Brinker Capital Destinations Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23207

Brinker Capital Destinations Trust

(Exact name of registrant as specified in charter)

1055 Westlakes Drive, Suite 250

Berwyn, PA 19312

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

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

Date of fiscal year end:

February 29

Date of reporting period:

February 29, 2024

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).

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Annual Report

February 29, 2024

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

TABLE OF CONTENTS

Table of Contents

	SHAREHOLDER LETTER					1
	INVESTMENT COMMENTARY					3
	MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE					4
	FUND EXPENSES					24
	SCHEDULES OF INVESTMENTS					26
	DESTINATIONS LARGE CAP EQUITY FUND					26
	DESTINATIONS SMALL-MID CAP EQUITY FUND					40
	DESTINATIONS INTERNATIONAL EQUITY FUND					115
	DESTINATIONS EQUITY INCOME FUND					164
	DESTINATIONS CORE FIXED INCOME FUND					173
	DESTINATIONS LOW DURATION FIXED INCOME FUND					241
	DESTINATIONS GLOBAL FIXED INCOME OPPORTUNITIES FUND					264
	DESTINATIONS MUNICIPAL FIXED INCOME FUND					285
	DESTINATIONS MULTI STRATEGY ALTERNATIVES FUND					318
	DESTINATIONS SHELTER FUND					332
	STATEMENTS OF ASSETS AND LIABILITIES					346
	STATEMENTS OF OPERATIONS					348
	STATEMENTS OF CHANGES IN NET ASSETS					350
	FINANCIAL HIGHLIGHTS					352
	NOTES TO FINANCIAL STATEMENTS					372
	REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM					411
	BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS					412
	ADDITIONAL INFORMATION					417
	IMPORTANT TAX INFORMATION					423

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Shareholder Letter

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 29, 2024. Please refer to the investment commentary for the 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,

Brian Ferko
President & Chief Operating Officer, Brinker Capital Destinations Trust
April 26, 2024

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.

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Investment Commentary (Unaudited)

Global equity markets were markedly higher during the twelve months ending February 29, 2024 (“the period”) while global bond markets were more restrained but also generated positive returns. Equity markets were supported by a resilient US economy, a notable moderation in inflationary pressures, and an improvement in the trajectory of corporate earnings. Perhaps the most noteworthy development has been that the recession most market participants had been forecasting in response to the Fed’s inflation-fighting campaign has yet to materialize. In fact, the US economy has largely shrugged off the impacts of the aggressive rate hiking campaign by the Federal Reserve (“Fed”) and generated real GDP1 growth of 2.5% during calendar year 2023. At the same time, inflationary pressures have eased over the past year with the headline consumer price index showing year-over-year inflation of 3.2% in February 2024 vs. 6.0% in February 2023. That said, both headline and core inflation measures remain stubbornly above the Fed’s 2% inflation target, and this stickiness has begun pushing back market expectations for how soon the Fed might begin cutting rates. Fortunately for the economy and for financial markets, the headwind from restrictive monetary policy was more than offset by stimulative and highly expansionary fiscal policy. This supportive fiscal policy — and the dynamism of corporations to adapt to changing conditions — have bolstered corporate earnings growth. As of the close of the period, consensus forecasts point to double digit earnings growth for global equities in 2024 which would represent a significant acceleration from the nearly flat earnings growth experienced in calendar year 2023.

The Russell 3000 Index2 rose by 28.6% for the period. Large cap equities handily outpaced small and mid cap stocks as equity markets were propelled higher by a narrow cohort of mega cap technology stocks. From a style perspective, growth outperformed value by a wide margin with the growth outperformance more pronounced in large cap stocks than those with smaller market caps. Information technology and communication services delivered the strongest returns as these two growth-heavy sectors each returned in excess of 50% for the period. The consumer discretionary sector — which also possesses healthy growth characteristics — was another positive contributor to US equity market returns. The utilities sector was the only one with a negative return for the period with the rising rate environment a headwind for interest rate-sensitive sectors like utilities and real estate. More traditional value sectors such as energy and materials, as well as the more defensively-positioned consumer staples sector, also displayed relative weakness.

Developed international equities, as measured by the FTSE All-World Developed ex US Index3, gained 14.1% for the period. As in the US, growth outperformed value with the technology sector providing leadership; however, the magnitude of growth outperformance was less notable in overseas equity markets. In another trend mirroring US markets, large cap stocks in international equity markets outpaced small cap equities as slower economic growth and weaker domestic demand weighed on international small cap returns. In a final similarity to US equities, developed international equity markets saw relative weakness from defensive sectors, such as consumer staples, and those sectors with more pronounced value characteristics — energy, materials, and telecommunication services. In a reversal from the prior year, Japanese equities were a standout performer while European stocks displayed relative weakness. Emerging markets, as measured by the FTSE All-World Emerging Markets Index4, rose by 8.8% for the period. Within this disparate group of countries, there was widespread dispersion in equity market returns with India and Brazil delivering some of the strongest returns while China was one of the primary laggards as trade restrictions and the overhang of a heavily-indebted property market weighed on its returns.

Investment-grade fixed income, as measured by the ICE BofA US Broad Market Index5, eked out a 3.4% return for the period. Treasury yields rose modestly on the long end of the yield curve with the 10-Year Treasury yield ending the period at 4.25%.

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.

Russell 3000 Index — Russell 3000 — A market capitalization weighted index that tracks the performance of the 3,000 largest US traded stocks.

FTSE All-World Developed ex US Index (Net) — FTSE All-World Developed ex US (Net) — A market capitalization weighted index representing the performance of large and mid-cap securities from developed markets excluding the US.

FTSE All-World Emerging Markets Index (Net) — FTSE All-World Emerging Markets (Net) — A market capitalization weighted index that measures the performance of securities listed in advanced emerging and secondary emerging countries.

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.

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Investment Commentary (Unaudited) (concluded)

Despite this shift higher in longer-term yields, the yield curve — as measured by the spread between the 10-Year Treasury yield and the 2-Year Treasury yield — remained inverted throughout the entire period. This yield curve inversion has now persisted longer than for any other period in the past four decades. After three additional increases in the Fed funds rate earlier in the period, the Fed paused its rate hiking campaign in July 2023 and remained on hold throughout the remainder of the period. The uptick in longer-term Treasury yields weighed on bond prices but tightening credit spreads for investment grade corporate bonds helped generate positive returns for core fixed income. High yield credit outperformed both investment grade credit and U.S. government bonds, supported by higher yields and the more significant tightening of credit spreads for high yield bonds. Municipal bonds outperformed US government bonds alongside continued improvement in the health of state and local government finances.

While there has been a good deal of positive news on the economic front over the past year and this has translated into brighter prospects for corporate earnings growth, investors must now contend with a landscape in which equity market valuations are extended and have risen more quickly than the improvement in corporate fundamentals. The increase in valuation multiples has been more notable in US equity markets, but it is a global phenomenon with both developed and emerging market international equities seeing multiple expansions in excess of 15% over the past year. We believe that the outlook for corporate profits has improved and that it is supported by solid economic and business momentum. However, we wonder whether bullish enthusiasm has led investors to become too sanguine about the prices they are paying for each dollar of earnings. With core inflation remaining sticky, the Fed in a potentially protracted pause before cutting rates, wars raging on two continents, and a US presidential election around the corner, we do not think this is a time to be overly optimistic with growth projections or too dismissive of the risks to those forecasts. That said, we do believe there are attractive investment opportunities within many equity and fixed income asset classes that can be capitalized upon by skillful active managers.

We remain hopeful that a longer-term change in investor psychology will accompany the recent shift to a more normalized interest rate environment. In this world in which there is a greater consideration for the cost of capital when making financial decisions, we believe that investment decisions driven by fundamentals will be rewarded more heavily than those based on emotion. Furthermore, we believe that with policy uncertainty and geopolitical uncertainty likely to remain elevated, there will be greater return dispersion between winners and losers within each asset class. This backdrop should provide a tailwind to our active approach and offers the potential for even greater diversification benefits from our risk-aware — but not risk averse — multi-manager implementation process.

Thank you for your confidence and your support as shareholders of the Destinations Funds.

Sincerely,

Brian P. Storey, CFA
Investment Officer, Brinker Capital Destinations Trust
April 30, 2024

Diversification neither assures a profit nor guarantees against loss in a declining market.

You cannot invest directly into an index.

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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).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 28.18% compared to a return of 29.81% for the Russell 1000 Index. Stock selection in financials and information technology was the primary positive contributor to relative performance. From a sector allocation perspective, the underweight to utilities and real estate also contributed positively to relative performance. Detracting from the Fund’s relative performance was the underweight to information technology as well as weak stock selection within communication services and consumer discretionary sectors.

Investment Sub-advisers

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.

SSGA Funds Management, Inc.

Seeks to provide exposure to the US large cap equity market by replicating the characteristics and total return performance of the Russell Top 200 Index.

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.

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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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the Russell 1000 Index.

[MISSING IMAGE: lc_largecapequity-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Large Cap Equity Fund Class I		6.88%		28.18%		8.53%		11.93%
Russell 1000 Index		6.87%		29.81%		10.66%		13.33%

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 0.81%, 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.

Effective, April 1, 2024, the Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a Brinker Capital Investments (the “Adviser”), amended its contractual fee waiver such that the Adviser will waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2024 and may be amended or terminated only with the consent of the Board of Trustees.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 12.00% compared to a return of 15.46% for the Russell Midcap Index and 10.05% for the Russell 2000 Index. An underweight to the real estate and financials sectors as well as stock selection within consumer staples and industrials sectors contributed positively to relative performance for the period. Detracting from performance over the period was stock selection within the financials and information technology sectors. An underweight to the information technology sector and an overweight to the health care sector also detracted from relative performance.

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.

SSGA Funds Management, Inc.

Seeks to provide exposure to the US mid cap and small cap equity market by replicating the characteristics and total return performance of a custom index that is comprised of 50% Russell Midcap Index and 50% Russell 2000 Index.

TABLE OF CONTENTS

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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with both the Russell Midcap Index and Russell 2000 Index.

[MISSING IMAGE: lc_smallmidcapequity-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Small-Mid Cap Equity Fund Class I		4.61%		12.00%		2.34%		10.45%
Russell Midcap Index		4.08%		15.46%		5.51%		9.96%
Russell 2000 Index		1.54%		10.05%		-0.94%		7.26%

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 1.14% and 1.04%, 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 10.84% compared to a return of 12.70% for the FTSE All-World ex US Index. From a sector perspective, an underweight to the communication services sector and an overweight to the industrials sector as well as stock selection within the utilities and consumer staples sectors were the largest positive contributors to relative performance. Stock selection within the consumer discretionary and industrials sectors detracted from relative performance. From a geographical perspective, the underweight allocation to Japan and stock selection within the country detracted from performance. Contributing positively to relative performance were underweights to Hong Kong and Australia.

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.

Causeway Capital Management LLC

Utilizes a diverse set of bottom-up and top-down factors to identify international small cap companies that are mispriced relative to underlying business prospects.

Loomis Sayles & Company, L.P.

Seeks to provide long-term growth of capital by investing in a mix of high-quality companies and transitioning quality companies within industries experiencing secular growth.

MFS Investment Management

Employs a contrarian investment process that seeks companies that are undervalued compared to intrinsic value.

SSGA Funds Management, Inc.

Seeks to provide exposure to developed international equity markets by replicating the characteristics and total return performance of the FTSE Developed ex US Index.

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.

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Management’s Discussion of Fund Performance (Unaudited)

Destinations International Equity Fund (concluded)

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.

The following chart compares the value of a hypothetical $10,000 investment in the Destinations International Equity Fund Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the FTSE All-World ex US Index.

[MISSING IMAGE: lc_internationalequity-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations International Equity Fund Class I		-0.23%		10.84%		-2.61%		5.34%
FTSE All-World ex US Index – Net		1.46%		12.70%		1.56%		5.51%

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 were1.24% and 1.03%, 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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 29, 2024, Class I returned 6.00% compared to a return of 11.42% for the FTSE All-World High Dividend Yield Index. An underweight to the consumer staples sector contributed positively to relative performance for the period. Stock selection within the industrials and real estate sectors also contributed positively. Detracting from relative performance were underweight exposures to the consumer discretionary and information technology sectors as well as stock selection within the financials and consumer staples sectors.

Investment Sub-advisers

Federated Equity Management Company of Pennsylvania

Employs a bottom-up, fundamental approach with an emphasis on high-yielding, dividend growing stocks.

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.

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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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the FTSE All-World High Dividend Index.

[MISSING IMAGE: lc_destinationsequity-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Equity Income Fund Class I		1.06%		6.00%		7.95%		6.44%
FTSE All-World High Dividend Yield Index – Net		1.67%		11.42%		6.78%		6.11%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of Class I were 1.06% and 0.96%, 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 3.42% compared to a return of 3.39% for the ICE BofA US Broad Market Index. The overweight exposure to securitized bonds and underweight to Treasuries contributed positively to relative performance for the year. Security selection within securitized investments and corporate credit also benefited performance. Detracting from relative performance was the Fund’s overweight to the long end of the yield curve as well as its underweight to corporate credit.

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.

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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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the ICE BofA US Broad Market Index.

[MISSING IMAGE: lc_corefixedincome-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Core Fixed Income Fund Class I		-1.07%		3.42%		-3.32%		0.23%
ICE BofA US Broad Market Index		-1.49%		3.39%		-3.07%		1.02%

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 0.88% and 0.84%, 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 7.79% compared to a return of 4.63% for the ICE BofA US Corporate & Government (1-3 Yr) Index (Primary Benchmark) and 9.74% for the ICE BofA US High Yield 0-3 Year Index. A significant tilt toward corporate credit and the resulting underweight to Treasury securities contributed positively to relative performance. Additionally, security selection in asset-backed securities and a small allocation to convertible bonds contributed positively to Fund performance for the period. Detracting from relative performance was security selection within the industrials sector.

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.

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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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the ICE BofA US Corporate & Government (1-3 Yr) Index and the ICE BofA US High Yield 0-3 Year Index.

[MISSING IMAGE: lc_lowdurationfixed-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Low Duration Fixed Income Fund Class I		1.17%		7.79%		3.81%		3.09%
ICE BofA US Corporate & Government (1-3 Yr) Index		0.07%		4.63%		0.12%		1.42%
ICE BofA US High Yield 0-3 Year Index		1.03%		9.74%		4.49%		4.63%

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 0.99% and 0.94%, respectively. Performance data current to the most recent month end may be obtained by calling 1.877.771.7979. Returns greater than one year are annualized. One cannot invest directly in an index. The performance table does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Adviser’s fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 8.98% compared to a return of 10.97% for the ICE BofA US High Yield Index. Shorter duration and more conservative positioning than the benchmark detracted from the Fund’s relative performance as high yield spreads continued to grind tighter throughout the year. Additionally, security selection within preferred securities, specifically within banks, detracted from relative performance. Contributing positively to relative performance was security selection within information technology, media, and healthcare sectors as well as the allocation to emerging markets debt.

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.

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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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the ICE BofA US High Yield Index.

[MISSING IMAGE: lc_globalfixedincome-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Global Fixed Income Opportunities Fund Class I		1.92%		8.98%		2.76%		3.45%
ICE BofA US High Yield Index		0.31%		10.97%		1.86%		4.21%

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 1.10% and 0.98%, 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 4.42% compared to 4.29% for the ICE BofA US Municipal Securities 2-12 Year Index (Primary Benchmark) and 4.05% for the ICE BofA US Municipal Securities 1-10 Year Index. The Fund’s yield curve positioning contributed positively to relative performance for the year, benefiting from an overweight to the longer end of the curve. The portfolio’s exposure to BB rated bonds as well as security selection within the transportation sector also benefited relative performance for the year. Detracting from relative performance was security selection within the utilities sector as well as security selection within Florida and Texas.

Investment Sub-advisers

Lord, Abbett & Co, LLC

Seeks to deliver a high level of tax-exempt income by employing a relative value approach and fundamental credit research to a universe of lower-rated municipal bonds.

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.

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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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the ICE BofA US Municipal Securities 2-12 Year Index and the ICE BofA US Municipal Securities 1-10 Year Index.

[MISSING IMAGE: lc_municipalfixed-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Municipal Fixed Income Fund Class I		0.17%		4.42%		-0.18%		1.38%
ICE BofA US Municipal Securities 2-12 Year Index		-0.18%		4.29%		0.03%		2.00%
ICE BofA US Municipal Securities 1-10 Year Index		-0.12%		4.05%		0.12%		1.77%

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 0.94% 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds, including open-end funds, closed-end funds, and exchange-traded funds (ETFs).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 10.51% compared to a return of 8.10% for the Morningstar Broad Hedge Fund Index. The Fund’s exposure to mortgage credit risk transfer securities and collateralized loan obligations through the relative value credit strategy contributed positively to performance for the year. Additionally, security selection within the long health care positions in the event driven strategy benefited performance. The Fund’s short position in biotech and bank ETFs, utilized as hedges within the event driven strategy, detracted from performance for the year.

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.

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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 Class I from its inception (March 20, 2017) to February 29, 2024 as compared with the Morningstar Broad Hedge Fund Index.

[MISSING IMAGE: lc_multistrategyalterna-bw.jpg]

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (3/20/2017)
Destinations Multi Strategy Alternatives Fund Class I		1.36%		10.51%		4.46%		4.73%
Morningstar Broad Hedge Fund Index		3.59%		8.10%		12.32%		8.27%

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 1.85% and 1.42%, 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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Management’s Discussion of Fund Performance (Unaudited)

Destinations Shelter Fund

Investment Objective

The investment objective of the Destinations Shelter Fund (the “Fund”) is capital appreciation with lower volatility than broad equity markets.

Investment Strategy

The Fund employs a strategy intended to provide capital appreciation through broad exposure to equity markets with a lower volatility profile than long-only equity strategies through the implementation of a hedging strategy that uses index options to seek to limit the magnitude of negative returns during a declining equity market. The Fund will use derivative investments primarily for hedging purposes. The Fund may employ a multi-manager sub-advised structure. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds, including open-end funds, closed-end funds, and exchange-traded funds (ETFs).

Investment Commentary

For the fiscal year ending February 29, 2024, Class I returned 20.91% compared to a return of 29.81% for the Russell 1000 Index and 30.45% for the S&P 500 Index. The Fund’s index replication portfolio outperformed the benchmark and contributed positively to performance for the year. The information technology sector was the biggest source of outperformance. Within the options portfolio, a long put that expired in October also contributed positively to performance. Detracting from relative performance were call options that were sold to provide capital for purchasing downside protection as the market generally moved higher throughout the year.

Investment Sub-advisers

Gateway Investment Advisers, LLC

Employs a low-volatility equity strategy that seeks to protect its index-tracking equity portfolio by purchasing a laddered portfolio of index put spreads that are partially funded by selling index call options.

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Management’s Discussion of Fund Performance (Unaudited)

Destinations Shelter Fund (concluded)

The following chart compares the value of a hypothetical $10,000 investment in the Destinations Shelter Fund Class I from its inception (October 26, 2021) to February 29, 2024 as compared with the Russell 1000 Index and the S&P 500 Index.

Average Total Returns as of February 29, 2024

	YTD		1 Year		3 Year		Since Inception (10/26/2021)
Destinations Shelter Fund Class I		5.22%		20.91%				2.41%
Russell 1000 Index		6.87%		29.81%		10.66%		5.29%
S&P 500 Index		7.11%		30.45%		11.91%		6.40%

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 1.19% and 1.13%, 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.

Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

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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, 2023 and held for the six months ended February 29, 2024.

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		14.55%		$	1,000.00		$	1,145.50		0.77%		$	4.11
Destinations Large Cap Equity Fund – Class Z		14.71%			1,000.00			1,147.12		0.62%			3.31
Destinations Small-Mid Cap Equity Fund – Class I		9.95%			1,000.00			1,099.52		1.06%			5.53
Destinations Small-Mid Cap Equity Fund – Class Z		10.10%			1,000.00			1,101.03		0.91%			4.75
Destinations International Equity Fund – Class I		5.44%			1,000.00			1,054.41		1.09%			5.57
Destinations International Equity Fund – Class Z		5.53%			1,000.00			1,055.27		0.94%			4.80
Destinations Equity Income Fund – Class I		5.74%			1,000.00			1,057.42		0.99%			5.06
Destinations Equity Income Fund – Class Z		5.75%			1,000.00			1,057.47		0.84%			4.30
Destinations Core Fixed Income Fund – Class I		2.64%			1,000.00			1,026.42		0.79%			3.98
Destinations Core Fixed Income Fund – Class Z		2.64%			1,000.00			1,026.37		0.64%			3.22
Destinations Low Duration Fixed Income Fund – Class I		4.87%			1,000.00			1,048.75		0.92%			4.69
Destinations Low Duration Fixed Income Fund – Class Z		4.93%			1,000.00			1,049.31		0.77%			3.92
Destinations Global Fixed Income Opportunities Fund – Class I		6.25%			1,000.00			1,062.51		1.04%			5.33
Destinations Global Fixed Income Opportunities Fund – Class Z		6.31%			1,000.00			1,063.06		0.89%			4.57
Destinations Municipal Fixed Income Fund – Class I		3.44%			1,000.00			1,034.41		0.78%			3.95
Destinations Municipal Fixed Income Fund – Class Z		3.51%			1,000.00			1,035.07		0.63%			3.19
Destinations Multi Strategy Alternatives Fund – Class I		6.41%			1,000.00			1,064.07		1.17%			6.00
Destinations Multi Strategy Alternatives Fund – Class Z		6.46%			1,000.00			1,064.58		1.02%			5.24
Destinations Shelter Fund – Class I		8.50%			1,000.00			1,085.01		1.16%			6.01
Destinations Shelter Fund – Class Z		8.59%			1,000.00			1,085.86		1.01%			5.24

(1)

For the six months ended February 29, 2024.

(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 (182 days for Class I and Class Z) in the most recent period, then divided by 366 (to reflect the period).

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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		$	1,021.03		0.77%		$	3.87
Destinations Large Cap Equity Fund – Class Z		5.00%			1,000.00			1,021.78		0.62%			3.12
Destinations Small-Mid Cap Equity Fund – Class I		5.00%			1,000.00			1,019.59		1.06%			5.32
Destinations Small-Mid Cap Equity Fund – Class Z		5.00%			1,000.00			1,020.34		0.91%			4.57
Destinations International Equity Fund – Class I		5.00%			1,000.00			1,019.44		1.09%			5.47
Destinations International Equity Fund – Class Z		5.00%			1,000.00			1,020.19		0.94%			4.72
Destinations Equity Income Fund – Class I		5.00%			1,000.00			1,019.94		0.99%			4.97
Destinations Equity Income Fund – Class Z		5.00%			1,000.00			1,020.69		0.84%			4.22
Destinations Core Fixed Income Fund – Class I		5.00%			1,000.00			1,020.93		0.79%			3.97
Destinations Core Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.68		0.64%			3.22
Destinations Low Duration Fixed Income Fund – Class I		5.00%			1,000.00			1,020.29		0.92%			4.62
Destinations Low Duration Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.03		0.77%			3.87
Destinations Global Fixed Income Opportunities Fund – Class I		5.00%			1,000.00			1,019.69		1.04%			5.22
Destinations Global Fixed Income Opportunities Fund – Class Z		5.00%			1,000.00			1,020.44		0.89%			4.47
Destinations Municipal Fixed Income Fund – Class I		5.00%			1,000.00			1,020.98		0.78%			3.92
Destinations Municipal Fixed Income Fund – Class Z		5.00%			1,000.00			1,021.73		0.63%			3.17
Destinations Multi Strategy Alternatives Fund – Class I		5.00%			1,000.00			1,019.05		1.17%			5.87
Destinations Multi Strategy Alternatives Fund – Class Z		5.00%			1,000.00			1,019.79		1.02%			5.12
Destinations Shelter Fund – Class I		5.00%			1,000.00			1,019.10		1.16%			5.82
Destinations Shelter Fund – Class Z		5.00%			1,000.00			1,019.84		1.01%			5.07

(1)

For the six months ended February 29, 2024.

(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 (182 days for Class I and Class Z) in the period, then divided by 366 (to reflect the period).

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Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 98.0%
BASIC MATERIALS – 1.9%
Chemicals – 1.0%
	3,727	Air Products & Chemicals Inc.		$	872,267
	126,278	CF Industries Holdings Inc.			10,193,160
	12,000	Dow Inc.			670,560
	59,954	Eastman Chemical Co.			5,260,364
	4,216	Ecolab Inc.			947,925
	54,693	Linde PLC			24,547,312
	4,028	Sherwin-Williams Co.			1,337,417
		Total Chemicals			43,829,005
Forest Products & Paper – 0.1%
	140,069	International Paper Co.			4,952,840
Mining – 0.8%
	415,315	Freeport-McMoRan Inc.			15,703,060
	478,771	Newmont Corp.			14,961,594
	1,400	Southern Copper Corp.			113,204
		Total Mining			30,777,858
		TOTAL BASIC MATERIALS			79,559,703
COMMUNICATIONS – 11.8%
Advertising – 0.3%
	341,705	Interpublic Group of Cos., Inc.			10,729,537
Internet – 9.7%
	6,900	Airbnb Inc., Class A Shares*			1,086,543
	836,615	Alphabet Inc., Class A Shares*			115,837,713
	235,455	Alphabet Inc., Class C Shares*			32,911,900
	788,196	Amazon.com Inc.*			139,321,525
	6,128	Booking Holdings Inc.*			21,256,990
	70,410	Etsy Inc.*			5,047,693
	360,066	Match Group Inc.*			12,976,779
	37,660	Meta Platforms Inc., Class A Shares			18,458,296
	7,363	Netflix Inc.*			4,439,300
	134,670	Palo Alto Networks Inc.*			41,821,768
	167,478	Uber Technologies Inc.*			13,314,501
	25,054	VeriSign Inc.*			4,892,796
		Total Internet			411,365,804
Media – 0.3%
	1,672	Charter Communications Inc., Class A Shares*			491,451
	67,793	Comcast Corp., Class A Shares			2,904,930
	171,535	Fox Corp., Class A Shares			5,110,028
	31,085	Walt Disney Co.			3,468,464
		Total Media			11,974,873

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Telecommunications – 1.5%
	4,214	Arista Networks Inc.*		$	1,169,554
	986,234	AT&T Inc.			16,696,942
	451,479	Cisco Systems Inc.			21,838,039
	19,432	Motorola Solutions Inc.			6,420,138
	97,868	T-Mobile US Inc.			15,981,844
	71,472	Verizon Communications Inc.			2,860,309
		Total Telecommunications			64,966,826
		TOTAL COMMUNICATIONS			499,037,040
CONSUMER CYCLICAL – 11.7%
Airlines – 0.6%
	429,846	Delta Air Lines Inc.			18,169,591
	118,865	United Airlines Holdings Inc.*			5,407,169
		Total Airlines			23,576,760
Apparel – 0.8%
	302,567	NIKE Inc., Class B Shares			31,445,788
Auto Manufacturers – 0.6%
	21,992	Cummins Inc.			5,907,271
	66,587	Ford Motor Co.			828,342
	267,900	General Motors Co.			10,978,542
	46,866	Tesla Inc.*			9,461,308
		Total Auto Manufacturers			27,175,463
Auto Parts & Equipment – 0.2%
	111,104	Aptiv PLC*			8,831,657
Distribution/Wholesale – 2.0%
	382,826	Copart Inc.*			20,347,202
	79,584	Ferguson PLC			16,828,037
	883,228	LKQ Corp.			46,183,992
		Total Distribution/Wholesale			83,359,231
Entertainment – 1.1%
	311,762	International Game Technology PLC			8,470,574
	226,969	Live Nation Entertainment Inc.*			22,011,454
	73,343	Vail Resorts Inc.			16,891,626
		Total Entertainment			47,373,654
Home Furnishings – 0.2%
	104,285	Dolby Laboratories Inc., Class A Shares			8,447,085
Lodging – 0.5%
	370,147	Las Vegas Sands Corp.			20,180,415
	4,092	Marriott International Inc., Class A Shares			1,022,468
		Total Lodging			21,202,883

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – 5.7%
	320	AutoZone Inc.*		$	961,927
	583,657	BJ’s Wholesale Club Holdings Inc.*			42,630,307
	42,241	Casey’s General Stores Inc.			12,861,962
	17,720	Chipotle Mexican Grill Inc., Class A Shares*			47,645,005
	64,599	Costco Wholesale Corp.			48,054,550
	3,738	Dollar General Corp.			543,169
	12,704	Domino’s Pizza Inc.			5,695,838
	17,023	Home Depot Inc.			6,479,124
	9,769	Lowe’s Cos., Inc.			2,351,105
	29,313	Lululemon Athletica Inc.*			13,691,809
	12,366	McDonald’s Corp.			3,614,335
	29,305	O’Reilly Automotive Inc.*			31,866,843
	119,726	Starbucks Corp.			11,361,997
	7,773	Target Corp.			1,188,647
	19,566	TJX Cos., Inc.			1,939,773
	72,825	Walmart Inc.			4,268,273
	40,719	Yum! Brands Inc.			5,636,324
		Total Retail			240,790,988
		TOTAL CONSUMER CYCLICAL			492,203,509
CONSUMER NON-CYCLICAL – 20.1%
Agriculture – 0.3%
	30,300	Altria Group Inc.			1,239,573
	9,108	Archer-Daniels-Midland Co.			483,726
	130,548	Darling Ingredients Inc.*			5,523,486
	98,370	Philip Morris International Inc.			8,849,365
		Total Agriculture			16,096,150
Beverages – 1.5%
	88,092	Brown-Forman Corp., Class B Shares			5,305,781
	66,117	Coca-Cola Co.			3,968,342
	2,690	Constellation Brands Inc., Class A Shares			668,519
	906,721	Keurig Dr Pepper Inc.			27,120,025
	358,909	Monster Beverage Corp.*			21,211,522
	23,391	PepsiCo Inc.			3,867,468
		Total Beverages			62,141,657
Biotechnology – 2.2%
	25,286	Alnylam Pharmaceuticals Inc.*			3,820,462
	43,848	Amgen Inc.			12,006,898
	38,439	Biogen Inc.*			8,340,879
	264,156	BioMarin Pharmaceutical Inc.*			22,791,380
	83,497	Gilead Sciences Inc.			6,020,134

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	88,045	Illumina Inc.*		$	12,311,332
	82,024	Incyte Corp.*			4,786,921
	5,600	Moderna Inc.*			516,544
	13,894	Regeneron Pharmaceuticals Inc.*			13,422,854
	16,799	Vertex Pharmaceuticals Inc.*			7,068,011
		Total Biotechnology			91,085,415
Commercial Services – 1.4%
	7,036	Automatic Data Processing Inc.			1,766,951
	330,013	CoStar Group Inc.*			28,721,031
	21,488	Equifax Inc.			5,878,902
	2,654	Moody’s Corp.			1,006,981
	18,689	PayPal Holdings Inc.*			1,127,694
	72,935	Quanta Services Inc.			17,614,532
	5,512	S&P Global Inc.			2,361,231
		Total Commercial Services			58,477,322
Cosmetics/Personal Care – 0.6%
	13,920	Colgate-Palmolive Co.			1,204,358
	3,897	Estee Lauder Cos., Inc., Class A Shares			579,016
	828,736	Kenvue Inc.			15,745,984
	39,985	Procter & Gamble Co.			6,355,216
		Total Cosmetics/Personal Care			23,884,574
Food – 2.0%
	9,820	General Mills Inc.			630,248
	2,577	Hershey Co.			484,270
	13,634	Kraft Heinz Co.			481,007
	661,934	Kroger Co.			32,838,546
	23,069	Mondelez International Inc., Class A Shares			1,685,652
	500,071	Nestle SA, ADR			51,992,382
	8,619	Sysco Corp.			697,880
		Total Food			88,809,985
Healthcare-Products – 5.4%
	29,375	Abbott Laboratories			3,485,050
	73,514	Agilent Technologies Inc.			10,097,883
	109,400	Alcon Inc.			9,249,770
	201,323	Boston Scientific Corp.*			13,329,596
	137,148	Danaher Corp.			34,717,645
	79,344	Edwards Lifesciences Corp.*			6,733,925
	168,324	Exact Sciences Corp.*			9,683,680
	315,212	GE HealthCare Technologies Inc.			28,772,551
	165,531	Globus Medical Inc., Class A Shares*			8,937,019

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Products – (continued)
	93,321	Insulet Corp.*		$	15,304,644
	137,051	Intuitive Surgical Inc.*			52,846,866
	315,163	Medtronic PLC			26,271,988
	6,070	Stryker Corp.			2,118,855
	6,630	Thermo Fisher Scientific Inc.			3,780,293
		Total Healthcare-Products			225,329,765
Healthcare-Services – 3.3%
	173,099	Centene Corp.*			13,576,155
	47,984	DaVita Inc.*			6,092,528
	48,273	Elevance Health Inc.			24,196,841
	3,406	HCA Healthcare Inc.			1,061,650
	2,116	Humana Inc.			741,277
	23,344	Laboratory Corp. of America Holdings			5,038,336
	13,857	Molina Healthcare Inc.*			5,458,411
	166,433	UnitedHealth Group Inc.			82,151,329
		Total Healthcare-Services			138,316,527
Household Products/Wares – 0.0%
	5,673	Kimberly-Clark Corp.			687,397
Pharmaceuticals – 3.4%
	84,371	AbbVie Inc.			14,853,515
	98,290	Becton Dickinson & Co.			23,152,209
	34,578	Bristol-Myers Squibb Co.			1,754,833
	4,988	Cigna Group			1,676,666
	21,709	CVS Health Corp.			1,614,498
	120,805	DexCom Inc.*			13,901,031
	55,057	Eli Lilly & Co.			41,495,360
	40,971	Johnson & Johnson			6,611,900
	2,303	McKesson Corp.			1,200,807
	43,177	Merck & Co., Inc.			5,489,956
	95,928	Pfizer Inc.			2,547,848
	190,298	Sanofi SA, ADR			9,105,759
	96,634	Zoetis Inc., Class A Shares			19,165,421
		Total Pharmaceuticals			142,569,803
		TOTAL CONSUMER NON-CYCLICAL			847,398,595
ENERGY – 4.0%
Oil & Gas – 4.0%
	29,258	Chevron Corp.			4,447,509
	225,074	ConocoPhillips			25,329,828
	35,161	Diamondback Energy Inc.			6,417,586
	167,770	EOG Resources Inc.			19,202,954

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Oil & Gas – (continued)
	474,265	EQT Corp.		$	17,618,945
	68,763	Exxon Mobil Corp.			7,187,109
	81,771	Marathon Petroleum Corp.			13,838,106
	282,961	Occidental Petroleum Corp.			17,150,266
	117,840	Phillips 66			16,793,378
	3,941	Pioneer Natural Resources Co.			926,884
	653,217	Suncor Energy Inc.			22,444,536
	220,069	Valaris Ltd.*			13,875,350
	5,753	Valero Energy Corp.			813,819
		Total Oil & Gas			166,046,270
Oil & Gas Services – 0.0%
	24,206	Schlumberger NV			1,169,876
Pipelines – 0.0%
	33,294	Kinder Morgan Inc.			578,983
		TOTAL ENERGY			167,795,129
FINANCIAL – 16.4%
Banks – 3.4%
	436,816	Bank of America Corp.			15,078,888
	291,760	Citigroup Inc.			16,189,762
	564,096	First Horizon Corp.			7,953,754
	67,664	Goldman Sachs Group Inc.			26,324,679
	288,981	JPMorgan Chase & Co.			53,767,805
	101,638	Morgan Stanley			8,744,934
	6,738	PNC Financial Services Group Inc.			991,834
	223,859	Truist Financial Corp.			7,830,588
	26,463	US Bancorp			1,110,388
	62,330	Wells Fargo & Co.			3,464,925
		Total Banks			141,457,557
Diversified Financial Services – 4.5%
	9,862	American Express Co.			2,163,920
	11,735	Ameriprise Financial Inc.			4,780,370
	573,140	Ant Group Co., Ltd.(a)(b)			561,219
	162,853	Apollo Global Management Inc.			18,206,965
	2,497	BlackRock Inc., Class A Shares			2,025,916
	6,394	Capital One Financial Corp.			879,878
	244,503	Charles Schwab Corp.			16,327,910
	111,777	CME Group Inc., Class A Shares			24,630,062
	9,595	Intercontinental Exchange Inc.			1,328,140
	37,347	LPL Financial Holdings Inc.			10,004,888
	23,752	Maplebear Inc.*(a)(b)@			772,890

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Diversified Financial Services – (continued)
	117,212	Mastercard Inc., Class A Shares		$	55,647,569
	134,931	Visa Inc., Class A Shares			38,136,898
	211,535	Voya Financial Inc.			14,460,533
		Total Diversified Financial Services			189,927,158
Equity Real Estate Investment Trusts (REITs) – 0.3%
	7,911	American Tower Corp.			1,573,181
	7,373	Crown Castle Inc.			810,588
	1,578	Equinix Inc.			1,402,558
	15,663	Prologis Inc.			2,087,408
	2,658	Public Storage			754,526
	155,513	Weyerhaeuser Co.			5,346,537
		Total Equity Real Estate Investment Trusts (REITs)			11,974,798
Insurance – 6.9%
	130,854	Allstate Corp.			20,873,830
	181,184	American International Group Inc.			13,206,502
	18,796	Aon PLC, Class A Shares			5,939,348
	82,441	Assurant Inc.			14,958,919
	237,942	Berkshire Hathaway Inc., Class B Shares*			97,413,455
	6,941	Chubb Ltd.			1,746,841
	43,717	Fairfax Financial Holdings Ltd.(a)			46,548,550
	8,427	Marsh & McLennan Cos., Inc.			1,704,529
	10,729	MetLife Inc.			748,240
	129,153	Progressive Corp.			24,482,243
	83,736	RenaissanceRe Holdings Ltd.			18,825,528
	3,893	Travelers Cos., Inc.			860,197
	166,543	Willis Towers Watson PLC			45,401,287
		Total Insurance			292,709,469
Private Equity – 1.3%
	12,100	Blackstone Inc.			1,546,622
	409,346	Carlyle Group Inc.			18,768,514
	344,978	KKR & Co., Inc.			33,897,538
		Total Private Equity			54,212,674
		TOTAL FINANCIAL			690,281,656
INDUSTRIAL – 7.5%
Aerospace/Defense – 1.8%
	78,113	Boeing Co.*			15,913,180
	25,088	General Dynamics Corp.			6,855,296
	168,241	Howmet Aerospace Inc.			11,196,439
	57,293	L3Harris Technologies Inc.			12,126,636
	15,317	Lockheed Martin Corp.			6,559,352

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Aerospace/Defense – (continued)
	35,789	Northrop Grumman Corp.		$	16,499,445
	24,434	RTX Corp.			2,190,997
		Total Aerospace/Defense			71,341,345
Building Materials – 2.7%
	771,249	CRH PLC			65,024,003
	218,075	Johnson Controls International PLC			12,925,305
	32,656	Martin Marietta Materials Inc.			18,865,698
	45,545	Trane Technologies PLC			12,842,324
	18,293	Vulcan Materials Co.			4,863,194
		Total Building Materials			114,520,524
Electrical Components & Equipment – 0.3%
	42,969	Eaton Corp. PLC			12,418,041
	9,687	Emerson Electric Co.			1,035,056
		Total Electrical Components & Equipment			13,453,097
Electronics – 0.3%
	11,295	Honeywell International Inc.			2,244,655
	27,700	Hubbell Inc., Class B Shares			10,544,559
		Total Electronics			12,789,214
Environmental Control – 0.3%
	128,972	Veralto Corp.			11,145,760
	6,921	Waste Management Inc.			1,423,304
		Total Environmental Control			12,569,064
Machinery-Construction & Mining – 0.1%
	8,713	Caterpillar Inc.			2,909,794
Machinery-Diversified – 0.0%
	4,481	Deere & Co.			1,635,789
Miscellaneous Manufacturers – 1.2%
	9,300	3M Co.			856,716
	65,370	AO Smith Corp.			5,419,173
	21,127	Axon Enterprise Inc.*			6,493,806
	79,566	Carlisle Cos., Inc.			27,848,100
	18,381	General Electric Co.			2,883,795
	5,034	Illinois Tool Works Inc.			1,319,663
	67,284	Textron Inc.			5,992,986
		Total Miscellaneous Manufacturers			50,814,239
Shipbuilding – 0.1%
	20,809	Huntington Ingalls Industries Inc.			6,068,321
Transportation – 0.7%
	33,516	CSX Corp.			1,271,597
	64,361	FedEx Corp.			16,023,958

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – (continued)
	3,869	Norfolk Southern Corp.		$	980,327
	10,383	Union Pacific Corp.			2,634,063
	44,979	United Parcel Service Inc., Class B Shares			6,668,587
		Total Transportation			27,578,532
		TOTAL INDUSTRIAL			313,679,919
TECHNOLOGY – 23.4%
Computers – 3.4%
	100,597	Accenture PLC, Class A Shares			37,701,744
	250,877	Apple Inc.			45,346,018
	26,876	CACI International Inc., Class A Shares*			10,074,469
	60,070	Crowdstrike Holdings Inc., Class A Shares*			19,471,691
	96,877	Fortinet Inc.*			6,695,169
	98,964	International Business Machines Corp.			18,311,309
	47,954	Leidos Holdings Inc.			6,131,398
		Total Computers			143,731,798
Semiconductors – 8.0%
	273,186	Advanced Micro Devices Inc.*			52,596,501
	8,414	Analog Devices Inc.			1,613,973
	148,261	Applied Materials Inc.			29,892,383
	7,303	Broadcom Inc.			9,497,478
	268,770	Intel Corp.			11,570,549
	2,315	KLA Corp.			1,579,525
	25,478	Lam Research Corp.			23,904,734
	201,458	Micron Technology Inc.			18,254,109
	185,494	NVIDIA Corp.			146,748,013
	109,350	ON Semiconductor Corp.*			8,629,902
	50,349	Qorvo Inc.*			5,767,478
	56,735	QUALCOMM Inc.			8,952,216
	115,747	Texas Instruments Inc.			19,367,946
		Total Semiconductors			338,374,807
Software – 12.0%
	39,543	Adobe Inc.*			22,155,152
	81,557	Akamai Technologies Inc.*			9,046,302
	2,600	Atlassian Corp., Class A Shares*			539,292
	3,681	Autodesk Inc.*			950,324
	4,610	Cadence Design Systems Inc.*			1,403,192
	575	Canva Inc.*(a)(b)@			612,444
	1,271	Celonis SE*(a)(b)@			577,581
	267,293	Dynatrace Inc.*			13,244,368
	3,796	Epic Games Inc., Private Placement*(a)(b)@			2,145,955

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	4,384	Fair Isaac Corp.*		$	5,567,285
	215,660	Fiserv Inc.*			32,191,568
	84,272	Intuit Inc.			55,863,066
	835	Magic Leap Inc., Series D, Private Placement*(a)(b)@			4,300
	529,328	Microsoft Corp.			218,951,234
	32,461	MSCI Inc., Class A Shares			18,209,647
	26,160	Oracle Corp.			2,921,549
	1,777	Roper Technologies Inc.			967,985
	121,496	Salesforce Inc.*			37,520,395
	68,166	ServiceNow Inc.*			52,579,162
	5,300	Snowflake Inc., Class A Shares*			997,884
	20,012	Stripe Inc., Class B Shares, Private Placement*(a)(b)@			382,029
	2,617	Synopsys Inc.*			1,501,451
	112,557	Veeva Systems Inc., Class A Shares*			25,382,729
	3,400	Workday Inc., Class A Shares*			1,001,844
		Total Software			504,716,738
		TOTAL TECHNOLOGY			986,823,343
UTILITIES – 1.2%
Electric – 1.2%
	8,765	American Electric Power Co., Inc.			746,690
	105,116	Constellation Energy Corp.			17,706,790
	14,205	Dominion Energy Inc.			679,425
	13,042	Duke Energy Corp.			1,197,647
	16,881	Exelon Corp.			605,015
	292,219	IDACORP Inc.			25,747,416
	34,346	NextEra Energy Inc.			1,895,556
	10,706	Sempra			755,844
	18,477	Southern Co.			1,242,578
		Total Electric			50,576,961
		TOTAL UTILITIES			50,576,961
		TOTAL COMMON STOCKS (Cost – $2,859,659,427)			4,127,355,855
EXCHANGE TRADED FUND (ETF) – 0.8%
	118,232	Vanguard Mega Capital Growth(c) (Cost – $25,676,644)			33,597,987

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Shares/Units		Security	Value
PREFERRED STOCKS – 0.1%
CONSUMER CYCLICAL – 0.0%
Auto Manufacturers – 0.0%
	21,292	Sila Nanotechnologies Inc., Series F, Private Placement*(a)(b)@		$	547,204
	9,549	Waymo LLC, Series A2, Private Placement*(a)(b)@			529,683
		Total Auto Manufacturers			1,076,887
		TOTAL CONSUMER CYCLICAL			1,076,887
INDUSTRIAL – 0.0%
Electrical Components & Equipment – 0.0%
	48,400	GM Cruise Holdings LLC, Class F Shares, Private Placement*(a)(b)@			539,660
	39,865	GM Cruise Holdings LLC, Class G Shares, Private Placement*(a)(b)@			532,198
		Total Electrical Components & Equipment			1,071,858
Environmental Control – 0.0%
	23,420	Redwood Materials Inc., Series C, Private Placement*(a)(b)@			995,350
Machinery – 0.0%
	108,389	Nuro Inc., Series C, Private Placement*(a)(b)@			725,123
	26,242	Nuro Inc., Series D*(a)(b)@			246,150
		Total Machinery			971,273
		TOTAL INDUSTRIAL			3,038,481
TECHNOLOGY – 0.1%
Software – 0.1%
	27	Canva Inc., Series A, Private Placement*(a)(b)@			28,758
	10	Canva Inc., Series A-3, Private Placement*(a)(b)@			10,665
	1	Canva Inc., Series A-4, Private Placement*(a)(b)@			1,068
	3,788	Celonis SE, Series D*(a)(b)@			1,721,381
	6,765	Formagrid Inc.*(a)(b)@			686,850
	20,620	Rappi Inc., Series E, Private Placement*(a)(b)@			1,259,057
		Total Software			3,707,779
		TOTAL TECHNOLOGY			3,707,779
		TOTAL PREFERRED STOCKS (Cost – $10,669,134)			7,823,147
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $2,896,005,205)			4,168,776,989

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

Face Amount†			Security	Value
SHORT-TERM INVESTMENTS – 1.2%
TIME DEPOSITS – 1.2%
	$	24,286,278	ANZ National Bank – London, 4.680% due 3/1/24		$	24,286,278
		14,602,081	Barclays Bank PLC – London, 4.680% due 3/1/24			14,602,081
		92,050EUR	Citibank – London, 2.820% due 3/1/24			99,488
		8,504,408	Citibank – New York, 4.680% due 3/1/24			8,504,408
		2,299,312	JPMorgan Chase & Co. – New York, 4.680% due 3/1/24			2,299,312
		4GBP	Royal Bank of Canada – London, 4.150% due 3/1/24			6
		2,851,875	Skandinaviska Enskilda Banken AB – Stockholm, 4.680% due 3/1/24			2,851,875
			TOTAL TIME DEPOSITS (Cost – $52,643,448)			52,643,448

Shares/Units
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.4%
MONEY MARKET FUND – 0.4%
	13,766,400	Federated Government Obligations Fund, Premier Class, 5.162%(d) (Cost – $13,766,400)		13,766,400
		TOTAL INVESTMENTS – 100.5% (Cost – $2,962,415,053)		4,235,186,837
		Liabilities in Excess of Other Assets – (0.5)%		(19,387,899)
		TOTAL NET ASSETS – 100.0%	$	4,215,798,938

†

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

Non-income producing security.

(a)

Illiquid security. The aggregate value of illiquid holdings at February 29, 2024, amounts to $59,428,115 and represents 1.41% of net assets.

(b)

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

(c)

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

(d)

Represents investment of collateral received from securities lending transactions.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (continued)

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

Security	First Acquisition Date		First Acquisition Cost			Market Value			Percent of Net Assets
Canva Inc.		12/17/2021		$	589,640		$	612,444		0.01%
Canva Inc., Series A, Private Placement		12/17/2021			46,012			28,758		0.00%*
Canva Inc., Series A-3, Private Placement		12/17/2021			17,042			10,665		0.00%*
Canva Inc., Series A-4, Private Placement		12/17/2021			1,704			1,068		0.00%*
Celonis SE		6/17/2021			470,003			577,581		0.01%
Celonis SE, Series D		6/17/2021			1,225,484			1,721,381		0.04%
Epic Games Inc., Private Placement		6/18/2020			1,665,200			2,145,955		0.05%
Formagrid Inc.		12/8/2021			1,266,980			686,850		0.02%
GM Cruise Holdings LLC, Class F Shares, Private Placement		5/7/2019			883,300			539,660		0.01%
GM Cruise Holdings LLC, Class G Shares, Private Placement		1/21/2021			1,050,443			532,198		0.01%
Magic Leap Inc., Series D, Private Placement		10/12/2017			406,539			4,300		0.00%*
Maplebear Inc.		7/2/2020			655,877			772,890		0.02%
Nuro Inc., Series C, Private Placement		10/30/2020			940,662			725,123		0.02%
Nuro Inc., Series D		10/29/2021			547,033			246,150		0.01%
Rappi Inc., Series E, Private Placement		9/8/2020			492,486			1,259,057		0.03%
Redwood Materials Inc., Series C, Private Placement		5/28/2021			1,110,190			995,350		0.02%
Sila Nanotechnologies Inc., Series F, Private Placement		1/7/2021			878,780			547,204		0.01%
Stripe Inc., Class B Shares, Private Placement		12/17/2019			156,994			382,029		0.01%
Waymo LLC, Series A2, Private Placement		5/8/2020			819,946			529,683		0.01%
Total							$	12,318,346		0.28%

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^

	Technology					23.4%
	Consumer Non-cyclical					20.0
	Financial					16.3
	Communications					11.8
	Consumer Cyclical					11.6
	Industrial					7.5
	Energy					4.0
	Basic Materials					1.9
	Utilities					1.2
	Exchange Traded Funds (ETF)					0.8
	Short-Term Investments					1.2
	Money Market Fund					0.3
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Large Cap Equity Fund (concluded)

At February 29, 2024, Destinations Large Cap Equity Fund had open exchange traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amounts			Market Value			Unrealized Appreciation
Contracts to Buy:
S&P 500 E-mini Index March Futures		8		3/24		$	1,851,362		$	2,041,500		$	190,138

At February 29, 2024, Destinations Large Cap Equity Fund had deposited cash of $77,198 with a broker or brokers as margin collateral on open exchange traded futures contracts.

Currency Abbreviations used in this schedule:

EUR

— Euro

GBP

— British Pound

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 93.8%
BASIC MATERIALS – 4.0%
Chemicals – 2.9%
	476	AdvanSix Inc.		$	13,319
	17,000	Air Products & Chemicals Inc.			3,978,680
	490	Albemarle Corp.			67,547
	489	American Vanguard Corp.			5,242
	412,937	Arcadium Lithium PLC*			2,267,024
	44,502	Ashland Inc.			4,167,167
	1,592	Avient Corp.			64,444
	90,369	Axalta Coating Systems Ltd.*			2,957,777
	562	Balchem Corp.			88,341
	32,799	Cabot Corp.			2,786,275
	415	Celanese Corp., Class A Shares			63,068
	819	CF Industries Holdings Inc.			66,110
	633	Chemours Co.			12,451
	1,174	Codexis Inc.*			5,459
	1,621	Danimer Scientific Inc.*			2,172
	1,919	DuPont de Nemours Inc.			132,776
	499	Eastman Chemical Co.			43,782
	1,704	Ecovyst Inc.*			16,444
	950	Element Solutions Inc.			22,325
	526	FMC Corp.			29,661
	345	Hawkins Inc.			24,236
	951	HB Fuller Co.			75,633
	721	Huntsman Corp.			18,458
	55,556	Ingevity Corp.*			2,537,798
	13,391	Innospec Inc.			1,664,100
	1,070	International Flavors & Fragrances Inc.			80,785
	193	Intrepid Potash Inc.*			4,068
	362	Koppers Holdings Inc.			20,496
	408	Kronos Worldwide Inc.			3,709
	2,095	Lightwave Logic Inc.*			8,820
	1,082	LyondellBasell Industries NV, Class A Shares			108,503
	981	Mativ Holdings Inc.			17,040
	576	Minerals Technologies Inc.			41,679
	1,390	Mosaic Co.			43,312
	27	NewMarket Corp.			17,325
	89	Oil-Dri Corp. of America			6,345
	546	Olin Corp.			29,375
	999	Orion SA			22,518
	2,800	Perimeter Solutions SA*			17,024

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
BASIC MATERIALS – (continued)
Chemicals – (continued)
	23,681	PPG Industries Inc.		$	3,353,230
	245	Quaker Chemical Corp.			49,123
	1,165	Rayonier Advanced Materials Inc.*			3,949
	306	Rogers Corp.*			34,293
	534	RPM International Inc.			61,597
	743	Sensient Technologies Corp.			49,692
	378	Stepan Co.			33,718
	632	Trinseo PLC			2,844
	2,076	Tronox Holdings PLC			30,517
	138	Westlake Corp.			19,142
		Total Chemicals			25,169,393
Forest Products & Paper – 0.0%
	1,454	International Paper Co.			51,413
	645	Sylvamo Corp.			38,964
		Total Forest Products & Paper			90,377
Iron/Steel – 0.1%
	2,348	ATI Inc.*			115,475
	848	Carpenter Technology Corp.			54,823
	2,142	Cleveland-Cliffs Inc.*			44,554
	2,130	Commercial Metals Co.			115,020
	227	Haynes International Inc.			13,491
	1,024	Nucor Corp.			196,915
	466	Radius Recycling Inc.			9,208
	245	Reliance Inc.			78,699
	643	Steel Dynamics Inc.			86,046
	934	United States Steel Corp.			44,216
	544	Worthington Steel Inc.*			17,223
		Total Iron/Steel			775,670
Mining – 1.0%
	754	Alcoa Corp.			20,516
	303	Caledonia Mining Corp. PLC			2,997
	48,705	Cameco Corp.			1,974,014
	222	Centrus Energy Corp., Class A Shares*			9,055
	975	Century Aluminum Co.*			10,208
	5,975	Coeur Mining Inc.*			15,475
	613	Compass Minerals International Inc.			13,976
	2,235	Constellium SE, Class A Shares*			43,337
	196	Contango ORE Inc.*			3,318
	945	Dakota Gold Corp.*			2,003

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
BASIC MATERIALS – (continued)
Mining – (continued)
	2,597	Encore Energy Corp.*		$	10,024
	2,796	Energy Fuels Inc.*			17,699
	88,200	Freeport-McMoRan Inc.			3,334,842
	10,786	Hecla Mining Co.			38,182
	3,493	i-80 Gold Corp.*			4,401
	1,008	Ivanhoe Electric Inc.*(a)			7,459
	284	Kaiser Aluminum Corp.			20,596
	454	MP Materials Corp.*			6,905
	4,335	Novagold Resources Inc.*			10,751
	664	Perpetua Resources Corp.*			1,919
	324	Piedmont Lithium Inc.*			4,717
	277	Royal Gold Inc.			28,429
	890	SSR Mining Inc.			3,827
	38	United States Lime & Minerals Inc.			9,689
	459,997	Uranium Energy Corp.*			2,980,781
		Total Mining			8,575,120
		TOTAL BASIC MATERIALS			34,610,560
COMMUNICATIONS – 2.5%
Advertising – 0.0%
	1,577	Advantage Solutions Inc.*			6,008
	434	Boston Omaha Corp., Class A Shares*			7,122
	6,824	Clear Channel Outdoor Holdings Inc., Class A Shares*			11,737
	1,620	Interpublic Group of Cos., Inc.			50,868
	828	Omnicom Group Inc.			73,187
	1,463	Stagwell Inc., Class A Shares*			7,812
	1,842	Trade Desk Inc., Class A Shares*			157,362
		Total Advertising			314,096
Internet – 0.9%
	479	1-800-Flowers.com Inc., Class A Shares*			4,991
	47,806	Backblaze Inc., Class A Shares*			507,700
	2,340	BARK Inc.*			2,808
	814	Beyond Inc.*			27,293
	1,045	Blade Air Mobility Inc.*			3,323
	1,796	Bumble Inc., Class A Shares*			20,564
	1,732	Cargurus Inc., Class A Shares*			38,346
	971	CarParts.com Inc.*			2,476
	1,186	Cars.com Inc.*			21,751
	565	CDW Corp.			139,109
	763	Cogent Communications Holdings Inc.			61,734

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Internet – (continued)
	566	ContextLogic Inc., Class A Shares*		$	3,679
	65,925	Couchbase Inc.*			1,851,174
	4,589	Coupang Inc., Class A Shares*			84,988
	1,099	DHI Group Inc.*			3,110
	1,262	DoorDash Inc., Class A Shares*			157,207
	2,236	eBay Inc.			105,718
	1,100	Entravision Communications Corp., Class A Shares			4,235
	470	ePlus Inc.*			38,723
	517	Etsy Inc.*			37,064
	1,391	Eventbrite Inc., Class A Shares*			7,790
	81,323	EverQuote Inc., Class A Shares*			1,302,794
	566	Expedia Group Inc.*			77,440
	253	F5 Inc.*			47,367
	2,299	Figs Inc., Class A Shares*			12,024
	5,096	fuboTV Inc.*			10,549
	57,002	Gambling.com Group Ltd.*			522,138
	2,330	Gen Digital Inc.			50,072
	605	GoDaddy Inc., Class A Shares*			69,061
	746	Grindr Inc.*			6,177
	444	HealthStream Inc.			12,112
	2,195	Hims & Hers Health Inc.*			28,623
	316	IAC Inc.*			17,949
	362	Lands’ End Inc.*			3,522
	424	Liquidity Services Inc.*			7,602
	1,436	Lyft Inc., Class A Shares*			22,804
	2,392	Magnite Inc.*			28,752
	86	Maplebear Inc.*			2,798
	1,172	Match Group Inc.*			42,239
	13,686	MediaAlpha Inc., Class A Shares*			283,985
	833	Mondee Holdings Inc., Class A Shares*			1,874
	1,111	Nerdy Inc.*			3,222
	2,640	Nextdoor Holdings Inc.*			5,782
	631	Okta Inc., Class A Shares*			67,706
	1,793	Open Lending Corp.*			13,017
	9,682	Opendoor Technologies Inc.*			29,821
	292	OptimizeRx Corp.*			4,622
	607	Perficient Inc.*			39,376
	2,415	Pinterest Inc., Class A Shares*			88,631
	1,007	Q2 Holdings Inc.*			46,554

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Internet – (continued)
	61,522	QuinStreet Inc.*		$	900,067
	745	Revolve Group Inc., Class A Shares*			16,338
	2,806	Robinhood Markets Inc., Class A Shares*			45,766
	519	Roku Inc., Class A Shares*			32,790
	441	Shutterstock Inc.			21,503
	553	Solo Brands Inc., Class A Shares*			1,493
	587	Spotify Technology SA*			150,513
	1,829	Sprinklr Inc., Class A Shares*			23,832
	936	Squarespace Inc., Class A Shares*			31,150
	1,547	Stitch Fix Inc., Class A Shares*			4,997
	468	TechTarget Inc.*			14,840
	486	TripAdvisor Inc.*			13,035
	1,622	TrueCar Inc.*			5,645
	182	Tucows Inc., Class A Shares*			3,440
	30,752	Upwork Inc.*			402,851
	366	VeriSign Inc.*			71,476
	428	Vivid Seats Inc., Class A Shares*			2,577
	349	Wayfair Inc., Class A Shares*			20,800
	1,186	Yelp Inc., Class A Shares*			45,590
	829	Ziff Davis Inc.*			57,002
	239	Zillow Group Inc., Class A Shares*			12,920
	652	Zillow Group Inc., Class C Shares*			36,610
		Total Internet			7,887,631
Media – 0.2%
	574	AMC Networks Inc., Class A Shares*			7,428
	24	Cable One Inc.			10,944
	1,114	EW Scripps Co., Class A Shares*			4,489
	161	FactSet Research Systems Inc.			74,475
	1,017	Fox Corp., Class A Shares			30,296
	573	Fox Corp., Class B Shares			15,689
	2,675	Gannett Co., Inc.*			5,698
	1,504	Gray Television Inc.			8,783
	1,923	iHeartMedia Inc., Class A Shares*			5,327
	73	Liberty Broadband Corp., Class A Shares*			4,391
	490	Liberty Broadband Corp., Class C Shares*			29,488
	648	Liberty Latin America Ltd., Class A Shares*			4,167
	2,561	Liberty Latin America Ltd., Class C Shares*			16,698
	105	Liberty Media Corp.-Liberty Formula One, Class A Shares*			6,883
	814	Liberty Media Corp.-Liberty Formula One, Class C Shares*			59,227

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Media – (continued)
	655	Liberty Media Corp.-Liberty SiriusXM*		$	18,982
	325	Liberty Media Corp.-Liberty SiriusXM, Class A Shares*			9,471
	682	New York Times Co., Class A Shares			30,199
	1,606	News Corp., Class A Shares			43,169
	504	News Corp., Class B Shares			14,107
	145	Nexstar Media Group Inc., Class A Shares			24,095
	2,434	Paramount Global, Class B Shares			26,871
	487	Scholastic Corp.			19,207
	610	Sinclair Inc.			9,059
	2,774	Sirius XM Holdings Inc.(b)			12,261
	465	Sphere Entertainment Co.*			20,135
	73,489	TEGNA Inc.			1,029,581
	563	Thryv Holdings Inc.*			11,789
	291	Townsquare Media Inc., Class A Shares			3,096
	9,220	Warner Bros Discovery Inc.*			81,044
	938	WideOpenWest Inc.*			3,752
		Total Media			1,640,801
Telecommunications – 1.4%
	1,259	A10 Networks Inc.			16,757
	1,409	ADTRAN Holdings Inc.			8,017
	237	Anterix Inc.*			9,409
	1,269	Applied Digital Corp.*(b)			5,266
	1,452	AST SpaceMobile Inc., Class A Shares*			4,603
	205	ATN International Inc.			6,876
	9,344	Aviat Networks Inc.*			331,619
	2,102	BlackSky Technology Inc.*			2,985
	1,039	Calix Inc.*			36,230
	626	Ciena Corp.*			35,669
	242	Clearfield Inc.*			7,301
	3,734	CommScope Holding Co., Inc.*			4,350
	1,370	Consolidated Communications Holdings Inc.*			5,905
	3,183	Corning Inc.			102,620
	138,560	Credo Technology Group Holding Ltd.*			2,984,582
	2,851	DigitalBridge Group Inc.			52,373
	2,156	EchoStar Corp., Class A Shares*			28,265
	2,221	Extreme Networks Inc.*			28,073
	1,046	Frontier Communications Parent Inc.*			24,769
	12,379	Globalstar Inc.*			19,311
	1,192	Gogo Inc.*			9,727

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Telecommunications – (continued)
	366,281	Harmonic Inc.*		$	4,809,270
	290	IDT Corp., Class B Shares*			10,791
	3,580	Infinera Corp.*			17,972
	473	InterDigital Inc.			50,620
	528	Iridium Communications Inc.			15,286
	1,340	Juniper Networks Inc.			49,620
	17,891	Lumen Technologies Inc.*			28,983
	590	Luna Innovations Inc.*			4,000
	530	NETGEAR Inc.*			7,945
	430	Ooma Inc.*			4,386
	46	Preformed Line Products Co.			6,324
	1,617	Ribbon Communications Inc.*			4,835
	868	Shenandoah Telecommunications Co.			16,197
	323	Spok Holdings Inc.			5,804
	1,752	Telephone & Data Systems Inc.			26,806
	2,630	Terran Orbital Corp.*			2,840
	24	Ubiquiti Inc.			2,812
	508	Viasat Inc.*			9,942
	319,404	Viavi Solutions Inc.*			3,050,308
		Total Telecommunications			11,849,448
		TOTAL COMMUNICATIONS			21,691,976
CONSUMER CYCLICAL – 10.3%
Airlines – 0.1%
	533	Alaska Air Group Inc.*			19,929
	281	Allegiant Travel Co.			20,451
	2,737	American Airlines Group Inc.*			42,916
	2,685	Delta Air Lines Inc.			113,495
	702	Frontier Group Holdings Inc.*			4,872
	922	Hawaiian Holdings Inc.*			13,009
	5,863	JetBlue Airways Corp.*			37,992
	730	SkyWest Inc.*			46,881
	2,492	Southwest Airlines Co.			85,401
	1,941	Spirit Airlines Inc.(b)			12,519
	686	Sun Country Airlines Holdings Inc.*			10,290
	1,371	United Airlines Holdings Inc.*			62,367
		Total Airlines			470,122
Apparel – 0.9%
	123	Birkenstock Holding PLC*			6,151
	483	Capri Holdings Ltd.*			22,281

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Apparel – (continued)
	11,607	Carter’s Inc.		$	939,587
	154	Columbia Sportswear Co.			12,734
	258	Crocs Inc.*			31,540
	110	Deckers Outdoor Corp.*			98,515
	6,252	Hanesbrands Inc.*			33,761
	991	Kontoor Brands Inc.			58,578
	136,000	Levi Strauss & Co., Class A Shares			2,471,120
	11,639	Oxford Industries Inc.			1,180,078
	265	PVH Corp.			36,218
	170	Ralph Lauren Corp., Class A Shares			31,606
	153	Rocky Brands Inc.			3,817
	563	Skechers USA Inc., Class A Shares*			34,799
	58,979	Steven Madden Ltd.			2,525,481
	997	Tapestry Inc.			47,387
	812	Under Armour Inc., Class A Shares*			7,276
	871	Under Armour Inc., Class C Shares*			7,438
	1,480	VF Corp.			24,183
	104	Weyco Group Inc.			3,353
	1,407	Wolverine World Wide Inc.			14,309
		Total Apparel			7,590,212
Auto Manufacturers – 0.6%
	55,077	Blue Bird Corp.*			1,863,806
	593	Cummins Inc.			159,286
	3,486	Fisker Inc.*(b)			2,539
	2,729	Hyliion Holdings Corp.*			4,967
	3,174	Lucid Group Inc.*(b)			10,474
	11,137	Nikola Corp.*			8,288
	2,116	PACCAR Inc.			234,643
	64,053	REV Group Inc.			1,322,054
	2,779	Rivian Automotive Inc., Class A Shares*			31,458
	44,399	Wabash National Corp.			1,211,205
		Total Auto Manufacturers			4,848,720
Auto Parts & Equipment – 0.9%
	1,681	Adient PLC*			57,053
	385	Allison Transmission Holdings Inc.			29,002
	2,050	American Axle & Manufacturing Holdings Inc.*			14,186
	1,132	Aptiv PLC*			89,983
	5,991	Aurora Innovation Inc., Class A Shares*			15,217
	982	BorgWarner Inc.			30,570

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Auto Parts & Equipment – (continued)
	584	Commercial Vehicle Group Inc.*		$	3,819
	308	Cooper-Standard Holdings Inc.*			4,330
	2,306	Dana Inc.			28,825
	26,276	Dorman Products Inc.*			2,475,725
	407	Douglas Dynamics Inc.			10,216
	750	Fox Factory Holding Corp.*			37,942
	86,275	Gentex Corp.			3,151,626
	586	Gentherm Inc.*			33,320
	92,220	Goodyear Tire & Rubber Co.*			1,095,574
	958	Holley Inc.*			4,110
	2,471	indie Semiconductor Inc., Class A Shares*			15,295
	248	Lear Corp.			34,063
	4,845	Luminar Technologies Inc., Class A Shares*(b)			11,580
	634	Methode Electronics Inc.			13,504
	1,933	Microvast Holdings Inc.*			1,663
	204	Miller Industries Inc.			9,182
	201	Phinia Inc.			6,878
	1,286	QuantumScape Corp., Class A Shares*			8,063
	2,261	SES AI Corp.*			4,002
	627	Shyft Group Inc.			6,464
	2,802	Solid Power Inc.*			4,595
	381	Standard Motor Products Inc.			12,101
	946	Titan International Inc.*			12,071
	494	Visteon Corp.*			55,881
	400	XPEL Inc.*			21,032
		Total Auto Parts & Equipment			7,297,872
Distribution/Wholesale – 0.6%
	342	A-Mark Precious Metals Inc.			8,786
	3,585	Copart Inc.			190,543
	27,636	Core & Main Inc., Class A Shares*			1,319,066
	117	EVI Industries Inc.			2,519
	2,387	Fastenal Co.			174,275
	842	Ferguson PLC			178,041
	738	G-III Apparel Group Ltd.*			24,553
	241	Global Industrial Co.			10,568
	19,971	H&E Equipment Services Inc.			1,128,162
	94,731	Hudson Technologies Inc.*			1,387,809
	1,118	LKQ Corp.			58,460
	1,505	MRC Global Inc.*			17,353

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Distribution/Wholesale – (continued)
	1,912	OPENLANE Inc.*		$	29,196
	159	Pool Corp.			63,301
	2,584	Resideo Technologies Inc.*			57,701
	1,098	Rush Enterprises Inc., Class A Shares			53,473
	170	Rush Enterprises Inc., Class B Shares			8,573
	445	ScanSource Inc.*			19,237
	188	SiteOne Landscape Supply Inc.*			31,674
	1,300	ThredUp Inc., Class A Shares*			2,600
	375	Titan Machinery Inc.*			9,461
	231	VSE Corp.			17,117
	139	Watsco Inc.			54,783
	187	WESCO International Inc.			27,955
	182	WW Grainger Inc.			177,170
		Total Distribution/Wholesale			5,052,376
Entertainment – 0.5%
	978	Accel Entertainment Inc., Class A Shares*			11,081
	1,002	AMC Entertainment Holdings Inc., Class A Shares*			4,329
	185	Atlanta Braves Holdings Inc., Class A Shares*			7,761
	807	Atlanta Braves Holdings Inc., Class C Shares*			31,570
	547	Bally’s Corp.*			6,148
	865	Caesars Entertainment Inc.*			37,602
	300	Churchill Downs Inc.			36,561
	1,942	Cinemark Holdings Inc.*			33,810
	1,755	DraftKings Inc., Class A Shares*			76,027
	1,504	Everi Holdings Inc.*			17,837
	107,767	Genius Sports Ltd.*			766,223
	365	Golden Entertainment Inc.			13,527
	805	IMAX Corp.*			13,790
	1,911	International Game Technology PLC			51,922
	107	Liberty Media Corp.-Liberty Live, Class A Shares*			4,129
	206	Liberty Media Corp.-Liberty Live, Class C Shares*			8,203
	1,658	Light & Wonder Inc.*			166,646
	1,066	Lions Gate Entertainment Corp., Class A Shares*			10,351
	2,111	Lions Gate Entertainment Corp., Class B Shares*			19,168
	657	Live Nation Entertainment Inc.*			63,716
	767	Madison Square Garden Entertainment Corp., Class A Shares*			29,522
	80	Madison Square Garden Sports Corp.*			15,055
	156	Marriott Vacations Worldwide Corp.			14,538
	242	Monarch Casino & Resort Inc.			17,025

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Entertainment – (continued)
	656	Penn Entertainment Inc.*		$	12,005
	159	RCI Hospitality Holdings Inc.			8,961
	841	Red Rock Resorts Inc., Class A Shares			48,770
	492	Reservoir Media Inc.*			3,552
	1,141	Rush Street Interactive Inc.*			6,675
	1,279	Six Flags Entertainment Corp.*			32,410
	2,491	Super Group SGHC Ltd.*			8,220
	261	TKO Group Holdings Inc., Class A Shares			21,854
	644	United Parks & Resorts Inc.*			33,069
	13,461	Vail Resorts Inc.			3,100,203
		Total Entertainment			4,732,260
Food Service – 0.0%
	991	Aramark			30,057
	908	Sovos Brands Inc.*			20,693
		Total Food Service			50,750
Home Builders – 0.9%
	30,342	Beazer Homes USA Inc.*			950,615
	154	Cavco Industries Inc.*			57,376
	10,746	Century Communities Inc.			927,272
	1,284	DR Horton Inc.			191,881
	441	Dream Finders Homes Inc., Class A Shares*			17,256
	335	Forestar Group Inc.*			11,296
	465	Green Brick Partners Inc.*			27,202
	88	Hovnanian Enterprises Inc., Class A Shares*			13,786
	10,987	Installed Building Products Inc.			2,625,124
	1,274	KB Home			84,632
	237	Landsea Homes Corp.*			3,228
	435	LCI Industries			54,801
	1,010	Lennar Corp., Class A Shares			160,095
	60	Lennar Corp., Class B Shares			8,842
	368	LGI Homes Inc.*			41,985
	475	M/I Homes Inc.*			60,320
	1,098	MDC Holdings Inc.			68,845
	7,096	Meritage Homes Corp.			1,118,755
	12	NVR Inc.*			91,507
	884	PulteGroup Inc.			95,808
	9,681	Skyline Champion Corp.*			811,171
	15,959	Smith Douglas Homes Corp., Class A Shares*			460,258
	1,848	Taylor Morrison Home Corp., Class A Shares*			104,615

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Home Builders – (continued)
	217	Thor Industries Inc.		$	27,815
	460	Toll Brothers Inc.			52,734
	1,748	Tri Pointe Homes Inc.*			61,844
	519	Winnebago Industries Inc.			37,228
		Total Home Builders			8,166,291
Home Furnishings – 0.5%
	73,204	Arhaus Inc., Class A Shares*			967,757
	702	Daktronics Inc.*			6,093
	251	Dolby Laboratories Inc., Class A Shares			20,331
	412	Ethan Allen Interiors Inc.			13,773
	198	Hooker Furnishings Corp.			4,853
	489	iRobot Corp.*			5,579
	567	Leggett & Platt Inc.			11,578
	254	Lovesac Co.*			5,852
	1,344	MillerKnoll Inc.			41,059
	1,514	Purple Innovation Inc., Class A Shares			2,816
	390	Sleep Number Corp.*			6,443
	338	Snap One Holdings Corp.*			2,799
	2,250	Sonos Inc.*			42,660
	53,104	Tempur Sealy International Inc.			2,892,575
	1,399	Vizio Holding Corp., Class A Shares*			15,403
	209	VOXX International Corp., Class A Shares*			1,777
	226	Whirlpool Corp.			24,270
	785	Xperi Inc.*			8,604
		Total Home Furnishings			4,074,222
Housewares – 0.0%
	1,629	Newell Brands Inc.			12,217
	180	Scotts Miracle-Gro Co.			11,826
		Total Housewares			24,043
Leisure Time – 0.5%
	553	Acushnet Holdings Corp.			35,624
	304	Bowlero Corp., Class A Shares(b)			3,785
	300	Brunswick Corp.			26,220
	750	Camping World Holdings Inc., Class A Shares			20,017
	4,170	Carnival Corp.*			66,136
	535	Clarus Corp.			3,082
	175	Escalade Inc.			2,595
	594	Global Business Travel Group I*			3,564
	558	Harley-Davidson Inc.			20,239

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Leisure Time – (continued)
	98	Johnson Outdoors Inc., Class A Shares		$	4,504
	806	Life Time Group Holdings Inc.*			11,074
	636	Lindblad Expeditions Holdings Inc.*			5,896
	281	Livewire Group Inc.*			2,636
	363	Malibu Boats Inc., Class A Shares*			15,841
	319	MasterCraft Boat Holdings Inc.*			6,996
	1,785	Norwegian Cruise Line Holdings Ltd.*			34,611
	116,341	OneSpaWorld Holdings Ltd.*			1,517,087
	1,392	Peloton Interactive Inc., Class A Shares*			6,292
	363	Planet Fitness Inc., Class A Shares*			22,524
	228	Polaris Inc.			21,138
	980	Royal Caribbean Cruises Ltd.*			120,883
	126,444	Topgolf Callaway Brands Corp.*			1,800,563
	4,632	Virgin Galactic Holdings Inc.*			8,060
	1,022	Vista Outdoor Inc.*			31,886
	457	Xponential Fitness Inc., Class A Shares*			4,607
	23,363	YETI Holdings Inc.*			958,818
		Total Leisure Time			4,754,678
Lodging – 0.0%
	313	Boyd Gaming Corp.			20,699
	484	Century Casinos Inc.*			1,408
	130	Choice Hotels International Inc.			14,552
	578	Full House Resorts Inc.*			2,965
	1,432	Hilton Grand Vacations Inc.*			64,268
	1,027	Hilton Worldwide Holdings Inc.			209,837
	195	Hyatt Hotels Corp., Class A Shares			29,950
	448	Marcus Corp.			6,572
	1,164	MGM Resorts International*			50,378
	310	Travel + Leisure Co.			13,854
	356	Wyndham Hotels & Resorts Inc.			27,252
	437	Wynn Resorts Ltd.			45,972
		Total Lodging			487,707
Office Furnishings – 0.0%
	818	HNI Corp.			36,655
	1,042	Interface Inc., Class A Shares			16,380
	1,655	Steelcase Inc., Class A Shares			22,740
		Total Office Furnishings			75,775

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – 4.8%
	11,230	Abercrombie & Fitch Co., Class A Shares*		$	1,434,745
	1,313	Academy Sports & Outdoors Inc.			98,107
	255	Advance Auto Parts Inc.			17,223
	108,354	American Eagle Outfitters Inc.			2,573,407
	110	America’s Car-Mart Inc.*			7,407
	1,494	Arko Corp.			9,756
	364	Asbury Automotive Group Inc.*			76,014
	125	AutoNation Inc.*			18,725
	966	Bath & Body Works Inc.			44,146
	1,139	Beacon Roofing Supply Inc.*			97,829
	32,217	Best Buy Co., Inc.			2,605,711
	488	Big 5 Sporting Goods Corp.			2,342
	636	Big Lots Inc.			3,447
	18	Biglari Holdings Inc., Class B Shares*			3,118
	414	BJ’s Restaurants Inc.*			14,498
	560	BJ’s Wholesale Club Holdings Inc.*			40,902
	1,548	Bloomin’ Brands Inc.			42,075
	158	BlueLinx Holdings Inc.*			20,042
	525	Boot Barn Holdings Inc.*			48,562
	779	Brinker International Inc.*			36,099
	545	Buckle Inc.			22,312
	243	Build-A-Bear Workshop Inc.			5,817
	272	Burlington Stores Inc.*			55,787
	620	Caleres Inc.			23,938
	664	CarMax Inc.*			52,456
	669	Carrols Restaurant Group Inc.			6,335
	7,432	Carvana Co., Class A Shares*			564,312
	157	Casey’s General Stores Inc.			47,805
	434	Cato Corp., Class A Shares			2,869
	17,118	Cava Group Inc.*			999,862
	43,372	Cheesecake Factory Inc.			1,534,501
	223	Children’s Place Inc.*			4,291
	326	Chuy’s Holdings Inc.*			11,029
	3,072	Clean Energy Fuels Corp.*			9,062
	391	Cracker Barrel Old Country Store Inc.			25,857
	506	Darden Restaurants Inc.			86,379
	642	Dave & Buster’s Entertainment Inc.*			39,637
	999	Denny’s Corp.*			9,221
	893	Designer Brands Inc., Class A Shares			9,430

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
	1,057	Destination XL Group Inc.*		$	4,217
	254	Dick’s Sporting Goods Inc.			45,184
	62	Dillard’s Inc., Class A Shares			25,713
	281	Dine Brands Global Inc.			13,631
	873	Dollar Tree Inc.*			128,052
	148	Domino’s Pizza Inc.			66,356
	34,890	Dutch Bros Inc., Class A Shares*			1,016,346
	514	El Pollo Loco Holdings Inc.*			4,657
	1,906	EVgo Inc., Class A Shares*(b)			5,642
	39,133	First Watch Restaurant Group Inc.*			980,282
	662	FirstCash Holdings Inc.			75,799
	231	Five Below Inc.*			46,357
	438	Floor & Decor Holdings Inc., Class A Shares*			53,051
	1,456	Foot Locker Inc.			50,130
	12,637	Freshpet Inc.*			1,428,360
	1,141	GameStop Corp., Class A Shares*(b)			16,282
	20,584	Gap Inc.			389,861
	223	Genesco Inc.*			7,118
	18,787	Genuine Parts Co.			2,804,148
	723	GMS Inc.*			64,571
	245	Group 1 Automotive Inc.			66,309
	1,089	GrowGeneration Corp.*			2,330
	521	Guess? Inc.			13,223
	269	Haverty Furniture Cos Inc.			9,227
	228	Hibbett Inc.			18,685
	80	J Jill Inc.*			1,999
	365	Jack in the Box Inc.			26,645
	479	Kohl’s Corp.			13,350
	15,530	Kura Sushi USA Inc., Class A Shares*			1,475,816
	771	La-Z-Boy Inc.			29,290
	3,176	Leslie’s Inc.*			25,090
	114	Lithia Motors Inc., Class A Shares			34,093
	1,161	Macy’s Inc.			20,248
	385	MarineMax Inc.*			12,782
	282	Movado Group Inc.			8,096
	195	MSC Industrial Direct Co., Inc., Class A Shares			19,683
	13,381	Murphy USA Inc.			5,580,011
	55,143	National Vision Holdings Inc.*			1,290,346
	963	Noodles & Co., Class A Shares*			2,417

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
	501	Nordstrom Inc.		$	10,506
	890	Nu Skin Enterprises Inc., Class A Shares			11,125
	584	ODP Corp.*			32,984
	6,199	Ollie’s Bargain Outlet Holdings Inc.*			496,974
	542	ONE Group Hospitality Inc.*			2,119
	209	OneWater Marine Inc., Class A Shares*			5,436
	580	Papa John’s International Inc.			41,696
	378	Patrick Industries Inc.			45,337
	207	PC Connection Inc.			13,741
	86	Penske Automotive Group Inc.			13,201
	376	PetMed Express Inc.			1,903
	818	Portillo’s Inc., Class A Shares*			11,886
	478	Potbelly Corp.*			6,635
	457	PriceSmart Inc.			38,452
	365	Red Robin Gourmet Burgers Inc.*			2,730
	73	RH*			20,031
	1,403	Ross Stores Inc.			208,991
	1,921	Sally Beauty Holdings Inc.*			24,262
	475	Savers Value Village Inc.*			9,614
	667	Shake Shack Inc., Class A Shares*			70,915
	334	Shoe Carnival Inc.			10,945
	784	Signet Jewelers Ltd.			79,780
	283	Sonic Automotive Inc., Class A Shares			14,858
	700	Sportsman’s Warehouse Holdings Inc.*			2,527
	1,721	Sweetgreen Inc., Class A Shares*			21,926
	31,500	Target Corp.			4,816,980
	283	Texas Roadhouse Inc., Class A Shares			42,272
	505	Tile Shop Holdings Inc.*			3,510
	412	Tilly’s Inc., Class A Shares*			3,168
	458	Tractor Supply Co.			116,479
	203	Ulta Beauty Inc.*			111,358
	60,851	Urban Outfitters Inc.*			2,528,359
	483	Vera Bradley Inc.*			3,767
	332	Victoria’s Secret & Co.*			9,482
	3,003	Walgreens Boots Alliance Inc.			63,844
	74,774	Warby Parker Inc., Class A Shares*			950,378
	740	Wendy’s Co.			13,401
	268	Williams-Sonoma Inc.			63,122
	4,851	Wingstop Inc.			1,702,944

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
	51	Winmark Corp.		$	19,357
	58,700	Yum China Holdings Inc.			2,517,643
	1,172	Yum! Brands Inc.			162,228
	288	Zumiez Inc.*			5,075
		Total Retail			40,912,393
Textiles – 0.0%
	265	UniFirst Corp.			44,711
Toys/Games/Hobbies – 0.0%
	631	Funko Inc., Class A Shares*			4,442
	550	Hasbro Inc.			27,659
	154	JAKKS Pacific Inc.*			5,407
	1,484	Mattel Inc.*			29,235
		Total Toys/Games/Hobbies			66,743
		TOTAL CONSUMER CYCLICAL			88,648,875
CONSUMER NON-CYCLICAL – 20.1%
Agriculture – 0.1%
	131	Alico Inc.			3,630
	570	Andersons Inc.			31,510
	597	Bunge Global SA			56,339
	668	Darling Ingredients Inc.*			28,263
	1,283	Dole PLC			15,152
	610	Fresh Del Monte Produce Inc.			14,597
	391	Ispire Technology Inc.*(b)			3,957
	317	Limoneira Co.			5,852
	390	Tejon Ranch Co.*			6,486
	316	Turning Point Brands Inc.			7,995
	430	Universal Corp.			20,644
	2,577	Vector Group Ltd.			28,759
	37,498	Vital Farms Inc.*			673,839
		Total Agriculture			897,023
Beverages – 0.5%
	40	Boston Beer Co., Inc., Class A Shares*			12,326
	860	BRC Inc., Class A Shares*(b)			3,552
	211	Brown-Forman Corp., Class A Shares			12,647
	773	Brown-Forman Corp., Class B Shares			46,558
	30,174	Celsius Holdings Inc.*			2,462,802
	84	Coca-Cola Consolidated Inc.			70,627
	806	Duckhorn Portfolio Inc.*			7,665
	15,850	MGP Ingredients Inc.			1,350,103

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Beverages – (continued)
	734	Molson Coors Beverage Co., Class B Shares		$	45,816
	422	National Beverage Corp.*			22,214
	2,764	Primo Water Corp.			44,804
	514	Vita Coco Co., Inc.*			13,415
	516	Westrock Coffee Co.*			5,222
		Total Beverages			4,097,751
Biotechnology – 4.4%
	919	2seventy bio Inc.*			4,779
	717	4D Molecular Therapeutics Inc.*			20,090
	1,107	89bio Inc.*			12,697
	2,134	ACADIA Pharmaceuticals Inc.*			49,594
	468	Actinium Pharmaceuticals Inc.*			3,992
	155,606	ADMA Biologics Inc.*			834,048
	10,721	Aerovate Therapeutics Inc.*			247,441
	6,488	Agenus Inc.*			4,347
	905	Akero Therapeutics Inc.*			24,426
	843	Aldeyra Therapeutics Inc.*			3,052
	1,492	Allakos Inc.*			2,208
	1,490	Allogene Therapeutics Inc.*			7,316
	1,294	Allovir Inc.*			953
	518	Alnylam Pharmaceuticals Inc.*			78,265
	589	Alpine Immune Sciences Inc.*			20,745
	870	Altimmune Inc.*			10,527
	400	ALX Oncology Holdings Inc.*			5,868
	4,933	Amicus Therapeutics Inc.*			63,241
	349	AnaptysBio Inc.*			8,910
	1,306	Anavex Life Sciences Corp.*(b)			6,713
	260	ANI Pharmaceuticals Inc.*			17,594
	1,163	Annexon Inc.*			6,478
	15,736	Apellis Pharmaceuticals Inc.*			975,160
	54,881	Apogee Therapeutics Inc.*(b)			1,910,956
	2,271	Arbutus Biopharma Corp.*			6,359
	674	Arcellx Inc.*			44,363
	422	Arcturus Therapeutics Holdings Inc.*			16,357
	944	Arcus Biosciences Inc.*			18,059
	1,426	Arcutis Biotherapeutics Inc.*			14,659
	4,251	Ardelyx Inc.*			39,619
	2,091	Arrowhead Pharmaceuticals Inc.*			67,121
	592	ARS Pharmaceuticals Inc.*			4,955

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	47,996	Astria Therapeutics Inc.*		$	682,503
	1,703	Atara Biotherapeutics Inc.*			1,325
	1,395	Atea Pharmaceuticals Inc.*			6,012
	500	Aura Biosciences Inc.*			4,535
	2,417	Aurinia Pharmaceuticals Inc.*			13,825
	44,108	Autolus Therapeutics PLC, ADR*			264,648
	1,126	Avid Bioservices Inc.*			8,648
	1,300	Avidity Biosciences Inc.*			23,790
	7,835	Axsome Therapeutics Inc.*			637,612
	1,329	Beam Therapeutics Inc.*			52,482
	1,140	BioAtla Inc.*			3,078
	3,368	BioCryst Pharmaceuticals Inc.*			18,962
	602	Biogen Inc.*			130,628
	20,024	Biohaven Ltd.*			963,955
	784	BioMarin Pharmaceutical Inc.*			67,644
	55,741	Biomea Fusion Inc.*(b)			975,468
	89	Bio-Rad Laboratories Inc., Class A Shares*			29,003
	2,001	Bluebird Bio Inc.*			2,781
	7,387	Blueprint Medicines Corp.*			690,832
	2,015	Bridgebio Pharma Inc.*			68,812
	627	Cabaletta Bio Inc.*			14,346
	1,390	Caribou Biosciences Inc.*			10,995
	2,655	Cartesian Therapeutics Inc.			1,942
	718	Cassava Sciences Inc.(b)			16,500
	306	Celcuity Inc.*			4,761
	826	Celldex Therapeutics Inc.*			39,698
	1,257	Cerevel Therapeutics Holdings Inc.*			51,537
	524	Certara Inc.*			8,845
	15,652	CG oncology Inc.*(b)			699,801
	1,457	Cogent Biosciences Inc.*			10,199
	1,681	Compass Therapeutics Inc.*			2,992
	2,981	Corteva Inc.			159,543
	137,168	Crinetics Pharmaceuticals Inc.*			5,615,658
	436	Cullinan Oncology Inc.*			8,053
	2,035	Cymabay Therapeutics Inc.*			65,507
	2,189	Cytek Biosciences Inc.*			16,855
	5,791	Cytokinetics Inc.*			418,342
	48,037	Day One Biopharmaceuticals Inc.*			803,659
	946	Deciphera Pharmaceuticals Inc.*			15,789

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	2,083	Denali Therapeutics Inc.*		$	41,202
	163	Disc Medicine Inc., Class A Shares*			11,193
	2,290	Dynavax Technologies Corp.*			29,014
	791	Dyne Therapeutics Inc.*			21,278
	45,976	Edgewise Therapeutics Inc.*			750,788
	1,491	Editas Medicine Inc.*			14,999
	1,151	Emergent BioSolutions Inc.*			3,718
	400	Entrada Therapeutics Inc.*			5,292
	1,415	Erasca Inc.*			3,368
	768	Evolus Inc.*			11,389
	1,353	Exelixis Inc.*			29,631
	478	EyePoint Pharmaceuticals Inc.*			13,006
	1,931	Fate Therapeutics Inc.*			13,691
	2,037	FibroGen Inc.*			3,483
	340	Genelux Corp.*			2,482
	1,029	Generation Bio Co.*			2,583
	8,893	Geron Corp.*			17,786
	1,986	Guardant Health Inc.*			37,734
	2,366	Halozyme Therapeutics Inc.*			94,190
	739	Harvard Bioscience Inc.*			3,200
	384	HilleVax Inc.*			6,970
	1,130	Humacyte Inc.*			4,916
	34,089	Ideaya Biosciences Inc.*			1,523,778
	239	IGM Biosciences Inc.*			3,019
	662	Illumina Inc.*			92,567
	2,105	ImmunityBio Inc.*(b)			9,957
	954	Immunovant Inc.*			33,743
	775	Incyte Corp.*			45,229
	622	Inhibrx Inc.*			22,784
	1,072	Innoviva Inc.*			16,380
	828	Inozyme Pharma Inc.*			5,266
	2,485	Insmed Inc.*			68,884
	1,554	Intellia Therapeutics Inc.*			49,914
	1,701	Intra-Cellular Therapies Inc.*			118,254
	602	Ionis Pharmaceuticals Inc.*			27,216
	26,748	Iovance Biotherapeutics Inc.*			425,561
	449	iTeos Therapeutics Inc.*			4,809
	12,794	Janux Therapeutics Inc.*			618,974
	151	Karuna Therapeutics Inc.*			47,409

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	2,584	Karyopharm Therapeutics Inc.*		$	2,997
	406	Keros Therapeutics Inc.*			27,405
	40,976	Kiniksa Pharmaceuticals Ltd., Class A Shares*			866,233
	584	Kodiak Sciences Inc.*			3,510
	4,265	Krystal Biotech Inc.*			680,140
	692	Kymera Therapeutics Inc.*			29,548
	45,772	Larimar Therapeutics Inc.*			526,378
	2,353	Lexicon Pharmaceuticals Inc.*			5,859
	298	Ligand Pharmaceuticals Inc.*			23,646
	2,263	Lineage Cell Therapeutics Inc.*			2,354
	857	Liquidia Corp.*			12,135
	1,101	MacroGenics Inc.*			19,752
	475	Maravai LifeSciences Holdings Inc., Class A Shares*			3,672
	743	MeiraGTx Holdings PLC*			4,584
	184	Merrimack Pharmaceuticals Inc.*			2,705
	2,408	Mersana Therapeutics Inc.*			13,100
	458	Mineralys Therapeutics Inc.*			7,044
	199	Mirati Therapeutics Inc.*(a)(c)			139
	536	Monte Rosa Therapeutics Inc.*			3,393
	291	Mural Oncology PLC*			1,539
	1,436	Myriad Genetics Inc.*			30,055
	2,258	NeoGenomics Inc.*			35,225
	318	Neumora Therapeutics Inc.*(b)			5,606
	713	Nkarta Inc.*			8,613
	1,575	Novavax Inc.*(b)			7,781
	885	Nurix Therapeutics Inc.*			10,930
	32,240	Nuvalent Inc., Class A Shares*			2,712,029
	2,677	Nuvation Bio Inc.*			5,006
	502	Olema Pharmaceuticals Inc.*			6,225
	664	Omega Therapeutics Inc.*			2,729
	1,125	Omeros Corp.*			5,063
	1,284	Organogenesis Holdings Inc., Class A Shares*			4,584
	1,088	Ovid Therapeutics Inc.*			3,699
	621	PDS Biotechnology Corp.*			4,092
	243	PepGen Inc.*			4,119
	578	Phathom Pharmaceuticals Inc.*			6,185
	1,011	Pliant Therapeutics Inc.*			16,045
	1,531	Poseida Therapeutics Inc., Class A Shares*			6,063
	7,195	Praxis Precision Medicines Inc.*			336,582

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	2,488	Precigen Inc.*		$	3,832
	735	Prime Medicine Inc.*			6,343
	823	ProKidney Corp., Class A Shares*			1,341
	1,707	Protalix BioTherapeutics Inc.*			2,782
	732	Prothena Corp. PLC*			20,196
	1,255	PTC Therapeutics Inc.*			35,378
	540	RAPT Therapeutics Inc.*			4,628
	2,438	Recursion Pharmaceuticals Inc., Class A Shares*(b)			32,815
	734	REGENXBIO Inc.*			12,801
	1,624	Relay Therapeutics Inc.*			16,272
	750	Replimune Group Inc.*			6,435
	2,620	REVOLUTION Medicines Inc.*			77,238
	3,152	Rigel Pharmaceuticals Inc.*			4,791
	1,158	Rocket Pharmaceuticals Inc.*			33,929
	1,485	Roivant Sciences Ltd.*			16,988
	1,562	Royalty Pharma PLC, Class A Shares			47,391
	943	Sage Therapeutics Inc.*			20,256
	1,737	Sana Biotechnology Inc.*			17,439
	2,686	Sangamo Therapeutics Inc.*			3,116
	376	Sarepta Therapeutics Inc.*			48,090
	1,687	Savara Inc.*			8,519
	1,045	Scholar Rock Holding Corp.*			16,198
	1,565	Seer Inc., Class A Shares*			2,848
	1,182	SpringWorks Therapeutics Inc.*			58,225
	659	Stoke Therapeutics Inc.*			5,101
	68,949	Structure Therapeutics Inc., ADR*			2,797,261
	1,105	Sutro Biopharma Inc.*			5,426
	1,179	Syndax Pharmaceuticals Inc.*			27,636
	814	Tango Therapeutics Inc.*			9,060
	11,051	Tarsus Pharmaceuticals Inc.*			422,369
	427	Tela Bio Inc.*			2,887
	1,104	Tenaya Therapeutics Inc.*			6,569
	782	Terns Pharmaceuticals Inc.*			5,724
	2,444	TG Therapeutics Inc.*			42,086
	1,030	Theravance Biopharma Inc.*			9,754
	343	Third Harmonic Bio Inc.*			3,478
	1,318	Travere Therapeutics Inc.*			9,964
	256	Tyra Biosciences Inc.*			5,117
	14,032	Ultragenyx Pharmaceutical Inc.*			725,735

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
	190	United Therapeutics Corp.*		$	42,872
	354	UroGen Pharma Ltd.*			6,489
	830	Ventyx Biosciences Inc.*			5,876
	13,548	Vera Therapeutics Inc., Class A Shares*			637,840
	1,289	Veracyte Inc.*			30,356
	843	Vericel Corp.*			38,508
	919	Verve Therapeutics Inc.*			15,669
	1,715	Viking Therapeutics Inc.*			132,141
	1,506	Vir Biotechnology Inc.*			16,927
	764	Viridian Therapeutics Inc.*			14,294
	1,097	WaVe Life Sciences Ltd.*			5,277
	3,203	X4 Pharmaceuticals Inc.*			3,109
	1,033	Xencor Inc.*			23,707
	105,922	Xenon Pharmaceuticals Inc.*			4,999,518
	186	XOMA Corp.*			4,522
	1,037	Zentalis Pharmaceuticals Inc.*			15,462
	597	Zevra Therapeutics Inc.*			4,024
	995	Zymeworks Inc.*			11,950
		Total Biotechnology			37,409,437
Commercial Services – 4.6%
	1,459	2U Inc.*			657
	553	Aaron’s Co., Inc.			4,286
	1,167	ABM Industries Inc.			48,209
	668	Acacia Research Corp.*			2,699
	905	ADT Inc.			6,570
	8,632	Adtalem Global Education Inc.*			427,284
	925	Affirm Holdings Inc., Class A Shares*			34,706
	844	Alarm.com Holdings Inc.*			63,882
	7,571	Alight Inc., Class A Shares*			68,215
	418	Alta Equipment Group Inc.			4,799
	700	AMN Healthcare Services Inc.*			39,389
	30,677	API Group Corp.*			1,075,229
	147,964	Arlo Technologies Inc.*			1,540,305
	87	Avis Budget Group Inc.			9,399
	1,723	Bakkt Holdings Inc.*(b)			999
	121	Barrett Business Services Inc.			14,761
	2,269	Block Inc., Class A Shares*			180,317
	545	Booz Allen Hamilton Holding Corp., Class A Shares			80,502
	244	Bright Horizons Family Solutions Inc.*			28,026

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – (continued)
	773	BrightView Holdings Inc.*		$	6,733
	812	Brink’s Co.			67,258
	988	Cadiz Inc.*			2,865
	248	Carriage Services Inc., Class A Shares			6,155
	250	Cass Information Systems Inc.			12,080
	845	CBIZ Inc.*			63,823
	2,108	Chegg Inc.*			18,846
	317	Cimpress PLC*			31,069
	358	Cintas Corp.			225,042
	929	Cipher Mining Inc.*(b)			2,750
	2,018	Clarivate PLC*			14,489
	69,135	Cleanspark Inc.*			1,155,937
	2,021	CoreCivic Inc.*			30,780
	154	CorVel Corp.*			37,576
	1,690	CoStar Group Inc.*			147,081
	2,296	Coursera Inc.*			36,897
	123	CRA International Inc.			16,302
	617	Cross Country Healthcare Inc.*			11,273
	1,054	Custom Truck One Source Inc.*			6,767
	782	Deluxe Corp.			15,179
	165	Distribution Solutions Group Inc.*			5,183
	273	Driven Brands Holdings Inc.*			3,765
	1,174	Dun & Bradstreet Holdings Inc.			12,374
	422	Emerald Holding Inc.*			2,262
	464	Ennis Inc.			9,428
	16,510	Equifax Inc.			4,516,971
	202	Euronet Worldwide Inc.*			22,107
	621	European Wax Center Inc., Class A Shares*			8,806
	1,152	EVERTEC Inc.			41,622
	984	First Advantage Corp.			15,409
	301	FleetCor Technologies Inc.*			84,060
	19,918	Flywire Corp.*			565,472
	219	Forrester Research Inc.*			4,417
	212	Franklin Covey Co.*			8,094
	141	FTI Consulting Inc.*			29,170
	321	Gartner Inc.*			149,445
	2,150	GEO Group Inc.*			26,381
	47,963	Global Payments Inc.			6,220,801
	63	Graham Holdings Co., Class B Shares			44,247

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – (continued)
	4,610	Grand Canyon Education Inc.*		$	621,428
	840	Green Dot Corp., Class A Shares*			6,896
	494	GXO Logistics Inc.*			25,569
	642	H&R Block Inc.			31,426
	453	Hackett Group Inc.			11,198
	1,338	Healthcare Services Group Inc.*			17,073
	362	Heidrick & Struggles International Inc.			12,308
	7,453	Herc Holdings Inc.			1,182,642
	593	Hertz Global Holdings Inc.*			4,655
	49,252	Huron Consulting Group Inc.*			4,833,099
	413	I3 Verticals Inc., Class A Shares*			8,801
	330	ICF International Inc.			51,101
	616	Information Services Group Inc.			2,667
	641	Insperity Inc.			65,247
	656	John Wiley & Sons Inc., Class A Shares			21,878
	579	Kelly Services Inc., Class A Shares			14,203
	345	Kforce Inc.			24,026
	49,569	Korn Ferry			3,155,563
	2,317	Laureate Education Inc., Class A Shares			31,071
	2,222	Legalzoom.com Inc.*			27,553
	433	Lincoln Educational Services Corp.*			4,356
	1,163	LiveRamp Holdings Inc.*			40,682
	215	ManpowerGroup Inc.			15,514
	30,536	Marathon Digital Holdings Inc.*			790,882
	156	MarketAxess Holdings Inc.			33,292
	8,630	Marqeta Inc., Class A Shares*			56,354
	529	Matthews International Corp., Class A Shares			15,309
	193	Medifast Inc.			7,737
	37,160	Mister Car Wash Inc.*			308,056
	559	Monro Inc.			18,766
	109	Morningstar Inc.			32,546
	260	National Research Corp.			10,483
	177	Paylocity Holding Corp.*			29,844
	4,693	Payoneer Global Inc.*			22,808
	601	Paysafe Ltd.*			8,654
	1,196	Perdoceo Education Corp.			21,301
	86,162	Performant Financial Corp.*			250,731
	821	PROG Holdings Inc.*			25,344
	1,384	Progyny Inc.*			50,544

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – (continued)
	554	Quad/Graphics Inc.		$	3,318
	16,601	Quanta Services Inc.			4,009,308
	663	R1 RCM Inc.*			9,315
	763	RB Global Inc.			57,919
	43,868	Remitly Global Inc.*			904,558
	1,471	Repay Holdings Corp., Class A Shares*			12,783
	593	Resources Connection Inc.			8,201
	3,422	Riot Platforms Inc.*			48,319
	444	Robert Half Inc.			35,698
	1,074	Rollins Inc.			47,331
	5,882	Sabre Corp.*			15,587
	619	Service Corp. International			45,305
	234	Shift4 Payments Inc., Class A Shares*			19,239
	176	SoundThinking Inc.*			3,061
	353	SP Plus Corp.*			18,148
	579	Sterling Check Corp.*			9,073
	5,123	StoneCo Ltd., Class A Shares*			88,167
	401	Strategic Education Inc.			44,427
	27,554	Stride Inc.*			1,646,352
	571	Target Hospitality Corp.*			5,527
	2,383	Terawulf Inc.*			4,468
	744	Textainer Group Holdings Ltd.			37,126
	1,497	Toast Inc., Class A Shares*			34,431
	133	Transcat Inc.*			13,986
	810	TransUnion			62,880
	576	TriNet Group Inc.*			73,734
	557	TrueBlue Inc.*			6,545
	1,540	Udemy Inc.*			17,402
	47	U-Haul Holding Co.*			3,026
	425	U-Haul Holding Co. (Non-Voting)			27,017
	279	United Rentals Inc.			193,422
	593	Universal Technical Institute Inc.*			8,919
	977	Upbound Group Inc.			32,984
	209	V2X Inc.*			8,047
	67,472	Valvoline Inc.*			2,877,006
	596	Verisk Analytics Inc., Class A Shares			144,172
	511	Vestis Corp.			9,586
	370	Viad Corp.*			13,775
	180	WEX Inc.*			39,551

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – (continued)
	222	Willdan Group Inc.*		$	4,635
	829	WillScot Mobile Mini Holdings Corp.*			39,585
	988	WW International Inc.*			3,083
	1,231	ZipRecruiter Inc., Class A Shares*			15,658
		Total Commercial Services			39,903,431
Cosmetics/Personal Care – 0.6%
	1,496	Beauty Health Co.*			4,982
	1,537	Coty Inc., Class A Shares*			19,305
	906	Edgewell Personal Care Co.			34,600
	19,387	elf Beauty Inc.*			4,042,771
	7,277	Inter Parfums Inc.			1,067,681
	671	Waldencast PLC, Class A Shares*			4,482
		Total Cosmetics/Personal Care			5,173,821
Food – 1.7%
	1,753	Albertsons Cos. Inc., Class A Shares			35,551
	1,282	B&G Foods Inc.			14,807
	1,078	Beyond Meat Inc.*(b)			11,524
	318	Calavo Growers Inc.			9,177
	756	Cal-Maine Foods Inc.			43,462
	807	Campbell Soup Co.			34,410
	634	Chefs’ Warehouse Inc.*			24,098
	1,997	Conagra Brands Inc.			56,076
	801	Flowers Foods Inc.			17,958
	409	Grocery Outlet Holding Corp.*			10,548
	78,158	Hain Celestial Group Inc.*			781,580
	745	HF Foods Group Inc.*			2,801
	1,216	Hormel Foods Corp.			42,949
	251	Ingles Markets Inc., Class A Shares			19,330
	25,925	Ingredion Inc.			3,049,558
	266	J & J Snack Foods Corp.			38,591
	423	JM Smucker Co.			50,832
	161	John B Sanfilippo & Son Inc.			16,482
	1,090	Kellanova			60,114
	1,561	Krispy Kreme Inc.			20,199
	2,729	Kroger Co.			135,386
	610	Lamb Weston Holdings Inc.			62,348
	9,925	Lancaster Colony Corp.			2,053,681
	1,052	McCormick & Co., Inc.			72,441
	888	Mission Produce Inc.*			9,368

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Food – (continued)
	52	Nathan’s Famous Inc.		$	3,653
	212	Natural Grocers by Vitamin Cottage Inc.			3,513
	46,551	Performance Food Group Co.*			3,573,720
	178	Pilgrim’s Pride Corp.*			5,668
	227	Post Holdings Inc.*			23,644
	44,125	Real Good Food Co., Inc., Class A Shares*			51,185
	1	Seaboard Corp.			3,288
	95	Seneca Foods Corp., Class A Shares*			4,813
	1,598	Simply Good Foods Co.*			56,697
	620	SpartanNash Co.			13,063
	17,053	Sprouts Farmers Market Inc.*			1,064,789
	1,700	SunOpta Inc.*			11,951
	73,939	TreeHouse Foods Inc.*			2,646,277
	1,166	Tyson Foods Inc., Class A Shares			63,244
	1,051	United Natural Foods Inc.*			16,406
	954	US Foods Holding Corp.*			48,454
	1,287	Utz Brands Inc.			22,767
	161	Village Super Market Inc., Class A Shares			4,403
	294	Weis Markets Inc.			19,092
	285	WK Kellogg Co.			4,172
		Total Food			14,314,070
Healthcare-Products – 3.7%
	392	10X Genomics Inc., Class A Shares*			18,283
	1,695	Accuray Inc.*			4,407
	2,059	Adaptive Biotechnologies Corp.*			8,462
	1,204	Agilent Technologies Inc.			165,381
	580	Akoya Biosciences Inc.*			3,329
	319	Align Technology Inc.*			96,472
	131,760	Alphatec Holdings Inc.*			1,769,537
	682	AngioDynamics Inc.*			3,744
	713	Artivion Inc.*			13,761
	823	AtriCure Inc.*			28,780
	25	Atrion Corp.			9,200
	827	Avanos Medical Inc.*			15,357
	2,830	Avantor Inc.*			69,731
	455	Avita Medical Inc.*			8,249
	744	Axogen Inc.*			7,857
	864	Axonics Inc.*			58,700
	275	Azenta Inc.*			17,916

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Products – (continued)
	2,117	Baxter International Inc.		$	86,628
	637	BioLife Solutions Inc.*			10,765
	654	Bio-Techne Corp.			48,115
	449	Bruker Corp.			38,856
	3,117	Butterfly Network Inc.*			3,709
	966	CareDx Inc.*			10,278
	458	Castle Biosciences Inc.*			8,271
	3,215	Cerus Corp.*			7,009
	541	ClearPoint Neuro Inc.*			3,457
	540	CONMED Corp.			43,373
	816	Cooper Cos., Inc.			76,378
	205	CVRx Inc.*			4,024
	892	DENTSPLY SIRONA Inc.			29,151
	1,036	Embecta Corp.			14,794
	226	Enovis Corp.*			13,517
	68,407	Envista Holdings Corp.*			1,412,605
	750	Exact Sciences Corp.*			43,148
	14,338	Glaukos Corp.*			1,270,203
	43,765	Globus Medical Inc., Class A Shares*			2,362,872
	881	Haemonetics Corp.*			64,295
	1,018	Hologic Inc.*			75,128
	88	ICU Medical Inc.*			9,612
	344	IDEXX Laboratories Inc.*			197,879
	940	Inari Medical Inc.*			43,353
	334	InfuSystem Holdings Inc.*			3,090
	1,366	Inmode Ltd.*			30,052
	410	Inogen Inc.*			2,727
	3,206	Inspire Medical Systems Inc.*			574,002
	291	Insulet Corp.*			47,724
	8,246	Integer Holdings Corp.*			909,451
	72,041	Integra LifeSciences Holdings Corp.*			2,659,033
	137	iRadimed Corp.			5,750
	540	iRhythm Technologies Inc.*			64,071
	1,194	Lantheus Holdings Inc.*			78,064
	11,689	LeMaitre Vascular Inc.			818,230
	7,280	LivaNova PLC*			399,017
	184	Masimo Corp.*			23,651
	1,584	MaxCyte Inc.*			7,286
	999	Merit Medical Systems Inc.*			76,124

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Products – (continued)
	2,067	MiMedx Group Inc.*		$	16,867
	21,102	Natera Inc.*			1,825,112
	885	Nautilus Biotechnology Inc., Class A Shares*			2,381
	3,829	Neogen Corp.*			65,821
	640	Nevro Corp.*			9,318
	462	Novocure Ltd.*			7,073
	1,705	OmniAb Inc.*			9,957
	794	Omnicell Inc.*			20,835
	1,323	OraSure Technologies Inc.*			9,519
	375	Orchestra BioMed Holdings Inc.*			2,415
	645	Orthofix Medical Inc.*			8,424
	289	OrthoPediatrics Corp.*			7,936
	4,451	Pacific Biosciences of California Inc.*			24,614
	799	Paragon 28 Inc.*			9,972
	1,514	Patterson Cos Inc.			41,014
	153	Penumbra Inc.*			35,943
	28,105	PROCEPT BioRobotics Corp.*			1,358,596
	679	Pulmonx Corp.*			6,260
	284	Pulse Biosciences Inc.*(b)			2,806
	928	QIAGEN NV*			39,709
	630	Quanterix Corp.*			15,095
	1,784	Quantum-Si Inc.*			2,979
	42,723	QuidelOrtho Corp.*			1,948,169
	234	Repligen Corp.*			45,394
	608	ResMed Inc.			105,622
	52,030	Revvity Inc.			5,701,968
	30,484	RxSight Inc.*			1,663,512
	91	Sanara Medtech Inc.*			3,462
	88	Semler Scientific Inc.*			4,151
	153	Shockwave Medical Inc.*			39,913
	626	SI-BONE Inc.*			10,861
	697	Silk Road Medical Inc.*			12,539
	859	STAAR Surgical Co.*			26,835
	415	STERIS PLC			96,658
	253	Surmodics Inc.*			8,071
	434	Tactile Systems Technology Inc.*			6,619
	21,941	Tandem Diabetes Care Inc.*			584,289
	198	Teleflex Inc.			44,112
	41,205	TransMedics Group Inc.*			3,362,328

