935,536 | | |
| | | | | | | | Connecticut Avenue Securities Trust: | | | | | | | |
| | | | 1,390,591 | | | | Series 2019-R02, Class 1M2, 2.418% (1-Month USD-LIBOR + 2.300%) due
8/25/31(a)(b) | | | | | 1,395,357 | | |
| | | | 1,828,807 | | | | Series 2019-R05, Class 1M2, 2.118% (1-Month USD-LIBOR + 2.000%) due
7/25/39(a)(b) | | | | | 1,828,398 | | |
| | | | 4,669,348 | | | | Series 2019-R07, Class 1M2, 2.218% (1-Month USD-LIBOR + 2.100%) due
10/25/39(a)(b) | | | | | 4,669,348 | | |
| | | | 3,213,085 | | | | Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-OA5,
Class A1A, 0.318% (1-Month USD-LIBOR + 0.200%) due 8/25/47(a) | | | | | 3,025,804 | | |
| | | | | | | | Federal National Mortgage Association (FNMA), Connecticut Avenue
Securities@: | | | | | | | |
| | | | 2,226,007 | | | | Series 2015-C04, Class 1M2, 5.818% (1-Month USD-LIBOR + 5.700%) due
4/25/28(a) | | | | | 2,362,807 | | |
| | | | 8,176,777 | | | | Series 2016-C01, Class 1M2, 6.868% (1-Month USD-LIBOR + 6.750%) due
8/25/28(a) | | | | | 8,663,798 | | |
| | | | 1,231,729 | | | | Series 2016-C01, Class 2M2, 7.068% (1-Month USD-LIBOR + 6.950%) due
8/25/28(a) | | | | | 1,305,848 | | |
| | | | 3,205,096 | | | | Series 2016-C03, Class 1M2, 5.418% (1-Month USD-LIBOR + 5.300%) due
10/25/28(a) | | | | | 3,371,356 | | |
| | | | 8,588,014 | | | | Series 2016-C03, Class 2M2, 6.018% (1-Month USD-LIBOR + 5.900%) due
10/25/28(a) | | | | | 9,024,515 | | |
| | | | 254,365 | | | | Series 2016-C04, Class 1M2, 4.368% (1-Month USD-LIBOR + 4.250%) due
1/25/29(a) | | | | | 264,545 | | |
| | | | 7,226,833 | | | | Series 2016-C05, Class 2M2, 4.568% (1-Month USD-LIBOR + 4.450%) due
1/25/29(a) | | | | | 7,533,781 | | |
| | | | 10,566,660 | | | | Series 2016-C07, Class 2M2, 4.468% (1-Month USD-LIBOR + 4.350%) due
5/25/29(a) | | | | | 11,007,238 | | |
| | | | 7,060,000 | | | | Series 2017-C01, Class 1B1, 5.868% (1-Month USD-LIBOR + 5.750%) due
7/25/29(a) | | | | | 7,732,360 | | |
| | | | 3,412,784 | | | | Series 2017-C01, Class 1M2, 3.668% (1-Month USD-LIBOR + 3.550%) due
7/25/29(a) | | | | | 3,521,554 | | |
| | | | 1,800,000 | | | | Series 2017-C01, Class 1M2C, 3.668% (1-Month USD-LIBOR + 3.550%) due
7/25/29(a) | | | | | 1,867,034 | | |
| | | | 6,729,740 | | | | Series 2017-C02, Class 2M2, 3.768% (1-Month USD-LIBOR + 3.650%) due
9/25/29(a) | | | | | 6,921,876 | | |
| | | | 3,953,249 | | | | Series 2017-C02, Class 2M2C, 3.768% (1-Month USD-LIBOR + 3.650%) due
9/25/29(a) | | | | | 4,069,143 | | |
| | | | 3,826,371 | | | | Series 2017-C02, Class 2X3, 2.300% due 9/25/29(c) | | | | | 86,913 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 5,720,000 | | | | Series 2017-C03, Class 1B1, 4.968% (1-Month USD-LIBOR + 4.850%) due
10/25/29(a) | | | | $ | 6,207,652 | | |
| | | | 5,016,110 | | | | Series 2017-C03, Class 1M2C, 3.118% (1-Month USD-LIBOR + 3.000%) due
10/25/29(a) | | | | | 5,080,431 | | |
| | | | 8,491,909 | | | | Series 2017-C03, Class 1X1, 2.300% due 10/25/29(c) | | | | | 185,854 | | |
| | | | 8,749,453 | | | | Series 2017-C05, Class 1M2, 2.318% (1-Month USD-LIBOR + 2.200%) due
1/25/30(a) | | | | | 8,816,471 | | |
| | | | 2,579,166 | | | | Series 2017-C07, Class 1M2, 2.518% (1-Month USD-LIBOR + 2.400%) due
5/25/30(a) | | | | | 2,588,882 | | |
| | | | 15,835,028 | | | | Series 2018-C01, Class 1ED5, 2.368% (1-Month USD-LIBOR + 2.250%) due
7/25/30(a) | | | | | 15,974,566 | | |
| | | | 11,609,881 | | | | Series 2018-C01, Class 1M2, 2.368% (1-Month USD-LIBOR + 2.250%) due
7/25/30(a) | | | | | 11,661,927 | | |
| | | | 7,400,524 | | | | Series 2018-C03, Class 1M2, 2.268% (1-Month USD-LIBOR + 2.150%) due
10/25/30(a) | | | | | 7,419,012 | | |
| | | | 1,117,000 | | | | Series 2018-C05, Class 1B1, 4.368% (1-Month USD-LIBOR + 4.250%) due
1/25/31(a) | | | | | 1,155,961 | | |
| | | | 2,665,570 | | | | FNBA Mortgage Loan Trust, Series 2004-AR1, Class M2, 1.761% (1-Month
USD-LIBOR + 1.650%) due 8/19/34(a) | | | | | 2,728,108 | | |
| | | | | | | | Freddie Mac STACR REMIC Trust: | | | | | | | |
| | | | 7,670,000 | | | | Series 2020-DNA3, Class B1, 5.218% (1-Month USD-LIBOR + 5.100%) due
6/25/50(a)(b) | | | | | 7,970,050 | | |
| | | | 9,000,000 | | | | Series 2020-DNA4, Class B1, 6.118% (1-Month USD-LIBOR + 6.000%) due
8/25/50(a)(b) | | | | | 9,554,640 | | |
| | | | 10,329,000 | | | | Series 2020-DNA4, Class M2, 3.868% (1-Month USD-LIBOR + 3.750%) due
8/25/50(a)(b) | | | | | 10,434,275 | | |
| | | | 2,670,000 | | | | Series 2020-HQA4, Class M2, 3.268% (1-Month USD-LIBOR + 3.150%) due
9/25/50(a)(b) | | | | | 2,680,612 | | |
| | | | 5,009,883 | | | | Freddie Mac STACR Trust, Series 2019-DNA3, Class M2, 2.168% (1-Month
USD-LIBOR + 2.050%) due 7/25/49(a)(b) | | | | | 5,017,024 | | |
| | | | | | | | Freddie Mac Structured Agency Credit Risk Debt Notes@: | | | | | | | |
| | | | 6,941,488 | | | | Series 2016-DNA1, Class M3, 5.680% (1-Month USD-LIBOR + 5.550%) due
7/25/28(a) | | | | | 7,289,513 | | |
| | | | 3,259,446 | | | | Series 2016-DNA3, Class M3, 5.118% (1-Month USD-LIBOR + 5.000%) due
12/25/28(a) | | | | | 3,426,433 | | |
| | | | 5,179,739 | | | | Series 2016-HQA1, Class M3, 6.468% (1-Month USD-LIBOR + 6.350%) due
9/25/28(a) | | | | | 5,499,452 | | |
| | | | 6,972,000 | | | | Series 2017-DNA2, Class B1, 5.268% (1-Month USD-LIBOR + 5.150%) due
10/25/29(a) | | | | | 7,561,032 | | |
| | | | 4,935,241 | | | | Series 2017-DNA2, Class M2, 3.568% (1-Month USD-LIBOR + 3.450%) due
10/25/29(a) | | | | | 5,101,342 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 9,245,896 | | | | Series 2017-HQA1, Class M2, 3.668% (1-Month USD-LIBOR + 3.550%) due
8/25/29(a) | | | | $ | 9,499,001 | | |
| | | | 3,041,000 | | | | Series 2017-HQA1, Class M2B, 3.668% (1-Month USD-LIBOR + 3.550%) due
8/25/29(a) | | | | | 3,082,210 | | |
| | | | 9,292,770 | | | | Series 2017-HQA2, Class M2, 2.768% (1-Month USD-LIBOR + 2.650%) due
12/25/29(a) | | | | | 9,391,610 | | |
| | | | | | | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $227,142,698) | | | | | 230,307,421 | | |
| | ASSET-BACKED SECURITIES – 12.6% | |
| | | | 3,500,000 | | | | Aames Mortgage Investment Trust, Series 2005-4, Class M3, 0.898% (1-Month
USD-LIBOR + 0.780%) due 10/25/35(a) | | | | | 3,482,851 | | |
| | | | 2,172,264 | | | | ABFC Trust, Series 2005-WF1, Class M2, 0.718% (1-Month USD-LIBOR +
0.600%) due 10/25/34(a) | | | | | 2,153,877 | | |
| | | | 2,167,700 | | | | Accredited Mortgage Loan Trust, Series 2006-2, Class A4, 0.378% (1-Month
USD-LIBOR + 0.260%) due 9/25/36(a) | | | | | 2,127,674 | | |
| | | | 460,000 | | | | Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 0.763% (1-Month
USD-LIBOR + 0.645%) due 12/25/35(a) | | | | | 450,902 | | |
| | | | 930,711 | | | | BNC Mortgage Loan Trust, Series 2006-2, Class A4, 0.438% (1-Month
USD-LIBOR + 0.320%) due 11/25/36(a) | | | | | 899,611 | | |
| | | | | | | | Brookside Mill CLO Ltd.: | | | | | | | |
| | | | 3,000,000 | | | | Series 2013-1A, Class BR, 1.573% (3-Month USD-LIBOR + 1.350%) due
1/17/28(a)(b) | | | | | 2,972,093 | | |
| | | | 410,000 | | | | Series 2013-1A, Class ER, 5.723% (3-Month USD-LIBOR + 5.500%) due
1/17/28(a)(b) | | | | | 361,219 | | |
| | | | 1,350,000 | | | | Carlyle Global Market Strategies CLO 2015-3 Ltd., Series 2015-3A, Class ER,
8.469% (3-Month USD-LIBOR + 8.250%) due 7/28/28(a)(b) | | | | | 1,187,792 | | |
| | | | 19,692,887 | | | | Countrywide Asset-Backed Certificates, Series 2006-22, Class 1A, 0.258%
(1-Month USD-LIBOR + 0.140%) due 6/25/35(a) | | | | | 18,477,916 | | |
| | | | 740,000 | | | | Crown Point CLO 5 Ltd., Series 2018-5A, Class E, 5.873% (3-Month
USD-LIBOR + 5.650%) due 7/17/28(a)(b) | | | | | 675,870 | | |
| | | | 1,451,319 | | | | CWABS Asset-Backed Certificates Trust, Series 2007-12, Class 2A3, 0.918%
(1-Month USD-LIBOR + 0.800%) due 8/25/47(a) | | | | | 1,438,234 | | |
| | | | 3,498,614 | | | | EquiFirst Mortgage Loan Trust, Series 2003-2, Class 1A1, 1.237% (1-Month
USD-LIBOR + 1.125%) due 9/25/33(a) | | | | | 3,501,550 | | |
| | | | 4,509,405 | | | | Flatiron CLO 2015-1 Ltd., Series 2015-1A, Class AR, 1.131% (3-Month
USD-LIBOR + 0.890%) due 4/15/27(a)(b) | | | | | 4,509,610 | | |
| | | | 1,768,601 | | | | Gallatin CLO VIII 2017-1 Ltd., Series 2017-1A, Class A, 1.541% (3-Month
USD-LIBOR + 1.300%) due 7/15/27(a)(b) | | | | | 1,768,262 | | |
| | | | | | | | Home Equity Asset Trust: | | | | | | | |
| | | | 3,427,149 | | | | Series 2004-2, Class M1, 0.913% (1-Month USD-LIBOR + 0.795%) due
7/25/34(a) | | | | | 3,399,693 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 1,415,000 | | | | Series 2005-5, Class M4, 1.063% (1-Month USD-LIBOR + 0.945%) due
11/25/35(a) | | | | $ | 1,395,569 | | |
| | | | 1,811,677 | | | | Series 2005-7, Class M1, 0.568% (1-Month USD-LIBOR + 0.675%) due
1/25/36(a) | | | | | 1,809,433 | | |
| | | | 1,900,638 | | | | HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 0.703%
(1-Month USD-LIBOR + 0.585%) due 1/25/36(a) | | | | | 1,894,843 | | |
| | | | | | | | JP Morgan Mortgage Acquisition Trust: | | | | | | | |
| | | | 4,300,000 | | | | Series 2007-CH4, Class A5, 0.358% (1-Month USD-LIBOR + 0.240%) due
5/25/37(a) | | | | | 4,223,735 | | |
| | | | 1,082,049 | | | | Series 2007-CH5, Class A5, 0.378% (1-Month USD-LIBOR + 0.260%) due
6/25/37(a) | | | | | 1,072,741 | | |
| | | | 5,000,000 | | | | KKR CLO 16 Ltd., Series 16, Class A1R, 1.474% (3-Month USD-LIBOR +
1.250%) due 1/20/29(a)(b) | | | | | 5,001,481 | | |
| | | | 2,700,000 | | | | KVK CLO 2018-1 Ltd., Series 2018-1A, Class E, 6.032% (3-Month
USD-LIBOR + 5.850%) due 5/20/29(a)(b) | | | | | 2,474,917 | | |
| | | | 1,300,000 | | | | Longfellow Place CLO Ltd., Series 2013-1A, Class ERR, 7.941% (3-Month
USD-LIBOR + 7.700%) due 4/15/29(a)(b) | | | | | 1,212,799 | | |
| | | | | | | | Mastr Asset Backed Securities Trust: | | | | | | | |
| | | | 800,000 | | | | Series 2004-FRE1, Class M7, 1.918% (1-Month USD-LIBOR + 2.700%) due
7/25/34(a) | | | | | 808,955 | | |
| | | | 3,509,937 | | | | Series 2004-WMC1, Class M1, 0.898% (1-Month USD-LIBOR + 0.780%) due
2/25/34(a) | | | | | 3,499,006 | | |
| | | | 1,369,458 | | | | Merrill Lynch Mortgage Investors Trust, Series 2005-FM1, Class M1, 0.838%
(1-Month USD-LIBOR + 0.720%) due 5/25/36(a) | | | | | 1,357,387 | | |
| | | | | | | | Nationstar Home Equity Loan Trust: | | | | | | | |
| | | | 4,689,437 | | | | Series 2006-B, Class AV4, 0.398% (1-Month USD-LIBOR + 0.280%) due
9/25/36(a) | | | | | 4,675,721 | | |
| | | | 3,459,891 | | | | Series 2007-C, Class 1AV1, 0.293% (1-Month USD-LIBOR + 0.175%) due
6/25/37(a) | | | | | 3,365,576 | | |
| | | | 6,451,103 | | | | Neuberger Berman CLO XIX Ltd., Series 2015-19A, Class A1R2, 1.041%
(3-Month USD-LIBOR + 0.800%) due 7/15/27(a)(b) | | | | | 6,452,638 | | |
| | | | 4,686,364 | | | | NovaStar Mortgage Funding Trust, Series 2006-1, Class A2C, 0.438% (1-Month
USD-LIBOR + 0.320%) due 5/25/36(a) | | | | | 4,615,350 | | |
| | | | 1,050,549 | | | | Option One Mortgage Loan Trust, Series 2005-3, Class M2, 0.853% (1-Month
USD-LIBOR + 0.735%) due 8/25/35(a) | | | | | 1,048,925 | | |
| | | | 3,332,756 | | | | Park Place Securities Inc., Series 2005-WCW1, Class M2, 0.823% (1-Month
USD-LIBOR + 0.705%) due 9/25/35(a) | | | | | 3,335,372 | | |
| | | | | | | | Park Place Securities Inc. Asset-Backed Pass-Through Certificates: | | | | | | | |
| | | | 3,600,000 | | | | Series 2005-WCH1, Class M5, 1.438% (1-Month USD-LIBOR + 1.320%) due
1/25/36(a) | | | | | 3,577,217 | | |
| | | | 3,061,000 | | | | Series 2005-WCW2, Class M2, 0.913% (1-Month USD-LIBOR + 0.795%) due
7/25/35(a) | | | | | 3,059,407 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 3,500,000 | | | | People’s Choice Home Loan Securities Trust, Series 2005-1, Class M5, 1.618%
(1-Month USD-LIBOR + 1.500%) due 1/25/35(a) | | | | $ | 2,861,025 | | |
| | | | 688,790 | | | | SG Mortgage Securities Trust, Series 2006-OPT2, Class A3B, 0.228% (1-Month
USD-LIBOR + 0.110%) due 10/25/36(a) | | | | | 686,028 | | |
| | | | | | | | Soundview Home Loan Trust: | | | | | | | |
| | | | 5,420,682 | | | | Series 2006-EQ1, Class A3, 0.278% (1-Month USD-LIBOR + 0.160%) due
10/25/36(a) | | | | | 5,384,710 | | |
| | | | 103,814 | | | | Series 2007-1, Class 2A3, 0.288% (1-Month USD-LIBOR + 0.170%) due
3/25/37(a) | | | | | 103,774 | | |
| | | | 2,360,000 | | | | Series 2007-OPT3, Class 2A4, 0.368% (1-Month USD-LIBOR + 0.250%) due
8/25/37(a) | | | | | 2,123,711 | | |
| | | | 380,000 | | | | Steele Creek CLO 2016-1 Ltd., Series 2016-1A, Class ER, 5.967% (3-Month
USD-LIBOR + 5.750%) due 6/15/31(a)(b) | | | | | 327,623 | | |
| | | | 2,774,987 | | | | Structured Asset Investment Loan Trust, Series 2004-7, Class A7, 0.958%
(1-Month USD-LIBOR + 0.840%) due 8/25/34(a) | | | | | 2,770,107 | | |
| | | | | | | | Structured Asset Securities Corp. Mortgage Loan Trust: | | | | | | | |
| | | | 1,000,000 | | | | Series 2005-WF4, Class M6, 1.123% (1-Month USD-LIBOR + 1.005%) due
11/25/35(a) | | | | | 984,999 | | |
| | | | 2,600,000 | | | | Series 2005-WF4, Class M8, 2.743% (1-Month USD-LIBOR + 2.625%) due
11/25/35(a) | | | | | 2,646,544 | | |
| | | | 12,391,460 | | | | Series 2006-BC6, Class A1, 0.278% (1-Month USD-LIBOR + 0.160%) due
1/25/37(a) | | | | | 12,144,466 | | |
| | | | 2,534,298 | | | | Series 2006-BC6, Class A4, 0.288% (1-Month USD-LIBOR + 0.170%) due
1/25/37(a) | | | | | 2,518,937 | | |
| | | | 2,884,728 | | | | Series 2006-GEL1, Class M2, 1.318% (1-Month USD-LIBOR + 1.200%) due
11/25/35(a)(b) | | | | | 2,885,942 | | |
| | | | 3,156,865 | | | | Series 2006-GEL1, Class M3, 3.493% (1-Month USD-LIBOR + 3.375%) due
11/25/35(a)(b) | | | | | 2,919,418 | | |
| | | | 4,957,414 | | | | Terwin Mortgage Trust, Series 2006-5, Class 1A2B, 0.328% (1-Month
USD-LIBOR + 0.210%) due 7/25/37(a)(b) | | | | | 4,884,580 | | |
| | | | 641,418 | | | | Trinitas CLO III Ltd., Series 2015-3A, Class E, 5.491% (3-Month USD-LIBOR +
5.250%) due 7/15/27(a)(b) | | | | | 547,504 | | |
| | | | 1,030,000 | | | | Venture XVIII CLO Ltd., Series 2014-18A, Class ER, 6.831% (3-Month
USD-LIBOR + 6.590%) due 10/15/29(a)(b) | | | | | 907,368 | | |
| | | | | | | | TOTAL ASSET-BACKED SECURITIES
(Cost – $140,515,583) | | | | | 146,984,962 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 8.6% | |
| | Communications – 1.4% | |
| | | $ | 6,446,000 | | | | Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(b)(d) | | | | $ | 6,703,840 | | |
| | | | 3,736,000 | | | | Consolidated Communications Inc., Senior Secured Notes, 6.500% due
10/1/28(b)(d) | | | | | 4,002,190 | | |
| | | | 5,460,000 | | | | HC2 Holdings Inc., Senior Secured Notes, 8.500% due 2/1/26(b) | | | | | 5,432,700 | | |
| | | | | | | | Total Communications | | | | | 16,138,730 | | |
| | Consumer Cyclical – 3.0% | |
| | | | 7,515,000 | | | | Arrow Bidco LLC, Senior Secured Notes, 9.500% due 3/15/24(b)(d) | | | | | 6,763,500 | | |
| | | | 12,550,000 | | | | Cinemark USA Inc., Company Guaranteed Notes, 4.875% due 6/1/23(d) | | | | | 12,420,860 | | |
| | | | 7,800,000 | | | | Guitar Center Inc., Senior Secured Notes, 8.500% due 1/15/26(b) | | | | | 8,204,664 | | |
| | | | 7,800,000 | | | | LSF9 Atlantis Holdings LLC/Victra Finance Corp., Senior Secured Notes,
7.750% due 2/15/26(b) | | | | | 7,974,486 | | |
| | | | | | | | Total Consumer Cyclical | | | | | 35,363,510 | | |
| | Consumer Non-cyclical – 0.7% | |
| | | | 916,000 | | | | Cytokinetics Inc., Senior Unsecured Notes, 4.000% due 11/15/26 | | | | | 1,827,276 | | |
| | | | 5,490,000 | | | | Progenity Inc., Senior Unsecured Notes, 7.250% due 12/1/25(b) | | | | | 7,053,661 | | |
| | | | | | | | Total Consumer Non-cyclical | | | | | 8,880,937 | | |
| | Energy – 0.5% | |
| | | | 5,883,375 | | | | Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(b) | | | | | 5,618,623 | | |
| | Financial – 2.5% | |
| | | | 8,756,000 | | | | ILFC E-Capital Trust I, Limited Guaranteed Notes, 3.230% due 12/21/65(a)(b)(d) | | | | | 7,092,360 | | |
| | | | 13,243,000 | | | | JPMorgan Chase & Co., Junior Subordinated Notes, 3.682% (3-Month
USD-LIBOR + 3.470%) (a)(d)(e) | | | | | 13,182,488 | | |
| | | | 11,627,000 | | | | USB Realty Corp., Junior Subordinated Notes, 1.388% (3-Month USD-LIBOR +
1.147%) (a)(b)(d)(e) | | | | | 8,836,520 | | |
| | | | | | | | Total Financial | | | | | 29,111,368 | | |
| | Industrial – 0.5% | |
| | | | 4,750,000 | | | | Fortress Transportation & Infrastructure Investors LLC, Senior Unsecured Notes,
9.750% due 8/1/27(b) | | | | | 5,418,325 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Cost – $96,154,348) | | | | | 100,531,493 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 29.5% | |
| | COMMUNICATIONS – 0.4% | |
| | Telecommunications – 0.4% | |
| | | | 1,251,448 | | | | HC2 Holdings Inc.*(f) | | | | $ | 4,380,068 | | |
| | CONSUMER CYCLICAL – 0.6% | |
| | Entertainment – 0.6% | |
| | | | 280,741 | | | | Golden Entertainment Inc.* | | | | | 6,633,910 | | |
| | CONSUMER NON-CYCLICAL – 14.2% | |
| | Biotechnology – 5.5% | |
| | | | 68,636 | | | | Alexion Pharmaceuticals Inc.* | | | | | 10,484,149 | | |
| | | | 41,014 | | | | Ascendis Pharma AS, ADR*(d) | | | | | 6,355,940 | | |
| | | | 114,692 | | | | Black Diamond Therapeutics Inc.* | | | | | 3,211,376 | | |
| | | | 576,574 | | | | Crinetics Pharmaceuticals Inc.* | | | | | 8,815,816 | | |
| | | | 526,326 | | | | Relay Therapeutics Inc.*(d) | | | | | 21,721,474 | | |
| | | | 121,607 | | | | SpringWorks Therapeutics Inc.* | | | | | 10,464,282 | | |
| | | | 202,993 | | | | Trillium Therapeutics Inc.*(f) | | | | | 2,303,971 | | |
| | | | | | | | Total Biotechnology | | | | | 63,357,008 | | |
| | Healthcare-Products – 1.2% | |
| | | | 210,298 | | | | Alphatec Holdings Inc.* | | | | | 3,375,283 | | |
| | | | 100,399 | | | | Avita Medical Inc.* | | | | | 2,182,674 | | |
| | | | 54,523 | | | | Itamar Medical Ltd., ADR* | | | | | 1,248,032 | | |
| | | | 393,649 | | | | SeaSpine Holdings Corp.* | | | | | 7,447,839 | | |
| | | | | | | | Total Healthcare-Products | | | | | 14,253,828 | | |
| | Healthcare-Services – 2.3% | |
| | | | 640,701 | | | | Invitae Corp.*(d) | | | | | 25,711,331 | | |
| | | | 190,196 | | | | Progenity Inc.*(f) | | | | | 1,040,372 | | |
| | | | | | | | Total Healthcare-Services | | | | | 26,751,703 | | |
| | Pharmaceuticals – 5.2% | |
| | | | 690,553 | | | | AdaptHealth Corp., Class A Shares*(d) | | | | | 21,248,316 | | |
| | | | 366,422 | | | | Bausch Health Cos., Inc.* | | | | | 11,512,979 | | |
| | | | 851,177 | | | | Cytokinetics Inc.*(d) | | | | | 15,942,545 | | |
| | | | 106,834 | | | | Merus NV* | | | | | 2,403,765 | | |
| | | | 425,771 | | | | Odonate Therapeutics Inc.*(f) | | | | | 8,962,480 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 60,070,085 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 164,432,624 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | DIVERSIFIED – 6.4% | |
| | SPACs – 6.4% | |
| | | | 266,860 | | | | BCTG Acquisition Corp.*(f) | | | | $ | 3,119,593 | | |
| | | | 156,560 | | | | Class Acceleration Corp.* | | | | | 1,623,527 | | |
| | | | 386,550 | | | | CM Life Sciences II Inc.*(g) | | | | | 5,218,425 | | |
| | | | 510,787 | | | | CM Life Sciences Inc., Class A Shares*@ | | | | | 10,220,848 | | |
| | | | 78,410 | | | | Deep Lake Capital Acquisition Corp.* | | | | | 825,657 | | |
| | | | 529,393 | | | | EJF Acquisition Corp.*(g) | | | | | 5,330,988 | | |
| | | | 131,699 | | | | FG New America Acquisition Corp., Class A Shares*(f) | | | | | 1,336,745 | | |
| | | | 2,135 | | | | ION Acquisition Corp. 1 Ltd., Class A Shares* | | | | | 23,485 | | |
| | | | 667,561 | | | | Jack Creek Investment Corp.* | | | | | 6,875,878 | | |
| | | | 488,171 | | | | L&F Acquisition Corp., Class A Shares* | | | | | 4,964,699 | | |
| | | | 883,605 | | | | Montes Archimedes Acquisition Corp., Class A Shares* | | | | | 9,012,771 | | |
| | | | 464,904 | | | | Senior Connect Acquisition Corp. I, Class A Shares* | | | | | 4,700,179 | | |
| | | | 772,800 | | | | Soaring Eagle Acquisition Corp.*(g) | | | | | 8,384,880 | | |
| | | | 438,892 | | | | Tekkorp Digital Acquisition Corp., Class A Shares* | | | | | 4,586,421 | | |
| | | | 263,615 | | | | Thayer Ventures Acquisition Corp., Class A Shares* | | | | | 2,675,692 | | |
| | | | 310,520 | | | | Tishman Speyer Innovation Corp. II* | | | | | 3,260,460 | | |
| | | | 78,060 | | | | Z-Work Acquisition Corp.* | | | | | 811,824 | | |
| | | | | | | | Total SPACs | | | | | 72,972,072 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 72,972,072 | | |
| | FINANCIAL – 5.2% | |
| | Banks – 3.0% | |
| | | | 986,773 | | | | Eastern Bankshares Inc.*(d) | | | | | 17,377,072 | | |
| | | | 735,718 | | | | HarborOne Bancorp Inc. | | | | | 8,791,830 | | |
| | | | 750,566 | | | | Kearny Financial Corp. | | | | | 8,518,924 | | |
| | | | | | | | Total Banks | | | | | 34,687,826 | | |
| | Equity Real Estate Investment Trusts (REITs) – 1.3% | |
| | | | 151,448 | | | | Equity Commonwealth | | | | | 4,272,348 | | |
| | | | 305,159 | | | | MGM Growth Properties LLC, Class A Shares | | | | | 10,076,350 | | |
| | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | 14,348,698 | | |
| | Savings & Loans – 0.9% | |
| | | | 569,360 | | | | Waterstone Financial Inc.(d) | | | | | 11,062,665 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 60,099,189 | | |
| | INDUSTRIAL – 0.9% | |
| | Transportation – 0.9% | |
| | | | 89,437 | | | | XPO Logistics Inc.* | | | | | 10,428,354 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – 1.6% | |
| | Software – 1.6% | |
| | | | 299,544 | | | | Donnelley Financial Solutions Inc.* | | | | $ | 7,785,148 | | |
| | | | 270,362 | | | | Slack Technologies Inc., Class A Shares*(d) | | | | | 11,065,917 | | |
| | | | | | | | Total Software | | | | | 18,851,065 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 18,851,065 | | |
| | UTILITIES – 0.2% | |
| | Electric – 0.2% | |
| | | | 135,187 | | | | Vistra Corp.(d) | | | | | 2,331,976 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $277,235,305) | | | | | 340,129,258 | | |
| | OPEN-END FUND – 18.0% | |
| | | | 18,118,217 | | | | JPMorgan Strategic Income Opportunities Fund, Class R6 Shares
(Cost – $209,409,153) | | | | | 209,084,222 | | |
| | PREFERRED STOCKS – 0.9% | |
| | CONSUMER CYCLICAL – 0.7% | |
| | Retail – 0.7% | |
| | | | 85,000 | | | | Qurate Retail Inc., 8.000% | | | | | 8,382,700 | | |
| | FINANCIAL – 0.2% | |
| | Financial Services – 0.2% | |
| | | | 1,210,522 | | | | 14ner Oncology Inc.*(g)(h)@ | | | | | 2,311,250 | | |
| | | | | | | | TOTAL PREFERRED STOCKS
(Cost – $10,774,119) | | | | | 10,693,950 | | |
| | CLOSED-END FUND – 0.5% | |
| | | | 230,533 | | | | Fortress Transportation & Infrastructure Investors LLC, Class Common Shares
(Cost – $4,437,587) | | | | | 6,162,147 | | |
| | WARRANTS – 0.1% | |
| | DIVERSIFIED – 0.1% | |
| | SPACs – 0.1% | |
| | | | 26,187 | | | | ION Acquisition Corp. 1 Ltd.*(g) | | | | | 71,229 | | |
| | | | 244,085 | | | | L&F Acquisition Corp.*(g) | | | | | 334,397 | | |
| | | | 441,802 | | | | Montes Archimedes Acquisition Corp.*(g) | | | | | 636,195 | | |
| | | | 232,452 | | | | Senior Connect Acquisition Corp. I*(g) | | | | | 276,618 | | |
| | | | 219,657 | | | | Tekkorp Digital Acquisition Corp.*(g) | | | | | 395,383 | | |
| | | | 131,807 | | | | Thayer Ventures Acquisition Corp.*(g) | | | | | 160,805 | | |
| | | | 162,182 | | | | TS Innovation Acquisitions Corp.*(g) | | | | | 493,033 | | |
| | | | 23,299 | | | | X4 Pharmaceuticals Inc.* | | | | | 280 | | |
| | | | | | | | Total SPACs | | | | | 2,367,940 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| Shares/Units | | | Security | | | Value | |
| WARRANTS – (continued) | |
| DIVERSIFIED – (continued) | |
| SPACs – (continued) | |
| | | | TOTAL DIVERSIFIED | | | | $ | 2,367,940 | | |
| | | | TOTAL WARRANTS
(Cost – $2,243,092) | | | | | 2,367,940 | | |
| | Number of
Contracts | | | Notional
Amounts | | | Security | | | Value | |
| | PURCHASED OPTION – 0.0% | | |
| | Equity Option – 0.0% | | |
| | | | 1,561 | | | | $23,102,800 | | | SPDR S&P Biotech, Call, 185.00, expires 3/19/21 | | | | | 10,927 | | |
| | | | | | | | | | | PURCHASED OPTION
(Cost – $170,051) | | | | | 10,927 | | |
| | | | | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $968,081,936) | | | | | 1,046,272,320 | | |
| | Face Amount† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 6.2% | |
| | TIME DEPOSITS – 6.2% | |
| | | $ | 46,506,827 | | | | ANZ National Bank – London, 0.000% due 3/1/21 | | | | | 46,506,827 | | |
| | | | 25,509,809 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.000% due 3/1/21 | | | | | 25,509,809 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $72,016,636) | | | | | 72,016,636 | | |
| | Shares/Units | | | | | | | | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6% | |
| | MONEY MARKET FUND – 0.6% | |
| | | | 6,982,247 | | | | Federated Government Obligations Fund, Premier Class, 0.000%(i)
(Cost – $6,982,247) | | | | $ | 6,982,247 | | |
| | | | | | | | TOTAL INVESTMENTS – 96.8%
(Cost – $1,047,080,819) | | | | | 1,125,271,203 | | |
| | | | | | | | Other Assets in Excess of Liabilities – 3.2% | | | | | 37,219,902 | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 1,162,491,105 | | |
†
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 February 28, 2021.
