# EDGAR Filing Document

**Accession Number:** 0001688680
**File Stem:** 0001133228-25-011580
**Filing Date:** 2025-10
**Character Count:** 1470254
**Document Hash:** 1132c25dc249110d874b22b6fbfa7469
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011580.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001133228-25-011580

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brinker Capital Destinations Trust
- **CENTRAL INDEX KEY:** 0001688680

**ORGANIZATION NAME:**
- **EIN:** 816867493
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23207
- **FILM NUMBER:** 251438518

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 WESTLAKES DRIVE, SUITE 250
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312
- **BUSINESS PHONE:** (610) 407-8348

**MAIL ADDRESS:**
- **STREET 1:** 1055 WESTLAKES DRIVE, SUITE 250
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312

## Series and Classes Contracts Data

### Destinations Large Cap Equity Fund (Series ID: S000056100)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176692 | Class I      | DLCFX           |
| C000202452 | Class Z      | DLCZX           |

### Destinations Multi Strategy Alternatives Fund (Series ID: S000056101)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176693 | Class I      | DMSFX           |
| C000202453 | Class Z      | DMSZX           |

### Destinations Small-Mid Cap Equity Fund (Series ID: S000056102)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176694 | Class I      | DSMFX           |
| C000202454 | Class Z      | DSMZX           |

### Destinations International Equity Fund (Series ID: S000056103)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176695 | Class I      | DIEFX           |
| C000202455 | Class Z      | DIEZX           |

### Destinations Equity Income Fund (Series ID: S000056104)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176696 | Class I      | DGEFX           |
| C000202456 | Class Z      | DGEZX           |

### Destinations Real Assets Fund (Series ID: S000056105)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176697 | Class I      | DRAFX           |
| C000202457 | Class Z      | DRAZX           |

### Destinations Core Fixed Income Fund (Series ID: S000056106)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176698 | Class I      | DCFFX           |
| C000202458 | Class Z      | DCFZX           |

### Destinations Low Duration Fixed Income Fund (Series ID: S000056107)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176699 | Class I      | DLDFX           |
| C000202459 | Class Z      | DLDZX           |

### Destinations Global Fixed Income Opportunities Fund (Series ID: S000056108)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176700 | Class I      | DGFFX           |
| C000202460 | Class Z      | DGFZX           |

### Destinations Municipal Fixed Income Fund (Series ID: S000056109)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176701 | Class I      | DMFFX           |
| C000202461 | Class Z      | DMFZX           |

### Destinations Shelter Fund (Series ID: S000071226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000226066 | Class I      | DSHFX           |
| C000226067 | Class Z      | DSHZX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Brinker Capital Destinations Trust**

(Exact name of registrant as specified in charter)

**1055 Westlakes Drive, Suite 250**

**Berwyn, PA 19312**

(Address of principal executive offices) (Zip Code)

**The Corporation Trust Company**

**1209 Orange Street**

**Wilmington, Delaware 19801**

(Name and address of agent for service)

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

Date of fiscal year end: **February 28**

Date of reporting period:

 **August 31, 2025**

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 roles.

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 the clearance requirements of 44 U.S.C. § 3507.

**ITEM 1. REPORTS TO STOCKHOLDERS.**

**TABLE OF CONTENTS**

[Destinations Core Fixed Income Fund](#tsr_001)

[Class I - DCFFX](#tsr_001)

[Destinations Core Fixed Income Fund](#tsr_002)

[Class Z - DCFZX](#tsr_002)

[Destinations Equity Income Fund](#tsr_003)

[Class I - DGEFX](#tsr_003)

[Destinations Equity Income Fund](#tsr_004)

[Class Z - DGEZX](#tsr_004)

[Destinations Global Fixed Income Opportunities Fund](#tsr_005)

[Class I - DGFFX](#tsr_005)

[Destinations Global Fixed Income Opportunities Fund](#tsr_006)

[Class Z - DGFZX](#tsr_006)

[Destinations International Equity Fund](#tsr_007)

[Class I - DIEFX](#tsr_007)

[Destinations International Equity Fund](#tsr_008)

[Class Z - DIEZX](#tsr_008)

[Destinations Large Cap Equity Fund](#tsr_009)

[Class I - DLCFX](#tsr_009)

[Destinations Large Cap Equity Fund](#tsr_010)

[Class Z - DLCZX](#tsr_010)

[Destinations Low Duration Fixed Income Fund](#tsr_011)

[Class I - DLDFX](#tsr_011)

[Destinations Low Duration Fixed Income Fund](#tsr_012)

[Class Z - DLDZX](#tsr_012)

[Destinations Multi Strategy Alternatives Fund](#tsr_013)

[Class I - DMSFX](#tsr_013)

[Destinations Multi Strategy Alternatives Fund](#tsr_014)

[Class Z - DMSZX](#tsr_014)

[Destinations Municipal Fixed Income Fund](#tsr_015)

[Class I - DMFFX](#tsr_015)

[Destinations Municipal Fixed Income Fund](#tsr_016)

[Class Z - DMFZX](#tsr_016)

[Destinations Real Assets Fund](#tsr_017)

[Class I - DRAFX](#tsr_017)

[Destinations Real Assets Fund](#tsr_018)

[Class Z - DRAZX](#tsr_018)

[Destinations Shelter Fund](#tsr_019)

[Class I - DSHFX](#tsr_019)

[Destinations Shelter Fund](#tsr_020)

[Class Z - DSHZX](#tsr_020)

[Destinations Small-Mid Cap Equity Fund](#tsr_021)

[Class I - DSMFX](#tsr_021)

[Destinations Small-Mid Cap Equity Fund](#tsr_022)

[Class Z - DSMZX](#tsr_022)

# Destinations Core Fixed Income Fund

# Class I

# DCFFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Core Fixed Income Fund seeks to maximize current income and total return, investing primarily in investment grade multi-sector fixed income securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $44 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Core Fixed Income Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the ICE BofA US Broad Market Index.

![A line chart as described in the following paragraph.](i59ca4e8113a7c04a904fd550.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **ICE BofA US Broad Market Index** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $10221 | $10334 |
| **Feb-18** | $10034 | $10107 |
| **Aug-18** | $10124 | $10225 |
| **Feb-19** | $10312 | $10431 |
| **Aug-19** | $10931 | $11298 |
| **Feb-20** | $11238 | $11680 |
| **Aug-20** | $11350 | $12025 |
| **Feb-21** | $11244 | $11783 |
| **Aug-21** | $11388 | $12008 |
| **Feb-22** | $10938 | $11506 |
| **Aug-22** | $10044 | $10624 |
| **Feb-23** | $9824 | $10381 |
| **Aug-23** | $9898 | $10482 |
| **Feb-24** | $10159 | $10732 |
| **Aug-24** | $10666 | $11253 |
| **Feb-25** | $10799 | $11359 |
| **Aug-25** | $10969 | $11607 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 2.84% | -0.68% | 1.10% |
| ICE BofA US Broad Market Index | 3.15% | -0.70% | 1.79% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1549703331 |
| Number of Portfolio Holdings | 1917 |
| Portfolio Turnover Rate | 80% |
| Advisory Fees Paid | $5002033 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 26.8% |
| U.S. Government Agencies & Obligations | 25.8% |
| Corporate Bonds & Notes | 16.8% |
| Collateralized Mortgage Obligations | 15.5% |
| Asset-Backed Securities | 10.3% |
| Others | 2.8% |
| Short-Term Investments | 2.0% |
| Money Market Fund | 0.0% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

# Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

#### Destinations Core Fixed Income Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC06-I

# Destinations Core Fixed Income Fund

# Class Z

# DCFZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Core Fixed Income Fund seeks to maximize current income and total return, investing primarily in investment grade multi-sector fixed income securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $37 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Core Fixed Income Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the ICE BofA US Broad Market Index.

![A line chart as described in the following paragraph.](idaa4daf3bfb44313f298e981.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **ICE BofA US Broad Market Index** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $10030 | $10037 |
| **Feb-19** | $10229 | $10239 |
| **Aug-19** | $10846 | $11090 |
| **Feb-20** | $11161 | $11465 |
| **Aug-20** | $11278 | $11803 |
| **Feb-21** | $11180 | $11566 |
| **Aug-21** | $11339 | $11787 |
| **Feb-22** | $10901 | $11294 |
| **Aug-22** | $10008 | $10429 |
| **Feb-23** | $9790 | $10190 |
| **Aug-23** | $9879 | $10289 |
| **Feb-24** | $10140 | $10535 |
| **Aug-24** | $10663 | $11046 |
| **Feb-25** | $10800 | $11150 |
| **Aug-25** | $10985 | $11393 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 3.02% | -0.53% | 1.32% |
| ICE BofA US Broad Market Index | 3.15% | -0.70% | 1.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1549703331 |
| Number of Portfolio Holdings | 1917 |
| Portfolio Turnover Rate | 80% |
| Advisory Fees Paid | $5002033 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 26.8% |
| U.S. Government Agencies & Obligations | 25.8% |
| Corporate Bonds & Notes | 16.8% |
| Collateralized Mortgage Obligations | 15.5% |
| Asset-Backed Securities | 10.3% |
| Others | 2.8% |
| Short-Term Investments | 2.0% |
| Money Market Fund | 0.0% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

# Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

#### Destinations Core Fixed Income Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC06-Z

# Destinations Equity Income Fund

# Class I

# DGEFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](id1d29054e38cdb21dea63657.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Equity Income Fund seeks to provide a high level of current income with long-term capital appreciation, investing primarily in dividend-paying equity securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $50 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Equity Income Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the FTSE All World Developed Index.