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Products – (continued)
	821	Treace Medical Concepts Inc.*		$	11,034
	16,580	Twist Bioscience Corp.*			651,428
	126	UFP Technologies Inc.*			26,247
	62	Utah Medical Products Inc.			4,351
	699	Varex Imaging Corp.*			12,023
	245	Waters Corp.*			82,668
	309	West Pharmaceutical Services Inc.			110,733
	879	Zimmer Biomet Holdings Inc.			109,312
	470	Zimvie Inc.*			7,967
	346	Zynex Inc.*			4,692
		Total Healthcare-Products			32,082,462
Healthcare-Services – 1.8%
	4,795	23andMe Holding Co., Class A Shares*			2,733
	379	Acadia Healthcare Co., Inc.*			31,628
	1,222	Accolade Inc.*			12,526
	278	Addus HomeCare Corp.*			25,654
	548	Agiliti Inc.*			5,409
	1,232	agilon health Inc.*			7,552
	20,151	Amedisys Inc.*			1,874,446
	4,438	American Well Corp., Class A Shares*			4,793
	761	Astrana Health Inc.*			34,275
	870	Aveanna Healthcare Holdings Inc.*			2,062
	3,359	Brookdale Senior Living Inc.*			19,213
	47	CareMax Inc.*			361
	758	Catalent Inc.*			43,464
	213	Charles River Laboratories International Inc.*			54,142
	62	Chemed Corp.			38,820
	2,329	Community Health Systems Inc.*			6,498
	229	DaVita Inc.*			29,076
	1,431	DocGo Inc.*			5,824
	59,968	Encompass Health Corp.			4,461,619
	913	Enhabit Inc.*			8,217
	991	Ensign Group Inc.			123,796
	383	Fortrea Holdings Inc.*			14,378
	372	Fulgent Genetics Inc.*			8,392
	6,623	Ginkgo Bioworks Holdings Inc.*(b)			10,067
	1,527	HealthEquity Inc.*			126,145
	21,200	Humana Inc.			7,426,784
	341	ICON PLC, ADR*			109,331

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Services – (continued)
	485	Innovage Holding Corp.*		$	2,347
	750	IQVIA Holdings Inc.*			185,370
	339	Joint Corp.*			3,343
	349	Laboratory Corp. of America Holdings			75,325
	1,913	LifeStance Health Group Inc.*			15,974
	99	Medpace Holdings Inc.*			39,354
	235	ModivCare Inc.*			6,589
	242	Molina Healthcare Inc.*			95,326
	891	Nano-X Imaging Ltd.*(b)			9,944
	224	National HealthCare Corp.			22,100
	7,298	OPKO Health Inc.*(b)			7,298
	32,103	Oscar Health Inc., Class A Shares*			521,995
	1,501	Pediatrix Medical Group Inc.*			13,734
	533	Pennant Group Inc.*			9,940
	470	Quest Diagnostics Inc.			58,698
	739	Quipt Home Medical Corp.*			3,170
	1,054	RadNet Inc.*			39,904
	1,832	Select Medical Holdings Corp.			49,885
	438	Sotera Health Co.*			6,574
	1,389	Surgery Partners Inc.*			43,101
	700	Teladoc Health Inc.*			10,556
	426	Tenet Healthcare Corp.*			39,618
	256	Universal Health Services Inc., Class B Shares			42,767
	260	US Physical Therapy Inc.			27,630
	622	Viemed Healthcare Inc.*			5,262
		Total Healthcare-Services			15,823,009
Household Products/Wares – 0.1%
	1,686	ACCO Brands Corp.			9,408
	339	Avery Dennison Corp.			73,404
	180	Central Garden & Pet Co.			7,897
	917	Central Garden & Pet Co., Class A Shares			34,562
	1,022	Church & Dwight Co., Inc.			102,323
	518	Clorox Co.			79,415
	424	Helen of Troy Ltd.*			53,000
	591	Quanex Building Products Corp.			20,437
	242	Reynolds Consumer Products Inc.			7,139
	172	Spectrum Brands Holdings Inc.			13,832
	239	WD-40 Co.			64,145
		Total Household Products/Wares			465,562

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Pharmaceuticals – 2.6%
	619	ACELYRIN Inc.*		$	5,231
	1,273	Aclaris Therapeutics Inc.*			1,515
	1,715	AdaptHealth Corp., Class A Shares*			17,544
	986	Agios Pharmaceuticals Inc.*			31,868
	1,171	Alector Inc.*			8,162
	2,912	Alkermes PLC*			86,457
	2,220	Amneal Pharmaceuticals Inc.*			12,254
	672	Amphastar Pharmaceuticals Inc.*			31,295
	908	Amylyx Pharmaceuticals Inc.*			17,116
	265	Anika Therapeutics Inc.*			6,434
	878	Arvinas Inc.*			40,370
	1,620	Assertio Holdings Inc.*			1,432
	31,020	Avadel Pharmaceuticals PLC, ADR*			396,436
	46,129	BellRing Brands Inc.*			2,627,047
	1,016	Cardinal Health Inc.			113,772
	1,787	Catalyst Pharmaceuticals Inc.*			28,646
	676	Cencora Inc.			159,266
	35,539	Centessa Pharmaceuticals PLC, ADR*			373,515
	3,379	Citius Pharmaceuticals Inc.*			2,596
	1,851	Coherus Biosciences Inc.*			4,220
	623	Collegium Pharmaceutical Inc.*			22,870
	1,416	Corcept Therapeutics Inc.*			33,276
	959	CorMedix Inc.*			3,395
	1,616	DexCom Inc.*			185,953
	236	Eagle Pharmaceuticals Inc.*			1,383
	2,077	Elanco Animal Health Inc.*			33,004
	365	Enanta Pharmaceuticals Inc.*			5,245
	436	Enliven Therapeutics Inc.*			6,963
	411	Fennec Pharmaceuticals Inc.*			3,892
	484	Foghorn Therapeutics Inc.*			3,741
	1,615	Gritstone bio Inc.*			4,522
	588	Harmony Biosciences Holdings Inc.*			18,875
	540	Harrow Inc.*			5,846
	548	Henry Schein Inc.*			41,906
	1,755	Herbalife Ltd.*			15,497
	2,333	Heron Therapeutics Inc.*			6,206
	414	Immuneering Corp., Class A Shares*			2,567
	49,523	Ironwood Pharmaceuticals Inc., Class A Shares*			467,002
	257	Jazz Pharmaceuticals PLC*			30,557

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Pharmaceuticals – (continued)
	35,589	KalVista Pharmaceuticals Inc.*		$	485,790
	1,278	Kura Oncology Inc.*			26,940
	12,995	Longboard Pharmaceuticals Inc.*			288,229
	3,150	Lyell Immunopharma Inc.*			9,198
	266	Madrigal Pharmaceuticals Inc.*			62,829
	4,582	MannKind Corp.*			18,832
	937	Marinus Pharmaceuticals Inc.*			8,902
	59,765	Merus NV*			2,897,407
	445	Mirum Pharmaceuticals Inc.*			12,776
	621	Morphic Holding Inc.*			22,946
	241	Nature’s Sunshine Products Inc.*			4,278
	406	Neurocrine Biosciences Inc.*			52,942
	1,419	Ocular Therapeutix Inc.*			14,275
	1,819	Optinose Inc.*			3,238
	2,984	Option Care Health Inc.*			96,294
	1,087	Organon & Co.			18,925
	712	ORIC Pharmaceuticals Inc.*			9,071
	1,321	Owens & Minor Inc.*			32,140
	809	Pacira BioSciences Inc.*			24,043
	574	Perrigo Co. PLC			15,073
	29,379	PetIQ Inc., Class A Shares*			534,992
	371	Phibro Animal Health Corp., Class A Shares			4,797
	702	PMV Pharmaceuticals Inc.*			1,299
	512	Premier Inc., Class A Shares			10,680
	75,741	Prestige Consumer Healthcare Inc.*			5,270,059
	23,513	Protagonist Therapeutics Inc.*			714,325
	1,492	Revance Therapeutics Inc.*			10,653
	47,669	Rhythm Pharmaceuticals Inc.*			2,069,788
	530	scPharmaceuticals Inc.*			3,191
	1,780	Seres Therapeutics Inc.*			2,029
	837	SIGA Technologies Inc.			4,361
	2,119	Summit Therapeutics Inc.*(b)			9,620
	873	Supernus Pharmaceuticals Inc.*			25,928
	148	Taro Pharmaceutical Industries Ltd.*			6,226
	1,072	Trevi Therapeutics Inc.*			3,130
	205	USANA Health Sciences Inc.*			9,893
	1,028	Vanda Pharmaceuticals Inc.*			4,595
	60,997	Vaxcyte Inc.*			4,502,799
	536	Verrica Pharmaceuticals Inc.*			2,825

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Pharmaceuticals – (continued)
	5,023	Viatris Inc.		$	62,135
	579	Voyager Therapeutics Inc.*			4,817
	2,427	Xeris Biopharma Holdings Inc.*			7,463
	675	Y-mAbs Therapeutics Inc.*			11,273
		Total Pharmaceuticals			22,238,882
		TOTAL CONSUMER NON-CYCLICAL			172,405,448
ENERGY – 4.0%
Coal – 0.0%
	208	Alpha Metallurgical Resources Inc.			78,468
	322	Arch Resources Inc.			53,223
	550	CONSOL Energy Inc.			47,201
	427	Hallador Energy Co.*			3,245
	74	NACCO Industries Inc., Class A Shares			2,459
	2,060	Peabody Energy Corp.			51,026
	411	Ramaco Resources Inc., Class A Shares			7,225
	1,500	SunCoke Energy Inc.			16,065
	912	Warrior Met Coal Inc.			51,957
		Total Coal			310,869
Energy-Alternate Sources – 0.0%
	2,665	Array Technologies Inc.*			36,351
	1,790	Energy Vault Holdings Inc.*			3,007
	558	Enphase Energy Inc.*			70,872
	570	Enviva Inc.			228
	1,957	Eos Energy Enterprises Inc.*			1,863
	446	First Solar Inc.*			68,635
	1,014	Fluence Energy Inc., Class A Shares*			15,504
	7,479	FuelCell Energy Inc.*			8,900
	480	FutureFuel Corp.			2,846
	4,241	Gevo Inc.*			3,781
	1,030	Green Plains Inc.*			21,939
	550	Maxeon Solar Technologies Ltd.*			2,206
	1,207	Montauk Renewables Inc.*			6,856
	2,247	Plug Power Inc.*(b)			7,932
	281	REX American Resources Corp.*			12,358
	3,019	Shoals Technologies Group Inc., Class A Shares*			38,734
	2,589	Stem Inc.*(b)			6,939
	1,805	Sunnova Energy International Inc.*(b)			13,140
	1,595	SunPower Corp., Class A Shares*(b)			4,960
	914	Sunrun Inc.*			11,005

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Energy-Alternate Sources – (continued)
	941	TPI Composites Inc.*		$	2,625
		Total Energy-Alternate Sources			340,681
Oil & Gas – 3.2%
	658	Amplify Energy Corp.*			3,974
	1,194	Antero Resources Corp.*			30,686
	1,303	APA Corp.			38,816
	1,383	Berry Corp.			9,750
	3,898	Borr Drilling Ltd.*			23,466
	1,262	California Resources Corp.			65,839
	1,081	Callon Petroleum Co.*			33,684
	74,433	Chesapeake Energy Corp.			6,161,564
	760	Chord Energy Corp.			123,462
	54,720	Civitas Resources Inc.			3,758,170
	2,800	CNX Resources Corp.*			58,660
	1,643	Comstock Resources Inc.			14,048
	3,126	Coterra Energy Inc.			80,588
	1,386	Crescent Energy Co., Class A Shares			15,495
	530	CVR Energy Inc.			17,585
	1,154	Delek US Holdings Inc.			29,439
	2,680	Devon Energy Corp.			118,081
	1,806	Diamond Offshore Drilling Inc.*			20,029
	16,235	Diamondback Energy Inc.			2,963,212
	322	Empire Petroleum Corp.*			1,909
	1,512	EQT Corp.			56,171
	568	Evolution Petroleum Corp.			3,328
	591	Granite Ridge Resources Inc.			3,635
	195	Gulfport Energy Corp.*			27,688
	1,711	Helmerich & Payne Inc.			65,685
	1,161	Hess Corp.			169,216
	595	HF Sinclair Corp.			33,022
	221	HighPeak Energy Inc.(b)			3,662
	8,029	Kosmos Energy Ltd.*			49,298
	3,222	Magnolia Oil & Gas Corp., Class A Shares			73,075
	2,494	Marathon Oil Corp.			60,480
	17,436	Matador Resources Co.			1,101,083
	2,707	Murphy Oil Corp.			107,387
	163	Nabors Industries Ltd.*			12,774
	2,047	Noble Corp. PLC			85,585
	1,584	Northern Oil & Gas Inc.			56,596

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Oil & Gas – (continued)
	104,178	Ovintiv Inc.		$	5,147,435
	977	Par Pacific Holdings Inc.*			35,289
	6,209	Patterson-UTI Energy Inc.			71,838
	1,997	PBF Energy Inc., Class A Shares			93,260
	295,824	Permian Resources Corp., Class A Shares			4,603,021
	1,835	Phillips 66			261,506
	988	Range Resources Corp.			31,241
	160	Riley Exploration Permian Inc.			3,784
	2,186	Ring Energy Inc.*			3,126
	583	SandRidge Energy Inc.			7,602
	892	Seadrill Ltd.*			37,642
	320	SilverBow Resources Inc.*			9,085
	1,427	Sitio Royalties Corp., Class A Shares			32,564
	2,108	SM Energy Co.			92,267
	4,633	Southwestern Energy Co.*			32,292
	2,433	Talos Energy Inc.*			32,091
	9,681	Tellurian Inc.*			7,686
	24	Texas Pacific Land Corp.			37,810
	1,976	VAALCO Energy Inc.			8,813
	1,078	Valaris Ltd.*			67,968
	1,183	Vertex Energy Inc.*(b)			1,597
	420	Vital Energy Inc.*			21,139
	455	Vitesse Energy Inc.			10,342
	1,811	W&T Offshore Inc.			5,469
	10,477	Weatherford International PLC*			1,075,045
		Total Oil & Gas			27,207,054
Oil & Gas Services – 0.7%
	2,461	Archrock Inc.			44,962
	540	Aris Water Solutions Inc., Class A Shares			6,502
	292	Atlas Energy Solutions Inc., Class A Shares			5,507
	4,234	Baker Hughes Co., Class A Shares			125,284
	427	Bristow Group Inc.*			11,508
	95,532	ChampionX Corp.			2,967,224
	836	Core Laboratories Inc.			12,515
	357	DMC Global Inc.*			5,955
	1,895	DNOW Inc.*			26,814
	609	Dril-Quip Inc.*			13,763
	1,559	Expro Group Holdings NV*			27,891
	176	Forum Energy Technologies Inc.*			3,522

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Oil & Gas Services – (continued)
	3,754	Halliburton Co.		$	131,653
	2,551	Helix Energy Solutions Group Inc.*			22,959
	317	KLX Energy Services Holdings Inc.*			2,574
	278	Kodiak Gas Services Inc.			7,089
	2,924	Liberty Energy Inc., Class A Shares			62,515
	1,365	Newpark Resources Inc.*			8,777
	1,653	NOV Inc.			27,936
	1,772	Oceaneering International Inc.*			35,015
	1,150	Oil States International Inc.*			6,199
	471	ProFrac Holding Corp., Class A Shares*			3,853
	1,762	ProPetro Holding Corp.*			13,039
	272	Ranger Energy Services Inc., Class A Shares			2,853
	1,532	RPC Inc.			11,321
	450	SEACOR Marine Holdings Inc.*			4,725
	1,470	Select Water Solutions Inc., Class A Shares			12,554
	576	Solaris Oilfield Infrastructure Inc., Class A Shares			4,879
	64,794	TechnipFMC PLC			1,405,382
	2,254	TETRA Technologies Inc.*			8,791
	13,982	Tidewater Inc.*			979,159
	1,346	US Silica Holdings Inc.*			15,479
		Total Oil & Gas Services			6,018,199
Pipelines – 0.1%
	1,446	Antero Midstream Corp.			19,376
	988	Cheniere Energy Inc.			153,338
	412	DT Midstream Inc.			23,744
	7,676	Equitrans Midstream Corp.			82,056
	327	Excelerate Energy Inc., Class A Shares			5,134
	1,787	Golar LNG Ltd.			36,258
	312	Kinetik Holdings Inc., Class A Shares			11,020
	282	New Fortress Energy Inc., Class A Shares			9,912
	1,583	NextDecade Corp.*			7,266
	2,398	ONEOK Inc.			180,138
	936	Targa Resources Corp.			91,953
	5,088	Williams Cos., Inc.			182,863
		Total Pipelines			803,058
		TOTAL ENERGY			34,679,861

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – 19.2%
Banks – 6.2%
	301	1st Source Corp.		$	14,984
	151	ACNB Corp.			5,321
	340	Alerus Financial Corp.			7,415
	319	Amalgamated Financial Corp.			7,363
	473	Amerant Bancorp Inc., Class A Shares			10,023
	190	American National Bankshares Inc.			8,573
	1,167	Ameris Bancorp			54,067
	151	Ames National Corp.			2,864
	268	Arrow Financial Corp.			6,427
	2,669	Associated Banc-Corp.			55,622
	1,326	Atlantic Union Bankshares Corp.			44,103
	390	BancFirst Corp.			34,219
	28,220	Bancorp Inc.*			1,259,741
	168	Bank First Corp.			14,532
	693	Bank of Hawaii Corp.			41,774
	285	Bank of Marin Bancorp			4,734
	3,174	Bank of New York Mellon Corp.			178,030
	890	Bank of NT Butterfield & Son Ltd.			26,602
	461	Bank OZK			20,192
	101	Bank7 Corp.			2,829
	1,318	BankUnited Inc.			35,349
	135	Bankwell Financial Group Inc.			3,438
	608	Banner Corp.			26,655
	277	Bar Harbor Bankshares			6,986
	214	BayCom Corp.			4,284
	279	BCB Bancorp Inc.			2,927
	433	Blue Foundry Bancorp*			4,079
	123	BOK Financial Corp.			10,456
	375	Bridgewater Bancshares Inc.*			4,444
	116	Burke & Herbert Financial Services Corp.			6,343
	440	Business First Bancshares Inc.			9,878
	453	Byline Bancorp Inc.			9,441
	60	C&F Financial Corp.			3,206
	3,204	Cadence Bank			88,687
	139	Cambridge Bancorp			8,793
	263	Camden National Corp.			8,358
	178	Capital Bancorp Inc.			3,665
	244	Capital City Bank Group Inc.			6,917
	350	Capstar Financial Holdings Inc.			6,563

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
	427	Carter Bankshares Inc.*		$	5,636
	1,226	Cathay General Bancorp			47,875
	488	Central Pacific Financial Corp.			9,106
	176	Central Valley Community Bancorp			3,289
	62	Chemung Financial Corp.			2,641
	155	ChoiceOne Financial Services Inc.			4,125
	271	Citizens & Northern Corp.			4,976
	1,988	Citizens Financial Group Inc.			62,403
	70	Citizens Financial Services Inc.			3,273
	16,659	City Holding Co.			1,673,896
	281	Civista Bancshares Inc.			4,221
	384	CNB Financial Corp.			7,676
	198	Coastal Financial Corp.*			7,601
	172	Codorus Valley Bancorp Inc.			3,959
	305	Colony Bankcorp Inc.			3,459
	172,674	Columbia Banking System Inc.			3,125,399
	558	Comerica Inc.			27,554
	508	Commerce Bancshares Inc.			26,436
	940	Community Bank System Inc.			42,582
	283	Community Trust Bancorp Inc.			11,252
	670	ConnectOne Bancorp Inc.			13,259
	818	CrossFirst Bankshares Inc.*			10,528
	251	Cullen/Frost Bankers Inc.			27,236
	35,913	Customers Bancorp Inc.*			1,950,435
	2,350	CVB Financial Corp.			39,997
	631	Dime Community Bancshares Inc.			11,825
	533	Eagle Bancorp Inc.			12,696
	593	East West Bancorp Inc.			43,206
	2,740	Eastern Bankshares Inc.			35,401
	174	Enterprise Bancorp Inc.			4,715
	645	Enterprise Financial Services Corp.			25,748
	272	Equity Bancshares Inc., Class A Shares			8,658
	129	Esquire Financial Holdings Inc.			6,551
	92	Evans Bancorp Inc.			2,732
	232	Farmers & Merchants Bancorp Inc.			4,686
	670	Farmers National Banc Corp.			9,032
	634	FB Financial Corp.			22,596
	85	Fidelity D&D Bancorp Inc.			4,245
	2,845	Fifth Third Bancorp			97,697

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
	276	Financial Institutions Inc.		$	5,067
	3,127	First BanCorp (Puerto Rico)			53,096
	710	First Bancorp (Southern Pines NC)			24,225
	178	First Bancorp Inc.			4,204
	551	First Bancshares Inc.			13,681
	380	First Bank			5,096
	928	First Busey Corp.			21,400
	143	First Business Financial Services Inc.			5,045
	4,746	First Citizens BancShares Inc., Class A Shares			7,469,302
	1,821	First Commonwealth Financial Corp.			23,728
	321	First Community Bankshares Inc.			10,638
	174	First Community Corp.			2,859
	1,666	First Financial Bancorp			36,152
	2,294	First Financial Bankshares Inc.			70,976
	217	First Financial Corp.			8,079
	925	First Foundation Inc.			7,335
	552	First Hawaiian Inc.			11,570
	236,912	First Horizon Corp.			3,340,459
	122,767	First Interstate BancSystem Inc., Class A Shares			3,231,227
	1,047	First Merchants Corp.			34,760
	349	First Mid Bancshares Inc.			10,575
	388	First of Long Island Corp.			4,322
	232	Five Star Bancorp			5,505
	1,526	FNB Corp.			20,357
	2,876	Fulton Financial Corp.			44,290
	295	FVCBankcorp Inc.*			3,572
	505	German American Bancorp Inc.			15,887
	1,963	Glacier Bancorp Inc.			73,455
	166	Great Southern Bancorp Inc.			8,655
	152	Guaranty Bancshares Inc.			4,372
	1,528	Hancock Whitney Corp.			66,621
	556	Hanmi Financial Corp.			8,401
	775	HarborOne Bancorp Inc.			7,890
	244	HBT Financial Inc.			4,651
	752	Heartland Financial USA Inc.			25,568
	1,082	Heritage Commerce Corp.			8,970
	630	Heritage Financial Corp.			11,561
	830	Hilltop Holdings Inc.			25,630
	3,353	Home BancShares Inc.			78,661

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
	435	HomeStreet Inc.		$	6,068
	2,062	Hope Bancorp Inc.			22,620
	791	Horizon Bancorp Inc.			9,524
	6,033	Huntington Bancshares Inc.			78,670
	49,131	Independent Bank Corp. (Massachusetts)			2,563,164
	374	Independent Bank Corp. (Michingan)			9,144
	642	Independent Bank Group Inc.			28,075
	948	International Bancshares Corp.			49,192
	227	John Marshall Bancorp Inc.			3,973
	1,047	Kearny Financial Corp.			6,659
	3,919	KeyCorp			55,924
	1,121	Lakeland Bancorp Inc.			13,093
	442	Lakeland Financial Corp.			28,155
	242	LCNB Corp.			3,407
	9,911	Live Oak Bancshares Inc.			393,665
	693	M&T Bank Corp.			96,840
	479	Macatawa Bank Corp.			4,694
	122	MainStreet Bancshares Inc.			2,198
	287	Mercantile Bank Corp.			10,573
	291	Merchants Bancorp			12,472
	339	Metrocity Bankshares Inc.			8,238
	194	Metropolitan Bank Holding Corp.*			7,607
	257	Mid Penn Bancorp Inc.			5,405
	144	Middlefield Banc Corp.			3,534
	391	Midland States Bancorp Inc.			9,521
	257	MidWestOne Financial Group Inc.			5,890
	206	MVB Financial Corp.			4,410
	42,673	National Bank Holdings Corp., Class A Shares			1,444,054
	102	National Bankshares Inc.			3,190
	813	NBT Bancorp Inc.			27,959
	440	NewtekOne Inc.(b)			5,078
	231	Nicolet Bankshares Inc.			18,233
	120	Northeast Bank			6,407
	245	Northeast Community Bancorp Inc.			3,820
	859	Northern Trust Corp.			70,550
	101	Northrim BanCorp Inc.			5,023
	135	Norwood Financial Corp.			3,727
	9,668	NU Holdings Ltd., Class A Shares*			107,121
	124	Oak Valley Bancorp			3,091

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
	828	OFG Bancorp		$	29,990
	211,106	Old National Bancorp			3,468,472
	787	Old Second Bancorp Inc.			10,569
	93	Orange County Bancorp Inc.			4,276
	524	Origin Bancorp Inc.			15,636
	187	Orrstown Financial Services Inc.			5,040
	255	Park National Corp.			32,770
	193	Parke Bancorp Inc.			3,329
	477	Pathward Financial Inc.			24,251
	202	PCB Bancorp			3,262
	313	Peapack-Gladstone Financial Corp.			7,584
	157	Penns Woods Bancorp Inc.			3,036
	607	Peoples Bancorp Inc.			17,039
	126	Peoples Financial Services Corp.			5,084
	44,573	Pinnacle Financial Partners Inc.			3,687,079
	309	Pioneer Bancorp Inc.*			2,880
	100	Plumas Bancorp			3,484
	359	Ponce Financial Group Inc.*			3,166
	299	Popular Inc.			25,020
	240	Preferred Bank			17,244
	641	Premier Financial Corp.			12,423
	355	Primis Financial Corp.			4,384
	116	Princeton Bancorp Inc.			3,570
	370	Prosperity Bancshares Inc.			23,092
	296	QCR Holdings Inc.			16,872
	307	RBB Bancorp			5,287
	88	Red River Bancshares Inc.			4,382
	3,919	Regions Financial Corp.			73,011
	980	Renasant Corp.			30,978
	159	Republic Bancorp Inc., Class A Shares			7,832
	694	S&T Bancorp Inc.			21,646
	785	Sandy Spring Bancorp Inc.			17,254
	1,490	Seacoast Banking Corp. of Florida			35,969
	898	ServisFirst Bancshares Inc.			56,745
	538	Shore Bancshares Inc.			6,112
	251	Sierra Bancorp			4,671
	2,230	Simmons First National Corp., Class A Shares			42,816
	295	SmartFinancial Inc.			6,348
	225	South Plains Financial Inc.			6,003

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
	141	Southern First Bancshares Inc.*		$	4,646
	138	Southern States Bancshares Inc.			3,431
	528	Southside Bancshares Inc.			15,132
	1,374	SouthState Corp.			115,471
	1,270	State Street Corp.			93,637
	869	Stellar Bancorp Inc.			20,595
	534	Sterling Bancorp Inc.*			2,691
	484	Stock Yards Bancorp Inc.			22,172
	203	Summit Financial Group Inc.			5,477
	617	Synovus Financial Corp.			23,409
	844	Texas Capital Bancshares Inc.*			49,501
	235	Third Coast Bancshares Inc.*			4,505
	250	Tompkins Financial Corp.			12,040
	1,244	Towne Bank			33,725
	555	TriCo Bancshares			18,543
	10,575	Triumph Financial Inc.*			793,125
	339	TrustCo Bank Corp. NY			9,251
	1,082	Trustmark Corp.			29,063
	780	UMB Financial Corp.			63,656
	2,302	United Bankshares Inc.			79,856
	2,036	United Community Banks Inc.			52,956
	133	Unity Bancorp Inc.			3,642
	75,294	Univest Financial Corp.			1,507,386
	60,100	US Bancorp			2,521,796
	262	USCB Financial Holdings Inc.			2,861
	357,694	Valley National Bancorp			2,929,514
	939	Veritex Holdings Inc.			18,433
	106	Virginia National Bankshares Corp.			3,225
	561	Walker & Dunlop Inc.			53,508
	311	Washington Trust Bancorp Inc.			8,005
	733	Webster Financial Corp.			34,920
	1,024	WesBanco Inc.			29,676
	294	West BanCorp Inc.			5,116
	31,938	Westamerica BanCorp			1,459,886
	10,156	Western Alliance Bancorp			586,306
	51,286	Wintrust Financial Corp.			4,941,406
	618	Zions Bancorp N.A.			24,368
		Total Banks			52,738,832

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Diversified Financial Services – 2.5%
	151	Affiliated Managers Group Inc.		$	23,603
	441	Air Lease Corp., Class A Shares			17,684
	1,142	Ally Financial Inc.			42,243
	370	AlTi Global Inc.*			2,168
	423	Ameriprise Financial Inc.			172,313
	2,153	Apollo Global Management Inc.			240,705
	672	Ares Management Corp., Class A Shares			89,127
	1,084	Artisan Partners Asset Management Inc., Class A Shares			46,688
	399	AssetMark Financial Holdings Inc.*			14,105
	81	Atlanticus Holdings Corp.*			2,685
	337	B Riley Financial Inc.(b)			6,177
	6,442	BGC Group Inc., Class A Shares			44,772
	1,268	Bit Digital Inc.*			3,297
	1,892	Blue Owl Capital Inc., Class A Shares			33,980
	894	Bread Financial Holdings Inc.			34,222
	589	Brightsphere Investment Group Inc.			13,347
	476	Brookfield Business Corp., Class A Shares			10,881
	40,000	Capital One Financial Corp.			5,504,400
	441	Cboe Global Markets Inc.			84,672
	461	Cohen & Steers Inc.			33,907
	700	Coinbase Global Inc., Class A Shares*			142,492
	544	Columbia Financial Inc.*			9,101
	28	Credit Acceptance Corp.*			15,501
	52	Diamond Hill Investment Group Inc.			7,523
	1,044	Discover Financial Services			126,011
	538	Enact Holdings Inc.			14,913
	414	Encore Capital Group Inc.*			19,872
	539	Enova International Inc.*			34,092
	6,958	Evercore Inc., Class A Shares			1,301,703
	162	Federal Agricultural Mortgage Corp., Class C Shares			28,977
	141	First Western Financial Inc.*			1,995
	2,012	Forge Global Holdings Inc.*			4,185
	1,202	Franklin Resources Inc.			32,995
	81,290	FTAI Aviation Ltd.			4,575,814
	776	GCM Grosvenor Inc., Class A Shares			6,573
	643	Hamilton Lane Inc., Class A Shares			73,849
	214	Houlihan Lokey Inc., Class A Shares			27,533
	426	Interactive Brokers Group Inc., Class A Shares			46,315
	598	International Money Express Inc.*			11,781

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Diversified Financial Services – (continued)
	1,540	Invesco Ltd.		$	23,731
	573	Janus Henderson Group PLC			17,855
	62,703	Jefferies Financial Group Inc.			2,622,239
	469	Lazard Inc., Class A Shares			18,075
	1,924	LendingClub Corp.*			15,604
	235	LendingTree Inc.*			9,299
	311	LPL Financial Holdings Inc.			83,314
	1,176	Moelis & Co., Class A Shares			63,551
	1,151	Mr Cooper Group Inc.*			82,043
	1,431	Nasdaq Inc.			80,422
	1,578	Navient Corp.			25,658
	259	Nelnet Inc., Class A Shares			22,240
	641	NerdWallet Inc., Class A Shares*			10,814
	113	Ocwen Financial Corp.*			2,947
	477	OneMain Holdings Inc., Class A Shares			22,529
	3,515	Pagseguro Digital Ltd., Class A Shares*			48,929
	888	Paysign Inc.*			2,717
	452	PennyMac Financial Services Inc.			38,388
	773	Perella Weinberg Partners, Class A Shares			10,559
	306	Piper Sandler Cos			57,611
	13,320	PJT Partners Inc., Class A Shares			1,403,928
	695	PRA Group Inc.*			17,764
	2,766	Radian Group Inc.			80,601
	29,292	Raymond James Financial Inc.			3,524,413
	143	Regional Management Corp.			3,346
	544	Rocket Cos. Inc., Class A Shares*			6,833
	320	Security National Financial Corp., Class A Shares			2,758
	430	SEI Investments Co.			28,918
	167	Silvercrest Asset Management Group Inc., Class A Shares			2,801
	966	SLM Corp.			20,122
	3,871	SoFi Technologies Inc.*			34,762
	955	StepStone Group Inc., Class A Shares			33,167
	434	Stifel Financial Corp.			32,923
	474	StoneX Group Inc.*			32,829
	1,748	Synchrony Financial			72,192
	923	T Rowe Price Group Inc.			104,622
	280	TPG Inc., Class A Shares			12,418
	483	Tradeweb Markets Inc., Class A Shares			51,111
	1,273	Upstart Holdings Inc.*(b)			32,780

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Diversified Financial Services – (continued)
	534	UWM Holdings Corp.		$	3,407
	211	Velocity Financial Inc.*			3,450
	488	Victory Capital Holdings Inc., Class A Shares			18,754
	394	Virtu Financial Inc., Class A Shares			7,112
	123	Virtus Investment Partners Inc.			28,575
	414	Voya Financial Inc.			28,301
	1,588	Western Union Co.			21,295
	2,467	WisdomTree Inc.			19,884
	74	World Acceptance Corp.*			8,862
	1,401	XP Inc., Class A Shares			33,120
		Total Diversified Financial Services			21,831,774
Equity Real Estate Investment Trusts (REITs) – 4.3%
	1,661	Acadia Realty Trust			27,224
	301	AFC Gamma Inc.			3,462
	2,517	AGNC Investment Corp.			24,063
	390	Agree Realty Corp.			21,431
	1,291	Alexander & Baldwin Inc.			20,992
	40	Alexander’s Inc.			8,842
	36,419	Alexandria Real Estate Equities Inc.			4,542,542
	238	Alpine Income Property Trust Inc.			3,715
	873	American Assets Trust Inc.			18,831
	97,299	American Homes 4 Rent, Class A Shares			3,601,036
	1,138	Americold Realty Trust Inc.			28,791
	2,078	Annaly Capital Management Inc.			39,669
	633	Apartment Income REIT Corp.			19,193
	2,650	Apartment Investment & Management Co., Class A Shares*			19,557
	2,521	Apollo Commercial Real Estate Finance Inc.			28,260
	3,794	Apple Hospitality REIT Inc.			61,045
	3,210	Arbor Realty Trust Inc.(b)			43,014
	950	Ares Commercial Real Estate Corp.			7,163
	1,215	Armada Hoffler Properties Inc.			12,369
	820	ARMOUR Residential REIT Inc.			16,236
	593	AvalonBay Communities Inc.			104,979
	3,030	Blackstone Mortgage Trust Inc., Class A Shares			61,721
	660	Boston Properties Inc.			42,715
	1,207	Braemar Hotels & Resorts Inc.			2,752
	3,062	Brandywine Realty Trust			13,167
	2,316	BrightSpire Capital Inc., Class A Shares			16,004
	1,266	Brixmor Property Group Inc.			28,624

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	3,313	Broadstone Net Lease Inc., Class A Shares		$	49,397
	219	BRT Apartments Corp.			3,390
	436	Camden Property Trust			41,193
	1,770	CareTrust REIT Inc.			39,931
	489	CBL & Associates Properties Inc.			11,276
	271	Centerspace			15,065
	883	Chatham Lodging Trust			9,007
	328,962	Chimera Investment Corp.			1,434,274
	884	City Office REIT Inc.			4,049
	1,621	Claros Mortgage Trust Inc.			15,691
	459	Community Healthcare Trust Inc.			12,457
	109,517	COPT Defense Properties			2,653,597
	650	Cousins Properties Inc.			14,827
	408	CTO Realty Growth Inc.			6,956
	942	CubeSmart			41,081
	3,723	DiamondRock Hospitality Co.			34,996
	1,248	Digital Realty Trust Inc.			183,219
	4,381	Diversified Healthcare Trust			14,370
	2,902	Douglas Emmett Inc.			38,364
	977	Dynex Capital Inc.			12,056
	1,678	Easterly Government Properties Inc., Class A Shares			19,800
	185	EastGroup Properties Inc.			32,503
	1,327	Ellington Financial Inc.			15,035
	1,565	Elme Communities			20,157
	2,358	Empire State Realty Trust Inc., Class A Shares			23,509
	319	EPR Properties			13,105
	1,855	Equity Commonwealth*			34,930
	746	Equity LifeStyle Properties Inc.			50,221
	1,561	Equity Residential			93,988
	2,744	Essential Properties Realty Trust Inc.			65,554
	268	Essex Property Trust Inc.			62,015
	23,575	Extra Space Storage Inc.			3,323,368
	878	Farmland Partners Inc.			10,360
	341	Federal Realty Investment Trust			34,390
	558	First Industrial Realty Trust Inc.			29,574
	1,532	Four Corners Property Trust Inc.			37,044
	1,482	Franklin BSP Realty Trust Inc.			19,133
	1,057	Gaming & Leisure Properties Inc.			48,072
	798	Getty Realty Corp.			21,035

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	735	Gladstone Commercial Corp.		$	9,099
	614	Gladstone Land Corp.			7,988
	1,110	Global Medical REIT Inc.			9,935
	3,444	Global Net Lease Inc.			24,831
	931	Granite Point Mortgage Trust Inc.			4,413
	1,608	Healthcare Realty Trust Inc., Class A Shares			22,158
	453	Highwoods Properties Inc.			11,076
	2,970	Host Hotels & Resorts Inc.			61,598
	2,476	Hudson Pacific Properties Inc.			15,698
	3,972	Independence Realty Trust Inc.			58,150
	493	Innovative Industrial Properties Inc., Class A Shares			48,309
	1,205	InvenTrust Properties Corp.			30,426
	773	Invesco Mortgage Capital Inc.			6,980
	2,560	Invitation Homes Inc.			87,219
	1,213	Iron Mountain Inc.			95,390
	1,938	JBG SMITH Properties			32,132
	498	Kilroy Realty Corp.			18,869
	2,705	Kimco Realty Corp.			53,451
	3,824	Kite Realty Group Trust			81,872
	1,064	KKR Real Estate Finance Trust Inc.			10,374
	2,018	Ladder Capital Corp., Class A Shares			21,815
	367	Lamar Advertising Co., Class A Shares			40,572
	729	LTC Properties Inc.			22,934
	5,108	LXP Industrial Trust			44,235
	3,813	Macerich Co.			62,571
	2,547	Medical Properties Trust Inc.(b)			10,723
	1,829	MFA Financial Inc.			20,521
	32,687	Mid-America Apartment Communities Inc.			4,108,102
	737	National Health Investors Inc.			42,355
	62,051	National Storage Affiliates Trust			2,222,046
	59	NET Lease Office Properties			1,439
	1,204	NETSTREIT Corp.			20,239
	1,637	New York Mortgage Trust Inc.			11,803
	196	Nexpoint Real Estate Finance Inc.			2,752
	407	NexPoint Residential Trust Inc.			11,888
	767	NNN REIT Inc.			31,209
	884	Office Properties Income Trust			2,360
	988	Omega Healthcare Investors Inc.			30,747
	294	One Liberty Properties Inc.			5,951

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	820	Orchid Island Capital Inc.		$	7,052
	1,037	Orion Office REIT Inc.			3,640
	3,320	Paramount Group Inc.			14,708
	921	Park Hotels & Resorts Inc.			15,289
	656	Peakstone Realty Trust			9,033
	2,152	Pebblebrook Hotel Trust			34,088
	1,576	PennyMac Mortgage Investment Trust			22,269
	2,074	Phillips Edison & Co., Inc.			74,083
	187,156	Physicians Realty Trust			2,101,762
	2,229	Piedmont Office Realty Trust Inc., Class A Shares			13,976
	769	Plymouth Industrial REIT Inc.			16,587
	341	Postal Realty Trust Inc., Class A Shares			4,883
	1,391	PotlatchDeltic Corp.			62,887
	626	Rayonier Inc.			21,553
	2,838	Ready Capital Corp.			25,060
	79,342	Realty Income Corp.			4,134,512
	2,046	Redwood Trust Inc.			12,542
	759	Regency Centers Corp.			47,020
	2,184	Retail Opportunity Investments Corp.			28,239
	866	Rexford Industrial Realty Inc.			44,062
	2,049	Rithm Capital Corp.			22,211
	2,776	RLJ Lodging Trust			32,951
	1,059	Ryman Hospitality Properties Inc.			125,470
	4,074	Sabra Health Care REIT Inc.			56,547
	788	Safehold Inc.			15,855
	215	Saul Centers Inc.			7,781
	450	SBA Communications Corp., Class A Shares			94,154
	2,934	Service Properties Trust			19,951
	1,356	Simon Property Group Inc.			200,878
	3,363	SITE Centers Corp.			45,670
	1,143	SL Green Realty Corp.(b)			55,413
	100,574	STAG Industrial Inc.			3,735,318
	1,248	Starwood Property Trust Inc.			25,447
	1,898	Summit Hotel Properties Inc.			12,185
	515	Sun Communities Inc.			68,886
	3,682	Sunstone Hotel Investors Inc.			41,202
	1,803	Tanger Inc.			51,944
	1,509	Terreno Realty Corp.			97,029
	1,268	TPG RE Finance Trust Inc.			9,485

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	1,731	Two Harbors Investment Corp.		$	21,932
	1,378	UDR Inc.			48,919
	1,002	UMH Properties Inc.			15,431
	4,248	Uniti Group Inc.			24,893
	234	Universal Health Realty Income Trust			9,075
	2,034	Urban Edge Properties			34,598
	1,674	Ventas Inc.			70,793
	1,407	Veris Residential Inc.			20,542
	4,198	VICI Properties Inc., Class A Shares			125,646
	754	Vornado Realty Trust			19,830
	2,213	Welltower Inc.			203,950
	3,065	Weyerhaeuser Co.			105,375
	892	Whitestone REIT, Class B Shares			10,989
	891	WP Carey Inc.			50,190
	1,953	Xenia Hotels & Resorts Inc.			29,959
		Total Equity Real Estate Investment Trusts (REITs)			37,014,360
Insurance – 5.3%
	2,432	Aflac Inc.			196,360
	25,097	Allstate Corp.			4,003,473
	805	Ambac Financial Group Inc.*			13,170
	450	American Coastal Insurance Corp.*			6,273
	1,436	American Equity Investment Life Holding Co.			79,755
	307	American Financial Group Inc.			39,195
	341	AMERISAFE Inc.			17,991
	13,200	Aon PLC, Class A Shares			4,171,068
	1,496	Arch Capital Group Ltd.*			131,035
	884	Arthur J Gallagher & Co.			215,634
	223	Assurant Inc.			40,463
	243	Assured Guaranty Ltd.			22,259
	331	Axis Capital Holdings Ltd.			20,711
	286	Brighthouse Financial Inc.*			13,313
	994	Brown & Brown Inc.			83,705
	1,069	BRP Group Inc., Class A Shares*			29,740
	644	Cincinnati Financial Corp.			73,416
	113	CNA Financial Corp.			4,966
	2,005	CNO Financial Group Inc.			53,513
	980	Corebridge Financial Inc.			24,333
	327	Crawford & Co., Class A Shares			3,829
	281	Donegal Group Inc., Class A Shares			3,934

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – (continued)
	503	eHealth Inc.*		$	3,320
	478	Employers Holdings Inc.			21,849
	210	Enstar Group Ltd.*			64,667
	1,427	Equitable Holdings Inc.			48,860
	1,859	Essent Group Ltd.			99,587
	180	Everest Group Ltd.			66,398
	342	F&G Annuities & Life Inc.			12,921
	277	Fidelis Insurance Holdings Ltd.*			4,144
	1,091	Fidelity National Financial Inc.			55,183
	43,151	First American Financial Corp.			2,520,450
	8,402	Genworth Financial Inc., Class A Shares*			51,672
	370	Globe Life Inc.			46,964
	4,272	Goosehead Insurance Inc., Class A Shares*			323,177
	467	Greenlight Capital Re Ltd., Class A Shares*			5,898
	23,831	Hanover Insurance Group Inc.			3,133,062
	38,117	Hartford Financial Services Group Inc.			3,653,133
	27,314	HCI Group Inc.			2,666,393
	116,176	Heritage Insurance Holdings Inc.			808,585
	260	Hippo Holdings Inc.*			3,653
	732	Horace Mann Educators Corp.			26,491
	22	Investors Title Co.			3,419
	1,458	Jackson Financial Inc., Class A Shares			80,263
	672	James River Group Holdings Ltd.			6,713
	19,454	Kemper Corp.			1,115,298
	301	Kingsway Financial Services Inc.*			2,655
	2,331	Kinsale Capital Group Inc.			1,203,216
	920	Lemonade Inc.*			14,941
	720	Lincoln National Corp.			19,829
	777	Loews Corp.			58,376
	1,596	Maiden Holdings Ltd.*			2,155
	55	Markel Group Inc.*			82,086
	900	MBIA Inc.*			5,877
	28,181	Mercury General Corp.			1,372,133
	129,949	MGIC Investment Corp.			2,584,686
	41	National Western Life Group Inc., Class A Shares			19,909
	211	NI Holdings Inc.*			2,954
	58,051	NMI Holdings Inc., Class A Shares*			1,746,174
	1,134	Old Republic International Corp.			32,841
	17,175	Palomar Holdings Inc.*			1,307,705

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – (continued)
	19,480	Primerica Inc.		$	4,777,665
	1,013	Principal Financial Group Inc.			81,911
	965	ProAssurance Corp.			11,898
	1,496	Prudential Financial Inc.			163,049
	280	Reinsurance Group of America Inc.			49,518
	211	RenaissanceRe Holdings Ltd.			47,437
	170	RLI Corp.			24,897
	395	Ryan Specialty Holdings Inc., Class A Shares*			20,690
	257	Safety Insurance Group Inc.			21,115
	1,095	Selective Insurance Group Inc.			114,406
	2,393	Selectquote Inc.*			4,642
	1,257	SiriusPoint Ltd.*			15,423
	61,633	Skyward Specialty Insurance Group Inc.*			2,255,151
	477	Stewart Information Services Corp.			30,041
	443	Tiptree Inc.			7,757
	705	Trupanion Inc.*			18,859
	388	United Fire Group Inc.			9,037
	471	Universal Insurance Holdings Inc.			9,510
	827	Unum Group			40,895
	11	White Mountains Insurance Group Ltd.			19,420
	16,627	Willis Towers Watson PLC			4,532,686
	850	WR Berkley Corp.			71,060
		Total Insurance			44,852,840
Investment Companies – 0.0%
	1,271	Cannae Holdings Inc.*			27,733
	1,789	FTAI Infrastructure Inc.			8,194
		Total Investment Companies			35,927
Private Equity – 0.4%
	892	Carlyle Group Inc.			40,898
	298	Chicago Atlantic Real Estate Finance Inc., REIT			4,854
	1,828	Hannon Armstrong Sustainable Infrastructure Capital Inc., REIT			46,011
	33,437	KKR & Co., Inc.			3,285,520
	786	P10 Inc., Class A Shares			7,286
	977	Patria Investments Ltd., Class A Shares			14,557
		Total Private Equity			3,399,126
Real Estate – 0.5%
	290	Angel Oak Mortgage REIT Inc.			3,036
	1,949	Anywhere Real Estate Inc.*			12,220
	1,252	CBRE Group Inc., Class A Shares*			115,046

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Real Estate – (continued)
	5,357	Compass Inc., Class A Shares*		$	21,160
	2,957	Cushman & Wakefield PLC*			29,540
	1,495	Douglas Elliman Inc.			2,751
	1,270	eXp World Holdings Inc.			16,637
	122	FRP Holdings Inc.*			7,344
	146	Howard Hughes Holdings Inc.*			11,154
	200	Jones Lang LaSalle Inc.*			38,048
	2,118	Kennedy-Wilson Holdings Inc.			18,596
	182	Legacy Housing Corp.*			4,681
	428	Marcus & Millichap Inc.			15,703
	190	Maui Land & Pineapple Co., Inc.*			3,718
	435	McGrath RentCorp			54,149
	354,016	Newmark Group Inc., Class A Shares			3,819,833
	319	RE/MAX Holdings Inc., Class A Shares			2,721
	1,913	Redfin Corp.*			13,592
	285	RMR Group Inc., Class A Shares			6,974
	609	St Joe Co.			32,807
	227	Star Holdings*			2,803
	128	Stratus Properties Inc.*			2,797
		Total Real Estate			4,235,310
Savings & Loans – 0.0%
	1,004	Axos Financial Inc.*			52,329
	2,359	Banc of California Inc.			34,512
	790	Berkshire Hills Bancorp Inc.			16,977
	1,569	Brookline Bancorp Inc.			15,329
	2,315	Capitol Federal Financial Inc.			13,404
	153	ESSA Bancorp Inc.			2,656
	523	Flushing Financial Corp.			6,715
	122	FS Bancorp Inc.			4,071
	129	Greene County Bancorp Inc.			3,684
	27	Hingham Institution For Savings The			4,535
	131	Home Bancorp Inc.			4,814
	290	HomeTrust Bancshares Inc.			7,613
	3,002	New York Community Bancorp Inc.			14,380
	766	Northfield Bancorp Inc.			7,737
	2,265	Northwest Bancshares Inc.			25,957
	1,045	OceanFirst Financial Corp.			15,884
	1,677	Pacific Premier Bancorp Inc.			38,336
	1,309	Provident Financial Services Inc.			19,740

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Savings & Loans – (continued)
	160	Southern Missouri Bancorp Inc.		$	6,861
	210	TFS Financial Corp.			2,678
	138	Timberland Bancorp Inc.			3,616
	1,260	WaFd Inc.			34,322
	338	Waterstone Financial Inc.			4,276
	1,081	WSFS Financial Corp.			45,824
		Total Savings & Loans			386,250
		TOTAL FINANCIAL			164,494,419
GOVERNMENT – 0.0%
Multi-National – 0.0%
	499	Banco Latinoamericano de Comercio Exterior SA, Class E Shares			13,957
INDUSTRIAL – 21.6%
Aerospace/Defense – 1.8%
	10,338	AAR Corp.*			690,372
	9,854	AeroVironment Inc.*			1,249,389
	474	AerSale Corp.*			4,190
	2,745	Archer Aviation Inc., Class A Shares*			13,258
	478	Astronics Corp.*			9,163
	868	Barnes Group Inc.			30,328
	3,808	Curtiss-Wright Corp.			899,716
	237	Ducommun Inc.*			11,310
	414	Eve Holding Inc.*			2,298
	190	HEICO Corp.			36,746
	336	HEICO Corp., Class A Shares			52,278
	29,744	Hexcel Corp.			2,214,738
	29,989	Howmet Aerospace Inc.			1,995,768
	4,933	Joby Aviation Inc.*			27,723
	512	Kaman Corp.			23,455
	56,758	Kratos Defense & Security Solutions Inc.*			1,035,266
	20,200	L3Harris Technologies Inc.			4,275,532
	52,086	Leonardo DRS Inc.*			1,182,873
	217	Mercury Systems Inc.*			6,482
	4,944	Moog Inc., Class A Shares			741,353
	95	National Presto Industries Inc.			7,346
	4,959	Rocket Lab USA Inc.*(b)			22,737
	459	Spirit AeroSystems Holdings Inc., Class A Shares*			13,127
	218	TransDigm Group Inc.			256,747
	37,367	Triumph Group Inc.*			519,401
		Total Aerospace/Defense			15,321,596

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Building Materials – 4.0%
	13,834	AAON Inc.		$	1,161,779
	292	American Woodmark Corp.*			29,270
	395	Apogee Enterprises Inc.			22,598
	192	Armstrong World Industries Inc.			23,157
	61,691	Aspen Aerogels Inc.*			1,059,851
	77,328	AZEK Co., Inc., Class A Shares*			3,720,250
	10,244	Boise Cascade Co.			1,392,262
	507	Builders FirstSource Inc.*			98,956
	81,580	Carrier Global Corp.			4,534,216
	149	Eagle Materials Inc.			37,779
	533	Fortune Brands Innovations Inc.			43,354
	15,731	Gibraltar Industries Inc.*			1,218,366
	777	Griffon Corp.			55,478
	581	Hayward Holdings Inc.*			8,593
	1,517	JELD-WEN Holding Inc.*			27,609
	33,175	Knife River Corp.*			2,457,936
	134	Lennox International Inc.			63,142
	50,075	Louisiana-Pacific Corp.			3,704,048
	482	LSI Industries Inc.			6,955
	258	Martin Marietta Materials Inc.			149,049
	944	Masco Corp.			72,461
	21,363	Masonite International Corp.*			2,782,317
	2,299	Masterbrand Inc.*			39,796
	862	MDU Resources Group Inc.			18,688
	53,538	Modine Manufacturing Co.*			4,802,894
	225	Mohawk Industries Inc.*			26,690
	20,977	Owens Corning			3,141,935
	1,006	PGT Innovations Inc.*			42,021
	4,814	Simpson Manufacturing Co., Inc.			1,004,586
	3,367	SmartRent Inc., Class A Shares*			9,764
	15,106	SPX Technologies Inc.*			1,770,272
	2,100	Summit Materials Inc., Class A Shares*			89,691
	940	Trane Technologies PLC			265,052
	459	Trex Co., Inc.*			42,118
	1,091	UFP Industries Inc.			125,061
	554	Vulcan Materials Co.			147,281
		Total Building Materials			34,195,275

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Electrical Components & Equipment – 0.3%
	132	Acuity Brands Inc.		$	33,164
	53,880	American Superconductor Corp.*			724,686
	961	AMETEK Inc.			173,153
	14,235	Belden Inc.			1,212,537
	1,005	Blink Charging Co.*			3,196
	1,326	ChargePoint Holdings Inc.*			2,745
	271	Encore Wire Corp.			65,311
	1,265	Energizer Holdings Inc.			36,116
	725	EnerSys			66,613
	1,684	ESS Tech Inc.*			1,463
	257	Generac Holdings Inc.*			28,915
	339	Insteel Industries Inc.			12,343
	102	Littelfuse Inc.			24,301
	808	nLight Inc.*			10,690
	652	Novanta Inc.*			112,757
	165	Powell Industries Inc.			30,565
	197	Universal Display Corp.			34,361
		Total Electrical Components & Equipment			2,572,916
Electronics – 2.7%
	661	Advanced Energy Industries Inc.			66,893
	369	Allegion PLC			47,184
	239	Allient Inc.			6,792
	2,407	Amphenol Corp., Class A Shares			262,941
	170,684	Applied Optoelectronics Inc.*			2,727,530
	242	Arrow Electronics Inc.*			28,435
	678	Atkore Inc.			114,853
	306	Atmus Filtration Technologies Inc.*(b)			7,304
	387	Avnet Inc.			18,030
	3,244	Badger Meter Inc.			514,790
	191	Bel Fuse Inc., Class B Shares			9,926
	634	Benchmark Electronics Inc.			19,470
	67,779	Camtek Ltd.*			5,394,531
	508	Coherent Corp.*			30,216
	498	Comtech Telecommunications Corp.*			3,367
	557	CTS Corp.			24,820
	109,979	Enovix Corp.*(b)			1,072,295
	451	ESCO Technologies Inc.			45,952
	2,051	Evolv Technologies Holdings Inc.*			9,783
	343	FARO Technologies Inc.*			7,680

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Electronics – (continued)
	44,179	Fortive Corp.		$	3,760,958
	644	Garmin Ltd.			88,453
	2,389	GoPro Inc., Class A Shares*			5,590
	7,124	Hubbell Inc., Class B Shares			2,711,893
	803	Itron Inc.*			74,422
	31,214	Jabil Inc.			4,497,625
	742	Keysight Technologies Inc.*			114,491
	433	Kimball Electronics Inc.*			9,747
	1,597	Knowles Corp.*			26,095
	94	Mesa Laboratories Inc.			10,264
	91	Mettler-Toledo International Inc.*			113,497
	3,275	MicroVision Inc.*(b)			7,729
	3,553	Mirion Technologies Inc., Class A Shares*			34,748
	569	Napco Security Technologies Inc.			25,622
	21,769	NEXTracker Inc., Class A Shares*			1,224,289
	88	NVE Corp.			7,356
	693	nVent Electric PLC			46,653
	280	OSI Systems Inc.*			36,730
	484	Plexus Corp.*			45,690
	1,015	Sanmina Corp.*			64,148
	639	Sensata Technologies Holding PLC			21,994
	482	Stoneridge Inc.*			8,469
	240	TD SYNNEX Corp.			24,936
	1,034	Trimble Inc.*			63,270
	1,818	TTM Technologies Inc.*			26,997
	275	Turtle Beach Corp.*			2,937
	394	Vicor Corp.*			14,673
	2,270	Vishay Intertechnology Inc.			49,373
	661	Vontier Corp.			28,423
	250	Woodward Inc.			35,373
		Total Electronics			23,595,237
Engineering & Construction – 2.2%
	502	908 Devices Inc.*			3,690
	550	AECOM			48,857
	7,564	Arcosa Inc.			627,812
	190	Bowman Consulting Group Ltd., Class A Shares*			6,188
	7,083	Comfort Systems USA Inc.			2,165,486
	473	Concrete Pumping Holdings Inc.*			3,874
	20,413	Construction Partners Inc., Class A Shares*			981,457

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Engineering & Construction – (continued)
	505	Dycom Industries Inc.*		$	63,877
	18,754	EMCOR Group Inc.			5,879,754
	890	Exponent Inc.			71,992
	19,914	Fluor Corp.*			732,835
	1,451	Frontdoor Inc.*			45,503
	781	Granite Construction Inc.			40,245
	1,197	Great Lakes Dredge & Dock Corp.*			10,701
	149	IES Holdings Inc.*			16,378
	786	Iteris Inc.*			4,103
	26,927	Jacobs Solutions Inc.			3,948,845
	1,034	Latham Group Inc.*			3,505
	167	Limbach Holdings Inc.*			8,223
	265	MasTec Inc.*			19,997
	367	Mistras Group Inc.*			3,175
	6,709	MYR Group Inc.*			1,089,944
	244	NV5 Global Inc.*			24,817
	940	Primoris Services Corp.			37,139
	27,171	Sterling Infrastructure Inc.*			2,897,515
	134	TopBuild Corp.*			53,919
	792	Tutor Perini Corp.*			8,973
		Total Engineering & Construction			18,798,804
Environmental Control – 0.9%
	992	Casella Waste Systems Inc., Class A Shares*			89,379
	23,495	CECO Environmental Corp.*			532,162
	21,324	Clean Harbors Inc.*			3,883,100
	992	Energy Recovery Inc.*			15,505
	88,133	Enviri Corp.*			692,725
	2,524	Li-Cycle Holdings Corp.*			909
	14,527	Montrose Environmental Group Inc.*			601,127
	690	Pentair PLC			53,675
	359	Pure Cycle Corp.*			3,579
	2,103	PureCycle Technologies Inc.*(b)			12,176
	864	Republic Services Inc., Class A Shares			158,630
	392	Stericycle Inc.*			21,321
	7,729	Tetra Tech Inc.			1,370,506
		Total Environmental Control			7,434,794
Hand/Machine Tools – 1.2%
	354	Cadre Holdings Inc.			12,719
	56,437	Enerpac Tool Group Corp., Class A Shares			1,902,491

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Hand/Machine Tools – (continued)
	812	Franklin Electric Co., Inc.		$	84,416
	1,425	Kennametal Inc.			35,967
	235	Lincoln Electric Holdings Inc.			60,301
	509	Luxfer Holdings PLC, ADR			5,049
	3,342	MSA Safety Inc.			615,429
	42,685	Regal Rexnord Corp.			7,320,051
	218	Snap-on Inc.			60,094
	643	Stanley Black & Decker Inc.			57,414
		Total Hand/Machine Tools			10,153,931
Machinery-Construction & Mining – 0.3%
	230	Argan Inc.			10,778
	406	Astec Industries Inc.			16,484
	1,077	Babcock & Wilcox Enterprises Inc.*			1,379
	3,398	Bloom Energy Corp., Class A Shares*			29,800
	22,769	BWX Technologies Inc.			2,295,798
	199	Hyster-Yale Materials Handling Inc.			11,717
	635	Manitowoc Co., Inc.*			8,852
	971	NuScale Power Corp.*(b)			3,010
	276	Oshkosh Corp.			30,597
	1,181	Terex Corp.			67,730
	528	Transphorm Inc.*			2,540
	1,440	Vertiv Holdings Co., Class A Shares			97,373
		Total Machinery-Construction & Mining			2,576,058
Machinery-Diversified – 3.0%
	264	AGCO Corp.			28,961
	179	Alamo Group Inc.			36,210
	551	Albany International Corp., Class A Shares			51,722
	8,497	Applied Industrial Technologies Inc.			1,613,495
	53,816	Cactus Inc., Class A Shares			2,470,154
	782	Chart Industries Inc.*			111,717
	4,105	CNH Industrial NV			49,055
	729	Cognex Corp.			28,759
	504	Columbus McKinnon Corp.			21,052
	7,560	Crane Co.			918,994
	272	CSW Industrials Inc.			62,666
	29,084	Dover Corp.			4,809,912
	258	DXP Enterprises Inc.*			9,164
	1,039	Eastman Kodak Co.*			5,548
	241	ESAB Corp.			23,888

See Notes to Financial Statements.

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Machinery-Diversified – (continued)
	555	Flowserve Corp.		$	23,488
	227,450	Gates Industrial Corp. PLC*			3,348,064
	241	Gencor Industries Inc.*			3,950
	412	Gorman-Rupp Co.			15,380
	702	Graco Inc.			64,065
	3,490	GrafTech International Ltd.			6,142
	511	Ichor Holdings Ltd.*			21,871
	17,817	IDEX Corp.			4,203,030
	1,693	Ingersoll Rand Inc.			154,622
	653	Intevac Inc.*			2,521
	206	Kadant Inc.			69,484
	197	Lindsay Corp.			23,504
	225	Middleby Corp.*			34,236
	2,743	Mueller Water Products Inc., Class A Shares			42,654
	240	Nordson Corp.			63,756
	1,728	Otis Worldwide Corp.			164,678
	11,780	Rockwell Automation Inc.			3,358,242
	329	Tennant Co.			37,240
	598	Thermon Group Holdings Inc.*			16,319
	438	Toro Co.			40,432
	499	Watts Water Technologies Inc., Class A Shares			101,771
	747	Westinghouse Air Brake Technologies Corp.			105,544
	20,793	Xylem Inc.			2,641,751
	28,532	Zurn Elkay Water Solutions Corp.			905,891
		Total Machinery-Diversified			25,689,932
Metal Fabricate/Hardware – 0.8%
	287	Advanced Drainage Systems Inc.			46,850
	442	AZZ Inc.			32,178
	580	Helios Technologies Inc.			25,607
	3,460	Hillman Solutions Corp.*			33,700
	1,521	Janus International Group Inc.*			21,826
	260	Mayville Engineering Co., Inc.*			3,182
	778	Metallus Inc.*			16,922
	2,042	Mueller Industries Inc.			104,918
	178	Northwest Pipe Co.*			5,310
	179	Olympic Steel Inc.			12,176
	59	Omega Flex Inc.			4,109
	155	Park-Ohio Holdings Corp.			4,163
	475	Proto Labs Inc.*			17,304

See Notes to Financial Statements.

100

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Metal Fabricate/Hardware – (continued)
	119	RBC Bearings Inc.*		$	32,467
	434	Ryerson Holding Corp.			13,706
	24,583	Standex International Corp.			4,252,859
	266	Timken Co.			22,341
	464	Tredegar Corp.			2,018
	10,065	Valmont Industries Inc.			2,133,075
	544	Worthington Enterprises Inc.			33,793
	616	Xometry Inc., Class A Shares*			12,049
		Total Metal Fabricate/Hardware			6,830,553
Miscellaneous Manufacturers – 2.1%
	1,659	AMMO Inc.*			3,948
	517	AO Smith Corp.			42,859
	8,492	Axon Enterprise Inc.*			2,610,186
	200	Carlisle Cos., Inc.			70,000
	141	Core Molding Technologies Inc.*			2,590
	511	Donaldson Co., Inc.			36,598
	24,933	Enpro Inc.			3,885,060
	4,125	Fabrinet*			889,226
	34,553	Federal Signal Corp.			2,830,236
	1,216	Hillenbrand Inc.			57,821
	36,508	ITT Inc.			4,605,119
	560	John Bean Technologies Corp.			56,829
	999	LSB Industries Inc.*			7,353
	363	Materion Corp.			48,758
	660	Myers Industries Inc.			12,692
	336	Park Aerospace Corp.			5,114
	5,227	Parker-Hannifin Corp.			2,798,797
	829	Smith & Wesson Brands Inc.			11,382
	313	Sturm Ruger & Co., Inc.			13,559
	195	Teledyne Technologies Inc.*			83,318
	829	Textron Inc.			73,839
	1,436	Trinity Industries Inc.			36,446
		Total Miscellaneous Manufacturers			18,181,730
Packaging & Containers – 0.5%
	5,945	Amcor PLC			53,862
	276	AptarGroup Inc.			38,767
	602	Ardagh Metal Packaging SA			1,975
	1,292	Ball Corp.			82,714
	503	Berry Global Group Inc.			29,280

See Notes to Financial Statements.

101

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Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Packaging & Containers – (continued)
	304	Clearwater Paper Corp.*		$	11,944
	446	Crown Holdings Inc.			34,173
	1,286	Graphic Packaging Holding Co.			33,372
	431	Greif Inc., Class A Shares			27,782
	96	Greif Inc., Class B Shares			6,146
	140	Karat Packaging Inc.			4,143
	123,905	O-I Glass Inc.*			2,096,473
	371	Packaging Corp. of America			67,222
	748	Pactiv Evergreen Inc.			11,033
	793	Ranpak Holdings Corp., Class A Shares*			3,767
	611	Sealed Air Corp.			21,306
	32,205	Silgan Holdings Inc.			1,414,122
	414	Sonoco Products Co.			23,466
	741	TriMas Corp.			17,414
	1,069	WestRock Co.			48,415
		Total Packaging & Containers			4,027,376
Shipbuilding – 0.0%
	165	Huntington Ingalls Industries Inc.			48,117
Transportation – 1.7%
	1,003	Air Transport Services Group Inc.*			12,106
	12,362	ArcBest Corp.			1,766,035
	748	Ardmore Shipping Corp.			12,140
	483	CH Robinson Worldwide Inc.			35,781
	887	Costamare Inc.			10,085
	154	Covenant Logistics Group Inc., Class A Shares			7,497
	734	CryoPort Inc.*			12,970
	744	Daseke Inc.*			6,138
	2,437	DHT Holdings Inc.			26,368
	573	Dorian LPG Ltd.			20,714
	171	Eagle Bulk Shipping Inc.			10,477
	607	Expeditors International of Washington Inc.			72,597
	17,800	FedEx Corp.			4,431,666
	534	FLEX LNG Ltd.			13,478
	463	Forward Air Corp.			17,191
	763	Genco Shipping & Trading Ltd.			15,565
	2,200	Golden Ocean Group Ltd.			28,314
	845	Heartland Express Inc.			10,799
	643	Himalaya Shipping Ltd.*			5,073
	1,108	Hub Group Inc., Class A Shares*			47,123

See Notes to Financial Statements.

102

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Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – (continued)
	719	International Seaways Inc.		$	38,057
	345	JB Hunt Transport Services Inc.			71,177
	253	Kirby Corp.*			22,193
	75,259	Knight-Swift Transportation Holdings Inc., Class A Shares			4,240,092
	151	Landstar System Inc.			28,720
	1,035	Marten Transport Ltd.			19,510
	627	Matson Inc.			69,628
	3,685	Nordic American Tankers Ltd.			14,998
	412	Old Dominion Freight Line Inc.			182,302
	1,147	Overseas Shipholding Group Inc., Class A Shares			6,974
	152	PAM Transportation Services Inc.*			2,815
	665	Pangaea Logistics Solutions Ltd.			5,573
	667	Radiant Logistics Inc.*			3,869
	2,051	RXO Inc.*			44,138
	191	Ryder System Inc.			21,793
	1,230	Safe Bulkers Inc.			5,707
	5,013	Saia Inc.*			2,884,480
	242	Schneider National Inc., Class B Shares			5,699
	871	Scorpio Tankers Inc.			58,470
	2,048	SFL Corp., Ltd			27,361
	1,230	Teekay Corp.*			9,311
	428	Teekay Tankers Ltd., Class A Shares			23,463
	125	Universal Logistics Holdings Inc.			4,229
	1,117	Werner Enterprises Inc.			44,836
	1,096	World Kinect Corp.			26,699
	480	XPO Inc.*			57,754
		Total Transportation			14,481,965
Trucking & Leasing – 0.1%
	624	GATX Corp.			79,148
	18,644	Greenbrier Cos., Inc.			964,827
	73	Willis Lease Finance Corp.*			3,498
		Total Trucking & Leasing			1,047,473
		TOTAL INDUSTRIAL			184,955,757
TECHNOLOGY – 8.9%
Computers – 2.8%
	2,312	3D Systems Corp.*			9,572
	500	Amdocs Ltd.			45,600
	847	ASGN Inc.*			84,124
	9,527	CACI International Inc., Class A Shares*			3,571,196

See Notes to Financial Statements.

103

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Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Computers – (continued)
	1,060	Cantaloupe Inc.*		$	6,890
	2,123	Cognizant Technology Solutions Corp., Class A Shares			167,759
	3,116	Conduent Inc.*			10,719
	673	Corsair Gaming Inc.*			8,715
	208	Crane NXT Co.			12,151
	878	Cricut Inc., Class A Shares			4,241
	881	Crowdstrike Holdings Inc., Class A Shares*			285,576
	7,648	CyberArk Software Ltd.*			2,017,236
	40,100	Dell Technologies Inc., Class C Shares			3,795,866
	5,175	Desktop Metal Inc., Class A Shares*			3,166
	894	DXC Technology Co.*			19,543
	233	EPAM Systems Inc.*			70,925
	70,113	ExlService Holdings Inc.*			2,181,917
	758	Genpact Ltd.			25,772
	174	Globant SA*			38,832
	54,554	Grid Dynamics Holdings Inc.*			735,933
	5,413	Hewlett Packard Enterprise Co.			82,440
	3,616	HP Inc.			102,441
	523	Insight Enterprises Inc.*			98,324
	869	Integral Ad Science Holding Corp.*			9,003
	570	KBR Inc.			34,217
	972	Kyndryl Holdings Inc.*			21,355
	573	Leidos Holdings Inc.			73,264
	69,838	Lumentum Holdings Inc.*			3,385,048
	1,068	MAXIMUS Inc.			89,349
	782	Mitek Systems Inc.*			9,079
	273	NCR Atleos Corp.*			5,940
	546	NCR Voyix Corp.*			7,977
	883	NetApp Inc.			78,693
	1,206	NetScout Systems Inc.*			26,110
	993	NextNav Inc.*			4,250
	805	OneSpan Inc.*			7,736
	475	PAR Technology Corp.*			20,815
	728	Parsons Corp.*			58,684
	671	PlayAGS Inc.*			6,227
	1,183	Pure Storage Inc., Class A Shares*			62,285
	676	Qualys Inc.*			116,177
	1,057	Rapid7 Inc.*			61,919
	1,184	Rimini Street Inc.*			3,824

See Notes to Financial Statements.

104

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Computers – (continued)
	227	Science Applications International Corp.		$	31,771
	6,665	Super Micro Computer Inc.*			5,772,690
	2,081	Tenable Holdings Inc.*			100,221
	1,712	Thoughtworks Holding Inc.*			5,341
	354	TTEC Holdings Inc.			6,177
	1,211	Unisys Corp.*			6,285
	1,912	Varonis Systems Inc., Class B Shares*			97,130
	1,078	Vuzix Corp.*			1,822
	1,340	Western Digital Corp.*			79,690
	366	Zscaler Inc.*			88,561
		Total Computers			23,650,578
Office/Business Equipment – 0.0%
	3,178	Pitney Bowes Inc.			12,807
	2,031	Xerox Holdings Corp.			37,878
	215	Zebra Technologies Corp., Class A Shares*			60,088
		Total Office/Business Equipment			110,773
Semiconductors – 3.1%
	861	ACM Research Inc., Class A Shares*			26,622
	460	Aehr Test Systems*			7,484
	324	Allegro MicroSystems Inc.*			10,203
	418	Alpha & Omega Semiconductor Ltd.*			9,154
	670	Ambarella Inc.*			37,420
	2,025	Amkor Technology Inc.			62,815
	373	Atomera Inc.*			2,350
	572	Axcelis Technologies Inc.*			64,447
	426	CEVA Inc.*			9,645
	235	Cirrus Logic Inc.*			21,578
	827	Cohu Inc.*			26,572
	794	Diodes Inc.*			53,976
	626	Entegris Inc.			84,109
	1,360	FormFactor Inc.*			58,521
	333	GLOBALFOUNDRIES Inc.*			18,205
	409	Impinj Inc.*			44,671
	188	inTEST Corp.*			2,196
	129	IPG Photonics Corp.*			11,139
	978	Kulicke & Soffa Industries Inc.			46,572
	572	Lattice Semiconductor Corp.*			43,821
	955	MACOM Technology Solutions Holdings Inc.*			84,355
	78,928	Marvell Technology Inc.			5,655,980

See Notes to Financial Statements.

105

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Semiconductors – (continued)
	1,321	MaxLinear Inc., Class A Shares*		$	25,680
	61,647	Microchip Technology Inc.			5,186,979
	23,681	MKS Instruments Inc.			2,907,080
	190	Monolithic Power Systems Inc.			136,808
	1,967	Navitas Semiconductor Corp., Class A Shares*			12,077
	1,801	ON Semiconductor Corp.*			142,135
	13,013	Onto Innovation Inc.*			2,396,474
	1,086	Photronics Inc.*			31,266
	58,098	Power Integrations Inc.			4,151,683
	412	Qorvo Inc.*			47,195
	1,982	Rambus Inc.*			117,414
	211	Richardson Electronics Ltd.			1,855
	1,133	Semtech Corp.*			24,020
	17,052	Silicon Laboratories Inc.*			2,345,332
	304	SiTime Corp.*			28,120
	82,806	SkyWater Technology Inc.*			957,237
	667	Skyworks Solutions Inc.			69,982
	860	SMART Global Holdings Inc.*			18,292
	694	Synaptics Inc.*			69,469
	653	Teradyne Inc.			67,644
	790	Ultra Clean Holdings Inc.*			34,128
	41,813	Veeco Instruments Inc.*			1,514,049
	228	Vishay Precision Group Inc.*			7,877
	527	Wolfspeed Inc.*			13,713
		Total Semiconductors			26,688,344
Software – 3.0%
	2,106	8x8 Inc.*			5,960
	1,913	ACI Worldwide Inc.*			62,957
	47,225	ACV Auctions Inc., Class A Shares*			838,244
	1,906	Adeia Inc.			21,614
	9,864	Agilysys Inc.*			767,419
	615	Akamai Technologies Inc.*			68,216
	1,542	Alignment Healthcare Inc.*			9,252
	46,176	Alkami Technology Inc.*			1,152,091
	989	Altair Engineering Inc., Class A Shares*			84,144
	266	Alteryx Inc., Class A Shares*			12,779
	598	American Software Inc., Class A Shares			6,710
	1,217	Amplitude Inc., Class A Shares*			14,434
	363	ANSYS Inc.*			121,304

See Notes to Financial Statements.

106

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	4,985	Appfolio Inc., Class A Shares*		$	1,206,819
	726	Appian Corp., Class A Shares*			25,301
	885	AppLovin Corp., Class A Shares*			52,852
	1,410	Asana Inc., Class A Shares*			27,777
	118	Aspen Technology Inc.*			22,879
	349	Asure Software Inc.*			3,253
	2,738	AvePoint Inc.*			21,904
	2,652	AvidXchange Holdings Inc.*			35,245
	425	Bandwidth Inc., Class A Shares*			8,729
	808	Bentley Systems Inc., Class B Shares			41,507
	1,213	BigCommerce Holdings Inc.*			9,401
	431	BILL Holdings Inc.*			27,295
	767	Blackbaud Inc.*			53,061
	992	BlackLine Inc.*			56,276
	2,479	Box Inc., Class A Shares*			63,933
	29,735	Braze Inc., Class A Shares*			1,691,921
	1,199	Brightcove Inc.*			2,656
	491	Broadridge Financial Solutions Inc.			99,958
	1,464	C3.ai Inc., Class A Shares*(b)			54,124
	619	Cardlytics Inc.*			5,132
	868	CCC Intelligent Solutions Holdings Inc.*			10,164
	724	Cerence Inc.*			10,788
	1,478	Clear Secure Inc., Class A Shares			28,451
	77	Climb Global Solutions Inc.			5,234
	1,205	Cloudflare Inc., Class A Shares*			118,741
	776	CommVault Systems Inc.*			74,271
	260	Computer Programs & Systems Inc.*			2,304
	188	Concentrix Corp.			13,621
	784	Confluent Inc., Class A Shares*			26,554
	358	Consensus Cloud Solutions Inc.*			5,699
	166	CoreCard Corp.*			2,118
	398	CS Disco Inc.*			2,651
	560	CSG Systems International Inc.			30,554
	25	Daily Journal Corp.*			8,464
	1,142	Datadog Inc., Class A Shares*			150,127
	620	Dayforce Inc.*(a)			43,251
	838	Definitive Healthcare Corp., Class A Shares*			7,978
	629	Digi International Inc.*			18,593
	261	Digimarc Corp.*			9,151

See Notes to Financial Statements.

107

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	1,737	Digital Turbine Inc.*		$	5,506
	1,124	DigitalOcean Holdings Inc.*			42,622
	852	DocuSign Inc., Class A Shares*			45,386
	589	Domo Inc., Class B Shares*			6,779
	439	Donnelley Financial Solutions Inc.*			28,342
	535	DoubleVerify Holdings Inc.*			16,526
	517	Doximity Inc., Class A Shares*			14,595
	1,090	Dropbox Inc., Class A Shares*			26,105
	5,065	Duolingo Inc., Class A Shares*			1,210,535
	1,010	Dynatrace Inc.*			50,045
	3,054	E2open Parent Holdings Inc.*			12,918
	483	eGain Corp.*			2,961
	15,257	Elastic NV*			2,041,539
	1,115	Electronic Arts Inc.			155,520
	702	Enfusion Inc., Class A Shares*			6,086
	885	Envestnet Inc.*			45,604
	728	Everbridge Inc.*			20,581
	425	EverCommerce Inc.*			4,161
	1,938	Evolent Health Inc., Class A Shares*			65,718
	1,018	Expensify Inc., Class A Shares*			2,117
	101	Fair Isaac Corp.*			128,261
	46,455	Fastly Inc., Class A Shares*			660,590
	2,475	Fidelity National Information Services Inc.			171,245
	302	Five9 Inc.*			18,422
	38,714	Freshworks Inc., Class A Shares*			791,314
	30,416	Gitlab Inc., Class A Shares*			2,193,602
	344	Guidewire Software Inc.*			41,053
	422	HashiCorp Inc., Class A Shares*			11,002
	1,013	Health Catalyst Inc.*			8,428
	331	HireRight Holdings Corp.*			4,690
	191	HubSpot Inc.*			118,193
	202	IBEX Holdings Ltd.*			3,224
	572	Immersion Corp.			3,861
	185	Informatica Inc., Class A Shares*			6,027
	462	Innodata Inc.*			3,419
	394	Inspired Entertainment Inc.*			3,901
	356	Instructure Holdings Inc.*			8,160
	522	Intapp Inc.*			20,478
	2,835	IonQ Inc.*(b)			29,371

See Notes to Financial Statements.

108

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	306	Jack Henry & Associates Inc.		$	53,174
	1,243	Jamf Holding Corp.*			22,362
	1,888	Kaltura Inc.*			2,511
	1,307	LivePerson Inc.			1,660
	259	Manhattan Associates Inc.*			65,612
	4,558	Matterport Inc.*			9,663
	482	MeridianLink Inc.*			9,139
	220	MicroStrategy Inc., Class A Shares*			225,025
	668	Model N Inc.*			16,406
	13,429	Monday.com Ltd.*			2,994,801
	275	MongoDB Inc., Class A Shares*			123,085
	321	MSCI Inc., Class A Shares			180,071
	7,078	Multiplan Corp.*			7,927
	1,252	N-able Inc.*			16,864
	303	nCino Inc.*			9,042
	968	Nutanix Inc., Class A Shares*			61,139
	1,871	Olo Inc., Class A Shares*			10,889
	597	ON24 Inc.			4,191
	752	Outbrain Inc.*			2,767
	901	Outset Medical Inc.*			2,838
	1,568	PagerDuty Inc.*			37,883
	7,832	Palantir Technologies Inc., Class A Shares*			196,427
	1,347	Paychex Inc.			165,169
	217	Paycom Software Inc.			39,579
	238	Paycor HCM Inc.*			5,027
	547	PDF Solutions Inc.*			18,593
	184	Pegasystems Inc.			11,967
	922	Phreesia Inc.*			22,820
	3,089	Planet Labs PBC*			6,765
	1,550	Playstudios Inc.*			3,674
	997	PowerSchool Holdings Inc., Class A Shares*			20,827
	1,951	Privia Health Group Inc.*			43,546
	333	Procore Technologies Inc.*			25,984
	768	Progress Software Corp.			40,980
	23,895	PROS Holdings Inc.*			854,246
	480	PTC Inc.*			87,845
	780	PubMatic Inc., Class A Shares*			16,333
	1,609	Rackspace Technology Inc.*			3,395
	204	Red Violet Inc.*			3,643

See Notes to Financial Statements.

109

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Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	368	RingCentral Inc., Class A Shares*		$	12,299
	1,927	ROBLOX Corp., Class A Shares*			76,887
	551	Sapiens International Corp. NV			16,954
	966	Schrodinger Inc.*			24,594
	569	SEMrush Holdings Inc., Class A Shares*			7,101
	66,076	SentinelOne Inc., Class A Shares*			1,861,361
	5,578	Sharecare Inc.*			5,243
	12,728	SilverSun Technologies Inc.			191,429
	286	Simulations Plus Inc.			11,869
	532	Smartsheet Inc., Class A Shares*			22,456
	931	SolarWinds Corp.*			11,116
	2,502	SoundHound AI Inc., Class A Shares*(b)			18,565
	639	Splunk Inc.*			99,825
	843	Sprout Social Inc., Class A Shares*			52,114
	3,901	SPS Commerce Inc.*			722,309
	913	SS&C Technologies Holdings Inc.			58,213
	690	Take-Two Interactive Software Inc.*			101,382
	427	Teradata Corp.*			16,064
	712	Twilio Inc., Class A Shares*			42,428
	174	Tyler Technologies Inc.*			76,062
	1,587	UiPath Inc., Class A Shares*			37,691
	1,210	Unity Software Inc.*			35,477
	606	Veeva Systems Inc., Class A Shares*			136,659
	1,108	Verint Systems Inc.*			35,024
	2,460	Verra Mobility Corp., Class A Shares*			53,185
	264	Viant Technology Inc., Class A Shares*			2,400
	2,772	Vimeo Inc., Class A, Private Placement*			13,278
	63,736	Weave Communications Inc.*			798,612
	904	Workiva Inc., Class A Shares*			77,852
	1,932	Yext Inc.*			11,437
	2,451	Zeta Global Holdings Corp., Class A Shares*			25,736
	1,051	Zoom Video Communications Inc., Class A Shares*			74,337
	1,324	ZoomInfo Technologies Inc., Class A Shares*			22,190
	2,314	Zuora Inc., Class A Shares*			18,697
		Total Software			25,467,463
		TOTAL TECHNOLOGY			75,917,158

See Notes to Financial Statements.

110

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
UTILITIES – 3.2%
Electric – 3.0%
	2,811	AES Corp.		$	42,727
	1,018	ALLETE Inc.			57,660
	1,055	Alliant Energy Corp.			50,376
	1,197	Altus Power Inc., Class A Shares*			8,152
	1,097	Ameren Corp.			78,095
	573	Ameresco Inc., Class A Shares*			12,010
	310	Avangrid Inc.			9,650
	1,331	Avista Corp.			44,189
	32,551	Black Hills Corp.			1,693,629
	572	Brookfield Renewable Corp., Class A Shares			13,568
	2,645	CenterPoint Energy Inc.			72,738
	190	Clearway Energy Inc., Class A Shares			3,849
	361	Clearway Energy Inc., Class C Shares			7,870
	61,720	CMS Energy Corp.			3,540,876
	1,451	Consolidated Edison Inc.			126,542
	1,326	Constellation Energy Corp.			223,365
	863	DTE Energy Co.			93,506
	1,582	Edison International			107,608
	887	Entergy Corp.			90,093
	936	Evergy Inc.			46,369
	1,460	Eversource Energy			85,702
	2,282	FirstEnergy Corp.			83,544
	357	Genie Energy Ltd., Class B Shares			6,512
	489	Hawaiian Electric Industries Inc.			5,956
	25,472	IDACORP Inc.			2,244,338
	644	MGE Energy Inc.			40,694
	1,060	Northwestern Energy Group Inc.			50,795
	972	NRG Energy Inc.			53,771
	845	OGE Energy Corp.			27,809
	940	Ormat Technologies Inc.			61,241
	727	Otter Tail Corp.			65,764
	230,549	PG&E Corp.			3,847,863
	477	Pinnacle West Capital Corp.			32,593
	1,507	PNM Resources Inc.			55,021
	103,891	Portland General Electric Co.			4,173,301
	161,593	PPL Corp.			4,261,207
	2,080	Public Service Enterprise Group Inc.			129,792
	288	Unitil Corp.			14,676
	62,348	Vistra Corp.			3,400,460

See Notes to Financial Statements.

111

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
UTILITIES – (continued)
Electric – (continued)
	1,320	WEC Energy Group Inc.		$	103,607
	2,304	Xcel Energy Inc.			121,398
		Total Electric			25,188,916
Gas – 0.2%
	604	Atmos Energy Corp.			68,198
	2,107	Brookfield Infrastructure Corp., Class A Shares			69,889
	375	Chesapeake Utilities Corp.			38,261
	378	National Fuel Gas Co.			18,424
	1,709	New Jersey Resources Corp.			71,111
	1,739	NiSource Inc.			45,318
	638	Northwest Natural Holding Co.			23,440
	971	ONE Gas Inc.			57,872
	141	RGC Resources Inc.			2,645
	1,086	Southwest Gas Holdings Inc.			74,011
	23,721	Spire Inc.			1,407,130
	888	UGI Corp.			21,738
		Total Gas			1,898,037
Water – 0.0%
	653	American States Water Co.			46,631
	815	American Water Works Co., Inc.			96,610
	169	Artesian Resources Corp., Class A Shares			5,825
	1,019	California Water Service Group			46,762
	276	Consolidated Water Co., Ltd.			8,159
	1,023	Essential Utilities Inc.			35,580
	200	Global Water Resources Inc.			2,588
	312	Middlesex Water Co.			15,878
	565	SJW Group			31,109
	259	York Water Co.			9,169
		Total Water			298,311
		TOTAL UTILITIES			27,385,264
		TOTAL COMMON STOCKS (Cost – $632,588,170)			804,803,275
EXCHANGE TRADED FUND (ETF) – 2.8%
	119,308	iShares Russell 2000 (Cost – $21,613,204)			24,306,619

See Notes to Financial Statements.

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February 29, 2024

Destinations Small-Mid Cap Equity Fund (continued)

Shares/Units

Security

Value

REIT – 0.0%

FINANCIAL – 0.0%

Equity Real Estate Investment Trusts (REITs) – 0.0%

2,619

Outfront Media Inc.
(Cost – $24,476)

37,635

LIMITED PARTNERSHIP – 0.0%

FINANCIAL – 0.0%

Investment Companies – 0.0%

1,125

Compass Diversified Holdings
(Cost – $20,415)

25,875

CLOSED-END FUND – 0.0%

564

NexPoint Diversified Real Estate Trust, Class Common Shares
(Cost – $4,555)

3,570

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $654,250,820)

829,176,974

Face Amount
SHORT-TERM INVESTMENTS – 2.5%
TIME DEPOSITS – 2.5%
	$	46,322	ANZ National Bank – London, 4.680% due 3/1/24	46,322
		13,922,078	Citibank – New York, 4.680% due 3/1/24	13,922,078
		6,778,632	JPMorgan Chase & Co. – New York, 4.680% due 3/1/24	6,778,632
		403,950	Royal Bank of Canada – Toronto, 4.680% due 3/1/24	403,950
			TOTAL TIME DEPOSITS (Cost – $21,150,982)	21,150,982

Shares/Units
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6%
MONEY MARKET FUND – 0.6%
	5,112,972	Federated Government Obligations Fund, Premier Class, 5.162%(d) (Cost – $5,112,972)		5,112,972
		TOTAL INVESTMENTS – 99.7% (Cost – $680,514,774)		855,440,928
		Other Assets in Excess of Liabilities – 0.3%		2,858,589
		TOTAL NET ASSETS – 100.0%	$	858,299,517

Non-income producing security.

(a)

Illiquid security. The aggregate value of illiquid holdings at February 29, 2024, amounts to $50,849 and represents 0.01% of net assets.

(b)

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

(c)

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

(d)

Represents investment of collateral received from securities lending transactions.

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Small-Mid Cap Equity Fund (concluded)

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

PLC

— Public Limited Company

Summary of Investments by Security Sector^

	Industrial					21.6%
	Consumer Non-cyclical					20.2
	Financial					19.2
	Consumer Cyclical					10.4
	Technology					8.9
	Energy					4.1
	Basic Materials					4.0
	Utilities					3.2
	Communications					2.5
	Government					0.0*
	Exchange Traded Funds (ETF)					2.8
	Closed-End Fund					0.0*
	Short-Term Investments					2.5
	Money Market Fund					0.6
						100.0%

As a percentage of total investments.

Position represents less than 0.05%.

At February 29, 2024, Destinations Small-Mid Cap Equity Fund had open exchange traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amounts			Market Value			Unrealized Appreciation
Contracts to Buy:
E-mini Russell 2000 Index March Futures		2		3/24		$	190,300		$	205,730		$	15,430
S&P MidCap 400 Index March Futures		1		3/24			264,960			289,260			24,300
												$	39,730

At February 29, 2024, Destinations Small-Mid Cap Equity Fund had deposited cash of $(5,230) with a broker or brokers as margin collateral on open exchange traded futures contracts.

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund

Shares/Units		Security	Value
COMMON STOCKS – 92.2%
Argentina – 0.1%
	281,990	Despegar.com Corp.*		$	2,512,531
Australia – 1.7%
	9,709	Adbri Ltd.*			19,749
	8,812	AGL Energy Ltd.			48,739
	6,513	ALS Ltd.			50,677
	2,036	Altium Ltd.			85,808
	44,857	Alumina Ltd.*			30,966
	26,131	AMP Ltd.			18,925
	3,563	Ampol Ltd.			91,363
	2,289	Ansell Ltd.			35,526
	44,434	ANZ Group Holdings Ltd.			822,738
	18,113	APA Group			92,531
	9,237	Aristocrat Leisure Ltd.			280,374
	2,841	ASX Ltd.			121,536
	16,685	Atlas Arteria Ltd.			58,609
	27,152	Aurizon Holdings Ltd.			67,395
	10,887	Bank of Queensland Ltd.			41,567
	19,258	Beach Energy Ltd.			20,086
	7,396	Bendigo & Adelaide Bank Ltd.			46,569
	74,439	BHP Group Ltd.			2,138,019
	6,637	BlueScope Steel Ltd.			98,914
	5,465	Boral Ltd.*			21,309
	20,661	Brambles Ltd.			202,458
	4,867	CAR Group Ltd.			116,413
	6,245	Challenger Ltd.			27,345
	68,204	Charter Hall Group			559,416
	26,198	Cleanaway Waste Management Ltd.			45,666
	928	Cochlear Ltd.			211,431
	19,446	Coles Group Ltd.			213,778
	24,983	Commonwealth Bank of Australia			1,892,285
	8,740	Computershare Ltd.			147,565
	421,325	Coronado Global Resources Inc.(a)			373,560
	7,136	CSL Ltd.			1,328,877
	6,452	CSR Ltd.			37,088
	6,567	Deterra Royalties Ltd.			21,193
	15,946	Dexus			76,753
	796	Domino’s Pizza Enterprises Ltd.			23,374
	7,731	Downer EDI Ltd.			25,118
	53,842	Eagers Automotive Ltd.			519,305
	2,143	EBOS Group Ltd.			48,224
	22,834	Endeavour Group Ltd.			81,700
	30,098	Evolution Mining Ltd.			57,925

See Notes to Financial Statements.

115

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Australia – (continued)
	1,724	Flight Centre Travel Group Ltd.		$	24,009
	23,502	Fortescue Ltd.			397,796
	27,518	Goodman Group			535,872
	33,566	GPT Group			95,453
	175,826	GrainCorp Ltd., Class A Shares			893,050
	8,196	Harvey Norman Holdings Ltd.			26,397
	199,528	Helia Group Ltd.			536,223
	3,920	IDP Education Ltd.			48,644
	8,504	IGO Ltd.			44,127
	5,992	Iluka Resources Ltd.			26,764
	26,689	Incitec Pivot Ltd.			46,884
	11,976	Insignia Financial Ltd.			18,541
	36,460	Insurance Australia Group Ltd.			147,002
	90,830	IPD Group Ltd.			289,492
	59,845	JB Hi-Fi Ltd.			2,397,097
	652,980	Johns Lyng Group Ltd.			2,676,022
	8,802	Lendlease Corp., Ltd.			36,894
	21,259	Liontown Resources Ltd.*			17,191
	30,295	Lottery Corp., Ltd			100,170
	5,388	Macquarie Group Ltd.			684,373
	3,449	Magellan Financial Group Ltd.			18,206
	43,751	Medibank Pvt Ltd.			102,139
	472,766	Metcash Ltd.			1,140,862
	2,764	Mineral Resources Ltd.			120,755
	58,233	Mirvac Group			83,105
	68,000	MMG Ltd.*			18,188
	46,548	National Australia Bank Ltd.			1,024,928
	6,238	New Hope Corp., Ltd			19,075
	7,480	NEXTDC Ltd.*			85,971
	17,323	Northern Star Resources Ltd.			146,007
	5,731	Nufarm Ltd.			21,495
	7,422	Orica Ltd.			82,640
	25,641	Origin Energy Ltd.			149,932
	21,352	Orora Ltd.			37,243
	725,678	Perenti Ltd.*			429,472
	1,508	Perpetual Ltd.			23,580
	46,471	Pilbara Minerals Ltd.			127,557
	56,868	Pro Medicus Ltd.			3,841,242
	11,695	Qantas Airways Ltd.*			39,105
	22,026	QBE Insurance Group Ltd.			249,589
	24,872	Qube Holdings Ltd.			52,676
	2,605	Ramsay Health Care Ltd.			92,880

See Notes to Financial Statements.

116

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Australia – (continued)
	751	REA Group Ltd.		$	94,872
	2,963	Reece Ltd.			51,829
	15,539	Region RE Ltd.			22,358
	5,477	Rio Tinto Ltd.			441,887
	48,022	Santos Ltd.			221,154
	79,736	Scentre Group			162,054
	5,234	SEEK Ltd.			89,417
	28,120	Seven Group Holdings Ltd.			704,518
	2,325	Sims Ltd.			18,565
	6,556	Sonic Healthcare Ltd.			126,886
	71,438	South32 Ltd.			137,460
	51,040	Star Entertainment Grp Ltd.*			17,344
	13,837	Steadfast Group Ltd.			52,154
	33,921	Stockland			99,362
	18,732	Suncorp Group Ltd.			186,579
	57,396	Super Retail Group Ltd.			609,325
	33,572	Tabcorp Holdings Ltd.			16,380
	62,380	Telstra Group Ltd.			155,050
	5,739	TPG Telecom Ltd.			17,545
	45,730	Transurban Group			402,798
	11,157	Treasury Wine Estates Ltd.			89,810
	51,547	Vicinity Ltd.			65,134
	4,244	Washington H Soul Pattinson & Co., Ltd.			95,500
	16,771	Wesfarmers Ltd.			727,587
	51,699	Westpac Banking Corp.			886,591
	393,941	Whitehaven Coal Ltd.			1,771,973
	2,486	WiseTech Global Ltd.			153,032
	363,294	Woodside Energy Group Ltd.			7,172,972
	17,876	Woolworths Group Ltd.			379,301
	4,724	Worley Ltd.			51,520
	5,571	Yancoal Australia Ltd.			21,568
		Total Australia			42,192,047
Austria – 0.1%
	1,073	ANDRITZ AG			67,440
	4,549	Erste Group Bank AG			181,540
	2,305	OMV AG			101,557
	94,048	Raiffeisen Bank International AG			1,952,610
	2,785	Telekom Austria AG, Class A Shares*			22,096
	902	Verbund AG			65,230
	1,755	voestalpine AG			47,971
		Total Austria			2,438,444

See Notes to Financial Statements.

117

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Belgium – 0.2%
	301	Ackermans & van Haaren NV		$	50,544
	2,591	Ageas SA			109,817
	12,784	Anheuser-Busch InBev SA			771,198
	292	D’ieteren Group			56,226
	607	Elia Group SA			67,398
	1,158	Groupe Bruxelles Lambert NV			86,898
	3,615	KBC Group NV			254,271
	6	Lotus Bakeries NV			56,440
	117,721	Proximus SADP			984,126
	293	Sofina SA			66,770
	41,616	Solvay SA			1,052,867
	1,091	Syensqo SA*			97,449
	1,822	UCB SA			209,489
	3,302	Umicore SA			68,912
	2,198	Warehouses De Pauw CVA			58,685
		Total Belgium			3,991,090
Bermuda – 0.2%
	262,696	Hiscox Ltd.			3,763,847
Brazil – 1.8%
	56,726	Afya Ltd., Class A Shares*			1,170,825
	948,557	B3 SA – Brasil Bolsa Balcao			2,448,246
	170,400	Bradespar SA			726,726
	222,300	Compania de Saneamento de Minas Gerais Copasa MG			924,368
	92,200	Compania de Saneamento do Parana			479,094
	953,546	Inter & Co., Inc.*			5,420,992
	1,009	Localiza Rent a Car SA*(b)			10,618
	516,905	Localiza Rent a Car SA			5,511,269
	1,683,453	Lojas Renner SA			5,350,853
	405,808	Metalurgica Gerdau SA			825,347
	219,919	NU Holdings Ltd., Class A Shares*			2,436,703
	156,824	Petroleo Brasileiro SA, ADR			2,535,844
	314,233	Raia Drogasil SA			1,684,034
	11,553	StoneCo Ltd., Class A Shares*			198,827
	483,316	Suzano SA			5,478,858
	663,500	TOTVS SA			4,096,404
	243,957	XP Inc., Class A Shares			5,767,143
		Total Brazil			45,066,151
Cambodia – 0.0%
	42,000	NagaCorp Ltd.*			19,318
Canada – 4.8%
	295,208	AGF Management Ltd., Class B Shares			1,768,442
	60,465	Agnico Eagle Mines Ltd.			2,899,950

See Notes to Financial Statements.

118

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Canada – (continued)
	10,900	Alimentation Couche-Tard Inc.		$	676,014
	10,855	Bank of Montreal			982,521
	18,185	Bank of Nova Scotia			881,815
	25,900	Barrick Gold Corp.			377,675
	4,600	BCE Inc.			170,693
	3,900	Brookfield Asset Management Ltd., Class A Shares			158,943
	22,300	Brookfield Corp.			920,164
	13,582	Canadian Imperial Bank of Commerce			642,697
	47,825	Canadian National Railway Co.			6,202,178
	15,900	Canadian Natural Resources Ltd.			1,107,605
	64,070	Canadian Pacific Kansas City Ltd.			5,445,164
	800	Canadian Tire Corp., Ltd, Class A Shares			81,406
	56,086	Celestica Inc.*			2,383,701
	19,400	Cenovus Energy Inc.			338,069
	3,000	CGI Inc.*			344,442
	2,130	Constellation Software Inc.			5,930,052
	41,067	Definity Financial Corp.			1,388,619
	20,992	Descartes Systems Group Inc.*			1,819,377
	4,000	Dollarama Inc.			309,413
	202,143	Element Fleet Management Corp.			3,373,643
	459,500	Enbridge Inc.			15,794,625
	30,757	EQB Inc.			1,953,092
	282	Fairfax Financial Holdings Ltd.(b)			301,000
	22,149	Finning International Inc.			580,674
	7,353	Fortis Inc.			283,522
	100,946	Franco-Nevada Corp.			10,568,778
	900	George Weston Ltd.			117,882
	3,700	Great-West Lifeco Inc.(c)			113,959
	4,800	Hydro One Ltd.(a)			143,064
	1,700	IGM Financial Inc.			44,656
	2,600	Imperial Oil Ltd.			162,688
	2,600	Intact Financial Corp.			432,353
	2,200	Loblaw Cos., Ltd.			234,468
	4,100	Magna International Inc.			225,913
	26,900	Manulife Financial Corp.			638,433
	3,100	Metro Inc.			167,843
	39,864	National Bank of Canada			3,111,516
	7,300	Nutrien Ltd.			381,043
	95,120	Parex Resources Inc.			1,534,928
	8,200	Pembina Pipeline Corp.			285,367
	7,800	Power Corp. of Canada			225,353
	4,600	Restaurant Brands International Inc.			357,181

See Notes to Financial Statements.

119

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Canada – (continued)
	21,032	Royal Bank of Canada		$	2,042,529
	57,568	Russel Metals Inc.			1,886,342
	4,000	Saputo Inc.			81,376
	56,518	Shopify Inc., Class A Shares*			4,316,840
	8,700	Sun Life Financial Inc.			462,068
	477,294	Suncor Energy Inc.			16,399,233
	15,300	TC Energy Corp.			605,168
	6,700	Teck Resources Ltd., Class B Shares			257,455
	7,296	TELUS Corp.			127,249
	2,300	Thomson Reuters Corp.			363,079
	214,459	TMX Group Ltd.			5,625,569
	26,900	Toronto-Dominion Bank			1,615,209
	4,300	Tourmaline Oil Corp.			194,603
	28,036	Waste Connections Inc.			4,666,133
	88,058	Wheaton Precious Metals Corp.			3,628,990
	140,039	Whitecap Resources Inc.(c)			972,013
		Total Canada			119,104,777
Chile – 0.0%
	5,118	Antofagasta PLC			117,573
China – 2.8%
	12,000	AAC Technologies Holdings Inc.			29,739
	96,687	Alibaba Group Holding Ltd., ADR			7,157,739
	21,822	Baidu Inc., ADR*			2,211,223
	890,722	China Mengniu Dairy Co., Ltd.*			2,237,306
	218,586	Estun Automation Co., Ltd., Class A Shares			529,146
	425,831	FinVolution Group, ADR			2,227,096
	308,850	Full Truck Alliance Co., Ltd., ADR*			2,038,410
	126,048	Fuyao Glass Industry Group Co., Ltd., Class A Shares			757,307
	219,182	Glodon Co., Ltd., Class A Shares			416,457
	274,550	JD Health International Inc.*(a)			1,047,632
	154,816	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares			1,220,555
	70,802	Kanzhun Ltd., ADR			1,108,051
	163,700	KE Holdings Inc., ADR			2,224,683
	3,550,870	Kingdee International Software Group Co., Ltd.*			3,849,077
	306,849	Kingsoft Corp., Ltd.			856,114
	47,626	Kweichow Moutai Co., Ltd., Class A Shares			11,206,835
	128,000	Lenovo Group Ltd.			142,222
	117,363	Lufax Holding Ltd., ADR			366,173
	108,182	Midea Group Co., Ltd., Class A Shares			938,531
	1,315,322	NARI Technology Co., Ltd., Class A Shares			4,221,266
	308,500	Shandong Pharmaceutical Glass Co., Ltd., Class A Shares			1,123,381
	236,000	Shenzhen Inovance Technology Co., Ltd., Class A Shares			2,070,881

See Notes to Financial Statements.

120

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
China – (continued)
	24,209	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		$	969,123
	321,529	Shenzhou International Group Holdings Ltd.			2,656,197
	99,000	Silergy Corp.			1,314,544
	199,986	Tencent Holdings Ltd.			7,027,131
	27,200	Tencent Holdings Ltd., ADR(c)			950,422
	78,255	Tencent Music Entertainment Group, ADR*			819,330
	285,648	Venustech Group Inc., Class A Shares			868,257
	763,500	Yangzijiang Shipbuilding Holdings Ltd.			995,130
	104,110	Yum China Holdings Inc.			4,476,933
	46,937	Zai Lab Ltd., ADR*(c)			984,738
		Total China			69,041,629
Denmark – 1.1%
	37	AP Moller – Maersk AS, Class A Shares			50,126
	78	AP Moller – Maersk AS, Class B Shares			110,152
	1,289	Carlsberg AS, Class B Shares			179,503
	14,406	Coloplast AS, Class B Shares			1,912,491
	16,293	D/S Norden AS			731,754
	9,812	Danske Bank AS			288,213
	1,540	Demant AS*			77,119
	2,555	DSV AS			409,838
	6,856	Genmab AS*			1,902,746
	4,982	H Lundbeck AS			24,118
	20,129	Jyske Bank AS, Class Registered Shares			1,626,859
	60,347	Novo Nordisk AS, ADR			7,227,760
	46,311	Novo Nordisk AS, Class B Shares			5,537,623
	47,988	Novozymes AS, Class B Shares(c)			2,706,146
	2,629	Orsted AS(a)			148,639
	1,170	Pandora AS			188,881
	154	ROCKWOOL AS, Class B Shares			49,454
	10,096	Royal Unibrew AS			655,373
	34,185	Sydbank AS			1,832,430
	5,348	Tryg AS			113,620
	14,909	Vestas Wind Systems AS*			415,944
		Total Denmark			26,188,789
Finland – 1.1%
	1,921	Elisa OYJ			86,527
	606,751	Fortum OYJ(c)			7,579,316
	4,517	Kesko OYJ, Class B Shares			86,290
	4,806	Kone OYJ, Class B Shares			235,264
	5,194	Mandatum OYJ*			22,797
	8,613	Metso OYJ			92,001
	6,161	Neste OYJ			168,895

See Notes to Financial Statements.