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2021, amounts to $155,739,689 and represents 13.40% of net assets.
(c)
Interest only security.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
(d)
All or a portion of this security is pledged by the Fund as collateral for short sales or derivative transactions.
(e)
Security is perpetual in nature and has no stated maturity date.
(f)
All or a portion of this security is on loan (See Note 5).
(g)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2021, amounts to $23,613,203 and represents 2.03% of net assets.
(h)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
(i)
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 | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
| 14ner Oncology Inc. | | | | | 11/10/2020 | | | | | $ | 2,311,250 | | | | | $ | 2,311,250 | | | | | | 0.20% | | |
| CM Life Sciences Inc., Class A Shares | | | | | 2/9/2021 | | | | | | 5,411,623 | | | | | | 10,220,848 | | | | | | 0.88% | | |
| Federal National Mortgage Association (FNMA), Connecticut Avenue Securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Series 2015-C04, Class 1M2, 5.818% (1-Month USD-LIBOR +
5.700%) due 4/25/28 | | | | | 3/26/2020 | | | | | | 2,461,077 | | | | | | 2,362,807 | | | | | | 0.20% | | |
Series 2016-C01, Class 1M2, 6.868% (1-Month USD-LIBOR +
6.750%) due 8/25/28 | | | | | 3/6/2020 | | | | | | 12,350,512 | | | | | | 8,663,798 | | | | | | 0.75% | | |
Series 2016-C01, Class 2M2, 7.068% (1-Month USD-LIBOR +
6.950%) due 8/25/28 | | | | | 6/17/2020 | | | | | | 1,937,252 | | | | | | 1,305,848 | | | | | | 0.11% | | |
Series 2016-C03, Class 1M2, 5.418% (1-Month USD-LIBOR +
5.300%) due 10/25/28 | | | | | 3/19/2020 | | | | | | 4,586,779 | | | | | | 3,371,356 | | | | | | 0.29% | | |
Series 2016-C03, Class 2M2, 6.018% (1-Month USD-LIBOR +
5.900%) due 10/25/28 | | | | | 3/17/2020 | | | | | | 10,679,602 | | | | | | 9,024,515 | | | | | | 0.78% | | |
Series 2016-C04, Class 1M2, 4.368% (1-Month USD-LIBOR +
4.250%) due 1/25/29 | | | | | 2/25/2021 | | | | | | 263,109 | | | | | | 264,545 | | | | | | 0.02% | | |
Series 2016-C05, Class 2M2, 4.568% (1-Month USD-LIBOR +
4.450%) due 1/25/29 | | | | | 4/26/2019 | | | | | | 13,256,048 | | | | | | 7,533,781 | | | | | | 0.65% | | |
Series 2016-C07, Class 2M2, 4.468% (1-Month USD-LIBOR +
4.350%) due 5/25/29 | | | | | 5/9/2019 | | | | | | 14,220,702 | | | | | | 11,007,238 | | | | | | 0.95% | | |
Series 2017-C01, Class 1B1, 5.868% (1-Month USD-LIBOR +
5.750%) due 7/25/29 | | | | | 11/17/2020 | | | | | | 7,627,325 | | | | | | 7,732,360 | | | | | | 0.67% | | |
Series 2017-C01, Class 1M2, 3.668% (1-Month USD-LIBOR +
3.550%) due 7/25/29 | | | | | 11/24/2020 | | | | | | 3,964,239 | | | | | | 3,521,554 | | | | | | 0.30% | | |
Series 2017-C01, Class 1M2C, 3.668% (1-Month USD-LIBOR +
3.550%) due 7/25/29 | | | | | 4/16/2020 | | | | | | 1,494,000 | | | | | | 1,867,034 | | | | | | 0.16% | | |
Series 2017-C02, Class 2M2, 3.768% (1-Month USD-LIBOR +
3.650%) due 9/25/29 | | | | | 8/20/2019 | | | | | | 11,339,688 | | | | | | 6,921,876 | | | | | | 0.60% | | |
Series 2017-C02, Class 2M2C, 3.768% (1-Month USD-LIBOR +
3.650%) due 9/25/29 | | | | | 5/19/2020 | | | | | | 3,909,346 | | | | | | 4,069,143 | | | | | | 0.35% | | |
| Series 2017-C02, Class 2X3, 2.300% due 9/25/29 | | | | | 2/11/2021 | | | | | | 101,032 | | | | | | 86,913 | | | | | | 0.01% | | |
Series 2017-C03, Class 1B1, 4.968% (1-Month USD-LIBOR +
4.850%) due 10/25/29 | | | | | 1/12/2021 | | | | | | 6,145,425 | | | | | | 6,207,652 | | | | | | 0.53% | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
| Security | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
Series 2017-C03, Class 1M2C, 3.118% (1-Month USD-LIBOR +
3.000%) due 10/25/29 | | | | | 2/16/2021 | | | | | | 5,091,552 | | | | | | 5,080,431 | | | | | | 0.44% | | |
| Series 2017-C03, Class 1X1, 2.300% due 10/25/29 | | | | | 2/16/2021 | | | | | | 181,485 | | | | | | 185,854 | | | | | | 0.02% | | |
Series 2017-C05, Class 1M2, 2.318% (1-Month USD-LIBOR +
2.200%) due 1/25/30 | | | | | 9/13/2019 | | | | | | 13,707,513 | | | | | | 8,816,471 | | | | | | 0.76% | | |
Series 2017-C07, Class 1M2, 2.518% (1-Month USD-LIBOR +
2.400%) due 5/25/30 | | | | | 8/3/2020 | | | | | | 2,977,173 | | | | | | 2,588,882 | | | | | | 0.22% | | |
Series 2018-C01, Class 1ED5, 2.368% (1-Month USD-LIBOR +
2.250%) due 7/25/30 | | | | | 1/25/2021 | | | | | | 16,072,145 | | | | | | 15,974,566 | | | | | | 1.37% | | |
Series 2018-C01, Class 1M2, 2.368% (1-Month USD-LIBOR +
2.250%) due 7/25/30 | | | | | 9/11/2019 | | | | | | 22,915,284 | | | | | | 11,661,927 | | | | | | 1.00% | | |
Series 2018-C03, Class 1M2, 2.268% (1-Month USD-LIBOR +
2.150%) due 10/25/30 | | | | | 12/18/2019 | | | | | | 11,086,797 | | | | | | 7,419,012 | | | | | | 0.64% | | |
Series 2018-C05, Class 1B1, 4.368% (1-Month USD-LIBOR +
4.250%) due 1/25/31 | | | | | 10/22/2020 | | | | | | 1,499,569 | | | | | | 1,155,961 | | | | | | 0.10% | | |
| Freddie Mac Structured Agency Credit Risk Debt Notes: | | | | | | | | | | | | | | | | | | | | | | | | | |
Series 2016-DNA1, Class M3, 5.680% (1-Month USD-LIBOR +
5.550%) due 7/25/28 | | | | | 6/9/2020 | | | | | | 8,870,464 | | | | | | 7,289,513 | | | | | | 0.63% | | |
Series 2016-DNA3, Class M3, 5.118% (1-Month USD-LIBOR +
5.000%) due 12/25/28 | | | | | 6/26/2020 | | | | | | 3,671,535 | | | | | | 3,426,433 | | | | | | 0.29% | | |
Series 2016-HQA1, Class M3, 6.468% (1-Month USD-LIBOR +
6.350%) due 9/25/28 | | | | | 3/6/2020 | | | | | | 7,081,015 | | | | | | 5,499,452 | | | | | | 0.47% | | |
Series 2017-DNA2, Class B1, 5.268% (1-Month USD-LIBOR +
5.150%) due 10/25/29 | | | | | 11/9/2020 | | | | | | 7,471,490 | | | | | | 7,561,032 | | | | | | 0.65% | | |
Series 2017-DNA2, Class M2, 3.568% (1-Month USD-LIBOR +
3.450%) due 10/25/29 | | | | | 3/9/2020 | | | | | | 5,020,438 | | | | | | 5,101,342 | | | | | | 0.44% | | |
Series 2017-HQA1, Class M2, 3.668% (1-Month USD-LIBOR +
3.550%) due 8/25/29 | | | | | 9/9/2019 | | | | | | 17,024,193 | | | | | | 9,499,001 | | | | | | 0.82% | | |
| Series 2017-HQA1, Class M2B, 3.668% (1-Month USD-LIBOR + 3.550%) due 8/25/29 | | | | | 8/4/2020 | | | | | | 2,913,183 | | | | | | 3,082,210 | | | | | | 0.27% | | |
Series 2017-HQA2, Class M2, 2.768% (1-Month USD-LIBOR +
2.650%) due 12/25/29 | | | | | 11/18/2019 | | | | | | 10,338,219 | | | | | | 9,391,610 | | | | | | 0.81% | | |
| | | | | | | | | | | | | | | | | $ | 190,206,215 | | | | | | 16.38% | | |
| |
Abbreviations used in this schedule:
ABS
— Asset-Based Security
ADR
— American Depositary Receipts
CLO
— Collateralized Loan Obligation
LIBOR
— London Interbank Offered Rate
LLC
— Limited Liability Company
PLC
— Public Limited Company
SPDR
— Standard & Poor’s Depository Receipts
SPACs
— Special Purpose Acquisition Companies
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (continued)
Summary of Investments by Security Type^
| | Common Stocks | | | | | 30.2% | | |
| | Collateralized Mortgage Obligations | | | | | 20.5 | | |
| | Open-End Fund | | | | | 18.6 | | |
| | Asset-Backed Securities | | | | | 13.1 | | |
| | Corporate Bonds & Notes | | | | | 8.9 | | |
| | Preferred Stocks | | | | | 1.0 | | |
| | Closed-End Fund | | | | | 0.5 | | |
| | Warrants | | | | | 0.2 | | |
| | Purchased Option | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 6.4 | | |
| | Money Market Fund | | | | | 0.6 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
At February 28, 2021, 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 | | | Counterparty | | | Implied Credit
Spread at
2/28/2021(2) | | | Notional
Amounts
in (000’s)(3) | | | Market Value | | | Upfront
Premiums
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| CDX.NA.IG.31 | | | | | 1.000% | | | | | | 12/20/2023 | | | | 3-Month | | | GSC | | | | | 1.499% | | | | | $ | 20,000 | | | | | $ | (240,798) | | | | | $ | (1,206,000) | | | | | $ | 965,202 | | |
| CDX.NA.IG.31 | | | | | 1.000% | | | | | | 12/20/2023 | | | | 3-Month | | | GSC | | | | | 1.499% | | | | | | 10,000 | | | | | | (120,399) | | | | | | (750,000) | | | | | | 629,601 | | |
| CDX.NA.IG.33 | | | | | 1.000% | | | | | | 12/20/2024 | | | | 3-Month | | | MSCS | | | | | 2.319% | | | | | | 10,000 | | | | | | (472,908) | | | | | | (670,000) | | | | | | 197,092 | | |
| CDX.NA.IG.33 | | | | | 1.000% | | | | | | 12/20/2024 | | | | 3-Month | | | MSCS | | | | | 2.319% | | | | | | 10,000 | | | | | | (472,908) | | | | | | (1,152,000) | | | | | | 679,092 | | |
| CDX.NA.IG.33 | | | | | 1.000% | | | | | | 12/20/2024 | | | | 3-Month | | | MSCS | | | | | 2.319% | | | | | | 10,000 | | | | | | (472,908) | | | | | | (2,040,000) | | | | | | 1,567,092 | | |
| CDX.NA.IG.33 | | | | | 1.000% | | | | | | 12/20/2024 | | | | 3-Month | | | MSCS | | | | | 2.319% | | | | | | 10,000 | | | | | | (472,908) | | | | | | (2,600,000) | | | | | | 2,127,092 | | |
| CDX.NA.IG.35 | | | | | 1.000% | | | | | | 12/20/2025 | | | | 3-Month | | | GSC | | | | | 2.380% | | | | | | 10,000 | | | | | | (623,001) | | | | | | (905,000) | | | | | | 281,999 | | |
| CDX.NA.HY.35 | | | | | 5.000% | | | | | | 12/20/2025 | | | | 3-Month | | | MSCS | | | | | 4.425% | | | | | | 10,000 | | | | | | 357,745 | | | | | | 405,000 | | | | | | (47,255) | | |
| CDX.NA.IG.29 | | | | | 1.000% | | | | | | 12/20/2022 | | | | 3-Month | | | GSC | | | | | 0.262% | | | | | | 100,000 | | | | | | 1,545,553 | | | | | | 1,440,000 | | | | | | 105,553 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (972,532) | | | | | $ | (7,478,000) | | | | | $ | 6,505,468 | | |
(1)
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay 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
See Notes to Financial Statements.
Schedules of Investments
February 28, 2021
Destinations Multi Strategy Alternatives Fund (concluded)
under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(3)
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
Counterparty Abbreviations used in this schedule:
GSC
— Goldman Sachs & Co.
MSCS
— Morgan Stanley Capital Services LLC
| | Shares/Units | | | Security | | | Value | |
| | SECURITIES SOLD SHORT – 10.5% | |
| | EXCHANGE TRADED FUNDS (ETFs) – 9.5% | |
| | | | 82,618 | | | | iShares Nasdaq Biotechnology | | | | $ | 12,965,243 | | |
| | | | 658,451 | | | | SPDR S&P Biotech | | | | | 97,450,748 | | |
| | | | | | | | Total Exchange Traded Funds (ETFs) | | | | | 110,415,991 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Proceeds – $93,765,058) | | | | | 110,415,991 | | |
| | COMMON STOCKS – 1.0% | |
| | COMMUNICATIONS – 0.0% | |
| | Telecommunications – 0.0% | |
| | | | 14,544 | | | | Cincinnati Bell Inc.* | | | | | 222,232 | | |
| | CONSUMER NON-CYCLICAL – 0.6% | |
| | Pharmaceuticals – 0.6% | |
| | | | 145,723 | | | | AstraZeneca PLC, ADR | | | | | 7,050,079 | | |
| | | | 5,938 | | | | Herbalife Nutrition Ltd.* | | | | | 267,091 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 7,317,170 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 7,317,170 | | |
| | TECHNOLOGY – 0.4% | |
| | Software – 0.4% | |
| | | | 20,908 | | | | salesforce.com Inc.* | | | | | 4,526,582 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Proceeds – $12,741,306) | | | | | 12,065,984 | | |
| | | | | | | | TOTAL SECURITIES SOLD SHORT – 10.5%
(Proceeds – $106,506,364) | | | | $ | 122,481,975 | | |
*
Non-income producing security.
See Notes to Financial Statements.
Ratings (unaudited)
The definitions of the applicable rating symbols are set forth below:
Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.
AAA — Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.
AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are some what 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 some what 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.
Ratings (unaudited) (concluded)
Ca — Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.
C — Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.
e — Expected.
u — Upgraded.
Fitch Ratings Service (“Fitch”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.
AAA — Bonds rated “AAA” have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.
AAApre — Stable Outlook rating is based on the pledge of securities in the escrow deposit fund securing the bonds and reflects the lien of the refunded bondholders on the escrow trust funds and that all amounts have been invested in direct non-callable obligations of the United States.
AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.
NR — Indicates that the bond is not rated by Standard & Poor’s, Moody’s, or Fitch.
WD, WR — Indicates that the bonds rating has been withdrawn and the issuer is no longer rated by Standard & Poor’s, Moody’s or Fitch.
Short-Term Security Ratings
SP-1 — Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
A-1 — Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
VMIG 1 — Moody’s highest rating for issues having a demand feature — VRDO.
MIG1 — Moody’s highest rating for short-term municipal obligations.
P-1 — Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.
F-1 — Fitch’s highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.
F-2 — Fitch’s rating indicating a good capacity for timely payment of financial commitments.
Statements of Assets and Liabilities
February 28, 2021
| | | | Destinations
Large Cap
Equity
Fund | | | Destinations
Small-Mid
Cap Equity
Fund | | | Destinations
International
Equity Fund | | | Destinations
Equity Income
Fund | | | Destinations
Core Fixed
Income
Fund | |
| ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value(1),(2) . | | | | $ | 4,737,735,835 | | | | | $ | 1,266,408,953 | | | | | $ | 2,478,115,654 | | | | | $ | 405,831,368 | | | | | $ | 2,408,842,068 | | |
Foreign currency, at value(3) | | | | | — | | | | | | — | | | | | | 993,166 | | | | | | — | | | | | | — | | |
| Cash. | | | | | 316 | | | | | | 31 | | | | | | 236 | | | | | | 20 | | | | | | 866 | | |
| Receivable for securities sold | | | | | 51,487,529 | | | | | | 19,509,589 | | | | | | 7,494,413 | | | | | | 95,293 | | | | | | 220,704,727 | | |
| Dividends and interest receivable | | | | | 4,929,814 | | | | | | 766,138 | | | | | | 3,750,743 | | | | | | 1,551,479 | | | | | | 8,406,779 | | |
| Receivable for Fund shares sold. | | | | | 2,722,018 | | | | | | 745,138 | | | | | | 1,432,543 | | | | | | 195,948 | | | | | | 904,158 | | |
| Receivable for expense reimbursement | | | | | — | | | | | | 1,852 | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized appreciation on open forward foreign currency contracts (Note 4) | | | | | — | | | | | | — | | | | | | 142,993 | | | | | | — | | | | | | — | | |
Deposits with counterparty(4) | | | | | 356,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Prepaid expenses | | | | | 60,347 | | | | | | 2,086 | | | | | | 10,126 | | | | | | — | | | | | | 6,190 | | |
| Total Assets | | | | | 4,797,291,859 | | | | | | 1,287,433,787 | | | | | | 2,491,939,874 | | | | | | 407,674,108 | | | | | | 2,638,864,788 | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for collateral received from securities on loan | | | | | 4,160,982 | | | | | | 22,638,714 | | | | | | 43,364,799 | | | | | | 8,305,200 | | | | | | — | | |
| Payable for Fund shares repurchased | | | | | 1,311,345 | | | | | | 339,316 | | | | | | 665,502 | | | | | | 136,020 | | | | | | 892,009 | | |
| Payable for securities purchased | | | | | 55,983,332 | | | | | | 22,072,733 | | | | | | 6,589,968 | | | | | | 231,228 | | | | | | 418,468,586 | | |
| Investment management fee payable | | | | | 2,327,151 | | | | | | 868,175 | | | | | | 1,960,428 | | | | | | 212,031 | | | | | | 963,300 | | |
| Transfer agent fees payable | | | | | 467,958 | | | | | | 123,456 | | | | | | 269,227 | | | | | | 32,886 | | | | | | 239,028 | | |
| Custody fee payable | | | | | 253,997 | | | | | | 73,505 | | | | | | 298,404 | | | | | | 35,902 | | | | | | 245,776 | | |
| Trustees’ fees payable. | | | | | — | | | | | | — | | | | | | — | | | | | | 1,020 | | | | | | — | | |
| Registration fees payable. | | | | | 107,858 | | | | | | 15,127 | | | | | | 9,944 | | | | | | 18,616 | | | | | | 4,791 | | |
| Shareholder services | | | | | — | | | | | | 9,310 | | | | | | 47,860 | | | | | | 7,005 | | | | | | 8,685 | | |
| Variation margin on open future contracts (Note 4). | | | | | 30,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forward sale commitments(5) (Note 5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,627,954 | | |
Due to custodian(3). | | | | | 46 | | | | | | — | | | | | | — | | | | | | 13 | | | | | | — | | |
Options contracts written, at value(6) (Note 4). | | | | | — | | | | | | — | | | | | | 30,377 | | | | | | — | | | | | | — | | |
| Foreign capital gains tax payable | | | | | — | | | | | | — | | | | | | 5,961,335 | | | | | | — | | | | | | — | | |
| Accrued Chief Compliance Officer expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,200 | | |
| Accrued expenses. | | | | | 67,647 | | | | | | 25,933 | | | | | | 75,028 | | | | | | 23,731 | | | | | | 51,725 | | |
| Total Liabilities | | | | | 64,710,316 | | | | | | 46,166,269 | | | | | | 59,272,872 | | | | | | 9,003,652 | | | | | | 438,513,054 | | |
| Total Net Assets | | | | $ | 4,732,581,543 | | | | | $ | 1,241,267,518 | | | | | $ | 2,432,667,002 | | | | | $ | 398,670,456 | | | | | $ | 2,200,351,734 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Par value | | | | $ | 302,920 | | | | | $ | 76,654 | | | | | $ | 162,378 | | | | | $ | 38,915 | | | | | $ | 215,654 | | |
| Paid-in capital in excess of par value | | | | | 2,978,389,439 | | | | | | 757,687,466 | | | | | | 1,694,695,666 | | | | | | 395,757,230 | | | | | | 2,164,881,470 | | |
| Total distributable earnings (losses). | | | | | 1,753,889,184 | | | | | | 483,503,398 | | | | | | 737,808,958 | | | | | | 2,874,311 | | | | | | 35,254,610 | | |
| Total Net Assets | | | | $ | 4,732,581,543 | | | | | $ | 1,241,267,518 | | | | | $ | 2,432,667,002 | | | | | $ | 398,670,456 | | | | | $ | 2,200,351,734 | | |
| Total Net Assets Class I | | | | $ | 4,449,739,455 | | | | | $ | 1,167,045,614 | | | | | $ | 2,287,856,085 | | | | | $ | 374,559,833 | | | | | $ | 2,079,235,599 | | |
| Total Net Assets Class Z | | | | $ | 282,842,088 | | | | | $ | 74,221,904 | | | | | $ | 144,810,917 | | | | | $ | 24,110,623 | | | | | $ | 121,116,135 | | |
| Shares Outstanding Class I | | | | | 280,839,376 | | | | | | 71,020,705 | | | | | | 151,394,796 | | | | | | 36,489,674 | | | | | | 204,075,274 | | |
| Shares Outstanding Class Z | | | | | 22,080,228 | | | | | | 5,633,649 | | | | | | 10,983,048 | | | | | | 2,425,821 | | | | | | 11,578,791 | | |
| Net Asset Value Class I | | | | $ | 15.84 | | | | | $ | 16.43 | | | | | $ | 15.11 | | | | | $ | 10.26 | | | | | $ | 10.19 | | |
| Net Asset Value Class Z | | | | $ | 12.81 | | | | | $ | 13.17 | | | | | $ | 13.18 | | | | | $ | 9.94 | | | | | $ | 10.46 | | |
| (1) Investments, at cost | | | | $ | 3,208,621,444 | | | | | $ | 941,346,860 | | | | | $ | 1,711,173,987 | | | | | $ | 366,256,613 | | | | | $ | 2,435,766,806 | | |
| (2) Includes securities on loan | | | | $ | 4,049,810 | | | | | $ | 22,084,868 | | | | | $ | 41,425,271* | | | | | $ | 7,700,542 | | | | | $ | — | | |
| (3) Foreign currency, at cost | | | | $ | (47) | | | | | $ | — | | | | | $ | 1,005,471 | | | | | $ | (12) | | | | | $ | — | | |
| (4) Related to futures contracts | | | | $ | 356,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| (5) Proceeds received . | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,685,667 | | |
| (6) Premiums received | | | | $ | — | | | | | $ | — | | | | | $ | 36,501 | | | | | $ | — | | | | | $ | — | | |
*
Amount includes securities with a value of $89,856 that have been sold and are pending settlement.
