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, 2022
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.
| (a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). |
Annual Report
February 28, 2022
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
Destinations Shelter Fund Class / Ticker : I / DSHFX, Z / DSHZX
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 Funds 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, 2022. Please refer to the investment commentary for a detailed look at prevailing economic and market conditions during the Funds’ reporting period.
As always, we remain committed to providing you with excellent service and a full spectrum of investment choices to help you while you pursue your objectives and goals. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.destinationsfunds.com. On our website, you can gain immediate access to Destinations Funds information, including:
•
Fund prices and performance,
•
Holdings,
•
Distributions, and
•
A host of fund literature and resources
We want to thank you for your continued confidence in the Destinations Funds and we look forward to helping you meet your financial goals.
Sincerely,
Donna M. Marley
Chief Operating Officer, Brinker Capital Destinations Trust
April 29, 2022
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)
Equity market performance was mixed for the twelve months ending February 28, 2022 (“the period”). Accommodative fiscal and monetary policy, in addition to strong corporate earnings helped generate positive returns, but heightened volatility during the back half of the period created challenges for certain areas of equity markets. The emergence of COVID-19 variants led to fears that new surges in cases would hinder economic growth. Persistent higher inflation also weighed on the economy with increased expectations that the Federal Reserve may have to take a more aggressive stance on rate hikes and potential quantitative tightening. However, these expectations were somewhat tempered near the end of the period as concerns over the Russia invasion of Ukraine took hold. With both fiscal and monetary policy normalizing, we expect economic growth to remain positive but at a more moderate pace.
The Russell 3000 Index1 gained +12.2% for the period. Energy led sector returns as favorable supply/demand dynamics led to a strong rebound. Consumer staples also experienced robust performance. The financials sector was helped by a more favorable macro environment during the second half of the period. Among the laggards was the communication services sector as regulatory antitrust issues surrounding social media companies created headwinds for the sector. Stretched valuations within the consumer discretionary sector also led to a pullback in performance during the period. From a style perspective, value outperformed growth with the differential much more pronounced in mid and small cap equities. Large cap equities outpaced other market capitalizations.
Developed international equities, as measured by the FTSE All-World Developed ex US Index2, gained +3.5% 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 across global central banks helped support markets until the virus could be contained. Concerns over the reliability of Russian energy supplies led to additional disruption for the region at the end of the period. Emerging markets, as measured by the FTSE All-World Emerging Markets Index3, fell -7.3% for the period. China, a main driver of returns within the index, experienced a meaningful drawdown after aggressively employing tighter regulatory policies earlier in the period. Russia’s unprovoked invasion of Ukraine in February served as an additional headwind, creating a high degree of geopolitical uncertainty.
Investment-grade fixed income, as measured by the ICE BofA US Broad Market Index4, declined -2.4% for the period. Treasury yields rose across maturities due in part to expectations of future rate hikes amidst tighter monetary policy. The 10-year Treasury yield finished the period at 1.84%, 39 basis points5 higher than the beginning of the period. Rising inflation expectations led to strong outperformance from the TIPS sector. High yield credit eked out a small positive return, helped by increased investor demand. Municipals outperformed US government bonds as the sector experienced tailwinds from the passing of the Infrastructure bill and favorable supply/demand dynamics.
Our overall economic outlook tilts positive in the near-term. The US economy remains on track for positive growth as evidenced by the strength in the labor market, the housing market, and consumer spending, and is moving on from COVID-19. Monetary policy currently remains accommodative as the Federal Reserve’s balance sheet continues to increase in size and previous easing measures are still working their way through the economy as monetary policy works with a lag. Fiscal policy is more of a headwind this year, and while the likelihood of sizeable new fiscal spending is slim, large scale tax increases are also unlikely. Yields have climbed higher, and while they have not yet reached levels that could negatively impact the economy and markets, the yield curve has flattened. Business confidence remains elevated, and earnings growth is expected
1
Russell 3000 Index — Russell 3000 — A market capitalization weighted index that tracks the performance of the 3,000 largest US traded stocks.
2
FTSE All-World Developed ex US Index — FTSE All-World Developed ex US — A market capitalization weighted index representing the performance of large and mid-cap securities from developed markets excluding the US.
3
FTSE All-World Emerging Markets Index — FTSE All-World Emerging Markets — A market capitalization weighted index that measures the performance of securities listed in advanced emerging and secondary emerging countries.
4
ICE BofA US Broad Market Index — ICE BofA US Broad Market Index — A broad based index that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
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)
to be strong as companies possess pricing power. High levels of inflation are weighing on consumer confidence, but spending continues to be solid. We expect continued market volatility as we experience a normalization of liquidity and policy as well as heightened geopolitical concerns, a backdrop that is favorable for our active approach.
Thank you for your confidence and your support as shareholders of the Destinations Funds.
Sincerely,
Amy Magnotta, CFA
Investment Officer, Brinker Capital Destinations Trust
April 29, 2022
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, 2022, Class I returned 7.48% compared to the Russell 1000 Index return of 13.72%. Detracting from the Fund’s relative performance was stock selection within the information technology and consumer discretionary sectors. An overweight to, and stock selection within, the communication services sector also detracted from performance. Stock selection within the materials, energy and consumer staples sectors was a positive 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.
Newton Investment Management North America, LLC
Seeks to invest in companies with attractive valuation, strong fundamentals, and a catalyst for business improvement.
River Road Asset Management, LLC
Employs a fundamental bottom-up approach that seeks to identify financially strong companies with predictable and sustainable cash flows trading at attractive discounts.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with the Russell 1000 Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Large Cap Equity Fund Class I | | | | | -8.90% | | | | | | 7.48% | | | | | | 15.06% | | | | | | 13.14% | | |
| Russell 1000 Index | | | | | -8.23% | | | | | | 13.72% | | | | | | 18.08% | | | | | | 15.09% | | |
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 Class I 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2022, Class I returned 1.66%, compared to a return of 7.07% for the Russell Midcap Index and -6.01% for the Russell 2000 Index over the period. An underweight to the communication services sector and an overweight to the financials sector contributed to performance for the period. Detracting from relative performance was an overweight to, and stock selection within, the healthcare sector. Stock selection within the information technology and industrials sectors were also negatives.
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.
Leeward 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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with both the Russell Midcap Index and Russell 2000 Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Small-Mid Cap Equity Fund Class I | | | | | -11.23% | | | | | | 1.66% | | | | | | 16.23% | | | | | | 13.78% | | |
| Russell Midcap Index | | | | | -8.03% | | | | | | 7.07% | | | | | | 14.25% | | | | | | 12.16% | | |
| Russell 2000 Index | | | | | -8.66% | | | | | | -6.01% | | | | | | 10.50% | | | | | | 9.60% | | |
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 Class I were 1.12% and 1.12%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2022, Class I returned -8.36%, behind the FTSE All-World ex US Index which returned 0.56% over the period. From a sector perspective, stock selection within the information technology, healthcare and consumer discretionary sectors were the largest negatives. An underweight to and stock selection within the communication services sector benefitted performance. From a geographical perspective, stock selection within the United Kingdom and Japan detracted from performance. Contributing to performance was an underweight to, and stock selection within, Hong Kong.
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.
Barrow Hanley Global Investors
Invests in undervalued, under-earning companies with stable or improving operating fundamentals and clearly defined upside drivers.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with the FTSE All-World ex US Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations International Equity Fund Class I | | | | | -9.56% | | | | | | -8.36% | | | | | | 8.72% | | | | | | 7.42% | | |
| FTSE All-World ex US Index | | | | | -5.37% | | | | | | 0.56% | | | | | | 8.56% | | | | | | 7.34% | | |
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 Class I were 1.25% and 1.24%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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).
Investment Commentary
For the fiscal year ending February 28, 2022, Class I returned 19.58% compared to a return of 12.65% for the FTSE All-World High Dividend Yield Index over the period. An underweight to, and stock selection within, the information technology sector contributed to performance. Stock selection within the healthcare and financials sectors were also positives. Detracting from relative performance was an underweight to and stock selection within the consumer staples sector. An overweight to the communication services sector and consumer discretionary stock selection were also relative negatives.
Investment Sub-advisers
Federated Equity Management Company of Pennsylvania
Employs a bottom-up, fundamental approach with an emphasis on high-yielding, dividend growing stocks.
Nuveen Asset Management, LLC
Seeks to provide high current income and long-term capital appreciation by investing in global equity and income-producing securities.
Neuberger Berman Investment Advisors, LLC
Employs an income-oriented approach that seeks to generate a current yield greater than the current yield of the S&P 500 Index with lower volatility.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with the FTSE All-World High Dividend Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Equity Income Fund Class I | | | | | -0.08% | | | | | | 19.58% | | | | | | 9.44% | | | | | | 8.08% | | |
| FTSE All-World High Dividend Yield Index | | | | | -1.20% | | | | | | 12.65% | | | | | | 8.79% | | | | | | 7.00% | | |
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 Class I were 1.05% and 0.93%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2022, Class I returned -2.72% compared to a return of -2.37% for the ICE BofA US Broad Market Index. An underweight to duration relative to the benchmark contributed to Fund performance as Treasury yields rose across maturities during the period. Security selection within corporate and securitized bonds was also a positive. Detracting from performance was an overweight to securitized bonds and an underweight to Treasuries.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with the ICE BofA US Broad Market Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Core Fixed Income Fund Class I | | | | | -3.03% | | | | | | -2.72% | | | | | | 1.98% | | | | | | 1.82% | | |
| ICE BofA US Broad Market Index | | | | | -3.34% | | | | | | -2.37% | | | | | | 3.32% | | | | | | 2.87% | | |
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 Class I were 0.87% and 0.78%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2022, Class I returned 3.40%, compared to a return of 2.57% for ICE BofA US High Yield 0-3 Year Index and -1.51% for the ICE BofA US Treasury 1-3 Year Index. A bias to corporate credit and security selection within the sector contributed to Fund performance for the period. Allocations to pre-IPO special purpose acquisition companies (“SPACs”) was also a positive. Detracting from performance was an allocation to securitized bonds and a position to a multi-sector ETF.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 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, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Low Duration Fixed Income Fund Class I | | | | | 0.00% | | | | | | 3.40% | | | | | | 3.18% | | | | | | 2.79% | | |
| ICE BofA US High Yield 0-3 Year Index | | | | | -1.23% | | | | | | 2.57% | | | | | | 3.99% | | | | | | 4.31% | | |
| ICE BofA US Treasury 1-3 Year Index | | | | | -1.03% | | | | | | -1.51% | | | | | | 1.54% | | | | | | 1.38% | | |
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 Class I were 0.95% and 0.95%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2022, Class I returned 1.49% compared to a return of 0.81% for the ICE BofA US High Yield Index. The Fund is allocated across credit sectors, including US corporate credit, emerging market credit and preferred stock. Corporate bond security selection was the strongest contributor to performance for the period. Positions in pre-IPO special purpose acquisition companies (“SPACs”) and preferred securities was also a positive. An allocation to emerging market debt detracted from performance.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with the ICE BofA US High Yield Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Global Fixed Income Opportunities Fund Class I | | | | | -1.32% | | | | | | 1.49% | | | | | | 3.90% | | | | | | 3.47% | | |
| ICE BofA US High Yield Index | | | | | -3.62% | | | | | | 0.81% | | | | | | 5.06% | | | | | | 4.96% | | |
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 Class I were 1.13% and 1.02%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2022, Class I finished in line with benchmark declining 1.53% compared to -1.43% for the ICE BofA US Municipal Securities 1-10 Year Index. A bias to higher quality securities benefitted the Fund for the period but a slightly longer duration positioning detracted. Security selection within tax-supported and transportation bonds was a positive. From a state perspective, security selection within New York and California contributed to performance, but an underweight to Illinois was a negative.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with the ICE BofA US Municipal Securities 1-10 Year Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Municipal Fixed Income Fund Class I | | | | | -2.60% | | | | | | -1.53% | | | | | | 1.87% | | | | | | 1.77% | | |
| ICE BofA US Municipal Securities 1-10 Year Index | | | | | -2.44% | | | | | | -1.43% | | | | | | 1.88% | | | | | | 2.12% | | |
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 Class I were 0.93% and 0.77%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2022, Class I gained 1.25%, behind the Morningstar Broad Hedge Fund Index which gained 11.24% for the period. An emphasis to lower volatility strategies resulted in a lower risk profile for the Fund relative to the benchmark. The event driven strategy was helped by positions to special purpose vehicles (“SPACs”) but equity catalyst trades within the biotechnology sector detracted from performance. The relative value credit strategy benefitted from allocations to mortgage credit risk transfer securities and corporate credit index tranches but posted more muted returns because of its lower volatility objective.
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 I-Share from its inception (March 20, 2017) to February 28, 2022 as compared with the Morningstar Broad Hedge Fund Index.
Average Total Returns as of February 28, 2022
| | | | YTD | | | 1 Year | | | 3 Year | | | Since Inception
(3/20/2017) | |
| Destinations Multi Strategy Alternatives Fund Class I | | | | | -1.92% | | | | | | 1.25% | | | | | | 5.28% | | | | | | 4.20% | | |
| Morningstar Broad Hedge Fund Index | | | | | 2.68% | | | | | | 11.24% | | | | | | 8.71% | | | | | | 6.52% | | |
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 Class I were 1.89% and 1.50%, 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, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.
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, 2021 and held for the six months ended February 28, 2022.
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 | | | | | (8.27)% | | | | | $ | 1,000.00 | | | | | $ | 917.29 | | | | | | 0.81% | | | | | $ | 3.85 | | |
| Destinations Large Cap Equity Fund – Class Z | | | | | (8.12)% | | | | | | 1,000.00 | | | | | | 918.76 | | | | | | 0.66% | | | | | | 3.14 | | |
| Destinations Small-Mid Cap Equity Fund – Class I | | | | | (6.48)% | | | | | | 1,000.00 | | | | | | 935.25 | | | | | | 1.10% | | | | | | 5.28 | | |
| Destinations Small-Mid Cap Equity Fund – Class Z | | | | | (6.39)% | | | | | | 1,000.00 | | | | | | 936.15 | | | | | | 0.95% | | | | | | 4.61 | | |
| Destinations International Equity Fund – Class I | | | | | (13.40)% | | | | | | 1,000.00 | | | | | | 866.01 | | | | | | 1.22% | | | | | | 5.64 | | |
| Destinations International Equity Fund – Class Z | | | | | (13.29)% | | | | | | 1,000.00 | | | | | | 867.09 | | | | | | 1.07% | | | | | | 4.95 | | |
| Destinations Equity Income Fund – Class I | | | | | 4.93% | | | | | | 1,000.00 | | | | | | 1,049.30 | | | | | | 0.93% | | | | | | 4.73 | | |
| Destinations Equity Income Fund – Class Z | | | | | 5.03% | | | | | | 1,000.00 | | | | | | 1,050.33 | | | | | | 0.78% | | | | | | 3.97 | | |
| Destinations Core Fixed Income Fund – Class I | | | | | (3.95)% | | | | | | 1,000.00 | | | | | | 960.52 | | | | | | 0.80% | | | | | | 3.89 | | |
| Destinations Core Fixed Income Fund – Class Z | | | | | (3.87)% | | | | | | 1,000.00 | | | | | | 961.34 | | | | | | 0.65% | | | | | | 3.16 | | |
| Destinations Low Duration Fixed Income Fund – Class I | | | | | 0.49% | | | | | | 1,000.00 | | | | | | 1,004.85 | | | | | | 0.94% | | | | | | 4.67 | | |
| Destinations Low Duration Fixed Income Fund – Class Z | | | | | 0.52% | | | | | | 1,000.00 | | | | | | 1,005.24 | | | | | | 0.79% | | | | | | 3.93 | | |
| Destinations Global Fixed Income Opportunities Fund – Class I | | | | | (0.18)% | | | | | | 1,000.00 | | | | | | 998.20 | | | | | | 1.11% | | | | | | 5.50 | | |
| Destinations Global Fixed Income Opportunities Fund – Class Z | | | | | (0.09)% | | | | | | 1,000.00 | | | | | | 999.10 | | | | | | 0.96% | | | | | | 4.76 | | |
| Destinations Municipal Fixed Income Fund – Class I | | | | | (2.97)% | | | | | | 1,000.00 | | | | | | 970.30 | | | | | | 0.76% | | | | | | 3.71 | | |
| Destinations Municipal Fixed Income Fund – Class Z | | | | | (2.89)% | | | | | | 1,000.00 | | | | | | 971.10 | | | | | | 0.61% | | | | | | 2.98 | | |
| Destinations Multi Strategy Alternatives Fund – Class I | | | | | (0.58)% | | | | | | 1,000.00 | | | | | | 994.16 | | | | | | 1.31% | | | | | | 6.48 | | |
| Destinations Multi Strategy Alternatives Fund – Class Z | | | | | (0.52)% | | | | | | 1,000.00 | | | | | | 994.77 | | | | | | 1.16% | | | | | | 5.74 | | |
| Destinations Shelter Fund – Class I | | | | | (4.33)% | | | | | | 1,000.00 | | | | | | 956.72 | | | | | | 0.90% | | | | | | 3.05(5) | | |
| Destinations Shelter Fund – Class Z | | | | | (5.51)% | | | | | | 1,000.00 | | | | | | 944.86 | | | | | | 0.75% | | | | | | 1.78(6) | | |
(1)
For the six months ended February 28, 2022 or for the period from inception of Destinations Shelter Fund – Class I and Class Z (October 27, 2021 and December 2, 2021, respectively) through the period ended February 28, 2022.
(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).
(5)
Expenses (net of fee waivers and/or expense reimbursements) are equal to annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (125) in the period since inception through February 28, 2022, then divided by 365 (to reflect the period).
(6)
Expenses (net of fee waivers and/or expense reimbursements) are equal to annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (89) in the period since inception through February 28, 2022, 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 | | | | | $ | 1,020.78 | | | | | | 0.81% | | | | | $ | 4.06 | | |
| Destinations Large Cap Equity Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.52 | | | | | | 0.66% | | | | | | 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 | | | | | | 1,020.03 | | | | | | 0.95% | | | | | | 4.81 | | |
| Destinations International Equity Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,018.74 | | | | | | 1.22% | | | | | | 6.11 | | |
| Destinations International Equity Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,019.49 | | | | | | 1.07% | | | | | | 5.36 | | |
| Destinations Equity Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.18 | | | | | | 0.93% | | | | | | 4.66 | | |
| Destinations Equity Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.93 | | | | | | 0.78% | | | | | | 3.91 | | |
| Destinations Core Fixed Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.83 | | | | | | 0.80% | | | | | | 4.01 | | |
| Destinations Core Fixed Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.57 | | | | | | 0.65% | | | | | | 3.26 | | |
| Destinations Low Duration Fixed Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.13 | | | | | | 0.94% | | | | | | 4.71 | | |
| Destinations Low Duration Fixed Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.88 | | | | | | 0.79% | | | | | | 3.96 | | |
| Destinations Global Fixed Income Opportunities Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,019.24 | | | | | | 1.11% | | | | | | 5.56 | | |
| Destinations Global Fixed Income Opportunities Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.03 | | | | | | 0.96% | | | | | | 4.81 | | |
| Destinations Municipal Fixed Income Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.03 | | | | | | 0.76% | | | | | | 3.81 | | |
| Destinations Municipal Fixed Income Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.77 | | | | | | 0.61% | | | | | | 3.06 | | |
| Destinations Multi Strategy Alternatives Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,018.30 | | | | | | 1.31% | | | | | | 6.56 | | |
| Destinations Multi Strategy Alternatives Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,019.04 | | | | | | 1.16% | | | | | | 5.81 | | |
| Destinations Shelter Fund – Class I | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,020.28 | | | | | | 0.90% | | | | | | 3.15(4) | | |
| Destinations Shelter Fund – Class Z | | | | | 5.00% | | | | | | 1,000.00 | | | | | | 1,021.08 | | | | | | 0.75% | | | | | | 1.85(5) | | |
(1)
For the six months ended February 28, 2022 or for the period from inception of Destinations Shelter Fund – Class I and Class Z (October 27, 2021 and December 2, 2021, respectively) through the period ended February 28, 2022.
(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).
(4)
Expenses (net of fee waivers and/or expense reimbursements) are equal to annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (125) in the period since inception through February 28, 2022, then divided by 365 (to reflect the period).
(5)
Expenses (net of fee waivers and/or expense reimbursements) are equal to annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (89) in the period since inception through February 28, 2022, then divided by 365 (to reflect the period).
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 98.2% | |
| | BASIC MATERIALS – 1.5% | |
| | Chemicals – 0.7% | |
| | | | 1,728 | | | | Air Products & Chemicals Inc. | | | | $ | 408,326 | | |
| | | | 912 | | | | Albemarle Corp. | | | | | 178,652 | | |
| | | | 836 | | | | Celanese Corp., Class A Shares | | | | | 116,438 | | |
| | | | 263,871 | | | | CF Industries Holdings Inc. | | | | | 21,423,687 | | |
| | | | 5,773 | | | | Dow Inc. | | | | | 340,376 | | |
| | | | 4,044 | | | | DuPont de Nemours Inc. | | | | | 312,884 | | |
| | | | 101,942 | | | | Eastman Chemical Co. | | | | | 12,077,069 | | |
| | | | 1,946 | | | | Ecolab Inc. | | | | | 343,002 | | |
| | | | 972 | | | | FMC Corp. | | | | | 113,967 | | |
| | | | 1,987 | | | | International Flavors & Fragrances Inc. | | | | | 264,271 | | |
| | | | 4,001 | | | | Linde PLC | | | | | 1,173,253 | | |
| | | | 2,052 | | | | LyondellBasell Industries NV, Class A Shares | | | | | 199,516 | | |
| | | | 2,971 | | | | Mosaic Co. | | | | | 155,770 | | |
| | | | 1,853 | | | | PPG Industries Inc. | | | | | 247,283 | | |
| | | | 1,883 | | | | Sherwin-Williams Co. | | | | | 495,474 | | |
| | | | | | | | Total Chemicals | | | | | 37,849,968 | | |
| | Forest Products & Paper – 0.4% | |
| | | | 238,896 | | | | International Paper Co. | | | | | 10,399,143 | | |
| | | | 71,765 | | | | West Fraser Timber Co., Ltd. | | | | | 7,157,123 | | |
| | | | | | | | Total Forest Products & Paper | | | | | 17,556,266 | | |
| | Iron/Steel – 0.0% | |
| | | | 2,231 | | | | Nucor Corp. | | | | | 293,644 | | |
| | Mining – 0.4% | |
| | | | 454,520 | | | | Freeport-McMoRan Inc. | | | | | 21,339,714 | | |
| | | | 6,224 | | | | Newmont Corp. | | | | | 412,029 | | |
| | | | | | | | Total Mining | | | | | 21,751,743 | | |
| | | | | | | | TOTAL BASIC MATERIALS | | | | | 77,451,621 | | |
| | COMMUNICATIONS – 19.2% | |
| | Advertising – 0.1% | |
| | | | 3,019 | | | | Interpublic Group of Cos., Inc. | | | | | 111,099 | | |
| | | | 1,644 | | | | Omnicom Group Inc. | | | | | 137,915 | | |
| | | | 80,828 | | | | Trade Desk Inc., Class A Shares* | | | | | 6,896,245 | | |
| | | | | | | | Total Advertising | | | | | 7,145,259 | | |
| | Internet – 13.7% | |
| | | | 246 | | | | Airbnb Inc., Class A Shares* | | | | | 37,267 | | |
| | | | 30,366 | | | | Alphabet Inc., Class A Shares* | | | | | 82,022,817 | | |
| | | | 35,021 | | | | Alphabet Inc., Class C Shares* | | | | | 94,480,354 | | |
| | | | 58,825 | | | | Amazon.com Inc.* | | | | | 180,666,870 | | |
| | | | 25,580 | | | | Booking Holdings Inc.* | | | | | 55,566,155 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | COMMUNICATIONS – (continued) | |
| | Internet – (continued) | |
| | | | 1,059 | | | | CDW Corp. | | | | $ | 182,635 | | |
| | | | 411,449 | | | | Chewy Inc., Class A Shares*(a) | | | | | 19,395,706 | | |
| | | | 145,305 | | | | Coupang Inc., Class A Shares* | | | | | 3,853,489 | | |
| | | | 62,787 | | | | DoorDash Inc., Class A Shares* | | | | | 6,589,496 | | |
| | | | 4,886 | | | | eBay Inc. | | | | | 266,727 | | |
| | | | 42,963 | | | | Etsy Inc.* | | | | | 6,654,539 | | |
| | | | 102,049 | | | | Expedia Group Inc.* | | | | | 20,012,829 | | |
| | | | 67,524 | | | | F5 Inc.* | | | | | 13,562,195 | | |
| | | | 162,977 | | | | Farfetch Ltd., Class A Shares*(a) | | | | | 3,104,712 | | |
| | | | 11,400 | | | | Kuaishou Technology, Class B Shares*(b) | | | | | 130,634 | | |
| | | | 502,067 | | | | Match Group Inc.* | | | | | 55,975,450 | | |
| | | | 114,500 | | | | Meituan, Class B Shares*(b) | | | | | 2,523,037 | | |
| | | | 351,348 | | | | Meta Platforms Inc., Class A Shares* | | | | | 74,144,968 | | |
| | | | 39,760 | | | | Netflix Inc.* | | | | | 15,686,115 | | |
| | | | 4,484 | | | | NortonLifeLock Inc. | | | | | 129,946 | | |
| | | | 28,792 | | | | Pinduoduo Inc., ADR* | | | | | 1,493,153 | | |
| | | | 103,919 | | | | Sea Ltd., ADR* | | | | | 15,130,606 | | |
| | | | 383,569 | | | | Snap Inc., Class A Shares* | | | | | 15,319,746 | | |
| | | | 51,751 | | | | Spotify Technology SA* | | | | | 8,082,989 | | |
| | | | 224,363 | | | | Twitter Inc.* | | | | | 7,976,105 | | |
| | | | 842,272 | | | | Uber Technologies Inc.* | | | | | 30,347,060 | | |
| | | | 49,226 | | | | VeriSign Inc.* | | | | | 10,520,581 | | |
| | | | | | | | Total Internet | | | | | 723,856,181 | | |
| | Media – 2.8% | |
| | | | 966 | | | | Charter Communications Inc., Class A Shares* | | | | | 581,319 | | |
| | | | 35,588 | | | | Comcast Corp., Class A Shares | | | | | 1,664,095 | | |
| | | | 1,314 | | | | Discovery Inc., Class A Shares*(a) | | | | | 36,858 | | |
| | | | 2,371 | | | | Discovery Inc., Class C Shares* | | | | | 66,317 | | |
| | | | 1,930 | | | | DISH Network Corp., Class A Shares* | | | | | 61,683 | | |
| | | | 289 | | | | FactSet Research Systems Inc. | | | | | 117,360 | | |
| | | | 282,464 | | | | Fox Corp., Class A Shares | | | | | 11,815,469 | | |
| | | | 1,162 | | | | Fox Corp., Class B Shares | | | | | 44,458 | | |
| | | | 274,568 | | | | Liberty Broadband Corp., Class C Shares* | | | | | 40,279,126 | | |
| | | | 1,158,954 | | | | Liberty Media Corp.-Liberty SiriusXM* | | | | | 58,318,565 | | |
| | | | 1,603,451 | | | | News Corp., Class A Shares | | | | | 35,789,026 | | |
| | | | 944 | | | | News Corp., Class B Shares | | | | | 21,174 | | |
| | | | 4,697 | | | | Paramount Global, Class B Shares | | | | | 143,775 | | |
| | | | 14,183 | | | | Walt Disney Co.* | | | | | 2,105,608 | | |
| | | | | | | | Total Media | | | | | 151,044,833 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | COMMUNICATIONS – (continued) | |
| | Telecommunications – 2.6% | |
| | | | 1,751 | | | | Arista Networks Inc.* | | | | $ | 214,900 | | |
| | | | 55,738 | | | | AT&T Inc. | | | | | 1,320,433 | | |
| | | | 207,177 | | | | Ciena Corp.* | | | | | 14,175,050 | | |
| | | | 555,301 | | | | Cisco Systems Inc. | | | | | 30,969,137 | | |
| | | | 249,363 | | | | Corning Inc. | | | | | 10,074,265 | | |
| | | | 2,585 | | | | Juniper Networks Inc. | | | | | 87,347 | | |
| | | | 7,378 | | | | Lumen Technologies Inc. | | | | | 76,436 | | |
| | | | 47,567 | | | | Motorola Solutions Inc. | | | | | 10,485,194 | | |
| | | | 1,707,960 | | | | Nokia OYJ, ADR* | | | | | 9,137,586 | | |
| | | | 451,985 | | | | T-Mobile US Inc.* | | | | | 55,689,072 | | |
| | | | 32,315 | | | | Verizon Communications Inc. | | | | | 1,734,346 | | |
| | | | | | | | Total Telecommunications | | | | | 133,963,766 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 1,016,010,039 | | |
| | CONSUMER CYCLICAL – 7.4% | |
| | Airlines – 0.0% | |
| | | | 941 | | | | Alaska Air Group Inc.* | | | | | 52,828 | | |
| | | | 5,148 | | | | American Airlines Group Inc.* | | | | | 88,803 | | |
| | | | 4,996 | | | | Delta Air Lines Inc.* | | | | | 199,440 | | |
| | | | 4,620 | | | | Southwest Airlines Co.* | | | | | 202,356 | | |
| | | | 2,605 | | | | United Airlines Holdings Inc.* | | | | | 115,662 | | |
| | | | | | | | Total Airlines | | | | | 659,089 | | |
| | Apparel – 0.9% | |
| | | | 332,108 | | | | NIKE Inc., Class B Shares | | | | | 45,349,347 | | |
| | | | 544 | | | | PVH Corp. | | | | | 53,252 | | |
| | | | 371 | | | | Ralph Lauren Corp., Class A Shares | | | | | 48,987 | | |
| | | | 2,219 | | | | Tapestry Inc. | | | | | 90,757 | | |
| | | | 1,594 | | | | Under Armour Inc., Class A Shares* | | | | | 28,517 | | |
| | | | 1,630 | | | | Under Armour Inc., Class C Shares* | | | | | 25,477 | | |
| | | | 2,530 | | | | VF Corp. | | | | | 146,791 | | |
| | | | | | | | Total Apparel | | | | | 45,743,128 | | |
| | Auto Manufacturers – 2.2% | |
| | | | 104,656 | | | | Aurora Innovation Inc., Series B, Private Placement*(d)@ | | | | | 568,701 | | |
| | | | 50,624 | | | | Cummins Inc. | | | | | 10,333,371 | | |
| | | | 36,835 | | | | Ferrari NV | | | | | 7,930,944 | | |
| | | | 30,639 | | | | Ford Motor Co. | | | | | 538,021 | | |
| | | | 305,878 | | | | General Motors Co.* | | | | | 14,290,620 | | |
| | | | 2,710 | | | | PACCAR Inc. | | | | | 248,805 | | |
| | | | 66,794 | | | | Rivian Automotive Inc., Class A Shares*(a) | | | | | 4,512,603 | | |
| | | | 628,551 | | | | Rivian Automotive Inc., Private Placement*(d)@ | | | | | 40,341,660 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Auto Manufacturers – (continued) | |
| | | | 35,104 | | | | Tesla Inc.* | | | | $ | 30,555,575 | | |
| | | | | | | | Total Auto Manufacturers | | | | | 109,320,300 | | |
| | Auto Parts & Equipment – 0.0% | |
| | | | 2,111 | | | | Aptiv PLC* | | | | | 273,248 | | |
| | | | 1,900 | | | | BorgWarner Inc. | | | | | 77,919 | | |
| | | | | | | | Total Auto Parts & Equipment | | | | | 351,167 | | |
| | Distribution/Wholesale – 0.8% | |
| | | | 1,666 | | | | Copart Inc.* | | | | | 204,718 | | |
| | | | 4,489 | | | | Fastenal Co. | | | | | 231,004 | | |
| | | | 885,387 | | | | LKQ Corp. | | | | | 41,568,920 | | |
| | | | 309 | | | | Pool Corp. | | | | | 141,701 | | |
| | | | 336 | | | | WW Grainger Inc. | | | | | 160,292 | | |
| | | | | | | | Total Distribution/Wholesale | | | | | 42,306,635 | | |
| | Entertainment – 0.1% | |
| | | | 1,657 | | | | Caesars Entertainment Inc.* | | | | | 139,503 | | |
| | | | 72,367 | | | | DraftKings Inc., Class A Shares*(a) | | | | | 1,713,651 | | |
| | | | 223,932 | | | | International Game Technology PLC | | | | | 6,856,798 | | |
| | | | 1,044 | | | | Live Nation Entertainment Inc.* | | | | | 126,136 | | |
| | | | 1,253 | | | | Penn National Gaming Inc.* | | | | | 64,342 | | |
| | | | | | | | Total Entertainment | | | | | 8,900,430 | | |
| | Home Builders – 0.0% | |
| | | | 2,544 | | | | DR Horton Inc. | | | | | 217,258 | | |
| | | | 2,122 | | | | Lennar Corp., Class A Shares | | | | | 190,725 | | |
| | | | 25 | | | | NVR Inc.* | | | | | 123,961 | | |
| | | | 2,042 | | | | PulteGroup Inc. | | | | | 101,406 | | |
| | | | | | | | Total Home Builders | | | | | 633,350 | | |
| | Home Furnishings – 0.3% | |
| | | | 166,675 | | | | Dolby Laboratories Inc., Class A Shares | | | | | 12,517,292 | | |
| | | | 474 | | | | Whirlpool Corp. | | | | | 95,402 | | |
| | | | | | | | Total Home Furnishings | | | | | 12,612,694 | | |
| | Housewares – 0.0% | |
| | | | 2,938 | | | | Newell Brands Inc. | | | | | 69,777 | | |
| | Leisure Time – 0.1% | |
| | | | 6,189 | | | | Carnival Corp.* | | | | | 125,822 | | |
| | | | 2,862 | | | | Norwegian Cruise Line Holdings Ltd.* | | | | | 55,780 | | |
| | | | 149,160 | | | | Peloton Interactive Inc., Class A Shares* | | | | | 4,334,590 | | |
| | | | 1,738 | | | | Royal Caribbean Cruises Ltd.* | | | | | 140,291 | | |
| | | | | | | | Total Leisure Time | | | | | 4,656,483 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Lodging – 0.4% | |
| | | | 2,176 | | | | Hilton Worldwide Holdings Inc.* | | | | $ | 323,919 | | |
| | | | 354,375 | | | | Las Vegas Sands Corp.* | | | | | 15,188,512 | | |
| | | | 2,135 | | | | Marriott International Inc., Class A Shares* | | | | | 363,249 | | |
| | | | 3,098 | | | | MGM Resorts International | | | | | 137,210 | | |
| | | | 82,582 | | | | Wynn Resorts Ltd.* | | | | | 7,144,995 | | |
| | | | | | | | Total Lodging | | | | | 23,157,885 | | |
| | Retail – 2.6% | |
| | | | 501 | | | | Advance Auto Parts Inc. | | | | | 102,444 | | |
| | | | 164 | | | | AutoZone Inc.* | | | | | 305,596 | | |
| | | | 571,526 | | | | Bath & Body Works Inc. | | | | | 30,502,343 | | |
| | | | 1,723 | | | | Best Buy Co., Inc. | | | | | 166,511 | | |
| | | | 1,254 | | | | CarMax Inc.* | | | | | 137,100 | | |
| | | | 22,377 | | | | Carvana Co., Class A Shares* | | | | | 3,367,067 | | |
| | | | 7,461 | | | | Chipotle Mexican Grill Inc., Class A Shares* | | | | | 11,365,714 | | |
| | | | 72,836 | | | | Costco Wholesale Corp. | | | | | 37,820,093 | | |
| | | | 1,006 | | | | Darden Restaurants Inc. | | | | | 146,091 | | |
| | | | 1,821 | | | | Dollar General Corp. | | | | | 361,177 | | |
| | | | 1,756 | | | | Dollar Tree Inc.* | | | | | 249,492 | | |
| | | | 23,227 | | | | Domino’s Pizza Inc. | | | | | 10,038,942 | | |
| | | | 1,102 | | | | Genuine Parts Co. | | | | | 134,620 | | |
| | | | 8,237 | | | | Home Depot Inc. | | | | | 2,601,492 | | |
| | | | 5,405 | | | | Lowe’s Cos., Inc. | | | | | 1,194,829 | | |
| | | | 30,457 | | | | Lululemon Athletica Inc.* | | | | | 9,744,413 | | |
| | | | 5,833 | | | | McDonald’s Corp. | | | | | 1,427,743 | | |
| | | | 526 | | | | O’Reilly Automotive Inc.* | | | | | 341,500 | | |
| | | | 168,830 | | | | Ross Stores Inc. | | | | | 15,429,374 | | |
| | | | 9,210 | | | | Starbucks Corp. | | | | | 845,386 | | |
| | | | 3,809 | | | | Target Corp. | | | | | 760,924 | | |
| | | | 9,386 | | | | TJX Cos., Inc. | | | | | 620,415 | | |
| | | | 888 | | | | Tractor Supply Co. | | | | | 180,966 | | |
| | | | 422 | | | | Ulta Beauty Inc.* | | | | | 158,039 | | |
| | | | 5,608 | | | | Walgreens Boots Alliance Inc. | | | | | 258,473 | | |
| | | | 11,100 | | | | Walmart Inc. | | | | | 1,500,276 | | |
| | | | 94,036 | | | | Yum! Brands Inc. | | | | | 11,526,933 | | |
| | | | | | | | Total Retail | | | | | 141,287,953 | | |
| | Toys/Games/Hobbies – 0.0% | |
| | | | 1,040 | | | | Hasbro Inc. | | | | | 100,932 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 389,799,823 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – 23.8% | |
| | Agriculture – 0.8% | |
| | | | 271,968 | | | | Altria Group Inc. | | | | $ | 13,949,239 | | |
| | | | 4,367 | | | | Archer-Daniels-Midland Co. | | | | | 342,591 | | |
| | | | 236,594 | | | | Philip Morris International Inc. | | | | | 23,912,556 | | |
| | | | | | | | Total Agriculture | | | | | 38,204,386 | | |
| | Beverages – 2.1% | |
| | | | 161,974 | | | | Brown-Forman Corp., Class B Shares | | | | | 10,565,564 | | |
| | | | 30,343 | | | | Coca-Cola Co. | | | | | 1,888,548 | | |
| | | | 1,282 | | | | Constellation Brands Inc., Class A Shares | | | | | 276,425 | | |
| | | | 2,222,423 | | | | Keurig Dr Pepper Inc. | | | | | 85,941,097 | | |
| | | | 244,409 | | | | Molson Coors Beverage Co., Class B Shares | | | | | 12,753,262 | | |
| | | | 2,932 | | | | Monster Beverage Corp.* | | | | | 247,461 | | |
| | | | 10,792 | | | | PepsiCo Inc. | | | | | 1,767,082 | | |
| | | | | | | | Total Beverages | | | | | 113,439,439 | | |
| | Biotechnology – 2.7% | |
| | | | 34,327 | | | | Alnylam Pharmaceuticals Inc.* | | | | | 5,418,517 | | |
| | | | 60,107 | | | | Amgen Inc. | | | | | 13,613,033 | | |
| | | | 8,674 | | | | Argenx SE, ADR* | | | | | 2,495,597 | | |
| | | | 59,190 | | | | Biogen Inc.* | | | | | 12,489,682 | | |
| | | | 356,945 | | | | BioMarin Pharmaceutical Inc.* | | | | | 27,884,543 | | |
| | | | 164 | | | | Bio-Rad Laboratories Inc., Class A Shares* | | | | | 102,657 | | |
| | | | 5,689 | | | | Corteva Inc. | | | | | 295,999 | | |
| | | | 181,748 | | | | Gilead Sciences Inc. | | | | | 10,977,579 | | |
| | | | 65,175 | | | | Horizon Therapeutics PLC* | | | | | 5,942,005 | | |
| | | | 98,821 | | | | Illumina Inc.* | | | | | 32,274,939 | | |
| | | | 179,658 | | | | Incyte Corp.* | | | | | 12,270,641 | | |
| | | | 2,753 | | | | Moderna Inc.* | | | | | 422,861 | | |
| | | | 825 | | | | Regeneron Pharmaceuticals Inc.* | | | | | 510,147 | | |
| | | | 42,688 | | | | United Therapeutics Corp.* | | | | | 7,094,746 | | |
| | | | 64,115 | | | | Vertex Pharmaceuticals Inc.* | | | | | 14,747,732 | | |
| | | | | | | | Total Biotechnology | | | | | 146,540,678 | | |
| | Commercial Services – 3.4% | |
| | | | 308,519 | | | | API Group Corp.* | | | | | 6,654,755 | | |
| | | | 3,289 | | | | Automatic Data Processing Inc. | | | | | 672,403 | | |
| | | | 41,200 | | | | Block Inc.* | | | | | 4,646,809 | | |
| | | | 189,525 | | | | Block Inc., Class A Shares* | | | | | 24,164,438 | | |
| | | | 8,341 | | | | Cintas Corp. | | | | | 3,130,544 | | |
| | | | 472,211 | | | | CoStar Group Inc.* | | | | | 28,809,593 | | |
| | | | 42,205 | | | | Equifax Inc. | | | | | 9,215,040 | | |
| | | | 630 | | | | FleetCor Technologies Inc.* | | | | | 147,546 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Commercial Services – (continued) | |
| | | | 642 | | | | Gartner Inc.* | | | | $ | 180,030 | | |
| | | | 47,395 | | | | Global Payments Inc. | | | | | 6,321,545 | | |
| | | | 35,419 | | | | MarketAxess Holdings Inc. | | | | | 13,509,869 | | |
| | | | 1,262 | | | | Moody’s Corp. | | | | | 406,402 | | |
| | | | 2,723 | | | | Nielsen Holdings PLC | | | | | 47,435 | | |
| | | | 245,006 | | | | PayPal Holdings Inc.* | | | | | 27,423,522 | | |
| | | | 305,794 | | | | Quanta Services Inc. | | | | | 33,313,198 | | |
| | | | 895 | | | | Robert Half International Inc. | | | | | 107,660 | | |
| | | | 1,750 | | | | Rollins Inc. | | | | | 57,103 | | |
| | | | 30,225 | | | | S&P Global Inc. | | | | | 11,355,533 | | |
| | | | 4,859 | | | | Toast Inc., Class A Shares*(a) | | | | | 99,707 | | |
| | | | 65,524 | | | | TransUnion | | | | | 5,946,958 | | |
| | | | 565 | | | | United Rentals Inc.* | | | | | 181,715 | | |
| | | | 1,258 | | | | Verisk Analytics Inc., Class A Shares | | | | | 223,094 | | |
| | | | | | | | Total Commercial Services | | | | | 176,614,899 | | |
| | Cosmetics/Personal Care – 1.7% | |
| | | | 6,579 | | | | Colgate-Palmolive Co. | | | | | 506,254 | | |
| | | | 103,251 | | | | Estee Lauder Cos., Inc., Class A Shares | | | | | 30,596,369 | | |
| | | | 18,889 | | | | Procter & Gamble Co. | | | | | 2,944,606 | | |
| | | | 1,048,757 | | | | Unilever PLC, ADR | | | | | 52,721,014 | | |
| | | | | | | | Total Cosmetics/Personal Care | | | | | 86,768,243 | | |
| | Food – 0.5% | |
| | | | 1,584 | | | | Campbell Soup Co. | | | | | 71,233 | | |
| | | | 3,703 | | | | Conagra Brands Inc. | | | | | 129,494 | | |
| | | | 4,728 | | | | General Mills Inc. | | | | | 318,809 | | |
| | | | 1,135 | | | | Hershey Co. | | | | | 229,565 | | |
| | | | 2,272 | | | | Hormel Foods Corp. | | | | | 108,238 | | |
| | | | 831 | | | | JM Smucker Co. | | | | | 111,977 | | |
| | | | 1,975 | | | | Kellogg Co. | | | | | 126,282 | | |
| | | | 5,541 | | | | Kraft Heinz Co. | | | | | 217,318 | | |
| | | | 5,282 | | | | Kroger Co. | | | | | 247,198 | | |
| | | | 1,140 | | | | Lamb Weston Holdings Inc. | | | | | 75,730 | | |
| | | | 1,946 | | | | McCormick & Co., Inc. | | | | | 185,201 | | |
| | | | 10,888 | | | | Mondelez International Inc., Class A Shares | | | | | 712,946 | | |
| | | | 205,009 | | | | Nestle SA, ADR | | | | | 26,657,320 | | |
| | | | 4,001 | | | | Sysco Corp. | | | | | 348,487 | | |
| | | | 2,301 | | | | Tyson Foods Inc., Class A Shares | | | | | 213,211 | | |
| | | | | | | | Total Food | | | | | 29,753,009 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Healthcare-Products – 4.9% | |
| | | | 13,802 | | | | Abbott Laboratories | | | | $ | 1,664,797 | | |
| | | | 33,403 | | | | ABIOMED Inc.* | | | | | 10,379,648 | | |
| | | | 129,110 | | | | Alcon Inc. | | | | | 9,940,179 | | |
| | | | 56,168 | | | | Align Technology Inc.* | | | | | 28,727,685 | | |
| | | | 154,242 | | | | Avantor Inc.* | | | | | 5,350,655 | | |
| | | | 3,908 | | | | Baxter International Inc. | | | | | 332,063 | | |
| | | | 303 | | | | Bio-Techne Corp. | | | | | 127,081 | | |
| | | | 241,291 | | | | Boston Scientific Corp.* | | | | | 10,657,823 | | |
| | | | 17,219 | | | | Cooper Cos., Inc. | | | | | 7,042,915 | | |
| | | | 103,530 | | | | Danaher Corp. | | | | | 28,409,667 | | |
| | | | 256,869 | | | | DENTSPLY SIRONA Inc. | | | | | 13,906,888 | | |
| | | | 325,981 | | | | Edwards Lifesciences Corp.* | | | | | 36,630,485 | | |
| | | | 298,591 | | | | Exact Sciences Corp.* | | | | | 23,308,013 | | |
| | | | 1,105 | | | | Henry Schein Inc.* | | | | | 95,450 | | |
| | | | 1,965 | | | | Hologic Inc.* | | | | | 139,849 | | |
| | | | 662 | | | | IDEXX Laboratories Inc.* | | | | | 352,416 | | |
| | | | 98,838 | | | | Insulet Corp.* | | | | | 26,161,430 | | |
| | | | 56,923 | | | | Intuitive Surgical Inc.* | | | | | 16,526,455 | | |
| | | | 247,610 | | | | Medtronic PLC | | | | | 25,996,574 | | |
| | | | 985 | | | | PerkinElmer Inc. | | | | | 176,916 | | |
| | | | 1,137 | | | | ResMed Inc. | | | | | 280,555 | | |
| | | | 781 | | | | STERIS PLC | | | | | 187,440 | | |
| | | | 46,835 | | | | Stryker Corp. | | | | | 12,333,997 | | |
| | | | 361 | | | | Teleflex Inc. | | | | | 121,408 | | |
| | | | 3,076 | | | | Thermo Fisher Scientific Inc. | | | | | 1,673,344 | | |
| | | | 473 | | | | Waters Corp.* | | | | | 149,813 | | |
| | | | 578 | | | | West Pharmaceutical Services Inc. | | | | | 223,732 | | |
| | | | 1,631 | | | | Zimmer Biomet Holdings Inc. | | | | | 207,447 | | |
| | | | | | | | Total Healthcare-Products | | | | | 261,104,725 | | |
| | Healthcare-Services – 2.9% | |
| | | | 1,895 | | | | Anthem Inc. | | | | | 856,256 | | |
| | | | 1,323 | | | | Catalent Inc.* | | | | | 134,999 | | |
| | | | 236,236 | | | | Centene Corp.* | | | | | 19,517,818 | | |
| | | | 387 | | | | Charles River Laboratories International Inc.* | | | | | 112,679 | | |
| | | | 109,885 | | | | DaVita Inc.* | | | | | 12,391,731 | | |
| | | | 87,202 | | | | HCA Healthcare Inc. | | | | | 21,827,533 | | |
| | | | 15,474 | | | | Humana Inc. | | | | | 6,720,668 | | |
| | | | 1,491 | | | | IQVIA Holdings Inc.* | | | | | 343,109 | | |
| | | | 58,379 | | | | Laboratory Corp. of America Holdings* | | | | | 15,835,888 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Healthcare-Services – (continued) | |
| | | | 945 | | | | Quest Diagnostics Inc. | | | | $ | 124,050 | | |
| | | | 167,969 | | | | UnitedHealth Group Inc. | | | | | 79,931,408 | | |
| | | | 590 | | | | Universal Health Services Inc., Class B Shares | | | | | 84,919 | | |
| | | | | | | | Total Healthcare-Services | | | | | 157,881,058 | | |
| | Household Products/Wares – 0.0% | |
| | | | 635 | | | | Avery Dennison Corp. | | | | | 111,887 | | |
| | | | 1,906 | | | | Church & Dwight Co., Inc. | | | | | 186,502 | | |
| | | | 951 | | | | Clorox Co. | | | | | 138,646 | | |
| | | | 2,628 | | | | Kimberly-Clark Corp. | | | | | 342,034 | | |
| | | | | | | | Total Household Products/Wares | | | | | 779,069 | | |
| | Pharmaceuticals – 4.8% | |
| | | | 222,830 | | | | AbbVie Inc. | | | | | 32,927,589 | | |
| | | | 1,165 | | | | AmerisourceBergen Corp., Class A Shares | | | | | 166,047 | | |
| | | | 45,006 | | | | AstraZeneca PLC, ADR | | | | | 2,739,965 | | |
| | | | 51,837 | | | | Becton Dickinson & Co. | | | | | 14,062,341 | | |
| | | | 17,325 | | | | Bristol-Myers Squibb Co. | | | | | 1,189,708 | | |
| | | | 2,164 | | | | Cardinal Health Inc. | | | | | 116,878 | | |
| | | | 25,972 | | | | Cigna Corp. | | | | | 6,175,622 | | |
| | | | 229,057 | | | | CVS Health Corp. | | | | | 23,741,758 | | |
| | | | 757 | | | | DexCom Inc.* | | | | | 313,330 | | |
| | | | 231,067 | | | | Elanco Animal Health Inc.* | | | | | 6,564,613 | | |
| | | | 245,812 | | | | Eli Lilly & Co. | | | | | 61,440,709 | | |
| | | | 20,548 | | | | Johnson & Johnson | | | | | 3,381,584 | | |
| | | | 178,799 | | | | McKesson Corp. | | | | | 49,162,573 | | |
| | | | 179,438 | | | | Merck & Co., Inc. | | | | | 13,741,362 | | |
| | | | 426,746 | | | | Organon & Co. | | | | | 15,930,428 | | |
| | | | 43,810 | | | | Pfizer Inc. | | | | | 2,056,441 | | |
| | | | 155,390 | | | | Sarepta Therapeutics Inc.* | | | | | 11,904,428 | | |
| | | | 9,348 | | | | Viatris Inc. | | | | | 102,922 | | |
| | | | 3,693 | | | | Zoetis Inc., Class A Shares | | | | | 715,149 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 246,433,447 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 1,257,518,953 | | |
| | ENERGY – 3.9% | |
| | Energy-Alternate Sources – 0.9% | |
| | | | 180,415 | | | | Enphase Energy Inc.* | | | | | 30,075,180 | | |
| | | | 176,361 | | | | NextEra Energy Partners LP | | | | | 13,757,922 | | |
| | | | 403 | | | | SolarEdge Technologies Inc.* | | | | | 128,726 | | |
| | | | | | | | Total Energy-Alternate Sources | | | | | 43,961,828 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | ENERGY – (continued) | |
| | Oil & Gas – 2.9% | |
| | | | 2,930 | | | | APA Corp. | | | | $ | 104,396 | | |
| | | | 15,046 | | | | Chevron Corp. | | | | | 2,166,624 | | |
| | | | 201,040 | | | | ConocoPhillips | | | | | 19,070,654 | | |
| | | | 6,307 | | | | Coterra Energy Inc. | | | | | 147,142 | | |
| | | | 282,030 | | | | Devon Energy Corp. | | | | | 16,794,886 | | |
| | | | 1,329 | | | | Diamondback Energy Inc. | | | | | 183,535 | | |
| | | | 4,567 | | | | EOG Resources Inc. | | | | | 524,840 | | |
| | | | 649,712 | | | | EQT Corp. | | | | | 15,034,336 | | |
| | | | 402,866 | | | | Exxon Mobil Corp. | | | | | 31,592,752 | | |
| | | | 183,766 | | | | Hess Corp. | | | | | 18,571,392 | | |
| | | | 6,014 | | | | Marathon Oil Corp. | | | | | 135,676 | | |
| | | | 363,302 | | | | Marathon Petroleum Corp. | | | | | 28,290,327 | | |
| | | | 6,926 | | | | Occidental Petroleum Corp. | | | | | 302,874 | | |
| | | | 3,420 | | | | Phillips 66 | | | | | 288,101 | | |
| | | | 84,738 | | | | Pioneer Natural Resources Co. | | | | | 20,303,225 | | |
| | | | 3,192 | | | | Valero Energy Corp. | | | | | 266,564 | | |
| | | | | | | | Total Oil & Gas | | | | | 153,777,324 | | |
| | Oil & Gas Services – 0.1% | |
| | | | 6,822 | | | | Baker Hughes Co., Class A Shares | | | | | 200,430 | | |
| | | | 215,355 | | | | Halliburton Co. | | | | | 7,220,853 | | |
| | | | 10,948 | | | | Schlumberger NV | | | | | 429,599 | | |
| | | | | | | | Total Oil & Gas Services | | | | | 7,850,882 | | |
| | Pipelines – 0.0% | |
| | | | 15,220 | | | | Kinder Morgan Inc. | | | | | 264,828 | | |
| | | | 3,481 | | | | ONEOK Inc. | | | | | 227,309 | | |
| | | | 9,484 | | | | Williams Cos., Inc. | | | | | 296,660 | | |
| | | | | | | | Total Pipelines | | | | | 788,797 | | |
| | | | | | | | TOTAL ENERGY | | | | | 206,378,831 | | |
| | FINANCIAL – 15.1% | |
| | Banks – 2.1% | |
| | | | 56,214 | | | | Bank of America Corp. | | | | | 2,484,659 | | |
| | | | 5,930 | | | | Bank of New York Mellon Corp. | | | | | 315,180 | | |
| | | | 15,488 | | | | Citigroup Inc. | | | | | 917,354 | | |
| | | | 3,325 | | | | Citizens Financial Group Inc. | | | | | 174,297 | | |
| | | | 214,937 | | | | Comerica Inc. | | | | | 20,524,334 | | |
| | | | 5,337 | | | | Fifth Third Bancorp | | | | | 255,322 | | |
| | | | 1,399 | | | | First Republic Bank | | | | | 242,391 | | |
| | | | 22,429 | | | | Goldman Sachs Group Inc. | | | | | 7,654,793 | | |
| | | | 11,288 | | | | Huntington Bancshares Inc. | | | | | 175,190 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Banks – (continued) | |
| | | | 23,067 | | | | JPMorgan Chase & Co. | | | | $ | 3,270,901 | | |
| | | | 7,267 | | | | KeyCorp | | | | | 182,184 | | |
| | | | 1,004 | | | | M&T Bank Corp. | | | | | 182,959 | | |
| | | | 321,570 | | | | Morgan Stanley | | | | | 29,179,262 | | |
| | | | 1,621 | | | | Northern Trust Corp. | | | | | 184,632 | | |
| | | | 3,299 | | | | PNC Financial Services Group Inc. | | | | | 657,326 | | |
| | | | 7,441 | | | | Regions Financial Corp. | | | | | 179,998 | | |
| | | | 472 | | | | Signature Bank | | | | | 162,788 | | |
| | | | 82,716 | | | | State Street Corp. | | | | | 7,058,156 | | |
| | | | 458 | | | | SVB Financial Group* | | | | | 277,548 | | |
| | | | 10,419 | | | | Truist Financial Corp. | | | | | 648,270 | | |
| | | | 10,532 | | | | US Bancorp | | | | | 595,479 | | |
| | | | 593,853 | | | | Wells Fargo & Co. | | | | | 31,693,935 | | |
| | | | 1,262 | | | | Zions Bancorp N.A. | | | | | 89,463 | | |
| | | | | | | | Total Banks | | | | | 107,106,421 | | |
| | Diversified Financial Services – 4.7% | |
| | | | 4,897 | | | | American Express Co. | | | | | 952,662 | | |
| | | | 114,871 | | | | Ameriprise Financial Inc. | | | | | 34,437,177 | | |
| | | | 415,761 | | | | Ant International Co., Ltd., Class C Shares, Private Placement*(c)(d)@ | | | | | 1,522,475 | | |
| | | | 1,115 | | | | BlackRock Inc., Class A Shares | | | | | 829,437 | | |
| | | | 3,322 | | | | Capital One Financial Corp. | | | | | 509,163 | | |
| | | | 859 | | | | Cboe Global Markets Inc. | | | | | 100,752 | | |
| | | | 124,862 | | | | Charles Schwab Corp. | | | | | 10,545,845 | | |
| | | | 66,534 | | | | CME Group Inc., Class A Shares | | | | | 15,737,287 | | |
| | | | 2,288 | | | | Discover Financial Services | | | | | 282,431 | | |
| | | | 2,211 | | | | Franklin Resources Inc. | | | | | 65,733 | | |
| | | | 4,398 | | | | Intercontinental Exchange Inc. | | | | | 563,472 | | |
| | | | 446,035 | | | | Invesco Ltd. | | ��� | | | 9,473,783 | | |
| | | | 349 | | | | Maplebear Inc. d/b/a Instacart, Non-voting Shares*(c)(d)@ | | | | | 33,504 | | |
| | | | 6,679 | | | | Maplebear Inc. d/b/a Instacart, Private Placement*(c)(d)@ | | | | | 641,184 | | |
| | | | 56,768 | | | | Mastercard Inc., Class A Shares | | | | | 20,483,030 | | |
| | | | 910 | | | | Nasdaq Inc. | | | | | 155,747 | | |
| | | | 1,441 | | | | Raymond James Financial Inc. | | | | | 158,006 | | |
| | | | 226,904 | | | | SoFi Technologies Inc.*(a) | | | | | 2,598,051 | | |
| | | | 4,272 | | | | Synchrony Financial | | | | | 182,756 | | |
| | | | 1,754 | | | | T Rowe Price Group Inc. | | | | | 253,558 | | |
| | | | 22,947 | | | | Tradeweb Markets Inc., Class A Shares | | | | | 1,938,563 | | |
| | | | 683,821 | | | | Visa Inc., Class A Shares | | | | | 147,787,395 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 249,252,011 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Equity Real Estate Investment Trusts (REITs) – 0.4% | |
| | | | 1,101 | | | | Alexandria Real Estate Equities Inc. | | | | $ | 208,529 | | |
| | | | 3,555 | | | | American Tower Corp. | | | | | 806,523 | | |
| | | | 1,091 | | | | AvalonBay Communities Inc. | | | | | 260,302 | | |
| | | | 1,099 | | | | Boston Properties Inc. | | | | | 134,419 | | |
| | | | 3,373 | | | | Crown Castle International Corp. | | | | | 561,908 | | |
| | | | 2,215 | | | | Digital Realty Trust Inc. | | | | | 298,848 | | |
| | | | 2,963 | | | | Duke Realty Corp. | | | | | 157,039 | | |
| | | | 703 | | | | Equinix Inc. | | | | | 498,940 | | |
| | | | 2,664 | | | | Equity Residential | | | | | 227,239 | | |
| | | | 507 | | | | Essex Property Trust Inc. | | | | | 160,805 | | |
| | | | 1,045 | | | | Extra Space Storage Inc. | | | | | 196,617 | | |
| | | | 548 | | | | Federal Realty Investment Trust | | | | | 64,434 | | |
| | | | 4,164 | | | | Healthpeak Properties Inc. | | | | | 129,334 | | |
| | | | 5,687 | | | | Host Hotels & Resorts Inc.* | | | | | 103,901 | | |
| | | | 2,335 | | | | Iron Mountain Inc. | | | | | 114,835 | | |
| | | | 4,716 | | | | Kimco Realty Corp. | | | | | 110,967 | | |
| | | | 899 | | | | Mid-America Apartment Communities Inc. | | | | | 183,944 | | |
| | | | 5,771 | | | | Prologis Inc. | | | | | 841,700 | | |
| | | | 1,191 | | | | Public Storage | | | | | 422,829 | | |
| | | | 4,416 | | | | Realty Income Corp. | | | | | 291,853 | | |
| | | | 1,215 | | | | Regency Centers Corp. | | | | | 80,056 | | |
| | | | 849 | | | | SBA Communications Corp., Class A Shares | | | | | 257,578 | | |
| | | | 2,565 | | | | Simon Property Group Inc. | | | | | 352,841 | | |
| | | | 2,239 | | | | UDR Inc. | | | | | 122,854 | | |
| | | | 3,110 | | | | Ventas Inc. | | | | | 167,940 | | |
| | | | 1,222 | | | | Vornado Realty Trust | | | | | 52,888 | | |
| | | | 3,397 | | | | Welltower Inc. | | | | | 282,936 | | |
| | | | 566,623 | | | | Weyerhaeuser Co. | | | | | 22,030,302 | | |
| | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | 29,122,361 | | |
| | Insurance – 6.5% | |
| | | | 4,750 | | | | Aflac Inc. | | | | | 290,178 | | |
| | | | 2,238 | | | | Allstate Corp. | | | | | 273,842 | | |
| | | | 6,481 | | | | American International Group Inc. | | | | | 396,896 | | |
| | | | 61,360 | | | | Aon PLC, Class A Shares | | | | | 17,925,710 | | |
| | | | 1,618 | | | | Arthur J Gallagher & Co. | | | | | 255,951 | | |
| | | | 204,084 | | | | Assurant Inc. | | | | | 34,635,096 | | |
| | | | 350,352 | | | | Berkshire Hathaway Inc., Class B Shares* | | | | | 112,620,650 | | |
| | | | 1,805 | | | | Brown & Brown Inc. | | | | | 122,036 | | |
| | | | 115,682 | | | | Chubb Ltd. | | | | | 23,557,482 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Insurance – (continued) | |
| | | | 1,161 | | | | Cincinnati Financial Corp. | | | | $ | 142,559 | | |
| | | | 292,763 | | | | Equitable Holdings Inc. | | | | | 9,561,640 | | |
| | | | 316 | | | | Everest Re Group Ltd. | | | | | 94,238 | | |
| | | | 727 | | | | Globe Life Inc. | | | | | 73,398 | | |
| | | | 137,254 | | | | Hartford Financial Services Group Inc. | | | | | 9,536,408 | | |
| | | | 1,318 | | | | Lincoln National Corp. | | | | | 88,860 | | |
| | | | 1,616 | | | | Loews Corp. | | | | | 99,125 | | |
| | | | 3,941 | | | | Marsh & McLennan Cos., Inc. | | | | | 612,471 | | |
| | | | 343,600 | | | | MetLife Inc. | | | | | 23,210,180 | | |
| | | | 1,905 | | | | Principal Financial Group Inc. | | | | | 134,569 | | |
| | | | 321,079 | | | | Progressive Corp. | | | | | 34,011,898 | | |
| | | | 2,950 | | | | Prudential Financial Inc. | | | | | 329,397 | | |
| | | | 1,920 | | | | Travelers Cos., Inc. | | | | | 329,914 | | |
| | | | 297,260 | | | | Voya Financial Inc. | | | | | 20,020,461 | | |
| | | | 234,985 | | | | Willis Towers Watson PLC | | | | | 52,237,166 | | |
| | | | 1,117 | | | | WR Berkley Corp. | | | | | 100,865 | | |
| | | | | | | | Total Insurance | | | | | 340,660,990 | | |
| | Private Equity – 1.4% | |
| | | | 410,875 | | | | Ares Management Corp., Class A Shares | | | | | 33,317,854 | | |
| | | | 651,144 | | | | KKR & Co., Inc. | | | | | 39,146,777 | | |
| | | | | | | | Total Private Equity | | | | | 72,464,631 | | |
| | Real Estate – 0.0% | |
| | | | 2,612 | | | | CBRE Group Inc., Class A Shares* | | | | | 252,972 | | |
| | Savings & Loans – 0.0% | |
| | | | 3,299 | | | | People’s United Financial Inc. | | | | | 69,543 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 798,928,929 | | |
| | INDUSTRIAL – 6.6% | |
| | Aerospace/Defense – 3.0% | |
| | | | 63,470 | | | | Airbus SE* | | | | | 8,177,308 | | |
| | | | 38,575 | | | | Boeing Co.* | | | | | 7,920,990 | | |
| | | | 59,624 | | | | General Dynamics Corp. | | | | | 13,978,847 | | |
| | | | 492,503 | | | | Howmet Aerospace Inc. | | | | | 17,690,708 | | |
| | | | 97,428 | | | | L3Harris Technologies Inc. | | | | | 24,582,059 | | |
| | | | 36,033 | | | | Lockheed Martin Corp. | | | | | 15,631,115 | | |
| | | | 77,841 | | | | Northrop Grumman Corp. | | | | | 34,416,620 | | |
| | | | 142,468 | | | | Raytheon Technologies Corp. | | | | | 14,631,464 | | |
| | | | 26,764 | | | | Teledyne Technologies Inc.* | | | | | 11,491,926 | | |
| | | | 409 | | | | TransDigm Group Inc.* | | | | | 272,635 | | |
| | | | | | | | Total Aerospace/Defense | | | | | 148,793,672 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Building Materials – 0.1% | |
| | | | 6,764 | | | | Carrier Global Corp. | | | | $ | 303,568 | | |
| | | | 1,095 | | | | Fortune Brands Home & Security Inc. | | | | | 95,155 | | |
| | | | 5,532 | | | | Johnson Controls International PLC | | | | | 359,359 | | |
| | | | 18,074 | | | | Martin Marietta Materials Inc. | | | | | 6,857,276 | | |
| | | | 1,866 | | | | Masco Corp. | | | | | 104,571 | | |
| | | | 440 | | | | Mohawk Industries Inc.* | | | | | 61,943 | | |
| | | | 1,036 | | | | Vulcan Materials Co. | | | | | 187,982 | | |
| | | | | | | | Total Building Materials | | | | | 7,969,854 | | |
| | Electrical Components & Equipment – 0.2% | |
| | | | 1,806 | | | | AMETEK Inc. | | | | | 234,401 | | |
| | | | 4,666 | | | | Emerson Electric Co. | | | | | 433,565 | | |
| | | | 24,668 | | | | Generac Holdings Inc.* | | | | | 7,782,014 | | |
| | | | | | | | Total Electrical Components & Equipment | | | | | 8,449,980 | | |
| | Electronics – 0.2% | |
| | | | 2,363 | | | | Agilent Technologies Inc. | | | | | 308,041 | | |
| | | | 715 | | | | Allegion PLC | | | | | 81,882 | | |
| | | | 4,668 | | | | Amphenol Corp., Class A Shares | | | | | 354,815 | | |
| | | | 2,799 | | | | Fortive Corp. | | | | | 181,235 | | |
| | | | 1,173 | | | | Garmin Ltd. | | | | | 129,546 | | |
| | | | 5,373 | | | | Honeywell International Inc. | | | | | 1,019,527 | | |
| | | | 63,704 | | | | Hubbell Inc., Class B Shares | | | | | 11,355,238 | | |
| | | | 1,438 | | | | Keysight Technologies Inc.* | | | | | 226,298 | | |
| | | | 179 | | | | Mettler-Toledo International Inc.* | | | | | 252,164 | | |
| | | | 2,547 | | | | TE Connectivity Ltd. | | | | | 362,769 | | |
| | | | 1,941 | | | | Trimble Inc.* | | | | | 135,385 | | |
| | | | | | | | Total Electronics | | | | | 14,406,900 | | |
| | Engineering & Construction – 0.0% | |
| | | | 1,003 | | | | Jacobs Engineering Group Inc. | | | | | 123,369 | | |
| | Environmental Control – 0.0% | |
| | | | 1,323 | | | | Pentair PLC | | | | | 76,615 | | |
| | | | 1,634 | | | | Republic Services Inc., Class A Shares | | | | | 196,537 | | |
| | | | 3,004 | | | | Waste Management Inc. | | | | | 433,778 | | |
| | | | | | | | Total Environmental Control | | | | | 706,930 | | |
| | Hand/Machine Tools – 0.0% | |
| | | | 429 | | | | Snap-on Inc. | | | | | 90,167 | | |
| | | | 1,273 | | | | Stanley Black & Decker Inc. | | | | | 207,117 | | |
| | | | | | | | Total Hand/Machine Tools | | | | | 297,284 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Machinery-Construction & Mining – 0.3% | |
| | | | 644,105 | | | | Bloom Energy Corp., Class A Shares* | | | | $ | 14,299,131 | | |
| | | | 4,222 | | | | Caterpillar Inc. | | | | | 791,963 | | |
| | | | | | | | Total Machinery-Construction & Mining | | | | | 15,091,094 | | |
| | Machinery-Diversified – 0.3% | |
| | | | 2,202 | | | | Deere & Co. | | | | | 792,764 | | |
| | | | 1,124 | | | | Dover Corp. | | | | | 176,311 | | |
| | | | 583 | | | | IDEX Corp. | | | | | 111,878 | | |
| | | | 302,455 | | | | Ingersoll Rand Inc. | | | | | 15,280,027 | | |
| | | | 436 | | | | Nordson Corp. | | | | | 98,750 | | |
| | | | 3,315 | | | | Otis Worldwide Corp. | | | | | 259,664 | | |
| | | | 905 | | | | Rockwell Automation Inc. | | | | | 241,255 | | |
| | | | 1,446 | | | | Westinghouse Air Brake Technologies Corp. | | | | | 134,218 | | |
| | | | 1,389 | | | | Xylem Inc. | | | | | 123,551 | | |
| | | | | | | | Total Machinery-Diversified | | | | | 17,218,418 | | |
| | Miscellaneous Manufacturers – 1.4% | |
| | | | 4,498 | | | | 3M Co. | | | | | 668,628 | | |
| | | | 143,168 | | | | AO Smith Corp. | | | | | 9,818,461 | | |
| | | | 106,516 | | | | Eaton Corp. PLC | | | | | 16,434,354 | | |
| | | | 8,571 | | | | General Electric Co. | | | | | 818,616 | | |
| | | | 2,229 | | | | Illinois Tool Works Inc. | | | | | 482,222 | | |
| | | | 1,008 | | | | Parker-Hannifin Corp. | | | | | 298,761 | | |
| | | | 152,702 | | | | Textron Inc. | | | | | 11,167,097 | | |
| | | | 225,457 | | | | Trane Technologies PLC | | | | | 34,704,596 | | |
| | | | | | | | Total Miscellaneous Manufacturers | | | | | 74,392,735 | | |
| | Packaging & Containers – 0.0% | |
| | | | 11,872 | | | | Amcor PLC | | | | | 138,071 | | |
| | | | 2,528 | | | | Ball Corp. | | | | | 226,863 | | |
| | | | 761 | | | | Packaging Corp. of America | | | | | 112,011 | | |
| | | | 1,180 | | | | Sealed Air Corp. | | | | | 79,213 | | |
| | | | 2,133 | | | | WestRock Co. | | | | | 96,561 | | |
| | | | | | | | Total Packaging & Containers | | | | | 652,719 | | |
| | Shipbuilding – 0.2% | |
| | | | 61,578 | | | | Huntington Ingalls Industries Inc. | | | | | 12,586,543 | | |
| | Transportation – 0.9% | |
| | | | 1,048 | | | | CH Robinson Worldwide Inc. | | | | | 101,321 | | |
| | | | 17,312 | | | | CSX Corp. | | | | | 587,050 | | |
| | | | 1,312 | | | | Expeditors International of Washington Inc. | | | | | 135,608 | | |
| | | | 85,286 | | | | FedEx Corp. | | | | | 18,956,519 | | |
| | | | 647 | | | | JB Hunt Transport Services Inc. | | | | | 131,296 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Transportation – (continued) | |
| | | | 62,675 | | | | Norfolk Southern Corp. | | | | $ | 16,077,391 | | |
| | | | 727 | | | | Old Dominion Freight Line Inc. | | | | | 228,300 | | |
| | | | 5,018 | | | | Union Pacific Corp. | | | | | 1,234,177 | | |
| | | | 60,037 | | | | United Parcel Service Inc., Class B Shares | | | | | 12,632,985 | | |
| | | | | | | | Total Transportation | | | | | 50,084,647 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 350,774,145 | | |
| | TECHNOLOGY – 19.0% | |
| | Computers – 4.1% | |
| | | | 4,930 | | | | Accenture PLC, Class A Shares | | | | | 1,557,979 | | |
| | | | 584,167 | | | | Apple Inc. | | | | | 96,457,655 | | |
| | | | 50,355 | | | | CACI International Inc., Class A Shares* | | | | | 14,088,825 | | |
| | | | 145,969 | | | | Cognizant Technology Solutions Corp., Class A Shares | | | | | 12,572,310 | | |
| | | | 111,279 | | | | Crowdstrike Holdings Inc., Class A Shares* | | | | | 21,722,774 | | |
| | | | 1,969 | | | | DXC Technology Co.* | | | | | 67,005 | | |
| | | | 442 | | | | EPAM Systems Inc.* | | | | | 91,825 | | |
| | | | 35,876 | | | | Fortinet Inc.* | | | | | 12,359,999 | | |
| | | | 811,045 | | | | Hewlett Packard Enterprise Co. | | | | | 12,911,836 | | |
| | | | 8,996 | | | | HP Inc. | | | | | 309,103 | | |
| | | | 7,000 | | | | International Business Machines Corp. | | | | | 857,570 | | |
| | | | 124,695 | | | | Leidos Holdings Inc. | | | | | 12,698,939 | | |
| | | | 768,343 | | | | NCR Corp.* | | | | | 31,133,258 | | |
| | | | 1,732 | | | | NetApp Inc. | | | | | 135,754 | | |
| | | | 1,597 | | | | Seagate Technology Holdings PLC | | | | | 164,746 | | |
| | | | 2,403 | | | | Western Digital Corp.* | | | | | 122,409 | | |
| | | | | | | | Total Computers | | | | | 217,251,987 | | |
| | Office/Business Equipment – 0.0% | |
| | | | 417 | | | | Zebra Technologies Corp., Class A Shares* | | | | | 172,363 | | |
| | Semiconductors – 3.2% | |
| | | | 182,892 | | | | Advanced Micro Devices Inc.* | | | | | 22,557,899 | | |
| | | | 4,195 | | | | Analog Devices Inc. | | | | | 672,416 | | |
| | | | 78,733 | | | | Applied Materials Inc. | | | | | 10,565,969 | | |
| | | | 24,136 | | | | ASML Holding NV, Class NY Registered Shares, ADR | | | | | 16,086,885 | | |
| | | | 3,213 | | | | Broadcom Inc. | | | | | 1,887,445 | | |
| | | | 31,744 | | | | Intel Corp. | | | | | 1,514,189 | | |
| | | | 290 | | | | IPG Photonics Corp.* | | | | | 37,801 | | |
| | | | 1,183 | | | | KLA Corp. | | | | | 412,275 | | |
| | | | 1,099 | | | | Lam Research Corp. | | | | | 616,924 | | |
| | | | 4,331 | | | | Microchip Technology Inc. | | | | | 304,599 | | |
| | | | 8,731 | | | | Micron Technology Inc. | | | | | 775,837 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – (continued) | |
| | Semiconductors – (continued) | |
| | | | 336 | | | | Monolithic Power Systems Inc. | | | | $ | 154,123 | | |
| | | | 301,738 | | | | NVIDIA Corp. | | | | | 73,578,811 | | |
| | | | 2,076 | | | | NXP Semiconductors NV | | | | | 394,689 | | |
| | | | 74,251 | | | | Qorvo Inc.* | | | | | 10,156,052 | | |
| | | | 178,105 | | | | QUALCOMM Inc. | | | | | 30,632,279 | | |
| | | | 1,289 | | | | Skyworks Solutions Inc. | | | | | 178,101 | | |
| | | | 60,737 | | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | | | 6,499,466 | | |
| | | | 1,266 | | | | Teradyne Inc. | | | | | 149,287 | | |
| | | | 7,208 | | | | Texas Instruments Inc. | | | | | 1,225,288 | | |
| | | | | | | | Total Semiconductors | | | | | 178,400,335 | | |
| | Software – 11.7% | |
| | | | 6,080 | | | | Activision Blizzard Inc. | | | | | 495,520 | | |
| | | | 88,491 | | | | Adobe Inc.* | | | | | 41,385,471 | | |
| | | | 1,256 | | | | Akamai Technologies Inc.* | | | | | 135,975 | | |
| | | | 30,506 | | | | ANSYS Inc.* | | | | | 9,889,740 | | |
| | | | 20,095 | | | | Atlassian Corp. PLC, Class A Shares* | | | | | 6,143,443 | | |
| | | | 1,716 | | | | Autodesk Inc.* | | | | | 377,915 | | |
| | | | 14,860 | | | | Avalara Inc.* | | | | | 1,544,103 | | |
| | | | 14,316 | | | | Bill.com Holdings Inc.* | | | | | 3,405,490 | | |
| | | | 97,098 | | | | Black Knight Inc.* | | | | | 5,455,937 | | |
| | | | 900 | | | | Broadridge Financial Solutions Inc. | | | | | 131,589 | | |
| | | | 2,163 | | | | Cadence Design Systems Inc.* | | | | | 327,543 | | |
| | | | 575 | | | | Canva Inc., Private Placement*(c)(d)@ | | | | | 784,875 | | |
| | | | 1,271 | | | | Celonis SE*(c)(d)@ | | | | | 470,003 | | |
| | | | 35,269 | | | | Ceridian HCM Holding Inc.* | | | | | 2,571,463 | | |
| | | | 2,297 | | | | Cerner Corp. | | | | | 214,195 | | |
| | | | 983 | | | | Citrix Systems Inc. | | | | | 100,757 | | |
| | | | 35,361 | | | | Datadog Inc., Class A Shares* | | | | | 5,697,011 | | |
| | | | 151,585 | | | | DocuSign Inc., Class A Shares* | | | | | 17,952,212 | | |
| | | | 2,207 | | | | Electronic Arts Inc. | | | | | 287,109 | | |
| | | | 3,985 | | | | Epic Games Inc., Private Placement*(c)(d)@ | | | | | 3,832,016 | | |
| | | | 4,753 | | | | Fidelity National Information Services Inc. | | | | | 452,628 | | |
| | | | 770,223 | | | | Fiserv Inc.* | | | | | 75,227,680 | | |
| | | | 9,544 | | | | HashiCorp Inc., Class A Shares*(a) | | | | | 480,922 | | |
| | | | 143,740 | | | | Intuit Inc. | | | | | 68,185,944 | | |
| | | | 594 | | | | Jack Henry & Associates Inc. | | | | | 105,019 | | |
| | | | 835 | | | | Magic Leap Inc., Series D, Private Placement*(c)(d)@ | | | | | 16,034 | | |
| | | | 467,016 | | | | Microsoft Corp. | | | | | 139,539,711 | | |
| | | | 17,019 | | | | MongoDB Inc., Class A Shares* | | | | | 6,501,088 | | |
| | | | 75,620 | | | | MSCI Inc., Class A Shares | | | | | 37,937,798 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – (continued) | |
| | Software – (continued) | |
| | | | 12,589 | | | | Oracle Corp. | | | | $ | 956,386 | | |
| | | | 2,505 | | | | Paychex Inc. | | | | | 298,245 | | |
| | | | 370 | | | | Paycom Software Inc.* | | | | | 125,508 | | |
| | | | 848 | | | | PTC Inc.* | | | | | 94,365 | | |
| | | | 189,208 | | | | RingCentral Inc., Class A Shares* | | | | | 24,755,975 | | |
| | | | 82,128 | | | | ROBLOX Corp., Class A Shares* | | | | | 4,235,341 | | |
| | | | 20,093 | | | | Roper Technologies Inc. | | | | | 9,006,084 | | |
| | | | 200,090 | | | | salesforce.com Inc.* | | | | | 42,124,948 | | |
| | | | 115,403 | | | | SentinelOne Inc., Class A Shares* | | | | | 4,789,224 | | |
| | | | 119,227 | | | | ServiceNow Inc.* | | | | | 69,142,122 | | |
| | | | 9,287 | | | | Snowflake Inc., Class A Shares* | | | | | 2,467,184 | | |
| | | | 20,012 | | | | Stripe Inc., Class B Shares, Private Placement*(c)(d)@ | | | | | 821,893 | | |
| | | | 1,190 | | | | Synopsys Inc.* | | | | | 371,744 | | |
| | | | 895 | | | | Take-Two Interactive Software Inc.* | | | | | 144,990 | | |
| | | | 14,152 | | | | Twilio Inc., Class A Shares* | | | | | 2,473,770 | | |
| | | | 316 | | | | Tyler Technologies Inc.* | | | | | 135,330 | | |
| | | | 145,611 | | | | UiPath Inc., Class A Shares* | | | | | 5,054,158 | | |
| | | | 10,633 | | | | Workday Inc., Class A Shares* | | | | | 2,435,489 | | |
| | | | 34,253 | | | | Zoom Video Communications Inc., Class A Shares* | | | | | 4,541,948 | | |
| | | | | | | | Total Software | | | | | 603,623,895 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 999,448,580 | | |
| | UTILITIES – 1.7% | |
| | Electric – 1.7% | |
| | | | 756,658 | | | | AES Corp. | | | | | 16,063,849 | | |
| | | | 1,917 | | | | Alliant Energy Corp. | | | | | 111,953 | | |
| | | | 2,009 | | | | Ameren Corp. | | | | | 172,674 | | |
| | | | 3,931 | | | | American Electric Power Co., Inc. | | | | | 356,345 | | |
| | | | 4,858 | | | | CenterPoint Energy Inc. | | | | | 132,866 | | |
| | | | 343,148 | | | | Clearway Energy Inc., Class C Shares | | | | | 11,461,143 | | |
| | | | 2,245 | | | | CMS Energy Corp. | | | | | 143,702 | | |
| | | | 2,761 | | | | Consolidated Edison Inc. | | | | | 236,811 | | |
| | | | 338,045 | | | | Constellation Energy Corp. | | | | | 15,543,309 | | |
| | | | 6,322 | | | | Dominion Energy Inc. | | | | | 502,789 | | |
| | | | 1,512 | | | | DTE Energy Co. | | | | | 183,844 | | |
| | | | 6,004 | | | | Duke Energy Corp. | | | | | 602,862 | | |
| | | | 2,965 | | | | Edison International | | | | | 188,040 | | |
| | | | 1,565 | | | | Entergy Corp. | | | | | 164,654 | | |
| | | | 1,849 | | | | Evergy Inc. | | | | | 115,396 | | |
| | | | 2,684 | | | | Eversource Energy | | | | | 219,551 | | |
| | | | 682,094 | | | | Exelon Corp. | | | | | 29,029,921 | | |
| | | | 4,248 | | | | FirstEnergy Corp. | | | | | 177,779 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | UTILITIES – (continued) | |
| | Electric – (continued) | |
| | | | 15,315 | | | | NextEra Energy Inc. | | | | $ | 1,198,705 | | |
| | | | 1,931 | | | | NRG Energy Inc. | | | | | 73,069 | | |
| | | | 877 | | | | Pinnacle West Capital Corp. | | | | | 62,118 | | |
| | | | 5,836 | | | | PPL Corp. | | | | | 152,728 | | |
| | | | 3,947 | | | | Public Service Enterprise Group Inc. | | | | | 255,884 | | |
| | | | 2,493 | | | | Sempra Energy | | | | | 359,540 | | |
| | | | 8,272 | | | | Southern Co. | | | | | 535,777 | | |
| | | | 461,549 | | | | Vistra Corp. | | | | | 10,532,548 | | |
| | | | 2,462 | | | | WEC Energy Group Inc. | | | | | 223,747 | | |
| | | | 4,205 | | | | Xcel Energy Inc. | | | | | 283,123 | | |
| | | | | | | | Total Electric | | | | | 89,084,727 | | |
| | Gas – 0.0% | |
| | | | 1,051 | | | | Atmos Energy Corp. | | | | | 115,410 | | |
| | | | 3,111 | | | | NiSource Inc. | | | | | 90,001 | | |
| | | | | | | | Total Gas | | | | | 205,411 | | |
| | Water – 0.0% | |
| | | | 1,417 | | | | American Water Works Co., Inc. | | | | | 214,095 | | |
| | | | | | | | TOTAL UTILITIES | | | | | 89,504,233 | | |
| | | | | | | | TOTAL COMMON STOCKS | | | | | | | |
| | | | | | | | (Cost – $4,108,048,273) | | | | | 5,185,815,154 | | |
| | PREFERRED STOCKS – 0.1% | |
| | CONSUMER CYCLICAL – 0.0% | |
| | Auto Manufacturers – 0.0% | |
| | | | 21,292 | | | | Sila Nanotechnologies Inc., Series F, Private Placement*(c)(d)@ | | | | | 878,780 | | |
| | | | 9,549 | | | | Waymo LLC, Series A2, Private Placement*(c)(d)@ | | | | | 875,853 | | |
| | | | | | | | Total Auto Manufacturers | | | | | 1,754,633 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 1,754,633 | | |
| | FINANCIAL – 0.0% | |
| | Diversified Financial Services – 0.0% | |
| | | | 1,020 | | | | Maplebear Inc. d/b/a Instacart, Series A*(c)(d)@ | | | | | 97,920 | | |
| | | | 13,638 | | | | Maplebear Inc. d/b/a Instacart, Series G*(c)(d)@ | | | | | 1,309,248 | | |
| | | | 2,066 | | | | Maplebear Inc. d/b/a Instacart, Series I*(c)(d)@ | | | | | 198,336 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 1,605,504 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 1,605,504 | | |
| | INDUSTRIAL – 0.1% | |
| | Electrical Components & Equipment – 0.0% | |
| | | | 48,400 | | | | GM Cruise Holdings LLC, Class F Shares, Private Placement*(c)(d)@ | | | | | 1,275,340 | | |
| | | | 39,865 | | | | GM Cruise Holdings LLC, Class G Shares, Private Placement*(c)(d)@ | | | | | 1,050,443 | | |
| | | | | | | | Total Electrical Components & Equipment | | | | | 2,325,783 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | PREFERRED STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Environmental Control – 0.0% | |
| | | | 23,420 | | | | Redwood Materials Inc., Series C, Private Placement*(c)(d)@ | | | | $ | 1,221,353 | | |
| | Machinery – 0.1% | |
| | | | 108,389 | | | | Nuro Inc., Series C, Private Placement*(c)(d)@ | | | | | 2,259,447 | | |
| | | | 26,242 | | | | Nuro Inc., Series D*(c)(d)@ | | | | | 547,033 | | |
| | | | | | | | Total Machinery | | | | | 2,806,480 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 6,353,616 | | |
| | TECHNOLOGY – 0.0% | |
| | Software – 0.0% | |
| | | | 27 | | | | Canva Inc., Series A, Private Placement*(c)(d)@ | | | | | 36,855 | | |
| | | | 10 | | | | Canva Inc., Series A-3, Private Placement*(c)(d)@ | | | | | 13,650 | | |
| | | | 1 | | | | Canva Inc., Series A-4, Private Placement*(c)(d)@ | | | | | 1,365 | | |
| | | | 3,314 | | | | Celonis SE, Series D*(c)(d)@ | | | | | 1,225,484 | | |
| | | | 6,765 | | | | Formagrid Inc.*(c)(d)@ | | | | | 1,266,980 | | |
| | | | 20,620 | | | | Rappi Inc., Series E, Private Placement*(c)(d)@ | | | | | 1,169,773 | | |
| | | | | | | | Total Software | | | | | 3,714,107 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 3,714,107 | | |
| | | | | | | | TOTAL PREFERRED STOCKS | | | | | | | |
| | | | | | | | (Cost – $11,470,211) | | | | | 13,427,860 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | | | | | | | |
| | | | | | | | (Cost – $4,119,518,484) | | | | | 5,199,243,014 | | |
| | Face Amount† | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS – 1.4% | |
| | TIME DEPOSITS – 1.4% | |
| | | $ | 213 | | | | ANZ National Bank – London, 0.005% due 3/1/22 | | | | | 213 | | |
| | | | 8,362,506 | | | | Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.005% due 3/1/22 | | | | | 8,362,506 | | |
| | | | 38,746,887 | | | | Barclays Bank PLC – London, 0.005% due 3/1/22 | | | | | 38,746,887 | | |
| | | | | | | | BNP Paribas – Paris: | | | | | | | |
| | | | 1,802,185 | | | | 0.005% due 3/1/22 | | | | | 1,802,185 | | |
| | | | 4GBP | | | | 0.090% due 3/1/22 | | | | | 6 | | |
| | | | 21,615,580 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 21,615,580 | | |
| | | | 3,476,686 | | | | Sumitomo Mitsui Banking Corp. – Tokyo, 0.005% due 3/1/22 | | | | | 3,476,686 | | |
| | | | | | | | TOTAL TIME DEPOSITS | | | | | | | |
| | | | | | | | (Cost – $74,004,063) | | | | | 74,004,063 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.4% | |
| | MONEY MARKET FUND – 0.4% | |
| | | | 23,492,013 | | | | Federated Government Obligations Fund, Premier Class, 0.025%(e)
(Cost – $23,492,013) | | | | $ | 23,492,013 | | |
| | | | | | | | TOTAL INVESTMENTS – 100.1% | | | | | | | |
| | | | | | | | (Cost – $4,217,014,560) | | | | | 5,296,739,090 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (0.1)% | | | | | (7,664,923) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 5,289,074,167 | | |
†
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, 2022, amounts to $2,653,671 and represents 0.05% of net assets.
(c)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
(d)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2022, amounts to $62,460,205 and represents 1.18% of net assets.
(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 | | | | | $ | 1,522,475 | | | | | | 0.03% | | |
| Aurora Innovation Inc., Series B, Private Placement | | | | | 3/1/2019 | | | | | | 445,475 | | | | | | 568,701 | | | | | | 0.01% | | |
| Canva Inc., Private Placement | | | | | 12/17/2021 | | | | | | 589,640 | | | | | | 784,875 | | | | | | 0.01% | | |
| Canva Inc., Series A, Private Placement | | | | | 12/17/2021 | | | | | | 46,012 | | | | | | 36,855 | | | | | | 0.00%* | | |
| Canva Inc., Series A-4, Private Placement | | | | | 12/17/2021 | | | | | | 1,704 | | | | | | 1,365 | | | | | | 0.00%* | | |
| Canva Inc., Series A-3, Private Placement | | | | | 12/17/2021 | | | | | | 17,042 | | | | | | 13,650 | | | | | | 0.00%* | | |
| Celonis SE | | | | | 6/17/2021 | | | | | | 470,003 | | | | | | 470,003 | | | | | | 0.01% | | |
| Celonis SE, Series D | | | | | 6/17/2021 | | | | | | 1,225,484 | | | | | | 1,225,484 | | | | | | 0.02% | | |
| Epic Games Inc., Private Placement | | | | | 6/18/2020 | | | | | | 1,665,200 | | | | | | 3,832,016 | | | | | | 0.08% | | |
| Formagrid Inc. | | | | | 12/8/2021 | | | | | | 1,266,980 | | | | | | 1,266,980 | | | | | | 0.02% | | |
| GM Cruise Holdings LLC, Class F Shares, Private Placement | | | | | 5/7/2019 | | | | | | 883,300 | | | | | | 1,275,340 | | | | | | 0.02% | | |
| GM Cruise Holdings LLC, Class G Shares, Private Placement | | | | | 1/21/2021 | | | | | | 1,050,443 | | | | | | 1,050,443 | | | | | | 0.02% | | |
| Magic Leap Inc., Series D, Private Placement | | | | | 10/12/2017 | | | | | | 406,539 | | | | | | 16,034 | | | | | | 0.00%* | | |
| Maplebear Inc. d/b/a Instacart, Non-voting Shares | | | | | 8/7/2020 | | | | | | 16,171 | | | | | | 33,504 | | | | | | 0.00%* | | |
| Maplebear Inc. d/b/a Instacart, Private Placement | | | | | 8/7/2020 | | | | | | 309,464 | | | | | | 641,184 | | | | | | 0.01% | | |
| Maplebear Inc. d/b/a Instacart, Series A | | | | | 11/18/2020 | | | | | | 62,232 | | | | | | 97,920 | | | | | | 0.00%* | | |
| Maplebear Inc. d/b/a Instacart, Series G | | | | | 7/2/2020 | | | | | | 655,877 | | | | | | 1,309,248 | | | | | | 0.02% | | |
| Maplebear Inc. d/b/a Instacart, Series I | | | | | 2/26/2021 | | | | | | 258,250 | | | | | | 198,336 | | | | | | 0.00%* | | |
| Nuro Inc., Series C, Private Placement | | | | | 10/30/2020 | | | | | | 940,662 | | | | | | 2,259,447 | | | | | | 0.04% | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Large Cap Equity Fund (concluded)
| Security | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
| Nuro Inc., Series D | | | | | 10/29/2021 | | | | | $ | 547,033 | | | | | $ | 547,033 | | | | | | 0.01% | | |
| Rappi Inc., Series E, Private Placement | | | | | 9/8/2020 | | | | | | 1,231,963 | | | | | | 1,169,773 | | | | | | 0.02% | | |
| Redwood Materials Inc., Series C, Private Placement | | | | | 5/28/2021 | | | | | | 1,110,190 | | | | | | 1,221,353 | | | | | | 0.02% | | |
| Rivian Automotive Inc., Private Placement | | | | | 11/10/2021 | | | | | | 10,143,042 | | | | | | 40,341,660 | | | | | | 0.78% | | |
| Sila Nanotechnologies Inc., Series F, Private Placement | | | | | 1/7/2021 | | | | | | 878,780 | | | | | | 878,780 | | | | | | 0.02% | | |
| Stripe Inc., Class B Shares, Private Placement | | | | | 12/17/2019 | | | | | | 313,988 | | | | | | 821,893 | | | | | | 0.02% | | |
| Waymo LLC, Series A2, Private Placement | | | | | 5/8/2020 | | | | | | 819,946 | | | | | | 875,853 | | | | | | 0.02% | | |
| Total | | | | | | | | | | | | | | | | $ | 62,460,205 | | | | | | 1.18% | | |
| |
*
Position represents less than 0.005%.
Abbreviations used in this schedule:
ADR
— American Depositary Receipts
LLC
— Limited Liability Company
PLC
— Public Limited Company
Summary of Investments by Security Sector^ (Unaudited)
| | Consumer Non-cyclical | | | | | 23.7% | | |
| | Communications | | | | | 19.2 | | |
| | Technology | | | | | 18.9 | | |
| | Financial | | | | | 15.1 | | |
| | Consumer Cyclical | | | | | 7.4 | | |
| | Industrial | | | | | 6.8 | | |
| | Energy | | | | | 3.9 | | |
| | Utilities | | | | | 1.7 | | |
| | Basic Materials | | | | | 1.5 | | |
| | Short-Term Investments | | | | | 1.4 | | |
| | Money Market Fund | | | | | 0.4 | | |
| | | | | | | 100.0% | | |
^ As a percentage of total investments.
At February 28, 2022, Destinations Large Cap Equity Fund had open exchange traded futures contracts as described below.
The unrealized (depreciation) on the open contracts reflected in the accompanying financial statements was as follows:
| Open Futures Contracts | | | Number of
Contracts | | | Expiration
Date (Month/Year) | | | Notional
Amount | | | Market Value | | | Unrealized
(Depreciation) | |
| Contracts to Buy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| S&P 500 E-mini Index March Futures | | | | | 16 | | | | | | 3/22 | | | | | $ | 3,710,634 | | | | | $ | 3,494,400 | | | | | $ | (216,234) | | |
At February 28, 2022, Destinations Large Cap Equity Fund had deposited cash of $164,000 with a broker or brokers as margin collateral on open exchange traded futures contracts.
Currency Abbreviations used in this schedule:
GBP
— British Pound
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 95.4% | |
| | BASIC MATERIALS – 4.9% | |
| | Chemicals – 3.4% | |
| | | | 107,300 | | | | Ashland Global Holdings Inc. | | | | $ | 9,901,644 | | |
| | | | 54,332 | | | | Cabot Corp. | | | | | 3,974,929 | | |
| | | | 179,886 | | | | Codexis Inc.* | | | | | 3,585,128 | | |
| | | | 38,219 | | | | Ingevity Corp.* | | | | | 2,607,682 | | |
| | | | 24,829 | | | | Innospec Inc. | | | | | 2,371,169 | | |
| | | | 100,700 | | | | PPG Industries Inc. | | | | | 13,438,415 | | |
| | | | 22,519 | | | | Rogers Corp.* | | | | | 6,147,687 | | |
| | | | 97,600 | | | | Valvoline Inc. | | | | | 3,155,408 | | |
| | | | | | | | Total Chemicals | | | | | 45,182,062 | | |
| | Iron/Steel – 0.5% | |
| | | | 149,104 | | | | Allegheny Technologies Inc.* | | | | | 3,837,937 | | |
| | | | 72,188 | | | | Carpenter Technology Corp. | | | | | 2,771,297 | | |
| | | | | | | | Total Iron/Steel | | | | | 6,609,234 | | |
| | Mining – 1.0% | |
| | | | 35,887 | | | | Cameco Corp. | | | | | 882,102 | | |
| | | | 445,221 | | | | Energy Fuels Inc.*(a) | | | | | 3,637,456 | | |
| | | | 279,683 | | | | Livent Corp.* | | | | | 6,586,535 | | |
| | | | 27,864 | | | | MP Materials Corp.*(a) | | | | | 1,271,156 | | |
| | | | 61,610 | | | | Yamana Gold Inc. | | | | | 301,889 | | |
| | | | | | | | Total Mining | | | | | 12,679,138 | | |
| | | | | | | | TOTAL BASIC MATERIALS | | | | | 64,470,434 | | |
| | COMMUNICATIONS – 4.6% | |
| | Internet – 1.0% | |
| | | | 21,697 | | | | Cargurus Inc., Class A Shares* | | | | | 1,051,220 | | |
| | | | 242,324 | | | | ChannelAdvisor Corp.* | | | | | 4,349,716 | | |
| | | | 111,157 | | | | Liquidity Services Inc.* | | | | | 1,915,235 | | |
| | | | 129,280 | | | | Perion Network Ltd.* | | | | | 2,956,634 | | |
| | | | 58,213 | | | | RumbleON Inc., Class B Shares*(a) | | | | | 1,667,220 | | |
| | | | 72,437 | | | | Solo Brands Inc., Class A Shares*(a) | | | | | 764,935 | | |
| | | | | | | | Total Internet | | | | | 12,704,960 | | |
| | Media – 0.5% | |
| | | | 3,323 | | | | Nexstar Media Group Inc., Class A Shares | | | | | 614,921 | | |
| | | | 244,564 | | | | TEGNA Inc. | | | | | 5,605,407 | | |
| | | | | | | | Total Media | | | | | 6,220,328 | | |
| | Telecommunications – 3.1% | |
| | | | 59,429 | | | | Aviat Networks Inc.* | | | | | 1,681,841 | | |
| | | | 131,034 | | | | Calix Inc.* | | | | | 7,120,387 | | |
| | | | 46,867 | | | | Cambium Networks Corp.* | | | | | 1,303,371 | | |
| | | | 63,454 | | | | Clearfield Inc.* | | | | | 4,068,036 | | |
| | | | 127,762 | | | | Extreme Networks Inc.* | | | | | 1,467,985 | | |
| | | | 360,652 | | | | Harmonic Inc.* | | | | | 3,357,670 | | |
| | | | 69,100 | | | | Motorola Solutions Inc. | | | | | 15,231,713 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | COMMUNICATIONS – (continued) | |
| | Telecommunications – (continued) | |
| | | | 85,235 | | | | Sierra Wireless Inc.*(a) | | | | $ | 1,610,089 | | |
| | | | 355,632 | | | | Viavi Solutions Inc.* | | | | | 5,832,365 | | |
| | | | | | | | Total Telecommunications | | | | | 41,673,457 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 60,598,745 | | |
| | CONSUMER CYCLICAL – 10.4% | |
| | Airlines – 0.1% | |
| | | | 73,836 | | | | Controladora Vuela Cia de Aviacion SAB de CV, ADR* | | | | | 1,409,529 | | |
| | | | 6,737 | | | | Copa Holdings SA, Class A Shares* | | | | | 571,567 | | |
| | | | 22,760 | | | | JetBlue Airways Corp.* | | | | | 347,545 | | |
| | | | | | | | Total Airlines | | | | | 2,328,641 | | |
| | Apparel – 0.7% | |
| | | | 17,756 | | | | Carter’s Inc. | | | | | 1,716,650 | | |
| | | | 23,091 | | | | Oxford Industries Inc. | | | | | 2,041,014 | | |
| | | | 56,177 | | | | Steven Madden Ltd. | | | | | 2,396,511 | | |
| | | | 92,625 | | | | Urban Outfitters Inc.* | | | | | 2,548,114 | | |
| | | | | | | | Total Apparel | | | | | 8,702,289 | | |
| | Auto Manufacturers – 0.1% | |
| | | | 71,550 | | | | Wabash National Corp. | | | | | 1,219,212 | | |
| | Auto Parts & Equipment – 2.2% | |
| | | | 27,401 | | | | Dorman Products Inc.* | | | | | 2,559,802 | | |
| | | | 3,044 | | | | Fox Factory Holding Corp.* | | | | | 359,253 | | |
| | | | 510,100 | | | | Gentex Corp. | | | | | 15,440,727 | | |
| | | | 8,429 | | | | Gentherm Inc.* | | | | | 715,116 | | |
| | | | 193,466 | | | | Goodyear Tire & Rubber Co.* | | | | | 2,996,788 | | |
| | | | 131,393 | | | | Shyft Group Inc. | | | | | 5,309,591 | | |
| | | | 5,211 | | | | Visteon Corp.* | | | | | 626,206 | | |
| | | | 19,769 | | | | XPEL Inc.* | | | | | 1,435,229 | | |
| | | | | | | | Total Auto Parts & Equipment | | | | | 29,442,712 | | |
| | Distribution/Wholesale – 0.3% | |
| | | | 30,015 | | | | Core & Main Inc., Class A Shares* | | | | | 674,737 | | |
| | | | 56,752 | | | | H&E Equipment Services Inc. | | | | | 2,369,964 | | |
| | | | 19,096 | | | | Univar Solutions Inc.* | | | | | 586,438 | | |
| | | | | | | | Total Distribution/Wholesale | | | | | 3,631,139 | | |
| | Entertainment – 1.1% | |
| | | | 321,363 | | | | Everi Holdings Inc.* | | | | | 7,519,894 | | |
| | | | 83,609 | | | | Golden Entertainment Inc.* | | | | | 4,759,860 | | |
| | | | 12,583 | | | | Red Rock Resorts Inc., Class A Shares | | | | | 632,673 | | |
| | | | 18,053 | | | | SeaWorld Entertainment Inc.* | | | | | 1,252,698 | | |
| | | | | | | | Total Entertainment | | | | | 14,165,125 | | |
| | Food Service – 0.2% | |
| | | | 241,487 | | | | Sovos Brands Inc.* | | | | | 2,931,652 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Home Builders – 0.7% | |
| | | | 64,419 | | | | Green Brick Partners Inc.* | | | | $ | 1,493,877 | | |
| | | | 121,442 | | | | Skyline Champion Corp.* | | | | | 8,165,760 | | |
| | | | | | | | Total Home Builders | | | | | 9,659,637 | | |
| | Home Furnishings – 0.2% | |
| | | | 127,278 | | | | Arhaus Inc., Class A Shares* | | | | | 850,217 | | |
| | | | 33,539 | | | | Lovesac Co.* | | | | | 1,425,072 | | |
| | | | | | | | Total Home Furnishings | | | | | 2,275,289 | | |
| | Leisure Time – 1.0% | |
| | | | 145,641 | | | | Callaway Golf Co.* | | | | | 3,603,158 | | |
| | | | 156,148 | | | | Lindblad Expeditions Holdings Inc.* | | | | | 2,768,504 | | |
| | | | 184,495 | | | | Xponential Fitness Inc., Class A Shares* | | | | | 3,863,325 | | |
| | | | 35,658 | | | | YETI Holdings Inc.* | | | | | 2,195,107 | | |
| | | | | | | | Total Leisure Time | | | | | 12,430,094 | | |
| | Lodging – 1.2% | |
| | | | 296,828 | | | | Full House Resorts Inc.* | | | | | 2,612,086 | | |
| | | | 535,339 | | | | Playa Hotels & Resorts NV* | | | | | 5,058,954 | | |
| | | | 84,000 | | | | Wyndham Hotels & Resorts Inc. | | | | | 7,258,440 | | |
| | | | | | | | Total Lodging | | | | | 14,929,480 | | |
| | Retail – 2.6% | |
| | | | 151,239 | | | | American Eagle Outfitters Inc. | | | | | 3,188,118 | | |
| | | | 173,785 | | | | Aspen Aerogels Inc.* | | | | | 5,144,036 | | |
| | | | 40,314 | | | | BlueLinx Holdings Inc.* | | | | | 3,603,265 | | |
| | | | 50,238 | | | | Boot Barn Holdings Inc.* | | | | | 4,371,711 | | |
| | | | 192,086 | | | | Brilliant Earth Group Inc., Class A Shares*(a) | | | | | 1,747,983 | | |
| | | | 5,366 | | | | Dutch Bros Inc., Class A Shares*(a) | | | | | 258,695 | | |
| | | | 51,820 | | | | Kura Sushi USA Inc., Class A Shares* | | | | | 2,730,914 | | |
| | | | 71,829 | | | | Movado Group Inc. | | | | | 2,831,499 | | |
| | | | 39,505 | | | | Murphy USA Inc. | | | | | 7,140,134 | | |
| | | | 82,207 | | | | OptimizeRx Corp.* | | | | | 3,723,155 | | |
| | | | 72,534 | | | | Portillo’s Inc., Class A Shares*(a) | | | | | 1,817,702 | | |
| | | | | | | | Total Retail | | | | | 36,557,212 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 138,272,482 | | |
| | CONSUMER NON-CYCLICAL – 21.0% | |
| | Beverages – 1.9% | |
| | | | 58,724 | | | | Celsius Holdings Inc.* | | | | | 3,751,876 | | |
| | | | 181,700 | | | | Coca-Cola Europacific Partners PLC | | | | | 9,304,857 | | |
| | | | 204,814 | | | | Duckhorn Portfolio Inc.* | | | | | 4,018,451 | | |
| | | | 72,439 | | | | MGP Ingredients Inc. | | | | | 5,766,869 | | |
| | | | 202,000 | | | | Vita Coco Co., Inc.*(a) | | | | | 2,341,180 | | |
| | | | | | | | Total Beverages | | | | | 25,183,233 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Biotechnology – 3.9% | |
| | | | 46,414 | | | | Apellis Pharmaceuticals Inc.* | | | | $ | 1,973,987 | | |
| | | | 200,159 | | | | Avid Bioservices Inc.* | | | | | 4,099,256 | | |
| | | | 3,848 | | | | Beam Therapeutics Inc.* | | | | | 301,491 | | |
| | | | 41,308 | | | | Bicycle Therapeutics PLC, ADR* | | | | | 1,962,130 | | |
| | | | 2,773 | | | | Biohaven Pharmaceutical Holding Co., Ltd.* | | | | | 329,183 | | |
| | | | 73,252 | | | | Biomea Fusion Inc.*(a) | | | | | 469,545 | | |
| | | | 2,473 | | | | Blueprint Medicines Corp.* | | | | | 149,740 | | |
| | | | 63,700 | | | | C4 Therapeutics Inc.* | | | | | 1,428,791 | | |
| | | | 52,669 | | | | Celldex Therapeutics Inc.* | | | | | 1,574,803 | | |
| | | | 73,237 | | | | CinCor Pharma Inc.* | | | | | 1,633,917 | | |
| | | | 291,655 | | | | Crinetics Pharmaceuticals Inc.* | | | | | 5,838,933 | | |
| | | | 72,574 | | | | Day One Biopharmaceuticals Inc.*(a) | | | | | 991,361 | | |
| | | | 126,814 | | | | DICE Therapeutics Inc.*(a) | | | | | 2,344,791 | | |
| | | | 85,390 | | | | Dynavax Technologies Corp.* | | | | | 1,046,881 | | |
| | | | 54,102 | | | | Elevation Oncology Inc.* | | | | | 182,865 | | |
| | | | 12,071 | | | | Halozyme Therapeutics Inc.* | | | | | 428,158 | | |
| | | | 63,878 | | | | Imago Biosciences Inc.* | | | | | 1,504,327 | | |
| | | | 9,912 | | | | Intra-Cellular Therapies Inc.* | | | | | 549,918 | | |
| | | | 151,995 | | | | IVERIC bio Inc.* | | | | | 2,438,000 | | |
| | | | 6,096 | | | | Kymera Therapeutics Inc.* | | | | | 242,377 | | |
| | | | 125,570 | | | | Nuvalent Inc., Class A Shares*(a) | | | | | 1,877,272 | | |
| | | | 246,282 | | | | Relay Therapeutics Inc.* | | | | | 5,937,859 | | |
| | | | 112,907 | | | | SpringWorks Therapeutics Inc.* | | | | | 6,389,407 | | |
| | | | 76,066 | | | | VectivBio Holding AG* | | | | | 429,773 | | |
| | | | 114,871 | | | | Ventyx Biosciences Inc.*(a) | | | | | 1,342,842 | | |
| | | | 229,098 | | | | Xenon Pharmaceuticals Inc.* | | | | | 7,262,407 | | |
| | | | | | | | Total Biotechnology | | | | | 52,730,014 | | |
| | Commercial Services – 4.4% | |
| | | | 238,493 | | | | AirSculpt Technologies Inc.*(a) | | | | | 3,229,195 | | |
| | | | 10,439 | | | | AMN Healthcare Services Inc.* | | | | | 1,107,995 | | |
| | | | 107,800 | | | | Booz Allen Hamilton Holding Corp., Class A Shares | | | | | 8,698,382 | | |
| | | | 239,433 | | | | Cross Country Healthcare Inc.* | | | | | 5,346,539 | | |
| | | | 199,152 | | | | European Wax Center Inc., Class A Shares*(a) | | | | | 4,952,910 | | |
| | | | 74,500 | | | | Global Payments Inc. | | | | | 9,936,810 | | |
| | | | 4,509 | | | | Herc Holdings Inc. | | | | | 717,472 | | |
| | | | 61,355 | | | | Huron Consulting Group Inc.* | | | | | 3,026,642 | | |
| | | | 90,978 | | | | Kelly Services Inc., Class A Shares | | | | | 1,930,553 | | |
| | | | 71,440 | | | | Korn Ferry | | | | | 4,733,614 | | |
| | | | 3,439 | | | | Paylocity Holding Corp.* | | | | | 730,581 | | |
| | | | 262,160 | | | | Performant Financial Corp.* | | | | | 568,887 | | |
| | | | 97,600 | | | | Quanta Services Inc. | | | | | 10,632,544 | | |
| | | | 58,647 | | | | Repay Holdings Corp., Class A Shares* | | | | | 1,012,834 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Commercial Services – (continued) | |
| | | | 9,058 | | | | Triton International Ltd. | | | | $ | 594,929 | | |
| | | | | | | | Total Commercial Services | | | | | 57,219,887 | | |
| | Cosmetics/Personal Care – 0.6% | |
| | | | 248,822 | | | | Beauty Health Co.* | | | | | 4,822,170 | | |
| | | | 80,456 | | | | elf Beauty Inc.* | | | | | 2,126,452 | | |
| | | | | | | | Total Cosmetics/Personal Care | | | | | 6,948,622 | | |
| | Food – 2.6% | |
| | | | 52,049 | | | | Cal-Maine Foods Inc. | | | | | 2,304,209 | | |
| | | | 63,228 | | | | Hain Celestial Group Inc.* | | | | | 2,298,970 | | |
| | | | 265,465 | | | | Hostess Brands Inc., Class A Shares* | | | | | 5,718,116 | | |
| | | | 59,031 | | | | Ingredion Inc. | | | | | 5,238,411 | | |
| | | | 26,346 | | | | Krispy Kreme Inc.(a) | | | | | 392,819 | | |
| | | | 38,004 | | | | Performance Food Group Co.* | | | | | 2,129,744 | | |
| | | | 135,621 | | | | Real Good Food Co., Inc., Class A Shares*(a) | | | | | 811,014 | | |
| | | | 113,100 | | | | Sysco Corp. | | | | | 9,851,010 | | |
| | | | 139,056 | | | | TreeHouse Foods Inc.* | | | | | 5,457,948 | | |
| | | | | | | | Total Food | | | | | 34,202,241 | | |
| | Healthcare-Products – 4.9% | |
| | | | 204,746 | | | | Alphatec Holdings Inc.* | | | | | 2,256,301 | | |
| | | | 6,370 | | | | AtriCure Inc.* | | | | | 442,397 | | |
| | | | 123,700 | | | | Bruker Corp. | | | | | 8,704,769 | | |
| | | | 17,000 | | | | Cooper Cos., Inc. | | | | | 6,953,340 | | |
| | | | 216,000 | | | | DENTSPLY SIRONA Inc. | | | | | 11,694,240 | | |
| | | | 105,011 | | | | Envista Holdings Corp.* | | | | | 5,040,528 | | |
| | | | 5,906 | | | | Inmode Ltd.* | | | | | 252,127 | | |
| | | | 16,884 | | | | Inspire Medical Systems Inc.* | | | | | 4,120,709 | | |
| | | | 52,883 | | | | Integra LifeSciences Holdings Corp.* | | | | | 3,546,334 | | |
| | | | 74,785 | | | | Lantheus Holdings Inc.* | | | | | 3,576,219 | | |
| | | | 2,126 | | | | Natera Inc.* | | | | | 139,785 | | |
| | | | 40,531 | | | | NuVasive Inc.* | | | | | 2,193,538 | | |
| | | | 1,901 | | | | Repligen Corp.* | | | | | 373,927 | | |
| | | | 157,816 | | | | SeaSpine Holdings Corp.* | | | | | 1,999,529 | | |
| | | | 3,465 | | | | Shockwave Medical Inc.* | | | | | 614,102 | | |
| | | | 79,483 | | | | SI-BONE Inc.* | | | | | 1,753,395 | | |
| | | | 81,473 | | | | Treace Medical Concepts Inc.* | | | | | 1,754,928 | | |
| | | | 62,800 | | | | Zimmer Biomet Holdings Inc. | | | | | 7,987,532 | | |
| | | | | | | | Total Healthcare-Products | | | | | 63,403,700 | | |
| | Healthcare-Services – 1.1% | |
| | | | 24,600 | | | | Humana Inc. | | | | | 10,684,272 | | |
| | | | 72,001 | | | | Inotiv Inc.* | | | | | 1,902,986 | | |
| | | | 13,330 | | | | Invitae Corp.* | | | | | 143,831 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Healthcare-Services – (continued) | |
| | | | 3,838 | | | | Medpace Holdings Inc.* | | | | $ | 587,099 | | |
| | | | 60,155 | | | | RadNet Inc.* | | | | | 1,484,024 | | |
| | | | 189,568 | | | | Thorne HealthTech Inc.*(a) | | | | | 849,265 | | |
| | | | | | | | Total Healthcare-Services | | | | | 15,651,477 | | |
| | Household Products/Wares – 0.2% | |
| | | | 32,138 | | | | Spectrum Brands Holdings Inc. | | | | | 2,981,764 | | |
| | Pharmaceuticals – 1.4% | |
| | | | 106,065 | | | | Centessa Pharmaceuticals PLC, ADR*(a) | | | | | 946,100 | | |
| | | | 189,841 | | | | Cytokinetics Inc.* | | | | | 6,705,184 | | |
| | | | 9,068 | | | | Galapagos NV, ADR*(a) | | | | | 600,574 | | |
| | | | 3,469 | | | | Intellia Therapeutics Inc.* | | | | | 342,911 | | |
| | | | 139,402 | | | | Merus NV* | | | | | 3,915,802 | | |
| | | | 30,542 | | | | Morphic Holding Inc.* | | | | | 1,217,404 | | |
| | | | 8,193 | | | | Pacira BioSciences Inc.* | | | | | 546,391 | | |
| | | | 89,985 | | | | Prestige Consumer Healthcare Inc.* | | | | | 5,356,807 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 19,631,173 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 277,952,111 | | |
| | ENERGY – 3.4% | |
| | Energy-Alternate Sources – 0.2% | |
| | | | 91,813 | | | | Green Plains Inc.* | | | | | 3,005,958 | | |
| | Oil & Gas – 2.3% | |
| | | | 7,947 | | | | California Resources Corp. | | | | | 327,655 | | |
| | | | 7,467 | | | | Callon Petroleum Co.* | | | | | 420,840 | | |
| | | | 80,307 | | | | Civitas Resources Inc. | | | | | 4,053,094 | | |
| | | | 131,126 | | | | Helmerich & Payne Inc. | | | | | 4,750,695 | | |
| | | | 7,487 | | | | HollyFrontier Corp.* | | | | | 227,979 | | |
| | | | 50,412 | | | | Magnolia Oil & Gas Corp., Class A Shares | | | | | 1,126,708 | | |
| | | | 175,562 | | | | Matador Resources Co. | | | | | 8,707,875 | | |
| | | | 90,155 | | | | Par Pacific Holdings Inc.* | | | | | 1,226,108 | | |
| | | | 73,497 | | | | Patterson-UTI Energy Inc. | | | | | 1,060,562 | | |
| | | | 79,122 | | | | PDC Energy Inc. | | | | | 5,104,952 | | |
| | | | 103,750 | | | | Ranger Oil Corp., Class A Shares* | | | | | 3,502,600 | | |
| | | | | | | | Total Oil & Gas | | | | | 30,509,068 | | |
| | Oil & Gas Services – 0.9% | |
| | | | 354,300 | | | | Baker Hughes Co., Class A Shares | | | | | 10,409,334 | | |
| | | | 54,895 | | | | NexTier Oilfield Solutions Inc.* | | | | | 436,964 | | |
| | | | 102,654 | | | | Select Energy Services Inc., Class A Shares* | | | | | 849,975 | | |
| | | | | | | | Total Oil & Gas Services | | | | | 11,696,273 | | |
| | | | | | | | TOTAL ENERGY | | | | | 45,211,299 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – 20.4% | |
| | Banks – 9.0% | |
| | | | 20,785 | | | | Bancorp Inc.* | | | | $ | 609,000 | | |
| | | | 152,412 | | | | Bank of NT Butterfield & Son Ltd. | | | | | 5,852,621 | | |
| | | | 170,822 | | | | BankUnited Inc. | | | | | 7,550,332 | | |
| | | | 68,652 | | | | Customers Bancorp Inc.* | | | | | 4,225,531 | | |
| | | | 15,700 | | | | First Citizens BancShares Inc., Class A Shares | | | | | 12,378,665 | | |
| | | | 137,886 | | | | First Interstate BancSystem Inc., Class A Shares | | | | | 5,598,172 | | |
| | | | 68,805 | | | | Live Oak Bancshares Inc. | | | | | 4,400,080 | | |
| | | | 75,120 | | | | Meta Financial Group Inc. | | | | | 4,160,897 | | |
| | | | 48,991 | | | | Metropolitan Bank Holding Corp.* | | | | | 5,009,330 | | |
| | | | 335,122 | | | | PacWest Bancorp | | | | | 16,561,729 | | |
| | | | 84,672 | | | | Pinnacle Financial Partners Inc. | | | | | 8,558,646 | | |
| | | | 29,800 | | | | Signature Bank | | | | | 10,277,722 | | |
| | | | 63,832 | | | | Triumph Bancorp Inc.* | | | | | 6,403,626 | | |
| | | | 334,222 | | | | Umpqua Holdings Corp. | | | | | 7,135,640 | | |
| | | | 115,953 | | | | Univest Financial Corp. | | | | | 3,360,318 | | |
| | | | 41,748 | | | | Webster Financial Corp. | | | | | 2,513,647 | | |
| | | | 77,712 | | | | Western Alliance Bancorp | | | | | 7,284,723 | | |
| | | | 79,145 | | | | Wintrust Financial Corp. | | | | | 7,863,847 | | |
| | | | | | | | Total Banks | | | | | 119,744,526 | | |
| | Diversified Financial Services – 0.1% | |
| | | | 18,615 | | | | CI Financial Corp. | | | | | 305,844 | | |
| | | | 65,759 | | | | Cowen Inc., Class A Shares | | | | | 1,949,754 | | |
| | | | 10,223 | | | | StepStone Group Inc., Class A Shares | | | | | 353,000 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 2,608,598 | | |
| | Equity Real Estate Investment Trusts (REITs) – 5.6% | |
| | | | 57,100 | | | | Alexandria Real Estate Equities Inc. | | | | | 10,814,740 | | |
| | | | 85,180 | | | | American Campus Communities Inc. | | | | | 4,583,536 | | |
| | | | 408,100 | | | | American Homes 4 Rent, Class A Shares | | | | | 15,511,881 | | |
| | | | 278,700 | | | | Americold Realty Trust | | | | | 7,446,864 | | |
| | | | 384,488 | | | | Chimera Investment Corp. | | | | | 4,679,219 | | |
| | | | 80,589 | | | | Corporate Office Properties Trust | | | | | 2,112,238 | | |
| | | | 104,300 | | | | Dynex Capital Inc.(a) | | | | | 1,603,091 | | |
| | | | 55,300 | | | | Extra Space Storage Inc. | | | | | 10,404,695 | | |
| | | | 173,879 | | | | LXP Industrial Trust | | | | | 2,688,169 | | |
| | | | 4,919 | | | | Ryman Hospitality Properties Inc.* | | | | | 433,413 | | |
| | | | 43,000 | | | | SBA Communications Corp., Class A Shares | | | | | 13,045,770 | | |
| | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | 73,323,616 | | |
| | Insurance – 4.7% | |
| | | | 105,002 | | | | BRP Group Inc., Class A Shares* | | | | | 2,915,906 | | |
| | | | 39,888 | | | | Hanover Insurance Group Inc. | | | | | 5,564,775 | | |
| | | | 185,400 | | | | Hartford Financial Services Group Inc. | | | | | 12,881,592 | | |
| | | | 4,567 | | | | Kinsale Capital Group Inc. | | | | | 957,974 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Insurance – (continued) | |
| | | | 248,625 | | | | MGIC Investment Corp. | | | | $ | 3,774,127 | | |
| | | | 281,992 | | | | NMI Holdings Inc., Class A Shares* | | | | | 6,525,295 | | |
| | | | 63,600 | | | | Progressive Corp. | | | | | 6,737,148 | | |
| | | | 68,800 | | | | Willis Towers Watson PLC | | | | | 15,294,240 | | |
| | | | 75,800 | | | | WR Berkley Corp. | | | | | 6,844,740 | | |
| | | | | | | | Total Insurance | | | | | 61,495,797 | | |
| | Private Equity – 0.3% | |
| | | | 194,565 | | | | Hercules Capital Inc.(a) | | | | | 3,496,333 | | |
| | Real Estate – 0.7% | |
| | | | 503,657 | | | | Newmark Group Inc., Class A Shares | | | | | 8,904,656 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 269,573,526 | | |
| | INDUSTRIAL – 17.0% | |
| | Aerospace/Defense – 1.1% | |
| | | | 79,946 | | | | AAR Corp.* | | | | | 3,592,773 | | |
| | | | 63,882 | | | | BWX Technologies Inc. | | | | | 3,412,576 | | |
| | | | 56,098 | | | | Hexcel Corp. | | | | | 3,248,074 | | |
| | | | 18,125 | | | | Spirit AeroSystems Holdings Inc., Class A Shares | | | | | 906,250 | | |
| | | | 103,267 | | | | Triumph Group Inc.* | | | | | 2,585,806 | | |
| | | | | | | | Total Aerospace/Defense | | | | | 13,745,479 | | |
| | Building Materials – 1.2% | |
| | | | 3,415 | | | | Boise Cascade Co. | | | | | 272,995 | | |
| | | | 19,101 | | | | Hayward Holdings Inc.* | | | | | 341,717 | | |
| | | | 28,800 | | | | Martin Marietta Materials Inc. | | | | | 10,926,720 | | |
| | | | 41,907 | | | | Masonite International Corp.* | | | | | 3,953,087 | | |
| | | | 20,703 | | | | Summit Materials Inc., Class A Shares* | | | | | 646,348 | | |
| | | | | | | | Total Building Materials | | | | | 16,140,867 | | |
| | Electrical Components & Equipment – 0.3% | |
| | | | 51,440 | | | | Belden Inc. | | | | | 2,898,644 | | |
| | | | 38,377 | | | | Energizer Holdings Inc. | | | | | 1,281,408 | | |
| | | | | | | | Total Electrical Components & Equipment | | | | | 4,180,052 | | |
| | Electronics – 2.2% | |
| | | | 8,496 | | | | Atkore Inc.* | | | | | 864,128 | | |
| | | | 54,720 | | | | Camtek Ltd.* | | | | | 1,797,005 | | |
| | | | 143,000 | | | | Fortive Corp. | | | | | 9,259,250 | | |
| | | | 41,900 | | | | Hubbell Inc., Class B Shares | | | | | 7,468,675 | | |
| | | | 3,717 | | | | Vicor Corp.* | | | | | 277,920 | | |
| | | | 77,600 | | | | Woodward Inc. | | | | | 9,671,288 | | |
| | | | | | | | Total Electronics | | | | | 29,338,266 | | |
| | Engineering & Construction – 0.7% | |
| | | | 20,426 | | | | Dycom Industries Inc.* | | | | | 1,778,288 | | |
| | | | 31,180 | | | | EMCOR Group Inc. | | | | | 3,602,537 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Engineering & Construction – (continued) | |
| | | | 4,225 | | | | Exponent Inc. | | | | $ | 400,361 | | |
| | | | 23,739 | | | | Latham Group Inc.*(a) | | | | | 415,195 | | |
| | | | 27,679 | | | | NV5 Global Inc.* | | | | | 2,968,573 | | |
| | | | 26,155 | | | | WillScot Mobile Mini Holdings Corp.* | | | | | 929,287 | | |
| | | | | | | | Total Engineering & Construction | | | | | 10,094,241 | | |
| | Environmental Control – 1.2% | |
| | | | 66,003 | | | | Clean Harbors Inc.* | | | | | 6,298,666 | | |
| | | | 145,494 | | | | Energy Recovery Inc.* | | | | | 2,764,386 | | |
| | | | 16,773 | | | | Evoqua Water Technologies Corp.* | | | | | 715,536 | | |
| | | | 134,465 | | | | Harsco Corp.* | | | | | 1,601,478 | | |
| | | | 100,236 | | | | Montrose Environmental Group Inc.* | | | | | 4,421,410 | | |
| | | | 2,915 | | | | Tetra Tech Inc. | | | | | 462,815 | | |
| | | | | | | | Total Environmental Control | | | | | 16,264,291 | | |
| | Hand/Machine Tools – 1.5% | |
| | | | 62,574 | | | | Regal Rexnord Corp. | | | | | 10,033,741 | | |
| | | | 52,800 | | | | Stanley Black & Decker Inc. | | | | | 8,590,560 | | |
| | | | | | | | Total Hand/Machine Tools | | | | | 18,624,301 | | |
| | Machinery-Construction & Mining – 0.8% | |
| | | | 758,600 | | | | Vertiv Holdings Co., Class A Shares | | | | | 9,876,972 | | |
| | Machinery-Diversified – 4.3% | |
| | | | 107,482 | | | | Altra Industrial Motion Corp. | | | | | 4,564,761 | | |
| | | | 90,888 | | | | Cactus Inc., Class A Shares | | | | | 4,604,386 | | |
| | | | 2,598 | | | | Chart Industries Inc.* | | | | | 375,151 | | |
| | | | 58,704 | | | | CIRCOR International Inc.* | | | | | 1,581,486 | | |
| | | | 45,700 | | | | Dover Corp. | | | | | 7,168,502 | | |
| | | | 209,165 | | | | Gates Industrial Corp. PLC* | | | | | 3,313,174 | | |
| | | | 222,300 | | | | Ingersoll Rand Inc. | | | | | 11,230,596 | | |
| | | | 3,073 | | | | Kornit Digital Ltd.* | | | | | 291,413 | | |
| | | | 106,120 | | | | Ranpak Holdings Corp., Class A Shares* | | | | | 2,568,104 | | |
| | | | 31,100 | | | | Rockwell Automation Inc. | | | | | 8,290,638 | | |
| | | | 40,880 | | | | SPX FLOW Inc. | | | | | 3,511,183 | | |
| | | | 279,300 | | | | Zurn Water Solutions Corp. | | | | | 9,082,836 | | |
| | | | | | | | Total Machinery-Diversified | | | | | 56,582,230 | | |
| | Metal Fabricate/Hardware – 0.5% | |
| | | | 37,801 | | | | Standex International Corp. | | | | | 4,004,260 | | |
| | | | 60,165 | | | | Xometry Inc., Class A Shares*(a) | | | | | 2,942,670 | | |
| | | | | | | | Total Metal Fabricate/Hardware | | | | | 6,946,930 | | |
| | Miscellaneous Manufacturers – 1.7% | |
| | | | 2,786 | | | | Axon Enterprise Inc.* | | | | | 390,737 | | |
| | | | 85,981 | | | | Enerpac Tool Group Corp., Class A Shares | | | | | 1,483,172 | | |
| | | | 48,653 | | | | EnPro Industries Inc. | | | | | 5,373,237 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Miscellaneous Manufacturers – (continued) | |
| | | | 37,260 | | | | Hillenbrand Inc. | | | | $ | 1,777,675 | | |
| | | | 158,923 | | | | ITT Inc. | | | | | 13,964,564 | | |
| | | | | | | | Total Miscellaneous Manufacturers | | | | | 22,989,385 | | |
| | Packaging & Containers – 0.5% | |
| | | | 111,268 | | | | Karat Packaging Inc.* | | | | | 1,808,105 | | |
| | | | 222,104 | | | | O-I Glass Inc.* | | | | | 2,838,489 | | |
| | | | 53,696 | | | | Silgan Holdings Inc. | | | | | 2,248,788 | | |
| | | | | | | | Total Packaging & Containers | | | | | 6,895,382 | | |
| | Transportation – 0.8% | |
| | | | 88,460 | | | | Air Transport Services Group Inc.* | | | | | 2,787,375 | | |
| | | | 33,923 | | | | CryoPort Inc.* | | | | | 1,164,577 | | |
| | | | 44,184 | | | | Forward Air Corp. | | | | | 4,558,905 | | |
| | | | 6,387 | | | | Kirby Corp.* | | | | | 416,113 | | |
| | | | 3,745 | | | | Saia Inc.* | | | | | 1,075,676 | | |
| | | | 23,241 | | | | Star Bulk Carriers Corp. | | | | | 699,089 | | |
| | | | | | | | Total Transportation | | | | | 10,701,735 | | |
| | Trucking & Leasing – 0.2% | |
| | | | 46,179 | | | | Greenbrier Cos., Inc. | | | | | 2,051,733 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 224,431,864 | | |
| | TECHNOLOGY – 9.4% | |
| | Computers – 1.5% | |
| | | | 14,507 | | | | CACI International Inc., Class A Shares* | | | | | 4,058,913 | | |
| | | | 3,614 | | | | CyberArk Software Ltd.* | | | | | 614,886 | | |
| | | | 33,560 | | | | Endava PLC, ADR* | | | | | 4,469,521 | | |
| | | | 26,036 | | | | ExlService Holdings Inc.* | | | | | 3,144,888 | | |
| | | | 226,937 | | | | Grid Dynamics Holdings Inc.* | | | | | 2,757,284 | | |
| | | | 21,576 | | | | KBR Inc. | | | | | 1,071,033 | | |
| | | | 36,842 | | | | Lumentum Holdings Inc.* | | | | | 3,642,200 | | |
| | | | 1,872 | | | | Zscaler Inc.* | | | | | 447,689 | | |
| | | | | | | | Total Computers | | | | | 20,206,414 | | |
| | Semiconductors – 7.0% | |
| | | | 48,427 | | | | Alpha & Omega Semiconductor Ltd.* | | | | | 2,603,920 | | |
| | | | 7,563 | | | | Ambarella Inc.* | | | | | 1,056,627 | | |
| | | | 129,985 | | | | Axcelis Technologies Inc.* | | | | | 8,997,562 | | |
| | | | 67,800 | | | | Azenta Inc. | | | | | 5,933,856 | | |
| | | | 123,024 | | | | Impinj Inc.* | | | | | 8,457,900 | | |
| | | | 45,400 | | | | KLA Corp. | | | | | 15,821,900 | | |
| | | | 8,230 | | | | Lattice Semiconductor Corp.* | | | | | 515,362 | | |
| | | | 37,316 | | | | MACOM Technology Solutions Holdings Inc.* | | | | | 2,242,691 | | |
| | | | 20,860 | | | | MaxLinear Inc., Class A Shares* | | | | | 1,279,761 | | |
| | | | 107,700 | | | | MKS Instruments Inc. | | | | | 16,219,620 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – (continued) | |
| | Semiconductors – (continued) | |
| | | | 83,400 | | | | NXP Semiconductors NV | | | | $ | 15,856,008 | | |
| | | | 57,701 | | | | Silicon Motion Technology Corp., ADR | | | | | 4,185,630 | | |
| | | | 9,198 | | | | SiTime Corp.* | | | | | 1,859,284 | | |
| | | | 189,808 | | | | SMART Global Holdings Inc.* | | | | | 5,210,230 | | |
| | | | 2,400 | | | | Synaptics Inc.* | | | | | 548,232 | | |
| | | | 54,931 | | | | Ultra Clean Holdings Inc.* | | | | | 2,516,389 | | |
| | | | | | | | Total Semiconductors | | | | | 93,304,972 | | |
| | Software – 0.9% | |
| | | | 6,524 | | | | DigitalOcean Holdings Inc.* | | | | | 387,004 | | |
| | | | 63,763 | | | | Docebo Inc.*(a) | | | | | 3,355,209 | | |
| | | | 62,254 | | | | HireRight Holdings Corp.*(a) | | | | | 813,660 | | |
| | | | 46,575 | | | | Motorsport Games Inc., Class A Shares* | | | | | 158,821 | | |
| | | | 57,676 | | | | Phreesia Inc.* | | | | | 1,775,844 | | |
| | | | 402,205 | | | | Rackspace Technology Inc.* | | | | | 4,476,542 | | |
| | | | 51,918 | | | | Sophia Genetics SA*(a) | | | | | 664,550 | | |
| | | | | | | | Total Software | | | | | 11,631,630 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 125,143,016 | | |
| | UTILITIES – 4.3% | |
| | Electric – 4.1% | |
| | | | 118,300 | | | | Ameren Corp. | | | | | 10,167,885 | | |
| | | | 48,665 | | | | Black Hills Corp. | | | | | 3,406,063 | | |
| | | | 385,600 | | | | CenterPoint Energy Inc. | | | | | 10,546,160 | | |
| | | | 204,200 | | | | Exelon Corp. | | | | | 8,690,752 | | |
| | | | 39,166 | | | | IDACORP Inc. | | | | | 4,071,306 | | |
| | | | 151,860 | | | | Portland General Electric Co. | | | | | 7,709,932 | | |
| | | | 151,200 | | | | Xcel Energy Inc. | | | | | 10,180,296 | | |
| | | | | | | | Total Electric | | | | | 54,772,394 | | |
| | Gas – 0.2% | |
| | | | 35,387 | | | | Spire Inc. | | | | | 2,374,822 | | |
| | | | | | | | TOTAL UTILITIES | | | | | 57,147,216 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $1,106,989,015) | | | | | 1,262,800,693 | | |
| | EXCHANGE TRADED FUNDS (ETFs) – 0.8% | |
| | | | 34,384 | | | | iShares Russell 2000(a) | | | | | 6,990,955 | | |
| | | | 44,294 | | | | iShares Russell Mid-Capital(a) | | | | | 3,380,518 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $7,581,454) | | | | | 10,371,473 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | WARRANT – 0.0% | |
| | DIVERSIFIED – 0.0% | |
| | SPACs – 0.0% | |
| | | | 39,296 | | | | EQRx Inc., due 12/20/26, Strike Price $11.50*(b)
(Cost – $75,222) | | | | $ | 22,992 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,114,645,691) | | | | | 1,273,195,158 | | |
| | Face Amount | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS – 4.0% | |
| | TIME DEPOSITS – 4.0% | |
| | | $ | 30,023,139 | | | | Barclays Bank PLC – London, 0.005% due 3/1/22 | | | | | 30,023,139 | | |
| | | | 16,959,244 | | | | BNP Paribas – Paris, 0.005% due 3/1/22 | | | | | 16,959,244 | | |
| | | | 5,878,096 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 5,878,096 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $52,860,479) | | | | | 52,860,479 | | |
| | Shares/Units | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 2.8% | |
| | MONEY MARKET FUND – 2.8% | |
| | | | 37,322,114 | | | | Federated Government Obligations Fund, Premier Class, 0.025%(c)
(Cost – $37,322,114) | | | | $ | 37,322,114 | | |
| | | | | | | | TOTAL INVESTMENTS – 103.0%
(Cost – $1,204,828,284) | | | | | 1,363,377,751 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (3.0)% | | | | | (39,989,591) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 1,323,388,160 | | |
*
Non-income producing security.