![A line chart as described in the following paragraph.](i8dc1674729af030095d1f0e8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **FTSE All World Developed Index** | **FTSE All-World High Dividend Yield Index** |
| **Mar-17** | $10000 | $10000 | $10000 |
| **Aug-17** | $10146 | $10660 | $10546 |
| **Feb-18** | $10435 | $11625 | $11184 |
| **Aug-18** | $10934 | $12023 | $10962 |
| **Feb-19** | $11220 | $11607 | $10866 |
| **Aug-19** | $11380 | $11986 | $10762 |
| **Feb-20** | $11132 | $12115 | $10546 |
| **Aug-20** | $11073 | $14014 | $10691 |
| **Feb-21** | $12286 | $15716 | $12419 |
| **Aug-21** | $14014 | $18165 | $13762 |
| **Feb-22** | $14705 | $17275 | $13990 |
| **Aug-22** | $13927 | $15360 | $12683 |
| **Feb-23** | $14583 | $15988 | $13569 |
| **Aug-23** | $14618 | $17742 | $14016 |
| **Feb-24** | $15458 | $19925 | $15119 |
| **Aug-24** | $17460 | $22025 | $16796 |
| **Feb-25** | $18405 | $22924 | $17281 |
| **Aug-25** | $19783 | $25490 | $19226 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 13.30% | 12.31% | 8.38% |
| FTSE All World Developed Index | 15.73% | 12.71% | 11.65% |
| FTSE All-World High Dividend Yield Index | 14.46% | 12.45% | 8.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $477551789 |
| Number of Portfolio Holdings | 167 |
| Portfolio Turnover Rate | 38% |
| Advisory Fees Paid | $1646717 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 82.8% |
| Exchange Traded Funds (ETFs) | 14.3% |
| Convertible Preferred Stock | 0.6% |
| Limited Partnership | 0.5% |
| Warrant | 0.3% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.1% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Financial | 21.2% |
| Consumer Non-cyclical | 17.2% |
| Utilities | 9.9% |
| Energy | 9.5% |
| Exchange Traded Funds (ETFs) | 14.3% |
| Others | 26.4% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.1% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](id1d29054e38cdb21dea63657.jpg)

#### Destinations Equity Income Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC03-I

# Destinations Equity Income Fund

# Class Z

# DGEZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](id1d29054e38cdb21dea63657.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Equity Income Fund seeks to provide a high level of current income with long-term capital appreciation, investing primarily in dividend-paying equity securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $42 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Equity Income Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the FTSE All World Developed Index.

![A line chart as described in the following paragraph.](id09b4dfc0dbd8f0578e17439.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **FTSE All World Developed Index** | **FTSE All-World High Dividend Yield Index** |
| **Jul-18** | $10000 | $10000 | $10000 |
| **Aug-18** | $10190 | $10217 | $10104 |
| **Feb-19** | $10451 | $9863 | $10016 |
| **Aug-19** | $10621 | $10185 | $9920 |
| **Feb-20** | $10390 | $10295 | $9720 |
| **Aug-20** | $10338 | $11908 | $9854 |
| **Feb-21** | $11495 | $13355 | $11447 |
| **Aug-21** | $13112 | $15436 | $12686 |
| **Feb-22** | $13772 | $14679 | $12895 |
| **Aug-22** | $13050 | $13052 | $11690 |
| **Feb-23** | $13671 | $13586 | $12508 |
| **Aug-23** | $13725 | $15076 | $12919 |
| **Feb-24** | $14514 | $16931 | $13936 |
| **Aug-24** | $16420 | $18716 | $15482 |
| **Feb-25** | $17316 | $19479 | $15929 |
| **Aug-25** | $18630 | $21660 | $17721 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 13.46% | 12.50% | 9.17% |
| FTSE All World Developed Index | 15.73% | 12.71% | 11.39% |
| FTSE All-World High Dividend Yield Index | 14.46% | 12.45% | 8.30% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $477551789 |
| Number of Portfolio Holdings | 167 |
| Portfolio Turnover Rate | 38% |
| Advisory Fees Paid | $1646717 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 82.8% |
| Exchange Traded Funds (ETFs) | 14.3% |
| Convertible Preferred Stock | 0.6% |
| Limited Partnership | 0.5% |
| Warrant | 0.3% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.1% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Financial | 21.2% |
| Consumer Non-cyclical | 17.2% |
| Utilities | 9.9% |
| Energy | 9.5% |
| Exchange Traded Funds (ETFs) | 14.3% |
| Others | 26.4% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.1% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](id1d29054e38cdb21dea63657.jpg)

#### Destinations Equity Income Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC03-Z

# Destinations Global Fixed Income Opportunities Fund

# Class I

# DGFFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](i34c58526a29da5055095c9b5.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Global Fixed Income Opportunities Fund seeks to maximize total return and invests in global investment grade credit, global high yield credit, global sovereign debt, bank loans, preferred securities and convertible securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $54 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Global Fixed Income Opportunities Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the ICE BofA Global Broad Market (USD Hedged).

![A line chart as described in the following paragraph.](ib349fd14332428ea63453401.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **ICE BofA Global Broad Market (USD Hedged)** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $10301 | $10294 |
| **Feb-18** | $10334 | $10219 |
| **Aug-18** | $10441 | $10358 |
| **Feb-19** | $10562 | $10619 |
| **Aug-19** | $10877 | $11488 |
| **Feb-20** | $11003 | $11730 |
| **Aug-20** | $11007 | $11892 |
| **Feb-21** | $11671 | $11746 |
| **Aug-21** | $11897 | $11956 |
| **Feb-22** | $11846 | $11476 |
| **Aug-22** | $11495 | $10655 |
| **Feb-23** | $11623 | $10423 |
| **Aug-23** | $11921 | $10603 |
| **Feb-24** | $12666 | $10920 |
| **Aug-24** | $13233 | $11367 |
| **Feb-25** | $13677 | $11527 |
| **Aug-25** | $14138 | $11704 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 6.83% | 5.13% | 4.17% |
| ICE BofA Global Broad Market (USD Hedged) | 2.96% | -0.32% | 1.87% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $711051007 |
| Number of Portfolio Holdings | 527 |
| Portfolio Turnover Rate | 54% |
| Advisory Fees Paid | $2723893 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.7% |
| Senior Loans | 7.6% |
| Common Stocks | 2.4% |
| Sovereign Bonds | 1.9% |
| Exchange Traded Fund (ETF) | 1.8% |
| Others | 2.1% |
| Short-Term Investments | 6.0% |
| Money Market Fund | 0.5% |
| Total | 100.0% |

---

#### Country Weightings

#### (% of Total Investments)

---

| | |
|:---|:---|
| United States | 45.8% |
| Luxembourg | 6.9% |
| United Kingdom | 5.6% |
| Mexico | 3.9% |
| Germany | 2.9% |
| Others | 28.4% |
| Short-Term Investments | 6.0% |
| Money Market Fund | 0.5% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i34c58526a29da5055095c9b5.jpg)

#### Destinations Global Fixed Income Opportunities Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC08-I

# Destinations Global Fixed Income Opportunities Fund

# Class Z

# DGFZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](i34c58526a29da5055095c9b5.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Global Fixed Income Opportunities Fund seeks to maximize total return and invests in global investment grade credit, global high yield credit, global sovereign debt, bank loans, preferred securities and convertible securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $47 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Global Fixed Income Opportunities Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the ICE BofA Global Broad Market (USD Hedged).