See Notes to Financial Statements.
Statements of Assets and Liabilities
February 28, 2021 (concluded)
| | | | 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) . | | | | $ | 473,852,338 | | | | | $ | 774,483,679 | | | | | $ | 933,563,121 | | | | | $ | 1,125,271,203 | | |
Foreign currency, at value(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Cash. | | | | | 262 | | | | | | 205 | | | | | | 372 | | | | | | 354 | | |
| Unrealized appreciation on unfunded loan commitments | | | | | 132,915 | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for securities sold | | | | | 3,520,917 | | | | | | 8,884,516 | | | | | | 601,321 | | | | | | 9,938,946 | | |
| Dividends and interest receivable | | | | | 3,719,014 | | | | | | 7,857,139 | | | | | | 7,634,130 | | | | | | 1,462,199 | | |
| Receivable for Fund shares sold. | | | | | 228,919 | | | | | | 376,794 | | | | | | 909,720 | | | | | | 581,465 | | |
| Receivable for expense reimbursement | | | | | — | | | | | | — | | | | | | 8,468 | | | | | | — | | |
| Unrealized appreciation on open forward foreign currency contracts (Note 4) | | | | | 264,326 | | | | | | 308,805 | | | | | | — | | | | | | — | | |
| Unrealized appreciation on swap contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | 6,552,723 | | |
| Upfront premiums paid on swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 1,845,000 | | |
| Deposits with counterparty | | | | | — | | | | | | 5,000,000(4) | | | | | | — | | | | | | 15,963,778(7) | | |
| Cash held at Broker | | | | | — | | | | | | 5,457,353 | | | | | | — | | | | | | 172,106,424 | | |
| Prepaid expenses | | | | | — | | | | | | — | | | | | | — | | | | | | 489 | | |
| Total Assets | | | | | 481,718,691 | | | | | | 802,368,491 | | | | | | 942,717,132 | | | | | | 1,333,722,581 | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for collateral received from securities on loan | | | | | 2,896,830 | | | | | | 2,156,744 | | | | | | — | | | | | | 6,982,247 | | |
| Payable for Fund shares repurchased | | | | | 332,654 | | | | | | 350,248 | | | | | | 357,307 | | | | | | 423,892 | | |
| Payable for securities purchased | | | | | 37,872,574 | | | | | | 35,101,862 | | | | | | 31,872,302 | | | | | | 30,670,833 | | |
| Investment management fee payable | | | | | 234,243 | | | | | | 429,345 | | | | | | 376,221 | | | | | | 824,363 | | |
| Transfer agent fees payable | | | | | 47,214 | | | | | | 73,078 | | | | | | 88,942 | | | | | | 117,799 | | |
| Custody fee payable | | | | | 52,746 | | | | | | 73,365 | | | | | | 113,911 | | | | | | 84,100 | | |
| Trustees’ fees payable. | | | | | 1,515 | | | | | | 659 | | | | | | 845 | | | | | | — | | |
| Registration fees payable. | | | | | 37,950 | | | | | | 41,387 | | | | | | 44,930 | | | | | | 22,247 | | |
| Shareholder services | | | | | 3,123 | | | | | | 7,742 | | | | | | 20,404 | | | | | | 645 | | |
| Upfront premiums received on swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 9,323,000 | | |
| Unrealized depreciation on unfunded loan commitments | | | | | 16,660 | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized depreciation on swap contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | 47,255 | | |
Securities sold short(5) (Note 5) | | | | | — | | | | | | 6,012,007 | | | | | | — | | | | | | 122,481,975 | | |
Due to custodian(3). | | | | | 221 | | | | | | 124 | | | | | | — | | | | | | — | | |
Options contracts written, at value(6) (Note 4). | | | | | — | | | | | | 197,822 | | | | | | — | | | | | | — | | |
| Unrealized depreciation on open forward foreign currency contracts (Note 4) | | | | | 4,218 | | | | | | 3,872 | | | | | | — | | | | | | — | | |
| Investment interest payable on securities sold short | | | | | — | | | | | | 13,141 | | | | | | — | | | | | | — | | |
| Dividends payable for securities sold short. | | | | | — | | | | | | — | | | | | | — | | | | | | 138,437 | | |
| Accrued Chief Compliance Officer expense | | | | | 2,033 | | | | | | 4,677 | | | | | | — | | | | | | 5,224 | | |
| Accrued expenses. | | | | | 19,751 | | | | | | 23,111 | | | | | | 23,840 | | | | | | 109,459 | | |
| Total Liabilities | | | | | 41,521,732 | | | | | | 44,489,184 | | | | | | 32,898,702 | | | | | | 171,231,476 | | |
| Total Net Assets | | | | $ | 440,196,959 | | | | | $ | 757,879,307 | | | | | $ | 909,818,430 | | | | | $ | 1,162,491,105 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Par value | | | | $ | 45,204 | | | | | $ | 75,556 | | | | | $ | 87,684 | | | | | $ | 110,104 | | |
| Paid-in capital in excess of par value | | | | | 444,064,770 | | | | | | 762,029,190 | | | | | | 878,742,099 | | | | | | 1,097,036,189 | | |
| Total distributable earnings (losses). | | | | | (3,913,015) | | | | | | (4,225,439) | | | | | | 30,988,647 | | | | | | 65,344,812 | | |
| Total Net Assets | | | | $ | 440,196,959 | | | | | $ | 757,879,307 | | | | | $ | 909,818,430 | | | | | $ | 1,162,491,105 | | |
| Total Net Assets Class I | | | | $ | 418,188,512 | | | | | $ | 717,824,385 | | | | | $ | 883,947,639 | | | | | $ | 1,102,027,772 | | |
| Total Net Assets Class Z | | | | $ | 22,008,447 | | | | | $ | 40,054,922 | | | | | $ | 25,870,791 | | | | | $ | 60,463,333 | | |
| Shares Outstanding Class I | | | | | 42,987,549 | | | | | | 71,626,944 | | | | | | 85,197,058 | | | | | | 104,243,328 | | |
| Shares Outstanding Class Z | | | | | 2,216,438 | | | | | | 3,929,315 | | | | | | 2,486,464 | | | | | | 5,860,557 | | |
| Net Asset Value Class I | | | | $ | 9.73 | | | | | $ | 10.02 | | | | | $ | 10.38 | | | | | $ | 10.57 | | |
| Net Asset Value Class Z | | | | $ | 9.93 | | | | | $ | 10.19 | | | | | $ | 10.40 | | | | | $ | 10.32 | | |
| (1) Investments, at cost | | | | $ | 476,481,989 | | | | | $ | 765,839,171 | | | | | $ | 900,070,266 | | | | | $ | 1,047,080,819 | | |
| (2) Includes securities on loan | | | | $ | 2,822,756 | | | | | $ | 2,094,818 | | | | | $ | — | | | | | $ | 6,698,280 | | |
| (3) Foreign currency, at cost | | | | $ | (222) | | | | | $ | (124) | | | | | $ | — | | | | | $ | — | | |
| (4) Related to futures contracts | | | | $ | — | | | | | $ | 5,000,000 | | | | | $ | — | | | | | $ | — | | |
| (5) Proceeds received . | | | | $ | — | | | | | $ | 5,550,219 | | | | | $ | — | | | | | $ | 106,506,364 | | |
| (6) Premiums received | | | | $ | — | | | | | $ | 272,626 | | | | | $ | — | | | | | $ | — | | |
| (7) Related to swap contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 15,963,778 | | |
See Notes to Financial Statements.
Statements of Operations
For the Year Ended February 28, 2021
| | | | Destinations
Large Cap
Equity
Fund | | | Destinations
Small-Mid
Cap Equity
Fund | | | Destinations
International
Equity Fund | | | Destinations
Equity
Income
Fund | | | Destinations
Core Fixed
Income
Fund | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends. | | | | $ | 58,044,355 | | | | | $ | 11,139,680 | | | | | $ | 28,008,468 | | | | | $ | 18,094,089 | | | | | $ | 370,912 | | |
| Interest | | | | | 37,048 | | | | | | 11,683 | | | | | | 24,906 | | | | | | 4,319 | | | | | | 56,223,624 | | |
| Income from securities lending | | | | | 140,863 | | | | | | 407,496 | | | | | | 734,919 | | | | | | 44,343 | | | | | | 1,482 | | |
| Less: Foreign taxes withheld (Note 5). | | | | | (45,616) | | | | | | (7,967) | | | | | | (2,984,970) | | | | | | (527,836) | | | | | | — | | |
| Total Investment Income | | | | | 58,176,650 | | | | | | 11,550,892 | | | | | | 25,783,323 | | | | | | 17,614,915 | | | | | | 56,596,018 | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment management fee (Note 7). | | | | | 31,668,827 | | | | | | 8,758,601 | | | | | | 20,608,348 | | | | | | 3,118,155 | | | | | | 13,674,814 | �� | |
| Transfer agent fees | | | | | 6,099,160 | | | | | | 1,401,672 | | | | | | 2,991,698 | | | | | | 565,963 | | | | | | 3,063,784 | | |
| Custody fees | | | | | 998,995 | | | | | | 284,359 | | | | | | 1,235,059 | | | | | | 149,438 | | | | | | 907,465 | | |
| Trustees’ fees | | | | | 263,097 | | | | | | 65,627 | | | | | | 124,926 | | | | | | 26,662 | | | | | | 127,400 | | |
| Insurance | | | | | 87,525 | | | | | | 19,047 | | | | | | 44,561 | | | | | | 10,392 | | | | | | 54,330 | | |
| Audit and tax | | | | | 52,280 | | | | | | 18,207 | | | | | | 30,185 | | | | | | 13,542 | | | | | | 35,290 | | |
| Legal expense | | | | | 107,445 | | | | | | 22,839 | | | | | | 68,321 | | | | | | 13,772 | | | | | | 59,880 | | |
| Chief Compliance Officer expense | | | | | 115,196 | | | | | | 29,897 | | | | | | 63,292 | | | | | | 13,296 | | | | | | 62,461 | | |
| Shareholder services | | | | | 46,902 | | | | | | 50,990 | | | | | | 102,484 | | | | | | 43,882 | | | | | | 85,137 | | |
| Registration fees | | | | | 78,394 | | | | | | 10,292 | | | | | | 12,399 | | | | | | 26,358 | | | | | | — | | |
| Miscellaneous expense | | | | | 124,350 | | | | | | 31,277 | | | | | | 98,809 | | | | | | 19,606 | | | | | | 71,851 | | |
| Total Expenses | | | | | 39,642,171 | | | | | | 10,692,808 | | | | | | 25,380,082 | | | | | | 4,001,066 | | | | | | 18,142,412 | | |
| Less: Fee waivers and/or expense reimbursement (Note 7) | | | | | (5,296,670) | | | | | | (38,632) | | | | | | (143,079) | | | | | | (454,505) | | | | | | (1,909,666) | | |
| Net Expenses | | | | | 34,345,501 | | | | | | 10,654,176 | | | | | | 25,237,003 | | | | | | 3,546,561 | | | | | | 16,232,746 | | |
| Net Investment Income | | | | $ | 23,831,149 | | | | | $ | 896,716 | | | | | $ | 546,320 | | | | | $ | 14,068,354 | | | | | $ | 40,363,272 | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS, UNFUNDED LOAN
COMMITMENTS, 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 | | | | $ | 226,685,485 | | | | | $ | 160,527,673 | | | | | $ | 13,277,425* | | | | | $ | (37,895,295) | | | | | $ | 71,916,191 | | |
| Futures contracts | | | | | 1,109,580 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Forward sale commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,250 | | |
| Options contracts written | | | | | — | | | | | | — | | | | | | 414,039 | | | | | | 56,750 | | | | | | — | | |
| Securities sold short | | | | | — | | | | | | — | | | | | | — | | | | | | 142,124 | | | | | | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | (803,863) | | | | | | — | | | | | | — | | |
| Foreign currency transactions | | | | | (3,766) | | | | | | — | | | | | | (366,658) | | | | | | (66,618) | | | | | | — | | |
| Realized Gain (Loss) | | | | | 227,791,299 | | | | | | 160,527,673 | | | | | | 12,520,943 | | | | | | (37,763,039) | | | | | | 71,935,441 | | |
| Change in Net Unrealized Appreciation (Depreciation) From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 1,083,608,857 | | | | | | 290,864,457 | | | | | | 565,500,272** | | | | | | 55,006,551 | | | | | | (111,110,896) | | |
| Futures contracts | | | | | 979,592 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Unfunded loan commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 97 | | |
| Options contracts written | | | | | — | | | | | | — | | | | | | (90,249) | | | | | | 27,230 | | | | | | — | | |
| Forward sale commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 57,713 | | |
| Forward foreign currency contracts. | | | | | — | | | | | | — | | | | | | 734,493 | | | | | | — | | | | | | — | | |
| Foreign currency translations | | | | | (70) | | | | | | — | | | | | | 26,007 | | | | | | 22,042 | | | | | | — | | |
| Change in Net Unrealized Appreciation (Depreciation):. | | | | | 1,084,588,379 | | | | | | 290,864,457 | | | | | | 566,170,523 | | | | | | 55,055,823 | | | | | | (111,053,086) | | |
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 | | | | | 1,312,379,678 | | | | | | 451,392,130 | | | | | | 578,691,466 | | | | | | 17,292,784 | | | | | | (39,117,645) | | |
| Total Increase in Net Assets from Operations | | | | $ | 1,336,210,827 | | | | | $ | 452,288,846 | | | | | $ | 579,237,786 | | | | | $ | 31,361,138 | | | | | $ | 1,245,627 | | |
*
Includes foreign capital gains tax of $19,993 for Destinations International Equity Fund.
**
Includes accrued foreign capital gains tax of $4,769,495 for Destinations International Equity Fund.
See Notes to Financial Statements.
Statements of Operations
For the Year Ended February 28, 2021 (concluded)
| | | | 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. | | | | $ | 369,844 | | | | | $ | 1,695,120 | | | | | $ | — | | | | | $ | 11,371,869 | | |
| Interest | | | | | 16,585,826 | | | | | | 35,619,616 | | | | | | 17,835,701 | | | | | | 15,368,697 | | |
| Income from securities lending | | | | | 47,200 | | | | | | 11,134 | | | | | | — | | | | | | 294,264 | | |
| Less: Foreign taxes withheld (Note 5) | | | | | — | | | | | | (1,058) | | | | | | — | | | | | | — | | |
| Total Investment Income | | | | | 17,002,870 | | | | | | 37,324,812 | | | | | | 17,835,701 | | | | | | 27,034,830 | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment management fee (Note 7). | | | | | 2,603,128 | | | | | | 6,114,027 | | | | | | 6,135,237 | | | | | | 13,021,269 | | |
| Transfer agent fees | | | | | 544,987 | | | | | | 1,048,406 | | | | | | 1,308,212 | | | | | | 1,406,083 | | |
| Custody fees | | | | | 183,113 | | | | | | 276,515 | | | | | | 490,347 | | | | | | 328,974 | | |
| Trustees’ fees | | | | | 25,821 | | | | | | 47,265 | | | | | | 57,154 | | | | | | 63,196 | | |
| Insurance | | | | | 8,633 | | | | | | 18,091 | | | | | | 23,449 | | | | | | 22,420 | | |
| Audit and tax | | | | | 16,323 | | | | | | 21,274 | | | | | | 22,750 | | | | | | 25,375 | | |
| Legal expense | | | | | 12,023 | | | | | | 8,256 | | | | | | 27,912 | | | | | | 39,974 | | |
| Chief Compliance Officer expense | | | | | 10,655 | | | | | | 22,283 | | | | | | 26,195 | | | | | | 28,368 | | |
| Shareholder services | | | | | 36,638 | | | | | | 42,284 | | | | | | 44,001 | | | | | | 44,747 | | |
| Registration fees | | | | | 39,220 | | | | | | 35,705 | | | | | | — | | | | | | — | | |
| Broker fees on securities sold short | | | | | — | | | | | | 101,798 | | | | | | — | | | | | | 916,117 | | |
| Miscellaneous expense | | | | | 26,078 | | | | | | 35,867 | | | | | | 30,776 | | | | | | 172,739 | | |
| Interest and dividend expense. | | | | | — | | | | | | 303,967 | | | | | | — | | | | | | 1,168,089 | | |
| Total Expenses | | | | | 3,506,619 | | | | | | 8,075,738 | | | | | | 8,166,033 | | | | | | 17,237,351 | | |
| Less: Fee waivers and/or expense reimbursement (Note 7) | | | | | (21,077) | | | | | | (784,835) | | | | | | (1,397,903) | | | | | | (3,774,113) | | |
| Net Expenses | | | | | 3,485,542 | | | | | | 7,290,903 | | | | | | 6,768,130 | | | | | | 13,463,238 | | |
| Net Investment Income | | | | $ | 13,517,328 | | | | | $ | 30,033,909 | | | | | $ | 11,067,571 | | | | | $ | 13,571,592 | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, UNFUNDED LOAN COMMITMENTS, 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 | | | | $ | (27,441) | | | | | $ | (1,313,018) | | | | | $ | 6,670,758 | | | | | $ | 24,359,315 | | |
| Forward sale commitments | | | | | — | | | | | | 11,885 | | | | | | — | | | | | | — | | |
| Options contracts written | | | | | 59,328 | | | | | | 1,211,371 | | | | | | — | | | | | | (838,300) | | |
| Securities sold short | | | | | — | | | | | | (776,156) | | | | | | — | | | | | | (5,226,021) | | |
| Swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 514,896 | | |
| Forward foreign currency contracts. | | | | | (754,142) | | | | | | (1,388,818) | | | | | | — | | | | | | — | | |
| Foreign currency transactions | | | | | (830,151) | | | | | | (761,923) | | | | | | — | | | | | | — | | |
| Realized Gain (Loss) | | | | | (1,552,406) | | | | | | (3,016,659) | | | | | | 6,670,758 | | | | | | 18,809,890 | | |
| Change in Net Unrealized Appreciation (Depreciation) From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 3,181,975 | | | | | | 15,403,805 | | | | | | (19,255,288) | | | | | | 83,287,089 | | |
| Unfunded loan commitments | | | | | 116,255 | | | | | | 21,767 | | | | | | — | | | | | | — | | |
| Options contracts written | | | | | — | | | | | | 166,864 | | | | | | — | | | | | | 1,286,937 | | |
| Securities sold short | | | | | — | | | | | | (181,829) | | | | | | — | | | | | | (15,389,805) | | |
| Swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 5,706,373 | | |
| Forward foreign currency contracts. | | | | | 366,359 | | | | | | 470,232 | | | | | | — | | | | | | — | | |
| Foreign currency translations | | | | | (3,316) | | | | | | 28,242 | | | | | | — | | | | | | — | | |
| Change in Net Unrealized Appreciation (Depreciation):. | | | | | 3,661,273 | | | | | | 15,909,081 | | | | | | (19,255,288) | | | | | | 74,890,594 | | |
| 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 | | | | | 2,108,867 | | | | | | 12,892,422 | | | | | | (12,584,530) | | | | | | 93,700,484 | | |
| Total Increase (Decrease) in Net Assets from Operations | | | | $ | 15,626,195 | | | | | $ | 42,926,331 | | | | | $ | (1,516,959) | | | | | $ | 107,272,076 | | |
See Notes to Financial Statements.
Statements of Changes in Net Assets
For the Year Ended February 28, 2021 and Year Ended February 29, 2020
| | | | Destinations
Large Cap Equity Fund | | | Destinations
Small-Mid Cap Equity Fund | | | Destinations
International Equity Fund | |
| | | | February 28,
2021 | | | February 29,
2020 | | | February 28,
2021 | | | February 29,
2020 | | | February 28,
2021 | | | February 29,
2020 | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 23,831,149 | | | | | $ | 32,504,725 | | | | | $ | 896,716 | | | | | $ | 5,482,939 | | | | | $ | 546,320 | | | | | $ | 14,166,306 | | |
| Net realized gain (loss) | | | | | 227,791,299 | | | | | | 116,742,791 | | | | | | 160,527,673 | | | | | | 70,257,036 | | | | | | 12,520,943 | | | | | | (10,345,207) | | |
| Change in unrealized appreciation (depreciation) | | | | | 1,084,588,379 | | | | | | (4,621,536) | | | | | | 290,864,457 | | | | | | (67,644,492) | | | | | | 566,170,523 | | | | | | 68,360,504 | | |
Increase in Net Assets From
Operations | | | | | 1,336,210,827 | | | | | | 144,625,980 | | | | | | 452,288,846 | | | | | | 8,095,483 | | | | | | 579,237,786 | | | | | | 72,181,603 | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (87,281,044) | | | | | | (70,387,255) | | | | | | (22,516,715) | | | | | | (39,088,932) | | | | | | (663,386) | | | | | | (14,409,188) | | |
| Class Z. | | | | | (6,999,957) | | | | | | (4,910,206) | | | | | | (1,796,366) | | | | | | (2,479,931) | | | | | | (234,506) | | | | | | (967,627) | | |
| Decrease in Net Assets From Distributions to Shareholders | | | | | (94,281,001) | | | | | | (75,297,461) | | | | | | (24,313,081) | | | | | | (41,568,863) | | | | | | (897,892) | | | | | | (15,376,815) | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 684,494,010 | | | | | | 687,696,868 | | | | | | 124,974,104 | | | | | | 151,392,598 | | | | | | 366,061,881 | | | | | | 484,248,356 | | |
| Class Z | | | | | 90,160,931 | | | | | | 157,982,878 | | | | | | 19,907,864 | | | | | | 37,418,996 | | | | | | 48,789,282 | | | | | | 78,919,083 | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 86,767,648 | | | | | | 70,064,855 | | | | | | 22,394,639 | | | | | | 38,932,538 | | | | | | 659,537 | | | | | | 14,344,776 | | |
| Class Z | | | | | 6,794,463 | | | | | | 4,805,308 | | | | | | 1,740,399 | | | | | | 2,425,248 | | | | | | 226,851 | | | | | | 945,298 | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (1,146,597,874) | | | | | | (606,829,956) | | | | | | (274,215,231) | | | | | | (232,103,803) | | | | | | (509,687,356) | | | | | | (289,422,489) | | |
| Class Z | | | | | (81,513,637) | | | | | | (28,981,976) | | | | | | (17,853,191) | | | | | | (9,090,425) | | | | | | (35,303,264) | | | | | | (13,517,569) | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | (359,894,459) | | | | | | 284,737,977 | | | | | | (123,051,416) | | | | | | (11,024,848) | | | | | | (129,253,069) | | | | | | 275,517,455 | | |
| Increase (Decrease) in Net Assets | | | | | 882,035,367 | | | | | | 354,066,496 | | | | | | 304,924,349 | | | | | | (44,498,228) | | | | | | 449,086,825 | | | | | | 332,322,243 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 3,850,546,176 | | | | | | 3,496,479,680 | | | | | | 936,343,169 | | | | | | 980,841,397 | | | | | | 1,983,580,177 | | | | | | 1,651,257,934 | | |
| End of year | | | | $ | 4,732,581,543 | | | | | $ | 3,850,546,176 | | | | | $ | 1,241,267,518 | | | | | $ | 936,343,169 | | | | | $ | 2,432,667,002 | | | | | $ | 1,983,580,177 | | |
| | | | Destinations
Equity Income Fund | | | Destinations
Core Fixed Income Fund | |
| | | | February 28,
2021 | | | February 29,
2020 | | | February 28,
2021 | | | February 29,
2020 | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 14,068,354 | | | | | $ | 15,351,335 | | | | | $ | 40,363,272 | | | | | $ | 53,209,166 | | |
| Net realized gain (loss) | | | | | (37,763,039) | | | | | | 7,689,707 | | | | | | 71,935,441 | | | | | | 4,395,533 | | |
| Change in unrealized appreciation (depreciation). | | | | | 55,055,823 | | | | | | (28,733,491) | | | | | | (111,053,086) | | | | | | 103,247,183 | | |
| Increase (Decrease) in Net Assets From Operations | | | | | 31,361,138 | | | | | | (5,692,449) | | | | | | 1,245,627 | | | | | | 160,851,882 | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (17,047,791) | | | | | | (18,227,009) | | | | | | (45,411,862) | | | | | | (50,516,772) | | |
| Class Z. | | | | | (1,044,996) | | | | | | (771,020) | | | | | | (2,565,783) | | | | | | (2,007,044) | | |
| Decrease in Net Assets From Distributions to Shareholders | | | | | (18,092,787) | | | | | | (18,998,029) | | | | | | (47,977,645) | | | | | | (52,523,816) | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 42,296,206 | | | | | | 158,290,331 | | | | | | 566,944,532 | | | | | | 348,432,072 | | |
| Class Z | | | | | 9,176,726 | | | | | | 16,258,551 | | | | | | 55,197,432 | | | | | | 80,705,308 | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 16,937,229 | | | | | | 18,155,522 | | | | | | 45,153,843 | | | | | | 50,302,690 | | |
| Class Z | | | | | 953,306 | | | | | | 741,452 | | | | | | 2,458,341 | | | | | | 1,957,744 | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (137,678,016) | | | | | | (103,715,628) | | | | | | (384,588,684) | | | | | | (315,867,814) | | |
| Class Z | | | | | (8,307,893) | | | | | | (4,556,237) | | | | | | (32,672,496) | | | | | | (16,349,302) | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | (76,622,442) | | | | | | 85,173,991 | | | | | | 252,492,968 | | | | | | 149,180,698 | | |
| Increase (Decrease) in Net Assets | | | | | (63,354,091) | | | | | | 60,483,513 | | | | | | 205,760,950 | | | | | | 257,508,764 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 462,024,547 | | | | | | 401,541,034 | | | | | | 1,994,590,784 | | | | | | 1,737,082,020 | | |
| End of year | | | | $ | 398,670,456 | | | | | $ | 462,024,547 | | | | | $ | 2,200,351,734 | | | | | $ | 1,994,590,784 | | |
See Notes to Financial Statements.