(a)
All or a portion of this security is on loan (See Note 5).
(b)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2022, amounts to $22,992 and represents 0.00% of net assets.
(c)
Represents investment of collateral received from securities lending transactions.
Abbreviations used in this schedule:
ADR
— American Depositary Receipts
PLC
— Public Limited Company
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Small-Mid Cap Equity Fund (concluded)
Summary of Investments by Security Sector^ (Unaudited)
| | Consumer Non-cyclical | | | | | 20.4% | | |
| | Financial | | | | | 19.8 | | |
| | Industrial | | | | | 16.5 | | |
| | Consumer Cyclical | | | | | 10.1 | | |
| | Technology | | | | | 9.2 | | |
| | Basic Materials | | | | | 4.7 | | |
| | Communications | | | | | 4.4 | | |
| | Utilities | | | | | 4.2 | | |
| | Energy | | | | | 3.3 | | |
| | Diversified | | | | | 0.0* | | |
| | Exchange Traded Funds (ETFs) | | | | | 0.8 | | |
| | Short-Term Investments | | | | | 3.9 | | |
| | Money Market Fund | | | | | 2.7 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 95.8% | |
| | Australia – 0.6% | |
| | | | 715,475 | | | | Elmo Software Ltd.*(a) | | | | $ | 1,916,230 | | |
| | | | 1,509,789 | | | | Johns Lyng Group Ltd. | | | | | 8,332,306 | | |
| | | | 192,282 | | | | Pro Medicus Ltd.(a) | | | | | 6,693,133 | | |
| | | | | | | | Total Australia | | | | | 16,941,669 | | |
| | Austria – 0.1% | |
| | | | 47,443 | | | | Erste Group Bank AG | | | | | 1,696,862 | | |
| | Bermuda – 0.1% | |
| | | | 164,326 | | | | Hiscox Ltd. | | | | | 2,014,851 | | |
| | Brazil – 1.6% | |
| | | | 1,239,538 | | | | Aeris Industria E Comercio de Equipamentos Para Geracao de Energia SA* | | | | | 1,361,821 | | |
| | | | 120,778 | | | | Afya Ltd., Class A Shares* | | | | | 1,558,036 | | |
| | | | 566,023 | | | | Americanas SA | | | | | 3,309,603 | | |
| | | | 300,252 | | | | Azul SA* | | | | | 1,456,908 | | |
| | | | 72,639 | | | | Azul SA, ADR* | | | | | 1,061,256 | | |
| | | | 1,012,530 | | | | B3 SA – Brasil Bolsa Balcao | | | | | 2,846,990 | | |
| | | | 260,156 | | | | Banco Inter SA | | | | | 1,012,570 | | |
| | | | 1,182,872 | | | | Hapvida Participacoes e Investimentos SA(b) | | | | | 2,763,340 | | |
| | | | 449,907 | | | | Localiza Rent a Car SA | | | | | 4,985,212 | | |
| | | | 1,465,443 | | | | Magazine Luiza SA | | | | | 1,690,409 | | |
| | | | 301,535 | | | | Rede D’Or Sao Luiz SA(b) | | | | | 2,975,737 | | |
| | | | 88,167 | | | | StoneCo Ltd., Class A Shares* | | | | | 990,997 | | |
| | | | 1,057,197 | | | | Suzano SA | | | | | 11,287,382 | | |
| | | | 186,101 | | | | XP Inc., Class A Shares* | | | | | 6,018,506 | | |
| | | | | | | | Total Brazil | | | | | 43,318,767 | | |
| | Canada – 3.4% | |
| | | | 71,138 | | | | Agnico Eagle Mines Ltd. | | | | | 3,593,095 | | |
| | | | 123,871 | | | | Canadian Pacific Railway Ltd. | | | | | 8,705,654 | | |
| | | | 2,317 | | | | Constellation Software Inc. | | | | | 3,904,301 | | |
| | | | 26,034 | | | | Definity Financial Corp.*(a) | | | | | 565,778 | | |
| | | | 363,000 | | | | Enbridge Inc. | | | | | 15,680,271 | | |
| | | | 155,274 | | | | Equitable Group Inc.(a) | | | | | 9,277,000 | | |
| | | | 5,612 | | | | Equitable Group Inc. – Sub Rct* | | | | | 328,212 | | |
| | | | 94,320 | | | | Franco-Nevada Corp. | | | | | 13,887,963 | | |
| | | | 6,400 | | | | Shopify Inc., Class A Shares* | | | | | 4,443,264 | | |
| | | | 64,895 | | | | Sun Life Financial Inc. | | | | | 3,412,401 | | |
| | | | 419,000 | | | | Suncor Energy Inc. | | | | | 12,810,949 | | |
| | | | 80,157 | | | | TELUS International CDA Inc.* | | | | | 1,970,887 | | |
| | | | 81,556 | | | | TMX Group Ltd. | | | | | 8,237,304 | | |
| | | | 70,802 | | | | Wheaton Precious Metals Corp. | | | | | 3,101,951 | | |
| | | | | | | | Total Canada | | | | | 89,919,030 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | China – 7.5% | |
| | | | 169,359 | | | | Alibaba Group Holding Ltd., ADR* | | | | $ | 17,814,873 | | |
| | | | 60,098 | | | | Baidu Inc., ADR* | | | | | 9,161,339 | | |
| | | | 413,316 | | | | Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A Shares(c) | | | | | 2,973,051 | | |
| | | | 567,700 | | | | BTG Hotels Group Co., Ltd., Class A Shares*(c) | | | | | 2,277,512 | | |
| | | | 1,944,336 | | | | China Conch Venture Holdings Ltd. | | | | | 9,352,761 | | |
| | | | 1,091,311 | | | | China Mengniu Dairy Co., Ltd.* | | | | | 7,077,640 | | |
| | | | 2,814,757 | | | | China Molybdenum Co., Ltd., Class A Shares(c) | | | | | 2,692,074 | | |
| | | | 1,721,430 | | | | China Molybdenum Co., Ltd., Class H Shares(d) | | | | | 1,030,995 | | |
| | | | 133,797 | | | | China Tourism Group Duty Free Corp., Ltd, Class A Shares(c) | | | | | 4,321,417 | | |
| | | | 1,238,958 | | | | Estun Automation Co., Ltd., Class A Shares(c) | | | | | 4,638,943 | | |
| | | | 479,326 | | | | Full Truck Alliance Co., Ltd., ADR* | | | | | 4,419,386 | | |
| | | | 52,875 | | | | GDS Holdings Ltd., ADR* | | | | | 2,353,995 | | |
| | | | 185,155 | | | | GDS Holdings Ltd., Class A Shares* | | | | | 1,029,310 | | |
| | | | 223,550 | | | | Glodon Co., Ltd., Class A Shares(c) | | | | | 1,998,848 | | |
| | | | 880,700 | | | | Gree Electric Appliances Inc. of Zhuhai, Class A Shares(c) | | | | | 5,129,600 | | |
| | | | 157,095 | | | | Hangzhou Tigermed Consulting Co., Ltd., Class A Shares(c) | | | | | 2,541,144 | | |
| | | | 1,069,135 | | | | Han’s Laser Technology Industry Group Co., Ltd., Class A Shares(c) | | | | | 8,251,401 | | |
| | | | 617,154 | | | | Hua Hong Semiconductor Ltd.*(b) | | | | | 3,192,824 | | |
| | | | 301,450 | | | | JD Health International Inc.*(b) | | | | | 2,233,758 | | |
| | | | 53,332 | | | | JD.com Inc., ADR* | | | | | 3,820,171 | | |
| | | | 19,389 | | | | JD.com Inc., Class A Shares*(e)@ | | | | | 658,081 | | |
| | | | 46,794 | | | | Kanzhun Ltd., ADR* | | | | | 1,511,446 | | |
| | | | 1,413,407 | | | | Kingdee International Software Group Co., Ltd.* | | | | | 3,469,267 | | |
| | | | 1,397,348 | | | | Kingsoft Corp., Ltd | | | | | 5,170,077 | | |
| | | | 12,865 | | | | Kweichow Moutai Co., Ltd., Class A Shares(c) | | | | | 3,655,297 | | |
| | | | 616,033 | | | | Midea Group Co., Ltd., Class A Shares(c) | | | | | 6,517,563 | | |
| | | | 1,197,211 | | | | NARI Technology Co., Ltd., Class A Shares(c) | | | | | 6,772,330 | | |
| | | | 248,020 | | | | SF Holding Co., Ltd., Class A Shares(c) | | | | | 2,379,719 | | |
| | | | 398,100 | | | | Shandong Pharmaceutical Glass Co., Ltd., Class A Shares(c) | | | | | 1,977,734 | | |
| | | | 280,458 | | | | Shanghai Henlius Biotech Inc., Class H Shares*(a)(b)(d) | | | | | 815,424 | | |
| | | | 172,031 | | | | Shanghai Kindly Medical Instruments Co., Ltd., Class H Shares(a)(d) | | | | | 332,543 | | |
| | | | 103,500 | | | | Shenzhen Inovance Technology Co., Ltd., Class A Shares(c) | | | | | 1,049,962 | | |
| | | | 64,000 | | | | Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares(c) | | | | | 3,330,075 | | |
| | | | 277,035 | | | | Shenzhou International Group Holdings Ltd. | | | | | 4,649,719 | | |
| | | | 391,199 | | | | Tencent Holdings Ltd. | | | | | 21,260,891 | | |
| | | | 25,801 | | | | Tencent Holdings Ltd., ADR(a)(c) | | | | | 1,387,836 | | |
| | | | 103,732 | | | | Trip.com Group Ltd., ADR* | | | | | 2,678,360 | | |
| | | | 878,941 | | | | Venustech Group Inc., Class A Shares(c) | | | | | 3,376,340 | | |
| | | | 59,625 | | | | Will Semiconductor Co., Ltd. Shanghai, Class A Shares(c) | | | | | 2,322,970 | | |
| | | | 1,282,558 | | | | Winning Health Technology Group Co., Ltd., Class A Shares(c) | | | | | 2,344,821 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | China – (continued) | |
| | | | 585,794 | | | | Wuxi Biologics Cayman Inc.*(b) | | | | $ | 4,861,975 | | |
| | | | 702,710 | | | | Yonyou Network Technology Co., Ltd., Class A Shares(c) | | | | | 3,496,648 | | |
| | | | 112,336 | | | | Yum China Holdings Inc. | | | | | 5,796,757 | | |
| | | | 314,634 | | | | Yunnan Baiyao Group Co., Ltd., Class A Shares(c) | | | | | 4,496,774 | | |
| | | | 59,953 | | | | Zai Lab Ltd., ADR* | | | | | 3,279,429 | | |
| | | | 617,311 | | | | Zhejiang Dingli Machinery Co., Ltd., Class A Shares(c) | | | | | 5,639,076 | | |
| | | | | | | | Total China | | | | | 199,542,156 | | |
| | Colombia – 0.5% | |
| | | | 910,243 | | | | Ecopetrol SA, ADR | | | | | 14,718,629 | | |
| | Cyprus – 0.0% | |
| | | | 30,870 | | | | TCS Group Holding PLC, GDR(e) | | | | | 225,351 | | |
| | Denmark – 0.7% | |
| | | | 43,544 | | | | cBrain AS(a) | | | | | 1,335,908 | | |
| | | | 10,552 | | | | Genmab AS* | | | | | 3,535,529 | | |
| | | | 27,867 | | | | Jyske Bank AS, Class Registered Shares* | | | | | 1,501,064 | | |
| | | | 137,122 | | | | Novozymes AS, Class B Shares | | | | | 8,916,418 | | |
| | | | 30,402 | | | | Royal Unibrew AS | | | | | 3,212,502 | | |
| | | | 36,952 | | | | Sydbank AS | | | | | 1,200,399 | | |
| | | | | | | | Total Denmark | | | | | 19,701,820 | | |
| | Egypt – 0.2% | |
| | | | 8,362,955 | | | | Fawry for Banking & Payment Technology Services SAE*(c) | | | | | 5,147,662 | | |
| | Finland – 0.6% | |
| | | | 85,490 | | | | Musti Group OYJ* | | | | | 2,246,288 | | |
| | | | 209,182 | | | | Sampo OYJ, Class A Shares | | | | | 9,835,371 | | |
| | | | 258,333 | | | | Talenom OYJ | | | | | 2,641,546 | | |
| | | | 84,852 | | | | Wartsila OYJ Abp | | | | | 941,701 | | |
| | | | | | | | Total Finland | | | | | 15,664,906 | | |
| | France – 8.9% | |
| | | | 334,185 | | | | Accor SA* | | | | | 11,302,634 | | |
| | | | 15,673 | | | | Air Liquide SA | | | | | 2,580,051 | | |
| | | | 52,248 | | | | Alstom SA | | | | | 1,320,310 | | |
| | | | 70,228 | | | | Aubay | | | | | 3,965,424 | | |
| | | | 19,554 | | | | AXA SA | | | | | 525,339 | | |
| | | | 20,699 | | | | Compagnie Generale des Etablissements Michelin SCA | | | | | 2,847,472 | | |
| | | | 206,065 | | | | Danone SA | | | | | 12,541,828 | | |
| | | | 64,582 | | | | Dassault Aviation SA | | | | | 9,634,022 | | |
| | | | 127,745 | | | | Dassault Systemes SE | | | | | 6,138,614 | | |
| | | | 35,124 | | | | Esker SA | | | | | 8,281,310 | | |
| | | | 88,267 | | | | EssilorLuxottica SA | | | | | 15,190,400 | | |
| | | | 669,694 | | | | Eutelsat Communications SA | | | | | 7,363,776 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | France – (continued) | |
| | | | 5,041 | | | | Kering SA | | | | $ | 3,537,111 | | |
| | | | 136,287 | | | | Legrand SA | | | | | 12,785,077 | | |
| | | | 38,226 | | | | L’Oreal SA | | | | | 15,198,891 | | |
| | | | 10,439 | | | | LVMH Moet Hennessy Louis Vuitton SE | | | | | 7,572,126 | | |
| | | | 78,113 | | | | Pernod Ricard SA | | | | | 16,971,159 | | |
| | | | 424,251 | | | | Rexel SA | | | | | 9,248,332 | | |
| | | | 72,150 | | | | Safran SA | | | | | 9,086,303 | | |
| | | | 101,656 | | | | Sanofi | | | | | 10,666,467 | | |
| | | | 128,983 | | | | Schneider Electric SE | | | | | 20,167,894 | | |
| | | | 290,440 | | | | Thales SA | | | | | 33,241,679 | | |
| | | | 283,824 | | | | Veolia Environnement SA | | | | | 9,798,629 | | |
| | | | 88,907 | | | | Vinci SA | | | | | 9,318,211 | | |
| | | | | | | | Total France | | | | | 239,283,059 | | |
| | Germany – 5.6% | |
| | | | 18,426 | | | | Adesso SE | | | | | 4,175,851 | | |
| | | | 15,338 | | | | adidas AG | | | | | 3,645,771 | | |
| | | | 46,268 | | | | Atoss Software AG | | | | | 9,044,732 | | |
| | | | 51,016 | | | | Bayer AG, Class Registered Shares | | | | | 2,946,637 | | |
| | | | 42,790 | | | | Beiersdorf AG | | | | | 4,337,969 | | |
| | | | 62,532 | | | | Deutsche Boerse AG | | | | | 10,707,667 | | |
| | | | 432,259 | | | | Deutsche Telekom AG | | | | | 7,768,960 | | |
| | | | 63,358 | | | | Elmos Semiconductor SE | | | | | 4,169,972 | | |
| | | | 112,521 | | | | Evotec SE* | | | | | 3,317,110 | | |
| | | | 111,198 | | | | GEA Group AG | | | | | 4,872,240 | | |
| | | | 276,327 | | | | Henkel AG & Co. KGaA | | | | | 21,947,476 | | |
| | | | 27,381 | | | | Infineon Technologies AG | | | | | 943,832 | | |
| | | | 4,598 | | | | KION Group AG | | | | | 372,156 | | |
| | | | 66,878 | | | | Knorr-Bremse AG | | | | | 5,897,059 | | |
| | | | 25,374 | | | | LEG Immobilien SE | | | | | 3,278,676 | | |
| | | | 58,063 | | | | Mensch und Maschine Software SE | | | | | 3,519,937 | | |
| | | | 25,351 | | | | MorphoSys AG* | | | | | 703,179 | | |
| | | | 135,544 | | | | Nexus AG | | | | | 8,891,547 | | |
| | | | 146,851 | | | | Rheinmetall AG | | | | | 21,953,025 | | |
| | | | 49,423 | | | | SAP SE | | | | | 5,614,891 | | |
| | | | 2,247 | | | | Sartorius AG | | | | | 993,227 | | |
| | | | 55,277 | | | | Symrise AG, Class A Shares | | | | | 6,565,461 | | |
| | | | 106,260 | | | | TAG Immobilien AG | | | | | 2,736,658 | | |
| | | | 107,374 | | | | TeamViewer AG*(b) | | | | | 1,707,751 | | |
| | | | 95,041 | | | | Vonovia SE | | | | | 5,057,864 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Germany – (continued) | |
| | | | 61,814 | | | | Zalando SE*(b) | | | | $ | 4,130,367 | | |
| | | | | | | | Total Germany | | | | | 149,300,015 | | |
| | Greece – 0.1% | |
| | | | 441,808 | | | | Sarantis SA | | | | | 3,590,048 | | |
| | Hong Kong – 3.1% | |
| | | | 1,314,219 | | | | AIA Group Ltd. | | | | | 13,664,598 | | |
| | | | 6,016,500 | | | | BOC Hong Kong Holdings Ltd. | | | | | 21,604,321 | | |
| | | | 1,462,787 | | | | Budweiser Brewing Co. APAC Ltd.(b) | | | | | 4,531,703 | | |
| | | | 2,209,500 | | | | CK Infrastructure Holdings Ltd. | | | | | 13,709,391 | | |
| | | | 713,126 | | | | Galaxy Entertainment Group Ltd.* | | | | | 3,954,056 | | |
| | | | 2,218,700 | | | | Hongkong Land Holdings Ltd. | | | | | 12,011,758 | | |
| | | | 629,000 | | | | SJM Holdings Ltd.* | | | | | 352,888 | | |
| | | | 3,375,200 | | | | Swire Properties Ltd. | | | | | 8,814,694 | | |
| | | | 214,711 | | | | Techtronic Industries Co., Ltd. | | | | | 3,576,583 | | |
| | | | | | | | Total Hong Kong | | | | | 82,219,992 | | |
| | Hungary – 0.1% | |
| | | | 84,175 | | | | OTP Bank Nyrt* | | | | | 3,241,182 | | |
| | India – 6.1% | |
| | | | 278,405 | | | | Aarti Industries Ltd. | | | | | 3,432,789 | | |
| | | | 381,375 | | | | Aavas Financiers Ltd.* | | | | | 14,189,623 | | |
| | | | 96,750 | | | | Asian Paints Ltd. | | | | | 4,081,775 | | |
| | | | 651,647 | | | | Axis Bank Ltd.* | | | | | 6,408,061 | | |
| | | | 128,942 | | | | Bajaj Finance Ltd. | | | | | 12,034,069 | | |
| | | | 620,667 | | | | Berger Paints India Ltd. | | | | | 5,694,967 | | |
| | | | 733,059 | | | | Bharti Airtel Ltd.* | | | | | 6,435,765 | | |
| | | | 2,891,104 | | | | City Union Bank Ltd. | | | | | 4,808,807 | | |
| | | | 85,488 | | | | Divi’s Laboratories Ltd. | | | | | 4,828,873 | | |
| | | | 182,537 | | | | Dr Lal PathLabs Ltd.(b) | | | | | 6,118,113 | | |
| | | | 2,144,161 | | | | Edelweiss Financial Services Ltd. | | | | | 1,554,661 | | |
| | | | 203,340 | | | | Godrej Consumer Products Ltd.* | | | | | 2,065,530 | | |
| | | | 161,922 | | | | Godrej Properties Ltd.* | | | | | 3,243,223 | | |
| | | | 235,436 | | | | HDFC Bank Ltd. | | | | | 4,464,785 | | |
| | | | 406,254 | | | | Housing Development Finance Corp., Ltd | | | | | 12,780,297 | | |
| | | | 456,812 | | | | ICICI Bank Ltd. | | | | | 4,494,272 | | |
| | | | 187,208 | | | | ICICI Lombard General Insurance Co., Ltd.(b) | | | | | 3,144,166 | | |
| | | | 2,724,766 | | | | JM Financial Ltd. | | | | | 2,450,403 | | |
| | | | 65,309 | | | | Jubilant Foodworks Ltd. | | | | | 2,534,416 | | |
| | | | 94,807 | | | | Kotak Mahindra Bank Ltd. | | | | | 2,328,124 | | |
| | | | 30,490 | | | | Maruti Suzuki India Ltd. | | | | | 3,357,389 | | |
| | | | 461,655 | | | | Max Financial Services Ltd.* | | | | | 5,132,325 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | India – (continued) | |
| | | | 245,332 | | | | Muthoot Finance Ltd. | | | | $ | 4,433,974 | | |
| | | | 826,819 | | | | Nippon Life India Asset Management Ltd.(b) | | | | | 3,406,254 | | |
| | | | 4,022,729 | | | | NTPC Ltd. | | | | | 7,122,257 | | |
| | | | 350,643 | | | | Reliance Industries Ltd. | | | | | 10,958,138 | | |
| | | | 352,374 | | | | SBI Life Insurance Co., Ltd.(b) | | | | | 4,950,827 | | |
| | | | 182,423 | | | | Supreme Industries Ltd. | | | | | 4,927,964 | | |
| | | | 326,072 | | | | Tata Communications Ltd. | | | | | 5,114,500 | | |
| | | | 256,488 | | | | Tata Consumer Products Ltd. | | | | | 2,453,472 | | |
| | | | 83,574 | | | | Titan Co., Ltd. | | | | | 2,832,151 | | |
| | | | 510,147 | | | | Zomato Ltd.* | | | | | 545,586 | | |
| | | | | | | | Total India | | | | | 162,327,556 | | |
| | Indonesia – 1.1% | |
| | | | 25,352,600 | | | | Astra International Tbk PT | | | | | 10,244,622 | | |
| | | | 14,718,500 | | | | Bank Central Asia Tbk PT | | | | | 8,323,514 | | |
| | | | 17,490,300 | | | | Bank Rakyat Indonesia Persero Tbk PT | | | | | 5,582,780 | | |
| | | | 56,632,000 | | | | Sarana Menara Nusantara Tbk PT@ | | | | | 4,082,471 | | |
| | | | | | | | Total Indonesia | | | | | 28,233,387 | | |
| | Ireland – 1.1% | |
| | | | 5,935 | | | | Accenture PLC, Class A Shares | | | | | 1,875,579 | | |
| | | | 137,724 | | | | DCC PLC | | | | | 10,755,408 | | |
| | | | 201,360 | | | | Experian PLC | | | | | 7,849,272 | | |
| | | | 35,014 | | | | Kerry Group PLC, Class A Shares | | | | | 4,161,688 | | |
| | | | 43,949 | | | | Ryanair Holdings PLC, ADR* | | | | | 4,382,155 | | |
| | | | | | | | Total Ireland | | | | | 29,024,102 | | |
| | Israel – 0.3% | |
| | | | 1,956,527 | | | | Nayax Ltd.* | | | | | 3,959,321 | | |
| | | | 5,828 | | | | Nice Ltd., ADR* | | | | | 1,318,585 | | |
| | | | 50,430 | | | | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | | | | | 4,184,762 | | |
| | | | | | | | Total Israel | | | | | 9,462,668 | | |
| | Italy – 1.6% | |
| | | | 626,953 | | | | Atlantia SpA* | | | | | 11,525,275 | | |
| | | | 505,550 | | | | Banca Mediolanum SpA | | | | | 4,110,554 | | |
| | | | 19,209 | | | | DiaSorin SpA | | | | | 2,854,643 | | |
| | | | 80,056 | | | | Digital Value SpA* | | | | | 7,289,604 | | |
| | | | 170,062 | | | | Ermenegildo Zegna Holditalia SpA* | | | | | 1,644,499 | | |
| | | | 168,929 | | | | Gruppo MutuiOnline SpA | | | | | 7,043,853 | | |
| | | | 1,533,289 | | | | Snam SpA | | | | | 8,536,987 | | |
| | | | | | | | Total Italy | | | | | 43,005,415 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Japan – 14.6% | |
| | | | 342,427 | | | | Avant Corp. | | | | $ | 3,247,738 | | |
| | | | 321,200 | | | | Bridgestone Corp. | | | | | 13,265,179 | | |
| | | | 223,800 | | | | Chiba Bank Ltd. | | | | | 1,429,318 | | |
| | | | 105,000 | | | | Chugai Pharmaceutical Co., Ltd. | | | | | 3,480,461 | | |
| | | | 201,900 | | | | Comture Corp. | | | | | 5,194,969 | | |
| | | | 92,200 | | | | Cybozu Inc. | | | | | 1,119,090 | | |
| | | | 186,500 | | | | Daiichi Sankyo Co., Ltd. | | | | | 4,548,694 | | |
| | | | 11,100 | | | | Daikin Industries Ltd. | | | | | 2,059,255 | | |
| | | | 330,600 | | | | Direct Marketing MiX Inc. | | | | | 4,620,816 | | |
| | | | 19,600 | | | | Disco Corp. | | | | | 5,554,545 | | |
| | | | 271,700 | | | | eGuarantee Inc. | | | | | 4,837,423 | | |
| | | | 65,200 | | | | Ezaki Glico Co., Ltd. | | | | | 2,232,627 | | |
| | | | 73,300 | | | | Freee KK* | | | | | 2,464,958 | | |
| | | | 189,100 | | | | Fujitsu General Ltd. | | | | | 4,063,418 | | |
| | | | 386,318 | | | | Funai Soken Holdings Inc. | | | | | 7,578,969 | | |
| | | | 219,500 | | | | Hachijuni Bank Ltd. | | | | | 839,008 | | |
| | | | 14,200 | | | | Hikari Tsushin Inc. | | | | | 1,760,273 | | |
| | | | 54,410 | | | | Hirose Electric Co., Ltd. | | | | | 8,159,135 | | |
| | | | 361,500 | | | | Honda Motor Co., Ltd. | | | | | 11,030,039 | | |
| | | | 42,700 | | | | Hoshizaki Corp. | | | | | 2,976,402 | | |
| | | | 46,600 | | | | IR Japan Holdings Ltd. | | | | | 1,687,453 | | |
| | | | 111,200 | | | | Ito En Ltd. | | | | | 6,404,197 | | |
| | | | 484,800 | | | | Japan Elevator Service Holdings Co., Ltd. | | | | | 6,431,946 | | |
| | | | 185,300 | | | | Kansai Paint Co., Ltd. | | | | | 3,715,685 | | |
| | | | 161,100 | | | | Kao Corp. | | | | | 7,591,305 | | |
| | | | 9,346 | | | | Keyence Corp. | | | | | 4,443,724 | | |
| | | | 809,300 | | | | Kirin Holdings Co., Ltd. | | | | | 13,448,739 | | |
| | | | 81,500 | | | | Kobayashi Pharmaceutical Co., Ltd. | | | | | 7,037,794 | | |
| | | | 388,200 | | | | Komatsu Ltd. | | | | | 8,953,708 | | |
| | | | 10,000 | | | | Kose Corp. | | | | | 1,147,345 | | |
| | | | 130,900 | | | | Lion Corp. | | | | | 1,716,010 | | |
| | | | 369,700 | | | | Mebuki Financial Group Inc. | | | | | 871,290 | | |
| | | | 54,500 | | | | MedPeer Inc.*(a) | | | | | 1,535,411 | | |
| | | | 401,500 | | | | Mitsui Fudosan Co., Ltd. | | | | | 8,946,755 | | |
| | | | 72,900 | | | | Murata Manufacturing Co., Ltd. | | | | | 5,027,565 | | |
| | | | 385,100 | | | | Nabtesco Corp. | | | | | 10,644,127 | | |
| | | | 90,600 | | | | Nihon Kohden Corp. | | | | | 2,481,110 | | |
| | | | 308,900 | | | | Nippon Telegraph & Telephone Corp. | | | | | 8,860,710 | | |
| | | | 22,000 | | | | Nissin Foods Holdings Co., Ltd. | | | | | 1,756,374 | | |
| | | | 158,600 | | | | Nomura Research Institute Ltd. | | | | | 5,539,207 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Japan – (continued) | |
| | | | 329,000 | | | | North Pacific Bank Ltd. | | | | $ | 731,302 | | |
| | | | 189,200 | | | | NTT Data Corp. | | | | | 3,596,188 | | |
| | | | 29,400 | | | | Obic Co., Ltd. | | | | | 4,706,809 | | |
| | | | 56,600 | | | | Omron Corp. | | | | | 3,841,985 | | |
| | | | 660,400 | | | | ORIX Corp. | | | | | 13,156,415 | | |
| | | | 229,500 | | | | Otsuka Holdings Co., Ltd. | | | | | 7,933,212 | | |
| | | | 211,200 | | | | Outsourcing Inc. | | | | | 2,636,127 | | |
| | | | 131,100 | | | | Pan Pacific International Holdings Corp. | | | | | 2,143,059 | | |
| | | | 182,300 | | | | Persol Holdings Co., Ltd. | | | | | 4,071,482 | | |
| | | | 144,600 | | | | Premium Group Co., Ltd. | | | | | 5,228,125 | | |
| | | | 665,006 | | | | Prestige International Inc. | | | | | 4,096,055 | | |
| | | | 217,604 | | | | Rakus Co., Ltd. | | | | | 3,694,961 | | |
| | | | 180,600 | | | | Rohto Pharmaceutical Co., Ltd. | | | | | 6,072,155 | | |
| | | | 281,800 | | | | Santen Pharmaceutical Co., Ltd. | | | | | 3,239,699 | | |
| | | | 70,600 | | | | Secom Co., Ltd. | | | | | 5,185,113 | | |
| | | | 239,700 | | | | SERAKU Co., Ltd.(a) | | | | | 2,675,898 | | |
| | | | 400,300 | | | | Seven & i Holdings Co., Ltd.(a) | | | | | 19,521,649 | | |
| | | | 293,700 | | | | Shimadzu Corp. | | | | | 10,536,350 | | |
| | | | 19,700 | | | | Shiseido Co., Ltd. | | | | | 1,124,571 | | |
| | | | 663,148 | | | | SIGMAXYZ Holdings Inc. | | | | | 12,687,773 | | |
| | | | 11,800 | | | | SMC Corp. | | | | | 7,024,107 | | |
| | | | 122,338 | | | | SMS Co., Ltd. | | | | | 3,380,030 | | |
| | | | 33,200 | | | | Sohgo Security Services Co., Ltd. | | | | | 1,198,681 | | |
| | | | 46,900 | | | | Sony Group Corp. | | | | | 4,802,242 | | |
| | | | 130,000 | | | | Stanley Electric Co., Ltd. | | | | | 3,098,095 | | |
| | | | 215,900 | | | | Strike Co., Ltd. | �� | | | | 8,422,604 | | |
| | | | 88,800 | | | | Suzuki Motor Corp. | | | | | 3,546,851 | | |
| | | | 2,117,882 | | | | Systena Corp. | | | | | 7,724,931 | | |
| | | | 61,200 | | | | Temairazu Inc.(a) | | | | | 2,630,457 | | |
| | | | 57,600 | | | | Terumo Corp. | | | | | 1,868,321 | | |
| | | | 151,400 | | | | Toyo Suisan Kaisha Ltd. | | | | | 6,388,190 | | |
| | | | 183,500 | | | | UT Group Co., Ltd. | | | | | 5,578,602 | | |
| | | | 270,900 | | | | ValueCommerce Co., Ltd. | | | | | 8,590,910 | | |
| | | | 150,900 | | | | WealthNavi Inc.*(a) | | | | | 2,311,543 | | |
| | | | 129,600 | | | | Yokogawa Electric Corp. | | | | | 2,090,794 | | |
| | | | 1,226,800 | | | | Z Holdings Corp. | | | | | 6,096,644 | | |
| | | | | | | | Total Japan | | | | | 390,334,702 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Jersey, Channel Islands – 0.4% | |
| | | | 1,045,532 | | | | JTC PLC(b) | | | | $ | 10,865,980 | | |
| | Malaysia – 0.1% | |
| | | | 6,226,500 | | | | CTOS Digital Bhd | | | | | 2,359,003 | | |
| | Mexico – 1.4% | |
| | | | 1,879,100 | | | | Grupo Financiero Banorte SAB de CV, Class O Shares | | | | | 12,753,643 | | |
| | | | 987,171 | | | | Grupo Mexico SAB de CV, Class B Shares | | | | | 5,043,220 | | |
| | | | 2,122,108 | | | | Qualitas Controladora SAB de CV | | | | | 11,626,825 | | |
| | | | 1,936,536 | | | | Wal-Mart de Mexico SAB de CV | | | | | 7,376,001 | | |
| | | | | | | | Total Mexico | | | | | 36,799,689 | | |
| | Netherlands – 2.9% | |
| | | | 843 | | | | Adyen NV*(b) | | | | | 1,727,134 | | |
| | | | 103,459 | | | | Akzo Nobel NV | | | | | 9,830,180 | | |
| | | | 20,480 | | | | ASML Holding NV | | | | | 13,501,080 | | |
| | | | 47,874 | | | | Euronext NV(b) | | | | | 4,332,701 | | |
| | | | 963,456 | | | | ING Groep NV | | | | | 11,253,066 | | |
| | | | 388,616 | | | | Koninklijke Philips NV | | | | | 13,222,172 | | |
| | | | 18,831 | | | | NXP Semiconductors NV | | | | | 3,580,150 | | |
| | | | 205,588 | | | | Prosus NV* | | | | | 12,744,951 | | |
| | | | 12,316 | | | | Shop Apotheke Europe NV*(b) | | | | | 1,184,656 | | |
| | | | 51,331 | | | | Wolters Kluwer NV | | | | | 5,222,109 | | |
| | | | | | | | Total Netherlands | | | | | 76,598,199 | | |
| | Norway – 0.6% | |
| | | | 128,987 | | | | Medistim ASA | | | | | 4,289,391 | | |
| | | | 917,670 | | | | Orkla ASA | | | | | 8,610,170 | | |
| | | | 387,923 | | | | Zaptec AS*(a) | | | | | 2,021,328 | | |
| | | | | | | | Total Norway | | | | | 14,920,889 | | |
| | Peru – 0.1% | |
| | | | 26,552 | | | | Credicorp Ltd. | | | | | 4,015,990 | | |
| | Philippines – 0.4% | |
| | | | 4,668,582 | | | | Ayala Land Inc. | | | | | 3,553,996 | | |
| | | | 1,702,284 | | | | BDO Unibank Inc. | | | | | 4,326,534 | | |
| | | | 116,380 | | | | SM Investments Corp@ | | | | | 2,030,976 | | |
| | | | | | | | Total Philippines | | | | | 9,911,506 | | |
| | Poland – 0.3% | |
| | | | 167,209 | | | | Grupa Pracuj SA*(a) | | | | | 2,310,542 | | |
| | | | 375,529 | | | | InPost SA* | | | | | 2,318,862 | | |
| | | | 101,679 | | | | LiveChat Software SA | | | | | 2,330,771 | | |
| | | | | | | | Total Poland | | | | | 6,960,175 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Portugal – 0.4% | |
| | | | 645,653 | | | | Galp Energia SGPS SA | | | | $ | 7,151,362 | | |
| | | | 179,012 | | | | Jeronimo Martins SGPS SA | | | | | 3,893,491 | | |
| | | | | | | | Total Portugal | | | | | 11,044,853 | | |
| | Russia – 0.2% | |
| | | | 70,391 | | | | Fix Price Group Ltd., GDR(c)(e) | | | | | 31,676 | | |
| | | | 322,796 | | | | Fix Price Group Ltd., GDR(b)(c)(e) | | | | | 145,258 | | |
| | | | 253,963 | | | | HeadHunter Group PLC, ADR(c)(e) | | | | | 1,627,903 | | |
| | | | 23,160 | | | | Novatek PJSC, GDR*(c)(e) | | | | | 666,313 | | |
| | | | 204 | | | | Novatek PJSC, GDR*(c)(e) | | | | | 5,869 | | |
| | | | 102,511 | | | | Ozon Holdings PLC, ADR*(c)(e) | | | | | 631,468 | | |
| | | | 12,292 | | | | Polyus PJSC(c)(e) | | | | | 435,045 | | |
| | | | 10,724 | | | | Polyus PJSC, GDR(c)(e) | | | | | 431,963 | | |
| | | | 25,793 | | | | Sberbank of Russia PJSC, ADR (listed in UK)(c)(e) | | | | | 13,670 | | |
| | | | 218,805 | | | | Sberbank of Russia PJSC, ADR (listed in US)(c)(e) | | | | | 115,967 | | |
| | | | 44,201 | | | | Yandex NV, Class A Shares*(c)(e) | | | | | 494,167 | | |
| | | | | | | | Total Russia | | | | | 4,599,299 | | |
| | Singapore – 1.3% | |
| | | | 24,355,400 | | | | Genting Singapore Ltd. | | | | | 13,843,332 | | |
| | | | 3,220,500 | | | | Sheng Siong Group Ltd. | | | | | 3,610,980 | | |
| | | | 778,100 | | | | United Overseas Bank Ltd. | | | | | 17,184,024 | | |
| | | | | | | | Total Singapore | | | | | 34,638,336 | | |
| | South Africa – 0.6% | |
| | | | 19,047 | | | | Capitec Bank Holdings Ltd. | | | | | 2,567,701 | | |
| | | | 96,989 | | | | Gold Fields Ltd. | | | | | 1,362,594 | | |
| | | | 252,433 | | | | Gold Fields Ltd., ADR | | | | | 3,539,111 | | |
| | | | 1,361,216 | | | | Investec PLC | | | | | 7,425,589 | | |
| | | | | | | | Total South Africa | | | | | 14,894,995 | | |
| | South Korea – 3.0% | |
| | | | 44,685 | | | | Hyundai Heavy Industries Co., Ltd.*(a) | | | | | 4,077,893 | | |
| | | | 103,663 | | | | Korea Shipbuilding & Offshore Engineering Co., Ltd.* | | | | | 7,614,827 | | |
| | | | 93,507 | | | | LEENO Industrial Inc. | | | | | 14,030,382 | | |
| | | | 3,704 | | | | LG Household & Health Care Ltd. | | | | | 2,955,078 | | |
| | | | 33,344 | | | | NAVER Corp. | | | | | 8,918,791 | | |
| | | | 381,720 | | | | NICE Information Service Co., Ltd.*(a) | | | | | 5,911,103 | | |
| | | | 595,415 | | | | Samsung Electronics Co., Ltd. | | | | | 35,926,775 | | |
| | | | | | | | Total South Korea | | | | | 79,434,849 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Spain – 0.5% | |
| | | | 137,960 | | | | Amadeus IT Group SA* | | | | $ | 9,145,693 | | |
| | | | 100,725 | | | | Fluidra SA | | | | | 3,066,371 | | |
| | | | | | | | Total Spain | | | | | 12,212,064 | | |
| | Sweden – 1.2% | |
| | | | 123,626 | | | | Assa Abloy AB, Class B Shares | | | | | 3,268,045 | | |
| | | | 182,702 | | | | Epiroc AB, Class A Shares | | | | | 3,452,695 | | |
| | | | 99,725 | | | | Essity AB, Class B Shares | | | | | 2,572,287 | | |
| | | | 1,238,960 | | | | Fortnox AB(c) | | | | | 4,887,465 | | |
| | | | 70,669 | | | | KNOW IT AB | | | | | 2,326,795 | | |
| | | | 38,380 | | | | Olink Holding AB, ADR*(a) | | | | | 655,914 | | |
| | | | 92,570 | | | | Svenska Cellulosa AB SCA, Class B Shares | | | | | 1,507,361 | | |
| | | | 195,448 | | | | Swedbank AB, Class A Shares | | | | | 3,148,992 | | |
| | | | 7,657,068 | | | | VEF AB* | | | | | 3,435,841 | | |
| | | | 169,499 | | | | Vitec Software Group AB, Class B Shares | | | | | 7,168,409 | | |
| | | | | | | | Total Sweden | | | | | 32,423,804 | | |
| | Switzerland – 6.1% | |
| | | | 74,466 | | | | Alcon Inc. | | | | | 5,773,221 | | |
| | | | 1,622 | | | | Barry Callebaut AG, Class Registered Shares | | | | | 3,747,724 | | |
| | | | 138 | | | | Chocoladefabriken Lindt & Spruengli AG | | | | | 1,455,689 | | |
| | | | 46,396 | | | | Cie Financiere Richemont SA, Class Registered Shares | | | | | 6,227,228 | | |
| | | | 6,722 | | | | Geberit AG, Class Registered Shares | | | | | 4,359,583 | | |
| | | | 4,285 | | | | Givaudan SA, Class Registered Shares | | | | | 17,807,298 | | |
| | | | 2,167,989 | | | | Glencore PLC | | | | | 12,678,756 | | |
| | | | 412,492 | | | | Julius Baer Group Ltd. | | | | | 23,903,158 | | |
| | | | 11,670 | | | | Lonza Group AG, Class Registered Shares | | | | | 8,112,543 | | |
| | | | 320,294 | | | | Nestle SA, Class Registered Shares | | | | | 41,821,246 | | |
| | | | 1,876 | | | | Partners Group Holding AG | | | | | 2,512,743 | | |
| | | | 15,157 | | | | PolyPeptide Group AG*(b) | | | | | 1,341,457 | | |
| | | | 27,090 | | | | Roche Holding AG | | | | | 10,336,028 | | |
| | | | 25,202 | | | | Schindler Holding AG | | | | | 5,739,267 | | |
| | | | 3,208 | | | | SGS SA, Class Registered Shares | | | | | 9,124,828 | | |
| | | | 16,991 | | | | Sika AG, Class Registered Shares | | | | | 5,583,582 | | |
| | | | 209,767 | | | | UBS Group AG, Class Registered Shares | | | | | 3,848,973 | | |
| | | | | | | | Total Switzerland | | | | | 164,373,324 | | |
| | Taiwan – 3.5% | |
| | | | 420,029 | | | | Chief Telecom Inc. | | | | | 4,070,641 | | |
| | | | 498,000 | | | | Delta Electronics Inc. | | | | | 4,397,461 | | |
| | | | 363,137 | | | | M3 Technology Inc. | | | | | 3,261,598 | | |
| | | | 292,334 | | | | Poya International Co., Ltd. | | | | | 4,227,025 | | |
| | | | 1,123,000 | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 23,922,907 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | Taiwan – (continued) | |
| | | | 378,248 | | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | | $ | 40,476,318 | | |
| | | | 244,981 | | | | Voltronic Power Technology Corp. | | | | | 12,806,814 | | |
| | | | | | | | Total Taiwan | | | | | 93,162,764 | | |
| | Thailand – 0.4% | |
| | | | 2,086,100 | | | | CP ALL PCL, Class F Shares(c) | | | | | 4,336,741 | | |
| | | | 5,201,292 | | | | TQM Corp. PCL(c) | | | | | 7,195,306 | | |
| | | | | | | | Total Thailand | | | | | 11,532,047 | | |
| | United Arab Emirates – 0.1% | |
| | | | 1,138,036 | | | | Network International Holdings PLC*(b)@ | | | | | 3,369,505 | | |
| | United Kingdom – 12.0% | |
| | | | 434,559 | | | | Associated British Foods PLC | | | | | 11,096,745 | | |
| | | | 166,642 | | | | AstraZeneca PLC, ADR | | | | | 10,145,165 | | |
| | | | 1,784,657 | | | | BAE Systems PLC | | | | | 17,169,398 | | |
| | | | 2,497,558 | | | | Baltic Classifieds Group PLC* | | | | | 5,150,068 | | |
| | | | 953,086 | | | | boohoo Group PLC* | | | | | 1,139,677 | | |
| | | | 326,460 | | | | Bridgepoint Group PLC*(b) | | | | | 1,463,204 | | |
| | | | 124,922 | | | | Burberry Group PLC | | | | | 3,232,752 | | |
| | | | 1,193,491 | | | | Bytes Technology Group PLC | | | | | 7,275,137 | | |
| | | | 16,385,504 | | | | Centrica PLC* | | | | | 16,832,577 | | |
| | | | 633,727 | | | | Compass Group PLC | | | | | 14,236,503 | | |
| | | | 25,197 | | | | Croda International PLC | | | | | 2,523,364 | | |
| | | | 238,234 | | | | Deliveroo PLC, Class A Shares*(b) | | | | | 410,663 | | |
| | | | 311,360 | | | | Diageo PLC | | | | | 15,453,287 | | |
| | | | 976,953 | | | | DiscoverIE Group PLC | | | | | 10,493,906 | | |
| | | | 2,758,151 | | | | dotdigital group PLC | | | | | 5,542,868 | | |
| | | | 285,079 | | | | FDM Group Holdings PLC | | | | | 3,233,226 | | |
| | | | 267,331 | | | | Future PLC | | | | | 9,392,869 | | |
| | | | 612,689 | | | | GlaxoSmithKline PLC | | | | | 12,686,234 | | |
| | | | 177,472 | | | | Halma PLC | | | | | 5,727,424 | | |
| | | | 3,871,009 | | | | HSBC Holdings PLC | | | | | 26,441,423 | | |
| | | | 1,526,460 | | | | Ideagen PLC | | | | | 4,584,803 | | |
| | | | 360,094 | | | | IMI PLC | | | | | 7,039,090 | | |
| | | | 2,125,866 | | | | Informa PLC* | | | | | 16,683,962 | | |
| | | | 79,272 | | | | Intertek Group PLC | | | | | 5,689,469 | | |
| | | | 4,380,706 | | | | Johnson Service Group PLC* | | | | | 9,266,102 | | |
| | | | 1,211,192 | | | | Kin & Carta PLC* | | | | | 4,205,082 | | |
| | | | 21,761 | | | | Linde PLC | | | | | 6,360,433 | | |
| | | | 108,226 | | | | London Stock Exchange Group PLC | | | | | 9,474,942 | | |
| | | | 462,722 | | | | Mortgage Advice Bureau Holdings Ltd.(c) | | | | | 7,127,198 | | |
| | | | 68,558 | | | | Ocado Group PLC* | | | | | 1,261,542 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | United Kingdom – (continued) | |
| | | | 309,651 | | | | Patisserie Holdings PLC*(c)(e) | | | | $ | 4,155 | | |
| | | | 280,904 | | | | Persimmon PLC | | | | | 9,023,730 | | |
| | | | 146,508 | | | | Reckitt Benckiser Group PLC | | | | | 12,407,892 | | |
| | | | 387,339 | | | | Smith & Nephew PLC | | | | | 6,888,370 | | |
| | | | 48,112 | | | | Spectris PLC | | | | | 1,807,489 | | |
| | | | 48,097 | | | | Spirax-Sarco Engineering PLC | | | | | 7,656,856 | | |
| | | | 82,403 | | | | THG PLC, Class B Shares* | | | | | 115,817 | | |
| | | | 134,591 | | | | Unilever PLC@ | | | | | 6,769,724 | | |
| | | | 406,399 | | | | WH Smith PLC* | | | | | 8,709,894 | | |
| | | | 891,030 | | | | YouGov PLC(c) | | | | | 15,837,979 | | |
| | | | | | | | Total United Kingdom | | | | | 320,561,019 | | |
| | United States – 2.4% | |
| | | | 20,902 | | | | ACM Research Inc., Class A Shares* | | | | | 1,722,743 | | |
| | | | 22,235 | | | | Agilent Technologies Inc. | | | | | 2,898,555 | | |
| | | | 58,070 | | | | Analog Devices Inc. | | | | | 9,308,040 | | |
| | | | 29,618 | | | | ANSYS Inc.* | | | | | 9,601,860 | | |
| | | | 44,635 | | | | Bruker Corp. | | | | | 3,140,965 | | |
| | | | 141,773 | | | | Cadence Design Systems Inc.* | | | | | 21,468,685 | | |
| | | | 572 | | | | Canva Inc., Private Placement*(c)(e)@ | | | | | 780,780 | | |
| | | | 123,673 | | | | Codere Online Luxembourg SA Forward Shares*(c)(e)@ | | | | | 591,157 | | |
| | | | 24,735 | | | | Codere Online Luxembourg SA Founders Shares*(c)(e)@ | | | | | 105,371 | | |
| | | | 1,830 | | | | Codere Online Luxembourg,SA Private Shares*(c)(e)@ | | | | | 8,747 | | |
| | | | 11,662 | | | | Mastercard Inc., Class A Shares | | | | | 4,207,883 | | |
| | | | 13,132 | | | | Nordson Corp. | | | | | 2,974,267 | | |
| | | | 12,575 | | | | Texas Instruments Inc. | | | | | 2,137,624 | | |
| | | | 50,060 | | | | Waste Connections Inc. | | | | | 6,181,909 | | |
| | | | | | | | Total United States | | | | | 65,128,586 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $2,169,656,892) | | | | | 2,558,720,705 | | |
| | EXCHANGE TRADED FUND (ETF) – 0.9% | |
| | United States – 0.9% | |
| | | | 437,353 | | | | iShares Core MSCI Emerging Markets
(Cost – $23,924,015) | | | | | 25,029,712 | | |
| | WARRANTS – 0.0% | |
| | Switzerland – 0.0% | |
| | | | 96,408 | | | | Cie Financiere Richemont SA, due 11/22/23, Strike Price CHF 67.00*(c) | | | | | 85,159 | | |
| | United States – 0.0% | |
| | | | 915 | | | | Codere Online Luxembourg SA, due 12/30/26, Strike Price $11.50*@ | | | | | 402 | | |
| | | | | | | | TOTAL WARRANTS
(Cost – $0) | | | | | 85,561 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | RIGHT – 0.0% | |
| | Brazil – 0.0% | |
| | | | 12,251 | | | | Americanas SA*(c)(e)
(Cost – $0) | | | | $ | 14,815 | | |
| | PREFERRED STOCKS – 0.0% | |
| | United States – 0.0% | |
| | | | 31 | | | | Canva Inc., Series A, Private Placement*(c)(e)@ | | | | | 42,315 | | |
| | | | 1 | | | | Canva Inc., Series A-3, Private Placement*(c)(e)@ | | | | | 1,365 | | |
| | | | | | | | TOTAL PREFERRED STOCKS
(Cost – $54,552) | | | | | 43,680 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $2,193,635,459) | | | | | 2,583,894,473 | | |
| | Face Amount† | | | Security | | | Value | | | |
| | SHORT-TERM INVESTMENTS – 3.3% | | | |
| | TIME DEPOSITS – 2.9% | | | |
| | | $ | 94,128AUD | | | | ANZ National Bank – Hong Kong, (0.220)% due 3/1/22 | | | | | 68,361 | | | | |
| | | | 1,352,446 | | | | Barclays Bank PLC – London, 0.005% due 3/1/22 | | | | | 1,352,446 | | | | |
| | | | 74,531GBP | | | | BNP Paribas – Paris, 0.090% due 3/1/22 | | | | | 99,998 | | | | |
| | | | 24,383CHF | | | | BNP Paribas SA – Paris, (1.450)% due 3/1/22 | | | | | 26,590 | | | | |
| | | | | | | | Brown Brothers Harriman – Grand Cayman: | | | | | | | | | |
| | | | 104,215DKK | | | | (0.740)% due 3/1/22 | | | | | 15,711 | | | | |
| | | | 1,730,468SEK | | | | (0.300)% due 3/1/22 | | | | | 182,877 | | | | |
| | | | 4HKD | | | | 0.005% due 3/1/22 | | | | | — | | | | |
| | | | 20NOK | | | | 0.070% due 3/1/22 | | | | | 2 | | | | |
| | | | 4NZD | | | | 0.150% due 3/1/22 | | | | | 3 | | | | |
| | | | 450,939ZAR | | | | 3.700% due 3/1/22 | | | | | 29,332 | | | | |
| | | | 666,583EUR | | | | Citibank – London, (0.780)% due 3/1/22 | | | | | 747,439 | | | | |
| | | | 1,235,803HKD | | | | Hong Kong & Shanghai Bank – Hong Kong, 0.005% due 3/1/22 | | | | | 158,137 | | | | |
| | | | 772SGD | | | | Hong Kong & Shanghai Bank – Singapore, 0.070% due 3/1/22 | | | | | 570 | | | | |
| | | | 155,476CAD | | | | Royal Bank of Canada – Toronto, 0.005% due 3/1/22 | | | | | 122,644 | | | | |
| | | | 74,331,335 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 74,331,335 | | | | |
| | | | 56,761,960JPY | | | | Sumitomo Mitsui Banking Corp. – Tokyo, (0.340)% due 3/1/22 | | | | | 493,775 | | | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $77,629,220) | | | | | 77,629,220 | | | | |
| | U.S. GOVERNMENT AGENCY – 0.4% | | | | | | | |
| | | | 10,410,000 | | | | Federal Home Loan Bank (FHLB) Discount Notes, 0.010% due 3/1/22(f)
(Cost – $10,410,000) | | | | | 10,410,000 | | | | |
| | | | | | | | TOTAL SHORT-TERM INVESTMENTS
(Cost – $88,039,220) | | | | | 88,039,220 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
| | Shares/Units | | | Security | | | Value | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.0% | | | |
| | MONEY MARKET FUND – 1.0% | | | | | | | |
| | | | 27,311,506 | | | | Federated Government Obligations Fund, Premier Class, 0.025%(g)
(Cost – $27,311,506) | | | | $ | 27,311,506 | | | | |
| | | | | | | | TOTAL INVESTMENTS – 101.0%
(Cost – $2,308,986,185) | | | | | 2,699,245,199 | | | | |
| | | | | | | | Liabilities in Excess of Other Assets – (1.0)% | | | | | (27,474,517) | | | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 2,671,770,682 | | | | |
†
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, 2022, amounts to $69,672,797 and represents 2.61% of net assets.
(c)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2022, amounts to $134,336,649 and represents 5.03% 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)
Rate shown represents yield-to-maturity.
(g)
Represents investment of collateral received from securities lending transactions.
@
Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and maybe sold only to qualified buyers.
| Security | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
| Canva Inc., Private Placement | | | | | 8/16/21 | | | | | $ | 397,070 | | | | | $ | 780,780 | | | | | | 0.03% | | |
| Canva Inc., Series A, Private Placement | | | | | 11/4/21 | | | | | | 52,848 | | | | | | 42,315 | | | | | | 0.00%* | | |
| Canva Inc., Series A-3, Private Placement | | | | | 11/4/21 | | | | | | 1,705 | | | | | | 1,365 | | | | | | 0.00%* | | |
| Codere Online Luxembourg SA | | | | | 12/3/21 | | | | | | 0 | | | | | | 402 | | | | | | 0.00%* | | |
| Codere Online Luxembourg SA Forward Shares | | | | | 6/11/21 | | | | | | 1,236,730 | | | | | | 591,157 | | | | | | 0.02% | | |
| Codere Online Luxembourg SA Founders Shares | | | | | 11/29/21 | | | | | | 215 | | | | | | 105,371 | | | | | | 0.00%* | | |
| Codere Online Luxembourg,SA Private Shares | | | | | 12/10/22 | | | | | | 18,304 | | | | | | 8,747 | | | | | | 0.00%* | | |
| JD.com Inc., Class A Shares | | | | | 1/20/22 | | | | | | 477,667 | | | | | | 658,081 | | | | | | 0.02% | | |
| Network International Holdings PLC | | | | | 4/10/19 | | | | | | 1,873,838 | | | | | | 3,369,505 | | | | | | 0.13% | | |
| Sarana Menara Nusantara Tbk PT | | | | | 4/3/17 | | | | | | 1,400 | | | | | | 4,082,471 | | | | | | 0.15% | | |
| SM Investments Corp | | | | | 5/23/18 | | | | | | 348,872 | | | | | | 2,030,976 | | | | | | 0.08% | | |
| Unilever PLC | | | | | 3/12/20 | | | | | | 183,436 | | | | | | 6,769,724 | | | | | | 0.26% | | |
| Total | | | | | | | | | | | | | | | | $ | 18,440,894 | | | | | | 0.69% | | |
*
Position represents less than 0.005%.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (continued)
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 | | | | | 22.6% | | |
| | Financial | | | | | 17.5 | | |
| | Industrial | | | | | 15.9 | | |
| | Technology | | | | | 13.3 | | |
| | Consumer Cyclical | | | | | 8.5 | | |
| | Communications | | | | | 7.6 | | |
| | Basic Materials | | | | | 5.1 | | |
| | Energy | | | | | 2.7 | | |
| | Utilities | | | | | 1.6 | | |
| | Exchange Traded Funds (ETFs) | | | | | 0.9 | | |
| | Short-Term Investments | | | | | 3.3 | | |
| | Money Market Fund | | | | | 1.0 | | |
| | | | | | | 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 | |
| | 116 | | | EUR 371,084 | | | Erste Group Bank AG | | | | | GSC | | | | | | 6/17/22 | | | | | $ | 48.00 | | | | | $ | (1,839) | | |
| | | | | | | | TOTAL OPTION CONTRACTS WRITTEN
(Premiums received – $13,267) | | | | | | | | | | | | | | | | | | | | | | $ | (1,839) | | |
Counterparty Abbreviations used in this schedule:
GSC
— Goldman Sachs & Co.
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
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations International Equity Fund (concluded)
Currency Abbreviations used in this schedule (continued):
NZD
— New Zealand Dollar
SEK
— Swedish Krona
SGD
— Singapore Dollar
ZAR
— South African Rand
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 86.9% | |
| | BASIC MATERIALS – 4.1% | |
| | Chemicals – 2.2% | |
| | | | 12,918 | | | | Air Liquide SA | | | | $ | 2,126,530 | | |
| | | | 45,357 | | | | DuPont de Nemours Inc. | | | | | 3,509,271 | | |
| | | | 65,674 | | | | Nutrien Ltd. | | | | | 5,647,319 | | |
| | | | | | | | Total Chemicals | | | | | 11,283,120 | | |
| | Mining – 1.9% | |
| | | | 75,914 | | | | BHP Group Ltd. | | | | | 2,559,876 | | |
| | | | 40,500 | | | | Freeport-McMoRan Inc. | | | | | 1,901,475 | | |
| | | | 27,250 | | | | Newmont Corp. | | | | | 1,803,950 | | |
| | | | 42,550 | | | | Rio Tinto PLC, ADR | | | | | 3,343,579 | | |
| | | | | | | | Total Mining | | | | | 9,608,880 | | |
| | | | | | | | TOTAL BASIC MATERIALS | | | | | 20,892,000 | | |
| | COMMUNICATIONS – 8.1% | |
| | Advertising – 0.7% | |
| | | | 131,000 | | | | Hakuhodo DY Holdings Inc. | | | | | 1,726,133 | | |
| | | | 23,715 | | | | Omnicom Group Inc. | | | | | 1,989,451 | | |
| | | | | | | | Total Advertising | | | | | 3,715,584 | | |
| | Internet – 0.1% | |
| | | | 7,875 | | | | Cogent Communications Holdings Inc. | | | | | 499,275 | | |
| | Media – 0.5% | |
| | | | 55,504 | | | | Comcast Corp., Class A Shares | | | | | 2,595,367 | | |
| | Telecommunications – 6.8% | |
| | | | 196,934 | | | | AT&T Inc. | | | | | 4,665,366 | | |
| | | | 130,300 | | | | BCE Inc. | | | | | 6,842,369 | | |
| | | | 83,631 | | | | Cisco Systems Inc. | | | | | 4,664,101 | | |
| | | | 24,300 | | | | Corning Inc. | | | | | 981,720 | | |
| | | | 45,886 | | | | SK Telecom Co., Ltd. | | | | | 2,086,252 | | |
| | | | 75,700 | | | | TELUS Corp. | | | | | 1,910,668 | | |
| | | | 123,801 | | | | Verizon Communications Inc. | | | | | 6,644,400 | | |
| | | | 3,897,243 | | | | Vodafone Group PLC | | | | | 6,887,971 | | |
| | | | | | | | Total Telecommunications | | | | | 34,682,847 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 41,493,073 | | |
| | CONSUMER CYCLICAL – 5.6% | |
| | Auto Manufacturers – 0.4% | |
| | | | 44,540 | | | | General Motors Co.* | | | | | 2,080,909 | | |
| | Distribution/Wholesale – 0.8% | |
| | | | 91,400 | | | | Mitsui & Co., Ltd. | | | | | 2,283,547 | | |
| | | | 7,450 | | | | Watsco Inc. | | | | | 2,034,297 | | |
| | | | | | | | Total Distribution/Wholesale | | | | | 4,317,844 | | |
| | Home Builders – 0.3% | |
| | | | 38,350 | | | | PulteGroup Inc. | | | | | 1,904,461 | | |
| | Home Furnishings – 0.1% | |
| | | | 14,325 | | | | Leggett & Platt Inc. | | | | | 531,171 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Lodging – 0.4% | |
| | | | 50,813 | | | | Las Vegas Sands Corp.* | | | | $ | 2,177,845 | | |
| | Retail – 3.0% | |
| | | | 14,800 | | | | Best Buy Co., Inc. | | | | | 1,430,272 | | |
| | | | 2,900 | | | | Home Depot Inc. | | | | | 915,907 | | |
| | | | 8,650 | | | | Lowe’s Cos., Inc. | | | | | 1,912,169 | | |
| | | | 5,875 | | | | McDonald’s Corp. | | | | | 1,438,023 | | |
| | | | 1,347,010 | | | | Topsports International Holdings Ltd. | | | | | 1,398,466 | | |
| | | | 100,610 | | | | Walgreens Boots Alliance Inc. | | | | | 4,637,115 | | |
| | | | 21,918 | | | | Walmart Inc. | | | | | 2,962,437 | | |
| | | | | | | | Total Retail | | | | | 14,694,389 | | |
| | Toys/Games/Hobbies – 0.6% | |
| | | | 5,895 | | | | Nintendo Co., Ltd. | | | | | 2,980,521 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 28,687,140 | | |
| | CONSUMER NON-CYCLICAL – 21.5% | |
| | Agriculture – 3.6% | |
| | | | 203,020 | | | | British American Tobacco PLC | | | | | 8,905,429 | | |
| | | | 96,235 | | | | Philip Morris International Inc. | | | | | 9,726,471 | | |
| | | | | | | | Total Agriculture | | | | | 18,631,900 | | |
| | Beverages – 0.5% | |
| | | | 21,525 | | | | Coca-Cola Co. | | | | | 1,339,716 | | |
| | | | 7,400 | | | | PepsiCo Inc. | | | | | 1,211,676 | | |
| | | | | | | | Total Beverages | | | | | 2,551,392 | | |
| | Biotechnology – 1.8% | |
| | | | 15,290 | | | | Amgen Inc. | | | | | 3,462,879 | | |
| | | | 95,875 | | | | Gilead Sciences Inc. | | | | | 5,790,850 | | |
| | | | | | | | Total Biotechnology | | | | | 9,253,729 | | |
| | Commercial Services – 0.3% | |
| | | | 540 | | | | SGS SA, Class Registered Shares | | | | | 1,535,975 | | |
| | Cosmetics/Personal Care – 0.5% | |
| | | | 35,400 | | | | Kao Corp. | | | | | 1,668,108 | | |
| | | | 7,925 | | | | Procter & Gamble Co. | | | | | 1,235,428 | | |
| | | | | | | | Total Cosmetics/Personal Care | | | | | 2,903,536 | | |
| | Food – 2.1% | |
| | | | 99,580 | | | | Conagra Brands Inc. | | | | | 3,482,313 | | |
| | | | 48,525 | | | | Flowers Foods Inc. | | | | | 1,330,070 | | |
| | | | 58,965 | | | | General Mills Inc. | | | | | 3,976,010 | | |
| | | | 23,100 | | | | Kellogg Co. | | | | | 1,477,014 | | |
| | | | | | | | Total Food | | | | | 10,265,407 | | |
| | Healthcare-Products – 0.5% | |
| | | | 22,039 | | | | Medtronic PLC | | | | | 2,313,875 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Healthcare-Services – 1.2% | |
| | | | 8,860 | | | | Anthem Inc. | | | | $ | 4,003,391 | | |
| | | | 35,068 | | | | Fresenius Medical Care AG & Co. KGaA | | | | | 2,245,820 | | |
| | | | | | | | Total Healthcare-Services | | | | | 6,249,211 | | |
| | Household Products/Wares – 0.7% | |
| | | | 6,950 | | | | Clorox Co. | | | | | 1,013,241 | | |
| | | | 20,400 | | | | Kimberly-Clark Corp. | | | | | 2,655,060 | | |
| | | | | | | | Total Household Products/Wares | | | | | 3,668,301 | | |
| | Pharmaceuticals – 10.3% | |
| | | | 119,442 | | | | AbbVie Inc. | | | | | 17,649,944 | | |
| | | | 29,244 | | | | AstraZeneca PLC | | | | | 3,547,505 | | |
| | | | 53,350 | | | | AstraZeneca PLC, ADR | | | | | 3,247,948 | | |
| | | | 120,931 | | | | Bristol-Myers Squibb Co. | | | | | 8,304,332 | | |
| | | | 53,425 | | | | Cardinal Health Inc. | | | | | 2,885,484 | | |
| | | | 33,550 | | | | CVS Health Corp. | | | | | 3,477,457 | | |
| | | | 101,177 | | | | GlaxoSmithKline PLC | | | | | 2,094,954 | | |
| | | | 13,825 | | | | Johnson & Johnson | | | | | 2,275,180 | | |
| | | | 78,810 | | | | Merck & Co., Inc. | | | | | 6,035,270 | | |
| | | | 60,315 | | | | Pfizer Inc. | | | | | 2,831,186 | | |
| | | | 7,005 | | | | Sanofi | | | | | 735,014 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 53,084,274 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 110,457,600 | | |
| | ENERGY – 10.6% | |
| | Energy-Alternate Sources – 0.2% | |
| | | | 14,525 | | | | NextEra Energy Partners LP | | | | | 1,133,095 | | |
| | Oil & Gas – 7.2% | |
| | | | 99,298 | | | | Chevron Corp. | | | | | 14,298,912 | | |
| | | | 43,550 | | | | ConocoPhillips | | | | | 4,131,153 | | |
| | | | 105,470 | | | | Exxon Mobil Corp. | | | | | 8,270,958 | | |
| | | | 13,875 | | | | Pioneer Natural Resources Co. | | | | | 3,324,450 | | |
| | | | 90,202 | | | | Shell PLC | | | | | 2,393,226 | | |
| | | | 91,030 | | | | TotalEnergies SE | | | | | 4,618,056 | | |
| | | | | | | | Total Oil & Gas | | | | | 37,036,755 | | |
| | Pipelines – 3.2% | |
| | | | 177,825 | | | | Enbridge Inc. | | | | | 7,681,389 | | |
| | | | 161,919 | | | | Enterprise Products Partners LP | | | | | 3,954,062 | | |
| | | | 77,951 | | | | TC Energy Corp. | | | | | 4,187,476 | | |
| | | | 20,925 | | | | Williams Cos., Inc. | | | | | 654,534 | | |
| | | | | | | | Total Pipelines | | | | | 16,477,461 | | |
| | | | | | | | TOTAL ENERGY | | | | | 54,647,311 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – 17.2% | |
| | Banks – 8.8% | |
| | | | 171,485 | | | | Bank Leumi Le-Israel BM | | | | $ | 1,859,070 | | |
| | | | 21,425 | | | | Canadian Imperial Bank of Commerce | | | | | 2,711,377 | | |
| | | | 33,827 | | | | Citigroup Inc. | | | | | 2,003,573 | | |
| | | | 61,875 | | | | Citizens Financial Group Inc. | | | | | 3,243,488 | | |
| | | | 198,765 | | | | Huntington Bancshares Inc. | | | | | 3,084,833 | | |
| | | | 161,704 | | | | ING Groep NV | | | | | 1,888,686 | | |
| | | | 37,940 | | | | JPMorgan Chase & Co. | | | | | 5,379,892 | | |
| | | | 226,125 | | | | KeyCorp | | | | | 5,668,954 | | |
| | | | 27,625 | | | | Morgan Stanley | | | | | 2,506,693 | | |
| | | | 276,294 | | | | Nordea Bank Abp | | | | | 3,048,831 | | |
| | | | 244,911 | | | | Oversea-Chinese Banking Corp. Ltd. | | | | | 2,110,299 | | |
| | | | 16,800 | | | | PNC Financial Services Group Inc. | | | | | 3,347,400 | | |
| | | | 37,160 | | | | Truist Financial Corp. | | | | | 2,312,095 | | |
| | | | 36,798 | | | | US Bancorp | | | | | 2,080,559 | | |
| | | | 70,966 | | | | Wells Fargo & Co. | | | | | 3,787,455 | | |
| | | | | | | | Total Banks | | | | | 45,033,205 | | |
| | Diversified Financial Services – 2.2% | |
| | | | 26,500 | | | | Amundi SA(a) | | | | | 1,825,625 | | |
| | | | 14,375 | | | | CME Group Inc., Class A Shares | | | | | 3,400,119 | | |
| | | | 13,424 | | | | Deutsche Boerse AG | | | | | 2,298,659 | | |
| | | | 47,325 | | | | Virtu Financial Inc., Class A Shares | | | | | 1,660,161 | | |
| | | | 111,948 | | | | Western Union Co. | | | | | 2,035,215 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 11,219,779 | | |
| | Equity Real Estate Investment Trusts (REITs) – 3.8% | |
| | | | 7,550 | | | | Alexandria Real Estate Equities Inc. | | | | | 1,429,970 | | |
| | | | 52,100 | | | | American Campus Communities Inc. | | | | | 2,803,501 | | |
| | | | 108,200 | | | | Brixmor Property Group Inc. | | | | | 2,717,984 | | |
| | | | 6,650 | | | | Camden Property Trust | | | | | 1,097,981 | | |
| | | | 11,800 | | | | Crown Castle International Corp. | | | | | 1,965,762 | | |
| | | | 20,025 | | | | Duke Realty Corp. | | | | | 1,061,325 | | |
| | | | 14,025 | | | | Equity Residential | | | | | 1,196,333 | | |
| | | | 14,025 | | | | MGM Growth Properties LLC, Class A Shares | | | | | 531,127 | | |
| | | | 50,887 | | | | National Retail Properties Inc. | | | | | 2,168,295 | | |
| | | | 83,620 | | | | Omega Healthcare Investors Inc. | | | | | 2,355,575 | | |
| | | | 9,775 | | | | Prologis Inc. | | | | | 1,425,684 | | |
| | | | 12,525 | | | | Terreno Realty Corp. | | | | | 861,595 | | |
| | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | 19,615,132 | | |
| | Insurance – 2.2% | |
| | | | 44,042 | | | | Ageas SA/NV | | | | | 2,116,696 | | |
| | | | 8,785 | | | | Allianz SE, Class Registered Shares | | | | | 1,997,530 | | |
| | | | 10,857 | | | | Chubb Ltd. | | | | | 2,210,919 | | |
| | | | 9,537 | | | | Everest Re Group Ltd. | | | | | 2,844,124 | | |
| | | | 4,293 | | | | Zurich Insurance Group AG | | | | | 1,961,852 | | |
| | | | | | | | Total Insurance | | | | | 11,131,121 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Investment Companies – 0.2% | |
| | | | 25,234 | | | | SK Square Co., Ltd.*(b) | | | | $ | 1,188,468 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 88,187,705 | | |
| | INDUSTRIAL – 6.1% | |
| | Aerospace/Defense – 3.1% | |
| | | | 23,976 | | | | Airbus SE* | | | | | 3,024,546 | | |
| | | | 403,726 | | | | BAE Systems PLC | | | | | 3,884,070 | | |
| | | | 10,810 | | | | General Dynamics Corp. | | | | | 2,534,404 | | |
| | | | 7,725 | | | | Lockheed Martin Corp. | | | | | 3,351,105 | | |
| | | | 30,250 | | | | Raytheon Technologies Corp. | | | | | 3,106,675 | | |
| | | | | | | | Total Aerospace/Defense | | | | | 15,900,800 | | |
| | Machinery-Construction & Mining – 0.6% | |
| | | | 5,775 | | | | Caterpillar Inc. | | | | | 1,083,274 | | |
| | | | 86,767 | | | | Sandvik AB | | | | | 1,870,896 | | |
| | | | | | | | Total Machinery-Construction & Mining | | | | | 2,954,170 | | |
| | Machinery-Diversified – 0.2% | |
| | | | 9,175 | | | | AGCO Corp. | | | | | 1,102,468 | | |
| | Miscellaneous Manufacturers – 1.3% | |
| | | | 20,454 | | | | Eaton Corp. PLC | | | | | 3,155,848 | | |
| | | | 25,609 | | | | Siemens AG, Class Registered Shares | | | | | 3,637,158 | | |
| | | | | | | | Total Miscellaneous Manufacturers | | | | | 6,793,006 | | |
| | Packaging & Containers – 0.2% | |
| | | | 83,450 | | | | Amcor PLC | | | | | 970,524 | | |
| | Transportation – 0.7% | |
| | | | 72,442 | | | | Deutsche Post AG, Class Registered Shares | | | | | 3,667,930 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 31,388,898 | | |
| | TECHNOLOGY – 4.0% | |
| | Computers – 0.4% | |
| | | | 9,876 | | | | Capgemini SE | | | | | 2,078,718 | | |
| | Semiconductors – 2.3% | |
| | | | 2,788 | | | | Broadcom Inc. | | | | | 1,637,783 | | |
| | | | 31,688 | | | | Intel Corp. | | | | | 1,511,518 | | |
| | | | 57,000 | | | | MediaTek Inc. | | | | | 2,260,685 | | |
| | | | 7,350 | | | | QUALCOMM Inc. | | | | | 1,264,126 | | |
| | | | 40,268 | | | | Samsung Electronics Co., Ltd. | | | | | 2,218,036 | | |
| | | | 16,075 | | | | Texas Instruments Inc. | | | | | 2,732,589 | | |
| | | | | | | | Total Semiconductors | | | | | 11,624,737 | | |
| | Software – 1.3% | |
| | | | 8,863 | | | | Microsoft Corp. | | | | | 2,648,176 | | |
| | | | 29,746 | | | | Oracle Corp. | | | | | 2,259,804 | | |
| | | | 18,450 | | | | Paychex Inc. | | | | | 2,196,657 | | |
| | | | | | | | Total Software | | | | | 7,104,637 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 20,808,092 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | UTILITIES – 9.7% | |
| | Electric – 9.7% | |
| | | | 23,675 | | | | Ameren Corp. | | | | $ | 2,034,866 | | |
| | | | 36,455 | | | | American Electric Power Co., Inc. | | | | | 3,304,646 | | |
| | | | 106,275 | | | | CenterPoint Energy Inc. | | | | | 2,906,621 | | |
| | | | 109,163 | | | | Dominion Energy Inc. | | | | | 8,681,733 | | |
| | | | 58,830 | | | | Duke Energy Corp. | | | | | 5,907,120 | | |
| | | | 289,463 | | | | Enel SpA | | | | | 2,142,204 | | |
| | | | 427,518 | | | | National Grid PLC | | | | | 6,470,167 | | |
| | | | 28,150 | | | | NextEra Energy Inc. | | | | | 2,203,301 | | |
| | | | 141,125 | | | | PPL Corp. | | | | | 3,693,241 | | |
| | | | 53,675 | | | | Public Service Enterprise Group Inc. | | | | | 3,479,750 | | |
| | | | 8,800 | | | | Sempra Energy | | | | | 1,269,136 | | |
| | | | 100,135 | | | | Southern Co. | | | | | 6,485,744 | | |
| | | | 12,275 | | | | WEC Energy Group Inc. | | | | | 1,115,552 | | |
| | | | | | | | Total Electric | | | | | 49,694,081 | | |
| | | | | | | | TOTAL UTILITIES | | | | | 49,694,081 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $386,421,554) | | | | | 446,255,900 | | |
| | EXCHANGE TRADED FUNDS (ETFs) – 9.6% | |
| | | | 408,489 | | | | iShares Core Dividend Growth(b) | | | | | 21,417,078 | | |
| | | | 51,729 | | | | iShares Core High Dividend(b) | | | | | 5,334,812 | | |
| | | | 380,080 | | | | JPMorgan Equity Premium Income | | | | | 22,751,589 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $41,057,203) | | | | | 49,503,479 | | |
| | CONVERTIBLE PREFERRED STOCKS – 1.2% | |
| | TECHNOLOGY – 1.0% | |
| | Semiconductors – 0.7% | |
| | | | 1,838 | | | | Broadcom Inc., 8.000% | | | | | 3,354,515 | | |
| | Software – 0.3% | |
| | | | 22,780 | | | | Change Healthcare Inc., 6.000% | | | | | 1,599,612 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 4,954,127 | | |
| | UTILITIES – 0.2% | |
| | Electric – 0.2% | |
| | | | 12,989 | | | | Dominion Energy Inc., 7.250% | | | | | 1,287,730 | | |
| | | | | | | | TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost – $5,153,940) | | | | | 6,241,857 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $432,632,697) | | | | | 502,001,236 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund (continued)
| | Face Amount | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 2.0% | |
| | TIME DEPOSITS – 2.0% | |
| | | $ | 1,586,310 | | | | Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.005% due 3/1/22 | | | | $ | 1,586,310 | | |
| | | | 4,220,486 | | | | Barclays Bank PLC – London, 0.005% due 3/1/22 | | | | | 4,220,486 | | |
| | | | 820,293 | | | | BNP Paribas – Paris, 0.005% due 3/1/22 | | | | | 820,293 | | |
| | | | 45 | | | | Citibank – New York, 0.005% due 3/1/22 | | | | | 45 | | |
| | | | 3,751,289 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 3,751,289 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $10,378,423) | | | | | 10,378,423 | | |
| | Shares/Units | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.7% | |
| | MONEY MARKET FUND – 0.7% | |
| | | | 3,345,980 | | | | Federated Government Obligations Fund, Premier Class, 0.025%(c)
(Cost – $3,345,980) | | | | $ | 3,345,980 | | |
| | | | | | | | TOTAL INVESTMENTS – 100.4%
(Cost – $446,357,100) | | | | | 515,725,639 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (0.4)% | | | | | (1,931,287) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 513,794,352 | | |
*
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, 2022, amounts to $1,825,625 and represents 0.36% of net assets.
(b)
All or a portion of this security is on loan (See Note 5).
(c)
Represents investment of collateral received from securities lending transactions.
Abbreviations used in this schedule:
ADR
— American Depositary Receipts
LLC
— Limited Liability Company
LP
— Limited Partnership
PLC
— Public Limited Company
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Equity Income Fund (concluded)
Summary of Investments by Security Sector^ (Unaudited)
| | Consumer Non-cyclical | | | | | 21.4% | | |
| | Financial | | | | | 17.1 | | |
| | Energy | | | | | 10.6 | | |
| | Utilities | | | | | 9.9 | | |
| | Communications | | | | | 8.0 | | |
| | Industrial | | | | | 6.1 | | |
| | Consumer Cyclical | | | | | 5.6 | | |
| | Technology | | | | | 5.0 | | |
| | Basic Materials | | | | | 4.1 | | |
| | Exchange Traded Funds (ETFs) | | | | | 9.6 | | |
| | Short-Term Investments | | | | | 2.0 | | |
| | Money Market Fund | | | | | 0.6 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 25.5% | |
| | Basic Materials – 0.4% | |
| | | $ | 255,000 | | | | Air Products & Chemicals Inc., Senior Unsecured Notes, 1.850% due 5/15/27 | | | | $ | 250,354 | | |
| | | | 210,000 | | | | Arconic Corp., Secured Notes, 6.125% due 2/15/28(a) | | | | | 214,725 | | |
| | | | | | | | ASP Unifrax Holdings Inc.: | | | | | | | |
| | | | 135,000 | | | | Senior Secured Notes, 5.250% due 9/30/28(a) | | | | | 129,263 | | |
| | | | 10,000 | | | | Senior Unsecured Notes, 7.500% due 9/30/29(a) | | | | | 9,125 | | |
| | | | 500,000 | | | | CAP SA, Senior Unsecured Notes, 3.900% due 4/27/31 | | | | | 426,010 | | |
| | | | 90,000 | | | | CVR Partners LP/CVR Nitrogen Finance Corp., Senior Secured Notes, 6.125%
due 6/15/28(a) | | | | | 90,562 | | |
| | | | 75,000 | | | | Diamond BC BV, Company Guaranteed Notes, 4.625% due 10/1/29(a) | | | | | 68,266 | | |
| | | | | | | | DuPont de Nemours Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,270,000 | | | | 4.205% due 11/15/23 | | | | | 1,315,374 | | |
| | | | 1,280,000 | | | | 4.725% due 11/15/28 | | | | | 1,416,360 | | |
| | | | 170,000 | | | | EverArc Escrow SARL, Senior Secured Notes, 5.000% due 10/30/29(a) | | | | | 157,250 | | |
| | | | 250,000 | | | | Freeport-McMoRan Inc., Company Guaranteed Notes, 5.450% due 3/15/43 | | | | | 287,537 | | |
| | | | 575,000 | | | | Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(a) | | | | | 591,725 | | |
| | | | 100,000 | | | | Glatfelter Corp., Company Guaranteed Notes, 4.750% due 11/15/29(a) | | | | | 94,912 | | |
| | | | | | | | Glencore Funding LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 370,000 | | | | 1.625% due 4/27/26(a) | | | | | 351,967 | | |
| | | | 265,000 | | | | 3.375% due 9/23/51(a) | | | | | 226,495 | | |
| | | | 95,000 | | | | Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(a) | | | | | 100,035 | | |
| | | | 130,000 | | | | Illuminate Buyer LLC/Illuminate Holdings IV Inc., Senior Unsecured Notes,
9.000% due 7/1/28(a) | | | | | 137,532 | | |
| | | | 215,000 | | | | Kraton Polymers LLC/Kraton Polymers Capital Corp., Company Guaranteed
Notes, 4.250% due 12/15/25(a) | | | | | 220,644 | | |
| | | | 200,000 | | | | LG Chem Ltd., Senior Unsecured Notes, 2.375% due 7/7/31(a) | | | | | 186,292 | | |
| | | | 200,000 | | | | Olympus Water US Holding Corp., Senior Secured Notes, 4.250% due
10/1/28(a) | | | | | 186,520 | | |
| | | | 30,000 | | | | SCIH Salt Holdings Inc., Senior Unsecured Notes, 6.625% due 5/1/29(a) | | | | | 28,200 | | |
| | | | 130,000 | | | | Sherwin-Williams Co., Senior Unsecured Notes, 2.900% due 3/15/52 | | | | | 111,561 | | |
| | | | 45,000 | | | | TMS International Corp., Senior Unsecured Notes, 6.250% due 4/15/29(a) | | | | | 43,270 | | |
| | | | 20,000 | | | | Tronox Inc., Company Guaranteed Notes, 4.625% due 3/15/29(a) | | | | | 18,891 | | |
| | | | 485,000 | | | | Vale Overseas Ltd., Company Guaranteed Notes, 3.750% due 7/8/30 | | | | | 479,908 | | |
| | | | 400,000 | | | | Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250% due
4/23/26(a) | | | | | 348,500 | | |
| | | | 200,000 | | | | Vedanta Resources Ltd., Senior Unsecured Notes, 6.125% due 8/9/24 | | | | | 166,396 | | |
| | | | 145,000 | | | | WR Grace Holdings LLC, Senior Unsecured Notes, 5.625% due 8/15/29(a) | | | | | 138,838 | | |
| | | | | | | | Total Basic Materials | | | | | 7,796,512 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Communications – 2.3% | |
| | | $ | 200,000 | | | | Acuris Finance U.S. Inc./Acuris Finance SARL, Senior Secured Notes, 5.000%
due 5/1/28(a) | | | | $ | 185,500 | | |
| | | | 200,000 | | | | Altice France SA, Senior Secured Notes, 5.500% due 10/15/29(a) | | | | | 183,250 | | |
| | | | 50,000 | | | | Arches Buyer Inc., Senior Secured Notes, 4.250% due 6/1/28(a) | | | | | 47,350 | | |
| | | | | | | | AT&T Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 725,000 | | | | 1.700% due 3/25/26 | | | | | 705,661 | | |
| | | | 6,261,000 | | | | 4.350% due 3/1/29 | | | | | 6,805,057 | | |
| | | | 225,000 | | | | 2.750% due 6/1/31 | | | | | 218,974 | | |
| | | | 635,000 | | | | 2.250% due 2/1/32 | | | | | 586,024 | | |
| | | | 1,030,000 | | | | 2.550% due 12/1/33 | | | | | 955,351 | | |
| | | | 585,000 | | | | 3.650% due 6/1/51 | | | | | 551,869 | | |
| | | | 405,000 | | | | 3.300% due 2/1/52 | | | | | 359,663 | | |
| | | | 1,450,000 | | | | 3.500% due 2/1/61 | | | | | 1,277,328 | | |
| | | | 135,000 | | | | Avaya Inc., Senior Secured Notes, 6.125% due 9/15/28(a) | | | | | 129,937 | | |
| | | | | | | | CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 265,000 | | | | 4.750% due 3/1/30(a) | | | | | 260,226 | | |
| | | | 125,000 | | | | 4.500% due 8/15/30(a) | | | | | 120,385 | | |
| | | | 95,000 | | | | 4.750% due 2/1/32(a) | | | | | 92,387 | | |
| | | | 85,000 | | | | 4.250% due 1/15/34(a) | | | | | 78,149 | | |
| | | | 125,000 | | | | Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(a) | | | | | 125,214 | | |
| | | | | | | | Charter Communications Operating LLC/Charter Communications Operating
Capital, Senior Secured Notes: | | | | | | | |
| | | | 410,000 | | | | 4.908% due 7/23/25 | | | | | 434,613 | | |
| | | | 360,000 | | | | 4.200% due 3/15/28 | | | | | 375,407 | | |
| | | | 830,000 | | | | 2.300% due 2/1/32 | | | | | 737,088 | | |
| | | | 3,965,000 | | | | 6.384% due 10/23/35 | | | | | 4,739,179 | | |
| | | | 1,975,000 | | | | 4.800% due 3/1/50 | | | | | 1,931,331 | | |
| | | | 165,000 | | | | 3.900% due 6/1/52 | | | | | 143,509 | | |
| | | | 100,000 | | | | 4.400% due 12/1/61 | | | | | 89,113 | | |
| | | | 195,000 | | | | Ciena Corp., Company Guaranteed Notes, 4.000% due 1/31/30(a) | | | | | 192,040 | | |
| | | | | | | | Clear Channel Outdoor Holdings Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 15,000 | | | | 7.750% due 4/15/28(a) | | | | | 15,675 | | |
| | | | 50,000 | | | | 7.500% due 6/1/29(a) | | | | | 51,958 | | |
| | | | | | | | Comcast Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 2,055,000 | | | | 3.750% due 4/1/40 | | | | | 2,075,048 | | |
| | | | 759,000 | | | | 2.937% due 11/1/56(a) | | | | | 638,829 | | |
| | | | 105,000 | | | | CommScope Inc., Senior Secured Notes, 4.750% due 9/1/29(a) | | | | | 97,912 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Communications – (continued) | |
| | | $ | 85,000 | | | | CommScope Technologies LLC, Company Guaranteed Notes, 5.000% due
3/15/27(a) | | | | $ | 75,791 | | |
| | | | 175,000 | | | | Consolidated Communications Inc., Senior Secured Notes, 5.000% due
10/1/28(a) | | | | | 165,812 | | |
| | | | 430,000 | | | | Cox Communications Inc., Senior Unsecured Notes, 2.600% due 6/15/31(a) | | | | | 404,894 | | |
| | | | 2,766,000 | | | | Crown Castle Towers LLC, Asset Backed, 4.241% due 7/15/28(a) | | | | | 2,922,807 | | |
| | | | | | | | CSC Holdings LLC, Senior Unsecured Notes: | | | | | | | |
| | | | 295,000 | | | | 5.750% due 1/15/30(a) | | | | | 260,851 | | |
| | | | 200,000 | | | | 4.625% due 12/1/30(a) | | | | | 166,675 | | |
| | | | | | | | Digicel Group Holdings Ltd.: | | | | | | | |
| | | | 55,246 | | | | Senior Unsecured Notes, 8.000% due 4/1/25(a)(b) | | | | | 49,850 | | |
| | | | 77,097 | | | | Subordinated Notes, 7.000%(a)(b)(c) | | | | | 63,220 | | |
| | | | 110,000 | | | | Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured
Notes, 5.875% due 8/15/27(a) | | | | | 109,963 | | |
| | | | | | | | Discovery Communications LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 60,000 | | | | 5.300% due 5/15/49 | | | | | 65,121 | | |
| | | | 880,000 | | | | 4.650% due 5/15/50 | | | | | 899,595 | | |
| | | | | | | | DISH DBS Corp.: | | |
| | | | 80,000 | | | | Company Guaranteed Notes, 5.125% due 6/1/29 | | | | | 67,500 | | |
| | | | 95,000 | | | | Senior Secured Notes, 5.750% due 12/1/28(a) | | | | | 90,844 | | |
| | | | 80,000 | | | | Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36 | | | | | 79,000 | | |
| | | | 105,000 | | | | Endurance International Group Holdings Inc., Senior Unsecured Notes, 6.000%
due 2/15/29(a) | | | | | 85,575 | | |
| | | | | | | | Expedia Group Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 410,000 | | | | 5.000% due 2/15/26 | | | | | 441,460 | | |
| | | | 720,000 | | | | 3.800% due 2/15/28 | | | | | 740,156 | | |
| | | | | | | | Frontier Communications Holdings LLC: | | | | | | | |
| | | | | | | | Secured Notes: | | | | | | | |
| | | | 9,900 | | | | 5.875% due 11/1/29 | | | | | 9,108 | | |
| | | | 105,000 | | | | 6.000% due 1/15/30(a) | | | | | 97,808 | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 45,000 | | | | 5.875% due 10/15/27(a) | | | | | 45,636 | | |
| | | | 90,000 | | | | 5.000% due 5/1/28(a) | | | | | 87,368 | | |
| | | | 135,000 | | | | GCI LLC, Senior Unsecured Notes, 4.750% due 10/15/28(a) | | | | | 132,504 | | |
| | | | 25,000 | | | | iHeartCommunications Inc., Company Guaranteed Notes, 8.375% due 5/1/27 | | | | | 26,042 | | |
| | | | 110,000 | | | | Intelsat Jackson Holdings SA, Company Guaranteed Notes, zero coupon, due
8/1/23(d)(f) | | | | | − | | |
| | | | 400,000 | | | | KT Corp., Senior Unsecured Notes, 2.500% due 7/18/26 | | | | | 399,422 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Communications – (continued) | |
| | | $ | 40,000 | | | | Level 3 Financing Inc., Company Guaranteed Notes, 3.750% due 7/15/29(a) | | | | $ | 35,677 | | |
| | | | 75,425 | | | | Ligado Networks LLC, Senior Secured Notes, 15.500% due 11/1/23(a)(b) | | | | | 57,889 | | |
| | | | 65,000 | | | | LogMeIn Inc., Senior Secured Notes, 5.500% due 9/1/27(a) | | | | | 61,810 | | |
| | | | | | | | Lumen Technologies Inc.: | | | | | | | |
| | | | 125,000 | | | | Senior Secured Notes, 4.000% due 2/15/27(a) | | | | | 118,946 | | |
| | | | 135,000 | | | | Senior Unsecured Notes, 5.125% due 12/15/26(a) | | | | | 125,599 | | |
| | | | 65,000 | | | | Match Group Holdings II LLC, Senior Unsecured Notes, 4.625% due 6/1/28(a) | | | | | 65,196 | | |
| | | | 125,000 | | | | McGraw-Hill Education Inc., Senior Secured Notes, 5.750% due 8/1/28(a) | | | | | 118,644 | | |
| | | | 45,000 | | | | News Corp., Company Guaranteed Notes, 5.125% due 2/15/32(a) | | | | | 46,013 | | |
| | | | 1,010,000 | | | | NTT Finance Corp., Company Guaranteed Notes, 1.162% due 4/3/26(a) | | | | | 960,177 | | |
| | | | 620,000 | | | | Omnicom Group Inc., Senior Unsecured Notes, 2.450% due 4/30/30 | | | | | 594,363 | | |
| | | | 343,000 | | | | Paramount Global, Senior Unsecured Notes, 4.950% due 1/15/31 | | | | | 371,774 | | |
| | | | | | | | Radiate Holdco LLC/Radiate Finance Inc.: | | | | | | | |
| | | | 110,000 | | | | Senior Secured Notes, 4.500% due 9/15/26(a) | | | | | 105,104 | | |
| | | | 40,000 | | | | Senior Unsecured Notes, 6.500% due 9/15/28(a) | | | | | 38,000 | | |
| | | | 50,000 | | | | Scripps Escrow II Inc., Senior Secured Notes, 3.875% due 1/15/29(a) | | | | | 46,857 | | |
| | | | 170,000 | | | | Scripps Escrow Inc., Company Guaranteed Notes, 5.875% due 7/15/27(a) | | | | | 169,669 | | |
| | | | 200,000 | | | | SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 1.875% due
6/10/30 | | | | | 189,603 | | |
| | | | 3,426,000 | | | | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III
LLC, Senior Secured Notes, 5.152% due 3/20/28(a) | | | | | 3,685,089 | | |
| | | | 300,000 | | | | Telefonica Moviles Chile SA, Senior Unsecured Notes, 3.537% due 11/18/31(a) | | | | | 280,500 | | |
| | | | 55,000 | | | | Telesat Canada/Telesat LLC, Company Guaranteed Notes, 6.500% due
10/15/27(a) | | | | | 27,500 | | |
| | | | 55,000 | | | | Terrier Media Buyer Inc., Company Guaranteed Notes, 8.875% due 12/15/27(a) | | | | | 56,375 | | |
| | | | | | | | T-Mobile USA Inc.: | | | | | | | |
| | | | | | | | Company Guaranteed Notes: | | | | | | | |
| | | | 680,000 | | | | 2.250% due 2/15/26 | | | | | 656,200 | | |
| | | | 45,000 | | | | 3.375% due 4/15/29 | | | | | 44,037 | | |
| | | | 35,000 | | | | 3.375% due 4/15/29(a) | | | | | 34,251 | | |
| | | | 40,000 | | | | 2.875% due 2/15/31 | | | | | 37,533 | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 650,000 | | | | 3.500% due 4/15/25 | | | | | 668,213 | | |
| | | | 635,000 | | | | 3.875% due 4/15/30 | | | | | 656,648 | | |
| | | | 720,000 | | | | 3.000% due 2/15/41 | | | | | 623,981 | | |
| | | | 35,000 | | | | Townsquare Media Inc., Senior Secured Notes, 6.875% due 2/1/26(a) | | | | | 35,700 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Communications – (continued) | |
| | | | | | | | Uber Technologies Inc., Company Guaranteed Notes: | |
| | | $ | 70,000 | | | | 7.500% due 9/15/27(a) | | | | $ | 74,813 | | |
| | | | 85,000 | | | | 4.500% due 8/15/29(a) | | | | | 81,375 | | |
| | | | 75,000 | | | | Univision Communications Inc., Senior Secured Notes, 4.500% due 5/1/29(a) | | | | | 71,789 | | |
| | | | | | | | Verizon Communications Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 9,581,000 | | | | 1.750% due 1/20/31 | | | | | 8,625,625 | | |
| | | | 185,000 | | | | 2.850% due 9/3/41 | | | | | 165,508 | | |
| | | | 200,000 | | | | VZ Secured Financing BV, Senior Secured Notes, 5.000% due 1/15/32(a) | | | | | 189,500 | | |
| | | | 65,000 | | | | Zayo Group Holdings Inc., Senior Unsecured Notes, 6.125% due 3/1/28(a) | | | | | 60,400 | | |
| | | | | | | | Total Communications | | | | | 50,871,387 | | |
| | Consumer Cyclical – 1.9% | |
| | | | 140,000 | | | | Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27(a) | | | | | 145,782 | | |
| | | | 5,000,000 | | | | Advance Auto Parts Inc., Company Guaranteed Notes, 3.900% due 4/15/30 | | | | | 5,169,024 | | |
| | | | 70,000 | | | | Air Canada, Senior Secured Notes, 3.875% due 8/15/26(a) | | | | | 67,970 | | |
| | | | 95,000 | | | | AMC Entertainment Holdings Inc., Senior Secured Notes, 7.500% due
2/15/29(a) | | | | | 93,551 | | |
| | | | 135,000 | | | | American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes,
5.750% due 4/20/29(a) | | | | | 138,013 | | |
| | | | 140,000 | | | | American Axle & Manufacturing Inc., Company Guaranteed Notes, 5.000% due
10/1/29 | | | | | 132,763 | | |
| | | | 95,000 | | | | Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes,
4.625% due 4/1/30(a) | | | | | 89,537 | | |
| | | | | | | | At Home Group Inc.: | | | | | | | |
| | | | 50,000 | | | | Company Guaranteed Notes, 7.125% due 7/15/29(a) | | | | | 44,375 | | |
| | | | 25,000 | | | | Senior Secured Notes, 4.875% due 7/15/28(a) | | | | | 23,125 | | |
| | | | | | | | AutoZone Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 365,000 | | | | 3.625% due 4/15/25 | | | | | 377,646 | | |
| | | | 1,702,000 | | | | 1.650% due 1/15/31 | | | | | 1,509,187 | | |
| | | | 35,000 | | | | Beacon Roofing Supply Inc., Company Guaranteed Notes, 4.125% due
5/15/29(a) | | | | | 32,637 | | |
| | | | 400,000 | | | | Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a) | | | | | 393,000 | | |
| | | | 110,000 | | | | Caesars Entertainment Inc., Senior Unsecured Notes, 4.625% due 10/15/29(a) | | | | | 104,362 | | |
| | | | 195,000 | | | | Carnival Corp., Senior Unsecured Notes, 5.750% due 3/1/27(a) | | | | | 189,931 | | |
| | | | 65,000 | | | | Carvana Co., Company Guaranteed Notes, 5.625% due 10/1/25(a) | | | | | 62,351 | | |
| | | | 280,000 | | | | Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29 | | | | | 279,660 | | |
| | | | 115,000 | | | | Century Communities Inc., Company Guaranteed Notes, 6.750% due 6/1/27 | | | | | 118,935 | | |
| | | | 36,195 | | | | CWT Travel Group Inc., Senior Secured Notes, 8.500% due 11/19/26(a) | | | | | 36,557 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – (continued) | |
| | | | | | | | Dana Inc., Senior Unsecured Notes: | |
| | | $ | 45,000 | | | | 5.375% due 11/15/27 | | | | $ | 45,900 | | |
| | | | 20,000 | | | | 4.250% due 9/1/30 | | | | | 19,069 | | |
| | | | 135,000 | | | | Dealer Tire LLC/DT Issuer LLC, Senior Unsecured Notes, 8.000% due
2/1/28(a) | | | | | 135,045 | | |
| | | | | | | | Dick’s Sporting Goods Inc., Senior Unsecured Notes: | |
| | | | 345,000 | | | | 3.150% due 1/15/32 | | | | | 331,596 | | |
| | | | 125,000 | | | | 4.100% due 1/15/52 | | | | | 109,392 | | |
| | | | 570,000 | | | | Dollar General Corp., Senior Unsecured Notes, 3.500% due 4/3/30 | | | | | 581,656 | | |
| | | | 580,000 | | | | Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25 | | | | | 604,506 | | |
| | | | 200,000 | | | | eG Global Finance PLC, Senior Secured Notes, 8.500% due 10/30/25(a) | | | | | 202,000 | | |
| | | | 100,000 | | | | Everi Holdings Inc., Company Guaranteed Notes, 5.000% due 7/15/29(a) | | | | | 98,060 | | |
| | | | 70,000 | | | | Ferrellgas LP/Ferrellgas Finance Corp., Senior Unsecured Notes, 5.375% due
4/1/26(a) | | | | | 65,803 | | |
| | | | 155,000 | | | | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Company
Guaranteed Notes, 6.750% due 1/15/30(a) | | | | | 147,550 | | |
| | | | 300,000 | | | | Ford Motor Co., Senior Unsecured Notes, 3.250% due 2/12/32 | | | | | 283,077 | | |
| | | | 985,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 1.741% (3-Month
USD-LIBOR + 1.235)% due 2/15/23(e) | | | | | 980,938 | | |
| | | | 135,000 | | | | Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(a) | | | | | 135,337 | | |
| | | | 90,000 | | | | Gap Inc., Company Guaranteed Notes, 3.875% due 10/1/31(a) | | | | | 80,657 | | |
| | | | | | | | General Motors Financial Co., Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 310,000 | | | | 2.400% due 10/15/28 | | | | | 293,248 | | |
| | | | 305,000 | | | | 3.100% due 1/12/32 | | | | | 291,098 | | |
| | | | 105,000 | | | | Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(a) | | | | | 107,887 | | |
| | | | 150,000 | | | | Goodyear Tire & Rubber Co., Company Guaranteed Notes, 5.250% due
7/15/31(a) | | | | | 145,687 | | |
| | | | 150,000 | | | | Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(a) | | | | | 144,562 | | |
| | | | | | | | Home Depot Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,055,000 | | | | 3.300% due 4/15/40 | | | | | 1,055,420 | | |
| | | | 430,000 | | | | 3.900% due 6/15/47 | | | | | 456,521 | | |
| | | | 595,000 | | | | Hyundai Capital America, Senior Unsecured Notes, 3.000% due 2/10/27(a) | | | | | 593,942 | | |
| | | | 155,000 | | | | Installed Building Products Inc., Company Guaranteed Notes, 5.750% due
2/1/28(a) | | | | | 155,418 | | |
| | | | 100,000 | | | | IRB Holding Corp., Senior Secured Notes, 7.000% due 6/15/25(a) | | | | | 104,480 | | |
| | | | 100,000 | | | | KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(a) | | | | | 101,262 | | |
| | | | 340,000 | | | | Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26 | | | | | 330,375 | | |
| | | | 70,000 | | | | LBM Acquisition LLC, Company Guaranteed Notes, 6.250% due 1/15/29(a) | | | | | 64,865 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – (continued) | |
| | | $ | 95,000 | | | | Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 5.500% due
4/15/29(a) | | | | $ | 90,350 | | |
| | | | 310,000 | | | | Live Nation Entertainment Inc., Company Guaranteed Notes, 5.625% due
3/15/26(a) | | | | | 315,425 | | |
| | | | 130,000 | | | | LSF9 Atlantis Holdings LLC/Victra Finance Corp., Senior Secured Notes,
7.750% due 2/15/26(a) | | | | | 125,125 | | |
| | | | 130,000 | | | | M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28 | | | | | 127,075 | | |
| | | | 615,000 | | | | Marriott International Inc., Senior Unsecured Notes, 2.850% due 4/15/31 | | | | | 586,183 | | |
| | | | 140,000 | | | | Mattamy Group Corp., Senior Unsecured Notes, 4.625% due 3/1/30(a) | | | | | 131,600 | | |
| | | | 580,000 | | | | McDonald’s Corp., Senior Unsecured Notes, 4.200% due 4/1/50 | | | | | 620,042 | | |
| | | | | | | | Michaels Cos., Inc.: | | | | | | | |
| | | | 115,000 | | | | Senior Secured Notes, 5.250% due 5/1/28(a) | | | | | 107,525 | | |
| | | | 40,000 | | | | Senior Unsecured Notes, 7.875% due 5/1/29(a) | | | | | 35,000 | | |
| | | | 70,000 | | | | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Senior
Secured Notes, 4.875% due 5/1/29(a) | | | | | 68,250 | | |
| | | | 120,000 | | | | Murphy Oil USA Inc., Company Guaranteed Notes, 4.750% due 9/15/29 | | | | | 120,300 | | |
| | | | | | | | NCL Corp., Ltd: | | | | | | | |
| | | | 85,000 | | | | Company Guaranteed Notes, 5.875% due 3/15/26(a) | | | | | 81,812 | | |
| | | | 95,000 | | | | Senior Secured Notes, 5.875% due 2/15/27(a) | | | | | 95,119 | | |
| | | | 220,000 | | | | NCL Corp., Ltd., Senior Unsecured Notes, 3.625% due 12/15/24(a) | | | | | 206,308 | | |
| | | | 65,000 | | | | Penn National Gaming Inc., Senior Unsecured Notes, 4.125% due 7/1/29(a) | | | | | 60,125 | | |
| | | | 250,000 | | | | PetSmart Inc./PetSmart Finance Corp., Senior Secured Notes, 4.750% due
2/15/28(a) | | | | | 249,375 | | |
| | | | | | | | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Company
Guaranteed Notes: | | | | | | | |
| | | | 110,000 | | | | 5.625% due 9/1/29(a) | | | | | 99,773 | | |
| | | | 105,000 | | | | 5.875% due 9/1/31(a) | | | | | 94,500 | | |
| | | | 35,000 | | | | Real Hero Merger Sub 2 Inc., Senior Unsecured Notes, 6.250% due 2/1/29(a) | | | | | 32,988 | | |
| | | | 125,000 | | | | Scientific Games Holdings LP/Scientific Games US FinCo Inc., Senior
Unsecured Notes, 6.625% due 3/1/30(a) | | | | | 124,154 | | |
| | | | 80,000 | | | | Scientific Games International Inc., Company Guaranteed Notes, 8.250% due
3/15/26(a) | | | | | 83,560 | | |
| | | | 155,000 | | | | Scotts Miracle-Gro Co., Company Guaranteed Notes, 4.500% due 10/15/29 | | | | | 149,575 | | |
| | | | 280,000 | | | | Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875% due
7/31/24(a) | | | | | 279,779 | | |
| | | | 120,000 | | | | Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a) | | | | | 113,863 | | |
| | | | 6,250,000 | | | | Southwest Airlines Co., Senior Unsecured Notes, 5.125% due 6/15/27 | | | | | 6,928,750 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – (continued) | |
| | | | | | | | SRS Distribution Inc.: | |
| | | $ | 110,000 | | | | Company Guaranteed Notes, 6.125% due 7/1/29(a) | | | | $ | 105,101 | | |
| | | | 70,000 | | | | Senior Secured Notes, 4.625% due 7/1/28(a) | | | | | 67,113 | | |
| | | | | | | | Staples Inc.: | | | | | | | |
| | | | 55,000 | | | | Senior Secured Notes, 7.500% due 4/15/26(a) | | | | | 54,379 | | |
| | | | 35,000 | | | | Senior Unsecured Notes, 10.750% due 4/15/27(a) | | | | | 32,598 | | |
| | | | 305,000 | | | | Starbucks Corp., Senior Unsecured Notes, 3.800% due 8/15/25 | | | | | 319,459 | | |
| | | | 70,000 | | | | Station Casinos LLC, Senior Unsecured Notes, 4.625% due 12/1/31(a) | | | | | 65,975 | | |
| | | | 4,750,000 | | | | Steelcase Inc., Senior Unsecured Notes, 5.125% due 1/18/29 | | | | | 5,185,042 | | |
| | | | 195,000 | | | | Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior
Unsecured Notes, 5.000% due 6/1/31(a) | | | | | 185,250 | | |
| | | | 130,000 | | | | Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes,
4.500% due 3/15/29(a) | | | | | 123,988 | | |
| | | | 130,000 | | | | SWF Escrow Issuer Corp., Senior Unsecured Notes, 6.500% due 10/1/29(a) | | | | | 116,529 | | |
| | | | 85,000 | | | | Tenneco Inc., Senior Secured Notes, 5.125% due 4/15/29(a) | | | | | 85,213 | | |
| | | | 639,804 | | | | United Airlines 2012-1 Class A Pass-Through Trust, Pass-Thru Certificates,
4.150% due 4/11/24 | | | | | 652,595 | | |
| | | | 1,972,222 | | | | United Airlines 2016-2 Class B Pass-Through Trust, Pass-Thru Certificates,
3.650% due 10/7/25 | | | | | 1,926,734 | | |
| | | | | | | | United Airlines Inc., Senior Secured Notes: | | | | | | | |
| | | | 30,000 | | | | 4.375% due 4/15/26(a) | | | | | 29,923 | | |
| | | | 105,000 | | | | 4.625% due 4/15/29(a) | | | | | 102,427 | | |
| | | | 140,000 | | | | Victoria’s Secret & Co., Company Guaranteed Notes, 4.625% due 7/15/29(a) | | | | | 131,600 | | |
| | | | | | | | Viking Cruises Ltd.: | | | | | | | |
| | | | 360,000 | | | | Company Guaranteed Notes, 5.875% due 9/15/27(a) | | | | | 335,696 | | |
| | | | 50,000 | | | | Senior Secured Notes, 13.000% due 5/15/25(a) | | | | | 55,563 | | |
| | | | 5,000,000 | | | | Volkswagen Group of America Finance LLC, Company Guaranteed Notes,
1.250% due 11/24/25(a) | | | | | 4,764,534 | | |
| | | | 50,000 | | | | Wheel Pros Inc., Senior Unsecured Notes, 6.500% due 5/15/29(a) | | | | | 45,750 | | |
| | | | 140,000 | | | | Wyndham Hotels & Resorts Inc., Company Guaranteed Notes, 4.375% due
8/15/28(a) | | | | | 137,900 | | |
| | | | 130,000 | | | | Yum! Brands Inc., Senior Unsecured Notes, 4.750% due 1/15/30(a) | | | | | 131,950 | | |
| | | | | | | | Total Consumer Cyclical | | | | | 42,255,632 | | |
| | Consumer Non-cyclical – 3.0% | |
| | | | | | | | AbbVie Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 570,000 | | | | 3.850% due 6/15/24 | | | | | 589,393 | | |
| | | | 145,000 | | | | 2.950% due 11/21/26 | | | | | 147,624 | | |
| | | | 105,000 | | | | 3.200% due 11/21/29 | | | | | 106,340 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 5,120,000 | | | | 4.550% due 3/15/35 | | | | $ | 5,639,288 | | |
| | | | 1,330,000 | | | | 4.250% due 11/21/49 | | | | | 1,414,232 | | |
| | | | 294,000 | | | | Adani International Container Terminal Pvt Ltd., Senior Secured Notes, 3.000%
due 2/16/31(a) | | | | | 272,988 | | |
| | | | | | | | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes: | | | | | | | |
| | | | 200,000 | | | | 4.000% due 7/30/27 | | | | | 198,384 | | |
| | | | 200,000 | | | | 4.375% due 7/3/29 | | | | | 196,197 | | |
| | | | 135,000 | | | | AdaptHealth LLC, Company Guaranteed Notes, 5.125% due 3/1/30(a) | | | | | 124,537 | | |
| | | | 40,000 | | | | Air Methods Corp., Senior Unsecured Notes, 8.000% due 5/15/25(a) | | | | | 33,200 | | |
| | | | 1,465,000 | | | | Alcon Finance Corp., Company Guaranteed Notes, 2.750% due 9/23/26(a) | | | | | 1,471,116 | | |
| | | | | | | | Allied Universal Holdco LLC/Allied Universal Finance Corp.: | | | | | | | |
| | | | 130,000 | | | | Senior Secured Notes, 6.625% due 7/15/26(a) | | | | | 133,159 | | |
| | | | 170,000 | | | | Senior Unsecured Notes, 9.750% due 7/15/27(a) | | | | | 177,650 | | |
| | | | 195,000 | | | | Altria Group Inc., Company Guaranteed Notes, 3.875% due 9/16/46 | | | | | 167,574 | | |
| | | | | | | | Amgen Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,130,000 | | | | 2.000% due 1/15/32 | | | | | 1,045,763 | | |
| | | | 170,000 | | | | 3.350% due 2/22/32 | | | | | 174,110 | | |
| | | | 35,000 | | | | 4.200% due 2/22/52 | | | | | 36,689 | | |
| | | | 3,500,000 | | | | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company
Guaranteed Notes, 4.900% due 2/1/46 | | | | | 3,954,866 | | |
| | | | | | | | Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 80,000 | | | | 4.439% due 10/6/48 | | | | | 85,600 | | |
| | | | 535,000 | | | | 5.550% due 1/23/49 | | | | | 662,442 | | |
| | | | 1,010,000 | | | | 4.750% due 4/15/58 | | | | | 1,116,352 | | |
| | | | | | | | Anthem Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 585,000 | | | | 3.300% due 1/15/23 | | | | | 593,911 | | |
| | | | 780,000 | | | | 3.500% due 8/15/24 | | | | | 802,053 | | |
| | | | 175,000 | | | | 5.100% due 1/15/44 | | | | | 207,763 | | |
| | | | 115,000 | | | | APi Escrow Corp., Company Guaranteed Notes, 4.750% due 10/15/29(a) | | | | | 108,675 | | |
| | | | 90,000 | | | | APi Group DE Inc., Company Guaranteed Notes, 4.125% due 7/15/29(a) | | | | | 82,928 | | |
| | | | | | | | Astrazeneca Finance LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 1,010,000 | | | | 1.200% due 5/28/26 | | | | | 967,922 | | |
| | | | 690,000 | | | | 1.750% due 5/28/28 | | | | | 659,590 | | |
| | | | 85,000 | | | | B&G Foods Inc., Company Guaranteed Notes, 5.250% due 9/15/27 | | | | | 84,753 | | |
| | | | | | | | BAT Capital Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 475,000 | | | | 2.259% due 3/25/28 | | | | | 443,397 | | |
| | | | 650,000 | | | | 3.462% due 9/6/29 | | | | | 638,522 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 635,000 | | | | 2.726% due 3/25/31 | | | | $ | 581,951 | | |
| | | | 705,000 | | | | BAT International Finance PLC, Company Guaranteed Notes, 1.668% due
3/25/26 | | | | | 669,520 | | |
| | | | | | | | Bausch Health Cos., Inc.: | | | | | | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 45,000 | | | | 6.125% due 2/1/27(a) | | | | | 45,369 | | |
| | | | 90,000 | | | | 4.875% due 6/1/28(a) | | | | | 86,451 | | |
| | | | 60,000 | | | | Company Guaranteed Notes, 6.250% due 2/15/29(a) | | | | | 51,160 | | |
| | | | 900,000 | | | | Baxter International Inc., Senior Unsecured Notes, 2.272% due 12/1/28(a) | | | | | 867,415 | | |
| | | | 210,000 | | | | Bayer US Finance II LLC, Company Guaranteed Notes, 4.250% due
12/15/25(a) | | | | | 220,540 | | |
| | | | 1,615,000 | | | | Boston Scientific Corp., Senior Unsecured Notes, 3.750% due 3/1/26 | | | | | 1,686,209 | | |
| | | | | | | | Bristol-Myers Squibb Co., Senior Unsecured Notes: | | | | | | | |
| | | | 71,000 | | | | 2.900% due 7/26/24 | | | | | 72,652 | | |
| | | | 780,000 | | | | 0.750% due 11/13/25 | | | | | 740,925 | | |
| | | | 230,000 | | | | 2.950% due 3/15/32 | | | | | 232,979 | | |
| | | | 1,050,000 | | | | 3.550% due 3/15/42 | | | | | 1,069,739 | | |
| | | | 460,000 | | | | 2.550% due 11/13/50 | | | | | 389,240 | | |
| | | | 340,000 | | | | Bunge Ltd. Finance Corp., Company Guaranteed Notes, 2.750% due 5/14/31 | | | | | 323,599 | | |
| | | | 575,000 | | | | Cargill Inc., Senior Unsecured Notes, 2.125% due 11/10/31(a) | | | | | 541,878 | | |
| | | | 80,000 | | | | Catalent Pharma Solutions Inc., Company Guaranteed Notes, 3.500% due
4/1/30(a) | | | | | 74,472 | | |
| | | | | | | | Centene Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 80,000 | | | | 3.000% due 10/15/30 | | | | | 76,256 | | |
| | | | 545,000 | | | | 2.500% due 3/1/31 | | | | | 501,806 | | |
| | | | 70,000 | | | | 2.625% due 8/1/31 | | | | | 64,544 | | |
| | | | | | | | CHS/Community Health Systems Inc.: | | | | | | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 95,000 | | | | 6.000% due 1/15/29(a) | | | | | 95,119 | | |
| | | | 85,000 | | | | 4.750% due 2/15/31(a) | | | | | 80,006 | | |
| | | | 125,000 | | | | Secured Notes, 6.875% due 4/15/29(a) | | | | | 121,212 | | |
| | | | | | | | Cigna Corp.: | | | | | | | |
| | | | 280,000 | | | | Company Guaranteed Notes, 3.050% due 10/15/27 | | | | | 285,741 | | |
| | | | 1,235,000 | | | | Senior Unsecured Notes, 1.250% due 3/15/26 | | | | | 1,181,419 | | |
| | | | 325,000 | | | | CommonSpirit Health, Senior Secured Notes, 2.760% due 10/1/24 | | | | | 327,813 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | | | | | | Constellation Brands Inc.: | |
| | | | | | | | Company Guaranteed Notes: | | | | | | | |
| | | $ | 165,000 | | | | 3.600% due 2/15/28 | | | | $ | 169,961 | | |
| | | | 280,000 | | | | 3.150% due 8/1/29 | | | | | 280,143 | | |
| | | | 310,000 | | | | Senior Unsecured Notes, 2.875% due 5/1/30 | | | | | 302,441 | | |
| | | | | | | | Coty Inc.: | | | | | | | |
| | | | 55,000 | | | | Company Guaranteed Notes, 6.500% due 4/15/26(a) | | | | | 56,127 | | |
| | | | 95,000 | | | | Senior Secured Notes, 5.000% due 4/15/26(a) | | | | | 95,579 | | |
| | | | | | | | CVS Health Corp., Senior Unsecured Notes: | |
| | | | 947,000 | | | | 4.780% due 3/25/38 | | | | | 1,058,995 | | |
| | | | 515,000 | | | | 2.700% due 8/21/40 | | | | | 449,539 | | |
| | | | 885,000 | | | | 5.050% due 3/25/48 | | | | | 1,033,385 | | |
| | | | | | | | CVS Pass-Through Trust: | | | | | | | |
| | | | 1,186,604 | | | | Pass-Thru Certificates, 6.943% due 1/10/30 | | | | | 1,370,748 | | |
| | | | 1,351,257 | | | | Senior Secured Notes, 6.036% due 12/10/28 | | | | | 1,478,377 | | |
| | | | 85,000 | | | | DaVita Inc., Company Guaranteed Notes, 4.625% due 6/1/30(a) | | | | | 81,494 | | |
| | | | 1,040,000 | | | | Diageo Capital PLC, Company Guaranteed Notes, 2.000% due 4/29/30 | | | | | 980,580 | | |
| | | | 90,000 | | | | Emergent BioSolutions Inc., Company Guaranteed Notes, 3.875% due
8/15/28(a) | | | | | 80,506 | | |
| | | | | | | | Encompass Health Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 65,000 | | | | 4.500% due 2/1/28 | | | | | 63,279 | | |
| | | | 20,000 | | | | 4.750% due 2/1/30 | | | | | 19,098 | | |
| | | | 165,000 | | | | 4.625% due 4/1/31 | | | | | 155,763 | | |
| | | | 110,000 | | | | Endo Luxembourg Finance Co. I SARL/Endo US Inc., Senior Secured Notes,
6.125% due 4/1/29(a) | | | | | 103,400 | | |
| | | | 235,000 | | | | Estee Lauder Cos., Inc., Senior Unsecured Notes, 2.600% due 4/15/30 | | | | | 233,237 | | |
| | | | | | | | Garda World Security Corp.: | | | | | | | |
| | | | 220,000 | | | | Senior Secured Notes, 4.625% due 2/15/27(a) | | | | | 213,125 | | |
| | | | 100,000 | | | | Senior Unsecured Notes, 6.000% due 6/1/29(a) | | | | | 90,750 | | |
| | | | | | | | Gilead Sciences Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 170,000 | | | | 2.500% due 9/1/23 | | | | | 171,727 | | |
| | | | 820,000 | | | | 1.650% due 10/1/30 | | | | | 742,958 | | |
| | | | | | | | Global Payments Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 205,000 | | | | 2.150% due 1/15/27 | | | | | 197,777 | | |
| | | | 110,000 | | | | 3.200% due 8/15/29 | | | | | 108,582 | | |
| | | | 795,000 | | | | 2.900% due 5/15/30 | | | | | 764,916 | | |
| | | | 240,000 | | | | Grifols Escrow Issuer SA, Senior Unsecured Notes, 4.750% due 10/15/28(a) | | | | | 226,800 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | | | | | | HCA Inc., Senior Secured Notes: | |
| | | $ | 290,000 | | | | 4.125% due 6/15/29 | | | | $ | 303,938 | | |
| | | | 265,000 | | | | 5.125% due 6/15/39 | | | | | 295,328 | | |
| | | | 85,000 | | | | Hertz Corp., Company Guaranteed Notes, 5.000% due 12/1/29(a) | | | | | 79,288 | | |
| | | | 160,000 | | | | H-Food Holdings LLC/Hearthside Finance Co., Inc., Senior Unsecured Notes,
8.500% due 6/1/26(a) | | | | | 156,400 | | |
| | | | 75,000 | | | | Hormel Foods Corp., Senior Unsecured Notes, 1.700% due 6/3/28 | | | | | 71,615 | | |
| | | | 350,000 | | | | Humana Inc., Senior Unsecured Notes, 2.150% due 2/3/32 | | | | | 321,584 | | |
| | | | 735,000 | | | | JBS Finance Luxembourg SARL, Company Guaranteed Notes, 2.500% due
1/15/27(a) | | | | | 690,907 | | |
| | | | 435,000 | | | | Johnson & Johnson, Senior Unsecured Notes, 3.550% due 3/1/36 | | | | | 467,531 | | |
| | | | | | | | Kaiser Foundation Hospitals, Unsecured Notes: | | | | | | | |
| | | | 255,000 | | | | 2.810% due 6/1/41 | | | | | 235,709 | | |
| | | | 420,000 | | | | 3.002% due 6/1/51 | | | | | 389,306 | | |
| | | | | | | | Kraft Heinz Foods Co., Company Guaranteed Notes: | | | | | | | |
| | | | 109,000 | | | | 5.000% due 7/15/35 | | | | | 122,489 | | |
| | | | 4,167,000 | | | | 4.625% due 10/1/39 | | | | | 4,448,272 | | |
| | | | 420,000 | | | | 5.200% due 7/15/45 | | | | | 473,899 | | |
| | | | | | | | Kronos Acquisition Holdings Inc./KIK Custom Products Inc.: | | | | | | | |
| | | | 115,000 | | | | Company Guaranteed Notes, 7.000% due 12/31/27(a) | | | | | 97,313 | | |
| | | | 215,000 | | | | Senior Secured Notes, 5.000% due 12/31/26(a) | | | | | 194,037 | | |
| | | | 145,000 | | | | Legacy LifePoint Health LLC, Senior Secured Notes, 4.375% due 2/15/27(a) | | | | | 137,387 | | |
| | | | 75,000 | | | | Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer Inc.,
Senior Secured Notes, 5.000% due 2/1/26(a) | | | | | 73,500 | | |
| | | | 105,000 | | | | LifePoint Health Inc., Company Guaranteed Notes, 5.375% due 1/15/29(a) | | | | | 98,721 | | |
| | | | | | | | Merck & Co., Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,940,000 | | | | 2.150% due 12/10/31 | | | | | 1,853,191 | | |
| | | | 135,000 | | | | 2.750% due 12/10/51 | | | | | 120,326 | | |
| | | | 155,000 | | | | Metis Merger Sub LLC, Senior Unsecured Notes, 6.500% due 5/15/29(a) | | | | | 144,150 | | |
| | | | 135,000 | | | | ModivCare Escrow Issuer Inc., Senior Unsecured Notes, 5.000% due 10/1/29(a) | | | | | 127,089 | | |
| | | | 725,000 | | | | Mondelez International Inc., Senior Unsecured Notes, 1.500% due 2/4/31 | | | | | 646,120 | | |
| | | | 155,000 | | | | Mozart Debt Merger Sub Inc., Senior Unsecured Notes, 5.250% due 10/1/29(a) | | | | | 148,025 | | |
| | | | 60,000 | | | | MPH Acquisition Holdings LLC, Company Guaranteed Notes, 5.750% due
11/1/28(a) | | | | | 54,150 | | |
| | | | 25,000 | | | | NESCO Holdings II Inc., Secured Notes, 5.500% due 4/15/29(a) | | | | | 24,031 | | |
| | | | 110,000 | | | | Option Care Health Inc., Company Guaranteed Notes, 4.375% due 10/31/29(a) | | | | | 106,150 | | |
| | | | 200,000 | | | | Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Unsecured Notes,
5.125% due 4/30/31(a) | | | | | 199,654 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | | | | | | Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, Senior Unsecured
Notes: | |
| | | $ | 17,000 | | | | 7.375% due 6/1/25(a) | | | | $ | 17,556 | | |
| | | | 129,000 | | | | 7.250% due 2/1/28(a) | | | | | 134,805 | | |
| | | | 70,000 | | | | PECF USS Intermediate Holding III Corp., Senior Unsecured Notes, 8.000% due
11/15/29(a) | | | | | 68,250 | | |
| | | | | | | | Performance Food Group Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 100,000 | | | | 5.500% due 10/15/27(a) | | | | | 101,750 | | |
| | | | 80,000 | | | | 4.250% due 8/1/29(a) | | | | | 76,320 | | |
| | | | | | | | Post Holdings Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 45,000 | | | | 5.500% due 12/15/29(a) | | | | | 45,377 | | |
| | | | 150,000 | | | | 4.625% due 4/15/30(a) | | | | | 141,219 | | |
| | | | 125,000 | | | | Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes,
6.250% due 1/15/28(a) | | | | | 120,625 | | |
| | | | 70,000 | | | | Primo Water Holdings Inc., Company Guaranteed Notes, 4.375% due 4/30/29(a) | | | | | 65,195 | | |
| | | | 645,000 | | | | Quanta Services Inc., Senior Unsecured Notes, 2.350% due 1/15/32 | | | | | 585,489 | | |
| | | | 320,000 | | | | Quest Diagnostics Inc., Senior Unsecured Notes, 2.800% due 6/30/31 | | | | | 310,478 | | |
| | | | 160,000 | | | | Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(a) | | | | | 159,600 | | |
| | | | 70,000 | | | | Rent-A-Center Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a) | | | | | 67,025 | | |
| | | | | | | | Royalty Pharma PLC, Company Guaranteed Notes: | | | | | | | |
| | | | 1,255,000 | | | | 2.200% due 9/2/30 | | | | | 1,138,748 | | |
| | | | 705,000 | | | | 3.300% due 9/2/40 | | | | | 623,766 | | |
| | | | 190,000 | | | | RP Escrow Issuer LLC, Senior Secured Notes, 5.250% due 12/15/25(a) | | | | | 185,725 | | |
| | | | 75,000 | | | | Sabre GLBL Inc., Senior Secured Notes, 9.250% due 4/15/25(a) | | | | | 84,582 | | |
| | | | 220,000 | | | | SEG Holding LLC/SEG Finance Corp., Senior Secured Notes, 5.625% due
10/15/28(a) | | | | | 226,600 | | |
| | | | 305,000 | | | | Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(a) | | | | | 309,003 | | |
| | | | | | | | Smithfield Foods Inc.: | | | | | | | |
| | | | 455,000 | | | | Company Guaranteed Notes, 4.250% due 2/1/27(a) | | | | | 473,767 | | |
| | | | 115,000 | | | | Senior Unsecured Notes, 3.000% due 10/15/30(a) | | | | | 109,009 | | |
| | | | 130,000 | | | | Spectrum Brands Inc., Company Guaranteed Notes, 5.000% due 10/1/29(a) | | | | | 128,375 | | |
| | | | 310,000 | | | | Sutter Health, Unsecured Notes, 3.361% due 8/15/50 | | | | | 295,750 | | |
| | | | | | | | Sysco Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 295,000 | | | | 3.250% due 7/15/27 | | | | | 303,575 | | |
| | | | 325,000 | | | | 3.300% due 2/15/50 | | | | | 291,570 | | |
| | | | 200,000 | | | | Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30 | | | | | 185,546 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | | | | | | Tenet Healthcare Corp.: | |
| | | $ | 255,000 | | | | Company Guaranteed Notes, 6.125% due 10/1/28(a) | | | | $ | 258,315 | | |
| | | | 200,000 | | | | Secured Notes, 6.250% due 2/1/27(a) | | | | | 205,690 | | |
| | | | 150,000 | | | | Senior Secured Notes, 4.250% due 6/1/29(a) | | | | | 144,780 | | |
| | | | 625,000 | | | | Thermo Fisher Scientific Inc., Senior Unsecured Notes, 1.215% due 10/18/24 | | | | | 610,468 | | |
| | | | 595,000 | | | | Triton Container International Ltd./TAL International Container Corp., Company
Guaranteed Notes, 3.250% due 3/15/32 | | | | | 569,736 | | |
| | | | 155,000 | | | | Triton Water Holdings Inc., Senior Unsecured Notes, 6.250% due 4/1/29(a) | | | | | 142,814 | | |
| | | | 135,000 | | | | United Natural Foods Inc., Company Guaranteed Notes, 6.750% due
10/15/28(a) | | | | | 139,556 | | |
| | | | 15,000 | | | | United Rentals North America Inc., Company Guaranteed Notes, 5.250% due
1/15/30 | | | | | 15,600 | | |
| | | | | | | | UnitedHealth Group Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,270,000 | | | | 2.375% due 8/15/24 | | | | | 1,286,876 | | |
| | | | 70,000 | | | | 3.500% due 8/15/39 | | | | | 71,528 | | |
| | | | | | | | US Foods Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 75,000 | | | | 4.750% due 2/15/29(a) | | | | | 74,190 | | |
| | | | 75,000 | | | | 4.625% due 6/1/30(a) | | | | | 72,928 | | |
| | | | | | | | Viatris Inc., Company Guaranteed Notes: | |
| | | | 185,000 | | | | 1.650% due 6/22/25 | | | | | 178,736 | | |
| | | | 305,000 | | | | 3.850% due 6/22/40 | | | | | 285,901 | | |
| | | | 145,000 | | | | Vizient Inc., Senior Unsecured Notes, 6.250% due 5/15/27(a) | | | | | 150,256 | | |
| | | | 120,000 | | | | WASH Multifamily Acquisition Inc., Senior Secured Notes, 5.750% due
4/15/26(a) | | | | | 120,959 | | |
| | | | | | | | Total Consumer Non-cyclical | | | | | 65,912,468 | | |
| | Energy – 2.4% | |
| | | | 65,000 | | | | Aethon United BR LP/Aethon United Finance Corp., Senior Unsecured Notes,
8.250% due 2/15/26(a) | | | | | 68,841 | | |
| | | | 250,000 | | | | AI Candelaria Spain SA, Senior Secured Notes, 5.750% due 6/15/33(a) | | | | | 216,750 | | |
| | | | 105,000 | | | | Antero Midstream Partners LP/Antero Midstream Finance Corp., Company
Guaranteed Notes, 5.750% due 3/1/27(a) | | | | | 106,947 | | |
| | | | 70,000 | | | | Antero Resources Corp., Company Guaranteed Notes, 5.375% due 3/1/30(a) | | | | | 71,312 | | |
| | | | | | | | Apache Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 70,000 | | | | 4.625% due 11/15/25 | | | | | 72,275 | | |
| | | | 135,000 | | | | 4.375% due 10/15/28 | | | | | 136,687 | | |
| | | | 500,000 | | | | BG Energy Capital PLC, Company Guaranteed Notes, 5.125% due 10/15/41(a) | | | | | 598,490 | | |
| | | | 55,000 | | | | Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes,
7.625% due 12/15/25(a) | | | | | 57,819 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | | | | | | BP Capital Markets America Inc., Company Guaranteed Notes: | |
| | | $ | 375,000 | | | | 3.633% due 4/6/30 | | | | $ | 390,337 | | |
| | | | 240,000 | | | | 2.721% due 1/12/32 | | | | | 229,915 | | |
| | | | 45,000 | | | | 3.060% due 6/17/41 | | | | | 40,340 | | |
| | | | 695,000 | | | | 2.939% due 6/4/51 | | | | | 584,585 | | |
| | | | 730,000 | | | | 3.001% due 3/17/52 | | | | | 620,454 | | |
| | | | 455,000 | | | | 3.379% due 2/8/61 | | | | | 400,792 | | |
| | | | 5,250,000 | | | | Cenovus Energy Inc., Senior Unsecured Notes, 4.250% due 4/15/27 | | | | | 5,551,794 | | |
| | | | 85,000 | | | | Chesapeake Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(a) | | | | | 87,975 | | |
| | | | 175,000 | | | | CNX Midstream Partners LP, Company Guaranteed Notes, 4.750% due
4/15/30(a) | | | | | 169,094 | | |
| | | | 90,000 | | | | CNX Resources Corp., Company Guaranteed Notes, 6.000% due 1/15/29(a) | | | | | 91,908 | | |
| | | | 300,000 | | | | ConocoPhillips Co., Company Guaranteed Notes, 3.800% due 3/15/52 | | | | | 304,707 | | |
| | | | 215,000 | | | | Continental Resources Inc., Company Guaranteed Notes, 2.268% due
11/15/26(a) | | | | | 204,852 | | |
| | | | 250,000 | | | | CQP Holdco LP/BIP-V Chinook Holdco LLC, Senior Secured Notes, 5.500%
due 6/15/31(a) | | | | | 248,750 | | |
| | | | | | | | Ecopetrol SA, Senior Unsecured Notes: | | | | | | | |
| | | | 100,000 | | | | 4.625% due 11/2/31 | | | | | 89,600 | | |
| | | | 100,000 | | | | 5.875% due 5/28/45 | | | | | 87,125 | | |
| | | | 550,000 | | | | 5.875% due 11/2/51 | | | | | 460,218 | | |
| | | | 158,480 | | | | Empresa Electrica Cochrane SpA, Senior Secured Notes, 5.500% due 5/14/27 | | | | | 155,510 | | |
| | | | | | | | Energy Transfer LP: | | | | | | | |
| | | | | | | | Senior Unsecured Notes: | | | | | | | |
| | | | 285,000 | | | | 4.750% due 1/15/26 | | | | | 302,639 | | |
| | | | 330,000 | | | | 3.900% due 7/15/26 | | | | | 341,801 | | |
| | | | 1,260,000 | | | | 4.900% due 3/15/35 | | | | | 1,315,998 | | |
| | | | 1,683,000 | | | | 5.950% due 10/1/43 | | | | | 1,860,577 | | |
| | | | 630,000 | | | | 6.250% due 4/15/49 | | | | | 727,518 | | |
| | | | 285,000 | | | | Company Guaranteed Notes, 5.000% due 5/15/44 | | | | | 284,096 | | |
| | | | | | | | Enterprise Products Operating LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 585,000 | | | | 3.750% due 2/15/25 | | | | | 608,055 | | |
| | | | 6,000,000 | | | | 4.150% due 10/16/28 | | | | | 6,468,011 | | |
| | | | 820,000 | | | | 4.800% due 2/1/49 | | | | | 893,511 | | |
| | | | 110,000 | | | | 3.300% due 2/15/53 | | | | | 96,384 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | | | | | | EQM Midstream Partners LP, Senior Unsecured Notes: | |
| | | $ | 50,000 | | | | 6.500% due 7/1/27(a) | | | | $ | 52,294 | | |
| | | | 85,000 | | | | 4.750% due 1/15/31(a) | | | | | 79,687 | | |
| | | | 80,000 | | | | EQT Corp., Senior Unsecured Notes, 7.500% due 2/1/30 | | | | | 95,421 | | |
| | | | 630,000 | | | | Equinor ASA, Company Guaranteed Notes, 3.700% due 4/6/50 | | | | | 654,867 | | |
| | | | 95,000 | | | | Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes,