![A line chart as described in the following paragraph.](ia58c9a1e2cb7af29d310aacc.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **ICE BofA Global Broad Market (USD Hedged)** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $10050 | $9997 |
| **Feb-19** | $10172 | $10249 |
| **Aug-19** | $10488 | $11088 |
| **Feb-20** | $10616 | $11321 |
| **Aug-20** | $10628 | $11478 |
| **Feb-21** | $11288 | $11337 |
| **Aug-21** | $11500 | $11539 |
| **Feb-22** | $11468 | $11077 |
| **Aug-22** | $11144 | $10284 |
| **Feb-23** | $11260 | $10060 |
| **Aug-23** | $11563 | $10233 |
| **Feb-24** | $12293 | $10539 |
| **Aug-24** | $12855 | $10971 |
| **Feb-25** | $13298 | $11125 |
| **Aug-25** | $13760 | $11296 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 7.04% | 5.30% | 4.56% |
| ICE BofA Global Broad Market (USD Hedged) | 2.96% | -0.32% | 1.71% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $711051007 |
| Number of Portfolio Holdings | 527 |
| Portfolio Turnover Rate | 54% |
| Advisory Fees Paid | $2723893 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.7% |
| Senior Loans | 7.6% |
| Common Stocks | 2.4% |
| Sovereign Bonds | 1.9% |
| Exchange Traded Fund (ETF) | 1.8% |
| Others | 2.1% |
| Short-Term Investments | 6.0% |
| Money Market Fund | 0.5% |
| Total | 100.0% |

---

#### Country Weightings

#### (% of Total Investments)

---

| | |
|:---|:---|
| United States | 45.8% |
| Luxembourg | 6.9% |
| United Kingdom | 5.6% |
| Mexico | 3.9% |
| Germany | 2.9% |
| Others | 28.4% |
| Short-Term Investments | 6.0% |
| Money Market Fund | 0.5% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i34c58526a29da5055095c9b5.jpg)

#### Destinations Global Fixed Income Opportunities Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC08-Z

# Destinations International Equity Fund

# Class I

# DIEFX

#### Semi-Annual Shareholder Report - August 31, 2025
![Image](i7599bb168b9a008733fa316d.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations International Equity Fund seeks long-term capital appreciation and invests in equity securities of foreign markets, including emerging and frontier markets, across market capitalizations.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $57 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations International Equity Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the FTSE All-World ex US Index.

![A line chart as described in the following paragraph.](i0b3413f614840d16541c6f97.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **FTSE All-World ex US Index** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $11050 | $10942 |
| **Feb-18** | $11770 | $11795 |
| **Aug-18** | $11509 | $11306 |
| **Feb-19** | $11098 | $11009 |
| **Aug-19** | $11415 | $10926 |
| **Feb-20** | $11644 | $10948 |
| **Aug-20** | $13662 | $11866 |
| **Feb-21** | $15561 | $13880 |
| **Aug-21** | $16468 | $14900 |
| **Feb-22** | $14261 | $13899 |
| **Aug-22** | $12128 | $12049 |
| **Feb-23** | $12967 | $12901 |
| **Aug-23** | $13631 | $13473 |
| **Feb-24** | $14373 | $14539 |
| **Aug-24** | $15771 | $15903 |
| **Feb-25** | $15515 | $15894 |
| **Aug-25** | $17852 | $18378 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 13.19% | 5.49% | 7.07% |
| FTSE All-World ex US Index | 15.56% | 9.14% | 7.46% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1933108586 |
| Number of Portfolio Holdings | 1696 |
| Portfolio Turnover Rate | 26% |
| Advisory Fees Paid | $7576527 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Financial | 22.7% |
| Industrial | 17.2% |
| Consumer Non-cyclical | 14.4% |
| Technology | 9.9% |
| Exchange Traded Funds (ETFs) | 6.2% |
| Others | 27.8% |
| Short-Term Investments | 1.5% |
| Money Market Fund | 0.3% |
| Total | 100.0% |

---

### Country Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Japan | 13.9% |
| United Kingdom | 9.4% |
| United States | 8.1% |
| France | 6.8% |
| Canada | 6.2% |
| Others | 53.9% |
| Short-Term Investments | 1.5% |
| Money Market Fund | 0.2% |
| Total | 100.0% |

---

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 91.9% |
| Exchange Traded Funds (ETFs) | 6.2% |
| Preferred Stocks | 0.2% |
| Warrants | 0.0% |
| Rights | 0.0% |
| Short-Term Investments | 1.5% |
| Money Market Fund | 0.2% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i7599bb168b9a008733fa316d.jpg)

#### Destinations International Equity Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC04-I

# Destinations International Equity Fund

# Class Z

# DIEZX

#### Semi-Annual Shareholder Report - August 31, 2025
![Image](i7599bb168b9a008733fa316d.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations International Equity Fund seeks long-term capital appreciation and invests in equity securities of foreign markets, including emerging and frontier markets, across market capitalizations.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $49 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations International Equity Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the FTSE All-World ex US Index.

![A line chart as described in the following paragraph.](i8a056e83921e2ca96ab82ea6.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **FTSE All-World ex US Index** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $10000 | $9968 |
| **Feb-19** | $9657 | $9706 |
| **Aug-19** | $9942 | $9633 |
| **Feb-20** | $10145 | $9652 |
| **Aug-20** | $11925 | $10462 |
| **Feb-21** | $13585 | $12237 |
| **Aug-21** | $14389 | $13136 |
| **Feb-22** | $12476 | $12254 |
| **Aug-22** | $10607 | $10623 |
| **Feb-23** | $11356 | $11374 |
| **Aug-23** | $11951 | $11879 |
| **Feb-24** | $12612 | $12818 |
| **Aug-24** | $13842 | $14021 |
| **Feb-25** | $13630 | $14013 |
| **Aug-25** | $15696 | $16202 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 13.39% | 5.65% | 6.50% |
| FTSE All-World ex US Index | 15.56% | 9.14% | 6.96% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1933108586 |
| Number of Portfolio Holdings | 1696 |
| Portfolio Turnover Rate | 26% |
| Advisory Fees Paid | $7576527 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Financial | 22.7% |
| Industrial | 17.2% |
| Consumer Non-cyclical | 14.4% |
| Technology | 9.9% |
| Exchange Traded Funds (ETFs) | 6.2% |
| Others | 27.8% |
| Short-Term Investments | 1.5% |
| Money Market Fund | 0.3% |
| Total | 100.0% |

---

### Country Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Japan | 13.9% |
| United Kingdom | 9.4% |
| United States | 8.1% |
| France | 6.8% |
| Canada | 6.2% |
| Others | 53.9% |
| Short-Term Investments | 1.5% |
| Money Market Fund | 0.2% |
| Total | 100.0% |

---

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 91.9% |
| Exchange Traded Funds (ETFs) | 6.2% |
| Preferred Stocks | 0.2% |
| Warrants | 0.0% |
| Rights | 0.0% |
| Short-Term Investments | 1.5% |
| Money Market Fund | 0.2% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i7599bb168b9a008733fa316d.jpg)

#### Destinations International Equity Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC04-Z

# Destinations Large Cap Equity Fund

# Class I

# DLCFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](id1d29054e38cdb21dea63657.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Large Cap Equity Fund seeks to provide long-term capital appreciation investing primarily in large capitalization, U.S. based equity.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $44 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Large Cap Equity Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the Russell 1000 Index.

![A line chart as described in the following paragraph.](if6156aa1bd35ce3c10f7f9c9.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 1000 Index** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $10680 | $10504 |
| **Feb-18** | $11789 | $11619 |
| **Aug-18** | $12554 | $12585 |
| **Feb-19** | $12111 | $12199 |
| **Aug-19** | $12497 | $12899 |
| **Feb-20** | $12628 | $13153 |
| **Aug-20** | $15116 | $15801 |
| **Feb-21** | $17167 | $17663 |
| **Aug-21** | $20114 | $20897 |
| **Feb-22** | $18451 | $20086 |
| **Aug-22** | $16432 | $18188 |
| **Feb-23** | $17120 | $18438 |
| **Aug-23** | $19157 | $20989 |
| **Feb-24** | $21945 | $23935 |
| **Aug-24** | $23994 | $26572 |
| **Feb-25** | $25250 | $28270 |
| **Aug-25** | $27334 | $30886 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 13.92% | 12.58% | 12.59% |
| Russell 1000 Index | 16.24% | 14.34% | 14.19% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3580756089 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 49% |
| Advisory Fees Paid | $10936146 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 93.5% |
| Exchange Traded Funds (ETFs) | 5.7% |
| Preferred Stocks | 0.0% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Technology | 27.7% |
| Financial | 17.1% |
| Communications | 12.4% |
| Consumer Non-cyclical | 11.9% |
| Industrial | 9.8% |
| Exchange Traded Funds (ETFs) | 5.7% |
| Others | 14.6% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](id1d29054e38cdb21dea63657.jpg)

#### Destinations Large Cap Equity Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC01-I

# Destinations Large Cap Equity Fund

# Class Z

# DLCZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](id1d29054e38cdb21dea63657.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Large Cap Equity Fund seeks to provide long-term capital appreciation investing primarily in large capitalization, U.S. based equity.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $36 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Large Cap Equity Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the Russell 1000 Index.