121

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Schedules of Investments

February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Finland – (continued)
	76,608	Nokia OYJ		$	270,254
	50,664	Nordea Bank Abp			615,744
	1,728	Orion OYJ, Class B Shares			68,004
	267,974	Outokumpu OYJ			1,186,891
	6,729	Sampo OYJ, Class A Shares			300,897
	662,654	Stora Enso OYJ, Class R Shares			8,382,223
	7,802	UPM-Kymmene OYJ			260,999
	265,369	Valmet OYJ			6,948,710
	6,534	Wartsila OYJ Abp			101,140
		Total Finland			26,405,952
France – 7.1%
	176,126	Accor SA			7,637,097
	391	Aeroports de Paris SA			53,170
	7,601	Air Liquide SA			1,544,575
	8,658	Airbus SE			1,431,749
	3,273	ALD SA(a)			20,049
	4,874	Alstom SA(c)			65,089
	1,032	Amundi SA(a)			67,938
	116,390	Arkema SA			12,065,529
	26,255	AXA SA			933,594
	692	BioMerieux			75,651
	15,386	BNP Paribas SA			921,996
	12,297	Bollore SE			84,312
	2,884	Bouygues SA			114,019
	4,131	Bureau Veritas SA			120,072
	43,307	Capgemini SE			10,523,286
	7,250	Carrefour SA			121,761
	14	Cie de L’Odet SE			21,766
	73,391	Cie de Saint-Gobain SA			5,654,279
	424,111	Cie Generale des Etablissements Michelin SCA			15,721,726
	920	Covivio SA			41,339
	16,208	Credit Agricole SA			219,444
	9,108	Danone SA			581,014
	18,156	Dassault Aviation SA			3,588,940
	82,497	Dassault Systemes SE			3,854,960
	3,681	Edenred SE			182,280
	1,171	Eiffage SA			127,467
	26,038	Engie SA			417,592
	5,385	Esker SA			934,742
	31,986	EssilorLuxottica SA			6,799,144
	693	Eurazeo SE			58,542
	826	Gecina SA			79,787

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
France – (continued)
	5,255	Getlink SE		$	89,722
	506	Hermes International SCA			1,269,850
	467	Ipsen SA			51,312
	1,226	JCDecaux SE*			25,333
	1,063	Kering SA			489,914
	3,437	Klepierre SA			87,283
	1,435	La Francaise des Jeux SAEM(a)			60,081
	104,042	Legrand SA			10,547,493
	7,856	L’Oreal SA			3,760,155
	17,808	LVMH Moet Hennessy Louis Vuitton SE			16,309,795
	712	Neoen SA(a)			17,837
	28,173	Orange SA			322,981
	51,666	Pernod Ricard SA			8,683,484
	1,224	Pluxee NV*			34,971
	3,396	Publicis Groupe SA			359,088
	304	Remy Cointreau SA			32,236
	2,891	Renault SA			120,545
	3,701	Rexel SA			94,877
	29,434	Safran SA			6,166,430
	16,113	Sanofi SA			1,530,895
	10,984	Sartorius Stedim Biotech			3,022,695
	74,700	Schneider Electric SE			16,956,232
	2,379	SCOR SE			72,475
	301	SEB SA			35,615
	11,039	Societe Generale SA			267,568
	1,224	Sodexo SA			97,497
	319	SOITEC*			46,941
	9,641	STMicroelectronics NV			438,301
	871	Teleperformance SE			108,051
	91,358	Thales SA			13,534,755
	220,964	TotalEnergies SE			14,138,231
	1,482	Ubisoft Entertainment SA*			33,989
	1,478	Unibail-Rodamco-Westfield*			108,090
	2,574	Valeo SE			29,842
	9,500	Veolia Environnement SA			295,043
	7,360	Vinci SA			942,249
	8,493	Vivendi SE			94,816
	268	Wendel SE			26,228
	3,400	Worldline SA*(a)			39,103
		Total France			174,404,912

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Germany – 7.0%
	4,477	Adesso SE		$	554,656
	17,274	adidas AG			3,495,351
	5,860	Allianz SE, Class Registered Shares			1,607,865
	10,504	Atoss Software AG			2,717,156
	320,532	BASF SE			16,314,011
	77,816	Bayer AG, Class Registered Shares			2,364,001
	5,437	Bayerische Motoren Werke AG			635,436
	1,019	Bechtle AG			52,508
	26,098	Beiersdorf AG			3,739,675
	2,017	Brenntag SE			183,913
	629	Carl Zeiss Meditec AG			77,360
	15,349	Commerzbank AG			177,492
	162,783	Continental AG			13,041,865
	2,906	Covestro AG*(a)			158,264
	710	CTS Eventim AG & Co. KGaA			55,805
	7,761	Daimler Truck Holding AG			316,986
	3,230	Delivery Hero SE, Class A Shares*(a)			74,538
	29,445	Deutsche Bank AG			393,264
	52,978	Deutsche Boerse AG			11,085,468
	8,083	Deutsche Lufthansa AG*			62,783
	221,896	Deutsche Post AG			10,293,122
	304,596	Deutsche Telekom AG, Class Registered Shares			7,239,976
	1,070	Deutsche Wohnen SE			22,097
	1,114	DWS Group GmbH & Co. KGaA(a)			45,658
	32,838	E.ON SE			419,244
	14,948	Elmos Semiconductor SE			1,184,026
	3,721	Evonik Industries AG			68,581
	148,239	Evotec SE*			2,186,101
	460	Fielmann Group AG			21,773
	389	Fraport AG Frankfurt Airport Services Worldwide*			21,612
	3,082	Fresenius Medical Care AG & Co. KGaA			117,857
	6,054	Fresenius SE & Co. KGaA			169,562
	1,416	FUCHS SE			55,398
	268,448	GEA Group AG			10,820,559
	916	Hannover Rueck SE			235,008
	2,047	Heidelberg Materials AG			198,513
	519	Hella GmbH & Co. KGaA			45,847
	2,196	HelloFresh SE*			30,429
	225,019	Henkel AG & Co. KGaA			16,914,764
	4,881	HOCHTIEF AG			578,300
	48,983	Infineon Technologies AG			1,753,424
	1,291	KION Group AG			65,061

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Germany – (continued)
	41,272	Knorr-Bremse AG		$	2,887,186
	14,035	LEG Immobilien SE*			1,032,620
	25,279	Mensch und Maschine Software SE			1,323,610
	12,760	Mercedes-Benz Group AG			1,016,352
	10,236	Merck KGaA			1,746,409
	788	MTU Aero Engines AG			189,367
	2,004	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares			932,486
	3,199	Nagarro SE*(c)			284,706
	865	Nemetschek SE			82,465
	41,207	Nexus AG			2,605,074
	46,561	Puma SE			2,138,465
	81	Rational AG			66,555
	29,706	Rheinmetall AG			13,619,786
	10,512	RWE AG			352,320
	88,092	SAP SE			16,461,275
	7,067	Sartorius AG			2,670,108
	42,008	Schott Pharma AG & Co. KGaA*			1,844,199
	1,083	Scout24 SE(a)			78,650
	15,259	Siemens AG, Class Registered Shares			3,017,926
	8,027	Siemens Energy AG*			123,272
	4,052	Siemens Healthineers AG(a)			243,193
	529	Sixt SE			41,135
	31,131	Symrise AG, Class A Shares			3,182,127
	43,406	TAG Immobilien AG*			529,786
	647	Talanx AG			46,155
	7,041	thyssenkrupp AG			35,946
	959	Traton SE			25,377
	85,063	TUI AG*			594,719
	3,420	Volkswagen AG			471,847
	103,223	Vonovia SE			2,880,155
	205	Wacker Chemie AG			22,395
	28,390	Wuestenrot & Wuerttembergische AG			412,273
	57,389	Zalando SE*(a)			1,215,986
		Total Germany			171,769,234
Greece – 0.1%
	144,961	Sarantis SA			1,435,330
Hong Kong – 2.6%
	2,401,084	AIA Group Ltd.			19,430,331
	3,600	ASMPT Ltd.			44,212
	17,000	Bank of East Asia Ltd.			21,261
	55,000	BOC Hong Kong Holdings Ltd.			145,567

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Hong Kong – (continued)
	791,128	Budweiser Brewing Co. APAC Ltd.(a)(c)		$	1,290,940
	24,000	Cathay Pacific Airways Ltd.*			26,008
	19,600	Chow Tai Fook Jewellery Group Ltd.			29,250
	29,500	CK Asset Holdings Ltd.			136,805
	2,355,500	CK Hutchison Holdings Ltd.			12,021,861
	7,000	CK Infrastructure Holdings Ltd.			41,294
	1,533,500	CLP Holdings Ltd.			12,812,807
	7,500	DFI Retail Group Holdings Ltd.			15,846
	45,800	ESR Group Ltd.(a)			61,337
	50,000	First Pacific Co., Ltd.			20,138
	225,861	Galaxy Entertainment Group Ltd.			1,231,631
	15,000	Hang Lung Group Ltd.			17,517
	24,000	Hang Lung Properties Ltd.			25,984
	11,200	Hang Seng Bank Ltd.			128,227
	23,000	Henderson Land Development Co., Ltd.			66,555
	147,000	Hong Kong & China Gas Co., Ltd.			113,883
	85,900	Hong Kong Exchanges & Clearing Ltd.			2,654,156
	14,900	Hongkong Land Holdings Ltd.			50,456
	133,300	Hutchison Port Holdings Trust, Class U Shares			17,595
	6,000	HUTCHMED China Ltd.*			18,598
	10,000	Hysan Development Co., Ltd.			16,402
	3,000	Jardine Matheson Holdings Ltd.			125,932
	481,000	Kerry Properties Ltd.			795,211
	1,803,767	Link REIT			9,038,449
	28,400	Man Wah Holdings Ltd.			18,485
	26,500	MTR Corp., Ltd			88,128
	21,000	New World Development Co., Ltd.			26,571
	18,000	NWS Holdings Ltd.			21,122
	1,500	Orient Overseas International Ltd.			23,300
	51,000	PCCW Ltd.			25,382
	21,500	Power Assets Holdings Ltd.			129,495
	40,696	Prudential PLC			402,188
	46,000	Sino Land Co., Ltd.			49,704
	12,000	SITC International Holdings Co., Ltd.			19,696
	20,000	Sun Hung Kai Properties Ltd.			202,899
	5,500	Swire Pacific Ltd., Class A Shares			45,654
	12,500	Swire Pacific Ltd., Class B Shares			16,300
	22,400	Swire Properties Ltd.			46,434
	146,207	Techtronic Industries Co., Ltd.			1,577,335
	136,000	United Energy Group Ltd.			8,330
	16,000	Vitasoy International Holdings Ltd.			14,538
	138,000	WH Group Ltd.(a)			83,253

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Hong Kong – (continued)
	13,000	Wharf Holdings Ltd.		$	47,977
	20,000	Wharf Real Estate Investment Co., Ltd.			67,179
	28,000	Xinyi Glass Holdings Ltd.			28,533
	17,500	Yue Yuen Industrial Holdings Ltd.			18,317
		Total Hong Kong			63,359,073
India – 6.3%
	123,216	Aarti Industries Ltd.			984,232
	40,992	Aarti Pharmalabs Ltd.			244,123
	41,586	Aavas Financiers Ltd.*			725,740
	396,712	Axis Bank Ltd.			5,120,552
	111,016	Bajaj Finance Ltd.			8,688,026
	175,881	Berger Paints India Ltd.			1,313,142
	415,474	Bharat Wire Ropes Ltd.*			1,510,275
	284,823	Bharti Airtel Ltd.			3,520,317
	105,432	Birlasoft Ltd.			981,621
	237,590	Cello World Ltd.*			2,441,965
	509,856	CESC Ltd.			774,406
	60,997	Chennai Petroleum Corp., Ltd			652,867
	363,563	Cholamandalam Investment & Finance Co., Ltd.			4,799,220
	22,086	Divi’s Laboratories Ltd.			927,182
	20,772	Dixon Technologies India Ltd.			1,674,455
	46,735	Dr Lal PathLabs Ltd.			1,331,464
	594,862	Edelweiss Financial Services Ltd.			539,799
	57,434	Elecon Engineering Co., Ltd.			692,989
	218,040	Elgi Equipments Ltd.			1,715,283
	2,773,641	GMR Power & Urban Infra Ltd.*			1,759,950
	155,957	Godrej Consumer Products Ltd.			2,321,627
	62,825	Godrej Properties Ltd.*			1,823,209
	53,007	Gujarat Narmada Valley Fertilizers & Chemicals Ltd.			409,963
	547,319	HDFC Bank Ltd.			9,253,396
	75,061	HDFC Bank Ltd., ADR			4,015,763
	277,322	HDFC Life Insurance Co., Ltd.(a)			1,948,748
	174,321	Hindustan Unilever Ltd.			5,047,840
	617,320	Honasa Consumer Ltd.*			3,102,087
	184,871	ICICI Bank Ltd., ADR			4,734,546
	535,184	Indus Towers Ltd.*			1,640,758
	35,362	Info Edge India Ltd.			2,247,672
	71,220	Jindal Saw Ltd.*			410,795
	425,642	Jio Financial Services Ltd.*			1,589,073
	1,319,532	JM Financial Ltd.			1,534,930
	29,720	Jubilant Foodworks Ltd.			166,969
	9,463	Kaynes Technology India Ltd.*			345,669

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
India – (continued)
	180,753	KPIT Technologies Ltd.		$	3,433,241
	97,142	Larsen & Toubro Ltd.			4,088,031
	121,512	LIC Housing Finance Ltd.*			949,188
	58,790	Mahindra & Mahindra Ltd.			1,373,689
	51,515	Maruti Suzuki India Ltd.			7,058,075
	98,631	Max Financial Services Ltd.*			1,156,051
	117,782	Max Healthcare Institute Ltd.			1,116,440
	87,340	Medi Assist Healthcare Services Ltd.*(a)			538,348
	52,039	Mold-Tek Packaging Ltd.			533,395
	5,489	Muthoot Finance Ltd.			85,507
	379,490	NCC Ltd.			1,133,720
	314,903	Nippon Life India Asset Management Ltd.(a)			1,948,858
	1,508,491	NTPC Ltd.			6,079,130
	13,160	Nuvama Wealth Management Ltd.*			652,088
	126,522	Poonawalla Fincorp Ltd.			715,698
	638,661	Power Finance Corp., Ltd.			3,096,148
	233,367	Redington Ltd.			587,007
	101,986	Reliance Industries Ltd.			3,610,944
	123,714	SBI Life Insurance Co., Ltd.(a)			2,324,318
	28,556	SRF Ltd.			822,881
	652,153	Star Health & Allied Insurance Co., Ltd.*			4,401,196
	14,428	Supreme Industries Ltd.			719,228
	208,530	Suyog Telematics Ltd.			2,994,452
	106,917	Tata Communications Ltd.			2,474,897
	19,660	Tata Consultancy Services Ltd.			977,608
	131,959	Tata Consumer Products Ltd.			1,887,640
	227,610	Titan Co., Ltd.			10,009,248
	45,062	Trent Ltd.			2,118,120
	102,319	Varun Beverages Ltd.			1,735,097
	371,965	Vijaya Diagnostic Centre Pvt Ltd.			2,912,389
	1,591,851	Zomato Ltd.*			3,216,875
		Total India			155,740,160
Indonesia – 0.6%
	16,478,400	Bank Central Asia Tbk PT			10,331,180
	7,879,429	Bank Rakyat Indonesia Persero Tbk PT			3,059,048
	620,700	Indo Tambangraya Megah Tbk PT			1,036,175
	21,836,700	Sarana Menara Nusantara Tbk PT			1,277,703
		Total Indonesia			15,704,106
Ireland – 1.6%
	1,803,151	AIB Group PLC			8,357,437
	614,712	Bank of Ireland Group PLC			5,355,395
	100,991	CRH PLC			8,501,543

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Ireland – (continued)
	1,381	DCC PLC		$	97,993
	202,698	Experian PLC			8,680,709
	2,617	Flutter Entertainment PLC*			566,620
	3,222	Glanbia PLC			58,316
	6,518	James Hardie Industries PLC*			258,004
	2,319	Kerry Group PLC, Class A Shares			203,407
	2,137	Kingspan Group PLC			192,992
	25,952	PDD Holdings Inc., ADR*			3,232,062
	28,105	Ryanair Holdings PLC, ADR			3,885,516
	4,107	Smurfit Kappa Group PLC			175,620
		Total Ireland			39,565,614
Israel – 0.2%
	1,281	Airport City Ltd.*			21,583
	4,825	Amot Investments Ltd.			24,633
	384	Azrieli Group Ltd.			27,809
	20,122	Bank Hapoalim BM			192,556
	20,375	Bank Leumi Le-Israel BM			170,690
	22,428	Bezeq The Israeli Telecommunication Corp., Ltd.			30,269
	242	Big Shopping Centers Ltd.*			26,748
	133	Delek Group Ltd.			17,930
	347	Elbit Systems Ltd.			77,156
	51	Electra Ltd.			22,138
	6,484	Energix-Renewable Energies Ltd.			24,295
	1,252	Enlight Renewable Energy Ltd.*			21,631
	201	Fattal Holdings 1998 Ltd.*			27,467
	468	First International Bank Of Israel Ltd.			20,181
	2,529	Harel Insurance Investments & Financial Services Ltd.*			25,123
	11,353	ICL Group Ltd.			60,120
	77	Israel Corp., Ltd*			20,187
	15,480	Israel Discount Bank Ltd., Class A Shares			80,656
	451	Melisron Ltd.			34,837
	10,360	Mivne Real Estate KD Ltd.			27,784
	1,713	Mizrahi Tefahot Bank Ltd.			67,752
	30,731	Nayax Ltd.*			850,063
	938	Nice Ltd.*			230,032
	9,590	Nice Ltd., ADR*			2,350,988
	392	Nova Ltd.*			66,692
	3,103	OPC Energy Ltd.*			21,733
	2,129	Phoenix Holdings Ltd.			22,961
	15,699	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.			964,905
	3,042	Shapir Engineering & Industry Ltd.			18,482
	270	Strauss Group Ltd.*			5,351

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Israel – (continued)
	16,621	Teva Pharmaceutical Industries Ltd.*		$	218,824
	1,588	Tower Semiconductor Ltd.*			52,263
		Total Israel			5,823,839
Italy – 1.9%
	25,149	A2A SpA			45,709
	1,674	Amplifon SpA			55,796
	18,256	Assicurazioni Generali SpA			432,810
	329,848	Azimut Holding SpA			9,485,638
	251,249	Banca Mediolanum SpA			2,711,182
	21,282	Banco BPM SpA			124,089
	832,319	BPER Banca			3,339,121
	17,051	Buzzi SpA			576,630
	7,803	Davide Campari-Milano NV			79,239
	24,988	DiaSorin SpA			2,518,444
	21,670	Digital Value SpA			1,362,109
	2,011,335	Enel SpA			12,801,451
	31,635	Eni SpA			487,098
	118,497	Ermenegildo Zegna NV			1,694,507
	1,762	Ferrari NV			743,528
	9,313	FinecoBank Banca Fineco SpA			128,847
	44,737	Gruppo MutuiOnline SpA			1,646,492
	9,413	Hera SpA			32,548
	5,394	Infrastrutture Wireless Italiane SpA(a)			59,692
	1,037	Interpump Group SpA			49,236
	229,375	Intesa Sanpaolo SpA			730,670
	9,240	Italgas SpA			50,497
	164,833	Iveco Group NV*			2,030,498
	5,661	Leonardo SpA			120,986
	8,538	Mediobanca Banca di Credito Finanziario SpA			116,349
	3,037	Moncler SpA			218,900
	11,164	Nexi SpA*(a)			81,868
	6,566	Pirelli & C SpA(a)			38,724
	6,921	Poste Italiane SpA(a)			81,287
	8,900	PRADA SpA			62,769
	3,948	Prysmian SpA			196,855
	1,219	Recordati Industria Chimica e Farmaceutica SpA			68,268
	386	Reply SpA			53,578
	31,446	Snam SpA			147,184
	215,843	Telecom Italia SpA*			66,059
	20,240	Terna – Rete Elettrica Nazionale			158,593
	25,608	UniCredit SpA			856,349
	349,776	Unipol Gruppo SpA			2,815,986

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Italy – (continued)
	13,240	UnipolSai Assicurazioni SpA		$	38,148
		Total Italy			46,307,734
Japan – 15.3%
	1,200	ABC-Mart Inc.			20,571
	8,500	Acom Co., Ltd.			21,144
	8	Activia Properties Inc.			20,785
	45,400	Adastria Co., Ltd.			1,034,337
	24	Advance Residence Investment Corp.			48,987
	10,900	Advantest Corp.			511,825
	10,500	Aeon Co., Ltd.			250,472
	2,300	AEON Financial Service Co., Ltd.			20,043
	1,600	Aeon Mall Co., Ltd.			18,679
	21	AEON REIT Investment Corp.			18,429
	2,700	AGC Inc.			96,535
	800	Aica Kogyo Co., Ltd.			19,015
	700	Ain Holdings Inc.			22,123
	2,000	Air Water Inc.			28,911
	2,400	Aisin Corp.			90,587
	7,500	Ajinomoto Co., Inc.			274,902
	31,100	Alfresa Holdings Corp.			464,271
	2,500	Alps Alpine Co., Ltd.			18,440
	69,500	Amada Co., Ltd.			773,166
	900	Amano Corp.			22,013
	1,000	Amvis Holdings Inc.			16,654
	2,400	ANA Holdings Inc.*			52,296
	2,200	Anritsu Corp.			19,005
	1,900	Aozora Bank Ltd.			34,168
	600	Ariake Japan Co., Ltd.			21,155
	500	As One Corp.			17,431
	334,900	Asahi Group Holdings Ltd.			11,483,116
	2,800	Asahi Intecc Co., Ltd.			58,237
	16,700	Asahi Kasei Corp.			116,261
	2,200	Asics Corp.			93,725
	26,500	Astellas Pharma Inc.			292,505
	152,722	Avant Group Corp.			1,393,515
	1,500	Azbil Corp.			44,053
	102,981	AZ-COM MARUWA Holdings Inc.			1,016,603
	14,156	AZOOM Co., Ltd.			607,940
	8,100	Bandai Namco Holdings Inc.			159,888
	26,100	baudroie inc*			584,939
	2,200	BayCurrent Consulting Inc.			49,352
	1,400	Benefit One Inc.			20,250

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	1,600	Benesse Holdings Inc.		$	27,669
	2,700	Bic Camera Inc.			23,193
	17,700	BIPROGY Inc.			548,083
	8,200	Bridgestone Corp.			353,257
	4,700	Brother Industries Ltd.			78,798
	114,300	Calbee Inc.			2,440,400
	13,500	Canon Inc.			394,247
	800	Canon Marketing Japan Inc.			23,812
	2,700	Capcom Co., Ltd.			108,791
	2,500	Casio Computer Co., Ltd.			19,980
	13,100	Central Japan Railway Co.			329,620
	417,300	Chiba Bank Ltd.			3,394,625
	10,400	Chubu Electric Power Co., Inc.			129,567
	121,800	Chugai Pharmaceutical Co., Ltd.			4,883,132
	2,900	Chugin Financial Group Inc.			22,868
	3,800	Chugoku Electric Power Co., Inc.			25,642
	1,500	Coca-Cola Bottlers Japan Holdings Inc.			19,826
	30,800	COMSYS Holdings Corp.			679,925
	15,500	Concordia Financial Group Ltd.			78,487
	1,400	Cosmo Energy Holdings Co., Ltd.			62,375
	300	Cosmos Pharmaceutical Corp.			29,276
	126,200	Credit Saison Co., Ltd.			2,450,879
	7,200	CyberAgent Inc.			50,538
	3,200	Dai Nippon Printing Co., Ltd.			93,424
	52,100	Daicel Corp.			493,165
	79,000	Daido Steel Co., Ltd.			932,388
	4,100	Daifuku Co., Ltd.			96,711
	13,900	Dai-ichi Life Holdings Inc.			316,501
	127,500	Daiichi Sankyo Co., Ltd.			4,234,028
	1,400	Daiichikosho Co., Ltd.			18,103
	16,900	Daikin Industries Ltd.			2,375,282
	900	Daito Trust Construction Co., Ltd.			106,776
	9,400	Daiwa House Industry Co., Ltd.			272,050
	28	Daiwa House REIT Investment Corp., Class A Shares			45,707
	5	Daiwa Office Investment Corp., Class A Shares			19,468
	19,400	Daiwa Securities Group Inc.			142,996
	27	Daiwa Securities Living Investments Corp., Class A Shares			18,154
	35,000	Daiwabo Holdings Co., Ltd.			614,148
	1,900	DeNA Co., Ltd.			18,582
	1,500	Denka Co., Ltd.			24,596
	30,400	Denso Corp.			553,820
	3,400	Dentsu Group Inc.			94,070

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	500	Dentsu Soken Inc.		$	17,876
	700	Descente Ltd.			15,770
	21,300	Dexerials Corp.			859,248
	1,100	DIC Corp.			21,205
	18,400	Disco Corp.			5,987,813
	1,300	DMG Mori Co., Ltd.			30,072
	700	Dowa Holdings Co., Ltd.			24,491
	5,400	East Japan Railway Co.			319,477
	15,300	Ebara Corp.			1,291,484
	51,100	EDION Corp.			524,948
	3,900	Eisai Co., Ltd.			162,320
	165,900	Electric Power Development Co., Ltd.			2,713,645
	39,300	ENEOS Holdings Inc.			169,660
	1,300	EXEO Group Inc.			27,307
	59,200	Ezaki Glico Co., Ltd.			1,759,603
	1,300	Fancl Corp.			17,972
	14,100	FANUC Corp.			412,227
	2,300	Fast Retailing Co., Ltd.			668,508
	1,200	Food & Life Cos., Ltd.			23,864
	1,200	FP Corp.			22,027
	8	Frontier Real Estate Investment Corp.			22,919
	1,600	Fuji Electric Co., Ltd.			97,386
	600	Fuji Kyuko Co., Ltd.			15,969
	1,300	Fuji Oil Holdings Inc.			21,706
	5,300	FUJIFILM Holdings Corp.			335,763
	2,900	Fujikura Ltd.			35,436
	1,100	Fujitsu General Ltd.			14,197
	2,600	Fujitsu Ltd.			405,580
	2,200	Fukuoka Financial Group Inc.			57,057
	28,326	Funai Soken Holdings Inc.			476,191
	1,200	Furukawa Electric Co., Ltd.			23,677
	300	Fuyo General Lease Co., Ltd.			27,364
	81	GLP J-Reit			64,240
	1,200	GMO internet group Inc.			21,717
	500	GMO Payment Gateway Inc.			33,777
	500	Goldwin Inc.			28,990
	1,400	GS Yuasa Corp.			26,369
	54,800	GungHo Online Entertainment Inc.			794,296
	144,600	Hachijuni Bank Ltd.			885,916
	2,700	Hakuhodo DY Holdings Inc.			25,112
	1,600	Hamamatsu Photonics KK			57,458
	3,600	Hankyu Hanshin Holdings Inc.			103,748

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	23,100	Hanwa Co., Ltd.		$	878,225
	900	Harmonic Drive Systems Inc.			23,573
	4,200	Haseko Corp.			52,029
	1,400	Heiwa Corp.			19,315
	10,400	Hikari Tsushin Inc.			1,881,799
	5,700	Hino Motors Ltd.*			18,976
	3,400	Hirogin Holdings Inc.			24,264
	36,010	Hirose Electric Co., Ltd.			3,828,045
	800	Hisamitsu Pharmaceutical Co., Inc.			20,672
	1,500	Hitachi Construction Machinery Co., Ltd.			43,377
	13,100	Hitachi Ltd.			1,103,845
	1,202,500	Honda Motor Co., Ltd.			14,280,421
	5,800	Horiba Ltd.			566,958
	1,700	Hoshizaki Corp.			58,043
	1,700	House Foods Group Inc.			35,658
	5,100	Hoya Corp.			665,265
	5,400	Hulic Co., Ltd.			53,863
	1,700	Ibiden Co., Ltd.			78,583
	16,700	Idemitsu Kosan Co., Ltd.			105,835
	80,100	IDOM Inc.			484,175
	2,100	IHI Corp.			46,304
	2,600	Iida Group Holdings Co., Ltd.			33,567
	22	Industrial & Infrastructure Fund Investment Corp., Class A Shares			18,490
	336,900	Infomart Corp.			957,589
	2,300	INFRONEER Holdings Inc.			23,575
	13,500	Inpex Corp.			180,794
	1,300	Internet Initiative Japan Inc.			24,125
	80	Invincible Investment Corp.			32,854
	5,900	Isetan Mitsukoshi Holdings Ltd.			83,488
	7,900	Isuzu Motors Ltd.			112,573
	700	Ito En Ltd.			19,503
	19,600	ITOCHU Corp.			854,189
	1,000	Itoham Yonekyu Holdings Inc.			27,433
	800	Iwatani Corp.			39,781
	2,700	Iyogin Holdings Inc.			20,252
	2,300	J Front Retailing Co., Ltd.			22,876
	36,700	JAFCO Group Co., Ltd.			440,792
	1,700	Japan Airlines Co., Ltd.			31,733
	1,100	Japan Airport Terminal Co., Ltd.			43,244
	215,600	Japan Elevator Service Holdings Co., Ltd.			3,464,329
	7,200	Japan Exchange Group Inc.			188,346
	57	Japan Hotel REIT Investment Corp., Class A Shares			27,627

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	10	Japan Logistics Fund Inc.		$	17,069
	93	Japan Metropolitan Fund Invest			54,865
	14,300	Japan Petroleum Exploration Co., Ltd.			581,355
	21,300	Japan Post Bank Co., Ltd.			227,020
	29,300	Japan Post Holdings Co., Ltd.			282,841
	2,700	Japan Post Insurance Co., Ltd.			49,736
	11	Japan Prime Realty Investment Corp.			24,131
	18	Japan Real Estate Investment Corp.			64,923
	1,100	Japan Steel Works Ltd.			20,054
	17,500	Japan Tobacco Inc.			454,802
	8,776	JCR Pharmaceuticals Co., Ltd.			52,762
	9,400	Jeol Ltd.			417,363
	8,900	JFE Holdings Inc.			145,961
	87,800	JGC Holdings Corp.			799,271
	500	JMDC Inc.			12,390
	2,200	JSR Corp.			59,071
	57,000	JTEKT Corp.			531,175
	1,000	Justsystems Corp.			17,889
	1,000	Kadokawa Corp.			19,087
	1,500	Kagome Co., Ltd.			34,480
	5,600	Kajima Corp.			103,936
	1,800	Kakaku.com Inc.			20,649
	1,000	Kamigumi Co., Ltd.			23,409
	2,100	Kandenko Co., Ltd.			23,938
	800	Kaneka Corp.			19,236
	10,800	Kansai Electric Power Co., Inc.			138,346
	2,200	Kansai Paint Co., Ltd.			31,924
	6,500	Kao Corp.			247,226
	1,300	Katitas Co., Ltd.			17,446
	2,200	Kawasaki Heavy Industries Ltd.			60,793
	3,200	Kawasaki Kisen Kaisha Ltd.			154,041
	22,700	KDDI Corp.			690,394
	53	KDX Realty Investment Corp., Class A Shares			53,117
	900	Keihan Holdings Co., Ltd.			20,820
	4,000	Keikyu Corp.			35,519
	1,800	Keio Corp.			50,463
	2,000	Keisei Electric Railway Co., Ltd.			93,431
	2,500	Kewpie Corp.			46,533
	13,715	Keyence Corp.			6,436,052
	2,700	Kikkoman Corp.			176,829
	1,700	Kinden Corp.			28,943
	2,800	Kintetsu Group Holdings Co., Ltd.			86,024

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	11,100	Kirin Holdings Co., Ltd.		$	154,409
	800	Kobayashi Pharmaceutical Co., Ltd.			31,934
	2,200	Kobe Bussan Co., Ltd.			59,196
	5,300	Kobe Steel Ltd.			72,688
	3,800	Koei Tecmo Holdings Co., Ltd.			47,548
	99,200	Koito Manufacturing Co., Ltd.			1,259,907
	1,200	Kokuyo Co., Ltd.			18,971
	436,000	Komatsu Ltd.			12,648,371
	1,600	Konami Group Corp.			107,788
	14,100	Konica Minolta Inc.*			46,531
	9,600	Kose Corp.			539,155
	1,300	Kotobuki Spirits Co., Ltd.			17,377
	2,200	K’s Holdings Corp.			19,044
	15,800	Kubota Corp.			231,726
	5,600	Kuraray Co., Ltd.			56,672
	1,600	Kurita Water Industries Ltd.			65,134
	1,200	Kusuri no Aoki Holdings Co., Ltd.			25,092
	17,200	Kyocera Corp.			254,261
	4,200	Kyoto Financial Group Inc.			73,343
	3,700	Kyowa Kirin Co., Ltd.			73,449
	600	Kyudenko Corp.			23,330
	6,500	Kyushu Electric Power Co., Inc.*			53,094
	4,500	Kyushu Financial Group Inc.			33,878
	2,800	Kyushu Railway Co.			64,351
	21	LaSalle Logiport REIT			19,737
	1,100	Lasertec Corp.			294,285
	18,100	Lawson Inc.			1,238,116
	124,700	Lion Corp.			1,099,218
	3,500	Lixil Corp.			44,778
	590,300	LY Corp.			1,620,670
	133,600	M3 Inc.			1,919,645
	1,400	Mabuchi Motor Co., Ltd.			25,587
	900	Macnica Holdings Inc.			49,751
	551,300	Makita Corp.			14,404,034
	82,763	Management Solutions Co., Ltd.			1,670,826
	1,600	Mani Inc.			21,800
	22,500	Marubeni Corp.			371,913
	2,400	Marui Group Co., Ltd.			39,036
	800	Maruichi Steel Tube Ltd.			20,985
	5,300	MatsukiyoCocokara & Co.			87,708
	8,200	Mazda Motor Corp.			94,898
	1,100	McDonald’s Holdings Co. Japan Ltd.			51,176

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	538,800	Mebuki Financial Group Inc.		$	1,683,121
	32,700	Medipal Holdings Corp.			494,369
	4,400	MEIJI Holdings Co., Ltd.			99,112
	1,200	Menicon Co., Ltd.			14,232
	2,200	Mercari Inc.*			30,034
	716,200	MINEBEA MITSUMI Inc.			14,829,886
	4,200	MISUMI Group Inc.			64,351
	17,500	Mitsubishi Chemical Group Corp.			100,364
	50,000	Mitsubishi Corp.			1,071,130
	897,900	Mitsubishi Electric Corp.			14,202,579
	15,400	Mitsubishi Estate Co., Ltd.			236,774
	2,200	Mitsubishi Gas Chemical Co., Inc.			35,939
	10,900	Mitsubishi HC Capital Inc.			75,012
	4,300	Mitsubishi Heavy Industries Ltd.			340,173
	800	Mitsubishi Logistics Corp.			24,559
	2,300	Mitsubishi Materials Corp.			40,219
	943,300	Mitsubishi Motors Corp.			2,917,765
	171,800	Mitsubishi UFJ Financial Group Inc.			1,764,889
	21,900	Mitsui & Co., Ltd.			959,646
	2,200	Mitsui Chemicals Inc.			60,978
	61,300	Mitsui Fudosan Co., Ltd.			1,664,879
	8	Mitsui Fudosan Logistics Park Inc.			22,652
	400	Mitsui High-Tec Inc.			22,450
	900	Mitsui Mining & Smelting Co., Ltd.			26,519
	4,800	Mitsui OSK Lines Ltd.			164,385
	1,000	Miura Co., Ltd.			21,331
	48,500	MIXI Inc.			799,600
	37,500	Mizuho Financial Group Inc.			699,283
	600	Money Forward Inc.*			26,591
	3,000	MonotaRO Co., Ltd.			28,727
	21	Mori Hills REIT Investment Corp., Class A Shares			18,364
	1,200	Morinaga & Co., Ltd.			21,548
	1,000	Morinaga Milk Industry Co., Ltd.			20,735
	6,600	MS&AD Insurance Group Holdings Inc.			327,022
	84,800	m-up Holdings Inc.			631,234
	170,600	Murata Manufacturing Co., Ltd.			3,467,880
	1,100	Nabtesco Corp.			18,363
	1,300	Nagase & Co., Ltd.			21,630
	3,300	Nagoya Railroad Co., Ltd.			47,072
	1,700	Nankai Electric Railway Co., Ltd.			33,189
	3,800	NEC Corp.			256,276
	1,200	NEC Networks & System Integration Corp.			19,643

See Notes to Financial Statements.

137

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	1,100	NET One Systems Co., Ltd.		$	19,062
	6,300	Nexon Co., Ltd.			103,839
	108,000	Nextage Co., Ltd.(c)			1,762,173
	3,400	NGK Insulators Ltd.			44,314
	1,800	NH Foods Ltd.			63,009
	64,500	NHK Spring Co., Ltd.			619,649
	1,700	Nichirei Corp.			42,627
	7,700	NIDEC Corp.			292,346
	900	Nifco Inc.			21,712
	1,200	Nihon Kohden Corp.			33,284
	4,300	Nihon M&A Center Holdings Inc.			28,767
	4,200	Nikon Corp.			41,579
	15,300	Nintendo Co., Ltd.			856,305
	5	Nippon Accommodations Fund Inc., Class A Shares			18,952
	21	Nippon Building Fund Inc.			80,861
	1,300	Nippon Electric Glass Co., Ltd.			31,384
	1,100	NIPPON EXPRESS HOLDINGS Inc.			58,104
	2,400	Nippon Kayaku Co., Ltd.			20,678
	16,100	Nippon Paint Holdings Co., Ltd.			120,012
	34	Nippon Prologis REIT Inc.			56,907
	2,700	Nippon Sanso Holdings Corp.			78,345
	600	Nippon Shinyaku Co., Ltd.			19,112
	600	Nippon Shokubai Co., Ltd.			22,472
	12,000	Nippon Steel Corp.			298,074
	2,602,700	Nippon Telegraph & Telephone Corp.			3,169,265
	6,800	Nippon Yusen KK			216,731
	1,200	Nishi-Nippon Railroad Co., Ltd.			19,299
	1,700	Nissan Chemical Corp.			71,098
	29,100	Nissan Motor Co., Ltd.			114,483
	4,400	Nisshin Seifun Group Inc.			61,010
	3,000	Nissin Foods Holdings Co., Ltd.			87,588
	3,100	Niterra Co., Ltd.			94,321
	1,200	Nitori Holdings Co., Ltd.			176,197
	23,600	Nitto Denko Corp.			2,160,449
	800	NOF Corp.			35,966
	1,500	NOK Corp.			21,265
	45,200	Nomura Holdings Inc.			256,702
	1,400	Nomura Real Estate Holdings Inc.			34,837
	61	Nomura Real Estate Master Fund Inc.			60,586
	121,500	Nomura Research Institute Ltd.			3,414,748
	209,000	North Pacific Bank Ltd.			556,227
	600	NS Solutions Corp.			20,069

See Notes to Financial Statements.

138

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	27,600	NS United Kaiun Kaisha Ltd.		$	977,541
	1,999,700	NSK Ltd.			10,945,372
	8,500	NTT Data Group Corp.			138,374
	9,500	Obayashi Corp.			92,123
	700	OBIC Business Consultants Co., Ltd.			33,438
	1,000	Obic Co., Ltd.			156,409
	4,600	Odakyu Electric Railway Co., Ltd.			64,675
	9,900	Oji Holdings Corp.			38,796
	500	OKUMA Corp.			23,554
	1,225,900	Olympus Corp.			17,445,197
	2,800	Omron Corp.			104,823
	5,800	Ono Pharmaceutical Co., Ltd.			96,040
	1,100	Open House Group Co., Ltd.			34,645
	700	Oracle Corp. Japan			53,648
	13,900	Oriental Land Co., Ltd.			498,088
	17,000	ORIX Corp.			357,280
	32	Orix JREIT Inc.			33,804
	5,800	Osaka Gas Co., Ltd.			115,696
	1,500	OSG Corp.			21,049
	1,200	Otsuka Corp.			52,750
	7,200	Otsuka Holdings Co., Ltd.			292,074
	700	PALTAC Corp.			19,613
	6,100	Pan Pacific International Holdings Corp.			142,977
	31,500	Panasonic Holdings Corp.			296,917
	1,600	Park24 Co., Ltd.*			19,002
	3,400	Penta-Ocean Construction Co., Ltd.			17,602
	2,000	PeptiDream Inc.*			21,091
	1,302,000	Persol Holdings Co., Ltd.			1,878,445
	1,800	Pigeon Corp.			18,339
	31,300	Plus Alpha Consulting Co., Ltd.			528,356
	1,700	Pola Orbis Holdings Inc.			16,975
	97,600	Premium Group Co., Ltd.			1,223,873
	237,306	Prestige International Inc.			1,017,901
	92,504	Rakus Co., Ltd.			1,460,911
	1,300	Rakuten Bank Ltd.*			25,702
	18,700	Rakuten Group Inc.			102,831
	102,100	Recruit Holdings Co., Ltd.			4,136,225
	1,700	Relo Group Inc.			13,704
	19,600	Renesas Electronics Corp.			322,440
	4,100	Rengo Co., Ltd.			27,360
	1,403,100	Resona Holdings Inc.			7,642,461
	2,200	Resonac Holdings Corp.			53,186

See Notes to Financial Statements.

139

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	1,200	Resorttrust Inc.		$	20,655
	10,200	Ricoh Co., Ltd.			84,664
	1,600	Rinnai Corp.			37,300
	4,500	Rohm Co., Ltd.			76,832
	229,100	Rohto Pharmaceutical Co., Ltd.			4,657,162
	98,800	Round One Corp.			462,742
	3,700	Ryohin Keikaku Co., Ltd.			58,408
	300	Sanken Electric Co., Ltd.			15,153
	203,000	Sankyo Co., Ltd.			2,315,433
	700	Sankyu Inc.			24,741
	700	Sanrio Co., Ltd.			39,474
	5,400	Santen Pharmaceutical Co., Ltd.			53,585
	31,200	Sanwa Holdings Corp.			553,614
	1,000	Sapporo Holdings Ltd.			43,989
	600	Sawai Group Holdings Co., Ltd.			23,010
	3,900	SBI Holdings Inc.			104,841
	20,800	SCREEN Holdings Co., Ltd.			2,612,281
	1,200	SCSK Corp.			22,122
	2,900	Secom Co., Ltd.			211,439
	1,700	Sega Sammy Holdings Inc.			21,320
	3,300	Seibu Holdings Inc.			47,666
	5,400	Seiko Epson Corp.			87,382
	2,000	Seino Holdings Co., Ltd.			28,275
	5,700	Sekisui Chemical Co., Ltd.			80,475
	8,500	Sekisui House Ltd.			189,657
	44	Sekisui House REIT Inc.			21,748
	351,000	Seven & i Holdings Co., Ltd.			5,226,912
	9,900	Seven Bank Ltd.			19,767
	6,500	SG Holdings Co., Ltd.			81,552
	3,200	Sharp Corp.			17,478
	200	SHIFT Inc.*			36,879
	3,200	Shikoku Electric Power Co., Inc.			23,269
	250,300	Shimadzu Corp.			6,833,724
	600	Shimamura Co., Ltd.			31,901
	1,100	Shimano Inc.			153,308
	7,100	Shimizu Corp.			41,110
	28,200	Shin-Etsu Chemical Co., Ltd.			1,204,486
	800	Shinko Electric Industries Co., Ltd.			28,985
	3,700	Shionogi & Co., Ltd.			184,538
	1,300	Ship Healthcare Holdings Inc.			18,893
	53,000	Shiseido Co., Ltd.			1,446,156
	7,100	Shizuoka Financial Group Inc.			69,548

See Notes to Financial Statements.

140

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	500	SHO-BOND Holdings Co., Ltd.		$	21,396
	267,996	SIGMAXYZ Holdings Inc.			3,059,571
	138,100	SKY Perfect JSAT Holdings Inc.			818,879
	3,600	Skylark Holdings Co., Ltd.			52,396
	12,100	SMC Corp.			7,298,969
	119,038	SMS Co., Ltd.			2,111,532
	3,000	Socionext Inc.			77,231
	40,400	SoftBank Corp.			531,974
	14,300	SoftBank Group Corp.			853,674
	3,300	Sohgo Security Services Co., Ltd.			18,274
	131,800	Sojitz Corp.			3,347,095
	4,500	Sompo Holdings Inc.			264,137
	56,800	Sony Group Corp.			4,883,358
	1,100	Sotetsu Holdings Inc.			19,945
	1,500	Square Enix Holdings Co., Ltd.			63,543
	42,700	Stanley Electric Co., Ltd.			731,995
	64,100	Strike Co., Ltd.			2,355,699
	9,400	Subaru Corp.			214,094
	2,100	Sugi Holdings Co., Ltd.			32,915
	5,300	SUMCO Corp.			83,308
	500	Sumitomo Bakelite Co., Ltd.			28,741
	19,100	Sumitomo Chemical Co., Ltd.			38,791
	16,200	Sumitomo Corp.			379,809
	11,100	Sumitomo Electric Industries Ltd.			165,023
	1,800	Sumitomo Forestry Co., Ltd.			51,459
	1,700	Sumitomo Heavy Industries Ltd.			50,693
	60,200	Sumitomo Metal Mining Co., Ltd.			1,570,193
	18,900	Sumitomo Mitsui Financial Group Inc.			1,052,605
	10,500	Sumitomo Mitsui Trust Holdings Inc.			212,936
	6,200	Sumitomo Realty & Development Co., Ltd.			183,953
	41,600	Sumitomo Rubber Industries Ltd.			484,951
	1,400	Sundrug Co., Ltd.			43,679
	2,000	Suntory Beverage & Food Ltd.			65,711
	16,100	Suzuken Co., Ltd.			478,939
	6,700	Suzuki Motor Corp.			294,104
	2,700	Sysmex Corp.			152,033
	7,500	T&D Holdings Inc.			130,373
	1,500	Taiheiyo Cement Corp.			31,577
	53,100	Taisei Corp.			1,670,946
	700	Taisho Pharmaceutical Holdings Co., Ltd.			40,289
	2,000	Taiyo Yuden Co., Ltd.			43,742
	2,500	Takara Holdings Inc.			20,953

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	1,400	Takashimaya Co., Ltd.		$	21,108
	22,500	Takeda Pharmaceutical Co., Ltd.			659,026
	5,300	TDK Corp.			276,152
	1,800	TechnoPro Holdings Inc.			36,090
	2,100	Teijin Ltd.			17,790
	10,500	Terumo Corp.			409,795
	1,100	THK Co., Ltd.			24,183
	2,900	TIS Inc.			65,372
	3,200	Tobu Railway Co., Ltd.			81,781
	3,500	Toda Corp.			21,646
	200	Toei Animation Co., Ltd.			24,679
	1,800	Toho Co., Ltd.			58,410
	1,400	Toho Gas Co., Ltd.			28,064
	7,200	Tohoku Electric Power Co., Inc.			48,718
	2,500	Tokai Carbon Co., Ltd.			16,493
	27,400	Tokio Marine Holdings Inc.			799,621
	3,600	Tokyo Century Corp.			37,586
	23,300	Tokyo Electric Power Co. Holdings Inc.*			125,882
	6,500	Tokyo Electron Ltd.			1,607,454
	5,900	Tokyo Gas Co., Ltd.			129,129
	1,800	Tokyo Ohka Kogyo Co., Ltd.			55,528
	400	Tokyo Seimitsu Co., Ltd.			27,661
	105,800	Tokyo Steel Manufacturing Co., Ltd.			1,178,923
	76,100	Tokyo Tatemono Co., Ltd.			1,103,976
	9,800	Tokyu Corp.			124,811
	174,500	Tokyu Fudosan Holdings Corp.			1,146,862
	3,500	TOPPAN Holdings Inc.			83,449
	21,200	Toray Industries Inc.			97,591
	1,400	Toshiba TEC Corp.			29,267
	654,300	Tosoh Corp.			8,911,157
	372,800	TOTO Ltd.			10,096,429
	2,300	Toyo Seikan Group Holdings Ltd.			38,686
	112,200	Toyo Suisan Kaisha Ltd.			6,525,469
	44,000	Toyo Tire Corp.			797,781
	25,400	Toyoda Gosei Co., Ltd.			523,237
	29,600	Toyota Boshoku Corp.			469,068
	2,400	Toyota Industries Corp.			239,124
	177,000	Toyota Motor Corp.			4,248,132
	3,300	Toyota Tsusho Corp.			213,694
	25,800	Transcosmos Inc.			523,720
	1,500	Trend Micro Inc.			73,082
	1,800	TS Tech Co., Ltd.			23,290

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Japan – (continued)
	1,100	Tsumura & Co.		$	20,228
	600	Tsuruha Holdings Inc.			45,266
	1,700	UBE Corp.			28,530
	600	Ulvac Inc.			37,005
	5,500	Unicharm Corp.			182,582
	40	United Urban Investment Corp.			37,773
	1,500	Ushio Inc.			19,859
	3,200	USS Co., Ltd.			55,778
	51,200	Valor Holdings Co., Ltd.			827,457
	407,600	Welcia Holdings Co., Ltd.(c)			7,685,720
	3,500	West Japan Railway Co.			145,516
	700	Workman Co., Ltd.			18,933
	3,900	Yakult Honsha Co., Ltd.			83,973
	257,400	Yamada Holdings Co., Ltd.			739,333
	2,400	Yamaguchi Financial Group Inc.			24,352
	2,100	Yamaha Corp.			46,045
	12,000	Yamaha Motor Co., Ltd.			107,438
	4,600	Yamato Holdings Co., Ltd.			70,009
	8,400	Yamato Kogyo Co., Ltd.			468,515
	21,000	Yamazaki Baking Co., Ltd.			493,766
	800	Yaoko Co., Ltd.			45,981
	3,800	Yaskawa Electric Corp.			155,731
	89,900	Yokogawa Electric Corp.			1,901,857
	1,700	Yokohama Rubber Co., Ltd.			45,382
	700	Zenkoku Hosho Co., Ltd.			25,656
	1,200	Zensho Holdings Co., Ltd.			52,640
	1,900	Zeon Corp.			16,085
	1,700	ZOZO Inc.			38,546
		Total Japan			376,592,814
Jersey, Channel Islands – 0.1%
	321,297	JTC PLC			3,167,524
Jordan – 0.0%
	2,001	Hikma Pharmaceuticals PLC			49,614
Lithuania – 0.1%
	829,678	Baltic Classifieds Group PLC			2,477,001
Luxembourg – 0.0%
	7,418	ArcelorMittal SA			193,577
	1,786	Eurofins Scientific SE			106,739
	6,750	L’Occitane International SA			25,505
	521	RTL Group SA			19,231
	6,315	Tenaris SA			112,463
		Total Luxembourg			457,515

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Macau – 0.0%
	15,600	MGM China Holdings Ltd.*		$	25,172
	37,600	Sands China Ltd.*			107,182
	20,800	Wynn Macau Ltd.*			17,577
		Total Macau			149,931
Malaysia – 0.1%
	3,652,564	CTOS Digital Bhd			1,163,167
	12,241	Lynas Rare Earths Ltd.*			46,695
		Total Malaysia			1,209,862
Mexico – 0.3%
	3,190	Fresnillo PLC			18,353
	349,394	Grupo Mexico SAB de CV, Class B Shares			1,703,331
	289,484	Qualitas Controladora SAB de CV			3,251,799
	619,988	Wal-Mart de Mexico SAB de CV			2,475,901
		Total Mexico			7,449,384
Netherlands – 4.0%
	1,427	Aalberts NV			64,114
	5,427	ABN AMRO Bank NV(a)			87,143
	2,137	Adyen NV*(a)			3,376,690
	22,895	Aegon Ltd.			137,316
	209,965	Akzo Nobel NV			15,291,425
	877	Argenx SE*			330,273
	4,300	Argenx SE, ADR*			1,634,043
	692	ASM International NV			424,928
	23,090	ASML Holding NV			21,845,935
	5,482	ASML Holding NV, Class NY Registered Shares, ADR			5,217,110
	2,375	ASR Nederland NV			109,539
	1,071	BE Semiconductor Industries NV			194,436
	1,165	CTP NV(a)			18,874
	167,838	Euronext NV(a)			15,472,317
	1,473	EXOR NV			158,987
	1,925	Heineken Holding NV			148,623
	46,594	Heineken NV			4,305,958
	913	IMCD NV			139,137
	141,279	ING Groep NV			1,939,201
	1,121	JDE Peet’s NV			25,608
	14,240	Koninklijke Ahold Delhaize NV			423,622
	50,790	Koninklijke KPN NV			185,663
	11,854	Koninklijke Philips NV			237,306
	896	Koninklijke Vopak NV			33,230
	4,241	NN Group NV			188,962
	1,540	OCI NV			40,591
	231,523	Prosus NV*			6,760,429

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Netherlands – (continued)
	3,298	QIAGEN NV*		$	141,327
	185,738	Randstad NV			10,251,987
	2,144	Signify NV(a)			57,494
	31,724	Stellantis NV			831,862
	10,739	Universal Music Group NV			323,644
	44,493	Wolters Kluwer NV			7,014,474
		Total Netherlands			97,412,248
New Zealand – 0.0%
	9,594	a2 Milk Co., Ltd.*			36,170
	39,575	Air New Zealand Ltd.			14,834
	20,497	Auckland International Airport Ltd.			101,067
	10,537	Contact Energy Ltd.			51,796
	9,088	Fisher & Paykel Healthcare Corp., Ltd			135,436
	10,460	Fletcher Building Ltd.			26,144
	11,148	Infratil Ltd.			70,048
	36,640	Kiwi Property Group Ltd.			18,886
	1,081	Mainfreight Ltd.			44,613
	9,213	Mercury NZ Ltd.			37,458
	16,644	Meridian Energy Ltd.			60,651
	8,035	Ryman Healthcare Ltd.*			22,715
	17,244	SKYCITY Entertainment Group Ltd.			20,269
	24,719	Spark New Zealand Ltd.			76,360
	1,831	Xero Ltd.*			151,823
		Total New Zealand			868,270
Norway – 0.9%
	3,172	Adevinta ASA, Class B Shares*			33,886
	343	Aker ASA, Class A Shares			18,495
	738,919	Aker BP ASA			17,940,649
	11,628	AutoStore Holdings Ltd.*(a)			18,668
	14,844	DNB Bank ASA			296,915
	13,127	Equinor ASA			322,976
	36,500	Equinor ASA, ADR			898,630
	83,303	Europris ASA(a)			573,829
	2,943	Gjensidige Forsikring ASA			46,477
	1,130	Kongsberg Gruppen ASA			72,002
	6,411	Mowi ASA			123,701
	503,790	MPC Container Ships ASA			647,336
	18,516	Norsk Hydro ASA			95,340
	12,952	Orkla ASA			92,837
	884	Salmar ASA			56,057
	712	Schibsted ASA, Class A Shares			21,259
	2,039	Schibsted ASA, Class B Shares			56,741

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Norway – (continued)
	9,604	Telenor ASA		$	105,099
	4,115	TOMRA Systems ASA			54,786
	7,557	Var Energi ASA			23,077
	2,206	Yara International ASA			68,615
		Total Norway			21,567,375
Peru – 0.1%
	11,980	Credicorp Ltd.			2,047,142
Philippines – 0.3%
	2,202,582	Ayala Land Inc.			1,371,023
	833,164	BDO Unibank Inc.			2,266,710
	164,090	SM Investments Corp.			2,742,854
		Total Philippines			6,380,587
Poland – 0.3%
	7,296	Allegro.eu SA*(a)			58,927
	2,116	Bank Polska Kasa Opieki SA			91,697
	2,664	Benefit Systems SA			1,561,625
	7,965	Dino Polska SA*(a)			927,219
	207,162	InPost SA*			3,233,187
	1,716	KGHM Polska Miedz SA			46,337
	18	LPP SA			80,928
	8,864	ORLEN SA			137,596
	13,112	Powszechna Kasa Oszczednosci Bank Polski SA			182,461
	9,256	Powszechny Zaklad Ubezpieczen SA			113,838
	450	Santander Bank Polska SA			61,934
	42,853	Text SA			1,025,908
		Total Poland			7,521,657
Portugal – 0.3%
	44,013	EDP – Energias de Portugal SA			175,060
	359,673	Galp Energia SGPS SA			5,658,658
	105,258	Jeronimo Martins SGPS SA			2,521,180
		Total Portugal			8,354,898
Russia – 0.0%
	5,600	Novatek PJSC, GDR*(b)(d)@			112
	978,392	Sberbank of Russia PJSC(b)(d)@			619
		Total Russia			731
Saudi Arabia – 0.1%
	19,130	Jamjoom Pharmaceuticals Factory Co.			737,091
	235,961	Saudi National Bank			2,679,028
		Total Saudi Arabia			3,416,119

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Singapore – 1.0%
	2,900	BOC Aviation Ltd.(a)		$	21,313
	50,300	CapitaLand Ascendas REIT			103,115
	28,900	CapitaLand Ascott Trust			19,319
	74,600	CapitaLand Integrated Commercial Trust			109,337
	36,700	CapitaLand Investment Ltd.			76,349
	7,800	City Developments Ltd.			33,052
	33,000	ComfortDelGro Corp., Ltd			33,085
	26,700	DBS Group Holdings Ltd.			663,376
	40,700	Frasers Logistics & Commercial Trust			31,261
	91,200	Genting Singapore Ltd.			61,590
	3,141,900	Golden Agri-Resources Ltd.			617,877
	130,825	Hafnia Ltd.			962,649
	1,400	Jardine Cycle & Carriage Ltd.			26,546
	20,800	Keppel Corp., Ltd			112,472
	13,500	Keppel DC REIT			17,136
	35,700	Keppel REIT			22,988
	413,600	Mapletree Industrial Trust			706,914
	46,500	Mapletree Logistics Trust			51,320
	40,200	Mapletree Pan Asia Commercial Trust			40,495
	39,500	NETLINK NBN TRUST			24,647
	28,100	Olam Group Ltd.			20,474
	51,300	Oversea-Chinese Banking Corp., Ltd			496,924
	10,500	SATS Ltd.*			20,495
	45,693	Sea Ltd., ADR*			2,217,024
	688,800	Seatrium Ltd.*			46,108
	273,300	Sembcorp Industries Ltd.			1,039,201
	825,900	Sheng Siong Group Ltd.			952,439
	21,000	Singapore Airlines Ltd.			101,597
	13,200	Singapore Exchange Ltd.			93,082
	23,500	Singapore Technologies Engineering Ltd.			69,793
	114,400	Singapore Telecommunications Ltd.			200,102
	37,700	Suntec Real Estate Investment Trust			32,563
	688,300	United Overseas Bank Ltd.			14,343,340
	7,700	UOL Group Ltd.			33,962
	4,300	Venture Corp., Ltd			44,813
	28,200	Wilmar International Ltd.			69,835
		Total Singapore			23,516,593
South Africa – 0.4%
	13,534	Capitec Bank Holdings Ltd.			1,423,843
	28,248	Gold Fields Ltd.			369,758
	69,330	Gold Fields Ltd., ADR			904,063
	70,811	Investec PLC			441,652

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
South Africa – (continued)
	4,576	Naspers Ltd., Class N Shares		$	748,931
	6,486,996	Sibanye Stillwater Ltd.			6,665,816
		Total South Africa			10,554,063
South Korea – 3.4%
	497	Alteogen Inc.*			59,955
	356	Amorepacific Corp.			31,954
	92,354	BNK Financial Group Inc.			517,356
	2,272	Celltrion Inc.			306,322
	442	Celltrion Pharm Inc.*			36,576
	1,556	Cheil Worldwide Inc.			21,549
	95	CJ CheilJedang Corp.			21,338
	340	CJ Corp.			24,718
	199	CJ Logistics Corp.			18,568
	296	CosmoAM&T Co., Ltd.*			39,377
	756	Coway Co., Ltd.			30,760
	15,883	DB HiTek Co., Ltd.			553,360
	648	DB Insurance Co., Ltd.			48,021
	4,405	DGB Financial Group Inc.			29,126
	648	DL E&C Co., Ltd.			17,995
	824	Doosan Bobcat Inc.			29,050
	6,219	Doosan Enerbility Co., Ltd.*			75,790
	631	Ecopro BM Co., Ltd.*			126,629
	302	Ecopro Co., Ltd.*			140,413
	380	E-MART Inc.			21,087
	246	F&F Co., Ltd.			13,414
	754	Fila Holdings Corp.			21,616
	702	GS Holdings Corp.			25,291
	3,955	Hana Financial Group Inc.			167,958
	678	Hanjin Kal Corp.			32,167
	1,048	Hankook Tire & Technology Co., Ltd.			42,617
	117	Hanmi Pharm Co., Ltd.			29,312
	2,894	Hanon Systems			13,406
	624	Hanwha Aerospace Co., Ltd.			87,670
	46,648	Hanwha Corp.			1,028,855
	9,302	Hanwha Life Insurance Co., Ltd.*			21,980
	1,060	Hanwha Ocean Co., Ltd.*			18,558
	1,312	Hanwha Solutions Corp.			27,372
	942	HD Hyundai Co., Ltd.			49,957
	12,228	HD Hyundai Construction Equipment Co., Ltd.			493,950
	7,566	HD Hyundai Electric Co., Ltd.			705,707
	14,548	HD Hyundai Heavy Industries Co., Ltd.			1,287,021
	2,782	HD Hyundai Infracore Co., Ltd.*			16,819

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
South Korea – (continued)
	34,180	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		$	2,870,976
	661	HL Mando Co., Ltd.			16,452
	1,417	HLB Inc.*			86,669
	4,887	HMM Co., Ltd.*			66,874
	454	Hotel Shilla Co., Ltd.			20,446
	271	HYBE Co., Ltd.			40,501
	942	Hyundai Engineering & Construction Co., Ltd.			24,401
	305	Hyundai Glovis Co., Ltd.			43,590
	49,899	Hyundai Marine & Fire Insurance Co., Ltd.			1,178,483
	375	Hyundai Mipo Dockyard Co., Ltd.			17,707
	946	Hyundai Mobis Co., Ltd.			172,179
	2,908	Hyundai Motor Co.			488,575
	888	Hyundai Steel Co.			23,956
	11,558	Hyundai Wia Corp.			521,369
	4,026	Industrial Bank of Korea			42,250
	82,794	JB Financial Group Co., Ltd.			812,438
	4,629	Kakao Corp.			185,353
	3,139	KakaoBank Corp.			67,117
	554	Kakaopay Corp.*			18,329
	1,709	Kangwon Land Inc.*			22,274
	29,113	KB Financial Group Inc.			1,374,140
	112	KCC Corp.			22,314
	844	KEPCO Plant Service & Engineering Co., Ltd.*			23,464
	3,512	Kia Corp.*			329,419
	30,305	Korea Aerospace Industries Ltd.*			1,165,810
	3,806	Korea Electric Power Corp.			70,760
	527	Korea Investment Holdings Co., Ltd.*			28,084
	182	Korea Zinc Co., Ltd.			61,109
	3,479	Korean Air Lines Co., Ltd.			60,015
	436	Krafton Inc.*			74,290
	1,552	KT&G Corp.			108,213
	212	Kumho Petrochemical Co., Ltd.*			23,521
	360	L&F Co., Ltd.*			46,077
	17,125	LEENO Industrial Inc.			2,695,330
	5,849	LG Chem Ltd.			1,977,936
	1,180	LG Corp.			82,969
	3,848	LG Display Co., Ltd.			32,241
	1,700	LG Electronics Inc.			121,117
	598	LG Energy Solution Ltd.*			180,452
	111	LG H&H Co., Ltd.			26,564
	214	LG Innotek Co., Ltd.			32,584
	3,017	LG Uplus Corp.			23,335

See Notes to Financial Statements.

149

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
South Korea – (continued)
	235	Lotte Chemical Corp.		$	21,577
	1,089	Lotte Corp.			24,657
	729	Lotte Energy Materials Corp.			19,051
	12,421	LS Corp.			819,496
	60,948	LX INTERNATIONAL Corp.			1,254,955
	1,419	Meritz Financial Group Inc.			88,485
	4,464	Mirae Asset Securities Co., Ltd.			30,215
	12,588	NAVER Corp.			1,844,077
	274	NCSoft Corp.			39,838
	451	Netmarble Games Corp.*(a)			20,902
	2,677	NH Investment & Securities Co., Ltd.*			23,572
	71,347	NICE Information Service Co., Ltd.*			572,208
	66	NongShim Co., Ltd.			17,212
	8,973	OCI Holdings Co., Ltd.			632,992
	218	Orion Corp.			15,195
	5,618	Pan Ocean Co., Ltd.			20,498
	607	Pearl Abyss Corp.*			13,741
	394	POSCO Future M Co., Ltd.			94,032
	1,102	POSCO Holdings Inc.			357,365
	669	Posco International Corp.			28,216
	478	S-1 Corp.			20,837
	255	Samsung Biologics Co., Ltd.*(a)			148,007
	1,270	Samsung C&T Corp.			149,292
	906	Samsung Card Co., Ltd.			25,427
	807	Samsung Electro-Mechanics Co., Ltd.			84,799
	11,987	Samsung Electronics Co., Ltd.			572,049
	585,915	Samsung Electronics Co., Ltd.			32,075,213
	2,158	Samsung Engineering Co., Ltd.*			39,851
	553	Samsung Fire & Marine Insurance Co., Ltd.			115,620
	10,928	Samsung Heavy Industries Co., Ltd.*			64,930
	931	Samsung Life Insurance Co., Ltd.			67,642
	1,814	Samsung SDI Co., Ltd.			513,764
	472	Samsung SDS Co., Ltd.			56,649
	758	Samsung Securities Co., Ltd.			23,619
	7,395	Shinhan Financial Group Co., Ltd.			239,977
	440	SK Biopharmaceuticals Co., Ltd.*			31,987
	416	SK Bioscience Co., Ltd.*			19,171
	107,899	SK Hynix Inc.			12,750,834
	390	SK IE Technology Co., Ltd.*(a)			21,474
	442	SK Inc.			63,727
	845	SK Innovation Co., Ltd.*			74,294
	4,739	SK Networks Co., Ltd.			23,287

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
South Korea – (continued)
	1,384	SK Square Co., Ltd.*		$	72,604
	389	SKC Co., Ltd.*			24,202
	841	S-Oil Corp.			48,168
	11,697	Tokai Carbon Korea Co., Ltd.			831,175
	428	Wemade Co., Ltd.*			14,956
	9,155	Woori Financial Group Inc.			102,451
	18,973	Youngone Corp.*			626,121
	128,553	Yuhan Corp.			6,499,274
		Total South Korea			82,852,982
Spain – 1.1%
	353	Acciona SA			39,464
	39,464	Acerinox SA			432,261
	3,584	ACS Actividades de Construccion y Servicios SA			146,952
	1,057	Aena SME SA(a)			200,073
	138,054	Amadeus IT Group SA			8,113,372
	88,314	Banco Bilbao Vizcaya Argentaria SA			877,333
	2,735,679	Banco de Sabadell SA			3,538,806
	236,863	Banco Santander SA			982,967
	10,573	Bankinter SA			67,049
	1,638,427	CaixaBank SA			7,387,675
	8,297	Cellnex Telecom SA(a)			298,597
	28,638	Compania de Distribucion Integral Logista Holdings SA			768,810
	796	Corp. ACCIONA Energias Renovables SA(c)			16,431
	4,154	EDP Renovaveis SA			56,596
	3,826	Enagas SA			55,187
	4,267	Endesa SA			76,770
	7,723	Ferrovial SE			289,202
	37,244	Fluidra SA			867,755
	5,262	Grifols SA*			43,122
	3,225	Grifols SA, Class B Shares*			17,914
	89,732	Iberdrola SA			1,030,169
	29,993	Indra Sistemas SA			573,149
	15,509	Industria de Diseno Textil SA			687,351
	10,988	Mapfre SA			23,263
	52,257	Merlin Properties Socimi SA			495,200
	2,049	Naturgy Energy Group SA			48,476
	6,554	Redeia Corp. SA			104,149
	18,892	Repsol SA			300,354
	74,053	Telefonica SA			302,481
		Total Spain			27,840,928

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Sweden – 3.3%
	4,576	Alfa Laval AB		$	172,336
	126,921	Assa Abloy AB, Class B Shares			3,627,043
	36,512	Atlas Copco AB, Class A Shares			633,538
	23,402	Atlas Copco AB, Class B Shares			350,587
	1,702	Axfood AB			47,516
	4,917	Beijer Ref AB, Class B Shares			69,427
	357,219	Boliden AB			9,056,506
	6,115	Castellum AB*			73,568
	3,010	Electrolux AB, Class B Shares*			25,756
	1,392,157	Elekta AB, Class B Shares(c)			10,054,429
	183,764	Epiroc AB, Class A Shares			3,337,417
	3,734	Epiroc AB, Class B Shares			61,555
	5,992	EQT AB			176,037
	196,568	Essity AB, Class B Shares			4,583,711
	2,725	Evolution AB(a)			353,482
	9,148	Fastighets AB Balder, Class B Shares*			57,060
	236,593	Fortnox AB			1,649,005
	588,399	Getinge AB, Class B Shares			11,658,486
	9,271	H & M Hennes & Mauritz AB, Class B Shares			125,730
	117,739	Hemnet Group AB			3,601,641
	242,828	Hexagon AB, Class B Shares			2,853,475
	1,226	Holmen AB, Class B Shares			49,224
	4,183	Husqvarna AB, Class B Shares			32,276
	3,556	Industrivarden AB, Class A Shares			121,260
	627	Industrivarden AB, Class C Shares			21,355
	4,049	Indutrade AB			107,159
	2,410	Investment AB Latour, Class B Shares			61,124
	6,974	Investor AB, Class A Shares			173,128
	24,004	Investor AB, Class B Shares			604,190
	3,241	Kinnevik AB, Class B Shares*			34,464
	1,790	L E Lundbergforetagen AB, Class B Shares			97,277
	3,055	Lifco AB, Class B Shares			81,518
	20,675	Nibe Industrier AB, Class B Shares			115,813
	1,177	Saab AB, Class B Shares			92,743
	25,100	Sagax AB, Class D Shares			70,358
	15,939	Sandvik AB			359,282
	6,719	Securitas AB, Class B Shares			72,395
	24,461	Skandinaviska Enskilda Banken AB, Class A Shares			363,119
	5,593	Skanska AB, Class B Shares			103,156
	731,235	SKF AB, Class B Shares			15,939,569
	347,026	SSAB AB, Class B Shares			2,720,172
	160,771	Svenska Cellulosa AB SCA, Class B Shares			2,274,120

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Sweden – (continued)
	22,216	Svenska Handelsbanken AB, Class A Shares		$	265,778
	467	Svenska Handelsbanken AB, Class B Shares			6,940
	3,036	Sweco AB, Class B Shares			32,353
	14,944	Swedbank AB, Class A Shares			327,989
	2,996	Swedish Orphan Biovitrum AB*			73,561
	7,959	Tele2 AB, Class B Shares			66,764
	43,970	Telefonaktiebolaget LM Ericsson, Class B Shares			239,486
	37,338	Telia Co. AB			88,900
	3,199	Trelleborg AB, Class B Shares			116,375
	77,661	VEF AB*			13,519
	38,330	Vitec Software Group AB, Class B Shares			2,102,149
	2,519	Volvo AB, Class A Shares			70,228
	22,894	Volvo AB, Class B Shares			630,155
	6,766	Volvo Car AB, Class B Shares*			24,745
		Total Sweden			80,120,949
Switzerland – 4.5%
	22,200	ABB Ltd., Class Registered Shares			1,023,085
	15,311	Accelleron Industries AG			516,468
	2,536	Adecco Group AG, Class Registered Shares			101,765
	70,319	Alcon Inc.			5,985,251
	1,452	Avolta AG*			56,867
	370	Bachem Holding AG, Class B Shares			29,317
	609	Baloise Holding AG, Class Registered Shares			98,287
	381	Banque Cantonale Vaudoise, Class Registered Shares			45,647
	4,939	Barry Callebaut AG, Class Registered Shares			6,943,745
	114	Belimo Holding AG, Class Registered Shares			54,145
	318	BKW AG			44,613
	143	Chocoladefabriken Lindt & Spruengli AG			1,750,832
	1	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares			120,114
	43,239	Cie Financiere Richemont SA, Class Registered Shares			6,901,921
	3,603	Clariant AG, Class Registered Shares*			44,617
	2,962	Coca-Cola HBC AG*			92,222
	755	DKSH Holding AG			55,482
	2,561	DSM-Firmenich AG			274,272
	29	Emmi AG, Class Registered Shares			29,533
	111	EMS-Chemie Holding AG, Class Registered Shares			77,429
	339	Flughafen Zurich AG, Class Registered Shares			71,565
	489	Geberit AG, Class Registered Shares			284,293
	1,466	Georg Fischer AG, Class Registered Shares			108,718
	917	Givaudan SA, Class Registered Shares			3,850,095
	1,053,280	Glencore PLC			4,998,717
	651	Helvetia Holding AG, Class Registered Shares			92,008

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Switzerland – (continued)
	7,663	Holcim AG*		$	625,177
	445,820	Julius Baer Group Ltd.			23,869,567
	734	Kuehne + Nagel International AG, Class Registered Shares			247,132
	2,252	Logitech International SA, Class Registered Shares			198,722
	1,096	Lonza Group AG, Class Registered Shares			573,657
	98,449	Nestle SA, Class Registered Shares			10,231,493
	23,200	Novartis AG, ADR			2,342,504
	7,425	Novartis AG, Class Registered Shares			750,591
	2,987	Partners Group Holding AG			4,290,461
	670	PSP Swiss Property AG, Class Registered Shares			85,268
	32,906	Roche Holding AG			8,632,162
	6,379	Sandoz Group AG*			198,302
	14,171	Schindler Holding AG			3,734,803
	256	Schindler Holding AG, Class Registered Shares			65,132
	40,887	SGS SA, Class Registered Shares			3,924,566
	5,035	SIG Group AG*			99,736
	13,288	Sika AG, Class Registered Shares			3,843,125
	3,726	Sonova Holding AG, Class Registered Shares			1,148,442
	1,569	Straumann Holding AG, Class Registered Shares			247,848
	1,174	Swatch Group AG			142,654
	432	Swiss Life Holding AG, Class Registered Shares			313,682
	1,129	Swiss Prime Site AG, Class Registered Shares			107,905
	4,250	Swiss Re AG			512,548
	382	Swisscom AG, Class Registered Shares			218,223
	207	Tecan Group AG, Class Registered Shares			80,802
	751	Temenos AG, Class Registered Shares			56,513
	312,947	UBS Group AG, Class Registered Shares			8,929,236
	367	VAT Group AG(a)			184,093
	2,111	Zurich Insurance Group AG			1,122,575
		Total Switzerland			110,427,927
Taiwan – 3.4%
	112,000	Arcadyan Technology Corp.			652,443
	91,000	Chicony Electronics Co., Ltd.			539,344
	93,844	Chief Telecom Inc.			1,076,452
	358,000	Compeq Manufacturing Co., Ltd.			859,724
	228,382	Delta Electronics Inc.			2,122,639
	86,000	Elan Microelectronics Corp.			451,036
	84,000	Gold Circuit Electronics Ltd.			679,209
	36,000	International Games System Co., Ltd.			970,591
	734,000	King Yuan Electronics Co., Ltd.			2,065,626
	54,000	Makalot Industrial Co., Ltd.			634,116
	184,285	Materials Analysis Technology Inc.			1,574,553

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
Taiwan – (continued)
	57,000	MPI Corp.		$	583,548
	143,000	Powertech Technology Inc.			706,236
	209,000	Primax Electronics Ltd.			480,482
	701,000	Radiant Opto-Electronics Corp.			3,269,426
	242,000	Simplo Technology Co., Ltd.			3,266,313
	227,000	Sino-American Silicon Products Inc.			1,332,773
	61,000	Sporton International Inc.			454,637
	329,715	Supreme Electronics Co., Ltd.			650,034
	288,000	T3EX Global Holdings Corp.			837,933
	1,586,353	Taiwan Semiconductor Manufacturing Co., Ltd.			34,477,912
	178,372	Taiwan Semiconductor Manufacturing Co., Ltd., ADR			22,951,125
	29,981	Voltronic Power Technology Corp.			1,516,750
	282,000	Wisdom Marine Lines Co., Ltd.			547,697
		Total Taiwan			82,700,599
Thailand – 0.2%
	1,483,900	AP Thailand PCL(b)			433,829
	968,900	Betagro PCL(b)			598,902
	58,600	Bumrungrad Hospital PCL(b)			365,485
	919,500	CP ALL PCL, Class F Shares(b)			1,472,122
	1,759,900	Regional Container Lines PCL(b)			1,092,740
	16,218,400	Sansiri PCL(b)			830,902
		Total Thailand			4,793,980
Turkey – 0.3%
	147,552	Anadolu Efes Biracilik Ve Malt Sanayii AS			735,540
	94,165	Dogus Otomotiv Servis ve Ticaret AS			806,283
	672,730	Enerjisa Enerji AS(a)			1,342,945
	1,096,529	Is Gayrimenkul Yatirim Ortakligi AS*			605,523
	98,760	Mavi Giyim Sanayi Ve Ticaret AS, Class B Shares(a)			448,670
	86,051	Migros Ticaret AS			1,358,895
	1,076,748	Sok Marketler Ticaret AS			2,309,687
	28,950	Turk Traktor ve Ziraat Makineleri AS			806,365
		Total Turkey			8,413,908
United Arab Emirates – 0.0%
	81,922	Network International Holdings PLC*(a)			396,184
United Kingdom – 9.1%
	14,209	3i Group PLC			443,069
	24,986	abrdn PLC			49,637
	4,587	Admiral Group PLC			154,457
	13,647	Airtel Africa PLC(a)			16,349
	261,245	AJ Bell PLC			1,002,892
	4,529	Allfunds Group PLC			32,155

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
United Kingdom – (continued)
	21,216	Amcor PLC		$	188,762
	17,837	Anglo American PLC			384,107
	43,180	Ashtead Group PLC			3,116,931
	187,939	Ashtead Technology Holdings PLC			1,663,392
	446,588	Associated British Foods PLC			12,819,833
	21,877	AstraZeneca PLC			2,770,087
	74,640	AstraZeneca PLC, ADR			4,788,902
	13,206	Auto Trader Group PLC(a)			123,535
	39,724	Aviva PLC			224,491
	375,063	B&M European Value Retail SA			2,489,565
	705,709	BAE Systems PLC			11,068,567
	113,964	Balfour Beatty PLC			488,415
	222,016	Barclays PLC			463,595
	15,283	Barratt Developments PLC			90,075
	10,765	Beazley PLC			88,715
	1,676	Berkeley Group Holdings PLC			98,321
	246,768	BP PLC			1,440,959
	376,252	Bridgepoint Group PLC(a)			1,231,229
	32,921	British American Tobacco PLC			976,966
	221,328	British Land Co. PLC			976,719
	99,295	BT Group PLC			131,327
	5,172	Bunzl PLC			206,197
	5,420	Burberry Group PLC			87,901
	466,434	Bytes Technology Group PLC			3,294,150
	5,472,465	Centrica PLC			8,698,382
	25,335	Compass Group PLC			694,302
	11,600	Computacenter PLC			425,379
	24,862	ConvaTec Group PLC(a)			77,323
	28,685	Croda International PLC			1,727,396
	238,134	Diageo PLC			8,910,635
	106,918	DiscoverIE Group PLC			907,402
	106,139	Drax Group PLC			624,096
	3,392,037	DS Smith PLC			13,805,634
	220,124	easyJet PLC*			1,512,829
	2,552	Endeavour Mining PLC			41,236
	702,621	Entain PLC			8,120,939
	3,029	Ferguson PLC			631,881
	59,560	GSK PLC			1,251,045
	1,693,685	Haleon PLC			7,108,011
	5,785	Halma PLC			168,219
	5,744	Hargreaves Lansdown PLC			53,010
	6,538	Howden Joinery Group PLC			68,303

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
United Kingdom – (continued)
	288,169	HSBC Holdings PLC		$	2,246,231
	299,028	IMI PLC			6,548,769
	13,153	Imperial Brands PLC			283,585
	78,475	Inchcape PLC			678,047
	20,682	Informa PLC			211,680
	2,320	InterContinental Hotels Group PLC			246,250
	29,807	Intermediate Capital Group PLC			724,912
	15,084	International Consolidated Airlines Group SA*			28,063
	70,228	Intertek Group PLC			4,112,543
	45,833	ITV PLC			32,494
	21,877	J Sainsbury PLC			69,126
	36,229	JD Sports Fashion PLC			53,988
	41,233	JET2 PLC			726,420
	2,570	Johnson Matthey PLC			50,043
	904,582	Johnson Service Group PLC			1,633,854
	62,216	Keller Group PLC			679,953
	29,261	Kingfisher PLC			86,680
	10,290	Land Securities Group PLC			80,573
	5,560,791	Legal & General Group PLC			17,009,931
	936,552	Lloyds Banking Group PLC			550,975
	37,776	London Stock Exchange Group PLC			4,233,739
	31,192	M&G PLC			88,556
	342,515	Marks & Spencer Group PLC			1,024,432
	19,750	Melrose Industries PLC			158,445
	6,242	Mondi PLC			110,970
	301,597	Mortgage Advice Bureau Holdings Ltd.			3,077,212
	54,736	National Grid PLC			717,125
	2,654,998	NatWest Group PLC			8,019,476
	1,794	Next PLC			188,900
	170,530	Ocado Group PLC*			1,108,761
	162,796	OSB Group PLC			855,509
	309,651	Patisserie Holdings PLC*(b)(d)			3,909
	11,096	Pearson PLC			134,625
	3,273	Pepco Group NV*			16,414
	670,304	Persimmon PLC			11,552,339
	10,748	Phoenix Group Holdings PLC			67,527
	10,568	Reckitt Benckiser Group PLC			666,935
	233,262	Redde Northgate PLC			1,019,987
	27,958	RELX PLC			1,226,215
	480	Renishaw PLC			26,121
	279,505	Rentokil Initial PLC			1,548,175
	11,942	Rightmove PLC			85,817

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
United Kingdom – (continued)
	16,108	Rio Tinto PLC		$	1,033,802
	123,914	Rolls-Royce Holdings PLC*			578,195
	6,351	RS GROUP PLC			60,513
	15,581	Sage Group PLC			245,370
	11,376	Schroders PLC			56,553
	19,236	Segro PLC			205,573
	3,567	Severn Trent PLC			112,573
	97,845	Shell PLC			3,036,544
	1,286,791	Smith & Nephew PLC			17,006,587
	5,302	Smiths Group PLC			107,706
	24,913	Spirax-Sarco Engineering PLC			3,250,542
	16,208	SSE PLC			332,666
	1,235,752	St James’s Place PLC			7,856,260
	32,510	Standard Chartered PLC			274,188
	6,248	Tate & Lyle PLC			47,373
	53,980	Taylor Wimpey PLC			94,036
	103,670	Tesco PLC			365,061
	12,362	TORM PLC, Class A Shares			423,335
	51,731	Unilever PLC			2,531,672
	37,216	Unilever PLC			1,820,156
	5,277	UNITE Group PLC			63,983
	11,093	United Utilities Group PLC			143,620
	321,780	Vodafone Group PLC			283,352
	3,782	Weir Group PLC			87,585
	2,706	Whitbread PLC			112,928
	14,438	Willis Towers Watson PLC			3,935,943
	11,281	Wise PLC, Class A Shares*			130,867
	16,054	WPP PLC			143,930
	195,350	YouGov PLC			2,811,878
	12,330	YuLife Holdings Ltd., Class C Shares*(b)(d)@			277,580
		Total United Kingdom			225,152,999
United States – 1.7%
	40,159	Agilent Technologies Inc.			5,516,240
	30,342	Analog Devices Inc.			5,820,202
	12,697	BeiGene Ltd., ADR*			2,103,258
	53,207	Bruker Corp.			4,604,534
	40,392	Cadence Design Systems Inc.*			12,294,517
	572	Canva Inc., Private Placement*(b)(d)@			609,249
	97,853	Codere Online Luxembourg SA Forward Shares*(b)(d)			654,637
	24,735	Codere Online Luxembourg SA Founders Shares*(b)(d)			165,477
	1,830	Codere Online Luxembourg SA Private Shares*(b)(d)			12,243
	175,439	Coupang Inc., Class A Shares*			3,249,130

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
United States – (continued)
	5,678	Estee Lauder Cos., Inc., Class A Shares		$	843,637
	6,521	Linde PLC			2,926,755
	6,034	Mastercard Inc., Class A Shares			2,864,702
	880	MSCI Inc., Class A Shares			493,654
	404	S&P Global Inc.			173,066
	15,900	Samsonite International SA*(a)			55,644
	5,578	Starbucks Corp.			529,352
		Total United States			42,916,297
Uruguay – 0.6%
	9,466	MercadoLibre Inc.*			15,101,110
		TOTAL COMMON STOCKS (Cost – $1,872,607,004)			2,268,863,341
EXCHANGE TRADED FUNDS (ETFs) – 4.7%
United States – 4.7%
	856,990	iShares Core MSCI Emerging Markets			43,140,877
	1,374,143	iShares MSCI EAFE Value			71,661,557
	6,189	Vanguard FTSE All World ex-US Small-Capital			700,471
		Total United States			115,502,905
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $109,684,493)			115,502,905
PREFERRED STOCKS – 0.6%
Germany – 0.6%
	148,692	Dr Ing hc F Porsche AG(a)			13,883,666
United States – 0.0%
	31	Canva Inc., Series A, Private Placement*(b)(d)@			33,019
	1	Canva Inc., Series A-3, Private Placement*(b)(d)@			1,066
		Total United States			34,085
		TOTAL PREFERRED STOCKS (Cost – $14,243,236)			13,917,751
WARRANTS – 0.0%
Canada – 0.0%
	2,323	Constellation Software Inc.*(d)			—
United States – 0.0%
	915	Codere Online Luxembourg SA*(d)			421
		TOTAL WARRANTS (Cost – $0)			421
RIGHT – 0.0%
South Korea – 0.0%
	1,223	LG Display Co., Ltd.(b)(d) (Cost – $0)			1,200
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $1,996,534,733)			2,398,285,618

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Face Amount†

Security

Value

SHORT-TERM INVESTMENTS – 1.5%

TIME DEPOSITS – 1.4%

ANZ National Bank – London:

11,562NZD

3.250% due 3/1/24

7,039

3,247,148

4.680% due 3/1/24

3,247,148

BNP Paribas SA – Paris:

10,856CHF

0.520% due 3/1/24

12,276

253,786ZAR

6.430% due 3/1/24

13,232

252,794AUD

BNP Paribas, Paris, 3.100% due 3/1/24

164,304

Brown Brothers Harriman – Grand Cayman:

147,650DKK

2.500% due 3/1/24

21,410

274,246SEK

2.700% due 3/1/24

26,456

2HKD

3.000% due 3/1/24

—

3,166,013NOK

3.320% due 3/1/24

298,142

223,451CAD

3.830% due 3/1/24

164,648

1ZAR

6.430% due 3/1/24

—

178,632EUR

Citibank – London, 2.820% due 3/1/24

193,066

9,781,078

Citibank – New York, 4.680% due 3/1/24

9,781,078

1,416,166HKD

Hong Kong & Shanghai Bank – Hong Kong, 3.000% due 3/1/24

180,877

41,884SGD

Hong Kong & Shanghai Bank – Singapore, 2.560% due 3/1/24

31,128

8,983,539

JPMorgan Chase & Co. – New York, 4.680% due 3/1/24

8,983,539

332,691GBP

Royal Bank of Canada – London, 4.150% due 3/1/24

419,989

43,062EUR

Skandinaviska Enskilda Banken AB – Stockholm, 2.820% due 3/1/24

46,542

Sumitomo Mitsui Banking Corp. – Tokyo:

13,759,816JPY

(0.420)% due 3/1/24

91,784

11,756,584

4.680% due 3/1/24

11,756,584

TOTAL TIME DEPOSITS
(Cost – $35,439,242)

35,439,242

U.S. GOVERNMENT AGENCY – 0.1%

2,009,000

Federal Home Loan Bank Discount Notes, 5.151% due 3/1/24(e)
(Cost – $2,009,000)

2,009,000

TOTAL SHORT-TERM INVESTMENTS
(Cost – $37,448,242)

37,448,242

Shares/Units
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.9%
MONEY MARKET FUND – 0.9%
	23,104,558	Federated Government Obligations Fund, Premier Class, 5.162%(f) (Cost – $23,104,558)		23,104,558
		TOTAL INVESTMENTS – 99.9% (Cost – $2,057,087,533)		2,458,838,418
		Other Assets in Excess of Liabilities – 0.1%		3,366,739
		TOTAL NET ASSETS – 100.0%	$	2,462,205,157

†

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

Non-income producing security.

See Notes to Financial Statements.

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Destinations International Equity Fund (continued)

(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 29, 2024, amounts to $51,606,212 and represents 2.10% of net assets.

(b)

Illiquid security. The aggregate value of illiquid holdings at February 29, 2024, amounts to $6,864,709 and represents 0.28% of net assets.

(c)

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

(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)

Rate shown represents yield-to-maturity.

(f)

Represents investment of collateral received from securities lending transactions.

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

Security	First Acquisition Date		First Acquisition Cost			Market Value			Percent of Net Assets
Canva Inc., Private Placement		8/16/2021		$	397,070		$	609,249		0.03%
Canva Inc., Series A, Private Placement		11/4/2021			52,848			33,019		0.00%*
Canva Inc., Series A-3, Private Placement		11/4/2021			1,705			1,066		0.00%*
Novatek PJSC, GDR		3/19/2020			251,081			112		0.00%*
Sberbank of Russia PJSC		4/6/2017			557,253			619		0.00%*
YuLife Holdings Ltd., Class C Shares		10/11/2022			243,652			277,580		0.01%
							$	921,645		0.04%

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

GDR

— Global Depositary Receipts

PCL

— Public Company Limited

PLC

— Public Limited Company

REIT

— Real Estate Investment Trust

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (continued)

Summary of Investments by Security Sector^

	Consumer Non-cyclical					17.9%
	Financial					17.7
	Industrial					17.6
	Consumer Cyclical					10.9
	Technology					10.6
	Basic Materials					6.0
	Communications					5.3
	Energy					4.3
	Utilities					2.6
	Diversified					0.0*
	Exchange Traded Funds (ETFs)					4.7
	Short-Term Investments					1.5
	Money Market Fund					0.9
						100.0%

As a percentage of total investments.

Position represents less than 0.005%.

At February 29, 2024, Destinations International Equity Fund had open exchange traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amounts			Market Value			Unrealized Appreciation
Contracts to Buy:
MSCI EAFE Index March Futures		11		3/24		$	1,219,310		$	1,258,345		$	39,035

At February 29, 2024, Destinations International Equity Fund had deposited cash of $6,055 with a broker or brokers as margin collateral on open exchange traded futures contracts.

Schedule of Options Contracts Written

Equity Options

Number of Contracts	Notional Amount			Security Name	Counterparty		Expiration Date		Exercise Rate			Value
20			387,400EUR	OTC Safran SA, Call		JPM		3/15/24		$	180.00		$	(30,997)
2		$	319,060	MercadoLibre Inc., Call		MSC		3/15/24			1,900.00			(246)
9			202,230EUR	OTC Capgemini, Call		JPM		3/15/24			210.00			(15,019)
				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received – $18,262)									$	(46,262)

See Notes to Financial Statements.

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February 29, 2024

Destinations International Equity Fund (concluded)

Currency Abbreviations used in this schedule:

AUD

— Australian Dollar

CAD

— Canadian Dollar

CHF

— Swiss Franc

DKK

— Danish Krone

EUR

— Euro

GBP

— British Pound

HKD

— Hong Kong Dollar

JPY

— Japanese Yen

NOK

— Norwegian Krone

NZD

— New Zealand Dollar

SEK

— Swedish Krona

SGD

— Singapore Dollar

ZAR

— South African Rand

Counterparty Abbreviations used in this schedule:

JPM

— JPMorgan Chase & Co.

MSC

— Morgan Stanley

MSCS

— Morgan Stanley Capital Services LLC

OTC Total Return Swaps

Currency

Notional
Amount

Maturity
Date

Counterparty

Payment
Frequency

Pay

Receive

Unrealized
Appreciation/
(Depreciation)

USD

5,609,498

11/10/2025

MSCS

3-Month

1-Month FED + 0.40%

Investcorp Capital Plc

$(853,484)

USD

255,454

3/2/2026

MSCS

3-Month

1-Month FED + 0.30%

Piraeus Financial Holdings S.A.

(29)

USD

2,549,763

1/22/2026

MSCS

3-Month

1-Month FED + 0.85%

ASML Holding N.V.

593,121

$(260,392)

See Notes to Financial Statements.

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February 29, 2024

Destinations Equity Income Fund

Face Amount/Units			Security	Value
CORPORATE BOND & NOTE – 0.2%
Utilities – 0.2%
	$	1,300,000	Alliant Energy Corp., Senior Unsecured Notes, 3.875% due 3/15/26(a)		$	1,260,350
			TOTAL CORPORATE BOND & NOTE (Cost – $1,300,000)			1,260,350

Shares/Units
COMMON STOCKS – 80.6%
BASIC MATERIALS – 3.9%
Chemicals – 2.6%
	29,509	DSM-Firmenich AG	3,160,284
	36,147	DuPont de Nemours Inc.	2,501,011
	73,025	LyondellBasell Industries NV, Class A Shares	7,322,947
	47,451	Nutrien Ltd.	2,476,829
		Total Chemicals	15,461,071
Mining – 1.3%
	59,075	Agnico Eagle Mines Ltd.	2,839,145
	125,036	BHP Group Ltd.	3,591,254
	22,950	Rio Tinto PLC, ADR	1,480,964
		Total Mining	7,911,363
		TOTAL BASIC MATERIALS	23,372,434
COMMUNICATIONS – 5.8%
Advertising – 0.5%
	30,390	Publicis Groupe SA	3,213,397
Telecommunications – 5.3%
	507,919	AT&T Inc.	8,599,069
	97,600	BCE Inc.	3,621,660
	69,804	Cisco Systems Inc.	3,376,419
	65,100	Corning Inc.	2,098,824
	1,628,800	Singapore Telecommunications Ltd.	2,849,009
	241,875	Telenor ASA	2,646,893
	160,175	TELUS Corp.(b)	2,793,452
	151,400	Verizon Communications Inc.	6,059,028
		Total Telecommunications	32,044,354
		TOTAL COMMUNICATIONS	35,257,751
CONSUMER CYCLICAL – 5.1%
Apparel – 0.4%
	5,045	Kering SA	2,325,134
Auto Manufacturers – 0.5%
	77,566	General Motors Co.	3,178,655

See Notes to Financial Statements.

164

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Schedules of Investments

February 29, 2024

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Distribution/Wholesale – 0.9%
	82,550	Mitsui & Co., Ltd.		$	3,617,295
	4,865	Watsco Inc.			1,917,394
		Total Distribution/Wholesale			5,534,689
Lodging – 0.7%
	75,439	Las Vegas Sands Corp.			4,112,934
Retail – 2.6%
	47,250	Best Buy Co., Inc.			3,821,580
	16,085	Darden Restaurants Inc.			2,745,870
	7,075	Home Depot Inc.(c)			2,692,816
	6,190	McDonald’s Corp.(c)			1,809,213
	75,386	Walmart Inc.			4,418,373
		Total Retail			15,487,852
		TOTAL CONSUMER CYCLICAL			30,639,264
CONSUMER NON-CYCLICAL – 17.7%
Agriculture – 1.8%
	97,570	British American Tobacco PLC			2,895,495
	88,996	Philip Morris International Inc.			8,006,080
		Total Agriculture			10,901,575
Beverages – 2.3%
	103,481	Coca-Cola Co.			6,210,930
	43,107	Heineken NV			3,983,709
	63,175	Keurig Dr Pepper Inc.			1,889,564
	10,625	PepsiCo Inc.			1,756,738
		Total Beverages			13,840,941
Biotechnology – 1.9%
	15,440	Amgen Inc.			4,227,935
	100,303	Gilead Sciences Inc.			7,231,846
		Total Biotechnology			11,459,781
Cosmetics/Personal Care – 1.9%
	451,574	Haleon PLC			1,895,154
	58,910	Kao Corp.			2,240,632
	156,011	Kenvue Inc.			2,964,209
	14,417	Procter & Gamble Co.			2,291,438
	39,440	Unilever PLC			1,928,927
		Total Cosmetics/Personal Care			11,320,360

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Food – 0.6%
	132,635	Conagra Brands Inc.		$	3,724,391
Healthcare-Products – 0.2%
	18,025	Medtronic PLC			1,502,564
Healthcare-Services – 1.0%
	5,717	Elevance Health Inc.			2,865,646
	8,959	Humana Inc.			3,138,517
		Total Healthcare-Services			6,004,163
Household Products/Wares – 0.8%
	40,790	Kimberly-Clark Corp.			4,942,524
Pharmaceuticals – 7.2%
	40,821	AbbVie Inc.			7,186,537
	26,460	AstraZeneca PLC			3,350,391
	48,850	AstraZeneca PLC, ADR			3,134,216
	28,500	Bristol-Myers Squibb Co.			1,446,375
	29,025	CVS Health Corp.			2,158,589
	19,739	Johnson & Johnson(c)			3,185,480
	34,600	Merck & Co., Inc.			4,399,390
	161,465	Pfizer Inc.			4,288,511
	55,566	Roche Holding AG, ADR			1,818,675
	95,831	Sanofi SA			9,104,897
	31,769	UCB SA			3,652,729
		Total Pharmaceuticals			43,725,790
		TOTAL CONSUMER NON-CYCLICAL			107,422,089
ENERGY – 7.0%
Oil & Gas – 4.5%
	36,550	Chesapeake Energy Corp.			3,025,609
	44,452	Chevron Corp.			6,757,149
	29,100	ConocoPhillips(c)			3,274,914
	10,150	EOG Resources Inc.			1,161,769
	8,325	Exxon Mobil Corp.			870,129
	9,000	Pioneer Natural Resources Co.			2,116,710
	135,460	Shell PLC			4,203,896
	93,005	TotalEnergies SE			5,950,862
		Total Oil & Gas			27,361,038

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Pipelines – 2.5%
	163,450	Enbridge Inc.		$	5,618,349
	121,429	Enterprise Products Partners LP			3,333,226
	115,601	TC Energy Corp.			4,572,421
	40,600	Williams Cos., Inc.			1,459,164
		Total Pipelines			14,983,160
		TOTAL ENERGY			42,344,198
FINANCIAL – 17.1%
Banks – 10.3%
	79,500	Canadian Imperial Bank of Commerce			3,761,920
	66,922	Fifth Third Bancorp			2,298,101
	7,525	Goldman Sachs Group Inc.			2,927,601
	375,015	Huntington Bancshares Inc.			4,890,196
	38,401	JPMorgan Chase & Co.(c)			7,144,890
	46,575	Morgan Stanley			4,007,313
	437,957	Nordea Bank Abp			5,322,700
	306,356	Oversea-Chinese Banking Corp., Ltd.			2,967,556
	43,425	PNC Financial Services Group Inc.			6,392,160
	284,880	Sumitomo Mitsui Trust Holdings Inc.			5,777,263
	70,200	Truist Financial Corp.			2,455,596
	134,448	US Bancorp			5,641,438
	152,823	Wells Fargo & Co.			8,495,431
		Total Banks			62,082,165
Diversified Financial Services – 1.3%
	14,945	CME Group Inc., Class A Shares(c)			3,293,131
	23,294	Deutsche Boerse AG			4,874,191
		Total Diversified Financial Services			8,167,322
Equity Real Estate Investment Trusts (REITs) – 2.3%
	145,950	Brixmor Property Group Inc.			3,299,929
	31,570	Lamar Advertising Co., Class A Shares			3,490,063
	40,262	NNN REIT Inc.			1,638,261
	12,622	Prologis Inc.			1,682,134
	26,175	Terreno Realty Corp.			1,683,053
	71,258	VICI Properties Inc., Class A Shares			2,132,752
		Total Equity Real Estate Investment Trusts (REITs)			13,926,192

See Notes to Financial Statements.

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February 29, 2024

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – 3.2%
	14,152	Allianz SE, Class Registered Shares		$	3,883,022
	43,200	American International Group Inc.			3,148,848
	10,679	Everest Group Ltd.			3,939,270
	67,532	NN Group NV			3,008,955
	15,375	Progressive Corp.			2,914,485
	5,042	Zurich Insurance Group AG			2,681,204
		Total Insurance			19,575,784
		TOTAL FINANCIAL			103,751,463
INDUSTRIAL – 9.1%
Aerospace/Defense – 1.6%
	16,206	Airbus SE			2,679,940
	13,107	General Dynamics Corp.			3,581,488
	7,655	Lockheed Martin Corp.			3,278,177
		Total Aerospace/Defense			9,539,605
Building Materials – 1.2%
	41,100	CRH PLC			3,465,141
	22,625	Heidelberg Materials AG			2,194,112
	79,700	MDU Resources Group Inc.			1,727,896
		Total Building Materials			7,387,149
Electrical Components & Equipment – 1.7%
	22,468	Eaton Corp. PLC(c)			6,493,252
	35,132	Emerson Electric Co.			3,753,854
		Total Electrical Components & Equipment			10,247,106
Engineering & Construction – 0.6%
	98,093	Ferrovial SE			3,673,280
Hand/Machine Tools – 0.5%
	32,475	Stanley Black & Decker Inc.			2,899,693
Machinery-Construction & Mining – 0.6%
	212,800	Mitsubishi Electric Corp.			3,365,975
Machinery-Diversified – 0.2%
	10,610	AGCO Corp.			1,163,917
Miscellaneous Manufacturers – 0.5%
	15,714	Siemens AG, Class Registered Shares			3,107,916
Packaging & Containers – 0.4%
	295,700	Amcor PLC			2,679,042

See Notes to Financial Statements.

168

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Schedules of Investments

February 29, 2024

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – 1.8%
	88,498	Deutsche Post AG		$	4,105,169
	9,450	Union Pacific Corp.			2,397,370
	29,175	United Parcel Service Inc., Class B Shares			4,325,486
		Total Transportation			10,828,025
		TOTAL INDUSTRIAL			54,891,708
TECHNOLOGY – 5.5%
Computers – 0.3%
	10,782	International Business Machines Corp.			1,994,993
Semiconductors – 3.5%
	7,825	Analog Devices Inc.			1,500,991
	4,182	Broadcom Inc.			5,438,649
	64,222	Intel Corp.			2,764,757
	77,000	MediaTek Inc.			2,766,409
	15,325	QUALCOMM Inc.			2,418,132
	58,463	Samsung Electronics Co., Ltd.			2,789,999
	19,275	Texas Instruments Inc.			3,225,286
		Total Semiconductors			20,904,223
Software – 1.7%
	5,125	Microsoft Corp.			2,119,905
	37,025	Oracle Corp.			4,134,952
	34,425	Paychex Inc.			4,221,194
		Total Software			10,476,051
		TOTAL TECHNOLOGY			33,375,267
UTILITIES – 9.4%
Electric – 9.4%
	25,750	Ameren Corp.			1,833,142
	63,920	American Electric Power Co., Inc.			5,445,345
	96,575	CenterPoint Energy Inc.			2,655,813
	166,595	Dominion Energy Inc.			7,968,239
	72,270	Duke Energy Corp.			6,636,554
	368,214	Enel SpA			2,343,555
	145,737	Engie SA			2,337,300
	39,300	Entergy Corp.			3,991,701
	60,875	Evergy Inc.			3,015,748
	465,215	National Grid PLC			6,095,026
	36,975	NextEra Energy Inc.			2,040,650

See Notes to Financial Statements.

169

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February 29, 2024

Destinations Equity Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
UTILITIES – (continued)
Electric – (continued)
	118,725	PPL Corp.		$	3,130,778
	38,700	Public Service Enterprise Group Inc.			2,414,880
	23,125	Sempra			1,632,625
	77,260	Southern Co.			5,195,735
		Total Electric			56,737,091
		TOTAL UTILITIES			56,737,091
		TOTAL COMMON STOCKS (Cost – $428,153,216)			487,791,265
EXCHANGE TRADED FUNDS (ETFs) – 13.0%
	1,126,026	iShares Core Dividend Growth			63,260,141
	268,163	JPMorgan Equity Premium Income			15,277,246
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost – $74,771,695)			78,537,387
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $504,224,911)			567,589,002

Face Amount†
SHORT-TERM INVESTMENTS – 2.1%
TIME DEPOSITS – 2.1%
		172NOK	Brown Brothers Harriman – Grand Cayman, 3.320% due 3/1/24	16
		737EUR	Citibank – London, 2.820% due 3/1/24	796
	$	8,665,702	Citibank – New York, 4.680% due 3/1/24	8,665,702
		58SGD	Hong Kong & Shanghai Bank – Singapore, 2.560% due 3/1/24	43
		2,835,505	JPMorgan Chase & Co. – New York, 4.680% due 3/1/24	2,835,505
		23GBP	Royal Bank of Canada – London, 4.150% due 3/1/24	29
		2,642	Skandinaviska Enskilda Banken AB – Stockholm, 4.680% due 3/1/24	2,642
		883,155	Sumitomo Mitsui Banking Corp. – Tokyo, 4.680% due 3/1/24	883,155
			TOTAL TIME DEPOSITS (Cost – $12,387,888)	12,387,888

See Notes to Financial Statements.

170

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Schedules of Investments

February 29, 2024

Destinations Equity Income Fund (continued)

Shares/Units			Security	Value
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.3%
MONEY MARKET FUND – 0.3%
	$	1,974,600	Federated Government Obligations Fund, Premier Class, 5.162%(d) (Cost – $1,974,600)		$	1,974,600
			TOTAL INVESTMENTS – 96.2% (Cost – $518,587,399)			581,951,490
			Other Assets in Excess of Liabilities – 3.8%			23,208,086
			TOTAL NET ASSETS – 100.0%		$	605,159,576

†

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

(a)

(b)

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

(c)

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

(d)

Represents investment of collateral received from securities lending transactions.

Abbreviations used in this schedule:

ADR

— American Depositary Receipts

PLC

— Public Limited Company

Summary of Investments by Security Sector^

	Consumer Non-cyclical					18.5%
	Financial					17.8
	Utilities					10.0
	Industrial					9.4
	Energy					7.3
	Communications					6.1
	Technology					5.7
	Consumer Cyclical					5.3
	Basic Materials					4.0
	Exchange Traded Funds (ETFs)					13.5
	Short-Term Investments					2.1
	Money Market Fund					0.3
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

171

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Schedules of Investments

February 29, 2024

Destinations Equity Income Fund (concluded)

Schedule of Options Contracts Written

Equity Options

Number of Contracts	Notional Amount			Security Name	Counterparty		Expiration Date		Exercise Rate			Value
20		$	468,080	Air Products & Chemicals Inc., Put		BNP		3/15/24		$	200.00		$	(260)
25			588,875	Becton Dickinson & Co., Put		BNP		3/15/24			210.00			(750)
25			588,875	Becton Dickinson & Co., Put		BNP		3/15/24			215.00			(625)
40			511,280	Blackstone Inc., Put		BNP		3/15/24			90.00			(120)
40			511,280	Blackstone Inc., Put		BNP		3/15/24			95.00			(240)
100			428,500	Comcast Corp., Put		BNP		3/15/24			37.50			(200)
100			428,500	Comcast Corp., Put		BNP		4/19/24			35.00			(1,000)
20			428,500	Darden Restaurants Inc, Call		BNP		3/15/24			180.00			(600)
10			290,640	Eaton Corp., Call		BNP		3/15/24			290.00			(4,300)
10			290,640	Eaton Corp., Call		BNP		4/19/24			310.00			(2,520)
150			567,150	Freeport-McMoRan Inc., Put		BNP		3/15/24			33.00			(750)
150			567,150	Freeport-McMoRan Inc., Put		BNP		3/15/24			34.00			(1,500)
100			430,500	Intel Corp., Put		BNP		3/15/24			37.00			(300)
100			430,500	Intel Corp., Put		BNP		3/15/24			38.00			(400)
40			740,120	International Business Machines Corp., Put		BNP		3/15/24			170.00			(440)
30			876,840	McDonald’s Corp., Put		BNP		4/19/24			260.00			(1,110)
25			317,875	Merck & Co., Inc., Call		BNP		3/15/24			135.00			(250)
1			12,715	Merck & Co., Inc., Call		BNP		3/15/24			140.00			(7)
30			381,450	Merck & Co., Inc., Call		BNP		4/19/24			140.00			(750)
5			206,820	Microsoft Corp., Call		BNP		3/15/24			450.00			(85)
25			394,475	QUALCOMM Inc., Put		BNP		3/15/24			125.00			(100)
25			394,475	QUALCOMM Inc., Put		BNP		4/19/24			120.00			(300)
30			501,990	Texas Instruments Inc., Put		BNP		3/15/24			135.00			(60)
30			501,990	Texas Instruments Inc., Put		BNP		3/15/24			140.00			(120)
				TOTAL OPTIONS CONTRACTS WRITTEN
				(Premiums received – $26,101)									$	(16,787)

Currency Abbreviations used in this schedule:

EUR

— Euro

GBP

— British Pound

NOK

— Norwegian Krone

SGD

— Singapore Dollar

Counterparty Abbreviations used in this schedule:

BNP

— BNP Paribas SA

See Notes to Financial Statements.

172

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – 25.2%
FHLMC – 6.6%
			Federal Home Loan Mortgage Corp. (FHLMC)., Gold:
	$	499,161	2.000% due 5/1/36		$	443,684
		185,837	2.000% due 6/1/36			165,180
		89,341	2.000% due 12/1/40			75,065
		565,511	2.000% due 5/1/41			473,554
		670,846	2.000% due 12/1/41			559,456
		280,234	2.000% due 9/1/50			223,572
		491,542	2.000% due 10/1/50			389,397
		7,321,245	2.000% due 3/1/51			5,767,978
		1,211,583	2.000% due 4/1/51			957,650
		480,931	2.000% due 5/1/51			385,366
		187,753	2.000% due 8/1/51			148,498
		188,924	2.000% due 11/1/51			150,328
		740,619	2.000% due 4/1/52			590,358
		282,398	2.500% due 5/1/50			235,944
		332,803	2.500% due 6/1/50			276,846
		1,857,956	2.500% due 7/1/50			1,542,867
		492,513	2.500% due 9/1/50			410,006
		72,863	2.500% due 10/1/50			61,142
		578,142	2.500% due 11/1/50			478,475
		176,575	2.500% due 2/1/51			148,101
		442,561	2.500% due 3/1/51			366,568
		208,020	2.500% due 5/1/51			171,918
		290,350	2.500% due 7/1/51			240,856
		174,777	2.500% due 8/1/51			144,512
		322,310	2.500% due 10/1/51			266,406
		5,962,592	2.500% due 12/1/51			4,911,213
		7,569,895	2.500% due 1/1/52			6,265,737
		1,136,155	2.500% due 4/1/52			937,019
		635,161	3.000% due 2/1/33			595,253
		357,478	3.000% due 5/1/33			334,752
		275,151	3.000% due 3/1/35			255,256
		491,952	3.000% due 5/1/35			457,165
		4,042,703	3.000% due 3/1/42			3,620,195
		115,855	3.000% due 1/1/47			101,304
		232,399	3.000% due 2/1/47			203,197
		5,043,396	3.000% due 4/1/50			4,246,416

See Notes to Financial Statements.

173

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FHLMC – (continued)
	$	212,141	3.000% due 7/1/50		$	183,363
		760,137	3.000% due 8/1/51			656,866
		498,426	3.000% due 9/1/51			431,005
		603,475	3.000% due 10/1/51			521,848
		7,531,529	3.000% due 1/1/52			6,537,706
		8,094,443	3.000% due 5/1/52			7,017,575
		6,833,210	3.000% due 6/1/52			5,862,579
		3,706,110	3.030% due 1/1/50			2,914,905
		773,749	3.500% due 8/1/43			705,926
		12,600,992	3.500% due 12/1/46			11,434,555
		350,436	3.500% due 1/1/48			318,316
		367,610	3.500% due 4/1/50			333,479
		634,934	4.000% due 10/1/44			597,739
		42,268	4.000% due 4/1/47			39,792
		812,818	4.000% due 12/1/47			762,890
		5,858,845	4.000% due 3/1/49			5,482,318
		704,847	4.000% due 4/1/49			658,016
		153,625	4.000% due 5/1/49			144,630
		509,091	4.000% due 7/1/49			478,594
		9,706,627	4.000% due 8/1/51			9,063,206
		13,156,339	4.350% due 10/1/32			12,530,603
		7,700,000	4.380% due 5/1/28			7,521,906
		293,431	4.500% due 5/1/48			281,849
		5,497,536	4.500% due 7/1/52			5,206,148
		183,711	5.000% due 8/1/52			178,337
		6,342,755	5.000% due 9/1/52			6,157,700
		867,743	5.000% due 10/1/52			842,064
		838,607	5.000% due 1/1/53			813,967
		345,638	5.000% due 4/1/53			337,181
		642,617	5.500% due 2/1/53			638,263
		7,003,030	5.500% due 5/1/53			6,930,287
		439,843	6.000% due 12/1/52			445,776
		187,229	6.000% due 3/1/53			190,598
		478,552	6.500% due 11/1/53			489,470
			TOTAL FHLMC			133,310,691

See Notes to Financial Statements.

174

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA – 16.2%
			Federal National Mortgage Association (FNMA):
	$	1,053,193	1.500% due 9/1/51		$	787,199
		247,036	1.500% due 10/1/51			184,516
		145,962	1.500% due 11/1/51			109,021
		856,736	1.500% due 4/1/52			639,915
		539,702	2.000% due 5/1/36			479,715
		696,423	2.000% due 6/1/36			619,024
		531,015	2.000% due 8/1/36			471,988
		342,396	2.000% due 9/1/36			304,333
		287,394	2.000% due 12/1/36			255,441
		347,935	2.000% due 9/1/40			293,013
		838,362	2.000% due 12/1/40			703,803
		384,285	2.000% due 4/1/41			322,109
		118,336	2.000% due 5/1/41			99,188
		487,116	2.000% due 10/1/41			406,681
		11,248,689	2.000% due 8/1/50			8,968,586
		1,267,661	2.000% due 9/1/50			1,011,899
		822,911	2.000% due 12/1/50			652,650
		3,790,639	2.000% due 2/1/51			3,018,984
		5,869,798	2.000% due 3/1/51			4,640,183
		2,940,258	2.000% due 4/1/51			2,321,934
		14,130,808	2.000% due 5/1/51			11,192,146
		143,457	2.000% due 7/1/51			113,455
		9,290,000	2.000% due 3/1/54(a)			7,298,816
		225,065	2.250% due 4/1/33			184,362
		82,833	2.500% due 6/1/30			78,148
		1,010,000	2.500% due 3/1/39(a)			915,604
		5,846,372	2.500% due 2/1/47			4,959,578
		311,330	2.500% due 4/1/50			258,294
		302,749	2.500% due 6/1/50			251,176
		312,010	2.500% due 7/1/50			261,281
		516,679	2.500% due 9/1/50			428,236
		5,887,887	2.500% due 10/1/50			4,938,949
		9,821,197	2.500% due 11/1/50			8,137,939
		297,008	2.500% due 1/1/51			247,670
		1,077,821	2.500% due 2/1/51			891,159
		5,148,494	2.500% due 5/1/51			4,272,694

See Notes to Financial Statements.

175

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA – (continued)
	$	1,272,949	2.500% due 6/1/51		$	1,051,349
		430,311	2.500% due 7/1/51			356,197
		10,678,891	2.500% due 8/1/51			8,815,404
		276,598	2.500% due 9/1/51			228,823
		8,379,705	2.500% due 10/1/51			6,918,833
		9,920,538	2.500% due 11/1/51			8,215,817
		6,553,508	2.500% due 12/1/51			5,406,029
		492,144	2.500% due 1/1/52			409,946
		7,270,725	2.500% due 2/1/52			5,982,593
		713,924	2.500% due 3/1/52			590,301
		397,089	2.500% due 4/1/52			328,326
		3,454,000	2.500% due 3/1/54(a)			2,837,495
		645,609	2.500% due 1/1/57			530,662
		4,443,000	2.760% due 9/1/31			3,900,375
		314,053	3.000% due 2/1/30			299,935
		193,622	3.000% due 10/1/30			184,302
		448,809	3.000% due 1/1/31			427,163
		971,655	3.000% due 11/1/36			892,190
		3,437,133	3.000% due 3/1/43			3,052,455
		6,304,411	3.000% due 6/1/43			5,598,944
		113,102	3.000% due 11/1/48			98,554
		4,018,847	3.000% due 11/1/49			3,483,514
		53,365	3.000% due 12/1/49			46,257
		213,449	3.000% due 2/1/50			186,101
		885,445	3.000% due 8/1/50			766,854
		371,843	3.000% due 10/1/50			321,346
		2,378,013	3.000% due 11/1/50			2,079,761
		506,183	3.000% due 12/1/50			437,443
		427,651	3.000% due 5/1/51			373,368
		94,819	3.000% due 6/1/51			81,502
		791,263	3.000% due 7/1/51			682,407
		1,013,970	3.000% due 8/1/51			873,755
		846,737	3.000% due 9/1/51			729,934
		1,259,188	3.000% due 10/1/51			1,085,176
		1,186,159	3.000% due 11/1/51			1,020,921
		620,090	3.000% due 12/1/51			534,913
		295,443	3.000% due 1/1/52			254,287

See Notes to Financial Statements.