8.125% due 5/1/25 | | | | | 95,372 | | |
| | | | | | | | Exxon Mobil Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 405,000 | | | | 2.992% due 3/19/25 | | | | | 415,824 | | |
| | | | 570,000 | | | | 4.227% due 3/19/40 | | | | | 627,550 | | |
| | | | | | | | Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes: | | | | | | | |
| | | | 400,000 | | | | 2.160% due 3/31/34(a) | | | | | 371,844 | | |
| | | | 700,000 | | | | 2.940% due 9/30/40(a) | | | | | 643,729 | | |
| | | | 250,000 | | | | 2.940% due 9/30/40 | | | | | 229,903 | | |
| | | | 200,000 | | | | Gran Tierra Energy Inc., Company Guaranteed Notes, 7.750% due 5/23/27(a) | | | | | 181,500 | | |
| | | | 400,000 | | | | Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes,
6.250% due 2/15/25 | | | | | 363,184 | | |
| | | | | | | | Gulfport Energy Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 175,000 | | | | 6.375% due 5/15/25(d) | | | | | 18 | | |
| | | | 81,000 | | | | 8.000% due 5/17/26(a) | | | | | 85,657 | | |
| | | | 2,277 | | | | 8.000% due 5/17/26 | | | | | 2,408 | | |
| | | | | | | | Halliburton Co., Senior Unsecured Notes: | | | | | | | |
| | | | 305,000 | | | | 2.920% due 3/1/30 | | | | | 299,786 | | |
| | | | 235,000 | | | | 4.850% due 11/15/35 | | | | | 258,896 | | |
| | | | 295,000 | | | | Hess Corp., Senior Unsecured Notes, 7.300% due 8/15/31 | | | | | 374,096 | | |
| | | | | | | | Hess Midstream Operations LP, Company Guaranteed Notes: | | | | | | | |
| �� | | | 160,000 | | | | 5.625% due 2/15/26(a) | | | | | 164,000 | | |
| | | | 145,000 | | | | 5.125% due 6/15/28(a) | | | | | 148,094 | | |
| | | | 165,000 | | | | 4.250% due 2/15/30(a) | | | | | 159,278 | | |
| | | | 190,000 | | | | Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 6.250% due
11/1/28(a) | | | | | 193,675 | | |
| | | | 560,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 4.700% due 5/1/25 | | | | | 594,763 | | |
| | | | | | | | MEG Energy Corp., Company Guaranteed Notes: | | | | | | | |
| | | | 175,000 | | | | 7.125% due 2/1/27(a) | | | | | 182,551 | | |
| | | | 20,000 | | | | 5.875% due 2/1/29(a) | | | | | 20,218 | | |
| | | | 120,000 | | | | Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500% due
1/15/26(a) | | | | | 106,200 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | | | | | | MPLX LP, Senior Unsecured Notes: | |
| | | $ | 305,000 | | | | 1.750% due 3/1/26 | | | | $ | 292,310 | | |
| | | | 315,000 | | | | 4.125% due 3/1/27 | | | | | 331,257 | | |
| | | | 210,000 | | | | 4.000% due 3/15/28 | | | | | 218,997 | | |
| | | | 60,000 | | | | Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a) | | | | | 61,950 | | |
| | | | 140,000 | | | | NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes,
7.500% due 2/1/26(a) | | | | | 140,577 | | |
| | | | 85,000 | | | | NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed
Notes, 7.500% due 4/15/26 | | | | | 73,525 | | |
| | | | 265,000 | | | | NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26 | | | | | 269,240 | | |
| | | | 125,000 | | | | Oasis Petroleum Inc., Company Guaranteed Notes, 6.375% due 6/1/26(a) | | | | | 127,187 | | |
| | | | | | | | Occidental Petroleum Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 95,000 | | | | 8.000% due 7/15/25 | | | | | 107,485 | | |
| | | | 225,000 | | | | 6.625% due 9/1/30 | | | | | 261,825 | | |
| | | | 205,000 | | | | 6.125% due 1/1/31 | | | | | 233,106 | | |
| | | | 45,000 | | | | 6.450% due 9/15/36 | | | | | 52,988 | | |
| | | | 45,000 | | | | 6.600% due 3/15/46 | | | | | 53,775 | | |
| | | | 200,000 | | | | Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 7/14/27 | | | | | 188,502 | | |
| | | | 140,000 | | | | Par Petroleum LLC/Par Petroleum Finance Corp., Senior Secured Notes, 7.750%
due 12/15/25(a) | | | | | 141,400 | | |
| | | | | | | | Parkland Corp., Company Guaranteed Notes: | | |
| | | | 95,000 | | | | 4.500% due 10/1/29(a) | | | | | 89,577 | | |
| | | | 70,000 | | | | 4.625% due 5/1/30(a) | | | | | 66,238 | | |
| | | | 40,000 | | | | PBF Holding Co. LLC/PBF Finance Corp., Company Guaranteed Notes, 6.000%
due 2/15/28 | | | | | 29,265 | | |
| | | | 60,363 | | | | Peabody Energy Corp., Senior Secured Notes, 8.500% due 12/31/24(a)(b) | | | | | 63,381 | | |
| | | | | | | | Petrobras Global Finance BV, Company Guaranteed Notes: | | | | | | | |
| | | | 500,000 | | | | 6.750% due 6/3/50 | | | | | 484,700 | | |
| | | | 100,000 | | | | 5.500% due 6/10/51 | | | | | 85,335 | | |
| | | | 150,000 | | | | Petroleos Mexicanos, Company Guaranteed Notes, 6.750% due 9/21/47 | | | | | 124,605 | | |
| | | | 65,000 | | | | PIC AU Holdings LLC/PIC AU Holdings Corp., Senior Secured Notes, 10.000%
due 12/31/24(a) | | | | | 66,950 | | |
| | | | 375,000 | | | | Pioneer Natural Resources Co., Senior Unsecured Notes, 1.125% due 1/15/26 | | | | | 356,308 | | |
| | | | | | | | Qatar Energy, Senior Unsecured Notes: | | | | | | | |
| | | | 955,000 | | | | 2.250% due 7/12/31(a) | | | | | 899,572 | | |
| | | | 500,000 | | | | 2.250% due 7/12/31 | | | | | 470,980 | | |
| | | | 110,000 | | | | Rattler Midstream LP, Company Guaranteed Notes, 5.625% due 7/15/25(a) | | | | | 111,925 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | | | | | | Sabine Pass Liquefaction LLC, Senior Secured Notes: | | |
| | | $ | 435,000 | | | | 5.000% due 3/15/27 | | | | $ | 471,969 | | |
| | | | 200,000 | | | | 4.500% due 5/15/30 | | | | | 215,758 | | |
| | | | 6,030,000 | | | | Schlumberger Investment SA, Company Guaranteed Notes, 2.650% due
6/26/30 | | | | | 5,854,825 | | |
| | | | | | | | Shell International Finance BV, Company Guaranteed Notes: | |
| | | | 600,000 | | | | 3.250% due 4/6/50 | | | | | 574,649 | | |
| | | | 365,000 | | | | 3.000% due 11/26/51 | | | | | 332,378 | | |
| | | | | | | | Southwestern Energy Co., Company Guaranteed Notes: | | |
| | | | 85,000 | | | | 5.375% due 2/1/29 | | | | | 87,445 | | |
| | | | 95,000 | | | | 4.750% due 2/1/32 | | | | | 94,470 | | |
| | | | 105,000 | | | | SunCoke Energy Inc., Senior Secured Notes, 4.875% due 6/30/29(a) | | | | | 100,693 | | |
| | | | | | | | Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes: | | |
| | | | 105,000 | | | | 6.000% due 4/15/27 | | | | | 108,385 | | |
| | | | 55,000 | | | | 4.500% due 5/15/29 | | | | | 52,707 | | |
| | | | 190,000 | | | | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company
Guaranteed Notes, 4.875% due 2/1/31 | | | | | 195,318 | | |
| | | | 6,275,000 | | | | Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due
3/1/30(a) | | | | | 6,017,050 | | |
| | | | 600,000 | | | | TotalEnergies Capital International SA, Company Guaranteed Notes, 3.386% due
6/29/60 | | | | | 555,586 | | |
| | | | | | | | TransCanada PipeLines Ltd., Senior Unsecured Notes: | | |
| | | | 485,000 | | | | 1.000% due 10/12/24 | | | | | 469,708 | | |
| | | | 480,000 | | | | 2.500% due 10/12/31 | | | | | 448,417 | | |
| | | | 50,000 | | | | Transocean Inc., Company Guaranteed Notes, 11.500% due 1/30/27(a) | | | | | 50,000 | | |
| | | | 281,250 | | | | Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(a) | | | | | 274,624 | | |
| | | | 336,671 | | | | UEP Penonome II SA, Senior Secured Notes, 6.500% due 10/1/38(a) | | | | | 350,141 | | |
| | | | 325,000 | | | | USA Compression Partners LP/USA Compression Finance Corp., Company
Guaranteed Notes, 6.875% due 9/1/27 | | | | | 325,228 | | |
| | | | | | | | Valero Energy Corp., Senior Unsecured Notes: | | |
| | | | 101,000 | | | | 2.850% due 4/15/25 | | | | | 101,740 | | |
| | | | 100,000 | | | | 4.000% due 6/1/52 | | | | | 95,408 | | |
| | | | 130,000 | | | | Venture Global Calcasieu Pass LLC, Senior Secured Notes, 4.125% due
8/15/31(a) | | | | | 128,700 | | |
| | | | 125,000 | | | | Viper Energy Partners LP, Company Guaranteed Notes, 5.375% due 11/1/27(a) | | | | | 128,250 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Energy – (continued) | |
| | | | | | | | Weatherford International Ltd.: | | |
| | | | | | | | Company Guaranteed Notes: | | |
| | | $ | 96,000 | | | | 11.000% due 12/1/24(a) | | | | $ | 99,360 | | |
| | | | 50,000 | | | | 8.625% due 4/30/30(a) | | | | | 50,750 | | |
| | | | 55,000 | | | | Senior Secured Notes, 6.500% due 9/15/28(a) | | | | | 56,939 | | |
| | | | | | | | Western Midstream Operating LP, Senior Unsecured Notes: | | |
| | | | 150,000 | | | | 3.600% due 2/1/25 | | | | | 150,375 | | |
| | | | 155,000 | | | | 4.550% due 2/1/30 | | | | | 159,427 | | |
| | | | 285,000 | | | | Williams Cos., Inc., Senior Unsecured Notes, 3.750% due 6/15/27 | | | | | 297,080 | | |
| | | | | | | | Total Energy | | | | | 53,596,822 | | |
| | Financial – 10.1% | |
| | | | | | | | Acrisure LLC/Acrisure Finance Inc.: | | |
| | | | 95,000 | | | | Senior Secured Notes, 4.250% due 2/15/29(a) | | | | | 89,300 | | |
| | | | 80,000 | | | | Senior Unsecured Notes, 6.000% due 8/1/29(a) | | | | | 72,126 | | |
| | | | | | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes: | | |
| | | | 980,000 | | | | 4.500% due 9/15/23 | | | | | 1,009,458 | | |
| | | | 4,195,000 | | | | 1.650% due 10/29/24 | | | | | 4,071,242 | | |
| | | | 1,000,000 | | | | 3.300% due 1/30/32 | | | | | 949,376 | | |
| | | | 590,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.250% due 3/1/25 | | | | | 593,485 | | |
| | | | 835,000 | | | | Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 1.875% due
2/1/33 | | | | | 738,170 | | |
| | | | 135,000 | | | | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior
Unsecured Notes, 6.750% due 10/15/27(a) | | | | | 131,962 | | |
| | | | | | | | American Express Co., Senior Unsecured Notes: | | |
| | | | 515,000 | | | | 4.200% due 11/6/25 | | | | | 547,353 | | |
| | | | 5,020,000 | | | | 0.700% (SOFRRATE + 0.650)% due 11/4/26(e) | | | | | 5,071,453 | | |
| | | | 1,575,000 | | | | American International Group Inc., Senior Unsecured Notes, 2.500% due
6/30/25 | | | | | 1,581,952 | | |
| | | | | | | | American Tower Corp., Senior Unsecured Notes: | | |
| | | | 435,000 | | | | 1.450% due 9/15/26 | | | | | 412,204 | | |
| | | | 3,980,000 | | | | 3.950% due 3/15/29 | | | | | 4,124,288 | | |
| | | | 3,700,000 | | | | American Tower Trust #1, Asset Backed, 3.070% due 3/15/23(a) | | | | | 3,708,339 | | |
| | | | 180,000 | | | | AmWINS Group Inc., Senior Unsecured Notes, 4.875% due 6/30/29(a) | | | | | 171,450 | | |
| | | | | | | | Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes: | | |
| | | | 80,000 | | | | 2.850% due 5/28/27 | | | | | 80,560 | | |
| | | | 225,000 | | | | 3.900% due 2/28/52 | | | | | 225,928 | | |
| | | | 625,000 | | | | Ares Capital Corp., Senior Unsecured Notes, 2.875% due 6/15/27 | | | | | 596,600 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | | | | | | AssuredPartners Inc., Senior Unsecured Notes: | | |
| | | $ | 160,000 | | | | 7.000% due 8/15/25(a) | | | | $ | 158,400 | | |
| | | | 25,000 | | | | 5.625% due 1/15/29(a) | | | | | 22,995 | | |
| | | | 800,000 | | | | Athene Global Funding, Secured Notes, 2.646% due 10/4/31(a) | | | | | 749,616 | | |
| | | | 690,000 | | | | Athene Holding Ltd., Senior Unsecured Notes, 3.950% due 5/25/51 | | | | | 658,335 | | |
| | | | | | | | Avolon Holdings Funding Ltd.: | | |
| | | | 215,000 | | | | Company Guaranteed Notes, 3.250% due 2/15/27(a) | | | | | 210,973 | | |
| | | | 405,000 | | | | Senior Unsecured Notes, 2.125% due 2/21/26(a) | | | | | 391,488 | | |
| | | | 200,000 | | | | Banco Davivienda SA, Junior Subordinated Notes, 6.650% (5-Year CMT Index +
5.097)%(a)(c)(e) | | | | | 188,916 | | |
| | | | 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)(e) | | | | | 192,600 | | |
| | | | 150,000 | | | | Banco Internacional del Peru SAA Interbank, Subordinated Notes, 4.000%
(1-Year CMT Index + 3.711)% due 7/8/30(e) | | | | | 144,000 | | |
| | | | 650,000 | | | | Banco Macro SA, Subordinated Notes, 6.643% (5-Year USD Swap Rate +
5.463)% due 11/4/26(e) | | | | | 542,750 | | |
| | | | 400,000 | | | | Banco Mercantil del Norte SA, Junior Subordinated Notes, 7.625% (5-Year CMT
Index + 5.353)%(c)(e) | | | | | 392,220 | | |
| | | | 300,000 | | | | Bangkok Bank PCL, Junior Subordinated Notes, 5.000% (5-Year CMT Index +
4.729)%(c)(e) | | | | | 299,538 | | |
| | | | | | | | Bank of America Corp.: | | | | | | | |
| | | | | | | | Senior Unsecured Notes: | |
| | | | 2,375,000 | | | | 2.456% (3-Month USD-LIBOR + 0.870)% due 10/22/25(e) | | | | | 2,369,077 | | |
| | | | 230,000 | | | | 3.559% (3-Month USD-LIBOR + 1.060)% due 4/23/27(e) | | | | | 236,103 | | |
| | | | 885,000 | | | | 3.824% (3-Month USD-LIBOR + 1.575)% due 1/20/28(e) | | | | | 921,446 | | |
| | | | 1,000,000 | | | | 3.974% (3-Month USD-LIBOR + 1.210)% due 2/7/30(e) | | | | | 1,047,318 | | |
| | | | 6,075,000 | | | | 1.922% (SOFRRATE + 1.370)% due 10/24/31(e) | | | | | 5,499,926 | | |
| | | | 415,000 | | | | 2.572% (SOFRRATE + 1.210)% due 10/20/32(e) | | | | | 392,889 | | |
| | | | 685,000 | | | | 3.311% (SOFRRATE + 1.580)% due 4/22/42(e) | | | | | 656,506 | | |
| | | | 2,345,000 | | | | 4.083% (3-Month USD-LIBOR + 3.150)% due 3/20/51(e) | | | | | 2,516,097 | | |
| | | | 995,000 | | | | Subordinated Notes, 2.482% (5-Year CMT Index + 1.200)% due 9/21/36(e) | | | | | 903,202 | | |
| | | | 690,000 | | | | Bank of Montreal, Subordinated Notes, 3.088% (5-Year CMT Index + 1.400)%
due 1/10/37(e) | | | | | 658,073 | | |
| | | | | | | | Bank of New York Mellon Corp., Senior Unsecured Notes: | | |
| | | | 280,000 | | | | 2.100% due 10/24/24 | | | | | 280,871 | | |
| | | | 115,000 | | | | 2.450% due 8/17/26 | | | | | 116,490 | | |
| | | | 1,300,000 | | | | 2.050% due 1/26/27 | | | | | 1,284,819 | | |
| | | | 1,050,000 | | | | Bank of Nova Scotia, Senior Unsecured Notes, 1.950% due 2/2/27 | | | | | 1,019,100 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 5,000,000 | | | | Barclays PLC, Senior Unsecured Notes, 4.375% due 1/12/26 | | | | $ | 5,267,988 | | |
| | | | 525,000 | | | | Berkshire Hathaway Finance Corp., Company Guaranteed Notes, 4.200% due
8/15/48 | | | | | 580,842 | | |
| | | | 1,170,000 | | | | BlackRock Inc., Senior Unsecured Notes, 1.900% due 1/28/31 | | | | | 1,086,655 | | |
| | | | 795,000 | | | | Blackstone Holdings Finance Co. LLC, Company Guaranteed Notes, 2.000% due
1/30/32(a) | | | | | 721,489 | | |
| | | | | | | | BNP Paribas SA, Senior Unsecured Notes: | | |
| | | | 935,000 | | | | 2.219% (SOFRRATE + 2.074)% due 6/9/26(a)(e) | | | | | 916,031 | | |
| | | | 495,000 | | | | 1.323% (SOFRRATE + 1.004)% due 1/13/27(a)(e) | | | | | 465,343 | | |
| | | | 845,000 | | | | BOC Aviation USA Corp., Company Guaranteed Notes, 1.625% due 4/29/24(a) | | | | | 830,389 | | |
| | | | | | | | Boston Properties LP, Senior Unsecured Notes: | | |
| | | | 900,000 | | | | 3.650% due 2/1/26 | | | | | 932,058 | | |
| | | | 3,000,000 | | | | 2.750% due 10/1/26 | | | | | 3,009,058 | | |
| | | | 2,983,000 | | | | 3.400% due 6/21/29 | | | | | 3,049,131 | | |
| | | | 520,000 | | | | BPCE SA, Senior Unsecured Notes, 2.045% (SOFRRATE + 1.087)% due
10/19/27(a)(e) | | | | | 498,689 | | |
| | | | | | | | Brighthouse Financial Global Funding, Senior Secured Notes: | | |
| | | | 300,000 | | | | 1.000% due 4/12/24(a) | | | | | 292,046 | | |
| | | | 650,000 | | | | 1.750% due 1/13/25(a) | | | | | 635,766 | | |
| | | | 405,000 | | | | Brighthouse Financial Inc., Senior Unsecured Notes, 3.850% due 12/22/51 | | | | | 353,838 | | |
| | | | 440,000 | | | | Brown & Brown Inc., Senior Unsecured Notes, 2.375% due 3/15/31 | | | | | 409,613 | | |
| | | | 2,301,000 | | | | Charles Schwab Corp., Senior Unsecured Notes, 2.750% due 10/1/29 | | | | | 2,299,367 | | |
| | | | | | | | Citigroup Inc., Senior Unsecured Notes: | | |
| | | | 805,000 | | | | 2.876% (3-Month USD-LIBOR + 0.950)% due 7/24/23(e) | | | | | 809,410 | | |
| | | | 165,000 | | | | 3.352% (3-Month USD-LIBOR + 0.897)% due 4/24/25(e) | | | | | 168,300 | | |
| | | | 1,620,000 | | | | 1.281% (SOFRRATE + 0.528)% due 11/3/25(e) | | | | | 1,568,629 | | |
| | | | 5,000,000 | | | | 3.106% (SOFRRATE + 2.842)% due 4/8/26(e) | | | | | 5,065,476 | | |
| | | | 1,180,000 | | | | 1.462% (SOFRRATE + 0.770)% due 6/9/27(e) | | | | | 1,115,697 | | |
| | | | 1,170,000 | | | | 3.668% (3-Month USD-LIBOR + 1.390)% due 7/24/28(e) | | | | | 1,210,699 | | |
| | | | 1,545,000 | | | | 4.412% (SOFRRATE + 3.914)% due 3/31/31(e) | | | | | 1,673,958 | | |
| | | | 505,000 | | | | 2.520% (SOFRRATE + 1.177)% due 11/3/32(e) | | | | | 475,597 | | |
| | | | 5,000,000 | | | | Credit Suisse Group AG, Senior Unsecured Notes, 4.194% (SOFRRATE +
3.730)% due 4/1/31(a)(e) | | | | | 5,192,739 | | |
| | | | | | | | Crown Castle International Corp., Senior Unsecured Notes: | | |
| | | | 550,000 | | | | 4.300% due 2/15/29 | | | | | 580,503 | | |
| | | | 3,410,000 | | | | 2.100% due 4/1/31 | | | | | 3,070,743 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | | | | | | DBS Group Holdings Ltd., Subordinated Notes: | | |
| | | $ | 300,000 | | | | 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590)% due 12/11/28(e) | | | | $ | 310,975 | | |
| | | | 400,000 | | | | 1.822% (5-Year CMT Index + 1.100)% due 3/10/31(e) | | | | | 385,352 | | |
| | | | 580,000 | | | | Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27 | | | | | 608,296 | | |
| | | | | | | | Equinix Inc., Senior Unsecured Notes: | | |
| | | | 115,000 | | | | 1.800% due 7/15/27 | | | | | 108,866 | | |
| | | | 210,000 | | | | 2.000% due 5/15/28 | | | | | 196,570 | | |
| | | | 395,000 | | | | 2.500% due 5/15/31 | | | | | 365,280 | | |
| | | | 1,225,000 | | | | Equitable Financial Life Global Funding, Secured Notes, 1.800% due 3/8/28(a) | | | | | 1,153,843 | | |
| | | | 6,017,000 | | | | ERP Operating LP, Senior Unsecured Notes, 3.375% due 6/1/25 | | | | | 6,234,822 | | |
| | | | 6,134,000 | | | | Five Corners Funding Trust II, Senior Unsecured Notes, 2.850% due 5/15/30(a) | | | | | 6,037,694 | | |
| | | | | | | | Gilex Holding SARL, Senior Secured Notes: | | |
| | | | 200,000 | | | | 8.500% due 5/2/23(a) | | | | | 200,500 | | |
| | | | 150,000 | | | | 8.500% due 5/2/23 | | | | | 150,375 | | |
| | | | 209,392 | | | | Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% due
9/15/24(a)(b) | | | | | 198,922 | | |
| | | | 260,000 | | | | GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due
1/15/29 | | | | | 282,653 | | |
| | | | | | | | Goldman Sachs Group Inc., Senior Unsecured Notes: | | |
| | | | 1,150,000 | | | | 2.905% (3-Month USD-LIBOR + 0.990)% due 7/24/23(e) | | | | | 1,155,960 | | |
| | | | 660,000 | | | | 0.925% (SOFRRATE + 0.486)% due 10/21/24(e) | | | | | 645,764 | | |
| | | | 1,210,000 | | | | 1.676% (3-Month USD-LIBOR + 1.170)% due 5/15/26(e) | | | | | 1,225,147 | | |
| | | | 335,000 | | | | 3.500% due 11/16/26 | | | | | 343,006 | | |
| | | | 6,865,000 | | | | 1.431% (SOFRRATE + 0.798)% due 3/9/27(e) | | | | | 6,485,392 | | |
| | | | 300,000 | | | | 1.992% (SOFRRATE + 1.090)% due 1/27/32(e) | | | | | 270,473 | | |
| | | | 1,740,000 | | | | 2.615% (SOFRRATE + 1.281)% due 4/22/32(e) | | | | | 1,645,080 | | |
| | | | 830,000 | | | | 2.383% (SOFRRATE + 1.248)% due 7/21/32(e) | | | | | 769,382 | | |
| | | | 140,000 | | | | 2.650% (SOFRRATE + 1.264)% due 10/21/32(e) | | | | | 132,761 | | |
| | | | 190,000 | | | | 3.102% (SOFRRATE + 1.410)% due 2/24/33(e) | | | | | 187,033 | | |
| | | | 310,000 | | | | 6.250% due 2/1/41 | | | | | 406,567 | | |
| | | | 635,000 | | | | Guardian Life Global Funding, Secured Notes, 1.250% due 5/13/26(a) | | | | | 611,224 | | |
| | | | 65,000 | | | | Hightower Holding LLC, Company Guaranteed Notes, 6.750% due 4/15/29(a) | | | | | 65,000 | | |
| | | | | | | | HSBC Holdings PLC, Senior Unsecured Notes: | | |
| | | | 1,950,000 | | | | 3.033% (3-Month USD-LIBOR + 0.923)% due 11/22/23(e) | | | | | 1,965,734 | | |
| | | | 315,000 | | | | 0.976% (SOFRRATE + 0.708)% due 5/24/25(e) | | | | | 304,472 | | |
| | | | 1,685,000 | | | | 4.583% (3-Month USD-LIBOR + 1.535)% due 6/19/29(e) | | | | | 1,792,687 | | |
| | | | 1,400,000 | | | | 3.973% (3-Month USD-LIBOR + 1.610)% due 5/22/30(e) | | | | | 1,444,262 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 735,000 | | | | Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.700%
due 1/15/34 | | | | $ | 669,501 | | |
| | | | | | | | Iron Mountain Inc., Company Guaranteed Notes: | | |
| | | | 70,000 | | | | 4.875% due 9/15/29(a) | | | | | 67,725 | | |
| | | | 100,000 | | | | 4.500% due 2/15/31(a) | | | | | 93,500 | | |
| | | | 105,000 | | | | iStar Inc., Senior Unsecured Notes, 4.750% due 10/1/24 | | | | | 105,787 | | |
| | | | 200,000 | | | | Itau Unibanco Holding SA, Subordinated Notes, 3.875% (5-Year CMT Index +
3.446)% due 4/15/31(e) | | | | | 187,396 | | |
| | | | | | | | JPMorgan Chase & Co., Senior Unsecured Notes: | | |
| | | | 1,305,000 | | | | 3.300% due 4/1/26 | | | | | 1,344,568 | | |
| | | | 4,170,000 | | | | 3.960% (3-Month USD-LIBOR + 1.245)% due 1/29/27(e) | | | | | 4,362,628 | | |
| | | | 730,000 | | | | 3.509% (3-Month USD-LIBOR + 0.945)% due 1/23/29(e) | | | | | 748,902 | | |
| | | | 5,817,000 | | | | 2.522% (SOFRRATE + 2.040)% due 4/22/31(e) | | | | | 5,564,510 | | |
| | | | 980,000 | | | | 2.580% (SOFRRATE + 1.250)% due 4/22/32(e) | | | | | 938,750 | | |
| | | | 970,000 | | | | 2.545% (SOFRRATE + 1.180)% due 11/8/32(e) | | | | | 926,731 | | |
| | | | 610,000 | | | | 2.963% (SOFRRATE + 1.260)% due 1/25/33(e) | | | | | 602,933 | | |
| | | | 560,000 | | | | 3.157% (SOFRRATE + 1.460)% due 4/22/42(e) | | | | | 525,583 | | |
| | | | 500,000 | | | | Kasikornbank PCL, Junior Subordinated Notes, 5.275% (5-Year CMT Index +
4.940)%(c)(e) | | | | | 498,750 | | |
| | | | 575,000 | | | | KeyCorp, Senior Unsecured Notes, 2.550% due 10/1/29 | | | | | 557,605 | | |
| | | | | | | | Kimco Realty Corp., Senior Unsecured Notes: | | |
| | | | 1,012,000 | | | | 3.500% due 4/15/23 | | | | | 1,025,831 | | |
| | | | 300,000 | | | | 4.450% due 1/15/24 | | | | | 310,401 | | |
| | | | 15,000 | | | | LD Holdings Group LLC, Company Guaranteed Notes, 6.125% due 4/1/28(a) | | | | | 13,376 | | |
| | | | 90,000 | | | | LFS Topco LLC, Company Guaranteed Notes, 5.875% due 10/15/26(a) | | | | | 89,905 | | |
| | | | 700,000 | | | | Macquarie Group Ltd., Senior Unsecured Notes, 2.871% (SOFRRATE + 1.532)%
due 1/14/33(a)(e) | | | | | 661,339 | | |
| | | | 555,000 | | | | Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 4.750% due 3/15/39 | | | | | 636,005 | | |
| | | | | | | | Massachusetts Mutual Life Insurance Co., Subordinated Notes: | | |
| | | | 615,000 | | | | 3.375% due 4/15/50(a) | | | | | 580,568 | | |
| | | | 150,000 | | | | 3.729% due 10/15/70(a) | | | | | 141,341 | | |
| | | | 405,000 | | | | Mastercard Inc., Senior Unsecured Notes, 2.950% due 3/15/51 | | | | | 380,246 | | |
| | | | 1,235,000 | | | | Metropolitan Life Global Funding I, Secured Notes, 2.400% due 1/11/32(a) | | | | | 1,189,786 | | |
| | | | | | | | Morgan Stanley: | | |
| | | | | | | | Senior Unsecured Notes: | | |
| | | | 310,000 | | | | 3.700% due 10/23/24 | | | | | 320,412 | | |
| | | | 1,120,000 | | | | 1.593% (SOFRRATE + 0.879)% due 5/4/27(e) | | | | | 1,065,157 | | |
| | | | 825,000 | | | | 2.475% (SOFRRATE + 1.000)% due 1/21/28(e) | | | | | 811,098 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 5,031,000 | | | | 3.591% (3-Month USD-LIBOR + 1.340)% due 7/22/28(e) | | | | $ | 5,194,154 | | |
| | | | 3,600,000 | | | | 2.699% (SOFRRATE + 1.143)% due 1/22/31(e) | | | | | 3,483,209 | | |
| | | | 675,000 | | | | 1.928% (SOFRRATE + 1.020)% due 4/28/32(e) | | | | | 607,540 | | |
| | | | 105,000 | | | | 2.511% (SOFRRATE + 1.200)% due 10/20/32(e) | | | | | 99,139 | | |
| | | | 1,320,000 | | | | Subordinated Notes, 2.484% (SOFRRATE + 1.360)% due 9/16/36(e) | | | | | 1,198,754 | | |
| | | | 145,000 | | | | Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 5.750% due
11/15/31(a) | | | | | 140,287 | | |
| | | | 100,000 | | | | Navient Corp., Senior Unsecured Notes, 5.000% due 3/15/27 | | | | | 96,500 | | |
| | | | 140,000 | | | | New York Life Insurance Co., Subordinated Notes, 3.750% due 5/15/50(a) | | | | | 143,836 | | |
| | | | | | | | NFP Corp.: | |
| | | | 125,000 | | | | Senior Secured Notes, 4.875% due 8/15/28(a) | | | | | 120,603 | | |
| | | | 135,000 | | | | Senior Unsecured Notes, 6.875% due 8/15/28(a) | | | | | 125,516 | | |
| | | | 5,275,000 | | | | Office Properties Income Trust, Senior Unsecured Notes, 4.500% due 2/1/25 | | | | | 5,405,394 | | |
| | | | | | | | OneMain Finance Corp., Company Guaranteed Notes: | | |
| | | | 115,000 | | | | 7.125% due 3/15/26 | | | | | 124,660 | | |
| | | | 40,000 | | | | 6.625% due 1/15/28 | | | | | 42,736 | | |
| | | | 90,000 | | | | 5.375% due 11/15/29 | | | | | 90,527 | | |
| | | | 1,545,000 | | | | Ontario Teachers’ Cadillac Fairview Properties Trust, Senior Unsecured Notes,
2.500% due 10/15/31(a) | | | | | 1,470,411 | | |
| | | | 60,000 | | | | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance
Co.-Issuer, Senior Secured Notes, 4.875% due 5/15/29(a) | | | | | 57,825 | | |
| | | | | | | | PennyMac Financial Services Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 95,000 | | | | 5.375% due 10/15/25(a) | | | | | 94,525 | | |
| | | | 110,000 | | | | 4.250% due 2/15/29(a) | | | | | 98,450 | | |
| | | | 275,000 | | | | Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes,
4.200% due 4/1/27(a) | | | | | 293,893 | | |
| | | | 1,045,000 | | | | PNC Bank N.A., Senior Unsecured Notes, 2.500% due 8/27/24 | | | | | 1,055,371 | | |
| | | | 435,000 | | | | Progressive Corp., Senior Unsecured Notes, 3.200% due 3/26/30 | | | | | 448,577 | | |
| | | | | | | | Realogy Group LLC/Realogy Co.-Issuer Corp., Company Guaranteed Notes: | | |
| | | | 65,000 | | | | 5.750% due 1/15/29(a) | | | | | 64,269 | | |
| | | | 180,000 | | | | 5.250% due 4/15/30(a) | | | | | 171,540 | | |
| | | | 175,000 | | | | Realty Income Corp., Senior Unsecured Notes, 2.850% due 12/15/32 | | | | | 170,182 | | |
| | | | 3,720,000 | | | | Royal Bank of Canada, Senior Unsecured Notes, 0.759% (SOFRRATE +
0.710)% due 1/21/27(e) | | | | | 3,723,027 | | |
| | | | 110,000 | | | | Ryan Specialty Group LLC, Senior Secured Notes, 4.375% due 2/1/30(a) | | | | | 105,825 | | |
| | | | | | | | Santander Holdings USA Inc., Senior Unsecured Notes: | | |
| | | | 590,000 | | | | 3.400% due 1/18/23 | | | | | 598,729 | | |
| | | | 625,000 | | | | 2.490% (SOFRRATE + 1.249)% due 1/6/28(e) | | | | | 607,107 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 250,000 | | | | Shinhan Financial Group Co., Ltd., Junior Subordinated Notes, 2.875% (5-Year
CMT Index + 2.064)%(a)(c)(e) | | | | $ | 237,500 | | |
| | | | | | | | Simon Property Group LP, Senior Unsecured Notes: | | |
| | | | 3,000,000 | | | | 3.500% due 9/1/25 | | | | | 3,097,485 | | |
| | | | 1,905,000 | | | | 2.200% due 2/1/31 | | | | | 1,782,028 | | |
| | | | 7,000,000 | | | | Standard Chartered PLC, Senior Unsecured Notes, 1.456% (1-Year CMT Index +
1.000)% due 1/14/27(a)(e) | | | | | 6,571,899 | | |
| | | | 1,470,000 | | | | State Street Corp., Senior Unsecured Notes, 3.776% (3-Month USD-LIBOR +
0.770)% due 12/3/24(e) | | | | | 1,517,107 | | |
| | | | 4,000,000 | | | | Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 0.850% due
3/25/24(a) | | | | | 3,896,998 | | |
| | | | | | | | Temasek Financial I Ltd., Company Guaranteed Notes: | | |
| | | | 800,000 | | | | 1.000% due 10/6/30(a) | | | | | 718,720 | | |
| | | | 250,000 | | | | 1.000% due 10/6/30 | | | | | 224,600 | | |
| | | | 1,360,000 | | | | Truist Financial Corp., Senior Unsecured Notes, 1.887% (SOFRRATE + 0.862)%
due 6/7/29(e) | | | | | 1,284,167 | | |
| | | | 1,254,000 | | | | UBS Group AG, Senior Unsecured Notes, 1.364% (1-Year CMT Index + 1.080)%
due 1/30/27(a)(e) | | | | | 1,188,419 | | |
| | | | 5,160,000 | | | | UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30 | | | | | 5,168,245 | | |
| | | | 623,000 | | | | Unifin Financiera SAB de CV, Junior Subordinated Notes, 8.875% (5-Year CMT
Index + 6.308)%(c)(e) | | | | | 286,191 | | |
| | | | 300,000 | | | | United Overseas Bank Ltd., Junior Subordinated Notes, 3.875% (5-Year USD
Swap Rate + 1.794)%(c)(e) | | | | | 301,500 | | |
| | | | 70,000 | | | | Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Company
Guaranteed Notes, 6.500% due 2/15/29(a) | | | | | 64,874 | | |
| | | | 5,480,000 | | | | Ventas Realty LP, Company Guaranteed Notes, 3.500% due 2/1/25 | | | | | 5,645,321 | | |
| | | | 220,000 | | | | Visa Inc., Senior Unsecured Notes, 4.300% due 12/14/45 | | | | | 254,630 | | |
| | | | 245,000 | | | | Vornado Realty LP, Senior Unsecured Notes, 2.150% due 6/1/26 | | | | | 237,857 | | |
| | | | | | | | Wells Fargo & Co.: | | |
| | | | | | | | Senior Unsecured Notes: | | |
| | | | 620,000 | | | | 3.000% due 4/22/26 | | | | | 629,481 | | |
| | | | 3,969,000 | | | | 2.188% (SOFRRATE + 2.000)% due 4/30/26(e) | | | | | 3,916,585 | | |
| | | | 570,000 | | | | 3.584% (3-Month USD-LIBOR + 1.310)% due 5/22/28(e) | | | | | 588,577 | | |
| | | | 680,000 | | | | 3.350% (SOFRRATE + 1.500)% due 3/2/33(e) | | | | | 688,686 | | |
| | | | 495,000 | | | | 5.013% (SOFRRATE + 4.502)% due 4/4/51(e) | | | | | 609,538 | | |
| | | | 175,000 | | | | Subordinated Notes, 4.900% due 11/17/45 | | | | | 198,531 | | |
| | | | | | | | Welltower Inc., Senior Unsecured Notes: | | |
| | | | 390,000 | | | | 2.700% due 2/15/27 | | | | | 393,719 | | |
| | | | 640,000 | | | | 2.050% due 1/15/29 | | | | | 605,667 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 5,725,000 | | | | 2.750% due 1/15/32 | | | | $ | 5,476,371 | | |
| | | | 625,000 | | | | Westpac Banking Corp., Subordinated Notes, 3.020% (5-Year CMT Index +
1.530)% due 11/18/36(e) | | | | | 581,633 | | |
| | | | 775,000 | | | | Willis North America Inc., Company Guaranteed Notes, 2.950% due 9/15/29 | | | | | 759,114 | | |
| | | | 400,000 | | | | Woori Bank, Junior Subordinated Notes, 4.250% (5-Year CMT Index +
2.664)%(c)(e) | | | | | 404,000 | | |
| | | | | | | | XHR LP, Senior Secured Notes: | | |
| | | | 100,000 | | | | 6.375% due 8/15/25(a) | | | | | 103,000 | | |
| | | | 170,000 | | | | 4.875% due 6/1/29(a) | | | | | 165,325 | | |
| | | | | | | | Total Financial | | | | | 221,843,828 | | |
| | Industrial – 1.4% | |
| | | | 130,000 | | | | Advanced Drainage Systems Inc., Company Guaranteed Notes, 5.000% due
9/30/27(a) | | | | | 130,970 | | |
| | | | 200,000 | | | | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance
PLC, Senior Unsecured Notes, 4.000% due 9/1/29(a) | | | | | 187,560 | | |
| | | | 200,000 | | | | Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company
Guaranteed Notes, 5.250% due 8/15/27(a) | | | | | 190,113 | | |
| | | | 565,000 | | | | Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28 | | | | | 587,827 | | |
| | | | 610,000 | | | | Berry Global Inc., Senior Secured Notes, 0.950% due 2/15/24 | | | | | 593,258 | | |
| | | | | | | | Boeing Co., Senior Unsecured Notes: | | | | | | | |
| | | | 1,025,000 | | | | 5.040% due 5/1/27 | | | | | 1,113,507 | | |
| | | | 615,000 | | | | 2.950% due 2/1/30 | | | | | 588,761 | | |
| | | | 105,000 | | | | Bombardier Inc., Senior Unsecured Notes, 7.875% due 4/15/27(a) | | | | | 106,470 | | |
| | | | | | | | Builders FirstSource Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 140,000 | | | | 5.000% due 3/1/30(a) | | | | | 143,397 | | |
| | | | 90,000 | | | | 4.250% due 2/1/32(a) | | | | | 86,392 | | |
| | | | 420,000 | | | | Canadian Pacific Railway Co., Company Guaranteed Notes, 2.450% due
12/2/31 | | | | | 403,087 | | |
| | | | | | | | Carrier Global Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 270,000 | | | | 2.242% due 2/15/25 | | | | | 269,239 | | |
| | | | 295,000 | | | | 3.577% due 4/5/50 | | | | | 280,555 | | |
| | | | 415,000 | | | | Caterpillar Inc., Senior Unsecured Notes, 2.600% due 4/9/30 | | | | | 414,650 | | |
| | | | 45,000 | | | | Clean Harbors Inc., Company Guaranteed Notes, 5.125% due 7/15/29(a) | | | | | 45,976 | | |
| | | | 160,000 | | | | Cornerstone Building Brands Inc., Company Guaranteed Notes, 6.125% due
1/15/29(a) | | | | | 153,200 | | |
| | | | 590,000 | | | | CSX Corp., Senior Unsecured Notes, 3.350% due 9/15/49 | | | | | 566,079 | | |
| | | | 1,115,000 | | | | DAE Funding LLC, Company Guaranteed Notes, 1.550% due 8/1/24(a) | | | | | 1,069,952 | | |
| | | | 145,000 | | | | Energizer Holdings Inc., Company Guaranteed Notes, 4.750% due 6/15/28(a) | | | | | 137,025 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Industrial – (continued) | |
| | | $ | 535,000 | | | | FedEx Corp., Company Guaranteed Notes, 4.750% due 11/15/45 | | | | $ | 592,561 | | |
| | | | 75,000 | | | | First Student Bidco Inc./First Transit Parent Inc., Senior Secured Notes, 4.000%
due 7/31/29(a) | | | | | 70,874 | | |
| | | | 115,000 | | | | Fortress Transportation & Infrastructure Investors LLC, Senior Unsecured Notes,
5.500% due 5/1/28(a) | | | | | 109,825 | | |
| | | | 210,000 | | | | GFL Environmental Inc., Company Guaranteed Notes, 4.000% due 8/1/28(a) | | | | | 195,075 | | |
| | | | 145,000 | | | | GrafTech Finance Inc., Senior Secured Notes, 4.625% due 12/15/28(a) | | | | | 140,904 | | |
| | | | 200,000 | | | | Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28 | | | | | 199,225 | | |
| | | | 140,000 | | | | II-VI Inc., Company Guaranteed Notes, 5.000% due 12/15/29(a) | | | | | 139,849 | | |
| | | | 85,000 | | | | Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co.-Issuer LLC,
Senior Secured Notes, 6.000% due 9/15/28(a) | | | | | 82,614 | | |
| | | | 240,000 | | | | Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(a) | | | | | 235,560 | | |
| | | | 730,000 | | | | John Deere Capital Corp., Senior Unsecured Notes, 1.750% due 3/9/27 | | | | | 715,198 | | |
| | | | 505,000 | | | | L3Harris Technologies Inc., Senior Unsecured Notes, 3.850% due 6/15/23 | | | | | 517,715 | | |
| | | | 220,000 | | | | Lockheed Martin Corp., Senior Unsecured Notes, 4.090% due 9/15/52 | | | | | 240,427 | | |
| | | | | | | | Madison IAQ LLC: | | | | | | | |
| | | | 70,000 | | | | Senior Secured Notes, 4.125% due 6/30/28(a) | | | | | 66,219 | | |
| | | | 75,000 | | | | Senior Unsecured Notes, 5.875% due 6/30/29(a) | | | | | 68,063 | | |
| | | | 145,000 | | | | Norfolk Southern Corp., Senior Unsecured Notes, 3.400% due 11/1/49 | | | | | 140,401 | | |
| | | | | | | | Northrop Grumman Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 4,875,000 | | | | 2.930% due 1/15/25 | | | | | 4,967,949 | | |
| | | | 665,000 | | | | 5.150% due 5/1/40 | | | | | 786,974 | | |
| | | | 1,365,000 | | | | Otis Worldwide Corp., Senior Unsecured Notes, 2.565% due 2/15/30 | | | | | 1,319,510 | | |
| | | | | | | | Raytheon Technologies Corp., Senior Unsecured Notes: | |
| | | | 1,140,000 | | | | 3.125% due 5/4/27 | | | | | 1,172,530 | | |
| | | | 310,000 | | | | 3.030% due 3/15/52 | | | | | 277,830 | | |
| | | | 45,000 | | | | Roller Bearing Co. of America Inc., Senior Unsecured Notes, 4.375% due
10/15/29(a) | | | | | 43,425 | | |
| | | | 70,000 | | | | Seaspan Corp., Senior Unsecured Notes, 5.500% due 8/1/29(a) | | | | | 66,675 | | |
| | | | 920,000 | | | | Siemens Financieringsmaatschappij NV, Company Guaranteed Notes, 1.200%
due 3/11/26(a) | | | | | 880,989 | | |
| | | | 797,025 | | | | Stoneway Capital Corp., Senior Secured Notes, 10.000% due 3/1/27(d)(f) | | | | | 227,152 | | |
| | | | 89,000 | | | | Tervita Corp., Secured Notes, 11.000% due 12/1/25(a) | | | | | 101,460 | | |
| | | | 935,000 | | | | Textron Inc., Senior Unsecured Notes, 2.450% due 3/15/31 | | | | | 876,068 | | |
| | | | 75,000 | | | | Titan Acquisition Ltd./Titan Co.-Borrower LLC, Senior Unsecured Notes,
7.750% due 4/15/26(a) | | | | | 73,500 | | |
| | | | 200,000 | | | | TK Elevator US Newco Inc., Senior Secured Notes, 5.250% due 7/15/27(a) | | | | | 198,000 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Industrial – (continued) | |
| | | $ | 95,000 | | | | Trane Technologies Luxembourg Finance SA, Company Guaranteed Notes,
4.500% due 3/21/49 | | | | $ | 104,872 | | |
| | | | | | | | TransDigm Inc.: | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 35,000 | | | | 8.000% due 12/15/25(a) | | | | | 36,548 | | |
| | | | 220,000 | | | | 6.250% due 3/15/26(a) | | | | | 226,325 | | |
| | | | 140,000 | | | | Company Guaranteed Notes, 5.500% due 11/15/27 | | | | | 139,447 | | |
| | | | 140,000 | | | | Trident TPI Holdings Inc., Company Guaranteed Notes, 6.625% due 11/1/25(a) | | | | | 138,595 | | |
| | | | | | | | Triumph Group Inc.: | | | | | | | |
| | | | 109,000 | | | | Company Guaranteed Notes, 7.750% due 8/15/25 | | | | | 109,409 | | |
| | | | 55,000 | | | | Secured Notes, 6.250% due 9/15/24(a) | | | | | 54,588 | | |
| | | | | | | | Union Pacific Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 740,000 | | | | 2.375% due 5/20/31 | | | | | 717,542 | | |
| | | | 20,000 | | | | 2.800% due 2/14/32 | | | | | 20,058 | | |
| | | | 705,000 | | | | 2.973% due 9/16/62 | | | | | 607,202 | | |
| | | | 615,000 | | | | Vontier Corp., Company Guaranteed Notes, 1.800% due 4/1/26 | | | | | 573,321 | | |
| | | | 85,000 | | | | Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(a) | | | | | 80,155 | | |
| | | | | | | | WRKCo Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 580,000 | | | | 3.750% due 3/15/25 | | | | | 603,413 | | |
| | | | 5,245,000 | | | | 3.900% due 6/1/28 | | | | | 5,464,615 | | |
| | | | | | | | Total Industrial | | | | | 30,450,680 | | |
| | Technology – 1.8% | |
| | | | | | | | Apple Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 2,610,000 | | | | 1.125% due 5/11/25 | | | | | 2,544,996 | | |
| | | | 1,090,000 | | | | 3.850% due 5/4/43 | | | | | 1,172,079 | | |
| | | | 45,000 | | | | Austin BidCo Inc., Senior Unsecured Notes, 7.125% due 12/15/28(a) | | | | | 43,988 | | |
| | | | 15,000 | | | | Boxer Parent Co., Inc., Senior Secured Notes, 7.125% due 10/2/25(a) | | | | | 15,525 | | |
| | | | | | | | Broadcom Inc.: | | |
| | | | | | | | Company Guaranteed Notes: | | | | | | | |
| | | | 2,512,000 | | | | 4.110% due 9/15/28 | | | | | 2,639,233 | | |
| | | | 345,000 | | | | 4.300% due 11/15/32 | | | | | 363,495 | | |
| | | | | | | | Senior Unsecured Notes: | | | | | | | |
| | | | 1,322,000 | | | | 3.419% due 4/15/33(a) | | | | | 1,289,126 | | |
| | | | 163,000 | | | | 3.137% due 11/15/35(a) | | | | | 150,973 | | |
| | | | 45,000 | | | | Camelot Finance SA, Senior Secured Notes, 4.500% due 11/1/26(a) | | | | | 45,043 | | |
| | | | 125,000 | | | | Castle US Holding Corp., Senior Unsecured Notes, 9.500% due 2/15/28(a) | | | | | 128,125 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Technology – (continued) | |
| | | | | | | | CDW LLC/CDW Finance Corp., Company Guaranteed Notes: | |
| | | $ | 210,000 | | | | 2.670% due 12/1/26 | | | | $ | 205,327 | | |
| | | | 195,000 | | | | 3.276% due 12/1/28 | | | | | 191,147 | | |
| | | | 180,000 | | | | 3.569% due 12/1/31 | | | | | 174,852 | | |
| | | | 90,000 | | | | Clarivate Science Holdings Corp., Company Guaranteed Notes, 4.875% due
7/1/29(a) | | | | | 84,749 | | |
| | | | 155,000 | | | | Dun & Bradstreet Corp., Company Guaranteed Notes, 5.000% due 12/15/29(a) | | | | | 148,800 | | |
| | | | 1,635,000 | | | | Fiserv Inc., Senior Unsecured Notes, 2.250% due 6/1/27 | | | | | 1,597,290 | | |
| | | | | | | | Intel Corp., Senior Unsecured Notes: | | |
| | | | 335,000 | | | | 2.450% due 11/15/29 | | | | | 327,112 | | |
| | | | 550,000 | | | | 2.800% due 8/12/41 | | | | | 495,170 | | |
| | | | 385,000 | | | | 3.250% due 11/15/49 | | | | | 360,634 | | |
| | | | 290,000 | | | | 3.050% due 8/12/51 | | | | | 263,374 | | |
| | | | 295,000 | | | | International Business Machines Corp., Senior Unsecured Notes, 2.720% due
2/9/32 | | | | | 290,273 | | |
| | | | 630,000 | | | | Kyndryl Holdings Inc., Senior Unsecured Notes, 3.150% due 10/15/31(a) | | | | | 570,951 | | |
| | | | | | | | Marvell Technology Inc., Company Guaranteed Notes: | | | | | | | |
| | | | 475,000 | | | | 1.650% due 4/15/26 | | | | | 457,401 | | |
| | | | 595,000 | | | | 2.450% due 4/15/28 | | | | | 573,747 | | |
| | | | 360,000 | | | | 2.950% due 4/15/31 | | | | | 346,729 | | |
| | | | 770,000 | | | | Microchip Technology Inc., Senior Secured Notes, 2.670% due 9/1/23 | | | | | 776,888 | | |
| | | | 580,000 | | | | Microsoft Corp., Senior Unsecured Notes, 2.921% due 3/17/52 | | | | | 553,798 | | |
| | | | 205,000 | | | | Minerva Merger Sub Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a) | | | | | 197,358 | | |
| | | | 455,000 | | | | NetApp Inc., Senior Unsecured Notes, 1.875% due 6/22/25 | | | | | 445,721 | | |
| | | | | | | | NVIDIA Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 225,000 | | | | 1.550% due 6/15/28 | | | | | 213,037 | | |
| | | | 895,000 | | | | 2.850% due 4/1/30 | | | | | 906,078 | | |
| | | | 2,200,000 | | | | NXP BV/NXP Funding LLC, Company Guaranteed Notes, 4.875% due
3/1/24(a) | | | | | 2,306,450 | | |
| | | | 430,000 | | | | NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes,
3.875% due 6/18/26(a) | | | | | 449,874 | | |
| | | | | | | | Oracle Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 1,140,000 | | | | 2.300% due 3/25/28 | | | | | 1,086,214 | | |
| | | | 435,000 | | | | 2.875% due 3/25/31 | | | | | 415,189 | | |
| | | | 230,000 | | | | 3.600% due 4/1/40 | | | | | 208,322 | | |
| | | | 25,000 | | | | 4.125% due 5/15/45 | | | | | 23,249 | | |
| | | | 335,000 | | | | 4.000% due 7/15/46 | | | | | 307,889 | | |
| | | | 200,000 | | | | 4.000% due 11/15/47 | | | | | 182,527 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Technology – (continued) | |
| | | $ | 2,649,000 | | | | 3.600% due 4/1/50 | | | | $ | 2,302,822 | | |
| | | | 777,000 | | | | 3.950% due 3/25/51 | | | | | 711,764 | | |
| | | | 230,000 | | | | 4.100% due 3/25/61 | | | | | 208,473 | | |
| | | | 210,000 | | | | Qorvo Inc., Company Guaranteed Notes, 1.750% due 12/15/24(a) | | | | | 203,475 | | |
| | | | | | | | salesforce.com Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 220,000 | | | | 3.250% due 4/11/23 | | | | | 224,514 | | |
| | | | 1,185,000 | | | | 1.950% due 7/15/31 | | | | | 1,119,627 | | |
| | | | 60,000 | | | | Science Applications International Corp., Company Guaranteed Notes, 4.875%
due 4/1/28(a) | | | | | 58,547 | | |
| | | | 95,000 | | | | Seagate HDD Cayman, Company Guaranteed Notes, 3.375% due 7/15/31 | | | | | 86,540 | | |
| | | | 4,580,000 | | | | TSMC Arizona Corp., Company Guaranteed Notes, 1.750% due 10/25/26 | | | | | 4,437,424 | | |
| | | | 430,000 | | | | VMware Inc., Senior Unsecured Notes, 2.200% due 8/15/31 | | | | | 393,935 | | |
| | | | 6,680,000 | | | | Xilinx Inc., Senior Unsecured Notes, 2.375% due 6/1/30 | | | | | 6,423,752 | | |
| | | | | | | | Total Technology | | | | | 38,723,606 | | |
| | Utilities – 2.2% | |
| | | | 470,000 | | | | AEP Texas Inc., Senior Unsecured Notes, 3.450% due 1/15/50 | | | | | 435,049 | | |
| | | | 300,000 | | | | AES Andres BV, Company Guaranteed Notes, 5.700% due 5/4/28(a) | | | | | 291,750 | | |
| | | | 425,000 | | | | Alabama Power Co., Senior Unsecured Notes, 3.450% due 10/1/49 | | | | | 405,028 | | |
| | | | 880,000 | | | | American Water Capital Corp., Senior Unsecured Notes, 3.750% due 9/1/28 | | | | | 928,127 | | |
| | | | | | | | Berkshire Hathaway Energy Co., Senior Unsecured Notes: | | | | | | | |
| | | | 775,000 | | | | 6.125% due 4/1/36 | | | | | 981,565 | | |
| | | | 1,100,000 | | | | 5.950% due 5/15/37 | | | | | 1,383,977 | | |
| | | | | | | | Calpine Corp.: | | |
| | | | | | | | Senior Unsecured Notes: | | |
| | | | 60,000 | | | | 5.125% due 3/15/28(a) | | | | | 57,818 | | |
| | | | 75,000 | | | | 4.625% due 2/1/29(a) | | | | | 69,562 | | |
| | | | 95,000 | | | | Senior Secured Notes, 4.500% due 2/15/28(a) | | | | | 92,709 | | |
| | | | 200,000 | | | | Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28(a) | | | | | 146,500 | | |
| | | | 70,000 | | | | Cleco Corporate Holdings LLC, Senior Unsecured Notes, 4.973% due 5/1/46 | | | | | 77,414 | | |
| | | | 360,000 | | | | Commonwealth Edison Co., 1st Mortgage Notes, 4.000% due 3/1/48 | | | | | 383,993 | | |
| | | | 450,000 | | | | Consolidated Edison Co. of New York Inc., Senior Unsecured Notes, 3.200% due
12/1/51 | | | | | 403,666 | | |
| | | | 470,000 | | | | Dominion Energy Inc., Senior Unsecured Notes, 3.900% due 10/1/25 | | | | | 490,202 | | |
| | | | 320,000 | | | | Dominion Energy South Carolina Inc., 1st Mortgage Notes, 5.100% due 6/1/65 | | | | | 396,492 | | |
| | | | 1,590,000 | | | | Duke Energy Carolinas LLC, 1st Mortgage Notes, 5.300% due 2/15/40 | | | | | 1,925,658 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Utilities – (continued) | |
| | | | | | | | Duke Energy Corp., Senior Unsecured Notes: | |
| | | $ | 5,000,000 | | | | 0.900% due 9/15/25 | | | | $ | 4,744,908 | | |
| | | | 910,000 | | | | 2.650% due 9/1/26 | | | | | 914,325 | | |
| | | | 800,000 | | | | 2.550% due 6/15/31 | | | | | 749,098 | | |
| | | | 210,000 | | | | Duke Energy Progress LLC, 1st Mortgage Notes, 2.000% due 8/15/31 | | | | | 195,600 | | |
| | | | 195,600 | | | | Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29 | | | | | 185,820 | | |
| | | | 600,000 | | | | Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 4.375% due
2/15/31 | | | | | 519,756 | | |
| | | | 705,000 | | | | Enel Finance International NV, Company Guaranteed Notes, 1.375% due
7/12/26(a) | | | | | 665,996 | | |
| | | | 610,000 | | | | Essential Utilities Inc., Senior Unsecured Notes, 3.351% due 4/15/50 | | | | | 563,280 | | |
| | | | 880,000 | | | | Evergy Inc., Senior Unsecured Notes, 2.900% due 9/15/29 | | | | | 872,710 | | |
| | | | 165,294 | | | | Fenix Power Peru SA, Senior Unsecured Notes, 4.317% due 9/20/27 | | | | | 163,023 | | |
| | | | 510,000 | | | | Georgia Power Co., Senior Unsecured Notes, 2.100% due 7/30/23 | | | | | 511,546 | | |
| | | | 900,000 | | | | Guacolda Energia SA, Senior Unsecured Notes, 4.560% due 4/30/25 | | | | | 324,000 | | |
| | | | 750,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 2.950% due 5/14/30(a) | | | | | 738,917 | | |
| | | | 400,000 | | | | Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due 5/6/25 | | | | | 393,580 | | |
| | | | 90,000 | | | | Leeward Renewable Energy Operations LLC, Company Guaranteed Notes,
4.250% due 7/1/29(a) | | | | | 86,850 | | |
| | | | 697,360 | | | | LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(a) | | | | | 737,458 | | |
| | | | 400,000 | | | | Mercury Chile Holdco LLC, Senior Secured Notes, 6.500% due 1/24/27(a) | | | | | 386,000 | | |
| | | | | | | | Minejesa Capital BV, Senior Secured Notes: | | | | | | | |
| | | | 600,000 | | | | 4.625% due 8/10/30 | | | | | 586,236 | | |
| | | | 300,000 | | | | 5.625% due 8/10/37 | | | | | 283,221 | | |
| | | | 205,000 | | | | Monongahela Power Co., 1st Mortgage Notes, 5.400% due 12/15/43(a) | | | | | 240,826 | | |
| | | | 1,175,000 | | | | NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.250% due
6/1/30 | | | | | 1,097,186 | | |
| | | | 1,354,000 | | | | NiSource Inc., Senior Unsecured Notes, 3.600% due 5/1/30 | | | | | 1,383,638 | | |
| | | | 200,000 | | | | NRG Energy Inc., Company Guaranteed Notes, 3.625% due 2/15/31(a) | | | | | 183,882 | | |
| | | | 470,000 | | | | Oglethorpe Power Corp., 1st Mortgage Notes, 5.050% due 10/1/48 | | | | | 538,786 | | |
| | | | 810,000 | | | | Oncor Electric Delivery Co. LLC, Senior Secured Notes, 2.750% due 5/15/30(a) | | | | | 806,736 | | |
| | | | | | | | Pacific Gas & Electric Co.: | | |
| | | | | | | | 1st Mortgage Notes: | | | | | | | |
| | | | 1,830,000 | | | | 2.500% due 2/1/31 | | | | | 1,629,544 | | |
| | | | 540,000 | | | | 4.950% due 7/1/50 | | | | | 534,905 | | |
| | | | | | | | Senior Secured Notes: | | | | | | | |
| | | | 265,000 | | | | 1.367% due 3/10/23 | | | | | 262,228 | | |
| | | | 290,000 | | | | 3.250% due 6/1/31 | | | | | 273,486 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Utilities – (continued) | |
| | | $ | 140,000 | | | | PacifiCorp, 1st Mortgage Notes, 3.300% due 3/15/51 | | | | $ | 131,429 | | |
| | | | 75,000 | | | | PG&E Corp., Senior Secured Notes, 5.000% due 7/1/28 | | | | | 74,250 | | |
| | | | 185,000 | | | | Pike Corp., Company Guaranteed Notes, 5.500% due 9/1/28(a) | | | | | 178,063 | | |
| | | | | | | | Puget Energy Inc., Senior Secured Notes: | | | | | | | |
| | | | 735,000 | | | | 3.650% due 5/15/25 | | | | | 760,106 | | |
| | | | 395,000 | | | | 4.100% due 6/15/30 | | | | | 409,689 | | |
| | | | | | | | Sempra Energy, Senior Unsecured Notes: | | | | | | | |
| | | | 1,395,000 | | | | 3.400% due 2/1/28 | | | | | 1,436,458 | | |
| | | | 7,317,000 | | | | 4.000% due 2/1/48 | | | | | 7,350,592 | | |
| | | | 166,083 | | | | Southaven Combined Cycle Generation LLC, Secured Notes, 3.846% due
8/15/33 | | | | | 177,470 | | |
| | | | | | | | Southern California Edison Co., 1st Mortgage Notes: | | | | | | | |
| | | | 330,000 | | | | 2.850% due 8/1/29 | | | | | 324,757 | | |
| | | | 485,000 | | | | 2.750% due 2/1/32 | | | | | 467,278 | | |
| | | | 970,000 | | | | 4.125% due 3/1/48 | | | | | 978,026 | | |
| | | | 5,000,000 | | | | 4.875% due 3/1/49 | | | | | 5,485,133 | | |
| | | | 2,225,000 | | | | Southern Co., Senior Unsecured Notes, 3.700% due 4/30/30 | | | | | 2,293,578 | | |
| | | | | | | | Total Utilities | | | | | 49,109,880 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Cost – $597,780,404) | | | | | 560,560,815 | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – 24.6% | |
| | | | 805,000 | | | | 280 Park Avenue Mortgage Trust, Series 2017-280P, Class F, 3.018% (1-Month
USD-LIBOR + 2.827)% due 9/15/34(a)(e) | | | | | 782,811 | | |
| | | | 1,377,969 | | | | 510 Asset Backed Trust, Series 2021-NPL1, Class A1, step bond to yield, 2.240%
due 6/25/61(a)(d) | | | | | 1,335,778 | | |
| | | | 427,406 | | | | Ajax Mortgage Loan Trust, Series 2021-C, Class A, step bond to yield, 2.115%
due 1/25/61(a) | | | | | 415,918 | | |
| | | | 750,000 | | | | Alen Mortgage Trust, Series 2021-ACEN, Class D, 3.291% (1-Month
USD-LIBOR + 3.100)% due 4/15/34(a)(e) | | | | | 734,074 | | |
| | | | | | | | Alternative Loan Trust: | | | | | | | |
| | | | 689,933 | | | | Series 2005-28CB, Class 1A7, 5.500% due 8/25/35 | | | | | 681,980 | | |
| | | | 5,860,235 | | | | Series 2005-7CB, Class 2A2, 4.863% (1-Month USD-LIBOR + 5.050)% due
3/1/38(e)(g) | | | | | 563,801 | | |
| | | | 5,860,235 | | | | Series 2005-7CB, Class 2A5, 0.637% (1-Month USD-LIBOR + 0.450)% due
3/1/38(e) | | | | | 4,805,411 | | |
| | | | 4,676,599 | | | | Series 2006-OA2, Class A1, 0.591% (1-Month USD-LIBOR + 0.420)% due
5/20/46(e) | | | | | 4,212,234 | | |
| | | | 2,574,887 | | | | Series 2007-4CB, Class 1A1, 0.787% (1-Month USD-LIBOR + 0.600)% due
4/25/37(e) | | | | | 2,067,265 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | | | |
| | | $ | 6,527,579 | | | | Series 2007-9T1, Class 2A2, 6.000% due 5/25/37 | | | | $ | 4,128,486 | | | | |
| | | | | | | | Angel Oak Mortgage Trust: | | | | | | | | | |
| | | | 669,524 | | | | Series 2020-R1, Class A1, 0.990% due 4/25/53(a)(e) | | | | | 664,038 | | | | |
| | | | 608,652 | | | | Series 2021-1, Class A1, 0.909% due 1/25/66(a)(e) | | | | | 597,119 | | | | |
| | | | 490,931 | | | | Series 2021-2, Class A1, 0.985% due 4/25/66(a)(e) | | | | | 480,419 | | | | |
| | | | 960,475 | | | | Series 2021-3, Class A1, 1.068% due 5/25/66(a)(e) | | | | | 945,457 | | | | |
| | | | 743,111 | | | | Series 2021-4, Class A1, 1.035% due 1/20/65(a)(e) | | | | | 723,041 | | | | |
| | | | 1,161,480 | | | | Series 2021-5, Class A1, 0.951% due 7/25/66(a)(e) | | | | | 1,127,414 | | | | |
| | | | 1,538,117 | | | | Series 2021-6, Class A1, 1.458% due 9/25/66(a)(e) | | | | | 1,492,528 | | | | |
| | | | 1,641,602 | | | | Series 2022-1, Class A1, 2.881% due 12/25/66(a)(e) | | | | | 1,638,465 | | | | |
| | | | | | | | Angel Oak Mortgage Trust I LLC: | | | | | | | | | |
| | | | 151,270 | | | | Series 2018-3, Class A1, 3.649% due 9/25/48(a)(e) | | | | | 151,116 | | | | |
| | | | 215,549 | | | | Series 2018-3, Class A2, 3.751% due 9/25/48(a)(e) | | | | | 215,212 | | | | |
| | | | 205,833 | | | | Series 2018-3, Class A3, 3.853% due 9/25/48(a)(e) | | | | | 205,402 | | | | |
| | | | | | | | Arbor Multifamily Mortgage Securities Trust: | | | | | | | | | |
| | | | 4,000,000 | | | | Series 2020-MF1, Class A5, 2.756% due 5/15/53(a) | | | | | 3,942,891 | | | | |
| | | | 1,485,000 | | | | Series 2021-MF2, Class A5, 2.513% due 6/15/54(a) | | | | | 1,429,368 | | | | |
| | | | 1,920,000 | | | | Series 2021-MF2, Class C, 2.809% due 6/15/54(a)(e) | | | | | 1,780,917 | | | | |
| | | | 1,250,000 | | | | Series 2022-MF4, Class A5, 3.293% due 12/15/54(a)(e) | | | | | 1,283,198 | | | | |
| | | | 2,600,000 | | | | Series 2022-MF4, Class B, 3.293% due 12/15/54(a)(e) | | | | | 2,582,877 | | | | |
| | | | | | | | BANK: | | | | | | | | | |
| | | | 11,058,377 | | | | Series 2017-BNK4, Class XA, 1.331% due 5/15/50(e)(g) | | | | | 596,186 | | | | | | | | |
| | | | 15,845,705 | | | | Series 2018-BN10, Class XA, 0.703% due 2/15/61(e)(g) | | | | | 574,207 | | | | |
| | | | 7,540,000 | | | | Series 2020-BN30, Class A4, 1.925% due 12/15/53 | | | | | 6,981,940 | | | | |
| | | | | | | | BBCMS Mortgage Trust: | | | | | | | | | |
| | | | 408,000 | | | | Series 2017-DELC, Class E, 2.691% (1-Month USD-LIBOR + 2.500)% due
8/15/36(a)(e) | | | | | 399,818 | | | | |
| | | | 407,000 | | | | Series 2017-DELC, Class F, 3.691% (1-Month USD-LIBOR + 3.500)% due
8/15/36(a)(e) | | | | | 397,819 | | | | |
| | | | 1,236,000 | | | | Series 2018-TALL, Class F, 3.426% (1-Month USD-LIBOR + 3.235)% due
3/15/37(a)(e) | | | | | 1,135,077 | | | | |
| | | | 1,800,000 | | | | Series 2020-C6, Class A4, 2.639% due 2/15/53 | | | | | 1,768,414 | | | | |
| | | | 1,480,958 | | | | Series 2020-C7, Class XA, 1.627% due 4/15/53(e)(g) | | | | | 137,951 | | | | |
| | | | 11,241,403 | | | | Series 2021-C12, Class XA, 0.959% due 11/15/54(e)(g) | | | | | 792,254 | | | | |
| | | | 7,773,052 | | | | BBCMS Trust, Series 2021-C10, Class XA, 1.306% due 7/15/54(e)(g) | | | | | 707,053 | | | | |
| | | | 3,020,112 | | | | Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 2.931% due 2/25/36(e) | | | | | 2,493,590 | | | | |
| | | | | | | | Benchmark Mortgage Trust: | | | | | | | | | |
| | | | 500,000 | | | | Series 2019-B15, Class A5, 2.928% due 12/15/72 | | | | | 500,327 | | | | |
| | | | 2,370,570 | | | | Series 2020-B22, Class XA, 1.520% due 1/15/54(e)(g) | | | | | 261,093 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 524,758 | | | | BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.034% due
6/25/56(a)(e) | | | | $ | 512,389 | | |
| | | | | | | | BRAVO Residential Funding Trust: | | | | | | | |
| | | | 1,206,773 | | | | Series 2021-C, Class A1, step bond to yield, 1.620% due 3/1/61(a) | | | | | 1,170,988 | | |
| | | | 364,404 | | | | Series 2021-NQM1, Class A1, 0.941% due 2/25/49(a)(e) | | | | | 358,117 | | |
| | | | 471,561 | | | | Series 2021-NQM2, Class A1, 0.970% due 3/25/60(a)(e) | | | | | 466,189 | | |
| | | | 1,400,000 | | | | BX, Series 2021-MFM1, Class D, 1.691% (1-Month USD-LIBOR + 1.500)% due
1/15/34(a)(e) | | | | | 1,342,641 | | |
| | | | | | | | BX Commercial Mortgage Trust: | | | | | | | |
| | | | 4,738,475 | | | | Series 2018-BIOA, Class D, 1.512% (1-Month USD-LIBOR + 1.321)% due
3/15/37(a)(e) | | | | | 4,679,031 | | |
| | | | 43,772 | | | | Series 2018-IND, Class E, 1.891% (1-Month USD-LIBOR + 1.700)% due
11/15/35(a)(e) | | | | | 43,636 | | |
| | | | 544,000 | | | | Series 2019-XL, Class D, 1.641% (1-Month USD-LIBOR + 1.450)% due
10/15/36(a)(e) | | | | | 538,545 | | |
| | | | 3,604,000 | | | | Series 2019-XL, Class E, 1.991% (1-Month USD-LIBOR + 1.800)% due
10/15/36(a)(e) | | | | | 3,563,523 | | |
| | | | 3,145,000 | | | | Series 2019-XL, Class F, 2.191% (1-Month USD-LIBOR + 2.000)% due
10/15/36(a)(e) | | | | | 3,093,912 | | |
| | | | 829,000 | | | | Series 2021-21M, Class H, 4.201% (1-Month USD-LIBOR + 4.010)% due
10/15/36(a)(e) | | | | | 800,276 | | |
| | | | 2,900,000 | | | | Series 2021-VOLT, Class C, 1.291% (1-Month USD-LIBOR + 1.100)% due
9/15/36(a)(e) | | | | | 2,785,569 | | |
| | | | 536,000 | | | | Series 2021-VOLT, Class E, 2.191% (1-Month USD-LIBOR + 2.000)% due
9/15/36(a)(e) | | | | | 519,898 | | |
| | | | 536,000 | | | | Series 2021-VOLT, Class F, 2.591% (1-Month USD-LIBOR + 2.400)% due
9/15/36(a)(e) | | | | | 519,897 | | |
| | | | | | | | BX Trust: | | | | | | | |
| | | | 340,618 | | | | Series 2017-SLCT, Class E, 3.341% (1-Month USD-LIBOR + 3.150)% due
7/15/34(a)(e) | | | | | 339,554 | | |
| | | | 102,162 | | | | Series 2018-EXCL, Class A, 1.279% (1-Month USD-LIBOR + 1.088)% due
9/15/37(a)(e) | | | | | 100,881 | | |
| | | | 813,175 | | | | Series 2018-EXCL, Class C, 2.166% (1-Month USD-LIBOR + 1.975)% due
9/15/37(a)(e) | | | | | 776,506 | | |
| | | | 1,529,000 | | | | Series 2019-OC11, Class E, 4.075% due 12/9/41(a)(e) | | | | | 1,372,837 | | |
| | | | | | | | CAMB Commercial Mortgage Trust: | | | | | | | |
| | | | 366,000 | | | | Series 2019-LIFE, Class A, 1.261% (1-Month USD-LIBOR + 1.070)% due
12/15/37(a)(e) | | | | | 363,246 | | |
| | | | 5,900,000 | | | | Series 2021-CX2, Class C, 2.771% due 11/10/46(a)(e) | | | | | 5,421,966 | | |
| | | | 321,560 | | | | Cascade MH Asset Trust, Series 2021-MH1, Class A1, 1.753% due 2/25/46(a) | | | | | 310,270 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | | | | | | CD Mortgage Trust: | | | | | | | |
| | | $ | 19,577,933 | | | | Series 2017-CD4, Class XA, 1.271% due 5/10/50(e)(g) | | | | $ | 890,915 | | |
| | | | 795,000 | | | | Series 2017-CD6, Class C, 4.264% due 11/13/50(e) | | | | | 800,845 | | |
| | | | 13,359,737 | | | | CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XA, 1.489% due
6/15/50(e)(g) | | | | | 821,004 | | |
| | | | 3,489,000 | | | | CGDB Commercial Mortgage Trust, Series 2019-MOB, Class E, 2.191%
(1-Month USD-LIBOR + 2.000)% due 11/15/36(a)(e) | | | | | 3,419,034 | | |
| | | | 1,505,449 | | | | CIM Trust, Series 2021-R6, Class A1, 1.425% due 7/25/61(a)(e) | | | | | 1,456,211 | | |
| | | | | | | | Citigroup Commercial Mortgage Trust: | | | | | | | |
| | | | 1,415,000 | | | | Series 2015-GC31, Class A4, 3.762% due 6/10/48 | | | | | 1,460,473 | | |
| | | | 32,238,962 | | | | Series 2015-GC35, Class XA, 0.723% due 11/10/48(e)(g) | | | | | 737,698 | | |
| | | | 805,000 | | | | Series 2016-P4, Class B, 3.377% due 7/10/49 | | | | | 795,865 | | |
| | | | 7,640,000 | | | | Series 2019-GC43, Class A4, 3.038% due 11/10/52 | | | | | 7,695,526 | | |
| | | | 500,000 | | | | Series 2019-PRM, Class D, 4.350% due 5/10/36(a) | | | | | 499,235 | | |
| | | | 3,250,750 | | | | Cold Storage Trust, Series 2020-ICE5, Class B, 1.491% (1-Month
USD-LIBOR + 1.300)% due 11/15/37(a)(e) | | | | | 3,210,036 | | |
| | | | | | | | COLT Mortgage Loan Trust: | | | | | | | |
| | | | 742,793 | | | | Series 2021-1, Class A1, 0.910% due 6/25/66(a)(e) | | | | | 718,888 | | |
| | | | 652,763 | | | | Series 2021-2, Class A1, 0.924% due 8/25/66(a)(e) | | | | | 629,734 | | |
| | | | 301,897 | | | | Series 2021-2R, Class A1, 0.798% due 7/27/54(a)(d) | | | | | 299,975 | | |
| | | | 1,212,828 | | | | Series 2021-3, Class A1, 0.956% due 9/27/66(a)(e) | | | | | 1,169,747 | | |
| | | | 1,707,078 | | | | Series 2021-HX1, Class A1, 1.110% due 10/25/66(a)(e) | | | | | 1,643,225 | | |
| | | | 1,647,717 | | | | Series 2022-1, Class A1, 2.284% due 2/25/67(a)(e) | | | | | 1,627,450 | | |
| | | | | | | | Commercial Mortgage Trust: | | | | | | | |
| | | | 190,951,112 | | | | Series 2013-CR9, Class XA, 0.054% due 7/10/45(e)(g) | | | | | 80,620 | | |
| | | | 1,050,000 | | | | Series 2015-CR23, Class A4, 3.497% due 5/10/48 | | | | | 1,074,652 | | |
| | | | 800,000 | | | | Series 2016-DC2, Class C, 4.671% due 2/10/49(e) | | | | | 803,465 | | |
| | | | 5,650,000 | | | | Series 2020-CX, Class A, 2.173% due 11/10/46(a) | | | | | 5,262,026 | | |
| | | | 1,150,000 | | | | Series 2020-CX, Class C, 2.683% due 11/10/46(a)(e) | | | | | 1,053,280 | | |
| | | | 3,750,000 | | | | Series 2020-SBX, Class C, 2.056% due 1/10/38(a)(e) | | | | | 3,522,057 | | |
| | | | 203,000 | | | | Series 2022-HC, Class A, 2.819% due 1/10/39(a) | | | | | 202,940 | | |
| | | | 300,000 | | | | Series 2022-HC, Class C, 3.376% due 1/10/39(a) | | | | | 300,066 | | |
| | | | | | | | Credit Suisse Commercial Mortgage Capital Trust: | | | | | | | |
| | | | 534,982 | | | | Series 2021-AFC1, Class A1, 0.830% due 3/25/56(a)(e) | | | | | 522,604 | | |
| | | | 640,524 | | | | Series 2021-NQM5, Class A1, 0.938% due 5/25/66(a)(e) | | | | | 617,524 | | |
| | | | 427,758 | | | | Series 2021-RPL4, Class A1, 1.796% due 12/27/60(a)(e) | | | | | 417,128 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | | | |
| | | | | | | | Credit Suisse Mortgage Capital Certificates: | | | |
| | | $ | 110,000 | | | | Series 2019-ICE4, Class D, 1.791% (1-Month USD-LIBOR + 1.600)% due
5/15/36(a)(e) | | | | $ | 108,896 | | | | |
| | | | 5,300,000 | | | | Series 2019-ICE4, Class E, 2.341% (1-Month USD-LIBOR + 2.150)% due
5/15/36(a)(e) | | | | | 5,226,617 | | | | |
| | | | | | | | CSAIL Commercial Mortgage Trust: | | | | | | | | | |
| | | | 1,985,982 | | | | Series 2015-C4, Class A3, 3.544% due 11/15/48 | | | | | 2,021,500 | | | | |
| | | | 824,000 | | | | Series 2016-C7, Class B, 4.332% due 11/15/49(e) | | | | | 829,586 | | | | |
| | | | 1,205,000 | | | | Series 2018-C14, Class C, 4.924% due 11/15/51(e) | | | | | 1,273,396 | | | | |
| | | | 1,717,538 | | | | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6,
5.500% due 10/25/35 | | | | | 1,286,523 | | | | |
| | | | | | | | CSMC: | | | | | | | | | |
| | | | 1,519,893 | | | | Series 2010-8R, Class 5A11, 2.608% due 2/26/37(a)(e) | | | | | 1,514,720 | | | | |
| | | | 544,507 | | | | Series 2020-NET, Class A, 2.257% due 8/15/37(a) | | | | | 531,156 | | | | |
| | | | 183,000 | | | | Series 2021-B33, Class A1, 3.053% due 10/10/43(a) | | | | | 179,965 | | | | |
| | | | 650,000 | | | | Series 2021-B33, Class A2, 3.167% due 10/10/43(a) | | | | | 637,666 | | | | |
| | | | 277,673 | | | | Series 2021-NQM1, Class A1, 0.809% due 5/25/65(a)(e) | | | | | 272,924 | | | | | | | | |
| | | | 1,123,803 | | | | Series 2021-NQM2, Class A1, 1.179% due 2/25/66(a)(e) | | | | | 1,095,625 | | | | |
| | | | 1,127,133 | | | | Series 2021-NQM4, Class A1, 1.101% due 5/25/66(a)(e) | | | | | 1,099,611 | | | | |
| | | | 1,723,213 | | | | Series 2021-NQM6, Class A1, 1.174% due 7/25/66(a)(e) | | | | | 1,683,402 | | | | |
| | | | 735,665 | | | | Series 2021-NQM8, Class A1, 1.841% due 10/25/66(a)(e) | | | | | 719,853 | | | | |
| | | | 1,668,298 | | | | Series 2022-NQM1, Class A1, 2.265% due 11/25/66(a)(e) | | | | | 1,643,122 | | | | |
| | | | 3,545,399 | | | | DBGS Mortgage Trust, Series 2018-BIOD, Class E, 1.825% (1-Month
USD-LIBOR + 1.700)% due 5/15/35(a)(e) | | | | | 3,500,960 | | | | |
| | | | | | | | DBJPM Mortgage Trust: | | | | | | | | | |
| | | | 21,195,000 | | | | Series 2017-C6, Class XB, 0.232% due 6/10/50(e)(g) | | | | | 326,255 | | | | |
| | | | 2,229,922 | | | | Series 2020-C9, Class XA, 1.712% due 9/15/53(e)(g) | | | | | 199,639 | | | | |
| | | | 610,000 | | | | DC Office Trust, Series 2019-MTC, Class A, 2.965% due 9/15/45(a) | | | | | 601,749 | | | | |
| | | | | | | | Deephaven Residential Mortgage Trust: | | | | | | | | | |
| | | | 223,489 | | | | Series 2021-1, Class A1, 0.715% due 5/25/65(a)(e) | | | | | 219,182 | | | | |
| | | | 342,828 | | | | Series 2021-2, Class A1, 0.899% due 4/25/66(a)(e) | | | | | 331,746 | | | | |
| | | | 5,106,197 | | | | DSLA Mortgage Loan Trust, Series 2005-AR4, Class 1A, 0.691% (1-Month
USD-LIBOR + 0.520)% due 8/19/45(e) | | | | | 4,316,475 | | | | |
| | | | | | | | Ellington Financial Mortgage Trust: | | | | | | | | | |
| | | | 144,672 | | | | Series 2021-1, Class A1, 0.797% due 2/25/66(a)(e) | | | | | 140,823 | | | | |
| | | | 291,544 | | | | Series 2021-2, Class A1, 0.931% due 6/25/66(a)(e) | | | | | 282,828 | | | | |
| | | | 1,070,244 | | | | Series 2021-3, Class A1, 1.241% due 9/25/66(a)(e) | | | | | 1,022,376 | | | | |
| | | | 805,863 | | | | Series 2022-1, Class A1, 2.206% due 1/25/67(a)(e) | | | | | 799,278 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | | | |
| | | | | | | | Federal Home Loan Mortgage Corp. (FHLMC). REMICS: | | | |
| | | $ | 816,252 | | | | Series 3835, Class FO, 0.000% due 4/15/41(h) | | | | $ | 740,334 | | | | |
| | | | 1,451,033 | | | | Series 4116, Class AP, 1.350% due 8/15/42 | | | | | 1,380,482 | | | | |
| | | | 4,054,299 | | | | Series 4223, Class SB, 5.303% (1-Month USD-LIBOR + 5.431)% due
7/15/43(e) | | | | | 3,970,601 | | | | |
| | | | 1,000,000 | | | | Series 4265, Class GL, 3.000% due 4/15/42 | | | | | 1,023,947 | | | | |
| | | | 896,896 | | | | Series 4447, Class IO, 5.000% due 3/15/45(g) | | | | | 183,073 | | | | |
| | | | 4,271,633 | | | | Series 4640, Class VB, 3.000% due 3/15/37 | | | | | 4,293,471 | | | | |
| | | | 8,959,550 | | | | Series 4655, Class CZ, 3.000% due 2/15/47 | | | | | 9,034,167 | | | | |
| | | | 20,943,277 | | | | Series 4726, Class Z, 3.500% due 10/15/47 | | | | | 21,892,939 | | | | |
| | | | 5,564,901 | | | | Series 4892, Class ES, 5.963% (1-Month USD-LIBOR + 6.150)% due
7/25/45(e)(g) | | | | | 1,048,967 | | | | |
| | | | 417,644 | | | | Series 5018, Class LW, 1.000% due 10/25/40 | | | | | 387,930 | | | | |
| | | | 1,954,352 | | | | Series 5092, Class WI, 2.500% due 4/25/36(g) | | | | | 199,708 | | | | |
| | | | | | | | Federal National Mortgage Association (FNMA), Aces: | | | | | | | | | |
| | | | 7,207,175 | | | | Series 2017-M2, Class A2, 2.796% due 2/25/27(e) | | | | | 7,477,569 | | | | |
| | | | 4,695,000 | | | | Series 2018-M14, Class A2, 3.581% due 8/25/28(e) | | | | | 5,080,218 | | | | |
| | | | 1,365,485 | | | | Series 2018-M7, Class A2, 3.046% due 3/25/28(e) | | | | | 1,429,501 | | | | |
| | | | 14,097,596 | | | | Series 2020-M15, Class X1, 1.568% due 9/25/31(e)(g) | | | | | 1,645,118 | | | | |
| | | | 20,936,363 | | | | Series 2020-M7, Class X2, 1.242% due 3/25/31(e)(g) | | | | | 1,719,158 | | | | |
| | | | 8,563,000 | | | | Series 2022-M4, Class A1X, 2.466% due 5/25/30 | | | | | 8,713,126 | | | | |
| | | | 8,563,000 | | | | Series 2022-M5, Class A1, 2.419% due 1/1/34(e) | | | | | 8,687,167 | | | | |
| | | | | | | | Federal National Mortgage Association (FNMA), REMICS: | | | | | | | | | |
| | | | 149,935 | | | | Series 2011-51, Class TO, 0.000% due 6/25/41(h) | | | | | 133,336 | | | | |
| | | | 1,072,000 | | | | Series 2013-62, Class PY, 2.500% due 6/25/43 | | | | | 1,072,128 | | | | |
| | | | 2,003,790 | | | | Series 2013-72, Class IW, 3.500% due 7/25/33(g) | | | | | 178,917 | | | | |
| | | | 3,297,101 | | | | Series 2014-11, Class KZ, 2.500% due 10/25/41 | | | | | 3,267,136 | | | | |
| | | | 1,052,227 | | | | Series 2015-55, Class PD, 2.500% due 3/25/43 | | | | | 1,052,583 | | | | |
| | | | 751,922 | | | | Series 2017-105, Class ZE, 3.000% due 1/25/48 | | | | | 790,897 | | | | |
| | | | 696,004 | | | | Series 2017-107, Class GA, 3.000% due 8/25/45 | | | | | 697,790 | | | | |
| | | | 7,731,019 | | | | Series 2017-24, Class LG, 3.000% due 4/25/37 | | | | | 7,916,341 | | | | |
| | | | | | | | FMC GMSR Issuer Trust: | | | | | | | | | |
| | | | 4,000,000 | | | | Series 2021-GT1, Class A, 3.620% due 7/25/26(a)(e) | | | | | 3,874,505 | | | | |
| | | | 3,420,000 | | | | Series 2021-GT2, Class A, 3.850% due 10/25/26(a)(d)(e) | | | | | 3,320,637 | | | | |
| | | | | | | | Freddie Mac Multifamily Structured Pass-Through Certificates: | | | | | | | | | | | | | |
| | | | 109,278,376 | | | | Series K064, Class X1, 0.605% due 3/25/27(e)(g) | | | | | 2,957,029 | | | | |
| | | | 6,770,000 | | | | Series K084, Class A2, 3.780% due 10/25/28(e) | | | | | 7,334,796 | | | | |
| | | | 6,000,000 | | | | Series K085, Class A2, 4.060% due 10/25/28(e) | | | | | 6,611,297 | | | | |
| | | | 2,975,000 | | | | Series K088, Class A2, 3.690% due 1/25/29 | | | | | 3,239,310 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 25,040,504 | | | | Series K116, Class X1, 1.426% due 7/25/30(e)(g) | | | | $ | 2,483,532 | | |
| | | | 58,668,665 | | | | Series K119, Class X1, 0.932% due 9/25/30(e)(g) | | | | | 3,953,458 | | |
| | | | 22,745,632 | | | | Series K120, Class X1, 1.039% due 10/25/30(e)(g) | | | | | 1,697,632 | | |
| | | | 41,492,542 | | | | Series K121, Class X1, 1.025% due 10/25/30(e)(g) | | | | | 3,045,988 | | |
| | | | 12,777,987 | | | | Series K122, Class X1, 0.882% due 11/25/30(e)(g) | | | | | 828,691 | | |
| | | | 23,950,301 | | | | Series K124, Class X1, 0.721% due 12/25/30(e)(g) | | | | | 1,317,650 | | |
| | | | 53,901,065 | | | | Series K125, Class X1, 0.585% due 1/25/31(e)(g) | | | | | 2,402,074 | | |
| | | | 30,187,745 | | | | Series K130, Class X1, 1.037% due 6/25/31(e)(g) | | | | | 2,487,787 | | |
| | | | 55,996,832 | | | | Series K132, Class X1, 0.508% due 8/25/31(e)(g) | | | | | 2,396,132 | | |
| | | | 30,880,007 | | | | Series K-1519, Class X1, 0.609% due 12/25/35(e)(g) | | | | | 1,911,222 | | |
| | | | 5,500,000 | | | | Series KIR3, Class A2, 3.281% due 8/25/27 | | | | | 5,800,741 | | |
| | | | 1,500,000 | | | | Series Q001, Class A3, 3.815% due 2/25/32 | | | | | 1,596,313 | | |
| | | | 1,148,116 | | | | Freddie Mac Strips, Series 303, Class C10, 3.500% due 1/15/33(g) | | | | | 127,883 | | |
| | | | | | | | FREMF Mortgage Trust: | | | | | | | |
| | | | 2,000,000 | | | | Series 2019-K102, Class B, 3.531% due 12/25/51(a)(e) | | | | | 2,016,379 | | |
| | | | 3,980,000 | | | | Series 2019-K97, Class B, 3.765% due 9/25/51(a)(e) | | | | | 4,145,013 | | |
| | | | 1,885,000 | | | | Series 2020-K105, Class B, 3.530% due 3/25/53(a)(e) | | | | | 1,899,053 | | |
| | | | 921,758 | | | | FWDSecuritization Trust, Series 2019-INV1, Class A3, 3.110% due
6/25/49(a)(e) | | | | | 922,564 | | |
| | | | | | | | GCAT Trust: | | | | | | | |
| | | | 759,213 | | | | Series 2021-NQM1, Class A1, 0.874% due 1/25/66(a)(e) | | | | | 743,244 | | |
| | | | 651,751 | | | | Series 2021-NQM2, Class A1, 1.036% due 5/25/66(a)(e) | | | | | 631,587 | | |
| | | | 902,991 | | | | Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(e) | | | | | 876,064 | | |
| | | | 1,146,351 | | | | Series 2021-NQM4, Class A1, 1.093% due 8/25/66(a)(e) | | | | | 1,108,073 | | |
| | | | 1,584,961 | | | | Series 2021-NQM5, Class A1, 1.262% due 7/25/66(a)(e) | | | | | 1,530,799 | | |
| | | | 668,104 | | | | Series 2021-NQM7, Class A1, 1.915% due 8/25/66(a)(e) | | | | | 658,666 | | |
| | | | | | | | Government National Mortgage Association (GNMA): | | | | | | | |
| | | | 788,975 | | | | Series 2012-116, Class IB, 4.000% due 9/16/42(g) | | | | | 163,628 | | |
| | | | 1,504,413 | | | | Series 2012-32, Class Z, 3.500% due 3/20/42 | | | | | 1,555,420 | | |
| | | | 29,790,321 | | | | Series 2020-173, Class JI, 2.000% due 11/20/50(g) | | | | | 3,207,700 | | |
| | | | 15,943,620 | | | | Series 2021-129, Class IO, 0.987% due 6/16/63(e)(g) | | | | | 1,311,367 | | |
| | | | 23,184,109 | | | | Series 2021-184, Class IO, 0.915% due 12/16/61(e)(g) | | | | | 1,859,099 | | |
| | | | 23,933,127 | | | | Series 2021-218, Class IO, 0.962% due 10/16/61(e)(g) | | | | | 2,094,733 | | |
| | | | 16,352,343 | | | | Series 2021-30, Class IB, 2.500% due 2/20/51(g) | | | | | 2,387,355 | | |
| | | | 20,312,899 | | | | Series 2021-35, Class IO, 1.016% due 12/16/62(e)(g) | | | | | 1,709,609 | | |
| | | | 20,686,627 | | | | Series 2021-52, Class IO, 0.765% due 4/16/63(e)(g) | | | | | 1,480,722 | | |
| | | | 19,413,394 | | | | Series 2021-58, Class SL, 3.588% (1-Month USD-LIBOR + 3.750)% due
4/20/51(e)(g) | | | | | 1,728,314 | | |
| | | | 5,975,175 | | | | Series 2021-77, Class EA, 1.000% due 7/20/50 | | | | | 5,630,849 | | |
| | | | 21,949,096 | | | | Series 2021-79, Class IO, 0.911% due 8/16/63(e)(g) | | | | | 1,773,805 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | | | |
| | | | | | | | Great Wolf Trust: | | | | |
| | | $ | 500,000 | | | | Series 2019-WOLF, Class E, 2.923% (1-Month USD-LIBOR + 2.732)% due
12/15/36(a)(e) | | | | $ | 479,947 | | | | |
| | | | 500,000 | | | | Series 2019-WOLF, Class F, 3.322% (1-Month USD-LIBOR + 3.131)% due
12/15/36(a)(e) | | | | | 474,935 | | | | |
| | | | | | | | GS Mortgage Securities Corp. Trust: | | | | | | | | | |
| | | | 400,000 | | | | Series 2018-TWR, Class D, 1.791% (1-Month USD-LIBOR + 1.600)% due
7/15/31(a)(e) | | | | | 379,882 | | | | |
| | | | 400,000 | | | | Series 2018-TWR, Class E, 2.291% (1-Month USD-LIBOR + 2.100)% due
7/15/31(a)(e) | | | | | 382,683 | | | | | | | | |
| | | | 400,000 | | | | Series 2018-TWR, Class F, 2.991% (1-Month USD-LIBOR + 2.800)% due
7/15/31(a)(e) | | | | | 378,000 | | | | |
| | | | 400,000 | | | | Series 2018-TWR, Class G, 4.116% (1-Month USD-LIBOR + 3.925)% due
7/15/31(a)(e) | | | | | 348,791 | | | | |
| | | | 700,000 | | | | Series 2021-IP, Class D, 2.291% (1-Month USD-LIBOR + 2.100)% due
10/15/36(a)(e) | | | | | 688,478 | | | | |
| | | | | | | | GS Mortgage Securities Trust: | | | | | | | | | |
| | | | 705,000 | | | | Series 2015-GC30, Class A4, 3.382% due 5/10/50 | | | | | 720,218 | | | | |
| | | | 10,365,921 | | | | Series 2017-GS7, Class XA, 1.108% due 8/10/50(e)(g) | | | | | 463,829 | | | | |
| | | | 1,400,000 | | | | Series 2018-GS9, Class A4, 3.992% due 3/10/51(e) | | | | | 1,480,328 | | | | |
| | | | 1,200,000 | | | | Series 2018-GS9, Class C, 4.359% due 3/10/51(e) | | | | | 1,219,428 | | | | |
| | | | 1,500,000 | | | | Series 2020-GC45, Class A5, 2.911% due 2/13/53 | | | | | 1,494,167 | | | | |
| | | | 5,583,521 | | | | HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 0.321%
(1-Month USD-LIBOR + 0.150)% due 1/25/47(e) | | | | | 5,245,447 | | | | |
| | | | 981,931 | | | | HPLY Trust, Series 2019-HIT, Class F, 3.341% (1-Month USD-LIBOR +
3.150)% due 11/15/36(a)(e) | | | | | 947,473 | | | | |
| | | | | | | | Imperial Fund Mortgage Trust: | | | | | | | | | |
| | | | 643,113 | | | | Series 2021-NQM2, Class A1, 1.073% due 9/25/56(a)(e) | | | | | 606,421 | | | | |
| | | | 1,035,762 | | | | Series 2021-NQM3, Class A1, 1.595% due 11/25/56(a)(e) | | | | | 973,391 | | | | |
| | | | | | | | IMT Trust: | | | | | | | | | |
| | | | 4,689,388 | | | | Series 2017-APTS, Class BFL, 1.141% (1-Month USD-LIBOR + 0.950)% due
6/15/34(a)(e) | | | | | 4,661,798 | | | | |
| | | | 2,309,489 | | | | Series 2017-APTS, Class CFL, 1.291% (1-Month USD-LIBOR + 1.100)% due
6/15/34(a)(e) | | | | | 2,295,905 | | | | |
| | | | | | | | JP Morgan Chase Commercial Mortgage Securities Trust: | | | | | | | | | |
| | | | 805,000 | | | | Series 2018-WPT, Class FFX, 5.542% due 7/5/33(a)(e) | | | | | 799,204 | | | | |
| | | | 1,950,000 | | | | Series 2019-OSB, Class A, 3.397% due 6/5/39(a) | | | | | 2,001,854 | | | | |
| | | | 823,000 | | | | Series 2020-ACE, Class C, 3.694% due 1/10/37(a)(e) | | | | | 764,321 | | | | |
| | | | 805,000 | | | | Series 2020-LOOP, Class E, 3.861% due 12/5/38(a)(e) | | | | | 726,624 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | | | | | | JP Morgan Mortgage Trust: | |
| | | $ | 2,770,120 | | | | Series 2006-S1, Class 2A9, 6.500% due 4/25/36 | | | | $ | 2,870,597 | | |
| | | | 6,683,895 | | | | Series 2006-S4, Class A7, 6.000% due 1/25/37 | | | | | 3,869,166 | | |
| | | | 1,584,866 | | | | Series 2021-3, Class B1, 2.949% due 7/1/51(a)(e) | | | | | 1,539,646 | | |
| | | | | | | | JPMBB Commercial Mortgage Securities Trust: | | | | | | | |
| | | | 380,000 | | | | Series 2014-C26, Class C, 4.377% due 1/15/48(e) | | | | | 378,318 | | |
| | | | 1,667,000 | | | | Series 2015-C27, Class C, 4.318% due 2/15/48(e) | | | | | 1,631,816 | | |
| | | | 2,200,000 | | | | Series 2015-C28, Class A4, 3.227% due 10/15/48 | | | | | 2,235,070 | | |
| | | | 1,205,000 | | | | Series 2015-C28, Class C, 4.146% due 10/15/48(e) | | | | | 1,183,669 | | |
| | | | 529,000 | | | | Series 2016-C1, Class A5, 3.576% due 3/17/49 | | | | | 546,021 | | |
| | | | 1,100,000 | | | | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A5,
3.490% due 7/15/50 | | | | | 1,137,751 | | |
| | | | 1,123,000 | | | | JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class B,
3.294% due 5/13/53(e) | | | | | 1,106,404 | | |
| | | | | | | | Legacy Mortgage Asset Trust: | | | | | | | |
| | | | 427,514 | | | | Series 2021-GS2, Class A1, step bond to yield, 1.750% due 4/25/61(a) | | | | | 417,210 | | |
| | | | 548,723 | | | | Series 2021-GS3, Class A1, step bond to yield, 1.750% due 7/25/61(a) | | | | | 534,393 | | |
| | | | 288,016 | | | | Series 2021-GS4, Class A1, step bond to yield, 1.650% due 11/25/60(a) | | | | | 277,787 | | |
| | | | 3,749,848 | | | | Lehman XS Trust, Series 2007-4N, Class 1A3, 0.427% (1-Month USD-LIBOR +
0.240)% due 3/25/47(e) | | | | | 3,730,035 | | |
| | | | 3,179,908 | | | | Life Mortgage Trust, Series 2021-BMR, Class D, 1.591% (1-Month
USD-LIBOR + 1.400)% due 3/15/38(a)(e) | | | | | 3,080,533 | | |
| | | | 829,000 | | | | Med Trust, Series 2021-MDLN, Class G, 5.442% (1-Month USD-LIBOR +
5.250)% due 11/15/38(a)(e) | | | | | 808,942 | | |
| | | | 6,368,140 | | | | Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750%
due 8/25/36 | | | | | 3,637,140 | | |
| | | | 518,197 | | | | MFA Trust, Series 2021-NQM1, Class A1, 1.153% due 4/25/65(a)(e) | | | | | 513,914 | | |
| | | | 536,923 | | | | MFRA Trust, Series 2021-NQM2, Class A1, 1.029% due 11/25/64(a)(e) | | | | | 523,139 | | |
| | | | | | | | Morgan Stanley Bank of America Merrill Lynch Trust: | | | | | | | |
| | | | 2,000,000 | | | | Series 2014-C17, Class C, 4.484% due 8/15/47(e) | | | | | 2,008,069 | | |
| | | | 16,591,221 | | | | Series 2014-C19, Class XA, 0.956% due 12/15/47(e)(g) | | | | | 347,855 | | |
| | | | 2,583,782 | | | | Series 2015-C20, Class A4, 3.249% due 2/15/48 | | | | | 2,637,074 | | |
| | | | 1,405,000 | | | | Series 2015-C26, Class A5, 3.531% due 10/15/48 | | | | | 1,449,420 | | |
| | | | 1,652,000 | | | | Series 2016-C31, Class C, 4.274% due 11/15/49(e) | | | | | 1,619,914 | | |
| | | | | | | | Morgan Stanley Capital I Trust: | | | | | | | |
| | | | 16,087,915 | | | | Series 2016-UB11, Class XA, 1.495% due 8/15/49(e)(g) | | | | | 794,867 | | |
| | | | 12,368,994 | | | | Series 2016-UB12, Class XA, 0.655% due 12/15/49(e)(g) | | | | | 329,573 | | |
| | | | 467,000 | | | | Series 2018-SUN, Class A, 1.091% (1-Month USD-LIBOR + 0.900)% due
7/15/35(a)(e) | | | | | 461,755 | | |
| | | | 1,356,000 | | | | Series 2019-H7, Class AS, 3.524% due 7/15/52 | | | | | 1,368,610 | | |
| | | | 583,000 | | | | Series 2019-H7, Class B, 3.725% due 7/15/52 | | | | | 583,643 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | | | |
| | | $ | 22,055,131 | | | | Series 2019-L3, Class XA, 0.640% due 11/15/52(e)(g) | | | | $ | 927,714 | | | | |
| | | | 806,000 | | | | Series 2020-L4, Class B, 3.082% due 2/15/53 | | | | | 779,069 | | | | |
| | | | 2,135,430 | | | | Morgan Stanley Residential Mortgage Loan Trust, Series 2020-RPL1, Class A1,
2.693% due 10/25/60(a)(e) | | | | | 2,112,178 | | | | |
| | | | | | | | New Residential Mortgage Loan Trust: | | | | | | | | | |
| | | | 481,920 | | | | Series 2021-NQ1R, Class A1, 0.943% due 7/25/55(a)(e) | | | | | 472,941 | | | | |
| | | | 406,119 | | | | Series 2021-NQ2R, Class A1, 0.941% due 10/25/58(a)(e) | | | | | 400,616 | | | | |
| | | | 1,467,536 | | | | Series 2021-NQM3, Class A1, 1.156% due 11/27/56(a)(e) | | | | | 1,429,722 | | | | |
| | | | 1,275,411 | | | | NMLT Trust, Series 2021-INV1, Class A1, 1.185% due 5/25/56(a)(e) | | | | | 1,228,409 | | | | |
| | | | | | | | OBX Trust: | | | | | | | | | |
| | | | 997,988 | | | | Series 2021-NQM1, Class A1, 1.072% due 2/25/66(a)(e) | | | | | 976,657 | | | | |
| | | | 773,179 | | | | Series 2021-NQM3, Class A1, 1.054% due 7/25/61(a)(e) | | | | | 746,115 | | | | |
| | | | 1,471,680 | | | | Series 2022-NQM1, Class A1, 2.305% due 11/25/61(a)(e) | | | | | 1,455,077 | | | | |
| | | | | | | | PMT Credit Risk Transfer Trust: | | | | | | | | | |
| | | | 1,098,047 | | | | Series 2019-2R, Class A, 2.858% (1-Month USD-LIBOR + 2.750)% due
5/27/23(a)(e) | | | | | 1,091,356 | | | | |
| | | | 638,665 | | | | Series 2019-3R, Class A, 2.808% (1-Month USD-LIBOR + 2.700)% due
10/27/22(a)(e) | | | | | 637,760 | | | | |
| | | | 1,670,537 | | | | PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 1.843% due
9/25/51(a) | | | | | 1,622,644 | | | | |
| | | | 1,518,392 | | | | Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, step bond to
yield, 1.992% due 2/25/61(a) | | | | | 1,473,639 | | | | |
| | | | | | | | PRPM LLC: | | | | | | | | | |
| | | | 368,397 | | | | Series 2021-2, Class A1, 2.115% due 3/25/26(a)(e) | | | | | 361,684 | | | | |
| | | | 632,110 | | | | Series 2021-3, Class A1, step bond to yield, 1.867% due 4/25/26(a) | | | | | 613,577 | | | | |
| | | | 829,562 | | | | Series 2021-4, Class A1, step bond to yield, 1.867% due 4/25/26(a) | | | | | 803,448 | | | | |
| | | | 780,646 | | | | Series 2021-5, Class A1, step bond to yield, 1.793% due 6/25/26(a) | | | | | 753,826 | | | | |
| | | | 803,243 | | | | Series 2021-6, Class A1, step bond to yield, 1.793% due 7/25/26(a) | | | | | 784,630 | | | | |
| | | | 4,461,333 | | | | Series 2021-7, Class A1, step bond to yield, 1.867% due 8/25/26(a) | | | | | 4,339,848 | | | | |
| | | | 789,741 | | | | Series 2021-8, Class A1, 1.743% due 9/25/26(a)(e) | | | | | 765,738 | | | | |
| | | | 2,069,304 | | | | Series 2021-9, Class A1, 2.363% due 10/25/26(a)(e) | | | | | 2,013,396 | | | | |
| | | | 313,413 | | | | Series 2021-RPL1, Class A1, 1.319% due 7/25/51(a)(e) | | | | | 303,830 | | | | |
| | | | 1,360,449 | | | | Rali Trust, Series 2005-QS13, Class 1A3, 5.500% due 9/25/35 | | | | | 1,308,070 | | | | |
| | | | 573,075 | | | | RCO VII Mortgage LLC, Series 2021-1, Class A1, step bond to yield, 1.868%
due 5/26/26(a) | | | | | 562,801 | | | | |
| | | | 4,082,212 | | | | Residential Asset Securitization Trust, Series 2005-A8CB, Class A6, 5.000%
due 7/25/35 | | | | | 3,017,036 | | | | |
| | | | | | | | Residential Mortgage Loan Trust: | | | | | | | |
| | | | 3,100,000 | | | | Series 2020-1, Class M1, 3.242% due 1/26/60(a)(e) | | | | | 3,084,957 | | | | |
| | | | 418,327 | | | | Series 2021-1R, Class A1, 0.859% due 1/25/65(a)(e) | | | | | 412,879 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | | | | | | Seasoned Credit Risk Transfer Trust: | |
| | | $ | 429,738 | | | | Series 2019-1, Class MA, 3.500% due 7/25/58 | | | | $ | 442,821 | | |
| | | | 597,721 | | | | Series 2019-1, Class MT, 3.500% due 7/25/58 | | | | | 624,729 | | |
| | | | 5,751,030 | | | | Series 2019-4, Class MV, 3.000% due 2/25/59 | | | | | 5,912,050 | | |
| | | | 745,968 | | | | Series 2020-1, Class MT, 2.500% due 8/25/59 | | | | | 749,410 | | |
| | | | 7,333,423 | | | | Series 2020-2, Class MT, 2.000% due 11/25/59 | | | | | 7,153,790 | | |
| | | | 7,424,976 | | | | Series 2020-3, Class M5TW, 3.000% due 5/25/60 | | | | | 7,581,216 | | |
| | | | 5,865,650 | | | | Seasoned Loans Structured Transaction Trust, Series 2020-2, Class A1D, 1.750%
due 9/25/30 | | | | | 5,746,802 | | |
| | | | 3,640,000 | | | | SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class B,
4.388% due 1/5/43(a)(e) | | | | | 3,426,109 | | |
| | | | 165,000 | | | | SG Commercial Mortgage Securities Trust, Series 2016-C5, Class B, 3.933%
due 10/10/48 | | | | | 163,141 | | |
| | | | | | | | SG Residential Mortgage Trust: | | | | | | | |
| | | | 1,100,514 | | | | Series 2021-1, Class A1, 1.160% due 7/25/61(a)(e) | | | | | 1,067,337 | | |
| | | | 5,238,000 | | | | Series 2021-2, Class B1, 4.038% due 12/25/61(a)(e) | | | | | 4,970,945 | | |
| | | | 5,150,000 | | | | SMRT, Series 2022-MINI, Class D, 2.050% (1-Month TSFR1M + 1.950)% due
1/15/24(a)(e) | | | | | 5,053,015 | | |
| | | | 795,000 | | | | Soho Trust, Series 2021-SOHO, Class B, 2.697% due 8/10/38(a)(e) | | | | | 707,319 | | |
| | | | 887,936 | | | | STAR Trust, Series 2021-1, Class A1, 1.219% due 5/25/65(a)(e) | | | | | 880,374 | | |
| | | | | | | | Starwood Mortgage Residential Trust: | | | | | | | |
| | | | 314,928 | | | | Series 2021-2, Class A1, 0.943% due 5/25/65(a)(e) | | | | | 310,641 | | |
| | | | 1,049,959 | | | | Series 2021-3, Class A1, 1.127% due 6/25/56(a)(e) | | | | | 1,017,711 | | |
| | | | 1,404,577 | | | | Series 2021-4, Class A1, 1.162% due 8/25/56(a)(e) | | | | | 1,370,771 | | |
| | | | 1,154,584 | | | | Series 2021-6, Class A1, 1.920% due 11/25/66(a)(e) | | | | | 1,127,486 | | |
| | | | 3,480,000 | | | | STWD Trust, Series 2021-FLWR, Class D, 1.566% (1-Month USD-LIBOR +
1.375)% due 7/15/36(a)(e) | | | | | 3,388,690 | | |
| | | | 840,000 | | | | Toorak Mortgage Corp. Ltd., Series 2021-1, Class A1, step bond to yield,
2.240% due 6/25/24(a) | | | | | 827,140 | | |
| | | | 1,611,725 | | | | Towd Point Mortgage Trust, Series 2021-R1, Class A1, 2.918%
due 11/30/60(a)(e) | | | | | 1,595,443 | | |
| | | | 700,000 | | | | Triangle Re Ltd., Series 2021-3, Class M1A, 1.949% (SOFR30A + 1.900)% due
2/25/34(a)(e) | | | | | 695,830 | | |
| | | | 560,548 | | | | TRK Trust, Series 2021-INV1, Class A1, 1.153% due 7/25/56(a)(e) | | | | | 541,215 | | |
| | | | | | | | UBS Commercial Mortgage Trust: | | | | | | | |
| | | | 4,436,338 | | | | Series 2017-C1, Class XA, 1.528% due 6/15/50(e)(g) | | | | | 286,768 | | |
| | | | 1,815,000 | | | | Series 2017-C7, Class A3, 3.418% due 12/15/50 | | | | | 1,856,753 | | |
| | | | 3,908,100 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 0.885%
due 3/10/46(a)(e)(g) | | | | | 16,359 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | | | |
| | | | | | | | VCAT LLC: | | | |
| | | $ | 252,078 | | | | Series 2021-NPL2, Class A1, step bond to yield, 2.115% due 3/27/51(a)(d) | | | | $ | 247,275 | | | | |
| | | | 767,093 | | | | Series 2021-NPL3, Class A1, step bond to yield, 1.743% due 5/25/51(a) | | | | | 749,801 | | | | |
| | | | 1,138,065 | | | | Series 2021-NPL4, Class A1, step bond to yield, 1.868% due 8/25/51(a) | | | | | 1,107,010 | | | | |
| | | | | | | | Verus Securitization Trust: | | | | | | | | | |
| | | | 6,400,000 | | | | Series 2019-INV2, Class M1, 3.499% due 7/25/59(a)(e) | | | | | 6,422,929 | | | | |
| | | | 3,814,000 | | | | Series 2021-1, Class B1, 2.977% due 1/25/66(a)(e) | | | | | 3,700,665 | | | | |
| | | | 428,848 | | | | Series 2021-2, Class A1, 1.031% due 2/25/66(a)(e) | | | | | 419,258 | | | | |
| | | | 535,283 | | | | Series 2021-4, Class A1, 0.938% due 7/25/66(a)(e) | | | | | 512,536 | | | | |
| | | | 1,425,792 | | | | Series 2021-5, Class A1, 1.013% due 9/25/66(a)(e) | | | | | 1,363,587 | | | | |
| | | | 1,470,830 | | | | Series 2021-6, Class A1, 1.630% due 10/25/66(a)(e) | | | | | 1,434,712 | | | | |
| | | | 1,614,294 | | | | Series 2021-7, Class A1, 1.829% due 10/25/66(a)(e) | | | | | 1,574,738 | | | | |
| | | | 459,926 | | | | Series 2021-R1, Class A1, 0.820% due 10/25/63(a)(e) | | | | | 455,719 | | | | |
| | | | 508,787 | | | | Series 2021-R2, Class A1, 0.918% due 2/25/64(a)(e) | | | | | 502,971 | | | | | | | | |
| | | | 1,070,000 | | | | Series 2022-1, Class A1, step bond to yield, 2.724% due 1/25/67(a) | | | | | 1,063,054 | | | | |
| | | | 446,537 | | | | VOLT C LLC, Series 2021-NPL9, Class A1, step bond to yield, 1.992% due
5/25/51(a) | | | | | 434,971 | | | | |
| | | | 1,022,977 | | | | VOLT XCIII LLC, Series 2021-NPL2, Class A1, step bond to yield, 1.893% due
2/27/51(a)(d) | | | | | 1,001,429 | | | | |
| | | | 2,229,200 | | | | VOLT XCVII LLC, Series 2021-NPL6, Class A1, step bond to yield, 2.240% due
4/25/51(a) | | | | | 2,188,719 | | | | |
| | | | | | | | Wells Fargo Commercial Mortgage Trust: | | | | | | | | | |
| | | | 1,400,000 | | | | Series 2016-BNK1, Class A3, 2.652% due 8/15/49 | | | | | 1,394,591 | | | | |
| | | | 9,892,850 | | | | Series 2017-C38, Class XA, 1.014% due 7/15/50(e)(g) | | | | | 405,811 | | | | |
| | | | 800,000 | | | | Series 2018-C45, Class ASB, 4.147% due 6/15/51 | | | | | 849,128 | | | | |
| | | | 806,000 | | | | Series 2020-C55, Class AS, 2.937% due 2/15/53 | | | | | 784,836 | | | | |
| | | | 9,272,780 | | | | Series 2020-C58, Class XA, 1.878% due 7/15/53(e)(g) | | | | | 1,151,514 | | | | |
| | | | 3,454,283 | | | | Series 2021-SAVE, Class D, 2.691% (1-Month USD-LIBOR + 2.500)% due
2/15/40(a)(e) | | | | | 3,402,370 | | | | |
| | | | | | | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $570,991,868) | | | | | 541,564,801 | | | | |
| | U.S. GOVERNMENT OBLIGATIONS – 22.7% | | | | | | | |
| | | | | | | | U.S. Treasury Bonds: | | | | | | | | | |
| | | | 1,675,000 | | | | 1.750% due 8/15/41 | | | | | 1,535,242 | | | | |
| | | | 8,410,000 | | | | 2.000% due 11/15/41 | | | | | 8,051,261 | | | | |
| | | | 6,715,000 | | | | 3.625% due 2/15/44 | | | | | 8,249,482 | | | | |
| | | | 12,905,000 | | | | 3.375% due 5/15/44 | | | | | 15,319,647 | | | | |
| | | | 1,390,000 | | | | 2.250% due 8/15/46 | | | | | 1,375,394 | | | | |
| | | | 8,500,000 | | | | 3.000% due 2/15/48 | | | | | 9,778,652 | | | | |
| | | | 7,800,000 | | | | 3.125% due 5/15/48 | | | | | 9,193,336 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | U.S. GOVERNMENT OBLIGATIONS – (continued) | | | |
| | | $ | 53,865,000 | | | | 2.375% due 5/15/51 | | | | $ | 56,164,783 | | | | |
| | | | 53,000,000 | | | | 1.875% due 11/15/51 | | | | | 49,447,344 | | | | |
| | | | 3,230,000 | | | | 2.250% due 2/15/52 | | | | | 3,290,563 | | | | |
| | | | | | | | U.S. Treasury Inflation Indexed Bonds: | | | | | | | | | |
| | | | 1,778,653 | | | | 0.875% due 2/15/47 | | | | | 2,225,193 | | | | |
| | | | 337,245 | | | | 0.125% due 2/15/51 | | | | | 362,669 | | | | |
| | | | 2,484,732 | | | | U.S. Treasury Inflation Indexed Notes, 0.125% due 7/15/30 | | | | | 2,715,783 | | | | |
| | | | | | | | U.S. Treasury Notes: | | | | | | | | | |
| | | | 46,305,000 | | | | 0.125% due 11/30/22 | | | | | 46,028,255 | | | | |
| | | | 20,300,000 | | | | 0.500% due 11/30/23 | | | | | 19,975,676 | | | | |
| | | | 55,095,000 | | | | 0.125% due 12/15/23(i) | | | | | 53,829,537 | | | | |
| | | | 4,600,000 | | | | 1.500% due 2/29/24 | | | | | 4,603,773 | | | | |
| | | | 26,530,000 | | | | 0.250% due 5/15/24 | | | | | 25,793,171 | | | | |
| | | | 5,900,000 | | | | 1.125% due 1/15/25 | | | | | 5,816,570 | | | | |
| | | | 14,100,000 | | | | 1.500% due 2/15/25 | | | | | 14,043,820 | | | | |
| | | | 31,060,000 | | | | 0.250% due 8/31/25 | | | | | 29,520,346 | | | | |
| | | | 5,700,000 | | | | 2.250% due 11/15/25 | | | | | 5,808,434 | | | | |
| | | | 8,240,000 | | | | 0.375% due 11/30/25 | | | | | 7,837,656 | | | | |
| | | | 10,785,000 | | | | 0.500% due 2/28/26 | | | | | 10,270,606 | | | | |
| | | | 22,515,000 | | | | 0.750% due 4/30/26 | | | | | 21,616,159 | | | | |
| | | | 9,900,000 | | | | 0.625% due 7/31/26 | | | | | 9,427,430 | | | | |
| | | | 5,900,000 | | | | 1.500% due 1/31/27 | | | | | 5,830,398 | | | | |
| | | | 11,800,000 | | | | 1.875% due 2/28/27 | | | | | 11,878,359 | | | | |
| | | | 3,326,000 | | | | 2.750% due 2/15/28 | | | | | 3,505,162 | | | | |
| | | | 18,880,000 | | | | 2.875% due 5/15/28 | | | | | 20,051,150 | | | | |
| | | | 18,600,000 | | | | 1.875% due 2/28/29 | | | | | 18,663,938 | | | | |
| | | | 1,835,000 | | | | 1.625% due 5/15/31 | | | | | 1,803,103 | | | | | | | | |
| | | | 8,370,000 | | | | 1.250% due 8/15/31 | | | | | 7,947,577 | | | | |
| | | | 7,400,000 | | | | 1.875% due 2/15/32 | | | | | 7,427,750 | | | | |
| | | | | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $511,296,359) | | | | | 499,388,219 | | | | |
| | MORTGAGE-BACKED SECURITIES – 20.2% | | | |
| | FHLMC – 2.3% | | | |
| | | | | | | | Federal Home Loan Mortgage Corp. (FHLMC)., Gold: | | | | | | | | | |
| | | | 11,456,608 | | | | 3.000% due 3/1/35 – 4/1/50 | | | | | 11,732,036 | | | | |
| | | | 3,853,505 | | | | 3.030% due 1/1/50 | | | | | 3,918,380 | | | | |
| | | | 15,226,453 | | | | 3.500% due 12/1/46 – 1/1/48 | | | | | 15,931,797 | | | | |
| | | | 63,103 | | | | 4.000% due 12/1/47 | | | | | 66,405 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | MORTGAGE-BACKED SECURITIES – (continued) | | | |
| | FHLMC – (continued) | | | |
| | | | | | | | Federal Home Loan Mortgage Corp. (FHLMC)., Gold UMBS: | | | |
| | | $ | 7,010,792 | | | | 2.000% due 3/1/51 | | | | $ | 6,742,403 | | | | |
| | | | 7,192,120 | | | | 2.500% due 5/1/50 – 12/1/51 | | | | | 7,106,143 | | | | |
| | | | 2,450,214 | | | | 3.000% due 2/1/33 – 3/1/42 | | | | | 2,525,302 | | | | |
| | | | 1,005,606 | | | | 3.500% due 8/1/43 | | | | | 1,057,878 | | | | |
| | | | 1,898,018 | | | | 4.000% due 10/1/44 – 12/1/47 | | | | | 2,010,882 | | | | |
| | | | 465,686 | | | | 4.500% due 5/1/48 | | | | | 492,693 | | | | |
| | | | | | | | TOTAL FHLMC | | | | | 51,583,919 | | | | |
| | FNMA – 15.5% | | | | | | | |
| | | | | | | | Federal National Mortgage Association (FNMA) UMBS: | | | | | | | | | |
| | | | 2,555,000 | | | | 1.500% due 3/1/37 – 3/1/52(j) | | | | | 2,450,577 | | | | |
| | | | 58,006,000 | | | | 2.000% due 3/1/37 – 4/1/52(j) | | | | | 55,754,303 | | | | |
| | | | 635,099 | | | | 2.000% due 4/1/41 – 10/1/41 | | | | | 618,832 | | | | |
| | | | 34,900,600 | | | | 2.000% due 8/1/50 – 11/1/51 | | | | | 33,574,251 | | | | |
| | | | 78,847,953 | | | | 2.500% due 6/1/30 – 2/1/52 | | | | | 78,123,853 | | | | |
| | | | 86,039,000 | | | | 2.500% due 3/1/37 – 4/1/52(j) | | | | | 84,798,039 | | | | |
| | | | 27,247,800 | | | | 3.000% due 2/1/30 – 2/1/52 | | | | | 27,891,113 | | | | |
| | | | 8,115,000 | | | | 3.000% due 3/1/52(j) | | | | | 8,196,150 | | | | |
| | | | 5,093,706 | | | | 3.500% due 7/1/32 – 7/1/50 | | | | | 5,301,379 | | | | |
| | | | 4,131,000 | | | | 3.500% due 3/1/52(j) | | | | | 4,254,284 | | | | |
| | | | 1,517,582 | | | | 4.000% due 11/1/38 – 2/1/48 | | | | | 1,607,943 | | | | |
| | | | 643,561 | | | | 4.500% due 5/1/48 – 6/1/48 | | | | | 683,136 | | | | |
| | | | 1,894,000 | | | | 4.500% due 3/1/52(j) | | | | | 1,999,465 | | | | |
| | | | | | | | Federal National Mortgage Association (FNMA): | | | | | | | | | |
| | | | 13,000,000 | | | | 1.960% due 9/1/33 | | | | | 12,318,993 | | | | |
| | | | 2,359,456 | | | | 2.476% due 5/1/44(e) | | | | | 2,431,979 | | | | |
| | | | 1,688,028 | | | | 2.490% due 9/1/28 | | | | | 1,722,039 | | | | |
| | | | 4,443,000 | | | | 2.760% due 9/1/31 | | | | | 4,630,088 | | | | |
| | | | 4,941,277 | | | | 3.000% due 4/1/53 | | | | | 5,156,937 | | | | |
| | | | 8,500,000 | | | | 3.710% due 8/1/30 | | | | | 9,330,169 | | | | |
| | | | | | | | TOTAL FNMA | | | | | 340,843,530 | | | | | | | | |
| | GNMA – 2.4% | | | | | | | |
| | | | | | | | Government National Mortgage Association (GNMA): | | | | | | | | | |
| | | | 1,650,000 | | | | 2.000% due 3/1/52(j) | | | | | 1,613,133 | | | | |
| | | | 4,450,000 | | | | 2.500% due 3/1/52(j) | | | | | 4,446,350 | | | | |
| | | | 10,360,000 | | | | 3.000% due 3/1/52(j) | | | | | 10,531,992 | | | | |
| | | | 5,710,000 | | | | 3.500% due 3/1/52(j) | | | | | 5,891,114 | | | | |
| | | | 1,185,000 | | | | 4.500% due 3/1/52(j) | | | | | 1,240,848 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | MORTGAGE-BACKED SECURITIES – (continued) | | | |
| | GNMA – (continued) | | | |
| | | | | | | | Government National Mortgage Association (GNMA) II: | | | |
| | | $ | 8,303,638 | | | | 2.500% due 9/20/51 – 10/20/51 | | | | $ | 8,345,574 | | | | |
| | | | 3,818,444 | | | | 3.000% due 4/20/31 – 12/20/51 | | | | | 3,903,985 | | | | |
| | | | 10,912,335 | | | | 3.500% due 8/20/42 – 2/20/52 | | | | | 11,319,928 | | | | |
| | | | 3,186,201 | | | | 4.000% due 10/20/44 – 3/20/49 | | | | | 3,363,871 | | | | |
| | | | 1,446,992 | | | | 4.500% due 2/20/40 – 8/20/49 | | | | | 1,549,828 | | | | |
| | | | | | | | TOTAL GNMA | | | | | 52,206,623 | | | | |
| | | | | | | | TOTAL MORTGAGE-BACKED SECURITIES
(Cost – $450,591,524) | | | | | 444,634,072 | | | | |
| | ASSET-BACKED SECURITIES – 9.6% | | | | | | | |
| | | | 1,000,000 | | | | 37 Capital CLO I, Series 2021-1A, Class A, 1.403% (3-Month USD-LIBOR +
1.200)% due 10/15/34(a)(d)(e) | | | | | 999,197 | | | | |
| | | | 1,669,258 | | | | Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(a) | | | | | 1,568,208 | | | | |
| | | | 1,640,425 | | | | AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(a) | | | | | 1,305,242 | | | | |
| | | | 1,600,000 | | | | AIG CLO LLC, Series 2021-1A, Class A, 1.359% (3-Month USD-LIBOR +
1.100)% due 4/22/34(a)(e) | | | | | 1,579,291 | | | | |
| | | | 3,000,000 | | | | Aimco CLO 15 Ltd., Series 2021-15A, Class A, 1.361% (3-Month
USD-LIBOR + 1.120)% due 10/17/34(a)(e) | | | | | 2,975,091 | | | | |
| | | | 500,000 | | | | Allegro CLO X Ltd., Series 2019-1A, Class AR, 1.404% (3-Month USD-LIBOR
+ 1.150)% due 7/20/32(a)(e) | | | | | 496,921 | | | | |
| | | | 500,000 | | | | ALM 2020 Ltd., Series 2020-1A, Class A2, 2.091% (3-Month USD-LIBOR +
1.850)% due 10/15/29(a)(e) | | | | | 497,173 | | | | |
| | | | 4,000,000 | | | | AMSR Trust, Series 2020-SFR4, Class E2, 2.456% due 11/17/37(a) | | | | | 3,739,249 | | | | |
| | | | 1,000,000 | | | | Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class B, 1.778% (3-Month
USD-LIBOR + 1.500)% due 1/28/31(a)(e) | | | | | 995,857 | | | | |
| | | | 500,000 | | | | Apidos CLO XII, Series 2013-12A, Class CR, 2.041% (3-Month USD-LIBOR +
1.800)% due 4/15/31(a)(e) | | | | | 495,358 | | | | |
| | | | 260,000 | | | | Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL2, Class A,
1.291% (1-Month USD-LIBOR + 1.100)% due 5/15/36(a)(e) | | | | | 258,729 | | | | |
| | | | 1,523,824 | | | | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE2,
Class A4, 0.417% (1-Month USD-LIBOR + 0.230)% due 5/25/37(e) | | | | | 1,226,622 | | | | |
| | | | 570,000 | | | | Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.210% due
7/15/30(a) | | | | | 559,299 | | | | |
| | | | | | | | Avis Budget Rental Car Funding AESOP LLC: | | | | | | | | | |
| | | | 410,000 | | | | Series 2017-2A, Class A, 2.970% due 3/20/24(a) | | | | | 415,680 | | | | |
| | | | 5,920,000 | | | | Series 2020-1A, Class A, 2.330% due 8/20/26(a) | | | | | 5,922,832 | | | | |
| | | | 1,440,000 | | | | Bain Capital Credit CLO, Series 2019-1A, Class AR, 1.378% (3-Month
USD-LIBOR + 1.130)% due 4/19/34(a)(e) | | | | | 1,431,577 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | ASSET-BACKED SECURITIES – (continued) | | | |
| | | | | | | | Bain Capital Credit CLO Ltd.: | | | |
| | | $ | 1,660,000 | | | | Series 2017-2A, Class AR2, 1.438% (3-Month USD-LIBOR + 1.180)% due
7/25/34(a)(e) | | | | $ | 1,654,593 | | | | |
| | | | 2,000,000 | | | | Series 2020-2A, Class AR, 1.418% (3-Month USD-LIBOR + 1.170)% due
7/19/34(a)(e) | | | | | 1,989,284 | | | | |
| | | | 1,000,000 | | | | Battalion CLO XI Ltd., Series 2017-11A, Class AR, 1.409% (3-Month
USD-LIBOR + 1.150)% due 4/24/34(a)(e) | | | | | 995,158 | | | | |
| | | | 274,349 | | | | BHG Securitization Trust, Series 2021-B, Class A, 0.900% due 10/17/34(a) | | | | | 270,316 | | | | |
| | | | 1,085,000 | | | | BlueMountain CLO XXIV Ltd., Series 2019-24A, Class AR, 1.354% (3-Month
USD-LIBOR + 1.100)% due 4/20/34(a)(e) | | | | | 1,074,266 | | | | | | | | |
| | | | 2,055,000 | | | | BlueMountain CLO XXXI Ltd., Series 2021-31A, Class A1, 1.398% (3-Month
USD-LIBOR + 1.150)% due 4/19/34(a)(e) | | | | | 2,043,344 | | | | |
| | | | | | | | BSPRT Issuer Ltd.: | | | | | | | | | |
| | | | 775,000 | | | | Series 2021-FL6, Class A, 1.291% (1-Month USD-LIBOR + 1.100)% due
3/15/36(a)(e) | | | | | 771,062 | | | | |
| | | | 368,600 | | | | Series 2021-FL7, Class B, 2.241% (1-Month USD-LIBOR + 2.050)% due
12/15/38(a)(e) | | | | | 367,691 | | | | |
| | | | 2,000,000 | | | | Capital Four US CLO I Ltd., Series 2021-1A, Class A, 1.453% (3-Month
USD-LIBOR + 1.210)% due 1/18/35(a)(e) | | | | | 1,982,500 | | | | |
| | | | 1,973,747 | | | | Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A,
1.318% (3-Month USD-LIBOR + 1.050)% due 7/27/31(a)(e) | | | | | 1,971,996 | | | | |
| | | | | | | | Carlyle US CLO Ltd.: | | | | | | | | | |
| | | | 765,000 | | | | Series 2021-2A, Class A1, 1.334% (3-Month USD-LIBOR + 1.080)% due
4/20/34(a)(e) | | | | | 758,690 | | | | |
| | | | 1,537,000 | | | | Series 2021-3SA, Class A1, 1.301% (3-Month USD-LIBOR + 1.060)% due
4/15/34(a)(e) | | | | | 1,521,891 | | | | |
| | | | 1,700,000 | | | | Carmax Auto Owner Trust, Series 2021-1, Class C, 0.940% due 12/15/26 | | | | | 1,646,089 | | | | |
| | | | 1,671,807 | | | | Carrington Mortgage Loan Trust, Series 2006-NC4, Class A3, 0.347% (1-Month
USD-LIBOR + 0.160)% due 10/25/36(e) | | | | | 1,637,365 | | | | |
| | | | 1,077,257 | | | | Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125% due
6/15/43(a) | | | | | 1,049,655 | | | | |
| | | | 500,000 | | | | CBAM Ltd., Series 2019-10A, Class A1R, 1.374% (3-Month USD-LIBOR +
1.120)% due 4/20/32(a)(e) | | | | | 498,857 | | | | |
| | | | 4,822,116 | | | | C-BASS Trust, Series 2006-CB9, Class A4, 0.417% (1-Month USD-LIBOR +
0.230)% due 11/25/36(e) | | | | | 2,864,958 | | | | |
| | | | 2,660,000 | | | | Cedar Funding IV CLO Ltd., Series 2014-4A, Class ARR, 1.419% (3-Month
USD-LIBOR + 1.160)% due 7/23/34(a)(e) | | | | | 2,636,810 | | | | |
| | | | 110,918 | | | | CF Hippolyta LLC, Series 2021-1A, Class B1, 1.980% due 3/15/61(a) | | | | | 104,637 | | | | |
| | | | 5,909,907 | | | | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640% due 2/18/46(a) | | | | | 5,599,085 | | | | |
| | | | 465,000 | | | | Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.000% due
5/15/30(a) | | | | | 453,931 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | ASSET-BACKED SECURITIES – (continued) | | | |
| | | $ | 4,624,823 | | | | Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4,
Class AV4, 0.427% (1-Month USD-LIBOR + 0.480)% due 5/25/36(e) | | | | $ | 3,723,513 | | | | |
| | | | 679,863 | | | | Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662% due
4/25/51(a) | | | | | 651,758 | | | | |
| | | | 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)(e) | | | | | 1,994,028 | | | | |
| | | | | | | | Exeter Automobile Receivables Trust: | | | | | | | | | |
| | | | 600,000 | | | | Series 2021-1A, Class D, 1.080% due 11/16/26 | | | | | 585,678 | | | | |
| | | | 900,000 | | | | Series 2021-1A, Class E, 2.210% due 2/15/28(a) | | | | | 869,729 | | | | |
| | | | 5,851,636 | | | | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A1, 0.327%
(1-Month USD-LIBOR + 0.140)% due 3/25/37(e) | | | | | 3,922,368 | | | | |
| | | | 2,685,000 | | | | Ford Credit Auto Lease Trust, Series 2021-A, Class C, 0.780% due 9/15/25 | | | | | 2,636,480 | | | | |
| | | | | | | | Ford Credit Auto Owner Trust: | | | | | | | | | |
| | | | 6,750,000 | | | | Series 2020-1, Class C, 2.540% due 8/15/31(a) | | | | | 6,682,794 | | | | |
| | | | 3,650,000 | | | | Series 2020-2, Class C, 1.740% due 4/15/33(a) | | | | | 3,532,953 | | | | |
| | | | 2,000,000 | | | | Franklin Park Place CLO I LLC, Series 2022-1A, Class A, 0.000% (3-Month
TSFR3M + 1.400)% due 4/14/35(a)(d)(e) | | | | | 1,999,514 | | | | |
| | | | 202,813 | | | | FREED ABS Trust, Series 2021-3FP, Class A, 0.620% due 11/20/28(a) | | | | | 202,266 | | | | |
| | | | 1,690,000 | | | | FS Rialto, Series 2021-FL3, Class A, 1.376% (1-Month USD-LIBOR + 1.250)%
due 11/16/36(a)(e) | | | | | 1,682,691 | | | | |
| | | | 560,000 | | | | FS RIALTO, Series 2021-FL2, Class A, 1.346% (1-Month USD-LIBOR +
1.220)% due 5/16/38(a)(e) | | | | | 554,418 | | | | |
| | | | 2,500,000 | | | | Generate CLO 6 Ltd., Series 6A, Class A1R, 1.449% (3-Month USD-LIBOR +
1.200)% due 1/22/35(a)(e) | | | | | 2,471,192 | | | | |
| | | | 500,000 | | | | Generate CLO 9 Ltd., Series 9A, Class A, 0.000% (3-Month USD-LIBOR +
1.200)% due 10/20/34(a)(e) | | | | | 495,816 | | | | |
| | | | | | | | GM Financial Automobile Leasing Trust: | | | | | | | | | |
| | | | 500,000 | | | | Series 2020-1, Class D, 2.280% due 6/20/24 | | | | | 501,675 | | | | |
| | | | 1,000,000 | | | | Series 2020-2, Class D, 3.210% due 12/20/24 | | | | | 1,015,500 | | | | | | | | |
| | | | 2,750,000 | | | | GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class C,
1.040% due 5/17/27 | | | | | 2,655,491 | | | | |
| | | | 1,500,000 | | | | GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class C, 3.500%
due 10/20/48(a) | | | | | 1,404,793 | | | | |
| | | | 785,000 | | | | Greystone CRE Notes Ltd., Series 2019-FL2, Class C, 2.191% (1-Month
USD-LIBOR + 2.000)% due 9/15/37(a)(e) | | | | | 779,654 | | | | |
| | | | | | | | Halsey Point CLO I Ltd.: | | | | | | | | | |
| | | | 1,000,000 | | | | Series 2019-1A, Class A1A1, 1.604% (3-Month USD-LIBOR + 1.350)% due
1/20/33(a)(e) | | | | | 998,849 | | | | |
| | | | 1,000,000 | | | | Series 2019-1A, Class B1, 2.454% (3-Month USD-LIBOR + 2.200)% due
1/20/33(a)(e) | | | | | 1,000,763 | | | | |
| | | | 500,000 | | | | Halseypoint CLO 5 Ltd., Series 2021-5A, Class A1A, 1.471% (3-Month
USD-LIBOR + 1.210)% due 1/30/35(a)(e) | | | | | 495,908 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | ASSET-BACKED SECURITIES – (continued) | | | |
| | | | | | | | Home Partners of America Trust: | | | |
| | | $ | 1,830,865 | | | | Series 2021-1, Class D, 2.477% due 9/17/41(a) | | | | $ | 1,706,831 | | | | |
| | | | 836,321 | | | | Series 2021-1, Class E, 2.577% due 9/17/41(a) | | | | | 771,027 | | | | |
| | | | 963,464 | | | | Series 2021-1, Class F, 3.325% due 9/17/41(a) | | | | | 884,206 | | | | |
| | | | 4,531,853 | | | | Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425% due
11/15/39(a) | | | | | 4,361,502 | | | | |
| | | | 2,239,679 | | | | Invitation Homes Trust, Series 2018-SFR1, Class C, 1.370% (1-Month
USD-LIBOR + 1.250)% due 3/17/37(a)(e) | | | | | 2,230,837 | | | | |
| | | | 4,019,200 | | | | JP Morgan Mortgage Acquisition Corp., Series 2005-WMC1, Class M4, 1.087%
(1-Month USD-LIBOR + 0.900)% due 9/25/35(e) | | | | | 3,876,656 | | | | |
| | | | 1,000,000 | | | | LCM XV LP, Series 15A, Class DR, 3.954% (3-Month USD-LIBOR + 3.700)%
due 7/20/30(a)(e) | | | | | 994,294 | | | | |
| | | | 1,790,000 | | | | Lendingpoint Asset Securitization Trust, Series 2021-A, Class C, 2.750% due
12/15/28(a) | | | | | 1,749,498 | | | | |
| | | | 500,000 | | | | Madison Park Funding XXXIV Ltd., Series 2019-34A, Class AR, 1.378%
(3-Month USD-LIBOR + 1.120)% due 4/25/32(a)(e) | | | | | 499,830 | | | | |
| | | | 1,675,000 | | | | Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, 1.361%
(3-Month USD-LIBOR + 1.120)% due 7/17/34(a)(e) | | | | | 1,663,255 | | | | |
| | | | 1,000,000 | | | | Marble Point CLO XIV Ltd., Series 2018-2A, Class A1R, 1.534% (3-Month
USD-LIBOR + 1.280)% due 1/20/32(a)(e) | | | | | 994,925 | | | | |
| | | | 1,000,000 | | | | Marble Point CLO XXI Ltd., Series 2021-3A, Class A1, 1.481% (3-Month
USD-LIBOR + 1.240)% due 10/17/34(a)(e) | | | | | 993,373 | | | | |
| | | | 1,000,000 | | | | Marble Point CLO XXII Ltd., Series 2021-2A, Class A, 1.458% (3-Month
USD-LIBOR + 1.200)% due 7/25/34(a)(e) | | | | | 990,231 | | | | |
| | | | 2,000,000 | | | | Marlette Funding Trust, Series 2019-4A, Class C, 3.760% due 12/17/29(a) | | | | | 2,010,084 | | | | |
| | | | 1,955,000 | | | | ME Funding LLC, Series 2019-1, Class A2, 6.448% due 7/30/49(a) | | | | | 2,021,138 | | | | |
| | | | 490,000 | | | | Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%
due 3/20/26(a) | | | | | 484,899 | | | | |
| | | | 9,117,438 | | | | Merrill Lynch Mortgage Investors Trust, Series 2006-HE6, Class A1, 0.467%
(1-Month USD-LIBOR + 0.280)% due 11/25/37(e) | | | | | 5,962,917 | | | | |
| | | | | | | | MF1 Ltd.: | | | | | | | | | |