![A line chart as described in the following paragraph.](i66f567c62ced45cb2ac60fd3.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **Russell 1000 Index** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $10270 | $10397 |
| **Feb-19** | $9906 | $10077 |
| **Aug-19** | $10231 | $10656 |
| **Feb-20** | $10347 | $10866 |
| **Aug-20** | $12385 | $13053 |
| **Feb-21** | $14088 | $14591 |
| **Aug-21** | $16508 | $17263 |
| **Feb-22** | $15167 | $16593 |
| **Aug-22** | $13512 | $15025 |
| **Feb-23** | $14080 | $15231 |
| **Aug-23** | $15773 | $17339 |
| **Feb-24** | $18093 | $19772 |
| **Aug-24** | $19788 | $21951 |
| **Feb-25** | $20841 | $23354 |
| **Aug-25** | $22581 | $25515 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 14.11% | 12.76% | 12.06% |
| Russell 1000 Index | 16.24% | 14.34% | 13.97% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3580756089 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 49% |
| Advisory Fees Paid | $10936146 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 93.5% |
| Exchange Traded Funds (ETFs) | 5.7% |
| Preferred Stocks | 0.0% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Technology | 27.7% |
| Financial | 17.1% |
| Communications | 12.4% |
| Consumer Non-cyclical | 11.9% |
| Industrial | 9.8% |
| Exchange Traded Funds (ETFs) | 5.7% |
| Others | 14.6% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](id1d29054e38cdb21dea63657.jpg)

#### Destinations Large Cap Equity Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC01-Z

# Destinations Low Duration Fixed Income Fund

# Class I

# DLDFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](i2ea206bd457c1ee4cf905157.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Low Duration Fixed Income Fund seeks current income and invests in multi-sector fixed income, investment-grade corporate credit, high yield corporate credit and low duration securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $50 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Low Duration Fixed Income Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the ICE BofA US Broad Market Index.

![A line chart as described in the following paragraph.](ie9a18b3fe3983ff2544a48e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **ICE BofA US Broad Market Index** | **ICE BofA US Corporate & Government (1-3 Yr) Index** |
| **Mar-17** | $10000 | $10000 | $10000 |
| **Aug-17** | $10080 | $10334 | $10089 |
| **Feb-18** | $10152 | $10107 | $10025 |
| **Aug-18** | $10304 | $10225 | $10111 |
| **Feb-19** | $10434 | $10431 | $10280 |
| **Aug-19** | $10623 | $11298 | $10580 |
| **Feb-20** | $10705 | $11680 | $10781 |
| **Aug-20** | $10605 | $12025 | $10968 |
| **Feb-21** | $11050 | $11783 | $10991 |
| **Aug-21** | $11232 | $12008 | $11018 |
| **Feb-22** | $11461 | $11506 | $10822 |
| **Aug-22** | $11213 | $10624 | $10573 |
| **Feb-23** | $11467 | $10381 | $10542 |
| **Aug-23** | $11786 | $10482 | $10741 |
| **Feb-24** | $12360 | $10732 | $11031 |
| **Aug-24** | $12798 | $11253 | $11416 |
| **Feb-25** | $13086 | $11359 | $11645 |
| **Aug-25** | $13412 | $11607 | $11948 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 4.79% | 4.81% | 3.52% |
| ICE BofA US Corporate & Government (1-3 Yr) Index | 4.65% | 1.73% | 2.13% |
| ICE BofA US Broad Market Index | 3.15% | -0.70% | 1.79% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $284490728 |
| Number of Portfolio Holdings | 496 |
| Portfolio Turnover Rate | 37% |
| Advisory Fees Paid | $981319 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Mortgage Securities | 15.1% |
| Consumer Non-cyclical | 11.3% |
| Government | 10.1% |
| Asset Backed Securities | 9.4% |
| Exchange Traded Funds (ETFs) | 11.4% |
| Others | 34.5% |
| Short-Term Investments | 7.4% |
| Money Market Fund | 0.8% |
| Total | 100.0% |

---

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 40.7% |
| Collateralized Mortgage Obligations | 13.3% |
| Exchange Traded Fund (ETF) | 11.4% |
| Asset-Backed Securities | 10.3% |
| U.S. Government Agencies & Obligations | 10.0% |
| Others | 6.1% |
| Short-Term Investments | 7.4% |
| Money Market Fund | 0.8% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i2ea206bd457c1ee4cf905157.jpg)

#### Destinations Low Duration Fixed Income Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC07-I

# Destinations Low Duration Fixed Income Fund

# Class Z

# DLDZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](i2ea206bd457c1ee4cf905157.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Low Duration Fixed Income Fund seeks current income and invests in multi-sector fixed income, investment-grade corporate credit, high yield corporate credit and low duration securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $42 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Low Duration Fixed Income Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the ICE BofA US Broad Market Index.

![A line chart as described in the following paragraph.](i83f8306fbfaa54e5908ef923.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **ICE BofA US Broad Market Index** | **ICE BofA US Corporate & Government (1-3 Yr) Index** |
| **Jul-18** | $10000 | $10000 | $10000 |
| **Aug-18** | $10060 | $10037 | $10039 |
| **Feb-19** | $10154 | $10239 | $10207 |
| **Aug-19** | $10351 | $11090 | $10504 |
| **Feb-20** | $10448 | $11465 | $10703 |
| **Aug-20** | $10349 | $11803 | $10889 |
| **Feb-21** | $10792 | $11566 | $10912 |
| **Aug-21** | $10975 | $11787 | $10939 |
| **Feb-22** | $11210 | $11294 | $10744 |
| **Aug-22** | $10981 | $10429 | $10497 |
| **Feb-23** | $11242 | $10190 | $10467 |
| **Aug-23** | $11555 | $10289 | $10665 |
| **Feb-24** | $12125 | $10535 | $10952 |
| **Aug-24** | $12575 | $11046 | $11335 |
| **Feb-25** | $12856 | $11046 | $11562 |
| **Aug-25** | $13191 | $11046 | $11862 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 4.90% | 4.97% | 3.99% |
| ICE BofA US Corporate & Government (1-3 Yr) Index | 4.65% | 1.73% | 2.41% |
| ICE BofA US Broad Market Index | 3.15% | -0.70% | 1.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $284490728 |
| Number of Portfolio Holdings | 496 |
| Portfolio Turnover Rate | 37% |
| Advisory Fees Paid | $981319 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Mortgage Securities | 15.1% |
| Consumer Non-cyclical | 11.3% |
| Government | 10.1% |
| Asset Backed Securities | 9.4% |
| Exchange Traded Funds (ETFs) | 11.4% |
| Others | 34.5% |
| Short-Term Investments | 7.4% |
| Money Market Fund | 0.8% |
| Total | 100.0% |

---

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 40.7% |
| Collateralized Mortgage Obligations | 13.3% |
| Exchange Traded Fund (ETF) | 11.4% |
| Asset-Backed Securities | 10.3% |
| U.S. Government Agencies & Obligations | 10.0% |
| Others | 6.1% |
| Short-Term Investments | 7.4% |
| Money Market Fund | 0.8% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i2ea206bd457c1ee4cf905157.jpg)

#### Destinations Low Duration Fixed Income Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC07-Z

# Destinations Multi Strategy Alternatives Fund

# Class I

# DMSFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Multi Strategy Alternatives Fund seeks long-term growth of capital with reduced correlation to equity and fixed income markets and may invest across multiple strategies including long/short credit, long/short equity, relative value, distressed credit, global macro, event driven and closed-end funds.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $65 | 1.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Multi Strategy Alternatives Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the ICE BofA US Broad Market Index.

![A line chart as described in the following paragraph.](ifc62fc189d00fb715e0a3ef2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **ICE BofA US Broad Market Index** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $10095 | $10334 |
| **Feb-18** | $10394 | $10107 |
| **Aug-18** | $10601 | $10225 |
| **Feb-19** | $10509 | $10431 |
| **Aug-19** | $10471 | $11298 |
| **Feb-20** | $10903 | $11680 |
| **Aug-20** | $11102 | $12025 |
| **Feb-21** | $12112 | $11783 |
| **Aug-21** | $12335 | $12008 |
| **Feb-22** | $12263 | $11506 |
| **Aug-22** | $11919 | $10624 |
| **Feb-23** | $12493 | $10381 |
| **Aug-23** | $12974 | $10482 |
| **Feb-24** | $13805 | $10732 |
| **Aug-24** | $14246 | $11253 |
| **Feb-25** | $14455 | $11359 |
| **Aug-25** | $14844 | $11607 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 4.20% | 5.98% | 4.77% |
| ICE BofA US Broad Market Index | 3.15% | -0.70% | 1.79% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $555563406 |
| Number of Portfolio Holdings | 133 |
| Portfolio Turnover Rate | 30% |
| Advisory Fees Paid | $2768193 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 24.3% |
| Common Stocks | 19.1% |
| Asset-Backed Securities | 16.0% |
| Open-End Fund | 14.9% |
| Corporate Bonds & Notes | 7.4% |
| Others | 2.3% |
| Short-Term Investments | 15.4% |
| Money Market Fund | 0.6% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

# Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

#### Destinations Multi Strategy Alternatives Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC09-I

# Destinations Multi Strategy Alternatives Fund

# Class Z

# DMSZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Multi Strategy Alternatives Fund seeks long-term growth of capital with reduced correlation to equity and fixed income markets and may invest across multiple strategies including long/short credit, long/short equity, relative value, distressed credit, global macro, event driven and closed-end funds.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $57 | 1.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Multi Strategy Alternatives Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the ICE BofA US Broad Market Index.