176

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA – (continued)
	$	6,699,166	3.000% due 2/1/52		$	5,740,059
		330,931	3.000% due 4/1/52			285,616
		450,113	3.000% due 5/1/52			388,486
		4,047,770	3.000% due 4/1/53			3,514,285
		205,694	3.500% due 7/1/32			197,890
		639,836	3.500% due 3/1/33			613,220
		384,311	3.500% due 7/1/37			360,215
		619,320	3.500% due 3/1/46			561,218
		656,610	3.500% due 5/1/47			597,608
		789,305	3.500% due 11/1/47			715,249
		448,338	3.500% due 7/1/50			404,863
		165,430	3.500% due 9/1/50			150,108
		622,164	3.500% due 1/1/51			560,242
		1,366,300	3.500% due 2/1/51			1,234,778
		7,134,362	3.500% due 7/1/51			6,429,949
		681,918	3.500% due 4/1/52			614,128
		1,003,000	3.500% due 3/1/54(a)			892,230
		475,000	3.520% due 11/1/32			432,184
		7,889,962	3.720% due 6/1/32			7,228,817
		279,221	4.000% due 8/1/38			270,190
		436,347	4.000% due 11/1/38			418,832
		87,280	4.000% due 3/1/46			82,167
		564,326	4.000% due 3/1/47			530,866
		54,011	4.000% due 12/1/47			50,825
		77,658	4.000% due 2/1/48			72,852
		855,746	4.000% due 6/1/48			804,648
		1,087,991	4.000% due 10/1/48			1,022,016
		112,573	4.000% due 1/1/49			105,979
		924,185	4.000% due 4/1/49			861,840
		146,314	4.000% due 5/1/49			137,684
		39,108	4.000% due 8/1/49			36,819
		636,882	4.000% due 4/1/50			594,837
		397,090	4.000% due 8/1/51			370,358
		452,082	4.000% due 6/1/52			417,537
		4,110,846	4.000% due 7/1/52			3,781,265
		387,764	4.030% due 6/1/28			375,638
		475,000	4.190% due 4/1/28			463,831

See Notes to Financial Statements.

177

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA – (continued)
	$	200,000	4.210% due 3/1/33		$	191,298
		166,737	4.370% due 5/1/28			164,497
		290,000	4.410% due 4/1/30			283,039
		452,369	4.460% due 5/1/28			445,822
		353,146	4.500% due 12/1/37			348,381
		229,000	4.500% due 3/1/39(a)			224,009
		216,410	4.500% due 5/1/48			208,573
		223,132	4.500% due 6/1/48			214,564
		3,700,825	4.500% due 10/1/50			3,566,190
		3,870,796	4.500% due 7/1/52			3,665,103
		852,077	4.500% due 3/1/53			806,797
		16,418,000	4.500% due 3/1/54(a)			15,540,089
		212,770	4.510% due 5/1/33			207,862
		203,554	4.640% due 10/1/33			200,453
		120,000	4.750% due 4/1/28			119,387
		628,955	5.000% due 7/1/52			610,572
		21,742,246	5.000% due 9/1/52			21,106,231
		1,485,371	5.000% due 10/1/52			1,441,861
		140,467	5.000% due 11/1/52			136,405
		2,352,325	5.000% due 12/1/52			2,283,125
		87,159	5.000% due 3/1/53			84,557
		8,739,481	5.000% due 4/1/53			8,477,283
		585,000	5.065% due 12/1/28			591,484
		433,726	5.500% due 10/1/52			429,829
		822,357	5.500% due 11/1/52			816,001
		1,401,085	5.500% due 12/1/52			1,390,362
		6,209,895	5.500% due 1/1/53			6,154,414
		6,029,370	5.500% due 2/1/53			5,968,750
		761,455	5.500% due 6/1/53			754,429
		19,636,000	5.500% due 3/1/54(a)			19,423,397
		468,684	6.000% due 5/1/53			476,567
		41,550,000	6.000% due 3/1/54(a)			41,723,296
		1,092,608	6.204% due 5/1/44(b)			1,117,060
		826,443	6.500% due 11/1/53			845,299
		1,200,000	6.500% due 3/1/54(a)			1,220,982
		1,674,115	7.000% due 9/1/53			1,719,684

See Notes to Financial Statements.

178

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA – (continued)
	$	2,125,000	7.000% due 3/1/54(a)		$	2,181,262
			TOTAL FNMA			326,261,164
GNMA – 2.4%
			Government National Mortgage Association (GNMA):
		8,380,000	2.000% due 3/1/54(a)			6,819,550
		335,000	2.500% due 3/1/54(a)			283,502
		2,887,000	3.500% due 3/1/54(a)			2,611,019
		2,650,000	5.000% due 3/1/54(a)			2,588,265
		4,425,000	5.500% due 3/1/54(a)			4,395,442
			Government National Mortgage Association (GNMA) II:
		650,867	2.000% due 10/20/50			529,951
		1,450,071	2.000% due 12/20/50			1,180,678
		626,341	2.500% due 11/20/49			533,070
		490,709	2.500% due 3/20/51			416,070
		669,061	2.500% due 9/20/51			566,522
		6,204,380	2.500% due 10/20/51			5,238,808
		235,897	3.000% due 4/20/31			224,240
		492,194	3.000% due 6/20/50			421,074
		91,498	3.000% due 12/20/50			80,624
		2,212,453	3.000% due 4/20/51			1,945,927
		829,616	3.000% due 8/20/51			727,461
		825,436	3.000% due 9/20/51			723,795
		2,170,689	3.000% due 12/20/51			1,903,390
		486,538	3.000% due 12/20/52			426,601
		112,199	3.500% due 8/20/42			103,566
		424,171	3.500% due 10/20/43			392,129
		75,916	3.500% due 12/20/43			70,099
		339,227	3.500% due 3/20/44			312,884
		15,229	3.500% due 7/20/44			14,009
		373,123	3.500% due 6/20/46			341,984
		311,993	3.500% due 2/20/49			285,518
		328,056	3.500% due 6/20/50			299,221
		633,832	3.500% due 9/20/50			577,918
		2,963,345	3.500% due 10/20/51			2,686,546
		4,434,639	3.500% due 2/20/52			4,011,311
		1,019,549	3.500% due 1/20/53			922,220
		470,345	4.000% due 10/20/44			449,281

See Notes to Financial Statements.

179

TABLE OF CONTENTS

Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
GNMA – (continued)
	$	313,614	4.000% due 2/20/45		$	299,470
		213,946	4.000% due 10/20/45			202,975
		267,167	4.000% due 2/20/47			251,723
		557,208	4.000% due 10/20/48			522,860
		457,760	4.000% due 3/20/49			430,610
		1,271,755	4.000% due 2/20/52			1,185,264
		612,449	4.500% due 2/20/40			600,519
		207,590	4.500% due 7/20/49			200,550
		212,820	4.500% due 8/20/49			204,827
		299,178	4.500% due 8/20/52			285,990
		278,605	4.500% due 9/20/52			266,266
		1,240,451	4.500% due 10/20/52			1,185,452
		275,446	5.000% due 5/20/40			276,063
		218,401	5.000% due 6/20/40			218,891
		85,609	5.000% due 7/20/40			85,801
			TOTAL GNMA			48,299,936
			TOTAL MORTGAGE-BACKED SECURITIES (Cost – $545,997,762)			507,871,791
U.S. GOVERNMENT OBLIGATIONS – 20.9%
			U.S. Treasury Bonds:
		1,780,000	1.250% due 11/30/26			1,633,567
		3,565,000	2.000% due 11/15/41			2,468,206
		7,870,000	3.250% due 5/15/42			6,618,178
		9,165,000	3.375% due 8/15/42			7,838,223
		26,865,000	3.875% due 2/15/43			24,595,117
		3,975,000	3.625% due 8/15/43			3,504,211
		6,715,000	3.625% due 2/15/44			5,903,429
		12,905,000	3.375% due 5/15/44			10,910,270
		2,470,000	2.500% due 2/15/45			1,790,364
		4,065,000	2.250% due 8/15/46			2,761,024
		8,500,000	3.000% due 2/15/48			6,605,098
		9,545,000	3.125% due 5/15/48			7,584,174
		5,110,000	3.375% due 11/15/48			4,245,492
		34,460,000	2.375% due 5/15/51			23,253,770
		12,330,000	1.875% due 11/15/51			7,345,983
		7,170,000	3.000% due 8/15/52			5,543,026
		2,801,600	4.000% due 11/15/52			2,623,217

See Notes to Financial Statements.

180

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
U.S. GOVERNMENT OBLIGATIONS – (continued)
	$	5,797,000	3.625% due 5/15/53		$	5,071,922
		13,170,000	4.125% due 8/15/53			12,608,217
		49,300,000	4.750% due 11/15/53			52,450,578
		37,000,000	4.250% due 2/15/54			36,306,250
			U.S. Treasury Inflation Indexed Bonds:
4,736,686.4			0.250% due 2/15/50			2,978,377
239,116.64			0.125% due 2/15/52			140,532
			U.S. Treasury Inflation Indexed Notes:
989,331.75			0.250% due 7/15/29			909,979
		2,733,774	0.125% due 7/15/30			2,453,242
		1,348,350	1.375% due 7/15/33			1,290,714
			U.S. Treasury Notes:
		3,650,000	3.875% due 4/30/25			3,605,658
		7,580,000	2.750% due 5/15/25			7,388,131
		12,500,000	0.250% due 8/31/25(c)			11,684,082
		3,950,000	4.875% due 11/30/25			3,959,567
		2,695,000	4.000% due 12/15/25			2,662,050
		7,240,000	4.250% due 12/31/25			7,183,438
		4,060,000	4.000% due 2/15/26			4,011,629
		9,600,000	4.625% due 3/15/26			9,600,375
		4,100,000	4.500% due 7/15/26			4,097,117
		14,545,000	4.625% due 10/15/26			14,592,726
		5,950,000	4.375% due 12/15/26			5,937,914
		5,895,000	2.750% due 4/30/27			5,609,231
		2,400,000	3.625% due 5/31/28			2,336,344
		4,350,000	4.000% due 6/30/28			4,297,494
		5,660,000	4.125% due 7/31/28			5,620,424
		4,700,000	4.375% due 11/30/28			4,719,828
		15,930,000	3.625% due 3/31/30			15,372,450
		3,400,000	3.750% due 6/30/30			3,299,992
		8,180,000	0.625% due 8/15/30			6,512,047
		3,100,000	4.375% due 11/30/30			3,116,469
		1,925,000	1.625% due 5/15/31			1,613,015
		6,430,000	2.750% due 8/15/32			5,740,533
		38,233,000	3.500% due 2/15/33			36,065,965
		1,000,000	3.875% due 8/15/33			970,156
		4,030,000	4.500% due 11/15/33			4,106,192

See Notes to Financial Statements.

181

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
U.S. GOVERNMENT OBLIGATIONS – (continued)
	$	8,978,000	3.625% due 2/15/53		$	7,849,437
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost – $454,710,150)			421,385,424
COLLATERALIZED MORTGAGE OBLIGATIONS – 20.8%
		747,150	510 Asset Backed Trust, Series 2021-NPL1, Class A1, step bond to yield, 2.240% due 6/25/61(d)(e)			720,530
		258,490	Ajax Mortgage Loan Trust, Series 2021-C, Class A, step bond to yield, 2.115% due 1/25/61(e)			250,358
			Alternative Loan Trust:
		544,903	Series 2005-28CB, Class 1A7, 5.500% due 8/25/35			456,480
		4,676,472	Series 2005-7CB, Class 2A2, 0.000% (1-Month TSFR + 4.936%) due 3/1/38(b)(f)			146,976
		4,676,472	Series 2005-7CB, Class 2A5, 5.500% (1-Month TSFR + 0.564%) due 3/1/38(b)			3,418,300
		3,811,745	Series 2006-OA2, Class A1, 5.854% (1-Month TSFR + 0.534%) due 5/20/46(b)			3,163,227
		2,079,685	Series 2007-4CB, Class 1A1, 5.750% (1-Month TSFR + 0.714%) due 4/25/37(b)			1,572,275
		6,441,911	Series 2007-9T1, Class 2A2, 6.000% due 5/25/37			2,894,183
			Angel Oak Mortgage Trust:
		279,480	Series 2020-R1, Class A1, 0.990% due 4/25/53(b)(e)			254,054
		360,464	Series 2021-1, Class A1, 0.909% due 1/25/66(b)(e)			302,739
		323,635	Series 2021-2, Class A1, 0.985% due 4/25/66(b)(e)			267,263
		600,353	Series 2021-3, Class A1, 1.068% due 5/25/66(b)(e)			502,566
		506,074	Series 2021-4, Class A1, 1.035% due 1/20/65(b)(e)			406,717
		764,544	Series 2021-5, Class A1, 0.951% due 7/25/66(b)(e)			638,832
		1,160,602	Series 2021-6, Class A1, 1.458% due 9/25/66(b)(e)			944,234
		1,343,055	Series 2022-1, Class A1, step bond to yield, 2.881% due 12/25/66(e)			1,195,859
			Arbor Multifamily Mortgage Securities Trust:
		1,920,000	Series 2021-MF2, Class C, 2.809% due 6/15/54(b)(e)			1,504,541
		2,600,000	Series 2022-MF4, Class B, 3.293% due 2/15/55(b)(e)			2,208,177
		500,000	BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 6.965% (1-Month TSFR + 1.647%) due 9/15/34(b)(e)			496,920
			BANK:
		9,972,159	Series 2017-BNK4, Class XA, 1.335% due 5/15/50(b)(f)			316,793
		15,377,986	Series 2018-BN10, Class XA, 0.690% due 2/15/61(b)(f)			343,421
		8,740,000	Series 2020-BN30, Class A4, 1.925% due 12/15/53			6,966,049
		6,441,241	Series 2022-BNK39, Class XA, 0.423% due 2/15/55(b)(f)			167,437
		1,172,840	Series 2023-5YR4, Class XA, 0.946% due 12/15/56(b)(f)			45,711
		1,688,190	Series 2023-BNK45, Class XA, 0.995% due 2/15/56(b)(f)			104,611

See Notes to Financial Statements.

182

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
			BBCMS Mortgage Trust:
	$	1,236,000	Series 2018-TALL, Class F, 8.750% (1-Month TSFR + 3.432%) due 3/15/37(b)(e)		$	772,717
		1,800,000	Series 2020-C6, Class A4, 2.639% due 2/15/53			1,564,245
		1,463,218	Series 2020-C7, Class XA, 1.614% due 4/15/53(b)(f)			87,849
		305,000	Series 2022-C15, Class A5, 3.662% due 4/15/55(b)			273,742
		280,000	Series 2022-C16, Class A5, 4.600% due 6/15/55(b)			270,471
		365,000	Series 2022-C18, Class A4, 5.439% due 12/15/55(b)			374,999
		120,000	Series 2022-C18, Class A5, 5.710% due 12/15/55(b)			125,046
		470,000	Series 2024-C24, Class A5, 5.419% due 2/15/57			481,564
		2,505,000	Series 2024-C24, Class XA, 1.626% due 2/15/57(b)(f)			274,151
		1,964,726	Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 4.475% due 2/25/36(b)			1,335,099
			Benchmark Mortgage Trust:
		1,835,000	Series 2019-B15, Class A5, 2.928% due 12/15/72			1,580,972
		2,359,433	Series 2020-B22, Class XA, 1.511% due 1/15/54(b)(f)			182,500
		4,415,000	Series 2022-B35, Class A5, 4.444% due 5/15/55(b)			4,089,214
		6,225,380	Series 2023-B39, Class XA, 0.574% due 7/15/56(b)(f)			246,847
		1,754,531	Series 2023-B40, Class XA, 1.153% due 12/15/56(b)(f)			115,069
		371,300	BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.034% due 6/25/56(b)(e)			318,355
			BRAVO Residential Funding Trust:
		962,621	Series 2021-C, Class A1, step bond to yield, 1.620% due 3/1/61(e)			905,751
		208,023	Series 2021-NQM1, Class A1, 0.941% due 2/25/49(b)(e)			181,743
		168,591	Series 2021-NQM2, Class A1, 0.970% due 3/25/60(b)(e)			155,928
		1,072,767	BX, Series 2021-MFM1, Class D, 6.932% (1-Month TSFR + 1.614%) due 1/15/34(b)(e)			1,058,686
			BX Commercial Mortgage Trust:
		500,000	Series 2021-CIP, Class A, 6.353% (1-Month TSFR + 1.035%) due 12/15/38(b)(e)			493,750
		2,900,000	Series 2021-VOLT, Class C, 6.532% (1-Month TSFR + 1.214%) due 9/15/36(b)(e)			2,852,875
		536,000	Series 2021-VOLT, Class E, 7.432% (1-Month TSFR + 2.114%) due 9/15/36(b)(e)			528,298
			BX Trust:
		1,529,000	Series 2019-OC11, Class E, 3.944% due 12/9/41(b)(e)			1,294,404
		1,400,000	Series 2021-ARIA, Class A, 6.332% (1-Month TSFR + 1.014%) due 10/15/36(b)(e)			1,381,625
		280,000	Series 2024-PAT, Class A, 7.340% (1-Month TSFR + 0.209%) due 3/15/26(b)(e)(g)			279,293

See Notes to Financial Statements.

183

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	5,900,000	CAMB Commercial Mortgage Trust, Series 2021-CX2, Class C, 2.771% due 11/10/46(b)(e)		$	4,583,053
		242,196	Cascade MH Asset Trust, Series 2021-MH1, Class A1, 1.753% due 2/25/46(e)			208,322
		15,745,313	CD Mortgage Trust, Series 2017-CD4, Class XA, 1.222% due 5/10/50(b)(f)			454,495
		1,834,000	CGDB Commercial Mortgage Trust, Series 2019-MOB, Class E, 7.432% (1-Month TSFR + 2.114%) due 11/15/36(b)(e)			1,688,417
		983,747	CIM Trust, Series 2021-R6, Class A1, 1.425% due 7/25/61(b)(e)			844,846
			Citigroup Commercial Mortgage Trust:
		1,415,000	Series 2015-GC31, Class A4, 3.762% due 6/10/48			1,369,409
		30,960,391	Series 2015-GC35, Class XA, 0.708% due 11/10/48(b)(f)			271,643
		805,000	Series 2016-P4, Class B, 3.377% due 7/10/49			729,799
		7,640,000	Series 2019-GC43, Class A4, 3.038% due 11/10/52			6,663,154
		2,850,000	Series 2023-SMRT, Class B, 5.852% due 10/12/40(b)(e)			2,846,650
			COLT Mortgage Loan Trust:
		535,397	Series 2021-1, Class A1, 0.910% due 6/25/66(b)(e)			433,534
		524,702	Series 2021-2, Class A1, 0.924% due 8/25/66(b)(e)			413,354
		148,289	Series 2021-2R, Class A1, 0.798% due 7/27/54(e)			128,424
		945,022	Series 2021-3, Class A1, 0.956% due 9/27/66(b)(e)			749,110
		1,262,177	Series 2021-HX1, Class A1, 1.110% due 10/25/66(b)(e)			1,039,361
		1,309,188	Series 2022-1, Class A1, 2.284% due 12/27/66(b)(e)			1,128,518
			Commercial Mortgage Trust:
		1,050,000	Series 2015-CR23, Class A4, 3.497% due 5/10/48			1,019,960
		3,035,000	Series 2020-CX, Class A, 2.173% due 11/10/46(e)			2,446,432
		2,615,000	Series 2020-CX, Class B, 2.446% due 11/10/46(e)			2,090,845
		1,425,000	Series 2020-CX, Class D, 2.683% due 11/10/46(b)(e)			1,101,476
		203,000	Series 2022-HC, Class A, 2.819% due 1/10/39(e)			180,211
		300,000	Series 2022-HC, Class C, 3.376% due 1/10/39(e)			255,480
			Connecticut Avenue Securities Trust:
		127,931	Series 2022-R08, Class 1M1, 7.872% (SOFR30A + 2.550%) due 7/25/42(b)(e)			131,409
		306,580	Series 2023-R03, Class 2M1, 7.822% (SOFR30A + 2.500%) due 4/25/43(b)(e)			311,741
		218,656	Series 2023-R04, Class 1M1, 7.621% (SOFR30A + 2.300%) due 5/25/43(b)(e)			223,955
		621,194	Series 2023-R05, Class 1M1, 7.221% (SOFR30A + 1.900%) due 6/25/43(b)(e)			627,620
			Credit Suisse Commercial Mortgage Capital Trust:
		1,167,686	Series 2018-RPL9, Class A, 3.850% due 9/25/57(b)(e)			1,101,538
		396,640	Series 2021-AFC1, Class A1, 0.830% due 3/25/56(b)(e)			333,023

See Notes to Financial Statements.

184

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	469,217	Series 2021-NQM5, Class A1, 0.938% due 5/25/66(b)(e)		$	370,800
		2,924,615	Series 2021-RPL3, Class A1, 2.000% due 1/25/60(b)(e)			2,499,908
		339,768	Series 2021-RPL4, Class A1, 1.796% due 12/27/60(b)(e)			328,826
			Credit Suisse Mortgage Capital Certificates:
		109,727	Series 2019-ICE4, Class D, 6.965% (1-Month TSFR + 1.647%) due 5/15/36(b)(e)			109,677
		5,494,331	Series 2019-ICE4, Class E, 7.515% (1-Month TSFR + 2.197%) due 5/15/36(b)(e)			5,487,707
		1,937,381	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A3, 3.544% due 11/15/48			1,884,475
		1,347,167	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6, 5.500% due 10/25/35			707,220
			CSMC:
		972,940	Series 2010-8R, Class 5A11, 4.878% due 2/26/37(b)(e)			908,745
		531,774	Series 2020-NET, Class A, 2.257% due 8/15/37(e)			492,529
		183,000	Series 2021-B33, Class A1, 3.053% due 10/10/43(e)			166,172
		650,000	Series 2021-B33, Class A2, 3.167% due 10/10/43(e)			551,753
		161,764	Series 2021-NQM1, Class A1, 0.809% due 5/25/65(b)(e)			136,129
		689,177	Series 2021-NQM2, Class A1, 1.179% due 2/25/66(b)(e)			595,631
		755,075	Series 2021-NQM4, Class A1, 1.101% due 5/25/66(b)(e)			615,155
		1,274,199	Series 2021-NQM6, Class A1, 1.174% due 7/25/66(b)(e)			1,016,831
		584,103	Series 2021-NQM8, Class A1, 1.841% due 10/25/66(b)(e)			497,881
		1,436,194	Series 2022-NQM1, Class A1, 2.265% due 11/25/66(b)(e)			1,249,331
		3,545,399	DBGS Mortgage Trust, Series 2018-BIOD, Class E, 7.314% (1-Month TSFR + 1.996%) due 5/15/35(b)(e)			3,501,082
			DBJPM Mortgage Trust:
		21,195,000	Series 2017-C6, Class XB, 0.198% due 6/10/50(b)(f)			207,910
		2,218,319	Series 2020-C9, Class XA, 1.704% due 9/15/53(b)(f)			119,399
			Deephaven Residential Mortgage Trust:
		103,149	Series 2021-1, Class A1, 0.715% due 5/25/65(b)(e)			94,848
		209,142	Series 2021-2, Class A1, 0.899% due 4/25/66(b)(e)			179,845
		4,071,240	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 1A, 5.954% (1-Month TSFR + 0.634%) due 8/19/45(b)			2,836,136
			Ellington Financial Mortgage Trust:
		81,286	Series 2021-1, Class A1, 0.797% due 2/25/66(b)(e)			67,775
		220,681	Series 2021-2, Class A1, 0.931% due 6/25/66(b)(e)			176,709
		850,739	Series 2021-3, Class A1, 1.241% due 9/25/66(b)(e)			674,377
		657,543	Series 2022-1, Class A1, 2.206% due 1/25/67(b)(e)			556,274

See Notes to Financial Statements.

185

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
			Federal Home Loan Mortgage Corp. (FHLMC). REMICS:
	$	579,904	Series 3835, Class FO, 0.000% due 4/15/41(h)		$	430,702
		975,466	Series 4116, Class AP, 1.350% due 8/15/42			824,693
		3,952,231	Series 4223, Class SB, 0.0001% (SOFR30A + 5.293%) due 7/15/43(b)			2,476,819
		1,000,000	Series 4265, Class GL, 3.000% due 4/15/42			848,476
		676,280	Series 4447, Class IO, 5.000% due 3/15/45(f)			136,205
		9,356,485	Series 4457, Class A, 2.500% due 4/15/45			8,351,616
		737,970	Series 4504, Class DZ, 3.500% due 8/15/45			680,219
		133,809	Series 4518, Class CZ, 3.500% due 10/15/45			118,798
		9,512,866	Series 4655, Class CZ, 3.000% due 2/15/47			8,002,643
		22,459,547	Series 4726, Class Z, 3.500% due 10/15/47			19,909,737
		161,375	Series 4751, Class PL, 3.000% due 12/15/47			121,466
		4,099,272	Series 4892, Class ES, 0.714% (SOFR30A + 6.036%) due 7/25/45(b)(f)			456,074
		8,258,035	Series 4957, Class PB, 2.500% due 3/25/50			6,852,777
		344,249	Series 5018, Class LW, 1.000% due 10/25/40			271,060
		697,971	Series 5083, Class AI, 2.500% due 3/25/51(f)			98,733
		1,532,916	Series 5092, Class WI, 2.500% due 4/25/36(f)			149,461
		841,228	Series 5169, Class IO, 3.000% due 9/25/51(f)			134,511
		720,301	Series 5178, Class IO, 4.000% due 3/25/45(f)			127,587
		560,746	Series 5201, Class PA, 2.500% due 3/25/52			487,593
		159,000	Series 5228, Class JL, 2.500% due 10/25/41			123,104
			Federal National Mortgage Association (FNMA), Aces:
		32,625,990	Series 2020-M12, Class IO, 1.285% due 7/25/29(b)(f)			1,494,313
		10,095,109	Series 2020-M15, Class X1, 1.447% due 9/25/31(b)(f)			635,206
		20,752,153	Series 2020-M7, Class X2, 1.240% due 3/25/31(b)(f)			1,188,644
		5,442,180	Series 2022-M4, Class A1X, 2.465% due 5/25/30(b)			4,922,833
		6,959,533	Series 2022-M5, Class A1, 2.358% due 1/1/34(b)			6,234,426
			Federal National Mortgage Association (FNMA), Interest Strip:
		1,185,400	Series 426, Class C38, 2.000% due 3/25/52(f)			157,325
		757,265	Series 429, Class C3, 2.500% due 9/25/52(f)			119,169
		995,717	Series 437, Class C8, 2.500% due 6/25/52(f)			152,111
			Federal National Mortgage Association (FNMA), REMICS:
		471,000	Series 2011-142, Class PE, 3.500% due 1/25/42			423,663
		113,129	Series 2011-51, Class TO, 0.000% due 6/25/41(h)			84,322
		651,847	Series 2012-120, Class ZB, 3.500% due 11/25/42			602,319
		508,970	Series 2013-15, Class ZV, 3.000% due 3/25/43			443,841
		130,270	Series 2013-2, Class MA, 3.500% due 2/25/43			121,124
		1,072,000	Series 2013-62, Class PY, 2.500% due 6/25/43			866,377

See Notes to Financial Statements.

186

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	1,230,161	Series 2013-72, Class IW, 3.500% due 7/25/33(f)		$	93,696
		2,653,375	Series 2014-11, Class KZ, 2.500% due 10/25/41			2,297,620
		542,883	Series 2014-95, Class ZC, 3.000% due 1/25/45			469,769
		534,539	Series 2015-55, Class PD, 2.500% due 3/25/43			508,883
		621,997	Series 2016-3, Class MI, 5.500% due 2/25/46(f)			93,214
		518,867	Series 2016-43, Class GZ, 3.000% due 7/25/46			437,232
		798,358	Series 2017-105, Class ZE, 3.000% due 1/25/48			608,945
		705,156	Series 2017-22, Class BZ, 3.500% due 4/25/47			624,610
		7,731,019	Series 2017-24, Class LG, 3.000% due 4/25/37			6,960,693
		546,597	Series 2018-91, Class BE, 3.500% due 12/25/58			485,043
		369,131	Series 2020-35, Class AI, 3.000% due 6/25/50(f)			58,090
		626,937	Series 2020-74, Class HI, 5.500% due 10/25/50(f)			119,105
		1,814,112	Series 2020-99, Class KI, 1.500% due 11/25/35(f)			96,348
		955,290	Series 2021-3, Class NI, 2.500% due 2/25/51(f)			140,137
		912,474	Series 2021-3, Class TI, 2.500% due 2/25/51(f)			144,829
		10,951,623	Series 2021-4, Class GD, 1.000% due 2/25/51			8,320,442
		949,561	Series 2021-95, Class GI, 3.000% due 1/25/52(f)			142,550
		817,617	Series 2022-3, Class PI, 3.000% due 1/25/52(f)			115,001
		9,097,530	Series 2023-36, Class IO, 2.500% due 10/25/52(f)			1,305,396
			FMC GMSR Issuer Trust:
		4,000,000	Series 2021-GT1, Class A, 3.620% due 7/25/26(b)(e)			3,478,654
		3,420,000	Series 2021-GT2, Class A, 3.850% due 10/25/26(b)(e)			2,975,898
			Freddie Mac Multifamily Structured Pass-Through Certificates:
		104,768,231	Series K064, Class X1, 0.595% due 3/25/27(b)(f)			1,590,088
		27,657,824	Series K066, Class X1, 0.744% due 6/25/27(b)(f)			549,857
		2,065,957	Series K118, Class X1, 0.956% due 9/25/30(b)(f)			100,941
		63,387,402	Series K119, Class X1, 0.928% due 9/25/30(b)(f)			2,979,493
		28,982,105	Series K120, Class X1, 1.036% due 10/25/30(b)(f)			1,505,296
		41,150,719	Series K121, Class X1, 1.021% due 10/25/30(b)(f)			2,123,225
		12,681,685	Series K122, Class X1, 0.878% due 11/25/30(b)(f)			579,387
		23,862,030	Series K124, Class X1, 0.718% due 12/25/30(b)(f)			919,488
		53,675,265	Series K125, Class X1, 0.581% due 1/25/31(b)(f)			1,677,465
		30,603,269	Series K129, Class X1, 1.032% due 5/25/31(b)(f)			1,669,053
		30,136,111	Series K130, Class X1, 1.037% due 6/25/31(b)(f)			1,765,144
		55,974,587	Series K132, Class X1, 0.508% due 8/25/31(b)(f)			1,705,954
		30,117,869	Series K-1519, Class X1, 0.595% due 12/25/35(b)(f)			1,403,758
		6,560,000	Series K-154, Class A2, 4.350% due 1/25/33(b)			6,354,447
		6,365,000	Series K-158, Class A2, 4.050% due 7/25/33			6,019,282

See Notes to Financial Statements.

187

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	1,772,000	Series K-162, Class X1, 0.370% due 12/25/33(b)(f)		$	56,679
		2,352,417	Series K753, Class X1, 0.228% due 1/1/50(b)(f)			37,155
		1,500,000	Series Q001, Class A3, 3.815% due 2/25/32			1,406,775
		5,000,000	Freddie Mac STACR REMIC Trust, Series 2021-HQA2, Class M2, 7.372% (SOFR30A + 2.050%) due 12/25/33(b)(e)			5,058,424
			Freddie Mac Strips:
		779,857	Series 303, Class C10, 3.500% due 1/15/33(f)			75,272
		913,552	Series 375, Class C1, 2.500% due 1/25/51(f)			139,033
		842,452	Series 386, Class C14, 2.500% due 3/15/52(f)			117,265
		2,747,954	Series 389, Class C1, 1.500% due 5/15/37(f)			156,768
		1,256,190	Series 389, Class C35, 2.000% due 6/15/52(f)			164,805
			GCAT Trust:
		408,680	Series 2021-NQM1, Class A1, 0.874% due 1/25/66(b)(e)			330,149
		458,891	Series 2021-NQM2, Class A1, 1.036% due 5/25/66(b)(e)			370,721
		590,513	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(b)(e)			488,119
		814,688	Series 2021-NQM4, Class A1, 1.093% due 8/25/66(b)(e)			656,347
		1,150,230	Series 2021-NQM5, Class A1, 1.262% due 7/25/66(b)(e)			910,395
		408,561	Series 2021-NQM7, Class A1, 1.915% due 8/25/66(b)(e)			353,787
			Government National Mortgage Association (GNMA):
		664,906	Series 2012-116, Class IB, 4.000% due 9/16/42(f)			130,568
		1,226,917	Series 2012-32, Class Z, 3.500% due 3/20/42			1,107,350
		683,127	Series 2014-12, Class ZB, 3.000% due 1/16/44			601,474
		647,087	Series 2014-46, Class IO, 5.000% due 3/16/44(f)			88,564
		2,143,370	Series 2016-37, Class QF, 5.834% (1-Month TSFR + 0.514%) due 3/20/46(b)			2,084,777
		625,000	Series 2018-37, Class BY, 3.500% due 3/20/48			541,344
		484,558	Series 2019-5, Class JI, 5.000% due 7/16/44(f)			74,941
		23,785,601	Series 2020-173, Class JI, 2.000% due 11/20/50(f)			2,508,330
		14,979,906	Series 2021-129, Class IO, 0.982% due 6/16/63(b)(f)			1,007,148
		10,730,486	Series 2021-137, Class IQ, 3.000% due 8/20/51(f)			1,720,581
		21,373,584	Series 2021-184, Class IO, 0.883% due 12/16/61(b)(f)			1,371,122
		845,083	Series 2021-215, Class KA, 2.500% due 10/20/49			730,643
		13,606,118	Series 2021-30, Class IB, 2.500% due 2/20/51(f)			1,831,155
		17,032,952	Series 2021-35, Class IO, 1.030% due 12/16/62(b)(f)			1,195,662
		18,996,786	Series 2021-52, Class IO, 0.720% due 4/16/63(b)(f)			1,003,139
		15,568,174	Series 2021-58, Class SL, 0.000% (1-Month TSFR + 3.636%) due 4/20/51(b)(f)			426,644
		4,405,827	Series 2021-77, Class EA, 1.000% due 7/20/50			3,299,512
		14,298,910	Series 2021-77, Class IT, 2.500% due 5/20/51(f)			1,882,550

See Notes to Financial Statements.

188

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	19,573,705	Series 2021-79, Class IO, 0.882% due 8/16/63(b)(f)		$	1,221,546
		10,317,042	Series 2022-174, Class AZ, 3.500% due 5/20/51			8,262,340
		6,531,703	Series 2022-213, Class DO, 0.000% due 1/20/52(h)			2,040,827
		449,574	Series 2022-24, Class GA, 3.000% due 2/20/52			400,810
		27,954,397	Series 2022-49, Class IO, 0.762% due 3/16/64(b)(f)			1,600,859
		15,662,472	Series 2022-61, Class EI, 3.000% due 7/20/51(f)			2,435,107
		8,079,648	Series 2022-64, Class IO, 2.500% due 2/20/50(f)			930,850
		31,031,949	Series 2022-80, Class IO, 0.593% due 6/16/64(b)(f)			1,497,968
		28,480,676	Series 2022-82, Class IO, 0.538% due 2/16/64(b)(f)			1,320,749
		1,405,000	GS Mortgage Securities Corp. II, Series 2024-70P, Class A, 5.133% due 3/10/41(b)(e)			1,390,177
			GS Mortgage Securities Corp. Trust:
		400,000	Series 2018-TWR, Class D, 7.215% (1-Month TSFR + 1.897%) due 7/15/31(b)(e)			177,480
		400,000	Series 2018-TWR, Class E, 7.715% (1-Month TSFR + 2.397%) due 7/15/31(b)(e)			139,600
		400,000	Series 2018-TWR, Class F, 8.415% (1-Month TSFR + 3.097%) due 7/15/31(b)(e)			90,720
		400,000	Series 2018-TWR, Class G, 9.540% (1-Month TSFR + 4.222%) due 7/15/31(b)(e)			27,780
		700,000	Series 2021-IP, Class D, 7.532% (1-Month TSFR + 2.214%) due 10/15/36(b)(e)			672,681
			GS Mortgage Securities Trust:
		705,000	Series 2015-GC30, Class A4, 3.382% due 5/10/50			682,571
		9,922,681	Series 2017-GS7, Class XA, 1.078% due 8/10/50(b)(f)			274,905
		1,400,000	Series 2018-GS9, Class A4, 3.992% due 3/10/51(b)			1,300,834
		1,200,000	Series 2018-GS9, Class C, 4.350% due 3/10/51(b)			1,062,581
		1,500,000	Series 2020-GC45, Class A5, 2.911% due 2/13/53			1,320,375
		4,478,958	HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 5.734% (1-Month TSFR + 0.414%) due 1/25/47(b)			3,930,922
		1,808,709	Homes Trust, Series 2023-NQM2, Class A1, step bond to yield, 6.456% due 2/25/68(e)			1,810,854
			Imperial Fund Mortgage Trust:
		461,068	Series 2021-NQM2, Class A1, 1.073% due 9/25/56(b)(e)			373,225
		825,938	Series 2021-NQM3, Class A1, 1.595% due 11/25/56(b)(e)			675,033
		1,372,898	Series 2022-NQM2, Class A1, step bond to yield, 3.638% due 3/25/67(e)			1,258,039
		500,000	IMT Trust, Series 2017-APTS, Class AFX, 3.478% due 6/15/34(e)			494,812
			JP Morgan Chase Commercial Mortgage Securities Trust:
		805,000	Series 2018-WPT, Class FFX, 5.364% due 7/5/33(b)(e)			467,162
		1,950,000	Series 2019-OSB, Class A, 3.397% due 6/5/39(e)			1,743,095

See Notes to Financial Statements.

189

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	823,000	Series 2020-ACE, Class C, 3.694% due 1/10/37(b)(e)		$	778,235
		805,000	Series 2020-LOOP, Class E, 3.861% due 12/5/38(b)(e)			201,250
		666,799	Series 2022-NLP, Class A, 5.914% (1-Month TSFR + 0.597%) due 4/15/37(b)(e)			630,125
			JP Morgan Mortgage Trust:
		1,910,272	Series 2006-S1, Class 2A9, 6.500% due 4/25/36			1,878,806
		6,419,907	Series 2006-S4, Class A7, 6.000% due 1/25/37			2,505,865
		1,508,276	Series 2021-3, Class B1, 2.939% due 7/25/51(b)(e)			1,197,912
			JPMBB Commercial Mortgage Securities Trust:
		475,000	Series 2014-C21, Class A5, 3.775% due 8/15/47			471,462
		1,667,000	Series 2015-C27, Class C, 4.303% due 2/15/48(b)			1,329,085
		1,205,000	Series 2015-C28, Class C, 4.133% due 10/15/48(b)			1,110,599
		529,000	Series 2016-C1, Class A5, 3.576% due 3/17/49			506,766
		1,100,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A5, 3.490% due 7/15/50			1,012,226
			Legacy Mortgage Asset Trust:
		328,845	Series 2021-GS2, Class A1, step bond to yield, 1.750% due 4/25/61(e)			318,076
		438,311	Series 2021-GS3, Class A1, step bond to yield, 1.750% due 7/25/61(e)			423,058
		223,254	Series 2021-GS4, Class A1, step bond to yield, 1.650% due 11/25/60(e)			213,731
		2,822,144	Lehman XS Trust, Series 2007-4N, Class 1A3, 5.915% (1-Month TSFR + 0.594%) due 3/25/47(b)			2,407,551
			Life Mortgage Trust:
		1,619,935	Series 2021-BMR, Class A, 6.132% (1-Month TSFR + 0.814%) due 3/15/38(b)(e)			1,602,217
		3,179,908	Series 2021-BMR, Class D, 6.832% (1-Month TSFR + 1.514%) due 3/15/38(b)(e)			3,124,260
		2,400,000	Series 2022-BMR2, Class D, 7.860% (1-Month TSFR + 2.542%) due 5/15/39(b)(e)			2,290,500
		825,040	Med Trust, Series 2021-MDLN, Class G, 10.682% (1-Month TSFR + 5.364%) due 11/15/38(b)(e)			812,665
		6,045,370	Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750% due 8/25/36			2,790,050
			MFA Trust:
		239,660	Series 2021-NQM1, Class A1, 1.153% due 4/25/65(b)(e)			216,037
		331,741	Series 2021-NQM2, Class A1, 1.029% due 11/25/64(b)(e)			280,093
			Morgan Stanley Bank of America Merrill Lynch Trust:
		15,361,729	Series 2014-C19, Class XA, 0.950% due 12/15/47(b)(f)			31,535
		2,583,782	Series 2015-C20, Class A4, 3.249% due 2/15/48			2,523,687
		1,405,000	Series 2015-C26, Class A5, 3.531% due 10/15/48			1,352,487
		1,652,000	Series 2016-C31, Class C, 4.258% due 11/15/49(b)			1,383,994

See Notes to Financial Statements.

190

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
			Morgan Stanley Capital I Trust:
	$	13,728,001	Series 2016-UB11, Class XA, 1.436% due 8/15/49(b)(f)		$	373,605
		11,882,274	Series 2016-UB12, Class XA, 0.648% due 12/15/49(b)(f)			168,792
		1,356,000	Series 2019-H7, Class AS, 3.524% due 7/15/52			1,216,796
		20,710,781	Series 2019-L3, Class XA, 0.607% due 11/15/52(b)(f)			555,836
		806,000	Series 2020-L4, Class B, 3.082% due 2/15/53			639,703
		1,426,485	Morgan Stanley Residential Mortgage Loan Trust, Series 2020-RPL1, Class A1, 5.693% due 10/25/60(b)(e)			1,398,209
		799,098	MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 0.907% due 12/15/56(b)(f)			51,748
			New Residential Mortgage Loan Trust:
		312,297	Series 2021-NQ1R, Class A1, 0.943% due 7/25/55(b)(e)			271,908
		188,344	Series 2021-NQ2R, Class A1, 0.941% due 10/25/58(b)(e)			169,928
		991,471	Series 2021-NQM3, Class A1, 1.156% due 11/27/56(b)(e)			830,221
		590,000	NJ Trust, Series 2023-GSP, Class A, 6.481% due 1/6/29(b)(e)			608,902
		953,954	NMLT Trust, Series 2021-INV1, Class A1, 1.185% due 5/25/56(b)(e)			776,656
			OBX Trust:
		636,244	Series 2021-NQM1, Class A1, 1.072% due 2/25/66(b)(e)			534,652
		589,064	Series 2021-NQM3, Class A1, 1.054% due 7/25/61(b)(e)			455,529
		1,162,116	Series 2022-NQM1, Class A1, 2.305% due 11/25/61(b)(e)			993,104
			PMT Credit Risk Transfer Trust:
		746,010	Series 2019-2R, Class A, 9.193% (1-Month TSFR + 3.864%) due 5/30/25(b)(e)			746,398
		373,730	Series 2019-3R, Class A, 9.135% (SOFR30A + 3.814%) due 11/27/31(b)(e)			372,876
		1,213,710	PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 1.843% due 9/25/51(e)			1,154,825
		855,036	Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, step bond to yield, 1.992% due 2/25/61(e)			831,266
			PRPM LLC:
		213,329	Series 2021-2, Class A1, 2.115% due 3/25/26(b)(e)			210,795
		353,446	Series 2021-3, Class A1, step bond to yield, 1.867% due 4/25/26(e)			346,707
		593,565	Series 2021-5, Class A1, step bond to yield, 1.793% due 6/25/26(e)			579,434
		496,432	Series 2021-6, Class A1, step bond to yield, 1.793% due 7/25/26(e)			481,082
		2,967,777	Series 2021-7, Class A1, step bond to yield, 1.867% due 8/25/26(e)			2,865,944
		538,700	Series 2021-8, Class A1, 1.743% due 9/25/26(b)(e)			516,461
		1,390,117	Series 2021-9, Class A1, step bond to yield, 2.363% due 10/25/26(e)			1,348,024
		211,958	Series 2021-RPL1, Class A1, step bond to yield, 1.319% due 7/25/51(e)			189,102
		898,905	Series 2022-5, Class A1, step bond to yield, 6.900% due 9/27/27(e)			902,443

See Notes to Financial Statements.

191

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
			Rali Trust:
	$	1,087,865	Series 2005-QS13, Class 1A3, 5.500% due 9/25/35		$	873,354
		2,867,004	Series 2006-QS17, Class A8, 6.000% due 12/25/36			2,286,596
		3,493,643	Residential Asset Securitization Trust, Series 2005-A8CB, Class A6, 5.000% due 7/25/35			1,996,729
			Residential Mortgage Loan Trust:
		3,100,000	Series 2020-1, Class M1, 3.242% due 1/26/60(b)(e)			2,721,111
		177,688	Series 2021-1R, Class A1, 0.859% due 1/25/65(b)(e)			163,310
			Seasoned Credit Risk Transfer Trust:
		302,245	Series 2019-1, Class MA, 3.500% due 7/25/58			283,990
		490,852	Series 2019-1, Class MT, 3.500% due 7/25/58			433,284
		5,340,409	Series 2019-4, Class MV, 3.000% due 2/25/59			4,503,440
		615,185	Series 2020-1, Class MT, 2.500% due 8/25/59			501,601
		5,987,583	Series 2020-2, Class MT, 2.000% due 11/25/59			4,695,889
		5,757,991	Series 2020-3, Class M5TW, 3.000% due 5/25/60			5,147,049
		3,640,000	SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class B, 4.388% due 1/5/43(b)(e)			2,525,191
			SG Residential Mortgage Trust:
		852,409	Series 2021-1, Class A1, 1.160% due 7/25/61(b)(e)			681,967
		5,238,000	Series 2021-2, Class B1, 4.038% due 12/25/61(b)(e)			3,778,554
		3,750,000	SMRT, Series 2022-MINI, Class D, 7.268% (1-Month TSFR + 1.950%) due 1/15/39(b)(e)			3,656,250
		473,145	STAR Trust, Series 2021-1, Class A1, 1.219% due 5/25/65(b)(e)			410,582
			Starwood Mortgage Residential Trust:
		160,461	Series 2021-2, Class A1, 0.943% due 5/25/65(b)(e)			144,417
		729,052	Series 2021-3, Class A1, 1.127% due 6/25/56(b)(e)			590,231
		965,658	Series 2021-4, Class A1, 1.162% due 8/25/56(b)(e)			797,606
		913,248	Series 2021-6, Class A1, 1.920% due 11/25/66(b)(e)			755,063
		3,480,000	STWD Trust, Series 2021-FLWR, Class D, 6.808% (1-Month TSFR + 1.490%) due 7/15/36(b)(e)			3,412,575
		410,141	Toorak Mortgage Corp. Ltd., Series 2021-1, Class A1, step bond to yield, 3.240% due 6/25/24(e)			400,849
			Towd Point Mortgage Trust:
		1,481,604	Series 2021-R1, Class A1, 2.918% due 11/30/60(b)(e)			1,247,580
		2,868,688	Series 2022-4, Class A1, 3.750% due 9/25/62(e)			2,656,451
		55,487	Triangle Re Ltd., Series 2021-3, Class M1A, 7.222% (SOFR30A + 1.900%) due 2/25/34(b)(e)			55,510
		361,154	TRK Trust, Series 2021-INV1, Class A1, 1.153% due 7/25/56(b)(e)			309,408
		1,105,000	TYSN Mortgage Trust, Series 2023-CRNR, Class A, 6.580% due 12/10/33(b)(e)			1,146,327

See Notes to Financial Statements.

192

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	4,214,287	UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.527% due 6/15/50(b)(f)		$	154,704
			VCAT LLC:
		127,695	Series 2021-NPL2, Class A1, step bond to yield, 2.115% due 3/27/51(e)			126,209
		610,684	Series 2021-NPL4, Class A1, step bond to yield, 1.868% due 8/25/51(e)			589,387
			Verus Securitization Trust:
		3,814,000	Series 2021-1, Class B1, 2.977% due 1/25/66(b)(e)			2,775,857
		251,004	Series 2021-2, Class A1, 1.031% due 2/25/66(b)(e)			216,126
		407,277	Series 2021-4, Class A1, 0.938% due 7/25/66(b)(e)			320,952
		1,009,933	Series 2021-5, Class A1, 1.013% due 9/25/66(b)(e)			839,376
		1,047,431	Series 2021-6, Class A1, 1.630% due 10/25/66(b)(e)			875,378
		1,254,770	Series 2021-7, Class A1, 1.829% due 10/25/66(b)(e)			1,071,272
		198,687	Series 2021-R1, Class A1, 0.820% due 10/25/63(b)(e)			178,920
		292,819	Series 2021-R2, Class A1, 0.918% due 2/25/64(b)(e)			257,661
		884,047	Series 2022-1, Class A1, step bond to yield, 2.724% due 1/25/67(e)			786,205
		245,312	VOLT C LLC, Series 2021-NPL9, Class A1, step bond to yield, 1.992% due 5/25/51(e)			235,886
		612,765	VOLT XCIII LLC, Series 2021-NPL2, Class A1, step bond to yield, 4.893% due 2/27/51(e)			594,504
		1,337,151	VOLT XCVII LLC, Series 2021-NPL6, Class A1, step bond to yield, 2.240% due 4/25/51(e)			1,309,370
			Wells Fargo Commercial Mortgage Trust:
		1,400,000	Series 2016-BNK1, Class A3, 2.652% due 8/15/49			1,295,648
		8,883,247	Series 2017-C38, Class XA, 0.926% due 7/15/50(b)(f)			204,761
		674,303	Series 2018-C45, Class ASB, 4.147% due 6/15/51			660,024
		806,000	Series 2020-C55, Class AS, 2.937% due 2/15/53			702,979
		500,000	WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752% due 9/15/57			490,128
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $489,863,486)			418,763,909
CORPORATE BONDS & NOTES – 20.5%
Basic Materials – 0.5%
		570,000	Anglo American Capital PLC, Company Guaranteed Notes, 3.875% due 3/16/29(e)			529,533
		200,000	AngloGold Ashanti Holdings PLC, Company Guaranteed Notes, 3.750% due 10/1/30			173,478
		40,000	Arsenal AIC Parent LLC, Senior Secured Notes, 8.000% due 10/1/30(e)			41,900
		40,000	ASP Unifrax Holdings Inc., Senior Secured Notes, 5.250% due 9/30/28(e)			25,364
			BHP Billiton Finance USA Ltd., Company Guaranteed Notes:
		387,000	5.250% due 9/8/30			390,063

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Basic Materials – (continued)
	$	385,000	4.900% due 2/28/33		$	379,872
		400,000	Braskem Netherlands Finance BV, Company Guaranteed Notes, 8.500% (5-Year CMT Index + 8.220%) due 1/23/81(b)			386,286
		400,000	CAP SA, Senior Unsecured Notes, 3.900% due 4/27/31			313,000
			Celanese US Holdings LLC, Company Guaranteed Notes:
		735,000	6.165% due 7/15/27			746,184
		380,000	6.550% due 11/15/30			395,079
		200,000	Compania de Minas Buenaventura SAA, Company Guaranteed Notes, 5.500% due 7/23/26			192,313
		555,000	Corp. Nacional del Cobre de Chile, Senior Unsecured Notes, 5.950% due 1/8/34(e)			547,688
		200,000	CSN Resources SA, Company Guaranteed Notes, 5.875% due 4/8/32			171,566
		75,000	CVR Partners LP/CVR Nitrogen Finance Corp., Senior Secured Notes, 6.125% due 6/15/28(e)			70,918
			Freeport-McMoRan Inc., Company Guaranteed Notes:
		100,000	4.375% due 8/1/28			95,132
		100,000	4.625% due 8/1/30			95,298
		397,000	Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(e)			390,550
			Glencore Funding LLC, Company Guaranteed Notes:
		254,000	1.625% due 4/27/26(e)			234,909
		370,000	6.375% due 10/6/30(e)			388,773
		245,000	2.850% due 4/27/31(e)			208,767
		200,000	Gold Fields Orogen Holdings BVI Ltd., Company Guaranteed Notes, 5.125% due 5/15/24			199,336
		105,000	Illuminate Buyer LLC/Illuminate Holdings IV Inc., Senior Unsecured Notes, 9.000% due 7/1/28(e)			103,327
		200,000	LYB International Finance III LLC, Company Guaranteed Notes, 5.500% due 3/1/34			198,434
		90,000	Mativ Holdings Inc., Company Guaranteed Notes, 6.875% due 10/1/26(e)			87,188
		200,000	MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25			197,262
		200,000	Minsur SA, Senior Unsecured Notes, 4.500% due 10/28/31			173,702
		1,840,000	RPM International Inc., Senior Unsecured Notes, 2.950% due 1/15/32			1,554,010
		400,000	Sasol Financing USA LLC, Company Guaranteed Notes, 5.500% due 3/18/31			333,010
		680,000	Sherwin-Williams Co., Senior Unsecured Notes, 2.300% due 5/15/30			577,238
		30,000	SK Invictus Intermediate II SARL, Senior Secured Notes, 5.000% due 10/30/29(e)			25,470
		200,000	UPL Corp., Ltd, Company Guaranteed Notes, 4.625% due 6/16/30			164,580
		400,000	Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250% due 4/23/26(e)			332,020

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Basic Materials – (continued)
	$	165,000	WR Grace Holdings LLC, Senior Unsecured Notes, 5.625% due 8/15/29(e)		$	144,693
			Total Basic Materials			9,866,943
Communications – 2.0%
		200,000	Acuris Finance U.S. Inc./Acuris Finance SARL, Senior Secured Notes, 5.000% due 5/1/28(e)			179,066
		200,000	Altice France SA, Senior Secured Notes, 5.500% due 10/15/29(e)			151,434
			AT&T Inc., Senior Unsecured Notes:
		4,222,000	2.250% due 2/1/32			3,385,911
		4,955,000	2.550% due 12/1/33			3,908,136
		225,000	5.400% due 2/15/34			225,297
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
		210,000	4.750% due 3/1/30(e)			178,644
		125,000	4.500% due 8/15/30(e)			103,690
		95,000	4.750% due 2/1/32(e)			76,644
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
		360,000	4.200% due 3/15/28			337,451
		3,965,000	6.384% due 10/23/35			3,838,403
		156,000	3.500% due 3/1/42			102,037
		40,000	5.750% due 4/1/48			33,299
		1,790,000	4.800% due 3/1/50			1,295,282
		355,000	3.700% due 4/1/51			215,501
		555,000	3.900% due 6/1/52			348,928
		185,000	3.850% due 4/1/61			107,455
		185,000	4.400% due 12/1/61			118,925
			Cisco Systems Inc., Senior Unsecured Notes:
		320,000	4.950% due 2/26/31			320,159
		215,000	5.350% due 2/26/64			216,380
			Clear Channel Outdoor Holdings Inc.:
		50,000	Company Guaranteed Notes, 7.500% due 6/1/29(e)			41,375
		45,000	Senior Secured Notes, 9.000% due 9/15/28(e)			46,935
			Comcast Corp., Company Guaranteed Notes:
		215,000	4.800% due 5/15/33			210,081
		1,075,000	3.750% due 4/1/40			879,870
		644,000	2.937% due 11/1/56			396,274
		35,000	CommScope Inc., Senior Secured Notes, 4.750% due 9/1/29(e)			23,975
		45,000	CommScope Technologies LLC, Company Guaranteed Notes, 5.000% due 3/15/27(e)			16,107

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	80,000	Consolidated Communications Inc., Senior Secured Notes, 5.000% due 10/1/28(e)		$	66,081
		430,000	Cox Communications Inc., Senior Unsecured Notes, 2.600% due 6/15/31(e)			351,832
		2,766,000	Crown Castle Towers LLC, Asset Backed, 4.241% due 7/15/28(e)			2,633,079
		200,000	CSC Holdings LLC, Company Guaranteed Notes, 6.500% due 2/1/29(e)			174,334
			Digicel Group Holdings Ltd., Senior Secured Notes:
		7,383	zero coupon, due 12/31/30(d)(e)(g)			6,650
		32,312	zero coupon, due 12/31/30(d)(e)(g)			2,766
		832	zero coupon, due 12/31/30(d)(e)(g)			653
		81,635	zero coupon, due 12/31/30(d)(e)(g)			—
		140,000	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27(e)			132,142
			Discovery Communications LLC, Company Guaranteed Notes:
		54,000	4.125% due 5/15/29			50,022
		145,000	3.625% due 5/15/30			127,450
		236,000	5.200% due 9/20/47			191,911
		239,000	5.300% due 5/15/49			195,501
		785,000	4.650% due 5/15/50			595,291
			DISH DBS Corp.:
		75,000	Company Guaranteed Notes, 5.125% due 6/1/29			31,986
		140,000	Senior Secured Notes, 5.750% due 12/1/28(e)			96,950
		65,000	Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36			36,799
			Expedia Group Inc., Company Guaranteed Notes:
		295,000	5.000% due 2/15/26			292,968
		517,000	3.800% due 2/15/28			488,967
			Frontier Communications Holdings LLC:
			Senior Secured Notes:
		45,000	5.875% due 10/15/27(e)			43,493
		90,000	5.000% due 5/1/28(e)			83,291
		54,900	Secured Notes, 5.875% due 11/1/29			47,022
		135,000	GCI LLC, Senior Unsecured Notes, 4.750% due 10/15/28(e)			121,131
		90,000	Intelsat Jackson Holdings SA, Senior Secured Notes, 6.500% due 3/15/30(e)			83,734
			Level 3 Financing Inc.:
		40,000	Company Guaranteed Notes, 3.750% due 7/15/29(e)			16,600
		110,000	Senior Secured Notes, 10.500% due 5/15/30(e)			112,750
		45,000	Lumen Technologies Inc., Senior Secured Notes, 4.000% due 2/15/27(e)			27,225
		150,000	Match Group Holdings II LLC, Senior Unsecured Notes, 5.000% due 12/15/27(e)			143,073

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	110,000	McGraw-Hill Education Inc., Senior Secured Notes, 5.750% due 8/1/28(e)		$	102,192
		385,000	Meta Platforms Inc., Senior Unsecured Notes, 5.600% due 5/15/53			398,608
		360,000	Millicom International Cellular SA, Senior Unsecured Notes, 6.250% due 3/25/29			349,650
		192,000	Netflix Inc., Senior Unsecured Notes, 5.375% due 11/15/29(e)			194,969
		200,000	Network i2i Ltd., Company Guaranteed Notes, 5.650% (5-Year CMT Index + 4.274%)(b)(i)			198,000
		45,000	News Corp., Company Guaranteed Notes, 5.125% due 2/15/32(e)			41,922
		55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Secured Notes, 7.375% due 2/15/31(e)			57,402
			Paramount Global, Senior Unsecured Notes:
		48,000	4.950% due 1/15/31			42,149
		360,000	4.375% due 3/15/43			240,915
		100,000	5.850% due 9/1/43			80,882
		20,000	Radiate Holdco LLC/Radiate Finance Inc., Senior Secured Notes, 4.500% due 9/15/26(e)			15,749
			Rogers Communications Inc., Company Guaranteed Notes:
		380,000	5.000% due 2/15/29			376,616
		465,000	5.300% due 2/15/34			456,389
		125,000	Sirius XM Radio Inc., Company Guaranteed Notes, 5.500% due 7/1/29(e)			118,207
		2,460,750	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes, 5.152% due 3/20/28(e)			2,453,284
		20,000	Telesat Canada/Telesat LLC, Company Guaranteed Notes, 6.500% due 10/15/27(e)			8,800
			T-Mobile USA Inc., Company Guaranteed Notes:
		670,000	3.875% due 4/15/30			621,905
		2,001,000	2.875% due 2/15/31			1,721,034
		210,000	5.050% due 7/15/33			205,392
		325,000	5.750% due 1/15/34			334,528
		600,000	5.500% due 1/15/55			584,365
		95,000	Townsquare Media Inc., Senior Secured Notes, 6.875% due 2/1/26(e)			91,647
			Univision Communications Inc., Senior Secured Notes:
		75,000	4.500% due 5/1/29(e)			65,770
		35,000	7.375% due 6/30/30(e)			33,805
			Verizon Communications Inc., Senior Unsecured Notes:
		8,526,000	1.750% due 1/20/31			6,837,891
		695,000	2.355% due 3/15/32			563,498

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	395,000	5.500% due 2/23/54		$	390,240
			Total Communications			39,496,769
Consumer Cyclical – 1.3%
		140,000	Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27(e)			138,587
		65,000	Acushnet Co., Company Guaranteed Notes, 7.375% due 10/15/28(e)			67,031
		3,700,000	Advance Auto Parts Inc., Company Guaranteed Notes, 3.900% due 4/15/30			3,304,452
		30,000	AMC Entertainment Holdings Inc., Senior Secured Notes, 7.500% due 2/15/29(e)			20,734
			American Airlines Inc., Senior Secured Notes:
		140,000	7.250% due 2/15/28(e)			141,165
		130,000	8.500% due 5/15/29(e)			136,664
		60,000	American Axle & Manufacturing Inc., Company Guaranteed Notes, 5.000% due 10/1/29			52,025
		145,000	Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes, 4.625% due 4/1/30(e)			130,349
		475,000	AutoZone Inc., Senior Unsecured Notes, 6.550% due 11/1/33			513,140
		120,000	BCPE Empire Holdings Inc., Senior Unsecured Notes, 7.625% due 5/1/27(e)			114,997
		115,000	Beacon Roofing Supply Inc., Senior Secured Notes, 6.500% due 8/1/30(e)			115,623
		60,000	Caesars Entertainment Inc., Senior Secured Notes, 6.500% due 2/15/32(e)			60,449
			Carnival Corp.:
		80,000	Company Guaranteed Notes, 5.750% due 3/1/27(e)			78,998
		95,000	Senior Secured Notes, 7.000% due 8/15/29(e)			98,543
		70,000	Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29			66,121
		140,000	Clarios Global LP/Clarios US Finance Co., Senior Secured Notes, 6.750% due 5/15/28(e)			141,695
		95,000	Cummins Inc., Senior Unsecured Notes, 5.450% due 2/20/54			95,521
			Dana Inc., Senior Unsecured Notes:
		45,000	5.375% due 11/15/27			43,438
		20,000	4.250% due 9/1/30			17,248
		60,000	Dealer Tire LLC/DT Issuer LLC, Senior Unsecured Notes, 8.000% due 2/1/28(e)			59,707
			Dollar General Corp., Senior Unsecured Notes:
		197,000	4.250% due 9/20/24			195,334
		432,000	3.500% due 4/3/30			390,883
		358,000	Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25			351,592
		115,000	Dornoch Debt Merger Sub Inc., Senior Unsecured Notes, 6.625% due 10/15/29(e)			103,225
		75,000	Everi Holdings Inc., Company Guaranteed Notes, 5.000% due 7/15/29(e)			74,344

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	70,000	Ferrellgas LP/Ferrellgas Finance Corp., Senior Unsecured Notes, 5.375% due 4/1/26(e)		$	69,302
		95,000	Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Company Guaranteed Notes, 6.750% due 1/15/30(e)			83,909
		238,000	Ford Motor Co., Senior Unsecured Notes, 3.250% due 2/12/32			195,174
		50,000	Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(e)			46,886
		90,000	Gap Inc., Company Guaranteed Notes, 3.875% due 10/1/31(e)			72,598
			General Motors Financial Co., Inc., Senior Unsecured Notes:
		222,000	2.400% due 10/15/28			195,183
		85,000	3.100% due 1/12/32			71,005
		55,000	Goodyear Tire & Rubber Co., Company Guaranteed Notes, 5.250% due 7/15/31			49,636
		392,000	Hyundai Capital America, Senior Unsecured Notes, 5.300% due 1/8/29(e)			391,076
		80,000	Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28(e)			78,619
		65,000	Light & Wonder International Inc., Company Guaranteed Notes, 7.250% due 11/15/29(e)			66,516
		40,000	Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 5.500% due 4/15/29(e)			30,235
		70,000	Live Nation Entertainment Inc., Senior Secured Notes, 6.500% due 5/15/27(e)			70,602
		455,000	Lowe’s Cos., Inc., Senior Unsecured Notes, 4.400% due 9/8/25			449,405
		100,000	LSF9 Atlantis Holdings LLC/Victra Finance Corp., Senior Secured Notes, 7.750% due 2/15/26(e)			99,062
		130,000	M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28			123,755
		65,000	Macy’s Retail Holdings LLC, Company Guaranteed Notes, 5.875% due 4/1/29(e)			62,600
		458,000	Marriott International Inc., Senior Unsecured Notes, 2.850% due 4/15/31			391,024
		120,000	Mattamy Group Corp., Senior Unsecured Notes, 4.625% due 3/1/30(e)			107,686
		190,000	McDonald’s Corp., Senior Unsecured Notes, 5.450% due 8/14/53			189,362
		200,000	Merlin Entertainments Group US Holdings Inc., Senior Secured Notes, 7.375% due 2/15/31(e)			200,103
			Michaels Cos., Inc.:
		80,000	Senior Secured Notes, 5.250% due 5/1/28(e)			62,112
		70,000	Senior Unsecured Notes, 7.875% due 5/1/29(e)			45,199
		100,000	Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Senior Secured Notes, 4.875% due 5/1/29(e)			91,700
		120,000	Murphy Oil USA Inc., Company Guaranteed Notes, 4.750% due 9/15/29			111,886
			NCL Corp., Ltd.:
		85,000	Company Guaranteed Notes, 5.875% due 3/15/26(e)			83,024

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	85,000	Senior Secured Notes, 8.375% due 2/1/28(e)		$	89,230
		130,000	Ontario Gaming GTA LP, Senior Secured Notes, 8.000% due 8/1/30(e)			132,588
			O’Reilly Automotive Inc., Senior Unsecured Notes:
		96,000	5.750% due 11/20/26			97,358
		470,000	4.700% due 6/15/32			454,741
		55,000	Penn Entertainment Inc., Senior Unsecured Notes, 4.125% due 7/1/29(e)			46,200
		30,000	Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Company Guaranteed Notes, 5.625% due 9/1/29(e)			21,604
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
		135,000	5.500% due 8/31/26(e)			133,455
		60,000	6.250% due 3/15/32(e)(j)			60,160
		145,000	Scientific Games Holdings LP/Scientific Games US FinCo Inc., Senior Unsecured Notes, 6.625% due 3/1/30(e)			135,937
		120,000	Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(e)			105,893
		1,709,000	Southwest Airlines Co., Senior Unsecured Notes, 5.125% due 6/15/27			1,702,097
		70,000	SRS Distribution Inc., Senior Secured Notes, 4.625% due 7/1/28(e)			65,288
			Staples Inc.:
		45,000	Senior Secured Notes, 7.500% due 4/15/26(e)			43,264
		35,000	Senior Unsecured Notes, 10.750% due 4/15/27(e)			32,025
		70,000	Station Casinos LLC, Company Guaranteed Notes, 4.625% due 12/1/31(e)			62,236
		2,675,000	Steelcase Inc., Senior Unsecured Notes, 5.125% due 1/18/29			2,518,089
		120,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Unsecured Notes, 5.000% due 6/1/31(e)			107,801
		120,000	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(e)			108,600
		50,000	SWF Escrow Issuer Corp., Senior Unsecured Notes, 6.500% due 10/1/29(e)			35,167
			Tapestry Inc., Senior Unsecured Notes:
		165,000	7.050% due 11/27/25			168,080
		50,000	7.700% due 11/27/30			53,017
		531,523	United Airlines 2012-1 Class A Pass-Through Trust, Pass-Thru Certificates, 4.150% due 4/11/24			530,196
		1,458,333	United Airlines 2016-2 Class B Pass-Through Trust, Pass-Thru Certificates, 3.650% due 10/7/25			1,396,204
		165,000	United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(e)			152,197
		45,000	Victoria’s Secret & Co., Company Guaranteed Notes, 4.625% due 7/15/29(e)			37,958
			Viking Cruises Ltd.:
		145,000	Company Guaranteed Notes, 5.875% due 9/15/27(e)			141,737
		125,000	Senior Unsecured Notes, 9.125% due 7/15/31(e)			135,322

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
	$	5,000,000	Volkswagen Group of America Finance LLC, Company Guaranteed Notes, 1.250% due 11/24/25(e)		$	4,655,921
			Warnermedia Holdings Inc., Company Guaranteed Notes:
		305,000	4.279% due 3/15/32			269,067
		2,075,000	5.141% due 3/15/52			1,686,136
		20,000	Wheel Pros Inc., Senior Unsecured Notes, 6.500% due 5/15/29(e)			6,000
		120,000	Whirlpool Corp., Senior Unsecured Notes, 5.750% due 3/1/34			119,102
		155,000	Wyndham Hotels & Resorts Inc., Company Guaranteed Notes, 4.375% due 8/15/28(e)			144,112
			Total Consumer Cyclical			25,396,306
Consumer Non-cyclical – 1.7%
			AbbVie Inc., Senior Unsecured Notes:
		393,000	3.850% due 6/15/24			390,708
		205,000	4.950% due 3/15/31			205,041
		90,000	5.400% due 3/15/54			91,361
		210,000	5.500% due 3/15/64			212,416
		266,250	Adani International Container Terminal Pvt Ltd., Senior Secured Notes, 3.000% due 2/16/31(e)			228,136
			Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes:
		200,000	4.000% due 7/30/27			182,768
		200,000	4.375% due 7/3/29			178,139
		60,000	AdaptHealth LLC, Company Guaranteed Notes, 5.125% due 3/1/30(e)			50,175
		995,000	Alcon Finance Corp., Company Guaranteed Notes, 2.750% due 9/23/26(e)			934,006
		105,000	Allied Universal Holdco LLC, Senior Secured Notes, 7.875% due 2/15/31(e)			104,273
			Allied Universal Holdco LLC/Allied Universal Finance Corp.:
		48,000	Senior Secured Notes, 6.625% due 7/15/26(e)			47,855
		90,000	Senior Unsecured Notes, 9.750% due 7/15/27(e)			89,687
			Amgen Inc., Senior Unsecured Notes:
		135,000	5.250% due 3/2/30			136,003
		2,765,000	5.250% due 3/2/33			2,757,418
		395,000	5.750% due 3/2/63			395,037
			Archer-Daniels-Midland Co., Senior Unsecured Notes:
		190,000	2.900% due 3/1/32			161,999
		155,000	4.500% due 8/15/33			148,289
		200,000	Ashtead Capital Inc., Company Guaranteed Notes, 5.800% due 4/15/34(e)			198,089
		355,000	Bacardi Ltd./Bacardi-Martini BV, Senior Unsecured Notes, 5.400% due 6/15/33(e)			349,188

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
			BAT Capital Corp., Company Guaranteed Notes:
	$	245,000	5.834% due 2/20/31		$	244,153
		260,000	4.540% due 8/15/47			195,006
		170,000	Bausch + Lomb Corp., Senior Secured Notes, 8.375% due 10/1/28(e)			177,650
		45,000	Bausch Health Americas Inc., Company Guaranteed Notes, 8.500% due 1/31/27(e)			25,606
			Bausch Health Cos., Inc.:
		30,000	Company Guaranteed Notes, 5.250% due 1/30/30(e)			12,941
		110,000	Senior Secured Notes, 4.875% due 6/1/28(e)			62,670
		245,000	Bayer US Finance LLC, Company Guaranteed Notes, 6.375% due 11/21/30(e)			246,860
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
		295,000	5.200% due 2/22/34			297,397
		85,000	5.500% due 2/22/44			86,022
		550,000	5.550% due 2/22/54			556,520
			Cargill Inc., Senior Unsecured Notes:
		660,000	2.125% due 11/10/31(e)			536,710
		80,000	4.000% due 6/22/32(e)			73,839
		320,000	4.750% due 4/24/33(e)			310,402
		30,000	Catalent Pharma Solutions Inc., Company Guaranteed Notes, 3.500% due 4/1/30(e)			28,895
		450,000	Centene Corp., Senior Unsecured Notes, 3.000% due 10/15/30			384,466
			CHS/Community Health Systems Inc., Senior Secured Notes:
		70,000	6.000% due 1/15/29(e)			60,200
		85,000	4.750% due 2/15/31(e)			64,682
		775,000	Cigna Group, Senior Unsecured Notes, 5.000% due 5/15/29			769,746
		325,000	CommonSpirit Health, Senior Secured Notes, 2.760% due 10/1/24			319,453
			Conagra Brands Inc., Senior Unsecured Notes:
		600,000	5.300% due 10/1/26			600,142
		845,000	4.850% due 11/1/28			830,090
		95,000	Coty Inc., Senior Secured Notes, 5.000% due 4/15/26(e)			93,100
		170,000	Coty Inc./HFC Prestige Products Inc./HFC Prestige International US LLC, Senior Secured Notes, 6.625% due 7/15/30(e)			172,762
			CSL Finance PLC, Company Guaranteed Notes:
		210,000	4.050% due 4/27/29(e)			200,429
		185,000	4.250% due 4/27/32(e)			174,693
			CVS Health Corp., Senior Unsecured Notes:
		210,000	5.300% due 6/1/33			208,486
		947,000	4.780% due 3/25/38			860,549

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	145,000	4.125% due 4/1/40		$	119,286
		450,000	2.700% due 8/21/40			307,685
		295,000	5.875% due 6/1/53			294,032
		420,000	Elevance Health Inc., Senior Unsecured Notes, 5.125% due 2/15/53			396,827
		20,000	Encompass Health Corp., Company Guaranteed Notes, 4.750% due 2/1/30			18,554
		105,000	ERAC USA Finance LLC, Company Guaranteed Notes, 5.000% due 2/15/29(e)			104,341
		171,860	Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35			160,045
		150,000	Fortrea Holdings Inc., Senior Secured Notes, 7.500% due 7/1/30(e)			153,375
		400,000	Frigorifico Concepcion SA, Senior Secured Notes, 7.700% due 7/21/28			347,000
			Garda World Security Corp.:
		115,000	Senior Secured Notes, 4.625% due 2/15/27(e)			109,843
		85,000	Senior Unsecured Notes, 6.000% due 6/1/29(e)			74,390
		150,000	General Mills Inc., Senior Unsecured Notes, 4.950% due 3/29/33			147,258
			Gilead Sciences Inc., Senior Unsecured Notes:
		555,000	1.650% due 10/1/30			453,162
		490,000	5.250% due 10/15/33			495,710
		240,000	Grifols SA, Senior Unsecured Notes, 4.750% due 10/15/28(e)			199,872
		305,000	Haleon US Capital LLC, Company Guaranteed Notes, 3.375% due 3/24/27			289,705
			HCA Inc., Company Guaranteed Notes:
		65,000	5.450% due 4/1/31			64,693
		450,000	5.600% due 4/1/34			448,021
		210,000	5.125% due 6/15/39			195,150
		215,000	5.250% due 6/15/49			193,597
		80,000	H-Food Holdings LLC/Hearthside Finance Co., Inc., Senior Unsecured Notes, 8.500% due 6/1/26(e)			3,200
			Humana Inc., Senior Unsecured Notes:
		95,000	5.750% due 12/1/28			97,023
		180,000	5.875% due 3/1/33			185,023
		140,000	IQVIA Inc., Senior Secured Notes, 6.250% due 2/1/29			144,042
			Kaiser Foundation Hospitals, Unsecured Notes:
		90,000	2.810% due 6/1/41			65,736
		330,000	3.002% due 6/1/51			226,200
		4,167,000	Kraft Heinz Foods Co., Company Guaranteed Notes, 4.625% due 10/1/39			3,763,196
		90,000	Kronos Acquisition Holdings Inc./KIK Custom Products Inc., Senior Secured Notes, 5.000% due 12/31/26(e)			86,512
		115,000	Legacy LifePoint Health LLC, Senior Secured Notes, 4.375% due 2/15/27(e)			106,676
		75,000	Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer Inc., Senior Secured Notes, 5.000% due 2/1/26(e)			74,553

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	40,000	LifePoint Health Inc., Company Guaranteed Notes, 5.375% due 1/15/29(e)		$	31,891
		200,000	MARB BondCo PLC, Company Guaranteed Notes, 3.950% due 1/29/31			162,229
		105,000	Mavis Tire Express Services Topco Corp., Senior Unsecured Notes, 6.500% due 5/15/29(e)			98,484
		450,000	McKesson Corp., Senior Unsecured Notes, 5.100% due 7/15/33			448,547
		130,000	Medline Borrower LP, Senior Unsecured Notes, 5.250% due 10/1/29(e)			120,248
		145,000	Merck & Co., Inc., Senior Unsecured Notes, 4.500% due 5/17/33			141,008
		200,000	Minerva Luxembourg SA, Company Guaranteed Notes, 4.375% due 3/18/31			165,461
		145,000	ModivCare Escrow Issuer Inc., Senior Unsecured Notes, 5.000% due 10/1/29(e)			106,937
		895,000	Mondelez International Inc., Senior Unsecured Notes, 1.500% due 2/4/31			712,156
		140,000	Owens & Minor Inc., Company Guaranteed Notes, 6.625% due 4/1/30(e)			135,280
		20,000	PECF USS Intermediate Holding III Corp., Senior Unsecured Notes, 8.000% due 11/15/29(e)			8,729
		80,000	Performance Food Group Inc., Company Guaranteed Notes, 4.250% due 8/1/29(e)			72,604
		200,000	Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes, 5.300% due 5/19/53			195,639
			Philip Morris International Inc., Senior Unsecured Notes:
		150,000	5.125% due 11/17/27			150,254
		195,000	4.875% due 2/15/28			193,926
		755,000	5.125% due 2/15/30			751,346
		270,000	5.125% due 2/13/31			265,924
		455,000	5.375% due 2/15/33			452,821
		435,000	5.625% due 9/7/33			439,645
		199,000	5.250% due 2/13/34			194,423
		45,000	Post Holdings Inc., Company Guaranteed Notes, 5.500% due 12/15/29(e)			43,057
		60,000	Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes, 6.250% due 1/15/28(e)			59,201
		70,000	Primo Water Holdings Inc., Company Guaranteed Notes, 4.375% due 4/30/29(e)			63,507
		488,000	Quanta Services Inc., Senior Unsecured Notes, 2.350% due 1/15/32			390,864
			Radiology Partners Inc.:
		26,291	Secured Notes, 9.781% due 2/15/30(d)(e)(k)			23,399
		35,856	Senior Secured Notes, 8.500% due 1/31/29(d)(e)(k)			34,467
		55,000	RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., Company Guaranteed Notes, 9.750% due 12/1/26(e)			54,984
			Royalty Pharma PLC, Company Guaranteed Notes:
		1,030,000	2.200% due 9/2/30			847,893
		5,000	2.150% due 9/2/31			3,991

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	346,667	Rutas 2 & 7 Finance Ltd., Senior Secured Notes, zero coupon, due 9/30/36		$	233,567
		110,000	Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(e)			109,723
		409,000	Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(e)			391,346
		500,000	Solventum Corp., Company Guaranteed Notes, 5.400% due 3/1/29(e)			499,224
		130,000	Spectrum Brands Inc., Company Guaranteed Notes, 5.000% due 10/1/29(e)			126,100
		55,000	Sutter Health, Unsecured Notes, 3.361% due 8/15/50			40,350
			Sysco Corp., Company Guaranteed Notes:
		207,000	3.250% due 7/15/27			195,329
		265,000	5.750% due 1/17/29			271,116
			Tenet Healthcare Corp.:
		90,000	Company Guaranteed Notes, 6.125% due 10/1/28			88,987
		100,000	Secured Notes, 6.250% due 2/1/27			99,763
		120,000	Senior Secured Notes, 6.125% due 6/15/30			118,843
		468,000	Triton Container International Ltd./TAL International Container Corp., Company Guaranteed Notes, 3.250% due 3/15/32			371,542
		75,000	Triton Water Holdings Inc., Senior Unsecured Notes, 6.250% due 4/1/29(e)			65,474
			Tyson Foods Inc., Senior Unsecured Notes:
		65,000	5.400% due 3/15/29(j)			64,993
		225,000	5.700% due 3/15/34(j)			224,709
		80,000	United Natural Foods Inc., Company Guaranteed Notes, 6.750% due 10/15/28(e)			66,618
			UnitedHealth Group Inc., Senior Unsecured Notes:
		135,000	4.000% due 5/15/29			129,857
		290,000	4.200% due 5/15/32			273,286
		310,000	3.500% due 8/15/39			250,381
		85,000	4.950% due 5/15/62			78,573
		145,000	6.050% due 2/15/63			157,031
		45,000	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(e)			43,070
		120,000	US Foods Inc., Company Guaranteed Notes, 7.250% due 1/15/32(e)			123,887
		120,000	Viatris Inc., Company Guaranteed Notes, 1.650% due 6/22/25			113,888
		70,000	VT Topco Inc., Senior Secured Notes, 8.500% due 8/15/30(e)			73,006
		80,000	Wand NewCo 3 Inc., Senior Secured Notes, 7.625% due 1/30/32(e)			82,200
		55,000	WASH Multifamily Acquisition Inc., Senior Secured Notes, 5.750% due 4/15/26(e)			53,350
			Total Consumer Non-cyclical			34,493,892

See Notes to Financial Statements.

205

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – 2.3%
	$	250,000	Adaro Indonesia PT, Company Guaranteed Notes, 4.250% due 10/31/24		$	245,014
		65,000	Aethon United BR LP/Aethon United Finance Corp., Senior Unsecured Notes, 8.250% due 2/15/26(e)			65,269
			AI Candelaria Spain SA, Senior Secured Notes:
		206,250	7.500% due 12/15/28			198,041
		250,000	5.750% due 6/15/33(e)			198,250
			Aker BP ASA, Senior Unsecured Notes:
		150,000	3.750% due 1/15/30(e)			135,941
		300,000	4.000% due 1/15/31(e)			271,041
		145,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 3/1/27(e)			141,873
		70,000	Antero Resources Corp., Company Guaranteed Notes, 5.375% due 3/1/30(e)			66,710
		500,000	BG Energy Capital PLC, Company Guaranteed Notes, 5.125% due 10/15/41(e)			465,527
		55,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.625% due 12/15/25(e)			55,482
			BP Capital Markets America Inc., Company Guaranteed Notes:
		260,000	2.721% due 1/12/32			220,617
		3,005,000	4.812% due 2/13/33			2,931,635
		3,443,000	4.893% due 9/11/33			3,376,661
		70,000	2.939% due 6/4/51			45,841
		140,000	3.379% due 2/8/61			94,287
		95,000	Callon Petroleum Co., Company Guaranteed Notes, 7.500% due 6/15/30(e)			100,081
		200,000	Canacol Energy Ltd., Company Guaranteed Notes, 5.750% due 11/24/28			136,020
		145,000	Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.950% due 7/15/30			125,968
		70,000	Cenovus Energy Inc., Senior Unsecured Notes, 2.650% due 1/15/32			57,227
		407,000	Cheniere Energy Inc., Senior Unsecured Notes, 4.625% due 10/15/28			390,671
		250,000	Cheniere Energy Partners LP, Company Guaranteed Notes, 4.500% due 10/1/29			234,166
		55,000	Chesapeake Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(e)			54,406
		130,000	Chord Energy Corp., Company Guaranteed Notes, 6.375% due 6/1/26(e)			130,162
		150,000	Civitas Resources Inc., Company Guaranteed Notes, 8.375% due 7/1/28(e)			156,964
		125,000	CNX Midstream Partners LP, Company Guaranteed Notes, 4.750% due 4/15/30(e)			109,357
		115,000	CNX Resources Corp., Company Guaranteed Notes, 6.000% due 1/15/29(e)			110,531
			Columbia Pipelines Holding Co. LLC, Senior Unsecured Notes:
		215,000	6.042% due 8/15/28(e)			218,969
		210,000	5.681% due 1/15/34(e)			205,956

See Notes to Financial Statements.

206

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
			Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes:
	$	565,000	5.927% due 8/15/30(e)		$	575,511
		355,000	6.036% due 11/15/33(e)			364,515
		195,000	6.544% due 11/15/53(e)			207,728
			ConocoPhillips Co., Company Guaranteed Notes:
		410,000	5.050% due 9/15/33			408,730
		336,000	3.800% due 3/15/52			257,567
		215,000	5.700% due 9/15/63			219,618
		300,000	Cosan Overseas Ltd., Company Guaranteed Notes, 8.250%(i)			303,000
		250,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, Senior Secured Notes, 5.500% due 6/15/31(e)			232,913
		100,000	CSI Compressco LP/CSI Compressco Finance Inc., Senior Secured Notes, 7.500% due 4/1/25(e)			100,100
		335,000	Diamondback Energy Inc., Company Guaranteed Notes, 6.250% due 3/15/33			352,191
		550,000	Ecopetrol SA, Senior Unsecured Notes, 5.875% due 11/2/51			389,240
			Enbridge Inc., Company Guaranteed Notes:
		250,000	6.000% due 11/15/28			258,903
		935,000	5.700% due 3/8/33			945,549
		170,000	2.500% due 8/1/33			134,368
			Energy Transfer LP:
			Senior Unsecured Notes:
		198,000	4.750% due 1/15/26			195,710
		1,115,000	6.400% due 12/1/30			1,169,998
		165,000	5.550% due 5/15/34			163,251
		3,354,000	4.900% due 3/15/35			3,127,338
		1,683,000	5.950% due 10/1/43			1,636,556
		225,000	Company Guaranteed Notes, 5.000% due 5/15/44			195,221
		85,000	EQM Midstream Partners LP, Senior Unsecured Notes, 4.750% due 1/15/31(e)			79,043
		340,000	Equinor ASA, Company Guaranteed Notes, 3.700% due 4/6/50			265,547
		335,923	Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes, 2.940% due 9/30/40(e)			267,467
		200,000	Geopark Ltd., Company Guaranteed Notes, 5.500% due 1/17/27			181,244
		200,000	Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes, 6.250% due 2/15/25			185,044
			Greensaif Pipelines Bidco SARL, Senior Secured Notes:
		780,000	6.129% due 2/23/38(e)			792,186
		200,000	6.510% due 2/23/42(e)			206,123
		171,358	Guara Norte SARL, Senior Secured Notes, 5.198% due 6/15/34			154,436

See Notes to Financial Statements.

207

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
			Gulfport Energy Corp., Company Guaranteed Notes:
	$	158	8.000% due 5/17/26		$	161
		56,206	8.000% due 5/17/26(e)			57,199
		170,000	Halliburton Co., Senior Unsecured Notes, 4.850% due 11/15/35			163,494
			Hess Corp., Senior Unsecured Notes:
		430,000	7.300% due 8/15/31			483,708
		268,000	7.125% due 3/15/33			300,554
		80,000	Hess Midstream Operations LP, Company Guaranteed Notes, 5.500% due 10/15/30(e)			76,880
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
		150,000	6.250% due 11/1/28(e)			148,902
		30,000	8.375% due 11/1/33(e)			32,227
		402,000	Kinder Morgan Inc., Company Guaranteed Notes, 5.200% due 6/1/33			391,380
		125,000	Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29(e)			127,259
			MPLX LP, Senior Unsecured Notes:
		168,000	1.750% due 3/1/26			156,729
		210,000	4.000% due 3/15/28			201,348
		350,000	2.650% due 8/15/30			297,998
		60,000	4.950% due 3/14/52			51,494
		85,000	Nabors Industries Inc., Company Guaranteed Notes, 9.125% due 1/31/30(e)			87,125
		45,000	Nabors Industries Ltd., Company Guaranteed Notes, 7.250% due 1/15/26(e)			44,325
		95,000	NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.125% due 2/15/29(e)			95,896
		45,000	NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed Notes, 7.500% due 4/15/26			45,043
		135,000	NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26			133,454
			Occidental Petroleum Corp., Senior Unsecured Notes:
		4,720,000	7.150% due 5/15/28			4,930,128
		551,000	6.625% due 9/1/30			579,872
		128,000	6.125% due 1/1/31			131,295
			ONEOK Inc., Company Guaranteed Notes:
		270,000	4.350% due 3/15/29			259,910
		290,000	3.100% due 3/15/30			257,230
		235,000	6.100% due 11/15/32			243,634
		181,000	6.625% due 9/1/53			194,508
		140,000	Ovintiv Inc., Company Guaranteed Notes, 7.375% due 11/1/31			152,574
		70,000	Parkland Corp., Company Guaranteed Notes, 4.625% due 5/1/30(e)			63,942
		60,000	PBF Holding Co. LLC/PBF Finance Corp., Company Guaranteed Notes, 6.000% due 2/15/28			58,350

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
	$	140,000	Permian Resources Operating LLC, Company Guaranteed Notes, 7.000% due 1/15/32(e)		$	143,749
			Petroleos del Peru SA, Senior Unsecured Notes:
		200,000	4.750% due 6/19/32			156,437
		200,000	5.625% due 6/19/47			136,130
		250,000	Petroleos Mexicanos, Company Guaranteed Notes, 6.750% due 9/21/47			158,883
			Phillips 66 Co., Company Guaranteed Notes:
		600,000	5.300% due 6/30/33			595,027
		455,000	5.650% due 6/15/54			450,467
		105,000	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 3.550% due 12/15/29@			95,264
		256,000	Sabine Pass Liquefaction LLC, Senior Secured Notes, 5.000% due 3/15/27			254,094
			Shell International Finance BV, Company Guaranteed Notes:
		450,000	3.250% due 4/6/50			320,188
		365,000	3.000% due 11/26/51			245,347
		65,000	Sitio Royalties Operating Partnership LP/Sitio Finance Corp., Senior Unsecured Notes, 7.875% due 11/1/28(e)			66,437
		65,000	Southwestern Energy Co., Company Guaranteed Notes, 4.750% due 2/1/32			59,042
		105,000	SunCoke Energy Inc., Senior Secured Notes, 4.875% due 6/30/29(e)			94,238
			Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes:
		55,000	6.000% due 4/15/27			54,797
		55,000	4.500% due 5/15/29			50,806
		65,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Unsecured Notes, 7.375% due 2/15/29(e)			64,854
			Targa Resources Corp., Company Guaranteed Notes:
		170,000	6.150% due 3/1/29			175,217
		130,000	6.125% due 3/15/33			133,842
		755,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes, 4.000% due 1/15/32			673,728
		6,275,000	Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30(e)			5,451,676
		155,000	Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 3.250% due 5/15/30@			139,422
		60,000	Transocean Inc., Company Guaranteed Notes, 8.000% due 2/1/27(e)			58,571
		77,625	Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(e)			77,361
		308,149	UEP Penonome II SA, Senior Secured Notes, 6.500% due 10/1/38(e)			236,632
			Venture Global LNG Inc., Senior Secured Notes:
		95,000	8.125% due 6/1/28(e)			96,511
		65,000	8.375% due 6/1/31(e)			65,745
		65,000	9.875% due 2/1/32(e)			68,437

See Notes to Financial Statements.

209

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
			Weatherford International Ltd.:
	$	110,000	Company Guaranteed Notes, 8.625% due 4/30/30(e)		$	114,043
		46,000	Senior Secured Notes, 6.500% due 9/15/28(e)			46,914
			Williams Cos., Inc., Senior Unsecured Notes:
		310,000	4.900% due 3/15/29			305,847
		475,000	2.600% due 3/15/31			400,534
		65,000	4.650% due 8/15/32			61,837
		325,000	5.650% due 3/15/33			330,478
		200,000	5.150% due 3/15/34			195,273
			Total Energy			45,256,211
Financial – 8.6%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
		1,097,000	1.650% due 10/29/24			1,067,342
		2,794,000	6.450% due 4/15/27(e)			2,859,827
		319,000	Air Lease Corp., Senior Unsecured Notes, 3.250% due 3/1/25			311,436
		303,000	Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 5.250% due 5/15/36			290,866
		100,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Unsecured Notes, 6.750% due 10/15/27(e)			97,152
			American Express Co., Senior Unsecured Notes:
		378,000	3.950% due 8/1/25			371,367
		285,000	6.338% (SOFRRATE + 1.330%) due 10/30/26(b)			289,337
		325,000	American Homes 4 Rent LP, Senior Unsecured Notes, 5.500% due 2/1/34			318,723
			American Tower Corp., Senior Unsecured Notes:
		320,000	3.650% due 3/15/27			305,837
		249,000	3.600% due 1/15/28			234,694
		1,680,000	3.950% due 3/15/29			1,576,752
		315,000	3.800% due 8/15/29			291,508
		2,618,000	2.100% due 6/15/30			2,154,313
		100,000	AmWINS Group Inc., Senior Unsecured Notes, 4.875% due 6/30/29(e)			92,230
		290,000	Aon Corp., Company Guaranteed Notes, 2.800% due 5/15/30			252,117
		145,000	Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 5.350% due 2/28/33			144,620
		605,000	Aon North America Inc., Company Guaranteed Notes, 5.450% due 3/1/34(j)			605,383
		203,000	Ares Capital Corp., Senior Unsecured Notes, 3.250% due 7/15/25			194,985
		85,000	AssuredPartners Inc., Senior Unsecured Notes, 5.625% due 1/15/29(e)			78,185
		800,000	Athene Global Funding, Secured Notes, 2.646% due 10/4/31(e)			644,868

See Notes to Financial Statements.

210

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			Athene Holding Ltd., Senior Unsecured Notes:
	$	370,000	5.875% due 1/15/34		$	367,053
		530,000	3.950% due 5/25/51			386,657
		396,000	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 5.750% due 3/1/29(e)			390,287
		200,000	Banco Davivienda SA, Junior Subordinated Notes, 6.650% (5-Year CMT Index + 5.097%)(b)(e)(i)			130,250
		150,000	Banco de Credito del Peru SA, Subordinated Notes, 3.250% (5-Year CMT Index + 2.450%) due 9/30/31(b)			138,326
		400,000	Banco do Brasil SA, Junior Subordinated Notes, 6.250% (5-Year CMT Index + 4.398%)(b)(i)			400,860
		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(b)(e)			191,800
		150,000	Banco Industrial SA, Subordinated Notes, 4.875% (5-Year CMT Index + 4.442%) due 1/29/31(b)(g)			143,930
		300,000	Banco Internacional del Peru SAA Interbank, Subordinated Notes, 4.000% (5-Year CMT Index + 3.711%) due 7/8/30(b)			287,416
		400,000	Banco Mercantil del Norte SA, Junior Subordinated Notes, 7.625% (5-Year CMT Index + 5.353%)(b)(i)			391,000
		400,000	Bancolombia SA, Subordinated Notes, 4.625% (5-Year CMT Index + 2.944%) due 12/18/29(b)			374,954
			Bank of America Corp.:
			Senior Unsecured Notes:
		78,000	3.841% (SOFRRATE + 1.110%) due 4/25/25(b)			77,762
		118,000	4.827% (SOFRRATE + 1.750%) due 7/22/26(b)			117,008
		290,000	5.933% (SOFRRATE + 1.340%) due 9/15/27(b)			293,880
		710,000	5.202% (SOFRRATE + 1.630%) due 4/25/29(b)			706,154
		725,000	3.974% (3-Month TSFR + 1.472%) due 2/7/30(b)			681,490
		1,025,000	2.592% (SOFRRATE + 2.150%) due 4/29/31(b)			876,055
		375,000	1.898% (SOFRRATE + 1.530%) due 7/23/31(b)			304,354
		7,245,000	1.922% (SOFRRATE + 1.370%) due 10/24/31(b)			5,846,192
		4,120,000	2.687% (SOFRRATE + 1.320%) due 4/22/32(b)			3,450,200
		240,000	2.572% (SOFRRATE + 1.210%) due 10/20/32(b)			196,704
		750,000	2.972% (SOFRRATE + 1.330%) due 2/4/33(b)			629,930
		405,000	5.468% (SOFRRATE + 1.650%) due 1/23/35(b)			403,828
		739,000	Subordinated Notes, 2.482% (5-Year CMT Index + 1.200%) due 9/21/36(b)			582,597
		480,000	Bank of Montreal, Subordinated Notes, 3.088% (5-Year CMT Index + 1.400%) due 1/10/37(b)			388,573
		820,000	Bank of New York Mellon Corp., Senior Unsecured Notes, 6.317% (SOFRRATE + 1.598%) due 10/25/29(b)			859,754

See Notes to Financial Statements.

211

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			Barclays PLC, Senior Unsecured Notes:
	$	5,000,000	4.375% due 1/12/26		$	4,898,214
		300,000	7.385% (1-Year CMT Index + 3.300%) due 11/2/28(b)			317,151
		215,000	6.490% (SOFRRATE + 2.220%) due 9/13/29(b)			221,619
		400,000	BBVA Bancomer SA, Subordinated Notes, 5.875% (5-Year CMT Index + 4.308%) due 9/13/34(b)			369,790
		604,000	Blackstone Holdings Finance Co. LLC, Company Guaranteed Notes, 2.000% due 1/30/32(e)			468,604
			BNP Paribas SA:
		245,000	Senior Preferred Notes, 5.335% (1-Year CMT Index + 1.500%) due 6/12/29(b)(e)			244,887
		680,000	Senior Unsecured Notes, 5.894% (SOFRRATE + 1.866%) due 12/5/34(b)(e)			694,994
			Boston Properties LP, Senior Unsecured Notes:
		3,000,000	3.400% due 6/21/29			2,647,551
		2,975,000	3.250% due 1/30/31			2,506,715
			BPCE SA, Senior Non-Preferred Notes:
		520,000	2.045% (SOFRRATE + 1.087%) due 10/19/27(b)(e)			471,919
		865,000	6.714% (SOFRRATE + 2.270%) due 10/19/29(b)(e)			897,995
		350,000	5.716% (1-Year CMT Index + 1.959%) due 1/18/30(b)(e)			348,514
		910,000	7.003% (SOFRRATE + 2.590%) due 10/19/34(b)(e)			971,008
			Brighthouse Financial Global Funding, Senior Secured Notes:
		138,000	1.000% due 4/12/24(e)			137,240
		650,000	1.750% due 1/13/25(e)			626,747
		334,000	Brown & Brown Inc., Senior Unsecured Notes, 2.375% due 3/15/31			273,449
			Capital One Financial Corp., Senior Unsecured Notes:
		85,000	1.878% (SOFRRATE + 0.855%) due 11/2/27(b)			77,150
		100,000	5.468% (SOFRRATE + 2.080%) due 2/1/29(b)			99,447
		385,000	6.312% (SOFRRATE + 2.640%) due 6/8/29(b)			394,099
		750,000	3.273% (SOFRRATE + 1.790%) due 3/1/30(b)			668,502
		75,000	5.247% (SOFRRATE + 2.600%) due 7/26/30(b)			73,134
		735,000	7.624% (SOFRRATE + 3.070%) due 10/30/31(b)			804,342
			Citigroup Inc., Senior Unsecured Notes:
		823,000	3.668% (3-Month TSFR + 1.652%) due 7/24/28(b)			780,363
		6,930,000	2.520% (SOFRRATE + 1.177%) due 11/3/32(b)			5,625,005
		925,000	Citigroup, Inc., Senior Unsecured Notes, 5.174% (SOFRRATE + 1.364%) due 2/13/30(b)			915,552
		448,000	Citizens Financial Group Inc., Senior Unsecured Notes, 5.841% (SOFRRATE + 2.010%) due 1/23/30(b)			442,636

See Notes to Financial Statements.

212

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			Corebridge Financial Inc., Senior Unsecured Notes:
	$	440,000	3.850% due 4/5/29		$	408,034
		110,000	6.050% due 9/15/33(e)			112,302
		350,000	5.750% due 1/15/34			348,949
		295,000	Credit Agricole SA, Senior Non-Preferred Notes, 6.316% (SOFRRATE + 1.860%) due 10/3/29(b)(e)			304,034
			Crown Castle Inc., Senior Unsecured Notes:
		265,000	3.800% due 2/15/28			249,578
		695,000	4.800% due 9/1/28			678,398
		571,000	4.300% due 2/15/29			542,187
		480,000	5.600% due 6/1/29			482,658
		245,000	3.100% due 11/15/29			216,753
		3,410,000	2.100% due 4/1/31			2,737,608
		200,000	Danske Bank AS, Senior Non-Preferred Notes, 5.705% (1-Year CMT Index + 1.400%) due 3/1/30(b)(e)(j)			200,425
			Deutsche Bank AG:
			Senior Non-Preferred Notes:
		285,000	6.720% (SOFRRATE + 3.180%) due 1/18/29(b)			292,805
		150,000	6.819% (SOFRRATE + 2.510%) due 11/20/29(b)			155,121
		200,000	Subordinated Notes, 3.742% (SOFRRATE + 2.257%) due 1/7/33(b)			160,733
		135,000	Discover Financial Services, Senior Unsecured Notes, 7.964% (SOFRRATE + 3.370%) due 11/2/34(b)			151,210
			Equinix Inc., Senior Unsecured Notes:
		215,000	3.900% due 4/15/32			195,064
		375,000	2.950% due 9/15/51			238,197
		1,110,000	Equitable Financial Life Global Funding, Secured Notes, 1.800% due 3/8/28(e)			972,812
		80,000	Equitable Holdings Inc., Senior Unsecured Notes, 4.350% due 4/20/28			77,031
		199,000	Extra Space Storage LP, Company Guaranteed Notes, 5.400% due 2/1/34			195,070
		80,000	Fifth Third Bancorp, Senior Unsecured Notes, 5.631% (SOFRRATE + 1.840%) due 1/29/32(b)			79,284
		6,134,000	Five Corners Funding Trust II, Senior Unsecured Notes, 2.850% due 5/15/30(e)			5,317,100
		216,982	Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% due 9/15/24(e)(k)			206,133
		345,000	GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due 1/15/29			334,721
			Goldman Sachs Group Inc., Senior Unsecured Notes:
		775,000	6.739% (3-Month TSFR + 1.432%) due 5/15/26(b)			780,757
		125,000	4.482% (SOFRRATE + 1.725%) due 8/23/28(b)			121,878
		300,000	1.992% (SOFRRATE + 1.090%) due 1/27/32(b)			240,551

See Notes to Financial Statements.

213

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	1,255,000	2.615% (SOFRRATE + 1.281%) due 4/22/32(b)		$	1,043,508
		645,000	2.383% (SOFRRATE + 1.248%) due 7/21/32(b)			524,891
		480,000	Guardian Life Global Funding, Secured Notes, 1.250% due 5/13/26(e)			439,778
		65,000	Hightower Holding LLC, Company Guaranteed Notes, 6.750% due 4/15/29(e)			61,001
		443,000	Host Hotels & Resorts LP, Senior Unsecured Notes, 3.500% due 9/15/30			390,645
			HSBC Holdings PLC:
			Senior Unsecured Notes:
		440,000	5.887% (SOFRRATE + 1.570%) due 8/14/27(b)			442,919
		310,000	5.210% (SOFRRATE + 2.610%) due 8/11/28(b)			306,994
		210,000	6.161% (SOFRRATE + 1.970%) due 3/9/29(b)			214,560
		350,000	4.583% (3-Month TSFR + 1.796%) due 6/19/29(b)			336,720
		620,000	2.206% (SOFRRATE + 1.285%) due 8/17/29(b)			538,279
		690,000	5.402% (SOFRRATE + 2.870%) due 8/11/33(b)			678,040
			Subordinated Notes:
		395,000	6.547% (SOFRRATE + 2.980%) due 6/20/34(b)			404,284
		580,000	7.399% (SOFRRATE + 3.020%) due 11/13/34(b)			621,830
		65,000	HUB International Ltd., Senior Secured Notes, 7.250% due 6/15/30(e)			66,307
		120,000	Huntington Bancshares Inc., Senior Unsecured Notes, 6.208% (SOFRRATE + 2.020%) due 8/21/29(b)			122,023
		500,000	Huntington National Bank, Senior Unsecured Notes, 5.650% due 1/10/30			498,374
			Intesa Sanpaolo SpA, Senior Preferred Notes:
		530,000	6.625% due 6/20/33(e)			535,814
		440,000	7.800% due 11/28/53(e)			475,347
			Iron Mountain Inc., Company Guaranteed Notes:
		155,000	7.000% due 2/15/29(e)			157,337
		80,000	4.500% due 2/15/31(e)			70,795
		200,000	Itau Unibanco Holding SA, Junior Subordinated Notes, 4.625% (5-Year CMT Index + 3.222%)(b)(i)			185,447
			JPMorgan Chase & Co., Senior Unsecured Notes:
		310,000	3.960% (3-Month TSFR + 1.507%) due 1/29/27(b)			302,651
		375,000	6.070% (SOFRRATE + 1.330%) due 10/22/27(b)			382,208
		197,000	4.851% (SOFRRATE + 1.990%) due 7/25/28(b)			194,817
		730,000	3.509% (3-Month TSFR + 1.207%) due 1/23/29(b)			687,576
		605,000	5.299% (SOFRRATE + 1.450%) due 7/24/29(b)			606,543
		746,000	2.580% (3-Month TSFR + 1.250%) due 4/22/32(b)			624,182
		5,350,000	2.545% (SOFRRATE + 1.180%) due 11/8/32(b)			4,405,388
		461,000	2.963% (SOFRRATE + 1.260%) due 1/25/33(b)			389,357
		3,735,000	5.336% (SOFRRATE + 1.620%) due 1/23/35(b)			3,714,938
		1,324,000	KeyBank NA, Senior Unsecured Notes, 5.000% due 1/26/33			1,208,650

See Notes to Financial Statements.

214

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	90,000	LFS Topco LLC, Company Guaranteed Notes, 5.875% due 10/15/26(e)		$	83,197
			M&T Bank Corp., Senior Unsecured Notes:
		540,000	7.413% (SOFRRATE + 2.800%) due 10/30/29(b)			565,854
		715,000	5.053% (SOFRRATE + 1.850%) due 1/27/34(b)			656,415
		523,000	Macquarie Group Ltd., Senior Unsecured Notes, 2.871% (SOFRRATE + 1.532%) due 1/14/33(b)(e)			430,346
		1,015,000	Manufacturers & Traders Trust Co., Senior Unsecured Notes, 4.700% due 1/27/28			976,476
		235,000	Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 4.750% due 3/15/39			222,480
		444,000	Massachusetts Mutual Life Insurance Co., Subordinated Notes, 3.375% due 4/15/50(e)			304,608
			MetLife Inc., Senior Unsecured Notes:
		330,000	5.375% due 7/15/33			331,359
		405,000	5.250% due 1/15/54			391,285
		1,070,000	Metropolitan Life Global Funding I, Secured Notes, 2.400% due 1/11/32(e)			871,111
			Morgan Stanley:
			Senior Unsecured Notes:
		7,000,000	3.772% (3-Month TSFR + 1.402%) due 1/24/29(b)			6,618,567
		155,000	5.164% (SOFRRATE + 1.590%) due 4/20/29(b)			154,114
		180,000	5.449% (SOFRRATE + 1.630%) due 7/20/29(b)			180,685
		465,000	6.407% (SOFRRATE + 1.830%) due 11/1/29(b)			485,390
		3,135,000	2.699% (SOFRRATE + 1.143%) due 1/22/31(b)			2,715,686
		485,000	1.928% (SOFRRATE + 1.020%) due 4/28/32(b)			384,514
		185,000	2.511% (SOFRRATE + 1.200%) due 10/20/32(b)			151,484
		993,000	Subordinated Notes, 2.484% (SOFRRATE + 1.360%) due 9/16/36(b)			778,319
		145,000	Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 5.750% due 11/15/31(e)			132,850
		100,000	Navient Corp., Senior Unsecured Notes, 5.000% due 3/15/27			94,798
			OneMain Finance Corp., Company Guaranteed Notes:
		115,000	7.125% due 3/15/26			116,868
		90,000	5.375% due 11/15/29			83,514
		2,420,000	Ontario Teachers’ Cadillac Fairview Properties Trust, Senior Unsecured Notes, 2.500% due 10/15/31(e)			1,919,156
		200,000	Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 1.832% (5-Year CMT Index + 1.580%) due 9/10/30(b)			188,434
		95,000	Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, Senior Secured Notes, 4.875% due 5/15/29(e)			87,281
			PennyMac Financial Services Inc., Company Guaranteed Notes:
		45,000	4.250% due 2/15/29(e)			40,571
		80,000	7.875% due 12/15/29(e)			81,889

See Notes to Financial Statements.

215

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			PNC Financial Services Group Inc., Senior Unsecured Notes:
	$	335,000	5.300% (SOFRRATE + 1.342%) due 1/21/28(b)		$	334,582
		245,000	5.676% (SOFRRATE + 1.902%) due 1/22/35(b)			245,706
		425,000	Principal Financial Group Inc., Company Guaranteed Notes, 5.375% due 3/15/33			428,129
		360,000	Principal Life Global Funding II, Senior Secured Notes, 5.100% due 1/25/29(e)			357,115
		95,000	Prologis Targeted US Logistics Fund LP, Company Guaranteed Notes, 5.250% due 4/1/29(e)(g)			94,503
		230,000	Protective Life Global Funding, Secured Notes, 5.467% due 12/8/28(e)			232,681
		65,000	Realogy Group LLC/Realogy Co.-Issuer Corp., Company Guaranteed Notes, 5.250% due 4/15/30(e)			45,528
		200,000	Realty Income Corp., Senior Unsecured Notes, 5.050% due 1/13/26			199,139
		99,000	Royal Bank of Canada, Senior Unsecured Notes, 5.150% due 2/1/34			97,487
		2,575,000	SBA Tower Trust, Asset Backed, 1.631% due 11/15/26(e)			2,312,217
		1,905,000	Simon Property Group LP, Senior Unsecured Notes, 2.200% due 2/1/31			1,562,231
			Societe Generale SA:
		605,000	Senior Unsecured Notes, 6.066% (1-Year CMT Index + 2.100%) due 1/19/35(b)(e)			596,126
		1,335,000	Subordinated Notes, 6.221% (1-Year CMT Index + 3.200%) due 6/15/33(b)(e)			1,308,791
			Standard Chartered PLC, Senior Unsecured Notes:
		565,000	7.767% (1-Year CMT Index + 3.450%) due 11/16/28(b)(e)			601,698
		215,000	7.018% (1-Year CMT Index + 2.200%) due 2/8/30(b)(e)			226,033
		239,000	Sun Communities Operating LP, Company Guaranteed Notes, 2.700% due 7/15/31			194,925
			Toronto-Dominion Bank, Senior Unsecured Notes:
		395,000	4.693% due 9/15/27			390,519
		2,638,000	3.200% due 3/10/32			2,300,432
		3,050,000	4.456% due 6/8/32			2,908,168
		3,295,000	Truist Financial Corp., Senior Unsecured Notes, 5.122% (SOFRRATE + 1.852%) due 1/26/34(b)			3,125,531
			UBS Group AG, Senior Unsecured Notes:
		435,000	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(b)(e)			424,268
		260,000	6.442% (SOFRRATE + 3.700%) due 8/11/28(b)(e)			267,218
		330,000	6.246% (1-Year CMT Index + 1.800%) due 9/22/29(b)(e)			338,965
		225,000	5.428% (1-Year CMT Index + 1.520%) due 2/8/30(b)(e)			223,496
		5,305,000	4.194% (SOFRRATE + 3.730%) due 4/1/31(b)(e)			4,879,013
		200,000	2.095% (1-Year CMT Index + 1.000%) due 2/11/32(b)(e)			157,910
		3,600,000	2.746% (1-Year CMT Index + 1.100%) due 2/11/33(b)(e)			2,899,797
		1,420,000	6.537% (SOFRRATE + 3.920%) due 8/12/33(b)(e)			1,480,856

See Notes to Financial Statements.

216

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	5,160,000	UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30		$	4,615,282
		423,000	Unifin Financiera SAB de CV, Junior Subordinated Notes, 8.875% (5-Year CMT Index + 6.308%)(d)(i)(l)			42
		65,000	Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior Secured Notes, 10.500% due 2/15/28(e)			67,281
		6,006,000	US Bancorp, Subordinated Notes, 2.491% (5-Year CMT Index + 0.950%) due 11/3/36(b)			4,641,115
		5,650,000	Ventas Realty LP, Company Guaranteed Notes, 3.850% due 4/1/27			5,383,232
		270,000	VICI Properties LP, Senior Unsecured Notes, 4.950% due 2/15/30			257,045
			Wells Fargo & Co., Senior Unsecured Notes:
		385,000	3.000% due 4/22/26			367,293
		395,000	3.908% (SOFRRATE + 1.320%) due 4/25/26(b)			387,306
		1,130,000	3.526% (SOFRRATE + 1.510%) due 3/24/28(b)			1,071,378
		412,000	3.584% (3-Month TSFR + 1.572%) due 5/22/28(b)			390,560
		610,000	4.808% (SOFRRATE + 1.980%) due 7/25/28(b)			599,064
		395,000	5.574% (SOFRRATE + 1.740%) due 7/25/29(b)			397,587
		395,000	2.879% (3-Month TSFR + 1.432%) due 10/30/30(b)			346,406
		585,000	2.572% (3-Month TSFR + 1.262%) due 2/11/31(b)			498,757
		955,000	3.350% (SOFRRATE + 1.500%) due 3/2/33(b)			819,692
		490,000	4.897% (SOFRRATE + 2.100%) due 7/25/33(b)			468,513
		5,870,000	5.389% (SOFRRATE + 2.020%) due 4/24/34(b)			5,773,376
		280,000	6.491% (SOFRRATE + 2.060%) due 10/23/34(b)			297,783
		295,000	5.499% (SOFRRATE + 1.780%) due 1/23/35(b)			293,052
		230,000	5.013% (3-Month TSFR + 4.502%) due 4/4/51(b)			212,680
			Welltower OP LLC, Company Guaranteed Notes:
		451,000	2.050% due 1/15/29			390,641
		5,725,000	2.750% due 1/15/32			4,762,475
		481,000	Westpac Banking Corp., Subordinated Notes, 3.020% (5-Year CMT Index + 1.530%) due 11/18/36(b)			391,298
		650,000	Willis North America Inc., Company Guaranteed Notes, 2.950% due 9/15/29			578,282
			XHR LP, Senior Secured Notes:
		100,000	6.375% due 8/15/25(e)			100,120
		95,000	4.875% due 6/1/29(e)			87,733
			Total Financial			173,684,087
Industrial – 0.9%
		70,000	AAR Escrow Issuer LLC, Senior Unsecured Notes, 6.750% due 3/15/29(e)(j)			70,662
		170,000	Advanced Drainage Systems Inc., Company Guaranteed Notes, 6.375% due 6/15/30(e)			169,994
		331,000	Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28			312,694

See Notes to Financial Statements.