| | | | 3,300,000 | | | | Series 2022-FL8, Class A, 1.398% (SOFR30A + 1.350)% due 2/19/37(a)(e) | | | | | 3,289,976 | | | | |
| | | | 845,000 | | | | Series 2022-FL8, Class AS, 1.798% (SOFR30A + 1.750)% due 2/19/37(a)(e) | | | | | 842,793 | | | | |
| | | | 1,000,000 | | | | MKS CLO Ltd., Series 2017-1A, Class AR, 1.254% (3-Month USD-LIBOR +
1.000)% due 7/20/30(a)(e) | | | | | 993,576 | | | | |
| | | | 1,000,000 | | | | MP CLO III Ltd., Series 2013-1A, Class AR, 1.504% (3-Month USD-LIBOR +
1.250)% due 10/20/30(a)(e) | | | | | 999,996 | | | | |
| | | | 534,508 | | | | Navient Private Education Refi Loan Trust, Series 2021-EA, Class A, 0.970%
due 12/16/69(a) | | | | | 515,017 | | | | |
| | | | 4,000,000 | | | | New Century Home Equity Loan Trust, Series 2005-B, Class M2, 0.677%
(1-Month USD-LIBOR + 0.735)% due 10/25/35(e) | | | | | 3,845,144 | | | | |
| | | | 988,761 | | | | Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 1.776% (3-Month
USD-LIBOR + 1.270)% due 11/15/30(a)(e) | | | | | 989,392 | | | | | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 1,000,000 | | | | Ocean Trails CLO X, Series 2020-10A, Class AR, 1.461% (3-Month
USD-LIBOR + 1.220)% due 10/15/34(a)(e) | | | | $ | 992,780 | | |
| | | | | | | | Pagaya AI Debt Selection Trust: | | | | | | | |
| | | | 1,099,547 | | | | Series 2021-1, Class B, 2.130% due 11/15/27(a) | | | | | 1,059,547 | | |
| | | | 2,000,000 | | | | Series 2021-3, Class B, 1.740% due 5/15/29(a) | | | | | 1,923,072 | | |
| | | | 1,500,000 | | | | Pagaya AI Debt Trust, Series 2022-1, Class B, 3.344% due 10/15/29(a) | | | | | 1,472,531 | | |
| | | | 1,800,000 | | | | PMT Issuer Trust – FMSR, Series 2021-FT1, Class A, 3.108% (1-Month
USD-LIBOR + 3.000)% due 3/25/26(a)(e) | | | | | 1,824,019 | | |
| | | | 607,924 | | | | PRET LLC, Series 2021-NPL3, Class A1, step bond to yield, 1.868% due
7/25/51(a) | | | | | 594,749 | | |
| | | | | | | | Pretium Mortgage Credit Partners I LLC: | | | | | | | |
| | | | 758,860 | | | | Series 2021-NPL2, Class A1, step bond to yield, 1.992% due 6/27/60(a) | | | | | 739,146 | | |
| | | | 1,607,721 | | | | Series 2021-NPL4, Class A1, step bond to yield, 2.363% due 10/27/60(a) | | | | | 1,569,061 | | |
| | | | 1,900,000 | | | | Progress Residential Trust, Series 2021-SFR11, Class B, 2.732% due
1/17/39(a) | | | | | 1,819,628 | | |
| | | | 2,000,000 | | | | Race Point IX CLO Ltd., Series 2015-9A, Class A1A2, 1.181% (3-Month
USD-LIBOR + 0.940)% due 10/15/30(a)(e) | | | | | 1,990,596 | | |
| | | | 1,510,000 | | | | Regatta VI Funding Ltd., Series 2016-1A, Class AR2, 1.414% (3-Month
USD-LIBOR + 1.160)% due 4/20/34(a)(e) | | | | | 1,499,746 | | |
| | | | 1,000,000 | | | | Regatta XI Funding Ltd., Series 2018-1A, Class B, 1.891% (3-Month
USD-LIBOR + 1.650)% due 7/17/31(a)(e) | | | | | 996,885 | | |
| | | | 1,720,000 | | | | RR 1 LLC, Series 2017-1A, Class A1AB, 1.391% (3-Month USD-LIBOR +
1.150)% due 7/15/35(a)(e) | | | | | 1,711,120 | | |
| | | | 1,475,000 | | | | RR 16 Ltd., Series 2021-16A, Class A1, 1.351% (3-Month USD-LIBOR +
1.110)% due 7/15/36(a)(e) | | | | | 1,464,023 | | |
| | | | 500,000 | | | | Sandstone Peak Ltd., Series 2021-1A, Class A1, 0.000% (3-Month
USD-LIBOR + 1.220)% due 10/15/34(a)(e) | | | | | 499,543 | | |
| | | | 208,060 | | | | SoFi Consumer Loan Program Trust, Series 2021-1, Class A, 0.490% due
9/25/30(a) | | | | | 205,915 | | |
| | | | 1,000,000 | | | | Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due
8/25/47(a) | | | | | 1,010,019 | | |
| | | | 1,710,000 | | | | Sound Point CLO XXIX Ltd., Series 2021-1A, Class A, 1.328% (3-Month
USD-LIBOR + 1.070)% due 4/25/34(a)(e) | | | | | 1,696,398 | | |
| | | | 500,000 | | | | Sound Point CLO XXVII Ltd., Series 2020-2A, Class AR, 1.438% (3-Month
USD-LIBOR + 1.180)% due 10/25/34(a)(e) | | | | | 496,363 | | |
| | | | 3,500,000 | | | | STAR Trust, Series 2021-SFR1, Class G, 3.320% (1-Month USD-LIBOR +
3.200)% due 4/17/38(a)(e) | | | | | 3,479,714 | | |
| | | | | | | | Structured Asset Investment Loan Trust: | | | | | | | |
| | | | 6,039,388 | | | | Series 2005-5, Class M5, 1.162% (1-Month USD-LIBOR + 0.975)% due
6/25/35(e) | | | | | 6,264,175 | | |
| | | | 8,700,000 | | | | Series 2006-4, Class A5, 0.497% (1-Month USD-LIBOR + 0.310)% due
7/25/36(e) | | | | | 3,647,458 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 903,034 | | | | Sunnova Helios II Issuer LLC, Series 2021-A, Class A, 1.800% due 2/20/48(a) | | | | $ | 867,209 | | |
| | | | 1,985,309 | | | | Sunrun Demeter Issuer, Series 2021-2A, Class A, 2.270% due 1/30/57(a) | | | | | 1,915,141 | | |
| | | | 1,955,000 | | | | Symphony CLO XXV Ltd., Series 2021-25A, Class A, 1.228% (3-Month
USD-LIBOR + 0.980)% due 4/19/34(a)(e) | | | | | 1,935,728 | | |
| | | | 1,720,000 | | | | Thompson Park CLO Ltd., Series 2021-1A, Class A1, 1.241% (3-Month
USD-LIBOR + 1.000)% due 4/15/34(a)(e) | | | | | 1,699,515 | | |
| | | | 7,021,459 | | | | TIF Funding II LLC, Series 2021-1A, Class A, 1.650% due 2/20/46(a) | | | | | 6,642,916 | | |
| | | | 334,075 | | | | Tricolor Auto Securitization Trust, Series 2021-1A, Class A, 0.740% due
4/15/24(a) | | | | | 333,628 | | |
| | | | 1,000,000 | | | | Trimaran Cavu Ltd., Series 2021-3A, Class A, 1.307% (3-Month
USD-LIBOR + 1.210)% due 1/18/35(a)(e) | | | | | 996,923 | | |
| | | | 550,000 | | | | TRTX Issuer Ltd., Series 2021-FL4, Class A, 1.320% (1-Month
USD-LIBOR + 1.200)% due 3/15/38(a)(e) | | | | | 546,440 | | |
| | | | | | | | Upstart Pass-Through Trust: | | | | | | | |
| | | | 1,065,529 | | | | Series 2021-ST3, Class A, 2.000% due 5/20/27(a) | | | | | 1,051,249 | | |
| | | | 1,143,286 | | | | Series 2021-ST4, Class A, 2.000% due 7/20/27(a) | | | | | 1,121,051 | | |
| | | | | | | | Upstart Securitization Trust: | | | | | | | |
| | | | 800,000 | | | | Series 2019-3, Class C, 5.381% due 1/21/30(a) | | | | | 813,351 | | |
| | | | 1,500,000 | | | | Series 2020-1, Class C, 4.899% due 4/22/30(a) | | | | | 1,522,833 | | |
| | | | 341,418 | | | | Series 2021-3, Class A, 0.830% due 7/20/31(a) | | | | | 338,204 | | |
| | | | 818,165 | | | | Series 2021-4, Class A, 0.840% due 9/20/31(a) | | | | | 805,806 | | |
| | | | 1,300,000 | | | | US Auto Funding LLC, Series 2019-1A, Class D, 8.060% due 11/15/25(a) | | | | | 1,328,168 | | |
| | | | 1,663,637 | | | | VCAT LLC, Series 2021-NPL6, Class A1, step bond to yield, 1.917% due
9/25/51(a) | | | | | 1,615,457 | | |
| | | | 1,710,000 | | | | Venture 42 CLO Ltd., Series 2021-42A, Class A1A, 1.371% (3-Month
USD-LIBOR + 1.130)% due 4/15/34(a)(e) | | | | | 1,697,649 | | |
| | | | 660,000 | | | | Venture 43 CLO Ltd., Series 2021-43A, Class A1, 1.481% (3-Month
USD-LIBOR + 1.240)% due 4/15/34(a)(e) | | | | | 658,639 | | |
| | | | 1,342,900 | | | | Vericrest Opportunity Loan Transferee, Series 2021-NP11, Class A1, step bond to
yield, 1.868% due 8/25/51(a) | | | | | 1,313,768 | | |
| | | | 960,522 | | | | VOLT CIII LLC, Series 2021-CF1, Class A1, step bond to yield, 1.992% due
8/25/51(a)(d) | | | | | 944,550 | | |
| | | | 791,218 | | | | VOLT XCIV LLC, Series 2021-NPL3, Class A1, step bond to yield, 2.240%
due 2/27/51(a) | | | | | 777,128 | | |
| | | | 917,147 | | | | VOLT XCIX LLC, Series 2021-NPL8, Class A1, step bond to yield, 2.116% due
4/25/51(a) | | | | | 896,878 | | |
| | | | 654,385 | | | | VOLT XCV LLC, Series 2021-NPL4, Class A1, step bond to yield, 2.240% due
3/27/51(a) | | | | | 641,696 | | |
| | | | 1,335,000 | | | | Wellfleet CLO X Ltd., Series 2019-XA, Class A1R, 1.424% (3-Month
USD-LIBOR + 1.170)% due 7/20/32(a)(e) | | | | | 1,322,815 | | |
| | | | 890,525 | | | | Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370% due 6/15/51(a) | | | | | 848,270 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 995,902 | | | | Wind River CLO Ltd., Series 2014-1A, Class ARR, 1.291% (3-Month
USD-LIBOR + 1.050)% due 7/18/31(a)(e) | | | | $ | 995,899 | | |
| | | | 995,000 | | | | Wingstop Funding LLC, Series 2020-1A, Class A2, 2.841% due 12/5/50(a) | | | | | 972,752 | | |
| | | | | | | | TOTAL ASSET-BACKED SECURITIES
(Cost – $217,432,319) | | | | | 212,447,883 | | |
| | SOVEREIGN BONDS – 1.1% | |
| | Bermuda – 0.0% | |
| | | | 890,000 | | | | Bermuda Government International Bond, 2.375% due 8/20/30 | | | | | 841,050 | | |
| | Brazil – 0.0% | |
| | | | | | | | Brazilian Government International Bond: | | | | | | | |
| | | | 400,000 | | | | 3.750% due 9/12/31 | | | | | 361,016 | | |
| | | | 400,000 | | | | 5.625% due 2/21/47 | | | | | 378,204 | | |
| | | | | | | | Total Brazil | | | | | 739,220 | | |
| | Chile – 0.2% | |
| | | | | | | | Chile Government International Bond: | | | | | | | |
| | | | 360,000 | | | | 2.750% due 1/31/27 | | | | | 360,500 | | |
| | | | 200,000 | | | | 2.550% due 1/27/32 | | | | | 188,546 | | |
| | | | 470,000 | | | | 2.550% due 7/27/33 | | | | | 428,194 | | |
| | | | 200,000 | | | | 3.500% due 1/31/34 | | | | | 198,294 | | |
| | | | 1,570,000 | | | | 3.100% due 5/7/41 | | | | | 1,376,136 | | |
| | | | 200,000 | | | | 3.500% due 1/25/50 | | | | | 181,876 | | |
| | | | 200,000 | | | | 4.000% due 1/31/52 | | | | | 196,784 | | |
| | | | 205,000 | | | | 3.500% due 4/15/53 | | | | | 183,293 | | |
| | | | 400,000 | | | | 3.100% due 1/22/61 | | | | | 324,040 | | |
| | | | 200,000 | | | | 3.250% due 9/21/71 | | | | | 161,172 | | |
| | | | | | | | Total Chile | | | | | 3,598,835 | | |
| | Colombia – 0.0% | |
| | | | | | | | Colombia Government International Bond: | | | | | | | |
| | | | 350,000 | | | | 3.250% due 4/22/32 | | | | | 292,785 | | |
| | | | 300,000 | | | | 5.000% due 6/15/45 | | | | | 249,975 | | |
| | | | 600,000 | | | | 4.125% due 5/15/51 | | | | | 450,342 | | |
| | | | | | | | Total Colombia | | | | | 993,102 | | |
| | Dominican Republic – 0.0% | |
| | | | 300,000 | | | | Dominican Republic International Bond, 6.000% due 2/22/33(a) | | | | | 294,414 | | |
| | Hungary – 0.0% | |
| | | | 1,070,000 | | | | Hungary Government International Bond, 2.125% due 9/22/31(a) | | | | | 963,274 | | |
| | Indonesia – 0.0% | |
| | | | | | | | Indonesia Government International Bond: | | |
| | | | 200,000 | | | | 2.150% due 7/28/31 | | | | | 185,610 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SOVEREIGN BONDS – (continued) | |
| | Indonesia – (continued) | |
| | | $ | 700,000 | | | | 3.700% due 10/30/49 | | | | $ | 661,094 | | |
| | | | | | | | Total Indonesia | | | | | 846,704 | | |
| | Mexico – 0.3% | |
| | | | | | | | Mexico Government International Bond: | |
| | | | 1,595,000 | | | | 2.659% due 5/24/31 | | | | | 1,464,976 | | |
| | | | 460,000 | | | | 4.750% due 4/27/32 | | | | | 491,050 | | |
| | | | 665,000 | | | | 3.500% due 2/12/34 | | | | | 625,439 | | |
| | | | 1,560,000 | | | | 4.280% due 8/14/41 | | | | | 1,464,356 | | |
| | | | 1,366,000 | | | | 4.750% due 3/8/44 | | | | | 1,350,523 | | |
| | | | 200,000 | | | | 4.350% due 1/15/47 | | | | | 185,862 | | |
| | | | 690,000 | | | | 3.771% due 5/24/61 | | | | | 559,549 | | |
| | | | | | | | Total Mexico | | | | | 6,141,755 | | |
| | Panama – 0.2% | |
| | | | | | | | Panama Government International Bond: | | | | | | | |
| | | | 620,000 | | | | 2.252% due 9/29/32 | | | | | 547,671 | | |
| | | | 1,515,000 | | | | 4.500% due 4/16/50 | | | | | 1,479,201 | | |
| | | | 400,000 | | | | 4.300% due 4/29/53 | | | | | 376,864 | | |
| | | | 200,000 | | | | 4.500% due 4/1/56 | | | | | 193,196 | | |
| | | | 1,225,000 | | | | 3.870% due 7/23/60 | | | | | 1,053,168 | | |
| | | | 400,000 | | | | 4.500% due 1/19/63 | | | | | 380,264 | | |
| | | | | | | | Total Panama | | | | | 4,030,364 | | |
| | Philippines – 0.2% | |
| | | | | | | | Philippine Government International Bond: | | | | | | | |
| | | | 600,000 | | | | 1.648% due 6/10/31 | | | | | 530,291 | | |
| | | | 500,000 | | | | 3.700% due 3/1/41 | | | | | 476,277 | | |
| | | | 2,550,000 | | | | 3.700% due 2/2/42 | | | | | 2,431,728 | | |
| | | | | | | | Total Philippines | | | | | 3,438,296 | | |
| | Qatar – 0.0% | |
| | | | | | | | Qatar Government International Bond: | | |
| | | | 400,000 | | | | 3.400% due 4/16/25(a) | | | | | 414,839 | | |
| | | | 250,000 | | | | 4.400% due 4/16/50(a) | | | | | 288,236 | | |
| | | | | | | | Total Qatar | | | | | 703,075 | | |
| | Romania – 0.1% | |
| | | | | | | | Romanian Government International Bond: | |
| | | | 636,000 | | | | 3.000% due 2/27/27(a) | | | | | 619,697 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | SOVEREIGN BONDS – (continued) | | | |
| | Romania – (continued) | | | |
| | | $ | 1,228,000 | | | | 3.000% due 2/14/31 | | | | $ | 1,122,244 | | | | |
| | | | | | | | Total Romania | | | | | 1,741,941 | | | | |
| | Saudi Arabia – 0.1% | | | |
| | | | | | | | Saudi Government International Bond: | | | | | | | | | |
| | | | 471,000 | | | | 2.250% due 2/2/33(a) | | | | | 442,975 | | | | |
| | | | 1,955,000 | | | | 4.500% due 10/26/46 | | | | | 2,114,063 | | | | |
| | | | 500,000 | | | | 3.450% due 2/2/61 | | | | | 454,712 | | | | |
| | | | | | | | Total Saudi Arabia | | | | | 3,011,750 | | | | |
| | South Korea – 0.0% | | | |
| | | | | | | | Korea Development Bank: | | | | | | | | | |
| | | | 300,000 | | | | 1.000% due 9/9/26 | | | | | 287,367 | | | | |
| | | | 400,000 | | | | 1.625% due 1/19/31 | | | | | 374,192 | | | | |
| | | | 200,000 | | | | Korea International Bond, 2.750% due 1/19/27 | | | | | 206,006 | | | | |
| | | | | | | | Total South Korea | | | | | 867,565 | | | | |
| | United Arab Emirates – 0.0% | | | |
| | | | 1,025,000 | | | | Finance Department Government of Sharjah, 3.625% due 3/10/33 | | | | | 960,950 | | | | |
| | | | | | | | TOTAL SOVEREIGN BONDS
(Cost – $32,401,120) | | | | | 29,172,295 | | | | |
| | SENIOR LOANS(e) – 1.3% | | | | | | | |
| | | | 80,000 | | | | AAdvantage Loyality IP Ltd., 5.500% (3-Month USD-LIBOR + 0.475)% due
4/20/28 | | | | | 81,334 | | | | |
| | | | | | | | Acrisure LLC: | | | | | | | | | |
| | | | 151,810 | | | | 3.724% (3-Month USD-LIBOR + 0.350)% due 2/15/27 | | | | | 149,217 | | | | |
| | | | 225,000 | | | | 4.750% (3-Month USD-LIBOR + 0.425)% due 2/15/27 | | | | | 222,611 | | | | |
| | | | 40,625 | | | | Acuris Finance US Inc., 4.500% (3-Month USD-LIBOR + 0.400)% due
2/16/28 | | | | | 40,346 | | | | |
| | | | 139,650 | | | | ADMI Corp., 4.000% (1-Month USD-LIBOR + 0.350)% due 12/23/27 | | | | | 138,487 | | | | |
| | | | 24,938 | | | | Aegion Corp., 5.500% (3-Month USD-LIBOR + 0.475)% due 5/17/28 | | | | | 24,906 | | | | |
| | | | 165,000 | | | | Air Canada, 4.250% (3-Month USD-LIBOR + 0.350)% due 8/11/28 | | | | | 163,822 | | | | |
| | | | 109,175 | | | | AlixPartners LLP, 3.250% (1-Month USD-LIBOR + 0.275)% due 2/4/28 | | | | | 107,895 | | | | |
| | | | 107,250 | | | | Alliant Holdings Intermediate LLC, 3.459% (1-Month USD-LIBOR + 0.325)%
due 5/9/25 | | | | | 105,890 | | | | |
| | | | 49,875 | | | | Allied Universal Holdco LLC, 4.250% (3-Month USD-LIBOR + 0.375)%
due 5/12/28 | | | | | 49,160 | | | | |
| | | | 62,097 | | | | Allspring Buyer LLC, 3.750% (3-Month USD-LIBOR + 0.325)% due 11/1/28 | | | | | 61,786 | | | | |
| | | | 14,925 | | | | Alpha 3 BV, 3.000% (1-Month USD-LIBOR + 0.250)% due 3/18/28 | | | | | 14,850 | | | | |
| | | | 204,234 | | | | Alterra Mountain Co., 4.000% (1-Month USD-LIBOR + 0.350)% due 8/17/28 | | | | | 201,851 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | |
| | SENIOR LOANS(e) – (continued) | | | |
| | | $ | 74,122 | | | | Amentum Government Services Holdings LLC, 3.709% (1-Month
USD-LIBOR + 0.350)% due 1/29/27 | | | | $ | 73,412 | | | | |
| | | | | | | | American Airlines Inc.: | | | | | | | | | |
| | | | 43,323 | | | | 2.840% (3-Month USD-LIBOR + 0.200)% due 12/15/23 | | | | | 42,555 | | | | |
| | | | 53,900 | | | | 1.959% (1-Month USD-LIBOR + 0.175)% due 1/29/27 | | | | | 51,306 | | | | |
| | | | 44,550 | | | | American Residential Services LLC, 4.250% (3-Month USD-LIBOR + 0.350)%
due 10/15/27 | | | | | 44,216 | | | | |
| | | | 54,725 | | | | American Trailer World Corp., 4.600% (1-Month USD-LIBOR + 0.375)%
due 3/3/28 | | | | | 53,750 | | | | |
| | | | 9,900 | | | | AmWINS Group Inc., 3.000% (1-Month USD-LIBOR + 0.225)% due 2/19/28 | | | | | 9,734 | | | | |
| | | | 77,011 | | | | Artera Services LLC, 4.250% (3-Month USD-LIBOR + 0.325)% due 3/6/25 | | | | | 74,015 | | | | |
| | | | 500,000 | | | | Ascend Learning LLC, 4.000% (1-Month USD-LIBOR + 0.350)% due
12/11/28 | | | | | 493,045 | | | | |
| | | | 445,000 | | | | Astra Acquisition Corp., 5.750% (1-Month USD-LIBOR + 0.525)% due
10/25/28 | | | | | 433,875 | | | | |
| | | | | | | | Asurion LLC: | | | | | | | | | |
| | | | 238,623 | | | | 3.459% (1-Month USD-LIBOR + 0.325)% due 7/31/27 | | | | | 234,001 | | | | |
| | | | 20,000 | | | | 5.459% (1-Month USD-LIBOR + 0.525)% due 1/31/28 | | | | | 19,745 | | | | | | | | |
| | | | 329,203 | | | | athenahealth Group Inc., 4.000% (3-Month USD-LIBOR + 0.350)% due
2/15/29 | | | | | 325,829 | | | | |
| | | | 74,625 | | | | Atlas Purchaser Inc., 6.000% (3-Month USD-LIBOR + 0.525)% due 5/8/28 | | | | | 73,039 | | | | |
| | | | | | | | Avaya Inc.: | | | | | | | | | |
| | | | 50,000 | | | | 4.191% (1-Month USD-LIBOR + 0.400)% due 12/15/27 | | | | | 49,430 | | | | |
| | | | 94,286 | | | | 4.441% (1-Month USD-LIBOR + 0.425)% due 12/15/27 | | | | | 93,432 | | | | |
| | | | | | | | Aveanna Healthcare LLC: | | | | | | | | | |
| | | | 314,361 | | | | due 7/17/28(k) | | | | | 309,881 | | | | |
| | | | 119,997 | | | | Aventiv Technologies LLC, 5.500% (3-Month USD-LIBOR + 0.450)% due
11/1/24 | | | | | 115,047 | | | | |
| | | | 119,244 | | | | Azalea TopCo Inc., 3.799% (3-Month USD-LIBOR + 0.350)% due 7/24/26 | | | | | 117,107 | | | | |
| | | | 31,736 | | | | Bausch Health Cos., Inc., 3.209% (1-Month USD-LIBOR + 0.300)% due
6/2/25 | | | | | 31,399 | | | | |
| | | | 141,259 | | | | Blackhawk Network Holdings Inc., 3.209% (1-Month USD-LIBOR + 0.300)%
due 6/15/25 | | | | | 138,610 | | | | |
| | | | 150,588 | | | | Bright Bidco BV, 4.500% (3-Month USD-LIBOR + 0.350)% due 6/30/24 | | | | | 113,230 | | | | |
| | | | 113,844 | | | | Brookfield WEC Holdings Inc., 3.250% (1-Month USD-LIBOR + 0.275)% due
8/1/25 | | | | | 111,994 | | | | |
| | | | 13,978 | | | | Brown Group Holdings LLC, 3.000% (3-Month USD-LIBOR + 0.250)% due
6/7/28 | | | | | 13,811 | | | | |
| | | | 83,938 | | | | Cablevision Lightpath LLC, 3.750% (1-Month USD-LIBOR + 0.325)% due
11/30/27 | | | | | 83,056 | | | | |
| | | | 14,663 | | | | Calpine Corp., 2.209% (1-Month USD-LIBOR + 0.200)% due 8/12/26 | | | | | 14,355 | | | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | |
| | SENIOR LOANS(e) – (continued) | | |
| | | $ | 9,900 | | | | Camelot U.S. Acquisition 1 Co., 4.000% (1-Month USD-LIBOR + 0.300)% due
10/30/26 | | | | $ | 9,835 | | | |
| | | | | | | | Carnival Corp.: | | | | | | | | |
| | | | 59,100 | | | | 3.750% (3-Month USD-LIBOR + 0.300)% due 6/30/25 | | | | | 58,273 | | | |
| | | | 390,000 | | | | 4.000% (3-Month USD-LIBOR + 0.325)% due 10/18/28 | | | | | 385,125 | | | |
| | | | 369,075 | | | | Cengage Learning Inc., 5.750% (3-Month USD-LIBOR + 0.475)% due
7/14/26 | | | | | 368,152 | | | |
| | | | 123,750 | | | | Charter Next Generation Inc., 4.500% (1-Month USD-LIBOR + 0.375)% due
12/1/27 | | | | | 123,087 | | | |
| | | | 234,413 | | | | CHG Healthcare Services Inc., 4.000% (3-Month USD-LIBOR + 0.350)% due
9/29/28 | | | | | 232,441 | | | |
| | | | 220,000 | | | | CHG PPC Parent LLC, 3.500% (1-Month USD-LIBOR + 0.300)% due 12/8/28 | | | | | 213,400 | | | |
| | | | 37,783 | | | | Clear Channel Outdoor Holdings Inc., 3.799% (3-Month USD-LIBOR + 0.350)%
due 8/21/26 | | | | | 37,032 | | | |
| | | | 41,010 | | | | ClubCorp Holdings Inc., 2.974% (3-Month USD-LIBOR + 0.275)% due
9/18/24 | | | | | 39,158 | | | |
| | | | 142,114 | | | | CMG Media Corp., 3.709% (1-Month USD-LIBOR + 0.350)% due 12/17/26 | | | | | 140,180 | | | |
| | | | 89,325 | | | | CNT Holdings I Corp., 4.250% (3-Month USD-LIBOR + 0.350)% due 11/8/27 | | | | | 88,792 | | | |
| | | | 9,744 | | | | Columbus McKinnon Corp., 3.250% (6-Month USD-LIBOR + 0.275)% due
5/14/28 | | | | | 9,659 | | | |
| | | | 168,393 | | | | Compass Power Generation LLC, 4.500% (1-Month USD-LIBOR + 0.350)% due
12/20/24 | | | | | 166,318 | | | |
| | | | 44,888 | | | | Conair Holdings LLC, 4.250% (3-Month USD-LIBOR + 0.375)% due 5/17/28 | | | | | 44,364 | | | |
| | | | 63,863 | | | | Connect Finco SARL, 4.500% (1-Month USD-LIBOR + 0.350)% due
12/11/26 | | | | | 62,984 | | | |
| | | | 98,750 | | | | Conservice Midco LLC, 4.474% (3-Month USD-LIBOR + 0.425)% due
5/13/27 | | | | | 98,281 | | | |
| | | | 87,975 | | | | Constellation Renewables LLC, 3.500% (3-Month USD-LIBOR + 0.250)% due
12/15/27 | | | | | 87,582 | | | |
| | | | 54,863 | | | | CoreLogic Inc., 4.000% (1-Month USD-LIBOR + 0.350)% due 6/2/28 | | | | | 54,108 | | | |
| | | | 84,117 | | | | Cornerstone Building Brands Inc., 3.750% (1-Month USD-LIBOR + 0.325)%
due 4/12/28 | | | | | 82,014 | | | |
| | | | 225,000 | | | | Cornerstone OnDemand Inc., 4.250% (3-Month USD-LIBOR + 0.375)% due
10/16/28 | | | | | 222,611 | | | |
| | | | 208,439 | | | | CP Atlas Buyer Inc., 4.250% (3-Month USD-LIBOR + 0.375)% due 11/23/27 | | | | | 204,307 | | | |
| | | | 159,200 | | | | CQP Holdco LP, 4.250% (3-Month USD-LIBOR + 0.375)% due 6/5/28 | | | | | 158,205 | | | |
| | | | 15,303 | | | | CSC Holdings LLC, 2.441% (1-Month USD-LIBOR + 0.225)% due 7/17/25 | | | | | 14,822 | | | |
| | | | 82,745 | | | | Cvent Inc., 3.959% (1-Month USD-LIBOR + 0.375)% due 11/29/24 | | | | | 82,693 | | | | | |
| | | | 36,884 | | | | Cyanco Intermediate 2 Corp., 3.709% (1-Month USD-LIBOR + 0.350)% due
3/16/25 | | | | | 36,181 | | | |
| | | | 100,655 | | | | Cyxtera DC Holdings Inc., 0.000% (3-Month USD-LIBOR + 0.300)% due
5/1/24 | | | | | 99,200 | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | | |
| | SENIOR LOANS(e) – (continued) | | | | |
| | | $ | 147,561 | | | | DCert Buyer Inc., 4.209% (1-Month USD-LIBOR + 0.400)% due 10/16/26 | | | | $ | 146,782 | | | | | |
| | | | | | | | DG Investment Intermediate Holdings 2 Inc.: | | | | | | | | | | |
| | | | 164,180 | | | | 4.250% (1-Month USD-LIBOR + 0.350)% due 3/31/28 | | | | | 162,621 | | | | | |
| | | | 15,000 | | | | 7.500% (1-Month USD-LIBOR + 0.675)% due 3/30/29 | | | | | 14,963 | | | | | |
| | | | 58,772 | | | | Diamond Sports Group LLC, 5.500% (3-Month USD-LIBOR + 0.225)% due
8/24/26 | | | | | 21,804 | | | | | |
| | | | 127,657 | | | | DIRECTV Financing LLC, 5.750% (3-Month USD-LIBOR + 0.500)% due
8/2/27 | | | | | 127,226 | | | | | |
| | | | 39,800 | | | | DT Midstream Inc., 2.500% (3-Month USD-LIBOR + 0.200)% due 6/26/28 | | | | | 39,658 | | | | | |
| | | | | | | | Dynasty Acquisition Co., Inc.: | | | | | | | | | | |
| | | | 107,611 | | | | 3.724% (3-Month USD-LIBOR + 0.350)% due 4/6/26 | | | | | 104,173 | | | | | |
| | | | 345,000 | | | | EAB Global Inc., 4.000% (3-Month USD-LIBOR + 0.350)% due 8/16/28 | | | | | 341,291 | | | | | |
| | | | 24,875 | | | | Ecovyst Catalyst Technologies LLC, 3.250% (3-Month USD-LIBOR + 0.275)%
due 6/9/28 | | | | | 24,631 | | | | | |
| | | | 75,000 | | | | Edelman Financial Center LLC, 6.959% (1-Month USD-LIBOR + 0.675)% due
7/20/26 | | | | | 74,844 | | | | | |
| | | | 39,800 | | | | Edelman Financial Engines Center LLC, 4.250% (1-Month USD-LIBOR +
0.350)% due 4/7/28 | | | | | 39,437 | | | | | |
| | | | | | | | EG Group Ltd.: | | | | |
| | | | 67,456 | | | | 4.224% (3-Month USD-LIBOR + 0.400)% due 2/7/25 | | | | | 66,716 | | | | | |
| | | | 39,801 | | | | 4.750% (3-Month USD-LIBOR + 0.425)% due 3/31/26 | | | | | 39,553 | | | | | |
| | | | 149,250 | | | | Endurance International Group Holdings Inc., 4.250% (3-Month
USD-LIBOR + 0.350)% due 2/10/28 | | | | | 143,653 | | | | | |
| | | | 99,983 | | | | Envision Healthcare Corp., 3.959% (1-Month USD-LIBOR + 0.375)% due
10/10/25 | | | | | 72,496 | | | | | |
| | | | 4,962 | | | | eResearchTechnology Inc., 5.500% (1-Month USD-LIBOR + 0.450)% due
2/4/27 | | | | | 4,952 | | | | | |
| | | | 68,397 | | | | Excelitas Technologies Corp., 4.500% (3-Month USD-LIBOR + 0.350)% due
12/2/24 | | | | | 67,713 | | | | | |
| | | | 230,000 | | | | Fertitta Entertainment LLC, 4.500% (1-Month USD-LIBOR + 0.400)% due
1/27/29 | | | | | 228,772 | | | | | |
| | | | 97,406 | | | | Filtration Group Corp., 3.209% (1-Month USD-LIBOR + 0.300)% due 3/31/25 | | | | | 96,209 | | | | | |
| | | | 106,514 | | | | First Advantage Holdings LLC, 2.959% (1-Month USD-LIBOR + 0.275)% due
1/31/27 | | | | | 105,506 | | | | | |
| | | | | | | | First Student Bidco Inc.: | | | | | | | | | | |
| | | | 345,000 | | | | 3.500% (3-Month USD-LIBOR + 0.300)% due 7/21/28 | | | | | 339,932 | | | | | |
| | | | 122,454 | | | | Flex Acquisition Co., Inc., 3.214% (3-Month USD-LIBOR + 0.300)% due
6/29/25 | | | | | 121,744 | | | | | | | |
| | | | 106,987 | | | | Flexera Software LLC, 4.500% (3-Month USD-LIBOR + 0.375)% due 3/3/28 | | | | | 106,151 | | | | | |
| | | | 149,391 | | | | Flutter Entertainment PLC, 2.474% (3-Month USD-LIBOR + 0.225)% due
7/21/26 | | | | | 147,727 | | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(e) – (continued) | |
| | | $ | 45,337 | | | | Forterra Finance LLC, 4.000% (1-Month USD-LIBOR + 0.300)% due
10/25/23 | | | | $ | 45,164 | | |
| | | | 119,098 | | | | Gainwell Acquisition Corp., 4.750% (3-Month USD-LIBOR + 0.400)% due
10/1/27 | | | | | 118,403 | | |
| | | | 155,000 | | | | Garda World Security Corp., 4.430% (1-Month USD-LIBOR + 0.425)% due
10/30/26 | | | | | 153,224 | | |
| | | | 120,526 | | | | Getty Images Inc., 5.062% (3-Month USD-LIBOR + 0.450)% due 2/19/26 | | | | | 120,174 | | |
| | | | 74,625 | | | | Gogo Intermediate Holdings LLC, 4.500% (3-Month USD-LIBOR + 0.375)%
due 4/30/28 | | | | | 73,953 | | |
| | | | 74,438 | | | | Grab Holdings Inc., 5.500% (3-Month USD-LIBOR + 0.450)% due 1/29/26 | | | | | 73,833 | | |
| | | | 131,262 | | | | Graham Packaging Co., Inc., 3.750% (1-Month USD-LIBOR + 0.300)% due
8/4/27 | | | | | 129,822 | | |
| | | | 152,721 | | | | Granite US Holdings Corp., 4.224% (3-Month USD-LIBOR + 0.400)% due
9/30/26 | | | | | 151,194 | | |
| | | | 570,000 | | | | Gray Television Inc., 3.106% (1-Month USD-LIBOR + 0.300)% due 12/1/28 | | | | | 565,417 | | |
| | | | 108,902 | | | | Great Outdoors Group LLC, 4.500% (3-Month USD-LIBOR + 0.375)% due
3/6/28 | | | | | 108,249 | | |
| | | | 24,769 | | | | Greystone Select Financial LLC, 5.750% (3-Month USD-LIBOR + 0.500)% due
6/16/28 | | | | | 24,522 | | |
| | | | 45,589 | | | | Gulf Finance LLC, 7.750% (1-Month USD-LIBOR + 0.675)% due 8/25/26 | | | | | 42,072 | | |
| | | | 205,862 | | | | H-Food Holdings LLC, 3.896% (1-Month USD-LIBOR + 0.369)% due
5/23/25 | | | | | 199,729 | | |
| | | | 84,788 | | | | HighTower Holding LLC, 4.750% (3-Month USD-LIBOR + 0.400)% due
4/21/28 | | | | | 84,130 | | |
| | | | | | | | Hillman Group Inc.: | | | | | | | |
| | | | 539 | | | | 2.790% (1-Month USD-LIBOR + 0.275)% due 7/14/28 | | | | | 532 | | |
| | | | 28,115 | | | | 3.250% (1-Month USD-LIBOR + 0.275)% due 7/14/28 | | | | | 27,769 | | |
| | | | 64,513 | | | | Horizon Therapeutics USA Inc., 2.250% (1-Month USD-LIBOR + 0.175)% due
3/15/28 | | | | | 63,572 | | |
| | | | 505,000 | | | | Hunter Douglas NV, due 2/9/29(d)(j) | | | | | 497,112 | | |
| | | | 195,206 | | | | Husky Injection Molding Systems Ltd., 3.354% (3-Month USD-LIBOR +
0.300)% due 3/28/25 | | | | | 191,140 | | |
| | | | | | | | Hyland Software Inc.: | | | | | | | |
| | | | 40,125 | | | | 7.000% (1-Month USD-LIBOR + 0.525)% due 7/7/25 | | | | | 40,225 | | |
| | | | 10,000 | | | | 7.000% (1-Month USD-LIBOR + 0.525)% due 7/7/25(d) | | | | | 10,078 | | |
| | | | | | | | Icon PLC: | | | | | | | |
| | | | 185,902 | | | | 2.750% (3-Month USD-LIBOR + 0.225)% due 7/3/28 | | | | | 183,645 | | |
| | | | 95,551 | | | | iHeartCommunications Inc., 3.209% (1-Month USD-LIBOR + 0.300)% due
5/1/26 | | | | | 94,391 | | |
| | | | 119,400 | | | | Ingram Micro Inc., 4.000% (3-Month USD-LIBOR + 0.350)% due 6/30/28 | | | | | 118,654 | | |
| | | | 245,000 | | | | Intelsat Jackson Holdings SA, 4.750% (3-Month USD-LIBOR + 0.425)% due
2/1/29 | | | | | 241,249 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | | |
| | SENIOR LOANS(e) – (continued) | | | | |
| | | $ | 144,275 | | | | ION Trading Finance Ltd., 4.974% (3-Month USD-LIBOR + 0.475)% due
4/1/28 | | | | $ | 143,464 | | | | | |
| | | | 118,800 | | | | IRB Holding Corp., 3.750% (1-Month USD-LIBOR + 0.300)% due 12/15/27 | | | | | 117,553 | | | | | |
| | | | 144,275 | | | | Jazz Pharmaceuticals PLC, 4.000% (1-Month USD-LIBOR + 0.350)% due
5/5/28 | | | | | 143,626 | | | | | | | | | | | |
| | | | 78,800 | | | | KBR Inc., 2.959% (1-Month USD-LIBOR + 0.275)% due 2/5/27 | | | | | 78,471 | | | | | |
| | | | 112,700 | | | | Kestrel Bidco Inc., 4.000% (3-Month USD-LIBOR + 0.300)% due 12/11/26 | | | | | 109,531 | | | | | |
| | | | 140,000 | | | | Kraton Corp., due 11/18/28(j) | | | | | 138,338 | | | | | |
| | | | 108,912 | | | | Kronos Acquisition Holdings Inc., 4.250% (3-Month USD-LIBOR + 0.375)%
due 12/22/26 | | | | | 100,456 | | | | | |
| | | | 17 | | | | Lealand Finance Co. BV, 1.209% (1-Month USD-LIBOR + 0.100)% due
6/30/25 | | | | | 8 | | | | | |
| | | | 177,368 | | | | LifePoint Health Inc., 3.959% (1-Month USD-LIBOR + 0.375)% due 11/16/25 | | | | | 175,263 | | | | | |
| | | | 34,377 | | | | Lions Gate Capital Holdings LLC, 2.459% (1-Month USD-LIBOR + 0.225)%
due 3/24/25 | | | | | 33,732 | | | | | |
| | | | 141,360 | | | | Lummus Technology Holdings V LLC, 3.709% (1-Month USD-LIBOR +
0.350)% due 6/30/27 | | | | | 139,644 | | | | | |
| | | | 36,267 | | | | Maravai Intermediate Holdings LLC, 3.500% (3-Month USD-LIBOR + 0.300)%
due 10/19/27 | | | | | 35,972 | | | | | |
| | | | 149,250 | | | | Mavis Tire Express Services Topco Corp., 4.750% (1-Month USD-LIBOR +
0.400)% due 5/4/28 | | | | | 148,411 | | | | | |
| | | | 220,000 | | | | McAfee Corp., due 3/1/29(j) | | | | | 216,700 | | | | | |
| | | | 162,171 | | | | MED ParentCo LP, 4.459% (1-Month USD-LIBOR + 0.425)% due 8/31/26 | | | | | 160,781 | | | | | |
| | | | 430,000 | | | | Medline Borrower LP, 3.750% (1-Month USD-LIBOR + 0.325)% due
10/23/28 | | | | | 425,498 | | | | | |
| | | | 123,417 | | | | Messer Industries GmbH, 2.724% (3-Month USD-LIBOR + 0.250)% due
3/2/26 | | | | | 121,964 | | | | | |
| | | | 49,750 | | | | Michaels Cos., Inc., 5.000% (3-Month USD-LIBOR + 0.425)% due 4/15/28 | | | | | 46,157 | | | | | |
| | | | 110,000 | | | | Mileage Plus Holdings LLC, 6.250% (3-Month USD-LIBOR + 0.525)% due
6/21/27 | | | | | 114,772 | | | | | |
| | | | 198,337 | | | | Minotaur Acquisition Inc., 4.959% (1-Month USD-LIBOR + 0.475)% due
3/27/26 | | | | | 195,858 | | | | | |
| | | | 164,670 | | | | Mirion Technologies Inc., 3.250% (3-Month USD-LIBOR + 0.275)% due
10/20/28 | | | | | 162,457 | | | | | |
| | | | | | | | Misys Ltd.: | | | | | | | | | | |
| | | | 129,358 | | | | 4.500% (3-Month USD-LIBOR + 0.350)% due 6/13/24 | | | | | 127,371 | | | | | |
| | | | 45,000 | | | | 8.250% (3-Month USD-LIBOR + 0.725)% due 6/13/25 | | | | | 44,611 | | | | | |
| | | | 690,000 | | | | Mitchell International Inc., 4.250% (3-Month USD-LIBOR + 0.375)% due
10/15/28 | | | | | 680,043 | | | | | |
| | | | | | | | Motion Acquisition Ltd.: | | | | | | | | | | |
| | | | 39,207 | | | | 3.474% (3-Month USD-LIBOR + 0.325)% due 11/12/26 | | | | | 38,457 | | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(e) – (continued) | |
| | | $ | 43,095 | | | | NASCAR Holdings LLC, 2.709% (1-Month USD-LIBOR + 0.250)% due
10/19/26 | | | | $ | 42,739 | | |
| | | | 43,988 | | | | NCR Corp., 2.800% (3-Month USD-LIBOR + 0.250)% due 8/28/26 | | | | | 43,218 | | |
| | | | 175,000 | | | | Olympus Water US Holding Corp., 4.250% (3-Month USD-LIBOR + 0.375)%
due 11/9/28 | | | | | 172,463 | | |
| | | | 600,000 | | | | OneDigital Borrower LLC, 4.750% (3-Month USD-LIBOR + 0.425)% due
11/16/27 | | | | | 596,250 | | |
| | | | 64,513 | | | | Packaging Coordinators Midco Inc., 4.500% (3-Month USD-LIBOR + 0.375)%
due 11/30/27 | | | | | 64,093 | | |
| | | | 69,481 | | | | Packers Holdings LLC, 4.000% (3-Month USD-LIBOR + 0.325)% due 3/9/28 | | | | | 68,178 | | |
| | | | 69,475 | | | | PAI Holdco Inc., 4.250% (3-Month USD-LIBOR + 0.350)% due 10/28/27 | | | | | 68,954 | | |
| | | | 74,437 | | | | Park River Holdings Inc., 4.000% (3-Month USD-LIBOR + 0.325)% due
12/28/27 | | | | | 73,175 | | |
| | | | 226,219 | | | | Pathway Vet Alliance LLC, 3.959% (1-Month USD-LIBOR + 0.375)% due
3/31/27 | | | | | 224,070 | | |
| | | | 44,497 | | | | PCI Gaming Authority, 2.709% (1-Month USD-LIBOR + 0.250)% due 5/29/26 | | | | | 44,010 | | |
| | | | 124,063 | | | | Peraton Corp., 4.500% (1-Month USD-LIBOR + 0.375)% due 2/1/28 | | | | | 123,287 | | |
| | | | 143,913 | | | | Petco Health and Wellness Co., Inc., 4.000% (3-Month USD-LIBOR + 0.325)%
due 3/3/28 | | | | | 142,780 | | |
| | | | 74,625 | | | | PetSmart LLC, 4.500% (3-Month USD-LIBOR + 0.375)% due 2/11/28 | | | | | 74,206 | | |
| | | | 4,949 | | | | PetVet Care Centers LLC, 4.250% (1-Month USD-LIBOR + 0.350)% due
2/14/25 | | | | | 4,911 | | |
| | | | 128,050 | | | | PG&E Corp., 3.500% (3-Month USD-LIBOR + 0.300)% due 6/23/25 | | | | | 125,457 | | |
| | | | 98,722 | | | | Phoenix Services International LLC, 0.000% (1-Month USD-LIBOR + 0.375)%
due 3/1/25 | | | | | 96,901 | | |
| | | | 38,587 | | | | Playa Resorts Holding BV, 3.750% (1-Month USD-LIBOR + 0.275)% due
4/29/24 | | | | | 37,758 | | |
| | | | 94,288 | | | | Playtika Holding Corp., 2.959% (1-Month USD-LIBOR + 0.275)% due
3/13/28 | | | | | 93,216 | | |
| | | | 395,000 | | | | PMHC II Inc., due 2/2/29(j) | | | | | 388,747 | | |
| | | | 143,914 | | | | PODS LLC, 3.750% (3-Month USD-LIBOR + 0.300)% due 3/31/28 | | | | | 142,071 | | |
| | | | 518,700 | | | | Polaris Newco LLC, 4.500% (3-Month USD-LIBOR + 0.400)% due 6/2/28 | | | | | 515,105 | | |
| | | | 54,113 | | | | Prairie ECI Acquiror LP, 4.959% (1-Month USD-LIBOR + 0.475)% due
3/11/26 | | | | | 52,380 | | |
| | | | 142,100 | | | | Pregis TopCo LLC, 4.209% (1-Month USD-LIBOR + 0.400)% due 7/31/26 | | | | | 141,212 | | |
| | | | 195,000 | | | | Pretium PKG Holdings Inc., 4.500% (3-Month USD-LIBOR + 0.400)% due
10/2/28 | | | | | 192,598 | | |
| | | | 285,000 | | | | Proofpoint Inc., 3.758% (3-Month USD-LIBOR + 0.325)% due 8/31/28 | | | | | 281,546 | | |
| | | | 133,004 | | | | Pug LLC, 3.709% (1-Month USD-LIBOR + 0.350)% due 2/12/27 | | | | | 130,343 | | |
| | | | 153,838 | | | | Rackspace Technology Global Inc., 3.500% (3-Month USD-LIBOR + 0.275)%
due 2/15/28 | | | | | 148,961 | | |
| | | | 255,000 | | | | Radiate Holdco LLC, 4.000% (1-Month USD-LIBOR + 0.325)% due 9/25/26 | | | | | 251,999 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | | | |
| | SENIOR LOANS(e) – (continued) | | | | |
| | | | | | | | Renaissance Holding Corp.: | | | | | | | | | | |
| | | $ | 184,118 | | | | 3.459% (1-Month USD-LIBOR + 0.325)% due 5/30/25 | | | | $ | 181,225 | | | | | |
| | | | 35,000 | | | | 7.209% (1-Month USD-LIBOR + 0.700)% due 5/29/26 | | | | | 34,745 | | | | | |
| | | | 39,700 | | | | Rent-A-Center Inc., 3.813% (3-Month USD-LIBOR + 0.325)% due 2/17/28 | | | | | 38,906 | | | | | |
| | | | 10,628 | | | | RentPath Inc., 0.000% due 12/31/25(d) | | | | | 106 | | | | | |
| | | | 43,064 | | | | Reynolds Consumer Products LLC, 1.959% (1-Month USD-LIBOR + 0.175)%
due 2/4/27 | | | | | 42,394 | | | | | |
| | | | 88,615 | | | | Sabre GLBL Inc., 2.209% (1-Month USD-LIBOR + 0.200)% due 2/22/24 | | | | | 87,238 | | | | | |
| | | | 69,429 | | | | Schenectady International Group Inc., 4.988% (3-Month USD-LIBOR + 0.475)%
due 10/15/25 | | | | | 68,561 | | | | | |
| | | | 171,673 | | | | Scientific Games International Inc., 2.959% (1-Month USD-LIBOR + 0.275)%
due 8/14/24 | | | | | 170,408 | | | | | |
| | | | 142,241 | | | | Sedgwick Claims Management Services Inc., 3.459% (1-Month USD-LIBOR +
0.325)% due 12/31/25 | | | | | 140,285 | | | | | |
| | | | 95,556 | | | | Sinclair Television Group Inc., 2.710% (1-Month USD-LIBOR + 0.250)% due
9/30/26 | | | | | 91,335 | | | | | |
| | | | 86,819 | | | | Six Flags Theme Parks Inc., 1.960% (1-Month USD-LIBOR + 0.175)% due
4/17/26 | | | | | 84,743 | | | | | |
| | | | 90,000 | | | | SkyMiles IP Ltd., 4.750% (3-Month USD-LIBOR + 0.375)% due 10/20/27 | | | | | 93,983 | | | | | |
| | | | 19,600 | | | | SMG US Midco 2 Inc., 2.773% (3-Month USD-LIBOR + 0.250)% due
1/23/25 | | | | | 18,890 | | | | | |
| | | | 73,563 | | | | SolarWinds Holdings Inc., 2.959% (1-Month USD-LIBOR + 0.275)% due
2/5/24 | | | | | 72,343 | | | | | |
| | | | 158,496 | | | | Southern Veterinary Partners LLC, 5.000% (6-Month USD-LIBOR + 0.400)%
due 10/5/27 | | | | | 157,804 | | | | | |
| | | | 109,175 | | | | Spin Holdco Inc., 4.750% (3-Month USD-LIBOR + 0.400)% due 3/4/28 | | | | | 108,477 | | | | | |
| | | | 64,675 | | | | SRS Distribution Inc., 4.269% (3-Month USD-LIBOR + 0.375)% due 6/2/28 | | | | | 63,850 | | | | | |
| | | | 49,536 | | | | Staples Inc., 5.317% (3-Month USD-LIBOR + 0.500)% due 4/16/26 | | | | | 46,920 | | | | | |
| | | | 34,390 | | | | Sunshine Luxembourg VII SARL, 4.500% (3-Month USD-LIBOR + 0.375)% due
10/1/26 | | | | | 34,180 | | | | | |
| | | | 500,000 | | | | SWF Holdings I Corp., 4.750% (1-Month USD-LIBOR + 0.400)% due 10/6/28 | | | | | 485,000 | | | | | |
| | | | 142,392 | | | | TAMKO Building Products LLC, 3.329% (3-Month USD-LIBOR + 0.300)% due
5/29/26 | | | | | 141,028 | | | | | |
| | | | 63,575 | | | | Team Health Holdings Inc., 3.750% (1-Month USD-LIBOR + 0.275)% due
2/6/24 | | | | | 60,556 | | | | | | | | | | | |
| | | | 49,750 | | | | Tecta America Corp., 5.000% (1-Month USD-LIBOR + 0.425)% due 4/10/28 | | | | | 49,377 | | | | | |
| | | | 155,000 | | | | Tempo Acquisition LLC, 3.500% (1-Month USD-LIBOR + 0.300)% due
8/31/28 | | | | | 153,256 | | | | | |
| | | | 15,000 | | | | TIBCO Software Inc., 7.250% (1-Month USD-LIBOR + 0.725)% due 3/3/28 | | | | | 14,948 | | | | | |
| | | | 49,750 | | | | Tiger Acquisition LLC, 3.758% (3-Month USD-LIBOR + 0.325)% due 6/1/28 | | | | | 48,289 | | | | | |
| | | | 156,774 | | | | Trans Union LLC, 2.500% (1-Month USD-LIBOR + 0.200)% due 12/1/28 | | | | | 154,945 | | | | | |
| | | | 190,550 | | | | TransDigm Inc., 2.459% (1-Month USD-LIBOR + 0.225)% due 12/9/25 | | | | | 187,143 | | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(e) – (continued) | |
| | | $ | 103,329 | | | | Travel Leaders Group LLC, 4.209% (1-Month USD-LIBOR + 0.400)% due
1/25/24 | | | | $ | 97,155 | | |
| | | | | | | | Travelport Finance (Luxembourg) SARL: | | | | | | | |
| | | | 88,885 | | | | 2.500% (3-Month USD-LIBOR + 0.150)% due 2/28/25 | | | | | 91,181 | | |
| | | | 29,854 | | | | 5.224% (3-Month USD-LIBOR + 0.500)% due 5/29/26 | | | | | 24,406 | | |
| | | | 73,386 | | | | Traverse Midstream Partners LLC, 5.250% (3-Month USD-LIBOR + 0.425)%
due 9/27/24 | | | | | 73,055 | | |
| | | | 74,648 | | | | Tricorbraun Holdings Inc., 3.750% (1-Month USD-LIBOR + 0.325)% due
3/3/28 | | | | | 73,388 | | |
| | | | 134,325 | | | | Triton Water Holdings Inc., 4.000% (3-Month USD-LIBOR + 0.350)% due
3/31/28 | | | | | 130,892 | | |
| | | | 39,700 | | | | Truck Hero Inc., 4.000% (1-Month USD-LIBOR + 0.325)% due 1/31/28 | | | | | 38,920 | | |
| | | | 44,534 | | | | U.S. Silica Co., 5.000% (1-Month USD-LIBOR + 0.400)% due 5/1/25 | | | | | 43,831 | | |
| | | | 9,743 | | | | Uber Technologies Inc., 3.709% (1-Month USD-LIBOR + 0.350)% due
2/25/27 | | | | | 9,639 | | |
| | | | 189,483 | | | | UFC Holdings LLC, 3.500% (3-Month USD-LIBOR + 0.275)% due 4/29/26 | | | | | 186,720 | | |
| | | | 357,928 | | | | UKG Inc., 3.750% (3-Month USD-LIBOR + 0.325)% due 5/4/26 | | | | | 355,244 | | |
| | | | 35,368 | | | | Ultra Clean Holdings Inc., 3.959% (1-Month USD-LIBOR + 0.375)% due
8/27/25 | | | | | 35,295 | | |
| | | | 54,588 | | | | United AirLines Inc., 4.500% (3-Month USD-LIBOR + 0.375)% due 4/21/28 | | | | | 54,223 | | |
| | | | 15,794 | | | | United Natural Foods Inc., 3.459% (1-Month USD-LIBOR + 0.325)% due
10/22/25 | | | | | 15,709 | | |
| | | | 29,400 | | | | Univar Solutions USA Inc., 2.209% (1-Month USD-LIBOR + 0.200)% due
7/1/26 | | | | | 29,202 | | |
| | | | 205,275 | | | | US Foods Inc., 2.508% (3-Month USD-LIBOR + 0.200)% due 9/13/26 | | | | | 200,580 | | |
| | | | 88,866 | | | | Vantage Specialty Chemicals Inc., 4.500% (3-Month USD-LIBOR + 0.350)% due
10/28/24 | | | | | 85,701 | | |
| | | | 4,975 | | | | Verscend Holding Corp., 4.209% (1-Month USD-LIBOR + 0.400)% due
8/27/25 | | | | | 4,955 | | |
| | | | 325,000 | | | | W.R. Grace Holdings LLC, 4.250% (3-Month USD-LIBOR + 0.375)% due
9/22/28 | | | | | 323,239 | | |
| | | | 165,914 | | | | Wand Newco 3 Inc., 3.209% (1-Month USD-LIBOR + 0.300)% due 2/5/26 | | | | | 161,932 | | |
| | | | 39,595 | | | | WaterBridge Midstream Operating LLC, 6.750% (3-Month USD-LIBOR +
0.575)% due 6/22/26 | | | | | 37,969 | | |
| | | | 250,000 | | | | Whatabrands LLC, 3.750% (1-Month USD-LIBOR + 0.325)% due 8/3/28 | | | | | 246,658 | | |
| | | | 34,913 | | | | Wheel Pros Inc., 5.250% (1-Month USD-LIBOR + 0.450)% due 5/11/28 | | | | | 34,491 | | |
| | | | 104,475 | | | | WIN Waste Innovations Holdings Inc., 3.250% (3-Month USD-LIBOR +
0.275)% due 3/24/28 | | | | | 103,247 | | |
| | | | 519,887 | | | | Zelis Cost Management Buyer Inc., 3.606% (1-Month USD-LIBOR + 0.350)%
due 9/30/26 | | | | | 512,895 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | SENIOR LOANS(e) – (continued) | |
| | | $ | 20,000 | | | | Ziggo Financing Partnership, 2.691% (1-Month USD-LIBOR + 0.250)% due
4/30/28 | | | | $ | 19,581 | | |
| | | | | | | | TOTAL SENIOR LOANS
(Cost – $27,618,595) | | | | | 27,458,449 | | |
| | Face
Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – 0.1% | | |
| | California – 0.0% | | |
| | | | 140,000 | | | | AA- | | | Regents of the University of California Medical Center Pooled Revenue,
Revenue Bonds, 6.548% due 5/15/48 | | | | | 205,985 | | |
| | | | 360,000 | | | | AA- | | | State of California, GO, 7.300% due 10/1/39 | | | | | 533,581 | | |
| | | | | | | | | | | Total California | | | | | 739,566 | | |
| | New York – 0.1% | | | | | | | |
| | | | 680,000 | | | | BBB+ | | | Metropolitan Transportation Authority, Revenue Bonds, 6.814% due
11/15/40 | | | | | 936,596 | | |
| | | | 200,000 | | | | A | | | New York State Thruway Authority, Revenue Bonds, 2.900% due 1/1/35 | | | | | 201,287 | | |
| | | | | | | | | | | Total New York | | | | | 1,137,883 | | |
| | | | | | | | | | | TOTAL MUNICIPAL BONDS
(Cost – $1,943,898) | | | | | 1,877,449 | | |
| | Shares/Units | | | | | | Security | | | Value | |
| | COMMON STOCKS – 0.0% | |
| | COMMUNICATIONS – 0.0% | |
| | Telecommunications – 0.0% | |
| | | | 1,028 | | | | | | | Intelsat SA* | | | | | 34,952 | | |
| | DIVERSIFIED – 0.0% | |
| | SPACs – 0.0% | |
| | | | 1,640 | | | | | | | Foresight Energy LLC/Foresight Energy Finance Corp.*(d) | | | | | 29,298 | | |
| | ENERGY – 0.0% | |
| | Oil & Gas – 0.0% | |
| | | | 848 | | | | | | | Gulfport Energy Corp.* | | | | | 58,495 | | |
| | INDUSTRIAL – 0.0% | |
| | Engineering & Construction – 0.0% | |
| | | | 3,092 | | | | | | | Mcdermott International Ltd.* | | | | | 2,010 | | |
| | UTILITIES – 0.0% | |
| | Electric – 0.0% | |
| | | | 51 | | | | | | | Frontera Generation Holdings LLC*(d) | | | | | 96 | | |
| | | | | | | | | | | TOTAL COMMON STOCKS
(Cost – $103,421) | | | | | 124,851 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
| | Shares/Units | | | | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | RIGHTS – 0.0% | |
| | | | 107 | | | | | | | Intelsat Jackson Holdings SA* | | | | $ | — | | |
| | | | 107 | | | | | | | Intelsat Jackson Holdings SA* | | | | | — | | |
| | | | | | | | | | | TOTAL RIGHTS
(Cost – $—) | | | | | — | | |
| | | | | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $2,410,159,508) | | | | | 2,317,228,834 | | |
| | Face Amount | | | | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 3.1% | |
| | TIME DEPOSITS – 3.0% | |
| | | $ | 10,277,849 | | | | | | | BNP Paribas – Paris, 0.005% due 3/1/22 | | | | | 10,277,849 | | |
| | | | 2,545,419 | | | | | | | DnB NORBank ASA – Oslo, 0.005% due 3/1/22 | | | | | 2,545,419 | | |
| | | | 3,837,845 | | | | | | | Royal Bank of Canada – Toronto, 0.005% due 3/1/22 | | | | | 3,837,845 | | |
| | | | 48,937,116 | | | | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 48,937,116 | | |
| | | | | | | | | | | TOTAL TIME DEPOSITS
(Cost – $65,598,229) | | | | | 65,598,229 | | |
| | U.S. GOVERNMENT OBLIGATION – 0.1% | |
| | | | 2,500,000 | | | | | | | U.S. Treasury Bills, 0.188% due 4/28/22(i)
(Cost – $2,499,245) | | | | | 2,499,245 | | |
| | | | | | | | | | | TOTAL SHORT-TERM INVESTMENTS
(Cost – $68,097,474) | | | | | 68,097,474 | | |
| | | | | | | | | | | TOTAL INVESTMENTS – 108.2%
(Cost – $2,478,256,982) | | | | | 2,385,326,308 | | |
| | | | | | | | | | | Liabilities in Excess of Other Assets – (8.2)% | | | | | (181,304,716) | | |
| | | | | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 2,204,021,592 | | |
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
*
Non-income producing security.
(a)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2022, amounts to $512,784,046 and represents 23.27% of net assets.
(b)
Payment in-kind security for which part of the income earned may be paid as additional principal.
(c)
Security is perpetual in nature and has no stated maturity date.
(d)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2022, amounts to $10,912,215 and represents 0.50% of net assets.
(e)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.
(f)
Security is currently in default.
(g)
Interest only security.
(h)
Principal only security.
(i)
All or a portion of this security is pledged as collateral with the counterparty for open futures contracts.
(j)
This security is traded on a TBA basis (See Note 5).
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (continued)
(k)
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(i)
Rate shown represents yield-to-maturity.
Abbreviations used in this schedule:
ABS
— Asset-Based Security
CLO
— Collateralized Loan Obligation
Abbreviations used in this schedule (continued):
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
SPACs
— Special Purpose Acquisition Companies
UMBS
— Uniform Mortgage Backed Securities
Summary of Investments by Security Type^ (Unaudited)
| | Corporate Bonds & Notes | | | | | 23.5% | | |
| | Collateralized Mortgage Obligations | | | | | 22.7 | | |
| | U.S. Government Obligations | | | | | 20.9 | | |
| | Mortgage-Backed Securities | | | | | 18.6 | | |
| | Asset-Backed Securities | | | | | 8.9 | | |
| | Sovereign Bonds | | | | | 1.2 | | |
| | Senior Loans | | | | | 1.2 | | |
| | Municipal Bonds | | | | | 0.1 | | |
| | Common Stocks | | | | | 0.0* | | |
| | Rights | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 2.9 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
At February 28, 2022, Destinations Core Fixed Income Fund had open exchange traded futures contracts as described below.
The unrealized appreciation/(depreciation) on the open contracts reflected in the accompanying financial statements were as follows:
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Core Fixed Income Fund (concluded)
| Open Futures Contracts | | | Number of
Contracts | | | Expiration
Date
(Month/Year) | | | Notional
Amount | | | Market Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Contracts to Buy: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. 10Year Note (CBT) | | | | | 217 | | | | | | 6/22 | | | | | $ | 27,401,329 | | | | | $ | 27,653,937 | | | | | $ | 252,608 | | |
| U.S. 2Year Note (CBT) | | | | | 98 | | | | | | 6/22 | | | | | | 21,047,981 | | | | | | 21,092,203 | | | | | | 44,222 | | |
| U.S. 5Year Note (CBT) | | | | | 24 | | | | | | 6/22 | | | | | | 2,824,527 | | | | | | 2,838,750 | | | | | | 14,223 | | |
| U.S. Ultra Bond (CBT) | | | | | 11 | | | | | | 6/22 | | | | | | 2,015,324 | | | | | | 2,045,313 | | | | | | 29,989 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 341,042 | | |
| Contracts to Sell: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. 10Year Ultra | | | | | 146 | | | | | | 6/22 | | | | | $ | (20,371,255) | | | | | $ | (20,633,906) | | | | | $ | (262,651) | | |
| U.S. 2Year Note (CBT) | | | | | 262 | | | | | | 6/22 | | | | | | (56,273,700) | | | | | | (56,389,359) | | | | | | (115,659) | | |
| U.S. 5Year Note (CBT) | | | | | 275 | | | | | | 6/22 | | | | | | (32,369,393) | | | | | | (32,527,344) | | | | | | (157,951) | | |
| U.S. Long Bond (CBT) | | | | | 128 | | | | | | 6/22 | | | | | | (19,750,024) | | | | | | (20,056,000) | | | | | | (305,976) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (842,237) | | |
| Net Unrealized Depreciation on Open Exchange Traded Futures Contracts | | | | $ | (501,195) | | |
Schedule of Forward Sale Commitments
| | Face Amounts | | | Security | | | Value | |
| | | | | | | | Federal National Mortgage Association: | | | | | | | |
| | | $ | 1,675,000 | | | | 1.500% due 3/1/37(a) (Proceeds – $1,619,057) | | | | $ | (1,629,854) | | |
| | | | 1,700,000 | | | | 3.500% due 3/1/37(a) (Proceeds – $1,742,572) | | | | | (1,753,884) | | |
| | | | | | | | Government National Mortgage Association: | | | | | | | |
| | | | 150,000 | | | | 2.000% due 3/1/52(a) (Proceeds – $146,168) | | | | | (146,648) | | |
| | | | | | | | TOTAL OPEN FORWARD SALE COMMITMENTS
(Proceeds – $3,507,797) | | | | $ | (3,530,386) | | |
(a)
This security is traded on a TBA basis.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 49.3% | |
| | Basic Materials – 2.3% | |
| | | $ | 7,600,000 | | | | Copper Mountain Mining Corp., Senior Secured Notes, 8.000% due 4/9/26(a) | | | | $ | 7,695,000 | | |
| | | | | | | | Glencore Funding LLC, Company Guaranteed Notes: | | | | | | | |
| | | | 80,000 | | | | 4.125% due 5/30/23(a) | | | | | 81,998 | | |
| | | | 15,000 | | | | 4.125% due 3/12/24(a) | | | | | 15,508 | | |
| | | | 15,000 | | | | 4.000% due 4/16/25(a) | | | | | 15,444 | | |
| | | | 5,851,000 | | | | Tacora Resources Inc., Senior Secured Notes, 8.250% due 5/15/26(a) | | | | | 5,755,921 | | |
| | | | | | | | Total Basic Materials | | | | | 13,563,871 | | |
| | Communications – 11.6% | |
| | | | 125,000 | | | | AT&T Inc., Senior Unsecured Notes, 4.450% due 4/1/24 | | | | | 130,496 | | |
| | | | 200,000 | | | | Baidu Inc., Senior Unsecured Notes, 3.075% due 4/7/25 | | | | | 201,943 | | |
| | | | 8,769,000 | | | | Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(a) | | | | | 8,783,995 | | |
| | | | 1,032,000EUR | | | | CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR +
7.000)% due 7/3/23(b) | | | | | 1,157,181 | | |
| | | | 2,432,000 | | | | DISH DBS Corp., Company Guaranteed Notes, 5.875% due 7/15/22 | | | | | 2,453,280 | | |
| | | | 7,098,000 | | | | DISH Network Corp., Senior Unsecured Notes, 2.375% due 3/15/24 | | | | | 6,753,747 | | |
| | | | 120,000 | | | | Expedia Group Inc., Company Guaranteed Notes, 6.250% due 5/1/25(a) | | | | | 131,775 | | |
| | | | 8,209,000 | | | | Getty Images Inc., Senior Unsecured Notes, 9.750% due 3/1/27(a) | | | | | 8,547,621 | | |
| | | | 10,407,000 | | | | Level 3 Financing Inc., Company Guaranteed Notes, 5.250% due 3/15/26 | | | | | 10,426,461 | | |
| | | | 13,337,000EUR | | | | Linkem SpA, Senior Secured Notes, 6.000% (3-Month EURIBOR + 6.000)% due
8/9/22(a)(b) | | | | | 14,951,039 | | |
| | | | 11,438,000 | | | | Lumen Technologies Inc., Senior Unsecured Notes, 5.800% due 3/15/22 | | | | | 11,443,719 | | |
| | | | 180,000 | | | | Millicom International Cellular SA, Senior Unsecured Notes, 5.125% due
1/15/28 | | | | | 173,700 | | |
| | | | 2,195,000 | | | | NortonLifeLock Inc., Senior Unsecured Notes, 5.000% due 4/15/25(a) | | | | | 2,196,054 | | |
| | | | 125,000 | | | | Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.650% due
11/1/24 | | | | | 129,261 | | |
| | | | 200,000 | | | | Sable International Finance Ltd., Senior Secured Notes, 5.750% due 9/7/27 | | | | | 204,493 | | |
| | | | 200,000 | | | | SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 3.250% due
6/30/25 | | | | | 206,534 | | |
| | | | 130,000 | | | | Verizon Communications Inc., Senior Unsecured Notes, 1.606% (3-Month
USD-LIBOR + 1.100)% due 5/15/25(b) | | | | | 132,290 | | |
| | | | | | | | Total Communications | | | | | 68,023,589 | | |
| | Consumer Cyclical – 6.2% | |
| | | | 135,000 | | | | Aptiv PLC/Aptiv Corp., Company Guaranteed Notes, 2.396% due 2/18/25 | | | | | 135,042 | | |
| | | | 125,000 | | | | Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25 | | | | | 130,282 | | |
| | | | 5,500,000SEK | | | | Gaming Innovation Group PLC, 8.500 (3-Month SEK-STIBOR + 8.500)% due
6/11/24(b) | | | | | 591,857 | | |
| | | | 120,000 | | | | General Motors Financial Co., Inc., Company Guaranteed Notes, 5.250% due
3/1/26 | | | | | 130,615 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Cyclical – (continued) | |
| | | $ | 4,710,000 | | | | G-III Apparel Group Ltd., Senior Secured Notes, 7.875% due 8/15/25(a) | | | | $ | 4,963,163 | | |
| | | | 3,425,285 | | | | Hawaiian Airlines 2013-1 Class A Pass-Through Certificates, Pass-Thru
Certificates, 3.900% due 1/15/26 | | | | | 3,367,247 | | |
| | | | 911,000 | | | | 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) | | | | | 905,306 | | |
| | | | 115,000 | | | | Hyatt Hotels Corp., Senior Unsecured Notes, 1.300% due 10/1/23 | | | | | 113,174 | | |
| | | | | | | | Hyundai Capital America, Senior Unsecured Notes: | | | | | | | |
| | | | 110,000 | | | | 2.850% due 11/1/22(a) | | | | | 110,778 | | |
| | | | 25,000 | | | | 1.000% due 9/17/24(a) | | | | | 24,041 | | |
| | | | 130,000 | | | | Marriott International Inc., Senior Unsecured Notes, 3.600% due 4/15/24 | | | | | 133,452 | | |
| | | | 13,003,000 | | | | MGM Resorts International, Company Guaranteed Notes, 7.750% due 3/15/22 | | | | | 13,030,306 | | |
| | | | 19,200,000NOK | | | | N0r5ke Viking I AS, 8.750% (3-Month NIBOR + 8.00)% due 5/3/24(b) | | | | | 2,219,921 | | |
| | | | 30,000 | | | | Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes, 1.125% due
9/16/24(a) | | | | | 28,879 | | |
| | | | 6,597,000 | | | | Sally Holdings LLC/Sally Capital Inc., Secured Notes, 8.750% due 4/30/25(a) | | | | | 6,918,472 | | |
| | | | 3,742,000 | | | | Scientific Games International Inc., Senior Secured Notes, 5.000% due
10/15/25(a) | | | | | 3,779,420 | | |
| | | | 130,000 | | | | Southwest Airlines Co., Senior Unsecured Notes, 4.750% due 5/4/23 | | | | | 134,375 | | |
| | | | | | | | Total Consumer Cyclical | | | | | 36,716,330 | | |
| | Consumer Non-cyclical – 10.0% | |
| | | | | | | | Anthem Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 35,000 | | | | 3.300% due 1/15/23 | | | | | 35,533 | | |
| | | | 90,000 | | | | 3.500% due 8/15/24 | | | | | 92,545 | | |
| | | | 135,000 | | | | BAT International Finance PLC, Company Guaranteed Notes, 1.668% due
3/25/26 | | | | | 128,206 | | |
| | | | 8,848,000 | | | | Chobani LLC/Chobani Finance Corp. Inc., Company Guaranteed Notes, 7.500%
due 4/15/25(a) | | | | | 8,803,760 | | |
| | | | 10,225,000 | | | | Columbia Care Inc., Senior Secured Notes, 9.500% due 2/3/26(c) | | | | | 10,297,064 | | |
| | | | 125,000 | | | | Conagra Brands Inc., Senior Unsecured Notes, 4.300% due 5/1/24 | | | | | 129,682 | | |
| | | | 1,805,000 | | | | Cooks Venture Inc., Senior Secured Notes, 5.500% due 1/15/25(a)(c) | | | | | 1,803,917 | | |
| | | | 6,250,000SEK | | | | Desenio Group AB, 5.500% (3-Month SEK-STIBOR + 5.500)% due 12/16/24(b) | | | | | 548,220 | | |
| | | | 14,977,000 | | | | Fresh Market Inc., Senior Secured Notes, 9.750% due 5/1/23(a) | | | | | 15,126,770 | | |
| | | | 125,000 | | | | HCA Inc., Senior Secured Notes, 5.000% due 3/15/24 | | | | | 131,348 | | |
| | | | 135,000 | | | | Keurig Dr Pepper Inc., Company Guaranteed Notes, 0.750% due 3/15/24 | | | | | 131,647 | | |
| | | | 8,497,000 | | | | Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 1/31/25(c)(d) | | | | | 8,497,000 | | |
| | | | 2,306,000 | | | | Nathan’s Famous Inc., Senior Secured Notes, 6.625% due 11/1/25(a) | | | | | 2,329,060 | | |
| | | | 200,000 | | | | PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26 | | | | | 202,305 | | |
| | | | 135,000 | | | | Royalty Pharma PLC, Company Guaranteed Notes, 0.750% due 9/2/23 | | | | | 132,461 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Consumer Non-cyclical – (continued) | |
| | | $ | 3,162,000 | | | | Surgery Center Holdings Inc., Company Guaranteed Notes, 6.750% due
7/1/25(a) | | | | $ | 3,146,190 | | |
| | | | 135,000 | | | | Triton Container International Ltd., Company Guaranteed Notes, 0.800% due
8/1/23(a) | | | | | 132,536 | | |
| | | | 65,000 | | | | UnitedHealth Group Inc., Senior Unsecured Notes, 0.550% due 5/15/24 | | | | | 63,309 | | |
| | | | 8,251,000 | | | | UpHealth Inc., Senior Unsecured Notes, 6.250% due 6/15/26(a) | | | | | 7,001,203 | | |
| | | | 135,000 | | | | Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 1.450% due 11/22/24 | | | | | 131,903 | | |
| | | | | | | | Total Consumer Non-cyclical | | | | | 58,864,659 | | |
| | Diversified – 0.8% | |
| | | | 4,350,000EUR | | | | LR Global Holding GmbH, Senior Secured Notes, 7.250% (3-Month
EURIBOR + 7.250)% due 2/3/25(b) | | | | | 4,743,585 | | |
| | Energy – 1.8% | |
| | | | 150,000 | | | | Ecopetrol SA, Senior Unsecured Notes, 5.875% due 9/18/23 | | | | | 155,850 | | |
| | | | | | | | Energy Transfer LP, Senior Unsecured Notes: | | | | | | | |
| | | | 85,000 | | | | 5.875% due 1/15/24 | | | | | 89,830 | | |
| | | | 25,000 | | | | 4.500% due 4/15/24 | | | | | 25,992 | | |
| | | | 15,000 | | | | 4.050% due 3/15/25 | | | | | 15,527 | | |
| | | | 176,480 | | | | GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29 | | | | | 178,688 | | |
| | | | 3,278,000 | | | | Golar LNG Ltd., Senior Unsecured Notes, 7.000% due 10/20/25(a) | | | | | 3,163,270 | | |
| | | | 5,520,260 | | | | Martin Midstream Partners LP/Martin Midstream Finance Corp., Secured Notes,
10.000% due 2/29/24(a) | | | | | 5,630,666 | | |
| | | | 200,000 | | | | Petronas Capital Ltd., Company Guaranteed Notes, 3.500% due 3/18/25 | | | | | 206,523 | | |
| | | | 140,000 | | | | Pioneer Natural Resources Co., Senior Unsecured Notes, 0.550% due 5/15/23 | | | | | 138,194 | | |
| | | | 250,000 | | | | Qatar Energy, Senior Unsecured Notes, 1.375% due 9/12/26 | | | | | 237,650 | | |
| | | | 250,000 | | | | Reliance Industries Ltd., Senior Unsecured Notes, 4.125% due 1/28/25 | | | | | 259,610 | | |
| | | | 200,000 | | | | SA Global Sukuk Ltd., Senior Unsecured Notes, 1.602% due 6/17/26(a) | | | | | 191,592 | | |
| | | | 125,000 | | | | Schlumberger Holdings Corp., Senior Unsecured Notes, 3.750% due 5/1/24(a) | | | | | 128,514 | | |
| | | | 200,000 | | | | Transportadora de Gas del Peru SA, Senior Unsecured Notes, 4.250% due
4/30/28 | | | | | 205,502 | | |
| | | | | | | | Total Energy | | | | | 10,627,408 | | |
| | Financial – 3.0% | |
| | | | 135,000 | | | | Athene Global Funding, Senior Secured Notes, 0.750% (SOFRRATE + 0.700)%
due 5/24/24(a)(b) | | | | | 135,136 | | |
| | | | | | | | Avolon Holdings Funding Ltd., Company Guaranteed Notes: | | | | | | | |
| | | | 115,000 | | | | 3.625% due 5/1/22(a) | | | | | 115,205 | | |
| | | | 15,000 | | | | 5.125% due 10/1/23(a) | | | | | 15,530 | | |
| | | | 200,000 | | | | Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due
4/21/25 | | | | | 199,702 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 150,000 | | | | Banco Continental SAECA, Senior Unsecured Notes, 2.750% due 12/10/25(a) | | | | $ | 140,926 | | |
| | | | 150,000 | | | | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23 | | | | | 153,376 | | |
| | | | 150,000 | | | | Banco Internacional del Peru SAA Interbank, Subordinated Notes, 4.000% (1-Year
CMT Index + 3.711)% due 7/8/30(b) | | | | | 144,000 | | |
| | | | 200,000 | | | | Bancolombia SA, Subordinated Notes, 4.875% (5-Year CMT Index + 2.929)% due
10/18/27(b) | | | | | 198,560 | | |
| | | | | | | | Bank of America Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 90,000 | | | | 0.970% (3-Month USD-LIBOR + 0.790)% due 3/5/24(b) | | | | | 90,527 | | |
| | | | 50,000 | | | | 0.740% (SOFRRATE + 0.690)% due 4/22/25(b) | | | | | 50,113 | | |
| | | | 100,000 | | | | Bank of Nova Scotia, Senior Unsecured Notes, 0.650% due 7/31/24 | | | | | 96,491 | | |
| | | | 60,000 | | | | Brighthouse Financial Global Funding, Senior Secured Notes, 0.600% due
6/28/23(a) | | | | | 59,080 | | |
| | | | 80,000 | | | | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 0.450% due
6/22/23 | | | | | 78,642 | | |
| | | | | | | | Capital One Financial Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 35,000 | | | | 3.200% due 1/30/23 | | | | | 35,491 | | |
| | | | 100,000 | | | | 3.900% due 1/29/24 | | | | | 103,182 | | |
| | | | | | | | Citigroup Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 100,000 | | | | 1.546% (3-Month USD-LIBOR + 1.023)% due 6/1/24(b) | | | | | 100,737 | | |
| | | | 40,000 | | | | 1.281% (SOFRRATE + 0.528)% due 11/3/25(b) | | | | | 38,732 | | |
| | | | 200,000 | | | | DBS Group Holdings Ltd., Subordinated Notes, 1.822% (5-Year CMT Index +
1.100)% due 3/10/31(b) | | | | | 192,676 | | |
| | | | 140,000 | | | | Goldman Sachs Group Inc., Senior Unsecured Notes, 3.500% due 4/1/25 | | | | | 143,905 | | |
| | | | 200,000 | | | | Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22 | | | | | 200,998 | | |
| | | | 200,000 | | | | Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.500% due
4/29/26 | | | | | 201,502 | | |
| | | | 29,953 | | | | Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due
11/30/25 | | | | | 28,240 | | |
| | | | 200,000 | | | | Itau Unibanco Holding SA, Subordinated Notes, 3.875% (5-Year CMT Index +
3.446)% due 4/15/31(b) | | | | | 187,396 | | |
| | | | | | | | JPMorgan Chase & Co., Senior Unsecured Notes: | | | | | | | |
| | | | 120,000 | | | | 3.207% (3-Month USD-LIBOR + 0.695)% due 4/1/23(b) | | | | | 120,177 | | |
| | | | 15,000 | | | | 3.900% due 7/15/25 | | | | | 15,690 | | |
| | | | 80,000 | | | | Macquarie Bank Ltd., Senior Unsecured Notes, 2.100% due 10/17/22(a) | | | | | 80,425 | | |
| | | | 55,000 | | | | Macquarie Group Ltd., Senior Unsecured Notes, 4.150% (3-Month
USD-LIBOR + 1.330)% due 3/27/24(a)(b) | | | | | 56,239 | | |
| | | | 140,000 | | | | Marsh & McLennan Cos. Inc., Senior Unsecured Notes, 3.875% due 3/15/24 | | | | | 144,868 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Financial – (continued) | |
| | | $ | 140,000 | | | | Morgan Stanley, Senior Unsecured Notes, 0.529% (SOFRRATE + 0.455)% due
1/25/24(b) | | | | $ | 138,367 | | |
| | | | 200,000 | | | | NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25 | | | | | 193,022 | | |
| | | | 20,400,000NOK | | | | Nordic Capital Fund II, 6.450% (3-Month NIBOR + 6.250)% due 6/30/24(b) | | | | | 2,294,662 | | |
| | | | 130,000 | | | | Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes,
2.700% due 11/1/24(a) | | | | | 130,943 | | |
| | | | 96,626 | | | | Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon,
due 6/2/25 | | | | | 91,006 | | |
| | | | 140,000 | | | | Royal Bank of Canada, Senior Unsecured Notes, 0.574% (SOFRINDX + 0.525)%
due 1/20/26(b) | | | | | 139,538 | | |
| | | | 140,000 | | | | Simon Property Group LP, Senior Unsecured Notes, 0.479% (SOFRRATE +
0.430)% due 1/11/24(b) | | | | | 140,122 | | |
| | | | 12,500,000SEK | | | | Stockwik Förvaltning AB, Senior Secured Notes, 7.000% (3-Month SEK-STIBOR
+ 7.000)% due 9/3/23(b) | | | | | 1,321,138 | | |
| | | | 8,637,000 | | | | StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(a) | | | | | 9,047,257 | | |
| | | | 250,000 | | | | Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23 | | | | | 252,040 | | |
| | | | 135,000 | | | | Toronto-Dominion Bank, Senior Unsecured Notes, 0.700% due 9/10/24 | | | | | 130,484 | | |
| | | | 200,000 | | | | United Overseas Bank Ltd., Subordinated Notes, 1.750% (5-Year CMT Index +
1.520)% due 3/16/31(b) | | | | | 192,102 | | |
| | | | 135,000 | | | | Wells Fargo & Co., Senior Unsecured Notes, 1.654% (SOFRRATE + 1.600)% due
6/2/24(b) | | | | | 134,531 | | |
| | | | 140,000 | | | | Welltower Inc., Senior Unsecured Notes, 3.625% due 3/15/24 | | | | | 143,801 | | |
| | | | | | | | Total Financial | | | | | 17,476,559 | | |
| | Government – 0.0% | |
| | | | 200,000 | | | | Perusahaan Penerbit SBSN Indonesia III, Senior Unsecured Notes, 1.500% due
6/9/26 | | | | | 190,050 | | |
| | Industrial – 5.5% | |
| | | | 1,400,000 | | | | Altera Shuttle Tankers LLC, Senior Unsecured Notes, 7.125% due 8/15/22 | | | | | 1,351,000 | | |
| | | | 3,041,175 | | | | Anagram International Inc./Anagram Holdings LLC, Senior Secured Notes,
15.000% due 8/15/25(a)(e) | | | | | 3,284,469 | | |
| | | | 130,000 | | | | Boeing Co., Senior Unsecured Notes, 4.508% due 5/1/23 | | | | | 133,574 | | |
| | | | 1,370,000 | | | | C3 Nano Inc., Senior Secured Notes, 6.500% due 2/15/24(a)(c) | | | | | 1,367,947 | | |
| | | | 135,000 | | | | Canadian Pacific Railway Co., Company Guaranteed Notes, 1.350% due
12/2/24 | | | | | 131,704 | | |
| | | | 130,000 | | | | Carrier Global Corp., Senior Unsecured Notes, 2.242% due 2/15/25 | | | | | 129,634 | | |
| | | | 1,583,000 | | | | EnPro Industries Inc., Company Guaranteed Notes, 5.750% due 10/15/26 | | | | | 1,642,339 | | |
| | | | 4,385,000 | | | | FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(a) | | | | | 4,317,471 | | |
| | | | 9,643,000 | | | | INNOVATE Corp., Senior Secured Notes, 8.500% due 2/1/26(a) | | | | | 9,561,613 | | |
| | | | 6,800,000NOK | | | | Lakers Group AB, 5.960% (3-Month NIBOR + 5.550)% due 6/9/25(b) | | | | | 758,209 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Industrial – (continued) | |
| | | $ | 130,000 | | | | Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24 | | | | $ | 131,172 | | |
| | | | 9,300,000 | | | | Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22 | | | | | 9,345,823 | | |
| | | | | | | | Total Industrial | | | | | 32,154,955 | | |
| | Insurance – 0.4% | |
| | | | 20,620,000SEK | | | | ADDvise Group AB, 7.250% (3-Month SEK-STIBOR + 7.250)% due 5/21/24(b) | | | | | 2,223,618 | | |
| | Media – 1.6% | |
| | | | 9,800,000 | | | | BuzzFeed Inc., 7.000% due 9/30/26(c) | | | | | 9,579,500 | | |
| | Technology – 3.4% | |
| | | | 2,529,000EUR | | | | Azerion Holding BV, Senior Secured Notes, 7.250% due 4/28/24 | | | | | 2,843,764 | | |
| | | | 5,893,000 | | | | Diebold Nixdorf Inc., Company Guaranteed Notes, 8.500% due 4/15/24 | | | | | 5,804,605 | | |
| | | | 6,305,000EUR | | | | Fiven ASA, Senior Secured Notes, 6.850% (3-Month EURIBOR + 6.850)% due
6/21/24(b) | | | | | 7,228,867 | | |
| | | | 13,750,000SEK | | | | Impala Group PLC, 9.000% (3-Month SEK-STIBOR + 9.000)% due 10/20/24(b) | | | | | 1,438,494 | | |
| | | | 135,000 | | | | Microchip Technology Inc., Senior Secured Notes, 0.972% due 2/15/24 | | | | | 131,557 | | |
| | | | 2,475,000 | | | | Tigo Energy Inc., Senior Secured Notes, 5.500% due 1/15/25(a)(c) | | | | | 2,473,515 | | |
| | | | | | | | Total Technology | | | | | 19,920,802 | | |
| | Utilities – 2.7% | |
| | | | 200,000 | | | | AES Andes SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate +
4.644)% due 3/26/79(a)(b) | | | | | 200,002 | | |
| | | | 60,000 | | | | Atmos Energy Corp., Senior Unsecured Notes, 0.625% due 3/9/23 | | | | | 59,321 | | |
| | | | 130,400 | | | | Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29 | | | | | 123,880 | | |
| | | | 140,000 | | | | Entergy Louisiana LLC, Collateral Trust, 0.950% due 10/1/24 | | | | | 135,885 | | |
| | | | 200,000 | | | | Guacolda Energia SA, Senior Unsecured Notes, 4.560% due 4/30/25 | | | | | 72,000 | | |
| | | | 200,000 | | | | Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27 | | | | | 195,002 | | |
| | | | 4,723,000 | | | | M.H.H. Holding B.V. 7.366% (3-Month USD-LIBOR + 7.000)% due 8/9/22(b) | | | | | 4,746,615 | | |
| | | | 200,000 | | | | Mercury Chile Holdco LLC, Senior Secured Notes, 6.500% due 1/24/27(a) | | | | | 193,000 | | |
| | | | 200,000 | | | | Minejesa Capital BV, Senior Secured Notes, 4.625% due 8/10/30 | | | | | 195,412 | | |
| | | | | | | | Pacific Gas & Electric Co., 1st Mortgage Notes: | | | | | | | |
| | | | 60,000 | | | | 1.750% due 6/16/22 | | | | | 59,945 | | |
| | | | 75,000 | | | | 3.250% due 2/16/24 | | | | | 75,492 | | |
| | | | 9,320,000 | | | | Rockpoint Gas Storage Canada Ltd., Senior Secured Notes, 7.000% due
3/31/23(a) | | | | | 9,308,350 | | |
| | | | 135,000 | | | | Southern California Edison Co., 1st Mortgage Notes, 0.879% (SOFRRATE +
0.830)% due 4/1/24(b) | | | | | 135,261 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Utilities – (continued) | |
| | | $ | 200,000 | | | | State Grid Overseas Investment Ltd., Senior Unsecured Notes, 1.000%
due 8/5/25 | | | | $ | 191,688 | | |
| | | | 200,000 | | | | TNB Global Ventures Capital Bhd, Senior Unsecured Notes, 3.244% due
10/19/26 | | | | | 204,198 | | |
| | | | | | | | Total Utilities | | | | | 15,896,051 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES | | | | | | | |
| | | | | | | | (Cost – $295,235,647) | | | | | 289,980,977 | | |
| | SENIOR LOANS(b) – 12.4% | |
| | | | 6,855,911 | | | | Access CIG LLC, 3.959% (1-Month USD-LIBOR + 3.750%) due 2/27/25 | | | | | 6,775,560 | | |
| | | | 4,764,000 | | | | EP Energy LLC, due 11/23/23(d)(f) | | | | | 4,761,023 | | |
| | | | 5,224,609 | | | | Forterra Finance, LLC, 4.000% (1-Month USD-LIBOR + 3.000%) due
10/25/23 | | | | | 5,204,651 | | |
| | | | 3,717,444 | | | | Golden Nugget Online Gaming LLC, 13.000% (1-Month USD-LIBOR + 12.000%)
due 10/4/23 | | | | | 3,940,491 | | |
| | | | | | | | Intelsat Jackson Holdings SA: | | | | | | | |
| | | | 6,236,000 | | | | 0.000% (3-Month USD-LIBOR + 5.500%) due 11/27/23(c) | | | | | 6,236,000 | | |
| | | | 4,482,000 | | | | 0.000% (3-Month USD-LIBOR + 5.500%) due 1/2/24(c) | | | | | 4,482,000 | | |
| | | | 7,847,158 | | | | K&N Parent Inc., 5.750% (3-Month USD-LIBOR + 4.750%) due 10/20/23 | | | | | 6,983,970 | | |
| | | | 2,695,935 | | | | Lealand Finance Co. BV, 3.209% (1-Month USD-LIBOR + 3.000%) due
6/28/24 | | | | | 1,617,561 | | |
| | | | 18,274,629 | | | | Mallinckrodt International Finance SA, due 2/28/22(f) | | | | | 18,097,548 | | |
| | | | 2,313,000 | | | | MoneyGram International Inc., due 7/21/26(f) | | | | | 2,308,374 | | |
| | | | 4,277,402 | | | | Pixelle Specialty Solutions LLC, 7.500% (1-Month USD-LIBOR + 6.500%) due
10/31/24 | | | | | 4,240,873 | | |
| | | | 8,190,230 | | | | QuarterNorth Energy Holding Inc., 9.000% (3-Month USD-LIBOR + 8.000%) due
8/27/26 | | | | | 8,217,503 | | |
| | | | | | | | TOTAL SENIOR LOANS | | | | | | | |
| | | | | | | | (Cost – $74,665,227) | | | | | 72,865,554 | | |
| | ASSET-BACKED SECURITIES – 5.1% | |
| | | | 417,314 | | | | Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(a) | | | | | 392,052 | | |
| | | | 116,387 | | | | AccessLex Institute, Series 2004-2, Class A3, 0.448% (3-Month USD-LIBOR +
0.190%) due 10/25/24(b) | | | | | 115,392 | | |
| | | | 179,821 | | | | AccessLex Institute, Series 2007-A, Class A3, 0.488% (3-Month USD-LIBOR +
0.300)% due 5/25/36(b) | | | | | 175,032 | | |
| | | | 209,000 | | | | ACREC Ltd., Series 2021-FL1, Class A, 1.287% (1-Month USD-LIBOR +
1.150%) due 10/16/36(a)(b) | | | | | 207,779 | | |
| | | | | | | | Affirm Asset Securitization Trust: | | | | | | | |
| | | | 200,000 | | | | Series 2020-A, Class A, 2.100% due 2/18/25(a) | | | | | 200,107 | | |
| | | | 93,925 | | | | Series 2020-Z2, Class A, 1.900% due 1/15/25(a) | | | | | 93,789 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 184,665 | | | | Series 2021-Z1, Class A, 1.070% due 8/15/25(a) | | | | $ | 182,817 | | |
| | | | 1,000,000 | | | | Allegro CLO X Ltd., Series 2019-1A, Class AR, 1.404% (3-Month
USD-LIBOR + 1.150%) due 7/20/32(a)(b) | | | | | 993,842 | | |
| | | | 79,007 | | | | Aqua Finance Trust, Series 2020-AA, Class A, 1.900% due 7/17/46(a) | | | | | 78,227 | | |
| | | | 177,000 | | | | Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class AS,
1.563% (SOFR30A + 1.514%) due 2/15/35(a)(b) | | | | | 176,277 | | |
| | | | 225,000 | | | | Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL2, Class A,
1.291% (1-Month USD-LIBOR + 1.100%) due 5/15/36(a)(b) | | | | | 223,900 | | |
| | | | 53,630 | | | | Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1, Class A, 2.990%
due 7/15/24(a) | | | | | 53,856 | | |
| | | | 500,000 | | | | Bain Capital Credit CLO, Series 2019-1A, Class AR, 1.378% (3-Month
USD-LIBOR + 1.130%) due 4/19/34(a)(b) | | | | | 497,076 | | |
| | | | 170,939 | | | | Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step
bond to yield, 3.475% due 6/28/34(a) | | | | | 171,652 | | |
| | | | 184,000 | | | | BRSP Ltd., Series 2021-FL1, Class A, 1.321% (1-Month USD-LIBOR + 1.150%)
due 8/19/38(a)(b) | | | | | 183,063 | | |
| | | | 209,000 | | | | BSPRT 2021-FL7 Issuer Ltd., Series 2021-FL7, Class A, 1.511% (1-Month
USD-LIBOR + 1.320%) due 12/15/38(a)(b) | | | | | 207,834 | | |
| | | | | | | | BSPRT Issuer Ltd.: | | | | | | | |
| | | | 147,617 | | | | Series 2019-FL5, Class A, 1.341% (1-Month USD-LIBOR + 1.150%) due
5/15/29(a)(b) | | | | | 146,971 | | |
| | | | 193,000 | | | | Series 2021-FL6, Class A, 1.291% (1-Month USD-LIBOR + 1.100%) due
3/15/36(a)(b) | | | | | 192,019 | | |
| | | | 439,792 | | | | CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220% due 9/25/45(a) | | | | | 422,546 | | |
| | | | 1,000,000 | | | | Carlyle US CLO Ltd., Series 2021-7A, Class A1, 1.401% (3-Month
USD-LIBOR + 1.160)% due 10/15/35(a)(b) | | | | | 995,027 | | |
| | | | | | | | CHCP Ltd.: | | | | | | | |
| | | | 250,000 | ��� | | | Series 2021-FL1, Class A, 1.213% (SOFR30A + 1.164)% due 2/15/38(a)(b) | | | | | 248,968 | | |
| | | | 100,000 | | | | Series 2021-FL1, Class AS, 1.463% (SOFR30A + 1.414)% due 2/15/38(a)(b) | | | | | 99,489 | | |
| | | | 177,000 | | | | CLNC Ltd., Series 2019-FL1, Class AS, 1.713% (SOFR30A + 1.664)% due
8/20/35(a)(b) | | | | | 175,903 | | |
| | | | 217,250 | | | | Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.980% due
8/25/50(a) | | | | | 214,257 | | |
| | | | 4,493 | | | | DT Auto Owner Trust, Series 2020-2A, Class A, 1.140% due 1/16/24(a) | | | | | 4,495 | | |
| | | | 700,000 | | | | Exeter Automobile Receivables Trust, Series 2021-1A, Class C, 0.740% due
1/15/26 | | | | | 693,204 | | |
| | | | 1,000,000 | | | | Franklin Park Place CLO I LLC, Series 2022-1A, Class A, 2.170% (3-Month CME
Term SOFR + 1.400)% due 4/14/35(a)(b)(c) | | | | | 999,757 | | |
| | | | 209,000 | | | | FS Rialto, Series 2021-FL3, Class A, 1.376% (1-Month USD-LIBOR + 1.250)%
due 11/16/36(a)(b) | | | | | 208,096 | | |
| | | | 200,000 | | | | FS RIALTO, Series 2021-FL2, Class A, 1.346% (1-Month USD-LIBOR + 1.220)%
due 5/16/38(a)(b) | | | | | 198,007 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 500,000 | | | | Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, 1.479% (3-Month
USD-LIBOR + 1.020)% due 5/16/31(a)(b) | | | | $ | 495,002 | | |
| | | | 250,000 | | | | Genesis Sales Finance Master Trust, Series 2020-AA, Class A, 1.650% due
9/22/25(a) | | | | | 249,504 | | |
| | | | 184,000 | | | | Greystone CRE Notes Ltd., Series 2021-FL3, Class A, 1.211% (1-Month
USD-LIBOR + 1.020)% due 7/15/39(a)(b) | | | | | 182,625 | | |
| | | | 500,000 | | | | Greywolf CLO V Ltd., Series 2015-1A, Class A1R, 1.418% (3-Month
USD-LIBOR + 1.160)% due 1/27/31(a)(b) | | | | | 500,372 | | |
| | | | 1,000,000 | | | | Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 1.434% (3-Month
USD-LIBOR + 1.180)% due 10/20/31(a)(b) | | | | | 997,602 | | |
| | | | 1,000,000 | | | | Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A1, 1.561% (3-Month
USD-LIBOR + 1.320)% due 4/15/34(a)(b) | | | | | 997,436 | | |
| | | | 500,000 | | | | Halseypoint Clo 5 Ltd., Series 2021-5A, Class A1A, 1.471% (3-Month
USD-LIBOR + 1.210)% due 1/30/35(a)(b) | | | | | 495,908 | | |
| | | | 500,000 | | | | Hayfin US XII Ltd., Series 2018-8A, Class A, 1.374% (3-Month USD-LIBOR +
1.120)% due 4/20/31(a)(b) | | | | | 498,398 | | |
| | | | 500,000 | | | | Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.560% due
12/26/25(a) | | | | | 485,042 | | |
| | | | 200,000 | | | | HGI CRE CLO Ltd., Series 2021-FL1, Class A, 1.176% (1-Month
USD-LIBOR + 1.050)% due 6/16/36(a)(b) | | | | | 198,895 | | |
| | | | 309,531 | | | | Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.740% due 2/25/39(a) | | | | | 309,799 | | |
| | | | 169,501 | | | | Invitation Homes Trust, Series 2018-SFR1, Class A, 0.820% (1-Month
USD-LIBOR + 0.700)% due 3/17/37(a)(b) | | | | | 168,827 | | |
| | | | 32,642 | | | | Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX, 2.340% due
10/25/48(a) | | | | | 32,709 | | |
| | | | | | | | LCCM Trust: | | | | | | | |
| | | | 184,000 | | | | Series 2021-FL2, Class A, 1.391% (1-Month USD-LIBOR + 1.200)% due
12/13/38(a)(b) | | | | | 182,643 | | |
| | | | 210,000 | | | | Series 2021-FL3, Class A, 1.641% (1-Month USD-LIBOR + 1.450)% due
11/15/38(a)(b) | | | | | 209,210 | | |
| | | | 173,000 | | | | LMREC Inc., Series 2019-CRE3, Class A, 1.587% (1-Month USD-LIBOR +
1.400)% due 12/22/35(a)(b) | | | | | 172,190 | | |
| | | | 500,000 | | | | Madison Park Funding XXXIV Ltd., Series 2019-34A, Class AR, 1.378%
(3-Month USD-LIBOR + 1.120)% due 4/25/32(a)(b) | | | | | 499,831 | | |
| | | | 1,000,000 | | | | Marble Point CLO XXI Ltd., Series 2021-3A, Class A1, 1.481% (3-Month
USD-LIBOR + 1.240)% due 10/17/34(a)(b) | | | | | 993,373 | | |
| | | | 186,000 | | | | Marlette Funding Trust, Series 2019-4A, Class C, 3.760% due 12/17/29(a) | | | | | 186,938 | | |
| | | | 488,750 | | | | ME Funding LLC, Series 2019-1, Class A2, 6.448% due 7/30/49(a) | | | | | 505,284 | | |
| | | | | | | | MF1 Ltd.: | | | | | | | |
| | | | 200,000 | | | | Series 2021-FL6, Class A, 1.226% (1-Month USD-LIBOR + 1.100)% due
7/16/36(a)(b) | | | | | 197,998 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 208,000 | | | | Series 2021-FL7, Class A, 1.206% (1-Month USD-LIBOR + 1.080)% due
10/16/36(a)(b) | | | | $ | 206,299 | | |
| | | | 104,851 | | | | Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170% due
9/16/69(a) | | | | | 103,494 | | |
| | | | 341,000 | | | | NLY Commercial Mortgage Trust, Series 2019-FL2, Class AS, 1.791% (1-Month
USD-LIBOR + 1.600)% due 2/15/36(a)(b) | | | | | 338,948 | | |
| | | | 988,761 | | | | Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 1.776% (3-Month
USD-LIBOR + 1.270)% due 11/15/30(a)(b) | | | | | 989,392 | | |
| | | | 982,916 | | | | Ocean Trails CLO V, Series 2014-5A, Class ARR, 1.524% (3-Month USD-LIBOR
+ 1.280)% due 10/13/31(a)(b) | | | | | 982,913 | | |
| | | | 250,000 | | | | OCP CLO Ltd., Series 2014-5A, Class A1R, 1.347% (3-Month USD-LIBOR +
1.080)% due 4/26/31(a)(b) | | | | | 249,999 | | |
| | | | | | | | Pagaya AI Debt Selection Trust: | | | | | | | |
| | | | 62,668 | | | | Series 2020-3, Class A, 2.100% due 5/17/27(a) | | | | | 62,756 | | |
| | | | 251,709 | | | | Series 2021-1, Class A, 1.180% due 11/15/27(a) | | | | | 249,679 | | |
| | | | 650,000 | | | | Series 2021-3, Class B, 1.740% due 5/15/29(a) | | | | | 624,999 | | |
| | | | 492,648 | | | | Series 2021-5, Class A, 1.530% due 8/15/29(a) | | | | | 488,645 | | |
| | | | 250,000 | | | | Pagaya AI Debt Trust, Series 2022-1, Class A, 2.030% due 10/15/29(a) | | | | | 247,746 | | |
| | | | 474,941 | | | | PRET LLC, Series 2021-NPL3, Class A1, step bond to yield, 1.868% due
7/25/51(a) | | | | | 464,648 | | |
| | | | 311,749 | | | | Sofi Consumer Loan Program Trust, Series 2018-2, Class C, 4.250% due
4/26/27(a) | | | | | 312,596 | | |
| | | | 1,000,000 | | | | Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 1.504% (3-Month
USD-LIBOR + 1.250)% due 10/20/31(a)(b) | | | | | 999,221 | | |
| | | | 500,000 | | | | Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 1.374% (3-Month
USD-LIBOR + 1.120)% due 1/21/31(a)(b) | | | | | 496,921 | | |
| | | | 1,000,000 | | | | Steele Creek CLO Ltd., Series 2018-2A, Class A, 1.688% (3-Month
USD-LIBOR + 1.200)% due 8/18/31(a)(b) | | | | | 997,190 | | |
| | | | 200,000 | | | | STWD Ltd., Series 2021-FL2, Class A, 1.337% (1-Month USD-LIBOR + 1.200)%
due 4/18/38(a)(b) | | | | | 197,909 | | |
| | | | 150,000 | | | | Theorem Funding Trust, Series 2020-1A, Class B, 3.950% due 10/15/26(a) | | | | | 151,081 | | |
| | | | 1,000,000 | | | | Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.714% (3-Month USD-LIBOR +
1.460)% due 7/20/32(a)(b) | | | | | 1,000,857 | | |
| | | | 200,000 | | | | TRTX Issuer Ltd., Series 2021-FL4, Class A, 1.320% (1-Month USD-LIBOR +
1.200)% due 3/15/38(a)(b) | | | | | 198,706 | | |
| | | | | | | | Upstart Securitization Trust: | | | | | | | |
| | | | 209,150 | | | | Series 2020-3, Class A, 1.702% due 11/20/30(a) | | | | | 209,260 | | |
| | | | 251,571 | | | | Series 2021-3, Class A, 0.830% due 7/20/31(a) | | | | | 249,203 | | |
| | | | 681,986 | | | | VCAT LLC, Series 2021-NPL4, Class A1, step bond to yield, 1.868% due
8/25/51(a) | | | | | 663,377 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 500,000 | | | | Vibrant ClO VIII Ltd., Series 2018-8A, Class A1A, 1.394% (3-Month
USD-LIBOR + 1.140)% due 1/20/31(a)(b) | | | | $ | 499,293 | | |
| | | | 566,099 | | | | VOLT XCII LLC, Series 2021-NPL1, Class A1, step bond to yield, 1.893% due
2/27/51(a) | | | | | 554,315 | | |
| | | | 369,728 | | | | VOLT XCIV LLC, Series 2021-NPL3, Class A1, step bond to yield, 2.240% due
2/27/51(a) | | | | | 363,144 | | |
| | | | 768,441 | | | | VOLT XCIX LLC, Series 2021-NPL8, Class A1, step bond to yield, 2.116% due
4/25/51(a) | | | | | 751,458 | | |
| | | | 500,000 | | | | Wellfleet CLO X Ltd., Series 2019-XA, Class A1R, 1.424% (3-Month
USD-LIBOR + 1.170)% due 7/20/32(a)(b) | | | | | 495,437 | | |
| | | | | | | | TOTAL ASSET-BACKED SECURITIES | | | | | | | |
| | | | | | | | (Cost – $30,497,075) | | | | | 30,260,506 | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – 3.9% | |
| | | | 284,851 | | | | Angel Oak Mortgage Trust, Series 2020-6, Class A1, 1.261% due 5/25/65(a)(b) | | | | | 281,652 | | |
| | | | 183,000 | | | | Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A2, 2.023%
due 6/15/54(a) | | | | | 177,981 | | |
| | | | | | | | BANK: | | | | | | | |
| | | | 1,386,233 | | | | Series 2017-BNK4, Class XA, 1.331% due 5/15/50(b)(g) | | | | | 74,735 | | |
| | | | 1,798,854 | | | | Series 2017-BNK6, Class XA, 0.799% due 7/15/60(b)(g) | | | | | 58,579 | | |
| | | | 200,000 | | | | BBCMS Mortgage Trust, Series 2019-BWAY, Class A, 1.147% (1-Month
USD-LIBOR + 0.956)% due 11/15/34(a)(b) | | | | | 198,230 | | |
| | | | | | | | Benchmark Mortgage Trust: | | | | | | | |
| | | | 10,669,303 | | | | Series 2018-B4, Class XA, 0.508% due 7/15/51(b)(g) | | | | | 244,972 | | |
| | | | 3,678,138 | | | | Series 2020-B16, Class XA, 0.927% due 2/15/53(b)(g) | | | | | 225,475 | | |
| | | | 208,000 | | | | BPR Trust, Series 2021-TY, Class A, 1.241% (1-Month USD-LIBOR + 1.050)%
due 9/15/38(a)(b) | | | | | 205,667 | | |
| | | | | | | | BRAVO Residential Funding Trust: | | | | | | | |
| | | | 703,276 | | | | Series 2021-A, Class A1, step bond to yield, 1.991% due 12/31/49(a) | | | | | 689,655 | | |
| | | | 994,616 | | | | Series 2022-RPL1, Class A1, 2.750% due 9/25/61(a) | | | | | 997,898 | | |
| | | | 184,000 | | | | BSREP Commercial Mortgage Trust, Series 2021-DC, Class A, 1.142% (1-Month
USD-LIBOR + 0.950)% due 8/15/38(a)(b) | | | | | 181,236 | | |
| | | | | | | | BX Commercial Mortgage Trust: | | | | | | | |
| | | | 209,000 | | | | Series 2021-21M, Class A, 0.921% (1-Month USD-LIBOR + 0.730)% due
10/15/36(a)(b) | | | | | 202,658 | | |
| | | | 208,000 | | | | Series 2021-VOLT, Class B, 1.141% (1-Month USD-LIBOR + 0.950)% due
9/15/36(a)(b) | | | | | 201,105 | | |
| | | | 209,000 | | | | Series 2021-XL2, Class B, 1.189% (1-Month USD-LIBOR + 0.998)% due
10/15/38(a)(b) | | | | | 204,563 | | |
| | | | | | | | BX Trust: | | | | | | | |
| | | | 205,971 | | | | Series 2018-EXCL, Class A, 1.279% (1-Month USD-LIBOR + 1.088)% due
9/15/37(a)(b) | | | | | 203,390 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 183,000 | | | | Series 2021-VIEW, Class A, 1.471% (1-Month USD-LIBOR + 1.280)% due
6/15/23(a)(b) | | | | $ | 181,291 | | |
| | | | 209,000 | | | | BXHPP Trust, Series 2021-FILM, Class B, 1.091% (1-Month USD-LIBOR +
0.900)% due 8/15/36(a)(b) | | | | | 202,197 | | |
| | | | 1,637,570 | | | | CD Mortgage Trust, Series 2017-CD4, Class XA, 1.271% due 5/10/50(b)(g) | | | | | 74,519 | | |
| | | | | | | | CFCRE Commercial Mortgage Trust: | | | | | | | |
| | | | 1,109,473 | | | | Series 2017-C8, Class XA, 1.489% due 6/15/50(b)(g) | | | | | 68,181 | | |
| | | | 287,000 | | | | Series 2017-C8, Class XB, 0.902% due 6/15/50(b)(g) | | | | | 12,304 | | |
| | | | 386,000 | | | | Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class D, 4.350% due
5/10/36(a) | | | | | 385,409 | | |
| | | | 126,746 | | | | COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.853% due 3/25/65(a)(b) | | | | | 126,821 | | |
| | | | 174,632 | | | | COLT Mortgage Pass-Through Certificates, Series 2021-1R, Class A1, 0.857% due
5/25/65(a)(b) | | | | | 172,435 | | |
| | | | 918,857 | | | | COLT Trust, Series 2021-RPL1, Class A1, 1.665% due 9/25/61(a)(b) | | | | | 897,134 | | |
| | | | | | | | Commercial Mortgage Trust: | | | | | | | |
| | | | 16,394,291 | | | | Series 2013-CR9, Class XA, 0.054% due 7/10/45(b)(g) | | | | | 6,922 | | |
| | | | 1,357,139 | | | | Series 2013-LC6, Class XA, 1.264% due 1/10/46(b)(g) | | | | | 7,069 | | |
| | | | 227,000 | | | | Series 2018-HCLV, Class A, 1.191% (1-Month USD-LIBOR + 1.000)% due
9/15/33(a)(b) | | | | | 222,447 | | |
| | | | | | | | Credit Suisse Commercial Mortgage Capital Trust: | | | | | | | |
| | | | 573,000 | | | | Series 2017-CHOP, Class E, 3.491% (1-Month USD-LIBOR + 3.300)% due
7/15/32(a)(b) | | | | | 544,350 | | |
| | | | 534,825 | | | | Series 2020-RPL3, Class A1, 2.691% due 3/25/60(a)(b) | | | | | 530,219 | | |
| | | | | | | | CSAIL Commercial Mortgage Trust: | | | | | | | |
| | | | 590,495 | | | | Series 2017-C8, Class XA, 1.193% due 6/15/50(b)(g) | | | | | 28,590 | | |
| | | | 4,680,940 | | | | Series 2017-CX10, Class XA, 0.750% due 11/15/50(b)(g) | | | | | 142,360 | | |
| | | | 3,316,865 | | | | Series 2018-CX12, Class XA, 0.569% due 8/15/51(b)(g) | | | | | 98,622 | | |
| | | | 200,000 | | | | DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.890% due 8/10/49 | | | | | 201,164 | | |
| | | | 209,000 | | | | EQUS Mortgage Trust, Series 2021-EQAZ, Class A, 0.946% (1-Month
USD-LIBOR + 0.755)% due 10/15/38(a)(b) | | | | | 204,813 | | |
| | | | | | | | Federal National Mortgage Association (FNMA), Aces: | | | | | | | |
| | | | 1,184,381 | | | | Series 2020-M49, Class 1A1, 1.256% due 11/25/30(b) | | | | | 1,135,908 | | |
| | | | 690,435 | | | | Series 2021-M5, Class A1, 1.461% due 1/25/33(b) | | | | | 669,484 | | |
| | | | 1,070,540 | | | | Series 2021-M6, Class A1, 1.483% due 3/25/33(b) | | | | | 1,038,153 | | |
| | | | 295,863 | | | | Series 2021-M7, Class A1, 1.719% due 3/25/31(b) | | | | | 290,106 | | |
| | | | 64,000 | | | | Series 2022-M5, Class A1, 2.419% due 1/1/34(b) | | | | | 64,928 | | |
| | | | 724,626 | | | | Federal National Mortgage Association (FNMA), REMICS, Series 2019-5,
Class FA, 0.587% (1-Month USD-LIBOR + 0.400)% due 3/25/49(b) | | | | | 729,603 | | |
| | | | | | | | GS Mortgage Securities Corp. Trust: | | | | | | | |
| | | | 361,000 | | | | Series 2012-ALOH, Class A, 3.551% due 4/10/34(a) | | | | | 360,163 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 208,000 | | | | Series 2021-IP, Class A, 1.141% (1-Month USD-LIBOR + 0.950)% due
10/15/36(a)(b) | | | | $ | 205,779 | | |
| | | | | | | | GS Mortgage Securities Trust: | | |
| | | | 3,738,178 | | | | Series 2016-GS4, Class XA, 0.570% due 11/10/49(b)(g) | | | | | 86,490 | | |
| | | | 1,730,072 | | | | Series 2017-GS6, Class XA, 1.019% due 5/10/50(b)(g) | | | | | 80,645 | | |
| | | | 3,573,959 | | | | Series 2017-GS8, Class XA, 0.964% due 11/10/50(b)(g) | | | | | 144,197 | | |
| | | | | | | | JP Morgan Chase Commercial Mortgage Securities Trust: | | | | | | | |
| | | | 1,870,408 | | | | Series 2014-C20, Class XA, 0.861% due 7/15/47(b)(g) | | | | | 22,441 | | |
| | | | 4,075,000 | | | | Series 2020-MKST, Class XCP, 0.000% due 12/15/36(a)(b)(g) | | | | | 295 | | |
| | | | | | | | JPMBB Commercial Mortgage Securities Trust: | | | | | | | |
| | | | 975,300 | | | | Series 2015-C32, Class XA, 1.199% due 11/15/48(b)(g) | | | | | 24,041 | | |
| | | | 200,000 | | | | Series 2016-C1, Class A5, 3.576% due 3/17/49 | | | | | 206,435 | | |
| | | | | | | | Legacy Mortgage Asset Trust: | | | | | | | |
| | | | 337,034 | | | | Series 2020-GS4, Class A1, step bond to yield, 3.250% due 2/25/60(a) | | | | | 335,845 | | |
| | | | 457,168 | | | | Series 2021-GS4, Class A1, step bond to yield, 1.650% due 11/25/60(a) | | | | | 440,932 | | |
| | | | 411,780 | | | | Series 2021-SL1, Class A, 1.991% due 9/25/60(a)(b)(c) | | | | | 402,836 | | |
| | | | 159,300 | | | | LoanCore Issuer Ltd., Series 2019-CRE3, Class AS, 1.561% (1-Month
USD-LIBOR + 1.370)% due 4/15/34(a)(b) | | | | | 157,757 | | |
| | | | 43,806 | | | | MF1 Ltd., Series 2020-FL3, Class A, 2.213% (SOFR30A + 2.164)% due
7/15/35(a)(b) | | | | | 43,737 | | |
| | | | 209,000 | | | | MHP, Series 2022-MHIL, Class A, 0.914% (1-Month CME Term SOFR + 0.815)%
due 1/15/27(a)(b) | | | | | 204,813 | | |
| | | | | | | | Morgan Stanley Capital I Trust: | | | | | | | |
| | | | 1,346,502 | | | | Series 2016-UB11, Class XA, 1.495% due 8/15/49(b)(g) | | | | | 66,528 | | |
| | | | 3,574,830 | | | | Series 2016-UB12, Class XA, 0.655% due 12/15/49(b)(g) | | | | | 95,252 | | |
| | | | 892,909 | | | | Series 2017-H1, Class XA, 1.341% due 6/15/50(b)(g) | | | | | 44,252 | | |
| | | | 184,000 | | | | Series 2021-L6, Class A2, 2.126% due 6/15/54(b) | | | | | 179,596 | | |
| | | | 209,308 | | | | Morgan Stanley Capital I, Inc., Series 2021-ILP, Class A, 0.970% (1-Month
USD-LIBOR + 0.778)% due 11/15/23(a)(b) | | | | | 206,389 | | |
| | | | 200,421 | | | | Motel Trust, Series 2021-MTL6, Class A, 1.091% (1-Month USD-LIBOR +
0.900)% due 9/15/38(a)(b) | | | | | 197,969 | | |
| | | | 212,035 | | | | New Residential Mortgage Loan Trust, Series 2020-NQM1, Class A2, 2.718% due
1/26/60(a)(b) | | | | | 211,165 | | |
| | | | 437,269 | | | | NYMT Loan Trust, Series 2020-SP2, Class A1, 2.944% due 10/25/60(a)(b) | | | | | 433,560 | | |
| | | | 780,215 | | | | OBX Trust, Series 2022-NQM1, Class A1, 2.305% due 11/25/61(a)(b) | | | | | 771,413 | | |
| | | | | | | | PFP Ltd.: | | | | | | | |
| | | | 69,837 | | | | Series 2019-6, Class A, 1.176% (1-Month USD-LIBOR + 1.050)% due
4/14/37(a)(b) | | | | | 69,512 | | |
| | | | 209,000 | | | | Series 2021-8, Class A, 1.126% (1-Month USD-LIBOR + 1.000)% due
8/9/37(a)(b) | | | | | 207,145 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 598,653 | | | | PRPM LLC, Series 2021-4, Class A1, step bond to yield, 1.867% due
4/25/26(a) | | | | $ | 579,808 | | |
| | | | 190,000 | | | | SMR Mortgage Trust, Series 2022-IND, Class A, 1.710% (1-Month CME Term
SOFR + 1.650)% due 2/15/39(a)(b) | | | | | 188,086 | | |
| | | | 210,000 | | | | SREIT Trust, Series 2021-MFP, Class A, 0.922% (1-Month USD-LIBOR +
0.731)% due 11/15/38(a)(b) | | | | | 205,794 | | |
| | | | | | | | UBS Commercial Mortgage Trust: | | | | | | | |
| | | | 9,980 | | | | Series 2012-C1, Class XA, 1.653% due 5/10/45(a)(b)(g) | | | | | 1 | | |
| | | | 859,564 | | | | Series 2017-C1, Class XA, 1.528% due 6/15/50(b)(g) | | | | | 55,563 | | |
| | | | | | | | Velocity Commercial Capital Loan Trust: | | | | | | | |
| | | | 1,301,963 | | | | Series 2021-2, Class A, 1.520% due 8/25/51(a)(b) | | | | | 1,237,184 | | |
| | | | 473,783 | | | | Series 2021-2, Class M1, 1.820% due 8/25/51(a)(b) | | | | | 441,943 | | |
| | | | | | | | Verus Securitization Trust: | | | | | | | |
| | | | 744,879 | | | | Series 2019-INV2, Class A3, 3.219% due 7/25/59(a)(b) | | | | | 747,012 | | |
| | | | 85,367 | | | | Series 2020-2, Class A1, 2.226% due 5/25/60(a)(b) | | | | | 84,843 | | |
| | | | 660,822 | | | | Series 2021-7, Class A1, 1.829% due 10/25/66(a)(b) | | | | | 644,630 | | |
| | | | 420,388 | | | | Series 2021-R1, Class A2, 1.057% due 10/25/63(a)(b) | | | | | 416,693 | | |
| | | | 177,401 | | | | Vista Point Securitization Trust, Series 2020-2, Class A1, 1.475% due
4/25/65(a)(b) | | | | | 174,882 | | |
| | | | | | | | Wells Fargo Commercial Mortgage Trust: | | | | | | | |
| | | | 2,390,275 | | | | Series 2015-LC22, Class XA, 0.776% due 9/15/58(b)(g) | | | | | 55,380 | | |
| | | | 4,771,445 | | | | Series 2015-NXS2, Class XA, 0.646% due 7/15/58(b)(g) | | | | | 89,919 | | |
| | | | 185,000 | | | | Series 2021-C60, Class A2, 2.042% due 8/15/54 | | | | | 180,676 | | |
| | | | 90,902 | | | | Series 2021-SAVE, Class A, 1.341% (1-Month USD-LIBOR + 1.150)% due
2/15/40(a)(b) | | | | | 90,105 | | |
| | | | | | | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | | | | | | | |
| | | | | | | | (Cost – $25,252,579) | | | | | 22,574,531 | | |
| | U.S. GOVERNMENT OBLIGATIONS – 2.2% | |
| | | | 330,000 | | | | U.S. Treasury Bonds, 1.000% due 12/15/24 | | | | | 324,457 | | |
| | | | | | | | U.S. Treasury Notes: | | | | | | | |
| | | | 790,000 | | | | 0.375% due 3/31/22 | | | | | 790,124 | | |
| | | | 1,590,000 | | | | 0.125% due 2/28/23 | | | | | 1,574,846 | | |
| | | | 2,790,000 | | | | 0.125% due 4/30/23 | | | | | 2,755,343 | | |
| | | | 3,720,000 | | | | 0.500% due 11/30/23 | | | | | 3,660,567 | | |
| | | | 2,220,000 | | | | 0.375% due 4/15/24 | | | | | 2,167,188 | | |
| | | | 1,550,000 | | | | 1.500% due 2/15/25 | | | | | 1,543,824 | | |
| | | | | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS | | | | | | | |
| | | | | | | | (Cost – $12,797,903) | | | | | 12,816,349 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | SOVEREIGN BONDS – 0.3% | |
| | Brazil – 0.0% | |
| | | $ | 200,000 | | | | Brazilian Government International Bond, 2.875% due 6/6/25 | | | | $ | 198,908 | | |
| | Chile – 0.0% | |
| | | | 200,000 | | | | Chile Government International Bond, 3.125% due 1/21/26 | | | | | 204,768 | | |
| | Colombia – 0.0% | |
| | | | 200,000 | | | | Colombia Government International Bond, 4.500% due 1/28/26 | | | | | 202,408 | | |
| | Panama – 0.1% | |
| | | | 200,000 | | | | Panama Government International Bond, 3.750% due 3/16/25 | | | | | 205,320 | | |
| | Peru – 0.1% | |
| | | | 200,000 | | | | Corporacion Financiera de Desarrollo SA, 5.250% due 7/15/29(b) | | | | | 199,202 | | |
| | | | 50,000 | | | | Peruvian Government International Bond, 2.392% due 1/23/26 | | | | | 48,979 | | |
| | | | | | | | Total Peru | | | | | 248,181 | | |
| | Qatar – 0.1% | |
| | | | 200,000 | | | | Qatar Government International Bond, 3.250% due 6/2/26 | | | | | 207,080 | | |
| | South Korea – 0.0% | |
| | | | 200,000 | | | | Korea Electric Power Corp., 1.125% due 6/15/25 | | | | | 192,796 | | |
| | United Arab Emirates – 0.0% | |
| | | | 200,000 | | | | Abu Dhabi Government International Bond, 2.500% due 4/16/25(a) | | | | | 202,300 | | |
| | | | | | | | TOTAL SOVEREIGN BONDS | | | | | | | |
| | | | | | | | (Cost – $1,731,837) | | | | | 1,661,761 | | |
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 9.3% | |
| | CONSUMER NON-CYCLICAL – 0.0% | |
| | Household Products/Wares – 0.0% | |
| | | | 10,622 | | | | Leafly Holdings Inc.* | | | | | 78,709 | | |
| | DIVERSIFIED – 9.3% | |
| | SPACs – 9.3% | |
| | | | 21,581 | | | | 26 Capital Acquisition Corp., Class A Shares* | | | | | 213,868 | | |
| | | | 12,138 | | | | Adit EdTech Acquisition Corp.* | | | | | 120,045 | | |
| | | | 10,094 | | | | Arrowroot Acquisition Corp., Class A Shares* | | | | | 97,912 | | |
| | | | 23,979 | | | | Athlon Acquisition Corp., Class A Shares* | | | | | 234,035 | | |
| | | | 177,273 | | | | Atlantic Avenue Acquisition Corp., Class A Shares* | | | | | 1,742,594 | | |
| | | | 23,979 | | | | Authentic Equity Acquisition Corp., Class A Shares* | | | | | 233,915 | | |
| | | | 8,000 | | | | AxonPrime Infrastructure Acquisition Corp.*(c)(d) | | | | | 4,000 | | |
| | | | 25,927 | | | | Berenson Acquisition Corp. I*(c)(d) | | | | | 8,556 | | |
| | | | 146,774 | | | | Berenson Acquisition Corp. I, Class A Shares*(c) | | | | | 1,425,176 | | |
| | | | 137,418 | | | | BGP Acquisition Corp., Class A Shares*(c) | | | | | 1,339,825 | | |
| | | | 30,427 | | | | Bite Acquisition Corp.* | | | | | 296,359 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | DIVERSIFIED – (continued) | |
| | SPACs – (continued) | |
| | | | 18,710 | | | | Blockchain Coinvestors Acquisition Corp. I* | | | | $ | 188,597 | | |
| | | | 110,902 | | | | Blockchain Moon Acquisition Corp.* | | | | | 1,089,058 | | |
| | | | 260,629 | | | | Brigade-M3 European Acquisition Corp.*(c) | | | | | 2,533,314 | | |
| | | | 52,870 | | | | Bullpen Parlay Acquisition Co.*(c) | | | | | 528,700 | | |
| | | | 67,049 | | | | Cartesian Growth Corp., Class A Shares*(h) | | | | | 661,103 | | |
| | | | 26,559 | | | | Cascade Acquisition Corp., Class A Shares* | | | | | 266,652 | | |
| | | | 41,903 | | | | CF Acquisition Corp. IV, Class A Shares* | | | | | 411,068 | | |
| | | | 46,688 | | | | Clarim Acquisition Corp., Class A Shares* | | | | | 454,741 | | |
| | | | 31,129 | | | | Cohn Robbins Holdings Corp., Class A Shares* | | | | | 308,177 | | |
| | | | 23,979 | | | | COVA Acquisition Corp., Class A Shares* | | | | | 233,795 | | |
| | | | 41,264 | | | | Crescera Capital Acquisition Corp.*(c) | | | | | 412,640 | | |
| | | | 500 | | | | Crown PropTech Acquisitions, Class A Shares* | | | | | 4,935 | | |
| | | | 7,704 | | | | DHB Capital Corp., Class A Shares* | | | | | 74,883 | | |
| | | | 37,898 | | | | Disruptive Acquisition Corp. I, Class A Shares*(c) | | | | | 367,990 | | |
| | | | 38,018 | | | | DP Capital Acquisition Corp. I, Class A Shares*(c) | | | | | 375,238 | | |
| | | | 12,897 | | | | Duddell Street Acquisition Corp., Class A Shares* | | | | | 127,938 | | |
| | | | 15,516 | | | | EJF Acquisition Corp., Class A Shares*(h) | | | | | 153,608 | | |
| | | | 48,662 | | | | Elliott Opportunity II Corp., Class A Shares* | | | | | 471,535 | | |
| | | | 42,568 | | | | Empowerment & Inclusion Capital I Corp., Class A Shares* | | | | | 415,677 | | |
| | | | 26,968 | | | | Enterprise 4.0 Technology Acquisition Corp.*(c) | | | | | 267,253 | | |
| | | | 23,879 | | | | EQ Health Acquisition Corp., Class A Shares* | | | | | 232,820 | | |
| | | | 59,814 | | | | Equity Distribution Acquisition Corp., Class A Shares* | | | | | 589,168 | | |
| | | | 11,349 | | | | Everest Consolidator Acquisition Corp.* | | | | | 112,469 | | |
| | | | 57,452 | | | | Executive Network Partnering Corp., Class A Shares* | | | | | 565,040 | | |
| | | | 109,961 | | | | FG Merger Corp.*(c) | | | | | 1,098,510 | | |
| | | | 23,979 | | | | Fintech Evolution Acquisition Group, Class A Shares* | | | | | 233,076 | | |
| | | | 58,605 | | | | Forum Merger IV Corp., Class A Shares* | | | | | 569,055 | | |
| | | | 76,630 | | | | G&P Acquisition Corp., Class A Shares* | | | | | 757,104 | | |
| | | | 150,413 | | | | Global Consumer Acquisition Corp.* | | | | | 1,496,609 | | |
| | | | 29,178 | | | | Global Partner Acquisition Corp. II, Class A Shares* | | | | | 284,485 | | |
| | | | 13,500 | | | | Goal Acquisitions Corp.* | | | | | 131,625 | | |
| | | | 90,017 | | | | Golden Falcon Acquisition Corp., Class A Shares* | | | | | 880,366 | | |
| | | | 116,382 | | | | GP Bullhound Acquisition I SE, Class A Shares* | | | | | 1,315,431 | | |
| | | | 121,848 | | | | GSR II Meteora Acquisition Corp.*(c) | | | | | 1,218,480 | | |
| | | | 262,512 | | | | Hambro Perks Acquisition Co., Ltd., Class A Shares* | | | | | 3,522,123 | | |
| | | | 70,544 | | | | Hamilton Lane Alliance Holdings I Inc., Class A Shares* | | | | | 688,509 | | |
| | | | 23,979 | | | | Healthcare Services Acquisition Corp., Class A Shares* | | | | | 234,515 | | |
| | | | 94,617 | | | | Heartland Media Acquisition Corp.* | | | | | 944,278 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | DIVERSIFIED – (continued) | |
| | SPACs – (continued) | |
| | | | 144,837 | | | | Hiro Metaverse Acquisitions I SA, Class A Shares*(c) | | | | $ | 1,943,278 | | |
| | | | 188,128 | | | | Iconic Sports Acquisition Corp., Class A Shares* | | | | | 1,873,755 | | |
| | | | 23,979 | | | | Ignyte Acquisition Corp.* | | | | | 235,234 | | |
| | | | 51,527 | | | | Isleworth Healthcare Acquisition Corp.* | | | | | 508,571 | | |
| | | | 23,979 | | | | Itiquira Acquisition Corp., Class A Shares* | | | | | 234,035 | | |
| | | | 86,611 | | | | KnightSwan Acquisition Corp.* | | | | | 862,646 | | |
| | | | 47,500 | | | | LightJump Acquisition Corp.* | | | | | 469,775 | | |
| | | | 468,448 | | | | Mason Industrial Technology Inc., Class A Shares* | | | | | 4,557,999 | | |
| | | | 61,279 | | | | New Providence Acquisition Corp. II*(c)(h) | | | | | 612,790 | | |
| | | | 52,110 | | | | Oaktree Acquisition Corp. II, Class A Shares* | | | | | 513,283 | | |
| | | | 120,600 | | | | Omnichannel Acquisition Corp., Class A Shares*(h) | | | | | 1,198,764 | | |
| | | | 15,841 | | | | OmniLit Acquisition Corp.* | | | | | 158,727 | | |
| | | | 43,737 | | | | One Equity Partners Open Water I Corp., Class A Shares* | | | | | 426,436 | | |
| | | | 23,979 | | | | Oyster Enterprises Acquisition Corp., Class A Shares* | | | | | 234,035 | | |
| | | | 39,200 | | | | Peridot Acquisition Corp. II, Class A Shares* | | | | | 381,024 | | |
| | | | 4,417 | | | | Pontem Corp., Class A Shares* | | | | | 43,066 | | |
| | | | 12,783 | | | | PWP Forward Acquisition Corp. I, Class A Shares* | | | | | 124,187 | | |
| | | | 29,037 | | | | Pyrophyte Acquisition Corp.* | | | | | 293,854 | | |
| | | | 109,333 | | | | Revelstone Capital Acquisition Corp.*(c) | | | | | 1,067,090 | | |
| | | | 49,915 | | | | RMG Acquisition Corp. III, Class A Shares* | | | | | 486,671 | | |
| | | | 7,877 | | | | ShoulderUp Technology Acquisition Corp.* | | | | | 79,243 | | |
| | | | 23,979 | | | | Silver Crest Acquisition Corp., Class A Shares* | | | | | 234,515 | | |
| | | | 299,915 | | | | Silver Spike III Acquisition Corp., Class A Shares*(c) | | | | | 2,999,150 | | |
| | | | 35,905 | | | | SportsMap Tech Acquisition Corp.*(c) | | | | | 354,023 | | |
| | | | 15,207 | | | | ST Energy Transition I Ltd.* | | | | | 151,918 | | |
| | | | 65,340 | | | | Tailwind International Acquisition Corp., Class A Shares* | | | | | 636,412 | | |
| | | | 19,786 | | | | Tailwind Two Acquisition Corp., Class A Shares* | | | | | 196,277 | | |
| | | | 25,622 | | | | Tech & Energy Transition Corp., Class A Shares* | | | | | 249,046 | | |
| | | | 115,315 | | | | Tekkorp Digital Acquisition Corp., Class A Shares* | | | | | 1,132,393 | | |
| | | | 85,905 | | | | Tishman Speyer Innovation Corp. II, Class A Shares* | | | | | 836,715 | | |
| | | | 139,747 | | | | Vector Acquisition Corp. II, Class A Shares* | | | | | 1,361,136 | | |
| | | | 17,748 | | | | Zanite Acquisition Corp., Class A Shares*(h) | | | | | 181,385 | | |
| | | | | | | | Total SPACs | | | | | 54,574,283 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 54,574,283 | | |
| | ENERGY – 0.0% | |
| | Oil & Gas Services – 0.0% | |
| | | | 3,121 | | | | Superior Energy Services Inc.*(c) | | | | | 142,005 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | FINANCIAL – 0.0% | |
| | Financial Services – 0.0% | |
| | | | 16,305 | | | | Alpha Partners Technology*(c)(d) | | | | $ | 8,141 | | |
| | | | 12,300 | | | | Revelstone Capital Acquisition Corp.*(c)(d) | | | | | 3,659 | | |
| | | | | | | | Total Financial Services | | | | | 11,800 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 11,800 | | |
| | | | | | | | TOTAL COMMON STOCKS | | | | | | | |
| | | | | | | | (Cost – $52,410,292) | | | | | 54,806,797 | | |
| | EXCHANGE TRADED FUND (ETF) – 5.8% | |
| | | | 685,915 | | | | iShares Core 1-5 Year USD Bond(h)
(Cost – $34,976,852) | | | | | 33,897,919 | | |
| | WARRANTS – 0.0% | |
| | DIVERSIFIED – 0.0% | |
| | SPACs – 0.0% | |
| | | | 73,387 | | | | Berenson Acquisition Corp. I, due 08/01/26, Strike Price $11.50*(c) | | | | | 24,218 | | |
| | | | 2,568 | | | | DHB Capital Corp.., due 03/15/28, Strike Price $11.50*(c) | | | | | 1,121 | | |
| | | | 58,191 | | | | GP Bullhound Acquisition I SE, due 03/11/27, Strike Price €11.50*(c) | | | | | 12,397 | | |
| | | | 131,256 | | | | Hambro Perks Acquisition Co., Ltd., due 06/30/24, Strike Price £11.50*(c) | | | | | 52,832 | | |
| | | | 72,418 | | | | Hiro Metaverse Acquisitions I SA, due 12/21/26, Strike Price £11.50*(c) | | | | | 29,149 | | |
| | | | 84,970 | | | | Leafly Holdings Inc., due 11/07/26, Strike Price $11.50*(c) | | | | | 82,140 | | |
| | | | | | | | Total SPACs | | | | | 201,857 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 201,857 | | |
| | | | | | | | TOTAL WARRANTS | | | | | | | |
| | | | | | | | (Cost – $986,568) | | | | | 201,857 | | |
| | TRADE CLAIMS – 1.6% | |
| | | | 10,520,333 | | | | Brazos Electric Power Cooperative Inc., 0.000% due 9/28/23(c)(d) | | | | | 9,468,300 | | |
| | | | | | | | TOTAL TRADE CLAIMS | | | | | | | |
| | | | | | | | (Cost – $9,550,943) | | | | | 9,468,300 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | | | | | | | |
| | | | | | | | (Cost – $538,104,923) | | | | | 528,534,551 | | |
| | Face Amount | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 17.8% | |
| | COMMERCIAL PAPERS – 1.6% | |
| | | $ | 4,270,000 | | | | Campbell Soup Co., 0.751% due 4/13/22(c)(i) | | | | | 4,267,166 | | |
| | | | 5,242,000 | | | | Parker Hannifin Corp., 0.801% due 4/12/22(i) | | | | | 5,239,502 | | |
| | | | | | | | TOTAL COMMERCIAL PAPERS | |
| | | | | | | | (Cost – $9,503,283) | | | | | 9,506,668 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
| | Face Amount | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – (continued) | |
| | TIME DEPOSITS – 16.2% | |
| | | $ | 2,435,057 | | | | Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.005% due 3/1/22 | | | | $ | 2,435,057 | | |
| | | | 8,585,518 | | | | Barclays Bank PLC – London, 0.005% due 3/1/22 | | | | | 8,585,518 | | |
| | | | 81,279,155 | | | | DnB NORBank ASA – Oslo, 0.005% due 3/1/22 | | | | | 81,279,155 | | |
| | | | 2,838,312 | | | | Sumitomo Mitsui Banking Corp. – Tokyo, 0.005% due 3/1/22 | | | | | 2,838,312 | | |
| | | | | | | | TOTAL TIME DEPOSITS | | | | | | | |
| | | | | | | | (Cost – $95,138,042) | | | | | 95,138,042 | | |
| | | | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | |
| | | | | | | | (Cost – $104,641,325) | | | | | 104,644,710 | | |
| | Shares/Units | | | | | | | | | | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5% | |
| | MONEY MARKET FUND – 0.5% | |
| | | | 2,977,241 | | | | Federated Government Obligations Fund, Premier Class, 0.025%(j) | | |
| | | | | | | | (Cost – $2,977,241) | | | | | 2,977,241 | | |
| | | | | | | | TOTAL INVESTMENTS – 108.2% | | | | | | | |
| | | | | | | | (Cost – $645,723,489) | | | | | 636,156,502 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (8.2)% | | | | | (48,145,846) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 588,010,656 | | |
†
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, 2022, amounts to $198,399,620 and represents 33.74% of net assets.