![A line chart as described in the following paragraph.](i6866db7e94d5f1cdfda87599.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **ICE BofA US Broad Market Index** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $10060 | $10037 |
| **Feb-19** | $9979 | $10239 |
| **Aug-19** | $9948 | $11090 |
| **Feb-20** | $10355 | $11465 |
| **Aug-20** | $10564 | $11803 |
| **Feb-21** | $11524 | $11566 |
| **Aug-21** | $11748 | $11787 |
| **Feb-22** | $11687 | $11294 |
| **Aug-22** | $11368 | $10429 |
| **Feb-23** | $11927 | $10190 |
| **Aug-23** | $12393 | $10289 |
| **Feb-24** | $13193 | $10535 |
| **Aug-24** | $13634 | $11046 |
| **Feb-25** | $13837 | $11150 |
| **Aug-25** | $14228 | $11393 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 4.36% | 6.14% | 5.05% |
| ICE BofA US Broad Market Index | 3.15% | -0.70% | 1.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $555563406 |
| Number of Portfolio Holdings | 133 |
| Portfolio Turnover Rate | 30% |
| Advisory Fees Paid | $2768193 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 24.3% |
| Common Stocks | 19.1% |
| Asset-Backed Securities | 16.0% |
| Open-End Fund | 14.9% |
| Corporate Bonds & Notes | 7.4% |
| Others | 2.3% |
| Short-Term Investments | 15.4% |
| Money Market Fund | 0.6% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

# Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](ib2108b3b82253ffa0d6c9aa6.jpg)

#### Destinations Multi Strategy Alternatives Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC09-Z

# Destinations Municipal Fixed Income Fund

# Class I

# DMFFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](i5db01a7304e760274fb5170d.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Municipal Fixed Income Fund seeks current income that is exempt from federal income taxation and invests in municipal fixed income of primarily investment grade.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Municipal Fixed Income Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the ICE BofA US Municipal Securities 2-12 Year Index.

![A line chart as described in the following paragraph.](i07f5299b1f3c2105508eabf0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **ICE BofA US Municipal Securities 2-12 Year Index** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $10126 | $10355 |
| **Feb-18** | $9986 | $10167 |
| **Aug-18** | $10089 | $10308 |
| **Feb-19** | $10316 | $10583 |
| **Aug-19** | $10838 | $11070 |
| **Feb-20** | $11077 | $11305 |
| **Aug-20** | $11089 | $11421 |
| **Feb-21** | $11066 | $11463 |
| **Aug-21** | $11241 | $11667 |
| **Feb-22** | $10907 | $11297 |
| **Aug-22** | $10474 | $10929 |
| **Feb-23** | $10540 | $11006 |
| **Aug-23** | $10640 | $11095 |
| **Feb-24** | $11006 | $11478 |
| **Aug-24** | $11208 | $11653 |
| **Feb-25** | $11354 | $11806 |
| **Aug-25** | $11263 | $11977 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 0.49% | 0.31% | 1.41% |
| ICE BofA US Municipal Securities 2-12 Year Index | 2.78% | 0.96% | 2.16% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $647295909 |
| Number of Portfolio Holdings | 495 |
| Portfolio Turnover Rate | 26% |
| Advisory Fees Paid | $2014333 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Municipal Bonds | 93.0% |
| Exchange Traded Fund (ETF) | 1.1% |
| Short-Term Investments | 5.9% |
| Total | 100.0% |

---

#### Industry Weightings

#### (% of Total Investments)

---

| | |
|:---|:---|
| General Obligation | 36.7% |
| Education | 15.0% |
| Water and Sewer | 8.6% |
| Airport | 6.8% |
| Development | 6.0% |
| Exchange Traded Fund (ETF) | 1.1% |
| Others | 19.9% |
| Short-Term Investments | 5.9% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i5db01a7304e760274fb5170d.jpg)

#### Destinations Municipal Fixed Income Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC10-I

# Destinations Municipal Fixed Income Fund

# Class Z

# DMFZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](i5db01a7304e760274fb5170d.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Municipal Fixed Income Fund seeks current income that is exempt from federal income taxation and invests in municipal fixed income of primarily investment grade.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Municipal Fixed Income Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the ICE BofA US Municipal Securities 2-12 Year Index.

![A line chart as described in the following paragraph.](ieccff0c6d648fc25eff9e276.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **ICE BofA US Municipal Securities 2-12 Year Index** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $10010 | $10006 |
| **Feb-19** | $10242 | $10273 |
| **Aug-19** | $10766 | $10745 |
| **Feb-20** | $11011 | $10973 |
| **Aug-20** | $11021 | $11086 |
| **Feb-21** | $11017 | $11126 |
| **Aug-21** | $11198 | $11325 |
| **Feb-22** | $10875 | $10966 |
| **Aug-22** | $10452 | $10608 |
| **Feb-23** | $10525 | $10683 |
| **Aug-23** | $10633 | $10769 |
| **Feb-24** | $11006 | $11142 |
| **Aug-24** | $11220 | $11311 |
| **Feb-25** | $11373 | $11460 |
| **Aug-25** | $11291 | $11626 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 0.63% | 0.48% | 1.71% |
| ICE BofA US Municipal Securities 2-12 Year Index | 2.78% | 0.96% | 2.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $647295909 |
| Number of Portfolio Holdings | 495 |
| Portfolio Turnover Rate | 26% |
| Advisory Fees Paid | $2014333 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Municipal Bonds | 93.0% |
| Exchange Traded Fund (ETF) | 1.1% |
| Short-Term Investments | 5.9% |
| Total | 100.0% |

---

#### Industry Weightings

#### (% of Total Investments)

---

| | |
|:---|:---|
| General Obligation | 36.7% |
| Education | 15.0% |
| Water and Sewer | 8.6% |
| Airport | 6.8% |
| Development | 6.0% |
| Exchange Traded Fund (ETF) | 1.1% |
| Others | 19.9% |
| Short-Term Investments | 5.9% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i5db01a7304e760274fb5170d.jpg)

#### Destinations Municipal Fixed Income Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC10-Z

# Destinations Real Assets Fund

# Class I

# DRAFX

#### Semi-Annual Shareholder Report - August 31, 2025
![Image](i7599bb168b9a008733fa316d.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview**

The Destinations Real Assets Fund seeks to provide long-term capital appreciation investing primarily in large capitalization, U.S. based equity.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $60 | 1.14%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Real Assets Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the FTSE All World Developed Index.

![A line chart as described in the following paragraph.](ic37a13a6c818ad7f70c9f0d1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **FTSE All World Developed Index** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $10060 | $10660 |
| **Feb-18** | $9205 | $11625 |
| **Aug-18** | $9483 | $12023 |
| **Feb-19** | $6632 | $11607 |
| **Aug-19** | $4198 | $11986 |
| **Feb-20** | $3695 | $12115 |
| **Aug-20** | $3353 | $14014 |
| **Feb-21** | $3879 | $15716 |
| **Aug-21** | $3879 | $18165 |
| **Feb-22** | $3879 | $17275 |
| **Aug-22** | $3879 | $15360 |
| **Feb-23** | $3879 | $15988 |
| **Aug-23** | $3879 | $17742 |
| **Feb-24** | $3879 | $19925 |
| **Aug-24** | $3879 | $22025 |
| **Feb-25** | $3820 | $22924 |
| **Aug-25** | $4184 | $25490 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 7.86% | 4.53% | -9.78% |
| FTSE All World Developed Index | 15.73% | 12.71% | 11.65% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $330550753 |
| Number of Portfolio Holdings | 325 |
| Portfolio Turnover Rate | 48% |
| Advisory Fees Paid | $1179563 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
The Fund will invest in the equity securities of large capitalization companies. 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).

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Financial | 30.6% |
| Utilities | 16.5% |
| Energy | 14.6% |
| Industrial | 12.0% |
| Basic Materials | 10.4% |
| Exchange Traded Funds (ETFs) | 10.6% |
| Others | 3.9% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

### Country Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| United States | 58.8% |
| Canada | 8.9% |
| United Kingdom | 6.1% |
| Spain | 4.4% |
| Australia | 3.7% |
| Japan | 3.2% |
| Others | 13.5% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 87.7% |
| Exchange Traded Funds (ETFs) | 10.6% |
| Limited Partnerships | 0.2% |
| Closed-End Fund | 0.1% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i7599bb168b9a008733fa316d.jpg)

#### Destinations Real Assets Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC12-I

# Destinations Real Assets Fund

# Class Z

# DRAZX

#### Semi-Annual Shareholder Report - August 31, 2025
![Image](i7599bb168b9a008733fa316d.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview**

The Destinations Real Assets Fund seeks to provide long-term capital appreciation investing primarily in large capitalization, U.S. based equity.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $52 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Real Assets Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the FTSE All World Developed Index.