Statements of Changes in Net Assets
For the Year Ended February 28, 2021 and Year Ended February 29, 2020 (concluded)
| | | | Destinations Low Duration
Fixed Income Fund | | | Destinations Global
Fixed Income Opportunities Fund | |
| | | | February 28,
2021 | | | February 29,
2020 | | | February 28,
2021 | | | February 29,
2020 | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 13,517,328 | | | | | $ | 12,784,338 | | | | | $ | 30,033,909 | | | | | $ | 31,298,365 | | |
| Net realized gain (loss) | | | | | (1,552,406) | | | | | | 941,198 | | | | | | (3,016,659) | | | | | | (1,190,867) | | |
| Change in unrealized appreciation (depreciation). | | | | | 3,661,273 | | | | | | (3,508,510) | | | | | | 15,909,081 | | | | | | 2,480,370 | | |
| Increase in Net Assets From Operations | | | | | 15,626,195 | | | | | | 10,217,026 | | | | | | 42,926,331 | | | | | | 32,587,868 | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (12,423,555) | | | | | | (12,933,632) | | | | | | (28,302,527) | | | | | | (30,641,902) | | |
| Class Z. | | | | | (617,410) | | | | | | (443,298) | | | | | | (1,478,999) | | | | | | (1,110,273) | | |
| Decrease in Net Assets From Distributions to Shareholders | | | | | (13,040,965) | | | | | | (13,376,930) | | | | | | (29,781,526) | | �� | | | | (31,752,175) | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 171,086,753 | | | | | | 65,581,427 | | | | | | 167,996,725 | | | | | | 120,893,391 | | |
| Class Z | | | | | 11,930,570 | | | | | | 13,490,093 | | | | | | 16,710,837 | | | | | | 26,572,816 | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 12,349,552 | | | | | | 12,874,976 | | | | | | 28,132,491 | | | | | | 30,502,657 | | |
| Class Z | | | | | 590,193 | | | | | | 432,843 | | | | | | 1,401,780 | | | | | | 1,080,878 | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (88,084,770) | | | | | | (140,784,379) | | | | | | (224,106,513) | | | | | | (187,943,047) | | |
| Class Z | | | | | (5,004,378) | | | | | | (5,578,498) | | | | | | (12,985,085) | | | | | | (7,700,048) | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | 102,867,920 | | | | | | (53,983,538) | | | | | | (22,849,765) | | | | | | (16,593,353) | | |
| Increase (Decrease) in Net Assets | | | | | 105,453,150 | | | | | | (57,143,442) | | | | | | (9,704,960) | | | | | | (15,757,660) | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 334,743,809 | | | | | | 391,887,251 | | | | | | 767,584,267 | | | | | | 783,341,927 | | |
| End of year | | | | $ | 440,196,959 | | | | | $ | 334,743,809 | | | | | $ | 757,879,307 | | | | | $ | 767,584,267 | | |
| | | | Destinations Municipal
Fixed Income Fund | | | Destinations Multi Strategy
Alternatives Fund | |
| | | | February 28,
2021 | | | February 29,
2020 | | | February 28,
2021 | | | February 29,
2020 | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 11,067,571 | | | | | $ | 13,932,748 | | | | | $ | 13,571,592 | | | | | $ | 35,814,829 | | |
| Net realized gain (loss) | | | | | 6,670,758 | | | | | | 5,438,656 | | | | | | 18,809,890 | | | | | | (20,667,942) | | |
| Change in unrealized appreciation (depreciation) | | | | | (19,255,288) | | | | | | 43,620,176 | | | | | | 74,890,594 | | | | | | 18,032,204 | | |
| Increase (Decrease) in Net Assets From Operations | | | | | (1,516,959) | | | | | | 62,991,580 | | | | | | 107,272,076 | | | | | | 33,179,091 | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (18,714,445) | | | | | | (19,976,187) | | | | | | (14,280,507) | | | | | | (41,009,701) | | |
| Class Z. | | | | | (514,550) | | | | | | (388,838) | | | | | | (792,977) | | | | | | (1,515,766) | | |
| Decrease in Net Assets From Distributions to Shareholders | | | | | (19,228,995) | | | | | | (20,365,025) | | | | | | (15,073,484) | | | | | | (42,525,467) | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 183,253,560 | | | | | | 141,594,898 | | | | | | 281,655,299 | | | | | | 140,648,524 | | |
| Class Z | | | | | 14,800,618 | | | | | | 9,524,563 | | | | | | 25,454,430 | | | | | | 32,455,097 | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 18,578,076 | | | | | | 19,854,143 | | | | | | 14,207,122 | | | | | | 40,884,655 | | |
| Class Z | | | | | 479,548 | | | | | | 376,396 | | | | | | 760,344 | | | | | | 1,477,184 | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (176,085,320) | | | | | | (186,875,852) | | | | | | (169,315,819) | | | | | | (181,461,416) | | |
| Class Z | | | | | (7,453,789) | | | | | | (4,237,551) | | | | | | (11,887,150) | | | | | | (7,529,152) | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | 33,572,693 | | | | | | (19,763,403) | | | | | | 140,874,226 | | | | | | 26,474,892 | | |
| Increase in Net Assets | | | | | 12,826,739 | | | | | | 22,863,152 | | | | | | 233,072,818 | | | | | | 17,128,516 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 896,991,691 | | | | | | 874,128,539 | | | | | | 929,418,287 | | | | | | 912,289,771 | | |
| End of year | | | | $ | 909,818,430 | | | | | $ | 896,991,691 | | | | | $ | 1,162,491,105 | | | | | $ | 929,418,287 | | |
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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) | | | | | 0.07 | | | | | | 0.10 | | | | | | 0.11 | | | | | | 0.10 | | |
| Net realized and unrealized gain | | | | | 4.19 | | | | | | 0.40 | | | | | | 0.18 | | | | | | 1.69 | | |
| Total Income from Operations | | | | | 4.26 | | | | | | 0.50 | | | | | | 0.29 | | | | | | 1.79 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.01) | | | | | | (0.10) | | | | | | (0.10) | | | | | | (0.08) | | |
| Net realized gain | | | | | (0.29) | | | | | | (0.13) | | | | | | (0.29) | | | | | | — | | |
| Total Distributions | | | | | (0.30) | | | | | | (0.23) | | | | | | (0.39) | | | | | | (0.08) | | |
| Net Asset Value, End of Period | | | | $ | 15.84 | | | | | $ | 11.88 | | | | | $ | 11.61 | | | | | $ | 11.71 | | |
Total Return(3) | | | | | 35.94% | | | | | | 4.18% | | | | | | 2.73% | | | | | | 17.89%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 4,450 | | | | | $ | 3,651 | | | | | $ | 3,427 | | | | | $ | 2,804 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.95% | | | | | | 0.95% | | | | | | 0.97% | | | | | | 0.98%(5) | | |
Net expenses(6) | | | | | 0.82% | | | | | | 0.82% | | | | | | 0.85% | | | | | | 0.85%(5) | | |
Net investment income(6) | | | | | 0.56% | | | | | | 0.84% | | | | | | 0.91% | | | | | | 0.97%(5) | | |
Portfolio Turnover Rate(7) | | | | | 48% | | | | | | 49% | | | | | | 28% | | | | | | 52%(4) | | |
(1)
Figures are for the period from inception of Fund (March 20, 2017) through the period ended February 28, 2018.
(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.
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.65 | | | | | $ | 9.46 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.08 | | | | | | 0.10 | | | | | | 0.07 | | |
| Net realized and unrealized gain (loss) | | | | | 3.40 | | | | | | 0.34 | | | | | | (0.21) | | |
| Total Income from Operations | | | | | 3.48 | | | | | | 0.44 | | | | | | (0.14) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.03) | | | | | | (0.12) | | | | | | (0.11) | | |
| Net realized gain | | | | | (0.29) | | | | | | (0.13) | | | | | | (0.29) | | |
| Total Distributions | | | | | (0.32) | | | | | | (0.25) | | | | | | (0.40) | | |
| Net Asset Value, End of Period | | | | $ | 12.81 | | | | | $ | 9.65 | | | | | $ | 9.46 | | |
Total Return(3) | | | | | 36.16% | | | | | | 4.45% | | | | | | (0.94)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 283 | | | | | $ | 200 | | | | | $ | 70 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.80% | | | | | | 0.80% | | | | | | 0.82%(5) | | |
Net expenses(6) | | | | | 0.67% | | | | | | 0.67% | | | | | | 0.70%(5) | | |
Net investment income(6) | | | | | 0.70% | | | | | | 0.96% | | | | | | 1.06%(5) | | |
Portfolio Turnover Rate(7) | | | | | 48% | | | | | | 49% | | | | | | 28%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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 | | | | | 5.80 | | | | | | 0.04 | | | | | | 0.84 | | | | | | 1.04 | | |
| Total Income from Operations | | | | | 5.81 | | | | | | 0.10 | | | | | | 0.90 | | | | | | 1.08 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.00)* | | | | | | (0.06) | | | | | | (0.05) | | | | | | (0.04) | | |
| Net realized gain | | | | | (0.30) | | | | | | (0.43) | | | | | | (0.52) | | | | | | (0.06) | | |
| Total Distributions | | | | | (0.30) | | | | | | (0.49) | | | | | | (0.57) | | | | | | (0.10) | | |
| Net Asset Value, End of Period | | | | $ | 16.43 | | | | | $ | 10.92 | | | | | $ | 11.31 | | | | | $ | 10.98 | | |
Total Return(3) | | | | | 53.65% | | | | | | 0.52% | | | | | | 9.02% | | | | | | 10.83%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 1,167 | | | | | $ | 890 | | | | | $ | 962 | | | | | $ | 701 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.11% | | | | | | 1.11% | | | | | | 1.12% | | | | | | 1.14%(5) | | |
Net expenses(6) | | | | | 1.11% | | | | | | 1.08% | | | | | | 1.03% | | | | | | 1.03%(5) | | |
Net investment income(6) | | | | | 0.09% | | | | | | 0.54% | | | | | | 0.53% | | | | | | 0.41%(5) | | |
Portfolio Turnover Rate(7) | | | | | 145% | | | | | | 110% | | | | | | 85% | | | ��� | | | 112%(4) | | |
*
Amount is less than $0.005 per share.
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(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.
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 | |
| | | | 2021 | | | 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 (loss) | | | | | 4.67 | | | | | | 0.05 | | | | | | (0.25) | | |
| Total Income from Operations | | | | | 4.69 | | | | | | 0.11 | | | | | | (0.21) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.07) | | |
| Net realized gain | | | | | (0.30) | | | | | | (0.43) | | | | | | (0.52) | | |
| Total Distributions | | | | | (0.32) | | | | | | (0.51) | | | | | | (0.59) | | |
| Net Asset Value, End of Period | | | | $ | 13.17 | | | | | $ | 8.80 | | | | | $ | 9.20 | | |
Total Return(3) | | | | | 53.85% | | | | | | 0.69% | | | | | | (1.24)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 74 | | | | | $ | 46 | | | | | $ | 19 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.96% | | | | | | 0.97% | | | | | | 0.97%(5) | | |
Net expenses(6) | | | | | 0.96% | | | | | | 0.94% | | | | | | 0.88%(5) | | |
Net investment income(6) | | | | | 0.22% | | | | | | 0.66% | | | | | | 0.68%(5) | | |
Portfolio Turnover Rate(7) | | | | | 145% | | | | | | 110% | | | | | | 85%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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) | | | | | 0.00* | | | | | | 0.09 | | | | | | 0.09 | | | | | | 0.07 | | |
| Net realized and unrealized gain (loss) | | | | | 3.81 | | | | | | 0.44 | | | | | | (0.77) | | | | | | 1.70 | | |
| Total Income from Operations | | | | | 3.81 | | | | | | 0.53 | | | | | | (0.68) | | | | | | 1.77 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.00)* | | | | | | (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 | | | | $ | 15.11 | | | | | $ | 11.30 | | | | | $ | 10.86 | | | | | $ | 11.69 | | |
Total Return(3) | | | | | 33.76% | | | | | | 4.83% | | | | | | (5.71)% | | | | | | 17.70%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 2,288 | | | | | $ | 1,884 | | | | | $ | 1,618 | | | | | $ | 1,413 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.24% | | | | | | 1.25% | | | | | | 1.28% | | | | | | 1.30%(5) | | |
Net expenses(6) | | | | | 1.23% | | | | | | 1.17% | | | | | | 1.18% | | | | | | 1.15%(5) | | |
Net investment income(6) | | | | | 0.02% | | | | | | 0.77% | | | | | | 0.83% | | | | | | 0.69%(5) | | |
Portfolio Turnover Rate(7) | | | | | 38% | | | | | | 27% | | | | | | 32% | | | | | | 50%(4) | | |
*
Amount is less than $0.005 per share.
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(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.
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.86 | | | | | $ | 9.48 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.02 | | |
| Net realized and unrealized gain (loss) | | | | | 3.32 | | | | | | 0.43 | | | | | | (0.38) | | |
| Total Income from Operations | | | | | 3.34 | | | | | | 0.49 | | | | | | (0.36) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.02) | | | | | | (0.11) | | | | | | (0.13) | | |
| Net realized gain | | | | | — | | | | | | — | | | | | | (0.03) | | |
| Total Distributions | | | | | (0.02) | | | | | | (0.11) | | | | | | (0.16) | | |
| Net Asset Value, End of Period | | | | $ | 13.18 | | | | | $ | 9.86 | | | | | $ | 9.48 | | |
Total Return(3) | | | | | 33.91% | | | | | | 5.05% | | | | | | (3.43)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 145 | | | | | $ | 99 | | | | | $ | 33 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.09% | | | | | | 1.10% | | | | | | 1.13%(5) | | |
Net expenses(6) | | | | | 1.08% | | | | | | 1.02% | | | | | | 1.03%(5) | | |
Net investment income(6) | | | | | 0.14% | | | | | | 0.62% | | | | | | 0.98%(5) | | |
Portfolio Turnover Rate(7) | | | | | 38% | | | | | | 27% | | | | | | 32%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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) | | | | | 0.34 | | | | | | 0.35 | | | | | | 0.32 | | | | | | 0.31 | | |
| Net realized and unrealized gain (loss) | | | | | 0.63 | | | | | | (0.40) | | | | | | 0.39 | | | | | | 0.12 | | |
| Total Income from Operations | | | | | 0.97 | | | | | | (0.05) | | | | | | 0.71 | | | | | | 0.43 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.31) | | | | | | (0.32) | | | | | | (0.29) | | | | | | (0.26) | | |
| Net realized gain | | | | | (0.14) | | | | | | (0.09) | | | | | | (0.36) | | | | | | (0.03) | | |
| Total Distributions | | | | | (0.45) | | | | | | (0.41) | | | | | | (0.65) | | | | | | (0.29) | | |
| Net Asset Value, End of Period | | | | $ | 10.26 | | | | | $ | 9.74 | | | | | $ | 10.20 | | | | | $ | 10.14 | | |
Total Return(3) | | | | | 10.37% | | | | | | (0.78)% | | | | | | 7.52% | | | | | | 4.34%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 375 | | | | | $ | 441 | | | | | $ | 391 | | | | | $ | 320 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.04% | | | | | | 1.05%(5) | | |
Net expenses(6) | | | | | 0.92% | | | | | | 0.88% | | | | | | 0.87% | | | | | | 0.93%(5) | | |
Net investment income(6) | | | | | 3.60% | | | | | | 3.31% | | | | | | 3.13% | | | | | | 3.18%(5) | | |
Portfolio Turnover Rate(7) | | | | | 54% | | | | | | 43% | | | | | | 74% | | | | | | 57%(4) | | |
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(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.
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.44 | | | | | $ | 9.89 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.34 | | | | | | 0.36 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | 0.62 | | | | | | (0.38) | | | | | | 0.21 | | |
| Total Income from Operations | | | | | 0.96 | | | | | | (0.02) | | | | | | 0.41 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.32) | | | | | | (0.34) | | | | | | (0.16) | | |
| Net realized gain | | | | | (0.14) | | | | | | (0.09) | | | | | | (0.36) | | |
| Total Distributions | | | | | (0.46) | | | | | | (0.43) | | | | | | (0.52) | | |
| Net Asset Value, End of Period | | | | $ | 9.94 | | | | | $ | 9.44 | | | | | $ | 9.89 | | |
Total Return(3) | | | | | 10.63% | | | | | | (0.58)% | | | | | | 4.51%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 24 | | | | | | 21 | | | | | $ | 10 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.88% | | | | | | 0.88% | | | | | | 0.89%(5) | | |
Net expenses(6) | | | | | 0.77% | | | | | | 0.74% | | | | | | 0.72%(5) | | |
Net investment income(6) | | | | | 3.72% | | | | | | 3.46% | | | | | | 3.28%(5) | | |
Portfolio Turnover Rate(7) | | | | | 54% | | | | | | 43% | | | | | | 74%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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) | | | | | 0.20 | | | | | | 0.28 | | | | | | 0.28 | | | | | | 0.21 | | |
| Net realized and unrealized gain (loss) | | | | | (0.20) | | | | | | 0.59 | | | | | | (0.01) | | | | | | (0.17) | | |
| Total Income from Operations | | | | | — | | | | | | 0.87 | | | | | | 0.27 | | | | | | 0.04 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.20) | | | | | | (0.28) | | | | | | (0.27) | | | | | | (0.19) | | |
| Net realized gain | | | | | (0.03) | | | | | | — | | | | | | — | | | | | | (0.02) | | |
| Total Distributions | | | | | (0.23) | | | | | | (0.28) | | | | | | (0.27) | | | | | | (0.21) | | |
| Net Asset Value, End of Period | | | | $ | 10.19 | | | | | $ | 10.42 | | | | | $ | 9.83 | | | | | $ | 9.83 | | |
Total Return(3) | | | | | 0.05% | | | | | | 8.97% | | | | | | 2.77% | | | | | | 0.34%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 2,079 | | | | | $ | 1,896 | | | | | $ | 1,708 | | | | | $ | 1,500 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.87% | | | | | | 0.88% | | | | | | 0.89% | | | | | | 0.90%(5) | | |
Net expenses(6) | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.81% | | | | | | 0.82%(5) | | |
Net investment income(6) | | | | | 1.91% | | | | | | 2.80% | | | | | | 2.85% | | | | | | 2.22%(5) | | |
Portfolio Turnover Rate(7) | | | | | 204% | | | | | | 43% | | | | | | 64% | | | | | | 170%(4) | | |
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(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.
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.69 | | | | | $ | 10.08 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.22 | | | | | | 0.30 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | (0.21) | | | | | | 0.61 | | | | | | 0.03 | | |
| Total Income from Operations | | | | | 0.01 | | | | | | 0.91 | | | | | | 0.23 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.21) | | | | | | (0.30) | | | | | | (0.15) | | |
| Net realized gain | | | | | (0.03) | | | | | | — | | | | | | — | | |
| Total Distributions | | | | | (0.24) | | | | | | (0.30) | | | | | | (0.15) | | |
| Net Asset Value, End of Period | | | | $ | 10.46 | | | | | $ | 10.69 | | | | | $ | 10.08 | | |
Total Return(3) | | | | | 0.17% | | | | | | 9.11% | | | | | | 2.29%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 121 | | | | | $ | 99 | | | | | $ | 29 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.72% | | | | | | 0.73% | | | | | | 0.74%(5) | | |
Net expenses(6) | | | | | 0.63% | | | | | | 0.65% | | | | | | 0.66%(5) | | |
Net investment income(6) | | | | | 2.05% | | | | | | 2.90% | | | | | | 3.00%(5) | | |
Portfolio Turnover Rate(7) | | | | | 204% | | | | | | 43% | | | | | | 64%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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) | | | | | 0.34 | | | | | | 0.33 | | | | | | 0.35 | | | | | | 0.27 | | |
| Net realized and unrealized loss | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.08) | | | | | | (0.12) | | |
| Total Income from Operations | | | | | 0.32 | | | | | | 0.25 | | | | | | 0.27 | | | | | | 0.15 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.34) | | | | | | (0.34) | | | | | | (0.33) | | | | | | (0.25) | | |
| Total Distributions | | | | | (0.34) | | | | | | (0.34) | | | | | | (0.33) | | | | | | (0.25) | | |
| Net Asset Value, End of Period | | | | $ | 9.73 | | | | | $ | 9.75 | | | | | $ | 9.84 | | | | | $ | 9.90 | | |
Total Return(3) | | | | | 3.43% | | | | | | 2.59% | | | | | | 2.79% | | | | | | 1.52%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 418 | | | | | $ | 320 | | | | | $ | 386 | | | | | $ | 178 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.95% | | | | | | 0.96% | | | | | | 0.97% | | | | | | 1.00%(5) | | |
Net expenses(6) | | | | | 0.95% | | | | | | 0.94% | | | | | | 0.93% | | | | | | 0.94%(5) | | |
Net investment income(6) | | | | | 3.63% | | | | | | 3.30% | | | | | | 3.51% | | | | ��� | | 2.84%(5) | | |
Portfolio Turnover Rate(7) | | | | | 168% | | | | | | 138% | | | | | | 120% | | | | | | 32%(4) | | |
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(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.
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.94 | | | | | $ | 10.03 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.36 | | | | | | 0.34 | | | | | | 0.22 | | |
| Net realized and unrealized loss | | | | | (0.02) | | | | | | (0.07) | | | | | | (0.03) | | |
| Total Income from Operations | | | | | 0.34 | | | | | | 0.27 | | | | | | 0.19 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.35) | | | | | | (0.36) | | | | | | (0.16) | | |
| Total Distributions | | | | | (0.35) | | | | | | (0.36) | | | | | | (0.16) | | |
| Net Asset Value, End of Period | | | | $ | 9.93 | | | | | $ | 9.94 | | | | | $ | 10.03 | | |
Total Return(3) | | | | | 3.60% | | | | | | 2.69% | | | | | | 1.82%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 22 | | | | | $ | 14 | | | | | $ | 6 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.80% | | | | | | 0.82% | | | | | | 0.82%(5) | | |
Net expenses(6) | | | | | 0.80% | | | | | | 0.80% | | | | | | 0.78%(5) | | |
Net investment income(6) | | | | | 3.78% | | | | | | 3.40% | | | | | | 3.66%(5) | | |
Portfolio Turnover Rate(7) | | | | | 168% | | | | | | 138% | | | | | | 120%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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) | | | | | 0.40 | | | | | | 0.39 | | | | | | 0.38 | | | | | | 0.37 | | |
| Net realized and unrealized gain (loss) | | | | | 0.19 | | | | | | 0.02 | | | | | | (0.18) | | | | | | (0.02) | | |
| Total Income from Operations | | | | | 0.59 | | | | | | 0.41 | | | | | | 0.20 | | | | | | 0.35 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.37) | | | | | | (0.35) | | |
| Net realized gain | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | |
| Total Distributions | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.37) | | | | | | (0.36) | | |
| Net Asset Value, End of Period | | | | $ | 10.02 | | | | | $ | 9.83 | | | | | $ | 9.82 | | | | | $ | 9.99 | | |
Total Return(3) | | | | | 6.28% | | | | | | 4.18% | | | | | | 2.20% | | | | | | 3.34%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 718 | | | | | $ | 733 | | | | | $ | 769 | | | | | $ | 601 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 1.13% | | | | | | 1.11% | | | | | | 1.09% | | | | | | 1.10%(5) | | |
Net expenses(6)(7) | | | | | 1.02% | | | | | | 1.00% | | | | | | 0.98% | | | | | | 0.99%(5) | | |
Net investment income(7) | | | | | 4.17% | | | | | | 3.92% | | | | | | 3.90% | | | | | | 3.88%(5) | | |
Portfolio Turnover Rate(8) | | | | | 164% | | | | | | 84% | | | | | | 79% | | | | | | 64%(4) | | |
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.05%, 0.03%, 0.00% and 0.00%
(annualized) for the year ended February 28, 2021, for the year ended February 29, 2020, the year ended February 28, 2019 and the period ended February 28, 2018, respectively.
(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.
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.99 | | | | | $ | 9.98 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.42 | | | | | | 0.41 | | | | | | 0.26 | | |
| Net realized and unrealized gain (loss) | | | | | 0.19 | | | | | | 0.01 | | | | | | (0.08) | | |
| Total Income from Operations | | | | | 0.61 | | | | | | 0.42 | | | | | | 0.18 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.41) | | | | | | (0.41) | | | | | | (0.20) | | |
| Total Distributions | | | | | (0.41) | | | | | | (0.41) | | | | | | (0.20) | | |
| Net Asset Value, End of Period | | | | $ | 10.19 | | | | | $ | 9.99 | | | | | $ | 9.98 | | |
Total Return(3) | | | | | 6.43% | | | | | | 4.26% | | | | | | 1.72%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 40 | | | | | $ | 34 | | | | | $ | 14 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 0.98% | | | | | | 0.96% | | | | | | 0.94%(5) | | |
Net expenses(6)(7) | | | | | 0.87% | | | | | | 0.85% | | | | | | 0.83%(5) | | |
Net investment income(7) | | | | | 4.31% | | | | | | 4.06% | | | | | | 4.05%(5) | | |
Portfolio Turnover Rate(8) | | | | | 164% | | | | | | 84% | | | | | | 79%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.05%, 0.03% and 0.00%
(annualized) for the year ended February 28, 2021, for the year ended February 29, 2020 and the period ended February 28, 2019, respectively.
(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.
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 | |
| | | | 2021 | | | 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) | | | | | 0.13 | | | | | | 0.16 | | | | | | 0.17 | | | | | | 0.08 | | |
| Net realized and unrealized gain (loss) | | | | | (0.13) | | | | | | 0.58 | | | | | | 0.15 | | | | | | (0.09) | | |
| Total Income from Operations | | | | | — | | | | | | 0.74 | | | | | | 0.32 | | | | | | (0.01) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.16) | | | | | | (0.20) | | | | | | (0.14) | | | | | | (0.05) | | |
| Net realized gain | | | | | (0.07) | | | | | | (0.04) | | | | | | — | | | | | | (0.01) | | |
| Total Distributions | | | | | (0.23) | | | | | | (0.24) | | | | | | (0.14) | | | | | | (0.06) | | |
| Net Asset Value, End of Period | | | | $ | 10.38 | | | | | $ | 10.61 | | | | | $ | 10.11 | | | | | $ | 9.93 | | |
Total Return(3) | | | | | 0.00% | | | | | | 7.38% | | | | | | 3.30% | | | | | | (0.14)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 884 | | | | | $ | 878 | | | | | $ | 862 | | | | | $ | 230 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.93% | | | | | | 0.95% | | | | | | 0.95% | | | | | | 0.97%(5) | | |
Net expenses(6) | | | | | 0.77% | | | | | | 0.80% | | | | | | 0.80% | | | | | | 0.80%(5) | | |
Net investment income(6) | | | | | 1.26% | | | | | | 1.56% | | | | | | 1.71% | | | | | | 0.79%(5) | | |
Portfolio Turnover Rate(7) | | | | | 38% | | | | | | 38% | | | | | | 84% | | | | | | 69%(4) | | |
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(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.
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.64 | | | | | $ | 10.14 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.15 | | | | | | 0.18 | | | | | | 0.13 | | |
| Net realized and unrealized gain (loss) | | | | | (0.14) | | | | | | 0.57 | | | | | | 0.11 | | |
| Total Income from Operations | | | | | 0.01 | | | | | | 0.75 | | | | | | 0.24 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.18) | | | | | | (0.21) | | | | | | (0.10) | | |
| Net realized gain | | | | | (0.07) | | | | | | (0.04) | | | | | | — | | |
| Total Distributions | | | | | (0.25) | | | | | | (0.25) | | | | | | (0.10) | | |
| Net Asset Value, End of Period | | | | $ | 10.40 | | | | | $ | 10.64 | | | | | $ | 10.14 | | |
Total Return(3) | | | | | 0.05% | | | | | | 7.51% | | | | | | 2.42%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 26 | | | | | $ | 19 | | | | | $ | 12 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.80%(5) | | |
Net expenses(6) | | | | | 0.62% | | | | | | 0.65% | | | | | | 0.65%(5) | | |
Net investment income(6) | | | | | 1.40% | | | | | | 1.71% | | | | | | 1.86%(5) | | |
Portfolio Turnover Rate(7) | | | | | 38% | | | | | | 38% | | | | | | 84%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
(7)
Reflects the rate for the Fund as a whole; not on a share class basis.