(b)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.
(c)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2022, amounts to $76,786,677 and represents 13.06% 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)
Payment in-kind security for which part of the income earned may be paid as additional principal.
(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.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (continued)
Abbreviations used in this schedule:
CLO
— Collateralized Loan Obligation
CMT
— Constant Maturity Treasury Index
EURIBOR
— Euro Interbank Offered Rate
LIBOR
— London Interbank Offered Rate
LLC
— Limited Liability Company
LP
— Limited Partnership
NIBOR
— Norwegian Interbank Offered Rate
PLC
— Public Limited Company
REMICS
— Real Estate Mortgage Investment Conduit
SOFR
— Secured Overnight Financing Rate
SPACs
— Special Purpose Acquisition Companies
STIBOR
— Stockholm Interbank Offered Rate
Summary of Investments by Security Type^ (Unaudited)
| | Corporate Bonds & Notes | | | | | 45.6% | | |
| | Senior Loans | | | | | 11.5 | | |
| | Common Stocks | | | | | 8.6 | | |
| | Exchange Traded Fund (ETF) | | | | | 5.3 | | |
| | Asset-Backed Securities | | | | | 4.7 | | |
| | Collateralized Mortgage Obligations | | | | | 3.5 | | |
| | U.S. Government Obligations | | | | | 2.0 | | |
| | Trade Claims | | | | | 1.5 | | |
| | Sovereign Bonds | | | | | 0.3 | | |
| | Warrants | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 16.5 | | |
| | Money Market Fund | | | | | 0.5 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
At February 28, 2022, 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 | | | | | 614,000 | | | | | | BBH | | | | | $ | 688,856 | | | | | | 3/15/22 | | | | | $ | — | | | | | $ | (8,630) | | | | | $ | (8,630) | | |
| Swedish Krona | | | | | 5,175,000 | | | | | | BBH | | | | | | 547,089 | | | | | | 3/15/22 | | | | | | — | | | | | | (7,627) | | | | | | (7,627) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | | | | $ | (16,257) | | | | | $ | (16,257) | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Low Duration Fixed Income Fund (concluded)
| Foreign Currency | | | Local
Currency | | | Counterparty | | | Market
Value | | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
(Depreciation) | | | Unrealized
Appreciation/
(Depreciation) | |
| Contracts to Sell: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| British Pound | | | | | 4,065,000 | | | | | | BBH | | | | | | 5,454,685 | | | | | | 3/15/22 | | | | | $ | 69,439 | | | | | $ | — | | | | | $ | 69,439 | | |
| Euro | | | | | 29,857,000 | | | | | | BBH | | | | | | 33,497,021 | | | | | | 3/15/22 | | | | | | 741,195 | | | | | | — | | | | | | 741,195 | | |
| Norwegian Krone | | | | | 47,045,000 | | | | | | BBH | | | | | | 5,338,876 | | | | | | 3/15/22 | | | | | | 17,449 | | | | | | — | | | | | | 17,449 | | |
| Swedish Krona | | | | | 59,197,000 | | | | | | BBH | | | | | | 6,258,165 | | | | | | 3/15/22 | | | | | | 141,500 | | | | | | — | | | | | | 141,500 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 969,583 | | | | | $ | — | | | | | $ | 969,583 | | |
| Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | | | | $ | 969,583 | | | | | $ | (16,257) | | | | | $ | 953,326 | | |
| |
Counterparty Abbreviations used in this schedule:
BBH
— Brown Brothers Harriman & Co.
Currency Abbreviations used in this schedule:
EUR
— Euro
NOK
— Norwegian Krone
SEK
— Swedish Krona
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 66.1% | |
| | Australia – 0.2% | |
| | | $ | 1,300,000 | | | | QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate +
4.300)% due 12/2/44(a) | | | | $ | 1,384,994 | | |
| | Bermuda – 0.8% | |
| | | | | | | | Digicel Group Holdings Ltd.: | | | | | | | |
| | | | 379,661 | | | | Senior Unsecured Notes, 8.000% due 4/1/25(b)(c) | | | | | 342,579 | | |
| | | | 58,641 | | | | Subordinated Notes, 7.000%(b)(c)(d) | | | | | 48,086 | | |
| | | | 484,000 | | | | Geopark Ltd., Company Guaranteed Notes, 6.500% due 9/21/24 | | | | | 491,023 | | |
| | | | 2,905,000 | | | | Golar LNG Ltd., Senior Unsecured Notes, 7.000% due 10/20/25(c) | | | | | 2,803,325 | | |
| | | | 2,300,000 | | | | Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27 | | | | | 2,242,523 | | |
| | | | | | | | Total Bermuda | | | | | 5,927,536 | | |
| | Brazil – 1.6% | |
| | | | 2,500,000 | | | | Banco Bradesco SA, Senior Unsecured Notes, 2.850% due 1/27/23(c) | | | | | 2,509,325 | | |
| | | | 2,100,000 | | | | Banco do Brasil SA, Senior Unsecured Notes, 3.250% due 9/30/26(c) | | | | | 2,017,302 | | |
| | | | | | | | Itau Unibanco Holding SA, Subordinated Notes: | | | | | | | |
| | | | 2,100,000 | | | | 4.500% (5-Year CMT Index + 2.822)% due 11/21/29(a) | | | | | 2,076,596 | | |
| | | | 6,150,000 | | | | 3.875% (5-Year CMT Index + 3.446)% due 4/15/31(a) | | | | | 5,762,427 | | |
| | | | | | | | Total Brazil | | | | | 12,365,650 | | |
| | British Virgin Islands – 0.1% | |
| | | | 500,000 | | | | State Grid Overseas Investment 2013 Ltd., Company Guaranteed Notes, 3.125%
due 5/22/23 | | | | | 508,228 | | |
| | Canada – 5.8% | |
| | | | 165,000 | | | | Algonquin Power & Utilities Corp., Junior Subordinated Notes, 4.750% (5-Year
CMT Index + 3.249)% due 1/18/82(a) | | | | | 156,502 | | |
| | | | 8,650,000 | | | | Columbia Care Inc., Senior Secured Notes, 9.500% due 2/3/26(e) | | | | | 8,710,964 | | |
| | | | 6,765,260 | | | | Copper Mountain Mining Corp., Senior Secured Notes, 8.000% due 4/9/26(c) | | | | | 6,849,826 | | |
| | | | 750,000 | | | | Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR +
5.440)% due 6/15/76(a) | | | | | 815,160 | | |
| | | | 735,000 | | | | Enbridge Inc., Subordinated Notes, 5.750% (5-Year CMT Index + 5.314)% due
7/15/80(a) | | | | | 766,451 | | |
| | | | 3,548,000 | | | | Greenfire Resources Inc., Senior Secured Notes, 12.000% due 8/15/25(c)(e) | | | | | 3,778,620 | | |
| | | | 7,155,000 | | | | International Petroleum Corp., Company Guaranteed Notes, 7.250% due
2/1/27(c) | | | | | 7,116,961 | | |
| | | | 1,000,000 | | | | MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(c) | | | | | 1,045,472 | | |
| | | | 7,867,000 | | | | Rockpoint Gas Storage Canada Ltd., Senior Secured Notes, 7.000% due
3/31/23(c) | | | | | 7,857,166 | | |
| | | | 7,047,000 | | | | Tacora Resources Inc., Senior Secured Notes, 8.250% due 5/15/26(c) | | | | | 6,932,486 | | |
| | | | 130,000 | | | | Transcanada Trust, Company Guaranteed Notes, 5.500% (SOFRRATE + 4.416)%
due 9/15/79(a) | | | | | 131,131 | | |
| | | | | | | | Total Canada | | | | | 44,160,739 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Cayman Islands – 4.3% | |
| | | $ | 2,500,000 | | | | Alibaba Group Holding Ltd., Senior Unsecured Notes, 2.800% due 6/6/23 | | | | $ | 2,526,744 | | |
| | | | | | | | Baidu Inc., Senior Unsecured Notes: | | | | | | | |
| | | | 1,100,000 | | | | 3.500% due 11/28/22 | | | | | 1,112,936 | | |
| | | | 1,000,000 | | | | 3.875% due 9/29/23 | | | | | 1,026,098 | | |
| | | | 650,000 | | | | 3.075% due 4/7/25 | | | | | 656,314 | | |
| | | | 7,750,000 | | | | CK Hutchison International 21 Ltd., Company Guaranteed Notes, 1.500% due
4/15/26(c) | | | | | 7,507,425 | | |
| | | | 200,000 | | | | ENN Energy Holdings Ltd., Senior Unsecured Notes, 3.250% due 7/24/22 | | | | | 201,156 | | |
| | | | 2,898,000 | | | | Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22 | | | | | 2,912,461 | | |
| | | | 4,500,000 | | | | HPHT Finance 19 Ltd., Company Guaranteed Notes, 2.875% due 11/5/24 | | | | | 4,555,484 | | |
| | | | 299,526 | | | | Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due
11/30/25 | | | | | 282,399 | | |
| | | | 204,847 | | | | Peru Enhanced Pass-Through Finance Ltd., Pass Thru Certificates, zero coupon,
due 6/2/25 | | | | | 192,933 | | |
| | | | 5,000,000 | | | | SA Global Sukuk Ltd., Senior Unsecured Notes, 1.602% due 6/17/26(c) | | | | | 4,789,800 | | |
| | | | 2,973,000 | | | | Sable International Finance Ltd., Senior Secured Notes, 5.750% due 9/7/27 | | | | | 3,039,788 | | |
| | | | 1,008,312 | | | | SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes, zero coupon,
due 12/5/22(c) | | | | | 989,417 | | |
| | | | | | | | Tencent Holdings Ltd., Senior Unsecured Notes: | | | | | | | |
| | | | 374,000 | | | | 3.280% due 4/11/24 | | | | | 381,947 | | |
| | | | 3,100,000 | | | | 1.810% due 1/26/26(c) | | | | | 3,000,831 | | |
| | | | | | | | Total Cayman Islands | | | | | 33,175,733 | | |
| | Chile – 3.9% | |
| | | | | | | | AES Andes SA, Junior Subordinated Notes: | | | | | | | |
| | | | 800,000 | | | | 7.125% (5-Year USD Swap Rate + 4.644)% due 3/26/79(a)(c) | | | | | 800,008 | | |
| | | | 1,000,000 | | | | 7.125% (5-Year USD Swap Rate + 4.644)% due 3/26/79(a) | | | | | 1,000,010 | | |
| | | | 600,000 | | | | 6.350% (5-Year CMT Index + 4.917)% due 10/7/79(a) | | | | | 599,256 | | |
| | | | 3,400,000 | | | | Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28(c) | | | | | 2,490,500 | | |
| | | | 400,000 | | | | Colbun SA, Senior Unsecured Notes, 4.500% due 7/10/24 | | | | | 411,504 | | |
| | | | 784,356 | | | | Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29 | | | | | 745,138 | | |
| | | | 1,584,800 | | | | Empresa Electrica Cochrane SpA, Senior Secured Notes, 5.500% due 5/14/27 | | | | | 1,555,101 | | |
| | | | 6,300,000 | | | | Enel Generacion Chile SA, Senior Unsecured Notes, 4.250% due 4/15/24 | | | | | 6,410,250 | | |
| | | | 2,647,200 | | | | GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29 | | | | | 2,680,317 | | |
| | | | 1,524,000 | | | | Guacolda Energia SA, Senior Unsecured Notes, 4.560% due 4/30/25 | | | | | 548,640 | | |
| | | | 5,135,000 | | | | Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22 | | | | | 5,150,405 | | |
| | | | 6,000,000 | | | | Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22 | | | | | 6,074,873 | | |
| | | | 1,803,000 | | | | VTR Comunicaciones SpA, Senior Secured Notes, 5.125% due 1/15/28 | | | | | 1,784,303 | | |
| | | | | | | | Total Chile | | | | | 30,250,305 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Colombia – 2.1% | |
| | | $ | 400,000 | | | | Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due
4/21/25 | | | | $ | 399,404 | | |
| | | | | | | | Bancolombia SA, Subordinated Notes: | | | | | | | |
| | | | 6,200,000 | | | | 4.875% (5-Year CMT Index + 2.929)% due 10/18/27(a) | | | | | 6,155,360 | | |
| | | | 1,350,000 | | | | 4.625% (5-Year CMT Index + 2.944)% due 12/18/29(a) | | | | | 1,292,625 | | |
| | | | | | | | Ecopetrol SA, Senior Unsecured Notes: | | | | | | | |
| | | | 5,600,000 | | | | 5.875% due 9/18/23 | | | | | 5,818,400 | | |
| | | | 1,000,000 | | | | 4.125% due 1/16/25 | | | | | 999,770 | | |
| | | | 1,450,000 | | | | Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.500% due
4/29/26 | | | | | 1,460,890 | | |
| | | | | | | | Total Colombia | | | | | 16,126,449 | | |
| | Denmark – 0.1% | |
| | | | 800,000EUR | | | | Georg Jensen AS, Secured Notes, 6.000% (3-Month EURIBOR + 6.000)% due
5/15/23 | | | | | 877,018 | | |
| | Dominican Republic – 0.1% | |
| | | | 1,100,000 | | | | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23 | | | | | 1,124,761 | | |
| | France – 0.3% | |
| | | | 1,200,000 | | | | BNP Paribas SA, Junior Subordinated Notes, 6.625% (5-Year USD Swap Rate +
4.149)%(a)(c)(d) | | | | | 1,240,440 | | |
| | | | 575,000 | | | | Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap
Rate + 6.185)%(a)(c)(d) | | | | | 647,594 | | |
| | | | 290,000 | | | | Societe Generale SA, Junior Subordinated Notes, 7.875% (5-Year USD Swap
Rate + 4.979)%(a)(c)(d) | | | | | 304,137 | | |
| | | | | | | | Total France | | | | | 2,192,171 | | |
| | Germany – 1.0% | |
| | | | 1,000,000 | | | | Deutsche Bank AG, Junior Subordinated Notes, 6.000% (5-Year CMT Index +
4.524)%(a)(d) | | | | | 971,250 | | |
| | | | 2,640,000EUR | | | | LifeFit Group, Secured Notes, 7.500% (3-Month EURIBOR + 7.500)% due
7/26/23 | | | | | 2,945,197 | | |
| | | | 3,770,000EUR | | | | LR Global Holding GmbH, Senior Secured Notes, 7.250% (3-Month
EURIBOR + 7.250)% due 2/3/25(a) | | | | | 4,111,106 | | |
| | | | | | | | Total Germany | | | | | 8,027,553 | | |
| | Hong Kong – 0.1% | |
| | | | 500,000 | | | | State Grid Overseas Investment Ltd., Senior Unsecured Notes, 1.000% due
8/5/25 | | | | | 479,220 | | |
| | India – 0.6% | |
| | | | 900,000 | | | | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.375%
due 7/24/24 | | | | | 905,629 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | India – (continued) | |
| | | $ | 1,500,000 | | | | Indian Oil Corp., Ltd., Senior Unsecured Notes, 5.750% due 8/1/23 | | | | $ | 1,570,558 | | |
| | | | 1,300,000 | | | | ONGC Videsh Ltd., Company Guaranteed Notes, 3.750% due 5/7/23 | | | | | 1,323,183 | | |
| | | | 500,000 | | | | Reliance Industries Ltd., Senior Unsecured Notes, 4.125% due 1/28/25 | | | | | 519,220 | | |
| | | | | | | | Total India | | | | | 4,318,590 | | |
| | Indonesia – 0.4% | |
| | | | 3,400,000 | | | | Pertamina Persero PT, Senior Unsecured Notes, 1.400% due 2/9/26 | | | | | 3,170,847 | | |
| | Italy – 1.7% | |
| | | | 365,000 | | | | Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap
Rate + 5.462)%(a)(c)(d) | | | | | 384,162 | | |
| | | | 11,158,000EUR | | | | Linkem SpA, Senior Secured Notes, 6.000% (3-Month EURIBOR + 7.000)% due
8/9/22(a)(c) | | | | | 12,508,337 | | |
| | | | 245,000 | | | | UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate +
5.180)%(a)(d) | | | | | 257,863 | | |
| | | | | | | | Total Italy | | | | | 13,150,362 | | |
| | Jersey, Channel Islands – 0.9% | |
| | | | 7,242,020 | | | | Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes, 1.750% due 9/30/27 | | | | | 7,039,438 | | |
| | Luxembourg – 0.2% | |
| | | | 1,575,000 | | | | Millicom International Cellular SA, Senior Unsecured Notes, 5.125% due
1/15/28 | | | | | 1,519,875 | | |
| | Malaysia – 2.1% | |
| | | | 1,250,000 | | | | Axiata SPV2 Bhd, Senior Unsecured Notes, 4.357% due 3/24/26 | | | | | 1,333,238 | | |
| | | | 200,000 | | | | CIMB Bank Bhd, Senior Unsecured Notes, 3.263% due 3/15/22 | | | | | 200,106 | | |
| | | | 1,200,000 | | | | Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25 | | | | | 1,226,416 | | |
| | | | | | | | Petronas Capital Ltd., Company Guaranteed Notes: | | | | | | | |
| | | | 2,700,000 | | | | 3.125% due 3/18/22 | | | | | 2,701,687 | | |
| | | | 3,600,000 | | | | 3.500% due 3/18/25 | | | | | 3,717,415 | | |
| | | | 6,700,000 | | | | TNB Global Ventures Capital Bhd, Senior Unsecured Notes, 3.244% due
10/19/26 | | | | | 6,840,633 | | |
| | | | | | | | Total Malaysia | | | | | 16,019,495 | | |
| | Mexico – 0.7% | |
| | | | 2,500,000 | | | | Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT
Index + 5.035)%(a)(d) | | | | | 2,492,500 | | |
| | | | | | | | BBVA Bancomer SA, Subordinated Notes: | | | | | | | |
| | | | 1,943,000 | | | | 5.350% (5-Year CMT Index + 3.000)% due 11/12/29(a) | | | | | 1,940,590 | | |
| | | | 457,000 | | | | 6.750% due 9/30/22 | | | | | 467,854 | | |
| | | | 350,000 | | | | Fomento Economico Mexicano SAB de CV, Senior Unsecured Notes, 2.875%
due 5/10/23 | | | | | 354,242 | | |
| | | | | | | | Total Mexico | | | | | 5,255,186 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Multinational – 0.7% | |
| | | $ | 5,321,000 | | | | Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750%
due 10/1/26(c) | | | | $ | 5,387,513 | | |
| | Netherlands – 1.3% | |
| | | | 1,410,000 | | | | AerCap Holdings NV, Company Guaranteed Notes, 5.875% (5-Year CMT
Index + 4.535)% due 10/10/79(a) | | | | | 1,388,850 | | |
| | | | 872,000EUR | | | | Azerion Holding BV, Senior Secured Notes, 7.250% due 4/28/24 | | | | | 980,531 | | |
| | | | 600,000 | | | | ING Groep NV, Junior Subordinated Notes, 5.750% (5-Year CMT Index +
4.342)%(a)(d) | | | | | 607,500 | | |
| | | | 3,504,000 | | | | M.H.H. Holding BV, 7.366% (3-Month USD-LIBOR + 7.000)% due 8/9/22 | | | | | 3,521,520 | | |
| | | | 3,200,000 | | | | Minejesa Capital BV, Senior Secured Notes, 4.625% due 8/10/30 | | | | | 3,126,592 | | |
| | | | | | | | Total Netherlands | | | | | 9,624,993 | | |
| | Norway – 1.9% | |
| | | | 24,500,000NOK | | | | Aker Horizons Holding AS, Senior Unsecured Notes, 4.360% (3-Month
NIBOR + 3.250)% due 8/15/25(a) | | | | | 2,574,706 | | |
| | | | 8,933,000NOK | | | | Duo BidCo AS, 5.350% (3-Month NIBOR + 5.350)% due 4/12/26 | | | | | 1,018,994 | | |
| | | | 3,093,318 | | | | Jacktel AS, Senior Secured Notes, 10.000% due 12/4/23(b)(c) | | | | | 1,272,024 | | |
| | | | 8,300,000EUR | | | | LINK Mobility Group Holding ASA, Senior Unsecured Notes, 3.375% due
12/15/25 | | | | | 8,283,043 | | |
| | | | 1,050,000 | | | | Mime Petroleum AS, 10.250% due 11/10/26 | | | | | 1,016,742 | | |
| | | | | | | | Total Norway | | | | | 14,165,509 | | |
| | Panama – 0.7% | |
| | | | 2,000,000 | | | | Banistmo SA, Senior Unsecured Notes, 3.650% due 9/19/22(c) | | | | | 2,010,020 | | |
| | | | 3,400,000 | | | | Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22 | | | | | 3,423,834 | | |
| | | | | | | | Total Panama | | | | | 5,433,854 | | |
| | Paraguay – 0.1% | |
| | | | 950,000 | | | | Banco Continental SAECA, Senior Unsecured Notes, 2.750% due 12/10/25(c) | | | | | 892,535 | | |
| | Peru – 2.7% | |
| | | | | | | | Banco de Credito del Peru, Subordinated Notes: | | | | | | | |
| | | | 2,050,000 | | | | 3.125% (5-Year CMT Index + 3.000)% due 7/1/30(a) | | | | | 1,954,204 | | |
| | | | 1,450,000 | | | | 3.250% (5-Year CMT Index + 2.450)% due 9/30/31(a) | | | | | 1,365,827 | | |
| | | | 2,800,000 | | | | 3.250% (5-Year CMT Index + 2.450)% due 9/30/31(a)(c) | | | | | 2,637,460 | | |
| | | | | | | | Banco Internacional del Peru SAA Interbank, Subordinated Notes: | | | | | | | |
| | | | 650,000 | | | | 6.625% (3-Month USD-LIBOR + 5.760)% due 3/19/29(a) | | | | | 669,500 | | |
| | | | 2,892,000 | | | | 4.000% (1-Year CMT Index + 3.711)% due 7/8/30(a) | | | | | 2,776,320 | | |
| | | | 750,000 | | | | Camposol SA, Company Guaranteed Notes, 6.000% due 2/3/27 | | | | | 730,320 | | |
| | | | 4,710,882 | | | | Fenix Power Peru SA, Senior Unsecured Notes, 4.317% due 9/20/27 | | | | | 4,646,155 | | |
| | | | 2,449,000 | | | | Orazul Energy Egenor SCA, Company Guaranteed Notes, 5.625% due 4/28/27 | | | | | 2,335,758 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | Peru – (continued) | |
| | | $ | 750,000 | | | | Scotiabank Peru SAA, Subordinated Notes, 4.500% (3-Month USD-LIBOR +
3.856)% due 12/13/27(a) | | | | $ | 756,427 | | |
| | | | 3,050,000 | | | | Transportadora de Gas del Peru SA, Senior Unsecured Notes, 4.250% due
4/30/28 | | | | | 3,133,906 | | |
| | | | | | | | Total Peru | | | | | 21,005,877 | | |
| | Portugal – 0.0% | |
| | | | 70,068 | | | | Invepar, zero coupon, due 12/30/28(e)(f) | | | | | − | | |
| | Qatar – 0.8% | |
| | | | 6,500,000 | | | | Qatar Energy, Senior Unsecured Notes, 1.375% due 9/12/26(c) | | | | | 6,178,900 | | |
| | | | | | | | Total Qatar | | | | | 6,178,900 | | |
| | Saudi Arabia – 0.1% | |
| | | | | | | | Saudi Arabian Oil Co., Senior Unsecured Notes: | | | | | | | |
| | | | 500,000 | | | | 2.750% due 4/16/22 | | | | | 501,230 | | |
| | | | 300,000 | | | | 1.250% due 11/24/23(c) | | | | | 296,250 | | |
| | | | | | | | Total Saudi Arabia | | | | | 797,480 | | |
| | Singapore – 4.9% | |
| | | | | | | | DBS Group Holdings Ltd.: | | | | | | | |
| | | | | | | | Senior Unsecured Notes: | | | | | | | |
| | | | 500,000 | | | | 2.850% due 4/16/22 | | | | | 500,685 | | |
| | | | 600,000 | | | | 1.169% due 11/22/24(c) | | | | | 586,124 | | |
| | | | | | | | Subordinated Notes: | | | | | | | |
| | | | 500,000 | | | | 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590)% due 12/11/28(a) | | | | | 518,291 | | |
| | | | 6,000,000 | | | | 1.822% (5-Year CMT Index + 1.100)% due 3/10/31(a) | | | | | 5,780,280 | | |
| | | | | | | | Oversea-Chinese Banking Corp., Ltd., Subordinated Notes: | | | | | | | |
| | | | 200,000 | | | | 4.250% due 6/19/24 | | | | | 208,214 | | |
| | | | 2,500,000 | | | | 1.832% (5-Year CMT Index + 1.580)% due 9/10/30(a)(c) | | | | | 2,421,050 | | |
| | | | 4,400,000 | | | | 1.832% (5-Year CMT Index + 1.580)% due 9/10/30(a) | | | | | 4,261,048 | | |
| | | | 1,150,000 | | | | PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26 | | | | | 1,163,256 | | |
| | | | | | | | SingTel Group Treasury Pte Ltd., Company Guaranteed Notes: | | | | | | | |
| | | | 1,200,000 | | | | 3.250% due 6/30/25 | | | | | 1,239,204 | | |
| | | | 6,500,000 | | | | 2.375% due 10/3/26 | | | | | 6,561,758 | | |
| | | | 3,000,000 | | | | SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22 | | | | | 3,018,750 | | |
| | | | 4,000,000 | | | | Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23 | | | | | 4,032,640 | | |
| | | | | | | | United Overseas Bank Ltd., Subordinated Notes: | | | | | | | |
| | | | 2,300,000 | | | | 3.750% (5-Year CMT Index + 1.500)% due 4/15/29(a) | | | | | 2,358,189 | | |
| | | | 5,000,000 | | | | 1.750% (5-Year CMT Index + 1.520)% due 3/16/31(a) | | | | | 4,802,550 | | |
| | | | | | | | Total Singapore | | | | | 37,452,039 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | South Korea – 4.0% | |
| | | $ | 4,900,000 | | | | Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due
5/6/25(c) | | | | $ | 4,821,355 | | |
| | | | 4,800,000 | | | | Korea Southern Power Co., Ltd., Senior Unsecured Notes, 0.750% due
1/27/26(c) | | | | | 4,544,304 | | |
| | | | | | | | KT Corp., Senior Unsecured Notes: | | | | | | | |
| | | | 7,300,000 | | | | 1.000% due 9/1/25 | | | | | 6,976,099 | | |
| | | | 400,000 | | | | 2.500% due 7/18/26 | | | | | 399,422 | | |
| | | | 3,900,000 | | | | LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24 | | | | | 4,007,996 | | |
| | | | 4,000,000 | | | | NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25(c) | | | | | 3,860,437 | | |
| | | | | | | | POSCO, Senior Unsecured Notes: | | | | | | | |
| | | | 2,000,000 | | | | 2.375% due 11/12/22 | | | | | 2,009,500 | | |
| | | | 3,044,000 | | | | 2.375% due 1/17/23 | | | | | 3,058,763 | | |
| | | | 700,000 | | | | 2.750% due 7/15/24 | | | | | 707,668 | | |
| | | | | | | | Total South Korea | | | | | 30,385,544 | | |
| | Spain – 0.1% | |
| | | | 200,000 | | | | Banco Bilbao Vizcaya Argentaria SA, Junior Subordinated Notes, 6.500% (5-Year
CMT Index + 5.192)%(a)(d) | | | | | 200,500 | | |
| | | | 400,000 | | | | Banco Santander SA, Junior Subordinated Notes, 4.750% (5-Year CMT Index +
3.753)%(a)(d) | | | | | 368,600 | | |
| | | | | | | | Total Spain | | | | | 569,100 | | |
| | Sweden – 0.2% | |
| | | | 12,500,000SEK | | | | Impala Group PLC, 9.000% due 10/20/24(a) | | | | | 1,307,722 | | |
| | Switzerland – 0.4% | |
| | | | 1,365,000 | | | | Credit Suisse Group AG, Junior Subordinated Notes, 6.375% (5-Year CMT Index +
4.822)%(a)(c)(d) | | | | | 1,373,531 | | |
| | | | | | | | UBS Group AG, Junior Subordinated Notes: | | | | | | | |
| | | | 200,000 | | | | 4.875% (5-Year CMT Index + 3.404)%(a)(c)(d) | | | | | 193,380 | | |
| | | | 1,400,000 | | | | 6.875% (5-Year USD Swap Rate + 4.590)%(a)(d) | | | | | 1,473,500 | | |
| | | | | | | | Total Switzerland | | | | | 3,040,411 | | |
| | Thailand – 0.2% | |
| | | | 1,800,000 | | | | Bangkok Bank PCL, Senior Unsecured Notes, 3.875% due 9/27/22 | | | | | 1,820,783 | | |
| | United Kingdom – 0.9% | |
| | | | | | | | Barclays PLC, Junior Subordinated Notes: | | | | | | | |
| | | | 200,000 | | | | 4.375% (5-Year CMT Index + 3.410)%(a)(d) | | | | | 183,500 | | |
| | | | 1,325,000 | | | | 7.750% (5-Year USD Swap Rate + 4.842)%(a)(d) | | | | | 1,384,890 | | |
| | | | | | | | HSBC Holdings PLC, Junior Subordinated Notes: | | | | | | | |
| | | | 430,000 | | | | 6.000% (5-Year USD 1100 Run ICE Swap Rate + 3.746)%(a)(d) | | | | | 440,750 | | |
| | | | 400,000 | | | | 6.375% (5-Year USD 1100 Run ICE Swap Rate + 4.368)%(a)(d) | | | | | 412,000 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United Kingdom – (continued) | |
| | | $ | 200,000 | | | | Legal & General Group PLC, Subordinated Notes, 5.250% (5-Year USD Swap
Rate + 3.687)% due 3/21/47(a) | | | | $ | 206,000 | | |
| | | | 1,480,000 | | | | Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD
Swap Rate + 4.496)%(a)(d) | | | | | 1,624,168 | | |
| | | | 800,000 | | | | NatWest Group PLC, Junior Subordinated Notes, 6.000% (5-Year CMT Index +
5.625)%(a)(d) | | | | | 826,000 | | |
| | | | | | | | Standard Chartered PLC, Junior Subordinated Notes: | | | | | | | |
| | | | 335,000 | | | | 4.300% (5-Year CMT Index + 3.135)%(a)(c)(d) | | | | | 298,987 | | |
| | | | 440,000 | | | | 6.000% (5-Year CMT Index + 5.661)%(a)(c)(d) | | | | | 449,900 | | |
| | | | | | | | Vedanta Resources Ltd., Senior Unsecured Notes: | | | | | | | |
| | | | 800,000 | | | | 7.125% due 5/31/23 | | | | | 740,200 | | |
| | | | 200,000 | | | | 6.125% due 8/9/24 | | | | | 166,396 | | |
| | | | | | | | Vodafone Group PLC: | | | | | | | |
| | | | 245,000 | | | | Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.873)% due
4/4/79(a) | | | | | 271,950 | | |
| | | | 250,000 | | | | Subordinated Notes, 4.125% (5-Year CMT Index + 2.767)% due 6/4/81(a) | | | | | 230,000 | | |
| | | | | | | | Total United Kingdom | | | | | 7,234,741 | | |
| | United States – 20.1% | |
| | | | 8,762,000 | | | | 99 Escrow Issuer Inc., Senior Secured Notes, 7.500% due 1/15/26(c) | | | | | 6,483,880 | | |
| | | | 150,000 | | | | Air Lease Corp., Junior Subordinated Notes, 4.650% (5-Year CMT Index +
4.076)%(a)(d) | | | | | 142,875 | | |
| | | | 845,000 | | | | Ally Financial Inc., Junior Subordinated Notes, 4.700% (5-Year CMT Index +
3.868)%(a)(d) | | | | | 800,749 | | |
| | | | 6,400,000 | | | | Altera Shuttle Tankers, 9.500% due 12/15/25 | | | | | 5,603,461 | | |
| | | | 250,000 | | | | American AgCredit Corp., Junior Subordinated Notes, 5.250% (5-Year CMT
Index + 4.500)%(a)(c)(d) | | | | | 248,750 | | |
| | | | 160,000 | | | | American Electric Power Co., Inc., Junior Subordinated Notes, 3.875% (5-Year
CMT Index + 2.675)% due 2/15/62(a) | | | | | 149,245 | | |
| | | | 240,000 | | | | American Express Co., Junior Subordinated Notes, 3.550% (5-Year CMT Index +
2.854)%(a)(d) | | | | | 222,000 | | |
| | | | 395,000 | | | | American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month
USD-LIBOR + 2.868)% due 4/1/48(a) | | | | | 405,862 | | |
| | | | 3,244,790 | | | | Anagram International Inc./Anagram Holdings LLC, Senior Secured Notes,
15.000% due 8/15/25(b)(c) | | | | | 3,504,373 | | |
| | | | 1,100,000 | | | | Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135)%
due 3/27/48(a) | | | | | 1,204,500 | | |
| | | | 969,000 | | | | Assured Guaranty Municipal Holdings Inc., Company Guaranteed Notes, 6.400%
(1-Month USD-LIBOR + 2.215)% due 12/15/66(a)(c) | | | | | 1,045,975 | | |
| | | | | | | | Bank of America Corp., Junior Subordinated Notes: | | | | | | | |
| | | | 355,000 | | | | 4.375% (5-Year CMT Index + 2.760)%(a)(d) | | | | | 342,113 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United States – (continued) | |
| | | $ | 1,350,000 | | | | 6.300% (3-Month USD-LIBOR + 4.553)%(a)(d) | | | | $ | 1,453,113 | | |
| | | | 200,000 | | | | Bank of New York Mellon Corp., Junior Subordinated Notes, 4.700% (5-Year
CMT Index + 4.358)%(a)(d) | | | | | 205,250 | | |
| | | | 133,000 | | | | Briggs & Stratton Corp., Senior Unsecured Notes, zero coupon, due 12/15/22(e) | | | | | 1,330 | | |
| | | | 9,400,000 | | | | BuzzFeed Inc., 7.000% due 9/30/26(e) | | | | | 9,188,500 | | |
| | | | 630,000 | | | | Capital Farm Credit ACA, Junior Subordinated Notes, 5.000% (5-Year CMT
Index + 4.523)%(a)(c)(d) | | | | | 626,850 | | |
| | | | 325,000 | | | | Capital One Financial Corp., Junior Subordinated Notes, 3.950% (5-Year CMT
Index + 3.157)%(a)(d) | | | | | 304,860 | | |
| | | | 600,000 | | | | CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month
USD-LIBOR + 3.270)%(a)(d) | | | | | 592,500 | | |
| | | | | | | | Charles Schwab Corp., Junior Subordinated Notes: | | | | | | | |
| | | | 210,000 | | | | 4.000% (5-Year CMT Index + 3.168)%(a)(d) | | | | | 203,207 | | |
| | | | 435,000 | | | | 5.375% (5-Year CMT Index + 4.971)%(a)(d) | | | | | 457,946 | | |
| | | | 4,737,000 | | | | Chobani LLC/Chobani Finance Corp. Inc., Company Guaranteed Notes, 7.500%
due 4/15/25(c) | | | | | 4,713,315 | | |
| | | | | | | | Citigroup Inc., Junior Subordinated Notes: | | | | | | | |
| | | | 140,000 | | | | 4.150% (5-Year CMT Index + 3.000)%(a)(d) | | | | | 133,525 | | |
| | | | 345,000 | | | | 5.000% (SOFRRATE + 3.813)%(a)(d) | | | | | 348,967 | | |
| | | | 2,039,000 | | | | 5.950% (3-Month USD-LIBOR + 3.905)%(a)(d) | | | | | 2,112,914 | | |
| | | | | | | | Citizens Financial Group Inc., Junior Subordinated Notes: | | | | | | | |
| | | | 260,000 | | | | 4.000% (5-Year CMT Index + 3.215)%(a)(d) | | | | | 244,400 | | |
| | | | 100,000 | | | | 6.375% (3-Month USD-LIBOR + 3.157)%(a)(d) | | | | | 97,500 | | |
| | | | 65,000 | | | | CMS Energy Corp., Junior Subordinated Notes, 4.750% (5-Year CMT Index +
4.116)% due 6/1/50(a) | | | | | 65,325 | | |
| | | | 1,075,000 | | | | CoBank ACB, Junior Subordinated Notes, 6.250% (3-Month USD-LIBOR +
4.660)%(a)(d) | | | | | 1,134,125 | | |
| | | | 650,000 | | | | Compeer Financial ACA, Junior Subordinated Notes, 4.875% (5-Year CMT
Index + 4.095)%(a)(c)(d)(e) | | | | | 640,250 | | |
| | | | 510,000 | | | | Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(c)(d) | | | | | 525,300 | | |
| | | | 5,224,000 | | | | Diebold Nixdorf Inc., Company Guaranteed Notes, 8.500% due 4/15/24 | | | | | 5,145,640 | | |
| | | | 390,000 | | | | Discover Financial Services, Junior Subordinated Notes, 6.125% (5-Year CMT
Index + 5.783)%(a)(d) | | | | | 407,550 | | |
| | | | | | | | Edison International, Junior Subordinated Notes: | | | | | | | |
| | | | 160,000 | | | | 5.000% (5-Year CMT Index + 3.901)%(a)(d) | | | | | 153,198 | | |
| | | | 95,000 | | | | 5.375% (5-Year CMT Index + 4.698)%(a)(d) | | | | | 93,694 | | |
| | | | 280,000 | | | | Energy Transfer LP, Junior Subordinated Notes, 6.500% (5-Year CMT Index +
5.694)%(a)(d) | | | | | 276,825 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United States – (continued) | |
| | | $ | 125,000 | | | | Enstar Finance LLC, Company Guaranteed Notes, 5.500% (5-Year CMT Index +
4.006)% due 1/15/42(a) | | | | $ | 119,616 | | |
| | | | 615,000 | | | | Equitable Holdings Inc., Junior Subordinated Notes, 4.950% (5-Year CMT
Index + 4.736)%(a)(d) | | | | | 618,382 | | |
| | | | 610,000 | | | | Fifth Third Bancorp, Junior Subordinated Notes, 4.500% (5-Year CMT Index +
4.215)%(a)(d) | | | | | 611,525 | | |
| | | | 260,000 | | | | First Citizens BancShares Inc., Junior Subordinated Notes, 5.800% (3-Month
USD-LIBOR + 3.972)%(a)(d) | | | | | 261,300 | | |
| | | | 11,423,000 | | | | Fresh Market Inc., Senior Secured Notes, 9.750% due 5/1/23(c) | | | | | 11,537,230 | | |
| | | | 3,164,000 | | | | FXI Holdings Inc., Senior Secured Notes, 12.250% due 11/15/26(c) | | | | | 3,387,663 | | |
| | | | 800,000 | | | | General Electric Co., Junior Subordinated Notes, 3.533% (3-Month
USD-LIBOR + 3.330)%(a)(d) | | | | | 756,760 | | |
| | | | | | | | General Motors Financial Co., Inc., Junior Subordinated Notes: | | | | | | | |
| | | | 280,000 | | | | 5.700% (5-Year CMT Index + 4.997)%(a)(d) | | | | | 291,279 | | |
| | | | 960,000 | | | | 5.750% (3-Month USD-LIBOR + 3.598)%(a)(d) | | | | | 960,019 | | |
| | | | 1,489,000 | | | | Getty Images Inc., Senior Unsecured Notes, 9.750% due 3/1/27(c) | | | | | 1,550,421 | | |
| | | | | | | | Goldman Sachs Group Inc., Junior Subordinated Notes: | | | | | | | |
| | | | 115,000 | | | | 4.125% (5-Year CMT Index + 2.949)%(a)(d) | | | | | 109,164 | | |
| | | | 650,000 | | | | 5.300% (3-Month USD-LIBOR + 3.834)%(a)(d) | | | | | 676,812 | | |
| | | | 959,000 | | | | 5.500% (5-Year CMT Index + 3.623)%(a)(d) | | | | | 989,880 | | |
| | | | 7,665,575 | | | | Hawaiian Airlines Class A Pass-Through Certificates, Pass Thru Certificates,
3.900% due 1/15/26 | | | | | 7,535,691 | | |
| | | | 1,062,000 | | | | Hercules Achievement Inc./Varsity Brands Holding Co., Inc., Senior Secured
Notes, 9.000% (3-Month USD-LIBOR + 8.000)% due 12/22/24(a)(c) | | | | | 1,055,362 | | |
| | | | 1,120,000 | | | | Huntington Bancshares Inc., Junior Subordinated Notes, 5.625% (5-Year CMT
Index + 4.945)%(a)(d) | | | | | 1,184,400 | | |
| | | | 8,988,000 | | | | IEA Energy Services LLC, Company Guaranteed Notes, 6.625% due 8/15/29(c) | | | | | 8,313,900 | | |
| | | | 250,000 | | | | ILFC E-Capital Trust II, Limited Guaranteed Notes, 3.620% due 12/21/65(a)(c) | | | | | 213,750 | | |
| | | | 10,223,000 | | | | INNOVATE Corp., Senior Secured Notes, 8.500% due 2/1/26(c)(g) | | | | | 10,136,718 | | |
| | | | | | | | JPMorgan Chase & Co., Junior Subordinated Notes: | | | | | | | |
| | | | 635,000 | | | | 3.650% (5-Year CMT Index + 2.850)%(a)(d) | | | | | 602,615 | | |
| | | | 1,015,000 | | | | 5.000% (SOFRRATE + 3.380)%(a)(d) | | | | | 1,021,344 | | |
| | | | 720,000 | | | | 6.750% (3-Month USD-LIBOR + 3.780)%(a)(d) | | | | | 752,400 | | |
| | | | 475,000 | | | | KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR +
3.606)%(a)(d) | | | | | 479,750 | | |
| | | | 1,655,000 | | | | Land O’ Lakes Inc., Junior Subordinated Notes, 7.250%(c)(d) | | | | | 1,754,300 | | |
| | | | 7,109,000 | | | | Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 1/31/25(e)(f) | | | | | 7,109,000 | | |
| | | | | | | | M&T Bank Corp., Junior Subordinated Notes: | | | | | | | |
| | | | 170,000 | | | | 3.500% (5-Year CMT Index + 2.679)%(a)(d) | | | | | 155,125 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United States – (continued) | |
| | | $ | 500,000 | | | | 5.125% (3-Month USD-LIBOR + 3.520)%(a)(d) | | | | $ | 508,125 | | |
| | | | 855,000 | | | | Markel Corp., Junior Subordinated Notes, 6.000% (5-Year CMT Index +
5.662)%(a)(d) | | | | | 903,470 | | |
| | | | | | | | Martin Midstream Partners LP/Martin Midstream Finance Corp., Secured Notes: | | | | | | | |
| | | | 7,118,576 | | | | 10.000% due 2/29/24(c) | | | | | 7,260,949 | | |
| | | | 3,594,055 | | | | 11.500% due 2/28/25(c) | | | | | 3,690,376 | | |
| | | | 1,000,000 | | | | Mercury Chile Holdco LLC, Senior Secured Notes, 6.500% due 1/24/27(c) | | | | | 965,000 | | |
| | | | 825,000 | | | | MetLife Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR +
2.959)%(a)(d) | | | | | 860,004 | | |
| | | | 85,000 | | | | NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index +
2.843)%(a)(d) | | | | | 83,088 | | |
| | | | 195,000 | | | | PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500% (5-Year CMT
Index + 3.815)% due 10/1/50(a) | | | | | 191,100 | | |
| | | | | | | | PNC Financial Services Group Inc., Junior Subordinated Notes: | | | | | | | |
| | | | 220,000 | | | | 3.400% (5-Year CMT Index + 2.595)%(a)(d) | | | | | 203,830 | | |
| | | | 717,000 | | | | 5.000% (3-Month USD-LIBOR + 3.300)%(a)(d) | | | | | 725,604 | | |
| | | | 480,000 | | | | Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38 | | | | | 571,200 | | |
| | | | 110,000 | | | | Prudential Financial Inc., Junior Subordinated Notes, 5.125% (5-Year CMT
Index + 3.162)% due 3/1/52(a) | | | | | 111,513 | | |
| | | | 1,150,000 | | | | Regions Financial Corp., Junior Subordinated Notes, 5.750% (5-Year CMT
Index + 5.430)%(a)(d) | | | | | 1,198,875 | | |
| | | | | | | | SBL Holdings Inc., Junior Subordinated Notes: | | | | | | | |
| | | | 195,000 | | | | 6.500% (5-Year CMT Index + 5.620)%(a)(c)(d) | | | | | 181,838 | | |
| | | | 845,000 | | | | 7.000% (5-Year CMT Index + 5.580)%(a)(c)(d) | | | | | 800,637 | | |
| | | | | | | | Sempra Energy, Junior Subordinated Notes: | | | | | | | |
| | | | 410,000 | | | | 4.875% (5-Year CMT Index + 4.550)%(a)(d) | | | | | 417,175 | | |
| | | | 230,000 | | | | 4.125% (5-Year CMT Index + 2.868)% due 4/1/52(a) | | | | | 217,678 | | |
| | | | 595,000 | | | | Southern Co., Junior Subordinated Notes, 4.000% (5-Year CMT Index + 3.733)%
due 1/15/51(a) | | | | | 571,968 | | |
| | | | 6,685,000 | | | | StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(c) | | | | | 7,002,537 | | |
| | | | 1,156,000 | | | | StorCentric Inc., Senior Secured Notes, 5.875% due 2/19/23(c)(e) | | | | | 1,156,000 | | |
| | | | | | | | SVB Financial Group, Junior Subordinated Notes: | | | | | | | |
| | | | 240,000 | | | | 4.000% (5-Year CMT Index + 3.202)%(a)(d) | | | | | 225,600 | | |
| | | | 355,000 | | | | 4.100% (5-Year CMT Index + 3.064)%(a)(d) | | | | | 319,312 | | |
| | | | 60,000 | | | | 4.700% (5-Year CMT Index + 3.064)%(a)(d) | | | | | 56,550 | | |
| | | | 1,933,000 | | | | Tilray Brands Inc., Senior Unsecured Notes, 5.000% due 10/1/23 | | | | | 1,821,853 | | |
| | | | | | | | Truist Financial Corp., Junior Subordinated Notes: | | | | | | | |
| | | | 1,640,000 | | | | 4.800% (5-Year CMT Index + 3.003)%(a)(d) | | | | | 1,640,000 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – (continued) | |
| | United States – (continued) | |
| | | $ | 190,000 | | | | 5.100% (5-Year CMT Index + 4.349)%(a)(d) | | | | $ | 197,125 | | |
| | | | 8,201,000 | | | | UpHealth Inc., Senior Unsecured Notes, 6.250% due 6/15/26(c) | | | | | 6,958,777 | | |
| | | | 100,000 | | | | Vistra Corp., Junior Subordinated Notes, 7.000% (5-Year CMT Index +
5.740)%(a)(c)(d) | | | | | 99,250 | | |
| | | | 770,000 | | | | Voya Financial Inc., Junior Subordinated Notes, 6.125% (5-Year CMT Index +
3.358)%(a)(d) | | | | | 775,775 | | |
| | | | | | | | Wells Fargo & Co., Junior Subordinated Notes: | | | | | | | |
| | | | 950,000 | | | | 3.900% (5-Year CMT Index + 3.453)%(a)(d) | | | | | 914,375 | | |
| | | | 1,505,000 | | | | 5.900% (3-Month USD-LIBOR + 3.110)%(a)(d) | | | | | 1,516,288 | | |
| | | | | | | | Total United States | | | | | 153,610,145 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Cost – $518,152,714) | | | | | 505,981,296 | | |
| | SOVEREIGN BONDS – 9.3% | |
| | Brazil – 0.9% | |
| | | | 6,850,000 | | | | Brazilian Government International Bond, 2.875% due 6/6/25 | | | | | 6,812,599 | | |
| | Chile – 0.2% | |
| | | | 1,600,000 | | | | Chile Government International Bond, 3.125% due 1/21/26 | | | | | 1,638,144 | | |
| | Colombia – 1.1% | |
| | | | | | | | Colombia Government International Bond: | | | | | | | |
| | | | 3,200,000 | | | | 2.625% due 3/15/23 | | | | | 3,204,512 | | |
| | | | 4,900,000 | | | | 4.500% due 1/28/26 | | | | | 4,958,996 | | |
| | | | | | | | Total Colombia | | | | | 8,163,508 | | |
| | Indonesia – 1.2% | |
| | | | 2,200,000 | | | | Indonesia Government International Bond, 2.950% due 1/11/23 | | | | | 2,220,988 | | |
| | | | | | | | Perusahaan Penerbit SBSN Indonesia III: | | | | | | | |
| | | | 1,000,000 | | | | 3.400% due 3/29/22 | | | | | 999,890 | | |
| | | | 3,018,000 | | | | 3.300% due 11/21/22 | | | | | 3,051,077 | | |
| | | | 1,321,000 | | | | 3.750% due 3/1/23 | | | | | 1,343,629 | | |
| | | | 1,750,000 | | | | 2.300% due 6/23/25 | | | | | 1,729,070 | | |
| | | | | | | | Total Indonesia | | | | | 9,344,654 | | |
| | Panama – 0.7% | |
| | | | | | | | Panama Government International Bond: | | | | | | | |
| | | | 1,760,000 | | | | 4.000% due 9/22/24 | | | | | 1,813,434 | | |
| | | | 3,500,000 | | | | 3.750% due 3/16/25 | | | | | 3,593,100 | | |
| | | | | | | | Total Panama | | | | | 5,406,534 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | SOVEREIGN BONDS – (continued) | |
| | Peru – 1.1% | |
| | | $ | 1,815,000 | | | | Corporation Financiera de Desarrollo SA, 5.250% due 7/15/29(a) | | | | $ | 1,807,758 | | |
| | | | 6,900,000 | | | | Peruvian Government International Bond, 2.392% due 1/23/26 | | | | | 6,759,102 | | |
| | | | | | | | Total Peru | | | | | 8,566,860 | | |
| | Qatar – 0.7% | |
| | | | 5,200,000 | | | | Qatar Government International Bond, 3.250% due 6/2/26 | | | | | 5,384,080 | | |
| | Saudi Arabia – 0.8% | |
| | | | | | | | Saudi Government International Bond: | | | | | | | |
| | | | 3,000,000 | | | | 2.875% due 3/4/23 | | | | | 3,038,490 | | |
| | | | 3,100,000 | | | | 3.250% due 10/26/26 | | | | | 3,216,473 | | |
| | | | | | | | Total Saudi Arabia | | | | | 6,254,963 | | |
| | South Korea – 2.1% | |
| | | | | | | | Korea Development Bank: | | | | | | | |
| | | | 2,150,000 | | | | 1.250% due 6/3/25 | | | | | 2,091,833 | | |
| | | | 2,000,000 | | | | 0.800% due 4/27/26 | | | | | 1,898,840 | | |
| | | | 200,000 | | | | 1.000% due 9/9/26 | | | | | 191,578 | | |
| | | | 7,200,000 | | | | Korea Electric Power Corp., 1.125% due 6/15/25(c) | | | | | 6,940,656 | | |
| | | | 5,100,000 | | | | Korea Hydro & Nuclear Power Co., Ltd., 1.250% due 4/27/26(c) | | | | | 4,886,326 | | |
| | | | | | | | Total South Korea | | | | | 16,009,233 | | |
| | United Arab Emirates – 0.5% | |
| | | | | | | | Abu Dhabi Government International Bond: | | | | | | | |
| | | | 2,000,000 | | | | 0.750% due 9/2/23(c) | | | | | 1,972,468 | | |
| | | | 1,600,000 | | | | 2.500% due 4/16/25(c) | | | | | 1,618,400 | | |
| | | | | | | | Total United Arab Emirates | | | | | 3,590,868 | | |
| | | | | | | | TOTAL SOVEREIGN BONDS
(Cost – $73,448,983) | | | | | 71,171,443 | | |
| | SENIOR LOANS(a) – 7.5% | |
| | | | 1,962,729 | | | | Elevate Textiles Inc., 5.214% (3-Month USD-LIBOR + 5.000)% due 5/1/24 | | | | | 1,805,711 | | |
| | | | 6,606,639 | | | | First Brands Group LLC, 9.500% (3-Month USD-LIBOR + 8.500)%
due 3/30/28 | | | | | 6,581,864 | | |
| | | | 798,000 | | | | GemmaCert Ltd., due 5/19/24(e)(f)(h) | | | | | 798,000 | | |
| | | | 4,828,763 | | | | Golden Nugget Online Gaming LLC, 13.000% (1-Month USD-LIBOR +
12.000)% due 10/4/23 | | | | | 5,118,489 | | |
| | | | 6,077,000 | | | | Inotiv Inc., 7.250% (3-Month USD-LIBOR + 6.250)% due 11/5/26 | | | | | 5,955,460 | | |
| | | | 4,624,959 | | | | Lealand Finance Co. BV, 1.209% (1-Month USD-LIBOR + 1.000)% due
6/30/25 | | | | | 2,147,322 | | |
| | | | 14,820,826 | | | | Mallinckrodt International Finance SA, due 2/28/22(h) | | | | | 14,677,212 | | |
| | | $ | 7,211,000 | | | | Mountaineer Merger Corp., 7.750% (3-Month USD-LIBOR + 7.000)% due
10/26/28 | | | | | 6,994,670 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Face Amount/Units† | | | Security | | | Value | |
| | SENIOR LOANS(a) – (continued) | |
| | | | 4,985,386 | | | | Pixelle Specialty Solutions LLC, 7.500% (1-Month USD-LIBOR + 6.500)% due
10/31/24 | | | | $ | 4,942,811 | | |
| | | | 1,117,000 | | | | QuarterNorth Energy Holding Inc., due 8/27/26(h) | | | | | 1,120,720 | | |
| | | | 2,044,106 | | | | RA Acquisition Purchaser LLC, 11.000% (3-Month USD-LIBOR + 10.000)%
due 5/31/23(f) | | | | | 2,044,106 | | |
| | | | 5,314,000 | | | | Rising Tide Holdings Inc., 9.000% (1-Month USD-LIBOR + 8.250)% due
6/1/29 | | | | | 5,167,865 | | |
| | | | | | | | TOTAL SENIOR LOANS
(Cost – $59,222,684) | | | | | 57,354,230 | | |
| | ASSET-BACKED SECURITIES – 0.1% | |
| | | | 411,011 | | | | Lendingpoint Asset Securitization Trust, Series 2021-A, Class A, 1.000% due
12/15/28(c) | | | | | 409,595 | | |
| | | | | | | | Mission Lane Credit Card Master Trust: | | | | | | | |
| | | | 567,000 | | | | Series 2021-A, Class A, 1.590% due 9/15/26(c) | | | | | 558,396 | | |
| | | | 100,000 | | | | Series 2021-A, Class B, 2.240% due 9/15/26(c) | | | | | 98,636 | | |
| | | | | | | | TOTAL ASSET-BACKED SECURITIES
(Cost – $1,077,973) | | | | | 1,066,627 | | |
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 7.3% | |
| | Canada – 0.2% | |
| | | | 158,308 | | | | BGP Acquisition Corp., Class A Shares*(e) | | | | | 1,543,503 | | |
| | | | 21,182 | | | | Frontera Energy Corp.* | | | | | 217,963 | | |
| | | | | | | | Total Canada | | | | | 1,761,466 | | |
| | Cayman Islands – 0.1% | |
| | | | 51,917 | | | | Ahren Acquisition Corp.*(e) | | | | | 518,132 | | |
| | Hong Kong – 0.0% | |
| | | | 31,074 | | | | AP Acquisition Corp.* | | | | | 311,361 | | |
| | India – 0.1% | |
| | | | 42,400 | | | | ReNew Energy Global PLC, Class A Shares* | | | | | 334,960 | | |
| | Israel – 0.5% | |
| | | | 516,578 | | | | Intercure Ltd.* | | | | | 3,300,933 | | |
| | | | 47,982 | | | | Target Global Acquisition I Corp., Class A Shares* | | | | | 472,143 | | |
| | | | | | | | Total Israel | | | | | 3,773,076 | | |
| | United States – 6.4% | |
| | | | 15,560 | | | | Alpha Partners Technology, Class A Shares*(e)(f) | | | | | 7,769 | | |
| | | | 31,445 | | | | AltEnergy Acquisition Corp., Class A Shares* | | | | | 309,419 | | |
| | | | 42,449 | | | | Anzu Special Acquisition Corp. I, Class A Shares* | | | | | 413,029 | | |
| | | | 241,887 | | | | Atlantic Avenue Acquisition Corp., Class A Shares* | | | | | 2,377,749 | | |
| | | | 7,000 | | | | AxonPrime Infrastructure Acquisition Corp.*(e)(f) | | | | | 3,500 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | United States – (continued) | |
| | | | 22,982 | | | | Berenson Acquisition Corp. I*(e)(f) | | | | $ | 7,584 | | |
| | | | 227,518 | | | | Berenson Acquisition Corp. I, Class A Shares*(e) | | | | | 2,209,200 | | |
| | | | 28,992 | | | | Bite Acquisition Corp.* | | | | | 282,382 | | |
| | | | 341,248 | | | | Carney Technology Acquisition Corp. II, Class A Shares* | | | | | 3,337,405 | | |
| | | | 78,146 | | | | Cartesian Growth Corp., Class A Shares*(i) | | | | | 770,520 | | |
| | | | 99,974 | | | | Cascade Acquisition Corp., Class A Shares* | | | | | 1,003,739 | | |
| | | | 54,430 | | | | CF Acquisition Corp. IV, Class A Shares* | | | | | 533,958 | | |
| | | | 33,728 | | | | Chain Bridge I, Class A Shares* | | | | | 331,884 | | |
| | | | 49,965 | | | | Clarim Acquisition Corp., Class A Shares* | | | | | 486,659 | | |
| | | | 47,614 | | | | Concord Acquisition Corp. III, Class A Shares* | | | | | 468,998 | | |
| | | | 496 | | | | Crestwood Equity Partners LP | | | | | 15,262 | | |
| | | | 22,785 | | | | CTO Realty Growth Inc. | | | | | 1,428,392 | | |
| | | | 7,769 | | | | DHB Capital Corp., Class A Shares* | | | | | 75,515 | | |
| | | | 44,212 | | | | Disruptive Acquisition Corp. I, Class A Shares*(e) | | | | | 429,299 | | |
| | | | 32,950 | | | | DP Capital Acquisition Corp. I, Class A Shares*(e) | | | | | 325,216 | | |
| | | | 352 | | | | Energy Harbor Corp.* | | | | | 17,530 | | |
| | | | 23,389 | | | | Enterprise 4.0 Technology Acquisition Corp.*(e) | | | | | 231,785 | | |
| | | | 69,779 | | | | Equity Distribution Acquisition Corp., Class A Shares* | | | | | 687,323 | | |
| | | | 33,650 | | | | EVe Mobility Acquisition Corp.* | | | | | 334,818 | | |
| | | | 50,925 | | | | Executive Network Partnering Corp., Class A Shares* | | | | | 500,847 | | |
| | | | 54,883 | | | | Forum Merger IV Corp., Class A Shares* | | | | | 532,914 | | |
| | | | 30,710 | | | | G Squared Ascend II Inc., Class A Shares* | | | | | 298,808 | | |
| | | | 24,090 | | | | G&P Acquisition Corp., Class A Shares* | | | | | 238,009 | | |
| | | | 116,398 | | | | Galata Acquisition Corp., Class A Shares*(e) | | | | | 1,139,536 | | |
| | | | 169,810 | | | | Global Consumer Acquisition Corp.* | | | | | 1,689,609 | | |
| | | | 33,614 | | | | Global Partner Acquisition Corp. II, Class A Shares* | | | | | 327,736 | | |
| | | | 86,133 | | | | Golden Falcon Acquisition Corp., Class A Shares* | | | | | 842,381 | | |
| | | | 58,863 | | | | Hamilton Lane Alliance Holdings I Inc., Class A Shares* | | | | | 574,503 | | |
| | | | 79,155 | | | | Heartland Media Acquisition Corp.* | | | | | 789,967 | | |
| | | | 60,053 | | | | Isleworth Healthcare Acquisition Corp.* | | | | | 592,723 | | |
| | | | 60,777 | | | | Jackson Acquisition Co.* | | | | | 604,123 | | |
| | | | 39,695 | | | | Juniper II Corp., Class A Shares* | | | | | 390,996 | | |
| | | | 56,707 | | | | KnightSwan Acquisition Corp.* | | | | | 564,802 | | |
| | | | 61,669 | | | | KORE Group Holdings Inc.* | | | | | 318,212 | | |
| | | | 18,015 | | | | Latch Inc.* | | | | | 74,402 | | |
| | | | 8,886 | | | | Leafly Holdings Inc.* | | | | | 65,845 | | |
| | | | 14,762 | | | | LMF Acquisition Opportunities Inc., Class A Shares* | | | | | 148,653 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | United States – (continued) | |
| | | | 95,500 | | | | Magellan Midstream Partners LP | | | | $ | 4,633,660 | | |
| | | | 3,221 | | | | MarketWise Inc.* | | | | | 16,588 | | |
| | | | 534,907 | | | | Mason Industrial Technology Inc., Class A Shares* | | | | | 5,204,645 | | |
| | | | 17,046 | | | | Noble Rock Acquisition Corp., Class A Shares* | | | | | 166,028 | | |
| | | | 50,934 | | | | Omnichannel Acquisition Corp., Class A Shares*(i) | | | | | 506,284 | | |
| | | | 13,629 | | | | OmniLit Acquisition Corp.* | | | | | 136,563 | | |
| | | | 50,040 | | | | One Equity Partners Open Water I Corp., Class A Shares* | | | | | 487,890 | | |
| | | | 35,964 | | | | Parabellum Acquisition Corp.*(e)(f) | | | | | 11,329 | | |
| | | | 22,071 | | | | Pearl Holdings Acquisition Corp.* | | | | | 219,606 | | |
| | | | 45,730 | | | | Peridot Acquisition Corp. II, Class A Shares* | | | | | 444,496 | | |
| | | | 4,986 | | | | Pontem Corp., Class A Shares* | | | | | 48,614 | | |
| | | | 55,809 | | | | PROOF Acquisition Corp. I* | | | | | 556,974 | | |
| | | | 14,913 | | | | PWP Forward Acquisition Corp. I, Class A Shares* | | | | | 144,880 | | |
| | | | 52 | | | | Real Alloy Holding Inc.*(e)(f) | | | | | 2,602,000 | | |
| | | | 621,485 | | | | Rescap Liquidating Trust*(e) | | | | | 372,891 | | |
| | | | 10,650 | | | | Revelstone Capital Acquisition Corp.*(e)(f) | | | | | 3,168 | | |
| | | | 47,352 | | | | RMG Acquisition Corp. III, Class A Shares* | | | | | 461,682 | | |
| | | | 44,283 | | | | Rocket Lab USA Inc.* | | | | | 422,460 | | |
| | | | 9,458 | | | | RXR Acquisition Corp., Class A Shares* | | | | | 91,837 | | |
| | | | 31,748 | | | | SDCL EDGE Acquisition Corp., Class A Shares* | | | | | 306,686 | | |
| | | | 95,059 | | | | Seaport Global Acquisition II Corp., Class A Shares* | | | | | 938,232 | | |
| | | | 31,420 | | | | SportsMap Tech Acquisition Corp.*(e) | | | | | 309,801 | | |
| | | | 74,306 | | | | Stratim Cloud Acquisition Corp.* | | | | | 722,254 | | |
| | | | 6,517 | | | | Superior Energy Services Inc.*(e) | | | | | 296,524 | | |
| | | | 76,153 | | | | Tailwind International Acquisition Corp., Class A Shares* | | | | | 741,730 | | |
| | | | 29,889 | | | | Tech & Energy Transition Corp., Class A Shares* | | | | | 290,521 | | |
| | | | 138,239 | | | | Tekkorp Digital Acquisition Corp., Class A Shares* | | | | | 1,357,507 | | |
| | | | 63,905 | | | | TG Venture Acquisition Corp.*(e) | | | | | 629,464 | | |
| | | | 81,494 | | | | Tishman Speyer Innovation Corp. II, Class A Shares* | | | | | 793,752 | | |
| | | | 27,856 | | | | Trine II Acquisition Corp., Class A Shares* | | | | | 274,939 | | |
| | | | 38,605 | | | | VMG Consumer Acquisition Corp., Class A Shares* | | | | | 380,259 | | |
| | | | 12,801 | | | | Zanite Acquisition Corp., Class A Shares*(i) | | | | | 130,826 | | |
| | | | | | | | Total United States | | | | | 49,487,091 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $54,056,803) | | | | | 56,186,086 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | EXCHANGE TRADED FUNDS (ETFs) – 3.4% | |
| | United States – 3.5% | |
| | | | 32,300 | | | | Defiance NextGen SPAC Derived | | | | $ | 573,002 | | |
| | | | 306,466 | | | | iShares iBoxx High Yield Corporate Bond | | | | | 25,642,010 | | |
| | | | | | | | Total United States | | | | | 26,215,012 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $27,292,461) | | | | | 26,215,012 | | |
| | PREFERRED STOCKS – 2.4% | |
| | Bermuda – 0.2% | |
| | | | 25,926 | | | | Aspen Insurance Holdings Ltd., 5.625%(d) | | | | | 622,742 | | |
| | | | | | | | Athene Holding Ltd.: | | | | | | | |
| | | | 4,000 | | | | 6.350% (5-Year CMT Index + 5.970)%(a)(d) | | | | | 108,400 | | |
| | | | 24,704 | | | | 6.375% (5-Year CMT Index + 5.970)%(a)(d) | | | | | 666,761 | | |
| | | | 20,038 | | | | Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015)%(a)(d) | | | | | 532,410 | | |
| | | | | | | | Total Bermuda | | | | | 1,930,313 | | |
| | United Kingdom – 0.4% | |
| | | | 125,826 | | | | Argo Blockchain PLC, 8.750% | | | | | 2,768,172 | | |
| | United States – 1.8% | |
| | | | 13,299 | | | | Air Lease Corp., 6.150% (3-Month USD-LIBOR + 3.650)%(a)(d) | | | | | 333,539 | | |
| | | | 31,620 | | | | American Equity Investment Life Holding Co., 6.625% (5-Year CMT Index +
6.297)%(a)(d) | | | | | 838,246 | | |
| | | | 5,450 | | | | AT&T Inc., 4.750%(d) | | | | | 119,137 | | |
| | | | 5,520 | | | | Bank of America Corp., 4.375%(d) | | | | | 122,158 | | |
| | | | 3,290 | | | | CoBank ACB, 6.250% (3-Month USD-LIBOR + 4.557)%(a)(d) | | | | | 336,402 | | |
| | | | 1,000 | | | | Dairy Farmers of America Inc., 7.875%*(c)(d)(e) | | | | | 100,500 | | |
| | | | 35,800 | | | | Delphi Financial Group Inc., 3.696% (3-Month USD-LIBOR + 3.190)%(a) | | | | | 814,450 | | |
| | | | 2,600 | | | | Energy Transfer LP, 7.600% (3-Month USD-LIBOR + 5.161)%(a)(d) | | | | | 63,544 | | |
| | | | 11,970 | | | | Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010)%(a)(c)(d) | | | | | 1,232,910 | | |
| | | | 62,996 | | | | Federal Home Loan Mortgage Corp., 5.100%*(d)(e) | | | | | 210,407 | | |
| | | | 57,977 | | | | Federal National Mortgage Association, 8.250%*(a)(d) | | | | | 153,639 | | |
| | | | 213,039 | | | | Fossil Group Inc., 7.000%* | | | | | 5,245,020 | | |
| | | | 59,120 | | | | Morgan Stanley, 5.850% (3-Month USD-LIBOR + 3.491)%(a)(d) | | | | | 1,593,284 | | |
| | | | 15,933 | | | | New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR +
3.821)%(a)(d) | | | | | 430,350 | | |
| | | | 3,300 | | | | NiSource Inc., 6.500% (5-Year CMT Index + 3.632)%(a)(d) | | | | | 86,394 | | |
| | | | 49,161 | | | | NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643)%(a)(d) | | | | | 1,019,599 | | |
| | | | 7,500 | | | | Reinsurance Group of America Inc., 5.750% (3-Month USD-LIBOR +
4.040)%(a) | | | | | 204,000 | | |
| | | | 6,165 | | | | Synchrony Financial, 5.625%(d) | | | | | 152,522 | | |
| | | | 7,928 | | | | Synovus Financial Corp., 5.875% (5-Year CMT Index + 4.127)%(a)(d) | | | | | 211,440 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | PREFERRED STOCKS – (continued) | |
| | United States – (continued) | |
| | | | 3,240 | | | | Western Alliance Bancorp, 4.250% (5-Year CMT Index + 3.452)%(a)(d) | | | | $ | 80,417 | | |
| | | | 6,536 | | | | Wintrust Financial Corp., 6.875% (5-Year CMT Index + 6.507)%(a)(d) | | | | | 175,492 | | |
| | | | | | | | Total United States | | | | | 13,523,450 | | |
| | | | | | | | TOTAL PREFERRED STOCKS
(Cost – $19,546,698) | | | | | 18,221,935 | | |
| | WARRANTS – 0.0% | |
| | Bermuda – 0.0% | |
| | | | 558,670 | | | | McDermott International Ltd., due 06/30/27, Strike Price $0.00*(e) | | | | | — | | |
| | | | 502,803 | | | | WT PUR COM, due 06/30/27, Strike Price $0.00*(e) | | | | | — | | |
| | | | | | | | Total Bermuda | | | | | — | | |
| | Brazil – 0.0% | |
| | | | 58,463 | | | | OAS SA, due 05/16/39, Strike Price BRL 1.00*(e)(f) | | | | | — | | |
| | Cayman Islands – 0.0% | |
| | | | 15,994 | | | | Target Global Trade Inc., due 12/31/27, Strike Price $11.50(e) | | | | | 6,397 | | |
| | Israel – 0.0% | |
| | | | 41,956 | | | | GemmaCert Ltd., due 05/19/26, Strike Price $0.00*(e)(f) | | | | | — | | |
| | United States – 0.0% | |
| | | | 46,666 | | | | AxonPrime Infrastructure Acquisition Corp., due 07/08/23, Strike Price
$11.50*(e)(i) | | | | | 23,333 | | |
| | | | 108,811 | | | | Berenson Acquisition Corp. I, due 08/01/26, Strike Price $11.50*(e) | | | | | 35,908 | | |
| | | | 2,589 | | | | DHB Capital Corp., due 03/15/28, Strike Price $11.50*(e) | | | | | 1,130 | | |
| | | | 71,090 | | | | Leafly Holdings Inc., due 11/07/26, Strike Price $11.50*(e) | | | | | 68,723 | | |
| | | | 27,754 | | | | Seaport Global Acquisition II Corp., due 11/01/23, Strike Price $11.50*(e) | | | | | 9,436 | | |
| | | | | | | | Total United States | | | | | 138,530 | | |
| | | | | | | | TOTAL WARRANTS
(Cost – $855,251) | | | | | 144,927 | | |
| | TRADE CLAIMS – 1.2% | |
| | | | 9,959,000 | | | | Brazos Electric Power Cooperative Inc., 0.000% due 9/28/23(e)(f) | | | | | 8,963,100 | | |
| | | | | | | | TOTAL TRADE CLAIMS
(Cost – $9,053,255) | | | | | 8,963,100 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $762,706,822) | | | | | 745,304,656 | | |
| | Face Amount | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 6.3% | |
| | TIME DEPOSITS – 6.1% | |
| | | $ | 43,881,501 | | | | BNP Paribas – Paris, 0.005% due 3/1/22 | | | | | 43,881,501 | | |
| | | | 2,340,861 | | | | Royal Bank of Canada – Toronto, 0.005% due 3/1/22 | | | | | 2,340,861 | | |
| | | | 578,703 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 578,703 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $46,801,065) | | | | | 46,801,065 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2% | |
| | MONEY MARKET FUND – 0.2% | |
| | | | 1,290,964 | | | | Federated Government Obligations Fund, Premier Class, 0.025%(j)
(Cost – $1,290,964) | | | | $ | 1,290,964 | | |
| | | | | | | | TOTAL INVESTMENTS – 103.6%
(Cost – $810,798,851) | | | | | 793,396,685 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (3.6)% | | | | | (27,875,350) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 765,521,335 | | |
†
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, 2022.
(b)
Payment in-kind security for which part of the income earned may be paid as additional principal.
(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, 2022, amounts to $214,858,857 and represents 28.07% of net assets.
(d)
Security is perpetual in nature and has no stated maturity date.
(e)
Illiquid security. The aggregate value of illiquid holdings at February 28, 2022, amounts to $51,442,299 and represents 6.72% 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)
All or a portion of this security is pledged by the Fund as collateral for short sales or derivative transactions.
(h)
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(i)
All or a portion of this security is on loan (See Note 5).
(j)
Represents investment of collateral received from securities lending transactions.
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 |
NIBOR
| —
| Norwegian Interbank Offered Rate |
PCL
| —
| Public Company Limited |
PLC
| —
| Public Limited Company |
SOFR
| —
| Secured Overnight Financing Rate |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
Summary of Investments by Security Type^ (Unaudited)
| | Corporate Bonds & Notes | | | | | 63.8% | | |
| | Sovereign Bonds | | | | | 9.0 | | |
| | Senior Loans | | | | | 7.2 | | |
| | Common Stocks | | | | | 7.1 | | |
| | Exchange Traded Funds (ETFs) | | | | | 3.3 | | |
| | Preferred Stocks | | | | | 2.3 | | |
| | Trade Claims | | | | | 1.1 | | |
| | Asset-Backed Securities | | | | | 0.1 | | |
| | Warrants | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 5.9 | | |
| | Money Market Fund | | | | | 0.2 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%
Schedule of Options Contracts Written
Equity Options
| | Number of
Contracts | | | Notional
Amount | | | Security
Name | | | Counterparty | | | Expiration
Date | | | Exercise
Rate | | | Value | |
| | 315 | | | | $ | 2,635,605 | | | | iShares iBoxx High Yield | | | | | BNP | | | | | | 3/18/22 | | | | | $ | 85.00 | | | | | $ | (3,465) | | |
| | 315 | | | | $ | 2,635,605 | | | | iShares iBoxx High Yield | | | | | BNP | | | | | | 4/14/22 | | | | | $ | 81.00 | | | | | | (22,995) | | |
| | 1,272 | | | | $ | 10,642,824 | | | | iShares iBoxx High Yield | | | | | BNP | | | | | | 6/17/22 | | | | | $ | 79.00 | | | | | | (134,832) | | |
| | 472 | | | | $ | 2,290,144 | | | | Magellan Midstream Partners LP | | | | | BNP | | | | | | 3/18/22 | | | | | $ | 47.50 | | | | | | (69,422) | | |
| | 315 | | | | $ | 1,528,380 | | | | Magellan Midstream Partners LP | | | | | BNP | | | | | | 4/14/22 | | | | | $ | 47.50 | | | | | | (75,600) | | |
| | 424 | | | | $ | 334,960 | | | | ReNew Energy Global PLC | | | | | BNP | | | | | | 3/18/22 | | | | | $ | 7.50 | | | | | | (36,040) | | |
| | | | | | | | | | | TOTAL OPTIONS CONTRACTS WRITTEN | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | (Premiums received – $299,242) | | | | | | | | | | | | | | | | | | | | | | $ | (342,354) | | |
At February 28, 2022, 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swedish Krona | | | | | 3,850,500 | | | | | | BBH | | | | | $ | 407,066 | | | | | | 3/15/22 | | | | | $ | — | | | | | $ | (5,675) | | | | | $ | (5,675) | | |
| Contracts to Sell: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Euro | | | | | 26,326,000 | | | | | | BBH | | | | | | 29,535,538 | | | | | | 3/15/22 | | | | | $ | 653,539 | | | | | $ | — | | | | | $ | 653,539 | | |
| Norwegian Krone | | | | | 32,548,000 | | | | | | BBH | | | | | | 3,693,692 | | | | | | 3/15/22 | | | | | | 12,072 | | | | | | — | | | | | | 12,072 | | |
| Swedish Krona | | | | | 12,468,750 | | | | | | BBH | | | | | | 1,318,166 | | | | | | 3/15/22 | | | | | | 29,804 | | | | | | — | | | | | | 29,804 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 695,415 | | | | | $ | — | | | | | $ | 695,415 | | |
| Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | | | | $ | 695,415 | | | | | $ | (5,675) | | | | | $ | 689,740 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (continued)
Currency Abbreviations used in this schedule:
Counterparty Abbreviations used in this schedule:
BBH
| —
| Brown Brothers Harriman & Co. |
| | Face Amount† | | | Security | | | Value | |
| | SECURITIES SOLD SHORT – 4.1% | |
| | CORPORATE BONDS & NOTES – 0.3% | |
| | Consumer Non-cyclical – 0.0% | |
| | | $ | 322,000 | | | | McKesson Corp., Senior Unsecured Notes, 3.950% due 2/16/28 | | | | $ | 340,455 | | |
| | Financial – 0.3% | |
| | | | 1,940,000 | | | | FS Energy & Power Fund, Senior Secured Notes, 7.500% due 8/15/23(a) | | | | | 2,003,050 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Proceeds – $2,329,457) | | | | | 2,343,505 | | |
| | Shares/Units | | | | | | | | | | |
| | EXCHANGE TRADED FUNDS (ETFs) – 3.5% | |
| | | | 32,300 | | | | Defiance NextGen SPAC Derived | | | | | 573,002 | | |
| | | | 306,466 | | | | iShares iBoxx High Yield Corporate Bond | | | | | 25,642,010 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Proceeds – $27,308,481) | | | | | 26,215,012 | | |
| | COMMON STOCKS – 0.3% | |
| | ENERGY – 0.2% | |
| | Pipelines – 0.2% | |
| | | | 32,500 | | | | Magellan Midstream Partners LP | | | | | 1,576,900 | | |
| | INDUSTRIAL – 0.1% | |
| | Aerospace/Defense – 0.1% | |
| | | | 44,283 | | | | Rocket Lab USA Inc.* | | | | | 422,460 | | |
| | Environmental Control – 0.0% | |
| | | | 13,400 | | | | GFL Environmental Inc. | | | | | 391,950 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 814,410 | | |
| | TECHNOLOGY – 0.0% | |
| | Software – 0.0% | |
| | | | 18,015 | | | | Latch Inc.* | | | | | 74,402 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Proceeds – $2,549,452) | | | | | 2,465,712 | | |
| | | | | | | | TOTAL SECURITIES SOLD SHORT – 4.1%
(Proceeds – $32,187,390) | | | | $ | 31,024,229 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Global Fixed Income Opportunities Fund (concluded)
†
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, 2022, amounts to $2,003,050 and represents 0.26% of net assets.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – 87.2% | |
| | Alabama – 1.3% | |
| | | $ | 2,000,000 | | | | AA- | | | Auburn University, Revenue Bonds, Series A, 5.000% due 6/1/35 | | | | $ | 2,367,195 | | |
| | | | 2,540,000 | | | | A2(a) | | | Lower Alabama Gas District, Revenue Bonds, 4.000% due 12/1/50(b) | | | | | 2,730,866 | | |
| | | | | | | | | | | Mobile County Board of School Commissioners, Special Tax: | | | | | | | |
| | | | 260,000 | | | | A | | | 5.000% due 3/1/28 | | | | | 294,232 | | |
| | | | 175,000 | | | | A | | | 5.000% due 3/1/29 | | | | | 197,883 | | |
| | | | 180,000 | | | | A | | | 5.000% due 3/1/30 | | | | | 203,827 | | |
| | | | 185,000 | | | | A | | | 5.000% due 3/1/31 | | | | | 209,537 | | |
| | | | 145,000 | | | | A | | | 5.000% due 3/1/32 | | | | | 164,284 | | |
| | | | 215,000 | | | | A | | | 5.000% due 3/1/33 | | | | | 243,911 | | |
| | | | 3,500,000 | | | | A1(a) | | | Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000%
due 6/1/49(b) | | | | | 3,668,322 | | |
| | | | 1,500,000 | | | | A1(a) | | | Southeast Energy Authority A Cooperative District, Revenue Bonds,
Series B, 4.000% due 12/1/51(b) | | | | | 1,701,631 | | |
| | | | | | | | | | | Total Alabama | | | | | 11,781,688 | | |
| | Alaska – 0.1% | |
| | | | 1,000,000 | | | | AA+ | | | Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due
6/1/30 | | | | | 1,165,689 | | |
| | | | 215,000 | | | | AA- | | | State of Alaska, GO, Series A, 5.000% due 8/1/33 | | | | | 238,735 | | |
| | | | | | | | | | | Total Alaska | | | | | 1,404,424 | | |
| | Arizona – 3.1% | |
| | | | | | | | | | | Arizona Department of Transportation State Highway Fund Revenue,
Revenue Bonds: | | | | | | | |
| | | | 5,000,000 | | | | AA+ | | | 5.000% due 7/1/27 | | | | | 5,744,947 | | |
| | | | 3,810,000 | | | | AA+ | | | 5.000% due 7/1/34 | | | | | 4,334,663 | | |
| | | | 2,000,000 | | | | AA | | | Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39 | | | | | 2,436,229 | | |
| | | | | | | | | | | City of Glendale AZ, Revenue Bonds: | | | | | | | |
| | | | 105,000 | | | | AA | | | Series A, 5.000% due 7/1/23 | | | | | 110,563 | | |
| | | | 230,000 | | | | AA | | | Series A, 5.000% due 7/1/27 | | | | | 256,097 | | |
| | | | 215,000 | | | | AA | | | Series A, 5.000% due 7/1/28 | | | | | 238,951 | | |
| | | | 235,000 | | | | AA | | | Series A, 5.000% due 7/1/29 | | | | | 261,098 | | |
| | | | 85,000 | | | | AA | | | Series A, 5.000% due 7/1/32 | | | | | 98,936 | | |
| | | | | | | | | | | City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds,
AGM: | | | | | | | |
| | | | 55,000 | | | | AA | | | 5.000% due 7/1/24 | | | | | 59,768 | | |
| | | | 105,000 | | | | AA | | | 5.000% due 7/1/26 | | | | | 117,095 | | |
| | | | | | | | | | | City of Phoenix Civic Improvement Corp., Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | A+ | | | Series A, 5.000% due 7/1/27(c) | | | | | 75,298 | | |
| | | | 90,000 | | | | A+ | | | Series A, 5.000% due 7/1/28(c) | | | | | 103,529 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Arizona – (continued) | |
| | | $ | 6,365,000 | | | | AAA | | | Series B, 4.000% due 7/1/29 | | | | $ | 6,725,701 | | |
| | | | 1,000,000 | | | | AAA | | | City of Scottsdale AZ, GO, 5.000% due 7/1/23 | | | | | 1,053,667 | | |
| | | | 160,000 | | | | A+ | | | Coconino County Pollution Control Corp., Revenue Bonds, 1.875% due
9/1/32(b)(c) | | | | | 161,105 | | |
| | | | | | | | | | | County of Pima AZ Sewer System Revenue, Revenue Bonds: | | | | | | | |
| | | | 15,000 | | | | AA | | | Series A, 5.000% due 7/1/22 | | | | | 15,216 | | |
| | | | 30,000 | | | | AA | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/23(d) | | | | | 30,432 | | |
| | | | | | | | | | | Maricopa County Industrial Development Authority, Revenue Bonds: | | | | | | | |
| | | | 800,000 | | | | AA- | | | 5.000% due 1/1/46(b) | | | | | 906,927 | | |
| | | | 200,000 | | | | A2(a) | | | 5.000% due 7/1/47 | | | | | 235,694 | | |
| | | | 190,000 | | | | AA- | | | Series A, 4.000% due 1/1/24 | | | | | 199,476 | | |
| | | | 145,000 | | | | AA- | | | Series A, 5.000% due 1/1/23 | | | | | 149,932 | | |
| | | | 60,000 | | | | AA- | | | Series A, 5.000% due 1/1/24 | | | | | 64,075 | | |
| | | | 225,000 | | | | AA- | | | Series A, 5.000% due 1/1/25 | | | | | 246,902 | | |
| | | | 735,000 | | | | A2(a) | | | Series B, 5.000% due 9/1/45(b) | | | | | 798,540 | | |
| | | | 430,000 | | | | AA- | | | Series B, 5.000% due 1/1/48(b) | | | | | 441,327 | | |
| | | | 290,000 | | | | AA- | | | Series C, 5.000% due 1/1/48(b) | | | | | 316,248 | | |
| | | | | | | | | | | Salt River Project Agricultural Improvement & Power District, Revenue Bonds: | | |
| | | | 2,000,000 | | | | AA+ | | | Series A, 5.000% due 1/1/29 | | | | | 2,448,819 | | |
| | | | 145,000 | | | | AA+ | | | Series A, 5.000% due 1/1/33 | | | | | 172,182 | | |
| | | | | | | | | | | State of Arizona, COP: | | | | | | | |
| | | | 225,000 | | | | AA- | | | Series A, 5.000% due 10/1/22 | | | | | 230,591 | | |
| | | | 300,000 | | | | AA- | | | Series A, 5.000% due 10/1/23 | | | | | 318,557 | | |
| | | | 310,000 | | | | AA- | | | Series A, 5.000% due 10/1/24 | | | | | 339,258 | | |
| | | | | | | | | | | Total Arizona | | | | | 28,691,823 | | |
| | California – 3.5% | |
| | | | 60,000 | | | | A- | | | Alameda Corridor Transportation Authority, Revenue Bonds, Series A,
5.000% due 10/1/23 | | | | | 63,546 | | |
| | | | 210,000 | | | | AA | | | Bay Area Toll Authority, Revenue Bonds, Series B, 2.850% due 4/1/47(b) | | | | | 216,931 | | |
| | | | 115,000 | | | | AA- | | | California Health Facilities Financing Authority, Revenue Bonds, Series A,
5.000% due 7/1/25 | | | | | 121,062 | | |
| | | | | | | | | | | California State Public Works Board, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | A+ | | | Series A, 5.000% due 4/1/22 | | | | | 60,219 | | |
| | | | 145,000 | | | | A+ | | | Series A, 5.000% due 4/1/23 | | | | | 145,529 | | |
| | | | 30,000 | | | | A+ | | | Series G, 5.000% due 11/1/23 | | | | | 30,845 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | California – (continued) | |
| | | $ | 30,000 | | | | A+ | | | Series G, 5.000% due 11/1/24 | | | | $ | 30,845 | | |
| | | | | | | | | | | City of Los Angeles Department of Airports, Revenue Bonds: | |
| | | | 500,000 | | | | AA- | | | 4.000% due 5/15/37(c) | | | | | 564,397 | | |
| | | | 650,000 | | | | AA- | | | 4.000% due 5/15/38(c) | | | | | 732,091 | | |
| | | | 675,000 | | | | AA- | | | 4.000% due 5/15/39(c) | | | | | 758,601 | | |
| | | | 650,000 | | | | AA- | | | 4.000% due 5/15/40(c) | | | | | 729,095 | | |
| | | | 3,000,000 | | | | AA- | | | City of Riverside CA Sewer Revenue, Revenue Bonds, Series A, 5.000% due
8/1/36 | | | | | 3,603,570 | | |
| | | | | | | | | | | Golden State Tobacco Securitization Corp., Revenue Bonds: | | | | | | | |
| | | | 175,000 | | | | A+ | | | Series A, AMBAC, zero coupon, due 6/1/24 | | | | | 169,989 | | |
| | | | 145,000 | | | | A+ | | | Series A, Prerefunded 6/01/23 @ 100, 5.000% due 6/1/29(d) | | | | | 152,193 | | |
| | | | 115,000 | | | | NR | | | Series A1, 5.000% due 6/1/25 | | | | | 128,139 | | |
| | | | 30,000 | | | | NR | | | Series A1, 5.000% due 6/1/26 | | | | | 34,326 | | |
| | | | 290,000 | | | | AA- | | | Los Angeles Department of Water & Power Power System Revenue,
Revenue Bonds, Series A, 5.000% due 7/1/29 | | | | | 319,760 | | |
| | | | 1,500,000 | | | | Aa3(a) | | | Los Angeles Unified School District, GO, Series A, 5.000% due 7/1/27 | | | | | 1,767,667 | | |
| | | | 1,980,000 | | | | AAA | | | Moulton-Niguel Water District, COP, 3.000% due 9/1/37 | | | | | 2,101,562 | | |
| | | | | | | | | | | Oakland Unified School District, GO: | | | | | | | |
| | | | 100,000 | | | | AA | | | AGM, 5.000% due 8/1/26 | | | | | 111,959 | | |
| | | | 30,000 | | | | A- | | | Series A, 5.000% due 8/1/28 | | | | | 33,513 | | |
| | | | 145,000 | | | | NR | | | Port of Oakland, Revenue Bonds, 5.000% due 5/1/22(c) | | | | | 146,027 | | |
| | | | 90,000 | | | | A | | | Sacramento City Financing Authority, Special Tax, Series A, NPFG, zero
coupon due 12/1/26 | | | | | 81,725 | | |
| | | | 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) | | | | | 256,364 | | |
| | | | | | | | | | | San Diego County Regional Transportation Commission, Revenue Bonds: | | | | | | | |
| | | | 600,000 | | | | AA | | | Series B, 5.000% due 4/1/34 | | | | | 763,392 | | |
| | | | 250,000 | | | | AA | | | Series B, 5.000% due 4/1/35 | | | | | 317,226 | | |
| | | | 300,000 | | | | AA | | | Series B, 5.000% due 4/1/36 | | | | | 379,152 | | |
| | | | 400,000 | | | | AA | | | Series B, 5.000% due 4/1/37 | | | | | 504,967 | | |
| | | | 500,000 | | | | AA | | | Series B, 5.000% due 4/1/38 | | | | | 629,014 | | |
| | | | 500,000 | | | | AA | | | Series B, 5.000% due 4/1/39 | | | | | 627,801 | | |
| | | | 515,000 | | | | AA | | | Series B, 5.000% due 4/1/40 | | | | | 642,610 | | |
| | | | 185,000 | | | | A | | | San Francisco City & County Airport Comm-San Francisco International
Airport, Revenue Bonds, Series A, 5.000% due 5/1/37(c) | | | | | 216,647 | | |
| | | | 400,000 | | | | AA+ | | | Santa Clara County Financing Authority, Revenue Bonds, Series A, 3.000%
due 5/1/39 | | | | | 415,311 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | California – (continued) | |
| | | | | | | | | | | State of California, GO: | | |
| | | $ | 760,000 | | | | AA- | | | 4.000% due 3/1/26 | | | | $ | 835,634 | | |
| | | | 3,000,000 | | | | AA- | | | 5.000% due 12/1/27 | | | | | 3,567,428 | | |
| | | | 80,000 | | | | AA- | | | 5.000% due 9/1/29 | | | | | 92,141 | | |
| | | | 1,000,000 | | | | AA- | | | 5.000% due 4/1/30 | | | | | 1,248,601 | | |
| | | | 760,000 | | | | AA- | | | 5.000% due 8/1/30 | | | | | 893,043 | | |
| | | | 3,310,000 | | | | AA- | | | 5.000% due 9/1/30 | | | | | 4,165,678 | | |
| | | | 3,000,000 | | | | AA- | | | 5.000% due 4/1/36 | | | | | 3,646,032 | | |
| | | | 435,000 | | | | AA- | | | Series B, 5.000% due 8/1/26 | | | | | 500,725 | | |
| | | | 205,000 | | | | AA- | | | Series C, 5.000% due 8/1/29 | | | | | 235,595 | | |
| | | | 100,000 | | | | A1(a) | | | Washington Township Health Care District, GO, Series A, 5.500% due
8/1/40 | | | | | 109,188 | | |
| | | | 230,000 | | | | AA- | | | West Contra Costa Unified School District, GO, Series Prerefunded
8/1/22 @ 100, 5.000% due 8/1/26(d) | | | | | 234,106 | | |
| | | | | | | | | | | Total California | | | | | 32,384,246 | | |
| | Colorado – 1.6% | |
| | | | | | | | | | | City & County of Denver CO Airport System Revenue, Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | A+ | | | Series A, 5.000% due 11/15/24(c) | | | | | 70,636 | | |
| | | | 315,000 | | | | A | | | Series A, 5.000% due 12/1/26(c) | | | | | 357,706 | | |
| | | | 30,000 | | | | A+ | | | Series A, 5.000% due 11/15/27(c) | | | | | 34,732 | | |
| | | | 195,000 | | | | A+ | | | Series A, 5.000% due 11/15/28(c) | | | | | 225,710 | | |
| | | | 145,000 | | | | A+ | | | Series A, 5.000% due 11/15/29(c) | | | | | 167,210 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.000% due 11/15/30(c) | | | | | 132,642 | | |
| | | | 915,000 | | | | A+ | | | Series C, 5.000% due 11/15/30 | | | | | 1,117,444 | | |
| | | | | | | | | | | Colorado Health Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 655,000 | | | | #Aaa(a) | | | zero coupon, due 7/15/22 | | | | | 653,402 | | |
| | | | 215,000 | | | | A | | | 2.800% due 5/15/42(b) | | | | | 217,646 | | |
| | | | 2,115,000 | | | | AA | | | 5.000% due 11/15/36(b) | | | | | 2,247,826 | | |
| | | | 190,000 | | | | Baa1(a) | | | 5.000% due 9/1/46 | | | | | 212,220 | | |
| | | | 640,000 | | | | AA | | | 5.000% due 11/15/49(b) | | | | | 736,511 | | |
| | | | 500,000 | | | | A- | | | Series A, 5.000% due 8/1/44 | | | | | 580,227 | | |
| | | | 325,000 | | | | A- | | | Series B2, 5.000% due 8/1/49(b) | | | | | 362,641 | | |
| | | | 90,000 | | | | AA | | | Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250%
due 11/1/49 | | | | | 96,239 | | |
| | | | 1,500,000 | | | | AAA | | | Metro Wastewater Reclamation District, Revenue Bonds, Series A,
Prerefunded 4/1/22 @ 100, 4.000% due 4/1/30(d) | | | | | 1,504,267 | | |
| | | | 2,000,000 | | | | AA+ | | | Regional Transportation District Sales Tax Revenue, Revenue Bonds,
0.900% due 11/1/26 | | | | | 1,904,672 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Colorado – (continued) | |
| | | $ | 2,250,000 | | | | AA- | | | State of Colorado, COP, Series A, 4.000% due 12/15/36 | | | | $ | 2,538,117 | | |
| | | | 1,435,000 | | | | Aa1(a) | | | University of Colorado, Revenue Bonds, Series C, 2.000% due 6/1/54(b) | | | | | 1,449,499 | | |
| | | | | | | | | | | Vauxmont Metropolitan District, GO, AGM: | | | | | | | |
| | | | 125,000 | | | | AA | | | 5.000% due 12/15/27 | | | | | 140,180 | | |
| | | | 120,000 | | | | AA | | | 5.000% due 12/15/29 | | | | | 134,441 | | |
| | | | 135,000 | | | | AA | | | 5.000% due 12/15/31 | | | | | 151,081 | | |
| | | | 285,000 | | | | AA | | | 5.000% due 12/1/34 | | | | | 347,335 | | |
| | | | | | | | | | | Total Colorado | | | | | 15,382,384 | | |
| | Connecticut – 2.2% | |
| | | | | | | | | | | Connecticut State Health & Educational Facilities Authority, Revenue
Bonds: | | | | | | | |
| | | | 1,075,000 | | | | AAA | | | Series 2017 B1, 5.000% due 7/1/29 | | | | | 1,331,906 | | |
| | | | 410,000 | | | | A | | | Series A, 5.000% due 7/1/34 | | | | | 498,796 | | |
| | | | 505,000 | | | | AA- | | | Series B, 1.800% due 7/1/49(b) | | | | | 509,408 | | |
| | | | 65,000 | | | | A- | | | Series S, 5.000% due 7/1/26 | | | | | 73,660 | | |
| | | | 30,000 | | | | A- | | | Series S, 5.000% due 7/1/29 | | | | | 35,346 | | |
| | | | 4,465,000 | | | | AAA | | | Series V1, 0.020% due 7/1/36(b) | | | | | 4,465,000 | | |
| | | | | | | | | | | State of Connecticut, GO: | | | | | | | |
| | | | 90,000 | | | | A+ | | | Series A, 5.000% due 3/15/26 | | | | | 102,512 | | |
| | | | 375,000 | | | | A+ | | | Series A, 5.000% due 4/15/26 | | | | | 428,096 | | |
| | | | 150,000 | | | | A+ | | | Series A, 5.000% due 4/15/30 | | | | | 182,417 | | |
| | | | 170,000 | | | | A+ | | | Series A, 5.000% due 4/15/34 | | | | | 205,377 | | |
| | | | 60,000 | | | | A+ | | | Series A, 5.000% due 4/15/35 | | | | | 72,418 | | |
| | | | 175,000 | | | | A+ | | | Series B, 5.000% due 1/15/26 | | | | | 198,426 | | |
| | | | 2,100,000 | | | | A+ | | | Series D, 5.000% due 7/15/25 | | | | | 2,348,150 | | |
| | | | 85,000 | | | | A+ | | | Series E, 5.000% due 9/15/23 | | | | | 86,812 | | |
| | | | 100,000 | | | | A+ | | | Series E, 5.000% due 10/15/26 | | | | | 115,684 | | |
| | | | 150,000 | | | | A+ | | | Series E, 5.000% due 10/15/29 | | | | | 172,224 | | |
| | | | 1,600,000 | | | | A+ | | | Series F, 5.000% due 9/15/26 | | | | | 1,846,937 | | |
| | | | | | | | | | | State of Connecticut Special Tax Revenue, Revenue Bonds: | | | | | | | |
| | | | 2,250,000 | | | | AA- | | | Series C, 5.000% due 1/1/30 | | | | | 2,782,846 | | |
| | | | 1,500,000 | | | | AA- | | | Series D, 4.000% due 11/1/39 | | | | | 1,722,722 | | |
| | | | 1,500,000 | | | | AA- | | | Series D, 4.000% due 11/1/40 | | | | | 1,719,530 | | |
| | | | 1,500,000 | | | | AAA | | | Town of Greenwich CT, GO, 5.000% due 1/15/23 | | | | | 1,554,904 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Connecticut – (continued) | |
| | | $ | 330,000 | | | | A+ | | | University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27 | | | | $ | 389,525 | | |
| | | | | | | | | | | Total Connecticut | | | | | 20,842,696 | | |
| | Delaware – 0.4% | |
| | | | | | | | | | | Delaware River & Bay Authority, Revenue Bonds: | | |
| | | | 35,000 | | | | A | | | Series C, 5.000% due 1/1/24 | | | | | 37,430 | | |
| | | | 80,000 | | | | A | | | Series C, 5.000% due 1/1/25 | | | | | 85,418 | | |
| | | | 220,000 | | | | A | | | Delaware State Economic Development Authority, Revenue Bonds, 1.050%
due 1/1/31(b) | | | | | 214,240 | | |
| | | | 3,160,000 | | | | NR | | | State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000% due
7/1/27(d) | | | | | 3,427,847 | | |
| | | | | | | | | | | Total Delaware | | | | | 3,764,935 | | |
| | District of Columbia – 0.7% | |
| | | | 2,000,000 | | | | AA+ | | | District of Columbia, GO, Series C, 5.000% due 6/1/34 | | | | | 2,160,221 | | |
| | | | | | | | | | | Metropolitan Washington Airports Authority Aviation Revenue, Revenue
Bonds: | | | | | | | |
| | | | 50,000 | | | | A+ | | | Series A, 5.000% due 10/1/22(c) | | | | | 51,177 | | |
| | | | 75,000 | | | | A+ | | | Series A, 5.000% due 10/1/23(c) | | | | | 79,371 | | |
| | | | 2,625,000 | | | | A+ | | | Series A, 5.000% due 10/1/24(c) | | | | | 2,855,959 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.000% due 10/1/28(c) | | | | | 135,942 | | |
| | | | 120,000 | | | | A+ | | | Series A, 5.000% due 10/1/29(c) | | | | | 141,081 | | |
| | | | 95,000 | | | | A+ | | | Series A, 5.000% due 10/1/30(c) | | | | | 111,455 | | |
| | | | 205,000 | | | | A+ | | | Series A, 5.000% due 10/1/31(c) | | | | | 239,083 | | |
| | | | 60,000 | | | | A+ | | | Series A, 5.000% due 10/1/34(c) | | | | | 69,076 | | |
| | | | 55,000 | | | | A+ | | | Series A, 5.000% due 10/1/36(c) | | | | | 63,292 | | |
| | | | 400,000 | | | | A- | | | Metropolitan Washington Airports Authority Dulles Toll Road Revenue,
Revenue Bonds, 4.000% due 10/1/35 | | | | | 441,603 | | |
| | | | 240,000 | | | | AA- | | | Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B,
5.000% due 7/1/34 | | | | | 279,215 | | |
| | | | | | | | | | | Total District of Columbia | | | | | 6,627,475 | | |
| | Florida – 3.8% | |
| | | | | | | | | | | Brevard County School District, COP: | | | | | | | |
| | | | 95,000 | | | | Aa3(a) | | | 5.000% due 7/1/27 | | | | | 102,892 | | |
| | | | 215,000 | | | | Aa3(a) | | | 5.000% due 7/1/30 | | | | | 232,552 | | |
| | | | 85,000 | | | | Aa3(a) | | | Series C, 5.000% due 7/1/24 | | | | | 91,735 | | |
| | | | 60,000 | | | | A+ | | | Citizens Property Insurance Inc., Revenue Bonds, Series A1, 5.000% due
6/1/22 | | | | | 60,655 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | | | | | | | | | City of Jacksonville FL, Revenue Bonds: | |
| | | $ | 115,000 | | | | A+ | | | 5.000% due 10/1/22 | | | | $ | 117,906 | | |
| | | | 155,000 | | | | A+ | | | 5.000% due 10/1/23 | | | | | 158,640 | | |
| | | | 55,000 | | | | A+ | | | City of Tampa FL, Revenue Bonds, 5.000% due 9/1/28 | | | | | 56,099 | | |
| | | | | | | | | | | County of Broward FL Airport System Revenue, Revenue Bonds: | | |
| | | | 60,000 | | | | A | | | 5.000% due 10/1/30(c) | | | | | 69,077 | | |
| | | | 90,000 | | | | A | | | 5.000% due 10/1/31(c) | | | | | 103,611 | | |
| | | | 120,000 | | | | A | | | Series A, 5.000% due 10/1/29(c) | | | | | 132,942 | | |
| | | | 85,000 | | | | A | | | Series A, 5.000% due 10/1/31(c) | | | | | 94,012 | | |
| | | | 115,000 | | | | A | | | Series A, 5.000% due 10/1/32(c) | | | | | 127,192 | | |
| | | | 1,000,000 | | | | A | | | Series B, 5.000% due 10/1/29(c) | | | | | 1,193,352 | | |
| | | | 90,000 | | | | A | | | Series Q1, 5.000% due 10/1/23 | | | | | 91,981 | | |
| | | | | | | | | | | County of Hillsborough FL Solid Waste & Resource Recovery Revenue,
Revenue Bonds: | | | | | | | |
| | | | 50,000 | | | | AA+ | | | Series A, 5.000% due 9/1/22(c) | | | | | 51,044 | | |
| | | | 60,000 | | | | AA+ | | | Series A, 5.000% due 9/1/23(c) | | | | | 63,218 | | |
| | | | 65,000 | | | | AA+ | | | Series A, 5.000% due 9/1/24(c) | | | | | 70,352 | | |
| | | | 65,000 | | | | AA+ | | | Series A, 5.000% due 9/1/26(c) | | | | | 74,316 | | |
| | | | | | | | | | | County of Miami-Dade FL, Revenue Bonds: | | | | | | | |
| | | | 160,000 | | | | A+ | | | 5.000% due 10/1/28 | | | | | 183,913 | | |
| | | | 120,000 | | | | A+ | | | 5.000% due 10/1/29 | | | | | 137,706 | | |
| | | | 215,000 | | | | A+ | | | 5.000% due 10/1/30 | | | | | 246,722 | | |
| | | | 65,000 | | | | A+ | | | Series A, Prerefunded 10/01/22 @ 100, 5.000% due 10/1/25(d) | | | | | 66,615 | | |
| | | | 120,000 | | | | AA | | | County of Miami-Dade FL, GO, Series A, 5.000% due 11/1/23 | | | | | 127,740 | | |
| | | | | | | | | | | County of Miami-Dade FL Aviation Revenue, Revenue Bonds: | | | | | | | |
| | | | 85,000 | | | | A- | | | Series A, 5.000% due 10/1/22(c) | | | | | 86,977 | | |
| | | | 290,000 | | | | A- | | | Series A, 5.000% due 10/1/24(c) | | | | | 296,658 | | |
| | | | 55,000 | | | | A- | | | Series A, 5.000% due 10/1/27(c) | | | | | 59,577 | | |
| | | | 80,000 | | | | A- | | | Series A, 5.000% due 10/1/29(c) | | | | | 86,446 | | |
| | | | 70,000 | | | | A- | | | Series A, 5.000% due 10/1/30 | | | | | 79,932 | | |
| | | | 30,000 | | | | A- | | | Series A, 5.000% due 10/1/31 | | | | | 34,241 | | |
| | | | 160,000 | | | | A- | | | Series A, 5.000% due 10/1/33(c) | | | | | 172,682 | | |
| | | | 70,000 | | | | A- | | | Series A, 5.000% due 10/1/35(c) | | | | | 75,456 | | |
| | | | 65,000 | | | | A- | | | Series B, 5.000% due 10/1/24 | | | | | 66,550 | | |
| | | | 215,000 | | | | A- | | | Series B, 5.000% due 10/1/37 | | | | | 231,815 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | $ | 500,000 | | | | A- | | | Series B, 5.000% due 10/1/40(c) | | | | $ | 571,669 | | |
| | | | 50,000 | | | | AA | | | County of Miami-Dade FL Transit System, Revenue Bonds, Series
Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(d) | | | | | 50,728 | | |
| | | | | | | | | | | Duval County Public Schools, COP: | | | | | | | |
| | | | 125,000 | | | | A+ | | | Series B, 5.000% due 7/1/27 | | | | | 138,925 | | |
| | | | 30,000 | | | | A+ | | | Series B, 5.000% due 7/1/28 | | | | | 33,321 | | |
| | | | 190,000 | | | | A+ | | | Series B, 5.000% due 7/1/30 | | | | | 210,708 | | |
| | | | | | | | | | | Florida Municipal Power Agency, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | A2(a) | | | 5.000% due 10/1/24 | | | | | 32,799 | | |
| | | | 45,000 | | | | A2(a) | | | 5.000% due 10/1/27 | | | | | 50,518 | | |
| | | | 80,000 | | | | A1(a) | | | Series A, 5.000% due 10/1/22 | | | | | 81,969 | | |
| | | | 355,000 | | | | A2(a) | | | Series A, 5.000% due 10/1/26 | | | | | 363,669 | | |
| | | | 55,000 | | | | A2(a) | | | Series A, 5.000% due 10/1/30 | | | | | 62,984 | | |
| | | | 60,000 | | | | A2(a) | | | Series A, 5.000% due 10/1/31 | | | | | 68,596 | | |
| | | | 2,500,000 | | | | AA | | | Florida’s Turnpike Enterprise, Revenue Bonds, Series C, 4.375% due
7/1/37 | | | | | 2,598,299 | | |
| | | | | | | | | | | Greater Orlando Aviation Authority, Revenue Bonds: | | | | | | | |
| | | | 100,000 | | | | A+ | | | Series A, Prerefunded 10/01/27 @ 100, 5.000% due 10/1/28(c)(d) | | | | | 118,117 | | |
| | | | 60,000 | | | | A+ | | | Series A, Prerefunded 10/01/27 @ 100, 5.000% due 10/1/30(c)(d) | | | | | 70,870 | | |
| | | | | | | | | | | Halifax Hospital Medical Center, Revenue Bonds: | | | | | | | |
| | | | 35,000 | | | | A- | | | 5.000% due 6/1/28 | | | | | 38,635 | | |
| | | | 70,000 | | | | A- | | | 5.000% due 6/1/35 | | | | | 76,919 | | |
| | | | | | | | | | | Hillsborough County Port District, Revenue Bonds: | | | | | | | |
| | | | 850,000 | | | | A(e) | | | Series B, 5.000% due 6/1/33(c) | | | | | 988,554 | | |
| | | | 185,000 | | | | A(e) | | | Series B, 5.000% due 6/1/38(c) | | | | | 214,214 | | |
| | | | 75,000 | | | | AA- | | | Indian River County District School Board, COP, Series A, 5.000% due
7/1/24 | | | | | 80,907 | | |
| | | | 200,000 | | | | A | | | JEA Electric System Revenue, Revenue Bonds, Series B, 5.000% due
10/1/26 | | | | | 230,560 | | |
| | | | | | | | | | | Lake County School Board, COP, AGM: | | | | | | | |
| | | | 30,000 | | | | AA | | | Series A, Prerefunded 6/1/24 @ 100, 5.000% due 6/1/25(d) | | | | | 32,459 | | |
| | | | 50,000 | | | | AA | | | Series A, Prerefunded 6/1/24 @ 100, 5.000% due 6/1/26(d) | | | | | 54,098 | | |
| | | | 15,000 | | | | AA | | | Series A, Prerefunded 6/1/24 @ 100, 5.000% due 6/1/28(d) | | | | | 16,230 | | |
| �� | | | | | | | | | | Lee Memorial Health System, Revenue Bonds: | | | | | | | |
| | | | 550,000 | | | | A+ | | | Series A1, 5.000% due 4/1/33 | | | | | 659,990 | | |
| | | | 415,000 | | | | A+ | | | Series A1, 5.000% due 4/1/35 | | | | | 497,122 | | |
| | | | 755,000 | | | | A+ | | | Series A2, 5.000% due 4/1/33(b) | | | | | 841,982 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | | | | | | | | | Miami-Dade County Expressway Authority, Revenue Bonds: | |
| | | $ | 45,000 | | | | A | | | Series A, 5.000% due 7/1/31 | | | | $ | 51,136 | | |
| | | | 115,000 | | | | A | | | Series A, 5.000% due 7/1/32 | | | | | 130,733 | | |
| | | | 95,000 | | | | A | | | Series A, 5.000% due 7/1/33 | | | | | 107,784 | | |
| | | | 30,000 | | | | A | | | Series A, 5.000% due 7/1/34 | | | | | 34,024 | | |
| | | | 235,000 | | | | A | | | Series A, 5.000% due 7/1/40 | | | | | 241,085 | | |
| | | | 85,000 | | | | A | | | Series A, 5.000% due 7/1/44 | | | | | 90,926 | | |
| | | | | | | | | | | Orange County Health Facilities Authority, Revenue Bonds: | | |
| | | | 200,000 | | | | A+ | | | Series A, 5.000% due 10/1/39 | | | | | 226,390 | | |
| | | | 365,000 | | | | A+ | | | Series A, Prerefunded 4/1/22 @ 100, 5.000% due 10/1/42(d) | | | | | 366,317 | | |
| | | | 150,000 | | | | A+ | | | Series B, Prerefunded 4/1/22 @ 100, 5.000% due 10/1/42(d) | | | | | 150,541 | | |
| | | | | | | | | | | Orange County School Board, COP: | | | | | | | |
| | | | 115,000 | | | | Aa2(a) | | | Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(d) | | | | | 117,053 | | |
| | | | 200,000 | | | | Aa2(a) | | | Series C, Prerefunded 8/1/25 @ 100, 5.000% due 8/1/29(d) | | | | | 223,918 | | |
| | | | 50,000 | | | | AA | | | Orlando Utilities Commission, Revenue Bonds, Series A, 5.000% due
10/1/23 | | | | | 53,077 | | |
| | | | | | | | | | | Palm Beach County Health Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 10,000 | | | | WD(e) | | | 5.000% due 12/1/23 | | | | | 10,665 | | |
| | | | 20,000 | | | | WD(e) | | | 5.000% due 12/1/24 | | | | | 21,998 | | |
| | | | | | | | | | | Palm Beach County School District, COP: | | | | | | | |
| | | | 55,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/22 | | | | | 55,984 | | |
| | | | 35,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/23 | | | | | 36,927 | | |
| | | | 40,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/24 | | | | | 43,552 | | |
| | | | 705,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/1/26 | | | | | 810,868 | | |
| | | | 300,000 | | | | Aa3(a) | | | Series B, 5.000% due 8/1/26 | | | | | 335,877 | | |
| | | | 240,000 | | | | Aa3(a) | | | Series B, 5.000% due 8/1/27 | | | | | 268,020 | | |
| | | | 160,000 | | | | Aa3(a) | | | Series B, 5.000% due 8/1/28 | | | | | 178,454 | | |
| | | | 695,000 | | | | Aa3(a) | | | Series D, 5.000% due 8/1/26 | | | | | 778,115 | | |
| | | | 315,000 | | | | Aa3(a) | | | Series D, 5.000% due 8/1/27 | | | | | 351,776 | | |
| | | | 110,000 | | | | Aa3(a) | | | Series D, 5.000% due 8/1/28 | | | | | 122,687 | | |
| | | | 300,000 | | | | AA | | | Pasco County School Board, COP, Series D, AGM-Insured, 5.000% due
8/1/30 | | | | | 369,300 | | |
| | | | | | | | | | | School Board of Miami-Dade County, COP: | | | | | | | |
| | | | 120,000 | | | | AA | | | AGM, Series A, 5.000% due 5/1/27 | | | | | 133,153 | | |
| | | | 570,000 | | | | A+ | | | Series A, 5.000% due 5/1/31 | | | | | 642,623 | | |
| | | | 220,000 | | | | A+ | | | Series B, 5.000% due 8/1/27 | | | | | 251,820 | | |
| | | | 395,000 | | | | A+ | | | Series B, 5.000% due 5/1/28 | | | | | 435,968 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | $ | 340,000 | | | | A+ | | | Series D, 5.000% due 11/1/24 | | | | $ | 371,809 | | |
| | | | 355,000 | | | | A+ | | | Series D, 5.000% due 11/1/25 | | | | | 387,627 | | |
| | | | 230,000 | | | | A+ | | | Series D, 5.000% due 11/1/26 | | | | | 251,138 | | |
| | | | 115,000 | | | | A+ | | | Series D, 5.000% due 2/1/29 | | | | | 129,105 | | |
| | | | 190,000 | | | | A+ | | | Series D, 5.000% due 2/1/30 | | | | | 212,845 | | |
| | | | | | | | | | | School District of Broward County, COP: | | |
| | | | 145,000 | | | | A+ | | | Series A, 5.000% due 7/1/22 | | | | | 147,092 | | |
| | | | 45,000 | | | | A+ | | | Series A, 5.000% due 7/1/25 | | | | | 45,632 | | |
| | | | 460,000 | | | | A+ | | | Series A, 5.000% due 7/1/26 | | | | | 499,921 | | |
| | | | 265,000 | | | | A+ | | | Series A, 5.000% due 7/1/27 | | | | | 295,618 | | |
| | | | 115,000 | | | | A+ | | | Series A, 5.000% due 7/1/28 | | | | | 128,247 | | |
| | | | 70,000 | | | | A+ | | | Series A, 5.000% due 7/1/32 | | | | | 79,232 | | |
| | | | 120,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d) | | | | | 121,747 | | |
| | | | 580,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(d) | | | | | 588,445 | | |
| | | | 335,000 | | | | A+ | | | Series B, 5.000% due 7/1/26 | | | | | 373,706 | | |
| | | | 230,000 | | | | A+ | | | Series B, 5.000% due 7/1/27 | | | | | 256,575 | | |
| | | | 390,000 | | | | A+ | | | Series B, 5.000% due 7/1/28 | | | | | 435,061 | | |
| | | | | | | | | | | Seminole County School Board, COP: | | | | | | | |
| | | | 60,000 | | | | Aa3(a) | | | Series C, 5.000% due 7/1/23 | | | | | 63,105 | | |
| | | | 50,000 | | | | Aa3(a) | | | Series C, 5.000% due 7/1/24 | | | | | 54,274 | | |
| | | | 115,000 | | | | AA | | | South Florida Water Management District, COP, 5.000% due 10/1/30 | | | | | 129,829 | | |
| | | | 75,000 | | | | AA- | | | South Miami Health Facilities Authority, Revenue Bonds, 5.000% due
8/15/24 | | | | | 81,587 | | |
| | | | | | | | | | | St Lucie County School Board, COP: | | | | | | | |
| | | | 60,000 | | | | A | | | Series A, 5.000% due 7/1/25 | | | | | 62,942 | | |
| | | | 125,000 | | | | A | | | Series A, 5.000% due 7/1/27 | | | | | 131,009 | | |
| | | | 5,995,000 | | | | AAA | | | State of Florida, GO, 5.000% due 7/1/32 | | | | | 7,237,332 | | |
| | | | 2,000,000 | | | | AA+ | | | State of Florida Department of Transportation, Revenue Bonds, 5.000% due
7/1/27 | | | | | 2,361,388 | | |
| | | | | | | | | | | Tampa Bay Water, Revenue Bonds: | | | | | | | |
| | | | 70,000 | | | | AA+ | | | Series A, NPFG, 6.000% due 10/1/29 | | | | | 91,018 | | |
| | | | 70,000 | | | | AA+ | | | Series NPFG, 5.500% due 10/1/22 | | | | | 71,959 | | |
| | | | | | | | | | | Volusia County Educational Facility Authority, Revenue Bonds: | | | | | | | |
| | | | 150,000 | | | | A2(a) | | | 4.000% due 10/15/36 | | | | | 166,162 | | |
| | | | 80,000 | | | | A2(a) | | | 5.000% due 10/15/44 | | | | | 93,822 | | |
| | | | 150,000 | | | | A2(a) | | | 5.000% due 10/15/49 | | | | | 174,823 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Florida – (continued) | |
| | | | | | | | | | | Volusia County School Board, COP: | |
| | | $ | 600,000 | | | | Aa3(a) | | | 5.000% due 8/1/24 | | | | $ | 652,827 | | |
| | | | 145,000 | | | | AA | | | Series A, 5.000% due 8/1/32 | | | | | 162,668 | | |
| | | | | | | | | | | Total Florida | | | | | 35,528,764 | | |
| | Georgia – 4.0% | |
| | | | | | | | | | | City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds: | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 11/1/27 | | | | | 33,468 | | |
| | | | 70,000 | | | | AA- | | | 5.000% due 11/1/29 | | | | | 77,955 | | |
| | | | 2,000,000 | | | | AA- | | | 5.000% due 11/1/40 | | | | | 2,218,622 | | |
| | | | 45,000 | | | | A+ | | | County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds,
Series A, 5.250% due 10/1/25 | | | | | 45,173 | | |
| | | | | | | | | | | Development Authority of Burke County, Revenue Bonds: | | | | | | | |
| | | | 600,000 | | | | BBB+ | | | 1.700% due 12/1/49(b) | | | | | 602,035 | | |
| | | | 830,000 | | | | BBB+ | | | 2.925% due 11/1/53(b) | | | | | 853,278 | | |
| | | | 155,000 | | | | AA- | | | Fulton County Development Authority, Revenue Bonds, 5.000% due
6/15/44 | | | | | 185,615 | | |
| | | | | | | | | | | Main Street Natural Gas Inc., Revenue Bonds: | | | | | | | |
| | | | 5,000,000 | | | | Aa1(a) | | | Series A, 4.000% due 4/1/48(b) | | | | | 5,189,570 | | |
| | | | 840,000 | | | | Aa1(a) | | | Series C, 4.000% due 8/1/48(b) | | | | | 876,612 | | |
| | | | | | | | | | | Municipal Electric Authority of Georgia, Revenue Bonds: | | | | | | | |
| | | | 160,000 | | | | A- | | | Series A, 5.000% due 1/1/27 | | | | | 184,409 | | |
| | | | 145,000 | | | | A- | | | Series A, 5.000% due 1/1/30 | | | | | 172,638 | | |
| | | | 105,000 | | | | A | | | Series GG, 5.000% due 1/1/24 | | | | | 108,121 | | |
| | | | 35,000 | | | | A | | | Series GG, 5.000% due 1/1/25 | | | | | 36,058 | | |
| | | | 145,000 | | | | A | | | Series GG, 5.000% due 1/1/26 | | | | | 149,356 | | |
| | | | | | | | | | | Municipal Gas Authority of Georgia, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | AA- | | | Series Q, 5.000% due 10/1/22 | | | | | 61,466 | | |
| | | | 35,000 | | | | AA- | | | Series S, 5.000% due 10/1/22 | | | | | 35,859 | | |
| | | | 70,000 | | | | AA- | | | Series S, 5.000% due 10/1/24 | | | | | 71,517 | | |
| | | | 40,000 | | | | AA- | | | Series U, 5.000% due 10/1/24 | | | | | 43,765 | | |
| | | | | | | | | | | State of Georgia, GO: | | | | | | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 7/1/29 | | | | | 6,049,765 | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/30 | | | | | 6,336,460 | | |
| | | | 2,500,000 | | | | AAA | | | Series A, 5.000% due 7/1/32 | | | | | 3,083,685 | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 7/1/33 | | | | | 6,435,817 | | |
| | | | 3,835,000 | | | | AAA | | | Series C, 5.000% due 7/1/29 | | | | | 4,522,320 | | |
| | | | | | | | | | | Total Georgia | | | | | 37,373,564 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Hawaii – 0.1% | |
| | | | | | | | | | | City & County of Honolulu HI, GO: | |
| | | $ | 115,000 | | | | Aa1(a) | | | Series D, 5.000% due 9/1/22 | | | | $ | 117,460 | | |
| | | | 90,000 | | | | Aa1(a) | | | Series D, 5.000% due 9/1/26 | | | | | 104,040 | | |
| | | | 500,000 | | | | AA+ | | | State of Hawaii, GO, Series FH, 5.000% due 10/1/28 | | | | | 578,320 | | |
| | | | | | | | | | | Total Hawaii | | | | | 799,820 | | |
| | Idaho – 0.4% | |
| | | | | | | | | | | Idaho Housing & Finance Association, Revenue Bonds: | | |
| | | | 100,000 | | | | A2(a) | | | 5.000% due 7/15/22 | | | | | 101,594 | | |
| | | | 45,000 | | | | A2(a) | | | 5.000% due 7/15/23 | | | | | 47,408 | | |
| | | | 35,000 | | | | A2(a) | | | 5.000% due 7/15/24 | | | | | 37,995 | | |
| | | | 95,000 | | | | A2(a) | | | 5.000% due 7/15/27 | | | | | 111,732 | | |
| | | | 60,000 | | | | Aa1(a) | | | Series A, 4.000% due 1/1/50 | | | | | 63,766 | | |
| | | | 250,000 | | | | A2(a) | | | Series A, 5.000% due 7/15/30 | | | | | 312,103 | | |
| | | | 250,000 | | | | A2(a) | | | Series A, 5.000% due 7/15/31 | | | | | 315,836 | | |
| | | | 2,380,000 | | | | Aa1(a) | | | Kootenai County School District No 271 Coeur d’Alene, GO, 4.000% due
9/15/28 | | | | | 2,662,687 | | |
| | | | | | | | | | | Total Idaho | | | | | 3,653,121 | | |
| | Illinois – 2.8% | |
| | | | | | | | | | | Chicago Midway International Airport, Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | A- | | | Series A, 5.000% due 1/1/29(c) | | | | | 72,110 | | |
| | | | 100,000 | | | | A- | | | Series A, 5.000% due 1/1/30(c) | | | | | 110,967 | | |
| | | | 70,000 | | | | A- | | | Series A, 5.000% due 1/1/31(c) | | | | | 77,663 | | |
| | | | 190,000 | | | | A- | | | Series A, 5.000% due 1/1/32(c) | | | | | 200,947 | | |
| | | | 95,000 | | | | A- | | | Series B, 5.000% due 1/1/24 | | | | | 101,309 | | |
| | | | | | | | | | | Chicago O’Hare International Airport, Revenue Bonds: | | | | | | | |
| | | | 75,000 | | | | BBB+ | | | 5.000% due 7/1/38(c) | | | | | 86,751 | | |
| | | | 125,000 | | | | A | | | Series A, 5.000% due 1/1/24(c) | | | | | 132,715 | | |
| | | | 270,000 | | | | A | | | Series A, 5.000% due 1/1/29 | | | | | 309,965 | | |
| | | | 200,000 | | | | A | | | Series A, 5.000% due 1/1/48(c) | | | | | 227,817 | | |
| | | | 285,000 | | | | A | | | Series B, 5.000% due 1/1/32 | | | | | 309,596 | | |
| | | | 120,000 | | | | A | | | Series B, 5.000% due 1/1/53 | | | | | 138,469 | | |
| | | | 80,000 | | | | A | | | Series C, 5.000% due 1/1/23 | | | | | 82,633 | | |
| | | | 45,000 | | | | A | | | Series C, 5.000% due 1/1/24 | | | | | 47,988 | | |
| | | | 65,000 | | | | A | | | Series C, 5.000% due 1/1/25 | | | | | 71,346 | | |
| | | | 60,000 | | | | A | | | Series C, 5.000% due 1/1/26 | | | | | 67,577 | | |
| | | | 70,000 | | | | A | | | Series C, 5.000% due 1/1/33 | | | | | 78,509 | | |
| | | | 80,000 | | | | A | | | Series C, 5.000% due 1/1/34 | | | | | 89,715 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 60,000 | | | | A | | | Series D, 5.000% due 1/1/27(c) | | | | $ | 68,138 | | |
| | | | 15,000 | | | | A | | | Series D, 5.000% due 1/1/28(c) | | | | | 17,014 | | |
| | | | 85,000 | | | | A | | | Series D, 5.000% due 1/1/31(c) | | | | | 96,452 | | |
| | | | 45,000 | | | | A | | | Series D, 5.000% due 1/1/33(c) | | | | | 50,925 | | |
| | | | 40,000 | | | | A | | | City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds,
5.000% due 1/1/23 | | | | | 40,131 | | |
| | | | 30,000 | | | | AA | | | City of Chicago IL Waterworks Revenue, Revenue Bonds, AGM-Insured,
5.250% due 11/1/33 | | | | | 30,231 | | |