![A line chart as described in the following paragraph.](i7536dd40acc900fa975eef73.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **FTSE All World Developed Index** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $9320 | $10217 |
| **Feb-19** | $6521 | $9863 |
| **Aug-19** | $4133 | $10185 |
| **Feb-20** | $3806 | $10295 |
| **Aug-20** | $3444 | $11908 |
| **Feb-21** | $3994 | $13355 |
| **Aug-21** | $3994 | $15436 |
| **Feb-22** | $3994 | $14679 |
| **Aug-22** | $3994 | $13052 |
| **Feb-23** | $3994 | $13586 |
| **Aug-23** | $3994 | $15076 |
| **Feb-24** | $3994 | $16931 |
| **Aug-24** | $3994 | $18716 |
| **Feb-25** | $3926 | $19479 |
| **Aug-25** | $4308 | $21660 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 7.86% | 4.57% | -11.12% |
| FTSE All World Developed Index | 15.73% | 12.71% | 11.39% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $330550753 |
| Number of Portfolio Holdings | 325 |
| Portfolio Turnover Rate | 48% |
| Advisory Fees Paid | $1179563 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
The Fund will invest in the equity securities of large capitalization companies. 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).

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Financial | 30.6% |
| Utilities | 16.5% |
| Energy | 14.6% |
| Industrial | 12.0% |
| Basic Materials | 10.4% |
| Exchange Traded Funds (ETFs) | 10.6% |
| Others | 3.9% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

### Country Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| United States | 58.8% |
| Canada | 8.9% |
| United Kingdom | 6.1% |
| Spain | 4.4% |
| Australia | 3.7% |
| Japan | 3.2% |
| Others | 13.5% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 87.7% |
| Exchange Traded Funds (ETFs) | 10.6% |
| Limited Partnerships | 0.2% |
| Closed-End Fund | 0.1% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](i7599bb168b9a008733fa316d.jpg)

#### Destinations Real Assets Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC12-Z

# Destinations Shelter Fund

# Class I

## DSHFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](ia73224873431e266003f0a9b.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Shelter Fund seeks capital appreciation with lower volatility than broad equity markets. The Fund will use derivative investments, including options on equity indexes, to seek to mitigate significant equity market downside risk.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $61 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Shelter Fund Class I from inception (October 26, 2021) to August 31, 2025 as compared with the Russell 1000 Index.

![A line chart as described in the following paragraph.](idd75b0bdd15e30740fc1eb26.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 1000 Index** |
| **Oct-21** | $10000 | $10000 |
| **Feb-22** | $9567 | $9474 |
| **Aug-22** | $8894 | $8579 |
| **Feb-23** | $8748 | $8697 |
| **Aug-23** | $9748 | $9900 |
| **Feb-24** | $10577 | $11289 |
| **Aug-24** | $11597 | $12533 |
| **Feb-25** | $12131 | $13334 |
| **Aug-25** | $12699 | $14568 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (October 26, 2021). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Name | **1 Year** | **Since Inception (10/26/2021)** |
| Class I | 9.50% | 6.38% |
| Russell 1000 Index | 16.24% | 10.26% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $95528326 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 3% |
| Advisory Fees Paid | $378905 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 97.2% |
| Short-Term Investments | 2.1% |
| Purchased Options | 0.7% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Technology | 30.6% |
| Financial | 16.1% |
| Communications | 15.8% |
| Consumer Non-cyclical | 11.9% |
| Consumer Cyclical | 8.2% |
| Industrial | 7.9% |
| Others | 7.4% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](ia73224873431e266003f0a9b.jpg)

#### Destinations Shelter Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC11-I

# Destinations Shelter Fund

# Class Z

## DSHZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](ia73224873431e266003f0a9b.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Shelter Fund seeks capital appreciation with lower volatility than broad equity markets. The Fund will use derivative investments, including options on equity indexes, to seek to mitigate significant equity market downside risk.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $53 | 1.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Shelter Fund Class Z from inception (November 3, 2021) to August 31, 2025 as compared with the Russell 1000 Index.

![A line chart as described in the following paragraph.](i903504acc1dbd5880a497547.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **Russell 1000 Index** |
| **Nov-21** | $10000 | $10000 |
| **Feb-22** | $9449 | $9304 |
| **Aug-22** | $8791 | $8425 |
| **Feb-23** | $8652 | $8540 |
| **Aug-23** | $9648 | $9722 |
| **Feb-24** | $10477 | $11087 |
| **Aug-24** | $11496 | $12308 |
| **Feb-25** | $12041 | $13095 |
| **Aug-25** | $12608 | $14307 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (November 03, 2021). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Name | **1 Year** | **Since Inception (11/03/2021)** |
| Class Z | 9.67% | 6.22% |
| Russell 1000 Index | 16.24% | 9.97% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $95528326 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 3% |
| Advisory Fees Paid | $378905 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 97.2% |
| Short-Term Investments | 2.1% |
| Purchased Options | 0.7% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Technology | 30.6% |
| Financial | 16.1% |
| Communications | 15.8% |
| Consumer Non-cyclical | 11.9% |
| Consumer Cyclical | 8.2% |
| Industrial | 7.9% |
| Others | 7.4% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](ia73224873431e266003f0a9b.jpg)

#### Destinations Shelter Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC11-Z

# Destinations Small-Mid Cap Equity Fund

# Class I

# DSMFX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](id1d29054e38cdb21dea63657.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Small-Mid Cap Equity Fund seeks to provide long-term capital appreciation and invests primarily in small- and mid-capitalization equity securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class I | $57 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Small-Mid Cap Equity Fund Class I from inception (March 20, 2017) to August 31, 2025 as compared with the Russell 2500 Index.

![A line chart as described in the following paragraph.](i51aefa4ecd5de78ebad735e1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 2500 Index** |
| **Mar-17** | $10000 | $10000 |
| **Aug-17** | $10310 | $10190 |
| **Feb-18** | $11083 | $11077 |
| **Aug-18** | $12869 | $12568 |
| **Feb-19** | $12082 | $11782 |
| **Aug-19** | $12263 | $11670 |
| **Feb-20** | $12144 | $11570 |
| **Aug-20** | $13245 | $12463 |
| **Feb-21** | $18660 | $16881 |
| **Aug-21** | $20284 | $18179 |
| **Feb-22** | $18971 | $16948 |
| **Aug-22** | $17391 | $15353 |
| **Feb-23** | $17860 | $16029 |
| **Aug-23** | $18193 | $16372 |
| **Feb-24** | $20003 | $17992 |
| **Aug-24** | $21401 | $19217 |
| **Feb-25** | $21417 | $19366 |
| **Aug-25** | $23397 | $21146 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (March 20, 2017). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (03/20/2017)** |
| Class I | 9.33% | 12.05% | 10.54% |
| Russell 2500 Index | 10.04% | 11.15% | 9.23% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $678971479 |
| Number of Portfolio Holdings | 2777 |
| Portfolio Turnover Rate | 69% |
| Advisory Fees Paid | $2687597 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 93.7% |
| Exchange Traded Funds (ETFs) | 4.3% |
| Limited Partnership | 0.0% |
| Closed-End Fund | 0.0% |
| Warrant | 0.0% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.6% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Industrial | 19.6% |
| Financial | 18.6% |
| Consumer Non-cyclical | 17.9% |
| Consumer Cyclical | 11.7% |
| Exchange Traded Funds (ETFs) | 4.2% |
| Others | 26.0% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.6% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](id1d29054e38cdb21dea63657.jpg)

#### Destinations Small-Mid Cap Equity Fund

#### Class I

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC02-I

# Destinations Small-Mid Cap Equity Fund

# Class Z

# DSMZX

## Semi-Annual Shareholder Report - August 31, 2025
![Image](id1d29054e38cdb21dea63657.jpg)

This semi-annual shareholder summary report contains important information about the Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at http://destinationsfunds.com/. You can also request this information by calling 1-877-771-7979.

**Fund Overview** 

The Destinations Small-Mid Cap Equity Fund seeks to provide long-term capital appreciation and invests primarily in small- and mid-capitalization equity securities.

## What were the Fund's costs for the last 6 months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class name | **Cost of a $10,000 investment** | **Cost paid as a % of a $10,000 investment** |
| Class Z | $50 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Performance
The following chart compares the value of a hypothetical $10,000 investment in the Destinations Small-Mid Cap Equity Fund Class Z from inception (July 16, 2018) to August 31, 2025 as compared with the Russell 2500 Index.