See Notes to Financial Statements.
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 | |
| | | | 2021 | | | 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) | | | | | 0.14 | | | | | | 0.37 | | | | | | 0.40 | | | | | | 0.27 | | |
| Net realized and unrealized gain (loss) | | | | | 0.91 | | | | | | (0.02) | | | | | | (0.32) | | | | | | 0.13 | | |
| Total Income from Operations | | | | | 1.05 | | | | | | 0.35 | | | | | | 0.08 | | | | | | 0.40 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.15) | | | | | | (0.41) | | | | | | (0.35) | | | | | | (0.20) | | |
| Net realized gain | | | | | — | | | | | | (0.03) | | | | | | (0.17) | | | | | | — | | |
| Total Distributions | | | | | (0.15) | | | | | | (0.44) | | | | | | (0.52) | | | | | | (0.20) | | |
| Net Asset Value, End of Period | | | | $ | 10.57 | | | | | $ | 9.67 | | | | | $ | 9.76 | | | | | $ | 10.20 | | |
Total Return(3) | | | | | 11.09% | | | | | | 3.76% | | | | | | 1.10% | | | | | | 3.94%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 1,102 | | | | | $ | 888 | | | | | $ | 897 | | | | | $ | 909 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 1.79% | | | | | | 1.73% | | | | | | 1.71% | | | | | | 1.73%(5) | | |
Net expenses(6)(7) | | | | | 1.40% | | | | | | 1.34% | | | | | | 1.23% | | | | | | 1.25%(5) | | |
Net investment income(7) | | | | | 1.40% | | | | | | 3.86% | | | | | | 4.01% | | | | | | 2.82%(5) | | |
Portfolio Turnover Rate(8) | | | | | 150% | | | | | | 119% | | | | | | 109% | | | | | | 111%(4) | | |
(1)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.22%, 0.16%, 0.12% and 0.12%
(annualized) for the year ended February 28, 2021, for the year ended February 29, 2020, the year ended February 28, 2019 and the period ended February 28, 2018, respectively.
(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.
Financial Highlights (concluded)
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 | |
| | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.44 | | | | | $ | 9.54 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.14 | | | | | | 0.35 | | | | | | 0.31 | | |
| Net realized and unrealized gain (loss) | | | | | 0.91 | | | | | | — | | | | | | (0.35) | | |
| Total Income from Operations | | | | | 1.05 | | | | | | 0.35 | | | | | | (0.04) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.17) | | | | | | (0.42) | | | | | | (0.25) | | |
| Net realized gain | | | | | — | | | | | | (0.03) | | | | | | (0.17) | | |
| Total Distributions | | | | | (0.17) | | | | | | (0.45) | | | | | | (0.42) | | |
| Net Asset Value, End of Period | | | | $ | 10.32 | | | | | $ | 9.44 | | | | | $ | 9.54 | | |
Total Return(3) | | | | | 11.29% | | | | | | 3.87% | | | | | | (0.21)(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 60 | | | | | $ | 41 | | | | | $ | 15 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 1.64% | | | | | | 1.59% | | | | | | 1.56%(5) | | |
Net expenses(6)(7) | | | | | 1.25% | | | | | | 1.20% | | | | | | 1.08%(5) | | |
Net investment income(7) | | | | | 1.52% | | | | | | 3.75% | | | | | | 4.16%(5) | | |
Portfolio Turnover Rate(8) | | | | | 150% | | | | | | 119% | | | | | | 109%(4) | | |
(1)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
(4)
Not annualized.
(5)
Annualized.
(6)
Ratios include interest and dividend expense on short sales which represent less than 0.22%, 0.16% and 0.20%
(annualized) for the year ended February 28, 2021, for the year ended February 29, 2020 and the period ended February 28, 2019, respectively.
(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.
Notes to Financial Statements
February 28, 2021
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 Core Fixed Income Fund, Destinations Low Duration Fixed Income Fund, Destinations Global Fixed Income Opportunities Fund, Destinations Municipal Fixed Income Fund and Destinations Multi Strategy Alternatives Fund (individually, a “Fund” and collectively, the “Funds”). Each Fund currently offers two classes of shares designated as Class I and Class Z shares. Class Z commenced operations on July 16, 2018.
Brinker Capital Investments, LLC (“Brinker Capital” or the “Adviser”), serves as the investment adviser for the Funds. The Funds employ a multimanager strategy. The Adviser selects and oversees professional money managers (each a “Sub-adviser”) who are responsible for investing the assets of the Funds allocated to them.
2. Accounting Policies
The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies.
Each class of shares represents an interest in the same portfolio of investments of each fund and has equal rights to voting, redemption, dividends and liquidation, except that each class bears different class expenses and each has exclusive voting rights with respect to matters that relate solely to that class or for which the interests of one class differ from the interests of another class. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
3. Investment valuation
Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the bid price. For equity securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the NewYork Stock Exchange (“NYSE”).
Futures contracts are valued at the settlement price in the market where such contracts are principally traded. Foreign currency forward contracts are valued at the current Business Day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.
Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the bid price. Investments in registered open-end management investment companies are valued at reported net asset value per share.
Securities pledged by the Funds as collateral, if any, are identified as such in the Schedules of Investments.
Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events.
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Adviser pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Adviser in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).
Each business day, the Funds use a Board-approved third-party pricing service to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2, and 3). The three levels of the fair value hierarchy are as follows:
Level 1 — unadjusted quoted prices in active markets for identical securities.
Level 2 — significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — significant unobservable inputs (including assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, bank loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.
Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.
Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.
Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.
Investments in registered open-end investment management companies are valued based upon the NAVs of such investments on the valuation date and are categorized as Level 1 of the fair value hierarchy.
Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.
Over-the-counter financial derivative instruments, such as forward foreign currency contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a third-party pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.
Centrally cleared swaps listed or traded on the multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.
The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:
| | | | Total Fair Value at
February 28, 2021 | | | 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 | | | | $ | 134,406,412 | | | | | $ | 134,406,412 | | | | | $ | — | | | | | $ | — | | |
| Communications | | | | | 852,449,203 | | | | | | 848,408,733 | | | | | | 3,478,740 | | | | | | 561,730 | | |
| Consumer Cyclical | | | | | 324,529,073 | | | | | | 324,529,073 | | | | | | — | | | | | | — | | |
| Consumer Non-cyclical | | | | | 1,164,616,740 | | | | | | 1,164,616,740 | | | | | | — | | | | | | — | | |
| Energy | | | | | 117,180,368 | | | | | | 117,180,368 | | | | | | — | | | | | | — | | |
| Financial | | | | | 626,397,535 | | | | | | 619,621,477 | | | | | | 3,618,074 | | | | | | 3,157,984 | | |
| Industrial | | | | | 379,115,765 | | | | | | 379,115,765 | | | | | | — | | | | | | — | | |
| Technology | | | | | 928,761,490 | | | | | | 925,729,321 | | | | | | 474,128 | | | | | | 2,558,041 | | |
| Utilities | | | | | 83,280,490 | | | | | | 83,280,490 | | | | | | — | | | | | | — | | |
| Preferred Stocks | | | | | 37,217,709 | | | | | | — | | | | | | — | | | | | | 37,217,709 | | |
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2021 | | | Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1) | | | Significant
Observable Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | |
| Destinations Large Cap Equity Fund (continued) | |
| Investments, at value (continued) | |
| Short-Term Investments: | |
| Time Deposits | | | | $ | 85,620,068 | | | | | $ | — | | | | | $ | 85,620,068 | | | | | $ | — | | |
| Money Market Fund | | | | | 4,160,982 | | | | | | 4,160,982 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 4,737,735,835 | | | | | $ | 4,601,049,361 | | | | | $ | 93,191,010 | | | | | $ | 43,495,464 | | |
| Other Financial Instruments – Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Futures Contract | | | | $ | 175,560 | | | | | $ | 175,560 | | | | | $ | — | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 175,560 | | | | | $ | 175,560 | | | | | $ | — | | | | | $ | — | | |
| Destinations Small-Mid Cap Equity Fund | |
| Investments, at value | |
| Common Stocks | | | | $ | 1,171,742,731 | | | | | $ | 1,171,742,731 | | | | | $ | — | | | | | $ | — | | |
| Exchange Traded Funds (ETFs) | | | | | 45,106,477 | | | | | | 45,106,477 | | | | | | — | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 26,921,031 | | | | | | — | | | | | | 26,921,031 | | | | | | — | | |
| Money Market Fund | | | | | 22,638,714 | | | | | | 22,638,714 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 1,266,408,953 | | | | | $ | 1,239,487,922 | | | | | $ | 26,921,031 | | | | | $ | — | | |
| Destinations International Equity Fund | |
| Investments, at value | |
| Common Stocks: | |
| Australia | | | | $ | 16,676,780 | | | | | $ | — | | | | | $ | 16,676,780 | | | | | $ | — | | |
| Austria | | | | | 5,823,190 | | | | | | — | | | | | | 5,823,190 | | | | | | — | | |
| Belgium | | | | | 828,483 | | | | | | — | | | | | | 828,483 | | | | | | — | | |
| Bermuda | | | | | 5,291,207 | | | | | | 2,987,153 | | | | | | 2,304,054 | | | | | | — | | |
| Brazil | | | | | 63,628,236 | | | | | | 29,610,816 | | | | | | 34,017,420 | | | | | | — | | |
| Canada | | | | | 48,907,522 | | | | | | 4,886,547 | | | | | | 44,020,975 | | | | | | — | | |
| China | | | | | 256,380,166 | | | | | | 75,804,298 | | | | | | 180,575,868 | | | | | | — | | |
| Cyprus | | | | | 2,646,179 | | | | | | 2,646,179 | | | | | | — | | | | | | — | | |
| Denmark | | | | | 14,239,051 | | | | | | — | | | | | | 14,239,051 | | | | | | — | | |
| Egypt | | | | | 18,359,918 | | | | | | — | | | | | | 18,359,918 | | | | | | — | | |
| Finland | | | | | 6,925,396 | | | | | | — | | | | | | 6,925,396 | | | | | | — | | |
| France | | | | | 156,201,584 | | | | | | — | | | | | | 156,201,584 | | | | | | — | | |
| Germany | | | | | 132,203,523 | | | | | | — | | | | | | 132,203,523 | | | | | | — | | |
| Greece | | | | | 5,321,363 | | | | | | — | | | | | | 5,321,363 | | | | | | — | | |
| Hong Kong | | | | | 41,387,723 | | | | | | 1,891,423 | | | | | | 39,496,300 | | | | | | — | | |
| Hungary | | | | | 4,423,350 | | | | | | — | | | | | | 4,423,350 | | | | | | — | | |
| India | | | | | 198,013,572 | | | | | | 1,265,367 | | | | | | 196,748,205 | | | | | | — | | |
| Indonesia | | | | | 22,990,314 | | | | | | — | | | | | | 22,990,314 | | | | | | — | | |
| Ireland | | | | | 15,337,913 | | | | | | 4,909,578 | | | | | | 10,428,335 | | | | | | — | | |
| Israel | | | | | 8,862,675 | | | | | | 5,168,596 | | | | | | 3,694,079 | | | | | | — | | |
| Italy | | | | | 20,924,326 | | | | | | — | | | | | | 20,924,326 | | | | | | — | | |
| Japan | | | | | 345,957,516 | | | | | | — | | | | | | 345,957,516 | | | | | | — | | |
| Jersey, Channel Islands | | | | | 6,610,799 | | | | | | — | | | | | | 6,610,799 | | | | | | — | | |
| Mexico | | | | | 23,752,302 | | | | | | — | | | | | | 23,752,302 | | | | | | — | | |
| Netherlands | | | | | 64,757,553 | | | | | | 7,097,910 | | | | | | 57,659,643 | | | | | | — | | |
| Norway | | | | | 22,163,843 | | | | | | — | | | | | | 22,163,843 | | | | | | — | | |
| Peru | | | | | 1,714,347 | | | | | | 1,714,347 | | | | | | — | | | | | | — | | |
| Philippines | | | | | 13,721,300 | | | | | | — | | | | | | 13,721,300 | | | | | | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2021 | | | 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) | |
| Poland | | | | $ | 8,725,812 | | | | | $ | — | | | | | $ | 8,725,812 | | | | | $ | — | | |
| Portugal | | | | | 14,452,304 | | | | | | — | | | | | | 14,452,304 | | | | | | — | | |
| Russia | | | | | 31,663,901 | | | | | | 21,877,886 | | | | | | 9,786,015 | | | | | | — | | |
| Singapore | | | | | 4,118,552 | | | | | | — | | | | | | 4,118,552 | | | | | | — | | |
| South Africa | | | | | 21,832,514 | | | | | | — | | | | | | 21,832,514 | | | | | | — | | |
| South Korea | | | | | 104,371,379 | | | | | | — | | | | | | 104,371,379 | | | | | | — | | |
| Spain | | | | | 13,883,943 | | | | | | — | | | | | | 13,883,943 | | | | | | — | | |
| Sweden | | | | | 48,725,713 | | | | | | — | | | | | | 48,725,713 | | | | | | — | | |
| Switzerland | | | | | 126,016,776 | | | | | | — | | | | | | 126,016,776 | | | | | | — | | |
| Taiwan | | | | | 110,451,363 | | | | | | 46,953,706 | | | | | | 63,497,657 | | | | | | — | | |
| Thailand | | | | | 12,840,674 | | | | | | — | | | | | | 12,840,674 | | | | | | — | | |
| United Arab Emirates | | | | | 6,843,277 | | | | | | — | | | | | | 6,843,277 | | | | | | — | | |
| United Kingdom | | | | | 203,043,292 | | | | | | 7,423,184 | | | | | | 195,615,795 | | | | | | 4,313 | | |
| United States | | | | | 75,437,242 | | | | | | 75,200,855 | | | | | | — | | | | | | 236,387 | | |
| Exchange Traded Funds (ETFs) | | | | | 61,337,632 | | | | | | 61,337,632 | | | | | | — | | | | | | — | | |
| Preferred Stock | | | | | 1,666,850 | | | | | | — | | | | | | — | | | | | | 1,666,850 | | |
| Warrant | | | | | 33,917 | | | | | | 33,917 | | | | | | — | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 65,255,583 | | | | | | — | | | | | | 65,255,583 | | | | | | — | | |
| Money Market Fund | | | | | 43,364,799 | | | | | | 43,364,799 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 2,478,115,654 | | | | | $ | 394,174,193 | | | | | $ | 2,082,033,911 | | | | | $ | 1,907,550 | | |
| Other Financial Instruments – Asset | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | 142,993 | | | | | $ | — | | | | | $ | 142,993 | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 142,993 | | | | | $ | — | | | | | $ | 142,993 | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Options Contracts Written | | | | $ | (30,377) | | | | | $ | (16,080) | | | | | $ | (14,297) | | | | | $ | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (30,377) | | | | | $ | (16,080) | | | | | $ | (14,297) | | | | | $ | — | | |
| Destinations Equity Income Fund | |
| Investments, at value | |
| Common Stocks | | | | $ | 351,052,626 | | | | | $ | 351,052,626 | | | | | $ | — | | | | | $ | — | | |
| Exchange Traded Funds (ETFs) | | | | | 35,643,281 | | | | | | 35,643,281 | | | | | | — | | | | | | — | | |
| Convertible Preferred Stocks | | | | | 4,062,947 | | | | | | 4,062,947 | | | | | | — | | | | | | — | | |
| Equity Linked Note | | | | | 1,221,773 | | | | | | — | | | | | | 1,221,773 | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 5,545,541 | | | | | | — | | | | | | 5,545,541 | | | | | | — | | |
| Money Market Fund | | | | | 8,305,200 | | | | | | 8,305,200 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 405,831,368 | | | | | $ | 399,064,054 | | | | | $ | 6,767,314 | | | | | $ | — | | |
| Destinations Core Fixed Income Fund | |
| Investments, at value | |
| Corporate Bonds & Notes | | | | $ | 591,709,554 | | | | | | — | | | | | $ | 591,709,554 | | | | | $ | — | | |
| Collateralized Mortgage Obligations | | | | | 479,335,673 | | | | | | — | | | | | | 479,335,673 | | | | | | — | | |
| U.S. Government Agencies & Obligations | | | | | 460,311,358 | | | | | | — | | | | | | 460,311,358 | | | | | | — | | |
| Mortgage-Backed Securities | | | | | 420,465,996 | | | | | | — | | | | | | 420,465,996 | | | | | | — | | |
| Asset-Backed Securities | | | | | 145,221,416 | | | | | | — | | | | | | 145,221,416 | | | | | | — | | |
| Senior Loans | | | | | 24,549,259 | | | | | | — | | | | | | 24,549,259 | | | | | | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2021 | | | 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 (continued) | |
| Investments, at value (continued) | |
| Sovereign Bonds | | | | $ | 18,212,777 | | | | | $ | — | | | | | $ | 18,212,777 | | | | | $ | — | | |
| Municipal Bonds | | | | | 1,103,500 | | | | | | — | | | | | | 1,103,500 | | | | | | — | | |
| Exchange Traded Funds (ETFs) | | | | | 40,064,535 | | | | | | 40,064,535 | | | | | | — | | | | | | — | | |
| Common Stocks | | | | | 170,138 | | | | | | 170,138 | | | | | | — | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 227,697,862 | | | | | | — | | | | | | 227,697,862 | | | | | | — | | |
| Total Investments, at value | | | | $ | 2,408,842,068 | | | | | $ | 40,234,673 | | | | | $ | 2,368,607,395 | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Sale Commitments | | | | $ | (17,627,954) | | | | | $ | — | | | | | $ | (17,627,954) | | | | | $ | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (17,627,954) | | | | | $ | — | | | | | $ | (17,627,954) | | | | | $ | — | | |
| Destinations Low Duration Fixed Income Fund | |
| Investments, at value | |
| Corporate Bonds & Notes: | | | | $ | 216,499,493 | | | | | $ | — | | | | | $ | 216,499,493 | | | | | $ | —* | | |
| Senior Loans: | | | | | 73,129,985 | | | | | | — | | | | | | 57,653,962 | | | | | | 15,476,023 | | |
| Asset-Backed Securities | | | | | 27,326,405 | | | | | | — | | | | | | 27,326,405 | | | | | | — | | |
| Collateralized Mortgage Obligations | | | | | 23,567,594 | | | | | | — | | | | | | 23,567,594 | | | | | | — | | |
| U.S. Government Agencies & Obligations | | | | | 5,858,041 | | | | | | — | | | | | | 5,858,041 | | | | | | — | | |
| Mortgage-Backed Securities | | | | | 2,737,426 | | | | | | — | | | | | | 2,737,426 | | | | | | — | | |
| Sovereign Bonds | | | | | 2,280,455 | | | | | | — | | | | | | 2,280,455 | | | | | | — | | |
| Common Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic Materials | | | | | 201,059 | | | | | | — | | | | | | — | | | | | | 201,059 | | |
| Diversified | | | | | 29,978,166 | | | | | | 29,978,166 | | | | | | — | | | | | | — | | |
| Energy | | | | | 1,212,780 | | | | | | — | | | | | | 1,212,780 | | | | | | — | | |
| Exchange Traded Fund (ETF) | | | | | 20,204,671 | | | | | | 20,204,671 | | | | | | — | | | | | | — | | |
| Preferred Stock | | | | | 3,695,421 | | | | | | 3,695,421 | | | | | | — | | | | | | — | | |
| Warrants | | | | | 45,293 | | | | | | 45,293 | | | | | | — | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial Papers | | | | | 8,067,496 | | | | | | — | | | | | | 8,067,496 | | | | | | — | | |
| Time Deposits | | | | | 55,771,284 | | | | | | — | | | | | | 55,771,284 | | | | | | — | | |
| U.S. Government Obligation | | | | | 379,939 | | | | | | — | | | | | | 379,939 | | | | | | — | | |
| Money Market Fund | | | | | 2,896,830 | | | | | | 2,896,830 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 473,852,338 | | | | | $ | 56,820,381 | | | | | $ | 401,354,875 | | | | | $ | 15,677,082** | | |
| Other Financial Instruments – Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | 264,326 | | | | | $ | — | | | | | $ | 264,326 | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 264,326 | | | | | $ | — | | | | | $ | 264,326 | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | (4,218) | | | | | $ | — | | | | | $ | (4,218) | | | | | $ | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (4,218) | | | | | $ | — | | | | | $ | (4,218) | | | | | $ | — | | |
| Destinations Global Fixed Income Opportunities Fund | |
| Investments, at value | |
| Corporate Bonds & Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 1,459,900 | | | | | $ | — | | | | | $ | 1,459,900 | | | | | $ | — | | |
| Bermuda | | | | | 6,549,410 | | | | | | — | | | | | | 6,549,410 | | | | | | — | | |
| Brazil | | | | | 3,503,555 | | | | | | — | | | | | | 3,503,555 | | | | | | — | | |
| British Virgin Islands | | | | | 4,576,013 | | | | | | — | | | | | | 4,576,013 | | | | | | — | | |
| Canada | | | | | 11,094,871 | | | | | | — | | | | | | 11,094,871 | | | | | | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2021 | | | 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) | |
| Cayman Islands | | | | $ | 24,398,438 | | | | | $ | — | | | | | $ | 24,398,438 | | | | | $ | — | | |
| Chile | | | | | 28,623,350 | | | | | | — | | | | | | 28,623,350 | | | | | | — | | |
| Colombia | | | | | 4,445,542 | | | | | | — | | | | | | 4,445,542 | | | | | | — | | |
| Denmark | | | | | 1,164,187 | | | | | | — | | | | | | 1,164,187 | | | | | | — | | |
| Dominican Republic | | | | | 1,144,000 | | | | | | — | | | | | | 1,144,000 | | | | | | — | | |
| France | | | | | 2,315,545 | | | | | | — | | | | | | 2,315,545 | | | | | | — | | |
| Germany | | | | | 10,465,019 | | | | | | — | | | | | | 10,465,019 | | | | | | — | | |
| India | | | | | 10,085,912 | | | | | | — | | | | | | 10,085,912 | | | | | | — | | |
| Indonesia | | | | | 1,031,450 | | | | | | — | | | | | | 1,031,450 | | | | | | — | | |
| Ireland | | | | | 1,480,234 | | | | | | — | | | | | | 1,480,234 | | | | | | — | | |
| Israel | | | | | 564,972 | | | | | | — | | | | | | 564,972 | | | | | | — | | |
| Italy | | | | | 9,769,017 | | | | | | — | | | | | | 9,769,017 | | | | | | — | | |
| Japan | | | | | 1,121,835 | | | | | | — | | | | | | 1,121,835 | | | | | | — | | |
| Jersey, Channel Islands | | | | | 2,409,661 | | | | | | — | | | | | | 2,409,661 | | | | | | — | | |
| Luxembourg | | | | | 1,036,510 | | | | | | — | | | | | | 1,036,510 | | | | | | — | | |
| Malaysia | | | | | 13,351,050 | | | | | | — | | | | | | 13,351,050 | | | | | | — | | |
| Marshall Island | | | | | 2,931,505 | | | | | | — | | | | | | 2,931,505 | | | | | | — | | |
| Mexico | | | | | 20,158,429 | | | | | | — | | | | | | 20,158,429 | | | | | | — | | |
| Multinational | | | | | 9,740,695 | | | | | | — | | | | | | 9,740,695 | | | | | | — | | |
| Netherlands | | | | | 15,841,144 | | | | | | — | | | | | | 15,841,144 | | | | | | — | | |
| Norway | | | | | 7,493,932 | | | | | | — | | | | | | 7,493,932 | | | | | | — | | |
| Panama | | | | | 12,616,926 | | | | | | — | | | | | | 12,616,926 | | | | | | — | | |
| Paraguay | | | | | 948,765 | | | | | | — | | | | | | 948,765 | | | | | | — | | |
| Peru | | | | | 8,122,610 | | | | | | — | | | | | | 8,122,610 | | | | | | — | | |
| Philippines | | | | | 4,693,626 | | | | | | — | | | | | | 4,693,626 | | | | | | — | | |
| Portugal | | | | | 2,996 | | | | | | — | | | | | | — | | | | | | 2,996 | | |
| Saudi Arabia | | | | | 2,449,327 | | | | | | — | | | | | | 2,449,327 | | | | | | — | | |
| Singapore | | | | | 38,643,630 | | | | | | — | | | | | | 38,643,630 | | | | | | — | | |
| South Korea | | | | | 31,126,047 | | | | | | — | | | | | | 31,126,047 | | | | | | — | | |
| Sweden | | | | | 459,041 | | | | | | — | | | | | | 459,041 | | | | | | — | | |
| Switzerland | | | | | 3,477,500 | | | | | | — | | | | | | 3,477,500 | | | | | | — | | |
| Thailand | | | | | 1,885,410 | | | | | | — | | | | | | 1,885,410 | | | | | | — | | |
| United Kingdom | | | | | 8,790,263 | | | | | | — | | | | | | 8,790,263 | | | | | | — | | |
| United States | | | | | 167,892,006 | | | | | | — | | | | | | 167,892,006 | | | | | | —* | | |
| Senior Loans | | | | | 83,845,164 | | | | | | — | | | | | | 66,845,075 | | | | | | 17,000,089* | | |
| Sovereign Bonds | | | | | 58,149,140 | | | | | | — | | | | | | 58,149,140 | | | | | | — | | |
| Municipal Bond | | | | | 5,479,726 | | | | | | — | | | | | | 5,479,726 | | | | | | — | | |
| Common Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Canada | | | | | 2,519,383 | | | | | | 2,519,383 | | | | | | — | | | | | | — | | |
| Cayman Island | | | | | 771,000 | | | | | | 771,000 | | | | | | — | | | | | | — | | |
| United Kingdom | | | | | 507,476 | | | | | | 507,476 | | | | | | — | | | | | | — | | |
| United States | | | | | 59,941,372 | | | | | | 51,369,808 | | | | | | 4,884,682 | | | | | | 3,686,882* | | |
| Preferred Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bermuda | | | | | 2,009,076 | | | | | | 2,009,076 | | | | | | — | | | | | | — | | |
| United States | | | | | 21,348,333 | | | | | | 20,192,333 | | | | | | 1,156,000 | | | | | | — | | |
| Warrants: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bermuda | | | | | —* | | | | | | — | | | | | | —* | | | | | | — | | |
| Brazil | | | | | —* | | | | | | — | | | | | | — | | | | | | —* | | |
| Cayman Island | | | | | 2 | | | | | | 2 | | | | | | — | | | | | | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2021 | | | 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: (continued) | |
| United States | | | | $ | 770,380 | | | | | $ | 770,380 | | | | | $ | — | | | | | $ | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 59,121,560 | | | | | | — | | | | | | 59,121,560 | | | | | | — | | |
| Money Market Fund | | | | | 2,156,744 | | | | | | 2,156,744 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 774,483,679 | | | | | | 80,296,202 | | | | | | 673,497,510 | | | | | | 20,689,967** | | |
| Other Financial Instruments – Asset | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | 308,805 | | | | | $ | — | | | | | $ | 308,805 | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 308,805 | | | | | $ | — | | | | | $ | 308,805 | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Options Contracts Written | | | | | (197,822) | | | | | | (187,422) | | | | | | (10,400) | | | | | | — | | |
| Forward Foreign Currency Contracts | | | | | (3,872) | | | | | | — | | | | | | (3,872) | | | | | | — | | |
| Securities Sold Short | | | | | | | | | | | | | | | | | | | | | | | | | |
| Corporate Bonds & Notes | | | | | (1,971,993) | | | | | | — | | | | | | (1,971,993) | | | | | | — | | |
| Common Stocks | | | | | (3,334,074) | | | | | | (3,334,074) | | | | | | — | | | | | | — | | |
| Exchange Traded Fund (ETF) | | | | | (705,940) | | | | | | (705,940) | | | | | | — | | | | | | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (6,213,701) | | | | | $ | (4,227,436) | | | | | $ | (1,986,265) | | | | | $ | — | | |
| Destinations Municipal Fixed Income Fund | |
| Investments, at value | |
| Municipal Bonds | | | | $ | 790,342,696 | | | | | $ | — | | | | | $ | 790,342,696 | | | | | $ | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Municipal Bonds | | | | | 52,120,692 | | | | | | — | | | | | | 52,120,692 | | | | | | — | | |
| Time Deposits | | | | | 91,099,733 | | | | | | — | | | | | | 91,099,733 | | | | | | — | | |
| Total Investments, at value | | | | $ | 933,563,121 | | | | | $ | — | | | | | $ | 933,563,121 | | | | | $ | — | | |
| Destinations Multi Strategy Alternatives Fund | |
| Investments, at value | |
| Collateralized Mortgage Obligations | | | | $ | 230,307,421 | | | | | $ | — | | | | | $ | 230,307,421 | | | | | $ | — | | |
| Asset-Backed Securities | | | | | 146,984,962 | | | | | | — | | | | | | 146,984,962 | | | | | | — | | |
| Corporate Bonds & Notes | | | | | 100,531,493 | | | | | | — | | | | | | 100,531,493 | | | | | | — | | |
| Common Stocks | | | | | 340,129,258 | | | | | | 340,129,258 | | | | | | — | | | | | | — | | |
| Open-End Fund | | | | | 209,084,222 | | | | | | 209,084,222 | | | | | | — | | | | | | — | | |
| Preferred Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consumer Cyclical | | | | | 8,382,700 | | | | | | 8,382,700 | | | | | | — | | | | | | — | | |
| Financial | | | | | 2,311,250 | | | | | | — | | | | | | — | | | | | | 2,311,250 | | |
| Closed-End Fund | | | | | 6,162,147 | | | | | | 6,162,147 | | | | | | — | | | | | | — | | |
| Warrants | | | | | 2,367,940 | | | | | | 2,367,940 | | | | | | — | | | | | | — | | |
| Purchased Option | | | | | 10,927 | | | | | | 10,927 | | | | | | — | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 72,016,636 | | | | | | — | | | | | | 72,016,636 | | | | | | — | | |
| Money Market Fund | | | | | 6,982,247 | | | | | | 6,982,247 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 1,125,271,203 | | | | | $ | 573,119,441 | | | | | $ | 549,840,512 | | | | | $ | 2,311,250 | | |
| Other Financial Instruments – Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| OTC Credit Default Swaps | | | | $ | 6,552,723 | | | | | $ | — | | | | | $ | 6,552,723 | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 6,552,723 | | | | | $ | — | | | | | $ | 6,552,723 | | | | | $ | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2021 | | | Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1) | | | Significant
Observable Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | |
| Destinations Multi Strategy Alternatives Fund (continued) | |
| Other Financial Instruments – Liabilities | | | | | |
| OTC Credit Default Swaps | | | | $ | (47,255) | | | | | $ | — | | | | | $ | (47,255) | | | | | $ | — | | |
| Securities Sold Short | | | | | — | | | | | | — | | | | | | | | | | | | | | |
| Common Stocks | | | | | (12,065,984) | | | | | | (12,065,984) | | | | | | — | | | | | | — | | |
| Exchange Traded Fund | | | | | (110,415,991) | | | | | | (110,415,991) | | | | | | — | | | | | | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (122,529,230) | | | | | $ | (122,481,975) | | | | | $ | (47,255) | | | | | $ | — | | |
*
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 February 28, 2021:
| | | | 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 | | | | | 17,495,585 | | | | | | 2,822,977 | | | | | | — | | | | | | 14,672,608 | | | | | | — | | | | | | — | | | | | | — | | |
| (Sales/Paydowns) | | | | | (542,155) | | | | | | — | | | | | | — | | | | | | (542,155) | | | | | | — | | | | | | — | | | | | | — | | |
| Total realized gain (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Change in unrealized appreciation (depreciation) | | | | | 18,870,918 | | | | | | 1,324,546 | | | | | | — | | | | | | 17,546,372 | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers In | | | | | 258,250 | | | | | | — | | | | | | — | | | | | | 258,250 | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Balance as of February 28, 2021 | | | | $ | 43,495,464 | | | | | $ | 6,277,755 | | | | | $ | — | | | | | $ | 37,217,709 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2021 | | | | $ | 18,870,918 | | | | | $ | 1,324,546 | | | | | $ | — | | | | | $ | 17,546,372 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Destinations International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of February 29, 2020 | | | | $ | 1,330,359 | | | | | $ | 536,765 | | | | | $ | — | | | | | $ | 793,594 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Purchases | | | | | 18,519 | | | | | | 18,519 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| (Sales/Paydowns) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total realized gain (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Change in unrealized appreciation (depreciation) | | | | | 1,224,291 | | | | | | 351,035 | | | | | | — | | | | | | 873,256 | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers In | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | (665,619) | | | | | | (665,619) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Balance as of February 28, 2021 | | | | $ | 1,907,550 | | | | | $ | 240,700 | | | | | $ | — | | | | | $ | 1,666,850 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2021 | | | | $ | 1,224,291 | | | | | $ | 351,035 | | | | | $ | — | | | | | $ | 873,256 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Total | | | Common
Stocks | | | Corporate
Bonds &
Notes | | | Preferred
Stocks | | | Senior
Loans | | | Warrants | | | Municipal
Bonds | |
Destinations Low Duration Fixed
Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of February 29, 2020 | | | | $ | 4,962,081 | | | | | $ | 201,059 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,761,022 | | | | | $ | — | | | | | $ | — | | |
| Purchases | | | | | 10,715,001 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,715,001 | | | | | | — | | | | | | — | | |
| (Sales/Paydowns) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Accrued Discounts (premiums) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total realized gain (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Change in unrealized appreciation (depreciation) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers In | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Balance as of February 28, 2021 | | | | $ | 15,677,082 | | | | | $ | 201,059 | | | | | $ | —* | | | | | $ | — | | | | | $ | 15,476,023 | | | | | $ | — | | | | | $ | — | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2021 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | | — | | |
| 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 | | | | | 16,858,326 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,858,326 | | | | | | — | | | | | | — | | |
| (Sales/Paydowns) | | | | | (910,908) | | | | | | — | | | | | | — | | | | | | — | | | | | | (910,908) | | | | | | — | | | | | | — | | |
| Accrued Discounts (premiums) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total realized gain (loss) | | | | | (13,872) | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,872) | | | | | | — | | | | | | — | | |
| Change in unrealized appreciation (depreciation) | | | | | (536,881) | | | | | | (542,257) | | | | | | 8,670 | | | | | | — | | | | | | (3,294) | | | | | | — | | | | | | — | | |
| Transfers In | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | (1,161,780) | | | | | | — | | | | | | (1,161,780) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Balance as of February 28, 2021 | | | | $ | 20,689,967* | | | | | $ | 3,686,882* | | ��� | | | $ | 2,996* | | | | | $ | — | | | | | $ | 17,000,089* | | | | | $ | —* | | | | | $ | — | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2021 | | | | $ | (542,257) | | | | | $ | (542,257) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Destinations Multi Strategy
Alternatives Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of February 29, 2020 | | | | $ | 942,645 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 942,475* | | | | | $ | 170 | | |
| Purchases | | | | | 2,311,250 | | | | | | — | | | | | | — | | | | | | 2,311,250 | | | | | | — | | | | | | — | | | | | | — | | |
| (Sales/Paydowns) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Accrued Discounts (premiums) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total realized gain (loss) | | | | | (5,584,624) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,584,454) | | | | | | (170) | | |
| Change in unrealized appreciation (depreciation) | | | | | 4,642,259 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,642,259 | | | | | | — | | |
| Transfers In | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | (280) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (280) | | | | | | — | | |
| Balance as of February 28, 2021 | | | | $ | 2,311,250 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,311,250 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2021 | | | | $ | 4,642,259 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,642,259 | | | | | $ | — | | |
*
Includes securities that are fair valued at $0.