217

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	50,000	Artera Services LLC, Senior Secured Notes, 8.500% due 2/15/31(e)		$	51,078
		390,483	Bioceanico Sovereign Certificate Ltd., Senior Secured Notes, zero coupon, due 6/5/34			282,514
			Boeing Co., Senior Unsecured Notes:
		305,000	5.040% due 5/1/27			302,125
		223,000	2.950% due 2/1/30			195,448
		160,000	5.150% due 5/1/30			157,323
		450,000	5.805% due 5/1/50			433,746
		225,000	5.930% due 5/1/60			215,412
		110,000	Bombardier Inc., Senior Unsecured Notes, 8.750% due 11/15/30(e)			115,226
		70,000	Brand Industrial Services Inc., Senior Secured Notes, 10.375% due 8/1/30(e)			74,440
		100,000	Builders FirstSource Inc., Company Guaranteed Notes, 6.375% due 6/15/32(e)			99,984
			Carrier Global Corp., Senior Unsecured Notes:
		45,000	5.900% due 3/15/34			46,681
		45,000	6.200% due 3/15/54			49,117
		200,000	Cemex SAB de CV, Subordinated Notes, 9.125% (5-Year CMT Index + 5.157%)(b)(e)(i)			213,294
		45,000	Clean Harbors Inc., Company Guaranteed Notes, 5.125% due 7/15/29(e)			43,379
		55,000	Clydesdale Acquisition Holdings Inc., Senior Secured Notes, 6.625% due 4/15/29(e)			54,682
		60,000	Coherent Corp., Company Guaranteed Notes, 5.000% due 12/15/29(e)			55,950
		75,000	Cornerstone Building Brands Inc., Company Guaranteed Notes, 6.125% due 1/15/29(e)			67,594
		544,000	CSX Corp., Senior Unsecured Notes, 3.350% due 9/15/49			390,447
		1,115,000	DAE Funding LLC, Company Guaranteed Notes, 1.550% due 8/1/24(e)			1,093,607
		115,000	EMRLD Borrower LP/Emerald Co.-Issuer Inc., Senior Secured Notes, 6.625% due 12/15/30(e)			115,402
		60,000	Energizer Holdings Inc., Company Guaranteed Notes, 6.500% due 12/31/27(e)			59,497
		155,000	Fortress Transportation & Infrastructure Investors LLC, Company Guaranteed Notes, 7.875% due 12/1/30(e)			162,518
		65,000	GFL Environmental Inc., Senior Secured Notes, 6.750% due 1/15/31(e)			66,486
		50,000	GrafTech Finance Inc., Senior Secured Notes, 4.625% due 12/15/28(e)			32,866
		115,000	Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28			111,262
		135,000	Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC, Senior Secured Notes, 9.000% due 2/15/29(e)			137,948
		140,000	Ingersoll Rand Inc., Senior Unsecured Notes, 5.700% due 8/14/33			142,381
		410,000	Jacobs Engineering Group Inc., Company Guaranteed Notes, 5.900% due 3/1/33			409,838
		75,000	JELD-WEN Inc., Company Guaranteed Notes, 4.875% due 12/15/27(e)			71,344
		87,351	Lima Metro Line 2 Finance Ltd., Senior Secured Notes, 5.875% due 7/5/34			85,828

See Notes to Financial Statements.

218

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
	$	215,000	Lockheed Martin Corp., Senior Unsecured Notes, 5.200% due 2/15/64		$	209,968
			Madison IAQ LLC:
		70,000	Senior Secured Notes, 4.125% due 6/30/28(e)			63,767
		95,000	Senior Unsecured Notes, 5.875% due 6/30/29(e)			84,820
		161,272	MV24 Capital BV, Senior Secured Notes, 6.748% due 6/1/34			151,327
			Northrop Grumman Corp., Senior Unsecured Notes:
		520,000	5.150% due 5/1/40			504,792
		410,000	5.200% due 6/1/54			393,271
		775,000	Otis Worldwide Corp., Senior Unsecured Notes, 2.565% due 2/15/30			675,866
		100,000	Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., Senior Secured Notes, 4.375% due 10/15/28(e)			92,681
			Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes:
		375,000	5.750% due 5/24/26(e)			376,946
		203,000	4.200% due 4/1/27(e)			195,823
		155,000	4.400% due 7/1/27(e)			150,403
		170,000	6.050% due 8/1/28(e)			173,881
		1,085,000	Regal Rexnord Corp., Company Guaranteed Notes, 6.050% due 4/15/28(e)			1,091,813
		60,000	Roller Bearing Co. of America Inc., Senior Unsecured Notes, 4.375% due 10/15/29(e)			54,662
		435,000	RTX Corp., Senior Unsecured Notes, 5.750% due 11/8/26			441,221
		85,000	Sealed Air Corp./Sealed Air Corp. US, Company Guaranteed Notes, 7.250% due 2/15/31(e)			87,753
		70,000	Seaspan Corp., Senior Unsecured Notes, 5.500% due 8/1/29(e)			59,677
		80,000	Spirit AeroSystems Inc., Senior Secured Notes, 9.750% due 11/15/30(e)			85,709
		180,000	Standard Industries Inc., Senior Unsecured Notes, 4.375% due 7/15/30(e)			160,485
		105,000	Titan Acquisition Ltd./Titan Co.-Borrower LLC, Senior Unsecured Notes, 7.750% due 4/15/26(e)			105,018
			TransDigm Inc.:
		140,000	Company Guaranteed Notes, 5.500% due 11/15/27			135,180
		135,000	Senior Secured Notes, 6.875% due 12/15/30(e)			136,608
		100,000	Trident TPI Holdings Inc., Company Guaranteed Notes, 12.750% due 12/31/28(e)			106,662
		194,000	Veralto Corp., Company Guaranteed Notes, 5.350% due 9/18/28(e)			195,316
		90,000	Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes, 5.611% due 3/11/34(j)			90,374
			WRKCo Inc., Company Guaranteed Notes:
		445,000	3.750% due 3/15/25			436,786
		5,245,000	3.900% due 6/1/28			4,970,803
		170,000	XPO Inc., Company Guaranteed Notes, 7.125% due 6/1/31(e)			173,620
			Total Industrial			17,295,999

See Notes to Financial Statements.

219

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – 0.4%
	$	110,000	AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(e)		$	98,480
		15,000	Boxer Parent Co., Inc., Senior Secured Notes, 7.125% due 10/2/25(e)			15,015
		457,000	Broadcom Inc., Senior Unsecured Notes, 3.419% due 4/15/33(e)			390,320
		40,000	Castle US Holding Corp., Senior Unsecured Notes, 9.500% due 2/15/28(e)			19,800
			CDW LLC/CDW Finance Corp., Company Guaranteed Notes:
		210,000	2.670% due 12/1/26			194,500
		180,000	3.569% due 12/1/31			156,224
		105,000	Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., Senior Secured Notes, 8.000% due 6/15/29(e)			107,619
		55,000	Clarivate Science Holdings Corp., Company Guaranteed Notes, 4.875% due 7/1/29(e)			49,880
			Cloud Software Group Inc.:
		30,000	Secured Notes, 9.000% due 9/30/29(e)			27,999
		30,000	Senior Secured Notes, 6.500% due 3/31/29(e)			27,938
			Constellation Software Inc., Senior Unsecured Notes:
		30,000	5.158% due 2/16/29(e)			29,846
		230,000	5.461% due 2/16/34(e)			229,977
		155,000	Dun & Bradstreet Corp., Company Guaranteed Notes, 5.000% due 12/15/29(e)			142,600
		195,000	Fiserv Inc., Senior Unsecured Notes, 5.450% due 3/15/34(j)			194,754
		155,000	Hewlett Packard Enterprise Co., Senior Unsecured Notes, 5.900% due 10/1/24			155,173
			Intel Corp., Senior Unsecured Notes:
		295,000	5.150% due 2/21/34			291,982
		160,000	3.250% due 11/15/49			110,866
		145,000	4.750% due 3/25/50			129,233
		55,000	5.600% due 2/21/54			54,968
		200,000	5.050% due 8/5/62			184,328
		194,000	Kyndryl Holdings Inc., Senior Unsecured Notes, 6.350% due 2/20/34			195,814
		316,000	Marvell Technology Inc., Company Guaranteed Notes, 1.650% due 4/15/26			293,073
		282,000	Microsoft Corp., Senior Unsecured Notes, 2.921% due 3/17/52			195,012
		307,000	NetApp Inc., Senior Unsecured Notes, 1.875% due 6/22/25			293,101
		370,000	NVIDIA Corp., Senior Unsecured Notes, 2.850% due 4/1/30			333,212
		500,000	NXP BV/NXP Funding LLC, Company Guaranteed Notes, 4.875% due 3/1/24			500,000
			NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes:
		303,000	3.875% due 6/18/26			293,382
		250,000	4.300% due 6/18/29			238,766
			Oracle Corp., Senior Unsecured Notes:
		70,000	6.150% due 11/9/29			73,183
		165,000	2.950% due 4/1/30			146,329
		45,000	6.250% due 11/9/32			47,535

See Notes to Financial Statements.

220

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units				Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
	$	365,000		4.900% due 2/6/33		$	352,935
		325,000		3.800% due 11/15/37			267,641
		1,604,000		3.600% due 4/1/50			1,129,280
				Qorvo Inc., Company Guaranteed Notes:
		175,000		1.750% due 12/15/24			169,882
		115,000		3.375% due 4/1/31(e)			96,886
		394,000		Take-Two Interactive Software Inc., Senior Unsecured Notes, 4.950% due 3/28/28			390,853
		60,000		UKG Inc., Senior Secured Notes, 6.875% due 2/1/31(e)			60,624
		35,000		Virtusa Corp., Senior Unsecured Notes, 7.125% due 12/15/28(e)			31,041
		418,000	��	Workday Inc., Senior Unsecured Notes, 3.700% due 4/1/29			390,859
				Total Technology			8,110,910
Utilities – 2.8%
		400,000		Adani Electricity Mumbai Ltd., Senior Secured Notes, 3.867% due 7/22/31			331,716
		430,000		AEP Texas Inc., Senior Unsecured Notes, 3.450% due 1/15/50			299,844
		450,000		Alabama Power Co., Senior Unsecured Notes, 3.450% due 10/1/49			327,341
				Arizona Public Service Co., Senior Unsecured Notes:
		385,000		6.350% due 12/15/32			407,095
		155,000		5.550% due 8/1/33			155,510
				Berkshire Hathaway Energy Co., Senior Unsecured Notes:
		610,000		6.125% due 4/1/36			644,092
		1,100,000		5.950% due 5/15/37			1,139,671
		50,000		4.600% due 5/1/53			42,690
		155,000		Boston Gas Co., Senior Unsecured Notes, 3.757% due 3/16/32(e)			135,515
		800,000		Brooklyn Union Gas Co., Senior Unsecured Notes, 4.866% due 8/5/32(e)			734,456
		200,000		Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, Senior Secured Notes, 7.875% due 2/15/39(e)			212,396
				Calpine Corp.:
		95,000		Senior Secured Notes, 4.500% due 2/15/28(e)			89,485
		75,000		Senior Unsecured Notes, 4.625% due 2/1/29(e)			69,021
		200,000		Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28(e)			155,700
		150,000		Clearway Energy Operating LLC, Company Guaranteed Notes, 4.750% due 3/15/28(e)			140,226
				Cleco Corporate Holdings LLC:
		70,000		Senior Secured Notes, 4.973% due 5/1/46			57,606
		180,000		Senior Unsecured Notes, 3.375% due 9/15/29			156,515
		160,400		Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35			158,596
				Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
		170,000		5.500% due 3/15/34			173,616

See Notes to Financial Statements.

221

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	400,000	3.200% due 12/1/51		$	271,647
		1,550,000	Consumers 2023 Securitization Funding LLC, Senior Secured Notes, 5.550% due 3/1/28			1,546,004
			Dominion Energy Inc., Senior Unsecured Notes:
		3,375,000	3.375% due 4/1/30			3,034,588
		1,565,000	5.375% due 11/15/32			1,555,968
		30,000	6.300% due 3/15/33			31,311
		315,000	DTE Energy Co., Senior Unsecured Notes, 5.100% due 3/1/29			312,343
			Duke Energy Carolinas LLC, 1st Mortgage Notes:
		1,225,000	5.300% due 2/15/40			1,201,737
		175,000	3.550% due 3/15/52			125,964
			Duke Energy Corp., Senior Unsecured Notes:
		4,000,000	0.900% due 9/15/25			3,741,901
		623,000	2.650% due 9/1/26			586,090
		775,000	4.850% due 1/5/29			761,830
		165,000	2.450% due 6/1/30			141,090
		1,455,000	2.550% due 6/15/31			1,213,069
		450,000	4.500% due 8/15/32			422,446
		65,000	5.000% due 8/15/52			57,909
		275,000	Duke Energy Florida LLC, 1st Mortgage Notes, 5.875% due 11/15/33			287,881
		430,000	Edison International, Senior Unsecured Notes, 5.250% due 11/15/28			427,549
		143,400	Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29			127,984
		104,860	Empresa Electrica Cochrane SpA, Senior Secured Notes, 5.500% due 5/14/27			101,321
		200,000	Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 4.375% due 2/15/31			164,588
			Entergy Louisiana LLC, 1st Mortgage Notes:
		1,100,000	4.950% due 1/15/45			1,001,000
		125,000	4.750% due 9/15/52			109,155
		575,000	Essential Utilities Inc., Senior Unsecured Notes, 3.351% due 4/15/50			397,337
		780,000	Evergy Inc., Senior Unsecured Notes, 2.900% due 9/15/29			691,052
			Eversource Energy, Senior Unsecured Notes:
		310,000	5.950% due 2/1/29			317,463
		960,000	5.125% due 5/15/33			927,287
		463,000	5.500% due 1/1/34			458,263
		190,000	Exelon Corp., Senior Unsecured Notes, 5.450% due 3/15/34			189,076
			Georgia Power Co., Senior Unsecured Notes:
		185,000	4.700% due 5/15/32			178,795
		290,000	4.950% due 5/17/33			283,933
		245,000	5.250% due 3/15/34			243,893

See Notes to Financial Statements.

222

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	380,000	ITC Holdings Corp., Senior Unsecured Notes, 2.950% due 5/14/30(e)		$	331,658
		161,000	JSW Hydro Energy Ltd., Senior Secured Notes, 4.125% due 5/18/31			141,683
		275,000	KeySpan Gas East Corp., Senior Unsecured Notes, 5.994% due 3/6/33(e)			274,044
		90,000	Leeward Renewable Energy Operations LLC, Company Guaranteed Notes, 4.250% due 7/1/29(e)			77,479
		387,100	LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(e)			374,035
		400,000	Mercury Chile Holdco LLC, Senior Secured Notes, 6.500% due 1/24/27(e)			373,725
		126,424	Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due 12/6/32			123,597
		500,000	Minejesa Capital BV, Senior Secured Notes, 5.625% due 8/10/37			436,250
		230,573	Mong Duong Finance Holdings BV, Senior Secured Notes, 5.125% due 5/7/29			220,068
		255,000	Monongahela Power Co., 1st Mortgage Notes, 5.850% due 2/15/34(e)			259,736
		135,000	National Grid PLC, Senior Unsecured Notes, 5.602% due 6/12/28			136,680
			National Rural Utilities Cooperative Finance Corp.:
			Secured Notes:
		510,000	4.150% due 12/15/32			469,918
		140,000	5.800% due 1/15/33			144,796
		385,000	Senior Unsecured Notes, 5.000% due 2/7/31			379,526
			NextEra Energy Capital Holdings Inc., Company Guaranteed Notes:
		180,000	4.255% due 9/1/24			178,616
		455,000	4.625% due 7/15/27			447,699
		1,455,000	2.250% due 6/1/30			1,223,571
			NiSource Inc., Senior Unsecured Notes:
		1,044,000	3.600% due 5/1/30			955,351
		50,000	5.400% due 6/30/33			50,000
		80,000	NRG Energy Inc., Company Guaranteed Notes, 3.625% due 2/15/31(e)			67,267
		410,000	Oglethorpe Power Corp., 1st Mortgage Notes, 5.050% due 10/1/48			361,924
		200,000	Ohio Edison Co., Senior Unsecured Notes, 5.500% due 1/15/33(e)			197,289
		480,000	Ohio Power Co., Senior Unsecured Notes, 5.000% due 6/1/33			471,245
		380,000	Oncor Electric Delivery Co. LLC, Senior Secured Notes, 5.650% due 11/15/33			392,552
		200,000	Orazul Energy Peru SA, Company Guaranteed Notes, 5.625% due 4/28/27			187,250
			Pacific Gas & Electric Co.:
			1st Mortgage Notes:
		1,232,000	5.450% due 6/15/27			1,230,047
		235,000	6.100% due 1/15/29			240,561
		665,000	4.550% due 7/1/30			624,125
		1,758,000	2.500% due 2/1/31			1,440,635
		470,000	6.150% due 1/15/33			480,782
		735,000	6.400% due 6/15/33			764,187

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	180,000	6.750% due 1/15/53		$	192,623
		610,000	Senior Secured Notes, 3.250% due 6/1/31			523,376
			Pike Corp.:
		125,000	Company Guaranteed Notes, 5.500% due 9/1/28(e)			118,571
		65,000	Senior Unsecured Notes, 8.625% due 1/31/31(e)			68,643
		150,000	PPL Capital Funding Inc., Company Guaranteed Notes, 4.125% due 4/15/30			139,748
		260,000	Public Service Electric & Gas Co., 1st Mortgage Notes, 5.450% due 3/1/54(j)			260,167
		285,000	Public Service Enterprise Group Inc., Senior Unsecured Notes, 6.125% due 10/15/33			297,021
			Puget Energy Inc., Senior Secured Notes:
		535,000	3.650% due 5/15/25			521,185
		230,000	4.100% due 6/15/30			208,224
		625,000	Sempra, Senior Unsecured Notes, 3.400% due 2/1/28			587,745
		276,322	Southaven Combined Cycle Generation LLC, Secured Notes, 3.846% due 8/15/33			259,804
			Southern California Edison Co., 1st Mortgage Notes:
		385,000	5.150% due 6/1/29(j)			385,089
		130,000	2.850% due 8/1/29			116,308
		325,000	2.250% due 6/1/30			274,389
		215,000	5.950% due 11/1/32			224,182
		915,000	5.200% due 6/1/34			894,996
		545,000	4.125% due 3/1/48			435,874
			Southern California Gas Co., 1st Mortgage Notes:
		555,000	5.200% due 6/1/33			550,718
		5,955,000	5.750% due 6/1/53			6,020,613
			Southern Co., Senior Unsecured Notes:
		385,000	4.850% due 6/15/28			381,491
		424,000	3.700% due 4/30/30			390,891
		330,000	5.200% due 6/15/33			324,843
		720,000	5.700% due 3/15/34			733,453
		110,000	Southern Co. Gas Capital Corp., Company Guaranteed Notes, 5.750% due 9/15/33			112,705
		438,000	Southwest Gas Corp., Senior Unsecured Notes, 2.200% due 6/15/30			365,778
		470,000	Southwestern Electric Power Co., Senior Unsecured Notes, 5.300% due 4/1/33			463,685
		180,934	Tierra Mojada Luxembourg II SARL, Senior Secured Notes, 5.750% due 12/1/40			161,588
			Virginia Electric & Power Co., Senior Unsecured Notes:
		665,000	5.000% due 4/1/33			651,628
		620,000	5.000% due 1/15/34			602,686

See Notes to Financial Statements.

224

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
	$	105,000	5.350% due 1/15/54		$	101,054
		70,000	Vistra Operations Co. LLC, Company Guaranteed Notes, 7.750% due 10/15/31(e)			72,408
		230,000	Xcel Energy Inc., Senior Unsecured Notes, 4.600% due 6/1/32			214,463
			Total Utilities			56,053,810
			TOTAL CORPORATE BONDS & NOTES (Cost – $441,176,146)			409,654,927
ASSET-BACKED SECURITIES – 10.2%
		1,000,000	37 Capital CLO I Ltd., Series 2021-1A, Class A, 6.776% (3-Month TSFR + 1.462%) due 10/15/34(b)(e)			1,001,658
			Affirm Asset Securitization Trust:
		505,000	Series 2023-A, Class 1A, 6.610% due 1/18/28(e)			508,090
		405,000	Series 2024-A, Class A, 5.610% due 2/15/29(e)			404,230
		2,090,000	Aligned Data Centers Issuer LLC, Series 2023-1A, Class A2, 6.000% due 8/17/48(e)			2,054,747
		500,000	ALM 2020 Ltd., Series 2020-1A, Class A2, 7.426% (3-Month TSFR + 2.112%) due 10/15/29(b)(e)			500,653
		415,000	American Credit Acceptance Receivables Trust, Series 2023-3, Class B, 6.090% due 11/12/27(e)			416,201
		1,470,000	AmeriCredit Automobile Receivables Trust, Series 2022-2, Class B, 4.810% due 4/18/28			1,454,728
		4,000,000	AMSR Trust, Series 2020-SFR4, Class E2, 2.456% due 11/17/37(e)			3,725,388
		1,000,000	Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class B, 7.081% (3-Month TSFR + 1.762%) due 1/28/31(b)(e)			999,977
		500,000	Apidos CLO XII, Series 2013-12A, Class CR, 7.376% (3-Month TSFR + 2.062%) due 4/15/31(b)(e)			494,770
		1,120,000	Ares XLIII CLO Ltd., Series 2017-43A, Class BR, 7.276% (3-Month TSFR + 1.962%) due 7/15/34(b)(e)			1,120,111
		881,982	ARI Fleet Lease Trust, Series 2023-A, Class A2, 5.410% due 2/17/32(e)			879,861
		1,328,008	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Class A4, 5.665% (1-Month TSFR + 0.344%) due 5/25/37(b)			914,511
		68,106	Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.210% due 7/15/30(e)			67,898
			Avis Budget Rental Car Funding AESOP LLC:
		5,920,000	Series 2020-1A, Class A, 2.330% due 8/20/26(e)			5,689,008
		470,000	Series 2023-7A, Class A, 5.900% due 8/21/28(e)			476,320
		385,000	Series 2024-1A, Class A, 5.360% due 6/20/30(e)			385,282
		1,045,000	Bain Capital Credit CLO Ltd., Series 2023-4A, Class B, 7.923% (3-Month TSFR + 2.500%) due 10/21/36(b)(e)			1,052,443
		835,000	Barings CLO Ltd., Series 2024-1A, Class B, 7.369% (3-Month TSFR + 2.100%) due 1/20/37(b)(e)			835,883

See Notes to Financial Statements.

225

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	1,000,000	Battalion CLO XI Ltd., Series 2017-11A, Class AR, 6.730% (3-Month TSFR + 1.412%) due 4/24/34(b)(e)		$	996,150
		76,507	BHG Securitization Trust, Series 2021-B, Class A, 0.900% due 10/17/34(e)			74,489
		1,085,000	BlueMountain CLO XXIV Ltd., Series 2019-24A, Class AR, 6.679% (3-Month TSFR + 1.362%) due 4/20/34(b)(e)			1,080,497
			BSPRT Issuer Ltd.:
		722,199	Series 2021-FL6, Class A, 6.532% (1-Month TSFR + 1.214%) due 3/15/36(b)(e)			713,935
		370,000	Series 2021-FL7, Class B, 7.482% (1-Month TSFR + 2.164%) due 12/15/38(b)(e)			358,905
		1,700,139	Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1A, 6.631% (3-Month TSFR + 1.312%) due 7/27/31(b)(e)			1,699,544
		1,700,000	Carmax Auto Owner Trust, Series 2021-1, Class C, 0.940% due 12/15/26			1,613,207
		985,225	Carrington Mortgage Loan Trust, Series 2006-NC4, Class A3, 5.595% (1-Month TSFR + 0.274%) due 10/25/36(b)			953,020
			CBAM Ltd.:
		1,495,000	Series 2017-2A, Class BR, 7.428% (3-Month TSFR + 2.112%) due 7/17/34(b)(e)			1,493,196
		750,000	Series 2019-10A, Class DR, 9.079% (3-Month TSFR + 3.762%) due 4/20/32(b)(e)			743,039
		4,304,448	C-BASS Trust, Series 2006-CB9, Class A4, 5.895% (1-Month TSFR + 0.574%) due 11/25/36(b)			1,906,195
			CF Hippolyta Issuer LLC:
		285,227	Series 2020-1, Class A1, 1.690% due 7/15/60(e)			265,246
		122,518	Series 2021-1A, Class A1, 1.530% due 3/15/61(e)			109,964
		108,381	Series 2021-1A, Class B1, 1.980% due 3/15/61(e)			95,125
		183,701	Series 2022-1A, Class A1, 5.970% due 8/15/62(e)			179,049
		710,638	Chesapeake Funding II LLC, Series 2023-1A, Class A1, 5.650% due 5/15/35(e)			710,730
		1,600,000	Clover CLO LLC, Series 2021-1A, Class A, 6.679% (3-Month TSFR + 1.362%) due 4/22/34(b)(e)			1,603,200
		230,000	CNH Equipment Trust, Series 2023-A, Class A4, 4.770% due 10/15/30			227,856
		818,297	CPS Auto Receivables Trust, Series 2023-B, Class A, 5.910% due 8/16/27(e)			819,062
		1,250,000	CQS US CLO Ltd., Series 2021-1A, Class A, 6.799% (3-Month TSFR + 1.482%) due 1/20/35(b)(e)			1,246,875
		3,927,674	Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4, Class AV4, 2.821% (1-Month TSFR + 0.594%) due 5/25/36(b)			2,517,702
			DB Master Finance LLC:
		1,590,075	Series 2019-1A, Class A23, 4.352% due 5/20/49(e)			1,509,295
		326,485	Series 2021-1A, Class A23, 2.791% due 11/20/51(e)			272,249
		365,000	DLLAA LLC, Series 2023-1A, Class A3, 5.640% due 2/22/28(e)			368,916

See Notes to Financial Statements.

226

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
			Domino’s Pizza Master Issuer LLC:
	$	848,663	Series 2015-1A, Class A2II, 4.474% due 10/25/45(e)		$	830,842
		974,400	Series 2019-1A, Class A2, 3.668% due 10/25/49(e)			888,304
		1,248,690	Series 2021-1A, Class A2I, 2.662% due 4/25/51(e)			1,109,355
			DT Auto Owner Trust:
		310,000	Series 2023-1A, Class B, 5.190% due 10/16/28(e)			307,903
		375,000	Series 2023-2A, Class B, 5.410% due 2/15/29(e)			372,443
		970,000	Elmwood CLO 19 Ltd., Series 2022-6A, Class BR, 7.717% (3-Month TSFR + 2.400%) due 10/17/36(b)(e)			980,921
		655,000	Elmwood CLO 23 Ltd., Series 2023-2A, Class B, 7.564% (3-Month TSFR + 2.250%) due 4/16/36(b)(e)			658,845
			Enterprise Fleet Financing LLC:
		480,000	Series 2023-1, Class A3, 5.420% due 10/22/29(e)			481,538
		200,000	Series 2024-1, Class A3, 5.160% due 9/20/30(e)			199,271
			Exeter Automobile Receivables Trust:
		528,738	Series 2021-1A, Class D, 1.080% due 11/16/26			513,854
		900,000	Series 2021-1A, Class E, 2.210% due 2/15/28(e)			847,340
		51,688	Series 2022-1A, Class B, 2.180% due 6/15/26			51,617
		197,000	Series 2022-6A, Class B, 6.030% due 8/16/27			197,195
		470,000	Series 2023-1A, Class B, 5.720% due 4/15/27			469,369
		201,000	Series 2023-3A, Class B, 6.110% due 9/15/27			201,566
		800,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 8.476% (3-Month TSFR + 3.162%) due 7/15/30(b)(e)			794,902
		5,158,027	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A1, 5.715% (1-Month TSFR + 0.394%) due 3/25/37(b)			2,666,044
		1,361,647	FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.250% due 7/17/39(e)			1,318,155
			Flagship Credit Auto Trust:
		173,000	Series 2023-1, Class B, 5.050% due 1/18/28(e)			171,106
		470,000	Series 2023-2, Class B, 5.210% due 5/15/28(e)			463,385
		5,640,000	Ford Credit Auto Lease Trust, Series 2023-B, Class B, 6.200% due 2/15/27			5,717,578
			Ford Credit Auto Owner Trust:
		6,750,000	Series 2020-1, Class C, 2.540% due 8/15/31(e)			6,520,121
		3,650,000	Series 2020-2, Class C, 1.740% due 4/15/33(e)			3,406,947
		3,350,000	Series 2023-B, Class B, 5.560% due 3/15/29			3,378,060
		2,405,000	Series 2023-B, Class C, 5.710% due 12/15/30			2,408,205
		2,000,000	Franklin Park Place CLO I LLC, Series 2022-1A, Class A, 6.714% (3-Month TSFR + 1.400%) due 4/14/35(b)(e)			2,001,146
		497,309	FS RIALTO, Series 2021-FL2, Class A, 6.656% (1-Month TSFR + 1.334%) due 5/16/38(b)(e)			489,296

See Notes to Financial Statements.

227

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
			GLS Auto Receivables Issuer Trust:
	$	448,392	Series 2021-2A, Class C, 1.080% due 6/15/26(e)		$	443,457
		100,000	Series 2022-3A, Class B, 4.920% due 1/15/27(e)			99,255
			GM Financial Consumer Automobile Receivables Trust:
		2,750,000	Series 2021-1, Class C, 1.040% due 5/17/27			2,640,600
		2,455,000	Series 2023-2, Class B, 4.820% due 10/16/28			2,419,147
		1,500,000	Series 2023-2, Class C, 5.210% due 12/18/28			1,489,523
		1,555,000	Series 2023-3, Class B, 5.720% due 1/16/29			1,568,735
		2,290,000	Series 2023-3, Class C, 5.920% due 2/16/29			2,309,241
		1,000,000	Goldentree Loan Management US CLO 15 Ltd., Series 2022-15A, Class DR, 9.718% (3-Month TSFR + 4.400%) due 10/20/36(b)(e)			1,006,412
		1,357,279	GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class C, 3.500% due 10/20/48(e)			999,494
		785,000	Greystone CRE Notes Ltd., Series 2019-FL2, Class C, 7.432% (1-Month TSFR + 2.114%) due 9/15/37(b)(e)			768,462
		1,000,000	Halsey Point CLO I Ltd., Series 2019-1A, Class B1, 7.779% (3-Month TSFR + 2.462%) due 1/20/33(b)(e)			1,002,505
		1,235,000	Hertz Vehicle Financing III LLC, Series 2023-3A, Class A, 5.940% due 2/25/28(e)			1,247,635
			Home Partners of America Trust:
		1,654,497	Series 2021-1, Class D, 2.477% due 9/17/41(e)			1,373,270
		755,758	Series 2021-1, Class E, 2.577% due 9/17/41(e)			603,168
		870,654	Series 2021-1, Class F, 3.325% due 9/17/41(e)			686,558
		4,195,905	Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425% due 11/15/39(e)			3,314,698
		3,105,000	HPEFS Equipment Trust, Series 2024-1A, Class A3, 5.180% due 5/20/31(e)			3,093,855
		1,950,000	John Deere Owner Trust, Series 2023-B, Class A4, 5.110% due 5/15/30			1,948,893
		4,019,200	JP Morgan Mortgage Acquisition Corp., Series 2005-WMC1, Class M4, 6.335% (1-Month TSFR + 1.014%) due 9/25/35(b)			3,613,083
		1,000,000	Katayma CLO I Ltd., Series 2023-1A, Class D, 10.568% (3-Month TSFR + 5.250%) due 10/20/36(b)(e)			1,006,316
		3,350,000	Kubota Credit Owner Trust, Series 2024-1A, Class A3, 5.190% due 7/17/28(e)			3,345,116
		1,000,000	LCM XV LP, Series 15A, Class DR, 9.279% (3-Month TSFR + 3.962%) due 7/20/30(b)(e)			987,854
		719,116	Lendingpoint Asset Securitization Trust, Series 2021-A, Class C, 2.750% due 12/15/28(e)			713,073
		1,000,000	Marble Point CLO XXI Ltd., Series 2021-3A, Class A1, 6.818% (3-Month TSFR + 1.502%) due 10/17/34(b)(e)			998,000
		1,000,000	Marble Point CLO XXII Ltd., Series 2021-2A, Class A, 6.786% (3-Month TSFR + 1.462%) due 7/25/34(b)(e)			1,001,358
		168,714	Marlette Funding Trust, Series 2019-4A, Class C, 3.760% due 12/17/29(e)			168,281

See Notes to Financial Statements.

228

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	1,915,000	ME Funding LLC, Series 2019-1, Class A2, 6.448% due 7/30/49(e)		$	1,905,322
		7,732,310	Merrill Lynch Mortgage Investors Trust, Series 2006-HE6, Class A1, 3.941% (1-Month TSFR + 0.394%) due 11/25/37(b)			3,691,669
		1,000,000	MetroNet Infrastructure Issuer LLC, Series 2023-1A, Class A2, 6.560% due 4/20/53(e)			1,004,086
			MF1 Ltd.:
		386,617	Series 2021-FL7, Class A, 6.514% (1-Month TSFR + 1.194%) due 10/16/36(b)(e)			383,354
		845,000	Series 2022-FL8, Class AS, 7.066% (1-Month TSFR + 1.750%) due 2/19/37(b)(e)			837,589
		629,541	MP CLO III Ltd., Series 2013-1A, Class AR, 6.829% (3-Month TSFR + 1.512%) due 10/20/30(b)(e)			630,762
			Navient Private Education Refi Loan Trust:
		377,918	Series 2021-EA, Class A, 0.970% due 12/16/69(e)			324,239
		581,310	Series 2021-FA, Class A, 1.110% due 2/18/70(e)			493,316
		735,563	Series 2023-A, Class A, 5.510% due 10/15/71(e)			731,236
		4,000,000	New Century Home Equity Loan Trust, Series 2005-B, Class M2, 6.170% (1-Month TSFR + 0.849%) due 10/25/35(b)			3,326,358
		1,050,000	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910% due 10/20/61(e)			913,467
		813,601	Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 6.839% (3-Month TSFR + 1.532%) due 11/15/30(b)(e)			815,317
		925,000	Octagon 61 Ltd., Series 2023-2A, Class B, 7.668% (3-Month TSFR + 2.350%) due 4/20/36(b)(e)			930,229
		600,000	Octagon Investment Partners 44 Ltd., Series 2019-1A, Class DR, 8.826% (3-Month TSFR + 3.512%) due 10/15/34(b)(e)			577,994
		962,500	Octagon Investment Partners XXI Ltd., Series 2014-1A, Class A2R3, 7.039% (3-Month TSFR + 1.662%) due 2/14/31(b)(e)			951,368
		995,000	OneMain Direct Auto Receivables Trust, Series 2023-1A, Class A, 5.410% due 11/14/29(e)			994,930
			Pagaya AI Debt Selection Trust:
		102,712	Series 2021-1, Class B, 2.130% due 11/15/27(e)			102,538
		1,006,044	Series 2021-3, Class B, 1.740% due 5/15/29(e)			999,403
			Pagaya AI Debt Trust:
		1,499,802	Series 2022-1, Class B, 3.344% due 10/15/29(e)			1,457,947
		912,999	Series 2023-3, Class A, 7.600% due 12/16/30(e)			918,110
		2,915,000	PFS Financing Corp., Series 2023-C, Class A, 5.520% due 10/15/28(e)			2,936,452
		1,800,000	PMT Issuer Trust – FMSR, Series 2021-FT1, Class A, 8.436% (1-Month TSFR + 3.115%) due 3/25/26(b)(e)			1,800,772
		745,000	Prestige Auto Receivables Trust, Series 2022-1A, Class B, 6.550% due 7/17/28(e)			748,388

See Notes to Financial Statements.

229

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Schedules of Investments

February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	462,019	PRET LLC, Series 2021-NPL3, Class A1, step bond to yield, 1.868% due 7/25/51(e)		$	445,078
			Pretium Mortgage Credit Partners I LLC:
		514,521	Series 2021-NPL2, Class A1, step bond to yield, 1.992% due 6/27/60(e)			497,821
		940,084	Series 2021-NPL4, Class A1, step bond to yield, 2.363% due 10/27/60(e)			916,169
			Progress Residential Trust:
		3,720,000	Series 2021-SFR11, Class B, 2.732% due 1/17/39(e)			3,250,797
		330,515	Series 2022-SFR3, Class A, 3.200% due 4/17/39(e)			310,709
		246,360	Series 2022-SFR5, Class A, 4.451% due 6/17/39(e)			240,208
		1,063,454	Series 2022-SFR6, Class A, 4.451% due 7/20/39(e)			1,036,595
		548,783	Series 2023-SFR1, Class A, 4.300% due 3/17/40(e)			530,308
		1,625,581	Race Point IX CLO Ltd., Series 2015-9A, Class A1A2, 6.516% (3-Month TSFR + 1.202%) due 10/15/30(b)(e)			1,627,312
		1,000,000	Regatta XI Funding Ltd., Series 2018-1A, Class B, 7.228% (3-Month TSFR + 1.912%) due 7/17/31(b)(e)			1,001,404
		1,040,000	Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.000% due 9/15/48(e)			977,247
		1,420,000	RR 23 Ltd., Series 2022-23A, Class A2R, 7.964% (3-Month TSFR + 2.650%) due 10/15/35(b)(e)			1,437,485
		500,000	Sandstone Peak Ltd., Series 2021-1A, Class A1, 6.796% (3-Month TSFR + 1.482%) due 10/15/34(b)(e)			500,685
			Santander Drive Auto Receivables Trust:
		365,000	Series 2023-1, Class B, 4.980% due 2/15/28			362,521
		635,000	Series 2023-3, Class B, 5.610% due 7/17/28			636,617
		520,000	SFS Auto Receivables Securitization Trust, Series 2023-1A, Class A4, 5.470% due 12/20/29(e)			525,413
		500,000	Shackleton 2013-III CLO Ltd., Series 2013-3A, Class DR, 8.596% (3-Month TSFR + 3.282%) due 7/15/30(b)(e)			495,000
		1,000,000	Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due 8/25/47(e)			911,700
		1,710,000	Sound Point CLO XXIX Ltd., Series 2021-1A, Class A, 6.656% (3-Month TSFR + 1.332%) due 4/25/34(b)(e)			1,711,133
		590,000	Stack Infrastructure Issuer LLC, Series 2023-2A, Class A2, 5.900% due 7/25/48(e)			578,090
		3,500,000	STAR Trust, Series 2021-SFR1, Class G, 8.632% (1-Month TSFR + 3.314%) due 4/17/38(b)(e)			3,339,343
		8,700,000	Structured Asset Investment Loan Trust, Series 2006-4, Class A5, 5.745% (1-Month TSFR + 0.424%) due 7/25/36(b)			2,855,734
		788,909	Sunnova Helios V Issuer LLC, Series 2021-A, Class A, 1.800% due 2/20/48(e)			687,581
		1,765,736	Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.270% due 1/30/57(e)			1,491,152
		5,430,000	Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.740% due 10/15/29			5,514,677
		933,375	Taco Bell Funding LLC, Series 2021-1A, Class A23, 2.542% due 8/25/51(e)			765,743

See Notes to Financial Statements.

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Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	500,000	Tesla Auto Lease Trust, Series 2021-B, Class B, 0.910% due 9/22/25(e)		$	493,247
		735,000	Texas Natural Gas Securitization Finance Corp., Series , Class , 5.102% due 4/1/35			740,084
		2,300,000	T-Mobile US Trust, Series 2024-1A, Class A, 5.050% due 9/20/29(e)			2,299,909
		137,303	Tricolor Auto Securitization Trust, Series 2023-1A, Class A, 6.480% due 8/17/26(e)			137,317
		379,649	Tricon Residential Trust, Series 2023-SFR1, Class A, 5.100% due 7/17/40(e)			376,279
		372,632	TRTX Issuer Ltd., Series 2021-FL4, Class A, 6.636% (1-Month TSFR + 1.314%) due 3/15/38(b)(e)			366,166
			Upstart Pass-Through Trust:
		241,119	Series 2021-ST3, Class A, 2.000% due 5/20/27(e)			234,323
		322,295	Series 2021-ST4, Class A, 2.000% due 7/20/27(e)			310,224
			Upstart Securitization Trust:
		21,156	Series 2019-3, Class C, 5.381% due 1/21/30(e)			21,137
		248,608	Series 2020-1, Class C, 4.899% due 4/22/30(e)			247,502
		1,000,000	Valley Stream Park CLO Ltd., Series 2022-1A, Class DR, 9.468% (3-Month TSFR + 4.150%) due 10/20/34(b)(e)			1,006,385
		955,000	Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.188% due 7/15/44(e)			942,744
		1,123,652	VCAT LLC, Series 2021-NPL6, Class A1, step bond to yield, 1.917% due 9/25/51(e)			1,086,933
		1,710,000	Venture 42 CLO Ltd., Series 2021-42A, Class A1A, 6.706% (3-Month TSFR + 1.392%) due 4/15/34(b)(e)			1,712,370
		830,147	Vericrest Opportunity Loan Transferee, Series 2021-NP11, Class A1, step bond to yield, 1.868% due 8/25/51(e)			798,050
			Verizon Master Trust:
		3,315,000	Series 2023-2, Class C, 5.380% due 4/13/28			3,296,016
		3,355,000	Series 2024-1, Class C, 5.490% due 12/20/28			3,340,083
		574,153	VOLT CIII LLC, Series 2021-CF1, Class A1, step bond to yield, 1.992% due 8/25/51(d)(e)			551,592
		560,394	VOLT XCIX LLC, Series 2021-NPL8, Class A1, step bond to yield, 2.116% due 4/25/51(e)			544,194
		333,570	VOLT XCV LLC, Series 2021-NPL4, Class A1, step bond to yield, 5.240% due 3/27/51(e)			326,500
			Wellfleet CLO X Ltd.:
		1,332,988	Series 2019-XA, Class A1R, 6.749% (3-Month TSFR + 1.432%) due 7/20/32(b)(e)			1,334,356
		1,000,000	Series 2019-XA, Class A2R, 7.329% (3-Month TSFR + 2.012%) due 7/20/32(b)(e)			1,000,513
			Westlake Automobile Receivables Trust:
		200,000	Series 2023-1A, Class B, 5.410% due 1/18/28(e)			199,452
		895,000	Series 2023-2A, Class B, 6.140% due 3/15/28(e)			900,600

See Notes to Financial Statements.

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Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	985,000	Wingstop Funding LLC, Series 2020-1A, Class A2, 2.841% due 12/5/50(e)		$	890,214
		330,000	World Omni Auto Receivables Trust, Series 2023-A, Class B, 5.030% due 5/15/29			327,349
			TOTAL ASSET-BACKED SECURITIES (Cost – $217,274,499)			204,437,409
SENIOR LOANS(b) – 0.6%
		68,000	AAdvantage Loyalty IP Ltd., 10.329% (3-Month USD-SOFR + 0.475%) due 4/20/28			69,275
		294,938	Access CIG LLC, 10.326% (1-Month USD-SOFR + 0.500%) due 8/18/28			295,011
			Acrisure LLC:
		109,432	8.941% (1-Month USD-SOFR + 0.350%) due 2/15/27			109,124
		220,500	9.691% (1-Month USD-SOFR + 0.425%) due 2/15/27			220,593
		125,625	Acuris Finance U.S. Inc., due 2/16/28			124,552
		89,542	ADMI Corp., due 12/23/27			86,129
		162,525	Air Canada, 8.935% (1-Month USD-SOFR + 0.350%) due 8/11/28			162,548
		234,413	Alliant Holdings Intermediate LLC, 8.821% (1-Month USD-SOFR + 0.350%) due 11/6/30			234,457
		48,875	Allied Universal Holdco LLC, 9.176% (1-Month USD-SOFR + 0.375%) due 5/12/28			48,649
		61,010	Allspring Buyer LLC, 8.887% (3-Month USD-SOFR + 0.325%) due 11/1/28			60,867
		39,700	Altice France SA, 10.814% (3-Month USD-SOFR + 0.550%) due 8/15/28			36,623
			Applied Systems Inc.:
		160,000	due 2/24/31(m)			160,566
		20,000	10.571% (3-Month USD-SOFR + 0.525%) due 2/23/32			20,450
		60,000	Artera Services LLC, 9.814% (1-Month USD-SOFR + 0.450%) due 2/15/31			60,150
		296,579	Ascend Learning LLC, 8.926% (1-Month USD-SOFR + 0.350%) due 12/11/28			291,223
		240,383	Astra Acquisition Corp., 10.860% (3-Month USD-SOFR + 0.525%) due 10/25/28			112,499
		20,000	Asurion LLC, 10.691% (1-Month USD-SOFR + 0.525%) due 1/31/28			19,057
		267,379	Aveanna Healthcare LLC, 9.193% (3-Month USD-SOFR + 0.375%) due 7/17/28			251,432
		329,423	Bausch + Lomb Corp., 8.671% (1-Month USD-SOFR + 0.325%) due 5/10/27			325,974
		295,000	Boxer Parent Co., Inc., 9.576% (1-Month USD-SOFR + 0.425%) due 12/29/28			295,805
		65,000	Brand Industrial Services Inc., due 8/1/30(m)			65,105
		35,000	Buckeye Partners LP, due 11/1/26(m)			35,006
			Caesars Entertainment Inc.:
		138,950	8.663% (3-Month USD-SOFR + 0.325%) due 2/6/30			138,969
		115,000	8.040% (3-Month USD-SOFR + 0.275%) due 2/6/31			114,761
		90,000	Camelot U.S. Acquisition LLC, 8.076% (1-Month USD-SOFR + 0.275%) due 1/31/31			89,662

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	126,903	Cengage Learning Inc., 10.326% (3-Month USD-SOFR + 0.475%) due 7/14/26		$	126,825
		80,000	Central Parent LLC, 9.348% (3-Month USD-SOFR + 0.400%) due 7/6/29			80,154
		70,000	Charter Next Generation Inc., due 12/1/27(m)			69,952
		64,978	ClubCorp Holdings Inc., 10.610% (3-Month USD-SOFR + 0.500%) due 9/18/26			64,694
		80,000	Clydesdale Acquisition Holdings Inc., 9.001% (1-Month USD-SOFR + 0.368%) due 4/13/29			79,883
		8,139	Columbus McKinnon Corp., 8.389% (3-Month USD-SOFR + 0.275%) due 5/14/28			8,144
		62,563	Connect Finco SARL, 8.826% (1-Month USD-SOFR + 0.350%) due 12/11/26			62,458
		102,272	Cornerstone OnDemand Inc., 9.191% (1-Month USD-SOFR + 0.375%) due 10/16/28			99,524
		200,000	Cotiviti Holdings Inc., due 2/24/31(m)			199,250
		59,689	CSC Holdings LLC, 7.932% (1-Month USD-SOFR + 0.250%) due 4/15/27			55,744
		34,533	Cyxtera DC Holdings Inc., 0.000% (3-Month USD-SOFR + 0.200%) due 5/1/24			1,381
		117,385	DCert Buyer Inc., 9.326% (1-Month USD-SOFR + 0.400%) due 10/16/26			116,398
		15,000	DG Investment Intermediate Holdings 2 Inc., 12.191% (1-Month USD-SOFR + 0.675%) due 3/30/29			13,950
		36,907	DIRECTV Financing LLC, 10.441% (1-Month USD-SOFR + 0.500%) due 8/2/27			36,853
			Dynasty Acquisition Co., Inc.:
		243,775	9.326% (1-Month USD-SOFR + 0.400%) due 8/24/28			244,248
		185,052	EAB Global Inc., 8.941% (1-Month USD-SOFR + 0.350%) due 8/16/28			184,551
		24,313	Ecovyst Catalyst Technologies LLC, 7.913% (3-Month USD-SOFR + 0.250%) due 6/9/28			24,215
			EG Group Ltd.:
		19,630	0.000% (1-Month USD-SOFR + 0.400%) due 3/31/26			19,581
		65,000	due 2/7/28(m)			63,781
		325,469	Fertitta Entertainment LLC, 9.326% (1-Month USD-SOFR + 0.400%) due 1/27/29			325,592
		21,106	Flame NewCo LLC, 7.426% (1-Month USD-SOFR + 0.200%) due 6/30/28			20,051
		341,113	Gainwell Acquisition Corp., 9.448% (3-Month USD-SOFR + 0.400%) due 10/1/27			324,058
		180,000	Garda World Security Corp., 9.625% (3-Month USD-SOFR + 0.425%) due 2/1/29			179,775
		32,707	Grab Holdings Inc., 9.941% (1-Month USD-SOFR + 0.450%) due 1/29/26			32,715
		106,719	Great Outdoors Group LLC, 9.191% (1-Month USD-SOFR + 0.375%) due 3/6/28			106,699
		24,154	Greystone Select Financial LLC, 10.571% (3-Month USD-SOFR + 0.500%) due 6/16/28			24,033

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	154,597	Grifols Worldwide Operations Ltd., 7.426% (1-Month USD-SOFR + 0.200%) due 11/15/27		$	151,467
		70,000	Hexion Holdings Corp., 9.826% (3-Month USD-SOFR + 0.450%) due 3/15/29			67,134
		149,543	Hunter Douglas Holding BV, 8.824% (3-Month USD-SOFR + 0.350%) due 2/26/29(d)			147,581
			Husky Injection Molding Systems Ltd.:
		97,147	8.441% (1-Month USD-SOFR + 0.300%) due 3/28/25			96,054
		220,000	due 2/1/29(m)			217,965
		365,000	Ineos US Finance LLC, 9.076% (1-Month USD-SOFR + 0.375%) due 2/7/31			362,036
		170,000	Kenan Advantage Group Inc., 9.076% (1-Month USD-SOFR + 0.375%) due 1/25/29			169,301
		77,501	Kronos Acquisition Holdings Inc., 9.360% (3-Month USD-SOFR + 0.375%) due 12/22/26			77,501
		330,000	LifePoint Health Inc., 11.087% (3-Month USD-SOFR + 0.550%) due 11/16/28			330,102
		33,363	Lions Gate Capital Holdings LLC, 7.676% (1-Month USD-SOFR + 0.225%) due 3/24/25			33,293
		35,541	Maravai Intermediate Holdings LLC, 8.310% (3-Month USD-SOFR + 0.300%) due 10/19/27			34,727
		83,082	McAfee Corp., 9.178% (1-Month USD-SOFR + 0.375%) due 3/1/29			82,563
		77,000	Mileage Plus Holdings LLC, 10.770% (3-Month USD-SOFR + 0.525%) due 6/21/27			79,231
		170,000	Motion Acquisition Ltd., due 11/12/29(d)(m)			169,362
		18,100	NASCAR Holdings LLC, 7.941% (1-Month USD-SOFR + 0.250%) due 10/19/26			18,137
		145,788	Olympus Water US Holding Corp., 9.360% (3-Month USD-SOFR + 0.375%) due 11/9/28			145,525
		296,837	OneDigital Borrower LLC, 9.676% (1-Month USD-SOFR + 0.425%) due 11/16/27			296,653
		80,000	Ontario Gaming GTA LP, 9.598% (3-Month USD-SOFR + 0.425%) due 8/1/30			79,893
		50,892	Organon & Co., 8.432% (1-Month USD-SOFR + 0.300%) due 6/2/28			50,924
		328,333	Osmosis Buyer Ltd., 9.080% (1-Month USD-SOFR + 0.375%) due 7/31/28			327,273
		53,314	Packaging Coordinators Midco Inc., 9.110% (3-Month USD-SOFR + 0.350%) due 11/30/27			53,306
		73,125	PetSmart LLC, 9.176% (1-Month USD-SOFR + 0.375%) due 2/11/28			72,790
		83,848	Polaris Newco LLC, 9.574% (3-Month USD-SOFR + 0.400%) due 6/2/28			81,952
		74,737	Pregis TopCo LLC, 9.076% (1-Month USD-SOFR + 0.375%) due 7/31/26			74,724
			Pretium PKG Holdings Inc.:
		72,586	9.906% (3-Month USD-SOFR + 0.460%) due 10/2/28			63,876
		48,543	10.306% (3-Month USD-SOFR + 0.500%) due 10/2/28			48,705
		169,877	Pug LLC, 8.941% (1-Month USD-SOFR + 0.350%) due 2/12/27			166,600
		328,321	RealPage Inc., 8.441% (1-Month USD-SOFR + 0.300%) due 4/24/28			319,252

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SENIOR LOANS(b) – (continued)
	$	148,741	Scientific Games Holdings LP, 8.580% (3-Month USD-SOFR + 0.325%) due 4/4/29		$	148,369
		67,500	SkyMiles IP Ltd., 9.068% (3-Month USD-SOFR + 0.375%) due 10/20/27			69,341
		19,200	SMG US Midco 2 Inc., 8.074% (3-Month USD-SOFR + 0.250%) due 1/23/25			19,188
		33,697	Sunshine Luxembourg VII SARL, 8.948% (3-Month USD-SOFR + 0.350%) due 10/1/26			33,730
		127,055	SWF Holdings I Corp., 9.441% (1-Month USD-SOFR + 0.400%) due 10/6/28			114,866
		48,750	Tecta America Corp., 9.441% (1-Month USD-SOFR + 0.400%) due 4/10/28			48,735
		43,452	Tricorbraun Holdings Inc., 8.691% (1-Month USD-SOFR + 0.325%) due 3/3/28			42,788
		131,625	Triton Water Holdings Inc., 8.860% (3-Month USD-SOFR + 0.325%) due 3/31/28			129,185
		145,000	UKG Inc., 8.814% (3-Month USD-SOFR + 0.350%) due 2/10/31			145,068
		200,000	United AirLines Inc., 8.076% (3-Month USD-SOFR + 0.275%) due 2/22/31			199,750
		36,994	Upbound Group Inc., 9.119% (6-Month USD-SOFR + 0.325%) due 2/17/28			36,917
		4,875	Verscend Holding Corp., 9.441% (1-Month USD-SOFR + 0.400%) due 8/27/25			4,872
		70,000	Vestis Corp., due 2/22/31(m)			69,913
		135,000	Wand Newco 3 Inc., 9.076% (1-Month USD-SOFR + 0.375%) due 1/30/31			135,169
		255,000	WEC US Holdings Ltd., 8.076% (1-Month USD-SOFR + 0.275%) due 1/27/31			254,003
		10,264	WestJet Airlines Ltd., 8.426% (1-Month USD-SOFR + 0.300%) due 12/11/26			10,243
		165,000	WestJet Loyalty LP, 9.068% (3-Month USD-SOFR + 0.375%) due 2/14/31			163,556
		80,000	Zayo Group Holdings Inc., 8.441% (1-Month USD-SOFR + 0.300%) due 3/9/27			71,820
		20,000	Ziggo Financing Partnership, 7.932% (1-Month USD-SOFR + 0.250%) due 4/30/28			19,655
			TOTAL SENIOR LOANS (Cost – $11,684,162)			11,528,091
SOVEREIGN BONDS – 0.5%
Bermuda – 0.1%
			Bermuda Government International Bond:
		890,000	2.375% due 8/20/30			741,815
		800,000	5.000% due 7/15/32			767,040
			Total Bermuda			1,508,855
Chile – 0.0%
		655,000	Chile Government International Bond, 4.950% due 1/5/36			631,487
Colombia – 0.0%
		200,000	Colombia Government International Bond, 4.125% due 5/15/51			122,081
Hungary – 0.1%
			Hungary Government International Bond:
		560,000	6.125% due 5/22/28(e)			571,200

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount/Units			Security	Value
SOVEREIGN BONDS – (continued)
Hungary – (continued)
	$	835,000	5.500% due 3/26/36(e)		$	801,630
			Total Hungary			1,372,830
Mexico – 0.1%
			Mexico Government International Bond:
		410,000	3.500% due 2/12/34			338,295
		1,775,000	6.000% due 5/7/36			1,766,527
		300,000	6.338% due 5/4/53			292,326
		200,000	6.400% due 5/7/54			196,755
			Total Mexico			2,593,903
Panama – 0.0%
			Panama Government International Bond:
		200,000	6.875% due 1/31/36			188,807
		295,000	6.853% due 3/28/54			259,071
		300,000	3.870% due 7/23/60			166,951
			Total Panama			614,829
Romania – 0.1%
			Romanian Government International Bond:
		918,000	5.875% due 1/30/29(e)			910,080
		1,228,000	3.000% due 2/14/31			1,019,240
		366,000	6.375% due 1/30/34(e)			363,416
			Total Romania			2,292,736
Saudi Arabia – 0.1%
			Saudi Government International Bond:
		395,000	5.000% due 1/16/34(e)			387,562
		630,000	5.000% due 1/18/53(e)			554,400
		610,000	5.750% due 1/16/54(e)			588,379
			Total Saudi Arabia			1,530,341
South Africa – 0.0%
		200,000	Republic of South Africa Government International Bond, 4.300% due 10/12/28			180,000
			TOTAL SOVEREIGN BONDS (Cost – $11,496,074)			10,847,062

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount†			Rating††	Security	Value
MUNICIPAL BONDS – 0.1%
California – 0.0%
	$	20,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 6.548% due 5/15/48		$	22,720
		360,000	AA-	State of California, GO, 7.300% due 10/1/39			421,168
				Total California			443,888
Massachusetts – 0.0%
		478,085	Aa1(n)	Commonwealth of Massachusetts, Revenue Bonds, 4.110% due 7/15/31			470,000
New York – 0.1%
		680,000	A-	Metropolitan Transportation Authority, Revenue Bonds, 6.814% due 11/15/40			750,663
		810,000	A+	New York Transportation Development Corp., Revenue Bonds, 4.248% due 9/1/35			782,519
				Total New York			1,533,182
Texas – 0.0%
		275,000	A+	Dallas Fort Worth International Airport, Revenue Bonds, 4.507% due 11/1/51			249,940
				TOTAL MUNICIPAL BONDS (Cost – $3,139,308)			2,697,010

Shares/Units
EXCHANGE TRADED FUND (ETF) – 4.1%
	849,503	iShares Core U.S. Aggregate Bond (Cost – $83,002,328)	82,699,120
COMMON STOCKS – 0.0%
COMMUNICATIONS – 0.0%
Telecommunications – 0.0%
	1,030	Intelsat SA*(d)(g)	27,556
INDUSTRIAL – 0.0%
Metals & Mining – 0.0%
	1,907	Flame Aggregator LLC*(d)(g)	14,779
		TOTAL INDUSTRIAL	14,779
		TOTAL COMMON STOCKS (Cost – $84,901)	42,335
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $2,258,428,816)	2,069,927,078

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Face Amount†			Security	Value
SHORT-TERM INVESTMENTS – 2.5%
TIME DEPOSITS – 2.5%
		53EUR	Citibank – London, 2.820% due 3/1/24		$	58
	$	6,076,597	Citibank – New York, 4.680% due 3/1/24			6,076,597
		29,024,210	JPMorgan Chase & Co. – New York, 4.680% due 3/1/24			29,024,210
		16,096,519	Skandinaviska Enskilda Banken AB – Stockholm, 4.680% due 3/1/24			16,096,519
			TOTAL TIME DEPOSITS (Cost – $51,197,384)			51,197,384
			TOTAL INVESTMENTS – 105.4% (Cost – $2,309,626,200)			2,121,124,462
			Liabilities in Excess of Other Assets – (5.4)%			(108,139,471)
			TOTAL NET ASSETS – 100.0%		$	2,012,984,991

†

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

††

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

Non-income producing security.

(a)

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

(b)

Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

(c)

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

(d)

Illiquid security. The aggregate value of illiquid holdings at February 29, 2024, amounts to $1,699,377 and represents 0.08% of net assets.

(e)

(f)

Interest only security.

(g)

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

(h)

Principal only security.

(i)

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

(j)

When-Issued or delayed delivery security.

(k)

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

(l)

Security is currently in default.

(m)

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.

(n)

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

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.

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (continued)

Security	First Acquisition Date		First Acquisition Cost			Market Value			Percent of Net Assets
Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes:
3.550% due 12/15/29		3/24/2022		$	134,858		$	95,264		0.00%
Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 3.250% due 5/15/30		3/17/2022			220,781			139,422		0.01%
Total							$	234,686		0.01%

Abbreviations used in this schedule:

CBT

— Chicago Board of Trade

CLO

— Collateralized Loan Obligation

CMT

— Constant Maturity Treasury Index

— General Obligation

LLC

— Limited Liability Company

— Limited Partnership

PLC

— Public Limited Company

REMICS

— Real Estate Mortgage Investment Conduit

SARL

— Société à Responsabilité Limitée

SOFR

— Secured Overnight Financing Rate

STRIPS

— Separate Trading of Registered Interest and Principals

TSFR

— CME Term SOFR Reference Rate

Summary of Investments by Security Type^

	Mortgage-Backed Securities					24.0%
	U.S. Government Obligations					19.9
	Collateralized Mortgage Obligations					19.7
	Corporate Bonds & Notes					19.3
	Asset-Backed Securities					9.7
	Exchange Traded Fund (ETF)					3.9
	Senior Loans					0.5
	Sovereign Bonds					0.5
	Municipal Bonds					0.1
	Common Stocks					0.0*
	Short-Term Investments					2.4
						100.0%

As a percentage of total investments.

Positions represent less than 0.05%.

At February 29, 2024, Destinations Core Fixed Income Fund had open exchange traded futures contracts as described below.

See Notes to Financial Statements.

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February 29, 2024

Destinations Core Fixed Income Fund (concluded)

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amounts			Market Value			Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
U.S. 10 Year Note (CBT)		368		6/24		$	40,621,098		$	40,641,000		$	19,902
Contracts to Sell:
U.S. 10 Year Ultra		241		6/24		$	(27,476,266)		$	27,515,422		$	(39,156)
U.S. 2 Year Note (CBT)		417		6/24			(85,340,625)			85,380,750			(40,125)
U.S. 5 Year Note (CBT)		132		6/24			(14,088,618)			14,111,625			(23,007)
U.S. Long Bond (CBT)		48		6/24			(5,715,750)			5,724,000			(8,250)
U.S. Ultra Bond (CBT)		88		6/24			(11,241,180)			11,253,000			(11,820)
													(122,358)
Net Unrealized Depreciation on Open Exchange Traded Futures Contracts												$	(102,456)

At February 29, 2024, Destinations Core Fixed Income Fund had deposited cash of $9,362 with a broker or brokers as margin collateral on open exchange traded futures contracts.

At February 29, 2024, Destinations Core Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amounts	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation
Receive	1D SOFR		3.590%		9/20/53	USD 2,765,000		$	53,717		$	11,920		$	41,797
Receive	1D SOFR		3.250%		6/21/53	USD 960,000			83,182			(10,562)			93,744
Receive	1D SOFR		2.880%		3/15/53	USD 990,000			158,469			11,594			146,875
Receive	1D SOFR		2.970%		3/15/53	USD 3,065,000			439,524			9,928			429,596
								$	734,892		$	22,880		$	712,012

Schedule of Forward Sale Commitments

Face Amounts			Security	Value
			Federal National Mortgage Association:
	$	400,000	2.000% due 3/1/39(a) (Proceeds – $354,969)		$	(352,817)
		725,000	3.000% due 3/1/39(a) (Proceeds – $674,845)			(671,696)
		4,640,000	3.000% due 3/1/54(a) (Proceeds – $4,015,538)			(3,968,207)
		1,335,000	3.500% due 3/1/54(a) (Proceeds – $1,183,770)			(1,187,565)
		1,635,000	4.000% due 3/1/54(a) (Proceeds – $1,518,362)			(1,504,159)
		136,000	4.500% due 3/1/54(a) (Proceeds – $130,379)			(128,728)
		15,490,000	5.000% due 3/1/54(a) (Proceeds – $15,151,897)			(15,020,467)
		200,000	5.500% due 3/1/54(a) (Proceeds – $199,211)			(197,835)
			Government National Mortgage Association:
		3,445,000	2.500% due 3/1/54(a) (Proceeds – $2,910,565)			(2,915,419)
		1,555,000	3.000% due 3/1/54(a) (Proceeds – $1,360,252)			(1,363,149)
		2,465,000	4.000% due 3/1/54(a) (Proceeds – $2,285,958)			(2,293,929)
		820,000	4.500% due 3/1/54(a) (Proceeds – $780,089)			(783,007)
		815,000	5.000% due 3/1/54(a) (Proceeds – $794,020)			(796,014)
			TOTAL OPEN FORWARD SALE COMMITMENTS (Proceeds – $31,359,854)		$	(31,182,992)

(a)

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

See Notes to Financial Statements.

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February 29, 2024

Destinations Low Duration Fixed Income Fund

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – 37.3%
Basic Materials – 2.9%
	$	200,000	AngloGold Ashanti Holdings PLC, Company Guaranteed Notes, 3.375% due 11/1/28		$	179,135
		200,000	Braskem Netherlands Finance BV, Company Guaranteed Notes, 8.500% (5-Year CMT Index + 8.220%) due 1/23/81(a)			193,143
		200,000	Compania de Minas Buenaventura SAA, Company Guaranteed Notes, 5.500% due 7/23/26			192,313
		200,000	Freeport Indonesia PT, Senior Unsecured Notes, 4.763% due 4/14/27(b)			194,509
		250,000	Freeport-McMoRan Inc., Company Guaranteed Notes, 4.125% due 3/1/28			237,200
			Glencore Funding LLC, Company Guaranteed Notes:
		15,000	4.125% due 3/12/24(b)			14,994
		60,000	4.000% due 4/16/25(b)			58,957
		212,000	1.625% due 9/1/25(b)			200,247
		200,000	Gold Fields Orogen Holdings BVI Ltd., Company Guaranteed Notes, 5.125% due 5/15/24			199,336
		200,000	Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, Senior Unsecured Notes, 4.750% due 5/15/25			197,410
		200,000	Industrias Penoles SAB de CV, Senior Unsecured Notes, 4.150% due 9/12/29			184,873
		3,497,000	Infrabuild Australia Pty Ltd., Senior Secured Notes, 14.500% due 11/15/28(b)(c)			3,597,539
		200,000	MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25			197,262
		200,000	Sasol Financing USA LLC, Company Guaranteed Notes, 4.375% due 9/18/26			186,740
		100,000	Suzano International Finance BV, Company Guaranteed Notes, 4.000% due 1/14/25			98,250
		5,779,224	TPC Group Inc., Senior Secured Notes, 13.000% due 12/16/27(b)			5,890,471
			Total Basic Materials			11,822,379
Communications – 6.5%
		200,000	Bharti Airtel Ltd., Senior Unsecured Notes, 4.375% due 6/10/25			196,471
		8,600,000	BuzzFeed Inc., Company Guaranteed Notes, 8.500% due 12/3/26(b)			7,353,000
		3,293,000	Clear Channel International BV, Senior Secured Notes, 6.625% due 8/1/25(b)			3,293,856
		1,663,000	Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(b)			1,631,698
		272,000	Expedia Group Inc., Company Guaranteed Notes, 6.250% due 5/1/25(b)			273,226
		2,126,000	Getty Images Inc., Company Guaranteed Notes, 9.750% due 3/1/27(b)			2,119,513
			Go North Group AB:
		2,263,000	Senior Secured Notes, 5.335% due 2/9/26(a)(c)			2,263,000
		1,604,271SEK	Senior Unsecured Notes, 15.000% due 2/2/28(c)			—
		180,000	Millicom International Cellular SA, Senior Unsecured Notes, 5.125% due 1/15/28			171,615
		6,342,000EUR	Opnet SpA, Senior Secured Notes, 10.925% (3-Month EURIBOR + 6.000%) due 2/9/26(a)(b)(d)			6,827,704

See Notes to Financial Statements.

241

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Schedules of Investments

February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
	$	1,797,000	Sprint LLC, Company Guaranteed Notes, 7.125% due 6/15/24		$	1,801,762
		200,000	Telefonica Celular del Paraguay SA, Senior Unsecured Notes, 5.875% due 4/15/27			196,266
			Total Communications			26,128,111
Consumer Cyclical – 1.9%
		937,000	American Greetings Corp., Company Guaranteed Notes, 8.750% due 4/15/25(b)			938,171
		282,000	Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25			276,953
		282,000	Ford Motor Co., Senior Unsecured Notes, 4.346% due 12/8/26			273,944
		277,000	General Motors Financial Co., Inc., Company Guaranteed Notes, 5.250% due 3/1/26			276,110
		1,095,325	Hawaiian Airlines 2013-1 Class A Pass-Through Certificates, Pass-Thru Certificates, 3.900% due 1/15/26			1,022,471
			Marriott International Inc., Senior Unsecured Notes:
		215,000	3.600% due 4/15/24			214,394
		62,000	5.000% due 10/15/27			61,744
		659,000EUR	Secop Group Holding GmbH, Senior Secured Notes, 12.325% (3-Month EURIBOR + 8.400%) due 12/29/26(a)			728,273
		3,877,000	Tapestry Inc., Senior Unsecured Notes, 7.050% due 11/27/25			3,949,382
			Total Consumer Cyclical			7,741,442
Consumer Non-cyclical – 9.0%
		177,500	Adani International Container Terminal Pvt Ltd., Senior Secured Notes, 3.000% due 2/16/31			152,090
		200,000	Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 4.000% due 7/30/27			182,768
		277,000	Amgen Inc., Senior Unsecured Notes, 5.507% due 3/2/26			276,639
		155,000	Bristol-Myers Squibb Co., Senior Unsecured Notes, 5.833% (SOFRRATE + 0.490%) due 2/20/26(a)			155,554
		13,681,000	Cannabist Co. Holdings Inc., Senior Secured Notes, 9.500% due 2/3/26			11,560,445
		277,000	Constellation Brands Inc., Senior Unsecured Notes, 5.000% due 2/2/26			275,233
		280,000	Elevance Health Inc., Senior Unsecured Notes, 3.500% due 8/15/24			277,269
			HCA Inc., Company Guaranteed Notes:
		195,000	5.000% due 3/15/24			194,948
		82,000	5.375% due 2/1/25			81,712
			JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., Company Guaranteed Notes:
		100,000	2.500% due 1/15/27			91,744
		100,000	3.000% due 2/2/29			87,660

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
	$	8,497,000	Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 1/31/25(c)(d)		$	7,222,450
		200,000	Minerva Luxembourg SA, Company Guaranteed Notes, 5.875% due 1/19/28			190,709
		1,695,000	Nathan’s Famous Inc., Senior Secured Notes, 6.625% due 11/1/25(b)			1,686,525
		200,000	NBM US Holdings Inc., Company Guaranteed Notes, 7.000% due 5/14/26			199,640
		200,000	PSA Treasury Pte Ltd., Company Guaranteed Notes, 2.500% due 4/12/26			189,731
			Royalty Pharma PLC, Company Guaranteed Notes:
		40,000	1.200% due 9/2/25			37,450
		310,000	1.750% due 9/2/27			276,045
		3,025,000	Tenet Healthcare Corp., Senior Secured Notes, 4.875% due 1/1/26			3,021,873
		7,626,000	UpHealth Inc., Senior Unsecured Notes, 6.250% due 6/15/26(b)			5,719,500
		4,250,000	Valvoline Inc., Company Guaranteed Notes, 4.250% due 2/15/30(b)			4,223,122
		282,000	Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 1.450% due 11/22/24			273,577
			Total Consumer Non-cyclical			36,376,684
Diversified – 0.7%
		2,505,000EUR	LR Global Holding GmbH, Senior Secured Notes, 11.202% (3-Month EURIBOR + 7.250%) due 2/3/25(a)			2,727,709
Energy – 3.5%
		250,000	Adaro Indonesia PT, Company Guaranteed Notes, 4.250% due 10/31/24			245,014
		206,250	AI Candelaria Spain SA, Senior Secured Notes, 7.500% due 12/15/28			198,041
		277,000	BP Capital Markets America, Inc., Company Guaranteed Notes, 4.699% due 4/10/29			273,653
		200,000	Cosan Luxembourg SA, Company Guaranteed Notes, 7.000% due 1/20/27			201,578
		4,327,000	CrownRock LP/CrownRock Finance Inc., Senior Unsecured Notes, 5.625% due 10/15/25(b)			4,305,581
		267,000	Enbridge Inc., Company Guaranteed Notes, 5.900% due 11/15/26			271,991
		267,000	Energy Transfer LP, Senior Unsecured Notes, 6.050% due 12/1/26			271,727
		129,320	Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes, 1.750% due 9/30/27			121,068
		129,440	GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29			127,056
		171,358	Guara Norte SARL, Senior Secured Notes, 5.198% due 6/15/34			154,436
		3,600,000	HMH Holding BV, Senior Secured Notes, 9.875% due 11/16/26			3,677,625
		200,000	Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 7/14/27			186,232
		200,000	ONGC Videsh Ltd., Company Guaranteed Notes, 4.625% due 7/15/24			198,932
		200,000	Petrobras Global Finance BV, Company Guaranteed Notes, 7.375% due 1/17/27			208,292
		3,653,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes, 9.000% due 10/15/26(b)			3,613,992
			Total Energy			14,055,218

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – 4.9%
	$	280,000	American Express Co., Senior Unsecured Notes, 6.344% (SOFRRATE + 1.000%) due 2/16/28(a)		$	280,985
			Athene Global Funding:
		77,000	Secured Notes, 1.716% due 1/7/25(b)			74,471
		200,000	Senior Secured Notes, 6.045% (SOFRRATE + 0.700%) due 5/24/24(a)(b)			200,148
		297,000	Avolon Holdings Funding Ltd., Senior Unsecured Notes, 2.125% due 2/21/26(b)			275,579
		150,000	Banco BBVA Peru SA, Subordinated Notes, 5.250% (5-Year CMT Index + 2.750%) due 9/22/29(a)			149,175
		200,000	Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due 4/21/25			196,474
		200,000	Banco BTG Pactual SA, Senior Unsecured Notes, 4.500% due 1/10/25			197,880
		150,000	Banco Continental SAECA, Senior Unsecured Notes, 2.750% due 12/10/25(b)			140,070
		200,000	Banco de Bogota SA, Subordinated Notes, 6.250% due 5/12/26			197,943
			Banco de Credito del Peru SA:
		50,000	Senior Unsecured Notes, 5.850% due 1/11/29(b)			50,538
		200,000	Subordinated Notes, 3.125% (5-Year CMT Index + 3.000%) due 7/1/30(a)			189,868
		150,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, Senior Unsecured Notes, 4.375% due 4/11/27			144,733
		300,000	Banco Industrial SA, Subordinated Notes, 4.875% (5-Year CMT Index + 4.442%) due 1/29/31(a)(c)			287,859
		150,000	Banco Internacional del Peru SAA Interbank, Subordinated Notes, 4.000% (5-Year CMT Index + 3.711%) due 7/8/30(a)			143,708
		200,000	Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 2.720% (5-Year CMT Index + 2.000%) due 8/11/31(a)			174,438
		200,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Subordinated Notes, 7.525% (5-Year CMT Index + 2.995%) due 10/1/28(a)			206,830
			Bancolombia SA, Subordinated Notes:
		200,000	6.909% (5-Year CMT Index + 2.929%) due 10/18/27(a)			196,540
		200,000	4.625% (5-Year CMT Index + 2.944%) due 12/18/29(a)			187,477
		280,000	Bank of America Corp., Senior Unsecured Notes, 3.458% (3-Month TSFR + 1.232%) due 3/15/25(a)			279,777
			Bank of Montreal, Senior Unsecured Notes:
		210,000	6.064% (SOFRRATE + 0.710%) due 3/8/24(a)			210,014
		67,000	1.500% due 1/10/25			64,789
		277,000	Bank of Nova Scotia, Senior Unsecured Notes, 4.750% due 2/2/26			274,809

See Notes to Financial Statements.

244

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
			BBVA Bancomer SA, Subordinated Notes:
	$	200,000	5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)		$	196,007
		200,000	5.125% (5-Year CMT Index + 2.650%) due 1/18/33(a)			182,669
		417,000	Citigroup Inc., Senior Unsecured Notes, 3.352% (3-Month TSFR + 1.158%) due 4/24/25(a)			415,416
		220,000	Commonwealth Bank of Australia, Senior Unsecured Notes, 5.984% (SOFRRATE + 0.630%) due 9/12/25(a)(b)			220,419
		200,000	DBS Group Holdings Ltd., Subordinated Notes, 1.822% (5-Year CMT Index + 1.100%) due 3/10/31(a)			185,220
		1,470,955	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 10.500% due 1/15/28(b)			1,504,272
		200,000	Global Bank Corp., Senior Unsecured Notes, 5.250% (3-Month USD-SOFR + 3.300%) due 4/16/29(a)			185,658
		282,000	Goldman Sachs Group Inc., Senior Unsecured Notes, 3.500% due 4/1/25			276,170
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
		3,832,000	4.750% due 9/15/24			3,807,703
		864,000	6.250% due 5/15/26			841,917
		260,000	Intercorp Financial Services Inc., Senior Unsecured Notes, 4.125% due 10/19/27			241,959
		9,855	Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due 11/30/25			9,224
			JPMorgan Chase & Co., Senior Unsecured Notes:
		105,000	3.220% (3-Month TSFR + 1.417%) due 3/1/25(a)			104,991
		25,000	0.824% (3-Month TSFR + 0.540%) due 6/1/25(a)			24,671
		282,000	3.900% due 7/15/25			277,213
		25,000	0.768% (SOFRRATE + 0.490%) due 8/9/25(a)			24,435
		282,000	Morgan Stanley, Senior Unsecured Notes, 3.875% due 1/27/26			275,051
		200,000	Multibank Inc., Senior Unsecured Notes, 7.750% due 2/3/28(b)			203,250
		200,000	NongHyup Bank, Senior Unsecured Notes, 1.250% due 7/20/25			188,850
		13,750,000SEK	Novedo Holding AB, Senior Secured Notes, 10.597% (3-Month SEK-STIBOR + 6.500%) due 11/26/24(a)			1,266,768
		200,000	Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 1.832% (5-Year CMT Index + 1.580%) due 9/10/30(a)			188,434
		137,000	PNC Financial Services Group Inc., Senior Unsecured Notes, 5.812% (SOFRRATE + 1.322%) due 6/12/26(a)			137,199
		282,000	Royal Bank of Canada, Senior Unsecured Notes, 3.375% due 4/14/25			276,228
		25,000,000SEK	Stockwik Forvaltning AB, Senior Secured Notes, 12.088% (3-Month SEK-STIBOR + 8.000%) due 3/20/26(a)			2,339,781

See Notes to Financial Statements.

245

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
	$	282,000	Toronto-Dominion Bank, Senior Unsecured Notes, 0.700% due 9/10/24		$	274,942
		285,000	Truist Financial Corp., Senior Unsecured Notes, 4.260% (SOFRRATE + 1.456%) due 7/28/26(a)			279,196
		200,000	United Overseas Bank Ltd., Subordinated Notes, 2.000% (5-Year CMT Index + 1.230%) due 10/14/31(a)			182,418
		1,257,000	Uniti Fiber Holdings Inc., Company Guaranteed Notes, 4.000% due 6/15/24(b)			1,235,668
		282,000	Wells Fargo & Co., Senior Unsecured Notes, 2.406% (3-Month TSFR + 1.087%) due 10/30/25(a)			275,912
			Welltower OP LLC, Company Guaranteed Notes:
		215,000	3.625% due 3/15/24			214,811
		62,000	4.000% due 6/1/25			60,878
			Total Financial			20,021,435
Healthcare – 1.4%
		6,180,606	ProSomnus Holdings Inc., zero coupon, due 12/31/49(c)(d)			5,466,400
Industrial – 3.8%
		260,322	Bioceanico Sovereign Certificate Ltd., Senior Secured Notes, zero coupon, due 6/5/34			188,343
		277,000	Boeing Co., Senior Unsecured Notes, 4.875% due 5/1/25			274,435
		287,000	Canadian Pacific Railway Co., Company Guaranteed Notes, 1.350% due 12/2/24			278,029
		182,000	Carrier Global Corp., Senior Unsecured Notes, 5.800% due 11/30/25			183,282
		597,000	Hillenbrand Inc., Company Guaranteed Notes, 5.750% due 6/15/25			592,557
		2,718,000	IEA Energy Services LLC, Company Guaranteed Notes, 6.625% due 8/15/29(b)			2,593,544
		9,643,000	INNOVATE Corp., Senior Secured Notes, 8.500% due 2/1/26(b)			7,184,035
		174,703	Lima Metro Line 2 Finance Ltd., Senior Secured Notes, 5.875% due 7/5/34			171,655
		161,272	MV24 Capital BV, Senior Secured Notes, 6.748% due 6/1/34			151,327
		125,000	Packaging Corp. of America, Senior Unsecured Notes, 3.650% due 9/15/24			123,545
		277,000	Parker-Hannifin Corp., Senior Unsecured Notes, 3.650% due 6/15/24			275,412
		282,000	Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 4.400% due 7/1/27(b)			273,637
		285,000	Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24			280,962
		272,000	Ryder System Inc., Senior Unsecured Notes, 5.250% due 6/1/28			272,507
		200,000	St Marys Cement Inc. Canada, Company Guaranteed Notes, 5.750% due 1/28/27			199,059
		272,000	Veralto Corp., Company Guaranteed Notes, 5.500% due 9/18/26(b)			273,169
		2,007,000	WESCO Distribution Inc., Company Guaranteed Notes, 7.125% due 6/15/25(b)			2,018,992
			Total Industrial			15,334,490

See Notes to Financial Statements.

246

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Technology – 2.0%
	$	2,554,000EUR	Azerion Group NV, Senior Secured Notes, 10.643% (3-Month EURIBOR + 6.750%) due 10/2/26(a)		$	2,712,057
		25,000	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.875% due 1/15/27			24,157
		287,000	Broadcom Inc., Company Guaranteed Notes, 3.150% due 11/15/25			276,899
		1,590,000SEK	Cabonline Group Holding AB, Senior Secured Notes, 14.000% due 3/19/26			159,829
		2,709,000EUR	Fiven AS, Senior Secured Notes, 10.669% (3-Month EURIBOR + 6.700%) due 12/11/26(a)			3,030,363
			Impala BondCo PLC:
		13,750,000SEK	Senior Secured Notes, 13.080% (3-Month SEK-STIBOR + 9.000%) due 10/20/24			862,198
		469,859SEK	Unsecured Notes, zero coupon,(c)(e)			29,463
			Microchip Technology Inc.:
		102,000	Company Guaranteed Notes, 4.250% due 9/1/25			100,096
		180,000	Senior Unsecured Notes, 0.983% due 9/1/24			175,678
		282,000	NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 4.400% due 6/1/27			275,278
		272,000	Oracle Corp., Senior Unsecured Notes, 5.800% due 11/10/25			274,242
		277,000	Take-Two Interactive Software Inc., Senior Unsecured Notes, 4.950% due 3/28/28			274,788
			Total Technology			8,195,048
Utilities – 0.7%
		200,000	AES Andes SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b)			196,301
		272,000	American Electric Power Co., Inc., Senior Unsecured Notes, 5.200% due 1/15/29			271,627
		300,000	Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28			233,550
		95,600	Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29			85,323
		282,000	Entergy Louisiana LLC, Collateral Trust, 0.950% due 10/1/24			274,566
		140,000	Exelon Corp., Senior Unsecured Notes, 5.150% due 3/15/29			139,401
		200,000	Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27			194,000
		161,000	JSW Hydro Energy Ltd., Senior Secured Notes, 4.125% due 5/18/31			141,683
		200,000	Kallpa Generacion SA, Company Guaranteed Notes, 4.125% due 8/16/27			188,751
		154,840	LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39			149,614
		200,000	Mercury Chile Holdco LLC, Senior Secured Notes, 6.500% due 1/24/27(b)			186,863
		252,848	Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due 12/6/32			247,195
		185,960	Minejesa Capital BV, Senior Secured Notes, 4.625% due 8/10/30			175,608

See Notes to Financial Statements.

247

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	$	150,000	4.950% due 6/8/25		$	148,566
		142,000	2.100% due 8/1/27			127,169
		200,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured Notes, 4.125% due 5/15/27			191,250
			Total Utilities			2,951,467
			TOTAL CORPORATE BONDS & NOTES (Cost – $160,357,439)			150,820,383
ASSET-BACKED SECURITIES – 11.3%
		94,102	AccessLex Institute, Series 2007-A, Class A3, 5.885% (3-Month TSFR + 0.562%) due 5/25/36(a)			92,265
		989,306	Accredited Mortgage Loan Trust, Series 2005-1, Class M4, 5.423% (1-Month TSFR + 1.269%) due 4/25/35(a)			986,634
			ACHV ABS TRUST:
		45,357	Series 2023-3PL, Class A, 6.600% due 8/19/30(b)			45,376
		250,000	Series 2023-3PL, Class C, 7.350% due 8/19/30(b)			252,867
		18,946	ACM Auto Trust, Series 2023-1A, Class A, 6.610% due 1/22/30(b)			18,957
			ACREC Ltd.:
		196,061	Series 2021-FL1, Class A, 6.586% (1-Month TSFR + 1.264%) due 10/16/36(a)(b)			194,111
		350,000	Series 2021-FL1, Class AS, 6.936% (1-Month TSFR + 1.614%) due 10/16/36(a)(b)			334,890
			Affirm Asset Securitization Trust:
		12,774	Series 2021-Z1, Class A, 1.070% due 8/15/25(b)			12,671
		375,235	Series 2023-X1, Class A, 7.110% due 11/15/28(b)			376,580
		275,000	Series 2024-A, Class A, 5.610% due 2/15/29(b)			274,477
		1,000,000	Allegro CLO X Ltd., Series 2019-1A, Class AR, 6.729% (3-Month TSFR + 1.412%) due 7/20/32(a)(b)			1,001,000
		283,739	APL Finance DAC, Series 2023-1A, Class A, 7.000% due 7/21/31(b)			283,980
		26,514	Aqua Finance Trust, Series 2020-AA, Class A, 1.900% due 7/17/46(b)			24,655
		250,000	BDS Ltd., Series 2021-FL10, Class A, 6.784% (1-Month TSFR + 1.464%) due 12/16/36(a)(b)			248,601
		333,763	BRSP Ltd., Series 2021-FL1, Class A, 6.584% (1-Month TSFR + 1.264%) due 8/19/38(a)(b)			328,739
			BSPRT Issuer Ltd.:
		179,851	Series 2021-FL6, Class A, 6.532% (1-Month TSFR + 1.214%) due 3/15/36(a)(b)			177,793
		376,442	Series 2021-FL7, Class A, 6.752% (1-Month TSFR + 1.434%) due 12/15/38(a)(b)			374,203

See Notes to Financial Statements.

248

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Schedules of Investments

February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	354,792	CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220% due 9/25/45(b)		$	317,708
		1,000,000	Carlyle US CLO Ltd., Series 2019-4A, Class A11R, 6.634% (3-Month TSFR + 1.320%) due 4/15/35(a)(b)			1,000,831
		500,000	CarVal CLO IX-C Ltd., Series 2024-1A, Class A, 0.000% (3-Month TSFR + 1.680%) due 4/20/37(a)(b)(d)(f)			500,170
			Carvana Auto Receivables Trust:
		400,000	Series 2023-P5, Class A2, 5.770% due 4/12/27(b)			400,377
		500,000	Series 2024-N1, Class A2, 5.760% due 4/12/27(b)			499,985
			CHCP Ltd.:
		86,175	Series 2021-FL1, Class A, 6.486% (1-Month TSFR + 1.164%) due 2/15/38(a)(b)			85,694
		100,000	Series 2021-FL1, Class AS, 6.736% (1-Month TSFR + 1.414%) due 2/15/38(a)(b)			98,750
		250,000	Citizens Auto Receivables Trust, Series 2023-2, Class A2A, 6.090% due 10/15/26(b)			250,686
		176,287	CLNC Ltd., Series 2019-FL1, Class AS, 6.984% (1-Month TSFR + 1.664%) due 8/20/35(a)(b)			173,726
		143,514	Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.980% due 8/25/50(b)			124,476
		236,262	CPS Auto Receivables Trust, Series 2024-A, Class A, 5.710% due 9/15/27(b)			236,071
		500,000	CQS US CLO Ltd., Series 2021-1A, Class A, 6.799% (3-Month TSFR + 1.482%) due 1/20/35(a)(b)			498,750
			DataBank Issuer:
		500,000	Series 2021-1A, Class A2, 2.060% due 2/27/51(b)			453,660
		500,000	Series 2023-1A, Class A2, 5.116% due 2/25/53(b)			470,105
		470,000	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118% due 7/25/47(b)			449,761
		425,943	Drive Auto Receivables Trust, Series 2021-3, Class C, 1.470% due 1/15/27			418,801
		375,000	Exeter Automobile Receivables Trust, Series 2023-5A, Class A2, 6.200% due 4/15/26			375,595
		1,630,961	First Franklin Mortgage Loan Trust, Series 2003-FF2, Class M1, 7.243% (1-Month TSFR + 1.914%) due 7/25/33(a)			1,595,605
		1,000,000	Franklin Park Place CLO I LLC, Series 2022-1A, Class A, 6.714% (3-Month TSFR + 1.400%) due 4/14/35(a)(b)			1,000,573
		206,914	FS Rialto, Series 2021-FL3, Class A, 6.686% (1-Month TSFR + 1.364%) due 11/16/36(a)(b)			205,491
		301,937	FS RIALTO, Series 2021-FL2, Class A, 6.656% (1-Month TSFR + 1.334%) due 5/16/38(a)(b)			297,072
		399,690	Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, 6.607% (3-Month TSFR + 1.282%) due 5/16/31(a)(b)			400,514
			GLS Auto Receivables Issuer Trust:
		224,196	Series 2021-2A, Class C, 1.080% due 6/15/26(b)			221,728

See Notes to Financial Statements.

249

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Schedules of Investments

February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	400,000	Series 2023-4A, Class A2, 6.400% due 12/15/26(b)		$	401,446
		339,935	GPMT Ltd., Series 2021-FL4, Class A, 6.786% (1-Month TSFR + 1.464%) due 12/15/36(a)(b)			328,928
		504,000	Greystone CRE Notes Ltd., Series 2021-FL3, Class A, 6.452% (1-Month TSFR + 1.134%) due 7/15/39(a)(b)			497,700
		1,000,000	Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 6.758% (3-Month TSFR + 1.440%) due 10/20/31(a)(b)			1,002,650
		500,000	Halseypoint CLO 5 Ltd., Series 2021-5A, Class A1A, 6.789% (3-Month TSFR + 1.472%) due 1/30/35(a)(b)			498,425
		437,644	Hayfin US XII Ltd., Series 2018-8A, Class A, 6.699% (3-Month TSFR + 1.382%) due 4/20/31(a)(b)			438,792
		500,000	Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.560% due 12/26/25(b)			485,609
		78,804	HGI CRE CLO Ltd., Series 2021-FL1, Class A, 6.486% (1-Month TSFR + 1.164%) due 6/16/36(a)(b)			78,017
		147,840	Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.740% due 2/25/39(b)			139,813
		2,619,554	HTS Fund I LLC, Series 2021-1, Class A, 1.411% due 8/25/36(b)			2,293,412
		1,000,000	Jamestown CLO XVI Ltd., Series 2021-16A, Class A, 6.786% (3-Month TSFR + 1.462%) due 7/25/34(a)(b)			1,001,395
		500,000	Katayma CLO I Ltd., Series 2023-1A, Class A1, 7.318% (3-Month TSFR + 2.000%) due 10/20/36(a)(b)			501,748
		330,000	KREF Ltd., Series 2021-FL2, Class A, 6.506% (1-Month TSFR + 1.184%) due 2/15/39(a)(b)			323,033
		10,385	Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX, 2.340% due 10/25/48(b)			10,115
			LCCM Trust:
		282,187	Series 2021-FL2, Class A, 6.632% (1-Month TSFR + 1.314%) due 12/13/38(a)(b)			277,292
		306,632	Series 2021-FL3, Class A, 6.882% (1-Month TSFR + 1.564%) due 11/15/38(a)(b)			303,477
		444,722	Lendbuzz Securitization Trust, Series 2023-2A, Class A2, 7.090% due 10/16/28(b)			448,462
		235,607	Lendingpoint Asset Securitization Trust, Series 2022-C, Class A, 6.560% due 2/15/30(b)			235,539
			LoanCore Issuer Ltd.:
		269,391	Series 2021-CRE5, Class A, 6.732% (1-Month TSFR + 1.414%) due 7/15/36(a)(b)			268,380
		406,304	Series 2021-CRE6, Class A, 6.732% (1-Month TSFR + 1.414%) due 11/15/38(a)(b)			399,702
		1,000,000	Marble Point CLO XXI Ltd., Series 2021-3A, Class A1, 6.818% (3-Month TSFR + 1.502%) due 10/17/34(a)(b)			998,000

See Notes to Financial Statements.

250

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	500,000	Marble Point CLO XXII Ltd., Series 2021-2A, Class A, 6.786% (3-Month TSFR + 1.462%) due 7/25/34(a)(b)		$	500,679
			Marlette Funding Trust:
		15,690	Series 2019-4A, Class C, 3.760% due 12/17/29(b)			15,650
		206,861	Series 2022-1A, Class B, 2.340% due 4/15/32(b)			204,535
		478,750	ME Funding LLC, Series 2019-1, Class A2, 6.448% due 7/30/49(b)			476,331
			MF1 Ltd.:
		174,243	Series 2021-FL6, Class A, 6.536% (1-Month TSFR + 1.214%) due 7/16/36(a)(b)			173,153
		196,137	Series 2021-FL7, Class A, 6.514% (1-Month TSFR + 1.194%) due 10/16/36(a)(b)			194,482
		100,000	Series 2022-FL8, Class A, 6.666% (1-Month TSFR + 1.350%) due 2/19/37(a)(b)			98,875
		66,160	MMAF Equipment Finance LLC, Series 2022-B, Class A2, 5.570% due 9/9/25(b)			66,159
		630,000	MP CLO VIII Ltd., Series 2015-2A, Class ARR, 6.781% (3-Month TSFR + 1.462%) due 4/28/34(a)(b)			630,372
		62,182	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170% due 9/16/69(b)			55,784
		813,601	Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 6.839% (3-Month TSFR + 1.532%) due 11/15/30(a)(b)			815,317
		920,518	Ocean Trails CLO V, Series 2014-5A, Class ARR, 6.856% (3-Month TSFR + 1.542%) due 10/13/31(a)(b)			922,960
		231,558	OCP CLO Ltd., Series 2014-5A, Class A1R, 6.666% (3-Month TSFR + 1.342%) due 4/26/31(a)(b)			232,117
			Pagaya AI Debt Selection Trust:
		51,356	Series 2021-1, Class B, 2.130% due 11/15/27(b)			51,269
		326,964	Series 2021-3, Class B, 1.740% due 5/15/29(b)			324,806
		1,305	Series 2021-5, Class A, 1.530% due 8/15/29(b)			1,302
			Pagaya AI Debt Trust:
		43,813	Series 2022-1, Class A, 2.030% due 10/15/29(b)			43,251
		87,058	Series 2022-3, Class A, 6.060% due 3/15/30(b)			86,954
		304,333	Series 2023-3, Class A, 7.600% due 12/16/30(b)			306,037
		209,089	Series 2023-5, Class A, 7.179% due 4/15/31(b)			209,719
		460,859	Series 2023-7, Class A, 7.228% due 7/15/31(b)			462,824
		360,952	PRET LLC, Series 2021-NPL3, Class A1, step bond to yield, 1.868% due 7/25/51(b)			347,717
		332,575	Prosper Marketplace Issuance Trust, Series 2023-1A, Class A, 7.060% due 7/16/29(b)			334,135
		1,000,000	RRX 3 Ltd., Series 2021-3A, Class A1, 6.896% (3-Month TSFR + 1.582%) due 4/15/34(a)(b)			1,000,000

See Notes to Financial Statements.

251

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Schedules of Investments

February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	2,000,000	Sound Point CLO Ltd., Series 2024-38A, Class A1, 0.000% (3-Month TSFR + 1.600%) due 2/20/37(a)(b)(d)(f)		$	2,001,058
		1,000,000	Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 6.829% (3-Month TSFR + 1.512%) due 10/20/31(a)(b)			1,001,893
		373,720	Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 6.699% (3-Month TSFR + 1.382%) due 1/21/31(a)(b)			374,341
		843,199	Steele Creek CLO Ltd., Series 2018-2A, Class A, 6.781% (3-Month TSFR + 1.462%) due 8/18/31(a)(b)			845,232
		177,878	STWD Ltd., Series 2021-FL2, Class A, 6.636% (1-Month TSFR + 1.314%) due 4/18/38(a)(b)			173,906
		250,000	Tesla Auto Lease Trust, Series 2021-B, Class B, 0.910% due 9/22/25(b)			246,624
		256,072	Theorem Funding Trust, Series 2023-1A, Class A, 7.580% due 4/15/29(b)			257,905
			THL Credit Wind River CLO Ltd.:
		2,000,000	Series 2017-1A, Class ARR, 6.620% (3-Month TSFR + 1.322%) due 4/18/36(a)(b)			1,990,211
		1,300,000	Series 2019-1A, Class AR, 6.739% (3-Month TSFR + 1.422%) due 7/20/34(a)(b)			1,302,050
		135,502	TRTX Issuer Ltd., Series 2021-FL4, Class A, 6.636% (1-Month TSFR + 1.314%) due 3/15/38(a)(b)			133,151
		205,000	Vantage Data Centers Issuer LLC, Series 2021-1A, Class A2, 2.165% due 10/15/46(b)			185,664
		365,953	VCAT LLC, Series 2021-NPL4, Class A1, step bond to yield, 1.868% due 8/25/51(b)			353,191
		600,000	Vibrant CLO IV Ltd., Series 2016-4A, Class A1RR, 6.699% (3-Month TSFR + 1.382%) due 7/20/32(a)(b)			600,582
		341,864	Vibrant CLO VIII Ltd., Series 2018-8A, Class A1A, 6.719% (3-Month TSFR + 1.402%) due 1/20/31(a)(b)			342,421
		150,000	VMC Finance LLC, Series 2022-FL5, Class A, 7.224% (SOFR30A + 1.900%) due 2/18/39(a)(b)			145,947
		296,029	VOLT XCII LLC, Series 2021-NPL1, Class A1, step bond to yield, 4.893% due 2/27/51(b)			288,770
		215,441	VOLT XCIV LLC, Series 2021-NPL3, Class A1, step bond to yield, 2.240% due 2/27/51(b)			210,543
		469,532	VOLT XCIX LLC, Series 2021-NPL8, Class A1, step bond to yield, 2.116% due 4/25/51(b)			455,959
		1,000,000	Wellfleet CLO Ltd., Series 2020-2A, Class AR, 6.796% (3-Month TSFR + 1.482%) due 7/15/34(a)(b)			1,001,506
		325,000	Westlake Automobile Receivables Trust, Series 2023-4A, Class A2, 6.230% due 1/15/27(b)			326,467
			TOTAL ASSET-BACKED SECURITIES (Cost – $45,879,000)			45,827,712

See Notes to Financial Statements.

252

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Schedules of Investments

February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 9.3%
	$	181,570	Angel Oak Mortgage Trust, Series 2020-6, Class A1, 1.261% due 5/25/65(a)(b)		$	161,033
		183,000	Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A2, 2.023% due 6/15/54(b)			170,115
			BANK:
		1,250,069	Series 2017-BNK4, Class XA, 1.335% due 5/15/50(a)(g)			39,712
		1,632,146	Series 2017-BNK6, Class XA, 0.767% due 7/15/60(a)(g)			31,410
			BBCMS Mortgage Trust:
		200,000	Series 2019-BWAY, Class A, 6.388% (1-Month TSFR + 1.070%) due 11/15/34(a)(b)			139,131
		300,000	Series 2024-C24, Class A1, 5.229% due 2/15/57			298,451
			Benchmark Mortgage Trust:
		9,827,082	Series 2018-B4, Class XA, 0.456% due 7/15/51(a)(g)			140,346
		3,657,505	Series 2020-B16, Class XA, 0.922% due 2/15/53(a)(g)			149,404
		82,625	Series 2021-B27, Class A1, 0.725% due 7/15/54			77,761
		44,961	BHP Trust, Series 2019-BXHP, Class A, 6.340% (1-Month TSFR + 1.022%) due 8/15/36(a)(b)			44,863
		320,000	BLP Commercial Mortgage Trust, Series 2024-IND2, Class A, 6.642% (1-Month TSFR + 1.342%) due 3/15/41(a)(b)			319,746
		222,653	BMO Mortgage Trust, Series 2023-C5, Class A1, 5.740% due 6/15/56			223,649
		208,000	BPR Trust, Series 2021-TY, Class A, 6.482% (1-Month TSFR + 1.164%) due 9/15/38(a)(b)			205,715
			BRAVO Residential Funding Trust:
		524,719	Series 2021-A, Class A1, step bond to yield, 4.991% due 10/25/59(b)			516,622
		816,700	Series 2022-RPL1, Class A1, 2.750% due 9/25/61(a)(b)			730,777
		562,056	Series 2023-NQM5, Class A1, step bond to yield, 6.505% due 6/25/63(b)			565,778
			BX Commercial Mortgage Trust:
		141,057	Series 2021-21M, Class A, 6.162% (1-Month TSFR + 0.844%) due 10/15/36(a)(b)			139,735
		100,000	Series 2021-CIP, Class A, 6.353% (1-Month TSFR + 1.035%) due 12/15/38(a)(b)			98,750
		325,006	Series 2021-VINO, Class A, 6.085% (1-Month TSFR + 0.767%) due 5/1/38(a)(b)			321,769
		208,000	Series 2021-VOLT, Class B, 6.382% (1-Month TSFR + 1.064%) due 9/15/36(a)(b)			204,880
		320,591	Series 2021-XL2, Class A, 6.121% (1-Month TSFR + 0.803%) due 10/15/38(a)(b)			317,385
		161,016	Series 2022-LP2, Class A, 6.331% (1-Month TSFR + 1.013%) due 2/15/39(a)(b)			159,859
		247,216	BX Mortgage Trust, Series 2022-MVRK, Class A, 6.785% (1-Month TSFR + 1.467%) due 3/15/39(a)(b)			245,207

See Notes to Financial Statements.

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	80,656	BX Trust, Series 2019-CALM, Class A, 6.308% (1-Month TSFR + 0.990%) due 11/15/32(a)(b)		$	80,530
		1,316,996	CD Mortgage Trust, Series 2017-CD4, Class XA, 1.222% due 5/10/50(a)(g)			38,016
		287,000	CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XB, 0.895% due 6/15/50(a)(g)			7,064
			Citigroup Commercial Mortgage Trust:
		275,000	Series 2014-GC23, Class A4, 3.622% due 7/10/47			272,120
		244,000	Series 2015-GC27, Class A5, 3.137% due 2/10/48			239,388
		200,000	Series 2015-P1, Class A5, 3.717% due 9/15/48			193,904
		248,000	Series 2016-P3, Class A3, 3.063% due 4/15/49			238,492
		400,000	Series 2016-P3, Class A4, 3.329% due 4/15/49			379,781
		200,000	Series 2016-P4, Class A4, 2.902% due 7/10/49			187,062
		252,125	Series 2017-P7, Class A3, 3.442% due 4/14/50			239,906
		2,845	COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.853% due 3/25/65(a)(b)			2,830
		118,860	COLT Mortgage Pass-Through Certificates, Series 2021-1R, Class A1, 0.857% due 5/25/65(a)(b)			100,359
		671,163	COLT Trust, Series 2021-RPL1, Class A1, 1.665% due 9/25/61(a)(b)			586,535
		227,000	Commercial Mortgage Trust, Series 2018-HCLV, Class A, 6.614% (1-Month TSFR + 1.296%) due 9/15/33(a)(b)			212,264
		982,958	Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, 6.372% (SOFR30A + 1.050%) due 1/25/44(a)(b)			983,182
		398,727	Credit Suisse Commercial Mortgage Capital Trust, Series 2020-RPL3, Class A1, 4.075% due 3/25/60(a)(b)			397,100
			Credit Suisse Mortgage Capital Certificates:
		339,156	Series 2019-ICE4, Class A, 6.345% (1-Month TSFR + 1.027%) due 5/15/36(a)(b)			339,159
		1,750,645	Series 2019-ICE4, Class B, 6.595% (1-Month TSFR + 1.277%) due 5/15/36(a)(b)			1,750,365
		996,184	Cross Mortgage Trust, Series 2024-H1, Class A1, step bond to yield, 6.085% due 12/25/68(b)			993,060
			CSAIL Commercial Mortgage Trust:
		564,783	Series 2017-C8, Class XA, 1.067% due 6/15/50(a)(g)			15,160
		4,049,454	Series 2017-CX10, Class XA, 0.747% due 11/15/50(a)(g)			80,244
		3,031,761	Series 2018-CX12, Class XA, 0.544% due 8/15/51(a)(g)			62,070
		235,395	Series 2019-C16, Class A1, 2.360% due 6/15/52			233,446
			DBJPM Mortgage Trust:
		200,000	Series 2016-C3, Class A5, 2.890% due 8/10/49			185,883
		300,000	Series 2020-C9, Class A2, 1.900% due 8/15/53			280,769
		1,134,972	Ellington Financial Mortgage Trust, Series 2022-3, Class A1, step bond to yield, 5.000% due 8/25/67(b)			1,110,873

See Notes to Financial Statements.

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Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	149,826	ELP Commercial Mortgage Trust, Series 2021-ELP, Class A, 6.133% (1-Month TSFR + 0.815%) due 11/15/38(a)(b)		$	148,327
		208,996	EQUS Mortgage Trust, Series 2021-EQAZ, Class A, 6.187% (1-Month TSFR + 0.869%) due 10/15/38(a)(b)			207,167
		320,366	Extended Stay America Trust, Series 2021-ESH, Class A, 6.512% (1-Month TSFR + 1.194%) due 7/15/38(a)(b)			319,967
		1,291,492	Federal Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4987, Class BF, 5.836% (SOFR30A + 0.514%) due 6/25/50(a)			1,253,278
		229,980	Federal National Mortgage Association (FNMA) REMICS, Series 2019-43, Class FD, 5.836% (SOFR30A + 0.514%) due 8/25/49(a)			223,013
			Federal National Mortgage Association (FNMA), Aces:
		1,105,630	Series 2020-M49, Class 1A1, 1.255% due 11/25/30(a)			985,582
		168,451	Series 2021-M7, Class A1, 1.726% due 3/25/31(a)			150,957
		1,573,493	Federal National Mortgage Association (FNMA), REMICS, Series 2019-14, Class FA, 5.836% (SOFR30A + 0.514%) due 4/25/49(a)			1,551,372
		867,943	GCAT Trust, Series 2022-NQM4, Class A1, step bond to yield, 5.269% due 8/25/67(b)			855,058
		212,415	GPMT Ltd., Series 2021-FL3, Class A, 6.684% (1-Month TSFR + 1.364%) due 7/16/35(a)(b)			199,748
			Great Wolf Trust:
		184,000	Series 2019-WOLF, Class A, 6.666% (1-Month TSFR + 1.348%) due 12/15/36(a)(b)			183,885
		320,000	Series 2024-WOLF, Class A, 6.842% (1-Month TSFR + 1.542%) due 3/15/39(a)(b)(f)			319,800
		250,000	GS Mortgage Securities Corp. II, Series 2023-SHIP, Class A, 4.322% due 9/10/38(a)(b)			242,047
		208,000	GS Mortgage Securities Corp. Trust, Series 2021-IP, Class A, 6.382% (1-Month TSFR + 1.064%) due 10/15/36(a)(b)			205,015
			GS Mortgage Securities Trust:
		237,000	Series 2015-GC34, Class A4, 3.506% due 10/10/48			225,202
		3,610,900	Series 2016-GS4, Class XA, 0.562% due 11/10/49(a)(g)			42,884
		1,684,206	Series 2017-GS6, Class XA, 1.009% due 5/10/50(a)(g)			43,565
		3,190,977	Series 2017-GS8, Class XA, 0.937% due 11/10/50(a)(g)			84,637
		250,000	IMT Trust, Series 2017-APTS, Class AFX, 3.478% due 6/15/34(b)			247,406
			JP Morgan Chase Commercial Mortgage Securities Trust:
		577,679	Series 2014-C20, Class XA, 0.677% due 7/15/47(a)(g)			40
		285,000	Series 2016-JP2, Class A4, 2.822% due 8/15/49			267,278
		4,075,000	Series 2020-MKST, Class XCP, —% due 12/15/36(a)(b)(d)(g)			41
			JPMBB Commercial Mortgage Securities Trust:
		29,039	Series 2014-C18, Class A5, 4.079% due 2/15/47			28,938
		334,000	Series 2014-C21, Class A5, 3.775% due 8/15/47			331,512

See Notes to Financial Statements.

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	236,132	Series 2015-C31, Class A3, 3.801% due 8/15/48		$	227,589
		782,218	Series 2015-C32, Class XA, 1.113% due 11/15/48(a)(g)			7,226
		200,000	Series 2016-C1, Class A5, 3.576% due 3/17/49			191,594
		220,000	KREF Ltd., Series 2021-FL2, Class B, 7.086% (1-Month TSFR + 1.764%) due 2/15/39(a)(b)			196,964
			Legacy Mortgage Asset Trust:
		212,168	Series 2020-GS4, Class A1, step bond to yield, 6.250% due 2/25/60(b)			213,091
		354,371	Series 2021-GS4, Class A1, step bond to yield, 1.650% due 11/25/60(b)			339,255
		84,502	Series 2021-SL1, Class A, 1.991% due 9/25/60(a)(b)			84,089
		257,392	LFT CRE Ltd., Series 2021-FL1, Class A, 6.602% (1-Month TSFR + 1.284%) due 6/15/39(a)(b)			252,604
		99,522	Med Trust, Series 2021-MDLN, Class A, 6.382% (1-Month TSFR + 1.064%) due 11/15/38(a)(b)			98,776
		641,062	MFA Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.617% due 7/25/68(b)			644,745
		285,218	MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 6.233% (1-Month TSFR + 0.915%) due 4/15/38(a)(b)			283,346
		281,187	MHC Trust, Series 2021-MHC2, Class A, 6.282% (1-Month TSFR + 0.964%) due 5/15/38(a)(b)			279,429
		190,527	MHP, Series 2022-MHIL, Class A, 6.132% (1-Month TSFR + 0.815%) due 1/15/27(a)(b)			188,384
			Morgan Stanley Bank of America Merrill Lynch Trust:
		237,136	Series 2014-C17, Class A5, 3.741% due 8/15/47			235,303
		253,000	Series 2015-C23, Class AS, 4.004% due 7/15/50(a)			244,231
			Morgan Stanley Capital I Trust:
		1,148,985	Series 2016-UB11, Class XA, 1.436% due 8/15/49(a)(g)			31,269
		3,434,160	Series 2016-UB12, Class XA, 0.648% due 12/15/49(a)(g)			48,784
		237,000	Series 2016-UBS9, Class A4, 3.594% due 3/15/49			226,393
		809,460	Series 2017-H1, Class XA, 1.305% due 6/15/50(a)(g)			20,941
		184,000	Series 2021-L6, Class A2, 2.126% due 6/15/54(a)			158,615
		209,308	MSC Trust, Series 2021-ILP, Class A, 6.210% (1-Month TSFR + 0.892%) due 11/15/36(a)(b)			207,215
			New Residential Mortgage Loan Trust:
		1,022,651	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b)			960,205
		128,220	Series 2020-NQM1, Class A2, 2.718% due 1/26/60(a)(b)			117,210
		326,585	NYMT Loan Trust, Series 2020-SP2, Class A1, 5.944% due 10/25/60(a)(b)			325,435
			OBX Trust:
		616,099	Series 2022-NQM1, Class A1, 2.305% due 11/25/61(a)(b)			526,496
		864,636	Series 2023-NQM1, Class A1, 6.120% due 11/25/62(a)(b)			861,624

See Notes to Financial Statements.