![A line chart as described in the following paragraph.](i2213706c39c670e0f6d060f9.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **Russell 2500 Index** |
| **Jul-18** | $10000 | $10000 |
| **Aug-18** | $10520 | $10354 |
| **Feb-19** | $9876 | $9707 |
| **Aug-19** | $10038 | $9614 |
| **Feb-20** | $9945 | $9532 |
| **Aug-20** | $10849 | $10267 |
| **Feb-21** | $15300 | $13907 |
| **Aug-21** | $16648 | $14976 |
| **Feb-22** | $15585 | $13962 |
| **Aug-22** | $14297 | $12648 |
| **Feb-23** | $14684 | $13205 |
| **Aug-23** | $14971 | $13488 |
| **Feb-24** | $16483 | $14823 |
| **Aug-24** | $17637 | $15832 |
| **Feb-25** | $17659 | $15954 |
| **Aug-25** | $19298 | $17421 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception (July 16, 2018). The result of this chart does not predict the results of future time periods and does not guarantee the same results.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | **1 Year** | **5 Years** | **Since Inception (07/16/2018)** |
| Class Z | 9.42% | 12.21% | 9.63% |
| Russell 2500 Index | 10.04% | 11.15% | 8.07% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $678971479 |
| Number of Portfolio Holdings | 2777 |
| Portfolio Turnover Rate | 69% |
| Advisory Fees Paid | $2687597 |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-877-771-7979 for current performance questions.**

## What did the Fund invest in?
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).

### Asset Class Weightings

### (% of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 93.7% |
| Exchange Traded Funds (ETFs) | 4.3% |
| Limited Partnership | 0.0% |
| Closed-End Fund | 0.0% |
| Warrant | 0.0% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.6% |
| Total | 100.0% |

---

### Sector Allocation

### (% of Total Investments)

---

| | |
|:---|:---|
| Industrial | 19.6% |
| Financial | 18.6% |
| Consumer Non-cyclical | 17.9% |
| Consumer Cyclical | 11.7% |
| Exchange Traded Funds (ETFs) | 4.2% |
| Others | 26.0% |
| Short-Term Investments | 1.4% |
| Money Market Fund | 0.6% |
| Total | 100.0% |

---

## Material Fund Changes
There were no material changes to the Fund.

## Change in or Disagreements with Accountants
There were no changes to or disagreements with our accountant.

## Householding
If you wish to receive a copy of this document at a new address, please call 1-877-771-7979.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial statements, holdings and proxy voting information, please visit http://destinationsfunds.com/.

Phone: 1-877-771-7979

![Image](id1d29054e38cdb21dea63657.jpg)

#### Destinations Small-Mid Cap Equity Fund

#### Class Z

#### Semi-Annual Shareholder Report - August 31, 2025

#### DSA-TSR-BC02-Z
**ITEM 2. CODE OF ETHICS.**

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

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

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

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

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

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

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

**ITEM 6. INVESTMENTS.**

(a) A
 Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report
 to shareholders filed under Item 7 of this Form N-CSR.

(b) Not
 Applicable.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

![](brinker_fcovernew.jpg)

Semi-Annual Report

August 31, 2025

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

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

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** 

---

| | |
|:---|:---|
| **[SHAREHOLDER LETTER](#share)** | **[1](#share)** |
| **[Schedule of Investments](#soi1)** | **[2](#soi1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS LARGE CAP EQUITY FUND](#soi1)** | **[2](#soi1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS SMALL-MID CAP EQUITY FUND](#soi2)** | **[14](#soi2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS INTERNATIONAL EQUITY FUND](#soi3)** | **[86](#soi3)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS EQUITY INCOME FUND](#soi4)** | **[131](#soi4)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS CORE FIXED INCOME FUND](#soi5)** | **[140](#soi5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS LOW DURATION FIXED INCOME FUND](#soi6)** | **[203](#soi6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS GLOBAL FIXED INCOME OPPORTUNITIES FUND](#soi7)** | **[224](#soi7)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS MUNICIPAL FIXED INCOME FUND](#soi9)** | **[247](#soi9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS MULTI STRATEGY ALTERNATIVES FUND](#soi8)** | **[268](#soi8)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS SHELTER FUND](#soi10)** | **[284](#soi10)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DESTINATIONS REAL ASSETS FUND](#soi11)** | **[294](#soi11)** |
| **[Statements of Assets and Liabilities](#sal)** | **[307](#sal)** |
| **[Statements of Operations](#sop)** | **[309](#sop)** |
| **[Statements of Changes in Net Assets](#scna)** | **[312](#scna)** |
| **[Financial Highlights](#fihi)** | **[315](#fihi)** |
| **[Notes to Financial Statements](#notes)** | **[337](#notes)** |
| &nbsp;&nbsp;&nbsp; **[BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY](#board)**<br> **[AGREEMENTS](#board)** | **[387](#board)** |
| **[ADDITIONAL INFORMATION](#add)** | **[390](#add)** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shareholder Letter** 

Dear Shareholder,

We are pleased to provide the semi-annual report of the Destinations Funds for the six-month reporting period ended August 31, 2025. The semi-annual report will provide you with details such as the Schedule of Investments and Financial Highlights during the Funds' reporting period.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Fund prices and performance,

&nbsp;&nbsp;&nbsp;&nbsp;• Holdings,

&nbsp;&nbsp;&nbsp;&nbsp;• Distributions, and

&nbsp;&nbsp;&nbsp;&nbsp;• 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-signature_efp18167.jpg)

Brian Ferko

President, Brinker Capital Destinations Trust

August 31, 2025

<u>Important Disclosure:</u>

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.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – 93.4%**  | **COMMON STOCKS – 93.4%**  | **COMMON STOCKS – 93.4%**  |
| **BASIC MATERIALS – 1.5%**  | **BASIC MATERIALS – 1.5%**  | **BASIC MATERIALS – 1.5%**  |
| **Chemicals – 0.7%**  | **Chemicals – 0.7%**  | **Chemicals – 0.7%**  |
| 3527 | Air Products & Chemicals Inc.  | $1037326  |
| 101214 | Celanese Corp., Class A Shares  | 4820823  |
| 4016 | Ecolab Inc.  | 1112592  |
| 24930 | Linde PLC  | 11923770  |
| 135362 | Mosaic Co.  | 4521091  |
| 3728 | Sherwin-Williams Co.  | 1363814  |
|  | Total Chemicals | 24779416  |
| **Forest Products & Paper – 0.3%**  | **Forest Products & Paper – 0.3%**  | **Forest Products & Paper – 0.3%**  |
| 218346 | International Paper Co.  | 10847429  |
| **Mining – 0.5%**  | **Mining – 0.5%**  | **Mining – 0.5%**  |
| 238192 | Freeport-McMoRan Inc.  | 10575725  |
| 101245 | Newmont Corp.  | 7532628  |
| 1284 | Southern Copper Corp.  | 123380  |
|  | Total Mining | 18231733  |
|  | **TOTAL BASIC MATERIALS** | **53858578**  |
| **COMMUNICATIONS – 12.3%**  | **COMMUNICATIONS – 12.3%**  | **COMMUNICATIONS – 12.3%**  |
| **Advertising – 0.1%**  | **Advertising – 0.1%**  | **Advertising – 0.1%**  |
| 55813 | Omnicom Group Inc.  | 4371832  |
| **Internet – 10.1%**  | **Internet – 10.1%**  | **Internet – 10.1%**  |
| 11292 | Airbnb Inc., Class A Shares<sup>\*</sup>  | 1473945  |
| 306112 | Alphabet Inc., Class A Shares  | 65174306  |
| 75727 | Alphabet Inc., Class C Shares  | 16169986  |
| 520229 | Amazon.com Inc.<sup>\*</sup>  | 119132441  |
| 524 | Booking Holdings Inc.  | 2933902  |
| 40478 | DoorDash Inc., Class A Shares<sup>\*</sup>  | 9927230  |
| 36171 | eBay Inc.  | 3277454  |
| 14166 | GoDaddy Inc., Class A Shares<sup>\*</sup>  | 2100959  |
| 46207 | Maplebear Inc.<sup>\*</sup>  | 2003998  |
| 127976 | Meta Platforms Inc., Class A Shares  | 94535871  |
| 11758 | Netflix Inc.<sup>\*</sup>  | 14206604  |
| 24190 | Palo Alto Networks Inc.<sup>\*</sup>  | 4608679  |
| 7060 | Reddit Inc., Class A Shares<sup>\*</sup>  | 1589065  |
| 8538 | Spotify Technology SA<sup>\*</sup>  | 5821891  |
| 28869 | TripAdvisor Inc.<sup>\*</sup>  | 502898  |
| 186435 | Uber Technologies Inc.<sup>\*</sup>  | 17478281  |
| 2222 | Wayfair Inc., Class A Shares<sup>\*</sup>  | 165761  |
|  | Total Internet | 361103271  |
| **Media – 0.5%**  | **Media – 0.5%**  | **Media – 0.5%**  |
| 59193 | Comcast Corp., Class A Shares  | 2010786  |
| 148167 | Walt Disney Co.  | 17540010  |
|  | Total Media | 19550796  |