**
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.
Notes to Financial Statements
February 28, 2021 (continued)
3. Investment valuation (continued)
| | | | Fair Value at
February 28, 2021 | | | Valuation Technique | | | Unobservable Input | | | Range | | | Weighted
Average | | | Impact | |
| Destinations Low Duration Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior Loans | | | | $ | 15,476,023 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 99.94 – 100 | | | | | | 99.98 | | | | Increase | |
| Common Stock | | | | $ | 201,059 | | | | Market Comparables | | | Enterprise Value/EBITDA multiple | | | | | 3.6x | | | | | | 3.6x | | | | Increase | |
| Total | | | | $ | 15,677,082 | | | | | | | | | | | | | | | | | | | | | | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior Loans | | | | $ | 17,000,089 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 98.5 – 100 | | | | | | 99.80 | | | | Increase | |
| Common Stock | | | | $ | 3,686,882 | | | | Market Comparables | | | Enterprise Value/EBITDA multiple | | | | | 3.6x | | | | | | 3.6x | | | | Increase | |
| | | | | | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 20,000 | | | | | | 20,000 | | | | Increase | |
| Corporate Bond | | | | $ | 2,996 | | | | Market Comparables | | | Enterprise Value/EBITDA multiple | | | | | 6x | | | | | | 6x | | | | Increase | |
| Total | | | | $ | 20,689,967 | | | | | | | | | | | | | | | | | | | | | | | |
4. Accounting for Derivative Instruments
Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. All open derivative positions at period end for each Fund are disclosed in the Fund’s Schedule of Investments. The following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:
(a)
Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.
The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.
(b)
Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.
When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(c)
Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.
A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own.
The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.
(d)
Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.
Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
(e)
Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and changes in Net Assets. Details of purchased swaptions contracts held at period end are included on the Fund’s Schedule of Investments under the caption “Purchased Options”.
Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.
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.
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
(f)
Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.
Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap. Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.
i.
Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has 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
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
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.
v.
Variance Swaps. Certain Funds may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual “variance” as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its “volatility”) over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.
The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at February 28, 2021:
Destinations Large Cap Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized appreciation on open futures contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 175,560 | | | | | $ | 175,560 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 175,560 | | | | | $ | 175,560 | | |
Effect of Derivative Instruments on the Statements of Operations of February 28, 2021
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Realized gain/(loss) on derivatives recognized in income(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on futures contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,109,580 | | | | | $ | 1,109,580 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,109,580 | | | | | $ | 1,109,580 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on futures contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 979,592 | | | | | $ | 979,592 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 979,592 | | | | | $ | 979,592 | | |
Destinations International Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on forward foreign currency contracts(d) | | | | $ | — | | | | | $ | 142,993 | | | | | $ | — | | | | | $ | — | | | | | $ | 142,993 | | |
| | | | | $ | — | | | | | $ | 142,993 | | | | | $ | — | | | | | $ | — | | | | | $ | 142,993 | | |
| Liability derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options contracts written outstanding(e) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 30,377 | | | | | $ | 30,377 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 30,377 | | | | | $ | 30,377 | | |
Effect of Derivative Instruments on the Statements of Operations of February 28, 2021
| 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 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 414,039 | | | | | $ | 414,039 | | |
| Net realized gain (loss) on forward foreign currency contracts | | | | | — | | | | | | (803,863) | | | | | | — | | | | | | — | | | | | | (803,863) | | |
| | | | | $ | — | | | | | $ | (803,863) | | | | | $ | — | | | | | $ | 414,039 | | | | | $ | (389,824) | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on
options contracts written | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (90,249) | | | | | $ | (90,249) | | |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | | | | | — | | | | | | 734,493 | | | | | | — | | | | | | — | | | | | | 734,493 | | |
| | | | | $ | — | | | | | $ | 734,493 | | | | | $ | — | | | | | $ | (90,249) | | | | | $ | 644,244 | | |
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Equity Income Fund
Effect of Derivative Instruments on the Statements of Operations of February 28, 2021
| 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 | | |
Destinations Low Duration Fixed Income Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized appreciation on forward foreign currency contracts | | | | $ | — | | | | | $ | 264,326 | | | | | $ | — | | | | | $ | — | | | | | $ | 264,326 | | |
| | | | | $ | — | | | | | $ | 264,326 | | | | | $ | — | | | | | $ | — | | | | | $ | 264,326 | | |
| Liability derivatives(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized depreciation on forward foreign currency contracts | | | | $ | — | | | | | $ | 4,218 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,218 | | |
| | | | | $ | — | | | | | $ | 4,218 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,218 | | |
Effect of Derivative Instruments on the Statements of Operations of Assets and Liabilities as of February 28, 2021
| 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 | | | | $ | — | | | | | $ | (754,142) | | | | | $ | — | | | | | $ | — | | | | | $ | (754,142) | | |
| Net realized gain (loss) on options contracts written | | | | | — | | | | | | — | | | | | $ | — | | | | | | 59,328 | | | | | | 59,328 | | |
| | | | | $ | — | | | | | $ | (754,142) | | | | | $ | — | | | | | $ | 59,328 | | | | | $ | (694,814) | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | | | | $ | — | | | | | $ | 366,359 | | | | | $ | — | | | | | $ | — | | | | | $ | 366,359 | | |
| | | | | $ | — | | | | | $ | 366,359 | | | | | $ | — | | | | | $ | — | | | | | $ | 366,359 | | |
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Global Fixed Income Opportunities Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on forward foreign currency contracts(d) | | | | $ | — | | | | | $ | 308,805 | | | | | $ | — | | | | | $ | — | | | | | $ | 308,805 | | |
| | | | | $ | — | | | | | $ | 308,805 | | | | | $ | — | | | | | $ | — | | | | | $ | 308,805 | | |
| Liability derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options contracts written outstanding(e) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 197,822 | | | | | $ | 197,822 | | |
Unrealized depreciation on forward foreign currency contracts(f) | | | | | — | | | | | | 3,872 | | | | | | — | | | | | | — | | | | | | 3,872 | | |
| | | | | $ | — | | | | | $ | 3,872 | | | | | $ | — | | | | | $ | 197,822 | | | | | $ | 201,694 | | |
Effect of Derivative Instruments on the Statements of Operations of February 28, 2021
| 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 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,211,371 | | | | | $ | 1,211,371 | | |
Net realized gain (loss) on options contracts
purchased | | | | | — | | | | | | — | | | | | | — | | | | | | (160,468) | | | | | | (160,468) | | |
| Net realized gain (loss) on forward foreign currency contracts | | | | | — | | | | | | (1,388,818) | | | | | | — | | | | | | — | | | | | | (1,388,818) | | |
| | | | | $ | — | | | | | $ | (1,388,818) | | | | | $ | — | | | | | $ | 1,050,903 | | | | | $ | (337,915) | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on options contracts written | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 166,864 | | | | | $ | 166,864 | | |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | | | | | — | | | | | | 470,232 | | | | | | — | | | | | | — | | | | | | 470,232 | | |
| | | | | $ | — | | | | | $ | 470,232 | | | | | $ | — | | | | | $ | 166,864 | | | | | $ | 637,096 | | |
Destinations Multi Strategy Alternatives Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on swap contracts(g) | | | | $ | — | | | | | $ | — | | | | | $ | 6,552,723 | | | | | $ | — | | | | | $ | 6,552,723 | | |
Options contract purchased(h) | | | | | — | | | | | | — | | | | | | — | | | | | | 10,927 | | | | | | 10,927 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | 6,552,723 | | | | | $ | 10,927 | | | | | $ | 6,563,650 | | |
| Liability derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on swap contracts(i) | | | | $ | — | | | | | $ | — | | | | | $ | 47,255 | | | | | $ | — | | | | | $ | 47,255 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | 47,255 | | | | | $ | — | | | | | $ | 47,255 | | |
Effect of Derivative Instruments on the Statements of Operations as of February 28, 2021
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
| 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 | | | | $ | — | | | | | $ | — | | | | | $ | 514,896 | | | | | $ | — | | | | | $ | 514,896 | | |
Net realized gain (loss) on options contracts
purchased | | | | | — | | | | | | — | | | | | | — | | | | | | (184,976) | | | | | | (184,976) | | |
| Net realized gain (loss) on interest rate swaptions contracts written | | | | | (838,300) | | | | | | — | | | | | | — | | | | | | — | | | | | | (838,300) | | |
| Net realized gain (loss) on interest rate purchased swaption contracts | | | | | 4,349,650 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,349,650 | | |
| | | | | $ | 3,511,350 | | | | | $ | — | | | | | $ | 514,896 | | | | | $ | (184,976) | | | | | $ | 3,841,270 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on
interest rate swaptions contracts written | | | | $ | 1,286,937 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,286,937 | | |
Net change in unrealized appreciation (depreciation) on
options contract purchased | | | | | — | | | | | | — | | | | | | — | | | | | | (159,124) | | | | | | (159,124) | | |
Net change in unrealized appreciation (depreciation) on
swap contracts | | | | | — | | | | | | — | | | | | | 5,706,373 | | | | | | — | | | | | | 5,706,373 | | |
| | | | | $ | 1,286,937 | | | | | $ | — | | | | | $ | 5,706,373 | | | | | $ | (159,124) | | | | | $ | 6,834,186 | | |
(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, 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: Unrealized appreciation on open forward foreign currency contracts.
(e)
Statements of Assets and Liabilities location: Options contracts written, at value.
(f)
Statements of Assets and Liabilities location: Unrealized depreciation 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 February 28, 2021 were as follows:
Destinations Large Cap Equity Fund
| | | | Average notional amounts | |
| Futures contracts | | | | $ | 10,122,739 | | |
Destinations International Equity Fund
| | | | Average notional amounts | |
| Option contracts written | | | | $ | 91,437 | | |
| Forward foreign currency contracts | | | | | 23,310,737 | | |
Notes to Financial Statements
February 28, 2021 (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Equity Income Fund
| | | | Average notional amounts | |
| Option contracts written | | | | $ | 83,980* | | |
*
Represents only activity for February 2020.
Destinations Low Duration Fixed Income Fund
| | | | Average notional amounts | |
| Forward foreign currency contracts | | | | $ | 20,486,730 | | |
| Option contracts written | | | | | 59,328 | | |
Destinations Global Fixed Income Opportunities Fund
| | | | Average notional amounts | |
| Option contracts purchases | | | | $ | 169,524 | | |
| Option contracts written | | | | | 540,403 | | |
| Forward foreign currency contracts | | | | | 24,570,491 | | |
Destinations Multi Strategy Alternatives Fund
| | | | Average notional amounts | |
| Interest Rate Swaption contracts purchased | | | | $ | 3,238,097 | | |
| Interest Rate Swaption contracts written | | | | | 2,007,226 | | |
| Swap contracts | | | | | 82,307,692 | | |
| Option contracts purchases | | | | | 10,927* | | |
| Option contracts written | | | | | 552,895** | | |
*
Represents only activity for February 2021.
**
Represents only activity for December 2020.
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
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the 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 February 28, 2021.
| 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 | | | | $ | 4,049,810 | | | | | $ | — | | | | | $ | (4,049,810) | | | | | $ | — | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 22,084,868 | | | | | | — | | | | | | (22,084,868) | | | | | | — | | |
| Destinations International Equity Fund | | | | | 41,425,271 | | | | | | — | | | | | | (41,425,271) | | | | | | — | | |
| Destinations Equity Income Fund | | | | | 7,700,542 | | | | | | — | | | | | | (7,700,542) | | | | | | — | | |
| Destinations Low Duration Fixed Income Fund | | | | | 2,822,756 | | | | | | — | | | | | | (2,822,756) | | | | | | — | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 2,094,818 | | | | | | — | | | | | | (2,094,818) | | | | | | — | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 6,698,280 | | | | | | — | | | | | | (6,698,280) | | | | | | — | | |
(a)
Represents market value of securities on loan at period end.
(b)
The Funds received cash collateral of $4,160,982, $22,638,714, $43,364,799, $8,305,200, $2,896,830, $2,156,744 and $6,982,247, 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.
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
The table below represents the disaggregation at February 28, 2021 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 February 28, 2021 | |
| | | | Overnight
and
Continuous | | | < 30 days | | | Between
30 & 90
days | | | > 90 days | | | Total | |
| Destinations Large Cap Equity Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 4,160,982 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,160,982 | | |
| Total Borrowings | | | | $ | 4,160,982 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,160,982 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,160,982 | | |
| Destinations Small-Mid Cap Equity Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Closed-End Funds | | | | $ | 5,084,172 | | | | | | | | | | | | | | | | | | | | | | | $ | 5,084,172 | | |
| Common Stocks | | | | | 17,554,542 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | 17,554,542 | | |
| Total Borrowings | | | | $ | 22,638,714 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 22,638,714 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 22,638,714 | | |
| Destinations International Equity Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 43,364,799 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 43,364,799 | | |
| Total Borrowings | | | | $ | 43,364,799 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 43,364,799 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 43,364,799 | | |
| Destinations Equity Income Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 8,305,200 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 8,305,200 | | |
| Total Borrowings | | | | $ | 8,305,200 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 8,305,200 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 8,305,200 | | |
| Destinations Low Duration Fixed Income Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Closed-End Funds | | | | $ | 759,800 | | | | | | | | | | | | | | | | | | | | | | | $ | 759,800 | | |
| Common Stocks | | | | | 2,137,030 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | 2,137,030 | | |
| Total Borrowings | | | | $ | 2,896,830 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,896,830 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,896,830 | | |
| Destinations Global Fixed Income Opportunities Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 2,156,744 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,156,744 | | |
| Total Borrowings | | | | $ | 2,156,744 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,156,744 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,156,744 | | |
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
| | | | Remaining Contractual Maturity of the Agreements
As of February 28, 2021 | |
| | | | Overnight
and
Continuous | | | < 30 days | | | Between
30 & 90
days | | | > 90 days | | | Total | |
| Destinations Multi Strategy Alternatives Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 6,982,247 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,982,247 | | |
| Total Borrowings | | | | $ | 6,982,247 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,982,247 | | |
Gross amount of recognized liabilities
for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 6,982,247 | | |
| |
(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 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
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
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 Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record 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 Funds’ 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.
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
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
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 and Destinations International Equity 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 2020 tax returns.
(m)
Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.
(n)
Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board.
(o)
Indemnification. In the normal course of business, the Funds may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.
(p)
Senior Floating-Rate Loans. Certain Funds may purchase assignments of, and participations in, senior secured floating rate and fixed rate loans (“Senior Loans”) originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, a Fund typically succeeds to all the rights and obligations under the loan of the assigning Lender and becomes a lender under the credit agreement with respect to the debt obligation purchased. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more restricted than, those held by the assigning Lender. Participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement or any rights of setoff against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.
In connection with bank loan interests, Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The fund is obligated to fund these commitments at borrower’s discretion.
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
In connection with these commitments, Funds earn a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period. Funds have sufficient cash/securities to cover commitments.
The following table summarizes the Funds’ wholly unfunded loans positions as of February 28, 2021.
| | | | Principal | | | Unfunded
Bank Loan
Interest
(Cost) | | | Value of
Underlying
Bank Loan
Interest
(Value) | | | Unrealized
Appreciation/
(Depreciation) | |
| Destinations Low Duration Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fieldwood Energy LLC (partially unfunded) | | | | $ | 4,430,514 | | | | | $ | 4,430,514 | | | | | $ | 4,563,429 | | | | | $ | 132,915 | | |
| Hertz Corporation (partially unfunded) | | | | | 4,627,988 | | | | | | 4,727,304 | | | | | | 4,710,643 | | | | | | (16,661) | | |
| | | | | $ | 9,058,502 | | | | | $ | 9,157,818 | | | | | $ | 9,274,072 | | | | | $ | 116,254 | | |
(q)
Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.
Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by a counterparty for the benefit of a Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of such deposits due to brokers at February 28, 2021 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.
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
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 February 28, 2021.
| | | | 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 | | | | $ | 142,993 | | | | | $ | — | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | 142,993 | | | | | $ | — | | |
| Destinations Low Duration Fixed Income Fund: | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 264,326 | | | | | $ | 4,218 | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | 264,326 | | | | | $ | 4,218 | | |
| Destinations Global Fixed Income Opportunities Fund: | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 308,805 | | | | | $ | 3,872 | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | 308,805 | | | | | $ | 3,872 | | |
| Destinations Multi Strategy Alternatives Fund: | | | | | | | | | | | | | |
| Swap contracts | | | | $ | 6,552,723 | | | | | $ | 47,255 | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | 6,552,723 | | | | | $ | 47,255 | | |
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 February 28, 2021.
| Counterparty | | | Gross amounts
of Recognized
Assets
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 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Citigroup Global Markets Inc. | | | | $ | 45,459 | | | | | $ | — | | | | | $ | — | | | | | $ | 45,459 | | |
| HSBC Bank USA | | | | | 97,534 | | | | | | — | | | | | | — | | | | | | 97,534 | | |
| Total Over-the-counter derivative instruments | | | | $ | 142,993 | | | | | $ | — | | | | | $ | — | | | | | $ | 142,993 | | |
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
| Counterparty | | | Gross amounts
of Recognized
Assets
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(c) | | | Other Cash
Collateral(e) | | | Net
Amount(d) | |
| Destinations Low Duration Fixed Income Fund | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brown Brothers Harriman & Co. | | | | $ | 264,326 | | | | | $ | (4,218) | | | | | $ | — | | | | | $ | 260,108 | | |
| Total Over-the-counter derivative instruments | | | | $ | 264,326 | | | | | $ | (4,218) | | | | | $ | — | | | | | $ | 260,108 | | |
| 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. | | | | $ | 4,218 | | | | | $ | (4,218) | | | | | $ | — | | | | | $ | — | | |
| Total Over-the-counter derivative instruments | | | | $ | 4,218 | | | | | $ | (4,218) | | | | | $ | — | | | | | $ | — | | |
| Counterparty | | | Gross amounts
of Recognized
Assets
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. | | | | $ | 308,805 | | | | | $ | (3,872) | | | | | $ | — | | | | | $ | 304,933 | | |
| Total Over-the-counter derivative instruments | | | | $ | 308,805 | | | | | $ | (3,872) | | | | | $ | — | | | | | $ | 304,933 | | |
| 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. | | | | $ | 3,872 | | | | | $ | (3,872) | | | | | $ | — | | | | | $ | — | | |
| Total Over-the-counter derivative instruments | | | | $ | 3,872 | | | | | $ | (3,872) | | | | | $ | — | | | | | $ | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
5. Accounting for Other Instruments (continued)
| Counterparty | | | Gross amounts
of Recognized
Assets
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(c) | | | Other Cash
Collateral(e) | | | Net
Amount(d) | |
| Destinations Multi Strategy Alternatives Fund | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Goldman Sachs & Co | | | | $ | 1,982,355 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,982,355 | | |
| Morgan Stanley Capital Services LLC | | | | | 4,570,368 | | | | | | (47,225) | | | | | | — | | | | | | 4,523,113 | | |
| Total Over-the-counter derivative instruments | | | | $ | 6,552,723 | | | | | $ | (47,225) | | | | | $ | — | | | | | $ | 6,505,468 | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Morgan Stanley Capital Services LLC | | | | $ | 47,225 | | | | | $ | (47,225) | | | | | $ | — | | | | | $ | — | | |
| Total Over-the-counter derivative instruments | | | | $ | 47,225 | | | | | $ | (47,225) | | | | | $ | — | | | | | $ | — | | |
(a)
Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.
(b)
Net amount represents the new amount receivable from the counterparty in the event of default.
(c)
Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.
(d)
Net amount represents the net amount payable to the counterparty in the event of default.