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	197,506	OPG Trust, Series 2021-PORT, Class A, 5.916% (1-Month TSFR + 0.598%) due 10/15/36(a)(b)		$	194,543
		338,889	PFP Ltd., Series 2021-8, Class A, 6.435% (1-Month TSFR + 1.114%) due 8/9/37(a)(b)			336,578
		432,265	PRPM LLC, Series 2021-4, Class A1, step bond to yield, 1.867% due 4/25/26(b)			420,816
		200,941	SREIT Trust, Series 2021-MFP, Class A, 6.163% (1-Month TSFR + 0.845%) due 11/15/38(a)(b)			200,032
		320,000	TRTX Issuer Ltd., Series 2022-FL5, Class A, 6.975% (SOFR30A + 1.650%) due 2/15/39(a)(b)			316,000
		816,540	UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.527% due 6/15/50(a)(g)			29,975
			Velocity Commercial Capital Loan Trust:
		915,870	Series 2021-2, Class A, 1.520% due 8/25/51(a)(b)			763,735
		349,563	Series 2021-2, Class M1, 1.820% due 8/25/51(a)(b)			288,841
			Verus Securitization Trust:
		237,864	Series 2019-INV2, Class A3, 4.219% due 7/25/59(a)(b)			226,605
		17,191	Series 2020-2, Class A1, 2.226% due 5/25/60(a)(b)			16,932
		513,649	Series 2021-7, Class A1, 1.829% due 10/25/66(a)(b)			438,533
		181,675	Series 2021-R1, Class A2, 1.057% due 10/25/63(a)(b)			164,038
		515,349	Series 2023-1, Class A1, step bond to yield, 5.850% due 12/25/67(b)			512,045
		650,483	Series 2023-INV2, Class A1, step bond to yield, 6.443% due 8/25/68(b)			653,962
		694,190	Series 2024-1, Class A1, 5.712% due 1/25/69(a)(b)			690,504
		1,500,000	Series 2024-2, Class A1, 6.095% due 2/25/69(b)			1,500,862
		80,475	Vista Point Securitization Trust, Series 2020-2, Class A1, 1.475% due 4/25/65(a)(b)			72,882
			Wells Fargo Commercial Mortgage Trust:
		320,000	Series 2015-C28, Class A4, 3.540% due 5/15/48			310,597
		236,000	Series 2015-C30, Class A4, 3.664% due 9/15/58			227,998
		2,149,467	Series 2015-LC22, Class XA, 0.735% due 9/15/58(a)(g)			18,844
		4,313,684	Series 2015-NXS2, Class XA, 0.590% due 7/15/58(a)(g)			23,375
		325,000	Series 2016-C33, Class A4, 3.426% due 3/15/59			309,807
		185,000	Series 2021-C60, Class A2, 2.042% due 8/15/54			172,660
		57,265	Series 2021-SAVE, Class A, 6.582% (1-Month TSFR + 1.264%) due 2/15/40(a)(b)			56,907
		250,000	WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752% due 9/15/57			245,064
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $41,038,074)			37,791,327

See Notes to Financial Statements.

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
U.S. GOVERNMENT OBLIGATIONS – 7.4%
			U.S. Treasury Notes:
	$	3,130,000	4.250% due 5/31/25		$	3,104,324
		1,680,000	4.625% due 6/30/25			1,674,684
		3,690,000	5.000% due 10/31/25			3,703,837
		4,020,000	4.875% due 11/30/25			4,029,737
		4,390,000	4.250% due 12/31/25			4,355,703
		3,780,000	4.250% due 1/31/26			3,751,798
		1,840,000	4.625% due 10/15/26			1,846,037
		1,230,000	4.625% due 11/15/26			1,234,613
		2,490,000	4.375% due 12/15/26			2,484,942
		2,840,000	4.000% due 1/15/27			2,806,719
		1,000,000	4.375% due 11/30/28			1,004,219
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost – $30,050,129)			29,996,613
SENIOR LOANS – 5.3%
		3,936,898	Cengage Learning Inc., 10.326% (3-Month USD-SOFR + 4.750%) due 7/14/26			3,934,457
		4,817,435	First Brands Group LLC, 10.574% (3-Month USD-SOFR + 5.000%) due 3/30/27			4,821,433
		2,656,624	Getty Images Inc., 9.948% (3-Month USD-SOFR + 4.500%) due 2/19/26			2,650,806
			K&N Parent Inc.:
		2,909,877	13.441% due 2/3/27(c)(d)			2,895,327
		3,244,649	8.691% (1-Month USD-SOFR + 3.250%) due 8/16/27			2,563,273
		2,695,935	Lealand Finance Co. BV, 8.441% (1-Month USD-SOFR + 3.000%) due 6/28/24			1,347,968
		3,195,567	Lions Gate Capital Holdings LLC, 7.676% (1-Month USD-SOFR + 2.250%) due 3/24/25			3,188,920
			TOTAL SENIOR LOANS (Cost – $25,790,955)			21,402,184
MORTGAGE-BACKED SECURITIES – 0.6%
FHLMC – 0.1%
			Freddie Mac Pool:
		175,675	3.000% due 5/1/42			153,946
		199,911	3.500% due 10/1/42			181,415
			TOTAL FHLMC			335,361

See Notes to Financial Statements.

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Destinations Low Duration Fixed Income Fund (continued)

Face Amount/Units†			Security	Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA – 0.5%
			Federal National Mortgage Association (FNMA) Pool:
	$	198,693	3.000% due 5/1/42		$	175,801
		1,400,000	4.810% due 9/1/29			1,397,409
		489,629	5.000% due 8/1/43			482,201
			TOTAL FNMA			2,055,411
			TOTAL MORTGAGE-BACKED SECURITIES (Cost – $2,427,218)			2,390,772
SOVEREIGN BONDS – 0.3%
Colombia – 0.1%
		200,000	Colombia Government International Bond, 4.500% due 1/28/26			194,566
Dominican Republic – 0.0%
		100,000	Dominican Republic International Bond, 5.500% due 1/27/25			99,350
Paraguay – 0.1%
		300,000	Paraguay Government International Bond, 4.700% due 3/27/27			290,250
Peru – 0.1%
		200,000	Corp. Financiera de Desarrollo SA, 5.250% due 7/15/29(a)			197,500
South Africa – 0.0%
		200,000	Republic of South Africa Government International Bond, 4.875% due 4/14/26			194,496
			TOTAL SOVEREIGN BONDS (Cost – $1,001,772)			976,162

Shares/Units
EXCHANGE TRADED FUND (ETF) – 18.5%
	1,579,795	iShares Core 1-5 Year USD Bond(h) (Cost – $73,668,280)	74,771,696
PREFERRED STOCKS – 1.3%
FINANCIAL – 1.3%
Diversified Financial Services – 1.0%
	164,056	SWK Holdings Corp., 9.000%	4,116,165
Equity Real Estate Investment Trusts (REITs) – 0.3%
	45,017	Gladstone Land Corp., 5.000%	1,076,356
		TOTAL FINANCIAL	5,192,521
		TOTAL PREFERRED STOCKS (Cost – $5,165,667)	5,192,521

See Notes to Financial Statements.

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Destinations Low Duration Fixed Income Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – 1.2%
CONSUMER NON-CYCLICAL – 0.0%
Healthcare-Services – 0.0%
	161,689	UpHealth Inc.*		$	63,075
DIVERSIFIED – 1.0%
Holding Companies-Diversified – 1.0%
	25,927	Berenson Acquisition Corp. I*(c)(d)			—
	250,000	Cartesian Growth Corp. II, Class A Shares*			2,772,500
	46,400	Legato Merger Corp. III*			468,176
	103,700	Trailblazer Merger Corp. I*			1,091,961
		Total Holding Companies-Diversified			4,332,637
		TOTAL DIVERSIFIED			4,332,637
FINANCIAL – 0.2%
Financial Services – 0.2%
	16,305	Alpha Partners Technology*(c)(d)			2,801
	273,338	K&N Holdco LLC*(c)(d)			615,010
	12,300	Revelstone Capital Acquisition Corp.*(c)(d)			30
		Total Financial Services			617,841
		TOTAL FINANCIAL			617,841
		TOTAL COMMON STOCKS (Cost – $4,695,567)			5,013,553
WARRANTS – 0.0%
BASIC MATERIALS – 0.0%
Iron/Steel – 0.0%
	26,954,480	Tacora Resources Inc.*(c)			—
DIVERSIFIED – 0.0%
Holding Companies-Diversified – 0.0%
	43,327	Leafly Holdings Inc.*(d)			1,101
		TOTAL WARRANTS (Cost – $0)			1,101
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $390,074,101)			374,184,024

See Notes to Financial Statements.

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February 29, 2024

Destinations Low Duration Fixed Income Fund (continued)

Face Amount†			Security	Value
SHORT-TERM INVESTMENTS – 11.7%
COMMERCIAL PAPER – 0.4%
	$	1,736,000	VF Corp., 6.260% due 3/25/24(i) (Cost – $1,728,825)		$	1,729,445
CORPORATE NOTE – 0.4%
		1,468,461	Tacora Resources Inc., 13.000% due 11/3/23(b)(c)(d)(j) (Cost – $1,468,631)			1,468,461
TIME DEPOSITS – 7.2%
		21,321,648	Citibank – New York, 4.680% due 3/1/24			21,321,648
		7,893,273	Sumitomo Mitsui Banking Corp. – Tokyo, 4.680% due 3/1/24			7,893,273
			TOTAL TIME DEPOSITS (Cost – $29,214,921)			29,214,921
U.S. GOVERNMENT OBLIGATIONS – 3.7%
			U.S. Treasury Bills:
		13,200,000	5.291% due 5/2/24(i)			13,080,184
		1,910,000	5.207% due 5/16/24(i)			1,888,883
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost – $14,970,984)			14,969,067
			TOTAL SHORT-TERM INVESTMENTS (Cost – $47,383,361)			47,381,894

Shares/Units
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%
MONEY MARKET FUND – 0.2%
	722,785	Federated Government Obligations Fund, Premier Class, 5.162%(k) (Cost – $722,785)		722,785
		TOTAL INVESTMENTS – 104.4% (Cost – $438,180,247)		422,288,703
		Liabilities in Excess of Other Assets – (4.4)%		(17,982,692)
		TOTAL NET ASSETS – 100.0%	$	404,306,011

†

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 29, 2024.

(b)

(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 29, 2024, amounts to $27,000,554 and represents 6.68% of net assets.

(e)

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

See Notes to Financial Statements.

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Destinations Low Duration Fixed Income Fund (continued)

(f)

When-Issued or delayed delivery security.

(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)

Security is currently in default.

(k)

Represents investment of collateral received from securities lending transactions.

Abbreviations used in this schedule:

CLO

— Collateralized Loan Obligation

CMT

— Constant Maturity Treasury Index

EURIBOR

— Euro Interbank Offered Rate

LLC

— Limited Liability Company

— Limited Partnership

MFA

— Mortgage Finance Authority

PLC

— Public Limited Company

REMICS

— Real Estate Mortgage Investment Conduit

SOFR

— Secured Overnight Financing Rate

STIBOR

— Stockholm Interbank Offered Rate

TSFR

— CME Term SOFR Reference Rate

Summary of Investments by Security Type^

	Corporate Bonds & Notes					35.7%
	Exchange Traded Fund (ETF)					17.7
	Asset-Backed Securities					10.9
	Collateralized Mortgage Obligations					8.9
	U.S. Government Obligations					7.1
	Senior Loans					5.1
	Preferred Stocks					1.2
	Common Stocks					1.2
	Mortgage-Backed Securities					0.6
	Sovereign Bonds					0.2
	Warrants					0.0*
	Short-Term Investments					11.2
	Money Market Fund					0.2
						100.0%

As a percentage of total investments.

Position represents less than 0.05%

See Notes to Financial Statements.

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Destinations Low Duration Fixed Income Fund (concluded)

At February 29, 2024, Destinations Low Duration Fixed Income Fund had open forward foreign currency contracts as described below.

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

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Swedish Krona		4,870,000		BBH		$	470,024		3/15/24		$	—		$	(1,177)		$	(1,177)
Contracts to Sell:
Euro		14,950,000		BBH			16,165,133		3/15/24		$	—		$	(48,286)		$	(48,286)
Swedish Krona		52,300,000		BBH			5,047,693		3/15/24			—			(27,454)			(27,454)
											$	—		$	(75,740)		$	(75,740)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	—		$	(76,917)		$	(76,917)

Counterparty Abbreviations used in this schedule:

BBH

— Brown Brothers Harriman & Co.

Currency Abbreviations used in this schedule:

EUR

— Euro

SEK

— Swedish Krona

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – 69.3%
Australia – 1.2%
	$	8,018,000	Infrabuild Australia Pty Ltd., Senior Secured Notes, 14.500% due 11/15/28(a)(b)		$	8,248,518
		1,800,000	QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate + 4.300%) due 12/2/44(c)			1,798,904
			Total Australia			10,047,422
Bermuda – 0.8%
		200,000	Aegon Ltd., Subordinated Notes, 5.500% (6-Month USD-SOFR + 3.540%) due 4/11/48(c)			192,096
		335,532	Digicel Group Holdings Ltd., Senior Secured Notes, zero coupon, due 12/31/30(a)(b)(d)			65,211
		2,100,000	Geopark Ltd., Company Guaranteed Notes, 5.500% due 1/17/27			1,903,058
		4,185,000	Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27			4,059,450
			Total Bermuda			6,219,815
Brazil – 1.3%
		5,700,000	Banco do Brasil SA, Junior Subordinated Notes, 6.250% (5-Year CMT Index + 4.398%)(c)(e)			5,712,255
		1,400,000	Banco do Estado do Rio Grande do Sul SA, Subordinated Notes, 5.375% (5-Year CMT Index + 4.928%) due 1/28/31(c)			1,342,600
		1,500,000	Itau Unibanco Holding SA, Junior Subordinated Notes, 4.625% (5-Year CMT Index + 3.222%)(c)(e)			1,390,850
		2,517,957	Prumo Participacoes e Investimentos S/A, Senior Secured Notes, 7.500% due 12/31/31			2,516,274
			Total Brazil			10,961,979
British Virgin Islands – 0.1%
		950,000	Gold Fields Orogen Holdings BVI Ltd., Company Guaranteed Notes, 5.125% due 5/15/24			946,847
Canada – 2.9%
		200,000	Bank of Montreal, Junior Subordinated Notes, 7.700% (1-Month TSFR + 3.452%) due 5/26/84(a)(c)			200,000
		205,000	Bank of Nova Scotia, Junior Subordinated Notes, 8.000% (5-Year CMT Index + 4.017%) due 1/27/84(c)			207,010
		3,800,000	Canacol Energy Ltd., Company Guaranteed Notes, 5.750% due 11/24/28			2,584,380
		10,024,000	Cannabist Co. Holdings Inc., Senior Secured Notes, 9.500% due 2/3/26			8,470,280
		1,135,000	Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-SOFR + 5.440%) due 6/15/76(c)			1,112,175
			Enbridge Inc., Subordinated Notes:
		200,000	6.000% (3-Month TSFR + 4.152%) due 1/15/77(c)			194,332
		315,000	5.500% (3-Month TSFR + 3.680%) due 7/15/77(c)			292,878
		735,000	5.750% (5-Year CMT Index + 5.314%) due 7/15/80(c)			685,533
		575,000	7.625% (5-Year CMT Index + 4.418%) due 1/15/83(c)			582,317
		700,000	Enbridge, Inc., Subordinated Notes, 8.500% (5-Year CMT Index + 4.431%) due 1/15/84(c)			746,423

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Canada – (continued)
	$	6,300,000	MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25		$	6,213,753
		1,000,000	MEGlobal Canada ULC, Company Guaranteed Notes, 5.000% due 5/18/25(b)			986,310
		400,000	Toronto-Dominion Bank, Junior Subordinated Notes, 8.125% (5-Year CMT Index + 4.075%) due 10/31/82(c)			416,304
			TransCanada Trust, Company Guaranteed Notes:
		90,000	5.875% (3-Month USD-SOFR + 4.640%) due 8/15/76(c)			86,315
		280,000	5.500% (SOFRRATE + 4.416%) due 9/15/79(c)			250,370
		750,000	5.600% (5-Year CMT Index + 3.986%) due 3/7/82(c)			656,266
			Total Canada			23,684,646
Cayman Islands – 0.6%
		1,171,449	Bioceanico Sovereign Certificate Ltd., Senior Secured Notes, zero coupon, due 6/5/34			847,543
		500,000	Cosan Overseas Ltd., Company Guaranteed Notes, 8.250%(e)			505,000
		98,552	Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due 11/30/25			92,245
		3,272,178	Lima Metro Line 2 Finance Ltd., Senior Secured Notes, 5.875% due 7/5/34			3,215,104
		728,000	Rutas 2 and 7 Finance Ltd., Senior Secured Notes, zero coupon, due 9/30/36			490,490
			Total Cayman Islands			5,150,382
Chile – 2.4%
			AES Andes SA, Junior Subordinated Notes:
		800,000	7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(b)(c)			785,204
		1,000,000	7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(c)			981,505
		600,000	6.350% (5-Year CMT Index + 4.917%) due 10/7/79(c)			582,780
		2,850,000	Agrosuper SA, Senior Unsecured Notes, 4.600% due 1/20/32			2,424,778
		6,600,000	CAP SA, Senior Unsecured Notes, 3.900% due 4/27/31			5,164,500
		3,400,000	Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28(b)			2,646,900
		575,034	Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29			513,218
		1,782,620	Empresa Electrica Cochrane SpA, Senior Secured Notes, 5.500% due 5/14/27			1,722,457
		3,300,000	Enel Generacion Chile SA, Senior Unsecured Notes, 4.250% due 4/15/24			3,286,973
		1,941,600	GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29			1,905,845
			Total Chile			20,014,160
Colombia – 2.4%
		250,000	Banco GNB Sudameris SA, Subordinated Notes, 7.051% (5-Year CMT Index + 4.561%) due 4/3/27(c)			237,749
		7,850,000	Bancolombia SA, Subordinated Notes, 4.625% (5-Year CMT Index + 2.944%) due 12/18/29(c)			7,358,464
		4,000,000	Ecopetrol SA, Senior Unsecured Notes, 6.875% due 4/29/30			3,891,605
			Empresas Publicas de Medellin ESP, Senior Unsecured Notes:
		3,505,000	4.250% due 7/18/29			3,021,310

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Colombia – (continued)
	$	3,867,000	4.375% due 2/15/31		$	3,182,307
		687,440	Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35			640,178
		1,000,000	Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 7/14/27			931,159
			Total Colombia			19,262,772
France – 0.6%
			BNP Paribas SA, Junior Subordinated Notes:
		675,000	7.750% (5-Year CMT Index + 4.899%)(b)(c)(e)			679,736
		275,000	8.000% (5-Year CMT Index + 3.727%)(b)(c)(e)			274,681
		295,000	8.500% (5-Year CMT Index + 4.354%)(b)(c)(e)			304,210
		595,000	9.250% (5-Year CMT Index + 4.969%)(b)(c)(e)			632,185
		1,000,000	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(b)(c)(e)			1,019,628
			Societe Generale SA, Junior Subordinated Notes:
		940,000	9.375% (5-Year CMT Index + 5.385%)(b)(c)(e)			966,442
		645,000	10.000% (5-Year CMT Index + 5.448%)(b)(c)(e)			680,815
			Total France			4,557,697
Germany – 1.6%
		1,438,000EUR	DEAG Deutsche Entertainment AG, Senior Unsecured Notes, 8.000% due 7/12/26			1,597,708
		800,000EUR	Delivery Hero AG, Senior Unsecured Notes, 1.500% due 1/15/28			659,797
		1,500,000EUR	Delivery Hero SE, Senior Unsecured Notes, 2.125% due 3/10/29			1,172,551
		1,400,000	Deutsche Bank AG, Junior Subordinated Notes, 6.000% (5-Year CMT Index + 4.524%)(c)(e)			1,233,260
		2,594,199EUR	Lifefit Group Midco GmbH, Senior Secured Notes, 13.422% (3-Month EURIBOR + 7.500%) due 1/26/25(f)			2,806,614
		3,770,000EUR	LR Global Holding GmbH, Senior Secured Notes, 11.202% (3-Month EURIBOR + 7.250%) due 2/3/25(c)			4,105,175
		1,487,000EUR	Secop Group Holding GmbH, Senior Secured Notes, 12.325% (3-Month EURIBOR + 8.400%) due 12/29/26(c)			1,643,310
			Total Germany			13,218,415
Guatemala – 0.8%
		2,000,000	Banco Industrial SA, Subordinated Notes, 4.875% (5-Year CMT Index + 4.442%) due 1/29/31(a)(c)			1,919,060
		4,700,000	CT Trust, Senior Secured Notes, 5.125% due 2/3/32			4,232,688
			Total Guatemala			6,151,748
India – 1.9%
			Adani Electricity Mumbai Ltd., Senior Secured Notes:
		2,703,000	3.949% due 2/12/30			2,316,017
		1,700,000	3.867% due 7/22/31			1,409,793

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
India – (continued)
	$	1,464,375	Adani International Container Terminal Pvt Ltd., Senior Secured Notes, 3.000% due 2/16/31		$	1,254,746
			Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes:
		3,100,000	4.000% due 7/30/27			2,832,900
		800,000	4.200% due 8/4/27			735,999
		2,700,000	3.828% due 2/2/32			2,214,905
			Adani Transmission Step-One Ltd., Senior Secured Notes:
		2,100,000	4.000% due 8/3/26			1,969,170
		2,904,500	4.250% due 5/21/36			2,469,963
		250,000	Reliance Industries Ltd., Senior Unsecured Notes, 3.667% due 11/30/27			236,048
			Total India			15,439,541
Indonesia – 2.6%
		3,350,000	Adaro Indonesia PT, Company Guaranteed Notes, 4.250% due 10/31/24			3,283,187
			Freeport Indonesia PT, Senior Unsecured Notes:
		3,300,000	4.763% due 4/14/27			3,209,397
		500,000	4.763% due 4/14/27(b)			486,272
		3,300,000	5.315% due 4/14/32			3,196,486
		5,605,000	Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, Senior Unsecured Notes, 4.750% due 5/15/25			5,532,430
		4,500,000	Pertamina Persero PT, Senior Unsecured Notes, 1.400% due 2/9/26			4,155,750
		1,200,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured Notes, 4.125% due 5/15/27			1,147,500
			Total Indonesia			21,011,022
Isle of Man – 0.0%
		205,000	AngloGold Ashanti Holdings PLC, Company Guaranteed Notes, 3.750% due 10/1/30			177,815
Italy – 1.1%
		485,000	Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap Rate + 5.462%)(b)(c)(e)			479,515
		7,956,000EUR	Opnet SpA, Senior Secured Notes, 10.925% (3-Month EURIBOR + 6.250%) due 2/9/26(b)(c)(d)			8,565,312
			Total Italy			9,044,827
Jersey, Channel Islands – 0.7%
		5,514,000EUR	Lithium Midco II Ltd., Senior Secured Notes, 10.675% (3-Month EURIBOR + 6.750%) due 7/9/25(c)			5,899,936
Luxembourg – 4.1%
		4,350,000	CSN Resources SA, Company Guaranteed Notes, 5.875% due 4/8/32			3,731,570
		8,057,031	Guara Norte SARL, Senior Secured Notes, 5.198% due 6/15/34			7,261,399
		3,326,431EUR	Mangrove Luxco III SARL, Senior Secured Notes, 7.775% due 10/9/25(f)			3,541,595

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Luxembourg – (continued)
	$	1,140,902	MC Brazil Downstream Trading SARL, Senior Secured Notes, 7.250% due 6/30/31		$	1,033,659
			Millicom International Cellular SA, Senior Unsecured Notes:
		2,277,900	6.625% due 10/15/26			2,250,416
		1,350,000	5.125% due 1/15/28			1,287,111
		900,000	6.250% due 3/25/29			874,125
			Minerva Luxembourg SA, Company Guaranteed Notes:
		4,300,000	4.375% due 3/18/31			3,557,414
		1,000,000	8.875% due 9/13/33			1,051,700
		1,200,000	8.875% due 9/13/33(b)			1,262,040
		1,000,000	Movida Europe SA, Company Guaranteed Notes, 5.250% due 2/8/31			888,479
		2,600,000	Nexa Resources SA, Company Guaranteed Notes, 5.375% due 5/4/27			2,508,919
		2,413,000	Puffin Finance SARL, Senior Secured Notes, 15.000% due 9/11/25			2,443,163
		1,095,000	Simpar Europe SA, Company Guaranteed Notes, 5.200% due 1/26/31			949,507
		1,085,603	Tierra Mojada Luxembourg II SARL, Senior Secured Notes, 5.750% due 12/1/40			969,526
			Total Luxembourg			33,610,623
Malaysia – 0.4%
		3,000,000	TNB Global Ventures Capital Bhd, Senior Unsecured Notes, 3.244% due 10/19/26			2,840,725
Mauritius – 0.5%
		2,500,000	Network i2i Ltd., Company Guaranteed Notes, 5.650% (5-Year CMT Index + 4.274%)(c)(e)			2,475,000
		2,200,000	UPL Corp., Ltd., Company Guaranteed Notes, 4.500% due 3/8/28			1,911,822
			Total Mauritius			4,386,822
Mexico – 4.6%
			Banco Mercantil del Norte SA, Junior Subordinated Notes:
		6,722,000	5.875% (5-Year CMT Index + 4.643%)(c)(e)			6,392,641
		900,000	6.625% (5-Year CMT Index + 5.034%)(c)(e)			788,859
		257,000	7.500% (5-Year CMT Index + 5.470%)(c)(e)			251,883
		4,300,000	Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 2.720% (5-Year CMT Index + 2.000%) due 8/11/31(c)			3,750,421
		1,000,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Subordinated Notes, 7.525% (5-Year CMT Index + 2.995%) due 10/1/28(c)			1,034,151
			BBVA Bancomer SA, Subordinated Notes:
		8,500,000	5.875% (5-Year CMT Index + 4.308%) due 9/13/34(c)			7,858,036
		400,000	8.450% (5-Year CMT Index + 4.661%) due 6/29/38(c)			422,360
		2,300,000	Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, Senior Secured Notes, 7.875% due 2/15/39(b)			2,442,554

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Mexico – (continued)
	$	6,800,000	Cemex SAB de CV, Subordinated Notes, 5.125% (5-Year CMT Index + 4.534%)(c)(e)		$	6,476,697
		1,470,720	Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35			1,454,177
		1,690,821	Fermaca Enterprises S de RL de CV, Senior Secured Notes, 6.375% due 3/30/38			1,633,183
		3,609,113	Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due 12/6/32			3,528,420
		3,300,000	Petroleos Mexicanos, Company Guaranteed Notes, 6.750% due 9/21/47			2,097,259
			Total Mexico			38,130,641
Netherlands – 3.9%
		1,755,000	AerCap Holdings NV, Company Guaranteed Notes, 5.875% (5-Year CMT Index + 4.535%) due 10/10/79(c)			1,736,782
		3,699,000EUR	Azerion Group NV, Senior Secured Notes, 10.643% (3-Month EURIBOR + 6.750%) due 10/2/26(c)			3,927,916
			Braskem Netherlands Finance BV, Company Guaranteed Notes:
		4,200,000	7.250% due 2/13/33			3,824,502
		2,300,000	8.500% (5-Year CMT Index + 8.220%) due 1/23/81(c)			2,221,142
		4,967,000	Clear Channel International BV, Senior Secured Notes, 6.625% due 8/1/25(b)			4,968,291
			ING Groep NV, Junior Subordinated Notes:
		735,000	5.750% (5-Year CMT Index + 4.342%)(c)(e)			691,620
		400,000	6.500% (5-Year USD Swap Rate + 4.446%)(c)(e)			393,028
		200,000	7.500% (5-Year CMT Index + 3.711%)(c)(e)			195,412
			Minejesa Capital BV, Senior Secured Notes:
		5,764,760	4.625% due 8/10/30			5,443,864
		1,700,000	5.625% due 8/10/37			1,483,250
		2,536,298	Mong Duong Finance Holdings BV, Senior Secured Notes, 5.125% due 5/7/29			2,420,744
		5,293,753	MV24 Capital BV, Senior Secured Notes, 6.748% due 6/1/34			4,967,304
			Total Netherlands			32,273,855
Norway – 1.6%
		4,500,000NOK	Aker Horizons ASA, Senior Unsecured Notes, 7.970% (3-Month NIBOR + 3.250%) due 8/15/25(c)			415,288
		29,500,000NOK	Austevoll Seafood ASA, Senior Unsecured Notes, 6.780% (3-Month NIBOR + 2.000%) due 6/21/28(c)			2,778,000
		32,000,000NOK	Bulk Infrastructure Holding AS, Senior Unsecured Notes, 9.210% (3-Month NIBOR + 4.500%) due 10/15/24(c)			3,020,957
		4,933,000NOK	Duett Software Group AS, Senior Secured Notes, 9.710% (3-Month NIBOR + 5.000%) due 4/12/26(c)			457,570
		5,619,000EUR	Fiven ASA, Senior Secured Notes, 10.669% (3-Month EURIBOR + 6.700%) due 12/11/26(a)			6,285,571

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Norway – (continued)
	$	3,900,000NOK	Kistefos AS, Senior Unsecured Notes, 9.600% (3-Month NIBOR + 5.000%) due 9/13/28(a)(c)		$	367,261
		209,998	Kistos Energy Norway AS, Subordinated Notes, zero coupon, due 3/21/83(d)			83,999
			Total Norway			13,408,646
Panama – 0.4%
		2,000,000	Global Bank Corp., Senior Unsecured Notes, 5.250% (3-Month USD-SOFR + 3.300%) due 4/16/29(c)			1,856,580
		824,000	Intercorp Financial Services, Inc., Senior Unsecured Notes, 4.125% due 10/19/27			766,824
		900,000	Multibank Inc., Senior Unsecured Notes, 7.750% due 2/3/28(b)			914,625
			Total Panama			3,538,029
Paraguay – 0.1%
		1,200,000	Frigorifico Concepcion SA, Senior Secured Notes, 7.700% due 7/21/28			1,041,000
Peru – 3.3%
			Banco de Credito del Peru SA, Subordinated Notes:
		1,900,000	3.125% (5-Year CMT Index + 3.000%) due 7/1/30(c)			1,803,744
		2,800,000	3.250% (5-Year CMT Index + 2.450%) due 9/30/31(b)(c)			2,582,083
		1,950,000	3.250% (5-Year CMT Index + 2.450%) due 9/30/31(c)			1,798,236
		4,392,000	Banco Internacional del Peru SAA Interbank, Subordinated Notes, 4.000% (5-Year CMT Index + 3.711%) due 7/8/30(c)			4,207,764
		750,000	Camposol SA, Company Guaranteed Notes, 6.000% due 2/3/27			551,250
		3,000,000	Compania de Minas Buenaventura SAA, Company Guaranteed Notes, 5.500% due 7/23/26			2,884,693
		3,257,059	Fenix Power Peru SA, Senior Unsecured Notes, 4.317% due 9/20/27			3,086,063
			Kallpa Generacion SA:
		300,000	Company Guaranteed Notes, 4.125% due 8/16/27			283,126
		2,700,000	Senior Unsecured Notes, 4.875% due 5/24/26			2,635,875
		1,700,000	Minsur SA, Senior Unsecured Notes, 4.500% due 10/28/31			1,476,466
		2,400,000	Orazul Energy Peru SA, Company Guaranteed Notes, 5.625% due 4/28/27			2,247,000
		4,300,000	Petroleos del Peru SA, Senior Unsecured Notes, 5.625% due 6/19/47			2,926,798
		1,000,000	Transportadora de Gas del Peru SA, Senior Unsecured Notes, 4.250% due 4/30/28			974,434
			Total Peru			27,457,532
Portugal – 0.0%
		70,068	Invepar, zero coupon, due 12/30/28(a)(d)			—
Singapore – 2.9%
		6,000,000	DBS Group Holdings Ltd., Subordinated Notes, 1.822% (5-Year CMT Index + 1.100%) due 3/10/31(c)			5,556,602
		6,348,440	LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39			6,134,180

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Singapore – (continued)
	$	6,700,000	Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 1.832% (5-Year CMT Index + 1.580%) due 9/10/30(b)(c)		$	6,312,541
		6,400,000	United Overseas Bank Ltd., Subordinated Notes, 1.750% (5-Year CMT Index + 1.520%) due 3/16/31(c)			5,917,989
			Total Singapore			23,921,312
South Korea – 0.9%
		2,700,000	Korea East-West Power Co., Ltd., Senior Unsecured Notes, 1.750% due 5/6/25			2,587,062
			KT Corp., Senior Unsecured Notes:
		1,000,000	1.000% due 9/1/25			936,928
		400,000	2.500% due 7/18/26			374,734
		3,900,000	LG Chem Ltd., Senior Unsecured Notes, 3.250% due 10/15/24			3,840,188
			Total South Korea			7,738,912
Spain – 1.2%
			AI Candelaria Spain SA, Senior Secured Notes:
		5,249,475	7.500% due 12/15/28			5,040,528
		3,050,000	5.750% due 6/15/33			2,418,650
			Banco Bilbao Vizcaya Argentaria SA, Junior Subordinated Notes:
		800,000	6.125% (5-Year USD Swap Rate + 3.870%)(c)(e)			721,568
		200,000	9.375% (5-Year CMT Index + 5.099%)(c)(e)			211,048
		1,400,000	Banco Santander SA, Junior Subordinated Notes, 4.750% (5-Year CMT Index + 3.753%)(c)(e)			1,193,870
			Total Spain			9,585,664
Sweden – 1.5%
		22,500,000SEK	Esmaeilzadeh Holding AB, Senior Unsecured Notes, 11.595% (3-Month SEK-STIBOR + 7.500%) due 1/26/25(c)			2,027,076
			Go North Group AB:
		3,880,000	Senior Secured Notes, 5.335% (SOFRRATE + 0.000%) due 2/9/26(a)(c)			3,880,000
		2,750,193SEK	Senior Unsecured Notes, 15.000% due 2/2/28(a)			—
		1,200,000EUR	Inteno Group AB, Senior Secured Notes, 11.462% (3-Month EURIBOR + 7.500%) due 9/6/26(c)			998,659
		23,750,000SEK	Novedo Holding AB, Senior Secured Notes, 10.597% (3-Month SEK-STIBOR + 6.500%) due 11/26/24(c)			2,188,053
		37,500,000SEK	Stockwik Forvaltning AB, Senior Secured Notes, 12.088% (3-Month SEK-STIBOR + 8.000%) due 3/20/26(c)			3,509,671
			Total Sweden			12,603,459
Switzerland – 0.3%
		635,000	Credit Suisse Group AG, Junior Subordinated Notes, 9.750% (5-Year CMT Index + 6.383%)(b)(e)			74,612

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
Switzerland – (continued)
			UBS Group AG, Junior Subordinated Notes:
	$	1,180,000	6.875% (5-Year USD Swap Rate + 4.590%)(c)(e)		$	1,165,250
		290,000	7.750% (5-Year USD Swap Rate + 4.160%)(b)(c)(e)			290,080
		465,000	9.250% (5-Year CMT Index + 4.758%)(b)(c)(e)			506,310
			Total Switzerland			2,036,252
United Kingdom – 1.3%
			Barclays PLC, Junior Subordinated Notes:
		360,000	6.125% (5-Year CMT Index + 5.867%)(c)(e)			342,748
		900,000	8.000% (5-Year CMT Index + 5.431%)(c)(e)			884,321
		235,000	9.625% (5-Year USD Swap Rate + 5.775%)(c)(e)			242,976
			HSBC Holdings PLC, Junior Subordinated Notes:
		450,000	6.375% (5-Year USD 1100 Run ICE Swap Rate + 4.368%)(c)(e)			444,861
		2,355,000	8.000% (5-Year CMT Index + 3.858%)(c)(e)			2,426,686
			Impala BondCo PLC:
		12,500,000SEK	Senior Secured Notes, 13.080% (3-Month SEK-STIBOR + 9.000%) due 10/20/24			783,817
		427,145SEK	Unsecured Notes, zero coupon,(a)(e)			26,784
			Lloyds Banking Group PLC, Junior Subordinated Notes:
		755,000	7.500% (5-Year USD 1100 Run ICE Swap Rate + 4.496%)(c)(e)			743,668
		600,000	8.000% (5-Year CMT Index + 3.913%)(c)(e)			590,677
		2,000,000	MARB BondCo PLC, Company Guaranteed Notes, 3.950% due 1/29/31			1,622,294
			NatWest Group PLC, Junior Subordinated Notes:
		600,000	6.000% (5-Year CMT Index + 5.625%)(c)(e)			582,570
		470,000	8.000% (5-Year USD Swap Rate + 5.720%)(c)(e)			474,982
		240,000	Standard Chartered PLC, Junior Subordinated Notes, 6.000% (5-Year CMT Index + 5.661%)(b)(c)(e)			236,341
		188,000	Vedanta Resources Ltd., Company Guaranteed Notes, 13.875% due 12/9/28			169,388
			Vodafone Group PLC, Junior Subordinated Notes:
		685,000	7.000% (5-Year USD Swap Rate + 4.873%) due 4/4/79(c)			701,937
		250,000	4.125% (5-Year CMT Index + 2.767%) due 6/4/81(c)			213,514
			Total United Kingdom			10,487,564
United States – 21.3%
		7,321,000	99 Escrow Issuer Inc., Senior Secured Notes, 7.500% due 1/15/26(b)			2,414,938
		820,000	AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month TSFR + 4.562%) due 6/15/45(b)(c)			813,196
		580,000	Air Lease Corp., Junior Subordinated Notes, 4.650% (5-Year CMT Index + 4.076%)(c)(e)			543,554
		915,000	Ally Financial Inc., Junior Subordinated Notes, 4.700% (5-Year CMT Index + 3.481%)(c)(e)			743,667

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	250,000	American AgCredit Corp., Junior Subordinated Notes, 5.250% (5-Year CMT Index + 4.500%)(b)(c)(e)		$	233,750
		160,000	American Electric Power Co., Inc., Junior Subordinated Notes, 3.875% (5-Year CMT Index + 2.675%) due 2/15/62(c)			142,326
		465,000	American Express Co., Junior Subordinated Notes, 3.550% (5-Year CMT Index + 2.854%)(c)(e)			419,533
		1,682,000	American Greetings Corp., Company Guaranteed Notes, 8.750% due 4/15/25(b)			1,684,102
		160,000	American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month USD-SOFR + 2.868%) due 4/1/48(c)			157,185
		1,200,000	Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-SOFR + 4.135%) due 3/27/48(c)			1,215,451
		969,000	Assured Guaranty Municipal Holdings Inc., Company Guaranteed Notes, 6.400% (1-Month USD-SOFR + 2.215%) due 12/15/66(b)(c)			887,882
		311,000	AXIS Specialty Finance LLC, Company Guaranteed Notes, 4.900% (5-Year CMT Index + 3.186%) due 1/15/40(c)			272,039
			Bank of America Corp., Junior Subordinated Notes:
		355,000	4.375% (5-Year CMT Index + 2.760%)(c)(e)			327,780
		200,000	6.100% (3-Month TSFR + 4.160%)(c)(e)			199,865
		580,000	6.250% (3-Month TSFR + 3.967%)(c)(e)			578,457
		1,300,000	6.300% (3-Month TSFR + 4.815%)(c)(e)			1,302,802
		640,000	6.500% (3-Month TSFR + 4.436%)(c)(e)			639,156
		500,000	Bank of New York Mellon Corp., Junior Subordinated Notes, 4.700% (5-Year CMT Index + 4.358%)(c)(e)			489,541
		133,000	Briggs & Stratton Corp., Senior Unsecured Notes, 6.875% due 3/15/24(a)(g)			—
		9,250,000	BuzzFeed Inc., Company Guaranteed Notes, 8.500% due 12/3/26(b)			7,908,750
		280,000	Capital Farm Credit ACA, Junior Subordinated Notes, 5.000% (5-Year CMT Index + 4.523%)(b)(c)(e)			264,600
		685,000	Capital One Financial Corp., Junior Subordinated Notes, 3.950% (5-Year CMT Index + 3.157%)(c)(e)			602,725
			Charles Schwab Corp., Junior Subordinated Notes:
		610,000	4.000% (5-Year CMT Index + 3.168%)(c)(e)			561,848
		150,000	5.000% (5-Year CMT Index + 3.256%)(c)(e)			138,378
		850,000	5.375% (5-Year CMT Index + 4.971%)(c)(e)			838,241
			Citigroup Inc., Junior Subordinated Notes:
		265,000	4.150% (5-Year CMT Index + 3.000%)(c)(e)			238,825
		400,000	5.000% (SOFRRATE + 3.813%)(c)(e)			394,841
		1,104,000	5.950% (3-Month TSFR + 4.167%)(c)(e)			1,094,565
		1,225,000	6.250% (3-Month TSFR + 4.779%)(c)(e)			1,219,656
		280,000	7.375% (5-Year CMT Index + 3.209%)(c)(e)			286,337

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	1,420,000	Citigroup, Inc., Junior Subordinated Notes, 7.625% (5-Year CMT Index + 3.211%)(c)(e)		$	1,464,294
			Citizens Financial Group Inc., Junior Subordinated Notes:
		460,000	4.000% (5-Year CMT Index + 3.215%)(c)(e)			394,312
		100,000	6.375% (3-Month TSFR + 3.419%)(c)(e)			94,324
		883,000	Citrix Systems, Inc., Senior Secured Notes, 4.500% due 12/1/27			737,040
		215,000	CMS Energy Corp., Junior Subordinated Notes, 4.750% (5-Year CMT Index + 4.116%) due 6/1/50(c)			197,007
			CoBank ACB, Junior Subordinated Notes:
		1,075,000	6.250% (3-Month USD-SOFR + 4.660%)(c)(e)			1,048,125
		460,000	6.450% (5-Year CMT Index + 3.487%)(c)(e)			453,062
		650,000	Compeer Financial ACA, Junior Subordinated Notes, 4.875% (5-Year CMT Index + 4.095%)(b)(c)(e)			617,500
		510,000	Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(b)(e)			467,925
			Discover Financial Services, Junior Subordinated Notes:
		125,000	5.500% (3-Month TSFR + 3.338%)(c)(e)			105,104
		250,000	6.125% (5-Year CMT Index + 5.783%)(c)(e)			251,442
			Edison International, Junior Subordinated Notes:
		245,000	5.000% (5-Year CMT Index + 3.901%)(c)(e)			232,632
		300,000	5.375% (5-Year CMT Index + 4.698%)(c)(e)			289,156
			Energy Transfer LP, Junior Subordinated Notes:
		660,000	6.500% (5-Year CMT Index + 5.694%)(c)(e)			639,705
		44,000	7.125% (5-Year CMT Index + 5.306%)(c)(e)			42,410
		210,000	8.000% (5-Year CMT Index + 4.020%) due 5/15/54(c)			218,190
		360,000	Enstar Finance LLC, Company Guaranteed Notes, 5.500% (5-Year CMT Index + 4.006%) due 1/15/42(c)			324,226
		615,000	Equitable Holdings Inc., Junior Subordinated Notes, 4.950% (5-Year CMT Index + 4.736%)(c)(e)			596,295
		705,000	Fifth Third Bancorp, Junior Subordinated Notes, 4.500% (5-Year CMT Index + 4.215%)(c)(e)			669,813
		400,000	First Citizens BancShares Inc., Junior Subordinated Notes, 9.618% (3-Month TSFR + 4.234%)(c)(e)			404,794
		2,382,746	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 10.500% due 1/15/28(b)			2,436,715
			Freeport-McMoRan Inc., Company Guaranteed Notes:
		3,000,000	5.000% due 9/1/27			2,949,515
		2,700,000	4.125% due 3/1/28			2,561,760
		6,379,000	Gap Inc., Company Guaranteed Notes, 3.875% due 10/1/31(b)			5,145,610
			General Motors Financial Co., Inc., Junior Subordinated Notes:
		1,105,000	5.700% (5-Year CMT Index + 4.997%)(c)(e)			1,034,808

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	855,000	5.750% (3-Month USD-SOFR + 3.598%)(c)(e)		$	794,724
		3,753,000	Getty Images Inc., Company Guaranteed Notes, 9.750% due 3/1/27(b)			3,741,548
			Goldman Sachs Group Inc., Junior Subordinated Notes:
		395,000	4.125% (5-Year CMT Index + 2.949%)(c)(e)			360,739
		905,000	5.300% (3-Month TSFR + 4.096%)(c)(e)			894,473
		809,000	5.500% (5-Year CMT Index + 3.623%)(c)(e)			799,297
		980,000	7.500% (5-Year CMT Index + 3.156%)(c)(e)			1,030,493
		245,000	8.437% (3-Month TSFR + 3.136%)(c)(e)			244,314
		3,000,000	Gran Tierra Energy, Inc., Senior Secured Notes, 9.500% due 10/15/29(b)			2,791,305
		1,500,000	Hawaii Electric Light Co., Inc.,3.280% due 12/30/40(a)(d)			855,000
		1,213,297	Hawaiian Airlines 2013-1 Class A Pass-Through Certificates, Pass Thru Certificates, 3.900% due 1/15/26			1,132,597
		2,435,000	Hughes Satellite Systems Corp., Senior Secured Notes, 5.250% due 8/1/26			2,080,391
		1,000,000	Huntington Bancshares Inc., Junior Subordinated Notes, 5.625% (5-Year CMT Index + 4.945%)(c)(e)			905,000
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
		2,226,000	4.750% due 9/15/24			2,211,886
		3,193,000	6.375% due 12/15/25			3,165,140
		1,549,000	6.250% due 5/15/26			1,509,409
		6,165,000	IEA Energy Services LLC, Company Guaranteed Notes, 6.625% due 8/15/29(b)			5,882,707
		250,000	ILFC E-Capital Trust II, Limited Guaranteed Notes, 7.436% (3-Month TSFR + 2.062%) due 12/21/65(b)(c)			198,125
		10,882,000	INNOVATE Corp., Senior Secured Notes, 8.500% due 2/1/26(b)(h)			8,107,090
			JPMorgan Chase & Co., Junior Subordinated Notes:
		1,565,000	3.650% (5-Year CMT Index + 2.850%)(c)(e)			1,455,307
		500,000	5.000% (3-Month TSFR + 3.380%)(c)(e)			497,178
		200,000	6.100% (3-Month TSFR + 3.592%)(c)(e)			199,777
		1,355,000	9.348% (3-Month TSFR + 4.042%)(c)(e)			1,362,413
		280,000	KeyCorp, Junior Subordinated Notes, 5.000% (3-Month TSFR + 3.868%)(c)(e)			238,566
		1,655,000	Land O’ Lakes Inc., Junior Subordinated Notes, 7.250%(b)(e)			1,328,137
		7,109,000	Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 1/31/25(a)(d)			6,042,650
			M&T Bank Corp., Junior Subordinated Notes:
		170,000	3.500% (5-Year CMT Index + 2.679%)(c)(e)			127,500
		655,000	5.125% (3-Month USD-SOFR + 3.520%)(c)(e)			572,306
		825,000	Markel Group Inc., Junior Subordinated Notes, 6.000% (5-Year CMT Index + 5.662%)(c)(e)			819,412
		3,572,000	Match Group Financeco 2, Inc., Company Guaranteed Notes, 0.875% due 6/15/26(b)			3,233,442

See Notes to Financial Statements.

275

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	1,700,000	Mercury Chile Holdco LLC, Senior Secured Notes, 6.500% due 1/24/27(b)		$	1,588,497
			MetLife Inc., Junior Subordinated Notes:
		300,000	3.850% (5-Year CMT Index + 3.576%)(c)(e)			286,696
		885,000	5.875% (3-Month TSFR + 3.221%)(c)(e)			875,838
		330,000	Paramount Global, Junior Subordinated Notes, 6.375% (5-Year CMT Index + 3.999%) due 3/30/62(c)			286,275
		195,000	PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500% (5-Year CMT Index + 3.815%) due 10/1/50(c)			173,854
			PNC Financial Services Group Inc., Junior Subordinated Notes:
		447,000	5.000% (3-Month TSFR + 3.562%)(c)(e)			423,914
		500,000	6.000% (5-Year CMT Index + 3.000%)(c)(e)			483,103
		400,000	6.200% (5-Year CMT Index + 3.238%)(c)(e)			393,578
		865,000	6.250% (5-Year CMT Index + 2.808%)(c)(e)			816,405
		400,000	8.643% (3-Month TSFR + 3.302%)(c)(e)			401,429
		3,709,991	ProSomnus Holdings Inc., 9.000% due 4/6/26(a)(d)			3,188,529
		330,000	Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38			361,940
		895,000	Prudential Financial Inc., Junior Subordinated Notes, 5.125% (5-Year CMT Index + 3.162%) due 3/1/52(c)			836,680
		400,000	Regions Financial Corp., Junior Subordinated Notes, 5.750% (5-Year CMT Index + 5.430%)(c)(e)			388,926
			Sasol Financing USA LLC, Company Guaranteed Notes:
		2,700,000	4.375% due 9/18/26			2,520,992
		2,800,000	5.500% due 3/18/31			2,331,068
			SBL Holdings Inc., Junior Subordinated Notes:
		1,195,000	6.500% (5-Year CMT Index + 5.620%)(b)(c)(e)			840,127
		845,000	7.000% (5-Year CMT Index + 5.580%)(b)(c)(e)			618,962
			Sempra, Junior Subordinated Notes:
		510,000	4.875% (5-Year CMT Index + 4.550%)(c)(e)			499,267
		230,000	4.125% (5-Year CMT Index + 2.868%) due 4/1/52(c)			211,018
		520,000	Southern Co., Junior Subordinated Notes, 4.000% (5-Year CMT Index + 3.733%) due 1/15/51(c)			499,362
		565,000	State Street Corp., Junior Subordinated Notes, 6.700% (5-Year CMT Index + 2.613%)(c)(e)			563,471
		9,600,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes, 9.000% due 10/15/26(b)			9,497,489
		9,320,000	Tenet Healthcare Corp., Senior Secured Notes, 4.875% due 1/1/26			9,310,366
		8,518,000	TPC Group Inc., Senior Secured Notes, 13.000% due 12/16/27(b)			8,681,967
			Truist Financial Corp., Junior Subordinated Notes:
		810,000	4.800% (5-Year CMT Index + 3.003%)(c)(e)			766,275
		1,655,000	5.100% (5-Year CMT Index + 4.349%)(c)(e)			1,509,276

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
	$	275,000	8.748% (3-Month TSFR + 3.364%)(c)(e)		$	276,905
		3,246,000	Uber Technologies Inc., Company Guaranteed Notes, 8.000% due 11/1/26(b)			3,303,117
		975,000	United Natural Foods Inc., Company Guaranteed Notes, 6.750% due 10/15/28(b)			811,912
		7,295,000	UpHealth Inc., Senior Unsecured Notes, 6.250% due 6/15/26(b)			5,471,250
			Vistra Corp., Junior Subordinated Notes:
		205,000	7.000% (5-Year CMT Index + 5.740%)(b)(c)(e)			198,338
		120,000	8.000% (5-Year CMT Index + 6.930%)(b)(c)(e)			120,000
		380,000	8.875% (5-Year CMT Index + 5.045%)(b)(c)(e)			386,545
		500,000	Voya Financial Inc., Junior Subordinated Notes, 7.758% (5-Year CMT Index + 3.358%)(c)(e)			511,407
			Wells Fargo & Co., Junior Subordinated Notes:
		1,290,000	3.900% (5-Year CMT Index + 3.453%)(c)(e)			1,213,815
		1,470,000	5.875%(c)(e)			1,469,074
		975,000	7.625% (5-Year CMT Index + 3.606%)(c)(e)			1,031,676
		3,708,000	WESCO Distribution Inc., Company Guaranteed Notes, 7.125% due 6/15/25(b)			3,730,155
		3,479,000	XPO Inc., Senior Secured Notes, 6.250% due 6/1/28(b)			3,486,824
		2,739,000	Ziff Davis Inc., Company Guaranteed Notes, 4.625% due 10/15/30(b)			2,456,332
			Total United States			175,393,334
			TOTAL CORPORATE BONDS & NOTES (Cost – 581,781,640)			570,243,394
SENIOR LOANS(c) – 8.8%
		3,741,210	American Greetings Corp., 11.326% (1-Month USD-SOFR + 6.000%) due 4/6/28			3,742,145
		1,652,000	Audacy Capital Corp., due 11/18/24(g)(i)			904,470
		3,660,299	Carrols Restaurant Group Inc., 8.676% (1-Month USD-SOFR + 3.250%) due 4/30/26			3,660,885
		9,259,066	Cengage Learning Inc., 10.326% (3-Month USD-SOFR + 4.750%) due 7/14/26			9,253,325
		765,023	Chefs’ Warehouse Inc., 10.176% (1-Month USD-SOFR + 4.750%) due 8/23/29			764,548
		6,160,718	Chobani LLC, 8.941% (1-Month USD-SOFR + 3.500%) due 10/25/27			6,165,092
		1,365,242	Container Store Inc., 10.610% (3-Month USD-SOFR + 5.000%) due 1/31/26			1,235,544
		6,373,000	DS Parent Inc., 10.813% (3-Month USD-SOFR + 5.500%) due 1/31/31			6,245,540
		335,844	Elevate Textiles Inc., 13.980% (3-Month USD-SOFR + 8.500%) due 9/30/27			332,485
		699,776	First Brands Group LLC, 10.574% (3-Month USD-SOFR + 5.000%) due 3/30/27			700,357
		994,453	GemmaCert Ltd., 9.000% due 5/19/24(a)(d)			159,610
		3,345,525	Getty Images Inc., 9.948% (3-Month USD-SOFR + 4.500%) due 2/19/26			3,338,198
		4,876,000	HighPeak Energy Inc., 12.998% (3-Month USD-SOFR + 7.500%) due 9/30/26			4,851,620

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount/Units†			Security	Value
SENIOR LOANS(c) – (continued)
	$	8,132,955	Inotiv Inc., 12.327% (3-Month USD-SOFR + 6.750%) due 11/5/26		$	7,807,637
		2,890,000	Magnite Inc., 9.787% (1-Month USD-SOFR + 4.500%) due 2/6/31			2,882,775
		7,843,448	Mountaineer Merger Corp., 12.568% (3-Month USD-SOFR + 7.000%) due 10/26/28			6,108,085
		10,105,760	NAI Entertainment Holdings LLC, 8.434% (1-Month USD-SOFR + 3.000%) due 5/8/25			10,026,834
		3,929,000	Trulite Holding Corp., due 3/1/30(i)			3,860,243
			TOTAL SENIOR LOANS (Cost – $73,520,720)			72,039,393
SOVEREIGN BONDS – 0.6%
Colombia – 0.6%
		4,900,000	Colombia Government International Bond, 4.500% due 1/28/26			4,766,860
Ukraine – 0.0%
		1,800,000	Ukraine Government International Bond, 9.750% due 11/1/30(d)			531,813
			TOTAL SOVEREIGN BONDS (Cost – $5,959,881)			5,298,673
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
		871,831	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 6.965% due 5/15/36(b)(c)			871,436
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $862,961)			871,436

Shares/Units
EXCHANGE TRADED FUND (ETF) – 11.4%
United States – 11.4%
	2,643,669	Xtrackers USD High Yield Corporate Bond (Cost – $91,795,655)	93,850,250
PREFERRED STOCKS – 3.1%
Bermuda – 0.2%
	49,296	Aspen Insurance Holdings Ltd., 5.625%(e)	1,059,864
	10,445	Axis Capital Holdings Ltd., 5.500%(e)	229,372
	30,038	Enstar Group Ltd., 7.000% (3-Month USD-SOFR + 4.015%)(c)(e)	762,365
		Total Bermuda	2,051,601
United Kingdom – 0.0%
	4,046	Argo Blockchain PLC, 8.750%	36,576
United States – 2.9%
	18,819	Air Lease Corp., 6.150% (3-Month TSFR + 3.912%)(c)(e)	475,180
		American Equity Investment Life Holding Co.:
	26,165	5.950% (5-Year CMT Index + 4.322%)(c)(e)	622,988
	60,435	6.625% (5-Year CMT Index + 6.297%)(c)(e)	1,527,797
	8,130	Assurant Inc., 5.250%	173,738

See Notes to Financial Statements.

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February 29, 2024

Destinations Global Fixed Income Opportunities Fund (continued)

Shares/Units		Security	Value
PREFERRED STOCKS – (continued)
United States – (continued)
	21,565	AT&T Inc., 4.750%(e)		$	447,905
		Athene Holding Ltd.:
	25,555	6.350% (3-Month USD-LIBOR + 4.253%)(c)(e)			629,164
	22,269	6.375% (5-Year CMT Index + 5.970%)(c)(e)			558,061
	204,660	Bitcoin Depot Inc.*(a)(d)			491,184
	2,850	CoBank ACB, 6.200% (3-Month USD-SOFR + 3.744%)(c)(e)			282,150
	1,000	Dairy Farmers of America Inc., 7.875%(b)(d)(e)			95,500
	18,271	Equitable Holdings Inc., 5.250%(e)			416,944
	11,970	Farm Credit Bank of Texas, 9.656% (3-Month USD-SOFR + 4.010%)(b)(c)(e)			1,192,103
	201,399	Fossil Group Inc., 7.000%			2,271,781
		KeyCorp:
	14,085	6.125% (3-Month TSFR +4.154%)(c)(e)			331,138
	29,270	6.200% (5-Year CMT Index +3.132%)(c)(e)			668,820
		Morgan Stanley:
	34,425	5.850%(c)(e)			867,166
	15,700	6.375%(c)(e)			394,541
	10,000	6.500%(e)			261,300
	27,998	New York Community Bancorp Inc., 6.375% (3-Month USD-SOFR + 3.821%)(c)(e)			533,362
	157,230	NGL Energy Partners LP, 12.816% (3-Month USD-SOFR + 7.213%)(c)(e)			4,528,224
	7,100	NiSource Inc., 6.500% (5-Year CMT Index + 3.632%)(c)(e)			177,216
		NuStar Energy LP:
	35,146	11.282% (3-Month TSFR +5.905%)(c)(e)			893,411
	21,505	12.405% (3-Month TSFR +7.028%)(c)(e)			545,367
	17,478	NuStar Logistics LP, 12.310% (3-Month TSFR + 6.996%)(c)			454,952
	28,836	Regions Financial Corp., 5.700% (3-Month USD-SOFR + 3.148%)(c)(e)			669,284
		Reinsurance Group of America Inc.:
	15,000	5.750% (3-Month USD-LIBOR +4.040%)(c)			376,350
	14,425	7.125% (5-Year CMT Index +3.456%)(c)			377,647
	43,599	Saratoga Investment Corp., 6.000%			1,040,708
	12,635	Selective Insurance Group Inc., 4.600%(e)			233,242
	25,945	Synchrony Financial, 5.625%(e)			486,728
	13,953	Synovus Financial Corp., 5.875% (5-Year CMT Index + 4.127%)(c)(e)			350,220
	30,380	Voya Financial Inc., 5.350% (5-Year CMT Index + 3.210%)(c)(e)			756,766
	7,160	Western Alliance Bancorp, 4.250% (5-Year CMT Index + 3.452%)(c)(e)			125,873
	13,366	Wintrust Financial Corp., 6.875% (5-Year CMT Index + 6.507%)(c)(e)			336,021
		Total United States			23,592,831
		TOTAL PREFERRED STOCKS (Cost – $27,938,247)			25,681,008

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – 1.0%
United States – 1.0%
	15,560	Alpha Partners Technology*(a)(d)		$	2,673
	22,982	Berenson Acquisition Corp. I*(a)(d)			—
	147,356	Bitcoin Depot Inc.*(j)			353,654
	183,721	CTO Realty Growth Inc.			3,132,443
	22,600	EchoStar Corp., Class A Shares*			296,286
	5,813	QuarterNorth Energy Inc.*(a)(d)			988,210
	57	Real Alloy Holding Inc.*(a)(d)			2,806,368
	10,650	Revelstone Capital Acquisition Corp.*(a)(d)			26
	238,311	UpHealth Inc.*(d)			92,965
	8,800	Warner Bros Discovery Inc.*			77,352
		Total United States			7,749,977
		TOTAL COMMON STOCKS (Cost – $7,827,592)			7,749,977
EQUITY LINKED NOTES – 0.0%
United States – 0.0%
	21,346	Legato Merger Corp.*(a)(d) (Cost – $0)			97,338
WARRANTS – 0.0%
Bermuda – 0.0%
	558,670	McDermott International Ltd.*(a)(d)			—
	502,803	WT PUR COM*(a)(d)			—
		Total Bermuda			—
Brazil – 0.0%
	58,463	OAS SA*(a)(d)			—
Canada – 0.0%
	29,147,860	Tacora Resources Inc.*(a)			—
Israel – 0.0%
	41,956	GemmaCert Ltd.*(a)(d)			—
United States – 0.0%
	36,249	Leafly Holdings Inc.*(d)			921
	82,695	ProSomnus Inc.*(d)			1,654
	226,500	Screaming Eagle Acquisition Corp.*(d)			105,141
		Total United States			107,716
		TOTAL WARRANTS (Cost – $467,835)			107,716
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $790,154,531)			775,939,185

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Face Amount†			Security	Value
SHORT-TERM INVESTMENTS – 7.2%
COMMERCIAL PAPERS – 1.1%
	$	3,151,000	VF Corp., 6.485% due 7/24/24(k)		$	3,082,317
		5,800,000	Walgreens Boots Alliance Inc., 6.502% due 4/15/24(k)			5,754,226
			TOTAL COMMERCIAL PAPERS (Cost – $8,824,281)			8,836,543
CORPORATE NOTE – 0.3%
		2,165,123	Tacora Resources Inc., 13.000% due 11/3/23(a)(b)(d)(g) (Cost – $2,165,713)			2,165,123
TIME DEPOSITS – 5.8%
		4,506,800	ANZ National Bank – London, 4.680% due 3/1/24			4,506,800
		117EUR	Citibank – London, 2.820% due 3/1/24			126
		15,754,028	Citibank – New York, 4.680% due 3/1/24			15,754,028
		23,064,155	JPMorgan Chase & Co. – New York, 4.680% due 3/1/24			23,064,155
		4,176,033	Skandinaviska Enskilda Banken AB – Stockholm, 4.680% due 3/1/24			4,176,033
			TOTAL TIME DEPOSITS (Cost – $47,501,142)			47,501,142
			TOTAL SHORT-TERM INVESTMENTS (Cost – $58,491,136)			58,502,808

Shares/Units
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0%
MONEY MARKET FUND – 0.0%
	392,687	Federated Government Obligations Fund, Premier Class, 5.162%(l) (Cost – $392,687)		392,687
		TOTAL INVESTMENTS – 101.5% (Cost – $849,038,354)		834,834,680
		Liabilities in Excess of Other Assets – (1.5)%		(12,062,478)
		TOTAL NET ASSETS – 100.0%	$	822,772,202

†

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

Non-income producing security.

(a)

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

(b)

(c)

Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

(d)

Illiquid security. The aggregate value of illiquid holdings at February 29, 2024, amounts to $26,339,227 and represents 3.20% of net assets.

(e)

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

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

(f)

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

(g)

Security is currently in default.

(h)

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

(i)

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

(j)

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

(k)

Rate shown represents yield-to-maturity.

(l)

Represents investment of collateral received from securities lending transactions.

Abbreviations used in this schedule:

CMT

—

Constant Maturity Treasury Index

ETF

—

Exchange Traded Fund

EURIBOR

—

Euro Interbank Offered Rate

ICE

—

Intercontinental Exchange

LIBOR

—

London Interbank Offered Rate

LLC

—

Limited Liability Company

—

Limited Partnership

NIBOR

—

Norwegian Interbank Offered Rate

PLC

—

Public Limited Company

SOFR

—

Secured Overnight Financing Rate

STIBOR

—

Stockholm Interbank Offered Rate

TSFR

—

CME Term SOFR Reference Rate

Summary of Investments by Security Type^

	Corporate Bonds & Notes					68.3%
	Exchange Traded Fund (ETF)					11.3
	Senior Loans					8.6
	Preferred Stocks					3.1
	Common Stocks					0.9
	Sovereign Bonds					0.6
	Collateralized Mortgage Obligations					0.1
	Equity Linked Notes					0.0*
	Warrants					0.0*
	Short-Term Investments					7.1
	Money Market Fund					0.0*
						100.0%

As a percentage of total investments.

Positions represent less than 0.05%.

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (continued)

Schedule of Options Contracts Written
Equity Options

Number of Contracts	Notional Amount			Security Name	Counterparty		Expiration Date		Exercise Rate			Value
113		$	148,143	EchoStar Corp., Call		BNP		12/20/24		$	25.00		$	(12,430)
113			148,143	EchoStar Corp., Put		BNP		12/20/24			12.50			(36,725)
238			1,945,412	iShares 1-3 Year Treasury Bond, Call		BNP		6/21/24			82.00			(11,900)
238			1,945,412	iShares 1-3 Year Treasury Bond, Call		BNP		6/21/24			84.00			(4,760)
217			1,678,061	iShares iBoxx HighYield, Call		BNP		3/15/24			77.00			(7,595)
447			3,456,651	iShares iBoxx HighYield, Call		BNP		4/19/24			77.00			(30,843)
132			116,028	OTC Warner Bros Discovery Inc., Put		BNP		4/19/24			10.00			(18,348)
				TOTAL OPTIONS CONTRACTS WRITTEN
				(Premiums received – $151,174)									$	(122,601)

At February 29, 2024, Destinations Global Fixed Income Opportunities Fund had open forward foreign currency contracts as described below.

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

Foreign Currency	Local Currency		Counterparty		Market Value			Settlement Date		Unrealized Appreciation			Unrealized (Depreciation)			Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro		1,530,000		BBH		$	1,654,358		3/15/24		$	6,311		$	—		$	6,311
Euro		102,750		BBH			111,102		3/15/24			—			(342)			(342)
Euro		410,000		BBH			443,325		3/15/24			—			(865)			(865)
											$	6,311		$	(1,207)		$	5,104
Contracts to Sell:
Euro		38,350,000		BBH			41,467,080		3/15/24		$	—		$	(123,863)		$	(123,863)
Euro		475,000,000		BBH			513,608		3/15/24			1,351			—			1,351
Euro		1,585,000		BBH			1,713,828		3/15/24			7,643			—			7,643
Norwegian Krone		75,420,000		BBH			7,104,242		3/15/24			78,116			—			78,116
Swedish Krona		99,075,000		BBH			9,562,146		3/15/24			—			(52,008)			(52,008)
											$	87,110		$	(175,871)		$	(88,761)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	93,421		$	(177,078)		$	(83,657)

Currency Abbreviations used in this schedule:

EUR

—

Euro

NOK

—

Norwegian Krone

SEK

—

Swedish Krona

Counterparty Abbreviations used in this schedule:

BBH

—

Brown Brothers Harriman & Co.

BNP

—

BNP Paribas SA

See Notes to Financial Statements.

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Destinations Global Fixed Income Opportunities Fund (concluded)

Face Amount†			Security	Value
SECURITIES SOLD SHORT – 1.1%
CORPORATE BONDS & NOTES – 1.1%
Basic Materials – 0.1%
	$	906,000	SK Invictus Intermediate II SARL, Senior Secured Notes, 5.000% due 10/30/29(a)		$	769,191
Communications – 0.5%
		3,333,000	CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes, 4.750% due 3/1/30(a)			2,835,333
		1,340,000	Frontier Communications Holdings LLC, Secured Notes, 6.000% due 1/15/30(a)			1,145,693
			Total Communications			3,981,026
Consumer Non-cyclical – 0.1%
		1,000,000	Integra LifeSciences Holdings Corp., Senior Unsecured Notes, 0.500% due 8/15/25			944,500
Industrial – 0.2%
		1,981,000	Likewize Corp., Senior Secured Notes, 9.750% due 10/15/25(a)			2,015,816
Technology – 0.2%
		1,428,000	Concentrix Corp., Senior Unsecured Notes, 6.850% due 8/2/33			1,396,294
			TOTAL CORPORATE BONDS & NOTES (Proceeds – $9,032,970)			9,106,827
			TOTAL SECURITIES SOLD SHORT – 1.1% (Proceeds – $9,032,970)		$	9,106,827

†

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

(a)

Restricted security that may be repurchased from “qualified institutional buyers” pursuant to the conditions of Rule 144Aunder 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 29, 2024, amounts to $6,766,033 and represents 0.82% of net assets.

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – 89.5%
Alabama – 1.2%
	$	1,500,000	BB-	Hoover Industrial Development Board, Revenue Bonds, 5.750% due 10/1/49(a)		$	1,548,931
		2,540,000	A2(b)	Lower Alabama Gas District, Revenue Bonds, 4.000% due 12/1/50(c)			2,545,949
				Mobile County Board of School Commissioners, Special Tax:
		260,000	A	5.000% due 3/1/28			270,417
		175,000	A	5.000% due 3/1/29			181,842
		180,000	A	5.000% due 3/1/30			186,591
		185,000	A	5.000% due 3/1/31			191,569
		145,000	A	5.000% due 3/1/32			150,120
		215,000	A	5.000% due 3/1/33			222,557
		3,500,000	A1(b)	Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000% due 6/1/49(c)			3,501,948
		1,500,000	NR	Tuscaloosa County Industrial Development Authority, Revenue Bonds, Series A, 5.250% due 5/1/44(d)			1,488,832
				Total Alabama			10,288,756
Alaska – 0.1%
		1,000,000	AA+	Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due 6/1/30			1,061,172
		215,000	AA-	State of Alaska, GO, Series A, 5.000% due 8/1/33			219,916
				Total Alaska			1,281,088
Arizona – 2.8%
		5,000,000	AA+	Arizona Department of Transportation State Highway Fund Revenue, Revenue Bonds, 5.000% due 7/1/27			5,243,326
		1,695,000	BB-	Arizona Industrial Development Authority, Revenue Bonds, 5.000% due 7/1/49(d)			1,513,633
		2,000,000	AA	Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39			2,171,311
				City of Glendale AZ, Revenue Bonds:
		230,000	AA+	Series A, 5.000% due 7/1/27			235,686
		215,000	AA+	Series A, 5.000% due 7/1/28			219,893
		235,000	AA+	Series A, 5.000% due 7/1/29			240,286
		85,000	AA+	City of Glendale AZ Excise Tax Revenue, Revenue Bonds, Series A, 5.000% due 7/1/32			90,675
		105,000	AA+	City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds, AGM-Insured, 5.000% due 7/1/26			107,637
				City of Phoenix Civic Improvement Corp., Revenue Bonds:
		65,000	AA-	Series A, 5.000% due 7/1/27(a)			68,512
		90,000	AA-	Series A, 5.000% due 7/1/28(a)			94,610
		6,365,000	AAA	Series B, 4.000% due 7/1/29			6,376,671

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Arizona – (continued)
				Maricopa County Industrial Development Authority, Revenue Bonds:
	$	225,000	AA-	Series A, 5.000% due 1/1/25		$	228,109
		1,000,000	NR	Series A, 6.250% due 7/1/44(d)			1,024,051
		735,000	A2(b)	Series B, 5.000% due 9/1/45(c)			739,597
		290,000	AA-	Series C, 5.000% due 1/1/48(c)			292,533
		800,000	AA-	Series D, 5.000% due 1/1/46(c)			828,499
		3,000,000	AA+	Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Series A, 4.000% due 12/1/33			3,022,728
		1,000,000	NR	Sierra Vista Industrial Development Authority, Revenue Bonds, 5.750% due 6/15/58(d)			1,007,228
		310,000	AA-	State of Arizona, COP, Series A, 5.000% due 10/1/24			313,248
				Total Arizona			23,818,233
Arkansas – 0.4%
				Arkansas Development Finance Authority, Revenue Bonds:
		2,000,000	BB-	4.500% due 9/1/49(a)(d)			1,970,152
		1,150,000	BB-	5.700% due 5/1/53(a)			1,190,163
				Total Arkansas			3,160,315
California – 3.3%
		205,000	AA	Bay Area Toll Authority, Revenue Bonds, Series B, 2.850% due 4/1/47(c)			203,062
		2,845,000	NR	California Community Housing Agency, Revenue Bonds, 4.000% due 2/1/50(d)			2,089,627
		115,000	A	California Health Facilities Financing Authority, Revenue Bonds, Series A, 5.000% due 7/1/25			115,072
		2,000,000	BB-	California Municipal Finance Authority, Revenue Bonds, 4.000% due 7/15/29(a)			1,970,997
				California Statewide Communities Development Authority, Revenue Bonds:
		2,525,000	BB	5.500% due 12/1/54			2,489,795
		1,000,000	BB	Series A, 5.000% due 12/1/46(d)			987,907
				City of Los Angeles Department of Airports, Revenue Bonds:
		650,000	AA-	4.000% due 5/15/38(a)			651,905
		650,000	AA-	4.000% due 5/15/40(a)			647,758
		1,000,000	NR	CMFA Special Finance Agency, Revenue Bonds, Series A, 4.000% due 12/1/45(d)			814,327
		1,105,000	NR	CMFA Special Finance Agency VII, Revenue Bonds, Series A1, 3.000% due 8/1/56(d)			745,504
				CSCDA Community Improvement Authority, Revenue Bonds:
		3,000,000	NR	3.000% due 6/1/47(d)			2,187,320
		1,000,000	NR	3.000% due 12/1/56(d)			697,947

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
California – (continued)
	$	1,000,000	NR	4.000% due 8/1/56(d)		$	830,573
				Golden State Tobacco Securitization Corp., Revenue Bonds:
		175,000	A+	Series A, AMBAC, zero coupon, due 6/1/24			173,553
		115,000	NR	Series A1, 5.000% due 6/1/25			118,006
		30,000	NR	Series A1, 5.000% due 6/1/26			31,533
		290,000	AA-	Los Angeles Department of Water & Power, Revenue Bonds, Series A, 5.000% due 7/1/29			295,525
		100,000	AA	Oakland Unified School District, GO, AGM-Insured, 5.000% due 8/1/26			103,143
		1,800,000	AAA	San Jose Financing Authority, Revenue Bonds, Series B, 5.000% due 11/1/42			2,068,995
		400,000	AA+	Santa Clara County Financing Authority, Revenue Bonds, Series A, 3.000% due 5/1/39			358,622
				State of California, GO:
		760,000	AA-	4.000% due 3/1/26			777,077
		2,915,000	AA-	4.000% due 9/1/43			3,016,082
		2,250,000	AA-	5.000% due 9/1/26			2,375,037
		80,000	AA-	5.000% due 9/1/29			84,461
		4,100,000	AA-	5.000% due 3/1/31			4,178,851
		435,000	AA-	Series B, 5.000% due 8/1/26			458,221
		205,000	AA-	Series C, 5.000% due 8/1/29			216,047
				Total California			28,686,947
Colorado – 2.5%
		1,000,000	AA	Adams 12 Five Star Schools, GO, Series B, 5.000% due 12/15/34			1,048,533
		2,000,000	AA	Board of Governors of Colorado State University System, Revenue Bonds, Series C, 4.000% due 3/1/38			2,030,222
		1,275,000	AAA	Centennial Water & Sanitation District, Revenue Bonds, 5.000% due 12/1/48			1,413,359
				City & County of Denver CO Airport System Revenue, Revenue Bonds:
		65,000	AA-	Series A, 5.000% due 11/15/24(a)			65,589
		315,000	A+	Series A, 5.000% due 12/1/26(a)			328,547
		30,000	AA-	Series A, 5.000% due 11/15/27(a)			31,826
		195,000	AA-	Series A, 5.000% due 11/15/28(a)			206,172
		455,000	AA-	Series A, 5.000% due 11/15/29(a)			479,314
		115,000	AA-	Series A, 5.000% due 11/15/30(a)			120,950
		3,400,000	AA-	Series D, 5.500% due 11/15/30(a)			3,888,889
				Colorado Health Facilities Authority, Revenue Bonds:
		580,000	AA	5.000% due 11/15/49(c)			607,329
		60,000	NR	Series Prerefunded 11/19/26@ 100, 5.000% due 11/15/49(c)(e)			63,083

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Colorado – (continued)
	$	60,000	AA	Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250% due 11/1/49		$	60,107
		3,000,000	Aa2(b)	Gunnison Watershed School District No Re 1J, GO, 5.000% due 12/1/47			3,299,772
		3,775,000	AA-	State of Colorado, COP, Series A, 4.000% due 12/15/39			3,877,548
		1,435,000	Aa1(b)	University of Colorado, Revenue Bonds, Series C, 2.000% due 6/1/54(c)			1,423,275
				Vauxmont Metropolitan District, GO, AGM:
		125,000	AA	5.000% due 12/15/27			130,406
		120,000	AA	5.000% due 12/15/29			125,103
		135,000	AA	5.000% due 12/15/31			140,611
		285,000	AA	5.000% due 12/1/34			314,220
		1,750,000	NR	Village Metropolitan District, GO, 5.000% due 12/1/49			1,712,716
				Total Colorado			21,367,571
Connecticut – 1.3%
		505,000	AA-	Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Series B, 1.800% due 7/1/49(c)			500,792
				State of Connecticut, GO:
		90,000	AA-	Series A, 5.000% due 3/15/26			93,837
		375,000	AA-	Series A, 5.000% due 4/15/26			391,740
		150,000	AA-	Series A, 5.000% due 4/15/30			166,972
		170,000	AA-	Series A, 5.000% due 4/15/34			188,553
		60,000	AA-	Series A, 5.000% due 4/15/35			66,392
		175,000	AA-	Series B, 5.000% due 1/15/26			181,751
		2,100,000	AA-	Series D, 5.000% due 7/15/25			2,153,285
		100,000	AA-	Series E, 5.000% due 10/15/26			105,721
		150,000	AA-	Series E, 5.000% due 10/15/29			157,875
		1,260,000	AA-	Series E, 5.000% due 11/15/35			1,477,670
				State of Connecticut Special Tax Revenue, Revenue Bonds:
		2,425,000	AA	Series A, 5.000% due 7/1/39			2,773,670
		2,500,000	AA	Series A, 5.250% due 7/1/43			2,846,653
		330,000	AA-	University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27			356,471
				Total Connecticut			11,461,382
Delaware – 0.4%
		3,160,000	NR	State of Delaware, GO, Series B, Prerefunded 7/1/24@ 100, 5.000% due 7/1/27(e)			3,176,399
District of Columbia – 1.6%
				District of Columbia, GO:
		1,500,000	AA+	Series A, 5.000% due 6/1/34			1,533,482

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
District of Columbia – (continued)
	$	2,000,000	AA+	Series C, 5.000% due 6/1/34		$	2,007,806
		2,500,000	AA+	District of Columbia Water & Sewer Authority, Revenue Bonds, Series C, 5.000% due 10/1/27			2,521,907
				Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds:
		2,625,000	AA-	Series A, 5.000% due 10/1/24(a)			2,643,076
		115,000	AA-	Series A, 5.000% due 10/1/28(a)			123,718
		95,000	AA-	Series A, 5.000% due 10/1/30(a)			101,621
		205,000	AA-	Series A, 5.000% due 10/1/31(a)			217,850
		60,000	AA-	Series A, 5.000% due 10/1/34(a)			62,800
		55,000	AA-	Series A, 5.000% due 10/1/36(a)			57,236
		400,000	A-	Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds, Series B, 4.000% due 10/1/35			407,976
				Washington Metropolitan Area Transit Authority Dedicated Revenue, Revenue Bonds:
		1,250,000	AA	5.000% due 7/15/36			1,471,070
		1,000,000	AA	5.000% due 7/15/37			1,164,076
		1,000,000	AA	5.000% due 7/15/38			1,153,279
				Total District of Columbia			13,465,897
Florida – 7.6%
				Brevard County School District, COP:
		95,000	Aa3(b)	5.000% due 7/1/27			95,440
		215,000	Aa3(b)	5.000% due 7/1/30			215,829
		85,000	Aa3(b)	Series C, 5.000% due 7/1/24			85,441
		1,000,000	NR	Cabot Citrus Farms Community Development District, Special Assessment, 5.250% due 3/1/29			1,000,190
				Capital Trust Agency Inc., Revenue Bonds:
		500,000	BB	6.375% due 5/1/53(d)			507,038
		450,000	NR	Series A1, 4.000% due 6/15/29(d)			429,514
		2,000,000	NR	Series A1, 5.000% due 7/1/56(d)			1,813,230
		1,495,000	NR	Celebration Pointe Community Development District No 1, Special Assessment, 4.000% due 5/1/53			1,204,220
				County of Broward FL Airport System Revenue, Revenue Bonds:
		60,000	A+	5.000% due 10/1/30(a)			62,970
		90,000	A+	5.000% due 10/1/31(a)			94,428
		120,000	A+	Series A, 5.000% due 10/1/29(a)			122,178
		85,000	A+	Series A, 5.000% due 10/1/31(a)			86,540
		115,000	A+	Series A, 5.000% due 10/1/32(a)			117,067

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
	$	1,000,000	A+	Series B, 5.000% due 10/1/29(a)		$	1,088,569
		65,000	AA+	County of Hillsborough FL Solid Waste & Resource Recovery Revenue, Revenue Bonds, Series A, 5.000% due 9/1/24(a)			65,362
				County of Miami-Dade FL, Revenue Bonds:
		160,000	A+	5.000% due 10/1/28			167,551
		120,000	A+	5.000% due 10/1/29			125,602
		215,000	A+	5.000% due 10/1/30			224,766
				County of Miami-Dade FL Aviation Revenue, Revenue Bonds:
		290,000	A	Series A, 5.000% due 10/1/24(a)			290,233
		160,000	A	Series A, 5.000% due 10/1/33(a)			160,695
		5,000,000	A	Series A, 5.000% due 10/1/34(a)			5,021,021
		215,000	A	Series B, 5.000% due 10/1/37			216,273
		500,000	A	Series B, 5.000% due 10/1/40(a)			511,321
		10,000,000	AA-	County of Miami-Dade FL Water & Sewer System Revenue, Revenue Bonds, Series B, 5.000% due 10/1/44			10,602,033
				County of Miami-Dade Seaport Department, Revenue Bonds:
		2,430,000	A3(b)	Series A, 5.000% due 10/1/32(a)			2,712,935
		1,250,000	A3(b)	Series A, 5.000% due 10/1/47(a)			1,310,311
				Duval County Public Schools, COP:
		125,000	A+	Series B, 5.000% due 7/1/27			127,904
		30,000	A+	Series B, 5.000% due 7/1/28			30,689
		190,000	A+	Series B, 5.000% due 7/1/30			194,241
				Florida Development Finance Corp., Revenue Bonds:
		1,125,000	NR	6.125% due 7/1/32(a)(c)(d)			1,144,081
		600,000	NR	Series A, 6.750% due 6/15/53(d)			653,120
		1,600,000	NR	Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.000% due 6/1/48(d)			1,465,448
		2,000,000	A	Florida Insurance Assistance Interlocal Agency Inc., Revenue Bonds, Series A1, 5.000% due 9/1/25			2,028,562
				Florida Municipal Power Agency, Revenue Bonds:
		30,000	A2(b)	5.000% due 10/1/24			30,280
		45,000	A2(b)	5.000% due 10/1/27			46,131
		55,000	A2(b)	Series A, 5.000% due 10/1/30			57,387
		60,000	A2(b)	Series A, 5.000% due 10/1/31			62,514
				Greater Orlando Aviation Authority, Revenue Bonds:
		1,000,000	NR	5.000% due 11/15/36(a)			1,000,171
		100,000	A+	Series A, Prerefunded 10/1/27@ 100, 5.000% due 10/1/28(a)(e)			106,209
		60,000	A+	Series A, Prerefunded 10/1/27@ 100, 5.000% due 10/1/30(a)(e)			63,725

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
				Hillsborough County Port District, Revenue Bonds:
	$	850,000	A+(f)	Series B, 5.000% due 6/1/33(a)		$	904,801
		185,000	A+(f)	Series B, 5.000% due 6/1/38(a)			192,648
		75,000	AA-	Indian River County District School Board, COP, Series A, 5.000% due 7/1/24			75,340
				Lake County School Board, COP, AGM:
		30,000	AA	Series A, Prerefunded 6/1/24@ 100, 5.000% due 6/1/25(e)			30,095
		50,000	AA	Series A, Prerefunded 6/1/24@ 100, 5.000% due 6/1/26(e)			50,159
		15,000	AA	Series A, Prerefunded 6/1/24@ 100, 5.000% due 6/1/28(e)			15,048
		500,000	NR	Lakewood Ranch Stewardship District, Special Assessment, 6.300% due 5/1/54			521,871
				Lee Memorial Health System, Revenue Bonds:
		550,000	A+	Series A1, 5.000% due 4/1/33			595,259
		515,000	A+	Series A1, 5.000% due 4/1/35			554,837
		755,000	A+	Series A2, 5.000% due 4/1/33(c)			769,061
		2,000,000	A-	Miami-Dade County Educational Facilities Authority, Revenue Bonds, Series B, AMBAC-Insured, 5.250% due 4/1/25			2,037,104
				Miami-Dade County Expressway Authority, Revenue Bonds:
		45,000	A	Series A, 5.000% due 7/1/31			46,458
		115,000	A	Series A, 5.000% due 7/1/32			118,751
		95,000	A	Series A, 5.000% due 7/1/33			98,077
		30,000	A	Series A, 5.000% due 7/1/34			30,951
		235,000	A	Series A, 5.000% due 7/1/40			235,838
		85,000	A	Series A, 5.000% due 7/1/44			85,028
		200,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Series A, 5.000% due 10/1/39			205,734
		200,000	Aa2(b)	Orange County School Board, COP, Series C, Prerefunded 8/1/25@ 100, 5.000% due 8/1/29(e)			205,459
				Palm Beach County School District, COP:
		40,000	Aa3(b)	Series A, 5.000% due 8/1/24			40,259
		705,000	Aa3(b)	Series A, 5.000% due 8/1/26			740,780
		300,000	Aa3(b)	Series B, 5.000% due 8/1/26			307,694
		240,000	Aa3(b)	Series B, 5.000% due 8/1/27			246,088
		695,000	Aa3(b)	Series D, 5.000% due 8/1/26			712,824
		315,000	Aa3(b)	Series D, 5.000% due 8/1/27			322,991
		110,000	Aa3(b)	Series D, 5.000% due 8/1/28			112,500
		300,000	AA	Pasco County School Board, COP, Series D, AGM-Insured, 5.000% due 8/1/30			342,571

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
				School Board of Miami-Dade County, COP:
	$	570,000	A+	Series A, 5.000% due 5/1/31		$	592,440
		120,000	AA	Series A, AGM, 5.000% due 5/1/27			122,322
		220,000	A+	Series B, 5.000% due 8/1/27			230,131
		395,000	A+	Series B, 5.000% due 5/1/28			401,824
		340,000	A+	Series D, 5.000% due 11/1/24			343,445
		355,000	A+	Series D, 5.000% due 11/1/25			359,015
		230,000	A+	Series D, 5.000% due 11/1/26			232,406
		115,000	A+	Series D, 5.000% due 2/1/29			119,152
		190,000	A+	Series D, 5.000% due 2/1/30			196,753
				School District of Broward County, COP:
		330,000	A+	Series A, 5.000% due 7/1/26			337,380
		265,000	A+	Series A, 5.000% due 7/1/27			271,343
		115,000	A+	Series A, 5.000% due 7/1/28			117,587
		70,000	A+	Series A, 5.000% due 7/1/32			72,447
		335,000	A+	Series B, 5.000% due 7/1/26			342,492
		230,000	A+	Series B, 5.000% due 7/1/27			235,505
		390,000	A+	Series B, 5.000% due 7/1/28			398,773
		50,000	Aa3(b)	Seminole County School Board, COP, Series C, 5.000% due 7/1/24			50,260
		115,000	AA	South Florida Water Management District, COP, 5.000% due 10/1/30			119,381
				State of Florida, GO:
		5,995,000	AAA	5.000% due 7/1/32			6,586,793
		2,500,000	AAA	Series C, 5.000% due 6/1/25			2,510,794
		5,140,000	AA	State of Florida Department of Transportation Turnpike System Revenue, Revenue Bonds, Series A, 5.000% due 7/1/24			5,168,518
		1,000,000	NR	Village Community Development District No 12, Special Assessment, 4.250% due 5/1/43			937,267
				Volusia County Educational Facility Authority, Revenue Bonds:
		150,000	A1(b)	4.000% due 10/15/36			153,428
		80,000	A1(b)	5.000% due 10/15/44			84,474
		150,000	A1(b)	5.000% due 10/15/49			156,961
				Volusia County School Board, COP:
		600,000	Aa3(b)	5.000% due 8/1/24			603,867
		145,000	AA	Series A, 5.000% due 8/1/32			149,390
				Total Florida			65,833,593

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Georgia – 1.6%
				City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds:
	$	30,000	AA-	5.000% due 11/1/27		$	30,679
		70,000	AA-	5.000% due 11/1/29			71,621
		2,000,000	AA-	5.000% due 11/1/40			2,030,055
				Development Authority of Burke County, Revenue Bonds:
		600,000	BBB+	1.700% due 12/1/49(c)			591,261
		830,000	BBB+	2.925% due 11/1/53(c)			829,737
		1,000,000	Ba3(b)	Development Authority Of The City Of Marietta, Revenue Bonds, Series A, 5.000% due 11/1/37(d)			969,141
				Main Street Natural Gas Inc., Revenue Bonds:
		2,000,000	BBB-	Series C, 4.000% due 8/1/52(c)(d)			1,936,363
		1,500,000	Aa1(b)	Series C, 5.000% due 9/1/53(c)			1,596,198
				Municipal Electric Authority of Georgia, Revenue Bonds:
		160,000	A-	Series A, 5.000% due 1/1/27			168,032
		145,000	A-	Series A, 5.000% due 1/1/30			156,822
		35,000	A	Series GG, 5.000% due 1/1/25			35,031
		145,000	A	Series GG, 5.000% due 1/1/26			145,110
		5,000,000	AAA	State of Georgia, GO, Series A, 5.000% due 7/1/29			5,514,476
				Total Georgia			14,074,526
Hawaii – 1.1%
		2,500,000	Aa2(b)	City & County Honolulu HI Wastewater System Revenue, Revenue Bonds, Series A, 4.125% due 7/1/47			2,512,760
				City & County of Honolulu HI, GO:
		7,105,000	Aa2(b)	Series C, 4.000% due 10/1/32			7,263,559
		90,000	Aa2(b)	Series D, 5.000% due 9/1/26			94,868
				Total Hawaii			9,871,187
Idaho – 0.5%
		1,500,000	NR	Idaho Falls Auditorium District, COP, 5.250% due 5/15/51(d)			1,476,396
		1,000,000	NR	Idaho Health Facilities Authority, Revenue Bonds, 7.125% due 11/1/57			1,048,952
				Idaho Housing & Finance Association, Revenue Bonds:
		35,000	A2(b)	5.000% due 7/15/24			35,237
		95,000	A2(b)	5.000% due 7/15/27			101,767
		1,000,000	Aa1(b)	5.000% due 8/15/41			1,124,728
		35,000	Aa1(b)	Series A, 4.000% due 1/1/50			34,795
		250,000	A2(b)	Series A, 5.000% due 7/15/30			281,966
		250,000	A2(b)	Series A, 5.000% due 7/15/31			285,462
				Total Idaho			4,389,303

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – 3.8%
				Chicago Board of Education, GO:
	$	1,040,000	BB+	Series A, 5.000% due 12/1/47		$	1,042,575
		2,500,000	BB+	Series E, 5.125% due 12/1/32			2,503,023
		2,075,000	AA	Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds, 5.750% due 4/1/48			2,305,618
				Chicago Midway International Airport, Revenue Bonds:
		65,000	A	Series A, 5.000% due 1/1/29(a)			66,127
		100,000	A	Series A, 5.000% due 1/1/30(a)			101,837
		70,000	A	Series A, 5.000% due 1/1/31(a)			71,222
		190,000	A	Series A, 5.000% due 1/1/32(a)			190,222
				Chicago O’Hare International Airport, Revenue Bonds:
		270,000	A+	Series A, 5.000% due 1/1/29			284,346
		200,000	A+	Series A, 5.000% due 1/1/48(a)			205,463
		285,000	A+	Series B, 5.000% due 1/1/32			288,980
		1,635,000	A+	Series B, 5.000% due 1/1/41			1,666,699
		120,000	A+	Series B, 5.000% due 1/1/53			125,560
		1,000,000	A+	City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds, 5.000% due 1/1/33			1,002,641
		1,000,000	AA	City of Chicago IL Waterworks Revenue, Revenue Bonds, Series A, AGM-Insured, 5.500% due 11/1/62			1,103,141
		155,000	Aaa(b)	Cook Kane Lake & McHenry Counties Community College District No 512, GO, Series B, 5.000% due 12/1/24			156,813
		500,000	A+	County of Cook IL, GO, Series A, 5.000% due 11/15/24			505,223
		5,000	NR	Grundy & Will Counties Community Unit School District No 1 Coal City, GO, Series Prerefunded 2/1/27@ 100, 5.000% due 2/1/29(e)			5,303
				Illinois Finance Authority, Revenue Bonds:
		110,000	A2(b)	5.000% due 12/1/29			113,742
		145,000	AAA	5.000% due 1/1/30			152,688
		330,000	AA-	5.000% due 8/15/30			371,037
		255,000	AAA	5.000% due 7/1/31			268,378
		100,000	A2(b)	5.000% due 12/1/46			101,288
		95,000	AA-	Series A, 5.000% due 2/15/25			96,357
		45,000	AA-	Series A, 5.000% due 2/15/26			46,534
		2,000,000	A+	Series A, 5.000% due 11/15/38			2,017,535
		75,000	Aa3(b)	Series A, Prerefunded 7/1/26@ 100, 5.000% due 7/1/30(e)			78,565
		50,000	Aa3(b)	Series A, Prerefunded 7/1/26@ 100, 5.000% due 7/1/34(e)			52,377
		255,000	Aa3(b)	Series A, Prerefunded 7/1/26@ 100, 5.000% due 7/1/36(e)			267,121
		95,000	WD(f)	Series A, Prerefunded 8/15/26@ 100, 5.000% due 8/15/33(e)			99,210

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
	$	15,000	WD(f)	Series A, Prerefunded 9/1/24@ 100, 5.000% due 9/1/34(e)		$	15,119
		170,000	AA-	Series Prerefunded 1/1/27@ 100, 5.000% due 1/1/36(e)			180,427
		870,000	AA-	Series Prerefunded 1/1/28@ 100, 5.000% due 1/1/38(e)			946,241
		1,300,000	AA-	Series Prerefunded 1/1/28@ 100, 5.000% due 1/1/44(e)			1,413,923
		20,000	NR	Series Prerefunded 2/15/27@ 100, 4.000% due 2/15/41(e)			20,553
				Illinois Municipal Electric Agency, Revenue Bonds:
		290,000	A	Series A, 5.000% due 2/1/28			296,453
		105,000	A	Series A, 5.000% due 2/1/31			107,017
		1,000,000	A	Series A, 5.000% due 2/1/32			1,018,520
				Illinois State Toll Highway Authority, Revenue Bonds:
		50,000	AA-	Series A, 5.000% due 12/1/31			51,791
		1,500,000	AA-	Series B, 5.000% due 1/1/36			1,501,752
				Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO:
		260,000	AA	5.000% due 1/1/26			262,786
		55,000	AA	5.000% due 1/1/29			58,491
		1,045,000	Aa1(b)	Maine Township High School District No 207, GO, Series 2022, 4.000% due 12/1/25			1,059,828
				McHenry County Community Unit School District No 200 Woodstock, GO:
		225,000	Aa2(b)	Series B, NPFG, zero coupon, due 1/15/25			217,924
		170,000	Aa2(b)	Series B, NPFG, zero coupon, due 1/15/26			159,068
		175,000	AA+	McHenry County Conservation District, GO, 5.000% due 2/1/27			177,851
		2,000,000	A	Metropolitan Pier & Exposition Authority, Revenue Bonds, 5.000% due 6/15/52			2,014,743
				State of Illinois, GO:
		225,000	A-	5.000% due 6/1/25			229,338
		270,000	A-	5.000% due 2/1/27			279,493
		180,000	A-	5.000% due 2/1/28			189,024
		60,000	A-	5.000% due 4/1/28			60,066
		25,000	A-	5.000% due 5/1/28			25,059
		165,000	A-	5.000% due 2/1/29			173,405
		70,000	A-	5.000% due 5/1/32			70,143
		190,000	A-	5.000% due 5/1/33			190,345
		305,000	A-	5.250% due 2/1/31			305,366
		2,000,000	A-	Series A, 5.000% due 3/1/29			2,175,653
		365,000	A-	Series B, 5.000% due 9/1/24			367,576
		405,000	A-	Series D, 5.000% due 11/1/25			415,551
		390,000	A-	Series D, 5.000% due 11/1/26			407,207

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
				Will County Community Unit School District No 365-U Valley View, GO:
	$	2,420,000	Aa1(b)	Series A, 5.000% due 11/1/25		$	2,490,044
		165,000	AA	Series B, AGM, zero coupon, due 11/1/26(g)			150,703
				Total Illinois			32,321,085
Indiana – 2.2%
		315,000	A+	City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds, Series A, 5.000% due 10/1/24			318,174
		805,000	NR	City of Valparaiso IN, Revenue Bonds, 7.000% due 1/1/44(a)			806,697
				Indiana Finance Authority, Revenue Bonds:
		30,000	AA-	5.000% due 9/1/26			31,320
		15,000	AA-	5.000% due 9/1/29			15,735
		240,000	AA-	5.000% due 3/1/36			243,109
		60,000	AA-	5.000% due 9/1/36			62,330
		1,000,000	AAA	5.000% due 2/1/39			1,144,976
		4,050,000	AAA	5.000% due 2/1/40			4,607,002
		4,255,000	AAA	5.000% due 2/1/41			4,819,560
		70,000	AA	Series A, 5.000% due 10/1/26			70,713
		250,000	AA	Series A, 5.000% due 10/1/38			286,449
		160,000	Aaa(b)	Indiana Housing & Community Development Authority, Revenue Bonds, Series B, 3.500% due 1/1/49			157,474
				Indianapolis Local Public Improvement Bond Bank, Revenue Bonds:
		255,000	A1(b)	5.000% due 1/1/25(a)			257,401
		550,000	A1(b)	5.000% due 1/1/35(a)			609,396
		550,000	A1(b)	5.250% due 1/1/36(a)			620,448
		600,000	A1(b)	5.250% due 1/1/37(a)			671,530
		1,500,000	A1(b)	5.250% due 1/1/41(a)			1,638,929
		1,895,000	Aa1(b)	Series 202, 6.000% due 1/15/41			2,273,075
				Total Indiana			18,634,318
Iowa – 1.4%
		1,155,000	Aa1(b)	City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25			1,160,043
				Iowa Finance Authority, Revenue Bonds:
		2,000,000	BBB-	4.750% due 8/1/42			1,975,745
		2,000,000	BBB-	5.000% due 12/1/50			2,102,476
		6,440,000	A3(b)	PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(c)			6,576,136
				Total Iowa			11,814,400
Kansas – 0.0%
		25,000	SP-1+	City of Maize KS, GO, Series B, 4.000% due 10/1/26			25,075

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Kentucky – 1.0%
				Kenton County Airport Board, Revenue Bonds:
	$	25,000	A1(b)	5.000% due 1/1/25		$	25,366
		15,000	A1(b)	5.000% due 1/1/26			15,551
		45,000	A1(b)	5.000% due 1/1/29			46,486
		50,000	A1(b)	5.000% due 1/1/30			51,587
		5,000,000	A2(b)	Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due 1/1/49(c)			4,999,826
				Kentucky State Property & Building Commission, Revenue Bonds:
		160,000	A	5.000% due 4/1/27			170,342
		145,000	A	5.000% due 5/1/28			157,636
		15,000	A	5.000% due 5/1/29			16,228
		40,000	AA	5.000% due 5/1/31			43,069
		165,000	A	Series A, 5.000% due 2/1/29			170,585
		170,000	A	Series A, 5.000% due 2/1/30			175,627
		65,000	A	Series A, 5.000% due 2/1/32			67,090
		80,000	A	Series A, 5.000% due 2/1/33			82,558
		325,000	A	Series B, 5.000% due 11/1/26			343,023
		35,000	A1(b)	Series D, 5.000% due 5/1/26			36,540
		30,000	A1(b)	Series D, 5.000% due 5/1/27			31,986
		30,000	A1(b)	Series D, 5.000% due 5/1/28			31,930
		2,000,000	AA	Louisville & Jefferson County Metropolitan Sewer District, Revenue Bonds, Series A, 3.000% due 5/15/44			1,635,130
				Louisville/Jefferson County Metropolitan Government, Revenue Bonds:
		200,000	A	5.000% due 10/1/47(c)			217,607
		525,000	A	Series A, 5.000% due 10/1/29			544,906
				Total Kentucky			8,863,073
Louisiana – 1.2%
		2,500,000	AA-	East Baton Rouge Sewerage Commission, Revenue Bonds, Series A, 4.000% due 2/1/45			2,485,644
		265,000	AA+	Lafayette Parish School Board Sale Tax Revenue, Revenue Bonds, 5.000% due 4/1/37			303,755
		2,800,000	A1(b)	Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds, 5.000% due 8/15/37			2,915,118
		1,500,000	AA	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, 5.000% due 10/1/26			1,567,931
		1,000,000	BB-	Parish of St James LA, Revenue Bonds, Series 2, 6.350% due 10/1/40(d)			1,089,402
		450,000	BBB-	Parish of St John the Baptist LA, Revenue Bonds, 4.050% due 6/1/37(c)			446,337

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Louisiana – (continued)
	$	1,000,000	A2(b)	St John the Baptist Parish School District No 1, GO, 5.250% due 3/1/37		$	1,105,055
				Total Louisiana			9,913,242
Maine – 0.3%
		2,500,000	AA+	Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due 11/15/39			2,268,798
Maryland – 1.7%
		600,000	NR	Anne Arundel County Consolidated Special Taxing District, Special Tax, 5.125% due 7/1/36			601,388
				City of Baltimore MD, Revenue Bonds:
		105,000	AA-	Series C, 5.000% due 7/1/28			110,825
		195,000	AA-	Series C, 5.000% due 7/1/31			205,752
		200,000	AA-	Series C, 5.000% due 7/1/33			210,424
		5,805,000	AAA	County of Prince George’s MD, GO, Series A, 5.000% due 7/15/29			6,400,082
				Maryland Community Development Administration, Revenue Bonds:
		175,000	Aa1(b)	Series B, 4.000% due 9/1/49			174,189
		170,000	Aa1(b)	Series C, 3.500% due 3/1/50			167,392
		320,000	Aa1(b)	Series C, 5.000% due 9/1/28			345,462
		390,000	BB	Maryland Economic Development Corp., Revenue Bonds, 5.750% due 9/1/25			392,659
		2,000,000	NR	Maryland Economic Development Corp., Special Tax, 4.000% due 9/1/50			1,693,005
		1,405,000	Baa3(b)	Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.500% due 1/1/46			1,426,892
		3,000,000	AAA	State of Maryland Department of Transportation, Revenue Bonds, 3.500% due 10/1/33			2,982,765
				Total Maryland			14,710,835
Massachusetts – 1.4%
				Commonwealth of Massachusetts, GO:
		2,640,000	AA+	5.000% due 5/1/41			2,997,458
		1,500,000	AA+	Series E, 5.000% due 11/1/45			1,656,656
		2,500,000	AA+	Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds, Series A, Prerefunded 7/1/24@ 100, 5.000% due 7/1/37(e)			2,513,381
				Massachusetts Development Finance Agency, Revenue Bonds:
		1,000,000	AA-	5.000% due 7/1/35			1,040,586
		2,500,000	AAA	Series A, 4.000% due 7/15/36			2,539,563
		585,000	A+	Series S1, 5.000% due 10/1/24			590,627
		500,000	AA	Massachusetts Port Authority, Revenue Bonds, Series E, 5.000% due 7/1/31(a)			558,336
				Total Massachusetts			11,896,607

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Michigan – 1.0%
	$	160,000	AA	City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds, Series D, AGM-Insured, 4.346% due 7/1/32(c)		$	153,359
		2,155,000	AA+	County of Kalamazoo MI, GO, 3.000% due 5/1/32			2,143,385
				Grand Rapids Public Schools, GO, AGM:
		40,000	AA	5.000% due 5/1/27			42,586
		55,000	AA	5.000% due 5/1/29			58,335
		100,000	AA	5.000% due 5/1/30			103,580
		145,000	AA	5.000% due 5/1/31			149,946
		20,000	AA	5.000% due 5/1/32			20,661
		90,000	AA	5.000% due 5/1/33			93,032
		750,000	Aa3(b)	Michigan Finance Authority, Revenue Bonds, 5.000% due 11/1/24			758,824
				Michigan State Building Authority, Revenue Bonds:
		495,000	AA-	Series I, 5.000% due 10/15/34			519,344
		80,000	AA-	Series I, 5.000% due 4/15/35			83,881
		500,000	BB	Michigan Strategic Fund, Revenue Bonds, 4.000% due 10/1/61(a)(c)			501,080
		60,000	Aa3(b)	Royal Oak Hospital Finance Authority, Revenue Bonds, Series Prerefunded 3/1/24@ 100, 5.000% due 9/1/24(e)			60,000
		1,500,000	Aa1(b)	State of Michigan, GO, Series A, 4.000% due 5/15/38			1,546,339
		1,295,000	Aa1(b)	Thornapple Kellogg School District, GO, 5.000% due 5/1/43			1,377,877
				Warren Consolidated Schools, GO:
		130,000	AA	5.000% due 5/1/30			135,068
		140,000	AA	5.000% due 5/1/31			144,983
		145,000	AA	5.000% due 5/1/32			150,375
		620,000	A	Wayne County Airport Authority, Revenue Bonds, Series B, 5.000% due 12/1/29(a)			652,635
				Total Michigan			8,695,290
Minnesota – 1.5%
		2,500,000	AAA	Metropolitan Council, GO, Series I, 3.000% due 3/1/27			2,499,970
				State of Minnesota, GO:
		5,000,000	AAA	Series A, 5.000% due 8/1/37			5,433,734
		4,835,000	AAA	Series B, 5.000% due 8/1/27			5,220,359
				Total Minnesota			13,154,063
Mississippi – 0.8%
		1,500,000	NR	Mississippi Business Finance Corp., Revenue Bonds, 5.000% due 2/1/36(a)(c)(d)			1,463,262
				Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds:
		435,000	A3(b)	Series A, 5.000% due 1/1/34			469,831
		225,000	A3(b)	Series B, 5.000% due 1/1/30			245,437

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Mississippi – (continued)
				State of Mississippi, GO:
	$	160,000	AA	Series A, 5.000% due 10/1/30		$	171,814
		4,000,000	AA	Series C, 5.000% due 10/1/35			4,353,528
				Total Mississippi			6,703,872
Missouri – 1.3%
		2,550,000	AA+	Grain Valley No R-V School District, GO, Series A, 5.000% due 3/1/35			2,723,549
		2,500,000	AAA	Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due 5/1/37			2,644,594
		2,100,000	AA-	Missouri Development Finance Board, Revenue Bonds, 5.500% due 5/1/41			2,359,728
		3,450,000	AA+	Missouri Highway & Transportation Commission, Revenue Bonds, 5.000% due 5/1/25			3,526,390
		50,000	AA+	Missouri Housing Development Commission, Revenue Bonds, Series B, 4.000% due 5/1/50			49,797
				Total Missouri			11,304,058
Montana – 0.2%
				Montana Board of Housing, Revenue Bonds:
		20,000	AA+	Series A1, 4.000% due 12/1/47(a)			19,905
		25,000	AA+	Series B, 4.000% due 6/1/50			24,877
				Montana Facility Finance Authority, Revenue Bonds:
		60,000	A+(f)	5.000% due 2/15/25			60,695
		90,000	A+(f)	5.000% due 2/15/26			92,280
		1,390,000	AA	Yellowstone & Carbon Counties School District No 7-70 Laurel, GO, 5.000% due 7/1/42			1,542,743
				Total Montana			1,740,500
Nebraska – 0.4%
				Nebraska Investment Finance Authority, Revenue Bonds:
		130,000	AAA	Series B, 4.000% due 9/1/49(a)			128,702
		120,000	AAA	Series E, 3.750% due 9/1/49(a)			118,531
				Nebraska Public Power District, Revenue Bonds:
		115,000	A+	Series B, 5.000% due 1/1/31			118,612
		125,000	A+	Series B, 5.000% due 1/1/34			128,344
		155,000	A+	Series B, 5.000% due 1/1/36			158,788
		1,815,000	A2(b)	Public Power Generation Agency, Revenue Bonds, 5.000% due 1/1/41			1,859,502
		1,000,000	Aa3(b)	Ralston Public Schools, GO, 5.000% due 12/15/43			1,110,397
				Total Nebraska			3,622,876
Nevada – 0.8%
		2,000,000	AA-	Clark County School District, GO, Series A, 5.000% due 6/15/39			2,233,726

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Nevada – (continued)
	$	1,520,000	AAA	Clark County Water Reclamation District, GO, 4.000% due 7/1/35		$	1,532,376
		2,750,000	AA+	County of Clark NV, GO, Series B, 4.000% due 11/1/34			2,801,615
				Las Vegas Valley Water District, GO:
		85,000	AA	Series A, 5.000% due 6/1/32			88,535
		145,000	AA	Series A, 5.000% due 6/1/33			150,999
		155,000	AA	Series A, 5.000% due 6/1/34			161,379
		65,000	AA+	Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49			64,714
				Total Nevada			7,033,344
New Hampshire – 0.3%
				New Hampshire Business Finance Authority, Revenue Bonds:
		1,000,000	B+	2.950% due 4/1/29(a)(d)			920,922
		740,000	A-	Series A2, zero coupon, due 7/1/27(a)(c)			735,028
				New Hampshire Health & Education Facilities Authority Act, Revenue Bonds:
		25,000	A-	4.000% due 10/1/38			24,119
		35,000	BBB-	5.000% due 7/1/26			35,011
		135,000	A-	5.000% due 10/1/26			139,860
		145,000	A-	5.000% due 10/1/27			149,951
		60,000	A-	5.000% due 10/1/28			61,997
		210,000	A-	5.000% due 10/1/30			217,259
				Total New Hampshire			2,284,147
New Jersey – 1.9%
				New Jersey Economic Development Authority, Revenue Bonds:
		850,000	A-	5.000% due 11/1/34			938,021
		1,000,000	A-	Series EEE, 5.000% due 6/15/30			1,092,666
		580,000	A-	Series XX, Prerefunded 6/15/25@ 100, 5.000% due 6/15/26(e)			594,521
				New Jersey Health Care Facilities Financing Authority, Revenue Bonds:
		620,000	AA-	Series B2, 5.000% due 7/1/42(c)			633,352
		625,000	AA-	Series B3, 5.000% due 7/1/45(c)			646,859
		100,000	AAA	New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Series 1A, 5.000% due 12/1/24(a)			101,067
				New Jersey Transportation Trust Fund Authority, Revenue Bonds:
		5,000,000	A+	5.000% due 6/15/24			5,021,322
		435,000	A+	5.000% due 6/15/27			454,985
		1,320,000	A-	5.000% due 12/15/28			1,449,398
		200,000	A-	5.000% due 12/15/39			215,929
		870,000	A-	Series A, zero coupon, due 12/15/27			771,836

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New Jersey – (continued)
	$	195,000	A-	Series A, zero coupon, due 12/15/28		$	167,666
		220,000	A-	Series A, 5.000% due 12/15/33			238,963
		2,000,000	A-	Series A, 5.000% due 12/15/34			2,167,223
		360,000	A-	Series AA, 5.000% due 6/15/25			361,432
		215,000	A-	Series AA, 5.000% due 6/15/26			215,638
		1,525,000	AA-	New Jersey Turnpike Authority, Revenue Bonds, Series B, 5.000% due 1/1/46			1,697,225
				Total New Jersey			16,768,103
New Mexico – 0.1%
		490,000	AA	New Mexico Hospital Equipment Loan Council, Revenue Bonds, Series B, 5.000% due 8/1/49(c)			500,040
		115,000	Aaa(b)	New Mexico Mortgage Finance Authority, Revenue Bonds, Series D, 3.750% due 1/1/50			113,707
				Total New Mexico			613,747
New York – 9.7%
		1,430,000	Ba1(b)	Brooklyn Arena Local Development Corp., Revenue Bonds, zero coupon, due 7/15/46			485,409
				City of New York NY, GO:
		1,000,000	AA	Series A, 5.000% due 8/1/40			1,136,610
		2,035,000	AA	Series B1, 5.000% due 12/1/38			2,122,845
		2,500,000	AA	Series B1, 5.000% due 12/1/41			2,592,626
		500,000	AA	Series B1, 5.250% due 10/1/41			569,640
		5,000,000	AA	Series D1, 5.000% due 12/1/34			5,470,634
		1,000,000	AA	Series F1, 5.000% due 4/1/43			1,053,911
				Hudson Yards Infrastructure Corp., Revenue Bonds:
		115,000	AA	Series A, 5.000% due 2/15/32			121,953
		215,000	AA	Series A, 5.000% due 2/15/35			227,665
				Long Island Power Authority, Revenue Bonds:
		1,020,000	A	Series B, 1.650% due 9/1/49(c)			1,007,403
		40,000	A	Series B, 5.000% due 9/1/24			40,361
				Metropolitan Transportation Authority, Revenue Bonds:
		1,780,000	AA	Series A, 5.250% due 11/15/27			1,896,744
		125,000	A-	Series A1, 5.000% due 11/15/35			126,981
		145,000	A-	Series A1, 5.000% due 11/15/36			147,128
		245,000	A-	Series A2, 5.000% due 11/15/29			259,807
		270,000	A-	Series B, 5.000% due 11/15/30			282,359
		290,000	A-	Series C1, 5.000% due 11/15/27			304,501
		685,000	A-	Series C1, 5.000% due 11/15/28			704,414

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New York – (continued)
	$	300,000	A-	Series C1, 5.000% due 11/15/31		$	322,128
		415,000	A-	Series D1, 5.000% due 11/15/30			418,802
		370,000	A3(b)	MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.000% due 11/15/51			369,449
		250,000	CCC+	Nassau County Tobacco Settlement Corp., Revenue Bonds, Series A3, 5.000% due 6/1/35			237,790
				New York City Municipal Water Finance Authority, Revenue Bonds:
		2,685,000	AA+	5.000% due 6/15/41			2,950,487
		1,945,000	AA+	Series EE, 5.000% due 6/15/45			2,057,695
		3,000,000	AAA	New York City Transitional Finance Authority, Revenue Bonds, Series F1, 5.000% due 2/1/41			3,423,559
				New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds:
		1,500,000	AAA	Series A1, 4.000% due 11/1/37			1,564,376
		3,200,000	AAA	Series A1, 5.000% due 8/1/41			3,592,476
		2,185,000	AAA	Series A1, 5.000% due 8/1/43			2,424,220
		1,775,000	AAA	Series B1, 5.000% due 11/1/36			1,778,626
		275,000	AAA	Series C2, 5.000% due 5/1/32			298,587
		1,000,000	AAA	Series C3, 5.000% due 5/1/41			1,057,789
		1,000,000	AAA	Series E1, 5.000% due 2/1/31			1,014,943
		1,700,000	AAA	Series F1, 5.000% due 2/1/41			1,918,551
				New York Liberty Development Corp., Revenue Bonds:
		2,000,000	NR	5.000% due 11/15/44(d)			2,000,124
		1,750,000	AA-	Series 1WTC, 2.750% due 2/15/44			1,322,166
				New York State Dormitory Authority, Revenue Bonds:
		1,000,000	B-	4.000% due 7/1/45			704,626
		1,000,000	BBB-	Series A, 5.000% due 7/15/42			1,016,928
		4,000,000	Aa1(b)	Series A, 5.250% due 3/15/38			4,354,968
		225,000	A-	Series B2, 5.000% due 5/1/48(c)			225,214
		250,000	A-	Series B3, 5.000% due 5/1/48(c)			255,892
				New York State Urban Development Corp., Revenue Bonds:
		1,250,000	AA+	Series A, 3.000% due 3/15/50			973,548
		80,000	AA+	Series A, 5.000% due 3/15/32			84,395
		3,500,000	AA+	Series A, 5.000% due 3/15/38			3,658,562
				New York Transportation Development Corp., Revenue Bonds:
		2,000,000	Baa1(b)	5.000% due 12/1/36(a)			2,154,759
		2,500,000	Baa1(b)	5.000% due 12/1/37(a)			2,671,008
		1,500,000	Baa3(b)	5.375% due 6/30/60(a)			1,573,862

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
New York – (continued)
	$	1,500,000	BB+	5.625% due 4/1/40(a)		$	1,626,943
		1,500,000	BB+	6.000% due 4/1/35(a)			1,691,056
		1,000,000	Baa3(b)	6.000% due 6/30/54(a)			1,100,811
		1,500,000	B	Niagara Area Development Corp., Revenue Bonds, Series A, 4.750% due 11/1/42(a)(d)			1,298,675
				Port Authority of New York & New Jersey, Revenue Bonds:
		1,160,000	AA-	5.000% due 1/15/39(a)			1,270,935
		5,000,000	AA-	Series 207, 5.000% due 9/15/24(a)			5,037,631
		2,500,000	AA-	Series 207, 5.000% due 9/15/29(a)			2,655,093
		1,750,000	AA-	Series 207, 5.000% due 9/15/31(a)			1,856,446
		400,000	AA+	Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, Prerefunded 10/15/24@ 100, 4.000% due 10/15/32(e)			402,228
		60,000	Aa1(b)	State of New York Mortgage Agency Homeowner Mortgage Revenue, Revenue Bonds, Series 221, 3.500% due 10/1/32(a)			58,807
		2,000,000	AA-	Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.000% due 11/15/25			2,070,576
		1,500,000	NR	TSASC Inc., Revenue Bonds, 5.000% due 6/1/48			1,355,535
				Total New York			83,401,257
North Carolina – 0.1%
		1,000,000	AAA	County of Wake NC, GO, Series C, 5.000% due 2/1/28			1,092,069
		105,000	Aa3(b)	Raleigh Durham Airport Authority, Revenue Bonds, Series A, 5.000% due 5/1/29(a)			113,866
				Total North Carolina			1,205,935
Ohio – 2.0%
		3,945,000	NR	Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Series B2, 5.000% due 6/1/55			3,759,163
		3,000,000	BB+	Cleveland-Cuyahoga County Port Authority, Revenue Bonds, 5.500% due 12/1/43			3,040,901
		5,000	NR	Columbus City School District, GO, Series Prerefunded 6/1/26@ 100, 5.000% due 12/1/32(e)			5,217
		875,000	BBB-(f)	County of Hamilton OH, Revenue Bonds, 5.500% due 1/1/43			896,431
		140,000	BB+	County of Muskingum OH, Revenue Bonds, 5.000% due 2/15/44			129,714
		1,000,000	NR	County of Washington OH, Revenue Bonds, 6.625% due 12/1/42			1,079,911
				Jefferson County Port Authority, Revenue Bonds:
		2,750,000	Ba1(b)	3.500% due 12/1/51(a)(d)			2,093,764
		1,000,000	Ba1(b)	5.000% due 12/1/53(a)(c)(d)			1,015,261
		1,500,000	B-	Ohio Air Quality Development Authority, Revenue Bonds, 5.000% due 7/1/49(a)(d)			1,363,779

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Ohio – (continued)
	$	40,000	Aaa(b)	Ohio Housing Finance Agency, Revenue Bonds, Series B, 4.500% due 3/1/50		$	40,190
		2,550,000	AA	Ohio State University, Revenue Bonds, Series A, 5.000% due 12/1/39			2,567,310
		1,000,000	AAA	State of Ohio, GO, Series A, 5.000% due 3/1/28			1,093,033
				Total Ohio			17,084,674
Oklahoma – 1.9%
		500,000	A+	Canadian County Educational Facilities Authority, Revenue Bonds, 5.000% due 9/1/26			523,352
				Creek County Educational Facilities Authority, Revenue Bonds:
		850,000	AA	5.000% due 9/1/38(h)			975,442
		800,000	AA	5.000% due 9/1/39(h)			914,907
		1,150,000	AA	5.000% due 9/1/40(h)			1,304,731
		2,000,000	AA-	Grand River Dam Authority, Revenue Bonds, 5.000% due 6/1/42			2,228,090
		3,300,000	AA-	Oklahoma Capitol Improvement Authority, Revenue Bonds, Series A, 5.000% due 7/1/30			3,309,934
		2,500,000	AA	Oklahoma County Independent School District No 89 Oklahoma City, GO, Series A, 1.250% due 7/1/26(h)			2,360,437
				Oklahoma Development Finance Authority, Revenue Bonds:
		2,000,000	BB-	Series B, 5.500% due 8/15/52			2,032,192
		825,000	BB-	Series B, 5.500% due 8/15/57			836,815
				Oklahoma Municipal Power Authority, Revenue Bonds:
		50,000	A	Series A, Prerefunded 1/1/25@ 100, 5.000% due 1/1/26(e)			50,773
		175,000	A	Series A, Prerefunded 1/1/25@ 100, 5.000% due 1/1/27(e)			177,705
		60,000	A	Series A, Prerefunded 1/1/25@ 100, 5.000% due 1/1/28(e)			60,927
		45,000	A	Series A, Prerefunded 1/1/25@ 100, 5.000% due 1/1/29(e)			45,695
		60,000	A	Series B, 5.000% due 1/1/27			60,746
				Tulsa Airports Improvement Trust, Revenue Bonds:
		1,000,000	B+	5.000% due 6/1/35(a)(c)			1,001,874
		525,000	NR	Series A, 5.500% due 6/1/35(a)			525,070
				Total Oklahoma			16,408,690
Oregon – 1.1%
		85,000	Aa1(b)	Hillsboro School District No 1J, GO, 5.000% due 6/15/30			90,788
				Oregon State Lottery, Revenue Bonds:
		4,850,000	AAA	Series A, 5.000% due 4/1/43			5,432,915
		3,000,000	AAA	Series D, 5.000% due 4/1/29			3,055,465
				Port of Portland OR Airport Revenue, Revenue Bonds:
		300,000	AA-	5.000% due 7/1/28(a)			320,665
		165,000	AA-	5.000% due 7/1/29			180,526

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Oregon – (continued)
	$	205,000	AA-	Series 24B, 5.000% due 7/1/32(a)		$	212,861
				Total Oregon			9,293,220
Pennsylvania – 2.9%
		1,000,000	BB-	Bucks County Industrial Development Authority, Revenue Bonds, 4.000% due 7/1/51			741,526
				City of Philadelphia PA, GO:
		85,000	A	Series B, 5.000% due 8/1/27			86,833
		300,000	A	Series B, 5.000% due 8/1/29			306,510
		320,000	A	Series B, 5.000% due 8/1/30			326,811
		335,000	A	Series B, 5.000% due 8/1/31			341,852
				Commonwealth Financing Authority, Revenue Bonds:
		1,010,000	A	Series A, 5.000% due 6/1/28			1,097,744
		500,000	A	Series B, 5.000% due 6/1/25			511,220
				Commonwealth of Pennsylvania, GO:
		3,000,000	A+	4.000% due 3/15/34			3,016,303
		5,000,000	A+	4.000% due 9/15/34			5,101,305
		290,000	A+	5.000% due 10/15/27			290,175
		810,000	A+	5.000% due 9/15/29			847,189
		1,000,000	A+	5.000% due 6/15/34			1,004,631
				General Authority of Southcentral Pennsylvania, Revenue Bonds:
		190,000	Aa3(b)	5.000% due 6/1/38			202,119
		310,000	Aa3(b)	5.000% due 6/1/39			328,464
				Lancaster County Hospital Authority, Revenue Bonds:
		800,000	A	5.000% due 11/1/38			853,242
		1,000,000	A	5.000% due 11/1/39			1,064,870
		325,000	A	Montgomery County Higher Education & Health Authority, Revenue Bonds, 5.000% due 9/1/33			351,263
				Pennsylvania Economic Development Financing Authority, Revenue Bonds:
		1,000,000	Baa2(b)	5.500% due 6/30/37(a)			1,144,373
		1,500,000	Baa2(b)	5.500% due 6/30/39(a)			1,695,595
				Pennsylvania Higher Educational Facilities Authority, Revenue Bonds:
		775,000	AA	4.000% due 8/15/38			796,418
		35,000	AA	Series A, 5.000% due 8/15/27			37,513
		35,000	AA	Series A, 5.000% due 8/15/28			37,286
		60,000	AA	Series A, 5.000% due 8/15/30			63,775
		1,000,000	AA	Series C, 4.000% due 8/15/41			1,000,073

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Pennsylvania – (continued)
				Pennsylvania Turnpike Commission, Revenue Bonds:
	$	45,000	Aa3(b)	Series A1, 5.000% due 12/1/29		$	48,490
		30,000	Aa3(b)	Series A1, 5.000% due 12/1/34			32,207
		35,000	A+	Series A2, 5.000% due 12/1/28			37,061
		35,000	A+	Series A2, 5.000% due 12/1/33			38,207
		2,000,000	Aa3(b)	Series A2, 5.000% due 12/1/43			2,114,980
		1,500,000	Aa2(b)	West Shore School District, GO, 5.000% due 11/15/43			1,553,856
				Total Pennsylvania			25,071,891
Puerto Rico – 1.2%
				Commonwealth of Puerto Rico, GO:
		2,000,000	NR	Series A1, 4.000% due 7/1/41			1,850,896
		1,000,000	NR	Series A1, 4.000% due 7/1/46			899,963
				Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds:
		1,000,000	NR	Series A, 5.000% due 7/1/47(d)			1,008,019
		1,000,000	NR	Series B, 4.000% due 7/1/42(d)			916,892
		1,000,000	NR	Series B, 4.000% due 7/1/47(d)			878,185
		5,000,000	NR	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds, Series A1, 5.000% due 7/1/58			5,024,990
				Total Puerto Rico			10,578,945
Rhode Island – 0.2%
		240,000	AA	Rhode Island Health & Educational Building Corp., Revenue Bonds, AGM, 5.000% due 5/15/25			244,490
		80,000	AA+	Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds, Series 70, 4.000% due 10/1/49			79,627
				Rhode Island Student Loan Authority, Revenue Bonds:
		55,000	AA	Series A, 3.500% due 12/1/34(a)			51,845
		1,125,000	AA	Series A, 5.000% due 12/1/26(a)			1,167,398
				Total Rhode Island			1,543,360
South Carolina – 0.5%
		30,000	AA+	Beaufort-Jasper Water & Sewer Authority, Revenue Bonds, Series B, 5.000% due 3/1/24			30,000
		1,000,000	A1(b)	Patriots Energy Group Financing Agency, Revenue Bonds, Series A1, 5.250% due 10/1/54(c)			1,070,210
				Scago Educational Facilities Corp. for Colleton School District, Revenue Bonds:
		115,000	A-	5.000% due 12/1/27			117,360
		95,000	A-	5.000% due 12/1/29			96,833

See Notes to Financial Statements.