| | | | | | | | | | | Cook County Forest Preserve District, GO: | | | | | | | |
| | | | 30,000 | | | | AA- | | | Series B, 5.000% due 12/15/23 | | | | | 30,328 | | |
| | | | 40,000 | | | | AA- | | | Series B, 5.000% due 12/15/24 | | | | | 40,488 | | |
| | | | 60,000 | | | | AA- | | | Series C, 5.000% due 12/15/25 | | | | | 60,730 | | |
| | | | 155,000 | | | | Aaa(a) | | | Cook Kane Lake & McHenry Counties Community College District No 512,
GO, Series B, 5.000% due 12/1/24 | | | | | 170,041 | | |
| | | | | | | | | | | County of Cook IL, GO: | | | | | | | |
| | | | 60,000 | | | | A+ | | | Series C, 5.000% due 11/15/22 | | | | | 61,729 | | |
| | | | 145,000 | | | | A+ | | | Series C, 5.000% due 11/15/23 | | | | | 148,791 | | |
| | | | 540,000 | | | | A+ | | | Series C, 5.000% due 11/15/24 | | | | | 554,977 | | |
| | | | 15,000 | | | | AA | | | AGM, Series C, 5.000% due 11/15/25 | | | | | 15,420 | | |
| | | | 35,000 | | | | Aa3(a) | | | Grundy & Will Counties Community Unit School District No 1 Coal City,
GO, 5.000% due 2/1/29 | | | | | 40,416 | | |
| | | | 835,000 | | | | AA+ | | | Illinois Development Finance Authority, Revenue Bonds, zero coupon, due
7/15/23 | | | | | 820,524 | | |
| | | | | | | | | | | Illinois Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | AA+ | | | 5.000% due 7/15/26 | | | | | 68,819 | | |
| | | | 75,000 | | | | A+ | | | 5.000% due 11/15/26 | | | | | 77,080 | | |
| | | | 25,000 | | | | A3(a) | | | 5.000% due 8/15/27 | | | | | 27,788 | | |
| | | | 70,000 | | | | A | | | 5.000% due 5/15/28 | | | | | 78,569 | | |
| | | | 60,000 | | | | AA+ | | | 5.000% due 7/15/28 | | | | | 71,405 | | |
| | | | 40,000 | | | | A | | | 5.000% due 5/15/29 | | | | | 44,862 | | |
| | | | 150,000 | | | | AAA | | | 5.000% due 7/1/29 | | | | | 173,789 | | |
| | | | 25,000 | | | | A+ | | | 5.000% due 11/15/29 | | | | | 25,676 | | |
| | | | 110,000 | | | | A3(a) | | | 5.000% due 12/1/29 | | | | | 124,937 | | |
| | | | 145,000 | | | | AAA | | | 5.000% due 1/1/30 | | | | | 167,704 | | |
| | | | 330,000 | | | | AA- | | | 5.000% due 8/15/30 | | | | | 410,555 | | |
| | | | 255,000 | | | | AAA | | | 5.000% due 7/1/31 | | | | | 294,030 | | |
| | | | 175,000 | | | | A3(a) | | | 5.000% due 8/15/35 | | | | | 193,523 | | |
| | | | 170,000 | | | | A | | | 5.000% due 1/1/36 | | | | | 192,473 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 870,000 | | | | A | | | 5.000% due 1/1/38 | | | | $ | 1,009,638 | | |
| | | | 1,300,000 | | | | A | | | 5.000% due 1/1/44 | | | | | 1,492,324 | | |
| | | | 100,000 | | | | A3(a) | | | 5.000% due 12/1/46 | | | | | 112,225 | | |
| | | | 25,000 | | | | BBB+ | | | 5.000% due 8/1/49 | | | | | 27,795 | | |
| | | | 495,000 | | | | AA- | | | Series A, 5.000% due 2/15/24 | | | | | 530,984 | | |
| | | | 95,000 | | | | AA- | | | Series A, 5.000% due 2/15/25 | | | | | 104,574 | | |
| | | | 45,000 | | | | AA- | | | Series A, 5.000% due 2/15/26 | | | | | 50,843 | | |
| | | | 30,000 | | | | A | | | Series A, 5.000% due 11/15/27 | | | | | 33,515 | | |
| | | | 35,000 | | | | A | | | Series A, 5.000% due 11/15/28 | | | | | 38,954 | | |
| | | | 55,000 | | | | A | | | Series A, 5.000% due 11/15/29 | | | | | 61,088 | | |
| | | | 75,000 | | | | AA- | | | Series A, 5.000% due 7/1/30 | | | | | 84,959 | | |
| | | | 100,000 | | | | A | | | Series A, 5.000% due 11/15/32 | | | | | 110,842 | | |
| | | | 50,000 | | | | AA- | | | Series A, 5.000% due 7/1/34 | | | | | 56,595 | | |
| | | | 60,000 | | | | A+ | | | Series A, 5.000% due 11/15/34 | | | | | 65,740 | | |
| | | | 255,000 | | | | AA- | | | Series A, 5.000% due 7/1/36 | | | | | 288,632 | | |
| | | | 20,000 | | | | BBB+ | | | Series A, 5.000% due 8/1/47 | | | | | 22,251 | | |
| | | | 45,000 | | | | A | | | Series A, Prerefunded 5/15/22 @ 100, 5.000% due 5/15/23(d) | | | | | 45,400 | | |
| | | | 95,000 | | | | WD(e) | | | Series A, Prerefunded 8/15/26 @ 100, 5.000% due 8/15/33(d) | | | | | 108,990 | | |
| | | | 15,000 | | | | AA+ | | | Series A, Prerefunded 9/1/24 @ 100, 5.000% due 9/1/34(d) | | | | | 16,335 | | |
| | | | 85,000 | | | | A+ | | | Series B, 5.000% due 11/15/26 | | | | | 93,578 | | |
| | | | 35,000 | | | | AA+ | | | Series C, 3.750% due 2/15/34 | | | | | 37,750 | | |
| | | | 160,000 | | | | AA+ | | | Series C, 4.000% due 2/15/36 | | | | | 174,668 | | |
| | | | 15,000 | | | | AA+ | | | Series C, 5.000% due 2/15/24 | | | | | 16,078 | | |
| | | | 75,000 | | | | AA+ | | | Series C, 5.000% due 2/15/26 | | | | | 84,923 | | |
| | | | 200,000 | | | | AA+ | | | Series C, 5.000% due 2/15/28 | | | | | 232,729 | | |
| | | | 135,000 | | | | AA+ | | | Series C, 5.000% due 2/15/29 | | | | | 156,882 | | |
| | | | 50,000 | | | | AA+ | | | Series C, 5.000% due 2/15/31 | | | | | 57,949 | | |
| | | | 365,000 | | | | AA+ | | | Series C, 5.000% due 2/15/32 | | �� | | | 422,465 | | |
| | | | 145,000 | | | | AA+ | | | Series C, 5.000% due 2/15/33 | | | | | 167,754 | | |
| | | | 65,000 | | | | AA+ | | | Series C, 5.000% due 2/15/36 | | | | | 74,999 | | |
| | | | 205,000 | | | | AA+ | | | Series C, 5.000% due 2/15/41 | | | | | 235,801 | | |
| | | | 100,000 | | | | AA+ | | | Series E, 2.250% due 11/15/42(b) | | | | | 100,271 | | |
| | | | 95,000 | | | | WD(e) | | | Series Prerefunded 11/15/22 @ 100, 5.000% due 11/15/43(d) | | | | | 97,694 | | |
| | | | 20,000 | | | | NR | | | Series Prerefunded 2/15/27 @ 100, 4.000% due 2/15/41(d) | | | | | 22,235 | | |
| | | | 235,000 | | | | AA+ | | | Series Prerefunded 9/1/22 @ 100, 5.000% due 9/1/32(d) | | | | | 239,932 | | |
| | | | 315,000 | | | | AA+ | | | Series Prerefunded 9/1/22 @ 100, 5.000% due 9/1/38(d) | | | | | 321,611 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | | | | | | | | | Illinois Municipal Electric Agency, Revenue Bonds: | |
| | | $ | 290,000 | | | | A | | | Series A, 5.000% due 2/1/28 | | | | $ | 323,242 | | |
| | | | 105,000 | | | | A | | | Series A, 5.000% due 2/1/31 | | | | | 116,813 | | |
| | | | | | | | | | | Illinois State Toll Highway Authority, Revenue Bonds: | | | | | | | |
| | | | 50,000 | | | | AA- | | | Series A, 5.000% due 12/1/31 | | | | | 56,155 | | |
| | | | 2,000,000 | | | | AA- | | | Series A, 5.000% due 1/1/40 | | | | | 2,443,220 | | |
| | | | 175,000 | | | | AA- | | | Series D, 5.000% due 1/1/24 | | | | | 186,918 | | |
| | | | | | | | | | | Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO: | | |
| | | | 260,000 | | | | AA | | | 5.000% due 1/1/26 | | | | | 286,376 | | |
| | | | 55,000 | | | | AA | | | 5.000% due 1/1/29 | | | | | 64,784 | | |
| | | | 230,000 | | | | AA | | | McHenry & Kane Counties Community Consolidated School District
No 158 Huntley, GO, AGM-Insured, zero coupon, due 1/1/24 | | | | | 223,568 | | |
| | | | | | | | | | | McHenry County Community Unit School District No 200 Woodstock, GO: | | | | | | | |
| | | | 215,000 | | | | NR | | | NPFG, zero coupon, due 1/15/24 | | | | | 209,057 | | |
| | | | 225,000 | | | | Aa2(a) | | | Series B, NPFG, zero coupon, due 1/15/25 | | | | | 212,879 | | |
| | | | 170,000 | | | | Aa2(a) | | | Series B, NPFG, zero coupon, due 1/15/26 | | | | | 157,033 | | |
| | | | | | | | | | | McHenry County Conservation District, GO: | | | | | | | |
| | | | 65,000 | | | | AA+ | | | 5.000% due 2/1/24 | | | | | 69,647 | | |
| | | | 175,000 | | | | AA+ | | | 5.000% due 2/1/27 | | | | | 193,488 | | |
| | | | | | | | | | | State of Illinois, GO: | | | | | | | |
| | | | 145,000 | | | | BBB | | | 5.000% due 3/1/22 | | | | | 145,000 | | |
| | | | 190,000 | | | �� | BBB | | | 5.000% due 8/1/22 | | | | | 193,232 | | |
| | | | 45,000 | | | | BBB | | | 5.000% due 2/1/23 | | | | | 46,594 | | |
| | | | 220,000 | | | | BBB | | | 5.000% due 4/1/23 | | | | | 229,074 | | |
| | | | 100,000 | | | | BBB | | | 5.000% due 8/1/23 | | | | | 105,242 | | |
| | | | 225,000 | | | | BBB | | | 5.000% due 6/1/25 | | | | | 248,109 | | |
| | | | 65,000 | | | | BBB | | | 5.000% due 2/1/26 | | | | | 69,218 | | |
| | | | 270,000 | | | | BBB | | | 5.000% due 2/1/27 | | | | | 301,130 | | |
| | | | 180,000 | | | | BBB | | | 5.000% due 2/1/28 | | | | | 203,353 | | |
| | | | 60,000 | | | | BBB | | | 5.000% due 4/1/28 | | | | | 64,077 | | |
| | | | 25,000 | | | | BBB | | | 5.000% due 5/1/28 | | | | | 26,745 | | |
| | | | 165,000 | | | | BBB | | | 5.000% due 2/1/29 | | | | | 185,719 | | |
| | | | 70,000 | | | | BBB | | | 5.000% due 5/1/32 | | | | | 74,582 | | |
| | | | 190,000 | | | | BBB | | | 5.000% due 5/1/33 | | | | | 202,351 | | |
| | | | 305,000 | | | | BBB | | | 5.250% due 2/1/31 | | | | | 325,116 | | |
| | | | 115,000 | | | | BBB | | | 5.500% due 7/1/38 | | | | | 120,951 | | |
| | | | 65,000 | | | | BBB | | | Series A, 4.000% due 1/1/23 | | | | | 65,173 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Illinois – (continued) | |
| | | $ | 105,000 | | | | BBB | | | Series A, 5.000% due 1/1/33 | | | | $ | 105,301 | | |
| | | | 360,000 | | | | BBB | | | Series B, 5.000% due 9/1/22 | | | | | 367,286 | | |
| | | | 365,000 | | | | BBB | | | Series B, 5.000% due 9/1/23 | | | | | 385,116 | | |
| | | | 365,000 | | | | BBB | | | Series B, 5.000% due 9/1/24 | | | | | 395,909 | | |
| | | | 620,000 | | | | BBB | | | Series D, 5.000% due 11/1/23 | | | | | 657,395 | | |
| | | | 405,000 | | | | BBB | | | Series D, 5.000% due 11/1/25 | | | | | 449,717 | | |
| | | | 390,000 | | | | BBB | | | Series D, 5.000% due 11/1/26 | | | | | 440,819 | | |
| | | | | | | | | | | University of Illinois, Revenue Bonds: | | |
| | | | 115,000 | | | | A- | | | 6.000% due 10/1/42 | | | | | 122,865 | | |
| | | | 115,000 | | | | A- | | | 6.250% due 10/1/38 | | | | | 123,417 | | |
| | | | | | | | | | | Will County Community Unit School District No 365-U Valley View, GO: | | | | | | | |
| | | | 2,420,000 | | | | Aa2(a) | | | Series A, 5.000% due 11/1/25 | | | | | 2,725,702 | | |
| | | | 165,000 | | | | AA | | | Series B, AGM, zero coupon, due 11/1/26 | | | | | 152,070 | | |
| | | | | | | | | | | Total Illinois | | | | | 26,277,068 | | |
| | Indiana – 2.3% | |
| | | | 315,000 | | | | A+ | | | City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds,
Series A, 5.000% due 10/1/24 | | | | | 343,721 | | |
| | | | | | | | | | | City of Whiting IN, Revenue Bonds: | | | | | | | |
| | | | 370,000 | | | | A- | | | 5.000% due 12/1/44(b)(c) | | | | | 415,566 | | |
| | | | 1,020,000 | | | | A- | | | 5.000% due 11/1/45(b)(c) | | | | | 1,045,331 | | |
| | | | 300,000 | | | | A- | | | County of St Joseph IN, Revenue Bonds, 4.000% due 4/1/38 | | | | | 323,715 | | |
| | | | 4,000,000 | | | | AA+ | | | Crown Point Multi School Building Corp., Revenue Bonds, 5.000% due
1/15/30 | | | | | 4,927,728 | | |
| | | | | | | | | | | Indiana Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 320,000 | | | | AA | | | 2.250% due 12/1/58(b) | | | | | 328,855 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 3/1/22 | | | | | 30,000 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 9/1/26 | | | | | 34,609 | | |
| | | | 15,000 | | | | AA- | | | 5.000% due 9/1/29 | | | | | 17,018 | | |
| | | | 240,000 | | | | AA- | | | 5.000% due 3/1/36 | | | | | 263,923 | | |
| | | | 60,000 | | | | AA- | | | 5.000% due 9/1/36 | | | | | 67,987 | | |
| | | | 65,000 | | | | AA | | | Series A, 5.000% due 10/1/25 | | | | | 66,585 | | |
| | | | 70,000 | | | | AA | | | Series A, 5.000% due 10/1/26 | | | | | 76,345 | | |
| | | | 35,000 | | | | AA | | | Series A, 5.000% due 10/1/28 | | | | | 38,154 | | |
| | | | 45,000 | | | | AA- | | | Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/23(d) | | | | | 45,000 | | |
| | | | 30,000 | | | | AA- | | | Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/30(d) | | | | | 30,000 | | |
| | | | 155,000 | | | | AA- | | | Series Prerefunded 3/1/22 @ 100, 5.000% due 3/1/41(d) | | | | | 155,000 | | |
| | | | 90,000 | | | | AA- | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/25(d) | | | | | 95,118 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Indiana – (continued) | |
| | | | | | | | | | | Indiana Health Facility Financing Authority, Revenue Bonds: | |
| | | $ | 1,000,000 | | | | AA+ | | | Series A2, 2.000% due 11/15/36(b) | | | | $ | 1,009,845 | | |
| | | | 7,500,000 | | | | AA+ | | | Series E, 0.190% due 11/15/39(b) | | | | | 7,500,000 | | |
| | | | 255,000 | | | | Aaa(a) | | | Indiana Housing & Community Development Authority, Revenue Bonds,
Series B, 3.500% due 1/1/49 | | | | | 266,796 | | |
| | | | | | | | | | | Indiana Municipal Power Agency, Revenue Bonds: | | | | | | | |
| | | | 20,000 | | | | A+ | | | Series A, 5.000% due 1/1/24 | | | | | 20,260 | | |
| | | | 20,000 | | | | A+ | | | Series A, 5.000% due 1/1/25 | | | | | 20,281 | | |
| | | | 55,000 | | | | A+ | | | Series A, 5.000% due 1/1/26 | | | | | 55,767 | | |
| | | | 10,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d) | | | | | 10,146 | | |
| | | | 10,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/25(d) | | | | | 10,146 | | |
| | | | 25,000 | | | | NR | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/26(d) | | | | | 25,364 | | |
| | | | 515,000 | | | | AAA | | | Indiana University, Revenue Bonds, Series W1, 5.000% due 8/1/26 | | | | | 561,115 | | |
| | | | 255,000 | | | | A1(a) | | | Indianapolis Local Public Improvement Bond Bank, Revenue Bonds,
5.000% due 1/1/25(c) | | | | | 277,893 | | |
| | | | | | | | | | | Lake Central Multi-District School Building Corp., Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 7/15/22 | | | | | 30,478 | | |
| | | | 40,000 | | | | AA+ | | | Series B, 5.000% due 7/15/23 | | | | | 41,362 | | |
| | | | 40,000 | | | | NR | | | Series B, Prerefunded 1/15/23 @ 100, 5.000% due 7/15/23(d) | | | | | 41,431 | | |
| | | | 120,000 | | | | AA+ | | | Series B, Prerefunded 1/15/23 @ 100, 5.000% due 7/15/24(d) | | | | | 124,325 | | |
| | | | 125,000 | | | | AA+ | | | Series B, Prerefunded 1/15/23 @ 100, 5.000% due 7/15/25(d) | | | | | 129,506 | | |
| | | | 2,305,000 | | | | AA+ | | | MSD of Wash Township School Building Corp., Revenue Bonds, 5.000%
due 7/15/28 | | | | | 2,761,623 | | |
| | | | | | | | | | | Total Indiana | | | | | 21,190,993 | | |
| | Iowa – 1.2% | |
| | | | 1,155,000 | | | | Aa1(a) | | | City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25 | | | | | 1,251,548 | | |
| | | | | | | | | | | Iowa Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 3,840,000 | | | | AAA | | | 5.000% due 8/1/31 | | | | | 4,540,639 | | |
| | | | 90,000 | | | | BBB(e) | | | Series A, 5.000% due 5/15/43 | | | | | 96,233 | | |
| | | | 105,000 | | | | BBB(e) | | | Series A, 5.000% due 5/15/48 | | | | | 112,169 | | |
| | | | 5,000,000 | | | | A3(a) | | | PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b) | | | | | 5,626,881 | | |
| | | | | | | | | | | Total Iowa | | | | | 11,627,470 | | |
| | 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 | | | | | 33,515 | | |
| | | | 35,000 | | | | A | | | Series A, 5.000% due 9/1/32 | | | | | 39,088 | | |
| | | | 130,000 | | | | A | | | Series A, Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(d) | | | | | 132,728 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Kansas – (continued) | |
| | | $ | 30,000 | | | | A | | | Series B, Prerefunded 9/1/22 @ 100, 5.000% due 9/1/23(d) | | | | $ | 30,630 | | |
| | | | 45,000 | | | | A | | | Series B, Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(d) | | | | | 45,944 | | |
| | | | | | | | | | | Total Kansas | | | | | 281,905 | | |
| | Kentucky – 1.3% | |
| | | | | | | | | | | Kenton County Airport Board, Revenue Bonds: | | | | | | | |
| | | | 25,000 | | | | A1(a) | | | 5.000% due 1/1/25 | | | | | 27,441 | | |
| | | | 15,000 | | | | A1(a) | | | 5.000% due 1/1/26 | | | | | 16,882 | | |
| | | | 45,000 | | | | A1(a) | | | 5.000% due 1/1/29 | | | | | 50,631 | | |
| | | | 50,000 | | | | A1(a) | | | 5.000% due 1/1/30 | | | | | 56,271 | | |
| | | | 5,000,000 | | | | A2(a) | | | Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due
1/1/49(b) | | | | | 5,283,517 | | |
| | | | | | | | | | | Kentucky State Property & Building Commission, Revenue Bonds: | | | | | | | |
| | | | 160,000 | | | | A- | | | 5.000% due 4/1/27 | | | | | 186,925 | | |
| | | | 145,000 | | | | A- | | | 5.000% due 5/1/28 | | | | | 172,890 | | |
| | | | 15,000 | | | | A- | | | 5.000% due 5/1/29 | | | | | 17,818 | | |
| | | | 40,000 | | | | AA | | | 5.000% due 5/1/31 | | | | | 47,565 | | |
| | | | 165,000 | | | | A- | | | Series A, 5.000% due 2/1/29 | | | | | 185,704 | | |
| | | | 170,000 | | | | A- | | | Series A, 5.000% due 2/1/30 | | | | | 191,194 | | |
| | | | 65,000 | | | | A- | | | Series A, 5.000% due 2/1/32 | | | | | 72,999 | | |
| | | | 80,000 | | | | A- | | | Series A, 5.000% due 2/1/33 | | | | | 89,780 | | |
| | | | 110,000 | | | | A- | | | Series A, Prerefunded 10/1/23 @ 100, 5.000% due 10/1/27(d) | | | | | 116,715 | | |
| | | | 325,000 | | | | A- | | | Series B, 5.000% due 11/1/26 | | | | | 375,930 | | |
| | | | 1,445,000 | | | | A- | | | Series B, 5.000% due 11/1/27 | | | | | 1,666,511 | | |
| | | | 35,000 | | | | A1(a) | | | Series D, 5.000% due 5/1/26 | | | | | 39,988 | | |
| | | | 30,000 | | | | A1(a) | | | Series D, 5.000% due 5/1/27 | | | | | 35,117 | | |
| | | | 30,000 | | | | A1(a) | | | Series D, 5.000% due 5/1/28 | | | | | 35,019 | | |
| | | | 2,000,000 | | | | AA | | | Louisville & Jefferson County Metropolitan Sewer District, Revenue Bonds,
Series A, 3.000% due 5/15/44 | | | | | 2,052,135 | | |
| | | | | | | | | | | Louisville/Jefferson County Metropolitan Government, Revenue Bonds: | | | | | | | |
| | | | 200,000 | | | | A | | | 5.000% due 10/1/47(b) | | | | | 244,288 | | |
| | | | 525,000 | | | | A | | | Series A, 5.000% due 10/1/29 | | | | | 600,714 | | |
| | | | 95,000 | | | | A | | | Series A, 5.000% due 10/1/32 | | | | | 108,341 | | |
| | | | 70,000 | | | | A | | | Series A, 5.500% due 10/1/33 | | | | | 74,455 | | |
| | | | 185,000 | | | | A | | | Series A, 5.750% due 10/1/38 | | | | | 197,343 | | |
| | | | 100,000 | | | | A- | | | Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/28(d) | | | | | 101,075 | | |
| | | | 335,000 | | | | A- | | | Series Prerefunded 6/1/22 @ 100, 5.000% due 12/1/29(d) | | | | | 338,600 | | |
| | | | | | | | | | | Total Kentucky | | | | | 12,385,848 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Louisiana – 0.8% | |
| | | $ | 4,500,000 | | | | AA- | | | East Baton Rouge Sewerage Commission, Revenue Bonds, Series A, 4.000%
due 2/1/45 | | | | $ | 4,964,042 | | |
| | | | 1,500,000 | | | | AA | | | Louisiana Local Government Environmental Facilities & Community
Development Authority, Revenue Bonds, 5.000% due 10/1/26 | | | | | 1,724,896 | | |
| | | | | | | | | | | Louisiana Public Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 40,000 | | | | A+ | | | Series A, 5.000% due 12/15/22 | | | | | 41,275 | | |
| | | | 85,000 | | | | A+ | | | Series A, 5.000% due 12/15/23 | | | | | 90,606 | | |
| | | | | | | | | | | New Orleans Aviation Board, Revenue Bonds: | | | | | | | |
| | | | 70,000 | | | | A- | | | Series B, 5.000% due 1/1/24(c) | | | | | 74,557 | | |
| | | | 85,000 | | | | A- | | | Series B, 5.000% due 1/1/25(c) | | | | | 92,532 | | |
| | | | 65,000 | | | | A- | | | Series B, 5.000% due 1/1/27(c) | | | | | 70,779 | | |
| | | | 10,000 | | | | A- | | | Series B, 5.000% due 1/1/29(c) | | | | | 11,332 | | |
| | | | 20,000 | | | | A- | | | Series B, 5.000% due 1/1/31(c) | | | | | 22,636 | | |
| | | | 20,000 | | | | A- | | | Series B, 5.000% due 1/1/36(c) | | | | | 22,446 | | |
| | | | 15,000 | | | | A- | | | Series B, 5.000% due 1/1/37(c) | | | | | 16,821 | | |
| | | | 20,000 | | | | A- | | | Series D2, 5.000% due 1/1/26(c) | | | | | 22,273 | | |
| | | | 15,000 | | | | A- | | | Series D2, 5.000% due 1/1/29(c) | | | | | 16,997 | | |
| | | | 20,000 | | | | A- | | | Series D2, 5.000% due 1/1/30(c) | | | | | 22,670 | | |
| | | | 45,000 | | | | A- | | | Series D2, 5.000% due 1/1/32(c) | | | | | 50,742 | | |
| | | | 35,000 | | | | A- | | | Series D2, 5.000% due 1/1/35(c) | | | | | 39,303 | | |
| | | | 15,000 | | | | A- | | | Series D2, 5.000% due 1/1/38(c) | | | | | 16,802 | | |
| | | | | | | | | | | Total Louisiana | | | | | 7,300,709 | | |
| | Maine – 0.3% | |
| | | | 2,500,000 | | | | AA+ | | | Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due
11/15/39 | | | | | 2,640,056 | | |
| | | | 60,000 | | | | AA- | | | Maine Turnpike Authority, Revenue Bonds, 5.000% due 7/1/27 | | | | | 66,974 | | |
| | | | | | | | | | | Total Maine | | | | | 2,707,030 | | |
| | Maryland – 4.7% | |
| | | | | | | | | | | City of Baltimore MD, Revenue Bonds: | | | | | | | |
| | | | 105,000 | | | | AA- | | | Series C, 5.000% due 7/1/28 | | | | | 121,999 | | |
| | | | 195,000 | | | | AA- | | | Series C, 5.000% due 7/1/31 | | | | �� | 226,738 | | |
| | | | 200,000 | | | | AA- | | | Series C, 5.000% due 7/1/33 | | | | | 231,948 | | |
| | | | 170,000 | | | | AA- | | | Series D, 5.000% due 7/1/33 | | | | | 197,156 | | |
| | | | 4,325,000 | | | | AAA | | | County of Harford MD, GO, Series B, 5.000% due 7/1/26 | | | | | 4,989,057 | | |
| | | | 2,500,000 | | | | AAA | | | County of Howard MD, GO, Series D, 5.000% due 2/15/30 | | | | | 2,992,089 | | |
| | | | | | | | | | | County of Prince George’s MD, GO: | | | | | | | |
| | | | 3,595,000 | | | | AAA | | | Series A, 5.000% due 7/15/22 | | | | | 3,653,242 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Maryland – (continued) | |
| | | $ | 5,805,000 | | | | AAA | | | Series A, 5.000% due 7/15/29 | | | | $ | 7,010,372 | | |
| | | | 2,065,000 | | | | AAA | | | Series C, Prerefunded 8/1/23 @ 100, 4.000% due 8/1/26(d) | | | | | 2,151,887 | | |
| | | | | | | | | | | Maryland Community Development Administration, Revenue Bonds: | | | | | | | |
| | | | 255,000 | | | | Aa1(a) | | | Series B, 4.000% due 9/1/49 | | | | | 270,733 | | |
| | | | 230,000 | | | | Aa1(a) | | | Series C, 3.500% due 3/1/50 | | | | | 241,136 | | |
| | | | 320,000 | | | | Aa1(a) | | | Series C, 5.000% due 9/1/28 | | | | | 383,099 | | |
| | | | | | | | | | | Maryland Health & Higher Educational Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 155,000 | | | | BBB+ | | | Series A, 4.000% due 7/1/42 | | | | | 165,206 | | |
| | | | 65,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/33 | | | | | 73,499 | | |
| | | | 50,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/34 | | | | | 56,506 | | |
| | | | 20,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/35 | | | | | 22,589 | | |
| | | | 50,000 | | | | BBB+ | | | Series A, 5.000% due 7/1/36 | | | | | 56,443 | | |
| | | | 35,000 | | | | A | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/24(d) | | | | | 35,510 | | |
| | | | 30,000 | | | | A | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(d) | | | | | 30,437 | | |
| | | | | | | | | | | State of Maryland, GO: | | | | | | | |
| | | | 2,775,000 | | | | AAA | | | Series A, 5.000% due 3/1/27 | | | | | 3,258,989 | | |
| | | | 5,185,000 | | | | AAA | | | Series A, 5.000% due 3/1/30 | | | | | 6,498,863 | | |
| | | | 2,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/31 | | | | | 2,467,727 | | |
| | | | 5,000,000 | | | | AAA | | | Series B, 5.000% due 8/1/22 | | | | | 5,090,951 | | |
| | | | 3,000,000 | | | | AAA | | | State of Maryland Department of Transportation, Revenue Bonds, 3.500%
due 10/1/33 | | | | | 3,215,396 | | |
| | | | | | | | | | | Total Maryland | | | | | 43,441,572 | | |
| | Massachusetts – 1.3% | |
| | | | | | | | | | | Commonwealth of Massachusetts, GO: | | | | | | | |
| | | | 90,000 | | | | AA | | | Series B, 5.000% due 7/1/22 | | | | | 91,320 | | |
| | | | 520,000 | | | | AA | | | Series C, 5.000% due 4/1/23 | | | | | 542,992 | | |
| | | | 45,000 | | | | AA | | | Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue
Bonds, Series A, 5.000% due 7/1/45 | | | | | 49,767 | | |
| | | | | | | | | | | Massachusetts Development Finance Agency, Revenue Bonds: | | | | | | | |
| | | | 45,000 | | | | AA- | | | 5.000% due 7/1/23 | | | | | 47,384 | | |
| | | | 115,000 | | | | AA- | | | 5.000% due 7/1/24 | | | | | 124,692 | | |
| | | | 50,000 | | | | A | | | 5.000% due 7/1/30 | | | | | 60,565 | | |
| | | | 235,000 | | | | A | | | 5.000% due 7/1/31 | | | | | 283,116 | | |
| | | | 65,000 | | | | AAA | | | Series A, 5.000% due 7/15/22 | | | | | 66,055 | | |
| | | | 105,000 | | | | AA- | | | Series S, 5.000% due 7/1/30 | | | | | 124,165 | | |
| | | | 585,000 | | | | A+ | | | Series S1, 5.000% due 10/1/24 | | | | | 639,119 | | |
| | | | 335,000 | | | | AA- | | | Series S4, 5.000% due 7/1/38(b) | | | | | 358,838 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Massachusetts – (continued) | |
| | | $ | 500,000 | | | | AA- | | | Massachusetts Port Authority, Revenue Bonds, Series E, 5.000% due
7/1/31(c) | | | | $ | 616,804 | | |
| | | | 1,170,000 | | | | AA | | | Massachusetts Transportation Trust Fund Metropolitan Highway System
Revenue, Revenue Bonds, Series A, 5.000% due 1/1/39(b) | | | | | 1,208,899 | | |
| | | | 5,000,000 | | | | SP-1+ | | | Town of Ashland MA, GO, 2.000% due 8/8/22 | | | | | 5,026,640 | | |
| | | | 2,500,000 | | | | AA- | | | University of Massachusetts Building Authority, Revenue Bonds, Series 1,
Prerefunded 11/1/22 @ 100, 4.000% due 11/1/43(d) | | | | | 2,553,858 | | |
| | | | | | | | | | | Total Massachusetts | | | | | 11,794,214 | | |
| | Michigan – 2.0% | |
| | | | 160,000 | | | | AA | | | City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds,
Series G, AGM-Insured, 0.744% due 7/1/32(b) | | | | | 158,913 | | |
| | | | 85,000 | | | | Aa1(a) | | | Clarkston Community Schools, GO, 5.000% due 5/1/22 | | | | | 85,615 | | |
| | | | 2,155,000 | | | | AA+ | | | County of Kalamazoo MI, GO, 3.000% due 5/1/32 | | | | | 2,308,501 | | |
| | | | 1,000,000 | | | | AA | | | Detroit City School District, GO, Series A, AGM, 5.250% due 5/1/30 | | | | | 1,262,617 | | |
| | | | 155,000 | | | | AA | | | Detroit Downtown Development Authority, Special Tax, Series A,
AGM-Insured, 5.000% due 7/1/37 | | | | | 166,321 | | |
| | | | | | | | | | | Grand Rapids Public Schools, GO, AGM: | | | | | | | |
| | | | 40,000 | | | | AA | | | 5.000% due 5/1/27 | | | | | 46,671 | | |
| | | | 55,000 | | | | AA | | | 5.000% due 5/1/29 | | | | | 63,788 | | |
| | | | 100,000 | | | | AA | | | 5.000% due 5/1/30 | | | | | 113,041 | | |
| | | | 145,000 | | | | AA | | | 5.000% due 5/1/31 | | | | | 163,910 | | |
| | | | 20,000 | | | | AA | | | 5.000% due 5/1/32 | | | | | 22,600 | | |
| | | | 90,000 | | | | AA | | | 5.000% due 5/1/33 | | | | | 101,621 | | |
| | | | | | | | | | | Kalamazoo Hospital Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 100,000 | | | | A2(a) | | | 5.000% due 5/15/27 | | | | | 114,152 | | |
| | | | 75,000 | | | | A2(a) | | | 5.000% due 5/15/28 | | | | | 85,548 | | |
| | | | 100,000 | | | | AAA | | | Kent County Building Authority, Revenue Bonds, 5.500% due 6/1/22 | | | | | 101,228 | | |
| | | | | | | | | | | Michigan Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 310,000 | | | | AA | | | AGM, 5.000% due 7/1/22 | | | | | 314,440 | | |
| | | | 1,250,000 | | | | Aa3(a) | | | 5.000% due 11/1/23 | | | | | 1,328,269 | | |
| | | | 45,000 | | | | AA- | | | 5.000% due 12/1/23 | | | | | 48,003 | | |
| | | | 750,000 | | | | Aa3(a) | | | 5.000% due 11/1/24 | | | | | 821,200 | | |
| | | | 50,000 | | | | AA- | | | 5.000% due 12/1/24 | | | | | 54,809 | | |
| | | | 85,000 | | | | AA- | | | 5.000% due 12/1/25 | | | | | 95,757 | | |
| | | | 40,000 | | | | AA- | | | 5.000% due 12/1/26 | | | | | 46,208 | | |
| | | | 10,000 | | | | AA- | | | 5.000% due 7/1/27 | | | | | 11,159 | | |
| | | | 35,000 | | | | AA- | | | 5.000% due 12/1/27 | | | | | 41,324 | | |
| | | | 160,000 | | | | A+ | | | 5.000% due 8/15/28 | | | | | 169,023 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Michigan – (continued) | |
| | | $ | 60,000 | | | | AA- | | | 5.000% due 12/1/28 | | | | $ | 70,447 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 7/1/29 | | | | | 33,383 | | |
| | | | 60,000 | | | | A+ | | | 5.000% due 8/15/29 | | | | | 63,375 | | |
| | | | 35,000 | | | | AA- | | | 5.000% due 7/1/31 | | | | | 38,923 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 7/1/32 | | | | | 33,342 | | |
| | | | 315,000 | | | | A | | | 5.000% due 11/15/32 | | | | | 360,254 | | |
| | | | 25,000 | | | | AA- | | | 5.000% due 7/1/33 | | | | | 27,768 | | |
| | | | 205,000 | | | | A | | | 5.000% due 11/15/36 | | | | | 210,495 | | |
| | | | 45,000 | | | | A | | | 5.000% due 11/15/42 | | | | | 46,190 | | |
| | | | 735,000 | | | | AA- | | | 5.000% due 12/1/44(b) | | | | | 809,096 | | |
| | | | 65,000 | | | | WR(a) | | | Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(d) | | | | | 65,707 | | |
| | | | 140,000 | | | | WR(a) | | | Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(d) | | | | | 141,522 | | |
| | | | | | | | | | | Michigan State Building Authority, Revenue Bonds: | | | | | | | |
| | | | 495,000 | | | | AA- | | | Series I, 5.000% due 10/15/34 | | | | | 565,493 | | |
| | | | 80,000 | | | | AA- | | | Series I, 5.000% due 4/15/35 | | | | | 91,278 | | |
| | | | | | | | | | | Michigan State Hospital Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 180,000 | | | | AA+ | | | Series C, 2.400% due 11/15/47(b) | | | | | 182,709 | | |
| | | | 45,000 | | | | AA- | | | Series C, 5.000% due 12/1/24 | | | | | 49,329 | | |
| | | | 60,000 | | | | AA- | | | Series C, 5.000% due 12/1/26 | | | | | 69,312 | | |
| | | | 40,000 | | | | AA- | | | Series C, 5.000% due 12/1/27 | | | | | 47,228 | | |
| | | | 60,000 | | | | AA- | | | Series C, 5.000% due 12/1/28 | | | | | 70,447 | | |
| | | | 710,000 | | | | AA+ | | | Series F5, 4.000% due 11/15/47(b) | | | | | 751,578 | | |
| | | | 500,000 | | | | A | | | Michigan Strategic Fund, Revenue Bonds, 1.800% due 10/1/49(b)(c) | | | | | 507,188 | | |
| | | | | | | | | | | Portage Public Schools, GO: | | | | | | | |
| | | | 35,000 | | | | AA- | | | 5.000% due 11/1/27 | | | | | 40,111 | | |
| | | | 90,000 | | | | AA- | | | 5.000% due 11/1/29 | | | | | 102,671 | | |
| | | | | | | | | | | Royal Oak Hospital Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 9/1/22 | | | | | 30,637 | | |
| | | | 60,000 | | | | A+ | | | 5.000% due 9/1/24 | | | | | 64,200 | | |
| | | | 95,000 | | | | AA | | | State of Michigan, Revenue Bonds, 5.000% due 3/15/27 | | | | | 111,273 | | |
| | | | 1,500,000 | | | | Aa1(a) | | | State of Michigan, GO, Series A, 4.000% due 5/15/38 | | | | | 1,726,671 | | |
| | | | | | | | | | | Warren Consolidated Schools, GO: | | | | | | | |
| | | | 130,000 | | | | AA | | | 5.000% due 5/1/30 | | | | | 148,246 | | |
| | | | 140,000 | | | | AA | | | 5.000% due 5/1/31 | | | | | 158,680 | | |
| | | | 145,000 | | | | AA | | | 5.000% due 5/1/32 | | | | | 165,288 | | |
| | | | | | | | | | | Wayne County Airport Authority, Revenue Bonds: | | | | | | | |
| | | | 5,000 | | | | A- | | | Series A, 5.000% due 12/1/29 | | | | | 5,883 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Michigan – (continued) | |
| | | $ | 10,000 | | | | A- | | | Series A, 5.000% due 12/1/30 | | | | $ | 11,769 | | |
| | | | 10,000 | | | | A- | | | Series A, 5.000% due 12/1/31 | | | | | 11,771 | | |
| | | | 15,000 | | | | A- | | | Series A, 5.000% due 12/1/36 | | | | | 17,606 | | |
| | | | 620,000 | | | | A- | | | Series B, 5.000% due 12/1/29(c) | | | | | 715,570 | | |
| | | | 15,000 | | | | A- | | | Series B, 5.000% due 12/1/30(c) | | | | | 17,316 | | |
| | | | 15,000 | | | | A- | | | Series B, 5.000% due 12/1/31(c) | | | | | 17,319 | | |
| | | | 10,000 | | | | A- | | | Series B, 5.000% due 12/1/33(c) | | | | | 11,551 | | |
| | | | 25,000 | | | | A- | | | Series B, 5.000% due 12/1/36(c) | | | | | 28,885 | | |
| | | | 60,000 | | | | A- | | | Series C, 5.000% due 12/1/22 | | | | | 61,830 | | |
| | | | 65,000 | | | | A- | | | Series C, 5.000% due 12/1/23 | | | | | 69,185 | | |
| | | | 70,000 | | | | A- | | | Series C, 5.000% due 12/1/24 | | | | | 76,833 | | |
| | | | 70,000 | | | | A- | | | Series C, 5.000% due 12/1/25 | | | | | 78,804 | | |
| | | | 45,000 | | | | A- | | | Series C, 5.000% due 12/1/26 | | | | | 51,873 | | |
| | | | 45,000 | | | | A- | | | Series C, 5.000% due 12/1/27 | | | | | 52,916 | | |
| | | | | | | | | | | Western Michigan University, Revenue Bonds, AGM: | | | | | | | |
| | | | 700,000 | | | | AA | | | Series C, 5.000% due 11/15/36 | | | | | 872,178 | | |
| | | | 800,000 | | | | AA | | | Series C, 5.000% due 11/15/38 | | | | | 993,684 | | |
| | | | 950,000 | | | | AA | | | Series C, 5.000% due 11/15/40 | | | | | 1,173,876 | | |
| | | | | | | | | | | Total Michigan | | | | | 18,776,408 | | |
| | Minnesota – 2.5% | |
| | | | 2,500,000 | | | | AAA | | | Metropolitan Council, GO, Series I, 3.000% due 3/1/27 | | | | | 2,503,884 | | |
| | | | | | | | | | | State of Minnesota, GO: | | | | | | | |
| | | | 6,870,000 | | | | AAA | | | Series A, 5.000% due 8/1/29 | | | | | 7,904,832 | | |
| | | | 1,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/32 | | | | | 1,230,391 | | |
| | | | 5,000,000 | | | | AAA | | | Series A, 5.000% due 8/1/37 | | | | | 6,009,508 | | |
| | | | 4,835,000 | | | | AAA | | | Series B, 5.000% due 8/1/27 | | | | | 5,725,480 | | |
| | | | | | | | | | | Total Minnesota | | | | | 23,374,095 | | |
| | Mississippi – 0.8% | |
| | | | | | | | | | | Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 225,000 | | | | A2(a) | | | 5.000% due 1/1/30 | | | | | 272,421 | | |
| | | | 435,000 | | | | A2(a) | | | 5.000% due 1/1/34 | | | | | 517,660 | | |
| | | | 170,000 | | | | A+ | | | 5.000% due 10/1/40(b) | | | | | 193,048 | | |
| | | | | | | | | | | State of Mississippi, GO: | | | | | | | |
| | | | 160,000 | | | | AA | | | Series A, 5.000% due 10/1/30 | | | | | 189,288 | | |
| | | | 1,250,000 | | | | AA | | | Series A, Prerefunded 10/1/27 @ 100, 5.000% due 10/1/34(d) | | | | | 1,483,813 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Mississippi – (continued) | |
| | | $ | 4,000,000 | | | | AA | | | Series C, 5.000% due 10/1/35 | | | | $ | 4,814,071 | | |
| | | | | | | | | | | Total Mississippi | | | | | 7,470,301 | | |
| | Missouri – 0.4% | |
| | | | | | | | | | | Health & Educational Facilities Authority of the State of Missouri, Revenue
Bonds: | | | | | | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 5/15/29 | | | | | 33,698 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 5/15/30 | | | | | 33,569 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 5/15/31 | | | | | 33,492 | | |
| | | | 85,000 | | | | A+ | | | 5.000% due 5/15/36 | | | | | 94,714 | | |
| | | | 20,000 | | | | A+ | | | Series B, 4.000% due 2/1/40 | | | | | 21,266 | | |
| | | | 70,000 | | | | A+ | | | Series B, 5.000% due 2/1/30 | | | | | 77,164 | | |
| | | | 80,000 | | | | A+ | | | Series B, 5.000% due 2/1/32 | | | | | 87,769 | | |
| | | | 65,000 | | | | A+ | | | Series B, 5.000% due 2/1/36 | | | | | 70,685 | | |
| | | | 105,000 | | | | A+ | | | Series B, 5.000% due 2/1/45 | | | | | 113,215 | | |
| | | | 2,500,000 | | | | AAA | | | Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due
5/1/37 | | | | | 2,899,443 | | |
| | | | 65,000 | | | | AA+ | | | Missouri Housing Development Commission, Revenue Bonds, 4.000% due
5/1/50 | | | | | 69,010 | | |
| | | | | | | | | | | Total Missouri | | | | | 3,534,025 | | |
| | Montana – 0.0% | |
| | | | | | | | | | | Montana Board of Housing, Revenue Bonds: | | | | | | | |
| | | | 55,000 | | | | AA+ | | | Series A1, 4.000% due 12/1/47(c) | | | | | 56,826 | | |
| | | | 30,000 | | | | AA+ | | | Series B, 4.000% due 6/1/50 | | | | | 32,189 | | |
| | | | | | | | | | | Montana Facility Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | A+(e) | | | 5.000% due 2/15/23 | | | | | 62,193 | | |
| | | | 60,000 | | | | A+(e) | | | 5.000% due 2/15/24 | | | | | 64,097 | | |
| | | | 60,000 | | | | A+(e) | | | 5.000% due 2/15/25 | | | | | 65,937 | | |
| | | | 90,000 | | | | A+(e) | | | 5.000% due 2/15/26 | | | | | 101,539 | | |
| | | | | | | | | | | Total Montana | | | | | 382,781 | | |
| | Nebraska – 0.1% | |
| | | | | | | | | | | Nebraska Investment Finance Authority, Revenue Bonds: | | | | | | | |
| | | | 200,000 | | | | AA+ | | | Series B, 4.000% due 9/1/49(c) | | | | | 211,589 | | |
| | | | 195,000 | | | | AA+ | | | Series E, 3.750% due 9/1/49(c) | | | | | 203,727 | | |
| | | | | | | | | | | Nebraska Public Power District, Revenue Bonds: | | | | | | | |
| | | | 115,000 | | | | A+ | | | Series B, 5.000% due 1/1/31 | | | | | 129,431 | | |
| | | | 125,000 | | | | A+ | | | Series B, 5.000% due 1/1/34 | | | | | 140,885 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Nebraska – (continued) | |
| | | $ | 155,000 | | | | A+ | | | Series B, 5.000% due 1/1/36 | | | | $ | 174,266 | | |
| | | | | | | | | | | Total Nebraska | | | | | 859,898 | | |
| | Nevada – 1.0% | |
| | | | | | | | | | | Carson City NV, Revenue Bonds: | | | | | | | |
| | | | 20,000 | | | | BBB+ | | | 5.000% due 9/1/24 | | | | | 21,668 | | |
| | | | 15,000 | | | | BBB+ | | | 5.000% due 9/1/28 | | | | | 17,428 | | |
| | | | 20,000 | | | | BBB+ | | | 5.000% due 9/1/30 | | | | | 23,011 | | |
| | | | 20,000 | | | | BBB+ | | | 5.000% due 9/1/32 | | | | | 22,910 | | |
| | | | 20,000 | | | | BBB+ | | | 5.000% due 9/1/34 | | | | | 22,855 | | |
| | | | | | | | | | | Clark County School District, GO: | | | | | | | |
| | | | 65,000 | | | | A+ | | | Series A, 5.000% due 6/15/23 | | | | | 68,245 | | |
| | | | 1,000,000 | | | | A+ | | | Series C, 5.000% due 6/15/23 | | | | | 1,049,928 | | |
| | | | 2,250,000 | | | | AA+ | | | County of Clark NV, GO, Series A, 5.000% due 6/1/35 | | | | | 2,647,127 | | |
| | | | 1,300,000 | | | | A+ | | | County of Washoe NV, Revenue Bonds, 2.050% due 3/1/36(b)(c) | | | | | 1,301,898 | | |
| | | | | | | | | | | Las Vegas Valley Water District, GO: | | | | | | | |
| | | | 85,000 | | | | AA | | | Series A, 5.000% due 6/1/32 | | | | | 96,880 | | |
| | | | 145,000 | | | | AA | | | Series A, 5.000% due 6/1/33 | | | | | 165,202 | | |
| | | | 155,000 | | | | AA | | | Series A, 5.000% due 6/1/34 | | | | | 176,458 | | |
| | | | 30,000 | | | | AA | | | Series B, 5.000% due 6/1/22 | | | | | 30,332 | | |
| | | | 60,000 | | | | AA | | | Series B, 5.000% due 6/1/23 | | | | | 60,652 | | |
| | | | 60,000 | | | | AA | | | Series B, 5.000% due 6/1/24 | | | | | 60,652 | | |
| | | | 30,000 | | | | AA | | | Series B, 5.000% due 6/1/25 | | | | | 30,326 | | |
| | | | 110,000 | | | | AA+ | | | Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49 | | | | | 116,486 | | |
| | | | | | | | | | | State of Nevada, GO: | | | | | | | |
| | | | 80,000 | | | | AA+ | | | 5.000% due 3/1/25 | | | | | 83,049 | | |
| | | | 2,665,000 | | | | AA+ | | | Series A, 5.000% due 5/1/27 | | | | | 3,131,113 | | |
| | | | | | | | | | | Total Nevada | | | | | 9,126,220 | | |
| | New Hampshire – 0.2% | |
| | | | 740,000 | | | | A- | | | New Hampshire Business Finance Authority, Revenue Bonds, 2.150% due
7/1/27(b)(c) | | | | | 741,496 | | |
| | | | | | | | | | | New Hampshire Health & Education Facilities Authority Act, Revenue
Bonds: | | | | | | | |
| | | | 40,000 | | | | BBB+ | | | 4.000% due 7/1/22 | | | | | 40,412 | | |
| | | | 25,000 | | | | A- | | | 4.000% due 10/1/38 | | | | | 26,666 | | |
| | | | 40,000 | | | | AA- | | | 5.000% due 7/1/24 | | | | | 43,371 | | |
| | | | 35,000 | | | | BBB+ | | | 5.000% due 7/1/26 | | | | | 35,381 | | |
| | | | 135,000 | | | | A- | | | 5.000% due 10/1/26 | | | | | 155,047 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New Hampshire – (continued) | |
| | | $ | 145,000 | | | | A- | | | 5.000% due 10/1/27 | | | | $ | 166,256 | | |
| | | | 60,000 | | | | A- | | | 5.000% due 10/1/28 | | | | | 68,482 | | |
| | | | 70,000 | | | | AA- | | | 5.000% due 7/1/30 | | | | | 82,777 | | |
| | | | 65,000 | | | | A | | | 5.000% due 8/1/30 | | | | | 76,727 | | |
| | | | 210,000 | | | | A- | | | 5.000% due 10/1/30 | | | | | 237,808 | | |
| | | | 70,000 | | | | A2(a) | | | Series A, Prerefunded 10/1/22 @ 100, 5.000% due 10/1/43(d) | | | | | 71,698 | | |
| | | | | | | | | | | New Hampshire State Turnpike System, Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | AA- | | | Series B, 5.000% due 2/1/23 | | | | | 65,217 | | |
| | | | 50,000 | | | | AA- | | | Series B, 5.000% due 2/1/24 | | | | | 50,169 | | |
| | | | | | | | | | | Total New Hampshire | | | | | 1,861,507 | | |
| | New Jersey – 2.3% | |
| | | | | | | | | | | Camden County Improvement Authority, Revenue Bonds: | | |
| | | | 60,000 | | | | BBB+ | | | 5.000% due 2/15/24 | | | | | 64,073 | | |
| | | | 30,000 | | | | BBB+ | | | 5.000% due 2/15/25 | | | | | 32,020 | | |
| | | | | | | | | | | City of Bayonne NJ, GO: | | | | | | | |
| | | | 45,000 | | | | AA | | | Series Prerefunded 7/1/26 @ 100, 5.000% due 7/1/31(d) | | | | | 51,766 | | |
| | | | 30,000 | | | | AA | | | Series Prerefunded 7/1/26 @ 100, 5.000% due 7/1/32(d) | | | | | 34,511 | | |
| | | | 30,000 | | | | AA | | | Series Prerefunded 7/1/26 @ 100, 5.000% due 7/1/33(d) | | | | | 34,511 | | |
| | | | | | | | | | | New Jersey Economic Development Authority, Revenue Bonds: | | | | | | | |
| | | | 40,000 | | | | BBB | | | 5.000% due 3/1/25 | | | | | 41,368 | | |
| | | | 850,000 | | | | BBB | | | 5.000% due 11/1/34 | | | | | 993,848 | | |
| | | | 1,000,000 | | | | BBB | | | Series EEE, 5.000% due 6/15/30 | | | | | 1,165,908 | | |
| | | | 270,000 | | | | BBB | | | Series NN, 5.000% due 3/1/23 | | | | | 280,236 | | |
| | | | 370,000 | | | | BBB | | | Series NN, 5.000% due 3/1/24 | | | | | 382,763 | | |
| | | | 580,000 | | | | BBB | | | Series XX, 5.000% due 6/15/26 | | | | | 639,444 | | |
| | | | 55,000 | | | | Baa1(a) | | | New Jersey Educational Facilities Authority, Revenue Bonds, Series A,
5.000% due 7/1/29 | | | | | 62,472 | | |
| | | | | | | | | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds: | | | | | | | |
| | | | 620,000 | | | | AA- | | | 5.000% due 7/1/42(b) | | | | | 692,556 | | |
| | | | 625,000 | | | | AA- | | | 5.000% due 7/1/45(b) | | | | | 714,400 | | |
| | | | 15,000 | | | | AA | | | Series A, 5.000% due 7/1/28 | | | | | 17,248 | | |
| | | | 45,000 | | | | AA | | | Series A, 5.000% due 7/1/33 | | | | | 51,318 | | |
| | | | | | | | | | | New Jersey Higher Education Student Assistance Authority, Revenue Bonds: | | | | | | | |
| | | | 40,000 | | | | AAA | | | Series 1A, 5.000% due 12/1/22(c) | | | | | 41,205 | | |
| | | | 100,000 | | | | AA | | | Series 1A, 5.000% due 12/1/24(c) | | | | | 109,364 | | |
| | | | 165,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/22 | | | | | 170,032 | | |
| | | | 115,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/23 | | | | | 122,466 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New Jersey – (continued) | |
| | | $ | 65,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/24 | | | | $ | 71,178 | | |
| | | | 125,000 | | | | Aa1(a) | | | Series A, 5.000% due 12/1/25 | | | | | 140,236 | | |
| | | | | | | | | | | New Jersey Transportation Trust Fund Authority, Revenue Bonds: | | | | | | | |
| | | | 100,000 | | | | BBB | | | 4.000% due 12/15/39 | | | | | 108,011 | | |
| | | | 2,000,000 | | | | BBB | | | 4.000% due 6/15/46 | | | | | 2,157,108 | | |
| | | | 5,000,000 | | | | A+ | | | 5.000% due 6/15/24 | | | | | 5,402,180 | | |
| | | | 435,000 | | | | A+ | | | 5.000% due 6/15/27 | | | | | 494,277 | | |
| | | | 1,320,000 | | | | BBB | | | 5.000% due 12/15/28 | | | | | 1,552,753 | | |
| | | | 200,000 | | | | BBB | | | 5.000% due 12/15/39 | | | | | 232,061 | | |
| | | | 870,000 | | | | BBB | | | Series A, zero coupon, due 12/15/27 | | | | | 749,616 | | |
| | | | 195,000 | | | | BBB | | | Series A, zero coupon, due 12/15/28 | | | | | 162,614 | | |
| | | | 220,000 | | | | BBB | | | Series A, 5.000% due 12/15/33 | | | | | 254,009 | | |
| | | | 2,000,000 | | | | BBB | | | Series A, 5.000% due 12/15/34 | | | | | 2,306,597 | | |
| | | | 215,000 | | | | BBB | | | Series AA, 5.000% due 6/15/23 | | | | | 217,643 | | |
| | | | 345,000 | | | | BBB | | | Series AA, 5.000% due 6/15/24 | | | | | 349,240 | | |
| | | | 360,000 | | | | BBB | | | Series AA, 5.000% due 6/15/25 | | | | | 387,529 | | |
| | | | 215,000 | | | | BBB | | | Series AA, 5.000% due 6/15/26 | | | | | 231,542 | | |
| | | | 145,000 | | | | BBB | | | Series AA, 5.000% due 6/15/29 | | | | | 146,782 | | |
| | | | 1,000,000 | | | | AA- | | | New Jersey Turnpike Authority, Revenue Bonds, Series A, 4.000% due
1/1/42 | | | | | 1,123,249 | | |
| | | | | | | | | | | Total New Jersey | | | | | 21,788,134 | | |
| | New Mexico – 0.4% | |
| | | | 2,350,000 | | | | AAA | | | New Mexico Finance Authority, Revenue Bonds, 5.000% due 6/1/29 | | | | | 2,890,194 | | |
| | | | 490,000 | | | | AA | | | New Mexico Hospital Equipment Loan Council, Revenue Bonds, Series B,
5.000% due 8/1/49(b) | | | | | 546,809 | | |
| | | | 155,000 | | | | Aaa(a) | | | New Mexico Mortgage Finance Authority, Revenue Bonds, Series D,
3.750% due 1/1/50 | | | | | 163,584 | | |
| | | | | | | | | | | Total New Mexico | | | | | 3,600,587 | | |
| | New York – 9.0% | |
| | | | | | | | | | | City of New York NY, GO: | | | | | | | |
| | | | 190,000 | | | | AA | | | Series A, 5.000% due 8/1/22 | | | | | 193,416 | | |
| | | | 5,880,000 | | | | AA | | | Series B1, 5.000% due 11/1/30 | | | | | 7,368,975 | | |
| | | | 2,035,000 | | | | AA | | | Series B1, 5.000% due 12/1/38 | | | | | 2,322,792 | | |
| | | | 90,000 | | | | AA | | | Series C, 5.000% due 8/1/27 | | | | | 99,290 | | |
| | | | 5,000,000 | | | | AA | | | Series D1, 5.000% due 12/1/34 | | | | | 6,003,474 | | |
| | | | 1,000,000 | | | | AA | | | Series F1, 5.000% due 4/1/43 | | | | | 1,167,101 | | |
| | | | 2,000,000 | | | | AA | | | Series H, 5.000% due 1/1/36 | | | | | 2,385,598 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New York – (continued) | |
| | | $ | 90,000 | | | | AA | | | Series J, 5.000% due 8/1/22 | | | | $ | 91,618 | | |
| | | | 1,925,000 | | | | AA | | | County of Nassau NY, GO, Series A, AGM-Insured, 5.000% due 4/1/32 | | | | | 2,287,211 | | |
| | | | | | | | | | | Hudson Yards Infrastructure Corp., Revenue Bonds: | | | | | | | |
| | | | 115,000 | | | | AA- | | | Series A, 5.000% due 2/15/32 | | | | | 133,879 | | |
| | | | 215,000 | | | | AA- | | | Series A, 5.000% due 2/15/35 | | | | | 249,071 | | |
| | | | | | | | | | | Long Island Power Authority, Revenue Bonds: | | | | | | | |
| | | | 1,020,000 | | | | A | | | Series B, 1.650% due 9/1/49(b) | | | | | 1,025,970 | | |
| | | | 60,000 | | | | NR | | | Series B, 5.000% due 9/1/22 | | | | | 61,293 | | |
| | | | 45,000 | | | | A | | | Series B, 5.000% due 9/1/23 | | | | | 47,690 | | |
| | | | 40,000 | | | | A | | | Series B, 5.000% due 9/1/24 | | | | | 43,695 | | |
| | | | | | | | | | | Metropolitan Transportation Authority, Revenue Bonds: | | |
| | | | 125,000 | | | | BBB+ | | | Series A1, 5.000% due 11/15/35 | | | | | 135,727 | | |
| | | | 145,000 | | | | BBB+ | | | Series A1, 5.000% due 11/15/36 | | | | | 157,563 | | |
| | | | 245,000 | | | | BBB+ | | | Series A2, 5.000% due 11/15/29 | | | | | 278,553 | | |
| | | | 270,000 | | | | BBB+ | | | Series B, 5.000% due 11/15/30 | | | | | 303,073 | | |
| | | | 290,000 | | | | BBB+ | | | Series C1, 5.000% due 11/15/27 | | | | | 329,538 | | |
| | | | 685,000 | | | | BBB+ | | | Series C1, 5.000% due 11/15/28 | | | | | 761,600 | | |
| | | | 300,000 | | | | BBB+ | | | Series C1, 5.000% due 11/15/31 | | | | | 344,690 | | |
| | | | 415,000 | | | | BBB+ | | | Series D1, 5.000% due 11/15/30 | | | | | 448,280 | | |
| | | | | | | | | | | MTA Hudson Rail Yards Trust Obligations, Revenue Bonds: | | | | | | | |
| | | | 370,000 | | | | A3(a) | | | Series A, 5.000% due 11/15/51 | | | | | 370,865 | | |
| | | | 860,000 | | | | A3(a) | | | Series A, 5.000% due 11/15/56 | | | | | 899,862 | | |
| | | | 3,000,000 | | | | AA | | | New York City Transitional Finance Authority Building Aid Revenue,
Revenue Bonds, Series S1, 5.000% due 7/15/29 | | | | | 3,531,758 | | |
| | | | | | | | | | | New York City Transitional Finance Authority Future Tax Secured Revenue,
Revenue Bonds: | | | | | | | |
| | | | 2,500,000 | | | | AAA | | | 0.080% due 8/1/45(b) | | | | | 2,500,000 | | |
| | | | 275,000 | | | | AAA | | | Series C2, 5.000% due 5/1/32 | | | | | 325,803 | | |
| | | | 5,390,000 | | | | AAA | | | Series E1, 4.000% due 2/1/38 | | | | | 6,113,645 | | |
| | | | | | | | | | | New York City Water & Sewer System, Revenue Bonds: | | | | | | | |
| | | | 4,285,000 | | | | AA+ | | | 0.080% due 6/15/50(b) | | | | | 4,285,000 | | |
| | | | 1,725,000 | | | | AA+ | | | 5.000% due 6/15/23 | | | | | 1,814,135 | | |
| | | | 1,100,000 | | | | AA+ | | | 5.000% due 6/15/29 | | | | | 1,352,222 | | |
| | | | 1,750,000 | | | | A+ | | | New York Liberty Development Corp., Revenue Bonds, 2.750% due
2/15/44 | | | | | 1,622,377 | | |
| | | | | | | | | | | New York State Dormitory Authority, Revenue Bonds: | | | | | | | |
| | | | 385,000 | | | | AA | | | 5.000% due 5/15/23 | | | | | 388,189 | | |
| | | | 475,000 | | | | A- | | | 5.000% due 5/1/48(b) | | | | | 519,240 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | New York – (continued) | |
| | | $ | 5,000,000 | | | | Aa2(a) | | | Series A, 5.000% due 9/15/22 | | | | $ | 5,116,128 | | |
| | | | 4,500,000 | | | | AA | | | AGM, Series A, 5.000% due 10/1/33 | | | | | 5,531,323 | | |
| | | | 4,000,000 | | | | Aa2(a) | | | Series A, 5.250% due 3/15/38 | | | | | 4,904,408 | | |
| | | | 2,150,000 | | | | AAA | | | New York State Environmental Facilities Corp., Revenue Bonds, Series A,
5.000% due 6/15/33 | | | | | 2,603,543 | | |
| | | | 1,500,000 | | | | Aa2(a) | | | New York State Housing Finance Agency, Revenue Bonds, Series M1,
2.500% due 11/1/45 | | | | | 1,307,607 | | |
| | | | | | | | | | | New York State Urban Development Corp., Revenue Bonds: | | | | | | | |
| | | | 2,500,000 | | | | AA+ | | | Series A, 3.000% due 3/15/50 | | | | | 2,494,441 | | |
| | | | 65,000 | | | | AA+ | | | Series A, 5.000% due 3/15/22 | | | | | 65,107 | | |
| | | | 80,000 | | | | AA+ | | | Series A, 5.000% due 3/15/32 | | | | | 93,618 | | |
| | | | 175,000 | | | | AA- | | | Onondaga Civic Development Corp., Revenue Bonds, Series A, 5.000% due
12/1/33 | | | | | 215,482 | | |
| | | | 5,000,000 | | | | A+ | | | Port Authority of New York & New Jersey, Revenue Bonds, Series 207,
5.000% due 9/15/24(c) | | | | | 5,422,636 | | |
| | | | 400,000 | | | | AA+ | | | Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, Prerefunded
10/15/24 @ 100, 4.000% due 10/15/32(d) | | | | | 428,575 | | |
| | | | 75,000 | | | | Aa1(a) | | | State of New York Mortgage Agency, Revenue Bonds, Series 221, 3.500%
due 10/1/32(c) | | | | | 78,242 | | |
| | | | | | | | | | | Triborough Bridge & Tunnel Authority, Revenue Bonds: | | | | | | | |
| | | | 1,000,000 | | | | AA+ | | | 4.000% due 5/15/51 | | | | | 1,125,526 | | |
| | | | 1,500,000 | | | | AA+ | | | 5.000% due 5/15/44 | | | | | 1,868,612 | | |
| | | | 2,500,000 | | | | AA+ | | | Series A1, 4.000% due 5/15/46 | | | | | 2,799,723 | | |
| | | | 85,000 | | | | AA- | | | Series B, 5.000% due 11/15/23 | | | | | 90,651 | | |
| | | | 115,000 | | | | AA- | | | Series B, 5.000% due 11/15/24 | | | | | 122,484 | | |
| | | | | | | | | | | Total New York | | | | | 84,231,299 | | |
| | North Carolina – 0.3% | |
| | | | | | | | | | | County of New Hanover NC, Revenue Bonds: | | | | | | | |
| | | | 25,000 | | | | WR(a) | | | 5.000% due 10/1/27 | | | | | 29,515 | | |
| | | | 205,000 | | | | WR(a) | | | Series Prerefunded 10/1/27 @ 100, 5.000% due 10/1/47(d) | | | | | 242,020 | | |
| | | | 1,000,000 | | | | AAA | | | County of Wake NC, GO, Series C, 5.000% due 2/1/28(f) | | | | | 1,200,959 | | |
| | | | 655,000 | | | | AA- | | | North Carolina Medical Care Commission, Revenue Bonds, 2.200% due
12/1/48(b) | | | | | 657,372 | | |
| | | | 105,000 | | | | Aa3(a) | | | Raleigh Durham Airport Authority, Revenue Bonds, Series A, 5.000% due
5/1/29(c) | | | | | 125,156 | | |
| | | | | | | | | | | State of North Carolina, Revenue Bonds: | | | | | | | |
| | | | 330,000 | | | | AA | | | 5.000% due 3/1/22 | | | | | 330,000 | | |
| | | | 290,000 | | | | AA | | | 5.000% due 3/1/23 | | | | | 301,763 | | |
| | | | | | | | | | | Total North Carolina | | | | | 2,886,785 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Ohio – 1.7% | |
| | | | | | | | | | | City of Cleveland OH Airport System Revenue, Revenue Bonds, AGM: | | |
| | | $ | 30,000 | | | | AA | | | Series A, 5.000% due 1/1/26 | | | | $ | 32,929 | | |
| | | | 45,000 | | | | AA | | | Series A, 5.000% due 1/1/28 | | | | | 49,394 | | |
| | | | 65,000 | | | | AA | | | Series A, 5.000% due 1/1/29 | | | | | 71,327 | | |
| | | | 60,000 | | | | AA | | | Series A, 5.000% due 1/1/30 | | | | | 65,841 | | |
| | | | 55,000 | | | | AA | | | Columbus City School District, GO, 5.000% due 12/1/32 | | | | | 62,590 | | |
| | | | | | | | | | | County of Allen OH Hospital Facilities Revenue, Revenue Bonds: | | | | | | | |
| | | | 125,000 | | | | A+ | | | 5.000% due 12/1/29 | | | | | 153,445 | | |
| | | | 125,000 | | | | A+ | | | 5.000% due 12/1/30 | | | | | 154,010 | | |
| | | | 80,000 | | | | A+ | | | Series B, 5.000% due 8/1/47(b) | | | | | 80,594 | | |
| | | | 60,000 | | | | Aa2(a) | | | County of Franklin OH, Revenue Bonds, 5.000% due 11/1/26 | | | | | 69,402 | | |
| | | | 140,000 | | | | A- | | | County of Hamilton OH, Revenue Bonds, 5.250% due 6/1/26 | | | | | 141,439 | | |
| | | | 465,000 | | | | A3(a) | | | County of Scioto OH, Revenue Bonds, 5.000% due 2/15/29 | | | | | 529,381 | | |
| | | | 285,000 | | | | Aa3(a) | | | Miami University/Oxford OH, Revenue Bonds, Series A, 5.000% due
9/1/30 | | | | | 357,141 | | |
| | | | 50,000 | | | | Aaa(a) | | | Ohio Housing Finance Agency, Revenue Bonds, Series B, 4.500% due
3/1/50 | | | | | 53,812 | | |
| | | | 1,000,000 | | | | AA | | | Ohio State University, Revenue Bonds, Series A, 5.000% due 12/1/30 | | | | | 1,265,215 | | |
| | | | 2,000,000 | | | | AAA | | | Ohio Water Development Authority Water Pollution Control Loan Fund,
Revenue Bonds, Series A, 0.170% due 12/1/36(b) | | | | | 2,000,000 | | |
| | | | | | | | | | | State of Ohio, GO: | | | | | | | |
| | | | 1,000,000 | | | | AA+ | | | Series A, 5.000% due 3/1/28 | | | | | 1,199,543 | | |
| | | | 1,000,000 | | | | AA+ | | | Series A, 5.000% due 3/1/29 | | | | | 1,225,760 | | |
| | | | 1,565,000 | | | | AA+ | | | Series C, 5.000% due 3/15/28 | | | | | 1,878,921 | | |
| | | | 1,750,000 | | | | AA+ | | | Series C, 5.000% due 3/15/29 | | | | | 2,146,825 | | |
| | | | 1,920,000 | | | | AA+ | | | Series C, 5.000% due 3/15/30 | | | | | 2,406,726 | | |
| | | | | | | | | | | State of Ohio, Revenue Bonds: | | | | | | | |
| | | | 1,100,000 | | | | A | | | 4.000% due 1/15/40 | | | | | 1,206,302 | | |
| | | | 75,000 | | | | AA | | | 5.000% due 1/1/27 | | | | | 87,084 | | |
| | | | 145,000 | | | | AA | | | 5.000% due 1/1/29 | | | | | 172,271 | | |
| | | | 90,000 | | | | A | | | Series A, 4.000% due 1/15/50 | | | | | 97,500 | | |
| | | | | | | | | | | Total Ohio | | | | | 15,507,452 | | |
| | Oklahoma – 0.2% | |
| | | | 560,000 | | | | AA- | | | Canadian County Educational Facilities Authority, Revenue Bonds, 5.000%
due 9/1/26 | | | | | 645,513 | | |
| | | | | | | | | | | Grand River Dam Authority, Revenue Bonds: | | | | | | | |
| | | | 35,000 | | | | AA- | | | Series A, 5.000% due 6/1/27 | | | | | 37,796 | | |
| | | | 45,000 | | | | AA- | | | Series A, 5.000% due 6/1/28 | | | | | 48,584 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Oklahoma – (continued) | |
| | | | | | | | | | | Oklahoma Municipal Power Authority, Revenue Bonds: | | |
| | | $ | 50,000 | | | | A | | | Series A, Prerefunded 1/1/25 @ 100, 5.000% due 1/1/26(d) | | | | $ | 55,096 | | |
| | | | 175,000 | | | | A | | | Series A, Prerefunded 1/1/25 @ 100, 5.000% due 1/1/27(d) | | | | | 192,835 | | |
| | | | 60,000 | | | | A | | | Series A, Prerefunded 1/1/25 @ 100, 5.000% due 1/1/28(d) | | | | | 66,115 | | |
| | | | 45,000 | | | | A | | | Series A, Prerefunded 1/1/25 @ 100, 5.000% due 1/1/29(d) | | | | | 49,586 | | |
| | | | 60,000 | | | | A | | | Series B, 5.000% due 1/1/27 | | | | | 65,841 | | |
| | | | 600,000 | | | | AAA | | | Oklahoma Water Resources Board, Revenue Bonds, Series A, 4.000% due
4/1/35 | | | | | 691,553 | | |
| | | | | | | | | | | Total Oklahoma | | | | | 1,852,919 | | |
| | Oregon – 1.4% | |
| | | | 85,000 | | | | Aa1(a) | | | Hillsboro School District No 1J, GO, 5.000% due 6/15/30 | | | | | 100,157 | | |
| | | | 4,295,000 | | | | AA- | | | Oregon Health & Science University, Revenue Bonds, Series B2, 5.000%
due 7/1/46(b) | | | | | 5,450,081 | | |
| | | | 3,800,000 | | | | A+ | | | Oregon State Business Development Commission, Revenue Bonds,
Series 232, 2.400% due 12/1/40(b) | | | | | 3,865,558 | | |
| | | | | | | | | | | Port of Portland OR Airport Revenue, Revenue Bonds: | | | | | | | |
| | | | 300,000 | | | | AA- | | | 5.000% due 7/1/28(c) | | | | | 352,060 | | |
| | | | 165,000 | | | | AA- | | | 5.000% due 7/1/29 | | | | | 195,781 | | |
| | | | 205,000 | | | | AA- | | | Series 24B, 5.000% due 7/1/32(c) | | | | | 232,771 | | |
| | | | 2,675,000 | | | | AA+ | | | Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32 | | | | | 3,215,074 | | |
| | | | | | | | | | | Total Oregon | | | | | 13,411,482 | | |
| | Pennsylvania – 1.7% | |
| | | | | | | | | | | City of Philadelphia PA, GO: | | | | | | | |
| | | | 550,000 | | | | A | | | Series A, 5.000% due 8/1/22 | | | | | 559,935 | | |
| | | | 1,000,000 | | | | A | | | Series B, 5.000% due 2/1/24 | | | | | 1,071,094 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 8/1/27 | | | | | 95,044 | | |
| | | | 300,000 | | | | A | | | Series B, 5.000% due 8/1/29 | | | | | 333,858 | | |
| | | | 320,000 | | | | A | | | Series B, 5.000% due 8/1/30 | | | | | 356,116 | | |
| | | | 335,000 | | | | A | | | Series B, 5.000% due 8/1/31 | | | | | 372,690 | | |
| | | | | | | | | | | City of Philadelphia PA Airport Revenue, Revenue Bonds: | | | | | | | |
| | | | 50,000 | | | | A- | | | Series B, 5.000% due 7/1/30(c) | | | | | 57,225 | | |
| | | | 70,000 | | | | A- | | | Series B, 5.000% due 7/1/31(c) | | | | | 80,054 | | |
| | | | | | | | | | | Commonwealth Financing Authority, Revenue Bonds: | | | | | | | |
| | | | 1,010,000 | | | | A | | | Series A, 5.000% due 6/1/28 | | | | | 1,204,382 | | |
| | | | 500,000 | | | | A | | | Series B, 5.000% due 6/1/25 | | | | | 556,790 | | |
| | | | | | | | | | | Commonwealth of Pennsylvania, GO: | | | | | | | |
| | | | 290,000 | | | | A+ | | | 5.000% due 10/15/27 | | | | | 308,367 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Pennsylvania – (continued) | |
| | | $ | 810,000 | | | | A+ | | | 5.000% due 9/15/29 | | | | $ | 927,346 | | |
| | | | | | | | | | | General Authority of Southcentral Pennsylvania, Revenue Bonds: | | | | | | | |
| | | | 190,000 | | | | Aa3(a) | | | 5.000% due 6/1/38 | | | | | 229,645 | | |
| | | | 310,000 | | | | Aa3(a) | | | 5.000% due 6/1/39 | | | | | 373,623 | | |
| | | | | | | | | | | Lancaster County Hospital Authority, Revenue Bonds: | | | | | | | |
| | | | 800,000 | | | | A+ | | | 5.000% due 11/1/38 | | | | | 960,061 | | |
| | | | 1,000,000 | | | | A+ | | | 5.000% due 11/1/39 | | | | | 1,196,520 | | |
| | | | 1,000,000 | | | | A | | | Lehigh County Industrial Development Authority, Revenue Bonds, Series A,
1.800% due 9/1/29(b) | | | | | 1,003,248 | | |
| | | | | | | | | | | Montgomery County Higher Education & Health Authority, Revenue Bonds: | | | | | | | |
| | | | 325,000 | | | | A | | | 5.000% due 9/1/33 | | | | | 389,907 | | |
| | | | 110,000 | | | | A | | | Series A, AMBAC, 6.000% due 6/1/22 | | | | | 111,462 | | |
| | | | 1,000,000 | | | | A+ | | | Northampton County General Purpose Authority, Revenue Bonds, 5.000%
due 11/1/27 | | | | | 1,182,160 | | |
| | | | 60,000 | | | | A | | | Pennsylvania Economic Development Financing Authority, Revenue Bonds,
5.000% due 3/1/22 | | | | | 60,000 | | |
| | | | | | | | | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 775,000 | | | | AA | | | 4.000% due 8/15/38(f) | | | | | 878,426 | | |
| | | | 900,000 | | | | AA | | | 5.000% due 8/15/32(f) | | | | | 1,142,969 | | |
| | | | 35,000 | | | | AA | | | Series A, 5.000% due 8/15/27 | | | | | 41,383 | | |
| | | | 35,000 | | | | AA | | | Series A, 5.000% due 8/15/28 | | | | | 41,103 | | |
| | | | 60,000 | | | | AA | | | Series A, 5.000% due 8/15/30 | | | | | 70,325 | | |
| | | | | | | | | | | Pennsylvania Turnpike Commission, Revenue Bonds: | | | | | | | |
| | | | 15,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/22 | | | | | 15,459 | | |
| | | | 15,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/23 | | | | | 15,982 | | |
| | | | 45,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/29 | | | | | 53,294 | | |
| | | | 30,000 | | | | A1(a) | | | Series A1, 5.000% due 12/1/34 | | | | | 35,331 | | |
| | | | 35,000 | | | | A | | | Series A2, 5.000% due 12/1/28 | | | | | 40,748 | | |
| | | | 35,000 | | | | A | | | Series A2, 5.000% due 12/1/33 | | | | | 41,500 | | |
| | | | 1,300,000 | | | | A1(a) | | | Series C, 5.000% due 12/1/46 | | | | | 1,586,964 | | |
| | | | | | | | | | | Philadelphia Gas Works Co., Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | A | | | 5.000% due 8/1/23 | | | | | 31,648 | | |
| | | | 20,000 | | | | A | | | 5.000% due 8/1/24 | | | | | 21,661 | | |
| | | | 250,000 | | | | AA | | | Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A,
AGM-Insured, 5.000% due 9/1/44 | | | | | 300,902 | | |
| | | | 40,000 | | | | A1(a) | | | State Public School Building Authority, Revenue Bonds, 5.000% due
6/1/26 | | | | | 44,328 | | |
| | | | | | | | | | | Total Pennsylvania | | | | | 15,791,550 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Rhode Island – 0.5% | |
| | | | | | | | | | | Rhode Island Health & Educational Building Corp., Revenue Bonds: | | |
| | | $ | 240,000 | | | | AA | | | AGM, 5.000% due 5/15/25 | | | | $ | 266,918 | | |
| | | | 2,000,000 | | | | AA+ | | | Series A, 5.000% due 9/1/29 | | | | | 2,368,063 | | |
| | | | 135,000 | | | | AA+ | | | Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds,
Series 70, 4.000% due 10/1/49 | | | | | 142,855 | | |
| | | | | | | | | | | Rhode Island Student Loan Authority, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | AA | | | Series A, 3.500% due 12/1/34(c) | | | | | 60,371 | | |
| | | | 1,125,000 | | | | AA | | | Series A, 5.000% due 12/1/26(c) | | | | | 1,285,199 | | |
| | | | | | | | | | | Tobacco Settlement Financing Corp., Revenue Bonds: | | | | | | | |
| | | | 55,000 | | | | BBB | | | Series A, 5.000% due 6/1/27 | | | | | 60,287 | | |
| | | | 70,000 | | | | BBB | | | Series A, 5.000% due 6/1/28 | | | | | 76,522 | | |
| | | | | | | | | | | Total Rhode Island | | | | | 4,260,215 | | |
| | South Carolina – 1.9% | |
| | | | | | | | | | | Beaufort-Jasper Water & Sewer Authority, Revenue Bonds: | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 3/1/22 | | | | | 30,000 | | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 3/1/24 | | | | | 32,254 | | |
| | | | 30,000 | | | | AA+ | | | Series B, 5.000% due 3/1/25 | | | | | 33,270 | | |
| | | | 2,500,000 | | | | AAA | | | County of Charleston SC, GO, Series C, 5.000% due 11/1/27 | | | | | 2,986,786 | | |
| | | | 8,000,000 | | | | Aa1(a) | | | Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000%
due 10/1/48(b)(g) | | | | | 8,363,827 | | |
| | | | | | | | | | | Scago Educational Facilities Corp. for Colleton School District, Revenue
Bonds: | | | | | | | |
| | | | 115,000 | | | | A- | | | 5.000% due 12/1/27 | | | | | 127,062 | | |
| | | | 95,000 | | | | A- | | | 5.000% due 12/1/29 | | | | | 105,322 | | |
| | | | | | | | | | | South Carolina Jobs-Economic Development Authority, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 2/1/24 | | | | | 32,151 | | |
| | | | 50,000 | | | | A+ | | | 5.000% due 2/1/25 | | | | | 55,222 | | |
| | | | 50,000 | | | | A+ | | | 5.000% due 2/1/26 | | | | | 56,762 | | |
| | | | 1,000,000 | | | | A1(a) | | | Series A, 4.000% due 4/1/52 | | | | | 1,117,635 | | |
| | | | | | | | | | | South Carolina Ports Authority, Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | A+ | | | 5.000% due 7/1/28(c) | | | | | 76,787 | | |
| | | | 140,000 | | | | A+ | | | 5.000% due 7/1/30(c) | | | | | 163,690 | | |
| | | | | | | | | | | South Carolina Public Service Authority, Revenue Bonds: | | | | | | | |
| | | | 185,000 | | | | A | | | Series B, 5.000% due 12/1/35 | | | | | 213,383 | | |
| | | | 275,000 | | | | A | | | Series B, 5.000% due 12/1/36 | | | | | 317,252 | | |
| | | | 115,000 | | | | A | | | Series C, 5.000% due 12/1/25 | | | | | 125,912 | | |
| | | | 115,000 | | | | A | | | Series C, 5.000% due 12/1/26 | | | | | 125,849 | | |
| | | | 90,000 | | | | A | | | Series C, 5.000% due 12/1/27 | | | | | 98,452 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | South Carolina – (continued) | |
| | | | | | | | | | | South Carolina State Housing Finance & Development Authority, Revenue Bonds: | | |
| | | $ | 170,000 | | | | Aaa(a) | | | Series A, 4.000% due 1/1/50 | | | | $ | 182,043 | | |
| | | | 155,000 | | | | Aaa(a) | | | Series A, 4.000% due 7/1/50 | | | | | 166,001 | | |
| | | | | | | | | | | University of South Carolina, Revenue Bonds: | | | | | | | |
| | | | 450,000 | | | | Aa2(a) | | | 5.000% due 5/1/30(f) | | | | | 558,233 | | |
| | | | 800,000 | | | | Aa2(a) | | | 5.000% due 5/1/32(f) | | | | | 1,029,654 | | |
| | | | 575,000 | | | | Aa3(a) | | | Series A, 5.000% due 5/1/28(f) | | | | | 683,745 | | |
| | | | 625,000 | | | | Aa3(a) | | | Series A, 5.000% due 5/1/30(f) | | | | | 771,595 | | |
| | | | | | | | | | | Total South Carolina | | | | | 17,452,887 | | |
| | South Dakota – 0.0% | |
| | | | | | | | | | | South Dakota Health & Educational Facilities Authority, Revenue Bonds: | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 7/1/23 | | | | | 31,565 | | |
| | | | 15,000 | | | | AA- | | | 5.000% due 7/1/24 | | | | | 16,268 | | |
| | | | 10,000 | | | | AA- | | | 5.000% due 7/1/27 | | | | | 11,717 | | |
| | | | 50,000 | | | | AA- | | | 5.000% due 7/1/33 | | | | | 58,142 | | |
| | | | 40,000 | | | | AA- | | | 5.000% due 7/1/35 | | | | | 46,470 | | |
| | | | 35,000 | | | | A+ | | | Series B, 5.000% due 11/1/24 | | | | | 38,236 | | |
| | | | 35,000 | | | | A+ | | | Series B, 5.000% due 11/1/25 | | | | | 38,197 | | |
| | | | 5,000 | | | | A+ | | | Series B, 5.000% due 11/1/26 | | | | | 5,454 | | |
| | | | | | | | | | | Total South Dakota | | | | | 246,049 | | |
| | Tennessee – 1.9% | |
| | | | 1,585,000 | | | | AAA | | | City of Chattanooga TN, GO, Series A, 4.000% due 2/1/33 | | | | | 1,807,542 | | |
| | | | 3,970,000 | | | | AA | | | City of Pigeon Forge TN, GO, Series B, 5.000% due 6/1/27 | | | | | 4,662,678 | | |
| | | | | | | | | | | Greeneville Health & Educational Facilities Board, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | A- | | | Series A, 5.000% due 7/1/29 | | | | | 35,601 | | |
| | | | 35,000 | | | | A- | | | Series A, 5.000% due 7/1/30 | | | | | 41,400 | | |
| | | | | | | | | | | Knox County Health Educational & Housing Facility Board, Revenue
Bonds: | | | | | | | |
| | | | 35,000 | | | | BBB | | | 5.000% due 9/1/22 | | | | | 35,705 | | |
| | | | 30,000 | | | | BBB | | | 5.000% due 4/1/24 | | | | | 32,078 | | |
| | | | 30,000 | | | | BBB | | | 5.000% due 9/1/24 | | | | | 32,455 | | |
| | | | 40,000 | | | | BBB | | | 5.000% due 4/1/25 | | | | | 43,948 | | |
| | | | | | | | | | | Tennergy Corp., Revenue Bonds: | | | | | | | |
| | | | 3,250,000 | | | | A1(a) | | | Series A, 4.000% due 12/1/51(b) | | | | | 3,587,532 | | |
| | | | 6,240,000 | | | | Aa1(a) | | | Series A, 5.000% due 2/1/50(b) | | | | | 6,757,739 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Tennessee – (continued) | |
| | | $ | 350,000 | | | | A2(a) | | | Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 4.000% due
5/1/48(b) | | | | $ | 359,239 | | |
| | | | | | | | | | | Total Tennessee | | | | | 17,395,917 | | |
| | Texas – 11.7% | |
| | | | 1,895,000 | | | | AAA | | | Alamo Community College District, GO, 5.000% due 8/15/34 | | | | | 2,222,184 | | |
| | | | | | | | | | | Board of Regents of the University of Texas System, Revenue Bonds: | | | | | | | |
| | | | 90,000 | | | | AAA | | | Series B, 5.000% due 8/15/22 | | | | | 91,783 | | |
| | | | 70,000 | | | | AAA | | | Series D, 5.000% due 8/15/22 | | | | | 71,387 | | |
| | | | 80,000 | | | | AAA | | | Series E, 5.000% due 8/15/22 | | | | | 81,585 | | |
| | | | 90,000 | | | | AAA | | | Series J, 5.000% due 8/15/22 | | | | | 91,783 | | |
| | | | 6,990,000 | | | | Aaa(a) | | | Brazosport Independent School District, GO, PSF-GTD-Insured, 5.000%
due 2/15/29 | | | | | 8,523,928 | | |
| | | | | | | | | | | Central Texas Regional Mobility Authority, Revenue Bonds: | | |
| | | | 35,000 | | | | A- | | | Series A, Prerefunded 7/01/25 @ 100, 5.000% due 1/1/31(d) | | | | | 39,214 | | |
| | | | 30,000 | | | | A- | | | Series A, Prerefunded 7/01/25 @ 100, 5.000% due 1/1/32(d) | | | | | 33,612 | | |
| | | | 60,000 | | | | A- | | | Series A, Prerefunded 7/1/25 @ 100, 5.000% due 1/1/34(d) | | | | | 67,224 | | |
| | | | 160,000 | | | | A- | | | Series A, Prerefunded 7/1/25 @ 100, 5.000% due 1/1/40(d) | | | | | 179,264 | | |
| | | | 600,000 | | | | A- | | | Series B, 4.000% due 1/1/41 | | | | | 662,780 | | |
| | | | 375,000 | | | | A- | | | Series B, 5.000% due 1/1/29 | | | | | 448,137 | | |
| | | | 1,800,000 | | | | A- | | | Series E, 5.000% due 1/1/38 | | | | | 2,157,290 | | |
| | | | 1,770,000 | | | | AAA | | | City of Austin TX, GO, 5.000% due 5/1/27 | | | | | 2,085,366 | | |
| | | | | | | | | | | City of Austin TX Airport System Revenue, Revenue Bonds: | | | | | | | |
| | | | 165,000 | | | | A | | | 5.000% due 11/15/26(c) | | | | | 179,949 | | |
| | | | 80,000 | | | | A | | | 5.000% due 11/15/29(c) | | | | | 86,716 | | |
| | | | 45,000 | | | | AA | | | City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A,
5.000% due 11/15/23 | | | | | 46,231 | | |
| | | | 170,000 | | | | AA- | | | City of Dallas TX, GO, 5.000% due 2/15/24 | | | | | 182,701 | | |
| | | | | | | | | | | City of Dallas TX Waterworks & Sewer System Revenue, Revenue Bonds: | | | | | | | |
| | | | 3,000,000 | | | | AAA | | | Series A, 5.000% due 10/1/27 | | | | | 3,372,345 | | |
| | | | 3,545,000 | | | | AAA | | | Series C, 5.000% due 10/1/31 | | | | | 4,549,023 | | |
| | | | | | | | | | | City of Houston TX, GO: | | | | | | | |
| | | | 2,000,000 | | | | AA | | | Series A, 5.000% due 3/1/22 | | | | | 2,000,000 | | |
| | | | 60,000 | | | | Aa3(a) | | | Series A, 5.000% due 3/1/23 | | | | | 62,477 | | |
| | | | 290,000 | | | | Aa3(a) | | | Series A, 5.000% due 3/1/24 | | | | | 312,150 | | |
| | | | 120,000 | | | | Aa3(a) | | | Series A, 5.000% due 3/1/25 | | | | | 132,631 | | |
| | | | | | | | | | | City of Houston TX Airport System Revenue, Revenue Bonds: | | | | | | | |
| | | | 50,000 | | | | A1(a) | | | Series A, 5.000% due 7/1/26(c) | | | | | 56,283 | | |
| | | | 60,000 | | | | A1(a) | | | Series A, 5.000% due 7/1/27(c) | | | | | 68,980 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 30,000 | | | | A1(a) | | | Series A, 5.000% due 7/1/28(c) | | | | $ | 35,128 | | |
| | | | 350,000 | | | | A | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/23(c)(d) | | | | | 354,978 | | |
| | | | 90,000 | | | | A1(a) | | | Series B, 5.000% due 7/1/28 | | | | | 107,088 | | |
| | | | 360,000 | | | | A1(a) | | | Series B, 5.000% due 7/1/29 | | | | | 428,397 | | |
| | | | 190,000 | | | | A1(a) | | | Series B, 5.000% due 7/1/30 | | | | | 226,241 | | |
| | | | 1,500,000 | | | | A1(a) | | | Series D, 5.000% due 7/1/25 | | | | | 1,669,683 | | |
| | | | 2,005,000 | | | | A1(a) | | | Series D, 5.000% due 7/1/26 | | | | | 2,285,606 | | |
| | | | | | | | | | | City of Houston TX Combined Utility System Revenue, Revenue Bonds: | | | | | | | |
| | | | 70,000 | | | | Aa2(a) | | | Series B, 5.000% due 11/15/33 | | | | | 80,637 | | |
| | | | 75,000 | | | | AA | | | Series C, 5.000% due 5/15/28 | | | | | 80,882 | | |
| | | | 1,040,000 | | | | AAA | | | City of Irving TX, GO, 5.500% due 8/15/23 | | | | | 1,106,906 | | |
| | | | | | | | | | | City of San Antonio TX Airport System, Revenue Bonds: | | |
| | | | 500,000 | | | | A- | | | Series A, 5.000% due 7/1/27(c) | | | | | 573,741 | | |
| | | | 480,000 | | | | A | | | Series A, 5.000% due 7/1/28(c) | | | | | 562,052 | | |
| | | | | | | | | | | City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds: | | | | | | | |
| | | | 1,000,000 | | | | A+ | | | 1.750% due 2/1/49(b) | | | | | 1,003,514 | | |
| | | | 500,000 | | | | A+ | | | 4.000% due 2/1/43 | | | | | 570,599 | | |
| | | | 45,000 | | | | AA- | | | 5.000% due 2/1/29 | | | | | 52,878 | | |
| | | | 30,000 | | | | AA- | | | 5.000% due 2/1/30 | | | | | 35,218 | | |
| | | | 45,000 | | | | AA- | | | 5.000% due 2/1/31 | | | | | 52,903 | | |
| | | | 35,000 | | | | AA- | | | 5.000% due 2/1/33 | | | | | 41,008 | | |
| | | | 750,000 | | | | A+ | | | 5.000% due 2/1/42 | | | | | 937,659 | | |
| | | | 90,000 | | | | AA- | | | 5.250% due 2/1/25 | | | | | 100,067 | | |
| | | | 1,500,000 | | | | A+ | | | Series 2019, 2.750% due 2/1/48(b) | | | | | 1,518,986 | | |
| | | | | | | | | | | Comal Independent School District, GO, PSF-GTD: | | | | | | | |
| | | | 3,000,000 | | | | Aaa(a) | | | 5.000% due 2/1/27 | | | | | 3,492,244 | | |
| | | | 2,000,000 | | | | Aaa(a) | | | 5.000% due 2/1/28 | | | | | 2,384,604 | | |
| | | | | | | | | | | County of Harris TX, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | AA- | | | Series C, 5.000% due 8/15/24 | | | | | 30,578 | | |
| | | | 110,000 | | | | AA- | | | Series C, 5.000% due 8/15/25 | | | | | 112,108 | | |
| | | | | | | | | | | County of Travis TX, GO: | | |
| | | | 85,000 | | | | AAA | | | Series A, 5.000% due 3/1/24 | | | | | 91,299 | | |
| | | | 1,490,000 | | | | AAA | | | Series A, 5.000% due 3/1/38 | | | | | 1,809,407 | | |
| | | | 2,215,000 | | | | AAA | | | County of Williamson TX, GO, 5.000% due 2/15/30 | | | | | 2,586,680 | | |
| | | | | | | | | | | Cypress-Fairbanks Independent School District, GO, PSF-GTD: | | | | | | | |
| | | | 1,975,000 | | | | AAA | | | 4.000% due 2/15/32 | | | | | 2,147,378 | | |
| | | | 145,000 | | | | AAA | | | 5.000% due 2/15/23 | | | | | 150,667 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 725,000 | | | | AAA | | | 5.000% due 2/15/24 | | | | $ | 778,287 | | |
| | | | 620,000 | | | | AAA | | | 5.000% due 2/15/25 | | | | | 685,707 | | |
| | | | 105,000 | | | | AAA | | | 5.000% due 2/15/27 | | | | | 119,368 | | |
| | | | 210,000 | | | | AA+ | | | Dallas Area Rapid Transit, Revenue Bonds, AMBAC-Insured, 5.250% due
12/1/29 | | | | | 263,632 | | |
| | | | 185,000 | | | | A2(a) | | | Dallas County Utility & Reclamation District, GO, 5.000% due 2/15/24 | | | | | 197,520 | | |
| | | | | | | | | | | Dallas Fort Worth International Airport, Revenue Bonds: | | | | | | | |
| | | | 2,590,000 | | | | A | | | Series A, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/29(c)(d) | | | | | 2,660,278 | | |
| | | | 85,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/26(c)(d) | | | | | 87,306 | | |
| | | | 35,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/27(c)(d) | | | | | 35,950 | | |
| | | | 80,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/28(c)(d) | | | | | 82,171 | | |
| | | | 155,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/30(c)(d) | | | | | 159,206 | | |
| | | | 330,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/31(c)(d) | | | | | 338,954 | | |
| | | | 420,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/32(c)(d) | | | | | 431,396 | | |
| | | | 290,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/33(c)(d) | | | | | 297,869 | | |
| | | | 70,000 | | | | A | | | Series B, Prerefunded 11/1/22 @ 100, 5.000% due 11/1/34(c)(d) | | | | | 71,899 | | |
| | | | 1,500,000 | | | | A | | | Series E, 5.000% due 11/1/22(c) | | | | | 1,539,483 | | |
| | | | | | | | | | | Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD: | | | | | | | |
| | | | 1,270,000 | | | | Aaa(a) | | | 5.000% due 8/15/29 | | | | | 1,563,472 | | |
| | | | 1,000,000 | | | | Aaa(a) | | | 5.000% due 8/15/30 | | | | | 1,253,879 | | |
| | | | 105,000 | | | | AAA | | | Fort Worth Independent School District, GO, PSF-GTD-Insured, 5.000%
due 2/15/26 | | | | | 119,499 | | |
| | | | | | | | | | | Grand Parkway Transportation Corp., Revenue Bonds: | | | | | | | |
| | | | 150,000 | | | | AA+ | | | Series A, 5.000% due 10/1/31 | | | | | 177,978 | | |
| | | | 125,000 | | | | AA+ | | | Series A, 5.000% due 10/1/32 | | | | | 148,067 | | |
| | | | 190,000 | | | | AA+ | | | Series A, 5.000% due 10/1/33 | | | | | 224,899 | | |
| | | | 145,000 | | | | AA+ | | | Series A, 5.000% due 10/1/34 | | | | | 171,499 | | |
| | | | 70,000 | | | | BBB | | | Series A, 5.125% due 10/1/43 | | | | | 73,856 | | |
| | | | 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) | | | | | 953,369 | | |
| | | | | | | | | | | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds: | | | | | | | |
| | | | 1,025,000 | | | | A+ | | | 5.000% due 6/1/24 | | | | | 1,106,876 | | |
| | | | 590,000 | | | | A+ | | | 5.000% due 7/1/49(b) | | | | | 628,921 | | |
| | | | | | | | | | | Irving Hospital Authority, Revenue Bonds: | | | | | | | |
| | | | 15,000 | | | | A+ | | | 5.000% due 10/15/24 | | | | | 16,334 | | |
| | | | 20,000 | | | | A+ | | | 5.000% due 10/15/26 | | | | | 22,708 | | |
| | | | 15,000 | | | | A+ | | | 5.000% due 10/15/27 | | | | | 16,910 | | |
| | | | 20,000 | | | | A+ | | | 5.000% due 10/15/29 | | | | | 22,353 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 30,000 | | | | A+ | | | 5.000% due 10/15/31 | | | | $ | 33,516 | | |
| | | | 40,000 | | | | A+ | | | 5.000% due 10/15/35 | | | | | 44,653 | | |
| | | | 30,000 | | | | A+ | | | 5.000% due 10/15/36 | | | | | 33,516 | | |
| | | | 35,000 | | | | A+ | | | 5.000% due 10/15/39 | | | | | 39,118 | | |
| | | | 45,000 | | | | A+ | | | 5.000% due 10/15/44 | | | | | 50,334 | | |
| | | | | | | | | | | Lamar Consolidated Independent School District, GO, PSF-GTD: | | | | | | | |
| | | | 7,280,000 | | | | AAA | | | 5.000% due 2/15/31 | | | | | 8,433,653 | | |
| | | | 7,050,000 | | | | AAA | | | 5.000% due 2/15/34 | | | | | 8,138,161 | | |
| | | | 1,225,000 | | | | AA+ | | | Lewisville Independent School District, GO, Series B, 5.000% due
8/15/28 | | | | | 1,371,251 | | |
| | | | 1,000,000 | | | | Aaa(a) | | | Liberty Hill Independent School District, GO, PSF-GTD-Insured, 4.000%
due 2/1/47(f) | | | | | 1,153,939 | | |
| | | | | | | | | | | Love Field Airport Modernization Corp., Revenue Bonds: | | |
| | | | 40,000 | | | | A- | | | 5.000% due 11/1/30(c) | | | | | 44,327 | | |
| | | | 90,000 | | | | A- | | | 5.000% due 11/1/31(c) | | | | | 99,736 | | |
| | | | | | | | | | | Lower Colorado River Authority, Revenue Bonds: | | | | | | | |
| | | | 200,000 | | | | A | | | 5.000% due 5/15/26 | | | | | 226,906 | | |
| | | | 135,000 | | | | A | | | 5.000% due 5/15/32 | | | | | 159,735 | | |
| | | | 70,000 | | | | A | | | 5.000% due 5/15/34 | | | | | 82,701 | | |
| | | | 70,000 | | | | A | | | 5.000% due 5/15/36 | | | | | 82,439 | | |
| | | | 195,000 | | | | A | | | Series B, 5.000% due 5/15/25 | | | | | 215,900 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 5/15/27 | | | | | 94,449 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 5/15/28 | | | | | 94,307 | | |
| | | | 245,000 | | | | A | | | Series B, 5.000% due 5/15/29 | | | | | 271,746 | | |
| | | | 25,000 | | | | A | | | Series D, 5.000% due 5/15/22 | | | | | 25,228 | | |
| | | | 20,000 | | | | A | | | Series D, 5.000% due 5/15/23 | | | | | 20,965 | | |
| | | | 35,000 | | | | A | | | Series D, 5.000% due 5/15/24 | | | | | 37,713 | | |
| | | | 40,000 | | | | A | | | Series D, 5.000% due 5/15/26 | | | | | 44,526 | | |
| | | | 1,000,000 | | | | Aaa(a) | | | Malakoff Independent School District, GO, PSF-GTD-Insured, 5.000% due
2/15/30 | | | | | 1,244,667 | | |
| | | | | | | | | | | New Hope Cultural Education Facilities Finance Corp., Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/24 | | | | | 65,239 | | |
| | | | 45,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/26 | | | | | 51,664 | | |
| | | | 45,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/27 | | | | | 52,821 | | |
| | | | 70,000 | | | | Aa3(a) | | | Series A, 5.000% due 8/15/30 | | | | | 81,887 | | |
| | | | | | | | | | | Newark Higher Education Finance Corp., Revenue Bonds: | | | | | | | |
| | | | 65,000 | | | | A3(a) | | | 5.000% due 4/1/27 | | | | | 73,138 | | |
| | | | 40,000 | | | | A3(a) | | | 5.000% due 4/1/28 | | | | | 44,874 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | | | | | | | | | North Harris County Regional Water Authority, Revenue Bonds: | | |
| | | $ | 30,000 | | | | AA- | | | 4.000% due 12/15/23 | | | | $ | 30,673 | | |
| | | | 55,000 | | | | AA- | | | 4.000% due 12/15/24 | | | | | 56,314 | | |
| | | | | | | | | | | North Texas Tollway Authority, Revenue Bonds: | | | | | | | |
| | | | 50,000 | | | | NR | | | 5.000% due 1/1/23 | | | | | 51,707 | | |
| | | | 145,000 | | | | NR | | | 5.000% due 1/1/24 | | | | | 155,002 | | |
| | | | 35,000 | | | | A+ | | | Series A, 5.000% due 1/1/30 | | | | | 39,295 | | |
| | | | 40,000 | | | | A+ | | | Series A, 5.000% due 1/1/33 | | | | | 46,102 | | |
| | | | 200,000 | | | | A+ | | | Series A, 5.000% due 1/1/39 | | | | | 223,832 | | |
| | | | 185,000 | | | | A | | | Series B, 5.000% due 1/1/25 | | | | | 203,063 | | |
| | | | 290,000 | | | | A+ | | | Series B, 5.000% due 1/1/29 | | | | | 317,552 | | |
| | | | 160,000 | | | | A+ | | | Series B, 5.000% due 1/1/30 | | | | | 175,811 | | |
| | | | 20,000 | | | | A | | | Series B, 5.000% due 1/1/31 | | | | | 22,415 | | |
| | | | 85,000 | | | | A | | | Series B, 5.000% due 1/1/32 | | | | | 97,712 | | |
| | | | 685,000 | | | | Aaa(a) | | | Northside Independent School District, GO, PSF-GTD-Insured, 2.750% due
8/1/48(b) | | | | | 701,149 | | |
| | | | | | | | | | | Permanent University Fund – University of Texas System, Revenue Bonds: | | | | | | | |
| | | | 50,000 | | | | Aaa(a) | | | Series B, 5.000% due 7/1/22 | | | | | 50,733 | | |
| | | | 50,000 | | | | Aaa(a) | | | Series B, 5.000% due 7/1/29 | | | | | 57,404 | | |
| | | | 50,000 | | | | AAA | | | Rockwall Independent School District, GO, PSF-GTD-Insured, zero coupon,
due 2/15/25 | | | | | 48,013 | | |
| | | | 2,500,000 | | | | Aaa(a) | | | Round Rock Independent School District, GO, Series A, PSF-GTD-Insured,
5.000% due 8/1/29 | | | | | 3,079,255 | | |
| | | | 1,195,000 | | | | Aaa(a) | | | San Antonio Independent School District, GO, Series A, PSF-GTD-Insured,
5.000% due 8/1/28 | | | | | 1,375,556 | | |
| | | | | | | | | | | San Antonio Public Facilities Corp., Revenue Bonds: | | | | | | | |
| | | | 140,000 | | | | AA+ | | | 5.000% due 9/15/23 | | | | | 142,780 | | |
| | | | 215,000 | | | | AA+ | | | 5.000% due 9/15/24 | | | | | 219,571 | | |
| | | | 270,000 | | | | AA+ | | | 5.000% due 9/15/25 | | | | | 275,696 | | |
| | | | | | | | | | | San Antonio Water System, Revenue Bonds: | | | | | | | |
| | | | 175,000 | | | | NR | | | 5.000% due 5/15/22 | | | | | 176,583 | | |
| | | | 2,000,000 | | | | AA | | | Series A, 5.000% due 5/15/36 | | | | | 2,396,755 | | |
| | | | 390,000 | | | | AA | | | Series B, 2.000% due 5/1/44(b) | | | | | 392,495 | | |
| | | | | | | | | | | San Jacinto Community College District, GO: | | | | | | | |
| | | | 450,000 | | | | AA | | | 5.000% due 2/15/29 | | | | | 548,420 | | |
| | | | 435,000 | | | | AA | | | 5.000% due 2/15/30 | | | | | 539,603 | | |
| | | | | | | | | | | State of Texas, GO: | | | | | | | |
| | | | 2,500,000 | | | | AAA | | | 5.000% due 10/1/24 | | | | | 2,694,050 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Texas – (continued) | |
| | | $ | 150,000 | | | | AAA | | | 5.000% due 8/1/26(c) | | | | $ | 163,094 | | |
| | | | 200,000 | | | | AAA | | | 5.500% due 8/1/26(c) | | | | | 233,173 | | |
| | | | 350,000 | | | | AAA | | | Series B, 5.000% due 8/1/25(c) | | | | | 369,781 | | |
| | | | | | | | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds: | | | | | | | |
| | | | 165,000 | | | | AA | | | 5.000% due 2/15/25 | | | | | 182,335 | | |
| | | | 60,000 | | | | AA | | | 5.000% due 2/15/34 | | | | | 68,165 | | |
| | | | 30,000 | | | | Aa3(a) | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/25(d) | | | | | 31,706 | | |
| | | | 45,000 | | | | Aa3(a) | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/26(d) | | | | | 47,559 | | |
| | | | 45,000 | | | | Aa3(a) | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/28(d) | | | | | 47,559 | | |
| | | | 110,000 | | | | Aa3(a) | | | Series Prerefunded 8/15/23 @ 100, 5.000% due 8/15/33(d) | | | | | 116,255 | | |
| | | | 155,000 | | | | A3(a) | | | Series Prerefunded 9/1/23 @ 100, 5.500% due 9/1/43(d) | | | | | 165,054 | | |
| | | | 165,000 | | | | AAA | | | Texas A&M University, Revenue Bonds, Series C, 5.000% due 5/15/23 | | | | | 173,002 | | |
| | | | | | | | | | | Texas Department of Housing & Community Affairs, Revenue Bonds: | | | | | | | |
| | | | 405,489 | | | | Aaa(a) | | | 2.950% due 7/1/36 | | | | | 417,511 | | |
| | | | 370,000 | | | | AA+ | | | Series A, 4.000% due 3/1/50 | | | | | 398,049 | | |
| | | | 600,000 | | | | AA+ | | | Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28 | | | | | 715,381 | | |
| | | | 135,000 | | | | Aa2(a) | | | Texas State University System, Revenue Bonds, Series A, 5.000% due
3/15/29 | | | | | 157,410 | | |
| | | | | | | | | | | Texas Water Development Board, Revenue Bonds: | | | | | | | |
| | | | 1,000,000 | | | | AAA | | | 5.000% due 10/15/25 | | | | | 1,127,964 | | |
| | | | 125,000 | | | | AAA | | | Series A, 5.000% due 4/15/22 | | | | | 125,678 | | |
| | | | 180,000 | | | | AAA | | | Series A, 5.000% due 4/15/25 | | | | | 200,117 | | |
| | | | 75,000 | | | | AAA | | | Series A, 5.000% due 10/15/25 | | | | | 84,597 | | |
| | | | 125,000 | | | | AAA | | | Series A, 5.000% due 4/15/26 | | | | | 142,968 | | |
| | | | 190,000 | | | | AAA | | | Series A, 5.000% due 4/15/29 | | | | | 225,739 | | |
| | | | 505,000 | | | | AAA | | | Series A, 5.000% due 4/15/30 | | | | | 597,897 | | |
| | | | 190,000 | | | | AA | | | University of Houston, Revenue Bonds, Series A, 5.000% due 2/15/30 | | | | | 215,217 | | |
| | | | | | | | | | | Total Texas | | | | | 109,220,666 | | |
| | Utah – 0.4% | |
| | | | | | | | | | | City of Salt Lake City UT Airport Revenue, Revenue Bonds: | | | | | | | |
| | | | 35,000 | | | | A | | | Series A, 5.000% due 7/1/26(c) | | | | | 39,429 | | |
| | | | 115,000 | | | | A | | | Series A, 5.000% due 7/1/28(c) | | | | | 131,660 | | |
| | | | 155,000 | | | | A | | | Series A, 5.000% due 7/1/30(c) | | | | | 180,629 | | |
| | | | 375,000 | | | | AAA | | | State of Utah, GO, Series B, 5.000% due 7/1/22 | | | | | 380,511 | | |
| | | | 85,000 | | | | A- | | | Utah Associated Municipal Power Systems, Revenue Bonds, Series A,
Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(d) | | | | | 86,827 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Utah – (continued) | |
| | | $ | 2,500,000 | | | | AA- | | | Utah Transit Authority, Revenue Bonds, Series A, NPFG, 5.000% due
6/15/31 | | | | $ | 3,001,403 | | |
| | | | | | | | | | | Total Utah | | | | | 3,820,459 | | |
| | Vermont – 0.2% | |
| | | | | | | | | | | Vermont Student Assistance Corp., Revenue Bonds: | | | | | | | |
| | | | 750,000 | | | | A | | | Series A, 5.000% due 6/15/29(c) | | | | | 874,860 | | |
| | | | 675,000 | | | | A | | | Series A, 5.000% due 6/15/30(c) | | | | | 795,805 | | |
| | | | | | | | | | | Total Vermont | | | | | 1,670,665 | | |
| | Virginia – 4.3% | |
| | | | 195,000 | | | | A+ | | | Arlington County Industrial Development Authority, Revenue Bonds,
5.000% due 7/1/32 | | | | | 240,349 | | |
| | | | 30,000 | | | | BBB+ | | | City of Chesapeake VA Chesapeake Expressway Toll Road Revenue,
Revenue Bonds, Series A, 5.000% due 7/15/22 | | | | | 30,467 | | |
| | | | 5,000,000 | | | | AA+ | | | City of Richmond VA, GO, Series B, 5.000% due 7/15/22 | | | | | 5,081,569 | | |
| | | | 2,635,000 | | | | AAA | | | City of Suffolk VA, GO, Series A, 5.000% due 2/1/27 | | | | | 3,086,437 | | |
| | | | 5,000,000 | | | | AAA | | | Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24 | | | | | 5,190,030 | | |
| | | | 2,000,000 | | | | AAA | | | County of Fairfax VA Sewer Revenue, Revenue Bonds, Series A, 5.000%
due 7/15/46 | | | | | 2,517,850 | | |
| | | | | | | | | | | Fredericksburg Economic Development Authority, Revenue Bonds: | | | | | | | |
| | | | 40,000 | | | | A3(a) | | | 5.000% due 6/15/27 | | | | | 42,983 | | |
| | | | 40,000 | | | | A3(a) | | | 5.000% due 6/15/29 | | | | | 42,787 | | |
| | | | 45,000 | | | | A3(a) | | | 5.000% due 6/15/33 | | | | | 48,052 | | |
| | | | | | | | | | | Hampton Roads Transportation Accountability Commission, Revenue
Bonds: | | | | | | | |
| | | | 4,000,000 | | | | A+ | | | Series A, 5.000% due 7/1/26 | | | | | 4,583,268 | | |
| | | | 3,180,000 | | | | AA | | | Series A, 5.000% due 7/1/35 | | | | | 3,767,313 | | |
| | | | 1,065,000 | | | | A- | | | King George County Economic Development Authority, Revenue Bonds,
2.500% due 6/1/23(b)(c) | | | | | 1,074,797 | | |
| | | | 320,000 | | | | AA | | | Norfolk Economic Development Authority, Revenue Bonds, Series B,
5.000% due 11/1/48(b) | | | | | 385,242 | | |
| | | | | | | | | | | Stafford County Economic Development Authority, Revenue Bonds: | | | | | | | |
| | | | 20,000 | | | | A3(a) | | | 4.000% due 6/15/37 | | | | | 21,223 | | |
| | | | 50,000 | | | | A3(a) | | | 5.000% due 6/15/32 | | | | | 56,073 | | |
| | | | 65,000 | | | | A3(a) | | | 5.000% due 6/15/34 | | | | | 72,782 | | |
| | | | | | | | | | | Virginia College Building Authority, Revenue Bonds: | | | | | | | |
| | | | 1,670,000 | | | | AA+ | | | 5.000% due 2/1/25 | | | | | 1,845,921 | | |
| | | | 2,805,000 | | | | AA+ | | | Series A, 5.000% due 9/1/32 | | | | | 3,398,489 | | |
| | | | 165,000 | | | | AA+ | | | Series D, 5.000% due 2/1/26 | | | | | 187,720 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Virginia – (continued) | |
| | | $ | 265,000 | | | | AA+ | | | Series E, 5.000% due 2/1/30 | | | | $ | 315,228 | | |
| | | | 305,000 | | | | AA+ | | | Series E, 5.000% due 2/1/31 | | | | | 361,779 | | |
| | | | 360,000 | | | | AA+ | | | Virginia Commonwealth Transportation Board, Revenue Bonds, Series A,
5.000% due 5/15/30 | | | | | 427,445 | | |
| | | | | | | | | | | Virginia Resources Authority, Revenue Bonds: | | | | | | | |
| | | | 500,000 | | | | AAA | | | 5.000% due 11/1/29 | | | | | 621,737 | | |
| | | | 5,220,000 | | | | NR | | | Series Prerefunded 11/1/22 @ 100, 5.000% due 11/1/27(d) | | | | | 5,366,950 | | |
| | | | 1,000,000 | | | | AAA | | | Virginia Resources Authority Clean Water Revolving Fund, Revenue Bonds,
5.000% due 10/1/30 | | | | | 1,265,913 | | |
| | | | | | | | | | | Winchester Economic Development Authority, Revenue Bonds: | |
| | | | 60,000 | | | | A+ | | | 5.000% due 1/1/32 | | | | | 66,749 | | |
| | | | 75,000 | | | | A+ | | | 5.000% due 1/1/33 | | | | | 83,436 | | |
| | | | 100,000 | | | | BBB+ | | | York County Economic Development Authority, Revenue Bonds, Series A,
1.900% due 5/1/33 | | | | | 100,532 | | |
| | | | | | | | | | | Total Virginia | | | | | 40,283,121 | | |
| | Washington – 4.4% | |
| | | | 60,000 | | | | AA | | | Chelan County Public Utility District No 1, Revenue Bonds, Series A,
NPFG, zero coupon, due 6/1/24 | | | | | 58,178 | | |
| | | | 3,550,000 | | | | AA+ | | | City of Seattle WA Water System Revenue, Revenue Bonds, 5.000% due
8/1/27 | | | | | 4,199,755 | | |
| | | | | | | | | | | City of Tacoma WA Electric System Revenue, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | AA | | | 5.000% due 1/1/29 | | | | | 34,758 | | |
| | | | 35,000 | | | | AA | | | 5.000% due 1/1/36 | | | | | 40,147 | | |
| | | | 3,330,000 | | | | AA+ | | | County of King WA Sewer Revenue, Revenue Bonds, Series A, 5.000% due
7/1/22 | | | | | 3,378,822 | | |
| | | | | | | | | | | Grant County Public Utility District No 2 Priest Rapids Hydroelectric
Project, Revenue Bonds: | | | | | | | |
| | | | 30,000 | | | | AA | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/23(d) | | | | | 30,437 | | |
| | | | 65,000 | | | | AA | | | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(d) | | | | | 65,946 | | |
| | | | | | | | | | | Port of Seattle WA, Revenue Bonds: | | | | | | | |
| | | | 25,000 | | | | A | | | 5.000% due 6/1/23(c) | | | | | 26,211 | | |
| | | | 35,000 | | | | A+ | | | 5.000% due 2/1/27 | | | | | 39,562 | | |
| | | | 70,000 | | | | A+ | | | 5.000% due 2/1/29 | | | | | 79,011 | | |
| | | | 85,000 | | | | A+ | | | Series A, 5.000% due 5/1/29(c) | | | | | 97,991 | | |
| | | | 1,000,000 | | | | AA- | | | Series B, 5.000% due 10/1/26(c) | | | | | 1,133,170 | | |
| | | | 980,000 | | | | AA- | | | Series B, 5.000% due 10/1/27(c) | | | | | 1,108,434 | | |
| | | | 135,000 | | | | AA- | | | Series B, 5.000% due 10/1/29(c) | | | | | 152,351 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | Washington – (continued) | |
| | | | | | | | | | | State of Washington, GO: | |
| | | $ | 50,000 | | | | AA+ | | | Series 2017A, 5.000% due 8/1/27 | | | | $ | 57,578 | | |
| | | | 3,430,000 | | | | AA+ | | | Series A, 5.000% due 8/1/32 | | | | | 4,109,757 | | |
| | | | 3,000,000 | | | | AA+ | | | Series A, 5.000% due 8/1/38 | | | | | 3,705,875 | | |
| | | | 5,000,000 | | | | AA+ | | | Series C, 5.000% due 2/1/33 | | | | | 6,072,413 | | |
| | | | 2,500,000 | | | | AA+ | | | Series E, 5.000% due 6/1/43 | | | | | 3,110,757 | | |
| | | | 3,040,000 | | | | AA+ | | | Series R, 5.000% due 8/1/22 | | | | | 3,095,812 | | |
| | | | 50,000 | | | | AA+ | | | Series R2017A, 5.000% due 8/1/28 | | | | | 57,462 | | |
| | | | 50,000 | | | | AA+ | | | Series R2017A, 5.000% due 8/1/30 | | | | | 57,301 | | |
| | | | 355,000 | | | | AA+ | | | Series R2018C, 5.000% due 8/1/30 | | | | | 418,355 | | |
| | | | 725,000 | | | | AA+ | | | Series R2018D, 5.000% due 8/1/32 | | | | | 847,815 | | |
| | | | 640,000 | | | | AA+ | | | Series R2018D, 5.000% due 8/1/33 | | | | | 746,974 | | |
| | | | 5,000,000 | | | | AA+ | | | Series R2018D, 5.000% due 8/1/35 | | | | | 5,824,490 | | |
| | | | | | | | | | | Tobacco Settlement Authority, Revenue Bonds: | | |
| | | | 70,000 | | | | A | | | 5.000% due 6/1/23 | | | | | 73,294 | | |
| | | | 100,000 | | | | A | | | 5.000% due 6/1/24 | | | | | 104,637 | | |
| | | | | | | | | | | Washington Health Care Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 60,000 | | | | A | | | 5.000% due 7/1/26 | | | | | 68,668 | | |
| | | | 70,000 | | | | AA- | | | 5.000% due 10/1/27 | | | | | 82,559 | | |
| | | | 60,000 | | | | AA- | | | 5.000% due 10/1/28 | | | | | 72,114 | | |
| | | | 40,000 | | | | A+ | | | 5.000% due 1/1/29 | | | | | 44,113 | | |
| | | | 90,000 | | | | A | | | 5.000% due 7/1/29 | | | | | 106,584 | | |
| | | | 20,000 | | | | A | | | 5.000% due 7/1/34 | | | | | 23,420 | | |
| | | | 780,000 | | | | A | | | 5.000% due 7/1/42 | | | | | 908,634 | | |
| | | | 115,000 | | | | AA- | | | Series A, 5.000% due 10/1/24 | | | | | 117,681 | | |
| | | | 440,000 | | | | A- | | | Series A, 5.000% due 8/1/39 | | | | | 515,989 | | |
| | | | | | | | | | | Washington Higher Education Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 15,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/29 | | | | | 16,894 | | |
| | | | 35,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/30 | | | | | 39,293 | | |
| | | | 40,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/31 | | | | | 44,850 | | |
| | | | 210,000 | | | | Baa1(a) | | | Series A, 5.000% due 10/1/33 | | | | | 235,315 | | |
| | | | | | | | | | | Total Washington | | | | | 41,003,407 | | |
| | West Virginia – 1.6% | |
| | | | | | | | | | | State of West Virginia, GO: | | | | | | | |
| | | | 9,860,000 | | | | AA- | | | Series B, 5.000% due 12/1/34 | | | | | 11,848,721 | | |
| | | | 2,000,000 | | | | AA- | | | Series B, 5.000% due 6/1/35 | | | | | 2,402,460 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | MUNICIPAL BONDS – (continued) | |
| | West Virginia – (continued) | |
| | | $ | 190,000 | | | | BBB+ | | | West Virginia Hospital Finance Authority, Revenue Bonds, 5.000% due
1/1/33 | | | | $ | 221,499 | | |
| | | | | | | | | | | Total West Virginia | | | | | 14,472,680 | | |
| | Wisconsin – 0.4% | |
| | | | 160,000 | | | | A | | | Public Finance Authority, Revenue Bonds, 5.000% due 1/1/31 | | | | | 193,913 | | |
| | | | | | | | | | | Wisconsin Health & Educational Facilities Authority, Revenue Bonds: | | | | | | | |
| | | | 400,000 | | | | A2(a) | | | 5.000% due 10/1/23 | | | | | 423,962 | | |
| | | | 255,000 | | | | A+ | | | 5.000% due 11/15/24 | | | | | 279,954 | | |
| | | | 25,000 | | | | BBB+ | | | 5.000% due 5/1/26 | | | | | 26,745 | | |
| | | | 50,000 | | | | A3(a) | | | 5.000% due 6/1/27 | | | | | 50,528 | | |
| | | | 195,000 | | | | A+ | | | 5.000% due 11/15/27 | | | | | 213,809 | | |
| | | | 50,000 | | | | BBB+ | | | 5.000% due 5/1/28 | | | | | 53,336 | | |
| | | | 25,000 | | | | BBB+ | | | 5.000% due 5/1/29 | | | | | 26,630 | | |
| | | | 30,000 | | | | A3(a) | | | 5.000% due 6/1/32 | | | | | 30,301 | | |
| | | | 70,000 | | | | A3(a) | | | 5.000% due 6/1/39 | | | | | 70,671 | | |
| | | | 1,190,000 | | | | AA | | | 5.000% due 8/15/54(b) | | | | | 1,281,666 | | |
| | | | 30,000 | | | | WR(a) | | | Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/25(d) | | | | | 31,573 | | |
| | | | 200,000 | | | | WR(a) | | | Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/36(d) | | | | | 210,487 | | |
| | | | 50,000 | | | | NR | | | Series C, Prerefunded 8/15/22 @ 100, 5.000% due 8/15/32(d) | | | | | 50,977 | | |
| | | | 490,000 | | | | AA | | | Wisconsin Housing & Economic Development Authority, Revenue Bonds,
Series A, 3.500% due 9/1/50 | | | | | 516,549 | | |
| | | | | | | | | | | Total Wisconsin | | | | | 3,461,101 | | |
| | | | | | | | | | | TOTAL MUNICIPAL BONDS
(Cost – $803,833,774) | | | | | 812,984,359 | | |
| | | | | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $803,833,774) | | | | | 812,984,359 | | |
| | SHORT-TERM INVESTMENTS – 12.2% | |
| | MUNICIPAL BONDS – 4.1% | |
| | | | 4,000,000 | | | | | | | Charleston County School District, GO, 4.000% due 5/11/22 | | | | | 4,027,588 | | |
| | | | 10,000,000 | | | | | | | City of Los Angeles CA, Revenue Notes, 4.000% due 6/23/22 | | | | | 10,103,806 | | |
| | | | 2,500,000 | | | | | | | City of Topeka KS Combined Utility Revenue, Revenue Bonds, Series A,
4.000% due 8/1/22 | | | | | 2,535,264 | | |
| | | | 5,200,000 | | | | | | | Colorado State Education Loan Program, Revenue Notes, Series A, 4.000%
due 6/29/22 | | | | | 5,256,829 | | |
| | | | 7,000,000 | | | | | | | Commonwealth of Massachusetts, GO, Series B, 5.000% due 11/1/22 | | | | | 7,197,535 | | |
| | | | 5,000,000 | | | | | | | County of Los Angeles CA, Revenue Notes, 4.000% due 6/30/22 | | | | | 5,055,985 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Municipal Fixed Income Fund (continued)
| | Face Amount/Units | | | Rating†† | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – (continued) | |
| | MUNICIPAL BONDS – (continued) | |
| | | $ | 3,500,000 | | | | | | | Town of Tonawanda NY, GO, Series B, 1.500% due 8/26/22 | | | | $ | 3,509,313 | | |
| | | | | | | | | | | TOTAL MUNICIPAL BONDS
(Cost – $37,774,904) | | | | | 37,686,320 | | |
| | TIME DEPOSITS – 8.1% | |
| | | | 74,287,318 | | | | | | | Citibank – New York, 0.005% due 3/1/22 | | | | | 74,287,318 | | |
| | | | 1,672,612 | | | | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 1,672,612 | | |
| | | | | | | | | | | TOTAL TIME DEPOSITS
(Cost – $75,959,930) | | | | | 75,959,930 | | |
| | | | | | | | | | | TOTAL SHORT-TERM INVESTMENTS
(Cost – $113,734,834) | | | | | 113,646,250 | | |
| | | | | | | | | | | TOTAL INVESTMENTS – 99.4%
(Cost – $917,568,608) | | | | | 926,630,609 | | |
| | | | | | | | | | | Other Assets in Excess of Liabilities – 0.6% | | | | | 5,579,870 | | |
| | | | | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 932,210,479 | | |
| |
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted. (unaudited)
(a)
Rating by Moody’s Investors Service. (unaudited)
(b)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.
(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)
When-Issued or delayed delivery security.
(g)
All or a portion of this security is pledged by the Fund as collateral for when-issued or delayed delivery securities.