(e)
In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
6. Significant Risks and Uncertainties
(a)
Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.
(b)
Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
(c)
Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.
Notes to Financial Statements
February 28, 2021 (continued)
6. Significant Risks and Uncertainties (continued)
(d)
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
(e)
Global Health Event Risks. Consumer, corporate and financial confidence may be adversely affected by current or future tensions around the world, fear of terrorist activity and/or military conflicts, localized or global financial crises or other sources of political, social or economic unrest. Such erosion of confidence may lead to or extend a localized or global economic downturn. Furthermore, such confidence may be adversely affected by local, regional or global health crises, including, but not limited to, the rapid and pandemic spread of novel viruses commonly known as SARS, MERS, and COVID-19. Such health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.
7. Investment Management Agreement
Brinker Capital Investments, LLC 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 sub-advisory 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 | | | Sub-advisory
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 | | | | | 0.51% | | | | | | 0.39% | | | | | | 0.90% | | |
| Destinations International Equity Fund | | | | | 0.60% | | | | | | 0.39% | | | | | | 1.00% | | |
| Destinations Equity Income Fund | | | | | 0.29% | | | | | | 0.39% | | | | | | 0.80% | | |
| 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 | | | | | 0.15% | | | | | | 0.39% | | | | | | 0.70% | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 0.57% | | | | | | 0.39% | | | | | | 1.35% | | |
Each Fund’s actual advisory fees may be less than the amounts set forth above due to the effect of additional voluntary fee waivers. Effective March 20, 2017, Brinker Capital has contractually agreed to waive a portion of its advisory fee with respect to any Fund until the period ended June 30, 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.
Notes to Financial Statements
February 28, 2021 (continued)
7. Investment Management Agreement (continued)
For the year ended February 28, 2021, the amounts waived by the Adviser, which are not recoupable, were as follows:
| Fund | | | | | | | |
| Destinations Large Cap Equity Fund | | | | $ | 5,296,670 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 38,632 | | |
| Destinations International Equity Fund | | | | | 143,079 | | |
| Destinations Equity Income Fund | | | | | 454,505 | | |
| Destinations Core Fixed Income Fund | | | | | 1,909,666 | | |
| Destinations Low Duration Fixed Income Fund | | | | | 21,077 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 784,835 | | |
| Destinations Municipal Fixed Income Fund | | | | | 1,397,903 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 3,774,113 | | |
Cross trades for the year ended were executed by the Fund pursuant to procedures adopted by the Board of Trustees of the Fund to ensure compliance with Rule 17a-7 under the 1940 Act (the “Procedures”). In general, cross trading is the buying or selling of portfolio securities between the Fund and other series of the Trust, or between the Fund and other series. The Board of Trustees determines no less frequently than quarterly that such transactions were affected in compliance with the Procedures.
For the year ended, pursuant to these Procedures, each Fund’s total cross trades transactions were as follows:
| Fund | | | Purchases | | | Sales | |
| Destinations Large Cap Equity Fund | | | | $ | 1,858,236 | | | | | $ | 31,670,821 | | |
| Destinations International Equity Fund | | | | | 52,054 | | | | | | 644,773 | | |
| Destinations Core Fixed Income Fund | | | | | 35,868 | | | | | | 102,807,074 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 750,500 | | | | | | 8,435,519 | | |
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 and is included with the Transfer agent fees in the Statements of Operations.
Class Z Shares. Class Z Shares are intended for investors participating in Destinations, an investment advisory program, available through certain third party advisory programs that do not include a sub-transfer agent fee.
Notes to Financial Statements
February 28, 2021 (continued)
8. Class Specific Expenses (continued)
For the year ended February 28, 2021, class specific expenses were as follows:
| | | | Sub-Transfer
Agent Fees | |
| Fund | | | Class I | |
| Destinations Large Cap Equity Fund | | | | $ | 5,981,261 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 1,373,671 | | |
| Destinations International Equity Fund | | | | | 2,921,453 | | |
| Destinations Equity Income Fund | | | | | 553,288 | | |
| Destinations Core Fixed Income Fund | | | | | 2,991,852 | | |
| Destinations Low Duration Fixed Income Fund | | | | | 531,874 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 1,026,450 | | |
| Destinations Municipal Fixed Income Fund | | | | | 1,282,350 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 1,376,919 | | |
9. Investments
During the year ended February 28, 2021, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:
| | | | Investments | | | U.S. Government & Agency Obligations | |
| Fund | | | Purchases | | | Sales | | | Purchases | | | Sales | |
| Destinations Large Cap Equity Fund | | | | $ | 1,976,416,718 | | | | | $ | 2,433,461,946 | | | | | $ | — | | | | | $ | — | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 1,372,079,552 | | | | | | 1,522,726,373 | | | | | | — | | | | | | — | | |
| Destinations International Equity Fund | | | | | 756,635,299 | | | | | | 902,887,725 | | | | | | — | | | | | | — | | |
| Destinations Equity Income Fund | | | | | 197,741,676 | | | | | | 283,345,576 | | | | | | — | | | | | | — | | |
| Destinations Core Fixed Income Fund | | | | | 4,255,927,264 | | | | | | 3,945,350,581 | | | | | | 3,003,537,718 | | | | | | 2,966,886,816 | | |
| Destinations Low Duration Fixed Income Fund | | | | | 631,984,993 | | | | | | 548,717,928 | | | | | | 14,401,092 | | | | | | 9,996,456 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 1,096,686,675 | | | | | | 1,055,039,448 | | | | | | — | | | | | | 127,575 | | |
| Destinations Municipal Fixed Income Fund | | | | | 301,014,677 | | | | | | 337,432,499 | | | | | | — | | | | | | — | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 1,131,863,090 | | | | | | 990,775,295 | | | | | | — | | | | | | — | | |
| | | | Investments | | | U.S. Government & Agency
Obligations | |
| Fund | | | Securities
Sold Short | | | Covers on
Securities
Sold Short | | | Securities
Sold Short | | | Covers on
Securities
Sold Short | |
| Destinations Large Cap Equity Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Destinations Small-Mid Cap Equity Fund | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Destinations International Equity Fund | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Destinations Equity Income Fund | | | | | 8,020,476 | | | | | | 7,878,352 | | | | | | — | | | | | | — | | |
| Destinations Core Fixed Income Fund | | | | | 149,094,022 | | | | | | 131,389,105 | | | | | | 149,094,022 | | | | | | 131,389,105 | | |
| Destinations Low Duration Fixed Income Fund | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 4,993,711 | | | | | | 7,824,165 | | | | | | — | | | | | | — | | |
| Destinations Municipal Fixed Income Fund | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 125,432,918 | | | | | | 95,126,765 | | | | | | — | | | | | | — | | |
Notes to Financial Statements
February 28, 2021 (continued)
9. Investments (continued)
At February 28, 2021, 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 | | | | $ | 3,253,132,139 | | | | | $ | 1,580,901,589 | | | | | $ | (96,122,333) | | | | | $ | 1,484,779,256 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 948,904,281 | | | | | | 345,197,996 | | | | | | (27,693,324) | | | | | | 317,504,672 | | |
| Destinations International Equity Fund | | | | | 1,738,298,064 | | | | | | 816,632,590 | | | | | | (76,702,384) | | | | | | 739,930,206 | | |
| Destinations Equity Income Fund | | | | | 374,373,925 | | | | | | 57,094,250 | | | | | | (25,636,807) | | | | | | 31,457,443 | | |
| Destinations Core Fixed Income Fund | | | | | 2,421,187,493 | | | | | | 22,979,722 | | | | | | (52,953,101) | | | | | | (29,973,379) | | |
| Destinations Low Duration Fixed Income Fund . | | | | | 477,774,465 | | | | | | 6,412,427 | | | | | | (10,074,446) | | | | | | (3,662,019) | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 762,699,388 | | | | | | 27,053,506 | | | | | | (21,174,111) | | | | | | 5,879,395 | | |
| Destinations Municipal Fixed Income Fund | | | | | 904,635,139 | | | | | | 36,359,901 | | | | | | (7,431,919) | | | | | | 28,927,982 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 950,100,583 | | | | | | 91,033,095 | | | | | | (39,316,983) | | | | | | 51,716,112 | | |
10. Shares of Beneficial Interest
At February 28, 2021, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At February 28, 2021, 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:
| | | | Year ended
February 28, 2021 | | | Year ended
February 28, 2021 | | | 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 | | | | | 52,435,357 | | | | | $ | 684,494,010 | | | | | | 8,388,833 | | | | | $ | 90,160,931 | | | | | | 55,833,978 | | | | | $ | 687,696,868 | | | | | | 15,736,460 | | | | | $ | 157,982,878 | | |
| Shares issued on reinvestment | | | | | 5,697,153 | | | | | | 86,767,648 | | | | | | 551,947 | | | | | | 6,794,463 | | | | | | 5,452,518 | | | | | | 70,064,855 | | | | | | 460,720 | | | | | | 4,805,308 | | |
| Shares repurchased | | | | | (84,637,430) | | | | | | (1,146,597,874) | | | | | | (7,563,919) | | | | | | (81,513,637) | | | | | | (49,220,911) | | | | | | (606,829,956) | | | | | | (2,851,258) | | | | | | (28,981,975) | | |
| Net Increase/(Decrease) | | | | | (26,504,920) | | | | | $ | (375,336,216) | | | | | | 1,376,861 | | | | | $ | 15,441,757 | | | | | | 12,065,585 | | | | | $ | 150,931,767 | | | | | | 13,345,922 | | | | | $ | 133,806,211 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 10,424,629 | | | | | $ | 124,974,104 | | | | | | 2,063,195 | | | | | $ | 19,907,864 | | | | | | 12,974,190 | | | | | $ | 151,392,598 | | | | | | 3,926,655 | | | | | $ | 37,418,996 | | |
| Shares issued on reinvestment | | | | | 1,560,603 | | | | | | 22,394,639 | | | | | | 151,339 | | | | | | 1,740,399 | | | | | | 3,236,287 | | | | | | 38,932,538 | | | | | | 250,284 | | | | | | 2,425,248 | | |
| Shares repurchased | | | | | (22,456,528) | | | | | | (274,215,231) | | | | | | (1,839,951) | | | | | | (17,853,191) | | | | | | (19,809,318) | | | | | | (232,103,803) | | | | | | (950,305) | | | | | | (9,090,425) | | |
| Net Increase/(Decrease) | | | | | (10,471,296) | | | | | $ | (126,846,488) | | | | | | 374,583 | | | | | $ | 3,795,072 | | | | | | (3,598,841) | | | | | $ | (41,778,667) | | | | | | 3,226,634 | | | | | $ | 30,753,819 | | |
| Destinations International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 27,801,118 | | | | | $ | 366,061,881 | | | | | | 4,283,792 | | | | | $ | 48,789,282 | | | | | | 41,598,348 | | | | | $ | 484,248,356 | | | | | | 7,845,508 | | | | | $ | 78,919,083 | | |
| Shares issued on reinvestment | | | | | 44,958 | | | | | | 659,537 | | | | | | 17,737 | | | | | | 226,851 | | | | | | 1,187,481 | | | | | | 14,344,776 | | | | | | 89,687 | | | | | | 945,298 | | |
| Shares repurchased | | | | | (43,148,172) | | | | | | (509,687,356) | | | | | | (3,389,599) | | | | | | (35,303,264) | | | | | | (25,123,957) | | | | | | (289,422,489) | | | | | | (1,334,948) | | | | | | (13,517,569) | | |
| Net Increase/(Decrease) | | | | | (15,302,096) | | | | | $ | (142,965,938) | | | | | | 911,930 | | | | | $ | 13,712,869 | | | | | | 17,661,872 | | | | | $ | 209,170,643 | | | | | | 6,600,247 | | | | | $ | 66,346,812 | | |
| Destinations Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 4,512,876 | | | | | $ | 42,296,206 | | | | | | 1,013,696 | | | | | $ | 9,176,726 | | | | | | 14,986,440 | | | | | $ | 158,290,331 | | | | | | 1,587,337 | | | | | $ | 16,258,551 | | |
| Shares issued on reinvestment | | | | | 1,790,430 | | | | | | 16,937,229 | | | | | | 103,692 | | | | | | 953,306 | | | | | | 1,691,913 | | | | | | 18,155,522 | | | | | | 71,021 | | | | | | 741,452 | | |
| Shares repurchased | | | | | (15,094,775) | | | | | | (137,678,016) | | | | | | (934,096) | | | | | | (8,307,893) | | | | | | (9,777,889) | | | | | | (103,715,628) | | | | | | (445,465) | | | | | | (4,556,237) | | |
| Net Increase/(Decrease) | | | | | (8,791,469) | | | | | $ | (78,444,581) | | | | | | 183,292 | | | | | $ | 1,822,139 | | | | | | 6,900,464 | | | | | $ | 72,730,225 | | | | | | 1,212,893 | | | | | $ | 12,443,766 | | |
| Destinations Core Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 55,084,785 | | | | | $ | 566,944,532 | | | | | | 5,222,974 | | | | | $ | 55,197,432 | | | | | | 34,380,206 | | | | | $ | 348,432,072 | | | | | | 7,760,079 | | | | | $ | 80,705,308 | | |
| Shares issued on reinvestment | | | | | 4,374,396 | | | | | | 45,153,843 | | | | | | 232,113 | | | | | | 2,458,341 | | | | | | 4,959,666 | | | | | | 50,302,690 | | | | | | 187,545 | | | | | | 1,957,744 | | |
| Shares repurchased | | | | | (37,377,623) | | | | | | (384,588,684) | | | | | | (3,098,501) | | | | | | (32,672,496) | | | | | | (31,128,067) | | | | | | (315,867,814) | | | | | | (1,562,545) | | | | | | (16,349,302) | | |
| Net Increase | | | | | 22,081,558 | | | | | $ | 227,509,691 | | | | | | 2,356,586 | | | | | $ | 24,983,277 | | | | | | 8,211,805 | | | | | $ | 82,866,948 | | | | | | 6,385,079 | | | | | $ | 66,313,750 | | |
Notes to Financial Statements
February 28, 2021 (continued)
10. Shares of Beneficial Interest (continued)
| | | | Year ended
February 28, 2021 | | | Year ended
February 28, 2021 | | | 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 Low Duration Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 18,171,975 | | | | | $ | 171,086,753 | | | | | | 1,237,743 | | | | | $ | 11,930,570 | | | | | | 6,658,834 | | | | | $ | 65,581,427 | | | | | | 1,341,971 | | | | | $ | 13,490,093 | | |
| Shares issued on reinvestment | | | | | 1,311,218 | | | | | | 12,349,552 | | | | | | 61,385 | | | | | | 590,193 | | | | | | 1,310,138 | | | | | | 12,874,976 | | | | | | 43,242 | | | | | | 432,843 | | |
| Shares repurchased | | | | | (9,356,530) | | | | | | (88,084,770) | | | | | | (520,775) | | | | | | (5,004,378) | | | | | | (14,321,550) | | | | | | (140,784,379) | | | | | | (557,121) | | | | | | (5,578,498) | | |
| Net Increase/(Decrease) | | | | | 10,126,663 | | | | | $ | 95,351,535 | | | | | | 778,353 | | | | | $ | 7,516,385 | | | | | | (6,352,578) | | | | | $ | (62,327,976) | | | | | | 828,092 | | | | | $ | 8,344,438 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 17,769,711 | | | | | $ | 167,996,725 | | | | | | 1,728,722 | | | | | $ | 16,710,837 | | | | | | 12,198,838 | | | | | $ | 120,893,391 | | | | | | 2,633,293 | | | | | $ | 26,572,816 | | |
| Shares issued on reinvestment | | | | | 2,961,429 | | | | | | 28,132,491 | | | | | | 144,921 | | | | | | 1,401,780 | | | | | | 3,083,228 | | | | | | 30,502,657 | | | | | | 107,530 | | | | | | 1,080,878 | | |
| Shares repurchased | | | | | (23,756,259) | | | | | | (224,106,513) | | | | | | (1,359,298) | | | | | | (12,985,085) | | | | | | (18,945,526) | | | | | | (187,943,047) | | | | | | (763,975) | | | | | | (7,700,048) | | |
| Net Increase/(Decrease) | | | | | (3,025,119) | | | | | $ | (27,977,297) | | | | | | 514,345 | | | | | $ | 5,127,532 | | | | | | (3,663,460) | | | | | $ | (36,546,999) | | | | | | 1,976,848 | | | | | $ | 19,953,646 | | |
| Destinations Municipal Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 17,585,113 | | | | | $ | 183,253,560 | | | | | | 1,416,158 | | | | | $ | 14,800,618 | | | | | | 13,652,537 | | | | | $ | 141,594,898 | | | | | | 915,589 | | | | | $ | 9,524,563 | | |
| Shares issued on reinvestment | | | | | 1,775,709 | | | | | | 18,578,076 | | | | | | 45,694 | | | | | | 479,548 | | | | | | 1,910,895 | | | | | | 19,854,143 | | | | | | 36,105 | | | | | | 376,396 | | |
| Shares repurchased | | | | | (16,956,969) | | | | | | (176,085,320) | | | | | | (716,487) | | | | | | (7,453,789) | | | | | | (18,012,053) | | | | | | (186,875,852) | | | | | | (406,771) | | | | | | (4,237,551) | | |
| Net Increase/(Decrease) | | | | | 2,403,853 | | | | | $ | 25,746,316 | | | | | | 745,365 | | | | | $ | 7,826,377 | | | | | | (2,448,621) | | | | | $ | (25,426,811) | | | | | | 544,923 | | | | | $ | 5,663,408 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 28,726,572 | | | | | $ | 281,655,299 | | | | | | 2,660,566 | | | | | $ | 25,454,430 | | | | | | 14,551,118 | | | | | $ | 140,648,524 | | | | | | 3,440,337 | | | | | $ | 32,455,097 | | |
| Shares issued on reinvestment | | | | | 1,497,504 | | | | | | 14,207,122 | | | | | | 81,832 | | | | | | 760,344 | | | | | | 4,267,551 | | | | | | 40,884,655 | | | | | | 158,287 | | | | | | 1,477,184 | | |
| Shares repurchased | | | | | (17,826,528) | | | | | | (169,315,819) | | | | | | (1,274,919) | | | | | | (11,887,150) | | | | | | (18,854,124) | | | | | | (181,461,416) | | | | | | (801,300) | | | | | | (7,529,152) | | |
| Net Increase/(Decrease) | | | | | 12,397,548 | | | | | $ | 126,546,602 | | | | | | 1,467,479 | | | | | $ | 14,327,624 | | | | | | (35,455) | | | | | $ | 71,763 | | | | | | 2,797,324 | | | | | $ | 26,403,129 | | |
| |
11. Dividend and Tax Components of Capital
The tax character of distributions paid during the fiscal year ended February 28, 2021, were as follows:
| | | | Destinations
Large Cap
Equity Fund | | | Destinations
Small-Mid Cap
Equity Fund | | | Destinations
International
Equity Fund | | | Destinations
Equity Income
Fund | | | 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 | |
| Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tax Exempt | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 13,579,156 | | | | | $ | — | | |
| Ordinary Income | | | | | 34,300,625 | | | | | | 13,323,295 | | | | | | 897,892 | | | | | | 15,077,452 | | | | | | 43,206,745 | | | | | | 13,040,965 | | | | | | 29,781,526 | | | | | | 365,133 | | | | | | 15,073,484 | | |
| Net Long-term Capital Gains | | | | | 59,980,376 | | | | | | 10,989,786 | | | | | | — | | | | | | 3,015,335 | | | | | | 4,770,900 | | | | | | — | | | | | | — | | | | | | 5,284,706 | | | | | | — | | |
| Total Distributions Paid. | | | | $ | 94,281,001 | | | | | $ | 24,313,081 | | | | | $ | 897,892 | | | | | $ | 18,092,787 | | | | | $ | 47,977,645 | | | | | $ | 13,040,965 | | | | | $ | 29,781,526 | | | | | $ | 19,228,995 | | | | | $ | 15,073,484 | | |
The tax character of distributions paid during the fiscal period ended February 29, 2020, were as follows:
| | | | Destinations
Large Cap
Equity Fund | | | Destinations
Small-Mid Cap
Equity Fund | | | Destinations
International
Equity Fund | | | Destinations
Equity Income
Fund | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tax Exempt | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 16,998,371 | | | | | $ | — | | |
| Ordinary Income | | | | | 41,295,232 | | | | | | 11,215,806 | | | | | | 15,376,815 | | | | | | 16,792,818 | | | | | | 52,523,816 | | | | | | 13,376,930 | | | | | | 31,752,175 | | | | | | 2,027,519 | | | | | | 39,443,838 | | |
| Net Long-term Capital Gains | | | | | 34,002,229 | | | | | | 30,353,057 | | | | | | — | | | | | | 2,205,211 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,339,135 | | | | | | 3,081,629 | | |
| Total Distributions Paid | | | | $ | 75,297,461 | | | | | $ | 41,568,863 | | | | | $ | 15,376,815 | | | | | $ | 18,998,029 | | | | | $ | 52,523,816 | | | | | $ | 13,376,930 | | | | | $ | 31,752,175 | | | | | $ | 20,365,025 | | | | | $ | 42,525,467 | | |
Notes to Financial Statements
February 28, 2021 (continued)
11. Dividend and Tax Components of Capital (continued)
As of February 28, 2021, the components of accumulated earnings on a tax basis were as follows:
| | | | Destinations
Large Cap
Equity Fund | | | Destinations
Small-Mid Cap
Equity Fund | | | Destinations
International
Equity Fund | | | Destinations
Equity Income
Fund | | | 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 | |
| Undistributed ordinary income – net | | | | $ | 61,374,552 | | | | | $ | 90,969,884 | | | | | $ | 4,963,727 | | | | | $ | 3,782,574 | | | | | $ | 6,576,894 | | | | | $ | 3,081,841 | | | | | $ | 6,801,734 | | | | | $ | 687,180 | | | | | $ | 13,628,700 | | |
| Undistributed long-term capital gains – net | | | | | 207,735,628 | | | | | | 75,028,839 | | | | | | — | | | | | | — | | | | | | 58,651,094 | | | | | | — | | | | | | — | | | | | | 697,194 | | | | | | — | | |
| Undistributed tax-exempt income – net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 676,291 | | | | | | — | | |
Total Undistributed
earnings | | | | | 269,110,180 | | | | | | 165,998,723 | | | | | | 4,963,727 | | | | | | 3,782,574 | | | | | | 65,227,988 | | | | | | 3,081,841 | | | | | | 6,801,734 | | | | | | 2,060,665 | | | | | | 13,628,700 | | |
| Capital Loss Carryforward | | | | | — | | | | | | — | | | | | | (1,148,497) | | | | | | (32,378,170) | | | | | | — | | | | | | (3,446,667) | | | | | | (16,949,714) | | | | | | — | | | | | | — | | |
| CurrentYear LateYear Loss Deferral | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized appreciation (depreciation) | | | | | 1,484,779,004(a) | | | | | | 317,504,675(a) | | | | | | 733,993,728(a) | | | | | | 31,469,907(a) | | | | | | (29,973,378)(a) | | | | | | (3,548,189)(a) | | | | | | 5,922,541(a) | | | | | | 28,927,982(a) | | | | | | 51,716,112(a) | | |
| Total accumulated earnings/(losses) – net | | | | $ | 1,753,889,184 | | | | | $ | 483,503,398 | | | | | $ | 737,808,958 | | | | | $ | 2,874,311 | | | | | $ | 35,254,610 | | | | | $ | (3,913,015) | | | | | $ | (4,225,439) | | | | | $ | 30,988,647 | | | | | $ | 65,344,812 | | |
(a)
The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, tax cost adjustments related to partnerships, forwards, futures, ROC dividends received, real estate investments, the difference between book and tax amortization methods, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.
12. Capital Loss Carry Forward
As of February 28, 2021, the Funds had the following net capital loss carryforwards remaining:
| Year of Expiration | | | Destinations
Large Cap
Equity Fund | | | Destinations
Small-Mid Cap
Equity Fund | | | Destinations
International
Equity Fund | | | Destinations
Equity Income
Fund | | | 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 | |
| Short-Term | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,064,718 | | | | | $ | — | | | | | $ | — | | | | | $ | 923,643 | | | | | $ | — | | | | | $ | — | | |
| Long-Term . | | | | | — | | | | | | — | | | | | | 1,148,497 | | | | | | 15,313,452 | | | | | | — | | | | | | 3,446,667 | | | | | | 16,026,071 | | | | | | — | | | | | | — | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | 1,148,497 | | | | | $ | 32,378,170 | | | | | $ | — | | | | | $ | 3,446,667 | | | | | $ | 16,949,714 | | | | | $ | — | | | | | $ | — | | |
During the year ended February 28, 2021, Destinations International Equity Fund, Destinations Core Fixed Income Fund, Destinations Low Duration Fixed Income Fund, Destinations Global Fixed Income Opportunities Fund and Destinations Multi Strategy Alternatives Fund utilized capital loss carryforwards of $22,280,036, $5,525,515, $728,222, $2,445,263 and 21,216,726, respectively.
13. Subsequent Events
Effective April 23, 2021, Ms. Ellyn L. Brown, Chair of the Trust’s Board of Trustees, stepped down from the Board to pursue other interests. Ms. Brown has served on the Board of Trustees since its organization on January 17, 2017 and has acted as Chair of the Board since April 1, 2018. The Board expects to appoint promptly a new Chair at an upcoming meeting.
14. Recent Accounting Pronouncements
In March 2020, Financial Accounting Standards Board issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
Notes to Financial Statements
February 28, 2021 (concluded)
15. Change of Independent Registered Public Accounting Firm
On December 9, 2020, Tait, Weller & Baker LLP (“Tait Weller”), the independent registered public accounting firm to the Funds, was informed by the Registrant’s Board of Directors (the “Board of Directors”) that the Funds had engaged a new audit firm for the fiscal year end February 28, 2021.
Tait Weller’s reports on the Funds’ financial statements for the fiscal years ended February 29, 2020 and February 28, 2019 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle.
During the fiscal years ended February 29, 2020 and February 28, 2019: (i) there were no disagreements with Tait Weller on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Tait Weller, would have caused Tait Weller to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements for such periods; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
On December 9, 2020, the Audit Committee of the Board approved the selection of BBD, LLP (“BBD”) as the Funds’ independent registered public accounting firm for the fiscal year ending February 28, 2021. During the Funds’ fiscal years ended February 29, 2020 and February 28, 2019, neither the Funds, nor anyone on their behalf, consulted with BBD on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Brinker Capital Destinations Trust
and the Shareholders of Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations International Equity Fund, Destinations Equity Income 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
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations International Equity Fund, Destinations Equity Income 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, each a series of shares of beneficial interest in Brinker Capital Destinations Trust (the “Funds”), including the schedules of investments, as of February 28, 2021, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of February 28, 2021, and the results of their operations, the changes in their net assets, and their financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. The statements of changes in net assets for the year ended February 29, 2020 and the financial highlights for each of the periods in the three-year period ended February 29, 2020 were audited by other auditors, whose report dated April 29, 2020, expressed an unqualified opinion on such financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian, issuers, agent banks, transfer agents, brokers, or by other appropriate auditing procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
BBD, LLP
We have served as the auditor of one or more of the Funds in the Brinker Capital Destinations Trust since 2020.
Philadelphia, Pennsylvania
April 29, 2021
Board Approval of Management Agreement and Investment Advisory Agreements (Unaudited)
Brinker Capital Destinations Trust (“Trust” and, each series thereof a “Fund,” and together, the “Funds”) and Brinker Capital Investments, LLC (“Brinker”), have entered into an investment management agreement (the “Management Agreement”), pursuant to which Brinker selects investments in third-party funds and serves as “manager of managers” for the Funds in that it 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 Brinker and each Sub-adviser.