307

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
South Carolina – (continued)
				South Carolina Jobs-Economic Development Authority, Revenue Bonds:
	$	1,000,000	NR	7.500% due 11/15/53		$	1,044,637
		1,000,000	NR	7.750% due 11/15/58			1,041,293
				South Carolina Ports Authority, Revenue Bonds:
		65,000	A+	5.000% due 7/1/28(a)			69,019
		140,000	A+	5.000% due 7/1/30(a)			148,862
				South Carolina Public Service Authority, Revenue Bonds:
		185,000	A-	Series B, 5.000% due 12/1/35			191,714
		275,000	A-	Series B, 5.000% due 12/1/36			284,122
		115,000	A-	Series C, 5.000% due 12/1/25			115,923
		115,000	A-	Series C, 5.000% due 12/1/26			115,555
		90,000	A-	Series C, 5.000% due 12/1/27			90,465
				South Carolina State Housing Finance & Development Authority, Revenue Bonds:
		110,000	Aaa(b)	Series A, 4.000% due 1/1/50			109,496
		110,000	Aaa(b)	Series A, 4.000% due 7/1/50			109,499
				Total South Carolina			4,634,988
Tennessee – 1.2%
		1,000,000	AA+	County of Shelby TN, GO, Series A, 4.000% due 4/1/37			1,033,128
		40,000	BBB	Knox County Health Educational & Housing Facility Board, Revenue Bonds, 5.000% due 4/1/25			40,426
		1,000,000	AA	Metropolitan Government Nashville & Davidson County Sports Authority, Revenue Bonds, Series B, AGM-Insured, 5.250% due 7/1/48			1,106,272
		1,125,000	A1(b)	Metropolitan Nashville Airport Authority, Revenue Bonds, Series B, 5.250% due 7/1/33(a)			1,287,163
		5,240,000	Aa1(b)	Tennergy Corp., Revenue Bonds, Series A, 5.000% due 2/1/50(c)			5,271,801
		1,225,000	AA+	Tennessee Housing Development Agency, Revenue Bonds, Series 2B, 3.950% due 1/1/38			1,225,869
				Total Tennessee			9,964,659
Texas – 12.6%
		1,765,000	AAA	Academy Independent School District, GO, PSF-GTD-Insured, 5.000% due 8/15/43			1,948,339
		1,895,000	AAA	Alamo Community College District, GO, 5.000% due 8/15/34			2,030,946
		1,000,000	AAA	Arlington Higher Education Finance Corp., Revenue Bonds, PSF-GTD-Insured, 5.000% due 8/15/48			1,080,082
		1,500,000	Aaa(b)	Brazosport Independent School District, GO, PSF-GTD-Insured, 4.000% due 2/15/33			1,535,881

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
				Central Texas Regional Mobility Authority, Revenue Bonds:
	$	35,000	A	Series A, Prerefunded 7/1/25@ 100, 5.000% due 1/1/31(e)		$	35,868
		30,000	A	Series A, Prerefunded 7/1/25@ 100, 5.000% due 1/1/32(e)			30,744
		60,000	A	Series A, Prerefunded 7/1/25@ 100, 5.000% due 1/1/34(e)			61,489
		160,000	A	Series A, Prerefunded 7/1/25@ 100, 5.000% due 1/1/40(e)			163,970
		600,000	A	Series B, 4.000% due 1/1/41			601,534
		375,000	A	Series B, 5.000% due 1/1/29			405,254
		1,800,000	A	Series E, 5.000% due 1/1/38			1,933,109
		1,770,000	AAA	City of Austin TX, GO, 5.000% due 5/1/27			1,896,607
				City of Austin TX Airport System Revenue, Revenue Bonds:
		165,000	A+	5.000% due 11/15/26(a)			165,773
		80,000	A+	5.000% due 11/15/29(a)			80,487
		3,835,000	AAA	City of Dallas TX Waterworks & Sewer System Revenue, Revenue Bonds, Series A, 5.000% due 10/1/32			3,933,637
		995,000	AA+	City of El Paso TX Water & Sewer Revenue, Revenue Bonds, 5.000% due 3/1/41			1,089,035
				City of Houston TX, GO:
		290,000	Aa3(b)	Series A, 5.000% due 3/1/24			290,000
		120,000	Aa3(b)	Series A, 5.000% due 3/1/25			122,101
				City of Houston TX Airport System Revenue, Revenue Bonds:
		50,000	A1(b)	Series A, 5.000% due 7/1/26(a)			51,749
		60,000	A1(b)	Series A, 5.000% due 7/1/27(a)			63,049
		30,000	A1(b)	Series A, 5.000% due 7/1/28(a)			32,042
		90,000	A1(b)	Series B, 5.000% due 7/1/28			98,441
		360,000	A1(b)	Series B, 5.000% due 7/1/29			394,100
		1,500,000	A1(b)	Series D, 5.000% due 7/1/25			1,534,658
		2,005,000	A1(b)	Series D, 5.000% due 7/1/26			2,098,921
				City of Houston TX Combined Utility System Revenue, Revenue Bonds:
		3,000,000	Aa2(b)	Series B, 4.000% due 11/15/31			3,058,032
		70,000	Aa2(b)	Series B, 5.000% due 11/15/33			73,197
		75,000	AA	Series C, 5.000% due 5/15/28			75,259
				City of San Antonio TX Airport System, Revenue Bonds:
		500,000	A	Series A, 5.000% due 7/1/27(a)			524,444
		480,000	A+	Series A, 5.000% due 7/1/28(a)			512,665
				City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds:
		1,000,000	A+	1.750% due 2/1/49(c)			962,096
		500,000	A+	4.000% due 2/1/43			502,366

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	45,000	AA-	5.000% due 2/1/29		$	48,307
		30,000	AA-	5.000% due 2/1/30			32,181
		45,000	AA-	5.000% due 2/1/31			48,189
		35,000	AA-	5.000% due 2/1/33			37,329
		750,000	A+	5.000% due 2/1/42			820,814
		90,000	AA-	5.250% due 2/1/25			91,764
		3,000,000	Baa3(b)	Clifton Higher Education Finance Corp., Revenue Bonds, Series D, 6.125% due 8/15/48			3,070,237
		3,000,000	Aaa(b)	Comal Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/1/27			3,190,596
		2,345,000	AAA	Community Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/41			2,625,866
		2,790,000	AAA	County of Harris TX, GO, Series A, 5.000% due 10/1/28			2,868,253
				County of Travis TX, GO:
		85,000	AAA	Series A, 5.000% due 3/1/24			85,000
		1,490,000	AAA	Series A, 5.000% due 3/1/38			1,616,399
		2,215,000	AAA	County of Williamson TX, GO, 5.000% due 2/15/30			2,357,060
				Cypress-Fairbanks Independent School District, GO, PSF-GTD:
		1,975,000	AAA	4.000% due 2/15/32			2,000,687
		620,000	AAA	5.000% due 2/15/25			631,418
		105,000	AAA	5.000% due 2/15/27			109,387
		1,000,000	AAA	Series A, 3.400% due 2/15/31			1,001,801
		1,925,000	AAA	Series A, 5.000% due 2/15/26			2,003,209
				Dallas Area Rapid Transit, Revenue Bonds:
		210,000	AA+	AMBAC, 5.250% due 12/1/29			239,908
		2,500,000	AA+	Series B, 5.000% due 12/1/47			2,714,953
		1,500,000	A+	Dallas Fort Worth International Airport, Revenue Bonds, Series B, 5.000% due 11/1/40			1,712,192
				Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD:
		1,270,000	Aaa(b)	5.000% due 8/15/29			1,422,987
		1,000,000	Aaa(b)	5.000% due 8/15/30			1,139,502
		3,430,000	AAA	Fort Worth Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/26			3,489,503
				Georgetown Independent School District, GO, PSF-GTD:
		1,000,000	AAA	3.750% due 8/15/41			982,282
		1,000,000	AAA	3.875% due 8/15/44			963,774
				Grand Parkway Transportation Corp., Revenue Bonds:
		150,000	AA+	Series A, 5.000% due 10/1/31			162,777

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	125,000	AA+	Series A, 5.000% due 10/1/32		$	135,482
		190,000	AA+	Series A, 5.000% due 10/1/33			205,585
		145,000	AA+	Series A, 5.000% due 10/1/34			156,609
				Harris County Cultural Education Facilities Finance Corp., Revenue Bonds:
		1,025,000	A+	5.000% due 6/1/24			1,028,701
		1,500,000	A+	5.000% due 7/1/39			1,545,515
		315,000	A+	5.000% due 7/1/49(c)			318,106
		1,095,000	AAA	Klein Independent School District, GO, PSF-GTD-Insured, 4.000% due 8/1/46			1,097,961
				Lamar Consolidated Independent School District, GO, PSF-GTD:
		7,280,000	AAA	5.000% due 2/15/31			7,709,664
		7,050,000	AAA	5.000% due 2/15/34			7,411,121
		2,000,000	AAA	Leander Independent School District, GO, PSF-GTD-Insured, 5.000% due 8/15/27			2,052,900
				Love Field Airport Modernization Corp., Revenue Bonds:
		40,000	A	5.000% due 11/1/30(a)			40,766
		90,000	A	5.000% due 11/1/31(a)			91,711
		1,000,000	Aaa(b)	Malakoff Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/30			1,131,986
		2,500,000	BB-	Mission Economic Development Corp., Revenue Bonds, 4.625% due 10/1/31(a)(d)			2,491,229
		1,000,000	Aaa(b)	North East Independent School District, GO, Series A, PSF-GTD-Insured, 4.000% due 8/1/41			1,008,795
		55,000	AA-	North Harris County Regional Water Authority, Revenue Bonds, 4.000% due 12/15/24			55,032
		2,000,000	NR	North Parkway Municipal Management District No 1, Special Assessment, 5.000% due 9/15/51(d)			1,872,212
				North Texas Tollway Authority, Revenue Bonds:
		1,750,000	AA-	Series A, 5.000% due 1/1/28			1,815,949
		35,000	AA-	Series A, 5.000% due 1/1/30			36,252
		40,000	AA-	Series A, 5.000% due 1/1/33			42,248
		1,000,000	A+	Series A, 5.000% due 1/1/38			1,008,401
		200,000	AA-	Series A, 5.000% due 1/1/39			205,467
		185,000	A+	Series B, 5.000% due 1/1/25			187,692
		160,000	AA-	Series B, 5.000% due 1/1/30			162,500
		20,000	A+	Series B, 5.000% due 1/1/31			20,654
		85,000	A+	Series B, 5.000% due 1/1/32			89,663
		1,000,000	AAA	Pecos Barstow Toyah Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/38			1,022,113

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
	$	50,000	Aaa(b)	Permanent University Fund – University of Texas System, Revenue Bonds, Series B, 5.000% due 7/1/29		$	52,162
		1,500,000	NR	Port Beaumont Navigation District, Revenue Bonds, 4.000% due 1/1/50(a)(d)			1,150,642
				San Jacinto Community College District, GO:
		450,000	AA	5.000% due 2/15/29			493,131
		435,000	AA	5.000% due 2/15/30			484,295
				State of Texas, GO:
		2,500,000	AAA	5.000% due 10/1/24			2,503,101
		150,000	AAA	5.000% due 8/1/26(a)			150,021
		200,000	AAA	5.500% due 8/1/26(a)			209,983
		350,000	AAA	Series B, 5.000% due 8/1/25(a)			350,412
				Texas Department of Housing & Community Affairs, Revenue Bonds:
		393,589	Aaa(b)	2.950% due 7/1/36			347,618
		285,000	AA+	Series A, 4.000% due 3/1/50			283,433
		600,000	AA+	Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28			649,424
		135,000	Aa2(b)	Texas State University System, Revenue Bonds, Series A, 5.000% due 3/15/29			143,920
				Texas Water Development Board, Revenue Bonds:
		2,000,000	AAA	4.650% due 10/15/40			2,188,396
		1,000,000	AAA	5.000% due 10/15/25			1,032,839
		180,000	AAA	Series A, 5.000% due 4/15/25			183,898
		75,000	AAA	Series A, 5.000% due 10/15/25			77,463
		125,000	AAA	Series A, 5.000% due 4/15/26			130,764
		190,000	AAA	Series A, 5.000% due 4/15/29			204,668
		505,000	AAA	Series A, 5.000% due 4/15/30			543,601
		1,095,000	Aaa(b)	Wink-Loving Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/27			1,096,199
				Total Texas			108,072,534
Utah – 0.5%
				City of Salt Lake City UT Airport Revenue, Revenue Bonds:
		35,000	A+	Series A, 5.000% due 7/1/26(a)			36,161
		115,000	A+	Series A, 5.000% due 7/1/28(a)			120,558
		155,000	A+	Series A, 5.000% due 7/1/30(a)			164,940
		1,250,000	AA	City of Vineyard UT Water & Sewer Revenue, Revenue Bonds, 5.000% due 5/1/43			1,375,062
		1,400,000	A2(b)	Duchesne County School District, Revenue Bonds, 5.000% due 6/1/37			1,507,357

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Utah – (continued)
	$	1,270,000	NR	Mida Mountain Village Public Infrastructure District, Special Assessment, 4.000% due 8/1/50(d)		$	1,015,556
				Total Utah			4,219,634
Vermont – 0.2%
				Vermont Student Assistance Corp., Revenue Bonds:
		750,000	A	Series A, 5.000% due 6/15/29(a)			785,457
		675,000	A	Series A, 5.000% due 6/15/30(a)			711,282
				Total Vermont			1,496,739
Virgin Islands – 0.2%
		1,500,000	NR	Matching Fund Special Purpose Securitization Corp., Revenue Bonds, Series A, 5.000% due 10/1/39			1,565,806
Virginia – 2.1%
		5,000,000	AAA	Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24			5,002,869
		3,180,000	AA	Hampton Roads Transportation Accountability Commission, Revenue Bonds, Series A, Prerefunded 1/1/28@ 100, 5.000% due 7/1/35(e)			3,463,520
		320,000	AA	Norfolk Economic Development Authority, Revenue Bonds, Series B, 5.000% due 11/1/48(c)			348,046
		1,800,000	NR	Peninsula Town Center Community Development Authority, Special Assessment, 4.500% due 9/1/45(d)			1,619,220
		2,000,000	B-	Tobacco Settlement Financing Corp., Revenue Bonds, Series B1, 5.000% due 6/1/47			1,892,095
		550,000	BB+(f)	Virginia Beach Development Authority, Revenue Bonds, Series B3, 5.375% due 9/1/29			567,500
				Virginia College Building Authority, Revenue Bonds:
		165,000	AA+	Series D, 5.000% due 2/1/26			171,761
		265,000	AA+	Series E, 5.000% due 2/1/30			288,689
		305,000	AA+	Series E, 5.000% due 2/1/31			331,976
		360,000	AA+	Virginia Commonwealth Transportation Board, Revenue Bonds, Series A, 5.000% due 5/15/30			389,652
		3,575,000	AAA	Virginia Housing Development Authority, Revenue Bonds, Series E2, 3.900% due 7/1/55(c)			3,577,549
		500,000	AAA	Virginia Resources Authority, Revenue Bonds, Series C, 5.000% due 11/1/29			565,058
				Total Virginia			18,217,935
Washington – 4.6%
		60,000	AA	Chelan County Public Utility District No 1, Revenue Bonds, Series A, NPFG, zero coupon, due 6/1/24			59,511
		1,000,000	Aaa(b)	Franklin County School District No 1 Pasco, GO, 4.250% due 12/1/42			1,028,828
		1,690,000	Baa2(b)	Grant County Public Hospital District No 1, GO, 5.500% due 12/1/43			1,810,121

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Washington – (continued)
	$	1,000,000	BB+	Grays Harbor County Public Hospital District No 1, Revenue Bonds, 6.875% due 12/1/53		$	1,039,408
				Port of Seattle WA, Revenue Bonds:
		35,000	AA-	5.000% due 2/1/27			36,217
		70,000	AA-	5.000% due 2/1/29			72,290
		85,000	AA-	Series A, 5.000% due 5/1/29(a)			88,443
		1,000,000	AA	Series B, 5.000% due 10/1/26(a)			1,029,356
		980,000	AA	Series B, 5.000% due 10/1/27(a)			1,009,165
		135,000	AA	Series B, 5.000% due 10/1/29(a)			138,473
		575,000	Baa3(b)	Skagit County Public Hospital District No 1, Revenue Bonds, 5.500% due 12/1/54			610,355
				State of Washington, GO:
		50,000	AA+	Series 2017A, 5.000% due 8/1/27			52,348
		3,430,000	AA+	Series A, 5.000% due 8/1/32			3,746,630
		7,500,000	AA+	Series A3, 5.000% due 8/1/45			8,293,601
		2,500,000	AA+	Series B, 5.000% due 6/1/44			2,796,558
		5,000,000	AA+	Series C, 5.000% due 2/1/33			5,534,094
		2,500,000	AA+	Series E, 5.000% due 6/1/43			2,757,039
		50,000	AA+	Series R2017A, 5.000% due 8/1/28			52,312
		50,000	AA+	Series R2017A, 5.000% due 8/1/30			52,372
		355,000	AA+	Series R2018C, 5.000% due 8/1/30			380,342
		640,000	AA+	Series R2018D, 5.000% due 8/1/33			683,965
		5,000,000	AA+	Series R2018D, 5.000% due 8/1/35			5,321,714
		100,000	A	Tobacco Settlement Authority, Revenue Bonds, 5.000% due 6/1/24			100,072
				Washington Health Care Facilities Authority, Revenue Bonds:
		60,000	BBB+	5.000% due 7/1/26			60,996
		70,000	A	5.000% due 10/1/27			73,764
		60,000	A	5.000% due 10/1/28			64,232
		90,000	BBB+	5.000% due 7/1/29			93,043
		20,000	BBB+	5.000% due 7/1/34			20,596
		780,000	BBB+	5.000% due 7/1/42			789,919
		115,000	A	Series A, 5.000% due 10/1/24			115,044
		15,000	Baa1(b)	Washington Higher Education Facilities Authority, Revenue Bonds, Series A, 5.000% due 10/1/29			15,523
		2,000,000	BBB-	Washington State Convention Center Public Facilities District, Revenue Bonds, 3.000% due 7/1/48			1,501,924

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount/Units			Rating††	Security	Value
MUNICIPAL BONDS – (continued)
Washington – (continued)
	$	500,000	BBB	Washington State Housing Finance Commission, Revenue Bonds, 6.250% due 7/1/59(d)		$	549,211
				Total Washington			39,977,466
West Virginia – 1.5%
				State of West Virginia, GO:
		10,000,000	AA-	Series B, 5.000% due 12/1/34			10,873,871
		2,000,000	AA-	Series B, 5.000% due 6/1/35			2,170,957
				Total West Virginia			13,044,828
Wisconsin – 1.3%
		3,385,000	AAA	County of Dane WI, GO, Series A, 3.000% due 6/1/25			3,367,284
				Public Finance Authority, Revenue Bonds:
		2,000,000	NR	4.250% due 7/1/54(a)			1,396,058
		2,665,000	Aa2(b)	Series A, 4.000% due 8/1/59			2,641,270
		500,000	BB+	Series A, 5.000% due 10/1/39(d)			506,530
		1,000,000	BBB-	Series A, 5.750% due 7/1/53(d)			1,056,413
		1,500,000	AA	Racine Unified School District, GO, AGM-Insured, 5.000% due 4/1/38			1,667,908
				Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
		255,000	A+	5.000% due 11/15/24			256,874
		50,000	A2(b)	5.000% due 6/1/27			50,040
		195,000	A+	5.000% due 11/15/27			196,850
		30,000	A2(b)	5.000% due 6/1/32			30,022
		70,000	A2(b)	5.000% due 6/1/39			70,035
		360,000	AA+	Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, Series A, 3.500% due 9/1/50			354,016
				Total Wisconsin			11,593,300
				TOTAL MUNICIPAL BONDS (Cost – $769,353,547)			770,618,491
Shares/Units
EXCHANGE TRADED FUND (ETF) – 4.2%
		719,425		Vanguard Tax-Exempt Bond Index(i) (Cost – $36,280,383)			36,482,041
				TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $805,633,930)			807,100,532

See Notes to Financial Statements.

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February 29, 2024

Destinations Municipal Fixed Income Fund (continued)

Face Amount			Rating††	Security	Value
SHORT-TERM INVESTMENTS – 5.4%
MUNICIPAL BONDS – 1.0%
	$	3,450,000		Bristol-Plymouth Regional Vocational Technical School District, GO, 4.000% due 2/28/25		$	3,477,904
		3,745,000		Colorado State Education Loan Program, Revenue Notes, Series B, 5.000% due 6/28/24			3,765,619
		1,400,000		PMA Levy & Aid Anticipation Notes Program, Revenue Notes, Series A, 5.000% due 9/25/24			1,411,889
				TOTAL MUNICIPAL BONDS (Cost – $8,659,150)			8,655,412
TIME DEPOSITS – 4.4%
		5,060,044		ANZ National Bank – London, 4.680% due 3/1/24			5,060,044
		32,252,563		Citibank – New York, 4.680% due 3/1/24			32,252,563
		195,611		JPMorgan Chase & Co. – New York, 4.680% due 3/1/24			195,611
				TOTAL TIME DEPOSITS (Cost – $37,508,218)			37,508,218
				TOTAL SHORT-TERM INVESTMENTS (Cost – $46,167,368)			46,163,630
Shares/Units
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 4.1%
MONEY MARKET FUND – 4.1%
		35,528,240		Federated Government Obligations Fund, Premier Class, 5.162%(j) (Cost – $35,528,240)			35,528,240
				TOTAL INVESTMENTS – 103.2% (Cost – $887,329,538)			888,792,402
				Liabilities in Excess of Other Assets – (3.2)%			(27,762,353)
				TOTAL NET ASSETS – 100.0%		$	861,030,049

††

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

(a)

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

(b)

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

(c)

Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

(d)

(e)

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.

(f)

Rating by Fitch Ratings Service. All ratings are unaudited.

(g)

Illiquid security. The aggregate value of illiquid holdings at February 29, 2024, amounts to $150,703 and represents 0.02% of net assets.

(h)

When-Issued or delayed delivery security.

See Notes to Financial Statements.

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Destinations Municipal Fixed Income Fund (concluded)

(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:

AGM

— Assured Guaranty Municipal Corporation

AMBAC

— American Bond Assurance Corporation

COP

— Certificate of Participation

ETF

— Exchange Traded Fund

— General Obligation

MTA

— Metropolitan Transportation Authority

NPFG

— National Public Finance Guarantee Corporation

PSF-GTD

— Permanent School Fund Guaranteed

Summary of Investments by Security Industry^

	General Obligation					36.4%
	Education					14.6
	Water and Sewer					7.7
	Airport					5.8
	Development					5.8
	Transportation					5.4
	Health Care Providers & Services					4.5
	Power					1.4
	Single Family Housing					1.2
	Multifamily Housing					0.9
	Tobacco Settlement					0.9
	Bond Bank					0.7
	Utilities					0.5
	Nursing Homes					0.4
	Student Loan					0.3
	Housing					0.1
	Pollution					0.1
	Exchange Traded Fund (ETF)					4.1
	Short-Term Investments					5.2
	Money Market Fund					4.0
						100.0%

As a percentage of total investments.

At February 29, 2024, Destinations Municipal Fixed Income 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 Amounts			Market Value			Unrealized (Depreciation)
Contracts to Sell:
U.S. Long Bond (CBT)		6		6/24		$	(707,415)		$	715,500		$	(8,085)

At February 29, 2024, Destinations Municipal Fixed Income Fund had deposited cash of $30,286 with a broker or brokers as margin collateral on open exchange traded futures contracts.

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – 18.4%
	$	1,438,651	Aames Mortgage Investment Trust, Series 2005-4, Class M3, 6.215% (1-Month TSFR + 0.894%) due 10/25/35(a)		$	1,411,250
		3,343,668	ABFC Trust, Series 2003-OPT1, Class A3, 6.115% (1-Month TSFR + 0.794%) due 4/25/33(a)			3,230,520
		2,430,000	Accredited Mortgage Loan Trust, Series 2006-2, Class M1, 5.705% (1-Month TSFR + 0.384%) due 9/25/36(a)			2,254,836
		4,000,000	AGL Core CLO 2 Ltd., Series 2019-2A, Class A1, 6.969% (3-Month TSFR + 1.652%) due 4/20/32(a)(b)			4,011,828
		2,500,000	Allegro CLO IX Ltd., Series 2018-3A, Class B2, 7.276% (3-Month TSFR + 1.962%) due 10/16/31(a)(b)			2,500,653
		5,000,000	Anchorage Capital CLO 18 Ltd., Series 2021-18A, Class A1, 6.726% (3-Month TSFR + 1.412%) due 4/15/34(a)(b)			5,002,862
		6,507,000	ARES LI CLO Ltd., Series 2019-51A, Class BR, 7.326% (3-Month TSFR + 2.012%) due 7/15/34(a)(b)			6,507,958
		942,246	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE1, Class A4, 3.738% (1-Month TSFR + 0.394%) due 12/25/36(a)			914,451
			Barings CLO Ltd.:
		2,860,000	Series 2020-1A, Class BR, 7.226% (3-Month TSFR + 1.912%) due 10/15/36(a)(b)			2,861,390
		13,505,000	Series 2021-1A, Class B, 6.986% (3-Month TSFR + 1.662%) due 4/25/34(a)(b)			13,431,884
		4,300,000	Benefit Street Partners CLO XXIV Ltd., Series 2021-24A, Class B, 7.279% (3-Month TSFR + 1.962%) due 10/20/34(a)(b)			4,301,238
		5,475,000	Buckhorn Park CLO Ltd., Series 2019-1A, Class B1R, 7.210% (3-Month TSFR + 1.912%) due 7/18/34(a)(b)			5,455,816
		3,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class A2R, 7.379% (3-Month TSFR + 2.062%) due 7/20/32(a)(b)			3,002,241
		2,059,304	Carrington Mortgage Loan Trust, Series 2006-NC3, Class A3, 5.585% (1-Month TSFR + 0.264%) due 8/25/36(a)			1,952,635
		1,929,709	CHEC Loan Trust, Series 2004-1, Class A3, 6.435% (1-Month TSFR + 1.114%) due 7/25/34(a)(b)			1,841,071
		588,241	Countrywide Asset-Backed Certificates, Series 2004-2, Class M1, 6.185% (1-Month TSFR + 0.864%) due 5/25/34(a)			587,000
		176,736	CWABS Asset-Backed Certificates Trust, Series 2007-2, Class 2A3, 5.575% (1-Month TSFR + 0.254%) due 8/25/37(a)			175,636
		75,510	CWABS Inc. Asset-Backed Certificates Trust, Series 2007-12, Class 2A3, 6.235% (1-Month TSFR + 0.914%) due 8/25/47(a)			75,086
		1,557,231	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 6.535% (1-Month TSFR + 1.214%) due 5/25/37(a)(b)			1,495,475
		2,606,516	EquiFirst Mortgage Loan Trust, Series 2003-2, Class 1A1, 6.561% (1-Month TSFR + 1.239%) due 9/25/33(a)			2,536,014
		4,207,614	Fremont Home Loan Trust, Series 2003-A, Class M1, 6.410% (1-Month TSFR + 1.089%) due 8/25/33(a)			4,201,922

See Notes to Financial Statements.

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Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	2,810,000	Home Equity Asset Trust, Series 2005-6, Class M5, 6.380% (1-Month TSFR + 1.059%) due 12/25/35(a)		$	2,593,776
		3,000,000	HPS Loan Management Ltd., Series 9A-2016, Class A2R, 7.271% (3-Month TSFR + 1.962%) due 7/19/30(a)(b)			3,006,702
		6,500,000	Invesco CLO Ltd., Series 2022-3A, Class B, 8.068% (3-Month TSFR + 2.750%) due 10/22/35(a)(b)			6,552,303
		1,144,462	JP Morgan Mortgage Acquisition Trust, Series 2007-CH4, Class A5, 5.675% (1-Month TSFR + 0.354%) due 5/25/37(a)			1,134,293
		1,904,855	Long Beach Mortgage Loan Trust, Series 2004-4, Class M1, 6.335% (1-Month TSFR + 1.014%) due 10/25/34(a)			1,824,685
		1,318,903	Longfellow Place CLO Ltd., Series 2013-1A, Class ERR, 13.276% (3-Month TSFR + 7.962%) due 4/15/29(a)(b)			1,320,814
		2,370,000	Marathon CLO XI Ltd., Series 2018-11A, Class A2, 7.129% (3-Month TSFR + 1.812%) due 4/20/31(a)(b)			2,371,107
		1,956,629	Mastr Asset Backed Securities Trust, Series 2004-WMC1, Class M1, 6.215% (1-Month TSFR + 0.894%) due 2/25/34(a)			1,983,243
			Merrill Lynch Mortgage Investors Trust:
		363,163	Series 2005-FM1, Class M1, 6.155% (1-Month TSFR + 0.834%) due 5/25/36(a)			357,012
		1,661,269	Series 2006-OPT1, Class A2C, 5.735% (1-Month TSFR + 0.414%) due 8/25/37(a)			1,538,298
		5,950,000	Neuberger Berman Loan Advisers CLO 29 Ltd., Series 2018-29A, Class B1, 7.271% (3-Month TSFR + 1.962%) due 10/19/31(a)(b)			5,958,908
		771,933	NovaStar Mortgage Funding Trust, Series 2006-1, Class A2C, 5.755% (1-Month TSFR + 0.434%) due 5/25/36(a)			763,009
			Park Place Securities Inc. Asset-Backed Pass-Through Certificates:
		3,600,000	Series 2005-WCH1, Class M5, 6.755% (1-Month TSFR + 1.434%) due 1/25/36(a)			3,328,250
		842,051	Series 2005-WCW2, Class M2, 6.230% (1-Month TSFR + 0.909%) due 7/25/35(a)			829,498
		2,275,932	Ramp Trust, Series 2004-RS8, Class MII2, 5.220% (1-Month TSFR + 1.264%) due 8/25/34(a)			2,229,298
		9,505,000	RR 4 Ltd., Series 2018-4A, Class A2, 7.126% (3-Month TSFR + 1.812%) due 4/15/30(a)(b)			9,518,857
		2,354,055	Specialty Underwriting & Residential Finance Trust, Series 2004-BC1, Class M1, 6.200% (1-Month TSFR + 0.879%) due 2/25/35(a)			2,315,144
		380,000	Steele Creek CLO Ltd., Series 2016-1A, Class ER, 11.396% (3-Month TSFR + 6.012%) due 6/15/31(a)(b)			309,959
		5,041,859	Stratus CLO Ltd., Series 2021-2A, Class A, 6.479% (3-Month TSFR + 1.162%) due 12/28/29(a)(b)			5,016,089

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
ASSET-BACKED SECURITIES – (continued)
	$	3,055,639	Structured Asset Investment Loan Trust, Series 2004-2, Class A4, 6.140% (1-Month TSFR + 0.819%) due 3/25/34(a)		$	3,007,833
			Structured Asset Securities Corp. Mortgage Loan Trust:
		2,600,000	Series 2005-WF4, Class M8, 8.060% (1-Month TSFR + 2.739%) due 11/25/35(a)			2,425,655
		588,083	Series 2006-BC6, Class A4, 5.605% (1-Month TSFR + 0.284%) due 1/25/37(a)			576,722
		925,065	Series 2006-GEL1, Class M2, 6.635% (1-Month TSFR + 1.314%) due 11/25/35(a)(b)			913,262
		715,079	Series 2007-BC3, Class 2A3, 5.615% (1-Month TSFR + 0.294%) due 5/25/47(a)			683,154
			Terwin Mortgage Trust:
		6,738,000	Series 2006-5, Class 1A2C, 6.035% (1-Month TSFR + 0.714%) due 7/25/37(a)(b)			6,320,067
		2,465,000	Series 2006-7, Class 1A2C, 5.975% (1-Month TSFR + 0.654%) due 7/25/37(a)(b)			2,076,630
		1,030,000	Venture XVIII CLO Ltd., Series 2014-18A, Class ER, 12.166% (3-Month TSFR + 6.852%) due 10/15/29(a)(b)			716,760
		1,291,000	Vibrant CLO VIII Ltd., Series 2018-8A, Class A1B, 6.829% (3-Month TSFR + 1.512%) due 1/20/31(a)(b)			1,291,474
		2,850,000	Wellfleet CLO Ltd., Series 2019-1A, Class A2R, 7.379% (3-Month TSFR + 2.062%) due 7/20/32(a)(b)			2,851,791
		7,000,000	Wellfleet CLO X Ltd., Series 2019-XA, Class A2R, 7.329% (3-Month TSFR + 2.012%) due 7/20/32(a)(b)			7,003,587
			TOTAL ASSET-BACKED SECURITIES (Cost – $147,737,098)			148,569,946
COLLATERALIZED MORTGAGE OBLIGATIONS – 16.6%
		1,710,487	Adjustable Rate Mortgage Trust, Series 2005-2, Class 6M2, 6.415% (1-Month TSFR + 1.094%) due 6/25/35(a)			1,678,333
		595,196	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 5.755% (1-Month TSFR + 0.434%) due 2/25/34(a)			544,914
			Connecticut Avenue Securities Trust:
		8,200,000	Series 2019-HRP1, Class B1, 14.686% (SOFR30A + 9.364%) due 11/25/39(a)(b)			9,097,234
		6,734,000	Series 2019-R01, Class 2B1, 9.786% (SOFR30A + 4.464%) due 7/25/31(a)(b)			7,239,050
		3,135,090	Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-OA5, Class A1A, 5.635% (1-Month TSFR + 0.314%) due 8/25/47(a)			2,753,163
			Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:
		531,002	Series 2016-C01, Class 1B, 17.186% (SOFR30A + 11.864%) due 8/25/28(a)@			610,043
		3,392,728	Series 2016-C02, Class 1B, 17.686% (SOFR30A + 12.364%) due 9/25/28(a)@			3,965,186

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	484,842	Series 2016-C03, Class 1B, 17.186% (SOFR30A + 11.864%) due 10/25/28(a)@		$	563,887
		2,308,272	Series 2016-C03, Class 2M2, 11.336% (SOFR30A + 6.014%) due 10/25/28(a)@			2,446,401
		1,261,174	Series 2016-C04, Class 1B, 15.686% (SOFR30A + 10.364%) due 1/25/29(a)@			1,435,604
		4,645,181	Series 2016-C06, Class 1B, 14.686% (SOFR30A + 9.364%) due 4/25/29(a)@			5,234,673
		2,464,226	FNBA Mortgage Loan Trust, Series 2004-AR1, Class M2, 7.084% (1-Month TSFR + 1.764%) due 8/19/34(a)			2,515,546
			Freddie Mac STACR REMIC Trust:
		5,438,000	Series 2020-DNA1, Class B2, 10.686% (SOFR30A + 5.364%) due 1/25/50(a)(b)			5,795,038
		3,780,000	Series 2020-DNA5, Class B2, 16.822% (SOFR30A + 11.500%) due 10/25/50(a)(b)			5,044,194
		5,600,000	Series 2020-DNA6, Class B2, 10.972% (SOFR30A + 5.650%) due 12/25/50(a)(b)			6,080,368
		2,932,711	Series 2020-HQA3, Class B1, 11.186% (SOFR30A + 5.864%) due 7/25/50(a)(b)			3,255,310
		1,280,000	Series 2020-HQA3, Class B2, 15.436% (SOFR30A + 10.114%) due 7/25/50(a)(b)			1,694,072
		1,260,000	Series 2020-HQA4, Class B2, 14.836% (SOFR30A + 9.514%) due 9/25/50(a)(b)			1,637,618
			Freddie Mac STACR Trust:
		5,000,000	Series 2019-DNA2, Class B2, 15.936% (SOFR30A + 10.614%) due 3/25/49(a)(b)			6,039,467
		4,870,000	Series 2019-DNA3, Class B2, 13.586% (SOFR30A + 8.264%) due 7/25/49(a)(b)			5,613,091
		4,588,000	Series 2019-DNA4, Class B2, 11.686% (SOFR30A + 6.364%) due 10/25/49(a)(b)			5,064,483
		5,800,000	Series 2019-FTR1, Class B2, 13.786% (SOFR30A + 8.464%) due 1/25/48(a)(b)			6,854,546
		4,030,000	Series 2019-HQA1, Class B2, 17.686% (SOFR30A + 12.364%) due 2/25/49(a)(b)			5,092,501
		5,500,000	Series 2019-HQA2, Class B1, 9.536% (SOFR30A + 4.214%) due 4/25/49(a)(b)			5,912,515
		5,000,000	Series 2019-HRP1, Class B2, 14.936% (SOFR30A + 9.614%) due 2/25/49(a)(b)			5,747,886
			Freddie Mac Structured Agency Credit Risk Debt Notes:
		5,000,901	Series 2015-DNA2, Class B, 12.986% (SOFR30A + 7.664%) due 12/25/27(a)			5,290,806
		1,906,698	Series 2016-DNA1, Class B, 15.436% (SOFR30A + 10.114%) due 7/25/28(a)			2,125,350

See Notes to Financial Statements.

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Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
	$	1,061,187	Series 2016-DNA4, Class B, 14.036% (SOFR30A + 8.714%) due 3/25/29(a)@		$	1,177,546
		1,978,916	Series 2016-HQA3, Class B, 14.436% (SOFR30A + 9.114%) due 3/25/29(a)@			2,194,453
		551,468	Series 2017-DNA2, Class B2, 16.686% (SOFR30A + 11.364%) due 10/25/29(a)			660,032
		4,290,000	Series 2017-HQA3, Class B1, 9.886% (SOFR30A + 4.564%) due 4/25/30(a)@			4,632,971
		2,448,030	HomeBanc Mortgage Trust, Series 2005-4, Class M3, 6.245% (1-Month TSFR + 0.924%) due 10/25/35(a)			2,171,744
		3,105,642	IndyMac INDX Mortgage Loan Trust, Series 2006-FLX1, Class A1, 5.855% (1-Month TSFR + 0.534%) due 11/25/36(a)			2,785,669
			STACR Trust:
		4,634,022	Series 2018-HRP1, Class B1, 9.186% (SOFR30A + 3.864%) due 4/25/43(a)(b)			4,771,394
		4,721,780	Series 2018-HRP1, Class B2, 17.186% (SOFR30A + 11.864%) due 5/25/43(a)(b)			5,691,779
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost – $125,135,019)			133,416,867
CORPORATE BONDS & NOTES – 14.1%
Consumer Cyclical – 5.1%
		6,551,000	Cinemark USA Inc., Company Guaranteed Notes, 5.875% due 3/15/26(b)			6,453,092
		9,891,000	Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(b)			9,274,988
		8,595,000	Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(b)(c)			8,556,958
		2,794,000	Kohl’s Corp., Senior Unsecured Notes, 4.625% due 5/1/31			2,200,275
			Macy’s Retail Holdings LLC, Company Guaranteed Notes:
		6,896,000	6.125% due 3/15/32(b)			6,418,590
		4,043,000	5.125% due 1/15/42			3,153,540
		529,000	Michael Kors USA Inc., Company Guaranteed Notes, 4.250% due 11/1/24(b)			519,081
		4,356,000	Six Flags Theme Parks Inc., Senior Secured Notes, 7.000% due 7/1/25(b)			4,366,119
			Total Consumer Cyclical			40,942,643
Consumer Non-cyclical – 2.3%
		11,923,000	Arrow Bidco LLC, Secured Notes, 10.750% due 6/15/25(b)			12,280,690
		6,444,000	Williams Scotsman Inc., Senior Secured Notes, 6.125% due 6/15/25(b)			6,431,821
			Total Consumer Non-cyclical			18,712,511
Energy – 0.4%
		3,025,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., Company Guaranteed Notes, 11.000% due 4/15/25(b)			3,048,050
Financial – 0.9%
		7,138,000	Enact Holdings Inc., Senior Unsecured Notes, 6.500% due 8/15/25(b)			7,138,286

See Notes to Financial Statements.

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Destinations Multi Strategy Alternatives Fund (continued)

Face Amount/Units			Security	Value
CORPORATE BONDS & NOTES – (continued)
Industrial – 2.5%
	$	8,665,000	Danaos Corp., Senior Unsecured Notes, 8.500% due 3/1/28(b)		$	8,892,196
		6,201,000	Triumph Group Inc., Company Guaranteed Notes, 7.750% due 8/15/25			6,187,978
		5,304,000	WESCO Distribution Inc., Company Guaranteed Notes, 7.125% due 6/15/25(b)			5,335,692
			Total Industrial			20,415,866
Technology – 0.2%
		1,153,000	NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29(b)			1,219,638
Utilities – 2.7%
		8,428,867	NRG Energy Inc., Junior Subordinated Notes, 10.250% (5-Year CMT Index + 5.920%) (a)(b)(d)			8,941,924
		13,154,000	Vistra Corp., Junior Subordinated Notes, 7.000% (5-Year CMT Index + 5.740%)(a)(b)(d)			12,726,495
			Total Utilities			21,668,419
			TOTAL CORPORATE BONDS & NOTES (Cost – $111,156,131)			113,145,413
SENIOR LOANS(a) – 1.0%
		4,018,000	Crown Subsea Communications Holding Inc., 4.75% due 1/30/31(e)			4,033,067
		4,016,000	Recess Holdings Inc., due 2/20/30(e)			4,016,000
			TOTAL SENIOR LOANS (Cost – $7,992,563)			8,049,067

Shares/Units
COMMON STOCKS – 13.6%
COMMUNICATIONS – 0.7%
Media – 0.7%
	193,340	Liberty Media Corp.-Liberty SiriusXM, Class A Shares*	5,633,927
CONSUMER CYCLICAL – 3.0%
Apparel – 0.5%
	88,136	Capri Holdings Ltd.*	4,065,714
Distribution/Wholesale – 0.2%
	169,175	MRC Global Inc.*	1,950,588
Entertainment – 2.2%
	30,159	Caesars Entertainment Inc.*	1,311,012
	440,776	Golden Entertainment Inc.(c)	16,335,159
		Total Entertainment	17,646,171
Lodging – 0.1%
	94,779	Playa Hotels & Resorts NV*	871,019
		TOTAL CONSUMER CYCLICAL	24,533,492

See Notes to Financial Statements.

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Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – 6.5%
Biotechnology – 4.2%
	37,200	Apogee Therapeutics Inc.*(f)		$	1,295,304
	70,340	Calidi Biotherapeutics Inc.*@			41,993
	326,410	Crinetics Pharmaceuticals Inc.*(g)			13,363,226
	102,962	Crinetics Pharmaceuticals Inc.*(g)@			4,215,264
	238,041	Relay Therapeutics Inc.*			2,385,171
	255,592	Xenon Pharmaceuticals Inc.*			12,063,942
		Total Biotechnology			33,364,900
Commercial Services – 1.8%
	67,720	GXO Logistics Inc.*			3,505,187
	230,056	WillScot Mobile Mini Holdings Corp.*			10,985,174
		Total Commercial Services			14,490,361
Food – 0.5%
	197,049	Albertsons Cos., Inc., Class A Shares			3,996,154
		TOTAL CONSUMER NON-CYCLICAL			51,851,415
DIVERSIFIED – 0.8%
SPACs – 0.8%
	299,624	Ares Acquisition Corp. II*			3,155,041
	292,343	Haymaker Acquisition Corp. 4*			3,028,673
		Total SPAs			6,183,714
FINANCIAL – 1.8%
Banks – 1.8%
	990,406	Blue Foundry Bancorp*(c)			9,329,624
	855,709	Kearny Financial Corp.(c)			5,442,309
		Total Banks			14,771,933
		TOTAL FINANCIAL			14,771,933
INDUSTRIAL – 0.8%
Metal Fabricate/Hardware – 0.8%
	674,014	Hillman Solutions Corp.*(c)			6,564,896
		TOTAL COMMON STOCKS (Cost – $94,388,349)			109,539,377
OPEN-END FUNDS – 22.4%
	13,852,239	JPMorgan Strategic Income Opportunities Fund, Class R6 Shares			158,608,138
	1,749,136	Palm Valley Capital Fund			21,829,220
		TOTAL OPEN-END FUNDS (Cost – $178,988,444)			180,437,358

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
PREFERRED STOCK – 1.0%
CONSUMER CYCLICAL – 1.0%
Distribution/Wholesale – 1.0%
	292,290	WESCO International Inc., 10.625%(a)(d) (Cost – $7,856,063)		7,921,059
WARRANTS – 0.0%
DIVERSIFIED – 0.0%
SPACs – 0.0%
	149,812	Ares Acquisition Corp. II*(h)		26,966
	468,723	Bridger Aerospace Group Holdings Inc.*(h)		98,385
	556,875	Calidi Biotherapeutics Inc.*(h)		22,275
	146,171	Haymaker Acquisition Corp. 4*(h)		23,402
	131,807	Inspirato Inc.*(h)		1,265
	358,816	Pagaya Technologies Ltd.*(h)		57,411
	88,320	REVOLUTION Medicines Inc.*(h)		18,132
	77,310	SomaLogic Inc.*(f)(g)(h)		7,808
	23,299	X4 Pharmaceuticals Inc.*(g)		28
		Total SPACs		255,672
		TOTAL DIVERSIFIED		255,672
		TOTAL WARRANTS (Cost – $2,366,599)		255,672
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $675,620,266)		701,334,759

Face Amount†
SHORT-TERM INVESTMENTS – 10.7%
TIME DEPOSITS – 10.7%
	$	166	ANZ National Bank – London, 4.680% due 3/1/24	166
		2,729,614	Citibank – New York, 4.680% due 3/1/24	2,729,614
		37,946,797	JPMorgan Chase & Co. – New York, 4.680% due 3/1/24	37,946,797
		16,718,466	Royal Bank of Canada – Toronto, 4.680% due 3/1/24	16,718,466
		29,181,202	Skandinaviska Enskilda Banken AB – Stockholm, 4.680% due 3/1/24	29,181,202
			TOTAL TIME DEPOSITS (Cost – $86,576,245)	86,576,245

See Notes to Financial Statements.

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Destinations Multi Strategy Alternatives Fund (continued)

Shares/Units		Security	Value
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.1%
MONEY MARKET FUND – 0.1%
	1,027,244	Federated Government Obligations Fund, Premier Class, 5.162%(i) (Cost – $1,027,244)		$	1,027,244
		TOTAL INVESTMENTS – 97.9% (Cost – $763,223,755)			788,938,248
		Other Assets in Excess of Liabilities – 2.1%			17,292,469
		TOTAL NET ASSETS – 100.0%		$	806,230,717

†

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 29, 2024.

(b)

(c)

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

(d)

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

(e)

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.

(f)

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

(g)

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

(h)

Illiquid security. The aggregate value of illiquid holdings at February 29, 2024, amounts to $255,644 and represents 0.03% of net assets.

(i)

Represents investment of collateral received from securities lending transactions.

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

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund (continued)

Security	First Acquisition Date		First Acquisition Cost			Market Value			Percent of Net Assets
Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:
Series 2016-C01, Class 1B, 17.186% (SOFR30A + 11.864%) due 8/25/28		8/3/2021		$	236,453		$	610,043		0.08%
Series 2016-C02, Class 1B, 17.686% (SOFR30A + 12.364%) due 9/25/28		8/10/2021			799,642			3,965,186		0.49%
Series 2016-C03, Class 1B, 17.186% (SOFR30A + 11.864%) due 10/25/28		4/27/2022			537,977			563,887		0.07%
Series 2016-C03, Class 2M2, 11.336% (SOFR30A + 6.014%) due 10/25/28		3/17/2020			2,941,204			2,446,401		0.30%
Series 2016-C04, Class 1B, 15.686% (SOFR30A + 10.364%) due 1/25/29		4/13/2022			1,355,446			1,435,604		0.18%
Series 2016-C06, Class 1B, 14.686% (SOFR30A + 9.364%) due 4/25/29		3/11/2022			2,850,909			5,234,673		0.65%
Freddie Mac Structured Agency Credit Risk Debt Notes:
Series 2016-DNA4, Class B, 14.036% (SOFR30A + 8.714%) due 3/25/29		3/11/2022			1,105,244			1,177,546		0.15%
Series 2016-HQA3, Class B, 14.436% (SOFR30A + 9.114%) due 3/25/29		1/27/2022			2,131,393			2,194,453		0.27%
Series 2017-HQA3, Class B1, 9.886% (SOFR30A + 4.564%) due 4/25/30		4/29/2021			4,504,500			4,632,971		0.57%
Calidi Biotherapeutics Inc.		9/10/2021			306			41,993		0.01%
Crinetics Pharmaceuticals Inc.		2/28/2024			4,324,404			4,215,264		0.52%
							$	26,518,021		3.29%

Abbreviations used in this schedule:

CLO

— Collateralized Loan Obligation

CMT

— Constant Maturity Treasury Index

ETF

— Exchange Traded Fund

LLC

— Limited Liability Company

REMIC

— Real Estate Mortgage Investment Conduit

SOFR

— Secured Overnight Financing Rate

SPACs

— Special Purpose Acquisition Companies

SPDR

— Standard & Poor’s Depository Receipts

TSFR

— CME Term SOFR Reference Rate

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund (continued)

Summary of Investments by Security Type^

	Open-End Funds					22.9%
	Asset-Backed Securities					18.8
	Collateralized Mortgage Obligations					16.9
	Corporate Bonds & Notes					14.4
	Common Stocks					13.9
	Senior Loans					1.0
	Preferred Stock					1.0
	Warrants					0.0*
	Short-Term Investments					11.0
	Money Market Fund					0.1
						100.0%

As a percentage of total investments.

Position represents less than 0.005%.

Schedule of Options Contracts Written

Equity Options

Number of Contracts	Notional Amount	Security Name	Counterparty		Expiration Date		Exercise Rate			Value
576	$2,750,400	WillScot Mobile Mini Holdings Corp., Call		CCL		3/15/24		$	50.00		$	(17,280)
		TOTAL OPTION CONTRACTS WRITTEN (Premiums received – $133,326)									$	(17,280)

OTC Total Return Swaps

Currency

Notional
Amount

Maturity
Date

Counterparty

Payment
Frequency

Pay

Receive

Unrealized
Appreciation/
(Depreciation)

USD

8,544,314

2/23/25

GSC

1-Month

USD-Federal Funds-H.15

GSCBGDEN Basket*

$(137,784)

USD

13,974,272

4/29/24

GSC

1-Month

USD-Federal Funds-H.15

GSUCDHY1 Basket**

4,942

USD

2,880,523

2/10/25

GSC

1-Month

USD-Federal Funds-H.15

GSCBDNYB Basket***

78,241

USD

10,212,998

8/28/24

GSC

1-Month

USD-Federal Funds-H.15

Cannae Holdings Inc.

104,021

USD

9,838,187

2/24/25

GSC

1-Month

USD-Federal Funds-H.15

GSCNNED3 Basket****

(18,338)

$ 31,082

GSCBGDEN Basket consists of a portfolio of:

Security	Shares		Value as of February 29, 2024			% of the Basket
Red Rock Resorts Inc.		58,616		$	3,399,142		34%
Boyd Gaming Corp.		45,658			3,019,364		30%
Churchill Downs Inc.		20,072			2,446,175		24%
Penn Entertainment Inc.		62,853			1,150,210		12%
							100%

See Notes to Financial Statements.

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Destinations Multi Strategy Alternatives Fund (continued)

** GSUCDHY1 Basket consists of a portfolio of:

Security	Shares		Value as of February 29, 2024			% of the Basket
Absury Automotive Group, Inc.		463,236		$	421,003		4%
Ardagh Metal Packaging Finance USA LLC		463,236			374,545		4%
Aramark Services, Inc.		463,236			442,854		4%
Ball Corporation		463,236			389,183		4%
Bath & BodyWorks, Inc.		463,236			454,180		4%
1011778 B.C. Unlimited Liability Company		463,236			405,735		4%
Builders FirstSource, Inc.		463,236			406,601		4%
Standard Building Solutions Inc.		463,236			382,156		3%
Mauser Packaging Solutions Holding Company		463,236			468,725		3%
Carnival Corp.		463,236			451,470		3%
Emerald Debt Merger Sub LLC		463,236			464,311		3%
Fertitta Entertainment LLC		463,236			408,648		3%
GFL Environment, Inc.		463,236			432,088		3%
Chart Industries, Inc.		463,236			476,128		3%
Hilton Domestic Operating Company, Inc.		463,236			396,725		3%
Imola Merger Corp.		463,236			427,928		3%
Las Vegas Sands Corp.		463,236			417,186		3%
MGM Resorts International		463,236			433,946		3%
NCL Corporation Ltd.		463,236			473,034		3%
PetSmart LLC		463,236			456,102		3%
Royal Caribbean Cruises Ltd.		463,236			490,771		3%
Transocean Inc.		463,236			450,835		3%
Rolls-Royce PLC		463,236			461,948		3%
Spirit Aerosystems, Inc.		463,236			499,739		3%
Sensata Technologies B.V.		463,236			418,946		3%
Transdigm Inc.		463,236			468,762		3%
Viking Cruises Ltd.		463,236			501,263		3%
Wesco Distribution, Inc.		463,236			472,334		3%
Weatherford International Ltd.		463,236			478,847		3%
Wynn LasVegas, LLC		463,236			451,155		3%
Yum! Brands, Inc.		463,236			424,324		3%
							100%

*** GSCBDNYB Basket consists of a portfolio of:

	Valley National Bancorp					50%
	Dime Community Bancshares Inc.					12%
	Metropolitan Bank Holding Corp.					11%
	Amalgamated Financial Corp.					7%
	Northfield Bancorp Inc.					5%
	Flushing Financial Corp.					5%
	The First of Long Island Corp.					5%
	Peapack-Gladstone Financial Corp.					4%
	Bankwell Financial Group Inc.					1%
						100%

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund (continued)

**** GSCNNED3 Basket consists of a portfolio of:

Security	Shares		Value as of February 29, 2024			% of the Basket
Dun & Bradstreet Holdings Inc.		99		$	1,043		56%
Alight Inc.		66			595		32%
Dayforce Inc.		7			488		9%
Paysafe Ltd.		6.25			90		3%
							100%

At February 29, 2024, Destinations Multi Strategy Alternatives Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Payment Frequency(2)	Counter party	Implied Credit Spread at 2/29/24(3)		Notional Amounts	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation
CDX.NA.HY.35		5.000%		12/20/25	3-Month	MSCS		0.602%	USD 20,000,000		$	1,726,186		$	651,500		$	1,074,686
CDX.NA.HY.41		5.000%		12/20/28	3-Month	MSCS		2.065%	USD 30,000,000			4,058,517			1,366,800			2,691,717
CDX.NA.IG.39		1.000%		12/20/27	3-Month	GSC		1.533%	USD 60,000,000			(991,360)			(8,736,000)			7,744,640
CDX.NA.IG.39		1.000%		12/20/27	3-Month	MSCS		1.533%	USD 20,000,000			(330,453)			(2,630,800)			2,300,347
											$	4,462,890		$	(9,348,500)		$	13,811,390

(1)

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

(2)

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

(3)

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

Counterparty Abbreviations used in this schedule:

CCL

— Cowen and Co. LLC

GSC

— Goldman Sachs & Co.

MSCS

— Morgan Stanley Capital Services LLC

See Notes to Financial Statements.

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February 29, 2024

Destinations Multi Strategy Alternatives Fund (concluded)

Shares/Units		Security	Value
SECURITIES SOLD SHORT – 3.6%
EXCHANGE TRADED FUNDS (ETFs) – 3.5%
	46,521	iShares Russell 2000, Class Common Shares		$	9,477,723
	117,810	SPDR S&P Biotech			11,594,860
	153,083	SPDR S&P Regional Banking			7,369,416
		Total Exchange Traded Funds (ETFs)			28,441,999
		TOTAL EXCHANGE TRADED FUNDS (ETFs) (Proceeds – $36,191,511)			28,441,999
COMMON STOCK – 0.1%
CONSUMER CYCLICAL – 0.1%
Retail – 0.1%
	40,542	Macy’s Inc. (Proceeds – $750,186)			707,053
		TOTAL SECURITIES SOLD SHORT – 3.6% (Proceeds – $36,941,697)		$	29,149,052

See Notes to Financial Statements.

331

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund

Shares/Units		Security	Value
COMMON STOCKS – 99.1%
BASIC MATERIALS – 1.8%
Chemicals – 1.5%
	2,745	Huntsman Corp.		$	70,272
	1,690	Linde PLC			758,506
	2,192	LyondellBasell Industries NV, Class A Shares			219,814
	2,786	Nutrien Ltd.			145,541
	442	Olin Corp.			23,780
	1,318	RPM International Inc.			152,031
		Total Chemicals			1,369,944
Iron/Steel – 0.0%
	1,732	Vale SA, Class B Shares, ADR			23,226
Mining – 0.3%
	1,743	Barrick Gold Corp.			25,552
	6,964	Freeport-McMoRan Inc.			263,309
	651	Rio Tinto PLC, ADR			42,009
	396	Southern Copper Corp.			32,020
		Total Mining			362,890
		TOTAL BASIC MATERIALS			1,756,060
COMMUNICATIONS – 14.0%
Internet – 11.6%
	1,791	Alphabet Inc., Class A Shares*(a)			247,982
	23,946	Alphabet Inc., Class C Shares*(a)			3,347,172
	21,452	Amazon.com Inc.*(a)			3,791,856
	139	Booking Holdings Inc.*			482,167
	3,079	eBay Inc.			145,575
	451	Lyft Inc., Class A Shares*			7,162
	22	MercadoLibre Inc.*			35,097
	5,292	Meta Platforms Inc., Class A Shares(a)			2,593,768
	1,135	Netflix Inc.*(a)			684,314
	73	Roku Inc., Class A Shares*			4,612
	779	Shopify Inc., Class A Shares*			59,492
	1,097	Uber Technologies Inc.*			87,211
	484	VeriSign Inc.*			94,520
		Total Internet			11,580,928
Media – 0.7%
	316	FactSet Research Systems Inc.			146,175
	385	New York Times Co., Class A Shares			17,048
	7,920	Sirius XM Holdings Inc.			35,006
	5,303	Walt Disney Co.(a)			591,709
		Total Media			789,938
Telecommunications – 1.7%
	27,511	AT&T Inc.			465,761
	868	Ciena Corp.*			49,459

See Notes to Financial Statements.

332

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Telecommunications – (continued)
	11,000	Cisco Systems Inc.(a)		$	532,070
	13,618	Telefonaktiebolaget LM Ericsson, ADR			74,082
	11,584	Verizon Communications Inc.(a)			463,592
		Total Telecommunications			1,584,964
		TOTAL COMMUNICATIONS			13,955,830
CONSUMER CYCLICAL – 8.9%
Airlines – 0.2%
	4,966	Delta Air Lines Inc.			209,913
Apparel – 0.4%
	491	Capri Holdings Ltd.*			22,650
	51	Deckers Outdoor Corp.*			45,675
	3,814	NIKE Inc., Class B Shares			396,389
	524	Skechers USA Inc., Class A Shares*			32,388
		Total Apparel			497,102
Auto Manufacturers – 1.4%
	6,949	Tesla Inc.*(a)			1,402,864
Auto Parts & Equipment – 0.3%
	246	Autoliv Inc.			28,543
	974	Gentex Corp.			35,580
	5,896	Goodyear Tire & Rubber Co.*			70,045
	494	Lear Corp.			67,851
	2,418	Magna International Inc.			133,280
		Total Auto Parts & Equipment			335,299
Distribution/Wholesale – 0.3%
	307	WW Grainger Inc.			298,852
Entertainment – 0.1%
	444	DraftKings Inc., Class A Shares*			19,234
	198	Light & Wonder Inc.*			19,901
	243	Vail Resorts Inc.			55,965
		Total Entertainment			95,100
Food Service – 0.0%
	1,163	Aramark			35,274
Home Builders – 0.6%
	2,557	DR Horton Inc.			382,118
	1,604	Toll Brothers Inc.			183,883
		Total Home Builders			566,001
Home Furnishings – 0.0%
	764	Leggett & Platt Inc.			15,601
Leisure Time – 0.1%
	204	Brunswick Corp.			17,830

See Notes to Financial Statements.

333

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Leisure Time – (continued)
	1,589	Harley-Davidson Inc.		$	57,633
	223	Planet Fitness Inc., Class A Shares*			13,837
		Total Leisure Time			89,300
Lodging – 0.1%
	1,943	Las Vegas Sands Corp.			105,932
Retail – 5.4%
	80	Burlington Stores Inc.*			16,408
	1,460	Costco Wholesale Corp.			1,086,079
	192	Dick’s Sporting Goods Inc.			34,155
	277	Five Below Inc.*			55,588
	2,856	Home Depot Inc.(a)			1,087,022
	568	Kohl’s Corp.			15,830
	2,271	Lowe’s Cos., Inc.			546,562
	2,323	McDonald’s Corp.			678,967
	831	Restaurant Brands International Inc.			64,527
	4,021	Starbucks Corp.			381,593
	4,701	TJX Cos., Inc.			466,057
	12,834	Walmart Inc.(a)			752,201
	241	Williams-Sonoma Inc.			56,763
	485	Yum China Holdings Inc.			20,802
		Total Retail			5,262,554
		TOTAL CONSUMER CYCLICAL			8,913,792
CONSUMER NON-CYCLICAL – 17.4%
Agriculture – 0.6%
	2,467	British American Tobacco PLC, ADR			73,739
	5,957	Philip Morris International Inc.			535,892
		Total Agriculture			609,631
Beverages – 1.4%
	1,598	Constellation Brands Inc., Class A Shares			397,135
	9,076	Keurig Dr Pepper Inc.			271,463
	2,726	Molson Coors Beverage Co., Class B Shares			170,157
	7,694	Monster Beverage Corp.*			454,715
		Total Beverages			1,293,470
Biotechnology – 1.0%
	185	Alnylam Pharmaceuticals Inc.*			27,952
	1,724	Amgen Inc.			472,083
	696	Biogen Inc.*			151,025
	435	BioMarin Pharmaceutical Inc.*			37,532
	388	Regeneron Pharmaceuticals Inc.*			374,843
	182	United Therapeutics Corp.*			41,066
		Total Biotechnology			1,104,501

See Notes to Financial Statements.

334

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – 1.4%
	1,769	Automatic Data Processing Inc.		$	444,249
	2,167	Block Inc., Class A Shares*			172,211
	509	Booz Allen Hamilton Holding Corp., Class A Shares			75,184
	1,171	Global Payments Inc.			151,879
	99	Herc Holdings Inc.			15,709
	1,157	S&P Global Inc.			495,636
	1,031	TransUnion			80,037
	581	Vestis Corp.			10,900
		Total Commercial Services			1,445,805
Food – 1.0%
	3,024	Campbell Soup Co.			128,943
	4,118	Hormel Foods Corp.			145,448
	1,512	JM Smucker Co.			181,697
	7,677	Kellanova			423,387
	2,202	McCormick & Co., Inc.			151,630
	737	US Foods Holding Corp.*			37,432
		Total Food			1,068,537
Healthcare-Products – 3.6%
	5,394	Abbott Laboratories			639,944
	1,138	Alcon Inc.			96,218
	1,059	Avantor Inc.*			26,094
	2,445	Danaher Corp.			618,927
	220	Enovis Corp.*			13,158
	348	Exact Sciences Corp.*			20,020
	1,694	GE HealthCare Technologies Inc.			154,628
	1,385	Intuitive Surgical Inc.*			534,056
	4,048	Medtronic PLC			337,441
	1,289	Thermo Fisher Scientific Inc.			734,962
	538	Waters Corp.*			181,532
	1,555	Zimmer Biomet Holdings Inc.			193,380
		Total Healthcare-Products			3,550,360
Healthcare-Services – 1.8%
	827	Elevance Health Inc.			414,534
	196	ICON PLC*			62,842
	374	Molina Healthcare Inc.*			147,322
	2,341	UnitedHealth Group Inc.(a)			1,155,518
		Total Healthcare-Services			1,780,216
Household Products/Wares – 0.8%
	1,211	Clorox Co.			185,658

See Notes to Financial Statements.

335

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Household Products/Wares – (continued)
	4,625	Kimberly-Clark Corp.		$	560,411
	663	Spectrum Brands Holdings Inc.			53,318
		Total Household Products/Wares			799,387
Pharmaceuticals – 5.8%
	4,706	AbbVie Inc.			828,491
	1,291	AstraZeneca PLC, ADR			82,831
	1,240	Becton Dickinson & Co.			292,082
	1,135	Cigna Group			381,519
	3,473	CVS Health Corp.			258,287
	1,524	DexCom Inc.*			175,367
	1,973	Eli Lilly & Co.			1,487,011
	238	Jazz Pharmaceuticals PLC*			28,298
	5,585	Johnson & Johnson(a)			901,307
	6,993	Merck & Co., Inc.			889,160
	183	Novartis AG, ADR			18,478
	355	Perrigo Co. PLC			9,322
	13,693	Pfizer Inc.(a)			363,686
	2,538	Teva Pharmaceutical Industries Ltd., ADR*			33,375
		Total Pharmaceuticals			5,749,214
		TOTAL CONSUMER NON-CYCLICAL			17,401,121
ENERGY – 3.7%
Oil & Gas – 3.2%
	1,669	Canadian Natural Resources Ltd.			116,313
	3,832	Cenovus Energy Inc.			66,792
	4,947	Chevron Corp.			751,993
	2,988	EOG Resources Inc.			342,006
	11,633	Exxon Mobil Corp.(a)			1,215,881
	227	HF Sinclair Corp.			12,599
	3,501	Occidental Petroleum Corp.			212,196
	1,205	Ovintiv Inc.			59,539
	1,817	Phillips 66			258,941
	629	Range Resources Corp.			19,889
	2,703	Suncor Energy Inc.			92,875
		Total Oil & Gas			3,149,024
Oil & Gas Services – 0.3%
	1,770	NOV Inc.			29,913
	7,067	Schlumberger NV			341,548
		Total Oil & Gas Services			371,461
Pipelines – 0.2%
	451	Enbridge Inc.			15,523
	1,562	Targa Resources Corp.			153,451

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Pipelines – (continued)
	257	TC Energy Corp.		$	10,164
		Total Pipelines			179,138
		TOTAL ENERGY			3,699,623
FINANCIAL – 14.6%
Banks – 4.4%
	5,068	Banco Bradesco SA, ADR			14,089
	18,599	Bank of America Corp.(a)			642,038
	60	Bank of Montreal			5,430
	5,686	Citigroup Inc.			315,516
	255	Cullen/Frost Bankers Inc.			27,670
	1,227	East West Bancorp Inc.			89,399
	2,100	First Horizon Corp.			29,610
	1,483	Goldman Sachs Group Inc.			576,961
	554	ICICI Bank Ltd., ADR			14,188
	4,360	Itau Unibanco Holding SA, ADR			29,735
	7,154	JPMorgan Chase & Co.(a)			1,331,073
	1,435	M&T Bank Corp.			200,527
	5,625	Morgan Stanley			483,975
	12,042	Wells Fargo & Co.			669,415
		Total Banks			4,429,626
Diversified Financial Services – 4.0%
	2,638	American Express Co.			578,830
	940	Ameriprise Financial Inc.			382,918
	453	Brookfield Asset Management Ltd., Class A Shares			18,460
	4,298	Charles Schwab Corp.			287,020
	28	Credit Acceptance Corp.*			15,501
	322	Evercore Inc., Class A Shares			60,240
	1,682	Jefferies Financial Group Inc.			70,341
	2,454	Mastercard Inc., Class A Shares (a)			1,165,061
	2,501	Nasdaq Inc.			140,556
	4,380	Visa Inc., Class A Shares (a)			1,237,963
	249	Voya Financial Inc.			17,022
		Total Diversified Financial Services			3,973,912
Equity Real Estate Investment Trusts (REITs) – 2.0%
	4,374	American Homes 4 Rent, Class A Shares			161,882
	2,481	Annaly Capital Management Inc.			47,362
	1,043	AvalonBay Communities Inc.			184,642
	2,008	CubeSmart			87,569
	1,984	Equity LifeStyle Properties Inc.			133,563
	2,067	Equity Residential			124,454
	813	Essex Property Trust Inc.			188,128

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	5,278	Invitation Homes Inc.		$	179,822
	1,310	Medical Properties Trust Inc.			5,515
	729	Mid-America Apartment Communities Inc.			91,621
	3	NET Lease Office Properties			73
	5,458	Realty Income Corp.			284,416
	581	Sun Communities Inc.			77,715
	6,749	VICI Properties Inc., Class A Shares			201,998
	2,231	WP Carey Inc.			125,672
		Total Equity Real Estate Investment Trusts (REITs)			1,894,432
Insurance – 4.0%
	3,161	Aflac Inc.			255,219
	955	Aon PLC, Class A Shares			301,771
	1,800	Arthur J Gallagher & Co.			439,074
	5,260	Berkshire Hathaway Inc., Class B Shares*			2,153,444
	2,817	Brown & Brown Inc.			237,220
	2,124	Fidelity National Financial Inc.			107,432
	5,545	Manulife Financial Corp.			131,638
	104	Markel Group Inc.*			155,218
	187	RenaissanceRe Holdings Ltd.			42,041
	2,111	Unum Group			104,389
	1,697	WR Berkley Corp.			141,869
		Total Insurance			4,069,315
Private Equity – 0.2%
	1,210	Brookfield Corp.			49,937
	1,435	KKR & Co., Inc.			141,003
		Total Private Equity			190,940
Real Estate – 0.0%
	161	Jones Lang LaSalle Inc.*			30,629
Savings & Loans – 0.0%
	2,951	New York Community Bancorp Inc.			14,135
		TOTAL FINANCIAL			14,602,989
INDUSTRIAL – 8.0%
Aerospace/Defense – 1.0%
	1,825	Boeing Co.*			371,789
	1,571	General Dynamics Corp.			429,276
	1,075	HEICO Corp.			207,905
		Total Aerospace/Defense			1,008,970
Building Materials – 0.2%
	315	Lennox International Inc.			148,431
	249	Louisiana-Pacific Corp.			18,418
		Total Building Materials			166,849

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Electrical Components & Equipment – 0.5%
	359	Acuity Brands Inc.		$	90,195
	1,994	AMETEK Inc.			359,279
		Total Electrical Components & Equipment			449,474
Electronics – 0.7%
	6,396	Amphenol Corp., Class A Shares			698,699
	931	Sensata Technologies Holding PLC			32,045
		Total Electronics			730,744
Engineering & Construction – 0.1%
	694	AECOM			61,648
Environmental Control – 0.4%
	1,787	Republic Services Inc., Class A Shares			328,093
	806	Waste Connections Inc.			134,151
		Total Environmental Control			462,244
Hand/Machine Tools – 0.0%
	148	Lincoln Electric Holdings Inc.			37,977
Machinery-Construction & Mining – 0.8%
	1,347	BWX Technologies Inc.			135,818
	1,931	Caterpillar Inc.			644,877
		Total Machinery-Construction & Mining			780,695
Machinery-Diversified – 1.5%
	227	AGCO Corp.			24,902
	477	Cognex Corp.			18,818
	911	Deere & Co.			332,561
	1,733	Dover Corp.			286,603
	1,956	Graco Inc.			178,505
	710	IDEX Corp.			167,489
	530	Nordson Corp.			140,794
	704	Rockwell Automation Inc.			200,696
	1,686	Xylem Inc.			214,206
		Total Machinery-Diversified			1,564,574
Miscellaneous Manufacturers – 1.2%
	2,513	3M Co.			231,498
	330	Carlisle Cos., Inc.			115,500
	3,744	General Electric Co.			587,396
	2,842	Textron Inc.			253,137
		Total Miscellaneous Manufacturers			1,187,531
Packaging & Containers – 0.4%
	617	Crown Holdings Inc.			47,274
	906	Packaging Corp. of America			164,158
	1,417	Sonoco Products Co.			80,316

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Packaging & Containers – (continued)
		Total Packaging & Containers		$	291,748
Transportation – 1.2%
	530	Canadian National Railway Co.			68,736
	1,121	Canadian Pacific Kansas City Ltd.			95,296
	2,139	Union Pacific Corp.			542,643
	3,582	United Parcel Service Inc., Class B Shares			531,067
	283	XPO Inc.*			34,051
		Total Transportation			1,271,793
		TOTAL INDUSTRIAL			8,014,247
TECHNOLOGY – 28.4%
Computers – 7.6%
	1,788	Accenture PLC, Class A Shares			670,107
	34,391	Apple Inc.(a)			6,216,173
	484	Check Point Software Technologies Ltd.*			77,643
	1,338	Dell Technologies Inc., Class C Shares			126,655
	2,662	International Business Machines Corp.			492,550
		Total Computers			7,583,128
Semiconductors – 9.7%
	4,354	Advanced Micro Devices Inc.*			838,276
	2,831	Applied Materials Inc.			570,786
	145	ASML Holding NV, Class NY Registered Shares, ADR			137,993
	1,127	Broadcom Inc.(a)			1,465,652
	285	Cirrus Logic Inc.*			26,169
	682	Entegris Inc.			91,633
	527	Lam Research Corp.			494,458
	1,683	Marvell Technology Inc.			120,604
	3,483	Micron Technology Inc.			315,595
	5,822	NVIDIA Corp.(a)			4,605,901
	1,421	NXP Semiconductors NV			354,866
	2,501	ON Semiconductor Corp.*			197,379
	2,906	QUALCOMM Inc.			458,538
	158	Silicon Laboratories Inc.*			21,731
	176	Taiwan Semiconductor Manufacturing Co., Ltd., ADR			22,646
		Total Semiconductors			9,722,227
Software – 11.1%
	1,206	Adobe Inc.*(a)			675,698
	964	Intuit Inc.			639,026
	17,439	Microsoft Corp.(a)			7,213,468
	4,696	Oracle Corp.			524,449
	2,771	Salesforce Inc.*(a)			855,740
	470	SAP SE, ADR			88,299

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Shares/Units		Security	Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
	746	ServiceNow Inc.*		$	575,420
	3,477	SS&C Technologies Holdings Inc.			221,693
	233	Veeva Systems Inc., Class A Shares*			52,544
	373	Workday Inc., Class A Shares*			109,908
	1,678	Zoom Video Communications Inc., Class A Shares*			118,685
		Total Software			11,074,930
		TOTAL TECHNOLOGY			28,380,285
UTILITIES – 2.3%
Electric – 2.2%
	4,615	Alliant Energy Corp.			220,366
	4,965	Ameren Corp.			353,458
	6,849	American Electric Power Co., Inc.			583,466
	3,809	Consolidated Edison Inc.			332,183
	9,929	PPL Corp.			261,828
	8,876	Xcel Energy Inc.			467,677
		Total Electric			2,218,978
Water – 0.1%
	3,490	Essential Utilities Inc.			121,382
		TOTAL UTILITIES			2,340,360
		TOTAL COMMON STOCKS (Cost – $82,138,772)			99,064,307

Number of Contracts		Notional Amounts
PURCHASED OPTIONS – 0.3%
Index Option – 0.3%
	64	$32,616,128	S&P 500 Index Options, Put, @ $4,535.00, expires 3/28/24, Counterparty: MSC	21,120
	65	33,125,755	S&P 500 Index Options, Put, @ $4,610.00, expires 4/30/24, Counterparty: MSC	73,775
	63	32,106,501	S&P 500 Index Options, Put, @ $4,835.00, expires 5/31/24, Counterparty: MSC	247,590
			TOTAL PURCHASED OPTIONS (Cost – $816,033)	342,485
			TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost – $82,954,805)	99,406,792

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (continued)

Face Amount			Security	Value
SHORT-TERM INVESTMENTS – 1.9%
TIME DEPOSIT – 1.9%
	$	1,879,059	JPMorgan Chase & Co. – New York, 4.680% due 3/1/24 (Cost – $1,879,059)		$	1,879,059
			TOTAL INVESTMENTS – 101.3% (Cost – $84,833,864)			101,285,851
			Liabilities in Excess of Other Assets – (1.3)%			(1,361,119)
			TOTAL NET ASSETS – 100.0%		$	99,924,732

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^

	Technology					28.0%
	Consumer Non-cyclical					17.2
	Financial					14.4
	Communications					13.8
	Consumer Cyclical					8.8
	Industrial					7.9
	Energy					3.7
	Utilities					2.3
	Basic Materials					1.7
	Purchased Options					0.3
	Short-Term Investments					1.9
						100.0%

As a percentage of total investments.

See Notes to Financial Statements.

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Schedules of Investments

February 29, 2024

Destinations Shelter Fund (concluded)

Schedule of Options Contracts Written

Index Options

Number of Contracts	Notional Amount			Security Name	Counterparty		Expiration Date		Exercise Rate			Value
33		$	16,817,691	S&P 500 Index Options, Call		MSC		3/28/24		$	5,010.00		$	(421,245)
33			16,817,691	S&P 500 Index Options, Call		MSC		4/30/24			5,110.00			(341,055)
31			15,798,437	S&P 500 Index Options, Call		MSC		5/31/24			5,385.00			(99,820)
64			32,616,128	S&P 500 Index Options, Put		MSC		3/28/24			3,825.00			(5,760)
65			33,125,755	S&P 500 Index Options, Put		MSC		4/30/24			3,875.00			(19,013)
63			32,106,501	S&P 500 Index Options, Put		MSC		5/31/24			4,075.00			(45,675)
				TOTAL OPTIONS CONTRACTS WRITTEN
				(Premiums received – $474,026)									$	(932,568)

Counterparty Abbreviations used in this schedule:

MSC

— Morgan Stanley

See Notes to Financial Statements.

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Ratings (unaudited)

The definitions of the applicable rating symbols are set forth below:

Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA — Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.

AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

P — Preliminary rating.

u — The upgrade state defines bonds that have recently been upgraded into higher rating categories.

Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category.

Aaa — Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa — Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.

A — Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.

Baa — Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba — Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B — Bonds rated “B” generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa — Bonds rated “Caa” are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest.

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Ratings (unaudited) (concluded)

Ca — Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.

C — Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

e — Expected.

u — Upgraded.

Fitch Ratings Service (“Fitch”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA — Bonds rated “AAA” have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.

AAApre — Stable Outlook rating is based on the pledge of securities in the escrow deposit fund securing the bonds and reflects the lien of the refunded bondholders on the escrow trust funds and that all amounts have been invested in direct non-callable obligations of the United States.

AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

NR — Indicates that the bond is not rated by Standard & Poor’s, Moody’s, or Fitch.

WD, WR — Indicates that the bonds rating has been withdrawn and the issuer is no longer rated by Standard & Poor’s, Moody’s or Fitch.

Short-Term Security Ratings

SP-1 — Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

A-1 — Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

VMIG 1 — Moody’s highest rating for issues having a demand feature — VRDO.

MIG1 — Moody’s highest rating for short-term municipal obligations.

P-1 — Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.

F-1 — Fitch’s highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.

F-2 — Fitch’s rating indicating a good capacity for timely payment of financial commitments.

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Statements of Assets and Liabilities
February 29, 2024

	Destinations Large Cap Equity Fund			Destinations Small-Mid Cap Equity Fund			Destinations International Equity Fund			Destinations Equity Income Fund			Destinations Core Fixed Income Fund
ASSETS:
Investments, at value(1),(2)		$	4,235,186,837		$	855,440,928		$	2,458,838,418		$	581,951,490		$	2,121,124,462
Foreign currency, at value(3)			229			—			1,780,094			41			—
Cash			—			—			—			—			—
Receivable for securities sold			19,137,030			12,840,832			28,642,724			24,904,679			62,847,044
Dividends and interest receivable			3,953,331			583,253			6,677,767			2,189,099			12,047,286
Receivable for Fund shares sold			1,425,140			341,436			903,284			306,026			940,497
Receivable for expense reimbursement			—			—			—			—			—
Unrealized appreciation on open forward foreign currency contracts (Note 4)			—			—			—			—			—
Variation margin on open future contracts (Note 4)			9,100			3,590			2,604			—			—
Unrealized appreciation on swap contracts (Note 4)			—			—			593,121			—			—
Upfront premiums paid on swap contracts			—			—			—			—			—
Deposits with counterparty			—			—			4,936,756(7)			—			—
Cash held at Broker			103,840			30,910			42,486			—			757,407
Prepaid expenses			50,846			11,154			40,331			9,565			14,640
Total Assets			4,259,866,353			869,252,103			2,502,457,585			609,360,900			2,197,731,336
LIABILITIES:
Payable for collateral received from securities on loan			13,766,400			5,112,972			23,104,558			1,974,600			—
Payable for Fund shares repurchased			6,642,267			1,252,397			3,665,709			1,147,383			3,869,678
Payable for securities purchased			20,803,571			3,771,067			5,397,329			557,060			147,042,264
Investment management fee payable			1,965,985			521,895			1,452,480			346,356			1,009,727
Transfer agent fees payable			629,790			138,644			365,187			80,496			309,489
Custody fee payable			166,320			69,898			281,447			36,437			144,382
Registration fees payable			15,021			9,803			6,208			2,896			3,982
Shareholder services			55,415			45,539			91,780			19,157			44,504
Variation margin on open future contracts (Note 4)			—			—			—			—			111,818
Variation margin on open swap contracts (Note 4)			—			—			—			—			800,386
Upfront premiums received on swap contracts			—			—			—			—			—
Unrealized depreciation on swap contracts (Note 4)			—			—			853,513			—			—
Forward sale commitments(5) (Note 5)			—			—			—			—			31,182,992
Securities sold short(5) (Note 5)			—			—			—			—			—
Due to custodian(3)			127			127			134			737			—
Options contracts written, at value(6) (Note 4)			—			—			46,262			16,787			—
Unrealized depreciation on open forward foreign currency contracts (Note 4)			—			—			—			—			—
Foreign capital gains tax payable			—			—			4,896,370			—			—
Investment interest payable on securities sold short			—			—			—			—			—
Accrued Chief Compliance Officer expense			3,213			646			1,996			491			—
Accrued expenses			19,306			29,598			89,455			18,924			227,123
Other liabilities			—			—			—			—			—
Total Liabilities			44,067,415			10,952,586			40,252,428			4,201,324			184,746,345
Total Net Assets		$	4,215,798,938		$	858,299,517		$	2,462,205,157		$	605,159,576		$	2,012,984,991
NET ASSETS:
Par value		$	280,175		$	67,406		$	196,201		$	52,866		$	241,932
Paid-in capital in excess of par value			2,736,590,438			693,910,939			2,203,584,563			561,354,816			2,405,325,592
Total distributable earnings (losses)			1,478,928,325			164,321,172			258,424,393			43,751,894			(392,582,533)
Total Net Assets		$	4,215,798,938		$	858,299,517		$	2,462,205,157		$	605,159,576		$	2,012,984,991
Total Net Assets Class I		$	3,809,962,665		$	775,344,072		$	2,221,823,679		$	550,070,935		$	1,820,597,952
Total Net Assets Class Z		$	405,836,273		$	82,955,445		$	240,381,478		$	55,088,641		$	192,387,039
Shares Outstanding Class I			245,296,536			58,860,651			174,278,906			47,893,911			219,414,174
Shares Outstanding Class Z			34,878,133			8,545,344			21,922,385			4,971,855			22,517,784
Net Asset Value Class I		$	15.53		$	13.17		$	12.75		$	11.49		$	8.30
Net Asset Value Class Z		$	11.64		$	9.71		$	10.97		$	11.08		$	8.54
(1) Investments, at cost		$	2,962,415,053		$	680,514,774		$	2,057,087,533		$	518,587,399		$	2,309,626,200
(2) Includes securities on loan		$	13,583,326		$	4,943,529		$	22,152,142		$	1,913,168		$	—
(3) Foreign currency, at cost		$	226		$	—		$	1,778,890		$	45		$	—
(4) Related to futures contracts		$	—		$	—		$	—		$	—		$	—
(5) Proceeds received		$	—		$	—		$	—		$	—		$	31,359,854
(6) Premiums received		$	—		$	—		$	18,262		$	26,101		$	—
(7) Related to swap contracts		$	—		$	—		$	4,936,756		$	—		$	—

See Notes to Financial Statements.

346

TABLE OF CONTENTS

Statements of Assets and Liabilities
February 29, 2024 (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)		$	422,288,703		$	834,834,680		$	888,792,402		$	788,938,248		$	101,285,851
Foreign currency, at value(3)			322			333			—			—			—
Cash			—			14			—			—			—
Receivable for securities sold			1,129,336			7,996,592			381,353			893,450			853,107
Dividends and interest receivable			3,994,644			10,254,613			8,876,233			3,627,418			139,030
Receivable for Fund shares sold			228,491			376,958			299,526			343,542			17,216
Receivable for expense reimbursement			—			—			8,468			—			—
Unrealized appreciation on open forward foreign currency contracts (Note 4)			—			93,421			—			—			—
Variation margin on open future contracts (Note 4)			—			—			—			—			—
Unrealized appreciation on swap contracts (Note 4)			—			—			—			13,998,594			—
Upfront premiums paid on swap contracts			—			—			—			2,018,300			—
Deposits with counterparty			—			3,275,000(4)			—			9,553,778(7)			—
Cash held at Broker			—			11,832,522			8,345,200			38,769,872			—
Prepaid expenses			4,946			12,185			10,960			7,599			1,521
Total Assets			427,646,442			868,676,318			906,714,142			858,150,801			102,296,725
LIABILITIES:
Payable for collateral received from securities on loan			722,785			392,687			35,528,240			1,027,244			—
Payable for Fund shares repurchased			769,978			1,379,912			1,193,859			1,832,427			33,763
Payable for securities purchased			21,429,587			33,484,948			8,327,018			7,472,542			1,215,359
Investment management fee payable			160,482			480,631			407,134			638,043			57,640
Transfer agent fees payable			71,320			119,058			118,516			127,562			27,177
Custody fee payable			34,688			54,983			68,394			47,047			12,542
Registration fees payable			5,351			11,913			5,197			13,498			69,763
Shareholder services			18,750			22,413			6,822			28,975			1,968
Variation margin on open future contracts (Note 4)			—			—			3,000			—			—
Variation margin on open swap contracts (Note 4)			—			—			—			—			—
Upfront premiums received on swap contracts			—			—			—			11,366,800			—
Unrealized depreciation on swap contracts (Note 4)			—			—			—			156,122			—
Forward sale commitments(5) (Note 5)			—			—			—			—			—
Securities sold short(5) (Note 5)			—			9,106,827			—			29,149,052			—
Due to custodian(3)			—			—			—			—			—
Options contracts written, at value(6) (Note 4)			—			122,601			—			17,280			932,568
Unrealized depreciation on open forward foreign currency contracts (Note 4)			76,917			177,078			—			—			—
Foreign capital gains tax payable			—			—			—			—			—
Investment interest payable on securities sold short			—			185,727			—			—			—
Accrued Chief Compliance Officer expense			—			—			—			—			80
Accrued expenses			50,573			33,394			25,913			43,492			21,133
Other liabilities			—			331,944			—			—			—
Total Liabilities			23,340,431			45,904,116			45,684,093			51,920,084			2,371,993
Total Net Assets		$	404,306,011		$	822,772,202		$	861,030,049		$	806,230,717		$	99,924,732
NET ASSETS:
Par value		$	43,381		$	88,112		$	88,901		$	77,361		$	9,536
Paid-in capital in excess of par value			435,560,326			879,470,072			893,635,290			778,318,369			96,571,306
Total distributable earnings (losses)			(31,297,696)			(56,785,982)			(32,694,142)			27,834,987			3,343,890
Total Net Assets		$	404,306,011		$	822,772,202		$	861,030,049		$	806,230,717		$	99,924,732
Total Net Assets Class I		$	370,655,393		$	752,497,244		$	812,483,899		$	739,371,023		$	97,749,143
Total Net Assets Class Z		$	33,650,618		$	70,274,958		$	48,546,150		$	66,859,694		$	2,175,589
Shares Outstanding Class I			39,850,376			80,726,223			83,903,892			70,782,168			9,326,308
Shares Outstanding Class Z			3,530,348			7,385,785			4,997,390			6,578,755			210,182
Net Asset Value Class I		$	9.30		$	9.32		$	9.68		$	10.45		$	10.48
Net Asset Value Class Z		$	9.53		$	9.51		$	9.71		$	10.16		$	10.35
(1) Investments, at cost		$	438,180,247		$	849,038,354		$	887,329,538		$	763,223,755		$	84,833,864
(2) Includes securities on loan		$	709,003		$	349,920		$	34,847,912		$	986,635		$	—
(3) Foreign currency, at cost		$	323		$	334		$	—		$	(2)		$	—
(4) Related to futures contracts		$	—		$	3,275,000		$	—		$	—		$	—
(5) Proceeds received		$	—		$	9,032,970		$	—		$	36,941,697		$	—
(6) Premiums received		$	—		$	151,174		$	—		$	133,326		$	474,026
(7) Related to swap contracts		$	—		$	—		$	—		$	9,553,778		$	—

See Notes to Financial Statements.

347

TABLE OF CONTENTS

Statements of Operations

For the Year Ended February 29, 2024

	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		$	50,817,958		$	11,504,580		$	70,843,159		$	26,305,344		$	1,823,894
Interest			2,604,755			1,199,487			3,354,469			728,694			79,469,791
Income from securities lending			132,277			210,997			285,642			81,523			62
Less: Foreign taxes withheld (Note 5)			(585,606)			(975)			(7,099,894)			(1,120,510)			—
Miscellaneous income			—			—			79,148			—			—
Total Investment Income			52,969,384			12,914,089			67,462,524			25,995,051			81,293,747
EXPENSES:
Investment management fee (Note 7)			30,521,391			7,787,552			24,315,745			5,128,913			13,416,025
Transfer agent fees			5,517,339			1,219,009			3,344,677			927,555			2,852,742
Custody fees			998,459			341,573			1,528,442			255,222			852,693
Trustees’ fees			321,533			71,506			154,403			51,871			176,250
Insurance			102,741			27,208			55,002			16,295			141,732
Audit and tax			—			25,586			—			64,901			25,663
Legal expense			305,485			74,519			136,888			43,691			146,044
Chief Compliance Officer expense			163,857			34,325			81,389			27,293			75,956
Shareholder reports fees			—			—			—			23			—
Offering fees			—			—			8,610			—			—
Distribution fees			—			—			—			—			—
Shareholder services			160,697			124,429			214,896			103,784			54,097
Registration fees			24,052			32,489			—			54,257			15,518
Miscellaneous expense			78,234			35,236			128,837			37,491			172,036
Interest and dividend expense			60,748			27,137			49,384			9,223			12,436
Total Expenses			38,254,536			9,800,569			30,018,273			6,720,519			17,941,192
Less: Fee waivers and/or expense reimbursement (Note 7)			(6,346,928)			(299,962)			(4,804,003)			(665,940)			(1,668,338)
Net Expenses			31,907,608			9,500,607			25,214,270			6,054,579			16,272,854
Net Investment Income (Loss)		$	21,061,776		$	3,413,482		$	42,248,254		$	19,940,472		$	65,020,893
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		$	507,310,255		$	61,102,180		$	12,874,470*		$	(12,898,211)		$	(71,433,123)
Futures contracts			456,859			20,325			12,936			—			2,664,469
Forward sale commitments			—			—			—			—			1,617,740
Options contracts written			—			—			85,745			177,642			—
Securities sold short			—			—			—			—			—
Swap contracts			—			—			1,213,625			—			108,145
Forward foreign currency contracts			—			—			—			—			—
Foreign currency transactions			(1,449)			—			(709,527)			(1,612)			—
Realized Gain (Loss)			507,765,665			61,122,505			13,477,249			(12,722,181)			(67,042,769)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments			501,996,103			32,143,654			182,048,125**			29,284,666			70,183,745
Futures contracts			167,944			39,730			39,035			—			(210,112)
Unfunded loan commitments			—			—			—			—			118
Options contracts written			—			—			(12,413)			7,009			—
Forward sale commitments			—			—			—			—			(81,078)
Securities sold short			—			—			—			—			—
Swap contracts			—			—			(260,392)			—			351,254
Forward foreign currency contracts			—			—			—			—			—
Foreign currency transactions			1,003			—			128,142			30,057			—
Change in Net Unrealized Appreciation (Depreciation):			502,165,050			32,183,384			181,942,497			29,321,732			70,243,927
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			1,009,930,715			93,305,889			195,419,746			16,599,551			3,201,158
Total Increase (Decrease) in Net Assets from Operations		$	1,030,992,491		$	96,719,371		$	237,668,000		$	36,540,023		$	68,222,051

Includes foreign capital gains tax of $(1,810,881) for Destinations International Equity Fund.

Includes accrued foreign capital gains tax of $4,737,055 for Destinations International Equity Fund.

See Notes to Financial Statements.

348

TABLE OF CONTENTS

Statements of Operations

For the Year Ended February 29, 2024 (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		$	1,669,677		$	7,254,947		$	618,013		$	10,272,289		$	1,609,871
Interest			27,013,305			52,450,102			28,905,501			41,694,582			58,186
Income from securities lending			15,974			66,478			148,529			8,128			—
Less: Foreign taxes withheld (Note 5)			—			—			—			—			(7,816)
Miscellaneous income			—			—			—			—			—
Total Investment Income			28,698,956			59,771,527			29,672,043			51,974,999			1,660,241
EXPENSES:
Investment management fee (Note 7)			2,898,078			6,833,852			6,163,140			10,913,673			845,765
Transfer agent fees			621,822			1,163,202			1,276,757			1,158,954			160,602
Custody fees			202,784			325,588			407,949			257,390			71,726
Trustees’ fees			35,325			69,510			75,096			65,558			8,079
Insurance			12,216			18,715			29,854			26,315			3,822
Audit and tax			51,779			59,616			53,713			51,270			67,957
Legal expense			37,791			52,561			58,746			53,616			4,257
Chief Compliance Officer expense			17,053			33,066			30,526			30,034			3,512
Shareholder reports fees			—			—			—			488			—
Offering fees			—			—			—			—			—
Distribution fees			—			—			—			—			81
Shareholder services			114,032			103,461			4,126			102,954			8,260
Registration fees			40,674			56,983			40,475			40,032			108,741
Miscellaneous expense			25,088			75,151			33,036			36,081			12,869
Interest and dividend expense			9,196			383,296			3,410			686,614			1,074
Total Expenses			4,065,838			9,175,001			8,176,828			13,422,979			1,296,745
Less: Fee waivers and/or expense reimbursement (Note 7)			(189,064)			(1,085,313)			(1,360,480)			(3,586,098)			(111,003)
Net Expenses			3,876,774			8,089,688			6,816,348			9,836,881			1,185,742
Net Investment Income (Loss)		$	24,822,182		$	51,681,839		$	22,855,695		$	42,138,118		$	474,499
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		$	(10,097,679)		$	(21,458,177)		$	(8,080,695)		$	11,307,264		$	(6,395,383)
Futures contracts			—			—			76,626			—			—
Forward sale commitments			—			—			—			—			—
Options contracts written			—			582,600			—			179,323			(2,568,059)
Securities sold short			—			51,810			—			14,900,293			—
Swap contracts			—			—			—			5,966,183			—
Forward foreign currency contracts			(810,493)			(355,685)			—			—			—
Foreign currency transactions			557,873			507,114			—			—			—
Realized Gain (Loss)			(10,350,299)			(20,672,338)			(8,004,069)			32,353,063			(8,963,442)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments			16,198,985			39,726,857			22,489,597			10,968,797			28,257,914
Futures contracts			—			—			(8,085)			—			—
Unfunded loan commitments			—			—			—			—			—
Options contracts written			—			(108,555)			—			116,046			(889,446)
Forward sale commitments			—			—			—			—			—
Securities sold short			—			(184,708)			—			(14,041,778)			—
Swap contracts			—			—			—			8,911,023			—
Forward foreign currency contracts			(650,125)			(503,227)			—			—			—
Foreign currency transactions			(85,853)			(120,684)			—			—			—
Change in Net Unrealized Appreciation (Depreciation):			15,463,007			38,809,683			22,481,512			5,954,088			27,368,468
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			5,112,708			18,137,345			14,477,443			38,307,151			18,405,026
Total Increase (Decrease) in Net Assets from Operations		$	29,934,890		$	69,819,184		$	37,333,138		$	80,445,269		$	18,879,525

See Notes to Financial Statements.