Abbreviations used in this schedule:
AGM
— Assured Guaranty Municipal Corporation
AMBAC
— American Bond Assurance Corporation
COP
— Certificate of Participation
GO
— General Obligation
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, 2022
Destinations Municipal Fixed Income Fund (concluded)
Summary of Investments by Security Type^ (Unaudited)
| | General Obligation | | | | | 44.6% | | |
| | Education | | | | | 13.5 | | |
| | Water and Sewer | | | | | 7.7 | | |
| | Health Care Providers & Services | | | | | 7.1 | | |
| | Transportation | | | | | 6.1 | | |
| | Airport | | | | | 3.4 | | |
| | Power | | | | | 1.2 | | |
| | Development | | | | | 1.2 | | |
| | Single Family Housing | | | | | 0.8 | | |
| | Utilities | | | | | 0.7 | | |
| | Student Loan | | | | | 0.4 | | |
| | Facilities | | | | | 0.3 | | |
| | Multifamily Housing | | �� | | | 0.3 | | |
| | Pollution | | | | | 0.1 | | |
| | Housing | | | | | 0.1 | | |
| | Nursing Homes | | | | | 0.1 | | |
| | Tobacco Settlement | | | | | 0.1 | | |
| | Bond Bank | | | | | 0.0* | | |
| | Short-Term Investments | | | | | 12.3 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
*
Position represents less than 0.05%.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – 25.5% | |
| | | $ | 2,420,092 | | | | Alternative Loan Trust, Series 2005-61, Class 2A2, 0.947% (1-Month
USD-LIBOR + 0.760)% due 12/25/35(a) | | | | $ | 2,221,425 | | |
| | | | 777,513 | | | | Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 0.507% (1-Month
USD-LIBOR + 0.320)% due 2/25/34(a) | | | | | 755,324 | | |
| | | | | | | | Connecticut Avenue Securities Trust: | | | | | | | |
| | | | 6,456,000 | | | | Series 2018-R07, Class 1B1, 4.537% (1-Month USD-LIBOR + 4.350)% due
4/25/31(a)(b) | | | | | 6,584,522 | | |
| | | | 8,873,000 | | | | Series 2019-HRP1, Class B1, 9.437% (1-Month USD-LIBOR + 9.250)% due
11/25/39(a)(b) | | | | | 9,138,706 | | |
| | | | 6,734,000 | | | | Series 2019-R01, Class 2B1, 4.537% (1-Month USD-LIBOR + 4.350)% due
7/25/31(a)(b) | | | | | 6,810,331 | | |
| | | | 6,759,000 | | | | Series 2019-R02, Class 1B1, 4.337% (1-Month USD-LIBOR + 4.150)% due
8/25/31(a)(b) | | | | | 6,834,354 | | |
| | | | 6,060,000 | | | | Series 2019-R03, Class 1B1, 4.287% (1-Month USD-LIBOR + 4.100)% due
9/25/31(a)(b) | | | | | 6,084,373 | | |
| | | | 7,777,000 | | | | Series 2019-R04, Class 2B1, 5.437% (1-Month USD-LIBOR + 5.250)% due
6/25/39(a)(b) | | | | | 7,845,119 | | |
| | | | 3,630,000 | | | | Series 2019-R05, Class 1B1, 4.287% (1-Month USD-LIBOR + 4.100)% due
7/25/39(a)(b) | | | | | 3,616,422 | | |
| | | | 4,140,000 | | | | Series 2022-R02, Class 2B1, 4.549% (SOFR30A + 4.500)% due 1/25/42(a)(b) | | | | | 4,000,859 | | |
| | | | 3,629,383 | | | | Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-OA5,
Class A1A, 0.387% (1-Month USD-LIBOR + 0.200)% due 8/25/47(a) | | | | | 3,427,645 | | |
| | | | | | | | Federal National Mortgage Association (FNMA), Connecticut Avenue Securities: | | | | | | | |
| | | | 572,507 | | | | Series 2015-C04, Class 1M2, 5.887% (1-Month USD-LIBOR + 5.700)% due
4/25/28(a)@ | | | | | 603,929 | | |
| | | | 208,102 | | | | Series 2016-C01, Class 1B, 11.937% (1-Month USD-LIBOR + 11.750)% due
8/25/28(a)@ | | | | | 230,372 | | |
| | | | 1,706,999 | | | | Series 2016-C01, Class 1M2, 6.937% (1-Month USD-LIBOR + 6.750)% due
8/25/28(a)@ | | | | | 1,789,483 | | |
| | | | 685,107 | | | | Series 2016-C02, Class 1B, 12.437% (1-Month USD-LIBOR + 12.250)% due
9/25/28(a)@ | | | | | 778,472 | | |
| | | | 5,479,653 | | | | Series 2016-C03, Class 2M2, 6.087% (1-Month USD-LIBOR + 5.900)% due
10/25/28(a)@ | | | | | 5,741,472 | | |
| | | | 4,421,627 | | | | Series 2016-C05, Class 2M2, 4.637% (1-Month USD-LIBOR + 4.450)% due
1/25/29(a)@ | | | | | 4,569,319 | | |
| | | | 7,060,000 | | | | Series 2017-C01, Class 1B1, 5.937% (1-Month USD-LIBOR + 5.750)% due
7/25/29(a)@ | | | | | 7,766,935 | | |
| | | | 5,273,316 | | | | Series 2017-C01, Class 1M2, 3.737% (1-Month USD-LIBOR + 3.550)% due
7/25/29(a)@ | | | | | 5,408,442 | | |
| | | | 6,650,000 | | | | Series 2017-C02, Class 2B1, 5.687% (1-Month USD-LIBOR + 5.500)% due
9/25/29(a)@ | | | | | 7,165,476 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 2,050,000 | | | | Series 2017-C02, Class 2M2C, 3.837% (1-Month USD-LIBOR + 3.650)% due
9/25/29(a)@ | | | | $ | 2,134,679 | | |
| | | | 6,920,000 | | | | Series 2017-C03, Class 1B1, 5.037% (1-Month USD-LIBOR + 4.850)% due
10/25/29(a)@ | | | | | 7,268,744 | | |
| | | | 6,186,593 | | | | Series 2017-C03, Class 1X1, 2.300% due 10/25/29(c)@ | | | | | 89,667 | | |
| | | | 6,845,000 | | | | Series 2018-C03, Class 1B1, 3.937% (1-Month USD-LIBOR + 3.750)% due
10/25/30(a)@ | | | | | 6,898,489 | | |
| | | | 6,546,000 | | | | Series 2018-C05, Class 1B1, 4.437% (1-Month USD-LIBOR + 4.250)% due
1/25/31(a)@ | | | | | 6,638,038 | | |
| | | | 5,163,700 | | | | Series 2018-C06, Class 1B1, 3.937% (1-Month USD-LIBOR + 3.750)% due
3/25/31(a)@ | | | | | 5,133,018 | | |
| | | | 4,970,000 | | | | Series 2018-C06, Class 2B1, 4.287% (1-Month USD-LIBOR + 4.100)% due
3/25/31(a) | | | | | 4,976,232 | | |
| | | | 2,665,570 | | | | FNBA Mortgage Loan Trust, Series 2004-AR1, Class M2, 1.821% (1-Month
USD-LIBOR + 1.650)% due 8/19/34(a) | | | | | 2,719,834 | | |
| | | | | | | | Freddie Mac STACR REMIC Trust: | | | | | | | |
| | | | 5,438,000 | | | | Series 2020-DNA1, Class B2, 5.437% (1-Month USD-LIBOR + 5.250)% due
1/25/50(a)(b) | | | | | 5,248,094 | | |
| | | | 8,000,000 | | | | Series 2020-DNA3, Class B1, 5.287% (1-Month USD-LIBOR + 5.100)% due
6/25/50(a)(b) | | | | | 8,238,097 | | |
| | | | 5,000,000 | | | | Series 2020-DNA3, Class B2, 9.537% (1-Month USD-LIBOR + 9.350)% due
6/25/50(a)(b) | | | | | 5,672,402 | | |
| | | | 9,000,000 | | | | Series 2020-DNA4, Class B1, 6.187% (1-Month USD-LIBOR + 6.000)% due
8/25/50(a)(b) | | | | | 9,289,649 | | |
| | | | 2,120,000 | | | | Series 2020-DNA4, Class B2, 10.187% (1-Month USD-LIBOR + 10.000)% due
8/25/50(a)(b) | | | | | 2,449,347 | | |
| | | | 7,780,000 | | | | Series 2020-DNA5, Class B2, 11.549% (SOFR30A + 11.500)% due
10/25/50(a)(b) | | | | | 9,539,356 | | |
| | | | 3,442,796 | | | | Series 2020-DNA5, Class M2, 2.849% (SOFR30A + 2.800)% due
10/25/50(a)(b) | | | | | 3,464,233 | | |
| | | | 5,600,000 | | | | Series 2020-DNA6, Class B2, 5.699% (SOFR30A + 5.650)% due
12/25/50(a)(b) | | | | | 5,208,700 | | |
| | | | 6,827,734 | | | | Series 2020-HQA2, Class M2, 3.287% (1-Month USD-LIBOR + 3.100)% due
3/25/50(a)(b) | | | | | 6,875,730 | | |
| | | | 7,500,000 | | | | Series 2020-HQA3, Class B1, 5.937% (1-Month USD-LIBOR + 5.750)% due
7/25/50(a)(b) | | | | | 7,777,487 | | |
| | | | 1,280,000 | | | | Series 2020-HQA3, Class B2, 10.187% (1-Month USD-LIBOR + 10.000)% due
7/25/50(a)(b) | | | | | 1,469,325 | | |
| | | | 6,540,000 | | | | Series 2020-HQA4, Class B1, 5.437% (1-Month USD-LIBOR + 5.250)% due
9/25/50(a)(b) | | | | | 6,736,290 | | |
| | | | 8,560,000 | | | | Series 2021-DNA5, Class B2, 5.549% (SOFR30A + 5.500)% due 1/25/34(a)(b) | | | | | 7,747,654 | | |
| | | | 2,601,000 | | | | Series 2021-HQA1, Class B2, 5.049% (SOFR30A + 5.000)% due 8/25/33(a)(b) | | | | | 2,387,667 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | |
| | | $ | 1,300,000 | | | | Series 2021-HQA2, Class B2, 5.499% (SOFR30A + 5.450)% due
12/25/33(a)(b) | | | | $ | 1,198,879 | | |
| | | | | | | | Freddie Mac STACR Trust: | | | | | | | |
| | | | 6,494,000 | | | | Series 2018-DNA2, Class B1, 3.887% (1-Month USD-LIBOR + 3.700)% due
12/25/30(a)(b) | | | | | 6,549,400 | | |
| | | | 5,500,000 | | | | Series 2018-HQA2, Class B2, 11.187% (1-Month USD-LIBOR + 11.000)% due
10/25/48(a)(b) | | | | | 6,157,387 | | |
| | | | 4,720,128 | | | | Series 2019-DNA1, Class B1, 4.837% (1-Month USD-LIBOR + 4.650)% due
1/25/49(a)(b) | | | | | 4,816,075 | | |
| | | | 5,000,000 | | | | Series 2019-DNA1, Class B2, 10.937% (1-Month USD-LIBOR + 10.750)% due
1/25/49(a)(b) | | | | | 5,400,481 | | |
| | | | 3,580,000 | | | | Series 2019-DNA2, Class B1, 4.537% (1-Month USD-LIBOR + 4.350)% due
3/25/49(a)(b) | | | | | 3,622,991 | | |
| | | | 5,000,000 | | | | Series 2019-DNA2, Class B2, 10.687% (1-Month USD-LIBOR + 10.500)% due
3/25/49(a)(b) | | | | | 5,330,959 | | |
| | | | 4,870,000 | | | | Series 2019-DNA3, Class B2, 8.337% (1-Month USD-LIBOR + 8.150)% due
7/25/49(a)(b) | | | | | 5,014,647 | | |
| | | | 4,588,000 | | | | Series 2019-DNA4, Class B2, 6.437% (1-Month USD-LIBOR + 6.250)% due
10/25/49(a)(b) | | | | | 4,531,978 | | |
| | | | 5,800,000 | | | | Series 2019-FTR1, Class B2, 8.537% (1-Month USD-LIBOR + 8.350)% due
1/25/48(a)(b) | | | | | 6,140,854 | | |
| | | | 3,920,000 | | | | Series 2019-FTR2, Class B2, 7.587% (1-Month USD-LIBOR + 7.400)% due
11/25/48(a)(b) | | | | | 3,888,884 | | |
| | | | 5,620,000 | | | | Series 2019-HQA1, Class B1, 4.587% (1-Month USD-LIBOR + 4.400)% due
2/25/49(a)(b) | | | | | 5,671,102 | | |
| | | | 4,030,000 | | | | Series 2019-HQA1, Class B2, 12.437% (1-Month USD-LIBOR + 12.250)% due
2/25/49(a)(b) | | | | | 4,448,764 | | |
| | | | 3,800,000 | | | | Series 2019-HQA2, Class B1, 4.287% (1-Month USD-LIBOR + 4.100)% due
4/25/49(a)(b) | | | | | 3,799,996 | | |
| | | | 5,000,000 | | | | Series 2019-HQA2, Class B2, 11.437% (1-Month USD-LIBOR + 11.250)% due
4/25/49(a)(b) | | | | | 5,395,398 | | |
| | | | 5,000,000 | | | | Series 2019-HRP1, Class B2, 9.687% (1-Month USD-LIBOR + 9.500)% due
2/25/49(a)(b) | | | | | 5,273,909 | | |
| | | | | | | | Freddie Mac Structured Agency Credit Risk Debt Notes: | | | | | | | |
| | | | 5,931,147 | | | | Series 2015-DNA2, Class B, 7.737% (1-Month USD-LIBOR + 7.550)% due
12/25/27(a) | | | | | 6,204,082 | | |
| | | | 4,957,810 | | | | Series 2015-DNA3, Class B, 9.537% (1-Month USD-LIBOR + 9.350)% due
4/25/28(a)@ | | | | | 5,425,753 | | |
| | | | 542,660 | | | | Series 2016-DNA1, Class B, 10.187% (1-Month USD-LIBOR + 10.000)% due
7/25/28(a) | | | | | 600,224 | | |
| | | | 1,987,313 | | | | Series 2016-HQA3, Class B, 9.187% (1-Month USD-LIBOR + 9.000)% due
3/25/29(a)@ | | | | | 2,121,974 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | | |
| | COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) | | |
| | | $ | 4,000,000 | | | | Series 2017-DNA3, Class B1, 4.637% (1-Month USD-LIBOR + 4.450)% due
3/25/30(a) | | | | $ | 4,182,509 | | | |
| | | | 4,290,000 | | | | Series 2017-HQA3, Class B1, 4.637% (1-Month USD-LIBOR + 4.450)% due
4/25/30(a)@ | | | | | 4,460,850 | | | |
| | | | 1,280,000 | | | | Series 2021-DNA2, Class B2, 6.049% (SOFR30A + 6.000)% due 8/25/33(a)(b) | | | | | 1,200,050 | | | |
| | | | | | | | STACR Trust: | | | | | | | | | | |
| | | | 5,100,000 | | | | Series 2018-DNA3, Class B2, 7.937% (1-Month USD-LIBOR + 7.750)% due
9/25/48(a)(b) | | | | | 5,304,595 | | | |
| | | | 7,803,680 | | | | Series 2018-HRP1, Class B2, 11.937% (1-Month USD-LIBOR + 11.750)% due
5/25/43(a)(b) | | | | | 8,560,815 | | | |
| | | | | | | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $330,935,883) | | | | | 324,638,268 | | | |
| | ASSET-BACKED SECURITIES – 9.1% | | |
| | | | 2,785,907 | | | | Aames Mortgage Investment Trust, Series 2005-4, Class M3, 0.967% (1-Month
USD-LIBOR + 0.780)% due 10/25/35(a) | | | | | 2,774,418 | | | |
| | | | | | | | ABFC Trust: | | | | | | | | |
| | | | 3,358,183 | | | | Series 2003-OPT1, Class A3, 0.867% (1-Month USD-LIBOR + 0.680)% due
4/25/33(a) | | | | | 3,251,481 | | | |
| | | | 2,172,264 | | | | Series 2005-WF1, Class M2, 0.787% (1-Month USD-LIBOR + 0.600)% due
10/25/34(a) | | | | | 2,164,701 | | | |
| | | | 1,366,934 | | | | Accredited Mortgage Loan Trust, Series 2006-2, Class A4, 0.447% (1-Month
USD-LIBOR + 0.260)% due 9/25/36(a) | | | | | 1,349,817 | | | |
| | | | 1,695,136 | | | | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE1,
Class A4, 0.327% (1-Month USD-LIBOR + 0.140)% due 12/25/36(a) | | | | | 1,663,207 | | | |
| | | | | | | | Brookside Mill CLO Ltd.: | | | | | | | | |
| | | | 3,000,000 | | | | Series 2013-1A, Class BR, 1.591% (3-Month USD-LIBOR + 1.350)% due
1/17/28(a)(b) | | | | | 3,000,000 | | | |
| | | | 410,000 | | | | Series 2013-1A, Class ER, 5.741% (3-Month USD-LIBOR + 5.500)% due
1/17/28(a)(b) | | | | | 410,000 | | | |
| | | | 3,005,394 | | | | Carrington Mortgage Loan Trust, Series 2006-NC3, Class A3, 0.337% (1-Month
USD-LIBOR + 0.150)% due 8/25/36(a) | | | | | 2,933,062 | | | |
| | | | 2,548,158 | | | | CHEC Loan Trust, Series 2004-1, Class A3, 1.187% (1-Month USD-LIBOR +
1.000)% due 7/25/34(a)(b) | | | | | 2,513,991 | | | |
| | | | | | | | Countrywide Asset-Backed Certificates: | | | | | | | | |
| | | | 3,163,958 | | | | Series 2004-2, Class M1, 0.937% (1-Month USD-LIBOR + 0.750)% due
5/25/34(a) | | | | | 3,137,053 | | | |
| | | | 16,270,145 | | | | Series 2006-22, Class 1A, 0.327% (1-Month USD-LIBOR + 0.140)% due
6/25/35(a) | | | | | 15,592,576 | | | |
| | | | 1,462,950 | | | | Series 2007-2, Class 2A3, 0.327% (1-Month USD-LIBOR + 0.140)% due
8/25/37(a) | | | | | 1,450,764 | | | |
| | | | 704,198 | | | | CWABS Asset-Backed Certificates Trust, Series 2007-12, Class 2A3, 0.987%
(1-Month USD-LIBOR + 0.800)% due 8/25/47(a) | | | | | 701,137 | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 1,978,841 | | | | Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 1.287% (1-Month
USD-LIBOR + 1.100)% due 5/25/37(a)(b) | | | | $ | 1,968,489 | | |
| | | | 3,086,234 | | | | EquiFirst Mortgage Loan Trust, Series 2003-2, Class 1A1, 1.251% (1-Month
USD-LIBOR + 1.125)% due 9/25/33(a) | | | | | 3,056,484 | | |
| | | | 5,263,953 | | | | Fremont Home Loan Trust, Series 2003-A, Class M1, 1.162% (1-Month
USD-LIBOR + 0.975)% due 8/25/33(a) | | | | | 5,190,026 | | |
| | | | 5,090,000 | | | | GSAMP Trust, Series 2005-WMC3, Class A2C, 0.847% (1-Month USD-LIBOR
+ 0.660)% due 12/25/35(a) | | | | | 4,992,992 | | |
| | | | 75,560 | | | | Home Equity Asset Trust, Series 2005-7, Class M1, 0.637% (1-Month
USD-LIBOR + 0.675)% due 1/25/36(a) | | | | | 75,540 | | |
| | | | 3,143,519 | | | | HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 0.772%
(1-Month USD-LIBOR + 0.585)% due 1/25/36(a) | | | | | 3,135,821 | | |
| | | | 3,328,856 | | | | JP Morgan Mortgage Acquisition Trust, Series 2007-CH4, Class A5, 0.427%
(1-Month USD-LIBOR + 0.240)% due 5/25/37(a) | | | | | 3,305,857 | | |
| | | | 2,700,000 | | | | KVK CLO Ltd., Series 2018-1A, Class E, 6.330% (3-Month USD-LIBOR +
5.850)% due 5/20/29(a)(b) | | | | | 2,700,000 | | |
| | | | 3,151,575 | | | | Long Beach Mortgage Loan Trust, Series 2004-4, Class M1, 1.087% (1-Month
USD-LIBOR + 0.900)% due 10/25/34(a) | | | | | 3,115,284 | | |
| | | | 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) | | | | | 1,265,888 | | |
| | | | 2,851,891 | | | | Mastr Asset Backed Securities Trust, Series 2004-WMC1, Class M1, 0.967%
(1-Month USD-LIBOR + 0.780)% due 2/25/34(a) | | | | | 2,845,673 | | |
| | | | | | | | Merrill Lynch Mortgage Investors Trust: | | | | | | | |
| | | | 889,649 | | | | Series 2005-FM1, Class M1, 0.907% (1-Month USD-LIBOR + 0.720)% due
5/25/36(a) | | | | | 883,146 | | |
| | | | 2,991,240 | | | | Series 2006-OPT1, Class A2C, 0.337% (1-Month USD-LIBOR + 0.150)% due
8/25/37(a) | | | | | 2,891,132 | | |
| | | | 742,796 | | | | Morgan Stanley ABS Capital I Inc. Trust, Series 2005-HE2, Class M1, 0.787%
(1-Month USD-LIBOR + 0.600)% due 1/25/35(a) | | | | | 741,773 | | |
| | | | | | | | Nationstar Home Equity Loan Trust: | | | | | | | |
| | | | 358,780 | | | | Series 2006-B, Class AV4, 0.467% (1-Month USD-LIBOR + 0.280)% due
9/25/36(a) | | | | | 358,606 | | |
| | | | 2,422,950 | | | | Series 2007-C, Class 1AV1, 0.362% (1-Month USD-LIBOR + 0.175)% due
6/25/37(a) | | | | | 2,374,349 | | |
| | | | 2,323,281 | | | | NovaStar Mortgage Funding Trust, Series 2006-1, Class A2C, 0.507% (1-Month
USD-LIBOR + 0.320)% due 5/25/36(a) | | | | | 2,299,679 | | |
| | | | 525,626 | | | | Option One Mortgage Loan Trust, Series 2005-3, Class M2, 0.922% (1-Month
USD-LIBOR + 0.735)% due 8/25/35(a) | | | | | 525,069 | | |
| | | | | | | | Park Place Securities Inc. Asset-Backed Pass-Through Certificates: | | | | | | | |
| | | | 3,600,000 | | | | Series 2005-WCH1, Class M5, 1.507% (1-Month USD-LIBOR + 1.320)% due
1/25/36(a) | | | | | 3,571,521 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | ASSET-BACKED SECURITIES – (continued) | |
| | | $ | 1,881,598 | | | | Series 2005-WCW2, Class M2, 0.982% (1-Month USD-LIBOR + 0.795)% due
7/25/35(a) | | | | $ | 1,878,502 | | |
| | | | 1,813,129 | | | | Park Place Securities Inc., Series 2005-WCW1, Class M2, 0.892% (1-Month
USD-LIBOR + 0.705)% due 9/25/35(a) | | | | | 1,825,266 | | |
| | | | 2,703,933 | | | | Ramp Trust, Series 2004-RS8, Class MII2, 1.912% (1-Month USD-LIBOR +
1.150)% due 8/25/34(a) | | | | | 2,674,796 | | |
| | | | 380,000 | | | | Steele Creek CLO Ltd., Series 2016-1A, Class ER, 5.953% (3-Month
USD-LIBOR + 5.750)% due 6/15/31(a)(b) | | | | | 338,495 | | |
| | | | 445,961 | | | | Structured Asset Investment Loan Trust, Series 2004-7, Class A7, 1.027%
(1-Month USD-LIBOR + 0.840)% due 8/25/34(a) | | | | | 445,751 | | |
| | | | | | | | Structured Asset Securities Corp. Mortgage Loan Trust: | | | | | | | |
| | | | 1,000,000 | | | | Series 2005-WF4, Class M6, 1.192% (1-Month USD-LIBOR + 1.005)% due
11/25/35(a) | | | | | 990,405 | | |
| | | | 2,600,000 | | | | Series 2005-WF4, Class M8, 2.812% (1-Month USD-LIBOR + 2.625)% due
11/25/35(a) | | | | | 2,643,598 | | |
| | | | 8,719,761 | | | | Series 2006-BC6, Class A1, 0.347% (1-Month USD-LIBOR + 0.160)% due
1/25/37(a) | | | | | 8,544,403 | | |
| | | | 1,425,875 | | | | Series 2006-BC6, Class A4, 0.357% (1-Month USD-LIBOR + 0.170)% due
1/25/37(a) | | | | | 1,415,547 | | |
| | | | 1,844,762 | | | | Series 2006-GEL1, Class M2, 1.387% (1-Month USD-LIBOR + 1.200)% due
11/25/35(a)(b) | | | | | 1,839,750 | | |
| | | | 1,285,166 | | | | Series 2007-BC3, Class 2A3, 0.367% (1-Month USD-LIBOR + 0.180)% due
5/25/47(a) | | | | | 1,260,638 | | |
| | | | 3,325,384 | | | | Terwin Mortgage Trust, Series 2006-5, Class 1A2B, 0.607% (1-Month
USD-LIBOR + 0.420)% due 7/25/37(a)(b) | | | | | 3,288,473 | | |
| | | | 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) | | | | | 970,746 | | |
| | | | 1,291,000 | | | | Vibrant ClO VIII Ltd., Series 2018-8A, Class A1B, 1.504% (3-Month
USD-LIBOR + 1.250)% due 1/20/31(a)(b) | | | | | 1,289,478 | | |
| | | | | | | | TOTAL ASSET-BACKED SECURITIES
(Cost – $112,913,996) | | | | | 115,645,384 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Face Amount/Units | | | Security | | | Value | |
| | CORPORATE BONDS & NOTES – 10.1% | |
| | Consumer Cyclical – 5.5% | |
| | | $ | 14,632,000 | | | | AMC Entertainment Holdings Inc., Secured Notes, 10.000% due 6/15/26(b) | | | | $ | 13,516,310 | | |
| | | | 10,790,000 | | | | Arrow Bidco LLC, Senior Secured Notes, 9.500% due 3/15/24(b)(d) | | | | | 10,951,850 | | |
| | | | 23,119,000 | | | | Cinemark USA Inc., Company Guaranteed Notes, 5.250% due 7/15/28(b)(d) | | | | | 22,050,671 | | |
| | | | 10,400,000 | | | | Guitar Center Inc., Senior Secured Notes, 8.500% due 1/15/26(b)(d) | | | | | 10,908,768 | | |
| | | | 11,810,000 | | | | Mclaren Finance PLC, Senior Secured Notes, 7.500% due 8/1/26(b)(d) | | | | | 11,750,950 | | |
| | | | | | | | Total Consumer Cyclical | | | | | 69,178,549 | | |
| | Consumer Non-cyclical – 1.6% | |
| | | | 9,125,000 | | | | Curaleaf Holdings Inc., Senior Secured Notes, 8.000% due 12/15/26(b) | | | | | 9,104,322 | | |
| | | | 10,899,000 | | | | MoneyGram International Inc., Senior Secured Notes, 5.375% due 8/1/26(b) | | | | | 11,381,281 | | |
| | | | | | | | Total Consumer Non-cyclical | | | | | 20,485,603 | | |
| | Financial – 0.9% | |
| | | | 13,371,000 | | | | Home Point Capital Inc., Company Guaranteed Notes, 5.000% due 2/1/26(b)(d) | | | | | 11,031,075 | | |
| | Industrial – 0.9% | |
| | | | 10,146,000 | | | | Fortress Transportation & Infrastructure Investors LLC, Senior Unsecured Notes,
9.750% due 8/1/27(b) | | | | | 11,135,235 | | |
| | Utilities – 1.2% | |
| | | | | | | | Vistra Corp., Junior Subordinated Notes: | | | | | | | |
| | | | 13,153,000 | | | | 7.000% (5-Year CMT Index + 5.740)%(a)(b)(e) | | | | | 13,054,353 | | |
| | | | 1,755,000 | | | | 8.000% (5-Year CMT Index + 6.930)%(a)(b)(e) | | | | | 1,803,262 | | |
| | | | | | | | Total Utilities | | | | | 14,857,615 | | |
| | | | | | | | TOTAL CORPORATE BONDS & NOTES
(Cost – $128,799,547) | | | | | 126,688,077 | | |
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 27.4% | |
| | COMMUNICATIONS – 0.5% | |
| | Internet – 0.3% | |
| | | | 355,172 | | | | Solo Brands Inc., Class A Shares*(f) | | | | | 3,750,616 | | |
| | Telecommunications – 0.2% | |
| | | | 170,879 | | | | Telephone & Data Systems Inc.(d) | | | | | 2,964,751 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 6,715,367 | | |
| | CONSUMER CYCLICAL – 5.5% | |
| | Auto Parts & Equipment – 1.0% | |
| | | | 1,006,566 | | | | Holley Inc.*(d)(f) | | | | | 13,055,161 | | |
| | Entertainment – 2.5% | |
| | | | 561,852 | | | | Golden Entertainment Inc.*(d) | | | | | 31,986,235 | | |
| | Leisure Time – 0.4% | |
| | | | 223,006 | | | | Callaway Golf Co.* | | | | | 5,517,169 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Retail – 1.6% | |
| | | | 363,715 | | | | Kohl’s Corp. | | | | $ | 20,229,828 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 70,788,393 | | |
| | CONSUMER NON-CYCLICAL – 5.9% | |
| | Biotechnology – 4.5% | |
| | | | 41,014 | | | | Ascendis Pharma AS, ADR*(d) | | | | | 4,609,563 | | |
| | | | 952,589 | | | | Crinetics Pharmaceuticals Inc.* | | | | | 19,070,832 | | |
| | | | 222,780 | | | | DICE Therapeutics Inc.*(f) | | | | | 4,119,202 | | |
| | | | 399,108 | | | | Elevation Oncology Inc.*(f) | | | | | 1,348,985 | | |
| | | | 491,604 | | | | EQRx Inc.*(f) | | | | | 1,484,644 | | |
| | | | 547,629 | | | | Relay Therapeutics Inc.* | | | | | 13,203,335 | | |
| | | | 43,574 | | | | Sema4 Holdings Corp.* | | | | | 152,073 | | |
| | | | 121,607 | | | | SpringWorks Therapeutics Inc.*(d) | | | | | 6,881,740 | | |
| | | | 220,082 | | | | Xenon Pharmaceuticals Inc.* | | | | | 6,976,599 | | |
| | | | | | | | Total Biotechnology | | | | | 57,846,973 | | |
| | Food – 0.5% | |
| | | | 150,000 | | | | US Foods Holding Corp.*(d) | | | | | 5,863,500 | | |
| | Healthcare-Products – 0.7% | |
| | | | 61,416 | | | | Minerva Surgical Inc.*(f) | | | | | 321,820 | | |
| | | | 393,649 | | | | SeaSpine Holdings Corp.*(d) | | | | | 4,987,533 | | |
| | | | 386,550 | | | | SomaLogic Inc.*(d) | | | | | 3,513,740 | | |
| | | | | | | | Total Healthcare-Products | | | | | 8,823,093 | | |
| | Pharmaceuticals – 0.2% | |
| | | | 399,219 | | | | Curaleaf Holdings Inc.* | | | | | 2,794,533 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 75,328,099 | | |
| | DIVERSIFIED – 6.9% | |
| | SPACs – 6.9% | |
| | | | 366,528 | | | | Class Acceleration Corp., Class A Shares*(d) | | | | | 3,577,313 | | |
| | | | 565,129 | | | | Corazon Capital V838 Monoceros Corp., Class A Shares*(d)(g) | | | | | 5,484,577 | | |
| | | | 743,800 | | | | DA32 Life Science Tech Acquisition Corp., Class A Shares*(d) | | | | | 7,155,356 | | |
| | | | 992,028 | | | | EJF Acquisition Corp., Class A Shares*(d)(f) | | | | | 9,821,077 | | |
| | | | 446,038 | | | | EQRx, Inc.*(g) | | | | | 1,347,035 | | |
| | | | 1,113,750 | | | | First Light Acquisition Group Inc., Class A Shares*(d)(g) | | | | | 10,970,437 | | |
| | | | 366,308 | | | | FTAC Zeus Acquisition Corp., Class A Shares*(g) | | | | | 3,571,503 | | |
| | | | 937,446 | | | | Jack Creek Investment Corp., Class A Shares*(d) | | | | | 9,149,473 | | |
| | | | 561,397 | | | | L&F Acquisition Corp., Class A Shares*(d) | | | | | 5,656,075 | | |
| | | | 587,255 | | | | Live Oak Mobility Acquisition Corp., Class A Shares*(d) | | | | | 5,705,182 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | DIVERSIFIED – (continued) | |
| | SPACs – (continued) | |
| | | | 557,775 | | | | Logistics Innovation Technologies Corp., Class A Shares*(d)(g) | | | | $ | 5,388,106 | | |
| | | | 568,036 | | | | Senior Connect Acquisition Corp. I, Class A Shares*(d) | | | | | 5,561,072 | | |
| | | | 565,129 | | | | Tekkorp Digital Acquisition Corp., Class A Shares*(d)@ | | | | | 5,549,567 | | |
| | | | 549,384 | | | | Tishman Speyer Innovation Corp. II, Class A Shares*(d) | | | | | 5,351,000 | | |
| | | | 232,340 | | | | Z-Work Acquisition Corp., Class A Shares* | | | | | 2,262,992 | | |
| | | | | | | | Total SPACs | | | | | 86,550,765 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 86,550,765 | | |
| | FINANCIAL – 4.8% | |
| | Banks – 3.2% | |
| | | | 1,004,191 | | | | Blue Foundry Bancorp*(d) | | | | | 13,948,213 | | |
| | | | 767,447 | | | | HarborOne Bancorp Inc.(d) | | | | | 11,350,541 | | |
| | | | 1,106,672 | | | | Kearny Financial Corp.(d) | | | | | 14,619,137 | | |
| | | | | | | | Total Banks | | | | | 39,917,891 | | |
| | Diversified Financial Services – 0.3% | |
| | | | 83,810 | | | | Ally Financial Inc. | | | | | 4,182,119 | | |
| | Financial Services – 0.1% | |
| | | | 489,000 | | | | Sema4 Holdings Corp.*(g)@ | | | | | 1,706,610 | | |
| | Savings & Loans – 1.2% | |
| | | | 483,799 | | | | Berkshire Hills Bancorp Inc.(d) | | | | | 15,046,149 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 60,852,769 | | |
| | INDUSTRIAL – 3.8% | |
| | Engineering & Construction – 1.3% | |
| | | | 486,338 | | | | WillScot Mobile Mini Holdings Corp.* | | | | | 17,279,589 | | |
| | Metal Fabricate/Hardware – 0.9% | |
| | | | 1,192,003 | | | | Hillman Solutions Corp.*(d) | | | | | 11,180,988 | | |
| | Transportation – 1.6% | |
| | | | 428,632 | | | | Air Transport Services Group Inc.*(d) | | | | | 13,506,195 | | |
| | | | 100,169 | | | | XPO Logistics Inc.*(d) | | | | | 7,280,283 | | |
| | | | | | | | Total Transportation | | | | | 20,786,478 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 49,247,055 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $333,445,157) | | | | | 349,482,448 | | |
| | OPEN-END FUNDS – 18.9% | |
| | | | 19,120,259 | | | | JPMorgan Strategic Income Opportunities Fund, Class R6 Shares | | | | | 219,882,984 | | |
| | | | 1,682,086 | | | | Palm Valley Capital Fund | | | | | 20,218,671 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | | | |
| | OPEN-END FUNDS – (continued) | | | |
| | | | | | | | TOTAL OPEN-END FUNDS
(Cost – $240,929,813) | | | | $ | 240,101,655 | | | | |
| | EQUITY LINKED NOTES – 1.5% | | | |
| | DIVERSIFIED – 1.2% | | | |
| | SPACs – 1.2% | | | | | | | |
| | | | 1,474,215 | | | | Screaming Eagle Acquisition Corp., 0.000% due* | | | | | 14,565,244 | | | | |
| | FINANCIAL – 0.3% | | | |
| | Financial Services – 0.3% | | | |
| | | | 439,830 | | | | SomaLogic, Inc.*(g)@ | | | | | 3,998,055 | | | | |
| | | | | | | | TOTAL EQUITY LINKED NOTES
(Cost – $19,140,450) | | | | | 18,563,299 | | | | |
| | PREFERRED STOCKS – 1.5% | | | |
| | COMMUNICATIONS – 0.8% | | | |
| | Telecommunications – 0.8% | | | |
| | | | | | | | Telephone & Data Systems Inc.: | | | | |
| | | | 340,475 | | | | 6.000%(d)(e) | | | | | 7,728,782 | | | | |
| | | | 77,001 | | | | 6.625%(e) | | | | | 1,925,025 | | | | |
| | | | | | | | Total Telecommunications | | | | | 9,653,807 | | | | | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 9,653,807 | | | | |
| | CONSUMER CYCLICAL – 0.7% | | | |
| | Retail – 0.7% | | | |
| | | | 93,673 | | | | Qurate Retail Inc., 8.000%(d) | | | | | 8,735,944 | | | | |
| | | | | | | | TOTAL PREFERRED STOCKS
(Cost – $19,836,090) | | | | | 18,389,751 | | | | |
| | WARRANTS – 0.2% | | | |
| | DIVERSIFIED – 0.2% | | | |
| | SPACs – 0.0% | | | |
| | | | 183,263 | | | | Class Acceleration Corp., due 03/31/28, Strike Price $11.50*(g) | | | | | 42,884 | | | | |
| | | | 179,620 | | | | Corazon Capital V838 Monoceros Corp., due 12/31/28, Strike Price $11.50*(g) | | | | | 86,110 | | | | |
| | | | 39,205 | | | | Deep Lake Capital Acquisition Corp., due 12/31/27, Strike Price $11.50*(g) | | | | | 12,938 | | | | |
| | | | 330,676 | | | | EJF Acquisition Corp., due 02/28/27, Strike Price $11.50*(g) | | | | | 363,744 | | | | |
| | | | 88,320 | | | | EQRx Inc., due 12/20/26, Strike Price $11.50*(b) | | | | | 51,676 | | | | |
| | | | 556,875 | | | | First Light Acquisition Group Inc., due 10/07/23, Strike Price $11.50*(g) | | | | | 228,319 | | | | |
| | | | 183,154 | | | | FTAC Zeus Acquisition Corp., due 12/31/27, Strike Price $11.50*(g) | | | | | 67,767 | | | | |
| | | | 131,807 | | | | Inspirato Inc., due 02/11/27, Strike Price $11.50*(g) | | | | | 234,616 | | | | |
| | | | 468,723 | | | | Jack Creek Investment Corp., due 12/31/27, Strike Price $11.50*(g) | | | | | 112,493 | | | | |
| | | | 244,085 | | | | L&F Acquisition Corp., due 05/23/27, Strike Price $11.50*(g) | | | | | 87,871 | | | | |
| | | | 117,449 | | | | Live Oak Mobility Acquisition Corp., due 03/04/28, Strike Price $11.50*(g) | | | | | 65,771 | | | | |
| | | | 185,925 | | | | Logistics Innovation Technologies Corp., due 06/15/28, Strike Price $11.50*(g) | | | | | 63,754 | | | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | WARRANTS – (continued) | |
| | DIVERSIFIED – (continued) | |
| | SPACs – (continued) | |
| | | | 154,180 | | | | Longview Acquisition Corp. II, due 05/10/26, Strike Price $11.50*(g) | | | | $ | 63,214 | | |
| | | | 885,501 | | | | Omnichannel Acquisition Corp., due 12/30/27, Strike Price $11.50*(g) | | | | | 229,256 | | |
| | | | 232,452 | | | | Senior Connect Acquisition Corp. I, due 12/31/27, Strike Price $11.50*(g) | | | | | 84,473 | | |
| | | | 77,310 | | | | SomaLogic Inc., due 08/31/26, Strike Price $11.50*(f)(g) | | | | | 191,729 | | |
| | | | 219,657 | | | | Tekkorp Digital Acquisition Corp., due 10/26/27, Strike Price $11.50*(g)@ | | | | | 73,761 | | |
| | | | 109,876 | | | | Tishman Speyer Innovation Corp. II, due 12/31/27, Strike Price $11.50*(g) | | | | | 49,444 | | |
| | | | 23,299 | | | | X4 Pharmaceuticals Inc., due 04/12/24, Strike Price $13.20*(g) | | | | | 1,631 | | |
| | | | 77,446 | | | | Z-Work Acquisition Corp., due 01/04/26, Strike Price $11.50*(g) | | | | | 20,136 | | |
| | | | | | | | Total SPACs | | | | | 2,131,587 | | |
| | | | | | | | TOTAL DIVERSIFIED | | | | | 2,131,587 | | |
| | | | | | | | TOTAL WARRANTS
(Cost – $4,055,557) | | | | | 2,131,587 | | |
| | Notional Amount | | | Security | | | Value | |
| | PURCHASED SWAPTION – 0.2% | |
| | Interest Rate Swaption – 0.2% | |
| | | $ | 90,000,000 | | | | 10-Year Constant Maturity Swap, 3-Month USD-LIBOR, Call, 2.25%,
expires 5/22/23, Counterparty: MSCS
(Cost – $2,029,500) | | | | | 2,427,559 | | |
| | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,192,085,993) | | | | | 1,198,068,028 | | |
| | Face Amount | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 4.7% | |
| | TIME DEPOSITS – 4.7% | |
| | | $ | 3,278,799 | | | | Banco Bilbao Vizcaya Argentaria SA – Madrid, 0.005% due 3/1/22 | | | | | 3,278,799 | | |
| | | | 26,247,726 | | | | Barclays Bank PLC – London, 0.005% due 3/1/22 | | | | | 26,247,726 | | |
| | | | 30,881,180 | | | | Skandinaviska Enskilda Banken AB – Stockholm, 0.005% due 3/1/22 | | | | | 30,881,180 | | |
| | | | | | | | TOTAL TIME DEPOSITS
(Cost – $60,407,705) | | | | | 60,407,705 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.8% | |
| | MONEY MARKET FUND – 0.8% | |
| | | | 10,098,320 | | | | Federated Government Obligations Fund, Premier Class, 0.025%(h)
(Cost – $10,098,320) | | | | $ | 10,098,320 | | |
| | | | | | | | TOTAL INVESTMENTS – 99.9%
(Cost – $1,262,592,018) | | | | | 1,268,574,053 | | |
| | | | | | | | Other Assets in Excess of Liabilities – 0.1% | | | | | 4,548,227 | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 1,273,122,280 | | |
*
Non-income producing security.
(a)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.
(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, 2022, amounts to $371,599,268 and represents 29.19% of net assets.
(c)
Interest only security.
(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, 2022, amounts to $34,597,910 and represents 2.72% of net assets.
(h)
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 | |
| Federal National Mortgage Association (FNMA), Connecticut Avenue Securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series 2015-C04, Class 1M2, 5.887% (1-Month USD-LIBOR + 5.700%) due 4/25/28 | | | | | 3/26/2020 | | | | | $ | 2,461,077 | | | | | $ | 603,929 | | | | | | 0.05% | | |
| Series 2016-C01, Class 1B, 11.937% (1-Month USD-LIBOR + 11.750%) due 8/25/28 | | | | | 8/3/2021 | | | | | | 236,453 | | | | | | 230,372 | | | | | | 0.02% | | |
| Series 2016-C01, Class 1M2, 6.937% (1-Month USD-LIBOR + 6.750%) due 8/25/28 | | | | | 4/14/2020 | | | | | | 3,699,038 | | | | | | 1,789,483 | | | | | | 0.14% | | |
| Series 2016-C02, Class 1B, 12.437% (1-Month USD-LIBOR + 12.250%) due 9/25/28 | | | | | 8/10/2021 | | | | | | 799,642 | | | | | | 778,472 | | | | | | 0.06% | | |
| Series 2016-C03, Class 2M2, 6.087% (1-Month USD-LIBOR + 5.900%) due 10/25/28 | | | | | 3/17/2020 | | | | | | 2,941,204 | | | | | | 5,741,472 | | | | | | 0.45% | | |
| Series 2016-C05, Class 2M2, 4.637% (1-Month USD-LIBOR + 4.450%) due 1/25/29 | | | | | 9/26/2019 | | | | | | 4,548,000 | | | | | | 4,569,319 | | | | | | 0.36% | | |
| Series 2017-C01, Class 1B1, 5.937% (1-Month USD-LIBOR + 5.750%) due 7/25/29 | | | | | 11/17/2020 | | | | | | 2,739,200 | | | | | | 7,766,935 | | | | | | 0.61% | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
| Security | | | First
Acquisition
Date | | | First
Acquisition
Cost | | | Market
Value | | | Percent of
Net Assets | |
| Series 2017-C01, Class 1M2, 3.737% (1-Month USD-LIBOR + 3.550%) due 7/25/29 | | | | | 11/24/2020 | | | | | $ | 895,148 | | | | | $ | 5,408,442 | | | | | | 0.42% | | |
| Series 2017-C02, Class 2B1, 5.687% (1-Month USD-LIBOR + 5.500%) due 9/25/29 | | | | | 2/22/2022 | | | | | | 7,278,633 | | | | | | 7,165,476 | | | | | | 0.56% | | |
Series 2017-C02, Class 2M2C, 3.837% (1-Month USD-LIBOR +
3.650%) due 9/25/29 | | | | | 5/19/2020 | | | | | | 867,500 | | | | | | 2,134,679 | | | | | | 0.17% | | |
| Series 2017-C03, Class 1B1, 5.037% (1-Month USD-LIBOR + 4.850%) due 10/25/29 | | | | | 1/12/2021 | | | | | | 6,145,425 | | | | | | 7,268,744 | | | | | | 0.57% | | |
| Series 2017-C03, Class 1X1, 2.300% due 10/25/29 | | | | | 2/16/2021 | | | | | | 181,485 | | | | | | 89,667 | | | | | | 0.01% | | |
| Series 2018-C03, Class 1B1, 3.937% (1-Month USD-LIBOR + 3.750%) due 10/25/30 | | | | | 4/7/2021 | | | | | | 3,599,409 | | | | | | 6,898,489 | | | | | | 0.54% | | |
| Series 2018-C05, Class 1B1, 4.437% (1-Month USD-LIBOR + 4.250%) due 1/25/31 | | | | | 10/22/2020 | | | | | | 1,499,569 | | | | | | 6,638,038 | | | | | | 0.52% | | |
| Series 2018-C06, Class 1B1, 3.937% (1-Month USD-LIBOR + 3.750%) due 3/25/31 | | | | | 6/29/2021 | | | | | | 3,490,313 | | | | | | 5,133,018 | | | | | | 0.40% | | |
| Freddie Mac Structured Agency Credit Risk Debt Notes: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series 2015-DNA3, Class B, 9.537% (1-Month USD-LIBOR + 9.350%) due 4/25/28 | | | | | 10/29/2021 | | | | | | 3,045,125 | | | | | | 5,425,753 | | | | | | 0.43% | | |
| Series 2016-HQA3, Class B, 9.187% (1-Month USD-LIBOR + 9.000%) due 3/25/29 | | | | | 1/27/2022 | | | | | | 2,131,393 | | | | | | 2,121,974 | | | | | | 0.17% | | |
| Series 2017-HQA3, Class B1, 4.637% (1-Month USD-LIBOR + 4.450%) due 4/25/30 | | | | | 4/29/2021 | | | | | | 4,504,500 | | | | | | 4,460,850 | | | | | | 0.35% | | |
| Sema4 Holdings Corp. | | | | | 2/9/2021 | | | | | | 4,890,000 | | | | | | 1,706,610 | | | | | | 0.13% | | |
| SomaLogic, Inc. | | | | | 3/29/2021 | | | | | | 4,398,300 | | | | | | 3,998,055 | | | | | | 0.31% | | |
| Tekkorp Digital Acquisition Corp., Class A Shares | | | | | 10/22/2020 | | | | | | 3,524,215 | | | | | | 5,549,567 | | | | | | 0.44% | | |
| | | | | | | | | | | | | | | | | $ | 85,479,344 | | | | | | 6.71% | | |
| |
Abbreviations used in this schedule:
ABS
— Asset-Based Security
ADR
— American Depositary Receipts
CLO
— Collateralized Loan Obligation
CMT
— Constant Maturity Treasury Index
ETF
— Exchange Traded Fund
LIBOR
— London Interbank Offered Rate
LLC
— Limited Liability Company
PLC
— Public Limited Company
SOFR
— Secured Overnight Financing Rate
SPDR
— Standard & Poor’s Depository Receipts
SPACs
— Special Purpose Acquisition Companies
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
Summary of Investments by Security Type^ (Unaudited)
| | Common Stocks | | | | | 27.6% | | |
| | Collateralized Mortgage Obligations | | | | | 25.5 | | |
| | Open-End Funds | | | | | 19.0 | | |
| | Corporate Bonds & Notes | | | | | 10.1 | | |
| | Asset-Backed Securities | | | | | 9.1 | | |
| | Equity Linked Notes | | | | | 1.5 | | |
| | Preferred Stocks | | | | | 1.5 | | |
| | Warrants | | | | | 0.2 | | |
| | Short-Term Investments | | | | | 4.7 | | |
| | Money Market Fund | | | | | 0.8 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
Schedule of Options Contracts Written
Swaption Contracts Written
| Notional Amount | | | Security Name | | | Counterparty | | | Expiration
Date | | | Exercise
Rate | | | Value | |
| $90,000,000 | | | 10-Year Constant Maturity Swap, 3-Month USD-LIBOR | | | | | MSCS | | | | | | 5/22/23 | | | | 3.25% | | | $667,017 | |
| | | | TOTAL SWAPTION CONTRACTS WRITTEN | | | | | | | | | | | | | | | | | | $667,017 | |
At February 28, 2022, Destinations Multi Strategy Alternatives Fund held the following OTC Total Return Swap:
OTC Total Return Swap
| Currency | | | Notional
Amount | | | Maturity
Date | | | Counterparty | | | Payment Frequency | | | Pay | | | Receive | | | Unrealized
(Depreciation) | |
| USD | | | | $ | 8,312,482 | | | | 1/23/23 | | | GSC | | | 1-Month | | | USD-Federal Funds-H.15 | | | GSCBGDEN Basket* | | | $(275,683) | |
*
GSCBGDEN Basket consists of a portfolio of:
| | Boyd Gaming Corp. | | | | | 16% | | |
| | Churchill Downs Inc. | | | | | 14% | | |
| | Caesars Entertainment Inc. | | | | | 12% | | |
| | MGM Resorts International | | | | | 14% | | |
| | Penn National Gaming Inc. | | | | | 15% | | |
| | Red Rock Resorts Inc. | | | | | 15% | | |
| | Wynn Resorts Ltd. | | | | | 14% | | |
| | | | | | | 100% | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (continued)
At February 28, 2022, Destinations Multi Strategy Alternatives Fund held the following OTC 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 | | | Counter party | | | Implied Credit
Spread at
2/28/22(2) | | | Notional
Amount(3) | | | Market Value | | | Upfront
Premiums
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| CDX.NA.HY.35 | | | | | 5.000% | | | | | | 12/20/25 | | | | 3-Month | | | MSCS | | | | | 3.876% | | | | | | USD10,000 | | | | | $ | 501,129 | | | | | $ | 405,000 | | | | | $ | 96,129 | | |
| CDX.NA.IG.29 | | | | | 1.000% | | | | | | 12/20/22 | | | | 3-Month | | | GSC | | | | | 0.013% | | | | | | USD 100,000 | | | | | | 997,610 | | | | | | 1,440,000 | | | | | | (442,390) | | |
| CDX.NA.IG.31 | | | | | 1.000% | | | | | | 12/20/23 | | | | 3-Month | | | GSC | | | | | 0.920% | | | | | | USD10,000 | | | | | | 34,170 | | | | | | (750,000) | | | | | | 784,170 | | |
| CDX.NA.IG.35 | | | | | 1.000% | | | | | | 12/20/25 | | | | 3-Month | | | GSC | | | | | 2.189% | | | | | | USD10,000 | | | | | | (415,868) | | | | | | (905,000) | | | | | | 489,132 | | |
| CDX.NA.IG.37 | | | | | 1.000% | | | | | | 12/20/26 | | | | 3-Month | | | MSCS | | | | | 3.106% | | | | | | USD40,000 | | | | | | (3,708,752) | | | | | | (2,360,000) | | | | | | (1,348,752) | | |
| CDX.NA.IG.37 | | | | | 1.000% | | | | | | 12/20/26 | | | | 3-Month | | | GSC | | | | | 3.106% | | | | | | USD10,000 | | | | | | (927,188) | | | | | | (735,000) | | | | | | (192,188) | | |
| CDX.NA.IG.37 | | | | | 1.000% | | | | | | 12/20/26 | | | | 3-Month | | | GSC | | | | | 3.106% | | | | | | USD10,000 | | | | | | (927,188) | | | | | | (776,000) | | | | | | (151,188) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (4,446,087) | | | | | $ | (3,681,000) | | | | | $ | (765,087) | | |
(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 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
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Multi Strategy Alternatives Fund (concluded)
| | Face Amount | | | Security | | | Value | |
| | SECURITIES SOLD SHORT – 10.5% | |
| | CORPORATE BOND & NOTE – 0.4% | |
| | Financial – 0.4% | |
| | | $ | 5,289,000 | | | | United Wholesale Mortgage LLC, Senior Unsecured Notes, 5.500% due
4/15/29(a)(b) | | | | $ | 4,839,435 | | |
| | | | | | | | (Proceeds – $4,721,430) | | | | | | | |
| | | | | | | | | | |
| | Shares/Units | | | | | | | | | | |
| | EXCHANGE TRADED FUNDS (ETFs) – 10.1% | |
| | | | 114,539 | | | | ARK Genomic Revolution | | | | | 5,541,397 | | |
| | | | 131,229 | | | | iShares Russell 2000, Class Common Shares | | | | | 26,681,480 | | |
| | | | 82,618 | | | | iShares Biotechnology | | | | | 10,415,651 | | |
| | | | 570,936 | | | | SPDR S&P Biotech | | | | | 51,287,181 | | |
| | | | 478,255 | | | | SPDR S&P Regional Banking | | | | | 35,524,782 | | |
| | | | | | | | TOTAL EXCHANGE TRADED FUNDS (ETFs) | | | | | | | |
| | | | | | | | (Proceeds – $159,319,057) | | | | | 129,450,491 | | |
| | | | | | | | TOTAL SECURITIES SOLD SHORT – 10.5% | | | | | | | |
| | | | | | | | (Proceeds – $164,040,487) | | | | $ | 134,289,926 | | |
(a)
Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.
(b)
Restricted security that may be repurchased from “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2022, amounts to $4,839,435 and represents 0.38% of net assets.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – 96.7% | |
| | BASIC MATERIALS – 2.1% | |
| | Chemicals – 1.6% | |
| | | | 608 | | | | Albemarle Corp. | | | | $ | 119,101 | | |
| | | | 1,359 | | | | Eastman Chemical Co. | | | | | 161,001 | | |
| | | | 2,745 | | | | Huntsman Corp. | | | | | 111,008 | | |
| | | | 2,644 | | | | Linde PLC | | | | | 775,326 | | |
| | | | 2,192 | | | | LyondellBasell Industries NV, Class A Shares | | | | | 213,128 | | |
| | | | 1,007 | | | | Nutrien Ltd. | | | | | 86,592 | | |
| | | | 442 | | | | Olin Corp. | | | | | 22,767 | | |
| | | | 1,728 | | | | RPM International Inc. | | | | | 146,137 | | |
| | | | 1,215 | | | | Sherwin-Williams Co. | | | | | 319,703 | | |
| | | | | | | | Total Chemicals | | | | | 1,954,763 | | |
| | Forest Products & Paper – 0.1% | |
| | | | 3,007 | | | | International Paper Co. | | | | | 130,895 | | |
| | Iron/Steel – 0.1% | |
| | | | 927 | | | | Steel Dynamics Inc. | | | | | 65,428 | | |
| | | | 1,732 | | | | Vale SA, ADR | | | | | 32,025 | | |
| | | | | | | | Total Iron/Steel | | | | | 97,453 | | |
| | Mining – 0.3% | |
| | | | 1,743 | | | | Barrick Gold Corp. | | | | | 39,339 | | |
| | | | 5,781 | | | | Freeport-McMoRan Inc. | | | | | 271,418 | | |
| | | | 651 | | | | Rio Tinto PLC, ADR | | | | | 51,156 | | |
| | | | 396 | | | | Southern Copper Corp. | | | | | 27,478 | | |
| | | | | | | | Total Mining | | | | | 389,391 | | |
| | | | | | | | TOTAL BASIC MATERIALS | | | | | 2,572,502 | | |
| | COMMUNICATIONS – 14.8% | |
| | Internet – 10.6% | |
| | | | 439 | | | | Alphabet Inc., Class A Shares*(a) | | | | | 1,185,801 | | |
| | | | 1,526 | | | | Alphabet Inc., Class C Shares*(a) | | | | | 4,116,873 | | |
| | | | 1,467 | | | | Amazon.com Inc.*(a) | | | | | 4,505,538 | | |
| | | | 195 | | | | Booking Holdings Inc.* | | | | | 423,589 | | |
| | | | 2,455 | | | | eBay Inc. | | | | | 134,018 | | |
| | | | 552 | | | | Lyft Inc., Class A Shares* | | | | | 21,495 | | |
| | | | 1,044 | | | | Match Group Inc.* | | | | | 116,396 | | |
| | | | 22 | | | | MercadoLibre Inc.* | | | | | 24,786 | | |
| | | | 8,056 | | | | Meta Platforms Inc., Class A Shares*(a) | | | | | 1,700,058 | | |
| | | | 1,603 | | | | Netflix Inc.*(a) | | | | | 632,416 | | |
| | | | 110 | | | | Palo Alto Networks Inc.* | | | | | 65,368 | | |
| | | | 117 | | | | Roku Inc., Class A Shares* | | | | | 16,325 | | |
| | | | 42 | | | | Shopify Inc., Class A Shares* | | | | | 29,159 | | |
| | | | 2,929 | | | | Twitter Inc.* | | | | | 104,126 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | COMMUNICATIONS – (continued) | |
| | Internet – (continued) | |
| | | | 1,097 | | | | Uber Technologies Inc.* | | | | $ | 39,525 | | |
| | | | 895 | | | | VeriSign Inc.* | | | | | 191,279 | | |
| | | | | | | | Total Internet | | | | | 13,306,752 | | |
| | Media – 2.0% | |
| | | | 11 | | | | Cable One Inc. | | | | | 15,761 | | |
| | | | 17,819 | | | | Comcast Corp., Class A Shares | | | | | 833,216 | | |
| | | | 374 | | | | FactSet Research Systems Inc. | | | | | 151,878 | | |
| | | | 2,862 | | | | Fox Corp., Class A Shares | | | | | 119,717 | | |
| | | | 490 | | | | Liberty Broadband Corp., Class C Shares* | | | | | 71,883 | | |
| | | | 1,112 | | | | Liberty Global PLC, Class C Shares* | | | | | 28,767 | | |
| | | | 385 | | | | New York Times Co., Class A Shares | | | | | 16,936 | | |
| | | | 2,361 | | | | Paramount Global, Class B Shares | | | | | 72,270 | | |
| | | | 11,752 | | | | Sirius XM Holdings Inc. | | | | | 72,392 | | |
| | | | 6,765 | | | | Walt Disney Co.*(a) | | | | | 1,004,332 | | |
| | | | | | | | Total Media | | | | | 2,387,152 | | |
| | Telecommunications – 2.2% | |
| | | | 27,511 | | | | AT&T Inc. | | | | | 651,736 | | |
| | | | 1,390 | | | | Ciena Corp.* | | | | | 95,104 | | |
| | | | 18,567 | | | | Cisco Systems Inc.(a) | | | | | 1,035,482 | | |
| | | | 3,474 | | | | Telefonaktiebolaget LM Ericsson, ADR | | | | | 32,239 | | |
| | | | 18,852 | | | | Verizon Communications Inc.(a) | | | | | 1,011,787 | | |
| | | | 3,532 | | | | Vodafone Group PLC, ADR | | | | | 62,516 | | |
| | | | | | | | Total Telecommunications | | | | | 2,888,864 | | |
| | | | | | | | TOTAL COMMUNICATIONS | | | | | 18,582,768 | | |
| | CONSUMER CYCLICAL – 9.3% | |
| | Airlines – 0.2% | |
| | | | 7,522 | | | | Delta Air Lines Inc.* | | | | | 300,278 | | |
| | Apparel – 0.6% | |
| | | | 491 | | | | Capri Holdings Ltd.* | | | | | 33,260 | | |
| | | | 114 | | | | Deckers Outdoor Corp.* | | | | | 32,905 | | |
| | | | 5,075 | | | | NIKE Inc., Class B Shares | | | | | 692,991 | | |
| | | | 524 | | | | Skechers USA Inc., Class A Shares* | | | | | 24,094 | | |
| | | | | | | | Total Apparel | | | | | 783,250 | | |
| | Auto Manufacturers – 2.1% | |
| | | | 17,242 | | | | Ford Motor Co. | | | | | 302,770 | | |
| | | | 2,730 | | | | Tesla Inc.*(a) | | | | | 2,376,274 | | |
| | | | | | | | Total Auto Manufacturers | | | | | 2,679,044 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Auto Parts & Equipment – 0.2% | |
| | | | 246 | | | | Autoliv Inc. | | | | $ | 21,651 | | |
| | | | 974 | | | | Gentex Corp. | | | | | 29,483 | | |
| | | | 254 | | | | Goodyear Tire & Rubber Co.* | | | | | 3,934 | | |
| | | | 494 | | | | Lear Corp. | | | | | 77,726 | | |
| | | | 925 | | | | Magna International Inc. | | | | | 68,700 | | |
| | | | | | | | Total Auto Parts & Equipment | | | | | 201,494 | | |
| | Distribution/Wholesale – 0.2% | |
| | | | 485 | | | | WW Grainger Inc. | | | | | 231,374 | | |
| | Entertainment – 0.1% | |
| | | | 444 | | | | DraftKings Inc., Class A Shares* | | | | | 10,514 | | |
| | | | 198 | | | | Scientific Games Corp.* | | | | | 12,458 | | |
| | | | 243 | | | | Vail Resorts Inc. | | | | | 63,314 | | |
| | | | | | | | Total Entertainment | | | | | 86,286 | | |
| | Food Service – 0.1% | |
| | | | 3,436 | | | | Aramark | | | | | 126,995 | | |
| | Home Builders – 0.3% | |
| | | | 3,469 | | | | DR Horton Inc. | | | | | 296,253 | | |
| | | | 2,102 | | | | Toll Brothers Inc. | | | | | 114,055 | | |
| | | | | | | | Total Home Builders | | | | | 410,308 | | |
| | Home Furnishings – 0.1% | |
| | | | 764 | | | | Leggett & Platt Inc. | | | | | 28,329 | | |
| | | | 570 | | | | Sony Group Corp., ADR | | | | | 58,442 | | |
| | | | | | | | Total Home Furnishings | | | | | 86,771 | | |
| | Leisure Time – 0.2% | |
| | | | 204 | | | | Brunswick Corp. | | | | | 19,486 | | |
| | | | 4,498 | | | | Carnival Corp.* | | | | | 91,444 | | |
| | | | 1,589 | | | | Harley-Davidson Inc. | | | | | 65,626 | | |
| | | | 223 | | | | Planet Fitness Inc., Class A Shares* | | | | | 18,873 | | |
| | | | 52 | | | | Polaris Inc. | | | | | 6,319 | | |
| | | | | | | | Total Leisure Time | | | | | 201,748 | | |
| | Lodging – 0.1% | |
| | | | 1,943 | | | | Las Vegas Sands Corp.* | | | | | 83,277 | | |
| | Retail – 5.1% | |
| | | | 183 | | | | Burlington Stores Inc.* | | | | | 41,338 | | |
| | | | 1,916 | | | | Costco Wholesale Corp. | | | | | 994,883 | | |
| | | | 192 | | | | Dick’s Sporting Goods Inc. | | | | | 20,160 | | |
| | | | 277 | | | | Five Below Inc.* | | | | | 45,320 | | |
| | | | 518 | | | | Foot Locker Inc. | | | | | 16,379 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER CYCLICAL – (continued) | |
| | Retail – (continued) | |
| | | | 3,928 | | | | Home Depot Inc.(a) | | | | $ | 1,240,580 | | |
| | | | 568 | | | | Kohl’s Corp. | | | | | 31,592 | | |
| | | | 2,983 | | | | Lowe’s Cos. Inc. | | | | | 659,422 | | |
| | | | 211 | | | | Lululemon Athletica Inc.* | | | | | 67,507 | | |
| | | | 3,282 | | | | McDonald’s Corp. | | | | | 803,335 | | |
| | | | 416 | | | | O’Reilly Automotive Inc.* | | | | | 270,084 | | |
| | | | 1,235 | | | | Restaurant Brands International Inc. | | | | | 69,135 | | |
| | | | 4,598 | | | | Starbucks Corp. | | | | | 422,050 | | |
| | | | 2,287 | | | | Target Corp. | | | | | 456,874 | | |
| | | | 5,351 | | | | TJX Cos. Inc. | | | | | 353,701 | | |
| | | | 6,634 | | | | Walmart Inc.(a) | | | | | 896,651 | | |
| | | | 241 | | | | Williams-Sonoma Inc. | | | | | 34,911 | | |
| | | | 1,219 | | | | Yum China Holdings Inc. | | | | | 63,412 | | |
| | | | | | | | Total Retail | | | | | 6,487,334 | | |
| | | | | | | | TOTAL CONSUMER CYCLICAL | | | | | 11,678,159 | | |
| | CONSUMER NON-CYCLICAL – 18.0% | |
| | Agriculture – 0.2% | |
| | | | 4,151 | | | | British American Tobacco PLC, ADR | | | | | 183,640 | | |
| | | | 656 | | | | Bunge Ltd. | | | | | 68,585 | | |
| | | | | | | | Total Agriculture | | | | | 252,225 | | |
| | Beverages – 1.3% | |
| | | | 4,153 | | | | Brown-Forman Corp., Class B Shares | | | | | 270,900 | | |
| | | | 2,209 | | | | Constellation Brands Inc., Class A Shares | | | | | 476,305 | | |
| | | | 9,202 | | | | Keurig Dr Pepper Inc. | | | | | 355,841 | | |
| | | | 2,726 | | | | Molson Coors Beverage Co., Class B Shares | | | | | 142,243 | | |
| | | | 3,798 | | | | Monster Beverage Corp.* | | | | | 320,551 | | |
| | | | | | | | Total Beverages | | | | | 1,565,840 | | |
| | Biotechnology – 1.1% | |
| | | | 185 | | | | Alnylam Pharmaceuticals Inc.* | | | | | 29,202 | | |
| | | | 2,566 | | | | Amgen Inc. | | | | | 581,148 | | |
| | | | 624 | | | | Biogen Inc.* | | | | | 131,670 | | |
| | | | 435 | | | | BioMarin Pharmaceutical Inc.* | | | | | 33,982 | | |
| | | | 625 | | | | Illumina Inc.* | | | | | 204,125 | | |
| | | | 1,089 | | | | Moderna Inc.* | | | | | 167,270 | | |
| | | | 402 | | | | Regeneron Pharmaceuticals Inc.* | | | | | 248,581 | | |
| | | | 345 | | | | Seagen Inc.* | | | | | 44,460 | | |
| | | | 182 | | | | United Therapeutics Corp.* | | | | | 30,248 | | |
| | | | | | | | Total Biotechnology | | | | | 1,470,686 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Commercial Services – 1.3% | |
| | | | 469 | | | | Block Inc., Class A Shares* | | | | $ | 59,798 | | |
| | | | 509 | | | | Booz Allen Hamilton Holding Corp., Class A Shares | | | | | 41,071 | | |
| | | | 1,204 | | | | CoStar Group Inc.* | | | | | 73,456 | | |
| | | | 1,171 | | | | Global Payments Inc. | | | | | 156,188 | | |
| | | | 99 | | | | Herc Holdings Inc. | | | | | 15,753 | | |
| | | | 6,039 | | | | Nielsen Holdings PLC | | | | | 105,199 | | |
| | | | 4,470 | | | | PayPal Holdings Inc.* | | | | | 500,327 | | |
| | | | 1,497 | | | | S&P Global Inc. | | | | | 562,423 | | |
| | | | 1,633 | | | | TransUnion | | | | | 148,211 | | |
| | | | | | | | Total Commercial Services | | | | | 1,662,426 | | |
| | Food – 1.2% | |
| | | | 3,582 | | | | Campbell Soup Co. | | | | | 161,083 | | |
| | | | 6,470 | | | | Hormel Foods Corp. | | | | | 308,231 | | |
| | | | 2,133 | | | | JM Smucker Co. | | | | | 287,422 | | |
| | | | 7,632 | | | | Kellogg Co. | | | | | 487,990 | | |
| | | | 3,714 | | | | McCormick & Co. Inc. | | | | | 353,461 | | |
| | | | 737 | | | | US Foods Holding Corp.* | | | | | 28,809 | | |
| | | | | | | | Total Food | | | | | 1,626,996 | | |
| | Healthcare-Products – 3.6% | |
| | | | 7,531 | | | | Abbott Laboratories | | | | | 908,389 | | |
| | | | 1,723 | | | | Alcon Inc. | | | | | 132,654 | | |
| | | | 344 | | | | Align Technology Inc.* | | | | | 175,942 | | |
| | | | 2,313 | | | | Avantor Inc.* | | | | | 80,238 | | |
| | | | 2,726 | | | | Danaher Corp. | | | | | 748,042 | | |
| | | | 348 | | | | Exact Sciences Corp.* | | | | | 27,165 | | |
| | | | 255 | | | | Insulet Corp.* | | | | | 67,496 | | |
| | | | 1,594 | | | | Intuitive Surgical Inc.* | | | | | 462,786 | | |
| | | | 6,272 | | | | Medtronic PLC | | | | | 658,497 | | |
| | | | 1,624 | | | | Thermo Fisher Scientific Inc. | | | | | 883,456 | | |
| | | | 574 | | | | Waters Corp.* | | | | | 181,803 | | |
| | | | 1,555 | | | | Zimmer Biomet Holdings Inc. | | | | | 197,781 | | |
| | | | | | | | Total Healthcare-Products | | | | | 4,524,249 | | |
| | Healthcare-Services – 2.0% | |
| | | | 1,141 | | | | Anthem Inc. | | | | | 515,561 | | |
| | | | 333 | | | | Charles River Laboratories International Inc.* | | | | | 96,956 | | |
| | | | 196 | | | | ICON PLC* | | | | | 46,650 | | |
| | | | 228 | | | | Molina Healthcare Inc.* | | | | | 69,966 | | |
| | | | 3,625 | | | | UnitedHealth Group Inc.(a) | | | | | 1,725,029 | | |
| | | | | | | | Total Healthcare-Services | | | | | 2,454,162 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | CONSUMER NON-CYCLICAL – (continued) | |
| | Household Products/Wares – 1.3% | |
| | | | 5,115 | | | | Church & Dwight Co. Inc. | | | | $ | 500,503 | | |
| | | | 1,571 | | | | Clorox Co. | | | | | 229,036 | | |
| | | | 5,493 | | | | Kimberly-Clark Corp. | | | | | 714,914 | | |
| | | | 1,171 | | | | Spectrum Brands Holdings Inc. | | | | | 108,645 | | |
| | | | | | | | Total Household Products/Wares | | | | | 1,553,098 | | |
| | Pharmaceuticals – 6.0% | |
| | | | 6,782 | | | | AbbVie Inc. | | | | | 1,002,176 | | |
| | | | 1,231 | | | | AmerisourceBergen Corp. | | | | | 175,454 | | |
| | | | 1,633 | | | | AstraZeneca PLC, ADR | | | | | 99,417 | | |
| | | | 1,507 | | | | Becton Dickinson & Co. | | | | | 408,819 | | |
| | | | 1,424 | | | | Cigna Corp. | | | | | 338,599 | | |
| | | | 5,840 | | | | CVS Health Corp. | | | | | 605,316 | | |
| | | | 445 | | | | DexCom Inc.* | | | | | 184,190 | | |
| | | | 3,021 | | | | Eli Lilly & Co. | | | | | 755,099 | | |
| | | | 2,230 | | | | Herbalife Nutrition Ltd.* | | | | | 79,343 | | |
| | | | 238 | | | | Jazz Pharmaceuticals PLC* | | | | | 32,706 | | |
| | | | 10,282 | | | | Johnson & Johnson(a) | | | | | 1,692,109 | | |
| | | | 849 | | | | McKesson Corp. | | | | | 233,441 | | |
| | | | 9,836 | | | | Merck & Co. Inc. | | | | | 753,241 | | |
| | | | 1,483 | | | | Novartis AG, ADR | | | | | 129,703 | | |
| | | | 355 | | | | Perrigo Co. PLC | | | | | 12,610 | | |
| | | | 20,475 | | | | Pfizer Inc.(a) | | | | | 961,097 | | |
| | | | 2,538 | | | | Teva Pharmaceutical Industries Ltd., ADR* | | | | | 20,634 | | |
| | | | | | | | Total Pharmaceuticals | | | | | 7,483,954 | | |
| | | | | | | | TOTAL CONSUMER NON-CYCLICAL | | | | | 22,593,636 | | |
| | ENERGY – 3.6% | |
| | Energy-Alternate Sources – 0.1% | |
| | | | 561 | | | | Enphase Energy Inc.* | | | | | 93,519 | | |
| | Oil & Gas – 3.0% | |
| | | | 1,669 | | | | Canadian Natural Resources Ltd. | | | | | 93,180 | | |
| | | | 4,528 | | | | Cenovus Energy Inc. | | | | | 71,090 | | |
| | | | 7,947 | | | | Chevron Corp. | | | | | 1,144,368 | | |
| | | | 808 | | | | Continental Resources Inc. | | | | | 44,787 | | |
| | | | 3,330 | | | | EOG Resources Inc. | | | | | 382,684 | | |
| | | | 17,479 | | | | Exxon Mobil Corp.(a) | | | | | 1,370,703 | | |
| | | | 227 | | | | HollyFrontier Corp.* | | | | | 6,912 | | |
| | | | 4,304 | | | | Occidental Petroleum Corp. | | | | | 188,214 | | |
| | | | 1,430 | | | | Ovintiv Inc. | | | | | 65,565 | | |
| | | | 2,669 | | | | Phillips 66 | | | | | 224,837 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | ENERGY – (continued) | |
| | Oil & Gas – (continued) | |
| | | | 629 | | | | Range Resources Corp.* | | | | $ | 14,435 | | |
| | | | 2,703 | | | | Suncor Energy Inc. | | | | | 82,523 | | |
| | | | | | | | Total Oil & Gas | | | | | 3,689,298 | | |
| | Oil & Gas Services – 0.3% | |
| | | | 1,770 | | | | NOV Inc. | | | | | 30,355 | | |
| | | | 10,295 | | | | Schlumberger NV | | | | | 403,976 | | |
| | | | | | | | Total Oil & Gas Services | | | | | 434,331 | | |
| | Pipelines – 0.2% | |
| | | | 778 | | | | Cheniere Energy Inc. | | | | | 103,396 | | |
| | | | 1,370 | | | | Enbridge Inc. | | | | | 59,157 | | |
| | | | 1,562 | | | | Targa Resources Corp. | | | | | 102,108 | | |
| | | | 951 | | | | TC Energy Corp. | | | | | 51,078 | | |
| | | | | | | | Total Pipelines | | | | | 315,739 | | |
| | | | | | | | TOTAL ENERGY | | | | | 4,532,887 | | |
| | FINANCIAL – 15.1% | |
| | Banks – 4.8% | |
| | | | 6,970 | | | | Banco Bradesco SA, ADR | | | | | 26,904 | | |
| | | | 29,174 | | | | Bank of America Corp.(a) | | | | | 1,289,491 | | |
| | | | 665 | | | | Bank of Montreal | | | | | 75,743 | | |
| | | | 202 | | | | Canadian Imperial Bank of Commerce | | | | | 25,535 | | |
| | | | 7,122 | | | | Citigroup Inc. | | | | | 421,836 | | |
| | | | 630 | | | | Cullen/Frost Bankers Inc. | | | | | 88,660 | | |
| | | | 1,227 | | | | East West Bancorp Inc. | | | | | 107,436 | | |
| | | | 11,475 | | | | First Horizon Corp. | | | | | 269,433 | | |
| | | | 1,696 | | | | Goldman Sachs Group Inc. | | | | | 578,828 | | |
| | | | 2,157 | | | | ICICI Bank Ltd., ADR | | | | | 41,997 | | |
| | | | 7,225 | | | | Itau Unibanco Holding SA, ADR | | | | | 34,897 | | |
| | | | 11,221 | | | | JPMorgan Chase & Co.(a) | | | | | 1,591,138 | | |
| | | | 6,248 | | | | Morgan Stanley | | | | | 566,943 | | |
| | | | 332 | | | | Signature Bank | | | | | 114,503 | | |
| | | | 15,263 | | | | Wells Fargo & Co. | | | | | 814,586 | | |
| | | | | | | | Total Banks | | | | | 6,047,930 | | |
| | Diversified Financial Services – 3.3% | |
| | | | 2,946 | | | | American Express Co. | | | | | 573,115 | | |
| | | | 940 | | | | Ameriprise Financial Inc. | | | | | 281,803 | | |
| | | | 6,145 | | | | Charles Schwab Corp. | | | | | 519,007 | | |
| | | | 28 | | | | Credit Acceptance Corp.* | | | | | 15,403 | | |
| | | | 322 | | | | Evercore Inc., Class A Shares | | | | | 40,897 | | |
| | | | 1,682 | | | | Jefferies Financial Group Inc. | | | | | 59,778 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Diversified Financial Services – (continued) | |
| | | | 3,129 | | | | Mastercard Inc., Class A Shares(a) | | | | $ | 1,129,006 | | |
| | | | 1,519 | | | | Nasdaq Inc. | | | | | 259,977 | | |
| | | | 6,103 | | | | Visa Inc., Class A Shares(a) | | | | | 1,318,980 | | |
| | | | 536 | | | | XP Inc., Class A Shares* | | | | | 17,334 | | |
| | | | | | | | Total Diversified Financial Services | | | | | 4,215,300 | | |
| | Equity Real Estate Investment Trusts (REITs) – 2.7% | |
| | | | 4,374 | | | | American Homes 4 Rent, Class A Shares | | | | | 166,256 | | |
| | | | 9,925 | | | | Annaly Capital Management Inc. | | | | | 69,078 | | |
| | | | 1,912 | | | | AvalonBay Communities Inc. | | | | | 456,184 | | |
| | | | 1,388 | | | | Camden Property Trust | | | | | 229,173 | | |
| | | | 2,008 | | | | CubeSmart | | | | | 96,806 | | |
| | | | 3,008 | | | | Equity LifeStyle Properties Inc. | | | | | 224,457 | | |
| | | | 4,192 | | | | Equity Residential | | | | | 357,578 | | |
| | | | 2,612 | | | | Healthcare Realty Trust Inc. | | | | | 68,121 | | |
| | | | 7,269 | | | | Invitation Homes Inc. | | | | | 274,768 | | |
| | | | 3,811 | | | | Medical Properties Trust Inc. | | | | | 77,516 | | |
| | | | 1,701 | | | | Mid-America Apartment Communities Inc. | | | | | 348,042 | | |
| | | | 148 | | | | Orion Office REIT Inc.* | | | | | 2,520 | | |
| | | | 5,458 | | | | Realty Income Corp. | | | | | 360,719 | | |
| | | | 987 | | | | Sun Communities Inc. | | | | | 178,647 | | |
| | | | 3,257 | | | | VICI Properties Inc. | | | | | 91,066 | | |
| | | | 2,837 | | | | WP Carey Inc. | | | | | 219,584 | | |
| | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | 3,220,515 | | |
| | Insurance – 3.9% | |
| | | | 7,007 | | | | Aflac Inc. | | | | | 428,058 | | |
| | | | 1,155 | | | | Aon PLC, Class A Shares | | | | | 337,422 | | |
| | | | 3,529 | | | | Arch Capital Group Ltd.* | | | | | 166,251 | | |
| | | | 2,310 | | | | Arthur J Gallagher & Co. | | | | | 365,419 | | |
| | | | 1,310 | | | | Assurant Inc. | | | | | 222,320 | | |
| | | | 7,375 | | | | Berkshire Hathaway Inc., Class B Shares* | | | | | 2,370,694 | | |
| | | | 4,252 | | | | Brown & Brown Inc. | | | | | 287,478 | | |
| | | | 2,124 | | | | Fidelity National Financial Inc. | | | | | 101,187 | | |
| | | | 5,545 | | | | Manulife Financial Corp. | | | | | 112,342 | | |
| | | | 154 | | | | Markel Corp.* | | | | | 191,408 | | |
| | | | 187 | | | | RenaissanceRe Holdings Ltd. | | | | | 28,196 | | |
| | | | 2,111 | | | | Unum Group | | | | | 58,939 | | |
| | | | 249 | | | | Voya Financial Inc. | | | | | 16,770 | | |
| | | | 2,864 | | | | WR Berkley Corp. | | | | | 258,619 | | |
| | | | | | | | Total Insurance | | | | | 4,945,103 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | FINANCIAL – (continued) | |
| | Private Equity – 0.3% | |
| | | | 574 | | | | Blackstone Inc. | | | | $ | 73,168 | | |
| | | | 2,415 | | | | Brookfield Asset Management Inc., Class A Shares | | | | | 131,956 | | |
| | | | 1,435 | | | | KKR & Co. Inc. | | | | | 86,272 | | |
| | | | | | | | Total Private Equity | | | | | 291,396 | | |
| | Real Estate – 0.0% | |
| | | | 161 | | | | Jones Lang LaSalle Inc.* | | | | | 39,641 | | |
| | Savings & Loans – 0.1% | |
| | | | 2,951 | | | | New York Community Bancorp Inc. | | | | | 34,054 | | |
| | | | 8,015 | | | | People’s United Financial Inc. | | | | | 168,956 | | |
| | | | | | | | Total Savings & Loans | | | | | 203,010 | | |
| | | | | | | | TOTAL FINANCIAL | | | | | 18,962,895 | | |
| | INDUSTRIAL – 8.0% | |
| | Aerospace/Defense – 1.0% | |
| | | | 2,656 | | | | Boeing Co.* | | | | | 545,383 | | |
| | | | 2,913 | | | | General Dynamics Corp. | | | | | 682,953 | | |
| | | | 1,165 | | | | HEICO Corp. | | | | | 171,849 | | |
| | | | | | | | Total Aerospace/Defense | | | | | 1,400,185 | | |
| | Building Materials – 0.3% | |
| | | | 485 | | | | Lennox International Inc. | | | | | 129,461 | | |
| | | | 249 | | | | Louisiana-Pacific Corp. | | | | | 17,915 | | |
| | | | 762 | | | | Martin Marietta Materials Inc. | | | | | 289,103 | | |
| | | | | | | | Total Building Materials | | | | | 436,479 | | |
| | Electrical Components & Equipment – 0.4% | |
| | | | 75 | | | | Acuity Brands Inc. | | | | | 13,678 | | |
| | | | 2,501 | | | | AMETEK Inc. | | | | | 324,605 | | |
| | | | 321 | | | | Generac Holdings Inc.* | | | | | 101,266 | | |
| | | | | | | | Total Electrical Components & Equipment | | | | | 439,549 | | |
| | Electronics – 0.7% | |
| | | | 6,396 | | | | Amphenol Corp., Class A Shares | | | | | 486,160 | | |
| | | | 1,872 | | | | Sensata Technologies Holding PLC* | | | | | 108,407 | | |
| | | | 2,637 | | | | Trimble Inc.* | | | | | 183,931 | | |
| | | | | | | | Total Electronics | | | | | 778,498 | | |
| | Engineering & Construction – 0.0% | |
| | | | 694 | | | | AECOM | | | | | 50,426 | | |
| | Environmental Control – 0.5% | |
| | | | 3,142 | | | | Republic Services Inc. | | | | | 377,920 | | |
| | | | 1,894 | | | | Waste Connections Inc. | | | | | 233,890 | | |
| | | | | | | | Total Environmental Control | | | | | 611,810 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Hand/Machine Tools – 0.1% | |
| | | | 1,273 | | | | Lincoln Electric Holdings Inc. | | | | $ | 162,257 | | |
| | Machinery-Construction & Mining – 0.4% | |
| | | | 1,347 | | | | BWX Technologies Inc. | | | | | 71,957 | | |
| | | | 2,242 | | | | Caterpillar Inc. | | | | | 420,554 | | |
| | | | | | | | | | | | | 492,511 | | |
| | Machinery-Diversified – 1.3% | |
| | | | 227 | | | | AGCO Corp. | | | | | 27,276 | | |
| | | | 477 | | | | Cognex Corp. | | | | | 32,226 | | |
| | | | 660 | | | | Colfax Corp.* | | | | | 26,539 | | |
| | | | 1,077 | | | | Deere & Co. | | | | | 387,741 | | |
| | | | 1,733 | | | | Dover Corp. | | | | | 271,838 | | |
| | | | 2,334 | | | | Graco Inc. | | | | | 168,258 | | |
| | | | 1,044 | | | | IDEX Corp. | | | | | 200,344 | | |
| | | | 185 | | | | Nordson Corp. | | | | | 41,901 | | |
| | | | 934 | | | | Rockwell Automation Inc. | | | | | 248,986 | | |
| | | | 1,956 | | | | Xylem Inc. | | | | | 173,986 | | |
| | | | | | | | Total Machinery-Diversified | | | | | 1,579,095 | | |
| | Miscellaneous Manufacturers – 1.2% | |
| | | | 4,627 | | | | 3M Co. | | | | | 687,804 | | |
| | | | 765 | | | | Carlisle Cos. Inc. | | | | | 181,611 | | |
| | | | 5,084 | | | | General Electric Co. | | | | | 485,573 | | |
| | | | 2,842 | | | | Textron Inc. | | | | | 207,835 | | |
| | | | | | | | Total Miscellaneous Manufacturers | | | | | 1,562,823 | | |
| | Packaging & Containers – 0.3 | |
| | | | 617 | | | | Crown Holdings Inc. | | | | | 75,687 | | |
| | | | 906 | | | | Packaging Corp. of America | | | | | 133,354 | | |
| | | | 2,521 | | | | Sonoco Products Co. | | | | | 148,033 | | |
| | | | | | | | Total Packaging & Containers | | | | | 357,074 | | |
| | Shipbuilding – 0.2% | |
| | | | 903 | | | | Huntington Ingalls Industries Inc. | | | | | 184,573 | | |
| | Transportation – 1.6% | |
| | | | 530 | | | | Canadian National Railway Co. | | | | | 65,715 | | |
| | | | 1,121 | | | | Canadian Pacific Railway Ltd. | | | | | 78,784 | | |
| | | | 772 | | | | Old Dominion Freight Line Inc. | | | | | 242,431 | | |
| | | | 3,187 | | | | Union Pacific Corp. | | | | | 783,843 | | |
| | | | 3,599 | | | | United Parcel Service Inc., Class B Shares | | | | | 757,302 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | INDUSTRIAL – (continued) | |
| | Transportation – (continued) | |
| | | | 283 | | | | XPO Logistics Inc.* | | | | $ | 20,568 | | |
| | | | | | | | Total Transportation | | | | | 1,948,643 | | |
| | | | | | | | TOTAL INDUSTRIAL | | | | | 10,003,923 | | |
| | TECHNOLOGY – 23.2% | |
| | Computers – 8.1% | |
| | | | 2,735 | | | | Accenture PLC, Class A Shares | | | | | 864,315 | | |
| | | | 52,411 | | | | Apple Inc.(a) | | | | | 8,654,104 | | |
| | | | 484 | | | | Check Point Software Technologies Ltd.* | | | | | 70,122 | | |
| | | | 2,121 | | | | Dell Technologies Inc., Class C Shares* | | | | | 108,086 | | |
| | | | 301 | | | | EPAM Systems Inc.* | | | | | 62,533 | | |
| | | | 3,969 | | | | International Business Machines Corp. | | | | | 486,242 | | |
| | | | 138 | | | | Kyndryl Holdings Inc.* | | | | | 2,189 | | |
| | | | | | | | Total Computers | | | | | 10,247,591 | | |
| | Semiconductors – 5.9% | |
| | | | 6,697 | | | | Advanced Micro Devices Inc.* | | | | | 826,008 | | |
| | | | 3,920 | | | | Applied Materials Inc. | | | | | 526,064 | | |
| | | | 135 | | | | ASML Holding NV, Class NY Registered Shares | | | | | 89,979 | | |
| | | | 1,652 | | | | Broadcom Inc.(a) | | | | | 970,451 | | |
| | | | 285 | | | | Cirrus Logic Inc.* | | | | | 24,758 | | |
| | | | 688 | | | | Entegris Inc. | | | | | 89,770 | | |
| | | | 15,841 | | | | Intel Corp. | | | | | 755,616 | | |
| | | | 590 | | | | Lam Research Corp. | | | | | 331,197 | | |
| | | | 940 | | | | Marvell Technology Inc. | | | | | 64,230 | | |
| | | | 4,797 | | | | Micron Technology Inc. | | | | | 426,261 | | |
| | | | 8,608 | | | | NVIDIA Corp.(a) | | | | | 2,099,061 | | |
| | | | 1,421 | | | | NXP Semiconductors NV | | | | | 270,161 | | |
| | | | 994 | | | | ON Semiconductor Corp.* | | | | | 62,234 | | |
| | | | 4,322 | | | | QUALCOMM Inc. | | | | | 743,341 | | |
| | | | 158 | | | | Silicon Laboratories Inc.* | | | | | 24,286 | | |
| | | | 560 | | | | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | | | 59,926 | | |
| | | | | | | | Total Semiconductors | | | | | 7,363,343 | | |
| | Software – 9.2% | |
| | | | 1,967 | | | | Activision Blizzard Inc. | | | | | 160,310 | | |
| | | | 1,803 | | | | Adobe Inc.*(a) | | | | | 843,227 | | |
| | | | 266 | | | | Black Knight Inc.* | | | | | 14,947 | | |
| | | | 2,441 | | | | Fidelity National Information Services Inc. | | | | | 232,456 | | |
| | | | 1,205 | | | | Intuit Inc. | | | | | 571,616 | | |
| | | | 25,257 | | | | Microsoft Corp.(a) | | | | | 7,546,539 | | |
| | | | 6,025 | | | | Oracle Corp. | | | | | 457,719 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Shares/Units | | | Security | | | Value | |
| | COMMON STOCKS – (continued) | |
| | TECHNOLOGY – (continued) | |
| | Software – (continued) | |
| | | | 3,671 | | | | salesforce.com inc.*(a) | | | | $ | 772,856 | | |
| | | | 474 | | | | SAP SE, ADR | | | | | 53,363 | | |
| | | | 834 | | | | ServiceNow Inc.* | | | | | 483,653 | | |
| | | | 920 | | | | SS&C Technologies Holdings Inc. | | | | | 68,972 | | |
| | | | 231 | | | | Twilio Inc., Class A Shares* | | | | | 40,379 | | |
| | | | 346 | | | | Veeva Systems Inc., Class A Shares* | | | | | 79,251 | | |
| | | | 350 | | | | VMware Inc., Class A Shares | | | | | 41,062 | | |
| | | | 373 | | | | Workday Inc., Class A Shares* | | | | | 85,436 | | |
| | | | 167 | | | | Zoom Video Communications Inc., Class A Shares* | | | | | 22,144 | | |
| | | | | | | | Total Software | | | | | 11,473,930 | | |
| | | | | | | | TOTAL TECHNOLOGY | | | | | 29,084,864 | | |
| | UTILITIES – 2.6% | |
| | Electric – 2.4% | |
| | | | 6,172 | | | | Alliant Energy Corp. | | | | | 360,445 | | |
| | | | 5,237 | | | | Ameren Corp. | | | | | 450,120 | | |
| | | | 7,624 | | | | American Electric Power Co. Inc. | | | | | 691,115 | | |
| | | | 4,461 | | | | Consolidated Edison Inc. | | | | | 382,620 | | |
| | | | 3,756 | | | | DTE Energy Co. | | | | | 456,692 | | |
| | | | 9,929 | | | | PPL Corp. | | | | | 259,842 | | |
| | | | 5,600 | | | | Xcel Energy Inc. | | | | | 377,048 | | |
| | | | | | | | Total Electric | | | | | 2,977,882 | | |
| | Water – 0.2% | |
| | | | 5,207 | | | | Essential Utilities Inc. | | | | | 245,302 | | |
| | | | | | | | TOTAL UTILITIES | | | | | 3,223,184 | | |
| | | | | | | | TOTAL COMMON STOCKS
(Cost – $125,648,625) | | | | | 121,234,818 | | |
| | Number of
Contracts | | | Notional
Amount | | | Security | | | Value | |
| | PURCHASED OPTIONS – 3.5% | | |
| | Index Option – 3.5% | | |
| | | | 92 | | | | 40,240,248 | | | S&P 500 Index Options, Put, 4,540.00, expires 3/31/22 | | | | | 1,983,520 | | |
| | | | 92 | | | | 40,240,248 | | | S&P 500 Index Options, Put, 4,250.00, expires 4/29/22 | | | | | 1,168,400 | | |
| | | | 91 | | | | 39,802,854 | | | S&P 500 Index Options, Put, 4,125.00, expires 5/31/22 | | | | | 1,183,000 | | |
| | | | | | | | | | | TOTAL PURCHASED OPTIONS
(Cost – $3,733,945) | | | | | 4,334,920 | | |
| | | | | | | | | | | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $129,382,570) | | | | | 125,569,738 | | |
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (continued)
| | Face Amount | | | Security | | | Value | |
| | SHORT-TERM INVESTMENTS – 1.2% | |
| | TIME DEPOSIT – 1.2% | |
| | | $ | 1,469,202 | | | | BNP Paribas – Paris, 0.005% due 3/1/22
| | | | | | | |
| | | | | | | | (Cost – $1,469,202) | | | | $ | 1,469,202 | | |
| | | | | | | | TOTAL INVESTMENTS – 101.4%
(Cost – $130,851,772) | | | | | 127,038,940 | | |
| | | | | | | | Liabilities in Excess of Other Assets – (1.4)% | | | | | (1,702,591) | | |
| | | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 125,336,349 | | |
*
Non-income producing security.
(a)
All or a portion of this security is pledged by the Fund as collateral for short sales or derivative transactions.
Abbreviations used in this schedule:
ADR
— American Depositary Receipts
PLC
— Public Limited Company
REIT
— Real Estate Investment Trust
Summary of Investments by Security Sector^ (Unaudited)
| | Technology | | | | | 22.9% | | |
| | Consumer Non-Cyclical | | | | | 17.8 | | |
| | Financial | | | | | 14.9 | | |
| | Communications | | | | | 14.6 | | |
| | Consumer Cyclical | | | | | 9.2 | | |
| | Industrial | | | | | 7.9 | | |
| | Energy | | | | | 3.6 | | |
| | Utilities | | | | | 2.5 | | |
| | Basic Materials | | | | | 2.0 | | |
| | Purchased Options | | | | | 3.4 | | |
| | Short-Term Investments | | | | | 1.2 | | |
| | | | | | | 100.0% | | |
^
As a percentage of total investments.
See Notes to Financial Statements.
Schedules of Investments
February 28, 2022
Destinations Shelter Fund (concluded)
Schedule of Options Contracts Written
Index Options
| | Number of
Contracts | | | Notional
Amount | | | Security Name | | | Counterparty | | | Expiration
Date | | | Exercise
Rate | | | Value | |
| | 92 | | | 40,240,248 | | | S&P 500 Index Options | | | | | MSC | | | | | | 3/31/22 | | | | $3,820.00 | | | | $ | (201,940) | | |
| | 46 | | | 20,120,124 | | | S&P 500 Index Options | | | | | MSC | | | | | | 3/31/22 | | | | 4,910.00 | | | | | (4,370) | | |
| | 92 | | | 40,240,248 | | | S&P 500 Index Options | | | | | MSC | | | | | | 4/29/22 | | | | 3,575.00 | | | | | (240,120) | | |
| | 47 | | | 20,557,518 | | | S&P 500 Index Options | | | | | MSC | | | | | | 4/29/22 | | | | 4,650.00 | | | | | (181,420) | | |
| | 91 | | | 39,802,854 | | | S&P 500 Index Options | | | | | MSC | | | | | | 5/31/22 | | | | 3,500.00 | | | | | (349,440) | | |
| | 46 | | | 20,120,124 | | | S&P 500 Index Options | | | | | MSC | | | | | | 5/31/22 | | | | 4,550.00 | | | | | (443,440) | | |
| | | | | | | | TOTAL OPTIONS CONTRACTS WRITTEN | | | | | |
| | | | | | | | (Premiums received – $1,956,542) | | | | | | | | | | | | | $ | (1,420,730) | | |
Counterparty Abbreviations used in this schedule:
MSC
— Morgan Stanley
See Notes to Financial Statements.
Ratings (unaudited)
The definitions of the applicable rating symbols are set forth below:
Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.
AAA — Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.
AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.
P — Preliminary rating.
u — The upgrade state defines bonds that have recently been upgraded into higher rating categories.
Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category.
Aaa — Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.
Aa — Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear 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, 2022
| | | | 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) | | | | $ | 5,296,739,090 | | | | | $ | 1,363,377,751 | | | | | $ | 2,699,245,199 | | | | | $ | 515,725,639 | | | | | $ | 2,385,326,308 | | |
Foreign currency, at value(3) | | | | | — | | | | | | — | | | | | | 138,940 | | | | | | — | | | | | | — | | |
| Cash | | | | | 504 | | | | | | 201 | | | | | | 278 | | | | | | 60 | | | | | | — | | |
| Unrealized appreciation on unfunded loan commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for securities sold | | | | | 32,829,002 | | | | | | 7,875,090 | | | | | | 6,630,520 | | | | | | — | | | | | | 128,818,166 | | |
| Dividends and interest receivable | | | | | 5,308,900 | | | | | | 1,189,231 | | | | | | 4,170,198 | | | | | | 1,777,943 | | | | | | 9,819,255 | | |
| Receivable for Fund shares sold | | | | | 2,558,354 | | | | | | 657,708 | | | | | | 2,218,039 | | | | | | 205,858 | | | | | | 1,026,974 | | |
| Receivable for expense reimbursement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized appreciation on open forward foreign currency contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Variation margin on open future contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized appreciation on swap contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Upfront premiums paid on swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Deposits with counterparty(4) | | | | | 164,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Cash held at Broker | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Prepaid expenses | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Prepaid Chief Compliance Officer expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Pre-paid organizational fees | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Other assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for expense reimbursement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Assets | | | | | 5,337,599,850 | | | | | | 1,373,099,981 | | | | | | 2,712,403,174 | | | | | | 517,709,500 | | | | | | 2,524,990,703 | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for collateral received from securities on loan | | | | | 23,492,013 | | | | | | 37,322,114 | | | | | | 27,311,506 | | | | | | 3,345,980 | | | | | | — | | |
| Payable for Fund shares repurchased | | | | | 2,500,872 | | | | | | 605,640 | | | | | | 2,205,597 | | | | | | 197,944 | | | | | | 1,349,326 | | |
| Payable for securities purchased | | | | | 19,102,027 | | | | | | 10,595,388 | | | | | | 3,594,122 | | | | | | — | | | | | | 313,946,784 | | |
| Investment management fee payable | | | | | 2,455,748 | | | | | | 908,059 | | | | | | 1,981,784 | | | | | | 259,538 | | | | | | 983,290 | | |
| Transfer agent fees payable | | | | | 612,989 | | | | | | 153,670 | | | | | | 321,237 | | | | | | 47,725 | | | | | | 266,756 | | |
| Custody fee payable | | | | | 195,814 | | | | | | 63,367 | | | | | | 253,451 | | | | | | 28,515 | | | | | | 144,444 | | |
| Trustees’ fees payable | | | | | 61,828 | | | | | | 12,739 | | | | | | 32,417 | | | | | | 11,832 | | | | | | 26,376 | | |
| Registration fees payable | | | | | — | | | | | | 1,178 | | | | | | 20,231 | | | | | | — | | | | | | 4,890 | | |
| Shareholder services | | | | | — | | | | | | 25,445 | | | | | | 47,383 | | | | | | 13,135 | | | | | | 49,803 | | |
| Variation margin on open future contracts (Note 4) | | | | | 7,827 | | | | | | — | | | | | | — | | | | | | — | | | | | | 600,442 | | |
| Upfront premiums received on swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized depreciation on unfunded loan commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 816 | | |
| Unrealized depreciation on swap contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forward sale commitments(5) (Note 5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,530,386 | | |
Securities sold short(5) (Note 5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due to custodian(3) | | | | | — | | | | | | — | | | | | | — | | | | | | 50 | | | | | | 233 | | |
Options contracts written, at value(6) (Note 4) | | | | | — | | | | | | — | | | | | | 1,839 | | | | | | — | | | | | | — | | |
| Unrealized depreciation on open forward foreign currency contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Foreign capital gains tax payable | | | | | — | | | | | | — | | | | | | 4,752,378 | | | | | | — | | | | | | — | | |
| Investment interest payable on securities sold short | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Accrued Chief Compliance Officer expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Accrued expenses | | | | | 96,565 | | | | | | 24,221 | | | | | | 110,547 | | | | | | 10,429 | | | | | | 65,565 | | |
| Total Liabilities | | | | | 48,525,683 | | | | | | 49,711,821 | | | | | | 40,632,492 | | | | | | 3,915,148 | | | | | | 320,969,111 | | |
| Total Net Assets | | | | $ | 5,289,074,167 | | | | | $ | 1,323,388,160 | | | | | $ | 2,671,770,682 | | | | | $ | 513,794,352 | | | | | $ | 2,204,021,592 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Par value | | | | $ | 376,446 | | | | | $ | 105,343 | | | | | $ | 204,682 | | | | | $ | 43,259 | | | | | $ | 230,897 | | |
| Paid-in capital in excess of par value | | | | | 4,021,601,655 | | | | | | 1,133,404,493 | | | | | | 2,294,343,995 | | | | | | 446,871,472 | | | | | | 2,320,664,208 | | |
| Total distributable earnings (losses) | | | | | 1,267,096,066 | | | | | | 189,878,324 | | | | | | 377,222,005 | | | | | | 66,879,621 | | | | | | (116,873,513) | | |
| Total Net Assets | | | | $ | 5,289,074,167 | | | | | $ | 1,323,388,160 | | | | | $ | 2,671,770,682 | | | | | $ | 513,794,352 | | | | | $ | 2,204,021,592 | | |
| Total Net Assets Class I | | | | $ | 4,782,704,608 | | | | | $ | 1,197,852,110 | | | | | $ | 2,418,623,126 | | | | | $ | 469,451,932 | | | | | $ | 2,002,155,338 | | |
| Total Net Assets Class Z | | | | $ | 506,369,559 | | | | | $ | 125,536,050 | | | | | $ | 253,147,556 | | | | | $ | 44,342,420 | | | | | $ | 201,866,254 | | |
| Shares Outstanding Class I | | | | | 331,140,472 | | | | | | 92,369,632 | | | | | | 182,627,126 | | | | | | 39,410,076 | | | | | | 210,267,689 | | |
| Shares Outstanding Class Z | | | | | 45,305,889 | | | | | | 12,973,275 | | | | | | 22,054,690 | | | | | | 3,848,541 | | | | | | 20,629,654 | | |
| Net Asset Value Class I | | | | $ | 14.44 | | | | | $ | 12.97 | | | | | $ | 13.24 | | | | | $ | 11.91 | | | | | $ | 9.52 | | |
| Net Asset Value Class Z | | | | $ | 11.18 | | | | | $ | 9.68 | | | | | $ | 11.48 | | | | | $ | 11.52 | | | | | $ | 9.79 | | |
| (1) Investments, at cost | | | | $ | 4,217,014,560 | | | | | $ | 1,204,828,284 | | | | | $ | 2,308,986,185 | | | | | $ | 446,357,100 | | | | | $ | 2,478,256,982 | | |
| (2) Includes securities on loan | | | | $ | 25,225,307 | | | | | $ | 36,882,210 | | | | | $ | 26,408,771 | | | | | $ | 3,181,631 | | | | | $ | — | | |
| (3) Foreign currency, at cost | | | | $ | — | | | | | $ | — | | | | | $ | 171,747 | | | | | $ | (50) | | | | | $ | — | | |
| (4) Related to futures contracts | | | | $ | 164,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| (5) Proceeds received | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,507,797 | | |
| (6) Premiums received | | | | $ | — | | | | | $ | — | | | | | $ | 13,267 | | | | | $ | — | | | | | $ | — | | |
| (7) Related to swap contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
See Notes to Financial Statements.
Statements of Assets and Liabilities
February 28, 2022 (concluded)
| | | | Destinations
Low Duration
Fixed Income
Fund | | | Destinations
Global Fixed Income
Opportunities
Fund | | | Destinations
Municipal
Fixed Income
Fund | | | Destinations
Multi Strategy
Alternatives
Fund | | | Destinations
Shelter
Fund | |
| ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value(1),(2) | | | | $ | 636,156,502 | | | | | $ | 793,396,685 | | | | | $ | 926,630,609 | | | | | $ | 1,268,574,053 | | | | | $ | 127,038,940 | | |
Foreign currency, at value(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Cash | | | | | 361 | | | | | | 189 | | | | | | 480,318 | | | | | | 154 | | | | | | — | | |
| Unrealized appreciation on unfunded loan commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for securities sold | | | | | 2,599,667 | | | | | | 4,498,498 | | | | | | 6,508,660 | | | | | | 13,202,288 | | | | | | 790,704 | | |
| Dividends and interest receivable | | | | | 6,204,913 | | | | | | 8,958,030 | | | | | | 8,453,838 | | | | | | 2,279,615 | | | | | | 157,012 | | |
| Receivable for Fund shares sold | | | | | 257,235 | | | | | | 321,168 | | | | | | 464,724 | | | | | | 564,216 | | | | | | 14,302 | | |
| Receivable for expense reimbursement | | | | | — | | | | | | — | | | | | | 8,468 | | | | | | — | | | | | | — | | |
| Unrealized appreciation on open forward foreign currency contracts (Note 4) | | | | | 969,583 | | | | | | 695,415 | | | | | | — | | | | | | — | | | | | | — | | |
| Variation margin on open future contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized appreciation on swap contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | 1,369,431 | | | | | | — | | |
| Upfront premiums paid on swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 1,845,000 | | | | | | — | | |
| Deposits with counterparty | | | | | — | | | | | | 2,255,000(4) | | | | | | — | | | | | | 7,183,778(7) | | | | | | — | | |
| Cash held at Broker | | | | | — | | | | | | 5,170,231 | | | | | | — | | | | | | 142,244,674 | | | | | | — | | |
| Prepaid expenses | | | | | — | | | | | | 32,668 | | | | | | — | | | | | | — | | | | | | — | | |
| Prepaid Chief Compliance Officer expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Pre-paid organizational fees | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 161,796 | | |
| Other assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for expense reimbursement | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
| Total Assets | | | | | 646,188,261 | | | | | | 815,327,884 | | | | | | 942,546,617 | | | | | | 1,437,263,209 | | | | | | 128,162,754 | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for collateral received from securities on loan | | | | | 2,977,241 | | | | | | 1,290,964 | | | | | | — | | | | | | 10,098,320 | | | | | | — | | |
| Payable for Fund shares repurchased | | | | | 432,131 | | | | | | 549,659 | | | | | | 872,549 | | | | | | 814,609 | | | | | | 26,979 | | |
| Payable for securities purchased | | | | | 54,282,540 | | | | | | 15,948,324 | | | | | | 8,821,732 | | | | | | 9,063,460 | | | | | | 1,199,624 | | |
| Investment management fee payable | | | | | 315,899 | | | | | | 446,863 | | | | | | 385,637 | | | | | | 887,765 | | | | | | 72,048 | | |
| Transfer agent fees payable | | | | | 71,296 | | | | | | 88,810 | | | | | | 105,314 | | | | | | 148,135 | | | | | | 21,383 | | |
| Custody fee payable | | | | | 40,982 | | | | | | 52,067 | | | | | | 75,839 | | | | | | 66,306 | | | | | | 3,911 | | |
| Trustees’ fees payable | | | | | 6,001 | | | | | | 9,347 | | | | | | 11,141 | | | | | | 14,766 | | | | | | 760 | | |
| Registration fees payable | | | | | 9,471 | | | | | | — | | | | | | 3,431 | | | | | | 9,508 | | | | | | — | | |
| Shareholder services | | | | | 9,108 | | | | | | 19,039 | | | | | | 37,748 | | | | | | 15,808 | | | | | | 770 | | |
| Variation margin on open future contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Upfront premiums received on swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 5,526,000 | | | | | | — | | |
| Unrealized depreciation on unfunded loan commitments | | | | | — | | | | | | 666 | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized depreciation on swap contracts (Note 4) | | | | | — | | | | | | — | | | | | | — | | | | | | 2,410,201 | | | | | | — | | |
Forward sale commitments(5) (Note 5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Securities sold short(5) (Note 5) | | | | | — | | | | | | 31,024,229 | | | | | | — | | | | | | 134,289,926 | | | | | | — | | |
Due to custodian(3) | | | | | 52 | | | | | | 17 | | | | | | — | | | | | | — | | | | | | 78,501 | | |
Options contracts written, at value(6) (Note 4) | | | | | — | | | | | | 342,354 | | | | | | — | | | | | | 667,017 | | | | | | 1,420,730 | | |
| Unrealized depreciation on open forward foreign currency contracts (Note 4) | | | | | 16,257 | | | | | | 5,675 | | | | | | — | | | | | | — | | | | | | — | | |
| Foreign capital gains tax payable | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Investment interest payable on securities sold short | | | | | — | | | | | | 13,356 | | | | | | — | | | | | | 109,894 | | | | | | — | | |
| Accrued Chief Compliance Officer expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Accrued expenses | | | | | 16,627 | | | | | | 15,179 | | | | | | 22,747 | | | | | | 19,214 | | | | | | 1,699 | | |
| Total Liabilities | | | | | 58,177,605 | | | | | | 49,806,549 | | | | | | 10,336,138 | | | | | | 164,140,929 | | | | | | 2,826,405 | | |
| Total Net Assets | | | | $ | 588,010,656 | | | | | $ | 765,521,335 | | | | | $ | 932,210,479 | | | | | $ | 1,273,122,280 | | | | | $ | 125,336,349 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Par value | | | | $ | 60,622 | | | | | $ | 78,274 | | | | | $ | 92,580 | | | | | $ | 124,876 | | | | | $ | 13,114 | | |
| Paid-in capital in excess of par value | | | | | 594,954,276 | | | | | | 790,600,490 | | | | | | 930,235,069 | | | | | | 1,251,706,057 | | | | | | 129,494,545 | | |
| Total distributable earnings (losses) | | | | | (7,004,242) | | | | | | (25,157,429) | | | | | | 1,882,830 | | | | | | 21,291,347 | | | | | | (4,171,310) | | |
| Total Net Assets | | | | $ | 588,010,656 | | | | | $ | 765,521,335 | | | | | $ | 932,210,479 | | | | | $ | 1,273,122,280 | | | | | $ | 125,336,349 | | |
| Total Net Assets Class I | | | | $ | 538,792,380 | | | | | $ | 699,356,258 | | | | | $ | 886,808,850 | | | | | $ | 1,164,682,525 | | | | | $ | 123,220,690 | | |
| Total Net Assets Class Z | | | | $ | 49,218,276 | | | | | $ | 66,165,077 | | | | | $ | 45,401,629 | | | | | $ | 108,439,755 | | | | | $ | 2,115,659 | | |
| Shares Outstanding Class I | | | | | 55,647,118 | | | | | | 71,619,961 | | | | | | 88,083,436 | | | | | | 113,989,968 | | | | | | 12,890,085 | | |
| Shares Outstanding Class Z | | | | | 4,975,037 | | | | | | 6,654,159 | | | | | | 4,496,175 | | | | | | 10,885,819 | | | | | | 224,136 | | |
| Net Asset Value Class I | | | | $ | 9.68 | | | | | $ | 9.76 | | | | | $ | 10.07 | | | | | $ | 10.22 | | | | | $ | 9.56 | | |
| Net Asset Value Class Z | | | | $ | 9.89 | | | | | $ | 9.94 | | | | | $ | 10.10 | | | | | $ | 9.96 | | | | | $ | 9.44 | | |
| (1) Investments, at cost | | | | $ | 645,723,489 | | | | | $ | 810,798,851 | | | | | $ | 917,568,608 | | | | | $ | 1,262,592,018 | | | | | $ | 130,851,772 | | |
| (2) Includes securities on loan | | | | $ | 2,912,588 | | | | | $ | 1,261,547 | | | | | $ | — | | | | | $ | 9,872,790 | | | | | $ | — | | |
| (3) Foreign currency, at cost | | | | $ | (53) | | | | | $ | (17) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| (4) Related to securities sold short | | | | $ | — | | | | | $ | 2,255,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| (5) Proceeds received | | | | $ | — | | | | | $ | 32,187,390 | | | | | $ | — | | | | | $ | 164,040,487 | | | | | $ | — | | |
| (6) Premiums received | | | | $ | — | | | | | $ | 299,242 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,956,542 | | |
| (7) Related to swap contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,183,778 | | | | | $ | — | | |
See Notes to Financial Statements.
Statements of Operations
For the Year Ended February 28, 2022
| | | | 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 | | | | $ | 52,397,748 | | | | | $ | 13,196,868 | | | | | $ | 36,750,147 | | | | | $ | 17,665,255 | | | | | $ | 493,351 | | |
| Interest | | | | | 5,876 | | | | | | 2,090 | | | | | | 1,024 | | | | | | 57,471 | | | | | | 43,371,602 | | |
| Income from securities lending | | | | | 77,398 | | | | | | 799,389 | | | | | | 1,073,185 | | | | | | 39,570 | | | | | | — | | |
| Less: Foreign taxes withheld (Note 5) | | | | | (53,168) | | | | | | (31,934) | | | | | | (4,248,487) | | | | | | (578,014) | | | | | | — | | |
| Total Investment Income | | | | | 52,427,854 | | | | | | 13,966,413 | | | | | | 33,575,869 | | | | | | 17,184,282 | | | | | | 43,864,953 | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment management fee (Note 7) | | | | | 39,060,667 | | | | | | 12,067,822 | | | | | | 26,917,133 | | | | | | 3,563,869 | | | | | | 14,487,858 | | |
| Transfer agent fees | | | | | 7,408,489 | | | | | | 1,902,899 | | | | | | 3,813,717 | | | | | | 633,752 | | | | | | 3,173,794 | | |
| Custody fees | | | | | 1,190,920 | | | | | | 388,232 | | | | | | 1,553,940 | | | | | | 171,777 | | | | | | 839,232 | | |
| Trustees’ fees | | | | | 238,808 | | | | | | 53,984 | | | | | | 126,162 | | | | | | 24,070 | | | | | | 100,936 | | |
| Insurance | | | | | 102,324 | | | | | | 27,208 | | | | | | 51,825 | | | | | | 8,973 | | | | | | 54,330 | | |
| Audit and tax | | | | | 110,320 | | | | | | 25,392 | | | | | | 120,118 | | | | | | 4,315 | | | | | | 34,535 | | |
| Legal expense | | | | | 180,030 | | | | | | 46,346 | | | | | | 78,305 | | | | | | 12,204 | | | | | | 66,895 | | |
| Chief Compliance Officer expense | | | | | 110,856 | | | | | | 24,673 | | | | | | 49,526 | | | | | | 6,948 | | | | | | 39,466 | | |
| Organizational expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Shareholder reports fees | | | | | 284 | | | | | | 103 | | | | | | 103 | | | | | | 110 | | | | | | 103 | | |
| Distribution fees | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Shareholder services | | | | | 176,170 | | | | | | 74,808 | | | | | | 124,464 | | | | | | 68,592 | | | | | | 120,907 | | |
| Registration fees | | | | | 51,390 | | | | | | 33,918 | | | | | | 114,561 | | | | | | 38,102 | | | | | | 98,860 | | |
| Broker fees on securities sold short | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Miscellaneous expense | | | | | 170,138 | | | | | | 45,144 | | | | | | 88,988 | | | | | | 18,760 | | | | | | 124,862 | | |
| Interest and dividend expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Expenses. | | | | | 48,800,396 | | | | | | 14,690,529 | | | | | | 33,038,842 | | | | | | 4,551,472 | | | | | | 19,141,778 | | |
| Less: Fee waivers and/or expense reimbursement (Note 7) | | | | | (7,992,671) | | | | | | (165,934) | | | | | | (1,038,876) | | | | | | (519,795) | | | | | | (1,815,642) | | |
| Net Expenses. | | | | | 40,807,725 | | | | | | 14,524,595 | | | | | | 31,999,966 | | | | | | 4,031,677 | | | | | | 17,326,136 | | |
| Net Investment Income (Loss) | | | | $ | 11,620,129 | | | | | $ | (558,182) | | | | | $ | 1,575,903 | | | | | $ | 13,152,605 | | | | | $ | 26,538,817 | | |
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 | | | | $ | 784,177,540 | | | | | $ | 186,101,171 | | | | | $ | 131,482,543* | | | | | $ | 34,336,855*** | | | | | $ | (25,585,469) | | |
| Futures contracts | | | | | 1,243,790 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,946,689 | | |
| Forward sale commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 445,594 | | |
| Options contracts written | | | | | — | | | | | | — | | | | | | 80,410 | | | | | | — | | | | | | — | | |
| Securities sold short | | | | | — | | | | | | — | | | | | | — | | | | | | (8,545) | | | | | | 57 | | |
| Investments sold short | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,148 | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | 789,064 | | | | | | — | | | | | | — | | |
| Foreign currency transactions | | | | | 1,464 | | | | | | — | | | | | | 362,062 | | | | | | 43,820 | | | | | | — | | |
| Realized Gain (Loss) | | | | | 785,422,794 | | | | | | 186,101,171 | | | | | | 132,714,079 | | | | | | 34,372,130 | | | | | | (22,183,981) | | |
| Change in Net Unrealized Appreciation (Depreciation) From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (449,389,861) | | | | | | (166,512,626) | | | | | | (375,473,696)** | | | | | | 29,793,784 | | | | | | (66,005,936) | | |
| Futures contracts | | | | | (391,794) | | | | | | — | | | | | | — | | | | | | — | | | | | | (501,195) | | |
| Unfunded loan commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (816) | | |
| Options contracts written | | | | | — | | | | | | — | | | | | | 5,304 | | | | | | — | | | | | | — | | |
| Forward sale commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (80,302) | | |
| Securities sold short | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | (142,993) | | | | | | — | | | | | | — | | |
| Foreign currency translations | | | | | 403 | | | | | | — | | | | | | (14,510) | | | | | | (18,816) | | | | | | — | | |
| Change in Net Unrealized Appreciation (Depreciation): | | | | | (449,781,252) | | | | | | (166,512,626) | | | | | | (375,625,895) | | | | | | 29,774,968 | | | | | | (66,588,249) | | |
| 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 | | | | | 335,641,542 | | | | | | 19,588,545 | | | | | | (242,911,816) | | | | | | 64,147,098 | | | | | | (88,772,230) | | |
| Total Increase (Decrease) in Net Assets from Operations | | | | $ | 347,261,671 | | | | | $ | 19,030,363 | | | | | $ | (241,335,913) | | | | | $ | 77,299,703 | | | | | $ | (62,233,413) | | |
*
Includes foreign capital gains tax of $(1,421,770) for Destinations International Equity Fund.
**
Includes accrued foreign capital gains tax of $(1,208,957) for Destinations International Equity Fund.
***
Includes trading error of $17,080 reimbursed by Sub-Advisor which is an affiliate to the Fund.
See Notes to Financial Statements.
Statements of Operations
For the Year/Period Ended February 28, 2022 (concluded)
| | | | Destinations
Low Duration
Fixed Income
Fund | | | Destinations
Global Fixed Income
Opportunities
Fund | | | Destinations
Municipal
Fixed Income
Fund | | | Destinations
Multi Strategy
Alternatives
Fund | | | Destinations
Shelter
Fund* | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends | | | | $ | 604,035 | | | | | $ | 1,533,425 | | | | | $ | — | | | | | $ | 4,695,065 | | | | | $ | 315,030 | | |
| Interest | | | | | 20,735,889 | | | | | | 31,627,962 | | | | | | 16,340,873 | | | | | | 22,703,906 | | | | | | 7 | | |
| Income from securities lending | | | | | 87,171 | | | | | | 178,344 | | | | | | — | | | | | | 452,771 | | | | | | — | | |
| Less: Foreign taxes withheld (Note 5) | | | | | — | | | | | | (9,329) | | | | | | — | | | | | | (2,726) | | | | | | (1,047) | | |
| Total Investment Income | | | | | 21,427,095 | | | | | | 33,330,402 | | | | | | 16,340,873 | | | | | | 27,849,016 | | | | | | 313,990 | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment management fee (Note 7) | | | | | 3,726,914 | | | | | | 6,689,157 | | | | | | 6,595,937 | | | | | | 16,801,708 | | | | | | 179,886 | | |
| Transfer agent fees | | | | | 763,822 | | | | | | 1,125,542 | | | | | | 1,394,735 | | | | | | 1,784,277 | | | | | | 31,805 | | |
| Custody fees | | | | | 252,755 | | | | | | 312,730 | | | | | | 453,982 | | | | | | 389,214 | | | | | | 26,022 | | |
| Trustees’ fees | | | | | 20,193 | | | | | | 32,244 | | | | | | 38,516 | | | | | | 52,713 | | | | | | 762 | | |
| Insurance | | | | | 9,371 | | | | | | 16,126 | | | | | | 23,449 | | | | | | 24,970 | | | | | | 422 | | |
| Audit and tax | | | | | 3,079 | | | | | | 6,507 | | | | | | 18,510 | | | | | | 10,678 | | | | | | 394 | | |
| Legal expense | | | | | 14,029 | | | | | | 25,241 | | | | | | 28,759 | | | | �� | | 43,189 | | | | | | 6,279 | | |
| Chief Compliance Officer expense | | | | | 9,639 | | | | | | 13,222 | | | | | | 16,277 | | | | | | 23,013 | | | | | | 394 | | |
| Organizational expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,167 | | |
| Shareholder reports fees | | | | | 103 | | | | | | 103 | | | | | | — | | | | | | 103 | | | | | | — | | |
| Distribution fees | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Shareholder services | | | | | 51,078 | | | | | | 62,621 | | | | | | 40,968 | | | | | | 82,929 | | | | | | 827 | | |
| Registration fees | | | | | 24,977 | | | | | | — | | | | | | 29,341 | | | | | | 34,441 | | | | | | 10,974 | | |
| Broker fees on securities sold short | | | | | — | | | | | | 207,077 | | | | | | — | | | | | | 1,881,268 | | | | | | — | | |
| Miscellaneous expense | | | | | 35,909 | | | | | | 57,104 | | | | | | 31,765 | | | | | | — | | | | | | 2,263 | | |
| Interest and dividend expense | | | | | — | | | | | | 660,886 | | | | | | — | | | | | | 473,244 | | | | | | — | | |
| Total Expenses | | | | | 4,911,869 | | | | | | 9,208,560 | | | | | | 8,672,239 | | | | | | 21,601,747 | | | | | | 286,195 | | |
| Less: Fee waivers and/or expense reimbursement (Note 7) | | | | | (10,498) | | | | | | (864,912) | | | | | | (1,566,914) | | | | | | (5,434,539) | | | | | | (27,178) | | |
| Net Expenses | | | | | 4,901,371 | | | | | | 8,343,648 | | | | | | 7,105,325 | | | | | | 16,167,208 | | | | | | 259,017 | | |
| Net Investment Income (Loss) | | | | $ | 16,525,724 | | | | | $ | 24,986,754 | | | | | $ | 9,235,548 | | | | | $ | 11,681,808 | | | | | $ | 54,973 | | |
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 | | | | $ | 4,834,360 | | | | | $ | 8,277,897 | | | | | $ | 196,462 | | | | | $ | 33,848,714 | | | | | $ | (1,302,760) | | |
| Futures contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Forward sale commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Options contracts written | | | | | — | | | | | | 2,141,258 | | | | | | — | | | | | | — | | | | | | 396,556 | | |
| Securities sold short | | | | | — | | | | | | — | | | | | | — | | | | | | (8,053,227) | | | | | | — | | |
| Investments sold short | | | | | — | | | | | | (1,307,002) | | | | | | — | | | | | | — | | | | | | — | | |
| Swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 11,113,266 | | | | | | — | | |
| Forward foreign currency contracts | | | | | 3,099,374 | | | | | | 1,888,307 | | | | | | — | | | | | | — | | | | | | — | | |
| Foreign currency transactions | | | | | (162,280) | | | | | | (130,578) | | | | | | — | | | | | | — | | | | | | — | | |
| Realized Gain (Loss). | | | | | 7,771,454 | | | | | | 10,869,882 | | | | | | 196,462 | | | | | | 36,908,753 | | | | | | (906,204) | | |
| Change in Net Unrealized Appreciation (Depreciation) From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (6,937,336) | | | | | | (26,046,674) | | | | | | (24,430,854) | | | | | | (72,208,349) | | | | | | (3,812,832) | | |
| Futures contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Unfunded loan commitments | | | | | (116,255) | | | | | | (666) | | | | | | — | | | | | | — | | | | | | — | | |
| Options contracts written | | | | | — | | | | | | (117,916) | | | | | | — | | | | | | (667,017) | | | | | | 535,812 | | |
| Forward sale commitments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Securities sold short | | | | | — | | | | | | 1,624,949 | | | | | | — | | | | | | 45,726,172 | | | | | | — | | |
| Swap contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (7,546,238) | | | | | | — | | |
| Forward foreign currency contracts | | | | | 693,218 | | | | | | 384,807 | | | | | | — | | | | | | — | | | | | | — | | |
| Foreign currency translations | | | | | (1,593) | | | | | | (43,741) | | | | | | — | | | | | | — | | | | | | — | | |
| Change in Net Unrealized Appreciation (Depreciation): | | | | | (6,361,966) | | | | | | (24,199,241) | | | | | | (24,430,854) | | | | | | (34,695,432) | | | | | | (3,277,020) | | |
| 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 | | | | | 1,409,488 | | | | | | (13,329,359) | | | | | | (24,234,392) | | | | | | 2,213,321 | | | | | | (4,183,224) | | |
| Total Increase (Decrease) in Net Assets from Operations | | | | $ | 17,935,212 | | | | | | 11,657,395 | | | | | $ | (14,998,844) | | | | | $ | 13,895,129 | | | | | $ | (4,128,251) | | |
*
The Fund commenced operations on October 27, 2021.
See Notes to Financial Statements.
Statements of Changes in Net Assets
For the Year Ended February 28, 2022 and Year Ended February 28, 2021
| | | | Destinations
Large Cap Equity Fund | | | Destinations
Small-Mid Cap Equity Fund | | | Destinations
International Equity Fund | | |
| | | | February 28,
2022 | | | February 28,
2021 | | | February 28,
2022 | | | February 28,
2021 | | | February 28,
2022 | | | February 28,
2021 | | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 11,620,129 | | | | | $ | 23,831,149 | | | | | $ | (558,182) | | | | | $ | 896,716 | | | | | $ | 1,575,903 | | | | | $ | 546,320 | | | |
| Net realized gain (loss) | | | | | 785,422,794 | | | | | | 227,791,299 | | | | | | 186,101,171 | | | | | | 160,527,673 | | | | | | 132,714,079 | | | | | | 12,520,943 | | | |
| Change in unrealized appreciation (depreciation) | | | | | (449,781,252) | | | | | | 1,084,588,379 | | | | | | (166,512,626) | | | | | | 290,864,457 | | | | | | (375,625,895) | | | | | | 566,170,523 | | | |
| Increase (Decrease) in Net Assets From Operations | | | | | 347,261,671 | | | | | | 1,336,210,827 | | | | | | 19,030,363 | | | | | | 452,288,846 | | | | | | (241,335,913) | | | | | | 579,237,786 | | | |
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 5): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (742,888,992) | | | | | | (87,281,044) | | | | | | (278,308,203) | | | | | | (22,516,715) | | | | | | (106,963,772) | | | | | | (663,386) | | | |
| Class Z | | | | | (91,165,797) | | | | | | (6,999,957) | | | | | | (34,347,234) | | | | | | (1,796,366) | | | | | | (12,287,268) | | | | | | (234,506) | | | |
Decrease in Net Assets From Distributions
to Shareholders | | | | | (834,054,789) | | | | | | (94,281,001) | | | | | | (312,655,437) | | | | | | (24,313,081) | | | | | | (119,251,040) | | | | | | (897,892) | | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 1,103,438,865 | | | | | | 684,494,010 | | | | | | 297,005,363 | | | | | | 124,974,104 | | | | | | 718,986,973 | | | | | | 366,061,881 | | | |
| Class Z | | | | | 307,509,210 | | | | | | 90,160,931 | | | | | | 78,783,437 | | | | | | 19,907,864 | | | | | | 172,083,487 | | | | | | 48,789,282 | | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 737,636,369 | | | | | | 86,767,648 | | | | | | 276,576,197 | | | | | | 22,394,639 | | | | | | 106,257,235 | | | | | | 659,537 | | | |
| Class Z | | | | | 89,090,035 | | | | | | 6,794,463 | | | | | | 33,532,848 | | | | | | 1,740,399 | | | | | | 11,989,392 | | | | | | 226,851 | | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (1,096,768,348) | | | | | | (1,146,597,874) | | | | | | (284,468,165) | | | | | | (274,215,231) | | | | | | (371,411,313) | | | | | | (509,687,356) | | | |
| Class Z | | | | | (97,620,389) | | | | | | (81,513,637) | | | | | | (25,683,964) | | | | | | (17,853,191) | | | | | | (38,215,141) | | | | | | (35,303,264) | | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | 1,043,285,742 | | | | | | (359,894,459) | | | | | | 375,745,716 | | | | | | (123,051,416) | | | | | | 599,690,633 | | | | | | (129,253,069) | | | |
| Increase (Decrease) in Net Assets | | | | | 556,492,624 | | | | | | 882,035,367 | | | | | | 82,120,642 | | | | | | 304,924,349 | | | | | | 239,103,680 | | | | | | 449,086,825 | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning 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 | | | |
| End of year | | | | $ | 5,289,074,167 | | | | | $ | 4,732,581,543 | | | | | $ | 1,323,388,160 | | | | | $ | 1,241,267,518 | | | | | $ | 2,671,770,682 | | | | | $ | 2,432,667,002 | | | |
| | | | Destinations
Equity Income Fund | | | Destinations
Core Fixed Income Fund | |
| | | | February 28,
2022 | | | February 28,
2021 | | | February 28,
2022 | | | February 28,
2021 | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 13,152,605 | | | | | $ | 14,068,354 | | | | | $ | 26,538,817 | | | | | $ | 40,363,272 | | |
| Net realized gain (loss) | | | | | 34,372,130 | | | | | | (37,763,039) | | | | | | (22,183,981) | | | | | | 71,935,441 | | |
| Change in unrealized appreciation (depreciation) | | | | | 29,774,968 | | | | | | 55,055,823 | | | | | | (66,588,249) | | | | | | (111,053,086) | | |
| Increase (Decrease) in Net Assets From Operations | | | | | 77,299,703 | | | | | | 31,361,138 | | | | | | (62,233,413) | | | | | | 1,245,627 | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (12,120,599) | | | | | | (17,047,791) | | | | | | (82,331,867) | | | | | | (45,411,862) | | |
| Class Z | | | | | (1,173,794) | | | | | | (1,044,996) | | | | | | (7,562,843) | | | | | | (2,565,783) | | |
| Decrease in Net Assets From Distributions to Shareholders | | | | | (13,294,393) | | | | | | (18,092,787) | | | | | | (89,894,710) | | | | | | (47,977,645) | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 105,617,365 | | | | | | 42,296,206 | | | | | | 391,752,962 | | | | | | 566,944,532 | | |
| Class Z | | | | | 22,657,044 | | | | | | 9,176,726 | | | | | | 126,031,585 | | | | | | 55,197,432 | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 12,040,971 | | | | | | 16,937,229 | | | | | | 81,742,945 | | | | | | 45,153,843 | | |
| Class Z | | | | | 1,091,506 | | | | | | 953,306 | | | | | | 7,322,356 | | | | | | 2,458,341 | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (82,484,563) | | | | | | (137,678,016) | | | | | | (411,407,304) | | | | | | (384,588,684) | | |
| Class Z | | | | | (7,803,737) | | | | | | (8,307,893) | | | | | | (39,644,563) | | | | | | (32,672,496) | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | 51,118,586 | | | | | | (76,622,442) | | | | | | 155,797,981 | | | | | | 252,492,968 | | |
| Increase (Decrease) in Net Assets | | | | | 115,123,896 | | | | | | (63,354,091) | | | | | | 3,669,858 | | | | | | 205,760,950 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 398,670,456 | | | | | | 462,024,547 | | | | | | 2,200,351,734 | | | | | | 1,994,590,784 | | |
| End of year | | | | $ | 513,794,352 | | | | | $ | 398,670,456 | | | | | $ | 2,204,021,592 | | | | | $ | 2,200,351,734 | | |
See Notes to Financial Statements.
Statements of Changes in Net Assets
For the Year/Period Ended February 28, 2022 and Year Ended February 28, 2021 (concluded)
| | | | Destinations Low Duration
Fixed Income Fund | | | Destinations Global
Fixed Income Opportunities Fund | | | Destinations Municipal
Fixed Income Fund | |
| | | | February 28,
2022 | | | February 28,
2021 | | | February 28,
2022 | | | February 28,
2021 | | | February 28,
2022 | | | February 28,
2021 | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 16,525,724 | | | | | $ | 13,517,328 | | | | | $ | 24,986,754 | | | | | $ | 30,033,909 | | | | | $ | 9,235,548 | | | | | $ | 11,067,571 | | |
| Net realized gain (loss) | | | | | 7,771,454 | | | | | | (1,552,406) | | | | | | 10,869,882 | | | | | | (3,016,659) | | | | | | 196,462 | | | | | | 6,670,758 | | |
| Change in unrealized appreciation (depreciation) | | | | | (6,361,966) | | | | | | 3,661,273 | | | | | | (24,199,241) | | | | | | 15,909,081 | | | | | | (24,430,854) | | | | | | (19,255,288) | | |
| Increase (Decrease) in Net Assets From Operations | | | | | 17,935,212 | | | | | | 15,626,195 | | | | | | 11,657,395 | | | | | | 42,926,331 | | | | | | (14,998,844) | | | | | | (1,516,959) | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (19,463,239) | | | | | | (12,423,555) | | | | | | (30,081,087) | | | | | | (28,302,527) | | | | | | (13,428,406) | | | | | | (18,714,445) | | |
| Class Z | | | | | (1,563,200) | | | | | | (617,410) | | | | | | (2,508,298) | | | | | | (1,478,999) | | | | | | (678,567) | | | | | | (514,550) | | |
| Decrease in Net Assets From Distributions to Shareholders | | | | | (21,026,439) | | | | | | (13,040,965) | | | | | | (32,589,385) | | | | | | (29,781,526) | | | | | | (14,106,973) | | | | | | (19,228,995) | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 194,152,137 | | | | | | 171,086,753 | | | | | | 131,429,645 | | | | | | 167,996,725 | | | | | | 153,593,332 | | | | | | 183,253,560 | | |
| Class Z | | | | | 33,535,547 | | | | | | 11,930,570 | | | | | | 38,991,349 | | | | | | 16,710,837 | | | | | | 33,049,295 | | | | | | 14,800,618 | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 19,330,200 | | | | | | 12,349,552 | | | | | | 29,867,741 | | | | | | 28,132,491 | | | | | | 13,320,546 | | | | | | 18,578,076 | | |
| Class Z | | | | | 1,506,794 | | | | | | 590,193 | | | | | | 2,404,353 | | | | | | 1,401,780 | | | | | | 641,326 | | | | | | 479,548 | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (90,072,075) | | | | | | (88,084,770) | | | | | | (160,548,450) | | | | | | (224,106,513) | | | | | | (136,501,200) | | | | | | (176,085,320) | | |
| Class Z | | | | | (7,547,679) | | | | | | (5,004,378) | | | | | | (13,570,620) | | | | | | (12,985,085) | | | | | | (12,605,433) | | | | | | (7,453,789) | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | 150,904,924 | | | | | | 102,867,920 | | | | | | 28,574,018 | | | | | | (22,849,765) | | | | | | 51,497,866 | | | | | | 33,572,693 | | |
| Increase (Decrease) in Net Assets | | | | | 147,813,697 | | | | | | 105,453,150 | | | | | | 7,642,028 | | | | | | (9,704,960) | | | | | | 22,392,049 | | | | | | 12,826,739 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 440,196,959 | | | | | | 334,743,809 | | | | | | 757,879,307 | | | | | | 767,584,267 | | | | | | 909,818,430 | | | | | | 896,991,691 | | |
| End of year | | | | $ | 588,010,656 | | | | | $ | 440,196,959 | | | | | $ | 765,521,335 | | | | | $ | 757,879,307 | | | | | $ | 932,210,479 | | | | | $ | 909,818,430 | | |
| | | | Destinations Multi Strategy
Alternatives Fund | | | Destinations
Shelter Fund* | |
| | | | February 28,
2022 | | | February 28,
2021 | | | February 28,
2022 | |
| OPERATIONS: | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 11,681,808 | | | | | $ | 13,571,592 | | | | | $ | 54,973 | | |
| Net realized gain (loss) | | | | | 36,908,753 | | | | | | 18,809,890 | | | | | | (906,204) | | |
| Change in unrealized appreciation (depreciation) | | | | | (34,695,432) | | | | | | 74,890,594 | | | | | | (3,277,020) | | |
Increase (Decrease) in Net Assets From
Operations. | | | | | 13,895,129 | | | | | | 107,272,076 | | | | | | (4,128,251) | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (53,140,787) | | | | | | (14,280,507) | | | | | | (42,023) | | |
| Class Z | | | | | (4,807,807) | | | | | | (792,977) | | | | | | (1,036) | | |
| Decrease in Net Assets From Distributions to Shareholders. | | | | | (57,948,594) | | | | | | (15,073,484) | | | | | | (43,059) | | |
| FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares: | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 248,568,216 | | | | | | 281,655,299 | | | | | | 131,089,495 | | |
| Class Z | | | | | 65,274,948 | | | | | | 25,454,430 | | | | | | 2,259,436 | | |
| Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | 52,757,833 | | | | | | 14,207,122 | | | | | | 42,023 | | |
| Class Z | | | | | 4,653,976 | | | | | | 760,344 | | | | | | 1,036 | | |
| Cost of shares repurchased: | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | (198,834,909) | | | | | | (169,315,819) | | | | | | (3,841,704) | | |
| Class Z | | | | | (17,735,424) | | | | | | (11,887,150) | | | | | | (42,627) | | |
| Increase (Decrease) in Net Assets From Fund Share Transactions | | | | | 154,684,640 | | | | | | 140,874,226 | | | | | | 129,507,659 | | |
| Increase (Decrease) in Net Assets | | | | | 110,631,175 | | | | | | 233,072,818 | | | | | | 125,336,349 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | |
| Beginning of year/period | | | | | 1,162,491,105 | | | | | | 929,418,287 | | | | | | — | | |
| End of year/period | | | | $ | 1,273,122,280 | | | | | $ | 1,162,491,105 | | | | | $ | 125,336,349 | | |
*
The Fund commenced operations on October 27, 2021.
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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 15.84 | | | | | $ | 11.88 | | | | | $ | 11.61 | | | | | $ | 11.71 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.04 | | | | | | 0.07 | | | | | | 0.10 | | | | | | 0.11 | | | | | | 0.10 | | |
| Net realized and unrealized gain (loss) | | | | | 1.33 | | | | | | 4.19 | | | | | | 0.40 | | | | | | 0.18 | | | | | | 1.69 | | |
| Total Income (Loss) from Operations | | | | | 1.37 | | | | | | 4.26 | | | | | | 0.50 | | | | | | 0.29 | | | | | | 1.79 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.10) | | | | | | (0.01) | | | | | | (0.10) | | | | | | (0.10) | | | | | | (0.08) | | |
| Net realized gain | | | | | (2.67) | | | | | | (0.29) | | | | | | (0.13) | | | | | | (0.29) | | | | | | — | | |
| Total Distributions | | | | | (2.77) | | | | | | (0.30) | | | | | | (0.23) | | | | | | (0.39) | | | | | | (0.08) | | |
| Net Asset Value, End of Period | | | | $ | 14.44 | | | | | $ | 15.84 | | | | | $ | 11.88 | | | | | $ | 11.61 | | | | | $ | 11.71 | | |
Total Return(3) | | | | | 7.48% | | | | | | 35.94% | | | | | | 4.18% | | | | | | 2.73% | | | | | | 17.89%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 4,783 | | | | | $ | 4,450 | | | | | $ | 3,651 | | | | | $ | 3,427 | | | | | $ | 2,804 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.95% | | | | | | 0.95% | | | | | | 0.95% | | | | | | 0.97% | | | | | | 0.98%(5) | | |
Net expenses(6) | | | | | 0.80% | | | | | | 0.82% | | | | | | 0.82% | | | | | | 0.85% | | | | | | 0.85%(5) | | |
Net investment income(6) | | | | | 0.21% | | | | | | 0.56% | | | | | | 0.84% | | | | | | 0.91% | | | | | | 0.97%(5) | | |
Portfolio Turnover Rate(7) | | | | | 83% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 12.81 | | | | | $ | 9.65 | | | | | $ | 9.46 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.05 | | | | | | 0.08 | | | | | | 0.10 | | | | | | 0.07 | | |
| Net realized and unrealized gain (loss) | | | | | 1.12 | | | | | | 3.40 | | | | | | 0.34 | | | | | | (0.21) | | |
| Total Income (Loss) from Operations | | | | | 1.17 | | | | | | 3.48 | | | | | | 0.44 | | | | | | (0.14) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.13) | | | | | | (0.03) | | | | | | (0.12) | | | | | | (0.11) | | |
| Net realized gain | | | | | (2.67) | | | | | | (0.29) | | | | | | (0.13) | | | | | | (0.29) | | |
| Total Distributions | | | | | (2.80) | | | | | | (0.32) | | | | | | (0.25) | | | | | | (0.40) | | |
| Net Asset Value, End of Period | | | | $ | 11.18 | | | | | $ | 12.81 | | | | | $ | 9.65 | | | | | $ | 9.46 | | |
Total Return(3) | | | | | 7.65% | | | | | | 36.16% | | | | | | 4.45% | | | | | | (0.94)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 506 | | | | | $ | 283 | | | | | $ | 200 | | | | | $ | 70 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.80% | | | | | | 0.80% | | | | | | 0.80% | | | | | | 0.82%(5) | | |
Net expenses(6) | | | | | 0.65% | | | | | | 0.67% | | | | | | 0.67% | | | | | | 0.70%(5) | | |
Net investment income(6) | | | | | 0.36% | | | | | | 0.70% | | | | | | 0.96% | | | | | | 1.06%(5) | | |
Portfolio Turnover Rate(7) | | | | | 83% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 16.43 | | | | | $ | 10.92 | | | | | $ | 11.31 | | | | | $ | 10.98 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(2) | | | | | (0.01) | | | | | | 0.01 | | | | | | 0.06 | | | | | | 0.06 | | | | | | 0.04 | | |
| Net realized and unrealized gain | | | | | 0.55 | | | | | | 5.80 | | | | | | 0.04 | | | | | | 0.84 | | | | | | 1.04 | | |
| Total Income from Operations | | | | | 0.54 | | | | | | 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 | | | | | (4.00) | | | | | | (0.30) | | | | | | (0.43) | | | | | | (0.52) | | | | | | (0.06) | | |
| Total Distributions | | | | | (4.00) | | | | | | (0.30) | | | | | | (0.49) | | | | | | (0.57) | | | | | | (0.10) | | |
| Net Asset Value, End of Period | | | | $ | 12.97 | | | | | $ | 16.43 | | | | | $ | 10.92 | | | | | $ | 11.31 | | | | | $ | 10.98 | | |
Total Return(3) | | | | | 1.66% | | | | | | 53.65% | | | | | | 0.52% | | | | | | 9.02% | | | | | | 10.83%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 1,198 | | | | | $ | 1,167 | | | | | $ | 890 | | | | | $ | 962 | | | | | $ | 701 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.11% | | | | | | 1.11% | | | | | | 1.11% | | | | | | 1.12% | | | | | | 1.14%(5) | | |
Net expenses(6) | | | | | 1.10% | | | | | | 1.11% | | | | | | 1.08% | | | | | | 1.03% | | | | | | 1.03%(5) | | |
Net investment income(6) | | | | | (0.05)% | | | | | | 0.09% | | | | | | 0.54% | | | | | | 0.53% | | | | | | 0.41%(5) | | |
Portfolio Turnover Rate(7) | | | | | 111% | | | | | | 145% | | | | | | 110% | | | | | | 85% | | | | | | 112%(4) | | |
*
Amount is less than $0.005 per share.