Section 15 of the Investment Company Act of 1940, as amended (the “1940 Act”) 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 of Trustees (the “Board”), including a majority of the Independent Trustees, is required because of an exemptive order that was granted to the Trust by the U.S. Securities and Exchange Commission (“SEC”). In addition, as a result of the impact of the coronavirus and COVID-19 pandemic, the SEC issued orders dated March 13, 2020, March 25, 2020 and June 19, 2020 (the “Orders”) that conditionally exempt registered investment companies and their investment advisers, as well as principal underwriters from in-person voting requirements.
Board Considerations of New Advisory and Sub-Advisory Agreements in Connection with Transaction
Brinker Capital, Inc., the predecessor of Brinker, served as investment adviser to each Fund since the Trust was founded. On June 26, 2020, Brinker Capital, Inc., acting through its parent company, Brinker Capital Holdings, Inc., 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 Capital Holdings, Inc. 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. Following consummation of the transaction on September 24, 2020, Brinker Capital Holdings Inc.’s business was integrated with CLS Investments, LLC, resulting in a combined investment adviser: Brinker. The transaction was deemed to result in a change of control of Brinker Capital, Inc. under the 1940 Act, resulting in the assignment, and automatic termination, of the advisory agreement between the Trust, on behalf of each Fund, and Brinker Capital, Inc. (the “Prior Management Agreement”) and the sub-advisory agreements between Brinker Capital, Inc. and each existing Sub-adviser to the Funds (the “Prior Sub-advisory Agreements”) that were in place at the time.
As discussed in greater detail below, at a virtual meeting held on July 13, 2020 in reliance on the Orders (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. 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.
Also at the July 13th Meeting, the Board, including a majority of the Independent Trustees, approved new Sub-Advisory Agreements between Brinker and the existing Sub-advisers for an initial two-year period that would become effective after the closing of the Transaction. The Independent Trustees requested and received information from Brinker Capital, Inc. and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and to evaluate the prior performance of Brinker Capital, Inc. and the Sub-advisers. The Board also considered information provided by Brinker Capital, Inc. during prior meetings, specifically at an in-person meeting held on December 3-4, 2019 (the “December 2019 Meeting”). The Independent Trustees were assisted in their review by Fund counsel and counsel to those Trustees who are not
an affiliated person of the Trust and met in executive sessions separate from representatives of Brinker Capital, Inc. and the Sub-advisers. Following its deliberation, the Board approved the Sub-advisory Agreements with the following Sub-advisers on behalf of the indicated Fund(s) at the July 13th Meeting:
| | 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, evaluating 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 Capital, Inc. under the Prior Management Agreement. In considering the nature, extent and quality of the services to be provided by Brinker, the Board reviewed the portfolio management services currently provided by Brinker Capital, Inc. and to be provided by Brinker to the Funds, including the quality of the continuing portfolio management personnel, the resources expected to be made available to Brinker after the consummation of the Transaction and Brinker Capital, Inc.’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 Capital, Inc.’s current investment and risk management approaches for the Funds and was informed by Brinker Capital, Inc. 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 Brinker 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 Capital, Inc. selected and recommended the Sub-advisers to the Board and Brinker Capital, Inc.’s ongoing supervision of the Sub-advisers, including Brinker Capital, Inc.’s process for determining how Fund assets were allocated among the applicable Sub-advisers. The Independent Trustees noted that Brinker Capital, Inc. 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 Capital, Inc. 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 Capital, Inc.’s favorable assessment of the nature and quality of the Sub-advisers’ services. The Board also reviewed information received from Brinker Capital, Inc. 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 Capital, Inc. 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 Capital, Inc. and its representatives provided information regarding and, as applicable, led discussions of factors impacting Brinker Capital, Inc.’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 Capital, Inc.’s and the Sub-advisers’ performance at meetings held prior to the July 13th Meeting. In doing so, the Trustees determined that Brinker Capital, Inc.’s and the Sub-advisers’ performance was satisfactory, or, where Brinker Capital, Inc.’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 Capital, Inc. and the Sub-advisers in an effort to improve performance. Based on this information and Brinker Capital, Inc.’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 Capital, Inc. 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.
Management Fees and Expense Ratios
As to each Fund, the Board noted that it had reviewed and considered at the December 2019 Meeting the contractual management fees (“Contractual Management Fees”) payable by each Fund to Brinker Capital, Inc. and by Brinker Capital, Inc. to the Sub-advisers in light of the nature, extent and quality of the management and sub-advisory services provided by Brinker Capital, Inc. 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 Capital, Inc., 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 Capital, Inc. 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 Capital, Inc., 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 Capital, Inc. 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 Brinker under the Management Agreement is the same as the investment advisory fee currently payable to Brinker Capital, Inc. 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 Capital, Inc. and the sub-advisory fees paid by Brinker Capital, Inc. 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 Capital, Inc.’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 Capital, Inc.’s ownership structure and operations that will occur after the consummation of the Transaction. Accordingly, the Trustees did not make any conclusions regarding Brinker’s profitability but will do so during future considerations of the Management Agreement. The Board noted Brinker Capital, Inc.’s expectation that if the Transaction is successful, the Funds’ assets likely will increase.
The Board noted that it had considered at the December 2019 Meeting the profits realized by Brinker Capital, Inc. 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 Capital, Inc. 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 Capital, Inc. for providing advisory services to the Funds as an overall complex, noting that Brinker Capital, Inc. 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 Brinker Capital, Inc.’s profits. As to each Fund, the Board concluded, in the context of its full deliberations that Brinker Capital, Inc.’s level of profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.
The Board noted that it has considered at the December 2019 Meeting the fees payable under each Prior Sub-advisory Agreement, noting that the fees were paid to the proposed Sub-advisers by Brinker Capital, Inc. 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 Capital, Inc., 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.
Economies of Scale
With respect to economies of scale, the Board considered Brinker Capital, Inc.’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 Capital, Inc.’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 Capital, Inc.’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, the Board noted that it had considered at the December 2019 Meeting information regarding whether there have been economies of scale with respect to Brinker Capital, Inc.’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 Brinker, 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 Brinker’s costs of providing investment management and other services to the Funds and Brinker’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 Brinker, 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 Brinker and Sub-advisers to the Funds and that the appointment of Brinker 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 Brinker 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.
Board Considerations of New Sub-Advisory Agreement with Seix Investment Advisors LLC
At a meeting of the Board held on July 29, 2020 (the “July 29th Meeting”), in reliance on and in compliance with the conditions of the Orders, Brinker Capital, Inc. 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 Capital, Inc. (the “Seix Sub-advisory Agreement”), and the other between Seix and Brinker 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 Capital, Inc. during prior meetings. In doing so, the Trustees requested and received information from Brinker Capital, Inc. and Seix that they deemed reasonably necessary for their review of the Seix 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 Capital, Inc. 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 Capital, Inc. 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 Capital, Inc.’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 Capital, Inc. 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 Capital, Inc. and of Seix.
The Board then discussed with representatives of Brinker Capital, Inc., 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 Capital, Inc.’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 Capital, Inc. 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 Capital, Inc.’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 Capital, Inc. or Brinker, 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 Capital, Inc. or Brinker, 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 Capital, Inc. and the Trust and Brinker. The Board received and considered a profitability analysis of Brinker Capital, Inc. and Brinker with respect to the addition of Seix as a sub-adviser to the Municipal Fund and determined that Brinker Capital, Inc.’s and Brinker’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 Capital, Inc. or Brinker to 39 basis points of the Municipal Fund’s assets. Similarly, the Board recognized that, because Seix’s fee would be paid by Brinker Capital, Inc. or Brinker, and not the Municipal Fund, an analysis of 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 Capital, Inc. and the Trust and Brinker. 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.
Board Considerations of New Sub-Advisory Agreements with Merganser Capital Management, LLC and Wellington Management Company LLP for the Destinations Core Fixed Income Fund
At a meeting of the Board of the Trust held on December 9, 2020 (the “December 2020 Meeting”), in reliance on and in compliance with the conditions of the Orders, Brinker recommended and the Board, including all of the Independent Trustees, approved two Sub-advisory Agreements for the management of the Destinations Core Fixed Income Fund (the “Core Fixed Income Fund”), one between Merganser Capital Management, LLC (“Merganser”) and Brinker (the “Merganser Sub-advisory Agreement”), and the other between Wellington Management Company LLP (“Wellington”) and Brinker (the “Wellington Sub-advisory Agreement,” and together with the Merganser Sub-advisory Agreement, the “Sub-advisory Agreements”). Pursuant to the Sub-advisory Agreements, Merganser and Wellington would provide day-to-day management for the portion of the Core Fixed Income 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 Brinker, Merganser and Wellington that they deemed reasonably necessary for their review of the Sub-advisory Agreements and to evaluate the performance of Merganser and Wellington. 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, Merganser and Wellington.
In voting to approve the Sub-advisory Agreements, the Trustees considered whether the approval of the Sub-advisory Agreements would be in the best interests of the respective Fund and its shareholders, an evaluation based on several factors including those discussed below.
Nature, Extent and Quality of the Services Provided Under the Sub-advisory Agreements
The Board received and considered information regarding the nature, extent and quality of services proposed to be provided to the Core Fixed Income Fund by Merganser and Wellington under the Sub-advisory Agreements. The Trustees considered information regarding the process by which Brinker selected and recommended Merganser and Wellington to the Board and the supervisory activities over Merganser and Wellington, including monitoring Merganser’s and Wellington’s compliance with the investment objectives, policies, and restrictions of the Core Fixed Income Fund. The Board considered Merganser’s and Wellington’s proposed specific responsibilities in all aspects of the day-to-day management of the portion of the Core Fixed Income 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 Core Fixed Income Fund’s assets to be managed by Merganser and Wellington and of other key personnel of Merganser and Wellington. The Board specifically took into account Merganser’s and Wellington’s investment process and capabilities, evaluating, as applicable, how Merganser and Wellington would complement the other Sub-advisers to the Fund. The Trustees discussed the terms of the Sub-advisory Agreements and considered Brinker’s favorable assessment of the nature and quality of Merganser’s and Wellington’s services expected to be provided to the Core Fixed Income 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 Merganser and Wellington.
The Board then discussed with representatives of Brinker, the portfolio management strategy proposed to be employed by Merganser and Wellington. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by Merganser and Wellington were adequate and appropriate in light of (i) Merganser’s and Wellington’s experience and the qualifications of their investment personnel in providing portfolio management services to other investment portfolios, (ii) the portfolio management and research resources expected to be applied by Merganser and Wellington in managing the portion of the Core Fixed Income Fund’s assets allocated to them, (iii) how Merganser and Wellington were expected to complement the Core Fixed Income Fund’s existing Sub-advisers, (iv) Merganser’s and Wellington’s compliance program, and (v) Brinker’s recommendation to engage Merganser and Wellington.
Fund Performance
Because Merganser and Wellington were to be newly-appointed for the Core Fixed Income Fund, the Board could not consider their investment performance in managing the respective Fund’s assets as a factor in evaluating the proposed Sub-advisory Agreements during the Meeting.
The Board, however, received information from management regarding Merganser’s and Wellington’s historical performance returns managing investment mandates similar to that of the Core Fixed Income Fund, with such performance compared to a relevant index. The Board discussed with representatives of Brinker the investment strategy to be employed by Merganser and Wellington in the management of the Core Fixed Income Fund’s assets. The Board discussed the reputation and experience of Merganser and Wellington, 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 Sub-advisory Agreements.
Sub-advisory Fees and Expense Ratios; Economies of Scale and Other Benefits
The Board considered the proposed fees payable under the Sub-advisory Agreements, noting that the proposed fees would be payable by Brinker to each Sub-adviser, and, thus, would not impact the fees paid by the Core Fixed Income Fund. The Board concluded that the proposed fees payable to Merganser and Wellington with respect to the assets to be managed by Merganser and Wellington were reasonable and appropriate. The Board recognized that, because Merganser’s and Wellington’s fees would be paid by Brinker, and not the Core Fixed Income 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. The Board received and considered a profitability analysis of Brinker with respect to the addition of Merganser and Wellington, each as a Sub-adviser to the Core Fixed Income Fund, and determined that Brinker’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the Core Fixed Income 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 to 39 basis points of the Core Fixed Income Fund’s assets. Similarly, the Board recognized that, because Merganser’s and Wellington’s fees would be paid by Brinker, and not the Core Fixed Income Fund, an analysis of economies of scale with respect to Merganser and Wellington was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and Brinker. Accordingly, economies of scale with respect to Merganser and Wellington were not considered relevant at that time to the Board’s decision to approve the Sub-advisory Agreements. The Board also concluded that any other benefits that could be expected to accrue to Merganser and Wellington by virtue of their relationship with the Core Fixed Income Fund were reasonable.
After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, with the advice of Fund counsel and independent legal counsel, resolved to approve the proposed Sub-advisory Agreements for an initial two-year period, having determined that the Sub-advisory Agreements would be in the best interests of the Core Fixed Income Fund.
Board Considerations of Amended and Restated Sub-Advisory Agreement with Driehaus Capital Management LLC for the Destinations Small-Mid Cap Equity Fund
At the December 2020 Meeting, in reliance on and in compliance with the conditions of the Orders, Brinker recommended and the Board, including all of the Independent Trustees, approved an amended and restated Sub-advisory Agreement (the “Sub-advisory Agreement”) for the management of an additional sub-portfolio of the Destinations Small-Mid Cap Equity Fund (the “Small-Mid Cap Equity Fund”), between Driehaus Capital Management LLC (“Driehaus” or “Sub-adviser”) and Brinker (the “Sub-advisory Agreement”). Pursuant to the Sub-advisory Agreement, Driehaus would provide day-to-day management for the portion of the Small-Mid Cap Equity 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 Brinker and Driehaus that they deemed reasonably necessary for their review of the Sub-advisory Agreement 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 Sub-advisory Agreement, the Trustees considered whether the approval of the Sub-advisory Agreement would be in the best interests of the Small-Mid Cap Equity Fund and its shareholders, an evaluation based on several factors including those discussed below.
Nature, Extent and Quality of the Services Provided Under the Sub-advisory Agreement
The Board received and considered information regarding the nature, extent and quality of services proposed to be provided to the Small-Mid Cap Equity Fund by Driehaus under the Sub-advisory Agreement. The Trustees considered information regarding the process by which Brinker selected and recommended Driehaus to the Board and the supervisory activities over Driehaus, including monitoring Driehaus’s compliance with the investment objectives, policies, and restrictions
of the Small-Mid Cap Equity Fund. The Board considered Driehaus’s proposed specific responsibilities in all aspects of the day-to-day management of the portion of the Small-Mid Cap Equity 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 Small-Mid Cap Equity Fund’s assets to be managed by Driehaus and of other key personnel of Driehaus. The Board specifically took into account Driehaus’s investment process and capabilities, evaluating, as applicable, how Driehaus would complement the other Sub-advisers to the Fund. The Trustees discussed the terms of the Sub-advisory Agreement and considered Brinker’s favorable assessment of the nature and quality of Driehaus’s services expected to be provided to the Small-Mid Cap Equity 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 Driehaus.
The Board then discussed with representatives of Brinker, the portfolio management strategy proposed to be employed by Driehaus. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by Driehaus were adequate and appropriate in light of (i) Driehaus’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 Driehaus in managing the portion of the Small-Mid Cap Equity Fund’s assets allocated to it, (iii) how Driehaus was expected to complement the Small-Mid Cap Equity Fund’s existing Sub-advisers, (iv) the Driehaus compliance program, and (v) Brinker’s recommendation to engage Driehaus.
Fund Performance
The Board received information regarding Driehaus’s historical performance returns managing the proposed strategy, with such performance compared to a relevant index. The Board discussed with representatives of Brinker and Driehaus the investment strategy to be employed by Driehaus in the management of the additional sub-portfolio of the Small-Mid Cap Equity Fund’s assets. The Board discussed the reputation and experience of Driehaus, 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 Sub-advisory Agreement.
Sub-advisory Fees and Expense Ratios; Economies of Scale and Other Benefits
The Board considered the proposed fees payable under the Sub-advisory Agreement, noting that the proposed fee would be payable by Brinker to Driehaus, and, thus, would not impact the total fees paid by the Small-Mid Cap Equity Fund. The Board concluded that the proposed fee payable to Driehaus with respect to the assets to be managed by Driehaus in the additional sub-portfolio of the Small-Mid Cap Equity Fund were reasonable and appropriate. The Board recognized that, because Driehaus’s fee would be paid by Brinker, and not the Small-Mid Cap Equity 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. The Board received and considered a profitability analysis of Brinker with respect to the addition of Driehaus as a Sub-adviser to the additional sub-portfolio of the Small-Mid Cap Equity Fund and determined that Brinker’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the Small-Mid Cap Equity 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 to 39 basis points of the Small-Mid Cap Equity Fund’s assets. Similarly, the Board recognized that, because Driehaus’s fee would be paid by Brinker, and not the Small-Mid Cap Equity Fund, an analysis of economies of scale with respect to Driehaus was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and Brinker. Accordingly, economies of scale with respect to Driehaus were not considered relevant at that time to the Board’s decision to approve the Sub-advisory Agreement. The Board also concluded that any other benefits that could be expected to accrue to Driehaus by virtue of their relationship with the Small-Mid Cap Equity Fund were reasonable.
After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, with the advice of Fund counsel and independent legal counsel, resolved to approve the proposed Sub-advisory Agreement, having determined that the Sub-advisory Agreement would be in the best interests of the Small-Mid Cap Equity Fund.
Review of Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the Liquidity Risk Management Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.
At the December 2020 Meeting, the Trustees received a report from the Liquidity Risk Management Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The Liquidity Risk Management Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on September 21, 2018. The Liquidity Risk Management Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Liquidity Risk Management Committee further noted that no material changes have been made to the Program since its implementation.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.
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, 2018; Trustee Since 2017 | | | Retired Attorney since 2006. Former Principal of Brown & Associates from 1996 to 2006. | | | 10 | | | CNO Financial Group, Inc. since 2012, Walter Investment Management Corp. from 2013 to 2017, NYSE-Euronext (and predecessor entities) from 2006 to 2013, NYSE Regulation, Inc. from 2010 to 2014. Financial Industry Regulatory Authority, Inc. (FINRA) from 2007 to 2012, Financial Accounting Foundation, Inc. from 2007 to 2012. | |
J. Scott Coleman, CFA 7 Forest Road
Wayne, PA 19087 Birth Year: 1960 | | | Trustee | | | Since 2017 | | | President and Managing Partner of Woodland Park Consulting, LLC since 2017. President and CEO of Optimum Fund Trust from 2011 to 2015. President of Delaware Distributors from 2008 to 2015. Executive Vice President, Head of Distribution and Marketing, Delaware Investments 2008 to 2015. In addition, Head of Macquarie Investment Management EMEA Distribution from 2012 to 2015. Managing Director at Goldman Sachs & Co. from 2001 to 2008. | | | 10 | | | Optimum Fund Trust from 2011 to 2015. | |
Name, Address and
Date of Birth | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served* | | | Principal
Occupation(s)
During Past
Five Years | | | Number of
Funds
in Fund
Complex
Overseen
by Trustee | | | Other Board
Memberships
Held During
Past Five Years
by Trustee | |
Nicholas Marsini, Jr.
120 St. Moritz Drive
Wilmington, DE 19807 Birth Year: 1955 | | | Trustee, Chair of Audit Committee | | | Since 2017 | | | Retired since 2016. Regional President of PNC Delaware from 2011 to 2016. Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from 1997 to 2010. | | | 10 | | | FundVantage Trust, Third Avenue Trust, Third Avenue Variable Series Trust. | |
Gregory E. McGowan
Franklin Templeton
300 SE 2nd Street
Fort Lauderdale, FL 33301 Birth Year: 1949 | | | Trustee | | | Since 2017 | | | President and CEO, GEMPENN Global Consultancy, Inc. since 2016. Senior Strategic Advisor, Franklin Templeton Investments in 2016. Executive Vice President, Director and General Counsel of Templeton International, Inc. from 1992 to 2016. Executive Vice President, Secretary and General Counsel of Templeton Global Advisors Limited (a Bahamian corporation) from 1992 to 2016. | | | 10 | | | Global Capital PLC (Malta Public Company), Franklin Templeton Sealand Fund Management Co. Ltd., China Life Franklin Asset Management Company Limited, Templeton Investment Counsel LLC, Franklin Templeton Trustee Services Private Limited (India), Franklin Templeton International Services S.A. (Luxembourg), Franklin Templeton Investments (Asia) Limited, Franklin Templeton Investments Japan Ltd., Templeton Asset Management Ltd. (Singapore), Franklin Templeton Holding Limited (Mauritius), Franklin Templeton Investment Services Mexico, S. de R. L. | |
| INTERESTED TRUSTEES* | | | | | | | | | | | | | | | | |
Joseph V. Del Raso
Pepper Hamilton LLP
3000 Two Logan Square,
18th & Arch Streets
Philadelphia, PA 19103-2799 | | | Trustee | | | Since 2017 (Chair of the Board until April 1, 2018). | | | Partner at Troutman Pepper Hamilton LLP (law firm) since 1998. | | | 10 | | | Global Capital PLC (Malta Public Company). | |
| Birth Year: 1952 | | | | | | | | | | | | | | | | |
Noreen D. Beaman
Brinker Capital
Investments, LLC
1055 Westlakes Drive,
Suite 250
Berwyn, PA 19312 Birth Year: 1964 | | | Trustee and Chief Executive Officer | | | Since 2018 | | | President of Brinker Capital Investments, LLC since 2020.** Chief Executive Officer of Brinker Capital, Inc. from 2012 to 2020. | | | 10 | | | MMI Board of Governors, Philadelphia Financial Scholars, MMI Leadership Pathway (2016 to 2020), Envestnet Institute Women In Wealth (2017 to 2020); 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.
***
As announced by the Trust in a supplement to its Statement of Additional Information on April 9, 2021, Ms. Brown resigned from the Board effective April 23, 2021 to pursue other interests. She had served on the Board since its organization on January 17, 2017 and had acted as Chair since April 1, 2018. The Board of Trustees and Brinker Capital Investments, LLC thanks Ms. Brown for her service to the Trust and wishes her continued success.
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* | | | | | | | | | | |
Kevin Fustos
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312 Birth Year: 1970 | | | Chief Financial Officer & Treasurer | | | Since December 2020 | | | Vice President of Financial Planning and Analysis, Orion Advisor Solutions, since 2016; Omaha Public Power District from 2004 to 2016. | |
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 | | | Investment Officer | | | Since January 2017 | | | Co-Head of Discretionary Portfolios of Brinker Capital Investments, LLC since 2020; Chief Investment Officer of Brinker Capital Investments, LLC from 2018 to 2020; 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. | |
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 | | | Co-Head of Discretionary Portfolios at Brinker Capital Investments, LLC since 2020; Senior Vice President and Head of Discretionary Portfolios of Brinker Capital Investments, LLC from 2017 to 2020; 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 Portfolio Manager of Brinker Capital Investments, LLC since 2020; Senior Vice President and Head of Platform Manager Research of Brinker Capital Investments, LLC from 2017 to 2020; 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 | | | Chief Investment Officer of Brinker Capital Investments, LLC since 2020; Senior Vice President and Global Investment Strategist of Brinker Capital Investments, LLC from 2017 to 2020; Co-Head US Sub Advisory of Pictet Asset Management in 2016; Portfolio Manager and Partner of TAMRO Capital Partners from 2005 to 2016. | |
Kristin Pilipzeck
Brinker Capital 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.
Important Tax Information (unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended February 28, 2021:
| | | | Destinations
Large Cap
Equity Fund | | | Destinations
Small-Mid Cap
Equity Fund | | | Destinations
International
Equity Fund | | | Destinations
Equity Income
Fund | | | Destinations
Core Fixed Income
Fund | |
| Ordinary Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Qualified Dividend Income for
Individuals | | | | | 100.00% | | | | | | 69.21% | | | | | | 100.00% | | | | | | 97.98% | | | | | | — | | |
| Dividends Qualifying for the Dividends Received | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deduction for Corporations | | | | | 100.00% | | | | | | 68.73% | | | | | | 31.17% | | | | | | 65.46% | | | | | | — | | |
| Foreign Taxes Paid | | | | | | | | | | | | | | | | $ | 2,984,970 | | | | | | | | | | | | | | |
| Foreign Source Income | | | | | | | | | | | | | | | | $ | 26,056,861 | | | | | | | | | | | | | | |
| Foreign Tax Paid Per Share | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | — | | |
| Foreign Source Income Per Share | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | — | | |
| | | | Destinations
Low Duration
Fixed Income
Fund | | | Destinations
Global Fixed
Income
Opportunities
Fund | | | Destinations
Municipal
Fixed Income
Fund | | | Destinations
Multi Strategy
Alternatives
Fund | |
| Ordinary Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Qualified Dividend Income for Individuals | | | | | — | | | | | | — | | | | | | — | | | | | | 13.31% | | |
| Dividends Qualifying for the Dividends Received | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deduction for Corporations | | | | | — | | | | | | — | | | | | | — | | | | | | 13.09% | | |
| Interest from Tax-Exempt Obligations | | | | | — | | | | | | — | | | | | | 99.99% | | | | | | — | | |
Brinker Capital Destinations Trust
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, PA 19103
www.morganlewis.com
Independent Registered Public Accounting Firm
BBD, LLP
1835 Market Street, 3rd Floor
Philadelphia, PA 19103
www.bbdcpa.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.
ITEM 2. CODE OF ETHICS.
As of the period ended February 28, 2021 (“Reporting Period”), the Registrant has adopted a code of ethics (“Code”) that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. The Registrant has not amended any provision in its Code that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. A copy of this Code is filed as an Exhibit to this Form N-CSR pursuant to Item 13(a)(1). The Registrant has not granted any waiver, including any implicit waiver, from a provision of its Code to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the Registrant has determined that Nicholas Marsini Jr. possesses the attributes identified in Instruction (b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mr. Marsini as the Registrant’s audit committee financial expert. Mr. Marsini is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
AUDIT FEES –
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years ended February 28, 2021 and February 29, 2020 for professional services rendered by the Registrant’s principal accountant (“Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for each of the last two fiscal years, were $209,000 in 2021 and $209,000 in 2020.
(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years ended February 28, 2021 and February 29, 2020, for assurance and related services by the Auditor that were reasonably related to the performance of the audit of the Registrant’s financial statements and were not reported under paragraph (a) of this Item 4, were $0 in 2021 and $0 in 2020.
(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years ended February 28, 2021 and February 29, 2020, for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $25,000 in 2021 and $25,000 in 2020. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.
(d) All Other Fees. The aggregate fees billed for each of the last two fiscal years ended February 28, 2021 and February 29, 2020, for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item 4, were $0 for 2021 and $0 for 2020.
(e)(1) The Charter for the Audit Committee (“Committee”) of the Brinker Capital Destinations Trust provides that the Committee may pre-approve all audit and permitted non-audit services the independent auditor provides to a Fund, and all services that the independent auditor provides to the Fund’s investment adviser(s) and advisory affiliates (whether or not directly related to the Fund’s operations and financial reporting); except that (a) services provided to a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser, and (b) de minimis non-audit services, shall not require pre-approval
(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(c) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees were 0% for 2021 and 0% for 2020; Tax Fees were 0% for 2021 and 0% for 2020; and Other Fees were 0% for 2021 and 0% for 2020.
(f) Not Applicable.
(g) Aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management as is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant (“Service Affiliates”) were $0 for 2021 and $0 for 2020.
(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the Auditor’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not Applicable.
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. |
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 evaluations 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) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(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: | May 5, 2021 | |
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: | May 5, 2021 | |
| Brinker Capital Destinations Trust |
| By: | /s/ Kevin Fustos | |
| | Kevin Fustos | |
| | Chief Financial Officer and Treasurer | |
| | | |
| Date: | May 5, 2021 | |
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