349

TABLE OF CONTENTS

Statements of Changes in Net Assets

For the Year Ended February 29, 2024 and Year Ended February 28, 2023

	Destinations Large Cap Equity Fund						Destinations Small-Mid Cap Equity Fund						Destinations International Equity Fund
	February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023
OPERATIONS:
Net investment income (loss).		$	21,061,776		$	30,019,640		$	3,413,482		$	4,320,997		$	42,248,254		$	23,057,959
Net realized gain (loss)			507,765,665			(113,462,263)			61,122,505			(68,894,421)			13,477,249			(108,951,275)
Change in unrealized appreciation (depreciation)			502,165,050			(308,710,516)			32,183,384			(15,766,967)			181,942,497			(170,786,833)
Increase (Decrease) in Net Assets From Operations			1,030,992,491			(392,153,139)			96,719,371			(80,340,391)			237,668,000			(256,680,149)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
Class I			(167,095,901)			(208,655,308)			(2,014,029)			(34,942,635)			(41,827,685)			(47,929,247)
Class Z			(23,871,913)			(27,383,971)			(456,071)			(4,523,397)			(5,525,051)			(5,791,597)
Decrease in Net Assets From Distributions to Shareholders			(190,967,814)			(236,039,279)			(2,470,100)			(39,466,032)			(47,352,736)			(53,720,844)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			286,723,049			504,336,142			68,314,934			133,573,872			649,062,864			228,834,565
Class Z			56,755,104			78,471,942			12,587,190			20,629,275			84,510,718			37,882,738
Reinvestment of distributions:
Class I			165,545,592			206,900,479			1,997,933			34,693,512			41,455,349			47,529,535
Class Z			23,520,862			26,936,686			448,886			4,443,660			5,441,557			5,691,480
Cost of shares repurchased:
Class I			(1,400,519,989)			(938,155,299)			(415,794,352)			(222,745,216)			(481,713,480)			(574,480,158)
Class Z			(145,033,962)			(150,588,094)			(40,087,120)			(37,594,065)			(50,854,777)			(82,840,187)
Increase (Decrease) in Net Assets From Fund Share Transactions			(1,013,009,344)			(272,098,144)			(372,532,529)			(66,998,962)			247,902,231			(337,382,027)
Increase (Decrease) in Net Assets			(172,984,667)			(900,290,562)			(278,283,258)			(186,805,385)			438,217,495			(647,783,020)
NET ASSETS:
Beginning of period			4,388,783,605			5,289,074,167			1,136,582,775			1,323,388,160			2,023,987,662			2,671,770,682
End of period		$	4,215,798,938		$	4,388,783,605		$	858,299,517		$	1,136,582,775		$	2,462,205,157		$	2,023,987,662

	Destinations Equity Income Fund						Destinations Core Fixed Income Fund
	February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023
OPERATIONS:
Net investment income (loss).		$	19,940,472		$	17,968,124		$	65,020,893		$	56,483,287
Net realized gain (loss)			(12,722,181)			13,464,926			(67,042,769)			(111,507,289)
Change in unrealized appreciation (depreciation)			29,321,732			(35,314,418)			70,243,927			(164,503,972)
Increase (Decrease) in Net Assets From Operations			36,540,023			(3,881,368)			68,222,051			(219,527,974)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
From net investment income/realized gains:
Class I			(23,511,289)			(27,242,743)			(61,685,454)			(51,511,757)
Class Z			(2,426,045)			(2,606,305)			(6,270,628)			(4,935,258)
From return of capital
Class I			—			—			(3,637,525)			—
Class Z			—			—			(373,308)			—
Decrease in Net Assets From Distributions to Shareholders			(25,937,334)			(29,849,048)			(71,966,915)			(56,447,015)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			50,031,989			297,686,879			396,772,982			403,068,744
Class Z			9,872,253			32,837,879			57,131,151			52,229,510
Reinvestment of distributions:
Class I			23,306,638			27,030,415			64,729,658			51,103,461
Class Z			2,353,688			2,504,455			6,529,609			4,834,646
Cost of shares repurchased:
Class I			(184,530,150)			(111,671,803)			(430,534,637)			(411,011,008)
Class Z			(18,181,017)			(16,748,275)			(41,242,854)			(64,928,010)
Increase (Decrease) in Net Assets From Fund Share Transactions			(117,146,599)			231,639,550			53,385,909			35,297,343
Increase (Decrease) in Net Assets			(106,543,910)			197,909,134			49,641,045			(240,677,646)
NET ASSETS:
Beginning of period			711,703,486			513,794,352			1,963,343,946			2,204,021,592
End of period		$	605,159,576		$	711,703,486		$	2,012,984,991		$	1,963,343,946

See Notes to Financial Statements.

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Statements of Changes in Net Assets

For the Year Ended February 29, 2024 and Year Ended February 28, 2023 (concluded)

	Destinations Low Duration Fixed Income Fund						Destinations Global Fixed Income Opportunities Fund						Destinations Municipal Fixed Income Fund
	February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023
OPERATIONS:
Net investment income (loss).		$	24,822,182		$	24,589,689		$	51,681,839		$	34,061,879		$	22,855,695		$	13,962,205
Net realized gain (loss)			(10,350,299)			(1,752,868)			(20,672,338)			(12,472,083)			(8,004,069)			(13,511,455)
Change in unrealized appreciation (depreciation)			15,463,007			(22,815,109)			38,809,683			(37,561,560)			22,481,512			(30,088,734)
Increase (Decrease) in Net Assets From Operations			29,934,890			21,712			69,819,184			(15,971,764)			37,333,138			(29,637,984)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
Class I			(23,007,117)			(26,958,411)			(47,612,759)			(30,862,604)			(23,841,193)			(16,101,585)
Class Z			(2,035,141)			(2,249,387)			(4,281,814)			(2,718,796)			(1,417,019)			(912,995)
Decrease in Net Assets From Distributions to Shareholders			(25,042,258)			(29,207,798)			(51,894,573)			(33,581,400)			(25,258,212)			(17,014,580)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			52,955,710			90,253,320			199,873,987			119,399,527			145,154,183			160,539,965
Class Z			8,530,085			9,730,784			23,724,835			13,620,653			18,325,767			17,583,000
Reinvestment of distributions:
Class I			22,786,422			26,746,026			47,157,667			30,612,580			23,570,961			15,945,827
Class Z			1,997,960			2,197,436			4,181,788			2,640,802			1,362,933			875,610
Cost of shares repurchased:
Class I			(160,906,614)			(177,476,575)			(172,537,676)			(142,145,739)			(186,573,334)			(200,082,715)
Class Z			(14,300,102)			(21,925,643)			(16,169,276)			(21,479,728)			(15,646,422)			(17,658,567)
Increase (Decrease) in Net Assets From Fund Share Transactions			(88,936,539)			(70,474,652)			86,231,325			2,648,095			(13,805,912)			(22,796,880)
Increase (Decrease) in Net Assets			(84,043,907)			(99,660,738)			104,155,936			(46,905,069)			(1,730,986)			(69,449,444)
NET ASSETS:
Beginning of period			488,349,918			588,010,656			718,616,266			765,521,335			862,761,035			932,210,479
End of period		$	404,306,011		$	488,349,918		$	822,772,202		$	718,616,266		$	861,030,049		$	862,761,035

	Destinations Multi Strategy Alternatives Fund						Destinations Shelter Fund
	February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023
OPERATIONS:
Net investment income (loss)		$	42,138,118		$	35,519,960		$	474,499		$	363,609
Net realized gain (loss)			32,353,063			(32,215,484)			(8,963,442)			(2,762,442)
Change in unrealized appreciation (depreciation)			5,954,088			7,486,759			27,368,468			(8,098,003)
Increase (Decrease) in Net Assets From Operations			80,445,269			10,791,235			18,879,525			(10,496,836)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5) :
Class I			(48,635,421)			(28,931,104)			(361,812)			(484,190)
Class Z			(4,466,799)			(2,659,540)			(10,084)			(11,403)
Decrease in Net Assets From Distributions to Shareholders			(53,102,220)			(31,590,644)			(371,896)			(495,593)
FUND SHARE TRANSACTIONS :
Net proceeds from sale of shares:
Class I			108,716,839			111,935,599			3,201,679			8,031,819
Class Z			13,692,347			18,229,720			245,840			289,310
Reinvestment of distributions:
Class I			48,174,921			28,697,347			361,811			484,189
Class Z			4,379,853			2,601,205			10,084			11,403
Cost of shares repurchased:
Class I			(293,670,827)			(435,422,534)			(23,361,975)			(21,510,482)
Class Z			(25,567,149)			(55,202,524)			(229,205)			(461,290)
Increase (Decrease) in Net Assets From Fund Share Transactions			(144,274,016)			(329,161,187)			(19,771,766)			(13,155,051)
Increase (Decrease) in Net Assets			(116,930,967)			(349,960,596)			(1,264,137)			(24,147,480)
NET ASSETS:
Beginning of period			923,161,684			1,273,122,280			101,188,869			125,336,349
End of period		$	806,230,717		$	923,161,684		$	99,924,732		$	101,188,869

See Notes to Financial Statements.

351

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Financial Highlights

Destinations Large Cap Equity Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	12.69		$	14.44		$	15.84		$	11.88		$	11.61
Income (Loss) from Operations:
Net investment income(1)			0.07			0.08			0.04			0.07			0.10
Net realized and unrealized gain (loss)			3.45			(1.14)			1.33			4.19			0.40
Total Income (Loss) from Operations			3.52			(1.06)			1.37			4.26			0.50
Less Distributions From:
Net investment income			(0.07)			(0.07)			(0.10)			(0.01)			(0.10)
Net realized gain			(0.61)			(0.62)			(2.67)			(0.29)			(0.13)
Total Distributions			(0.68)			(0.69)			(2.77)			(0.30)			(0.23)
Net Asset Value, End of Period		$	15.53		$	12.69		$	14.44		$	15.84		$	11.88
Total Return(2)			28.18%			(7.21)%			7.48%			35.94%			4.18%
Net Assets, End of Period (millions)		$	3,810		$	3,992		$	4,783		$	4,450		$	3,651
Ratios to Average Net Assets:
Gross expenses			0.95%			0.96%			0.95%			0.95%			0.95%
Net expenses(3)			0.80%			0.82%			0.80%			0.82%			0.82%
Net investment income(3)			0.50%			0.64%			0.21%			0.56%			0.84%
Portfolio Turnover Rate(4)			95%			71%			83%			48%			49%

(1)

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

(2)

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.

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

352

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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 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.65		$	11.18		$	12.81		$	9.65		$	9.46
Income (Loss) from Operations:
Net investment income(1)			0.07			0.08			0.05			0.08			0.10
Net realized and unrealized gain (loss)			2.63			(0.90)			1.12			3.40			0.34
Total Income (Loss) from Operations			2.70			(0.82)			1.17			3.48			0.44
Less Distributions From:
Net investment income			(0.10)			(0.09)			(0.13)			(0.03)			(0.12)
Net realized gain			(0.61)			(0.62)			(2.67)			(0.29)			(0.13)
Total Distributions			(0.71)			(0.71)			(2.80)			(0.32)			(0.25)
Net Asset Value, End of Period		$	11.64		$	9.65		$	11.18		$	12.81		$	9.65
Total Return(2)			28.50%			(7.16)%			7.65%			36.16%			4.45%
Net Assets, End of Period (millions)		$	406		$	397		$	506		$	283		$	200
Ratios to Average Net Assets:
Gross expenses			0.80%			0.81%			0.80%			0.80%			0.80%
Net expenses(3)			0.65%			0.67%			0.65%			0.67%			0.67%
Net investment income(3)			0.65%			0.79%			0.36%			0.70%			0.96%
Portfolio Turnover Rate(4)			95%			71%			83%			48%			49%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

353

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Financial Highlights (continued)

Destinations Small Mid Cap Equity

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	11.79		$	12.97		$	16.43		$	10.92		$	11.31
Income (Loss) from Operations:
Net investment income(1)			0.04			0.04			(0.01)			0.01			0.06
Net realized and unrealized gain (loss)			1.37			(0.82)			0.55			5.80			0.04
Total Income (Loss) from Operations			1.41			(0.78)			0.54			5.81			0.10
Less Distributions From:
Net investment income			(0.03)			—			—			(0.00)*			(0.06)
Net realized gain			—			(0.40)			(4.00)			(0.30)			(0.43)
Total Distributions			(0.03)			(0.40)			(4.00)			(0.30)			(0.49)
Net Asset Value, End of Period		$	13.17		$	11.79		$	12.97		$	16.43		$	10.92
Total Return(2)			12.00%			(5.86)%			1.66%			53.65%			0.52%
Net Assets, End of Period (millions)		$	775		$	1,036		$	1,198		$	1,167		$	890
Ratios to Average Net Assets:
Gross expenses			1.15%			1.13%			1.11%			1.11%			1.11%
Net expenses(3)			1.11%			1.12%			1.10%			1.11%			1.08%
Net investment income(3)			0.38%			0.36%			(0.05)%			0.09%			0.54%
Portfolio Turnover Rate(4)			115%			125%			111%			145%			110%

Amount is less than $0.005 per share.

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

354

TABLE OF CONTENTS

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 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	8.70		$	9.68		$	13.17		$	8.80		$	9.20
Income (Loss) from Operations:
Net investment income(1)			0.05			0.05			0.01			0.02			0.06
Net realized and unrealized gain (loss)			1.01			(0.63)			0.50			4.67			0.05
Total Income (Loss) from Operations			1.06			(0.58)			0.51			4.69			0.11
Less Distributions From:
Net investment income			(0.05)			—			—			(0.02)			(0.08)
Net realized gain			—			(0.40)			(4.00)			(0.30)			(0.43)
Total Distributions			(0.05)			(0.40)			(4.00)			(0.32)			(0.51)
Net Asset Value, End of Period		$	9.71		$	8.70		$	9.68		$	13.17		$	8.80
Total Return(2)			12.25%			(5.78)%			1.86%			53.85%			0.69%
Net Assets, End of Period (millions)		$	83		$	101		$	126		$	74		$	46
Ratios to Average Net Assets:
Gross expenses			1.00%			0.98%			0.96%			0.96%			0.97%
Net expenses(3)			0.96%			0.97%			0.95%			0.96%			0.94%
Net investment income(3)			0.53%			0.51%			0.10%			0.22%			0.66%
Portfolio Turnover Rate(4)			115%			125%			111%			145%			110%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

355

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations International Equity Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	11.72		$	13.24		$	15.11		$	11.30		$	10.86
Income (Loss) from Operations:
Net investment income(1)			0.21			0.12			0.01			0.00*			0.09
Net realized and unrealized gain (loss)			1.06			(1.33)			(1.22)			3.81			0.44
Total Income (Loss) from Operations			1.27			(1.21)			(1.21)			3.81			0.53
Less Distributions From:
Net investment income			(0.24)			(0.20)			(0.03)			(0.00)*			(0.09)
Net realized gain			—			(0.11)			(0.63)			—			—
Total Distributions			(0.24)			(0.31)			(0.66)			—			(0.09)
Net Asset Value, End of Period		$	12.75		$	11.72		$	13.24		$	15.11		$	11.30
Total Return(2)			10.84%			(9.07)%			(8.36)%			33.76%			4.83%
Net Assets, End of Period (millions)		$	2,222		$	1,840		$	2,419		$	2,288		$	1,884
Ratios to Average Net Assets:
Gross expenses			1.25%			1.26%			1.24%			1.24%			1.25%
Net expenses(3)			1.05%			1.16%			1.20%			1.23%			1.17%
Net investment income(3)			1.73%			1.02%			0.05%			0.02%			0.77%
Portfolio Turnover Rate(4)			69%			66%			48%			38%			27%

Amount is less than $0.005 per share.

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

356

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations International Equity Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	10.11		$	11.48		$	13.18		$	9.86		$	9.48
Income (Loss) from Operations:
Net investment income(1)			0.19			0.12			0.02			0.02			0.06
Net realized and unrealized gain (loss)			0.92			(1.16)			(1.05)			3.32			0.43
Total Income (Loss) from Operations			1.11			(1.04)			(1.03)			3.34			0.49
Less Distributions From:
Net investment income			(0.25)			(0.22)			(0.04)			(0.02)			(0.11)
Net realized gain			—			(0.11)			(0.63)			—			—
Total Distributions			(0.25)			(0.33)			(0.67)			(0.02)			(0.11)
Net Asset Value, End of Period		$	10.97		$	10.11		$	11.48		$	13.18		$	9.86
Total Return(2)			11.06%			(8.98)%			(8.16)%			33.91%			5.05%
Net Assets, End of Period (millions)		$	240		$	184		$	253		$	145		$	99
Ratios to Average Net Assets:
Gross expenses			1.10%			1.11%			1.09%			1.09%			1.10%
Net expenses(3)			0.90%			1.01%			1.05%			1.08%			1.02%
Net investment income(3)			1.84%			1.18%			0.13%			0.14%			0.62%
Portfolio Turnover Rate(4)			69%			66%			48%			38%			27%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

357

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Equity Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	11.27		$	11.91		$	10.26		$	9.74		$	10.20
Income (Loss) from Operations:
Net investment income(1)			0.34			0.36			0.34			0.34			0.35
Net realized and unrealized gain (loss)			0.32			(0.47)			1.65			0.63			(0.40)
Total Income (Loss) from Operations			0.66			(0.11)			1.99			0.97			(0.05)
Less Distributions From:
Net investment income			(0.39)			(0.34)			(0.34)			(0.31)			(0.32)
Net realized gain			(0.05)			(0.19)			—			(0.14)			(0.09)
Total Distributions			(0.44)			(0.53)			(0.34)			(0.45)			(0.41)
Net Asset Value, End of Period		$	11.49		$	11.27		$	11.91		$	10.26		$	9.74
Total Return(2)			6.09%			(0.83)%			19.68%			10.37%			(0.78)%
Net Assets, End of Period (millions)		$	550		$	652		$	469		$	375		$	441
Ratios to Average Net Assets:
Gross expenses			1.06%			1.04%			1.04%			1.03%			1.03%
Net expenses(3)			0.96%			0.94%			0.92%			0.92%			0.88%
Net investment income(3)			3.10%			3.10%			2.94%			3.60%			3.31%
Portfolio Turnover Rate(4)			51%			46%			58%			54%			43%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

358

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Equity Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	10.89		$	11.52		$	9.94		$	9.44		$	9.89
Income (Loss) from Operations:
Net investment income(1)			0.34			0.36			0.35			0.34			0.36
Net realized and unrealized gain (loss)			0.30			(0.45)			1.59			0.62			(0.38)
Total Income (Loss) from Operations			0.64			(0.09)			1.94			0.96			(0.02)
Less Distributions From:
Net investment income			(0.40)			(0.35)			(0.36)			(0.32)			(0.34)
Net realized gain			(0.05)			(0.19)			—			(0.14)			(0.09)
Total Distributions			(0.45)			(0.54)			(0.36)			(0.46)			(0.43)
Net Asset Value, End of Period		$	11.08		$	10.89		$	11.52		$	9.94		$	9.44
Total Return(2)			6.17%			(0.65)%			19.71%			10.63%			(0.58)%
Net Assets, End of Period (millions)			55			60		$	44		$	24			21
Ratios to Average Net Assets:
Gross expenses			0.91%			0.89%			0.89%			0.88%			0.88%
Net expenses(3)			0.81%			0.79%			0.77%			0.77%			0.74%
Net investment income(3)			3.23%			3.24%			3.09%			3.72%			3.46%
Portfolio Turnover Rate(4)			51%			46%			58%			54%			43%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

359

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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 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	8.31		$	9.52		$	10.19		$	10.42		$	9.83
Income (Loss) from Operations:
Net investment income(1)			0.26			0.24			0.12			0.20			0.28
Net realized and unrealized gain (loss)			0.02			(1.21)			(0.38)			(0.20)			0.59
Total Income (Loss) from Operations			0.28			(0.97)			(0.26)			—			0.87
Less Distributions From:
Net investment income			(0.27)			(0.24)			(0.13)			(0.20)			(0.28)
Net realized gain			—			—			(0.28)			(0.03)			—
Return of capital			(0.02)			—			—			—			—
Total Distributions			(0.29)			(0.24)			(0.41)			(0.23)			(0.28)
Net Asset Value, End of Period		$	8.30		$	8.31		$	9.52		$	10.19		$	10.42
Total Return(2)			3.42%			(10.19)%			(2.72)%			0.05%			8.97%
Net Assets, End of Period (millions)		$	1,821		$	1,793		$	2,002		$	2,079		$	1,896
Ratios to Average Net Assets:
Gross expenses			0.88%			0.89%			0.87%			0.87%			0.88%
Net expenses(3)			0.80%			0.81%			0.79%			0.78%			0.80%
Net investment income(3)			3.14%			2.82%			1.18%			1.91%			2.80%
Portfolio Turnover Rate(4)			181%			198%			240%			204%			43%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

360

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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 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	8.55		$	9.79		$	10.46		$	10.69		$	10.08
Income (Loss) from Operations:
Net investment income(1)			0.28			0.26			0.14			0.22			0.30
Net realized and unrealized gain (loss)			0.01			(1.24)			(0.39)			(0.21)			0.61
Total Income (Loss) from Operations			0.29			(0.98)			(0.25)			0.01			0.91
Less Distributions From:
Net investment income			(0.28)			(0.26)			(0.14)			(0.21)			(0.30)
Net realized gain			—			—			(0.28)			(0.03)			—
Return of capital			(0.02)			—			—			—			—
Total Distributions			(0.30)			(0.26)			(0.42)			(0.24)			(0.30)
Net Asset Value, End of Period		$	8.54		$	8.55		$	9.79		$	10.46		$	10.69
Total Return(2)			3.45%			(10.08)%			(2.50)%			0.17%			9.11%
Net Assets, End of Period (millions)		$	192		$	170		$	202		$	121		$	99
Ratios to Average Net Assets:
Gross expenses			0.73%			0.74%			0.72%			0.72%			0.73%
Net expenses(3)			0.65%			0.66%			0.64%			0.63%			0.65%
Net investment income(3)			3.28%			2.96%			1.36%			2.05%			2.90%
Portfolio Turnover Rate(4)			181%			198%			240%			204%			43%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

361

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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 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.19		$	9.68		$	9.73		$	9.75		$	9.84
Income (Loss) from Operations:
Net investment income(1)			0.55			0.42			0.30			0.34			0.33
Net realized and unrealized gain (loss)			0.12			(0.39)			0.03			(0.02)			(0.08)
Total Income from Operations			0.67			0.03			0.33			0.32			0.25
Less Distributions From:
Net investment income			(0.56)			(0.51)			(0.37)			(0.34)			(0.34)
Net realized gain			—			(0.01)			(0.01)			—			—
Total Distributions			(0.56)			(0.52)			(0.38)			(0.34)			(0.34)
Net Asset Value, End of Period		$	9.30		$	9.19		$	9.68		$	9.73		$	9.75
Total Return(2)			7.55%			0.37%			3.40%			3.43%			2.59%
Net Assets, End of Period (millions)		$	371		$	451		$	539		$	418		$	320
Ratios to Average Net Assets:
Gross expenses			0.99%			0.96%			0.93%			0.95%			0.96%
Net expenses(3)			0.95%			0.94%			0.93%			0.95%			0.94%
Net investment income(3)			5.98%			4.51%			3.09%			3.63%			3.30%
Portfolio Turnover Rate(4)			98%			98%			107%			168%			138%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

362

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Low Duration Fixed Income Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.40		$	9.89		$	9.93		$	9.94		$	10.03
Income (Loss) from Operations:
Net investment income(1)			0.58			0.44			0.33			0.36			0.34
Net realized and unrealized gain (loss)			0.12			(0.40)			0.02			(0.02)			(0.07)
Total Income from Operations			0.70			0.04			0.35			0.34			0.27
Less Distributions From:
Net investment income			(0.57)			(0.52)			(0.38)			(0.35)			(0.36)
Net realized gain			—			(0.01)			(0.01)			—			—
Total Distributions			(0.57)			(0.53)			(0.39)			(0.35)			(0.36)
Net Asset Value, End of Period		$	9.53		$	9.40		$	9.89		$	9.93		$	9.94
Total Return(2)			7.74%			0.49%			3.56%			3.60%			2.69%
Net Assets, End of Period (millions)		$	34		$	37		$	49		$	22		$	14
Ratios to Average Net Assets:
Gross expenses			0.84%			0.80%			0.78%			0.80%			0.82%
Net expenses(3)			0.80%			0.79%			0.78%			0.80%			0.80%
Net investment income(3)			6.13%			4.63%			3.28%			3.78%			3.40%
Portfolio Turnover Rate(4)			98%			98%			107%			168%			138%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

363

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Financial Highlights (continued)

Destinations Global Fixed Income Opportunities Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.12		$	9.76		$	10.02		$	9.83		$	9.82
Income (Loss) from Operations:
Net investment income(1)			0.58			0.44			0.32			0.40			0.39
Net realized and unrealized gain (loss)			0.21			(0.65)			(0.17)			0.19			0.02
Total Income from Operations			0.79			(0.21)			0.15			0.59			0.41
Less Distributions From:
Net investment income			(0.59)			(0.43)			(0.41)			(0.40)			(0.40)
Total Distributions			(0.59)			(0.43)			(0.41)			(0.40)			(0.40)
Net Asset Value, End of Period		$	9.32		$	9.12		$	9.76		$	10.02		$	9.83
Total Return(2)			8.98%			(2.09)%			1.49%			6.28%			4.18%
Net Assets, End of Period (millions)		$	752		$	662		$	699		$	718		$	733
Ratios to Average Net Assets:
Gross expenses(3)			1.15%			1.14%			1.19%			1.13%			1.11%
Net expenses(3)(4)			1.02%			1.03%			1.08%			1.02%			1.00%
Net investment income(4)			6.42%			4.70%			3.17%			4.17%			3.92%
Portfolio Turnover Rate(5)			83%			58%			90%			164%			84%

(1)

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

(2)

(3)

Ratios include interest and dividend expense on short sales which represent 0.05%, 0.04%, 0.09%, 0.05% and 0.03% for the year ended February 29, 2024, for the year ended February 28, 2023, for the year ended February 28, 2022, for the year ended February 28, 2021 and for the year ended February 29, 2020, respectively.

(4)

Reflects fee waivers and/or expense reimbursements.

(5)

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

See Notes to Financial Statements.

364

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Financial Highlights (continued)

Destinations Global Fixed Income Opportunities Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.30		$	9.94		$	10.19		$	9.99		$	9.98
Income (Loss) from Operations:
Net investment income(1)			0.61			0.46			0.34			0.42			0.41
Net realized and unrealized gain (loss)			0.20			(0.66)			(0.17)			0.19			0.01
Total Income (Loss) from Operations			0.81			(0.20)			0.17			0.61			0.42
Less Distributions From:
Net investment income			(0.60)			(0.44)			(0.42)			(0.41)			(0.41)
Total Distributions			(0.60)			(0.44)			(0.42)			(0.41)			(0.41)
Net Asset Value, End of Period		$	9.51		$	9.30		$	9.94		$	10.19		$	9.99
Total Return(2)			9.06%			(1.91)%			1.67%			6.43%			4.26%
Net Assets, End of Period (millions)		$	70		$	57		$	66		$	40		$	34
Ratios to Average Net Assets:
Gross expenses(3)			1.00%			0.99%			1.04%			0.98%			0.96%
Net expenses(3)(4)			0.87%			0.88%			0.93%			0.87%			0.85%
Net investment income(4)			6.58%			4.83%			3.30%			4.31%			4.06%
Portfolio Turnover Rate(5)			83%			58%			90%			164%			84%

(1)

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

(2)

(3)

(4)

Reflects fee waivers and/or expense reimbursements.

(5)

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

See Notes to Financial Statements.

365

TABLE OF CONTENTS

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 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.54		$	10.07		$	10.38		$	10.61		$	10.11
Income (Loss) from Operations:
Net investment income(1)			0.25			0.16			0.10			0.13			0.16
Net realized and unrealized gain (loss)			0.16			(0.50)			(0.26)			(0.13)			0.58
Total Income (Loss) from Operations			0.41			(0.34)			(0.16)			—			0.74
Less Distributions From:
Net investment income			(0.27)			(0.19)			(0.13)			(0.16)			(0.20)
Net realized gain			—			—			(0.02)			(0.07)			(0.04)
Total Distributions			(0.27)			(0.19)			(0.15)			(0.23)			(0.24)
Net Asset Value, End of Period		$	9.68		$	9.54		$	10.07		$	10.38		$	10.61
Total Return(2)			4.42%			(3.37)%			(1.53)%			0.00%			7.38%
Net Assets, End of Period (millions)		$	812		$	819		$	887		$	884		$	878
Ratios to Average Net Assets:
Gross expenses			0.94%			0.94%			0.93%			0.93%			0.95%
Net expenses(3)			0.78%			0.78%			0.76%			0.77%			0.80%
Net investment income(3)			2.59%			1.62%			0.97%			1.26%			1.56%
Portfolio Turnover Rate(4)			58%			48%			41%			38%			38%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

366

TABLE OF CONTENTS

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 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.57		$	10.10		$	10.40		$	10.64		$	10.14
Income (Loss) from Operations:
Net investment income(1)			0.26			0.17			0.12			0.15			0.18
Net realized and unrealized gain (loss)			0.17			(0.50)			(0.25)			(0.14)			0.57
Total Income (Loss) from Operations			0.43			(0.33)			(0.13)			0.01			0.75
Less Distributions From:
Net investment income			(0.29)			(0.20)			(0.15)			(0.18)			(0.21)
Net realized gain			—			—			(0.02)			(0.07)			(0.04)
Total Distributions			(0.29)			(0.20)			(0.17)			(0.25)			(0.25)
Net Asset Value, End of Period		$	9.71		$	9.57		$	10.10		$	10.40		$	10.64
Total Return(2)			4.56%			(3.21)%			(1.29)%			0.05%			7.51%
Net Assets, End of Period (millions)		$	49		$	44		$	45		$	26		$	19
Ratios to Average Net Assets:
Gross expenses			0.79%			0.79%			0.78%			0.78%			0.80%
Net expenses(3)			0.63%			0.63%			0.61%			0.62%			0.65%
Net investment income(3)			2.74%			1.77%			1.14%			1.40%			1.71%
Portfolio Turnover Rate(4)			58%			48%			41%			38%			38%

(1)

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

(2)

(3)

Reflects fee waivers and/or expense reimbursements.

(4)

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

See Notes to Financial Statements.

367

TABLE OF CONTENTS

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 2024 and 2020), unless otherwise noted:

	Class I
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	10.10		$	10.22		$	10.57		$	9.67		$	9.76
Income (Loss) from Operations:
Net investment income(1)			0.53			0.31			0.10			0.14			0.37
Net realized and unrealized gain (loss)			0.50			(0.13)			0.03			0.91			(0.02)
Total Income from Operations			1.03			0.18			0.13			1.05			0.35
Less Distributions From:
Net investment income			(0.68)			(0.27)			(0.22)			(0.15)			(0.41)
Net realized gain			—			(0.03)			(0.26)			—			(0.03)
Total Distributions			(0.68)			(0.30)			(0.48)			(0.15)			(0.44)
Net Asset Value, End of Period		$	10.45		$	10.10		$	10.22		$	10.57		$	9.67
Total Return(2)			10.51%			1.87%			1.25%			11.09%			3.76%
Net Assets, End of Period (millions)		$	739		$	851		$	1,165		$	1,102		$	888
Ratios to Average Net Assets:
Gross expenses(3)			1.67%			1.75%			1.75%			1.79%			1.73%
Net expenses(3)(4)			1.23%			1.30%			1.31%			1.40%			1.34%
Net investment income(4)			5.20%			3.13%			0.93%			1.40%			3.86%
Portfolio Turnover Rate(5)			79%			70%			90%			150%			119%

(1)

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

(2)

(3)

Ratios include interest and dividend expense on short sales which represent 0.08%, 0.15%, 0.19%, 0.22% and 0.16% for the year ended February 29, 2024, for the year ended February 28, 2023, for the year ended February 28, 2022, for the year ended February 28, 2021 and for the year ended February 29, 2020, respectively.

(4)

Reflects fee waivers and/or expense reimbursements.

(5)

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

See Notes to Financial Statements.

368

TABLE OF CONTENTS

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 2024 and 2020), unless otherwise noted:

	Class Z
	2024			2023			2022			2021			2020
Net asset value, Beginning of Period		$	9.85		$	9.96		$	10.32		$	9.44		$	9.54
Income (Loss) from Operations:
Net investment income(1)			0.54			0.32			0.11			0.14			0.35
Net realized and unrealized gain (loss)			0.47			(0.12)			0.03			0.91			—
Total Income from Operations			1.01			0.20			0.14			1.05			0.35
Less Distributions From:
Net investment income			(0.70)			(0.28)			(0.24)			(0.17)			(0.42)
Net realized gain			—			(0.03)			(0.26)			—			(0.03)
Total Distributions			(0.70)			(0.31)			(0.50)			(0.17)			(0.45)
Net Asset Value, End of Period		$	10.16		$	9.85		$	9.96		$	10.32		$	9.44
Total Return(2)			10.50%			2.16%			1.31%			11.29%			3.87%
Net Assets, End of Period (millions)		$	67		$	72		$	108		$	60		$	41
Ratios to Average Net Assets:
Gross expenses(3)			1.52%			1.60%			1.60%			1.64%			1.59%
Net expenses(3)(4)			1.08%			1.15%			1.16%			1.25%			1.20%
Net investment income(4)			5.36%			3.24%			1.10%			1.52%			3.75%
Portfolio Turnover Rate(5)			79%			70%			90%			150%			119%

(1)

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

(2)

(3)

(4)

Reflects fee waivers and/or expense reimbursements.

(5)

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

See Notes to Financial Statements.

369

TABLE OF CONTENTS

Financial Highlights (continued)

Destinations Shelter Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024), unless otherwise noted:

	Class I
	2024			2023			2022(1)
Net asset value, Beginning of Period		$	8.70		$	9.56		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.04			0.03			0.01
Net realized and unrealized gain (loss)			1.78			(0.85)			(0.44)
Total Income (Loss) from Operations			1.82			(0.82)			(0.43)
Less Distributions From:
Net investment income			(0.04)			(0.02)			(0.01)
Net realized gain			—			(0.02)			—
Total Distributions			(0.04)			(0.04)			(0.01)
Net Asset Value, End of Period		$	10.48		$	8.70		$	9.56
Total Return(3)			20.91%			(8.56)%			(4.33)(4)
Net Assets, End of Period (millions)		$	98		$	99		$	123
Ratios to Average Net Assets:
Gross expenses			1.31%			1.40%			1.40%(5)
Net expenses(6)			1.19%			1.29%			1.27%(5)
Net investment income(6)			0.47%			0.33%			0.27%(5)
Portfolio Turnover Rate(7)			5%			5%			2%(4)

(1)

For the period from Class inception (October 26, 2021) through the period ended February 28, 2022.

(2)

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

(3)

(4)

Not Annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

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Financial Highlights (concluded)

Destinations Shelter Fund

For a share of beneficial interest outstanding throughout each year ended February 28 (or February 29 for 2024), unless otherwise noted:

	Class Z
	2024			2023			2022(1)
Net asset value, Beginning of Period		$	8.60		$	9.44		$	10.00
Income (Loss) from Operations:
Net investment income(2)			0.06			0.04			0.01
Net realized and unrealized gain (loss)			1.74			(0.83)			(0.56)
Total Income (Loss) from Operations			1.80			(0.79)			(0.55)
Less Distributions From:
Net investment income			(0.05)			(0.03)			(0.01)
Net realized gain			—			(0.02)			—
Total Distributions			(0.05)			(0.05)			(0.01)
Net Asset Value, End of Period		$	10.35		$	8.60		$	9.44
Total Return(3)			20.95%			(8.33)%			(5.51)(4)
Net Assets, End of Period (millions)		$	2		$	2		$	2
Ratios to Average Net Assets:
Gross expenses			1.15%			1.25%			1.22%(5)
Net expenses(6)			1.04%			1.14%			1.04%(5)
Net investment income(6)			0.63%			0.48%			0.30%(5)
Portfolio Turnover Rate(7)			5%			5%			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)

(4)

Not Annualized.

(5)

Annualized.

(6)

Reflects fee waivers and/or expense reimbursements.

(7)

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

See Notes to Financial Statements.

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Notes to Financial Statements

February 29, 2024

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 (individually, a “Fund” and collectively, the “Funds”). Each Fund currently offers two classes of shares designated as Class I and Class Z shares.

Orion Portfolio Solutions LLC serves as the investment adviser to the Funds and conducts business as Brinker Capital Investments (“Brinker Capital” or the “Adviser”). 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 New York Stock Exchange (“NYSE”).

Futures contracts are valued at the last posted 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 the last reported net asset value per share.

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

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

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. Pursuant to the requirements of the 1940 Act and Rule 2a-5, the Board designated a committee of persons at the investment adviser as the “Valuation Designee” to perform fair value determinations and approved revised policies and procedures for the Trust. The Valuation Designee is 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 Valuation Designee’s fair value determinations. 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.

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

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

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

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

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

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

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

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

	Total Fair Value at February 29, 2024			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		$	79,559,703		$	79,559,703		$	—		$	—
Communications			499,037,040			499,037,040			—			—
Consumer Cyclical			492,203,509			492,203,509			—			—
Consumer Non-cyclical			847,398,595			847,398,595			—			—
Energy			167,795,129			167,795,129			—			—
Financial			690,281,656			688,947,547			—			1,334,109
Industrial			313,679,919			313,679,919			—			—
Technology			986,823,343			983,101,034			—			3,722,309
Utilities			50,576,961			50,576,961			—			—
Exchange Traded Funds (ETFs)			33,597,987			33,597,987			—			—

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			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)
Preferred Stocks:
Consumer Cyclical		$	1,076,887		$	—		$	—		$	1,076,887
Industrial			3,038,481			—			—			3,038,481
Technology			3,707,779			—			—			3,707,779
Short-Term Investments:
Time Deposits			52,643,448			—			52,643,448			—
Money Market Fund			13,766,400			13,766,400			—			—
Total Investments, at value		$	4,235,186,837		$	4,169,663,824		$	52,643,448		$	12,879,565
Other Financial Instruments – Assets
Futures Contracts		$	190,138		$	190,138		$	—		$	—
Total Other Financial Instruments – Assets		$	190,138		$	190,138		$	—		$	—
Destinations Small-Mid Cap Equity Fund
Investments, at value
Common Stocks		$	804,803,275		$	804,803,136		$	—		$	139
Exchange Traded Funds (ETFs)			24,306,619			24,306,619			—			—
REIT			37,635			37,635			—			—
Limited Partnership			25,875			25,875			—			—
Closed-end fund			3,570			3,570			—			—
Short-Term Investments:
Time Deposits			21,150,982			—			21,150,982			—
Money Market Fund			5,112,972			5,112,972			—			—
Total Investments, at value		$	855,440,928		$	834,289,807		$	21,150,982		$	139
Other Financial Instruments – Assets
Futures Contracts		$	39,730		$	39,730		$	—		$	—
Total Other Financial Instruments – Assets		$	39,730		$	39,730		$	—		$	—
Destinations International Equity Fund
Investments, at value
Common Stocks:
Argentina		$	2,512,531		$	2,512,531		$	—		$	—
Australia			42,192,047			—			42,192,047			—
Austria			2,438,444			—			2,438,444			—
Belgium			3,991,090			—			3,991,090			—
Bermuda			3,763,847			—			3,763,847			—
Brazil			45,066,151			12,109,342			32,956,809			—
Cambodia			19,318			—			19,318			—
Canada			119,104,777			19,395,823			99,708,954			—
Chile			117,573			—			117,573			—
China			69,041,629			23,807,930			45,233,699			—
Denmark			26,188,789			7,227,760			18,961,029			—
Finland			26,405,952			—			26,405,952			—
France			174,404,912			—			174,404,912			—
Germany			171,769,234			—			171,769,234			—
Greece			1,435,330			—			1,435,330			—

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			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)
Hong Kong		$	63,359,073		$	—		$	63,359,073		$	—
India			155,740,160			11,192,275			144,547,885			—
Indonesia			15,704,106			—			15,704,106			—
Ireland			39,565,614			14,750,837			24,814,777			—
Israel			5,823,839			2,350,989			3,472,850			—
Italy			46,307,734			1,694,507			44,613,227			—
Japan			376,592,814			—			376,592,814			—
Jersey, Channel Islands			3,167,524			—			3,167,524			—
Jordan			49,614			—			49,614			—
Lithuania			2,477,001			—			2,477,001			—
Luxembourg			457,515			—			457,515			—
Macau			149,931			—			149,931			—
Malaysia			1,209,862			—			1,209,862			—
Mexico			7,449,384			—			7,449,384			—
Netherlands			97,412,248			6,851,153			90,561,095			—
New Zealand			868,270			—			868,270			—
Norway			21,567,375			898,630			20,668,745			—
Peru			2,047,142			2,047,142			—			—
Philippines			6,380,587			—			6,380,587			—
Poland			7,521,657			—			7,521,657			—
Portugal			8,354,898			—			8,354,898			—
Russia			731			—			—			731
Saudi Arabia			3,416,119			—			3,416,119			—
Singapore			23,516,593			2,217,024			21,299,569			—
South Africa			10,554,063			904,063			9,650,000			—
South Korea			82,852,982			—			82,852,982			—
Spain			27,840,928			—			27,840,928			—
Sweden			80,120,949			—			80,120,949			—
Switzerland			110,427,927			—			110,427,927			—
Taiwan			82,700,599			22,951,125			59,749,474			—
Thailand			4,793,980			—			4,793,980			—
Turkey			8,413,908			—			8,413,908			—
United Arab Emirates			396,184			—			396,184			—
United Kingdom			225,152,999			8,724,846			216,146,664			281,489
United States			42,916,297			42,251,404			55,644			609,249
Uruguay			15,101,110			—			15,101,110			—
Exchange Traded Funds (ETFs)			115,502,905			115,502,905			—			—
Preferred Stocks			13,917,751			—			13,883,666			34,085
Warrants:
Canada			—*			—			—*			—
United States			421			421			—			—
Right			1,200			—			—			1,200

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			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)
Short-Term Investments:
Time Deposits		$	35,439,242		$	—		$	35,439,242		$	—
U.S. Government Agency			2,009,000			—			2,009,000			—
Money Market Fund			23,104,558			23,104,558			—			—
Total Investments, at value		$	2,458,838,418		$	320,495,265		$	2,137,416,399		$	926,754
Other Financial Instruments – Asset
Futures Contracts		$	39,035		$	39,035		$	—		$	—
Total Other Financial Instruments – Assets		$	39,035		$	39,035		$	—		$	—
Other Financial Instruments – Liabilities
Options Contracts Written		$	(46,262)		$	—		$	(46,262)		$	—
OTC Total Return Swaps			(260,392)			—			(260,392)			—
Total Other Financial Instruments – Liabilities		$	(306,654)		$	—		$	(306,654)		$	—
Destinations Equity Income Fund
Investments, at value
Corporate Bond & Note		$	1,260,350		$	—		$	1,260,350		$	—
Common Stocks:
Basic Materials			23,372,434			14,144,067			9,228,367			—
Communications			35,257,751			22,926,792			12,330,959			—
Consumer Cyclical			30,639,264			24,696,835			5,942,429			—
Consumer Non-cyclical			107,422,089			78,370,155			29,051,934			—
Energy			42,344,198			21,998,670			20,345,528			—
Financial			103,751,463			71,474,651			32,276,812			—
Industrial			54,891,708			35,765,316			19,126,392			—
Technology			33,375,267			27,818,859			5,556,408			—
Utilities			56,737,091			45,961,210			10,775,881			—
Exchange Traded Funds (ETFs)			78,537,387			78,537,387			—			—
Short-Term Investments:
Time Deposits			12,387,888			—			12,387,888			—
Money Market Fund			1,974,600			1,974,600			—			—
Total Investments, at value		$	581,951,490		$	423,668,542		$	158,282,948		$	—
Other Financial Instruments – Liabilities
Options Contracts Written		$	(16,787)		$	(16,787)		$	—		$	—
Total Other Financial Instruments – Liabilities		$	(16,787)		$	(16,787)		$	—		$	—
Destinations Core Fixed Income Fund
Investments, at value
Mortgage-Backed Securities		$	507,871,791		$	—		$	507,871,791		$	—
U.S. Government Obligations			421,385,424			—			421,385,424			—
Collateralized Mortgage Obligations			418,763,909			—			418,763,909			—
Corporate Bonds & Notes:
Basic Materials			9,866,943			—			9,866,943			—
Communications			39,496,769			—			39,496,769			—
Consumer Cyclical			25,396,306			—			25,396,306			—

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Core Fixed Income Fund (continued)
Investments, at value (continued)
Consumer Non-cyclical		$	34,493,892		$	—		$	34,493,892		$	—
Energy			45,256,211			—			45,256,211			—
Financial			173,684,087			—			173,684,087			—
Industrial			17,295,999			—			17,295,999			—
Technology			8,110,910			—			8,110,910			—
Utilities			56,053,810			—			56,053,810			—
Asset-Backed Securities			204,437,409			—			204,437,409			—
Senior Loans			11,528,091			—			11,528,091			—
Sovereign Bonds			10,847,062			—			10,847,062			—
Municipal Bonds			2,697,010			—			2,697,010			—
Exchange Traded Funds (ETFs)			82,699,120			82,699,120			—			—
Common Stocks:
Communications			27,556			27,556			—			—
Industrial			14,779			14,779			—			—
Short-Term Investments:
Time Deposits			51,197,384			—			51,197,384			—
Total Investments, at value		$	2,121,124,462		$	82,741,455		$	2,038,383,007		$	—
Other Financial Instruments – Assets
Futures Contracts		$	19,902		$	19,902		$	—		$	—
Centrally Cleared Interest Rate Swap			712,012			—			712,012			—
Total Other Financial Instruments – Assets		$	731,914		$	19,902		$	712,012		$	—
Other Financial Instruments – Liabilities
Futures Contracts		$	(122,358)		$	(122,358)		$	—		$	—
Forward Sale Commitments			(31,182,992)			—			(31,182,992)			—
Total Other Financial Instruments – Liabilities		$	(31,305,350)		$	(122,358)		$	(31,182,992)		$	—
Destinations Low Duration Fixed Income Fund
Investments, at value
Corporate Bonds & Notes:
Basic Materials		$	11,822,379		$	—		$	11,822,379		$	—
Communications			26,128,111			—			26,128,111			—
Consumer Cyclical			7,741,442			—			7,741,442			—
Consumer Non-cyclical			36,376,684			—			29,154,234			7,222,450
Diversified			2,727,709			—			2,727,709			—
Energy			14,055,218			—			14,055,218			—
Financial			20,021,435			—			20,021,435			—
Healthcare			5,466,400			—			—			5,466,400
Industrial			15,334,490			—			15,334,490			—
Technology			8,195,048			—			8,165,585			29,463
Utilities			2,951,467			—			2,951,467			—
Asset-Backed Securities			45,827,712			—			45,827,712			—
Collateralized Mortgage Obligations			37,791,327			—			37,791,327			—
U.S. Government Agencies & Obligations			29,996,613			—			29,996,613			—
Senior Loans			21,402,184			—			18,506,857			2,895,327
Mortgage-Backed Securities			2,390,772			—			2,390,772			—
Sovereign Bonds			976,162			—			976,162			—

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			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)
Exchange Traded Fund (ETF)		$	74,771,696		$	74,771,696		$	—		$	—
Preferred Stocks			5,192,521			5,192,521			—			—
Common Stocks:
Consumer Non-cyclical			63,075			63,075			—			—
Diversified			4,332,637			4,332,637			—			—*
Financial			617,841			—			—			617,841
Warrants:
Basic Materials			—*			—			—			—*
Diversified			1,101			1,101			—			—
Short-Term Investments:
Commercial Papers			1,729,445			—			1,729,445			—
Corporate Note			1,468,461			—			—			1,468,461
Time Deposits			29,214,921			—			29,214,921			—
U.S. Government Obligations			14,969,067			—			14,969,067			—
Money Market Fund			722,785			722,785			—			—
Total Investments, at value		$	422,288,703		$	85,083,815		$	319,504,946		$	17,699,942**
Other Financial Instruments – Liabilities
Forward Foreign Currency Contracts		$	(76,917)		$	(76,917)		$	—		$	—
Total Other Financial Instruments – Liabilities		$	(76,917)		$	(76,917)		$	—		$	—
Destinations Global Fixed Income Opportunities Fund
Investments, at value
Corporate Bonds & Notes
Australia		$	10,047,422		$	—		$	10,047,422		$	—
Bermuda			6,219,815			—			6,219,815			—
Brazil			10,961,979			—			10,961,979			—
British Virgin Islands			946,847			—			946,847			—
Canada			23,684,646			—			23,684,646			—
Cayman Islands			5,150,382			—			5,150,382			—
Chile			20,014,160			—			20,014,160			—
Colombia			19,262,772			—			19,262,772			—
France			4,557,697			—			4,557,697			—
Germany			13,218,415			—			13,218,415			—
Guatemala			6,151,748			—			6,151,748			—
India			15,439,541			—			15,439,541			—
Indonesia			21,011,022			—			21,011,022			—
Isle of Man			177,815			—			177,815			—
Italy			9,044,827			—			9,044,827			—
Jersey, Channel Islands			5,899,936			—			5,899,936			—
Luxembourg			33,610,623			—			33,610,623			—
Malaysia			2,840,725			—			2,840,725			—
Mauritius			4,386,822			—			4,386,822			—
Mexico			38,130,641			—			38,130,641			—
Netherlands			32,273,855			—			32,273,855			—
Norway			13,408,646			—			13,408,646			—
Panama			3,538,029			—			3,538,029			—

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			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)
Corporate Bonds & Notes (continued)
Paraguay		$	1,041,000		$	—		$	1,041,000		$	—
Peru			27,457,532			—			27,457,532			—
Portugal			—*			—			—			—*
Singapore			23,921,312			—			23,921,312			—
South Korea			7,738,912			—			7,738,912			—
Spain			9,585,664			—			9,585,664			—
Sweden			12,603,459			—			12,603,459			—
Switzerland			2,036,252			—			2,036,252			—
United Kingdom			10,487,564			—			10,460,780			26,784
United States			175,393,334			—			165,307,155			10,086,179
Senior Loans			72,039,393			—			71,879,783			159,610
Sovereign Bonds			5,298,673			—			5,298,673			—
Collateralized Mortgage Obligations			871,436			—			871,436			—
Exchange Traded Fund (ETF)			93,850,250			93,850,250			—			—
Preferred Stocks:
Bermuda			2,051,601			2,051,601			—			—
United Kingdom			36,576			36,576			—			—
United States			23,592,831			21,909,544			1,192,103			491,184
Common Stocks:
United States			7,749,977			3,952,700			—			3,797,277
Equity Linked Notes			97,338			—			—			97,338
Warrants:
Bermuda			—*			—			—			—*
Brazil			—*			—			—			—*
Canada			—*			—			—			—*
Israel			—*			—			—			—*
United States			107,716			107,716			—			—
Short-Term Investments:
Commercial Papers			8,836,543			—			8,836,543			—
Corporate Note			2,165,123			—			—			2,165,123
Time Deposits			47,501,142			—			47,501,142			—
Money Market Fund			392,687			392,687			—			—
Total Investments, at value		$	834,834,680		$	122,301,074		$	695,710,111		$	16,823,495**
Other Financial Instruments – Asset
Forward Foreign Currency Contracts		$	93,421		$	—		$	93,421		$	—
Total Other Financial Instruments – Assets		$	93,421		$	—		$	93,421		$	—
Other Financial Instruments – Liabilities
Options Contracts Written		$	(122,601)		$	(122,601)		$	—		$	—
Forward Foreign Currency Contract			(177,078)			—			(177,078)			—
Short Sales:
Corporate Bonds & Notes			(9,106,827)			—			(9,106,827)			—
Total Other Financial Instruments – Liabilities		$	(9,406,506)		$	(122,601)		$	(9,283,905)		$	—

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Destinations Municipal Fixed Income Fund
Investments, at value
Municipal Bonds		$	770,618,491		$	—		$	770,618,491		$	—
Exchange Traded Fund (ETF)			36,482,041			36,482,041			—			—
Short-Term Investments:
Municipal Bond			8,655,412			—			8,655,412			—
Time Deposits			37,508,218			—			37,508,218			—
Money Market Fund			35,528,240			35,528,240			—			—
Total Investments, at value		$	888,792,402		$	72,010,281		$	816,782,121		$	—
Other Financial Instruments – Liabilities
Futures Contract		$	(8,085)		$	(8,085)		$	—		$	—
Total Other Financial Instruments – Liabilities		$	(8,085)		$	(8,085)		$	—		$	—
Destinations Multi Strategy Alternatives Fund
Investments, at value
Asset-Backed Securities		$	148,569,946		$	—		$	148,569,946		$	—
Collateralized Mortgage Obligations			133,416,867			—			133,416,867			—
Corporate Bonds & Notes			113,145,413			—			113,145,413			—
Senior Loan			8,049,067			—			8,049,067			—
Common Stocks:
Communications			5,633,927			5,633,927			—			—
Consumer Cyclical			24,533,492			24,533,492			—			—
Consumer Non-cyclical			51,851,415			51,851,415			—			—
Diversified			6,183,714			6,183,714			—			—
Financial			14,771,933			14,771,933			—			—
Industrial			6,564,896			6,564,896			—			—
Open-End Funds			180,437,358			180,437,358			—			—
Preferred Stock			7,921,059			7,921,059			—			—
Warrants			255,672			255,672			—			—
Short-Term Investments:
Time Deposits			86,576,245			—			86,576,245			—
Money Market Fund			1,027,244			1,027,244			—			—
Total Investments, at value		$	788,938,248		$	299,180,710		$	489,757,538		$	—
Other Financial Instruments – Assets
OTC Total Return Swaps		$	187,204		$	—		$	187,204		$	—
OTC Credit Default Swaps			13,811,390			—			13,811,390			—
Total Other Financial Instruments – Assets		$	13,998,594		$	—		$	13,998,594		$	—
Other Financial Instruments – Liabilities
Options Contracts Written		$	(17,280)		$	(17,280)		$	—		$	—
OTC Total Return Swaps			(156,122)			—			(156,122)			—
Short Sales:
Exchange Traded Funds (ETFs)			(28,441,999)			(28,441,999)			—			—
Common Stock			(707,053)			(707,053)			—			—
Total Other Financial Instruments – Liabilities		$	(29,322,454)		$	(29,166,332)		$	(156,122)		$	—

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

	Total Fair Value at February 29, 2024			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		$	99,064,307		$	99,064,307		$	—		$	—
Purchased Option			342,485			342,485			—			—
Short-Term Investments:
Time Deposits			1,879,059			—			1,879,059			—
Total Investments, at value		$	101,285,851		$	99,406,792		$	1,879,059		$	—
Other Financial Instruments – Liabilities
Options Contracts Written		$	(932,568)		$	(932,568)		$	—		$	—
Total Other Financial Instruments – Liabilities		$	(932,568)		$	(932,568)		$	—		$	—

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 29, 2024			Valuation Technique	Unobservable Input	Range		Weighted Average
Destinations Low Duration Fixed Income Fund
Senior Loans		$	2,895,327	Prior Transaction Analysis	Transaction Price		99.5		99.5
Common Stock		$	617,841	Prior Transaction Analysis	Transaction Price		0.17 – 2.25		2.24
Corporate Bond		$	14,186,774	Prior Transaction Analysis	Transaction Price		65.00 – 100.00		86.87
Total		$	17,699,942
Destinations Global Fixed Income Opportunities Fund
Senior Loans		$	159,610	Prior Transaction Analysis	Transaction Price		16.05		16.05
Preferred Stock		$	491,184	Prior Transaction Analysis	Transaction Price		2.4		2.40
Common Stock		$	1,088,247	Prior Transaction Analysis	Transaction Price		0.17 – 170.00		154.78
Common Stock		$	2,806,368	Market Comparables	Enterprise Value/EBITDA multiple		2.86X		2.86X
Corporate Bond		$	12,278,087	Prior Transaction Analysis	Transaction Price		57.00 – 100.00		85.90
Total		$	16,823,495

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

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Notes to Financial Statements

February 29, 2024 (continued)

3. Investment valuation (continued)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the year ended February 29, 2024:

	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Rights			Senior Loans			Warrants			Short Terms
Destinations Large Cap Equity Fund
Balance as of February 28, 2023		$	14,872,011		$	4,999,974		$	—		$	9,872,037		$	—		$	—		$	—		$	—
Purchases			1,875,134			1,875,134			—			—			—			—			—			—
(Sales/Paydowns)			(2,186,047)			(1,209,686)			—			(976,361)			—			—			—			—
Total realized gain (loss)			(790,842)			(790,842)			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			(890,691)			181,838			—			(1,072,529)			—			—			—			—
Transfers In			—			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—			—
Balance as of February 29, 2024		$	12,879,565		$	4,283,528		$	—		$	7,823,147		$	—		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024		$	(1,781,817)		$	(543,708)		$	—		$	(1,238,109)		$	—		$	—		$	—		$	—
Destinations Small-Mid Cap Equity Fund
Balance as of February 28, 2023		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Purchases			139			139			—			—			—			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			—			—			—			—			—			—			—			—
Transfers In			—			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—			—
Balance as of February 29, 2024		$	139		$	139		$	—		$	—		$	—		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024		$	139		$	139		$	—		$	—		$	—		$	—		$	—		$	—
Destinations International Equity Fund
Balance as of February 28, 2023		$	727,361		$	709,703		$	—		$	17,658		$	—		$	—		$	—		$	—
Purchases			3,233,919			3,232,719			—			—			1,200			—			—			—
(Sales/Paydowns)			(5,834,213)			(5,834,213)			—			—			—			—			—			—
Total realized gain (loss)			(7,357,811)			(7,357,811)			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			10,157,498			10,141,071			—			16,427			—			—			—			—
Transfers In			—			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—			—
Balance as of February 29, 2024		$	926,754		$	891,469		$	—		$	34,085		$	1,200		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024		$	324,423		$	306,796		$	—		$	16,427		$	1,200		$	—		$	—		$	—
Destinations Core Fixed Income Fund
Balance as of February 28, 2023		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Purchases			3,913			3,913			—			—			—			—			—			—
(Sales/Paydowns)			—			—			—			—			—			—			—			—
Total realized gain (loss)			—			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation)			—			—			—			—			—			—			—			—
Transfers In			—			—			—			—			—			—			—			—
Transfers Out			(3,913)			(3,913)			—			—			—			—			—			—
Balance as of February 29, 2024		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

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February 29, 2024 (continued)

3. Investment valuation (continued)

	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Rights			Senior Loans			Warrants			Short Terms
Destinations Low Duration Fixed Income Fund
Balance as of February 28, 2023		$	15,412,115		$	341,066		$	15,064,325		$	—		$	—		$	—		$	6,724		$	—
Purchases			1,513,604			—			44,973			—			—			—			—			1,468,631
(Sales/Paydowns)			(1,734,774)			—			(1,734,774)			—			—			—			—			—
Total realized gain (loss)			4,983			—			4,983			—			—			—			—			—
Change in unrealized appreciation (depreciation)			(391,313)			276,775			(661,194)			—			—			—			(6,724)			(170)
Transfers In			2,895,327			—			—			—			—			2,895,327			—			—
Transfers Out			—			—			—			—			—			—			—			—
Balance as of February 29, 2024		$	17,699,942		$	617,841		$	12,718,313		$	—		$	—		$	2,895,327		$	—*		$	1,468,461
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024		$	(358,754)		$	341,670		$	(700,254)		$	—		$	—		$	—		$	—		$	(170)
Destinations Global Fixed Income Opportunities Fund
Balance as of February 28, 2023		$	15,902,865		$	3,915,313		$	9,271,370		$	—		$	—		$	2,682,508		$	33,674*		$	—
Purchases			5,004,305			964,028			1,527,029			429,786			—			84,832			—			1,998,630
(Sales/Paydowns)			(2,209,548)			(165,442)			—			—			—			(2,044,106)			—			—
Total realized gain (loss)			67,838			65,745			—			—			—			2,093			—			—
Accrued discounts/(premiums)			167,083			—			—			—			—			—			—			167,083
Change in unrealized appreciation (depreciation)			(2,109,048)			(885,029)			(685,436)			61,398			—			(565,717)			(33,674)			(590)
Transfers In			—			—			—			—			—			—			—			—
Transfers Out			—			—			—			—			—			—			—			—
Balance as of February 29, 2024		$	16,823,495		$	3,894,615		$	10,112,963		$	491,184		$	—		$	159,610		$	—*		$	2,165,123
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024		$	(1,906,314)		$	(719,091)		$	(685,436)		$	61,398		$	—		$	(562,595)		$	—		$	(590)

Includes securities that are fair valued at $0.

4. Accounting for Derivative Instruments

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

(a)

Futures Contracts. Certain Funds 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 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

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4. Accounting for Derivative Instruments (continued)

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

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

(e)

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

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

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4. Accounting for Derivative Instruments (continued)

swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

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

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

(f)

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

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

Credit Default Swaps. Certain Funds 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 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.

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4. Accounting for Derivative Instruments (continued)

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

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

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4. Accounting for Derivative Instruments (continued)

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at February 29, 2024:

Destinations Large Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on open futures contracts(a)		$	—		$	—		$	—		$	190,138		$	190,138
		$	—		$	—		$	—		$	190,138		$	190,138

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	—		$	—		$	—		$	456,859		$	456,859
		$	—		$	—		$	—		$	456,859		$	456,859
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on futures contracts		$	—		$	—		$	—		$	167,944		$	167,944
		$	—		$	—		$	—		$	167,944		$	167,944

Destinations Small-Mid Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on open futures contracts(a)		$	—		$	—		$	—		$	39,730		$	39,730
		$	—		$	—		$	—		$	39,730		$	39,730

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	—		$	—		$	—		$	20,325		$	20,325
		$	—		$	—		$	—		$	20,325		$	20,325
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on futures contracts		$	—		$	—		$	—		$	39,730		$	39,730
		$	—		$	—		$	—		$	39,730		$	39,730

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4. Accounting for Derivative Instruments (continued)

Destinations International Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on open futures contracts(a)		$	—		$	—		$	—		$	39,035		$	39,035
Unrealized appreciation on swap contracts(d)			—			—			—			593,121			593,121
		$	—		$	—		$	—		$	632,156		$	632,156
Liability derivatives
Options contracts written outstanding(f)		$	—		$	—		$	—		$	46,262		$	46,262
Unrealized depreciation on swap contracts(d)			—			—			—			853,513			853,513
		$	—		$	—		$	—		$	899,775		$	899,775

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	—		$	—		$	—		$	12,936		$	12,936
Net realized gain (loss) on options contracts written			—			—			—			85,745			85,745
Net realized gain (loss) on swap contracts			—			—			—			1,213,625			1,213,625
		$	—		$	—		$	—		$	1,312,306		$	1,312,306
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on futures contracts		$	—		$	—		$	—		$	39,035			39,035
Net change in unrealized appreciation (depreciation) on options contracts written			—			—			—			(12,413)			(12,413)
Net change in unrealized appreciation (depreciation) on swap contracts			—			—			—			(260,392)			(260,392)
		$	—		$	—		$	—		$	(233,770)		$	(233,770)

Destinations Equity Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Liability derivatives
Options contracts written outstanding(f)		$	—		$	—		$	—		$	16,787		$	16,787
		$	—		$	—		$	—		$	16,787		$	16,787

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February 29, 2024 (continued)

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	—		$	—		$	—		$	177,642		$	177,642
		$	—		$	—		$	—		$	177,642		$	177,642
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	7,009		$	7,009
		$	—		$	—		$	—		$	7,009		$	7,009

Destinations Core Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on open futures contracts(a)		$	19,902		$	—		$	—		$	—		$	19,902
Unrealized appreciation on swap contracts(d)			712,012			—			—			—			712,012
		$	731,914		$	—		$	—		$	—		$	731,914
Liability derivatives
Unrealized depreciation on open futures contracts(a)		$	122,358		$	—		$	—		$	—		$	122,358
		$	122,358		$	—		$	—		$	—		$	122,358

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	2,664,469		$	—		$	—		$	—		$	2,664,469
Net realized gain (loss) on swap contracts			(43,030)			—			151,175			—			108,145
		$	2,621,439		$	—		$	151,175		$	—		$	2,772,614

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on futures contracts		$	(210,112)		$	—		$	—		$	—		$	(210,112)
Net change in unrealized appreciation (depreciation) on swap contracts			349,238			—			2,016			—			351,254
		$	139,126		$	—		$	2,016		$	—		$	141,142

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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 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Liabilities derivatives
Unrealized depreciation on forward currency contracts(g)		$	—		$	76,917		$	—		$	—		$	76,917
		$	—		$	76,917		$	—		$	—		$	76,917

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives recognized in income(h)
Net realized gain (loss) on forward currency contracts		$	—		$	(810,493)		$	—		$	—		$	(810,493)
		$	—		$	(810,493)		$	—		$	—		$	(810,493)
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on forward currency contracts		$	—		$	(650,125)		$	—		$	—		$	(650,125)
		$	—		$	(650,125)		$	—		$	—		$	(650,125)

Destinations Global Fixed Income Opportunities Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on forward currency contracts(h)		$	—		$	93,421		$	—		$	—		$	93,421
		$	—		$	93,421		$	—		$	—		$	93,421
Liability derivatives
Options contracts written outstanding(d)		$	—		$	—		$	—		$	122,601		$	122,601
Unrealized depreciation on forward currency contracts(g)			—			177,078			—			—			177,078
		$	—		$	177,078		$	—		$	122,601		$	299,679

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	—		$	—		$	—		$	23,531		$	23,531
Net realized gain (loss) on options contracts written			—			—			—			582,600			582,600
Net realized gain (loss) on forward currency contracts			—			(355,685)			—			—			(355,685)
		$	—		$	(355,685)		$	—		$	606,131		$	250,446

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4. Accounting for Derivative Instruments (continued)

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	(108,555)		$	(108,555)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			—			(503,227)			—			—			(503,227)
		$	—		$	(503,227)		$	—		$	(108,555)		$	(611,782)

Destinations Municipal Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Liability derivatives
Unrealized depreciation on open futures contracts(a)		$	8,085		$	—		$	—		$	—		$	8,085
		$	8,085		$	—		$	—		$	—		$	8,085

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	76,626		$	—		$	—		$	—		$	76,626
		$	76,626		$	—		$	—		$	—		$	76,626
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on futures contracts		$	(8,085)		$	—		$	—		$	—		$	(8,085)
		$	(8,085)		$	—		$	—		$	—		$	(8,085)

Destinations Multi Strategy Alternatives Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Unrealized appreciation on swap contract(d)		$	—		$	—		$	13,811,390		$	187,204		$	13,998,594
		$	—		$	—		$	13,811,390		$	187,204		$	13,998,594
Liability derivatives
Options contracts written outstanding(f)		$	—		$	—		$	—		$	17,280		$	17,280
Unrealized depreciation on swap contracts(e)			—			—			—			156,122			156,122
		$	—		$	—		$	—		$	173,402		$	173,402

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February 29, 2024 (continued)

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations as of February 29, 2024

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		$	—		$	—		$	5,357,500		$	608,683		$	5,966,183
Net realized gain (loss) on purchased options			—			—			—			(606,144)			(606,144)
Net realized gain (loss) on option contracts written			—			—			—			179,323			179,323
		$	—		$	—		$	5,357,500		$	181,862		$	5,539,362
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on options contracts written		$	—		$	—		$	—		$	116,046		$	116,046
Net change in unrealized appreciation (depreciation) on swap contracts			—			—			8,440,124			470,899			8,911,023
		$	—		$	—		$	8,440,124		$	586,945		$	9,027,069

Destinations Shelter Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Asset derivatives
Purchased option contracts(i)		$	—		$	—		$	—		$	342,485		$	342,485
		$	—		$	—		$	—		$	342,485		$	342,485
Liability derivatives
Options contracts written outstanding(d)		$	—		$	—		$	—		$	932,568		$	932,568
		$	—		$	—		$	—		$	932,568		$	932,568

Effect of Derivative Instruments on the Statements of Operations of February 29, 2024

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		$	—		$	—		$	—		$	(4,398,945)		$	(4,398,945)
Net realized gain (loss) on options contracts written			—			—			—			(2,568,059)			(2,568,059)
		$	—		$	—		$	—		$	(6,967,004)		$	(6,967,004)
Change in unrealized appreciation (depreciation) on derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on purchased option contracts		$	—		$	—		$	—		$	79,405		$	79,405
Net change in unrealized appreciation (depreciation) on option contracts written			—			—			—			(889,446)			(889,446)
		$	—		$	—		$	—		$	(810,041)		$	(810,041)

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February 29, 2024 (continued)

4. Accounting for Derivative Instruments (continued)

(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 and swaptions contracts written swap contracts.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

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

(h)

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

(i)

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

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 29, 2024 were as follows:

Destinations Large Cap Equity Fund

			Average notional amounts
Futures contracts				$	2,624,034(a)

Destinations Small-Mid Cap Equity Fund

			Average notional amounts
Futures contracts				$	448,995(b)

Destinations International Equity Fund

	Average notional amounts
Option contracts written		$	15,440(c)
Futures contracts			817,164(b)
Swap contracts			3,903,615(d)

Destinations Equity Income Fund

			Average notional amounts
Option contracts written				$	22,404(c)

Destinations Core Fixed Income Fund

	Average notional amounts
Futures contracts		$	196,502,888
Swap contracts			16,687,880

Destinations Low Duration Fixed Income Fund

			Average notional amounts
Forward foreign currency contracts				$	34,148,014

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February 29, 2024 (continued)

4. Accounting for Derivative Instruments (continued)

Destinations Global Fixed Income Opportunities Fund

	Average notional amounts
Option contracts purchased		$	51,922(e)
Option contracts written			176,341
Forward foreign currency contracts			44,252,477

Destinations Municipal Fixed Income Fund

			Average notional amounts
Futures contracts				$	720,899(f)

Destinations Multi Strategy Alternatives Fund

	Average notional amounts
Swap contracts		$	156,083,796
Option contracts purchased			529,269(b)
Option contracts written			115,547(g)

Destinations Shelter Fund

	Average notional amounts
Option contracts purchased		$	670,287
Option contracts written.			1,046,272

(a)

Positions were open for twelve months during the year.

(b)

Positions were open for four months during the year.

(c)

Positions were open for eleven months during the year.

(d)

Positions were open for eight months during the year.

(e)

Positions were open for three months during the year.

(f)

Positions were open for ten months during the year.

(g)

Positions were open for five months during the year.

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,

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Notes to Financial Statements

February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

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 29, 2024.

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		$	13,583,326		$	—		$	(13,583,326)		$	—
Destinations Small-Mid Cap Equity Fund			4,943,529			—			(4,943,529)			—
Destinations International Equity Fund			22,152,142			—			(22,152,142)			—
Destinations Equity Income Fund			1,913,168			—			(1,913,168)			—
Destinations Low Duration Fixed Income Fund			709,003			—			(709,003)			—
Destinations Global Fixed Income Opportunities Fund			349,920			—			(349,920)			—
Destinations Municipal Fixed Income Fund			34,847,912			—			(34,847,912)			—
Destinations Multi Strategy Alternatives Fund			986,635			—			(986,635)			—

(a)

Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $13,766,400, $5,112,972, $23,104,558, $1,974,600, $722,785, $392,687, $35,528,240 and $1,027,244, respectively, which was subsequently invested in Federated Government Obligations Fund as reported in the Schedules of Investments.

(c)

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

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

The table below represents the disaggregation at February 29, 2024 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.

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Notes to Financial Statements

February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

	Remaining Contractual Maturity of the Agreements As of February 29, 2024
	Overnight and Continuous			< 30 days			Between 30 & 90 days			> 90 days			Total
Destinations Large Cap Equity Fund Securities Lending Transactions
Common Stocks		$	13,766,400		$	—		$	—		$	—		$	13,766,400
Total Borrowings		$	13,766,400		$	—		$	—		$	—		$	13,766,400
Gross amount of recognized liabilities for securities lending transactions														$	13,766,400
Destinations Small-Mid Cap Equity Fund Securities Lending Transactions
Common Stocks		$	5,112,972		$	—		$	—		$	—		$	5,112,972
Total Borrowings		$	5,112,972		$	—		$	—		$	—		$	5,112,972
Gross amount of recognized liabilities for securities lending transactions														$	5,112,972
Destinations International Equity Fund Securities Lending Transactions
Common Stocks		$	23,104,558		$	—		$	—		$	—		$	23,104,558
Total Borrowings		$	23,104,558		$	—		$	—		$	—		$	23,104,558
Gross amount of recognized liabilities for securities lending transactions														$	23,104,558
Destinations Equity Income Fund Securities Lending Transactions
Common Stocks		$	1,974,600		$	—		$	—		$	—		$	1,974,600
Total Borrowings		$	1,974,600		$	—		$	—		$	—		$	1,974,600
Gross amount of recognized liabilities for securities lending transactions														$	1,974,600
Destinations Low Duration Fixed Income Fund Securities Lending Transactions
Common Stocks		$	722,785		$	—		$	—		$	—		$	722,785
Total Borrowings		$	722,785		$	—		$	—		$	—		$	722,785
Gross amount of recognized liabilities for securities lending transactions														$	722,785
Destinations Global Fixed Income Opportunities Fund Securities Lending Transactions
Common Stocks		$	392,687		$	—		$	—		$	—		$	392,687
Total Borrowings		$	392,687		$	—		$	—		$	—		$	392,687
Gross amount of recognized liabilities for securities lending transactions														$	392,687
Destinations Municipal Fixed Income Fund Securities Lending Transactions
Common Stocks		$	35,528,240		$	—		$	—		$	—		$	35,528,240
Total Borrowings		$	35,528,240		$	—		$	—		$	—		$	35,528,240
Gross amount of recognized liabilities for securities lending transactions														$	35,528,240
Destinations Multi Strategy Alternatives Fund Securities Lending Transactions
Common Stocks		$	1,027,144		$	—		$	—		$	—		$	1,027,144

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Notes to Financial Statements

February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

	Remaining Contractual Maturity of the Agreements As of February 29, 2024
	Overnight and Continuous			< 30 days			Between 30 & 90 days			> 90 days			Total
Warrants			100			—			—			—			100
Total Borrowings		$	1,027,244		$	—		$	—		$	—		$	1,027,244
Gross amount of recognized liabilities for securities lending transactions														$	1,027,244

(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 similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions.

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February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

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

(g)

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

(h)

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

(i)

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

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

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

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Notes to Financial Statements

February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

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 29, 2024 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 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.

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Notes to Financial Statements

February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

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.

As of February 29, 2024, the Funds had no wholly or partially unfunded loans positions.

(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 29, 2024 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 3).

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

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February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of February 29, 2024.

	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		$	—		$	46,016
Swap contracts		$	593,121		$	853,513
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	593,121		$	899,529
Destinations Low Duration Fixed Income Fund
Forward foreign currency contracts		$	—		$	76,917
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	—		$	76,917
Destinations Global Fixed Income Opportunities Fund:
Forward foreign currency contracts		$	93,421		$	177,078
Options contracts		$	—		$	18,348
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	93,421		$	195,426
Destinations Multi Strategy Alternatives Fund:
Swap contracts		$	13,998,594		$	156,122
Total Derivative Instruments, subject to master netting arrangement or similar arrangement		$	13,998,594		$	156,122

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 29, 2024.

Counterparty	Gross amounts of Recognized Assets and 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
Morgan Stanley Capital Services LLC		$	593,121		$	(593,121)		$	—		$	—
Total Over-the-counter derivative instruments		$	593,121		$	(593,121)		$	—		$	—

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Notes to Financial Statements

February 29, 2024 (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(d)			Other Cash Collateral(b)			Net Amount(e)
Destinations International Equity Fund
Over-the-counter
JPMorgan Chase & Co.		$	46,016		$	—		$	—		$	46,016
Morgan Stanley Capital Services LLC		$	853,513		$	(593,121)		$	—		$	260,392
Total Over-the-counter derivative instruments		$	899,529		$	(593,121)		$	—		$	306,408

Counterparty	Gross amounts of Recognized Liabilities and 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.		$	76,917		$	—		$	—		$	76,917
Total Over-the-counter derivative instruments		$	76,917		$	—		$	—		$	76,917

Counterparty	Gross amounts of Recognized Assets 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.		$	93,421		$	(93,421)		$	—		$	—
Total Over-the-counter derivative instruments		$	93,421		$	(93,421)		$	—		$	—

Counterparty	Gross amounts of Recognized Liabilities 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.		$	177,078		$	(93,421)		$	—		$	83,657
Raymond James & Associates		$	18,348		$	—		$	—		$	18,348
Total Over-the-counter derivative instruments		$	195,426		$	(93,421)		$	—		$	102,005

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Notes to Financial Statements

February 29, 2024 (continued)

5. Accounting for Other Instruments (continued)

Counterparty	Gross amounts of Recognized Assets presented in the Statements of Assets and Liabilities			Financial Instruments Available for Offset(a)			Other Cash Collateral(b)			Net Amount(c)
Destinations Multi Strategy Alternatives Fund:
Over-the-counter
Goldman Sachs & Co		$	7,931,844		$	(156,122)		$	—		$	7,775,722
Morgan Stanley Capital Services LLC		$	6,066,750		$	—		$	—		$	6,066,750
Total Over-the-counter derivative instruments		$	13,998,594		$	(156,122)		$	—		$	13,842,472

Counterparty	Gross amounts of Recognized Liabilities 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		$	156,122		$	(156,122)		$	—		$	—
Total Over-the-counter derivative instruments		$	156,122		$	(156,122)		$	—		$	—

(a)

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

(b)

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 receivable from the counterparty in the event of default.

(d)

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.

(e)

Net amount represents the net amount payable to 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. Periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the recent large-scale invasion of Ukraine by Russia and resulting responses, including economic sanctions by the U.S. and other

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February 29, 2024 (continued)

6. Significant Risks and Uncertainties (continued)

countries against certain Russian individuals and companies could negatively impact the Funds’ performance and cause losses on your investment in the Funds.

(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 sources of political, social or economic unrest. Such erosion of confidence may lead to or extend a localized or global economic downturn. Furthermore, such confidence may be adversely affected by local, regional or global health crises, including, but not limited to, the rapid and pandemic spread of novel viruses commonly known as SARS, MERS, and COVID-19. Such health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.

7. Investment Management Agreement

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

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

Fund	Sub-advisory Fee		Brinker Capital Investments, LLC Fee		Maximum Allowable Annual Management Fee
Destinations Large Cap Equity Fund		0.20%		0.39%		0.75%
Destinations Small-Mid Cap Equity Fund		0.48%		0.39%		0.90%
Destinations International Equity Fund		0.41%		0.39%		1.00%
Destinations Equity Income Fund		0.31%		0.39%		0.80%
Destinations Core Fixed Income Fund		0.18%		0.39%		0.65%
Destinations Low Duration Fixed Income Fund		0.26%		0.39%		0.70%
Destinations Global Fixed Income Opportunities Fund		0.32%		0.39%		0.85%
Destinations Municipal Fixed Income Fund		0.16%		0.39%		0.70%
Destinations Multi Strategy Alternatives Fund		0.52%		0.39%		1.35%
Destinations Shelter Fund		0.35%		0.39%		0.85%

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Notes to Financial Statements

February 29, 2024 (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. In addition, since March 20, 2017, Brinker Capital has contractually waived a portion of its advisory fee with respect to any Fund 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. At a meeting in December 2023, in connection with an initiative to reduce overall expenses borne by the investors, the Board approved changes to Brinker Capital’s contractual fee waiver such that effective as of April 1, 2024, Brinker Capital will now waive management fees in excess of 0.444% more than the total amount of sub-advisory fees paid by Brinker Capital with respect to each Fund. This adjustment was made to partially offset the effect on Brinker Capital of eliminating other revenues paid to it by investors outside of the Funds. The contractual fee waiver agreement may be amended or terminated only with the consent of the Board of Trustees.

For the year ended February 29, 2024, the amounts waived by the Adviser, which are not recoupable, were as follows:

Fund
Destinations Large Cap Equity Fund	$	6,346,928
Destinations Small-Mid Cap Equity Fund		299,962
Destinations International Equity Fund		4,804,003
Destinations Equity Income Fund		665,940
Destinations Core Fixed Income Fund		1,668,338
Destinations Low Duration Fixed Income Fund		189,064
Destinations Global Fixed Income Opportunities Fund		1,085,313
Destinations Municipal Fixed Income Fund		1,360,480
Destinations Multi Strategy Alternatives Fund		3,586,098
Destinations Shelter Fund		111,003

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 Funds’ total cross trades transactions were as follows:

Fund	Purchases			Sales			Realized Gain/(Loss)
Destinations Large Cap Equity Fund		$	7,490,779		$	1,461,880		$	(15,472)
Destinations International Equity Fund			—			227,078			153,916

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.

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February 29, 2024 (continued)

8. Class Specific Expenses (continued)

For the year ended February 29, 2024, class specific expenses were as follows:

	Sub-Transfer Agent Fees
Fund	Class I
Destinations Large Cap Equity Fund		$	5,526,197
Destinations Small-Mid Cap Equity Fund			1,175,002
Destinations International Equity Fund			3,303,583
Destinations Equity Income Fund			876,526
Destinations Core Fixed Income Fund			2,812,881
Destinations Low Duration Fixed Income Fund			570,502
Destinations Global Fixed Income Opportunities Fund			1,107,465
Destinations Municipal Fixed Income Fund			1,250,088
Destinations Multi Strategy Alternatives Fund			1,115,483
Destinations Shelter Fund			146,152

9. Investments

During the year ended February 29, 2024, 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		$	3,829,534,257		$	5,019,167,393		$	—		$	—
Destinations Small-Mid Cap Equity Fund			983,608,469			1,360,258,858			—			—
Destinations International Equity Fund			1,829,050,253			1,610,126,494			—			—
Destinations Equity Income Fund			320,524,906			470,327,961			—			—
Destinations Core Fixed Income Fund			3,387,894,211			3,328,484,031			2,826,080,101			2,723,813,515
Destinations Low Duration Fixed Income Fund			377,862,047			436,745,224			63,016,122			56,112,410
Destinations Global Fixed Income Opportunities Fund			716,322,820			598,331,230			—			—
Destinations Municipal Fixed Income Fund			517,144,757			481,811,412			—			—
Destinations Multi Strategy Alternatives Fund			436,483,434			576,861,182			—			—
Destinations Shelter Fund			4,642,220			30,838,835			—			—

	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			—			—			—			—
Destinations Core Fixed Income Fund			444,762,162			465,820,225			444,762,162			465,820,225
Destinations Low Duration Fixed Income Fund			—			—			—			—
Destinations Global Fixed Income Opportunities Fund			15,872,643			23,008,368			—			—
Destinations Municipal Fixed Income Fund			—			—			—			—
Destinations Multi Strategy Alternatives Fund			77,163,074			61,134,957			—			—
Destinations Shelter Fund			—			—			—			—

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Notes to Financial Statements

February 29, 2024 (continued)

9. Investments (continued)

At February 29, 2024, 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		$	2,995,376,952		$	1,306,766,793		$	(66,766,770)		$	1,240,000,023
Destinations Small-Mid Cap Equity Fund			694,572,463			194,868,102			(33,959,907)			160,908,195
Destinations International Equity Fund			2,122,302,499			534,191,903			(197,923,603)			336,268,300
Destinations Equity Income Fund			528,062,610			81,331,396			(27,459,303)			53,872,093
Destinations Core Fixed Income Fund			2,282,537,107			15,250,071			(207,213,271)			(191,963,200)
Destinations Low Duration Fixed Income Fund			437,293,812			4,755,116			(19,837,142)			(15,082,026)
Destinations Global Fixed Income Opportunities Fund			839,013,624			19,492,943			(32,984,972)			(13,492,029)
Destinations Municipal Fixed Income Fund			896,156,083			18,370,400			(25,742,167)			(7,371,767)
Destinations Multi Strategy Alternatives Fund			739,629,551			63,006,550			(38,370,214)			24,636,336
Destinations Shelter Fund			81,541,184			21,745,257			(4,812,217)			16,933,040

10. Shares of Beneficial Interest

At February 29, 2024, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At February 29, 2024, 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 29, 2024					Year ended February 29, 2024					Year ended February 28, 2023					Year ended February 28, 2023
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
	Class I					Class Z					Class I					Class Z
Destinations Large Cap Equity Fund
Shares sold		20,808,539		$	286,723,049		5,416,970		$	56,755,104		39,077,559		$	504,336,142		7,716,086		$	78,471,942
Shares issued on reinvestment		11,488,243			165,545,592		2,179,876			23,520,862		16,834,864			206,900,479		2,880,929			26,936,686
Shares repurchased		(101,613,670)			(1,400,519,989)		(13,800,296)			(145,033,962)		(72,439,471)			(938,155,299)		(14,821,321)			(150,588,094)
Net Decrease		(69,316,888)		$	(948,251,348)		(6,203,450)		$	(64,757,996)		(16,527,048)		$	(226,918,678)		(4,224,306)		$	(45,179,466)
Destinations Small-Mid Cap Equity Fund
Shares sold		5,841,027		$	68,314,934		1,448,952		$	12,587,190		11,237,281		$	133,573,872		2,313,614		$	20,629,275
Shares issued on reinvestment		161,645			1,997,933		49,274			448,886		3,059,392			34,693,512		530,903			4,443,660
Shares repurchased		(34,996,708)			(415,794,352)		(4,555,819)			(40,087,120)		(18,811,618)			(222,745,216)		(4,214,855)			(37,594,065)
Net Decrease		(28,994,036)		$	(345,481,485)		(3,057,593)		$	(27,051,044)		(4,514,945)		$	(54,477,832)		(1,370,338)		$	(12,521,130)
Destinations International Equity Fund
Shares sold		53,323,794		$	649,062,864		8,028,186		$	84,510,718		19,551,445		$	228,834,565		3,692,644		$	37,882,738
Shares issued on reinvestment		3,316,428			41,455,349		506,191			5,441,557		4,209,879			47,529,535		584,941			5,691,480
Shares repurchased		(39,395,419)			(481,713,480)		(4,811,192)			(50,854,777)		(49,354,347)			(574,480,158)		(8,133,075)			(82,840,187)
Net Increase/(Decrease)		17,244,803		$	208,804,733		3,723,185		$	39,097,498		(25,593,023)		$	(298,116,058)		(3,855,490)		$	(39,265,969)
Destinations Equity Income Fund
Shares sold		4,510,292		$	50,031,989		922,167		$	9,872,253		25,737,793		$	297,686,879		2,937,026		$	32,837,879
Shares issued on reinvestment		2,103,089			23,306,638		220,054			2,353,688		2,409,636			27,030,415		231,029			2,504,455
Shares repurchased		(16,519,269)			(184,530,150)		(1,688,014)			(18,181,017)		(9,757,706)			(111,671,803)		(1,498,948)			(16,748,275)
Net Increase/(Decrease)		(9,905,888)		$	(111,191,523)		(545,793)		$	(5,955,076)		18,389,723		$	213,045,491		1,669,107		$	18,594,059
Destinations Core Fixed Income Fund
Shares sold		47,840,706		$	396,772,982		6,701,055		$	57,131,151		47,660,349		$	403,068,744		5,953,052		$	52,229,510
Shares issued on reinvestment		7,863,825			64,729,658		770,888			6,529,609		5,998,067			51,103,461		551,597			4,834,646
Shares repurchased		(52,136,411)			(430,534,637)		(4,854,695)			(41,242,854)		(48,080,051)			(411,011,008)		(7,233,767)			(64,928,010)
Net Increase/(Decrease)		3,568,120		$	30,968,003		2,617,248		$	22,417,906		5,578,365		$	43,161,197		(729,118)		$	(7,863,854)
Destinations Low Duration Fixed Income Fund
Shares sold		5,769,902		$	52,955,710		907,367		$	8,530,085		9,653,848		$	90,253,320		1,014,252		$	9,730,784
Shares issued on reinvestment		2,488,354			22,786,422		213,120			1,997,960		2,897,153			26,746,026		232,593			2,197,436
Shares repurchased		(17,525,233)			(160,906,614)		(1,521,165)			(14,300,102)		(19,080,767)			(177,476,575)		(2,290,856)			(21,925,643)
Net Decrease		(9,266,977)		$	(85,164,482)		(400,678)		$	(3,772,057)		(6,529,766)		$	(60,477,229)		(1,044,011)		$	(9,997,423)

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Notes to Financial Statements

February 29, 2024 (continued)

10. Shares of Beneficial Interest (continued)

	Year ended February 29, 2024					Year ended February 29, 2024					Year ended February 28, 2023					Year ended February 28, 2023
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
	Class I					Class Z					Class I					Class Z
Destinations Global Fixed Income Opportunities Fund
Shares sold		21,946,417		$	199,873,987		2,553,889		$	23,724,835		12,916,626		$	119,399,527		1,439,540		$	13,620,653
Shares issued on reinvestment		5,194,510			47,157,667		451,462			4,181,788		3,334,045			30,612,580		282,149			2,640,802
Shares repurchased		(18,956,308)			(172,537,676)		(1,739,290)			(16,169,276)		(15,329,028)			(142,145,739)		(2,256,124)			(21,479,728)
Net Increase/(Decrease)		8,184,619		$	74,493,978		1,266,061		$	11,737,347		921,643		$	7,866,368		(534,435)		$	(5,218,273)
Destinations Municipal Fixed Income Fund
Shares sold		15,142,832		$	145,154,183		1,903,780		$	18,325,767		16,852,037		$	160,539,965		1,823,148		$	17,583,000
Shares issued on reinvestment		2,471,948			23,570,961		142,485			1,362,933		1,666,203			15,945,827		91,194			875,610
Shares repurchased		(19,513,838)			(186,573,334)		(1,630,232)			(15,646,422)		(20,798,727)			(200,082,715)		(1,829,160)			(17,658,567)
Net Increase/(Decrease)		(1,899,058)		$	(17,848,190)		416,033		$	4,042,278		(2,280,487)		$	(23,596,923)		85,182		$	800,043
Destinations Multi Strategy Alternatives Fund
Shares sold		10,607,512		$	108,716,839		1,369,615		$	13,692,347		11,205,219		$	111,935,599		1,869,949		$	18,229,720
Shares issued on reinvestment		4,698,355			48,174,921		438,795			4,379,853		2,936,084			28,697,347		273,115			2,601,205
Shares repurchased		(28,733,243)			(293,670,827)		(2,568,181)			(25,567,149)		(43,921,727)			(435,422,534)		(5,690,357)			(55,202,524)
Net Decrease		(13,427,376)		$	(136,779,067)		(759,771)		$	(7,494,949)		(29,780,424)		$	(294,789,588)		(3,547,293)		$	(34,371,599)
Destinations Shelter Fund
Shares sold		338,589		$	3,201,679		26,559		$	245,840		885,864		$	8,031,819		32,883		$	289,310
Shares issued on reinvestment		37,998			361,811		1,071			10,084		56,071			484,189		1,335			11,403
Shares repurchased		(2,471,021)			(23,361,975)		(23,821)			(229,205)		(2,411,278)			(21,510,482)		(51,981)			(461,290)
Net Increase/(Decrease)		(2,094,434)		$	(19,798,485)		3,809		$	26,719		(1,469,343)		$	(12,994,474)		(17,763)		$	(160,577)

11. Dividend and Tax Components of Capital

The tax character of distributions paid during the fiscal period ended February 29, 2024, 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		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	25,258,212		$	—		$	—
Ordinary Income			33,568,912			2,470,100			47,352,736			22,986,352			67,956,082			25,042,258			51,894,573			—			53,102,220			371,896
Net Long-term Capital Gains			157,398,902			—			—			2,950,982			—			—			—			—			—			—
Tax Return of Capital			—			—			—			—			4,010,833			—			—			—			—			—
Total Distributions Paid		$	190,967,814		$	2,470,100		$	47,352,736		$	25,937,334		$	71,966,915		$	25,042,258		$	51,894,573		$	25,258,212		$	53,102,220		$	371,896

The tax character of distributions paid during the fiscal year ended February 28, 2023, 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		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	17,013,950		$	—		$	—
Ordinary Income			62,021,953			761,899			34,855,558			17,933,021			56,447,015			29,207,798			33,581,400			630			29,052,394			366,567
Net Long-term Capital Gains			174,017,326			38,704,133			18,865,286			11,916,027			—			—			—			—			2,538,250			129,026
Total Distributions Paid.		$	236,039,279		$	39,466,032		$	53,720,844		$	29,849,048		$	56,447,015		$	29,207,798		$	33,581,400		$	17,014,580		$	31,590,644		$	495,593

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Notes to Financial Statements

February 29, 2024 (concluded)

11. Dividend and Tax Components of Capital (concluded)

As of February 29, 2024, 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		$	1,991,579		$	5,926,295		$	7,114,387		$	1,798,145		$	—		$	2,172,577		$	4,882,868		$	—		$	14,640,556		$	171,309
Undistributed long-term capital gains – net			236,935,662			—			—			—			—			—			—			—			—			—
Undistributed tax-exempt income – net			—			—			—			—			—			—			—			1,269,132			—			—
Total Undistributed earnings			238,927,241			5,926,295			7,114,387			1,798,145			—			2,172,577			4,882,868			1,269,132			14,640,556			171,309
Capital Loss Carryforward			—			(2,513,320)			(80,140,841)			(11,914,438)			(200,619,333)			(18,386,925)			(48,163,921)			(26,591,508)			(11,441,905)			(13,760,459)
Current Year Late Year Loss Deferral			—			—			—			—			—			—			—			—			—			—
Unrealized appreciation (depreciation)(a)			1,240,001,084			160,908,197			331,450,847			53,868,187			(191,963,200)			(15,083,348)			(13,504,929)			(7,371,766)			24,636,336			16,933,040
Total accumulated earnings/(losses) – net		$	1,478,928,325		$	164,321,172		$	258,424,393		$	43,751,894		$	(392,582,533)		$	(31,297,696)		$	(56,785,982)		$	(32,694,142)		$	27,834,987		$	3,343,890

(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, foreign currency, the difference between book and tax amortization methods, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

Reclassification: GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current period, the following reclassifications have been made:

			Total distributable earnings (losses)						Paid-in capital
Destinations Municipal Fixed Income Fund					4,010,833						(4,010,833)

(a)

Reclassifications are due to permanent differences primarily from net operating losses.

12. Capital Loss Carry Forward

As of February 29, 2024, 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		$	—		$	2,513,320		$	80,140,841		$	—		$	(100,970,570)		$	7,959,581		$	3,511,470		$	7,846,769		$	—		$	5,953,421
Long-Term .			—			—			—			11,914,438			99,648,763			10,427,344			44,652,451			18,744,739			11,441,905			7,807,038
		$	—		$	2,513,320		$	80,140,841		$	11,914,438		$	(200,619,333)		$	18,386,925		$	48,163,921		$	26,591,508		$	11,441,905		$	13,760,459

13. Recent Accounting Pronouncements

In June 2022, the FASB issued ASU No.2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this ASU.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

14. Subsequent Events

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

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Report of Independent Registered Public Accounting Firm

KPMG LLP
1601 Market Street
Philadelphia, PA 19103-2499

To the Shareholders of the Funds and Board of Trustees
Brinker Capital Destinations Trust:

Opinion on the Financial Statements

We have audited the accompanying statement 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 (the Funds), including the schedule of investments, as of February 29, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 29, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the years or periods in the two-year period ended February 28, 2022 were audited by other independent registered public accountants whose report, dated April 29, 2022, expressed an unqualified opinion on those financial highlights. The financial highlights for year ended February 29, 2020 were audited by other independent registered public accountants whose report, dated April 29, 2020, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 laws 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 audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of February 29, 2024, by correspondence with custodians, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Brinker Capital Destinations Trust investment companies since 2022.

Philadelphia, Pennsylvania
April 26, 2024

KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.

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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 Orion Portfolio Solutions, LLC doing business as Brinker Capital Investments, LLC (the “Adviser”), have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which the Adviser 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 the Adviser 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”).

Board Considerations of the Advisory Agreement

At the December 5-6, 2023 meeting of the Board (the “December Meeting”), the Board, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement between the Adviser and the Trust for an additional one-year period. The Board considered the performance of the Adviser in delivering services to the Funds under the Advisory Agreement throughout the year, including, specifically in the context of assessing whether to renew the Advisory Agreement, at a Governance Committee meeting held on November 21, 2023 and at the December Meeting. At the November 2023 Governance Committee meeting and the December Meeting, the Adviser discussed with the Board its proposal to simplify and reduce overall expenses borne by investors, including certain expenses external to the Funds. The Adviser explained that part of its proposal to reduce overall expenses would include an adjustment to the Funds’ contractual fee waivers whereby the Adviser would retain a larger portion of advisory fees paid to it by the Funds to offset the effect on the Adviser of eliminating an even larger amount of other revenues paid to it by investors outside of the Funds. Specifically, under the Adviser’s proposal, it would retain approximately 44.4 basis points of advisory fees from each Fund (in excess of the aggregate sub-advisory fees paid by such Fund); whereas, under the existing contractual arrangement, the Adviser retains 39 basis points. The Adviser also discussed how it worked to reduce certain other operating expenses of the Funds to offset some or all of the increase in advisory fees retained by the Adviser, including, but not limited to, renegotiating lower sub-advisory fees in some cases and reducing other operating expenses of the Funds such that fees and expenses borne by investors inside the Funds in their capacity as shareholders would be approximately neutral before and after the implementation of the proposed changes, and expenses borne by investors outside the Funds in their capacity as advisory clients would be significantly lower.

Throughout the course of the year, and particularly during the November 2023 Governance Committee meeting and December Meeting, the Trustees requested and received information from the Adviser that they deemed reasonably necessary for their review of the Advisory Agreement and the performance of the Adviser thereunder. The Trustees were assisted in their review by both Fund counsel and Board counsel and met in executive sessions separate from representatives of the Adviser.

Nature, Extent and Quality of the Adviser’s Advisory Services

The Board considered the nature, extent and quality of the advisory services that the Adviser has provided to, and the resources dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the Adviser’s personnel, experience, track record and compliance program. In particular, the Board considered the continuity and quality of services delivered to the Funds during the course of the year in response to certain changes in the advisory personnel who service the Funds. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by the Adviser to the Funds and the resources of the Adviser to the Funds were sufficient to support the renewal of the Advisory Agreement.

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Performance

In determining whether to renew the Advisory Agreement, the Board considered the performance of the Adviser 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. The Board also discussed and considered how the Funds’ relative performance could have differed had the Adviser’s proposed changes to the expense structure been in place previously. Based on the materials considered and discussed at the meetings, the Board found Fund performance satisfactory, or, where performance was significantly 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 the Adviser 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 the Adviser retained a maximum amount of compensation (as a percentage of Fund assets) from each Fund as a result of the contractual fee waivers, noting that the Adviser proposed to increase such maximum amount of compensation with respect to each Fund as part of a multi-faceted proposal to reduce overall expenses that would have the overall effect of reducing revenue and profitability to the Adviser, even if revenue and profitability when considered solely on a per Fund basis would increase as a result of the proposed amendment to the contractual fee waivers. The Board also considered the profitability of the Adviser for providing advisory services to the Funds as an overall complex, noting that the Adviser implemented its model-based investment advice through allocations of assets among the Funds and that, because of the investor base of the Funds, the amount of compensation paid to the Adviser must be equal across each Fund such that the Adviser does not have an incentive to favor allocating client assets to one Fund over another Fund. As to each Fund, the Board concluded, in the context of its full deliberations, that the Adviser’s level of profitability was reasonable and supported renewal of the Advisory Agreement.

Fees and Economies of Scale

As to each Fund, the Board reviewed and considered the management fees payable by the Fund to the Adviser in light of the nature, extent and quality of the advisory services provided by the Adviser. The Board also reviewed and considered the fee waivers and/or expense reimbursement arrangements in place for the Funds and considered the actual fee rate (after taking any such waivers and reimbursements into account), including the proposed changes to the amount of the contractual fee waivers going forward, 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, the Adviser 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 the Adviser and that the Adviser 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 fees paid by the Fund to the Adviser, taking into effect the impact of the proposed changes to the contractual fee waivers going forward, are 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. In assessing the potential for economies of scale, the Board also took into account current and recent trends in Fund inflows and outflows, as well as recent market trends for mutual funds overall.

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Other Benefits to the Adviser

As to each Fund, the Board considered other benefits received or that could be expected to be received by the Adviser 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 the Adviser’s costs of providing investment management and other services to the Funds and the Adviser’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 Board determined that the profits and ancillary benefits that the Adviser and its affiliates receive through their management of the Funds are reasonable.

Board Considerations of the Sub-Agreements

During the second half of the fiscal year, the Board considered the renewal of certain Sub-Advisory Agreements with existing Sub-Advisers. In particular, at a meeting of the Board held on September 12-13, 2023, the Adviser recommended and the Board, including all of the Independent Trustees, approved the renewal of the existing Sub-Advisory Agreements for the management of: (i) the Destinations International Equity Fund by Barrow, Hanley, Mewhinney & Strauss, LLC; (ii) the Destinations Low Duration Fixed Income Fund by CrossingBridge Advisors, LLC (“CrossingBridge”); (iii) the Destinations Global Fixed Income Opportunities Fund by CrossingBridge; (iv) the Destinations Small-Mid Cap Equity Fund by Ceredex Value Advisors LLC, Leeward Investments, LLC and Driehaus Capital Management, LLC (“Driehaus”); (v) the Destinations Multi Strategy Alternatives Fund by Driehaus and LMCG Investments, LLC; and (vi) the Destinations Core Fixed Income Fund by Merganser Capital Management, LLC.

Further, at the December Meeting, the Adviser recommended and the Board, including all of the Independent Trustees, approved the renewal of the existing Sub-Advisory Agreements for the management of: (i) the Destinations Low Duration Fixed Income Fund by DoubleLine Capital Management, LP (“DoubleLine”) and CrossingBridge; (ii) the Destinations Core Fixed Income Fund by DoubleLine, Wellington Management Company LLP and Merganser Capital Management Inc.; (iii) the Destinations Global Fixed Income Opportunities Fund by CrossingBridge, DoubleLine and Nuveen Asset Management, LLC (“Nuveen”); (iv) the Destinations Municipal Bond Fixed Income Fund by Northern Trust Investments, Inc. and Seix Investment Advisors, LLC; and (v) the Destinations Equity Income Fund by Nuveen.

Pursuant to the Sub-Advisory Agreements, the Sub-Advisers will continue to provide day-to-day management for the portion of the applicable Funds’ assets allocated to it. In the context of Sub-Advisory Agreement renewals, the Board also considered information provided by the Adviser during prior meetings. In doing so, the Trustees requested and received information from the Adviser and the Sub-Advisers that they deemed reasonably necessary for their review of the Sub-Advisory Agreements and to evaluate the relevant performance of each Sub-Adviser with respect to the Funds. 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 the Adviser and the Sub-Advisers.

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

Nature, Extent and Quality of the Sub-Advisory Services

The Board received and considered information regarding the nature, extent and quality of services that 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 the Adviser selected and recommended the Sub-Advisers to the Board for renewal, and the supervisory activities over the Sub-Advisers performed by the Adviser, 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 allocated to it, as well as the qualifications, experience and responsibilities of the persons serving as the portfolio managers for the Funds’ assets 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 the Adviser’s favorable assessment of the nature and quality of the Sub-Advisers’ services that would continue to be provided to the Funds. The Board also reviewed information received from the Adviser 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 the Adviser and of each Sub-Adviser.

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The Board discussed with representatives of the Adviser the portfolio management strategy that would 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) the Adviser’s recommendation to engage each Sub-Adviser.

Performance

The Board received information from management regarding the Sub-Advisers’ historical performance returns managing the Funds, with such performance compared to a relevant index. The Board discussed with representatives of the Adviser 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 the Adviser’s experience and reputation in selecting, evaluating, and overseeing investment managers, including the process and diligence undertaken by the Adviser in evaluating Sub-Adviser performance. The Board determined that these factors supported a decision to renew 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 the Adviser 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 each Sub-Adviser were reasonable and appropriate. The Board recognized that, because the Sub-Advisers’ fees would be paid by the Adviser, and not the Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Advisory Agreement. The Board received and considered a profitability analysis of the Adviser with respect to the sub-advisory fees to be paid under the Sub-Advisory Agreements proposed for renewal and determined that the Adviser’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 the contractual fee waivers that limit the total amount of advisory fees that may be retained by the Adviser and the proposed changes to the amount of the contractual fee waivers going forward. Similarly, the Board recognized that, because each Sub-Adviser’s fees would be paid by the Adviser, 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 Advisory Agreement. 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 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.

Distributor approval

At the December Meeting, the Board, including a majority of the Independent Trustees approved a renewal of the distribution agreement between the Funds and Foreside Fund Services, LLC (“Foreside”).

Review of Liquidity Risk Management Program

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

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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.

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Additional Information (unaudited)

TRUSTEES AND OFFICERS OF THE TRUST

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

Orion Portfolio Solutions, LLC d.b.a Brinker Capital Investments(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. There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be a presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote of the Governance Committee and majority vote of the full Board, extend the term of such Trustee for successive periods of one year. Unless otherwise noted, the business address of each Trustee is 1055 Westlakes Drive, Suite 250, Berwyn, PA 19312.

The executive officers of the Trust are employees of organizations that provide services to the Funds. Unless otherwise noted, the business address of each officer is 1055 Westlakes Drive, Suite 250, Berwyn, PA 19312.

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

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.

Osterweis Capital Management since May 2022; Optimum Fund Trust from 2011 to 2015.

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Name, Address and
Date of Birth

Position(s)
Held with
Trust

Term of
Office and
Length of
Time Served*

Principal
Occupation(s)
During Past
Five Years

Number of
Funds
in Fund
Complex
Overseen
By Trustee

Other Board
Memberships
Held During
Past Five Years
by Trustee

Nicholas Marsini, Jr.

Birth Year: 1955

Trustee, Chair of Audit Committee

Since 2017

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

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

Gregory E. McGowan

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.

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**

Birth Year: 1952

Trustee

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

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

Lifestar Holdings (Formerly Global Capital PLC a Malta Public Company).

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TABLE OF CONTENTS

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

Noreen D. Beaman

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.

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.

Mr. Del Raso became an “interested” Trustee (as such term is defined under Section 2(a)(19) of the Investment Company Act) as of April 1, 2018. The law firm at which Mr. Del Raso is a partner provides legal services to a current Sub-Adviser of the Funds, making Mr. Del Raso an interested person with respect to the Trust, as a technical matter, pursuant to paragraphs (A)(iii) and (B)(iv) of Section 2(a)(19) of the 1940 Act.

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Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
OFFICERS***
Brian Ferko Birth Year: 1971	President & Chief Operating Officer	Since March 2024 and September 2023, respectively	Chief Compliance Officer of Brinker Capital Trust from 2017 to 2024; Compliance Officer of Brinker Capital Investments from 2015 to 2023; 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.
Kevin Fustos 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.
Peter Townsend Birth Year: 1977	Chief Compliance Officer, Anti- Money Laundering Officer & Secretary	Since March 2024 and January 2017, respectively	Deputy Funds Chief Compliance Officer of Brinker Capital Investments, since 2017; Deputy Chief Compliance Officer of the Trust from 2017-2024; 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.

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TABLE OF CONTENTS

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
Kylee Beach Birth Year: 1984	Assistant Secretary	Since March 2024	General Counsel and Secretary of Orion Advisor Solutions Inc. since 2019; President of the Trust from 2022-2024; Orion Advisor Technology, LLC since 2014; Brinker Capital Investments, LLC since 2020 and also General Counsel for CLS Investments, LLC, now part of Brinker Capital Investments, LLC since 2014; GT Polaris Holdings, Inc. since 2020; GT Polaris Midco, Inc. since 2020; Brinker Capital Securities, LLC since 2020; Advizr, Inc. since 2019; Orion Portfolio Solutions, LLC since 2018; BasisCode Compliance, LLC since 2021; Redtail Technology, Inc. since 2022; TownSquare Capital, LLC since 2022; Associate General Counsel of NorthStar Financial Services Group LLC from 2012 to 2018.
Timothy Holland, CFA Birth Year: 1969	Investment Officer	Since June 2017	Chief Investment Officer of TownSquare Capital, LLC, an Orion Company, since 2023; Chief Investment Officer of Brinker Capital Investments, LLC from 2020 to 2023; 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.
Rusty Vanneman, CFA, CMT, BFA Birth Year: 1965	Investment Officer	Since June 2023	Chief Investment Officer and a Senior Portfolio Manager at Brinker Capital Investments since 2023; Chief Investment Strategist at Brinker Capital Investments from 2020 to 2023; Chief Investment Officer at Brinker Capital Investments from 2019-2020; President at CLS Investments LLC from 2018-2019; Chief Investment Officer at CLS Investments LLC from 2012-2019.

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Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
Brian Storey, CFA Birth Year: 1974	Investment Officer	Since June 2022	Deputy Chief Investment Officer — Destinations Portfolios at Brinker Capital Investments since 2023; Senior Portfolio Manager at Brinker Capital Investments since 2022; Senior Vice President and Senior Portfolio Manager at First Citizens Bank & Trust from 2016 to 2021; Portfolio Manager and Senior Research Analyst at First Citizens Bank & Trust from 2010 to 2016.
Patrick Amerson Birth Year: 1994	Investment Officer	Since December 2021	Investment Analyst at Brinker Capital Investments since 2021; Client Service Representative at Brinker Capital Investments, LLC from 2019 to 2021; Operations Associate at Brinker Capital Investments, LLC from 2017-2019.
Andrew Goins, CFA Birth Year: 1984	Investment Officer	Since June 2023	Senior Portfolio Manager at Brinker Capital Investments since 2023; Director of SMA and Mutual Fund Due Diligence at Brinker Capital Investments from 2021 to 2023; Investment Manager at Brinker Capital Investments from 2015 to 2021.

***

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

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Important Tax Information (unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended February 29, 2024:

	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		95.72%		100.00%			93.63%		100.00%		—
Dividends Qualifying for the Dividends Received
Deduction for Corporations		83.25%		100.00%			0.63%		51.68%		—
Foreign Taxes Paid		—		—		$	7,090,083		—		—
Foreign Source Income		—		—		$	65,148,314		—		—
Foreign Tax Paid Per Share		—		—			0.04		—		—
Foreign Source Income Per Share		—		—			0.33		—		—
Long-Term Capital Gain Dividend		—		—			—	��	—		—

	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		—		—		—		5.01%		100.00%
Dividends Qualifying for the Dividends Received
Deduction for Corporations		—		—		—		5.01%		100.00%
Interest from Tax-Exempt Obligations		—		—		100.00%		—		—
Long-Term Capital Gain Dividend		—		—		—		—		—

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Brinker Capital Destinations Trust

Investment Adviser

Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com

Distributor

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

Legal Counsel

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

Independent Registered Public Accounting Firm

KPMG LLP
1601 Market Street
Philadelphia, PA 19103
www.kpmg.us

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.

DSA_AR

(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 29, 2024 (“Reporting Period”), the Registrant has adopted a code of ethics (“Code”) that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. The Registrant has not amended any provision in its Code that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. A copy of this Code is filed as an Exhibit to this Form N-CSR pursuant to Item 13(a)(1). The Registrant has not granted any waiver, including any implicit waiver, from a provision of its Code to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Nicholas Marsini Jr. possesses the attributes identified in Instruction (b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mr. Marsini as the Registrant’s audit committee financial expert. Mr. Marsini is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

AUDIT FEES –

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years ended February 29, 2024 and February 28, 2023 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 $366,550 in 2024 and $350,000 in 2023.

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years ended February 29, 2024 and February 28, 2023, 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 2024 and $0 in 2023.

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years ended February 29, 2024 and February 28, 2023, for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $52,500 in 2024 and $50,000 in 2023. 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 29, 2024 and February 28, 2023, 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 2024 and $0 for 2023.

(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 2024 and 0% for 2023; Tax Fees were 0% for 2024 and 0% for 2023; and Other Fees were 0% for 2024 and 0% for 2023.

(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 2024 and $0 for 2023.

(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 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 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 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.

(b)

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c)) were effective, as of a date within 90 days of the filing date of this report, based on their 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/ Brian Ferko
	Brian Ferko
	President

Date:	May 1, 2024

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/ Brian Ferko
	Brian Ferko
	President

Date:	May 1, 2024

Brinker Capital Destinations Trust

By:	/s/ Kevin Fustos
	Kevin Fustos
	Chief Financial Officer and Treasurer

Date:	May 1, 2024

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