(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 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 13.17 | | | | | $ | 8.80 | | | | | $ | 9.20 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.01 | | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.04 | | |
| Net realized and unrealized gain (loss) | | | | | 0.50 | | | | | | 4.67 | | | | | | 0.05 | | | | | | (0.25) | | |
| Total Income (Loss) from Operations | | | | | 0.51 | | | | | | 4.69 | | | | | | 0.11 | | | | | | (0.21) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | — | | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.07) | | |
| Net realized gain | | | | | (4.00) | | | | | | (0.30) | | | | | | (0.43) | | | | | | (0.52) | | |
| Total Distributions | | | | | (4.00) | | | | | | (0.32) | | | | | | (0.51) | | | | | | (0.59) | | |
| Net Asset Value, End of Period | | | | $ | 9.68 | | | | | $ | 13.17 | | | | | $ | 8.80 | | | | | $ | 9.20 | | |
Total Return(3) | | | | | 1.86% | | | | | | 53.85% | | | | | | 0.69% | | | | | | (1.24)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 126 | | | | | $ | 74 | | | | | $ | 46 | | | | | $ | 19 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.96% | | | | | | 0.96% | | | | | | 0.97% | | | | | | 0.97%(5) | | |
Net expenses(6) | | | | | 0.95% | | | | | | 0.96% | | | | | | 0.94% | | | | | | 0.88%(5) | | |
Net investment income(6) | | | | | 0.10% | | | | | | 0.22% | | | | | | 0.66% | | | | | | 0.68%(5) | | |
Portfolio Turnover Rate(7) | | | | | 111% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 15.11 | | | | | $ | 11.30 | | | | | $ | 10.86 | | | | | $ | 11.69 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.01 | | | | | | 0.00* | | | | | | 0.09 | | | | | | 0.09 | | | | | | 0.07 | | |
| Net realized and unrealized gain (loss) | | | | | (1.22) | | | | | | 3.81 | | | | | | 0.44 | | | | | | (0.77) | | | | | | 1.70 | | |
| Total Income (Loss) from Operations | | | | | (1.21) | | | | | | 3.81 | | | | | | 0.53 | | | | | | (0.68) | | | | | | 1.77 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.03) | | | | | | (0.00)* | | | | | | (0.09) | | | | | | (0.12) | | | | | | (0.07) | | |
| Net realized gain | | | | | (0.63) | | | | | | — | | | | | | — | | | | | | (0.03) | | | | | | (0.01) | | |
| Total Distributions | | | | | (0.66) | | | | | | — | | | | | | (0.09) | | | | | | (0.15) | | | | | | (0.08) | | |
| Net Asset Value, End of Period | | | | $ | 13.24 | | | | | $ | 15.11 | | | | | $ | 11.30 | | | | | $ | 10.86 | | | | | $ | 11.69 | | |
Total Return(3) | | | | | (8.36)% | | | | | | 33.76% | | | | | | 4.83% | | | | | | (5.71)% | | | | | | 17.70%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 2,419 | | | | | $ | 2,288 | | | | | $ | 1,884 | | | | | $ | 1,618 | | | | | $ | 1,413 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.24% | | | | | | 1.24% | | | | | | 1.25% | | | | | | 1.28% | | | | | | 1.30%(5) | | |
Net expenses(6) | | | | | 1.20% | | | | | | 1.23% | | | | | | 1.17% | | | | | | 1.18% | | | | | | 1.15%(5) | | |
Net investment income(6) | | | | | 0.05% | | | | | | 0.02% | | | | | | 0.77% | | | | | | 0.83% | | | | | | 0.69%(5) | | |
Portfolio Turnover Rate(7) | | | | | 48% | | | | | | 38% | | | | | | 27% | | | | | | 32% | | | | | | 50%(4) | | |
*
Amount is less than $0.005 per share.
(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 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 13.18 | | | | | $ | 9.86 | | | | | $ | 9.48 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.02 | | |
| Net realized and unrealized gain (loss) | | | | | (1.05) | | | | | | 3.32 | | | | | | 0.43 | | | | | | (0.38) | | |
| Total Income (Loss) from Operations | | | | | (1.03) | | | | | | 3.34 | | | | | | 0.49 | | | | | | (0.36) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.04) | | | | | | (0.02) | | | | | | (0.11) | | | | | | (0.13) | | |
| Net realized gain | | | | | (0.63) | | | | | | — | | | | | | — | | | | | | (0.03) | | |
| Total Distributions | | | | | (0.67) | | | | | | (0.02) | | | | | | (0.11) | | | | | | (0.16) | | |
| Net Asset Value, End of Period | | | | $ | 11.48 | | | | | $ | 13.18 | | | | | $ | 9.86 | | | | | $ | 9.48 | | |
Total Return(3) | | | | | (8.16)% | | | | | | 33.91% | | | | | | 5.05% | | | | | | (3.43)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 253 | | | | | $ | 145 | | | | | $ | 99 | | | | | $ | 33 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.09% | | | | | | 1.09% | | | | | | 1.10% | | | | | | 1.13%(5) | | |
Net expenses(6) | | | | | 1.05% | | | | | | 1.08% | | | | | | 1.02% | | | | | | 1.03%(5) | | |
Net investment income(6) | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.62% | | | | | | 0.98%(5) | | |
Portfolio Turnover Rate(7) | | | | | 48% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.26 | | | | | $ | 9.74 | | | | | $ | 10.20 | | | | | $ | 10.14 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.34 | | | | | | 0.34 | | | | | | 0.35 | | | | | | 0.32 | | | | | | 0.31 | | |
| Net realized and unrealized gain (loss) | | | | | 1.65 | | | | | | 0.63 | | | | | | (0.40) | | | | | | 0.39 | | | | | | 0.12 | | |
| Total Income (Loss) from Operations | | | | | 1.99 | | | | | | 0.97 | | | | | | (0.05) | | | | | | 0.71 | | | | | | 0.43 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.34) | | | | | | (0.31) | | | | | | (0.32) | | | | | | (0.29) | | | | | | (0.26) | | |
| Net realized gain | | | | | — | | | | | | (0.14) | | | | | | (0.09) | | | | | | (0.36) | | | | | | (0.03) | | |
| Total Distributions | | | | | (0.34) | | | | | | (0.45) | | | | | | (0.41) | | | | | | (0.65) | | | | | | (0.29) | | |
| Net Asset Value, End of Period | | | | $ | 11.91 | | | | | $ | 10.26 | | | | | $ | 9.74 | | | | | $ | 10.20 | | | | | $ | 10.14 | | |
Total Return(3) | | | | | 19.58% | | | | | | 10.37% | | | | | | (0.78)% | | | | | | 7.52% | | | | | | 4.34%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 469 | | | | | $ | 375 | | | | | $ | 441 | | | | | $ | 391 | | | | | $ | 320 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 1.04% | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.04% | | | | | | 1.05%(5) | | |
Net expenses(6) | | | | | 0.92% | | | | | | 0.92% | | | | | | 0.88% | | | | | | 0.87% | | | | | | 0.93%(5) | | |
Net investment income(6) | | | | | 2.94% | | | | | | 3.60% | | | | | | 3.31% | | | | | | 3.13% | | | | | | 3.18%(5) | | |
Portfolio Turnover Rate(7) | | | | | 58% | | | | | | 54% | | | | | | 43% | | | | | | 74% | | | | | | 57%(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 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.94 | | | | | $ | 9.44 | | | | | $ | 9.89 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.35 | | | | | | 0.34 | | | | | | 0.36 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | 1.59 | | | | | | 0.62 | | | | | | (0.38) | | | | | | 0.21 | | |
| Total Income (Loss) from Operations | | | | | 1.94 | | | | | | 0.96 | | | | | | (0.02) | | | | | | 0.41 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.36) | | | | | | (0.32) | | | | | | (0.34) | | | | | | (0.16) | | |
| Net realized gain | | | | | — | | | | | | (0.14) | | | | | | (0.09) | | | | | | (0.36) | | |
| Total Distributions | | | | | (0.36) | | | | | | (0.46) | | | | | | (0.43) | | | | | | (0.52) | | |
| Net Asset Value, End of Period | | | | $ | 11.52 | | | | | $ | 9.94 | | | | | $ | 9.44 | | | | | $ | 9.89 | | |
Total Return(3) | | | | | 19.71% | | | | | | 10.63% | | | | | | (0.58)% | | | | | | 4.51%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 44 | | | | | $ | 24 | | | | | | 21 | | | | | $ | 10 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.89% | | | | | | 0.88% | | | | | | 0.88% | | | | | | 0.89%(5) | | |
Net expenses(6) | | | | | 0.77% | | | | | | 0.77% | | | | | | 0.74% | | | | | | 0.72%(5) | | |
Net investment income(6) | | | | | 3.09% | | | | | | 3.72% | | | | | | 3.46% | | | | | | 3.28%(5) | | |
Portfolio Turnover Rate(7) | | | | | 58% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.19 | | | | | $ | 10.42 | | | | | $ | 9.83 | | | | | $ | 9.83 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.12 | | | | | | 0.20 | | | | | | 0.28 | | | | | | 0.28 | | | | | | 0.21 | | |
| Net realized and unrealized gain (loss) | | | | | (0.38) | | | | | | (0.20) | | | | | | 0.59 | | | | | | (0.01) | | | | | | (0.17) | | |
| Total Income (Loss) from Operations | | | | | (0.26) | | | | | | — | | | | | | 0.87 | | | | | | 0.27 | | | | | | 0.04 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.13) | | | | | | (0.20) | | | | | | (0.28) | | | | | | (0.27) | | | | | | (0.19) | | |
| Net realized gain | | | | | (0.28) | | | | | | (0.03) | | | | | | — | | | | | | — | | | | | | (0.02) | | |
| Total Distributions | | | | | (0.41) | | | | | | (0.23) | | | | | | (0.28) | | | | | | (0.27) | | | | | | (0.21) | | |
| Net Asset Value, End of Period | | | | $ | 9.52 | | | | | $ | 10.19 | | | | | $ | 10.42 | | | | | $ | 9.83 | | | | | $ | 9.83 | | |
Total Return(3) | | | | | (2.72)% | | | | | | 0.05% | | | | | | 8.97% | | | | | | 2.77% | | | | | | 0.34%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 2,002 | | | | | $ | 2,079 | | | | | $ | 1,896 | | | | | $ | 1,708 | | | | | $ | 1,500 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.87% | | | | | | 0.87% | | | | | | 0.88% | | | | | | 0.89% | | | | | | 0.90%(5) | | |
Net expenses(6) | | | | | 0.79% | | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.81% | | | | | | 0.82%(5) | | |
Net investment income(6) | | | | | 1.18% | | | | | | 1.91% | | | | | | 2.80% | | | | | | 2.85% | | | | | | 2.22%(5) | | |
Portfolio Turnover Rate(7) | | | | | 240% | | | | | | 204% | | | | | | 43% | | | | | | 64% | | | | | | 170%(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 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.46 | | | | | $ | 10.69 | | | | | $ | 10.08 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.14 | | | | | | 0.22 | | | | | | 0.30 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | (0.39) | | | | | | (0.21) | | | | | | 0.61 | | | | | | 0.03 | | |
| Total Income (Loss) from Operations | | | | | (0.25) | | | | | | 0.01 | | | | | | 0.91 | | | | | | 0.23 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.14) | | | | | | (0.21) | | | | | | (0.30) | | | | | | (0.15) | | |
| Net realized gain | | | | | (0.28) | | | | | | (0.03) | | | | | | — | | | | | | — | | |
| Total Distributions | | | | | (0.42) | | | | | | (0.24) | | | | | | (0.30) | | | | | | (0.15) | | |
| Net Asset Value, End of Period | | | | $ | 9.79 | | | | | $ | 10.46 | | | | | $ | 10.69 | | | | | $ | 10.08 | | |
Total Return(3) | | | | | (2.50)% | | | | | | 0.17% | | | | | | 9.11% | | | | | | 2.29(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 202 | | | | | $ | 121 | | | | | $ | 99 | | | | | $ | 29 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.72% | | | | | | 0.72% | | | | | | 0.73% | | | | | | 0.74%(5) | | |
Net expenses(6) | | | | | 0.64% | | | | | | 0.63% | | | | | | 0.65% | | | | | | 0.66%(5) | | |
Net investment income(6) | | | | | 1.36% | | | | | | 2.05% | | | | | | 2.90% | | | | | | 3.00%(5) | | |
Portfolio Turnover Rate(7) | | | | | 240% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.73 | | | | | $ | 9.75 | | | | | $ | 9.84 | | | | | $ | 9.90 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.30 | | | | | | 0.34 | | | | | | 0.33 | | | | | | 0.35 | | | | | | 0.27 | | |
| Net realized and unrealized gain (loss) | | | | | 0.03 | | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.08) | | | | | | (0.12) | | |
| Total Income from Operations | | | | | 0.33 | | | | | | 0.32 | | | | | | 0.25 | | | | | | 0.27 | | | | | | 0.15 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.37) | | | | | | (0.34) | | | | | | (0.34) | | | | | | (0.33) | | | | | | (0.25) | | |
| Net realized gain | | | | | (0.01) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Distributions | | | | | (0.38) | | | | | | (0.34) | | | | | | (0.34) | | | | | | (0.33) | | | | | | (0.25) | | |
| Net Asset Value, End of Period | | | | $ | 9.68 | | | | | $ | 9.73 | | | | | $ | 9.75 | | | | | $ | 9.84 | | | | | $ | 9.90 | | |
Total Return(3) | | | | | 3.40% | | | | | | 3.43% | | | | | | 2.59% | | | | | | 2.79% | | | | | | 1.52%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 539 | | | | | $ | 418 | | | | | $ | 320 | | | | | $ | 386 | | | | | $ | 178 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.93% | | | | | | 0.95% | | | | | | 0.96% | | | | | | 0.97% | | | | | | 1.00%(5) | | |
Net expenses(6) | | | | | 0.93% | | | | | | 0.95% | | | | | | 0.94% | | | | | | 0.93% | | | | | | 0.94%(5) | | |
Net investment income(6) | | | | | 3.09% | | | | | | 3.63% | | | | | | 3.30% | | | | | | 3.51% | | | | | | 2.84%(5) | | |
Portfolio Turnover Rate(7) | | | | | 107% | | | | | | 168% | | | | | | 138% | | | | | | 120% | | | | | | 32%(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 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 9.93 | | | | | $ | 9.94 | | | | | $ | 10.03 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.33 | | | | | | 0.36 | | | | | | 0.34 | | | | | | 0.22 | | |
| Net realized and unrealized gain (loss) | | | | | 0.02 | | | | | | (0.02) | | | | | | (0.07) | | | | | | (0.03) | | |
| Total Income from Operations | | | | | 0.35 | | | | | | 0.34 | | | | | | 0.27 | | | | | | 0.19 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.38) | | | | | | (0.35) | | | | | | (0.36) | | | | | | (0.16) | | |
| Net realized gain | | | | | (0.01) | | | | | | — | | | | | | — | | | | | | — | | |
| Total Distributions | | | | | (0.39) | | | | | | (0.35) | | | | | | (0.36) | | | | | | (0.16) | | |
| Net Asset Value, End of Period | | | | $ | 9.89 | | | | | $ | 9.93 | | | | | $ | 9.94 | | | | | $ | 10.03 | | |
Total Return(3) | | | | | 3.56% | | | | | | 3.60% | | | | | | 2.69% | | | | | | 1.82%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 49 | | | | | $ | 22 | | | | | $ | 14 | | | | | $ | 6 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.82% | | | | | | 0.82%(5) | | |
Net expenses(6) | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.80% | | | | | | 0.78%(5) | | |
Net investment income(6) | | | | | 3.28% | | | | | | 3.78% | | | | | | 3.40% | | | | | | 3.66%(5) | | |
Portfolio Turnover Rate(7) | | | | | 107% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.02 | | | | | $ | 9.83 | | | | | $ | 9.82 | | | | | $ | 9.99 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.32 | | | | | | 0.40 | | | | | | 0.39 | | | | | | 0.38 | | | | | | 0.37 | | |
| Net realized and unrealized gain (loss) | | | | | (0.17) | | | | | | 0.19 | | | | | | 0.02 | | | | | | (0.18) | | | | | | (0.02) | | |
| Total Income from Operations | | | | | 0.15 | | | | | | 0.59 | | | | | | 0.41 | | | | | | 0.20 | | | | | | 0.35 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.41) | | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.37) | | | | | | (0.35) | | |
| Net realized gain | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | |
| Total Distributions | | | | | (0.41) | | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.37) | | | | | | (0.36) | | |
| Net Asset Value, End of Period | | | | $ | 9.76 | | | | | $ | 10.02 | | | | | $ | 9.83 | | | | | $ | 9.82 | | | | | $ | 9.99 | | |
Total Return(3) | | | | | 1.49% | | | | | | 6.28% | | | | | | 4.18% | | | | | | 2.20% | | | | | | 3.34%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 699 | | | | | $ | 718 | | | | | $ | 733 | | | | | $ | 769 | | | | | $ | 601 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 1.19% | | | | | | 1.13% | | | | | | 1.11% | | | | | | 1.09% | | | | | | 1.10%(5) | | |
Net expenses(6)(7) | | | | | 1.08% | | | | | | 1.02% | | | | | | 1.00% | | | | | | 0.98% | | | | | | 0.99%(5) | | |
Net investment income(7) | | | | | 3.17% | | | | | | 4.17% | | | | | | 3.92% | | | | | | 3.90% | | | | | | 3.88%(5) | | |
Portfolio Turnover Rate(8) | | | | | 90% | | | | | | 164% | | | | | | 84% | | | | | | 79% | | | | | | 64%(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)
Ratios include interest and dividend expense on short sales which represent 0.09%, 0.05%, 0.03%, 0.00% and 0.00% (annualized) for the year ended February 28, 2022, 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.19 | | | | | $ | 9.99 | | | | | $ | 9.98 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.34 | | | | | | 0.42 | | | | | | 0.41 | | | | | | 0.26 | | |
| Net realized and unrealized gain (loss) | | | | | (0.17) | | | | | | 0.19 | | | | | | 0.01 | | | | | | (0.08) | | |
| Total Income from Operations | | | | | 0.17 | | | | | | 0.61 | | | | | | 0.42 | | | | | | 0.18 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.42) | | | | | | (0.41) | | | | | | (0.41) | | | | | | (0.20) | | |
| Total Distributions | | | | | (0.42) | | | | | | (0.41) | | | | | | (0.41) | | | | | | (0.20) | | |
| Net Asset Value, End of Period | | | | $ | 9.94 | | | | | $ | 10.19 | | | | | $ | 9.99 | | | | | $ | 9.98 | | |
Total Return(3) | | | | | 1.67% | | | | | | 6.43% | | | | | | 4.26% | | | | | | 1.72%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 66 | | | | | $ | 40 | | | | | $ | 34 | | | | | $ | 14 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 1.04% | | | | | | 0.98% | | | | | | 0.96% | | | | | | 0.94%(5) | | |
Net expenses(6)(7) | | | | | 0.93% | | | | | | 0.87% | | | | | | 0.85% | | | | | | 0.83%(5) | | |
Net investment income(7) | | | | | 3.30% | | | | | | 4.31% | | | | | | 4.06% | | | | | | 4.05%(5) | | |
Portfolio Turnover Rate(8) | | | | | 90% | | | | | | 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 0.09%, 0.05%, 0.03% and 0.00% (annualized) for the year ended February 28, 2022, 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.38 | | | | | $ | 10.61 | | | | | $ | 10.11 | | | | | $ | 9.93 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.10 | | | | | | 0.13 | | | | | | 0.16 | | | | | | 0.17 | | | | | | 0.08 | | |
| Net realized and unrealized gain (loss) | | | | | (0.26) | | | | | | (0.13) | | | | | | 0.58 | | | | | | 0.15 | | | | | | (0.09) | | |
| Total Income (Loss) from Operations | | | | | (0.16) | | | | | | — | | | | | | 0.74 | | | | | | 0.32 | | | | | | (0.01) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.13) | | | | | | (0.16) | | | | | | (0.20) | | | | | | (0.14) | | | | | | (0.05) | | |
| Net realized gain | | | | | (0.02) | | | | | | (0.07) | | | | | | (0.04) | | | | | | — | | | | | | (0.01) | | |
| Total Distributions | | | | | (0.15) | | | | | | (0.23) | | | | | | (0.24) | | | | | | (0.14) | | | | | | (0.06) | | |
| Net Asset Value, End of Period | | | | $ | 10.07 | | | | | $ | 10.38 | | | | | $ | 10.61 | | | | | $ | 10.11 | | | | | $ | 9.93 | | |
Total Return(3) | | | | | (1.53)% | | | | | | 0.00% | | | | | | 7.38% | | | | | | 3.30% | | | | | | (0.14)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 887 | | | | | $ | 884 | | | | | $ | 878 | | | | | $ | 862 | | | | | $ | 230 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.93% | | | | | | 0.93% | | | | | | 0.95% | | | | | | 0.95% | | | | | | 0.97%(5) | | |
Net expenses(6) | | | | | 0.76% | | | | | | 0.77% | | | | | | 0.80% | | | | | | 0.80% | | | | | | 0.80%(5) | | |
Net investment income(6) | | | | | 0.97% | | | | | | 1.26% | | | | | | 1.56% | | | | | | 1.71% | | | | | | 0.79%(5) | | |
Portfolio Turnover Rate(7) | | | | | 41% | | | | | | 38% | | | | | | 38% | | | | | | 84% | | | | | | 69%(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 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.40 | | | | | $ | 10.64 | | | | | $ | 10.14 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.12 | | | | | | 0.15 | | | | | | 0.18 | | | | | | 0.13 | | |
| Net realized and unrealized gain (loss) | | | | | (0.25) | | | | | | (0.14) | | | | | | 0.57 | | | | | | 0.11 | | |
| Total Income (Loss) from Operations | | | | | (0.13) | | | | | | 0.01 | | | | | | 0.75 | | | | | | 0.24 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.15) | | | | | | (0.18) | | | | | | (0.21) | | | | | | (0.10) | | |
| Net realized gain | | | | | (0.02) | | | | | | (0.07) | | | | | | (0.04) | | | | | | — | | |
| Total Distributions | | | | | (0.17) | | | | | | (0.25) | | | | | | (0.25) | | | | | | (0.10) | | |
| Net Asset Value, End of Period | | | | $ | 10.10 | | | | | $ | 10.40 | | | | | $ | 10.64 | | | | | $ | 10.14 | | |
Total Return(3) | | | | | (1.29)% | | | | | | 0.05% | | | | | | 7.51% | | | | | | 2.42%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 45 | | | | | $ | 26 | | | | | $ | 19 | | | | | $ | 12 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | | | 0.78% | | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.80%(5) | | |
Net expenses(6) | | | | | 0.61% | | | | | | 0.62% | | | | | | 0.65% | | | | | | 0.65%(5) | | |
Net investment income(6) | | | | | 1.14% | | | | | | 1.40% | | | | | | 1.71% | | | | | | 1.86%(5) | | |
Portfolio Turnover Rate(7) | | | | | 41% | | | | | | 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.57 | | | | | $ | 9.67 | | | | | $ | 9.76 | | | | | $ | 10.20 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.10 | | | | | | 0.14 | | | | | | 0.37 | | | | | | 0.40 | | | | | | 0.27 | | |
| Net realized and unrealized gain (loss) | | | | | 0.03 | | | | | | 0.91 | | | | | | (0.02) | | | | | | (0.32) | | | | | | 0.13 | | |
| Total Income from Operations | | | | | 0.13 | | | | | | 1.05 | | | | | | 0.35 | | | | | | 0.08 | | | | | | 0.40 | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.22) | | | | | | (0.15) | | | | | | (0.41) | | | | | | (0.35) | | | | | | (0.20) | | |
| Net realized gain | | | | | (0.26) | | | | | | — | | | | | | (0.03) | | | | | | (0.17) | | | | | | — | | |
| Total Distributions | | | | | (0.48) | | | | | | (0.15) | | | | | | (0.44) | | | | | | (0.52) | | | | | | (0.20) | | |
| Net Asset Value, End of Period | | | | $ | 10.22 | | | | | $ | 10.57 | | | | | $ | 9.67 | | | | | $ | 9.76 | | | | | $ | 10.20 | | |
Total Return(3) | | | | | 1.25% | | | | | | 11.09% | | | | | | 3.76% | | | | | | 1.10% | | | | | | 3.94%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 1,165 | | | | | $ | 1,102 | | | | | $ | 888 | | | | | $ | 897 | | | | | $ | 909 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 1.75% | | | | | | 1.79% | | | | | | 1.73% | | | | | | 1.71% | | | | | | 1.73%(5) | | |
Net expenses(6)(7) | | | | | 1.31% | | | | | | 1.40% | | | | | | 1.34% | | | | | | 1.23% | | | | | | 1.25%(5) | | |
Net investment income(7) | | | | | 0.93% | | | | | | 1.40% | | | | | | 3.86% | | | | | | 4.01% | | | | | | 2.82%(5) | | |
Portfolio Turnover Rate(8) | | | | | 90% | | | | | | 150% | | | | | | 119% | | | | | | 109% | | | | | | 111%(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)
Ratios include interest and dividend expense on short sales which represent 0.04%, 0.22%, 0.16%, 0.12% and 0.12% (annualized) for the year ended February 28, 2022, 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 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 | |
| | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.32 | | | | | $ | 9.44 | | | | | $ | 9.54 | | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | | | 0.11 | | | | | | 0.14 | | | | | | 0.35 | | | | | | 0.31 | | |
| Net realized and unrealized gain (loss) | | | | | 0.03 | | | | | | 0.91 | | | | | | — | | | | | | (0.35) | | |
| Total Income (Loss) from Operations | | | | | 0.14 | | | | | | 1.05 | | | | | | 0.35 | | | | | | (0.04) | | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.24) | | | | | | (0.17) | | | | | | (0.42) | | | | | | (0.25) | | |
| Net realized gain | | | | | (0.26) | | | | | | — | | | | | | (0.03) | | | | | | (0.17) | | |
| Total Distributions | | | | | (0.50) | | | | | | (0.17) | | | | | | (0.45) | | | | | | (0.42) | | |
| Net Asset Value, End of Period | | | | $ | 9.96 | | | | | $ | 10.32 | | | | | $ | 9.44 | | | | | $ | 9.54 | | |
Total Return(3) | | | | | 1.31% | | | | | | 11.29% | | | | | | 3.87% | | | | | | (0.21)(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 108 | | | | | $ | 60 | | | | | $ | 41 | | | | | $ | 15 | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross expenses(6) | | | | | 1.60% | | | | | | 1.64% | | | | | | 1.59% | | | | | | 1.56%(5) | | |
Net expenses(6)(7) | | | | | 1.16% | | | | | | 1.25% | | | | | | 1.20% | | | | | | 1.08%(5) | | |
Net investment income(7) | | | | | 1.10% | | | | | | 1.52% | | | | | | 3.75% | | | | | | 4.16%(5) | | |
Portfolio Turnover Rate(8) | | | | | 90% | | | | | | 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 0.04%, 0.22%, 0.16% and 0.20%
(annualized) for the year ended February 28, 2022, 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 Shelter Fund
For a share of beneficial interest outstanding throughout each year ended February 28, unless otherwise noted:
| | | | Class I | |
| | | | 2022(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | |
Net investment income(2) | | | | | 0.01 | | |
| Net realized and unrealized gain (loss) | | | | | (0.44) | | |
| Total Income (Loss) from Operations | | | | | (0.43) | | |
| Less Distributions From: | | | | | | | |
| Net investment income | | | | | (0.01) | | |
| Total Distributions | | | | | (0.01) | | |
| Net Asset Value, End of Period | | | | $ | 9.56 | | |
Total Return(3) | | | | | (4.33)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 123 | | |
| Ratios to Average Net Assets: | | | | | | | |
| Gross expenses | | | | | 1.40%(5) | | |
Net expenses(6) | | | | | 1.27%(5) | | |
Net investment income(6) | | | | | 0.27%(5) | | |
Portfolio Turnover Rate(7) | | | | | 2%(4) | | |
(1)
For the period from Class inception (October 27, 2021) through the period ended February 28, 2022.
(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 (concluded)
Destinations Shelter Fund
For a share of beneficial interest outstanding throughout each year ended February 28, unless otherwise noted:
| | | | Class Z | |
| | | | 2022(1) | |
| Net asset value, Beginning of Period | | | | $ | 10.00 | | |
| Income (Loss) from Operations: | | | | | | | |
Net investment income(2) | | | | | 0.01 | | |
| Net realized and unrealized gain (loss) | | | | | (0.56) | | |
| Total Income (Loss) from Operations | | | | | (0.55) | | |
| Less Distributions From: | | | | | | | |
| Net investment income | | | | | (0.01) | | |
| Total Distributions | | | | | (0.01) | | |
| Net Asset Value, End of Period | | | | $ | 9.44 | | |
Total Return(3) | | | | | (5.51)%(4) | | |
| Net Assets, End of Period (millions) | | | | $ | 2 | | |
| Ratios to Average Net Assets: | | | | | | | |
| Gross expenses | | | | | 1.22%(5) | | |
Net expenses(6) | | | | | 1.04%(5) | | |
Net investment income(6) | | | | | 0.30%(5) | | |
Portfolio Turnover Rate(7) | | | | | 2%(4) | | |
(1)
For the period from Class inception (December 2, 2021) through the period ended February 28, 2022.
(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.
Notes to Financial Statements
February 28, 2022
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, Destinations Multi Strategy Alternatives Fund and Destinations Shelter Fund (commenced operations on October 27, 2021) (individually, a “Fund” and collectively, the “Funds”). Each Fund currently offers two classes of shares designated as Class I and Class Z shares.
Brinker Capital Investments, LLC (“Brinker Capital” or the “Adviser”), 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, 2022 (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, 2022 (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, 2022 | | | 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 | | | | $ | 77,451,621 | | | | | $ | 77,451,621 | | | | | $ | — | | | | | $ | — | | |
| Communications | | | | | 1,016,010,039 | | | | | | 1,016,010,039 | | | | | | — | | | | | | — | | |
| Consumer Cyclical | | | | | 389,799,823 | | | | | | 348,889,462 | | | | | | 40,910,361 | | | | | | — | | |
| Consumer Non-cyclical | | | | | 1,257,518,953 | | | | | | 1,257,518,953 | | | | | | — | | | | | | — | | |
| Energy | | | | | 206,378,831 | | | | | | 206,378,831 | | | | | | — | | | | | | — | | |
| Financial | | | | | 798,928,929 | | | | | | 796,731,766 | | | | | | — | | | | | | 2,197,163 | | |
| Industrial | | | | | 350,774,145 | | | | | | 350,774,145 | | | | | | — | | | | | | — | | |
| Technology | | | | | 999,448,580 | | | | | | 993,523,759 | | | | | | — | | | | | | 5,924,821 | | |
| Utilities | | | | | 89,504,233 | | | | | | 89,504,233 | | | | | | — | | | | | | — | | |
| Preferred Stocks | | | | | 13,427,860 | | | | | | — | | | | | | — | | | | | | 13,427,860 | | |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2022 | | | 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 | | | | $ | 74,004,063 | | | | | $ | — | | | | | $ | 74,004,063 | | | | | $ | — | | |
| Money Market Fund | | | | | 23,492,013 | | | | | | 23,492,013 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 5,296,739,090 | | | | | $ | 5,160,274,822 | | | | | $ | 114,914,424 | | | | | $ | 21,549,844 | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Futures Contract | | | | $ | (216,234) | | | | | $ | (216,234) | | | | | $ | — | | | | | $ | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (216,234) | | | | | $ | (216,234) | | | | | $ | — | | | | | $ | — | | |
| Destinations Small-Mid Cap Equity Fund | |
| Investments, at value | |
| Common Stocks | | | | $ | 1,262,800,693 | | | | | $ | 1,262,800,693 | | | | | $ | — | | | | | $ | — | | |
| Exchange Traded Funds (ETFs) | | | | | 10,371,473 | | | | | | 10,371,473 | | | | | | — | | | | | | — | | |
| Warrant | | | | | 22,992 | | | | | | 22,992 | | | | | | — | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 52,860,479 | | | | | | — | | | | | | 52,860,479 | | | | | | — | | |
| Money Market Fund | | | | | 37,322,114 | | | | | | 37,322,114 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 1,363,377,751 | | | | | $ | 1,310,517,272 | | | | | $ | 52,860,479 | | | | | $ | — | | |
| Destinations International Equity Fund | |
| Investments, at value | |
| Common Stocks: | |
| Australia | | | | $ | 16,941,669 | | | | | $ | — | | | | | $ | 16,941,669 | | | | | $ | — | | |
| Austria | | | | | 1,696,862 | | | | | | — | | | | | | 1,696,862 | | | | | | — | | |
| Bermuda | | | | | 2,014,851 | | | | | | — | | | | | | 2,014,851 | | | | | | — | | |
| Brazil | | | | | 43,318,767 | | | | | | 9,628,795 | | | | | | 33,689,972 | | | | | | — | | |
| Canada | | | | | 89,919,030 | | | | | | 89,919,030 | | | | | | — | | | | | | — | | |
| China | | | | | 199,542,156 | | | | | | 50,182,991 | | | | | | 148,701,084 | | | | | | 658,081 | | |
| Colombia | | | | | 14,718,629 | | | | | | 14,718,629 | | | | | | — | | | | | | — | | |
| Cyprus | | | | | 225,351 | | | | | | — | | | | | | — | | | | | | 225,351 | | |
| Denmark | | | | | 19,701,820 | | | | | | — | | | | | | 19,701,820 | | | | | | — | | |
| Egypt | | | | | 5,147,662 | | | | | | 5,147,662 | | | | | | — | | | | | | — | | |
| Finland | | | | | 15,664,906 | | | | | | — | | | | | | 15,664,906 | | | | | | — | | |
| France | | | | | 239,283,059 | | | | | | — | | | | | | 239,283,059 | | | | | | — | | |
| Germany | | | | | 149,300,015 | | | | | | — | | | | | | 149,300,015 | | | | | | — | | |
| Greece | | | | | 3,590,048 | | | | | | — | | | | | | 3,590,048 | | | | | | — | | |
| Hong Kong | | | | | 82,219,992 | | | | | | — | | | | | | 82,219,992 | | | | | | — | | |
| Hungary | | | | | 3,241,182 | | | | | | — | | | | | | 3,241,182 | | | | | | — | | |
| India | | | | | 162,327,556 | | | | | | — | | | | | | 162,327,556 | | | | | | — | | |
| Indonesia | | | | | 28,233,387 | | | | | | — | | | | | | 28,233,387 | | | | | | — | | |
| Ireland | | | | | 29,024,102 | | | | | | 6,257,734 | | | | | | 22,766,368 | | | | | | — | | |
| Israel | | | | | 9,462,668 | | | | | | 1,318,585 | | | | | | 8,144,083 | | | | | | — | | |
| Italy | | | | | 43,005,415 | | | | | | 1,644,499 | | | | | | 41,360,916 | | | | | | — | | |
| Japan | | | | | 390,334,702 | | | | | | — | | | | | | 390,334,702 | | | | | | — | | |
| Jersey, Channel Islands | | | | | 10,865,980 | | | | | | — | | | | | | 10,865,980 | | | | | | — | | |
| Malaysia | | | | | 2,359,003 | | | | | | — | | | | | | 2,359,003 | | | | | | — | | |
| Mexico | | | | | 36,799,689 | | | | | | 36,799,689 | | | | | | — | | | | | | — | | |
| Netherlands | | | | | 76,598,199 | | | | | | 3,580,150 | | | | | | 73,018,049 | | | | | | — | | |
| Norway | | | | | 14,920,889 | | | | | | — | | | | | | 14,920,889 | | | | | | — | | |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2022 | | | Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1) | | | Significant
Observable Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | |
| Destinations International Equity Fund (continued) | |
| Investments, at value (continued) | |
| Common Stocks: (continued) | |
| Peru | | | | $ | 4,015,990 | | | | | $ | 4,015,990 | | | | | $ | — | | | | | $ | — | | |
| Philippines | | | | | 9,911,506 | | | | | | — | | | | | | 9,911,506 | | | | | | — | | |
| Poland | | | | | 6,960,175 | | | | | | — | | | | | | 6,960,175 | | | | | | — | | |
| Portugal | | | | | 11,044,853 | | | | | | — | | | | | | 11,044,853 | | | | | | — | | |
| Russia | | | | | 4,599,299 | | | | | | — | | | | | | — | | | | | | 4,599,299 | | |
| Singapore | | | | | 34,638,336 | | | | | | — | | | | | | 34,638,336 | | | | | | — | | |
| South Africa | | | | | 14,894,995 | | | | | | 3,539,111 | | | | | | 11,355,884 | | | | | | — | | |
| South Korea | | | | | 79,434,849 | | | | | | — | | | | | | 79,434,849 | | | | | | — | | |
| Spain | | | | | 12,212,064 | | | | | | — | | | | | | 12,212,064 | | | | | | — | | |
| Sweden | | | | | 32,423,804 | | | | | | 655,914 | | | | | | 31,767,890 | | | | | | — | | |
| Switzerland | | | | | 164,373,324 | | | | | | — | | | | | | 164,373,324 | | | | | | — | | |
| Taiwan | | | | | 93,162,764 | | | | | | 40,476,318 | | | | | | 52,686,446 | | | | | | — | | |
| Thailand | | | | | 11,532,047 | | | | | | — | | | | | | 11,532,047 | | | | | | — | | |
| United Arab Emirates | | | | | 3,369,505 | | | | | | — | | | | | | 3,369,505 | | | | | | — | | |
| United Kingdom | | | | | 320,561,019 | | | | | | 10,145,165 | | | | | | 310,411,699 | | | | | | 4,155 | | |
| United States | | | | | 65,128,586 | | | | | | 63,642,531 | | | | | | — | | | | | | 1,486,055 | | |
| Exchange Traded Fund (ETF) | | | | | 25,029,712 | | | | | | 25,029,712 | | | | | | — | | | | | | — | | |
| Warrants: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Switzerland | | | | | 85,159 | | | | | | 85,159 | | | | | | — | | | | | | — | | |
| United States | | | | | 402 | | | | | | — | | | | | | — | | | | | | 402 | | |
| Right | | | | | 14,815 | | | | | | — | | | | | | — | | | | | | 14,815 | | |
| Preferred Stocks | | | | | 43,680 | | | | | | — | | | | | | — | | | | | | 43,680 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 77,629,220 | | | | | | — | | | | | | 77,629,220 | | | | | | — | | |
| U.S. Government Agency | | | | | 10,410,000 | | | | | | — | | | | | | 10,410,000 | | | | | | — | | |
| Money Market Fund | | | | | 27,311,506 | | | | | | 27,311,506 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 2,699,245,199 | | | | | $ | 394,099,170 | | | | | $ | 2,298,114,191 | | | | | $ | 7,031,838 | | |
| Other Financial Instruments – Liabilites | | | | | | | | | | | | | | | | | | | | | | | | | |
| Option Contracts Written | | | | $ | (1,839) | | | | | $ | — | | | | | $ | (1,839) | | | | | $ | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (1,839) | | | | | $ | — | | | | | $ | (1,839) | | | | | $ | — | | |
| Destinations Equity Income Fund | |
| Investments, at value | |
| Common Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic Materials | | | | $ | 20,892,000 | | | | | $ | 13,574,374 | | | | | $ | 7,317,626 | | | | | $ | — | | |
| Communications | | | | | 41,493,073 | | | | | | 23,950,348 | | | | | | 17,542,725 | | | | | | — | | |
| Consumer Cyclical | | | | | 28,687,140 | | | | | | 22,024,606 | | | | | | 6,662,534 | | | | | | — | | |
| Consumer Non-cyclical | | | | | 110,457,600 | | | | | | 89,724,795 | | | | | | 20,732,805 | | | | | | — | | |
| Energy | | | | | 54,647,311 | | | | | | 35,767,164 | | | | | | 18,880,147 | | | | | | — | | |
| Financial | | | | | 88,187,705 | | | | | | 65,180,612 | | | | | | 23,007,093 | | | | | | — | | |
| Industrial | | | | | 31,388,898 | | | | | | 15,304,298 | | | | | | 16,084,600 | | | | | | — | | |
| Technology | | | | | 20,808,092 | | | | | | 14,250,653 | | | | | | 6,557,439 | | | | | | — | | |
| Utilities | | | | | 49,694,081 | | | | | | 41,081,710 | | | | | | 8,612,371 | | | | | | — | | |
| Exchange Traded Funds (ETFs) | | | | | 49,503,479 | | | | | | 49,503,479 | | | | | | — | | | | | | — | | |
| Convertible Preferred Stocks | | | | | 6,241,857 | | | | | | 6,241,857 | | | | | | — | | | | | | — | | |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2022 | | | Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1) | | | Significant
Observable Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | |
| Destinations Equity Income Fund (continued) | |
| Investments, at value (continued) | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | $ | 10,378,423 | | | | | $ | — | | | | | $ | 10,378,423 | | | | | $ | — | | |
| Money Market Fund | | | | | 3,345,980 | | | | | | 3,345,980 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 515,725,639 | | | | | $ | 379,949,876 | | | | | $ | 135,775,763 | | | | | $ | — | | |
| Destinations Core Fixed Income Fund | |
| Investments, at value | |
| Corporate Bonds & Notes | | | | $ | 560,560,815 | | | | | $ | — | | | | | $ | 560,560,815 | | | | | $ | — | | |
| Collateralized Mortgage Obligations | | | | | 541,564,801 | | | | | | — | | | | | | 541,564,801 | | | | | | — | | |
| U.S. Government Agencies & Obligations | | | | | 499,388,219 | | | | | | — | | | | | | 499,388,219 | | | | | | — | | |
| Mortgage-Backed Securities | | | | | 444,634,072 | | | | | | — | | | | | | 444,634,072 | | | | | | — | | |
| Asset-Backed Securities | | | | | 212,447,883 | | | | | | — | | | | | | 212,447,883 | | | | | | — | | |
| Sovereign Bonds | | | | | 29,172,295 | | | | | | — | | | | | | 29,172,295 | | | | | | — | | |
| Senior Loans | | | | | 27,458,449 | | | | | | — | | | | | | 27,458,449 | | | | | | — | | |
| Municipal Bonds | | | | | 1,877,449 | | | | | | — | | | | | | 1,877,449 | | | | | | — | | |
| Common Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Communications | | | | | 34,952 | | | | | | — | | | | | | 34,952 | | | | | | — | | |
| Diversified | | | | | 29,298 | | | | | | — | | | | | | 29,298 | | | | | | — | | |
| Energy | | | | | 58,495 | | | | | | 58,495 | | | | | | — | | | | | | — | | |
| Industrial | | | | | 2,010 | | | | | | — | | | | | | 2,010 | | | | | | — | | |
| Utilities | | | | | 96 | | | | | | — | | | | | | 96 | | | | | | — | | |
| Rights | | | | | — | | | | | | — | | | | | | —* | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 65,598,229 | | | | | | — | | | | | | 65,598,229 | | | | | | — | | |
| U.S. Government Obligation | | | | | 2,499,245 | | | | | | — | | | | | | 2,499,245 | | | | | | — | | |
| Total Investments, at value | | | | $ | 2,385,326,308 | | | | | $ | 58,495 | | | | | $ | 2,385,267,813 | | | | | $ | — | | |
| Other Financial Instruments – Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | $ | 341,042 | | | | | $ | 341,042 | | | | | $ | — | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 341,042 | | | | | $ | 341,042 | | | | | $ | — | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Sale Commitments | | | | $ | (3,530,386) | | | | | $ | — | | | | | $ | (3,530,386) | | | | | $ | — | | |
| Futures Contracts | | | | | (842,237) | | | | | | (842,237) | | | | | | — | | | | | | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (4,372,623) | | | | | $ | (842,237) | | | | | $ | (3,530,386) | | | | | $ | — | | |
| Destinations Low Duration Fixed Income Fund | |
| Investments, at value | |
| Corporate Bonds & Notes: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic Materials | | | | $ | 13,563,871 | | | | | $ | — | | | | | $ | 13,563,871 | | | | | $ | — | | |
| Communications | | | | | 68,023,589 | | | | | | — | | | | | | 68,023,589 | | | | | | — | | |
| Consumer Cyclical | | | | | 36,716,330 | | | | | | — | | | | | | 36,716,330 | | | | | | — | | |
| Consumer Non-cyclical | | | | | 58,864,659 | | | | | | — | | | | | | 48,563,742 | | | | | | 10,300,917 | | |
| Diversified | | | | | 4,743,585 | | | | | | — | | | | | | 4,743,585 | | | | | | — | | |
| Energy | | | | | 10,627,408 | | | | | | — | | | | | | 10,627,408 | | | | | | — | | |
| Financial | | | | | 17,476,559 | | | | | | — | | | | | | 17,476,559 | | | | | | — | | |
| Government | | | | | 190,050 | | | | | | — | | | | | | 190,050 | | | | | | — | | |
| Industrial | | | | | 32,154,955 | | | | | | — | | | | | | 32,154,955 | | | | | | — | | |
| Insurance | | | | | 2,223,618 | | | | | | — | | | | | | 2,223,618 | | | | | | — | | |
| Media | | | | | 9,579,500 | | | | | | — | | | | | | — | | | | | | 9,579,500 | | |
| Technology | | | | | 19,920,802 | | | | | | — | | | | | | 17,447,287 | | | | | | 2,473,515 | | |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2022 | | | Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1) | | | Significant
Observable Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | |
| Destinations Low Duration Fixed Income Fund (continued) | |
| Investments, at value (continued) | |
| Utilities | | | | $ | 15,896,051 | | | | | $ | — | | | | | $ | 15,896,051 | | | | | $ | — | | |
| Senior Loans | | | | | 72,865,554 | | | | | | — | | | | | | 57,386,531 | | | | | | 15,479,023 | | |
| Asset-Backed Securities | | | | | 30,260,506 | | | | | | — | | | | | | 30,260,506 | | | | | | — | | |
| Collateralized Mortgage Obligations | | | | | 22,574,531 | | | | | | — | | | | | | 22,574,531 | | | | | | — | | |
| U.S. Government Agencies & Obligations | | | | | 12,816,349 | | | | | | — | | | | | | 12,816,349 | | | | | | — | | |
| Sovereign Bonds | | | | | 1,661,761 | | | | | | — | | | | | | 1,661,761 | | | | | | — | | |
| Common Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consumer Non-cyclical | | | | | 78,709 | | | | | | 78,709 | | | | | | — | | | | | | — | | |
| Diversified | | | | | 54,574,283 | | | | | | 53,221,902 | | | | | | — | | | | | | 1,352,381 | | |
| Energy | | | | | 142,005 | | | | | | — | | | | | | — | | | | | | 142,005 | | |
| Financial | | | | | 11,800 | | | | | | — | | | | | | — | | | | | | 11,800 | | |
| Exchange Traded Fund (ETF) | | | | | 33,897,919 | | | | | | 33,897,919 | | | | | | — | | | | | | — | | |
| Warrants: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Diversified | | | | | 201,857 | | | | | | 189,460 | | | | | | — | | | | | | 12,397 | | |
| Trade Claim | | | | | 9,468,300 | | | | | | — | | | | | | — | | | | | | 9,468,300 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial Papers | | | | | 9,506,668 | | | | | | — | | | | | | 9,506,668 | | | | | | — | | |
| Time Deposits | | | | | 95,138,042 | | | | | | — | | | | | | 95,138,042 | | | | | | — | | |
| Money Market Fund | | | | | 2,977,241 | | | | | | 2,977,241 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 636,156,502 | | | | | $ | 90,365,231 | | | | | $ | 496,971,433 | | | | | $ | 48,819,838** | | |
| Other Financial Instruments – Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | 969,583 | | | | | $ | — | | | | | $ | 969,583 | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 969,583 | | | | | $ | — | | | | | $ | 969,583 | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | (16,257) | | | | | $ | — | | | | | $ | (16,257) | | | | | $ | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (16,257) | | | | | $ | — | | | | | $ | (16,257) | | | | | $ | — | | |
| Destinations Global Fixed Income Opportunities Fund | |
| Investments, at value | |
| Corporate Bonds &Notes: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 1,384,994 | | | | | $ | — | | | | | $ | 1,384,994 | | | | | $ | — | | |
| Bermuda | | | | | 5,927,536 | | | | | | — | | | | | | 5,927,536 | | | | | | — | | |
| Brazil | | | | | 12,365,650 | | | | | | — | | | | | | 12,365,650 | | | | | | — | | |
| British Virgin Islands | | | | | 508,228 | | | | | | — | | | | | | 508,228 | | | | | | — | | |
| Canada | | | | | 44,160,739 | | | | | | — | | | | | | 44,160,739 | | | | | | — | | |
| Cayman Islands | | | | | 33,175,733 | | | | | | — | | | | | | 33,175,733 | | | | | | — | | |
| Chile | | | | | 30,250,305 | | | | | | — | | | | | | 30,250,305 | | | | | | — | | |
| Colombia | | | | | 16,126,449 | | | | | | — | | | | | | 16,126,449 | | | | | | — | | |
| Denmark | | | | | 877,018 | | | | | | — | | | | | | 877,018 | | | | | | — | | |
| Dominican Republic | | | | | 1,124,761 | | | | | | — | | | | | | 1,124,761 | | | | | | — | | |
| France | | | | | 2,192,171 | | | | | | — | | | | | | 2,192,171 | | | | | | — | | |
| Germany | | | | | 8,027,553 | | | | | | — | | | | | | 8,027,553 | | | | | | — | | |
| Hong Kong | | | | | 479,220 | | | | | | — | | | | | | 479,220 | | | | | | — | | |
| India | | | | | 4,318,590 | | | | | | — | | | | | | 4,318,590 | | | | | | — | | |
| Indonesia | | | | | 3,170,847 | | | | | | — | | | | | | 3,170,847 | | | | | | — | | |
| Italy | | | | | 13,150,362 | | | | | | — | | | | | | 13,150,362 | | | | | | — | | |
| Jersey, Channel Islands | | | | | 7,039,438 | | | | | | — | | | | | | 7,039,438 | | | | | | — | | |
| Luxembourg | | | | | 1,519,875 | | | | | | — | | | | | | 1,519,875 | | | | | | — | | |
| Malaysia | | | | | 16,019,495 | | | | | | — | | | | | | 16,019,495 | | | | | | — | | |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2022 | | | 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) | |
| Mexico | | | | $ | 5,255,186 | | | | | $ | — | | | | | $ | 5,255,186 | | | | | $ | — | | |
| Multinational | | | | | 5,387,513 | | | | | | — | | | | | | 5,387,513 | | | | | | — | | |
| Netherlands | | | | | 9,624,993 | | | | | | — | | | | | | 9,624,993 | | | | | | — | | |
| Norway | | | | | 14,165,509 | | | | | | — | | | | | | 14,165,509 | | | | | | — | | |
| Panama | | | | | 5,433,854 | | | | | | — | | | | | | 5,433,854 | | | | | | — | | |
| Paraguay | | | | | 892,535 | | | | | | — | | | | | | 892,535 | | | | | | — | | |
| Peru | | | | | 21,005,877 | | | | | | — | | | | | | 21,005,877 | | | | | | — | | |
| Portugal | | | | | — | | | | | | — | | | | | | — | | | | | | —* | | |
| Qatar | | | | | 6,178,900 | | | | | | — | | | | | | 6,178,900 | | | | | | — | | |
| Saudi Arabia | | | | | 797,480 | | | | | | — | | | | | | 797,480 | | | | | | — | | |
| Singapore | | | | | 37,452,039 | | | | | | — | | | | | | 37,452,039 | | | | | | — | | |
| South Korea | | | | | 30,385,544 | | | | | | — | | | | | | 30,385,544 | | | | | | — | | |
| Spain | | | | | 569,100 | | | | | | — | | | | | | 569,100 | | | | | | — | | |
| Sweden | | | | | 1,307,722 | | | | | | — | | | | | | 1,307,722 | | | | | | — | | |
| Switzerland | | | | | 3,040,411 | | | | | | — | | | | | | 3,040,411 | | | | | | — | | |
| Thailand | | | | | 1,820,783 | | | | | | — | | | | | | 1,820,783 | | | | | | — | | |
| United Kingdom | | | | | 7,234,741 | | | | | | — | | | | | | 7,234,741 | | | | | | — | | |
| United States | | | | | 153,610,145 | | | | | | — | | | | | | 137,311,315 | | | | | | 16,298,830 | | |
| Sovereign Bonds | | | | | 71,171,443 | | | | | | — | | | | | | 71,171,443 | | | | | | — | | |
| Senior Loans | | | | | 57,354,230 | | | | | | — | | | | | | 54,512,124 | | | | | | 2,842,106 | | |
| Asset-Backed Securities | | | | | 1,066,627 | | | | | | — | | | | | | 1,066,627 | | | | | | — | | |
| Common Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Canada | | | | | 1,761,466 | | | | | | 217,963 | | | | | | — | | | | | | 1,543,503 | | |
| Cayman Islands | | | | | 518,132 | | | | | | 518,132 | | | | | | — | | | | | | — | | |
| Hong Kong | | | | | 311,361 | | | | | | 311,361 | | | | | | — | | | | | | — | | |
| India | | | | | 334,960 | | | | | | 334,960 | | | | | | — | | | | | | — | | |
| Israel | | | | | 3,773,076 | | | | | | 472,143 | | | | | | 3,300,933 | | | | | | — | | |
| United States | | | | | 49,487,091 | | | | | | 46,164,796 | | | | | | — | | | | | | 3,322,295 | | |
| Preferred Stocks: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bermuda | | | | | 1,930,313 | | | | | | 1,930,313 | | | | | | — | | | | | | — | | |
| United Kingdom | | | | | 2,768,172 | | | | | | 2,768,172 | | | | | | — | | | | | | — | | |
| United States | | | | | 13,523,450 | | | | | | 12,608,500 | | | | | | 914,950 | | | | | | — | | |
| Exchange Traded Funds (ETFs) | | | | | 26,215,012 | | | | | | 26,215,012 | | | | | | — | | | | | | — | | |
| Warrants: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bermuda | | | | | — | | | | | | — | | | | | | — | | | | | | —* | | |
| Brazil | | | | | — | | | | | | — | | | | | | — | | | | | | —* | | |
| Cayman Islands | | | | | 6,397 | | | | | | 6,397 | | | | | | — | | | | | | — | | |
| Israel | | | | | — | | | | | | — | | | | | | — | | | | | | —* | | |
| United States | | | | | 138,530 | | | | | | 138,530 | | | | | | — | | | | | | — | | |
| Trade Claim | | | | | 8,963,100 | | | | | | — | | | | | | — | | | | | | 8,963,100 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 46,801,065 | | | | | | — | | | | | | 46,801,065 | | | | | | — | | |
| Money Market Fund | | | | | 1,290,964 | | | | | | 1,290,964 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 793,396,685 | | | | | $ | 92,977,243 | | | | | $ | 667,449,608 | | | | | $ | 32,969,834** | | |
| Other Financial Instruments – Asset | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | 695,415 | | | | | $ | — | | | | | $ | 695,415 | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 695,415 | | | | | $ | — | | | | | $ | 695,415 | | | | | $ | — | | |
| |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2022 | | | 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) | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Options Contracts Written | | | | $ | (342,354) | | | | | $ | (342,354) | | | | | $ | — | | | | | $ | — | | |
| Forward Foreign Currency Contract | | | | | (5,675) | | | | | | — | | | | | | (5,675) | | | | | | — | | |
| Securities Sold Short | | | | | | | | | | | | | | | | | | | | | | | | | |
| Corporate Bonds & Notes | | | | $ | (2,343,505) | | | | | $ | — | | | | | $ | (2,343,505) | | | | | $ | — | | |
| Common Stocks | | | | | (2,465,712) | | | | | | (2,465,712) | | | | | | — | | | | | | — | | |
| Exchange Traded Fund (ETF) | | | | | (26,215,012) | | | | | | (26,215,012) | | | | | | — | | | | | | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (31,372,258) | | | | | $ | (29,023,078) | | | | | $ | (2,349,180) | | | | | $ | — | | |
| Destinations Municipal Fixed Income Fund | |
| Investments, at value | |
| Municipal Bonds | | | | $ | 812,984,359 | | | | | $ | — | | | | | $ | 812,984,359 | | | | | $ | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Municipal Bonds | | | | | 37,686,320 | | | | | | — | | | | | | 37,686,320 | | | | | | — | | |
| Time Deposits | | | | | 75,959,930 | | | | | | — | | | | | | 75,959,930 | | | | | | — | | |
| Total Investments, at value | | | | $ | 926,630,609 | | | | | $ | — | | | | | $ | 926,630,609 | | | | | $ | — | | |
| Destinations Multi Strategy Alternatives Fund | |
| Investments, at value | |
| Collateralized Mortgage Obligations | | | | $ | 324,638,268 | | | | | $ | — | | | | | $ | 324,638,268 | | | | | $ | — | | |
| Corporate Bonds & Notes | | | | | 126,688,077 | | | | | | — | | | | | | 126,688,077 | | | | | | — | | |
| Asset-Backed Securities | | | | | 115,645,384 | | | | | | — | | | | | | 115,645,384 | | | | | | — | | |
| Common Stocks | | | | | 349,482,448 | | | | | | 349,482,448 | | | | | | — | | | | | | — | | |
| Open-End Funds | | | | | 240,101,655 | | | | | | 240,101,655 | | | | | | — | | | | | | — | | |
| Preferred Stocks | | | | | 18,389,751 | | | | | | 18,389,751 | | | | | | — | | | | | | — | | |
| Warrants | | | | | 2,131,587 | | | | | | 2,131,587 | | | | | | — | | | | | | — | | |
| Equity Linked Notes | | | | | 18,563,299 | | | | | | 18,563,299 | | | | | | — | | | | | | — | | |
| Purchased Swaption | | | | | 2,427,559 | | | | | | — | | | | | | 2,427,559 | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposits | | | | | 60,407,705 | | | | | | — | | | | | | 60,407,705 | | | | | | — | | |
| Money Market Fund | | | | | 10,098,320 | | | | | | 10,098,320 | | | | | | — | | | | | | — | | |
| Total Investments, at value | | | | $ | 1,268,574,053 | | | | | $ | 638,767,060 | | | | | $ | 629,806,993 | | | | | $ | — | | |
| Other Financial Instruments – Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| OTC Credit Default Swaps | | | | $ | 1,369,431 | | | | | $ | — | | | | | $ | 1,369,431 | | | | | $ | — | | |
| Total Other Financial Instruments – Assets | | | | $ | 1,369,431 | | | | | $ | — | | | | | $ | 1,369,431 | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| OTC Credit Default Swaps | | | | $ | (2,134,518) | | | | | $ | — | | | | | $ | (2,134,518) | | | | | $ | — | | |
| Swaption Contracts Written | | | | | (667,017) | | | | | | — | | | | | | (667,017) | | | | | | — | | |
| OTC Total Return Swaps | | | | | (275,683) | | | | | | — | | | | | | (275,683) | | | | | | — | | |
| Securities Sold Short: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Funds (ETFs) | | | | | (129,450,491) | | | | | | (129,450,491) | | | | | | — | | | | | | — | | |
| Corporate Bond & Note | | | | | (4,839,435) | | | | | | — | | | | | | (4,839,435) | | | | | | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (137,367,144) | | | | | $ | (129,450,491) | | | | | $ | (7,916,653) | | | | | $ | — | | |
| |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total Fair Value at
February 28, 2022 | | | Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1) | | | Significant
Observable Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | |
| Destinations Shelter Fund | |
| Investments, at value | |
| Common Stocks | | | | $ | 121,234,818 | | | | | $ | 121,234,818 | | | | | $ | — | | | | | $ | — | | |
| Purchased Options | | | | | 4,334,920 | | | | | | — | | | | | | 4,334,920 | | | | | | — | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Time Deposit | | | | | 1,469,202 | | | | | | — | | | | | | 1,469,202 | | | | | | — | | |
| Total Investments, at value | | | | $ | 127,038,940 | | | | | $ | 121,234,818 | | | | | $ | 5,804,122 | | | | | $ | — | | |
| Other Financial Instruments – Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Options Contracts Written | | | | $ | (1,420,730) | | | | | $ | (443,440) | | | | | $ | (977,290) | | | | | $ | — | | |
| Total Other Financial Instruments – Liabilities | | | | $ | (1,420,730) | | | | | $ | (443,440) | | | | | $ | (977,290) | | | | | $ | — | | |
| |
*
Includes securities that are fair valued by the Board 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.
| | | | Fair Value at
February 28, 2022 | | | Valuation Technique | | | Unobservable Input | | | Range | | | Weighted
Average | | | Impact | |
| Destinations Low Duration Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior Loans | | | | $ | 15,479,023 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 99.94 – 100 | | | | | | 99.98 | | | | Increase | |
| Common Stock | | | | $ | 1,518,583 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 0.19 – 45.50 | | | | | | 12.87 | | | | Increase | |
| Corporate Bond | | | | $ | 22,353,932 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 97.75 – 100 | | | | | | 99.02 | | | | Increase | |
| Trade Claim | | | | $ | 9,468,300 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 90 | | | | | | 90 | | | | Increase | |
| Total | | | | $ | 48,819,838 | | | | | | | | | | | | | | | | | | | | | | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior Loans | | | | $ | 2,842,106 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 100 | | | | | | 100 | | | | Increase | |
| Common Stock | | | | $ | 2,263,798 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 0.30 – 49.80 | | | | | | 13.10 | | | | Increase | |
| Common Stock | | | | $ | 2,602,000 | | | | Market Comparables | | | Enterprise Value/EBITDA multiple | | | | | 3.54x | | | | | | 3.54x | | | | Increase | |
| Corporate Bond | | | | $ | 16,298,830 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 97.75 – 100 | | | | | | 98.72 | | | | Increase | |
| Trade Claim | | | | $ | 8,963,100 | | | | Prior Transaction Analysis | | | Transaction Price | | | | | 90 | | | | | | 90 | | | | Increase | |
| Total | | | | $ | 32,969,834 | | | | | | | | | | | | | | | | | | | | | | | |
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 28, 2021 through February 28, 2022:
| | | | Total | | | Common
Stocks | | | Corporate
Bonds &
Notes | | | Preferred
Stocks | | | Senior
Loans | | | Warrants | | | Municipal
Bonds | | | Rights | | | Trade
Claim | | | | | | | | | |
| Destinations Large Cap Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of February 28,
2021 | | | | $ | 43,495,464 | | | | | $ | 6,277,755 | | | | | $ | — | | | | | $ | 37,217,709 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | |
| Purchases | | | | | 7,508,960 | | | | | | 2,820,201 | | | | | | — | | | | | | 4,688,759 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
| (Sales/Paydowns) | | | | | (13,545,084) | | | | | | (832,143) | | | | | | — | | | | | | (12,712,941) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total | | | Common
Stocks | | | Corporate
Bonds &
Notes | | | Preferred
Stocks | | | Senior
Loans | | | Warrants | | | Municipal
Bonds | | | Rights | | | Trade
Claim | |
| Destinations Large Cap Equity Fund (continued) | |
| Total realized gain (loss) | | | | $ | (486) | | | | | $ | (486) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | �� | $ | — | | |
Change in unrealized appreciation
(depreciation) | | | | | (15,909,010) | | | | | | (143,343) | | | | | | — | | | | | | (15,765,667) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers In | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of February 28,
2022 | | | | $ | 21,549,844 | | | | | $ | 8,121,984 | | | | | $ | — | | | | | $ | 13,427,860 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in unrealized appreciation
(depreciation) from Investments held as of February 28, 2022 | | | | $ | 616,564 | | | | | $ | 165,097 | | | | | $ | — | | | | | $ | 451,467 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Destinations International
Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of February 28,
2021 | | | | $ | 1,907,550 | | | | | $ | 240,700 | | | | | $ | — | | | | | $ | 1,666,850 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Purchases | | | | | 11,920,813 | | | | | | 11,866,261 | | | | | | — | | | | | | 54,552 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| (Sales/Paydowns) | | | | | (4,463,482) | | | | | | (3,669,888) | | | | | | — | | | | | | (793,594) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total realized gain (loss) | | | | | 362,184 | | | | | | 362,184 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Change in unrealized appreciation
(depreciation) | | | | | (7,061,925) | | | | | | (6,193,014) | | | | | | — | | | | | | (884,128) | | | | | | — | | | | | | 402 | | | | | | — | | | | | | 14,815 | | | | | | — | | |
| Transfers In | | | | | 4,366,698 | | | | | | 4,366,698 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of February 28,
2022 | | | | $ | 7,031,838 | | | | | $ | 6,972,941 | | | | | $ | — | | | | | $ | 43,680 | | | | | $ | — | | | | | $ | 402 | | | | | $ | — | | | | | $ | 14,815 | | | | | | — | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2022 | | | | $ | (5,970,800) | | | | | $ | (5,975,145) | | | | | $ | — | | | | | $ | (10,872) | | | | | $ | — | | | | | $ | 402 | | | | | $ | — | | | | | $ | 14,815 | | | | | $ | — | | |
Destinations Low Duration Fixed
Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of February 28,
2021 | | | | $ | 15,677,082 | | | | | $ | 201,059 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,476,023 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Purchases | | | | | 53,893,028 | | | | | | 1,344,126 | | | | | | 29,696,000 | | | | | | — | | | | | | 11,256,029 | | | | | | 9,888 | | | | | | — | | | | | | — | | | | | | 11,586,984 | | |
| (Sales/Paydowns) | | | | | (20,597,833) | | | | | | (332,050) | | | | | | (7,119,000) | | | | | | — | | | | | | (11,113,549) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,033,233) | | |
| Total realized gain (loss) | | | | | (66,418) | | | | | | (63,610) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,808) | | |
Change in unrealized appreciation
(depreciation) | | | | | (228,027) | | | | | | 214,655 | | | | | | (223,068) | | | | | | — | | | | | | (139,480) | | | | | | 2,509 | | | | | | — | | | | | | — | | | | | | (82,643) | | |
| Transfers In | | | | | 142,006 | | | | | | 142,006 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Transfers Out | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of February 28,
2022 | | | | $ | 48,819,838 | | | | | $ | 1,506,186 | | | | | $ | 22,353,932 | | | | | $ | — | | | | | $ | 15,479,023 | | | | | $ | 12,397 | | | | | $ | — | | | | | $ | — | | | | | $ | 9,468,300 | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2022 | | | | $ | (422,628) | | | | | $ | 20,054 | | | | | $ | (223,068) | | | | | $ | — | | | | | $ | (139,480) | | | | | $ | 2,509 | | | | | $ | — | | | | | $ | — | | | | | $ | (82,643) | | |
Notes to Financial Statements
February 28, 2022 (continued)
3. Investment valuation (continued)
| | | | Total | | | Common
Stocks | | | Corporate
Bonds &
Notes | | | Preferred
Stocks | | | Senior
Loans | | | Warrants | | | Municipal
Bonds | | | Rights | | | Trade
Claim | | | | | | | | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of February 28,
2021 | | | | $ | 20,689,967* | | | | | $ | 3,686,882* | | | | | $ | 2,996* | | | | | $ | — | | | | | $ | 17,000,089* | | | | | $ | —* | | | | | $ | —* | | | | | $ | — | | | | | $ | — | | | | | | | | | | |
| Purchases | | | | | 44,578,341 | | | | | | 9,462,924 | | | | | | 24,710,000 | | | | | | — | | | | | | 1,352,162 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,053,255 | | | | | | | | | | |
| (Sales/Paydowns) | | | | | (42,455,820) | | | | | | (18,716,863) | | | | | | (8,197,509) | | | | | | — | | | | | | (15,531,448) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
| Total realized gain (loss) | | | | | 5,050,857 | | | | | | 5,050,857 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
Change in unrealized appreciation
(depreciation) | | | | | 1,280,011 | | | | | | 1,566,850 | | | | | | (217,987) | | | | | | — | | | | | | 21,303 | | | | | | — | | | | | | — | | | | | | — | | | | | | (90,155) | | | | | | | | | | |
| Transfers In | | | | | 3,816,478 | | | | | | 3,815,148 | | | | | | 1,330 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
| Transfers Out | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
Balance as of February 28,
2022 | | | | $ | 32,969,834 | | | | | $ | 4,865,798 | | | | | $ | 16,298,830 | | | | | $ | — | | | | | $ | 2,842,106 | | | | | $ | —* | | | | | $ | — | | | | | $ | — | | | | | $ | 8,963,100 | | | | | | | | | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2022 | | | | $ | 730,670 | | | | | $ | 1,017,509 | | | | | $ | (217,987) | | | | | $ | — | | | | | $ | 21,303 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (90,155) | | | | | | | | | | |
| Destinations Multi Strategy Alternatives Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of February 28,
2021 | | | | $ | 2,311,250 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,311,250 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | |
| Purchases | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
| (Sales/Paydowns) | | | | | (2,311,250) | | | | | | — | | | | | | — | | | | | | (2,311,250) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
| Total realized gain (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
Change in unrealized appreciation
(depreciation) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
| Transfers In | | | | | — | | | ��� | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
| Transfers Out | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
Balance as of February 28,
2022 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | |
Change in unrealized appreciation
(depreciation) from Investments
held as of February 28, 2022 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | |
*
Includes securities that are fair valued at $0
4. Accounting for Derivative Instruments
Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. All open derivative positions at period end for each Fund are disclosed in the Fund’s
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
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 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
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
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.
(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.
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
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 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
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
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, 2022:
Destinations Large Cap Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Liability derivatives(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized depreciation on open futures contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 216,234 | | | | | $ | 216,234 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 216,234 | | | | | $ | 216,234 | | |
Effect of Derivative Instruments on the Statements of Operations of February 28, 2022
| 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 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,243,790 | | | | | $ | 1,243,790 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,243,790 | | | | | $ | 1,243,790 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on futures contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (391,794) | | | | | $ | (391,794) | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (391,794) | | | | | $ | (391,794) | | |
Destinations International Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Liability derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options contracts written outstanding(d) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,839 | | | | | $ | 1,839 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,839 | | | | | $ | 1,839 | | |
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
Effect of Derivative Instruments on the Statements of Operations of February 28, 2022
| 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 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 80,410 | | | | | $ | 80,410 | | |
| Net realized gain (loss) on forward foreign currency contracts | | | | | — | | | | | | 789,064 | | | | | | — | | | | | | — | | | | | | 789,064 | | |
| | | | | $ | — | | | | | $ | 789,064 | | | | | $ | — | | | | | $ | 80,410 | | | | | $ | 869,474 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on
options contracts written | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,304 | | | | | $ | 5,304 | | |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | | | | | — | | | | | | (142,993) | | | | | | — | | | | | | — | | | | | | (142,993) | | |
| | | | | $ | — | | | | | $ | (142,993) | | | | | $ | — | | | | | $ | 5,304 | | | | | $ | (137,689) | | |
Destinations Core Fixed Income Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized appreciation on open futures contracts | | | | $ | 341,042 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 341,042 | | |
| | | | | $ | 341,042 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 341,042 | | |
| Liability derivatives(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unrealized depreciation on open futures contracts | | | | $ | 842,237 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 842,237 | | |
| | | | | | 842,237 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 842,237 | | |
Effect of Derivative Instruments on the Statements of Operations as of February 28, 2022
| 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 | | | | $ | — | | | | | $ | — | | | | | $ | 9,148 | | | | | $ | — | | | | | $ | 9,148 | | |
| Net realized gain (loss) on futures contracts | | | | | 2,946,689 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,946,689 | | |
| | | | | $ | 2,946,689 | | | | | $ | — | | | | | $ | 9,148 | | | | | $ | — | | | | | $ | 2,955,837 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on futures contracts | | | | $ | (501,195) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (501,195) | | |
| | | | | $ | (501,195) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (501,195) | | |
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Low Duration Fixed Income Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on forward foreign currency
contracts | | | | $ | — | | | | | $ | 969,583 | | | | | $ | — | | | | | $ | — | | | | | $ | 969,583 | | |
| | | | | $ | — | | | | | $ | 969,583 | | | | | $ | — | | | | | $ | — | | | | | $ | 969,583 | | |
| Liability derivatives(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on forward foreign currency
contracts | | | | $ | — | | | | | $ | 16,257 | | | | | $ | — | | | | | $ | — | | | | | $ | 16,257 | | |
| | | | | $ | — | | | | | $ | 16,257 | | | | | $ | — | | | | | $ | — | | | | | $ | 16,257 | | |
Effect of Derivative Instruments on the Statements of Operations of Assets and Liabilities as of February 28, 2022
| 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 | | | | $ | — | | | | | $ | 3,099,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,099,374 | | |
| | | | | $ | — | | | | | $ | 3,099,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,099,374 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | | | | $ | — | | | | | $ | 693,218 | | | | | $ | — | | | | | $ | — | | | | | $ | 693,218 | | |
| | | | | $ | — | | | | | $ | 693,218 | | | | | $ | — | | | | | $ | — | | | | | $ | 693,218 | | |
Destinations Global Fixed Income Opportunities Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on forward foreign currency contracts(e) | | | | $ | — | | | | | $ | 695,415 | | | | | $ | — | | | | | $ | — | | | | | $ | 695,415 | | |
| | | | | $ | — | | | | | $ | 695,415 | | | | | $ | — | | | | | $ | — | | | | | $ | 695,415 | | |
| Liability derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options contracts written outstanding(d) | | | | $ | 161,292 | | | | | $ | — | | | | | $ | — | | | | | $ | 181,062 | | | | | $ | 342,354 | | |
Unrealized depreciation on forward foreign currency contracts(f) | | | | | — | | | | | | 5,675 | | | | | | — | | | | | | — | | | | | | 5,675 | | |
| | | | | $ | 161,292 | | | | | $ | 5,675 | | | | | $ | — | | | | | $ | 181,062 | | | | | $ | 348,029 | | |
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
Effect of Derivative Instruments on the Statements of Operations of February 28, 2022
| 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 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,141,258 | | | | | $ | 2,141,258 | | |
| Net realized gain (loss) on forward foreign currency contracts | | | | | — | | | | | | 1,888,307 | | | | | | — | | | | | | — | | | | | | 1,888,307 | | |
| | | | | $ | — | | | | | $ | 1,888,307 | | | | | $ | — | | | | | $ | 2,141,258 | | | | | $ | 4,029,565 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on options contracts written | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (117,916) | | | | | $ | (117,916) | | |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | | | | | — | | | | | | 384,807 | | | | | | — | | | | | | — | | | | | | 384,807 | | |
| | | | | $ | — | | | | | $ | 384,807 | | | | | $ | — | | | | | $ | (117,916) | | | | | $ | 266,891 | | |
Destinations Multi Strategy Alternatives Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on swap contracts(g) | | | | $ | — | | | | | $ | — | | | | | $ | 1,369,431 | | | | | $ | — | | | | | $ | 1,369,431 | | |
Interest rate purchased swaption contracts (h) | | | | | 2,427,559 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,427,559 | | |
| Liability derivatives | | | | $ | 2,427,559 | | | | | $ | — | | | | | $ | 1,369,431 | | | | | $ | — | | | | | $ | 3,796,990 | | |
Unrealized depreciation on swap contracts(i) | | | | $ | — | | | | | $ | — | | | | | $ | 2,134,518 | | | | | $ | 275,683 | | | | | $ | 2,410,201 | | |
Interest rate swaptions contracts written(d) | | | | | 667,017 | | | | | | — | | | | | | — | | | | | | — | | | | | | 667,017 | | |
| | | | | $ | 667,017 | | | | | $ | — | | | | | $ | 2,134,518 | | | | | $ | 275,683 | | | | | $ | 3,077,218 | | |
Effect of Derivative Instruments on the Statements of Operations as of February 28, 2022
| 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. | | | | $ | — | | | | | $ | — | | | | | $ | 9,645,557 | | | | | $ | 1,467,709 | | | | | $ | 11,113,266 | | |
Net realized gain (loss) on option contracts
purchased | | | | | — | | | | | | — | | | | | | — | | | | | | (335,580) | | | | | | (335,580) | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | 9,645,557 | | | | | $ | 1,132,129 | | | | | $ | 10,777,686 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on interest rate swaptions contracts written | | | | $ | (667,017) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (667,017) | | |
| Net change in unrealized appreciation (depreciation) on interest rate swaptions contracts purchased | | | | | 398,059 | | | | | | — | | | | | | — | | | | | | — | | | | | | 398,059 | | |
| Net change in unrealized appreciation (depreciation) on swap contracts | | | | | — | | | | | | — | | | | | | (7,270,555) | | | | | | (275,683) | | | | | | (7,546,238) | | |
| | | | | $ | (268,958) | | | | | $ | — | | | | | $ | (7,270,555) | | | | | $ | (275,683) | | | | | $ | (7,815,196) | | |
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Shelter Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022
| Location | | | Interest
rate risk | | | Foreign
exchange
risk | | | Credit
risk | | | Equity
risk | | | Total | |
| Asset derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchased option contracts(h) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,334,920 | | | | | $ | 4,334,920 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,334,920 | | | | | $ | 4,334,920 | | |
| Liability derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options contracts written outstanding(d) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,420,730 | | | | | $ | 1,420,730 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,420,730 | | | | | $ | 1,420,730 | | |
Effect of Derivative Instruments on the Statements of Operations as of February 28, 2022
| 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 purchased options | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1,322,139) | | | | | $ | (1,322,139) | | |
| Net realized gain (loss) on options contracts written | | | | | — | | | | | | — | | | | | | — | | | | | | 396,556 | | | | | | 396,556 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (925,583) | | | | | $ | (925,583) | | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on purchased option contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 600,975 | | | | | $ | 600,975 | | |
| Net change in unrealized appreciation (depreciation) on options contracts written | | | | | — | | | | | | — | | | | | | — | | | | | | 535,812 | | | | | | 535,812 | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,136,787 | | | | | $ | 1,136,787 | | |
(a)
Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the “Open Futures Contracts” table.
(b)
Statements of Operations location: Net realized gain (loss) from investments, foreign currency transactions, futures contracts, options contracts written, swaptions contracts written and swap contracts.
(c)
Statements of Operations location: Change in net unrealized appreciation (depreciation) from investments, foreign currency transactions, futures contracts, options contracts written, swaptions contracts written and swap contracts.
(d)
Statements of Assets and Liabilities location: Options contracts written, at value, swaptions contracts written, at value.
(e)
Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.
(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, 2022 were as follows:
Notes to Financial Statements
February 28, 2022 (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Large Cap Equity Fund
| | | | Average notional amounts | |
| Futures contracts | | | | $ | 4,474,936 | | |
Destinations International Equity Fund
| | | | Average notional amounts | |
| Option contracts written | | | | $ | 16,641 | | |
| Forward foreign currency contracts | | | | | 22,438,915(a) | | |
Destinations Core Fixed Income Fund
| | | | Average notional amounts | |
| Futures contracts | | | | $ | 145,139,410 | | |
| Swap contracts | | | | | 15,030,000(b) | | |
Destinations Low Duration Fixed Income Fund
| | | | Average notional amounts | |
| Forward foreign currency contracts | | | | $ | 42,428,926 | | |
Destinations Global Fixed Income Opportunities Fund
| | | | Average notional amounts | |
| Option contracts purchased | | | | $ | 675,782(c) | | |
| Option contracts written . . . . . . . . . . . . . . .. . . . . | | | | | 375,080 | | |
| Forward foreign currency contracts | | | | | 35,918,485 | | |
Destinations Multi Strategy Alternatives Fund
| | | | Average notional amounts | |
| Interest Rate Swaption contracts purchased | | | | $ | 1,864,842 | | |
| Interest Rate Swaption contracts written | | | | | 526,684(d) | | |
| Swap contracts | | | | | 192,800,504 | | |
| Option contracts purchased | | | | | 88,240(b) | | |
Destinations Shelter Fund
| | | | Average notional amounts | |
| Option contracts purchased . . . . . . . . . . . . . . . . . . | | | | $ | 1,396,686 | | |
| Option contracts written. . . . . . . . . . . . . . . . . . . . . | | | | | 718,386 | | |
(a)
Positions were open for six months during the year.
(b)
Positions were open for two months during the year.
(c)
Positions were open for three months during the year.
(d)
Positions were open for ten months during the year.
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments
(a)
Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.
(b)
Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.
(c)
Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the 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, 2022.
| 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 | | | | $ | 25,225,307 | | | | | $ | — | | | | | $ | (23,492,013) | | | | | $ | 1,733,294* | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 36,882,210 | | | | | | — | | | | | | (36,882,210) | | | | | | — | | |
| Destinations International Equity Fund | | | | | 26,408,771 | | | | | | — | | | | | | (26,408,771) | | | | | | — | | |
| Destinations Equity Income Fund | | | | | 3,181,631 | | | | | | — | | | | | | (3,181,631) | | | | | | — | | |
| Destinations Low Duration Fixed Income Fund | | | | | 2,912,588 | | | | | | — | | | | | | (2,912,588) | | | | | | — | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 1,261,547 | | | | | | — | | | | | | (1,261,547) | | | | | | — | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 9,872,790 | | | | | | — | | | | | | (9,872,790) | | | | | | — | | |
(a)
Represents market value of securities on loan at period end.
(b)
The Funds received cash collateral of $23,492,014, $37,322,114, $27,311,506, $3,345,980, $2,977,241, $1,290,964 and $10,098,320, respectively, which was subsequently invested in Federated Government Obligations Fund, Premier Class, as reported in the Schedules of Investments.
(c)
The actual collateral received could be greater than the amount shown here due to overcollateralization.
*
The collateral will be adjusted the next business day to maintain the required collateral amount.
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments (continued)
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.
The table below represents the disaggregation at February 28, 2022 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, 2022 | |
| | | | Overnight
and
Continuous | | | < 30 days | | | Between
30 & 90
days | | | > 90 days | | | Total | |
| Destinations Large Cap Equity Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 23,492,013 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 23,492,013 | | |
| Total Borrowings | | | | $ | 23,492,013 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 23,492,013 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 23,492,013 | | |
| Destinations Small-Mid Cap Equity Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 37,322,114 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 37,322,114 | | |
| Total Borrowings | | | | $ | 37,322,114 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 37,322,114 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 37,322,114 | | |
| Destinations International Equity Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 27,311,506 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 27,311,506 | | |
| Total Borrowings | | | | $ | 27,311,506 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 27,311,506 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 27,311,506 | | |
| Destinations Equity Income Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 3,345,980 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,345,980 | | |
| Total Borrowings | | | | $ | 3,345,980 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,345,980 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,345,980 | | |
| Destinations Low Duration Fixed Income Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 2,977,241 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,977,241 | | |
| Total Borrowings | | | | $ | 2,977,241 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,977,241 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,977,241 | | |
| Destinations Global Fixed Income Opportunities Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Warrants | | | | $ | 485 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 485 | | |
| Common Stocks | | | | | 1,290,479 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,290,479 | | |
| Total Borrowings | | | | $ | 1,290,964 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,290,964 | | |
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments (continued)
| | | | Remaining Contractual Maturity of the Agreements
As of February 28, 2022 | |
| | | | Overnight
and
Continuous | | | < 30 days | | | Between
30 & 90
days | | | > 90 days | | | Total | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,290,964 | | |
| Destinations Multi Strategy Alternatives Fund | |
| Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Warrants | | | | $ | 255 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 255 | | |
| Common Stocks | | | | | 10,098,065 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,098,065 | | |
| Total Borrowings | | | | $ | 10,098,320 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10,098,320 | | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 10,098,320 | | |
| |
(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
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments (continued)
forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.
Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.
(g)
Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence.Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the 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.
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments (continued)
Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
(j)
Distributions to Shareholders. The Funds distribute their investment income periodically. It is the policy of the Destinations Equity Income, Destinations Multi Strategy Alternatives, and Destinations Shelter 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)
Taxes. The Trust’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
Additionally, the Trust may be subject to taxes imposed by the governments of countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.
The Trust has reviewed the tax positions for the open tax years as of February 28, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Trust’s financial statements. The Trust’s federal tax returns for the prior three fiscal years remain open subject to examinations by the Internal Revenue Service.
(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
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments (continued)
and obligations acquired by the purchaser of an assignment may differ from, and be more restricted than, those held by the assigning Lender. Participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement or any rights of setoff against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.
In connection with bank loan interests, Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The fund is obligated to fund these commitments at borrower’s discretion. In connection with these commitments, Funds earn a commitment fee, which is included in interest income in the Statement of Operations and recognized respectively over the commitment period. Funds have sufficient cash/securities to cover commitments.
The following table summarizes the Funds’ wholly unfunded loans positions as of February 28, 2022.
| | | | Principal | | | Unfunded
Bank Loan
Interest
(Cost) | | | Value of
Underlying
Bank Loan
Interest
(Value) | | | Unrealized
Appreciation/
(Depreciation) | |
| Destinations Core Fixed Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| athenahealth Group Inc. | | | | $ | 55,797 | | | | | $ | 55,520 | | | | | $ | 55,225 | | | | | $ | (295) | | |
| Hillman Group Inc. (partially unfunded) | | | | | 6,211 | | | | | | 6,211 | | | | | | 6,134 | | | | | | (77) | | |
| Zelis Cost Management Buyer Inc. | | | | | 63,333 | | | | | | 62,907 | | | | | | 62,463 | | | | | | (444) | | |
| | | | | $ | 125,341 | | | | | $ | 124,638 | | | | | $ | 123,822 | | | | | $ | (816) | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Inotiv Inc. | | | | $ | 2,142,000 | | | | | $ | 2,099,826 | | | | | $ | 2,099,160 | | | | | $ | (666) | | |
| | | | | $ | 2,142,000 | | | | | $ | 2,099,826 | | | | | $ | 2,099,160 | | | | | $ | (666) | | |
(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, 2022 approximated their
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments (continued)
fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 3).
For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.
The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of February 28, 2022.
| | | | 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: | | | | | | | | | | | | | |
| Options contracts | | | | $ | — | | | | | $ | 1,839 | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | — | | | | | $ | 1,839 | | |
| Destinations Low Duration Fixed Income Fund | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 969,583 | | | | | $ | 16,257 | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | 969,583 | | | | | $ | 16,257 | | |
| Destinations Global Fixed Income Opportunities Fund: | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 695,415 | | | | | $ | 5,675 | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | 695,415 | | | | | $ | 5,675 | | |
| Destinations Multi Strategy Alternatives Fund: | | | | | | | | | | | | | |
| Swaptions | | | | $ | 2,427,559 | | | | | $ | 667,017 | | |
| Swap contracts | | | | | 1,369,431 | | | | | | 2,410,201 | | |
| Total Derivative Instruments, subject to master netting arrangement or similar arrangement | | | | $ | 3,796,990 | | | | | $ | 3,077,218 | | |
(a)
Excludes exchange-traded derivatives.
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, 2022.
| Counterparty | | | Gross amounts
of Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(a) | | | Other
Cash
Collateral(b) | | | Net
Amount(c) | |
| Destinations International Equity Fund: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Goldman Sachs & Co. | | | | $ | 1,839 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,839 | | |
| Total Over-the-counter derivative instruments | | | | $ | 1,839 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,839 | | |
Notes to Financial Statements
February 28, 2022 (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(d) | | | Other
Cash
Collateral(b) | | | Net
Amount(e) | |
| Destinations Low Duration Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brown Brothers Harriman & Co. | | | | $ | 969,583 | | | | | $ | (16,257) | | | | | $ | — | | | | | $ | 953,326 | | |
| Total Over-the-counter derivative instruments | | | | $ | 969,583 | | | | | $ | (16,257) | | | | | $ | — | | | | | $ | 953,326 | | |
| Counterparty | | | Gross amounts
of Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(a) | | | Other
Cash
Collateral(b) | | | Net
Amount(c) | |
| Destinations Low Duration Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brown Brothers Harriman & Co. | | | | $ | 16,257 | | | | | $ | (16,257) | | | | | $ | — | | | | | $ | — | | |
| Total Over-the-counter derivative instruments | | | | $ | 16,257 | | | | | $ | (16,257) | | | | | $ | — | | | | | $ | — | | |
| Counterparty | | | Gross amounts
of Recognized
Assets
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(d) | | | Other
Cash
Collateral(b) | | | Net
Amount(e) | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brown Brothers Harriman & Co. | | | | $ | 695,415 | | | | | $ | (5,675) | | | | | $ | — | | | | | $ | 689,740 | | |
| Total Over-the-counter derivative instruments | | | | $ | 695,415 | | | | | $ | (5,675) | | | | | $ | — | | | | | $ | 689,740 | | |
| Counterparty | | | Gross amounts
of Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(a) | | | Other
Cash
Collateral(b) | | | Net
Amount(c) | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brown Brothers Harriman & Co. | | | | $ | 5,675 | | | | | $ | (5,675) | | | | | $ | — | | | | | $ | — | | |
| Total Over-the-counter derivative instruments | | | | $ | 5,675 | | | | | $ | (5,675) | | | | | $ | — | | | | | $ | — | | |
| Counterparty | | | Gross amounts
of Recognized
Assets
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(d) | | | Other
Cash
Collateral(b) | | | Net
Amount(e) | |
| Destinations Multi Strategy Alternatives Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Goldman Sachs & Co. – LMCG Investments, LLC | | | | $ | 1,273,302 | | | | | $ | (785,766) | | | | | $ | — | | | | | $ | 487,536 | | |
| Morgan Stanley Capital Services LLC – LMCG Investments, LLC | | | | | 2,523,688 | | | | | | (2,015,769) | | | | | | — | | | | | | 507,919 | | |
| Total Over-the-counter derivative instruments | | | | $ | 3,796,990 | | | | | $ | (2,801,535) | | | | | $ | — | | | | | $ | 995,455 | | |
Notes to Financial Statements
February 28, 2022 (continued)
5. Accounting for Other Instruments (continued)
| Counterparty | | | Gross amounts
of Recognized
Liabilities
presented in the
Statements of
Assets and
Liabilities | | | Financial
Instruments
Available for
Offset(a) | | | Other
Cash
Collateral(b) | | | Net
Amount(c) | |
| Destinations Multi Strategy Alternatives Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over-the-counter | | | | | | | | | | | | | | | | | | | | | | | | | |
| Goldman Sachs & Co. – Driehaus Capital Management LLC | | | | $ | 275,683 | | | | | $ | — | | | | | $ | (275,683) | | | | | $ | — | | |
| Goldman Sachs & Co. – LMCG Investments, LLC | | | | | 785,766 | | | | | | (785,766) | | | | | | — | | | | | | — | | |
| Morgan Stanley Capital Services LLC – LMCG Investments, LLC | | | | | 2,015,769 | | | | | | (2,015,769) | | | | | | — | | | | | | — | | |
| Total Over-the-counter derivative instruments | | | | $ | 3,077,218 | | | | | $ | (2,801,535) | | | | | $ | (275,683) | | | | | $ | — | | |
(a)
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.
(b)
In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
(c)
Net amount represents the net amount payable to the counterparty in the event of default.
(d)
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.
(e)
Net amount represents the net amount receivable from the counterparty in the event of default.
6. Significant Risks and Uncertainties
(a)
Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.
(b)
Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments
(c)
Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.
(d)
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
(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
Notes to Financial Statements
February 28, 2022 (continued)
6. Significant Risks and Uncertainties (continued)
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.
(f)
LIBOR Replacement. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit London Inter-Bank Offered Rate (LIBOR) rates after 2021. The publication of LIBOR on a representative basis ceased for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and is expected to cease for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.
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
Investments,
LLC
Fee | | | Maximum
Allowable
Annual
Management
Fee | |
| Destinations Large Cap Equity Fund | | | | | 0.21% | | | | | | 0.39% | | | | | | 0.75% | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 0.50% | | | | | | 0.39% | | | | | | 0.90% | | |
| Destinations International Equity Fund | | | | | 0.57% | | | | | | 0.39% | | | | | | 1.00% | | |
| Destinations Equity Income Fund | | | | | 0.29% | | | | | | 0.39% | | | | | | 0.80% | | |
| Destinations Core Fixed Income Fund | | | | | 0.18% | | | | | | 0.39% | | | | | | 0.65% | | |
| Destinations Low Duration Fixed Income Fund | | | | | 0.31% | | | | | | 0.39% | | | | | | 0.70% | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 0.35% | | | | | | 0.39% | | | | | | 0.85% | | |
| Destinations Municipal Fixed Income Fund | | | | | 0.14% | | | | | | 0.39% | | | | | | 0.70% | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 0.52% | | | | | | 0.39% | | | | | | 1.35% | | |
| Destinations Shelter Fund | | | | | 0.33% | | | | | | 0.39% | | | | | | 0.85% | | |
Notes to Financial Statements
February 28, 2022 (continued)
7. Investment Management Agreement (continued)
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, 2022 in order to keep the Fund’s management fees from exceeding 0.39% more than the total amount of sub-advisory fees paid by Brinker Capital with respect to such Fund. The agreement may be amended or terminated only with the consent of the Board of Trustees.
For the year ended February 28, 2022, the amounts waived by the Adviser, which are not recoupable, were as follows:
| Fund | | | | | | | |
| Destinations Large Cap Equity Fund | | | | $ | 7,992,671 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 165,934 | | |
| Destinations International Equity Fund | | | | | 1,038,876 | | |
| Destinations Equity Income Fund | | | | | 519,795 | | |
| Destinations Core Fixed Income Fund | | | | | 1,815,642 | | |
| Destinations Low Duration Fixed Income Fund | | | | | 10,498 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 864,912 | | |
| Destinations Municipal Fixed Income Fund | | | | | 1,566,914 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 5,434,539 | | |
| Destinations Shelter Fund | | | | | 27,178 | | |
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 | | | Realized
Gain/(Loss) | |
| Destinations Large Cap Equity Fund | | | | $ | 1,772,765 | | | | | $ | 111,642,595 | | | | | $ | (47,304,081) | | |
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, 2022 (continued)
8. Class Specific Expenses (continued)
For the year ended February 28, 2022, class specific expenses were as follows:
| | | | Sub-Transfer
Agent Fees | |
| Fund | | | Class I | |
| Destinations Large Cap Equity Fund | | | | $ | 7,173,773 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 1,845,733 | | |
| Destinations International Equity Fund | | | | | 3,708,368 | | |
| Destinations Equity Income Fund | | | | | 615,617 | | |
| Destinations Core Fixed Income Fund | | | | | 3,085,863 | | |
| Destinations Low Duration Fixed Income Fund | | | | | 742,114 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 1,091,937 | | |
| Destinations Municipal Fixed Income Fund | | | | | 1,353,819 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 1,730,749 | | |
| Destinations Shelter Fund | | | | | 31,120 | | |
9. Investments
During the year ended February 28, 2022, 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 | | | | $ | 4,480,159,982 | | | | | $ | 4,258,875,803 | | | | | $ | — | | | | | $ | — | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 1,483,205,474 | | | | | | 1,446,119,893 | | | | | | — | | | | | | — | | |
| Destinations International Equity Fund | | | | | 1,705,585,765 | | | | | | 1,245,061,226 | | | | | | — | | | | | | — | | |
| Destinations Equity Income Fund | | | | | 295,147,804 | | | | | | 248,496,137 | | | | | | — | | | | | | — | | |
| Destinations Core Fixed Income Fund | | | | | 5,566,178,385 | | | | | | 5,317,847,053 | | | | | | 4,828,521,386 | | | | | | 4,742,068,623 | | |
| Destinations Low Duration Fixed Income Fund | | | | | 625,405,882 | | | | | | 513,898,109 | | | | | | 18,535,907 | | | | | | 14,990,681 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 685,484,610 | | | | | | 639,537,261 | | | | | | — | | | | | | — | | |
| Destinations Municipal Fixed Income Fund | | | | | 413,232,286 | | | | | | 356,154,072 | | | | | | — | | | | | | — | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 992,587,806 | | | | | | 778,744,029 | | | | | | — | | | | | | — | | |
| Destinations Shelter Fund | | | | | 126,874,967 | | | | | | 1,249,000 | | | | | | — | | | | | | — | | |
| | | | 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 | | | | | 1,033,216 | | | | | | 1,041,761 | | | | | | — | | | | | | — | | |
| Destinations Core Fixed Income Fund | | | | | 231,612,203 | | | | | | 245,344,421 | | | | | | 231,612,203 | | | | | | 245,344,421 | | |
| Destinations Low Duration Fixed Income Fund | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 24,656,424 | | | | | | 22,502,865 | | | | | | — | | | | | | — | | |
| Destinations Municipal Fixed Income Fund | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 146,450,336 | | | | | | 96,969,439 | | | | | | — | | | | | | — | | |
| Destinations Shelter Fund | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Notes to Financial Statements
February 28, 2022 (continued)
9. Investments (continued)
At February 28, 2022, 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 | | | | $ | 4,239,703,010 | | | | | $ | 1,285,454,940 | | | | | $ | (228,418,860) | | | | | $ | 1,057,036,080 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | 1,212,965,405 | | | | | | 217,764,704 | | | | | | (67,352,358) | | | | | | 150,412,346 | | |
| Destinations International Equity Fund | | | | | 2,337,001,626 | | | | | | 566,523,932 | | | | | | (204,282,198) | | | | | | 362,241,734 | | |
| Destinations Equity Income Fund | | | | | 452,690,134 | | | | | | 80,037,835 | | | | | | (17,002,330) | | | | | | 63,035,505 | | |
| Destinations Core Fixed Income Fund | | | | | 2,478,103,710 | | | | | | 11,577,139 | | | | | | (107,884,927) | | | | | | (96,307,788) | | |
| Destinations Low Duration Fixed Income Fund | | | | | 645,993,770 | | | | | | 4,763,020 | | | | | | (14,600,288) | | | | | | (9,837,268) | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | 778,178,283 | | | | | | 15,721,422 | | | | | | (31,870,269) | | | | | | (16,148,847) | | |
| Destinations Municipal Fixed Income Fund | | | | | 924,323,060 | | | | | | 9,115,416 | | | | | | (6,807,867) | | | | | | 2,307,549 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | 1,103,681,229 | | | | | | 80,558,579 | | | | | | (55,344,469) | | | | | | 25,214,110 | | |
| Destinations Shelter Fund | | | | | 130,028,105 | | | | | | 3,225,465 | | | | | | (7,635,360) | | | | | | (4,409,895) | | |
10. Shares of Beneficial Interest
At February 28, 2022, 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, 2022, 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, 2022 | | | Year ended
February 28, 2022 | | | Year ended
February 28, 2021 | | | Year ended
February 28, 2021 | |
| | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | Class I | | | Class Z | | | Class I | | | Class Z | |
| Destinations Large Cap Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 67,703,618 | | | | | $ | 1,103,438,865 | | | | | | 23,065,446 | | | | | $ | 307,509,210 | | | | | | 52,435,357 | | | | | $ | 684,494,010 | | | | | | 8,388,833 | | | | | $ | 90,160,931 | | |
| Shares issued on reinvestment | | | | | 47,589,443 | | | | | | 737,636,369 | | | | | | 7,430,362 | | | | | | 89,090,035 | | | | | | 5,697,153 | | | | | | 86,767,648 | | | | | | 551,947 | | | | | | 6,794,463 | | |
| Shares repurchased | | | | | (64,991,965) | | | | | | (1,096,768,348) | | | | | | (7,270,147) | | | | | | (97,620,389) | | | | | | (84,637,430) | | | | | | (1,146,597,874) | | | | | | (7,563,919) | | | | | | (81,513,637) | | |
| Net Increase/(Decrease) | | | | | 50,301,096 | | | | | $ | 744,306,886 | | | | | | 23,225,661 | | | | | $ | 298,978,856 | | | | | | (26,504,920) | | | | | $ | (375,336,216) | | | | | | 1,376,861 | | | | | $ | 15,441,757 | | |
| Destinations Small-Mid Cap Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 19,166,704 | | | | | $ | 297,005,363 | | | | | | 6,190,364 | | | | | $ | 78,783,437 | | | | | | 10,424,629 | | | | | $ | 124,974,104 | | | | | | 2,063,195 | | | | | $ | 19,907,864 | | |
| Shares issued on reinvestment | | | | | 19,897,568 | | | | | | 276,576,197 | | | | | | 3,233,640 | | | | | | 33,532,848 | | | | | | 1,560,603 | | | | | | 22,394,639 | | | | | | 151,339 | | | | | | 1,740,399 | | |
| Shares repurchased | | | | | (17,715,345) | | | | | | (284,468,165) | | | | | | (2,084,378) | | | | | | (25,683,964) | | | | | | (22,456,528) | | | | | | (274,215,231) | | | | | | (1,839,951) | | | | | | (17,853,191) | | |
| Net Increase/(Decrease) | | | | | 21,348,927 | | | | | $ | 289,113,395 | | | | | | 7,339,626 | | | | | $ | 86,632,321 | | | | | | (10,471,296) | | | | | $ | (126,846,488) | | | | | | 374,583 | | | | | $ | 3,795,072 | | |
| Destinations International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 48,301,639 | | | | | $ | 718,986,973 | | | | | | 13,024,657 | | | | | $ | 172,083,487 | | | | | | 27,801,118 | | | | | $ | 366,061,881 | | | | | | 4,283,792 | | | | | $ | 48,789,282 | | |
| Shares issued on reinvestment | | | | | 7,394,379 | | | | | | 106,257,235 | | | | | | 963,003 | | | | | | 11,989,392 | | | | | | 44,958 | | | | | | 659,537 | | | | | | 17,737 | | | | | | 226,851 | | |
| Shares repurchased | | | | | (24,463,688) | | | | | | (371,411,313) | | | | | | (2,916,018) | | | | | | (38,215,141) | | | | | | (43,148,172) | | | | | | (509,687,356) | | | | | | (3,389,599) | | | | | | (35,303,264) | | |
| Net Increase/(Decrease) | | | | | 31,232,330 | | | | | $ | 453,832,895 | | | | | | 11,071,642 | | | | | $ | 145,857,738 | | | | | | (15,302,096) | | | | | $ | (142,965,938) | | | | | | 911,930 | | | | | $ | 13,712,869 | | |
| Destinations Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 9,047,865 | | | | | $ | 105,617,365 | | | | | | 2,024,865 | | | | | $ | 22,657,044 | | | | | | 4,512,876 | | | | | $ | 42,296,206 | | | | | | 1,013,696 | | | | | $ | 9,176,726 | | |
| Shares issued on reinvestment | | | | | 1,048,797 | | | | | | 12,040,971 | | | | | | 97,939 | | | | | | 1,091,506 | | | | | | 1,790,430 | | | | | | 16,937,229 | | | | | | 103,692 | | | | | | 953,306 | | |
| Shares repurchased | | | | | (7,176,260) | | | | | | (82,484,563) | | | | | | (700,084) | | | | | | (7,803,737) | | | | | | (15,094,775) | | | | | | (137,678,016) | | | | | | (934,096) | | | | | | (8,307,893) | | |
| Net Increase/(Decrease) | | | | | 2,920,402 | | | | | $ | 35,173,773 | | | | | | 1,422,720 | | | | | $ | 15,944,813 | | | | | | (8,791,469) | | | | | $ | (78,444,581) | | | | | | 183,292 | | | | | $ | 1,822,139 | | |
| Destinations Core Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 39,189,586 | | | | | $ | 391,752,962 | | | | | | 12,208,877 | | | | | $ | 126,031,585 | | | | | | 55,084,785 | | | | | $ | 566,944,532 | | | | | | 5,222,974 | | | | | $ | 55,197,432 | | |
| Shares issued on reinvestment | | | | | 8,242,807 | | | | | | 81,742,945 | | | | | | 719,136 | | | | | | 7,322,356 | | | | | | 4,374,396 | | | | | | 45,153,843 | | | | | | 232,113 | | | | | | 2,458,341 | | |
| Shares repurchased | | | | | (41,239,978) | | | | | | (411,407,304) | | | | | | (3,877,150) | | | | | | (39,644,563) | | | ��� | | | (37,377,623) | | | | | | (384,588,684) | | | | | | (3,098,501) | | | | | | (32,672,496) | | |
| Net Increase | | | | | 6,192,415 | | | | | $ | 62,088,603 | | | | | | 9,050,863 | | | | | $ | 93,709,378 | | | | | | 22,081,558 | | | | | $ | 227,509,691 | | | | | | 2,356,586 | | | | | $ | 24,983,277 | | |
Notes to Financial Statements
February 28, 2022 (continued)
10. Shares of Beneficial Interest (continued)
| | | | Year ended
February 28, 2022 | | | Year ended
February 28, 2022 | | | Year ended
February 28, 2021 | | | Year ended
February 28, 2021 | |
| | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | Class I | | | Class Z | | | Class I | | | Class Z | |
| Destinations Low Duration Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 19,903,695 | | | | | $ | 194,152,137 | | | | | | 3,364,413 | | | | | $ | 33,535,547 | | | | | | 18,171,975 | | | | | $ | 171,086,753 | | | | | | 1,237,743 | | | | | $ | 11,930,570 | | |
| Shares issued on reinvestment | | | | | 1,983,712 | | | | | | 19,330,200 | | | | | | 151,405 | | | | | | 1,506,794 | | | | | | 1,311,218 | | | | | | 12,349,552 | | | | | | 61,385 | | | | | | 590,193 | | |
| Shares repurchased | | | | | (9,227,838) | | | | | | (90,072,075) | | | | | | (757,219) | | | | | | (7,547,679) | | | | | | (9,356,530) | | | | | | (88,084,770) | | | | | | (520,775) | | | | | | (5,004,378) | | |
| Net Increase | | | | | 12,659,569 | | | | | $ | 123,410,262 | | | | | | 2,758,599 | | | | | $ | 27,494,662 | | | | | | 10,126,663 | | | | | $ | 95,351,535 | | | | | | 778,353 | | | | | $ | 7,516,385 | | |
| Destinations Global Fixed Income Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 13,151,293 | | | | | $ | 131,429,645 | | | | | | 3,828,562 | | | | | $ | 38,991,349 | | | | | | 17,769,711 | | | | | $ | 167,996,725 | | | | | | 1,728,722 | | | | | $ | 16,710,837 | | |
| Shares issued on reinvestment | | | | | 2,998,282 | | | | | | 29,867,741 | | | | | | 237,242 | | | | | | 2,404,353 | | | | | | 2,961,429 | | | | | | 28,132,491 | | | | | | 144,921 | | | | | | 1,401,780 | | |
| Shares repurchased | | | | | (16,156,558) | | | | | | (160,548,450) | | | | | | (1,340,960) | | | | | | (13,570,620) | | | | | | (23,756,259) | | | | | | (224,106,513) | | | | | | (1,359,298) | | | | | | (12,985,085) | | |
| Net Increase/(Decrease) | | | | | (6,983) | | | | | $ | 748,936 | | | | | | 2,724,844 | | | | | $ | 27,825,082 | | | | | | (3,025,119) | | | | | $ | (27,977,297) | | | | | | 514,345 | | | | | $ | 5,127,532 | | |
| Destinations Municipal Fixed Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 14,764,790 | | | | | $ | 153,593,332 | | | | | | 3,163,542 | | | | | $ | 33,049,295 | | | | | | 17,585,113 | | | | | $ | 183,253,560 | | | | | | 1,416,158 | | | | | $ | 14,800,618 | | |
| Shares issued on reinvestment | | | | | 1,284,662 | | | | | | 13,320,546 | | | | | | 61,705 | | | | | | 641,326 | | | | | | 1,775,709 | | | | | | 18,578,076 | | | | | | 45,694 | | | | | | 479,548 | | |
| Shares repurchased | | | | | (13,163,074) | | | | | | (136,501,200) | | | | | | (1,215,536) | | | | | | (12,605,433) | | | | | | (16,956,969) | | | | | | (176,085,320) | | | | | | (716,487) | | | | | | (7,453,789) | | |
| Net Increase | | | | | 2,886,378 | | | | | $ | 30,412,678 | | | | | | 2,009,711 | | | | | $ | 21,085,188 | | | | | | 2,403,853 | | | | | $ | 25,746,316 | | | | | | 745,365 | | | | | $ | 7,826,377 | | |
| Destinations Multi Strategy Alternatives Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 23,458,808 | | | | | $ | 248,568,216 | | | | | | 6,288,112 | | | | | $ | 65,274,948 | | | | | | 28,726,572 | | | | | $ | 281,655,299 | | | | | | 2,660,566 | | | | | $ | 25,454,430 | | |
| Shares issued on reinvestment | | | | | 5,036,403 | | | | | | 52,757,833 | | | | | | 455,537 | | | | | | 4,653,976 | | | | | | 1,497,504 | | | | | | 14,207,122 | | | | | | 81,832 | | | | | | 760,344 | | |
| Shares repurchased | | | | | (18,748,571) | | | | | | (198,834,909) | | | | | | (1,718,387) | | | | | | (17,735,424) | | | | | | (17,826,528) | | | | | | (169,315,819) | | | | | | (1,274,919) | | | | | | (11,887,150) | | |
| Net Increase | | | | | 9,746,640 | | | | | $ | 102,491,140 | | | | | | 5,025,262 | | | | | $ | 52,193,500 | | | | | | 12,397,548 | | | | | $ | 126,546,602 | | | | | | 1,467,479 | | | | | $ | 14,327,624 | | |
| Destinations Shelter Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | 13,274,968 | | | | | $ | 131,089,495 | | | | | | 228,378 | | | | | $ | 2,259,436 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Shares issued on reinvestment | | | | | 4,104 | | | | | | 42,023 | | | | | | 102 | | | | | | 1,036 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Shares repurchased | | | | | (388,987) | | | | | | (3,841,704) | | | | | | (4,344) | | | | | | (42,627) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Net Increase | | | | | 12,890,085 | | | | | $ | 127,289,814 | | | | | | 224,136 | | | | | $ | 2,217,845 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
11. Dividend and Tax Components of Capital
The tax character of distributions paid during the fiscal period ended February 28, 2022, 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 | | | Destinations
Shelter Fund | |
| Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tax Exempt | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11,920,721 | | | | | $ | — | | | | | $ | — | | |
| Ordinary Income | | | | | 184,929,976 | | | | | | 135,724,581 | | | | | | 4,963,801 | | | | | | 13,294,393 | | | | | | 31,243,616 | | | | | | 21,026,439 | | | | | | 32,589,385 | | | | | | 912,957 | | | | | | 28,655,831 | | | | | | 43,059 | | |
| Net Long-term Capital Gains | | | | | 649,124,813 | | | | | | 176,930,856 | | | | | | 114,287,239 | | | | | | — | | | | | | 58,651,094 | | | | | | — | | | | | | — | | | | | | 1,273,295 | | | | | | 29,292,763 | | | | | | — | | |
| Total Distributions Paid. | | | | $ | 834,054,789 | | | | | $ | 312,655,437 | | | | | $ | 119,251,040 | | | | | $ | 13,294,393 | | | | | $ | 89,894,710 | | | | | $ | 21,026,439 | | | | | $ | 32,589,385 | | | | | $ | 14,106,973 | | | | | $ | 57,948,594 | | | | | $ | 43,059 | | |
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 | | |
Notes to Financial Statements
February 28, 2022 (continued)
11. Dividend and Tax Components of Capital (continued)
As of February 28, 2022, 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 | | | Destinations
Shelter Fund | |
| Undistributed ordinary income – net | | | | $ | 36,042,509 | | | | | $ | 761,843 | | | | | $ | 857,068 | | | | | $ | 3,711,649 | | | | | $ | 2,428,668 | | | | | $ | 2,837,446 | | | | | $ | 1,486,260 | | | | | $ | 630 | | | | | $ | — | | | | | $ | 109,563 | | |
Undistributed long-term capital
gains – net | | | | | 174,017,326 | | | | | | 38,704,133 | | | | | | 18,865,234 | | | | | | 138,820 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,538,250 | | | | | | 129,022 | | |
| Undistributed tax-exempt income – net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 814,608 | | | | | | — | | | | | | — | | |
| Total Undistributed earnings | | | | | 210,059,835 | | | | | | 39,465,976 | | | | | | 19,722,302 | | | | | | 3,850,469 | | | | | | 2,428,668 | | | | | | 2,837,446 | | | | | | 1,486,260 | | | | | | 815,238 | | | | | | 2,538,250 | | | | | | 238,585 | | |
| Capital Loss Carryforward | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (22,993,577) | | | | | | — | | | | | | (10,494,247) | | | | | | — | | | | | | — | | | | | | — | | |
| Current Year Late Year Loss Deferral | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,239,957) | | | | | | (6,461,013) | | | | | | — | | |
| Unrealized appreciation (depreciation) | | | | | 1,057,036,231 | | | | | | 150,412,348 | | | | | | 357,499,703 | | | | | | 63,029,152 | | | | | | (96,308,604) | | | | | | (9,841,688) | | | | | | (16,149,442) | | | | | | 2,307,549 | | | | | | 25,214,110 | | | | | | (4,409,895) | | |
| Total accumulated earnings/(losses) – net | | | | $ | 1,267,096,066 | | | | | $ | 189,878,324 | | | | | $ | 377,222,005 | | | | | $ | 66,879,621 | | | | | $ | (116,873,513) | | | | | $ | (7,004,242) | | | | | $ | (25,157,429) | | | | | $ | 1,882,830 | | | | | $ | 21,291,347 | | | | | $ | (4,171,310) | | |
(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, 2022, 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 | | | Destinations
Shelter Fund | |
| Short-Term | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 22,993,577 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Long-Term . | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,494,247 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 22,993,577 | | | | | $ | — | | | | | $ | 10,494,247 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
During the year ended February 28, 2022, Destinations International Equity Fund, Destinations Equity Income Fund, Destinations Low Duration Fixed Income Fund and Destinations Global Fixed Income Opportunities Fund utilized capital loss carryforwards of $1,148,497, $32,378,170, $3,446,667 and $6,455,467, respectively.
13. Regulation Regarding Derivatives
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. Management is assessing the impact of Rule 18f-4 on the Funds.
14. Recent Accounting Pronouncements
In December 2020, the Securities and Exchange Commission adopted Rule 2a-5, Good Faith Determinations of Fair Value, under the 1940 Act, which is intended to address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 will permit the Portfolio’s Board to designate the Portfolio’s primary investment adviser to perform the Portfolio’s fair value determinations, which will be subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the investment adviser’s fair value determinations. Compliance with Rule 2a-5 will not be required until September 2022. The Adviser continues to review Rule 2a-5 and its impact on the Adviser’s and the Portfolio’s valuation policies and related practices.
Notes to Financial Statements
February 28, 2022 (concluded)
15. Subsequent Events
Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and the following items were noted which require recognition and/or disclosure: On September 7, 2021, the Funds’ custodian Brown Brothers Harriman & Company, (“BBH”), announced that it had entered into an agreement with State Street Bank and Trust Company (“State Street”) to sell BBH’s Investor Services business to State Street (the “Transaction”). The Transaction is subject to certain closing conditions, including regulatory and customary approvals, and it is expected to be consummated during the second calendar quarter of 2022 (the “Closing Date”). Consequently, as a result of the Transaction, it is expected that State Street will replace BBH as the Funds’ custodian effective as of the Closing Date.
Effective March 31, 2022, Jason B. Moore resigned as President of the Trust. His responsibilities as President have been allocated to other Officers of the Trust, including Ms. Noreen Beaman, who is the Chief Executive Officer of the Trust.
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, Destinations Multi Strategy Alternatives Fund and Destinations Shelter 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, Destinations Multi Strategy Alternatives Fund and Destinations Shelter 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, 2022, and the related statements of operations, changes in net assets, and the financial highlights as noted in the table below, 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, 2022, and the results of their operations, the changes in their net assets, and their financial highlights as noted in the table below, in conformity with accounting principles generally accepted in the United States of America. 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 highlights.
| Fund | | | Statements of Operations, Statements of Changes in Net
Assets and Financial Highlights Presented | |
| Destinations Large Cap Equity Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations Small-Mid Cap Equity Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations International Equity Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations Equity Income Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations Core Fixed Income Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations Low Duration Fixed Income Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Fund | | | Statements of Operations, Statements of Changes in Net
Assets and Financial Highlights Presented | |
| Destinations Global Fixed Income Opportunities Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations Municipal Fixed Income Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations Multi Strategy Alternatives Fund | | | Statement of Operations for the year then ended, and the Statements of Changes in Net Assets and Financial Highlights for each of the years in the two-year period then ended. | |
| Destinations Shelter Fund | | | Statement of Operations and Statement of Changes in Net Assets for the period October 27, 2021 (commencement of operations) to February 28, 2022. Financial Highlights for Class I: October 27, 2021 to February 28, 2022 and Financial Highlights for Class Z: December 2, 2021 to February 28, 2022. | |
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, 2022 by correspondence with the custodian, transfer agents, issuers, agent banks, 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, 2022
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 Capital” or the “Adviser”), have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which Brinker Capital 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 Advisory Agreement, the “Agreements”) between Brinker Capital and each Sub-Adviser.
Section 15 of the Investment Company Act of 1940, as amended (the “Investment Company 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 Fund and the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company 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 Investment Company 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 of Trustees (the “Board”), including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required 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 the Sub-Agreements
During the period covered by this Annual Report, the Board considered the renewal of certain Sub-Advisory Agreements with existing Sub-Advisers and the approval of certain new Sub-Advisory Agreements with new Sub-Advisers. In particular, at a meeting of the Board held on September 14-15, 2021 (the “September Meeting”), in reliance on and in compliance with the conditions of the Orders, Brinker Capital recommended and the Board, including all of the Independent Trustees, approved a new Sub-Advisory Agreement for the management of the Destinations International Equity Fund with Barrow, Hanley, Mewhinney & Strauss, LLC. In addition, at the September Meeting, Brinker Capital recommended and the Board, including all of the Independent Trustees, approved the renewal of the existing Sub-Advisory Agreements (i) for the management of the Destinations Small-Mid Cap Equity Fund with Ceredex Value Advisors LLC, Driehaus Capital Management, LLC (“Driehaus”) and LMCG Investments, LLC (“LMCG”); (ii) for the management of the Destinations Global Fixed Income Opportunities Fund with CrossingBridge Advisors, LLC (“CrossingBridge”); (iii) for the management of the Destinations Low Duration Fixed Income Fund with CrossingBridge and (iv) for the management of the Destinations Multi Strategy Alternatives Funds with Driehaus and LMCG.
Further, at a meeting of the Board held on December 7-8, 2021 (the “December Meeting”), in reliance on and in compliance with the conditions of the Orders, Brinker Capital recommended and the Board, including all of the Independent Trustees, approved a new Sub-Advisory Agreement (i) for the management of the Destinations Small-Mid Cap Equity Fund with Leeward Investments LLC (“Leeward”) and (ii) for the management of the Destinations Equity Income Fund with Nuveen Asset Management, LLC (“Nuveen”). In the first quarter of 2022, LMCG, a sub-adviser for the Small-Mid Cap Equity and Multi Strategy Alternative Funds, was expected to undergo a reorganization that would result in two separate 100% employee-owned firms (the “LMCG Transaction”), LMCG and Leeward. In anticipation that the LMCG Transaction could be deemed to result in a change of control under the Investment Company Act, resulting in the assignment, and automatic termination, of the Sub-Advisory agreement between Brinker Capital and LMCG with respect to the Destinations Small-Mid Cap Equity Fund, the Board approved at the December Meeting a new Sub-Advisory Agreement between Brinker Capital and Leeward with respect to Destinations Small-Mid Cap Equity Fund.
In addition, at the December Meeting, Brinker Capital recommended and the Board, including all of the Independent Trustees, approved the renewal of the existing Sub-Advisory Agreements (i) for the management of the Destinations Large Cap Equity Fund with BlackRock Investment Management, LLC (ii) for the management of the Destinations Core Fixed Income Fund with DoubleLine Capital LP (“DoubleLine”) and Wellington Management Company LLP (“Wellington”); (iii) for the management of the Destinations Low Duration Fixed Income Fund with DoubleLine; (iv) for the management of the Destinations Global Fixed Income Opportunities Fund with DoubleLine and Nuveen; and (v) for the management of the Destinations Municipal Fixed Income Fund with Northern Trust Investments, Inc. and Seix Investment Advisors, LLC.
Pursuant to the Sub-Advisory Agreements, the Sub-Advisers will provide (or will continue to provide) day-to-day management for the portion of the applicable Funds’ assets proposed to be allocated to it. In the context of Sub-Advisory Agreement renewals, the Board also considered information provided by Brinker Capital during prior meetings, and in the context of the approval of new Sub-Advisory Agreements, the Board considered certain introductory information that Brinker Capital had provided during prior meetings regarding the background of the Sub-Advisers and Brinker Capital’s thesis for incorporating their investment strategies in the applicable Funds. In doing so, the Trustees requested and received information from Brinker Capital and the applicable Sub-Adviser that they deemed reasonably necessary for their review of the Sub-Advisory Agreements and to evaluate the relevant performance of the Sub-Adviser, either with respect to the Funds (in the case of renewals) or representative accounts (in the case of approvals). 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 and the Sub-Advisers.
In voting to approve the Sub-Advisory Agreements, the Trustees considered whether the approval of the Sub-Advisory Agreements would be in the best interests of the applicable Fund and its shareholders, an evaluation based on several factors including those discussed below.
Nature, Extent and Quality of the Sub-Advisory Services
The Board received and considered information regarding the nature, extent and quality of services that will be provided (or will continue to be provided) to the Funds by the Sub-Advisers under the Sub-Advisory Agreements. The Trustees considered information regarding the process by which Brinker Capital selected and recommended the Sub-Advisers to the Board for renewal or approval, and the supervisory activities over the Sub-Advisers performed by Brinker Capital, including monitoring the Sub-Advisers’ compliance with the investment objectives, policies, and restrictions of the allocated assets of each applicable Fund. The Board considered the Sub-Advisers’ proposed specific responsibilities in all aspects of the day-to-day management of the portion of the Funds’ 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 Funds’ assets to be managed by the Sub-Adviser and of other key personnel of the Sub-Adviser. The Board specifically took into account how each Sub-Adviser’s investment processes and capabilities were expected to complement the other Sub-Advisers to the Fund. The Trustees discussed the terms of the Sub-Advisory Agreements and considered Brinker Capital’s favorable assessment of the nature and quality of the Sub-Advisers’ services expected to be provided (or continue to be provided) to the Funds. The Board also reviewed information received from Brinker Capital and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act and those of Brinker Capital and of each Sub-Adviser. In the case of new Sub-Advisory Agreements, the Board considered the reports of the Trust’s Chief Compliance Officer as to the robustness of the Sub-Advisers’ compliance policies and procedures and Codes of Ethics.
With respect to Leeward, the Board considered information presented by Brinker Capital and Leeward regarding the portfolio management team noting, in particular, that after the LMCG Transaction, Leeward’s investment team would be composed of the same individuals who currently managed the Small-Mid Cap Equity Fund.
The Board discussed with representatives of Brinker Capital, the portfolio management strategy proposed to be employed (or continue to be employed) by the Sub-Advisers. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by the Sub-Advisers were adequate and appropriate in light of (i) the Sub-Advisers’ 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 the Sub-Advisers in managing the portion of the Funds’ assets allocated to them, (iii) how the Sub-Advisers were expected to complement the applicable Fund’s existing Sub-Advisers, (iv) the Sub-Advisers’ compliance programs, and (v) Brinker Capital’s recommendation to engage each Sub-Adviser.
Performance
The Board received information from management regarding the Sub-Advisers’ historical performance returns managing the Funds (in the case of renewals) and managing investment mandates similar to that of the applicable Funds (in the case of renewals and approvals), with such performance compared to a relevant index. The Board discussed with representatives of Brinker Capital the investment strategy to be employed by each Sub-Adviser in the management of the applicable Funds’ assets. The Board discussed the reputation and experience of the Sub-Advisers, their portfolio managers’ experience, and Brinker Capital’s experience and reputation in selecting, evaluating, and overseeing investment managers, including the
process and diligence undertaken by Brinker Capital in evaluation Sub-Adviser performance. The Board determined that these factors supported a decision to renew or approve, as applicable, the Sub-Advisory Agreements.
Sub-Advisory Fees and Expense Ratios; Economies of Scale and Other Benefits
The Board considered the fees payable under the Sub-Advisory Agreements, noting that the fees would be payable by Brinker Capital to each Sub-Adviser, and, thus, would not impact the fees paid by the Funds. The Board concluded that the proposed fees payable to the Sub-Advisers with respect to the assets to be managed by the Sub-Adviser were reasonable and appropriate. The Board recognized that, because the Sub-Advisers’ fees would be paid by Brinker Capital, and not the 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. The Board received and considered a profitability analysis of Brinker Capital with respect to the addition of Barrow Hanley and Leeward, each as a Sub-Adviser to the applicable Funds, as well as the sub-advisory fees to be paid under the Sub-Advisory Agreements proposed for renewal, and determined that Brinker Capital’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the applicable Funds, 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 to 39 basis points of each Fund’s assets. Similarly, the Board recognized that, because each Sub-Adviser’s fees would be paid by Brinker Capital, and not the Funds, an analysis of economies of scale with respect to the Sub-Advisers was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and Brinker Capital. Accordingly, economies of scale with respect to the Sub-Advisers were not materially 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 the Sub-Advisers by virtue of their relationship with the Funds, such a reputational gain and increased assets under management, 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 renew and approve, as applicable, the proposed Sub-Advisory Agreements, having determined that the Sub-Advisory Agreements would be in the best interests of the applicable Funds and their shareholders.
Board Considerations of the Advisory Agreement
At the December Meeting the Board considered the renewal of the Advisory Agreement between Brinker Capital and the Trust. The Board, including a majority of the Independent Trustees, renewed the Advisory Agreement for an additional one-year period. The Trustees requested and received information from Brinker Capital that they deemed reasonably necessary for their review of the Advisory Agreement and the performance of Brinker Capital. The Trustees were assisted in their review by Fund counsel and met in executive sessions separate from representatives of Brinker Capital.
Nature, Extent and Quality of Brinker Capital Advisory Services
The Board considered the nature, extent and quality of the advisory services that Brinker Capital has provided the various series of the Trust and the resources Brinker Capital dedicated to the Funds. In this regard, the Trustees evaluated, among other things, Brinker Capital’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by Brinker Capital to the Funds and the resources of Brinker Capital dedicated to the Funds were sufficient to support the renewal of the Advisory Agreement.
Performance
In determining whether to renew the Advisory Agreement, the Board considered the performance of Brinker Capital in selecting and evaluating Sub-Advisers, allocating Fund assets among Sub-Advisers, and determining relative passive- and active-investment exposures within the Funds. The Board also considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. Based on the materials considered and discussed at the meetings, the Board found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Board was satisfied with the reasons provided to explain such performance. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of the Advisory Agreement.
Profitability
The Board considered the profits realized by Brinker Capital 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 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 for providing advisory services to the Funds as an overall complex, noting that Brinker Capital 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’s profits. As to each Fund, the Board concluded, in the context of its full deliberations, that Brinker Capital’s level of profitability was reasonable and supported renewal of the Advisory Agreements.
Fees and Economies of Scale
As to each Fund, the Board reviewed and considered the management fees payable by the Fund to Brinker Capital in light of the nature, extent and quality of the advisory services provided by the by Brinker Capital. 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) and whether any fee waivers and expense reimbursements could be discontinued. Further, the Board considered that, as a result of the contractual advisory fee waivers, Brinker Capital 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 and that Brinker Capital coordinates and oversees the provision of services to each Fund by other fund service providers, including the Sub-Advisers. Additionally, the Board received and considered information comparing each Funds’ advisory fees with those of a group of funds selected by Broadridge.
The Board determined, in the context of its full deliberations, that, as to each Fund, the advisory fee paid by the Fund to Brinker Capital was reasonable in light of comparative performance and expense information and the nature, extent and quality of the services provided to the Fund under the Agreements.
As to each Fund, the Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, 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 Brinker Capital
As to each Fund, the Board considered other benefits received or that could be expected to be received by Brinker Capital and its 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 Capital’s costs of providing investment management and other services to the Funds and Brinker Capital’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 Capital and its affiliates received were considered reasonable.
Distributor approval
At the September Meeting, the Board, including a majority of the Independent Trustees approved a new distribution agreement between the Funds and Foreside Fund Services, LLC (“Foreside”), for an additional one-year period. The approval was due to an “assignment” (as such term is defined in the Investment Company Act) as the majority of interests of Foreside Financial Group, LLC, the indirect parent of Foreside, was sold to GC Mountaintop Acquisition Corporation, an affiliate of Genstar Capital Partners LLC.
Review of Liquidity Risk Management Program (unaudited)
Pursuant to Rule 22e-4 under the Investment Company 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 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 (the “Brinker Capital” or the “Adviser”), serves as the investment adviser for the Funds. The Funds employ a “multi-manager” 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. In addition to investment advisory services, the Adviser monitors and supervises the services provided to the Trust by its administrator. The Adviser 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* | | | | | | |
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. | |
Nicholas M. 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. | |
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 | |
Gregory E. McGowan
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 | | | Lifestar Holdings (Formerly Global Capital PLC a 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., Templeton Global Growth Fund Ltd Australia), Franklin Liberty Shares ICAV (Ireland), Franklin Emerging Markets Debt Fund PLC (Ireland), Franklin Floating Rate Fund PLC (Ireland). | |
| INTERESTED TRUSTEES* | |
Joseph V. Del Raso
Troutman Pepper Hamilton LLP
3000 Two Logan Square,
18th & Arch Streets Philadelphia, PA 19103-2799 Birth Year: 1952 | | | Trustee | | | Since 2017 (Chair of the Board until April 1, 2018). | | | Partner at Troutman Pepper Hamilton LLP (law firm) since 1998. | | | 10 | | | Lifestar Holdings (Formerly Global Capital PLC a Malta Public Company). | |
Noreen D. Beaman**
Brinker Capital Investments, LLC
1055 Westlakes Drive,
Suite 250
Berwyn, PA 19312 Birth Year: 1964 | | | Chair of the Board of Trustees and Chief Executive Officer | | | Since 2018 | | | President of Brinker Capital Investments, LLC from 2020 until 2022. Chief Executive Officer of Brinker Capital, Inc. from 2012 to 2020. President of Brinker Capital Holdings, LLC from 2020 to 2022. President and CEO of Brinker Capital Securities, LLC from 2020 to 2022. President of Orion Advisor Solutions, Inc. from 2021 to 2022 (EVP in 2020). President of Orion Advisor Technology, LLC from 2021 to 2022 (EVP in 2020). President of Orion Portfolio Solutions, LLC from 2021 to 2022. | | | 10 | | | Board of Directors/Managers for following entities since 2020 and Vice Chair since February 2022: GT Polaris GP, LLC, GT Polaris Holdings, Inc., GT Polaris Midco, Inc., Orion Advisor Solutions, Inc. MMI Executive Committee since 2021; MMI Board of Governors (2020-2021); MMI Leadership Pathway (2016 to 2020); Envestnet Institute Women In Wealth (2017 to 2020); St. Peter’s University Board of Trustees and Chair of Investment Committee of St. Peter’s University since 2021; St. Peter’s University Board of Trustees (2014 to 2017). | |
*
Each Trustee remains in office until he or she resigns, retires or is removed.
Name, Address and
Date of Birth | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served | | | Principal
Occupation(s)
During Past
Five Years | |
| OFFICERS* | | | | | | | | | | |
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 Cipperman Compliance Services from 2012 to 2015. | |
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. | |
Amy Magnotta, CFA
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312 Birth Year: 1978 | | | Investment Officer | | | Since January 2017 | | | Head of Discretionary Portfolios at Brinker Capital Investments, LLC since 2021; Co-Head of Discretionary Portfolios at Brinker Capital Investments, LLC in 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. | |
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 | |
Leigh Lowman, CFA
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312 Birth Year: 1982 | | | Investment Officer | | | Since January 2017 | | | Senior Portfolio Manager of Brinker Capital Investments, LLC since 2021; Investment Manager of Brinker Capital Investments, LLC from 2017 to 2020; 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. | |
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. | |
Grant Engelbart, CFA, CAIA
Brinker Capital Investments, LLC
1055 Westlakes Drive,
Suite 250
Berwyn, PA 19312 Birth Year: 1987 | | | Investment Officer | | | Since March 2021 | | | Senior Portfolio Manager at Brinker Capital Investments, LLC since 2021; Senior Portfolio Manager and Director of Research at CLS Investments, LLC from 2018 to 2021; Portfolio Manager at CLS Investments, LLC from 2013 to 2018. | |
Patrick Amerson
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312 Birth Year: 1994 | | | Investment Officer | | | Since December 2021 | | | Investment Analyst at Brinker Capital Investments, LLC since 2021; Client Service Representative at Brinker Capital Investments, LLC from 2019 to 2021; Operations Associate at Brinker Capital Investments, LLC from 2017-2019. | |
Michael Hadden
Brinker Capital Investments, LLC
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312 Birth Year: 1994 | | | Investment Officer | | | Since December 2021 | | | Portfolio Manager at Brinker Capital Investments, LLC since 2020; Investment Research Analyst at CLS Investments, LLC from 2018 to 2020; Junior Investment Analyst at CLS Investments LLC from 2017 to 2018. | |
*
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, 2022:
| | | | 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 | | | | | 26.38% | | | | | | 6.93% | | | | | | 100.00% | | | | | | 100.00% | | | | | | — | | |
| Dividends Qualifying for the Dividends Received | | | | | | |
| Deduction for Corporations | | | | | 25.22% | | | | | | 6.71% | | | | | | 9.45% | | | | | | 73.07% | | | | | | — | | |
| Foreign Taxes Paid | | | | | — | | | | | | — | | | | | $ | 4,249,101 | | | | | | — | | | | | | — | | |
| Foreign Source Income | | | | | — | | | | | | — | | | | | $ | 34,454,375 | | | | | | — | | | | | | — | | |
| Foreign Tax Paid Per Share | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | — | | |
| Foreign Source Income Per Share | | | | | — | | | | | | — | | | | | | 0.17 | | | | | | — | | | | | | — | | |
| | | | Destinations
Low Duration
Fixed Income
Fund | | | Destinations
Global Fixed
Income
Opportunities Fund | | | Destinations
Municipal
Fixed Income
Fund | | | Destinations
Multi Strategy
Alternatives
Fund | | | Destinations
Shelter Fund | |
| Ordinary Income: | | | | | | |
| Qualified Dividend Income for Individuals | | | | | — | | | | | | — | | | | | | — | | | | | | 6.80% | | | | | | 100.00% | | |
Dividends Qualifying for the Dividends Received
Deduction for Corporations | | | | | — | | | | | | — | | | | | | — | | | | | | 6.83% | | | | | | 100.00% | | |
| Interest from Tax-Exempt Obligations | | | | | — | | | | | | — | | | | | | 100.00% | | | | | | — | | | | | | — | | |
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 Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding each Fund’s risk, objectives, fees and expenses, experience of management, and other information.
Visit www.destinationsfunds.com for more information.
| (b) | Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. |
Not applicable.
ITEM 2. CODE OF ETHICS.
As of the period ended February 28, 2022 (“Reporting Period”), the Registrant has adopted a code of ethics 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 (“Code”). 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, 2022 and February 28, 2021 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 $228,000 in 2022 and $209,000 in 2021.
(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years ended February 28, 2022 and February 28, 2021, 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 2022 and $0 in 2021.
(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years ended February 28, 2022 and February 28, 2021, for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $27,750 in 2022 and $25,000 in 2021. 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, 2022 and February 28, 2021, 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 2022 and $0 for 2021.
(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 2022 and 0% for 2021; Tax Fees were 0% for 2022 and 0% for 2021; and Other Fees were 0% for 2022 and 0% for 2021.
(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 2022 and $0 for 2021.
(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.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
Not Applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
Not Applicable.
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.
(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/ Noreen D. Beaman | |
| | Noreen D. Beaman | |
| | Chief Executive Officer | |
| | | |
| Date: | May 6, 2022 | |
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/ Noreen D. Beaman | |
| | Noreen D. Beaman | |
| | Chief Executive Officer | |
| | | |
| Date: | May 6, 2022 | |
| Brinker Capital Destinations Trust | |
| | |
| By: | /s/ Kevin Fustos | |
| | Kevin Fustos | |
| | Chief Financial Officer and Treasurer | |
| | | |
| Date: | May 6, 2022 | |
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