---

See Notes to Financial Statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  |
| **Telecommunications – 1.6%**  | **Telecommunications – 1.6%**  | **Telecommunications – 1.6%**  |
| 32432 | Arista Networks Inc.<sup>\*</sup> | $4428590  |
| 848533 | AT&T Inc.  | 24853532  |
| 313216 | Cisco Systems Inc.  | 21640093  |
| 2632 | Motorola Solutions Inc.  | 1243515  |
| 7226 | T-Mobile US Inc.  | 1820880  |
| 67572 | Verizon Communications Inc.  | 2988709  |
|  | Total Telecommunications | 56975319  |
|  | **TOTAL COMMUNICATIONS** | **442001218**  |
| **CONSUMER CYCLICAL – 9.7%**  | **CONSUMER CYCLICAL – 9.7%**  | **CONSUMER CYCLICAL – 9.7%**  |
| **Airlines – 0.2%**  | **Airlines – 0.2%**  | **Airlines – 0.2%**  |
| 142939 | Delta Air Lines Inc.  | 8830772  |
| **Apparel – 0.0%**  | **Apparel – 0.0%**  | **Apparel – 0.0%**  |
| 5075 | Deckers Outdoor Corp.<sup>\*</sup> | 607122  |
| 18527 | NIKE Inc., Class B Shares  | 1433434  |
|  | Total Apparel | 2040556  |
| **Auto Manufacturers – 0.7%**  | **Auto Manufacturers – 0.7%**  | **Auto Manufacturers – 0.7%**  |
| 15487 | General Motors Co.  | 907384  |
| 8200 | PACCAR Inc.  | 819836  |
| 66207 | Tesla Inc.<sup>\*</sup> | 22104531  |
|  | Total Auto Manufacturers | 23831751  |
| **Auto Parts & Equipment – 0.1%**  | **Auto Parts & Equipment – 0.1%**  | **Auto Parts & Equipment – 0.1%**  |
| 23477 | Allison Transmission Holdings Inc.  | 2049777  |
| **Distribution/Wholesale – 0.3%**  | **Distribution/Wholesale – 0.3%**  | **Distribution/Wholesale – 0.3%**  |
| 191256 | Copart Inc.<sup>\*</sup>  | 9335205  |
| **Entertainment – 0.3%**  | **Entertainment – 0.3%**  | **Entertainment – 0.3%**  |
| 4077 | Flutter Entertainment PLC<sup>\*</sup>  | 1252332  |
| 61888 | Live Nation Entertainment Inc.<sup>\*</sup>  | 10303733  |
|  | Total Entertainment | 11556065  |
| **Home Builders – 0.6%**  | **Home Builders – 0.6%**  | **Home Builders – 0.6%**  |
| 150460 | Lennar Corp., Class A Shares  | 20032244  |
| **Home Furnishings – 0.2%**  | **Home Furnishings – 0.2%**  | **Home Furnishings – 0.2%**  |
| 120827 | Dolby Laboratories Inc., Class A Shares  | 8660879  |
| **Leisure Time – 0.5%**  | **Leisure Time – 0.5%**  | **Leisure Time – 0.5%**  |
| 26924 | Royal Caribbean Cruises Ltd.  | 9779335  |
| 131834 | Viking Holdings Ltd.<sup>\*</sup>  | 8387279  |
|  | Total Leisure Time | 18166614  |
| **Lodging – 0.2%**  | **Lodging – 0.2%**  | **Lodging – 0.2%**  |
| 112572 | Las Vegas Sands Corp.  | 6487525  |
| 3592 | Marriott International Inc., Class A Shares  | 962153  |
|  | Total Lodging | 7449678  |

---

See Notes to Financial Statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Retail – 6.6%**  | **Retail – 6.6%**  | **Retail – 6.6%**  |
| 583 | AutoZone Inc.<sup>\*</sup>  | $2447743  |
| 405894 | BJ's Wholesale Club Holdings Inc.<sup>\*</sup>  | 39647726  |
| 19380 | Casey's General Stores Inc.  | 9583797  |
| 49967 | Cava Group Inc.<sup>\*</sup>  | 3375271  |
| 245741 | Chipotle Mexican Grill Inc., Class A Shares<sup>\*</sup>  | 10355526  |
| 29453 | Costco Wholesale Corp.  | 27783604  |
| 749 | Domino's Pizza Inc.  | 343267  |
| 30764 | Ferguson Enterprises Inc.  | 7111099  |
| 46893 | Five Below Inc.<sup>\*</sup>  | 6804174  |
| 15871 | Home Depot Inc.  | 6455847  |
| 49557 | Lithia Motors Inc., Class A Shares  | 16684851  |
| 38115 | Lowe's Cos., Inc.  | 9835957  |
| 51939 | Lululemon Athletica Inc.<sup>\*</sup>  | 10502066  |
| 11466 | McDonald's Corp.  | 3595050  |
| 3081 | Murphy USA Inc.  | 1159996  |
| 142612 | O'Reilly Automotive Inc.<sup>\*</sup>  | 14786012  |
| 388963 | Restaurant Brands International Inc.  | 24633027  |
| 308524 | Starbucks Corp.  | 27208731  |
| 7273 | Target Corp.  | 698062  |
| 27262 | TJX Cos., Inc.  | 3724262  |
| 4523 | Ulta Beauty Inc.<sup>\*</sup>  | 2228618  |
| 69535 | Walmart Inc.  | 6743504  |
|  | Total Retail | 235708190  |
|  | **TOTAL CONSUMER CYCLICAL** | **347661731**  |
| **CONSUMER NON-CYCLICAL – 11.9%**  | **CONSUMER NON-CYCLICAL – 11.9%**  | **CONSUMER NON-CYCLICAL – 11.9%**  |
| **Agriculture – 0.3%**  | **Agriculture – 0.3%**  | **Agriculture – 0.3%**  |
| 27000 | Altria Group Inc.  | 1814670  |
| 59849 | Philip Morris International Inc.  | 10002563  |
|  | Total Agriculture | 11817233  |
| **Beverages – 0.5%**  | **Beverages – 0.5%**  | **Beverages – 0.5%**  |
| 62187 | Coca-Cola Co.  | 4290281  |
| 20700 | Keurig Dr Pepper Inc.  | 602163  |
| 172777 | Monster Beverage Corp.<sup>\*</sup>  | 10783013  |
| 21891 | PepsiCo Inc.  | 3254097  |
|  | Total Beverages | 18929554  |
| **Biotechnology – 0.9%**  | **Biotechnology – 0.9%**  | **Biotechnology – 0.9%**  |
| 26821 | Amgen Inc.  | 7716670  |
| 32061 | BioNTech SE, ADR<sup>\*</sup>  | 3206100  |
| 54776 | Gilead Sciences Inc.  | 6188045  |
| 19428 | Illumina Inc.<sup>\*</sup>  | 1942023  |
| 32169 | Incyte Corp.<sup>\*</sup>  | 2721819  |
| 10755 | Regeneron Pharmaceuticals Inc.  | 6245428  |

---

See Notes to Financial Statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Biotechnology – (continued)**  | **Biotechnology – (continued)**  | **Biotechnology – (continued)**  |
| 14327 | Sarepta Therapeutics Inc.<sup>\*</sup>  | $260751  |
| 8180 | Vertex Pharmaceuticals Inc.<sup>\*</sup>  | 3198544  |
|  | Total Biotechnology | 31479380  |
| **Commercial Services – 0.6%**  | **Commercial Services – 0.6%**  | **Commercial Services – 0.6%**  |
| 6536 | Automatic Data Processing Inc.  | 1987271  |
| 5500 | Cintas Corp.  | 1155165  |
| 2454 | Moody's Corp.  | 1250951  |
| 15589 | PayPal Holdings Inc.<sup>\*</sup>  | 1094192  |
| 4912 | S&P Global Inc.  | 2693937  |
| 154301 | StoneCo Ltd., Class A Shares<sup>\*</sup>  | 2541337  |
| 138122 | TransUnion  | 12209985  |
|  | Total Commercial Services | 22932838  |
| **Cosmetics/Personal Care – 0.7%**  | **Cosmetics/Personal Care – 0.7%**  | **Cosmetics/Personal Care – 0.7%**  |
| 12820 | Colgate-Palmolive Co.  | 1077778  |
| 93095 | Estee Lauder Cos., Inc., Class A Shares  | 8539604  |
| 419253 | Kenvue Inc.  | 8682730  |
| 37585 | Procter & Gamble Co.  | 5902348  |
|  | Total Cosmetics/Personal Care | 24202460  |
| **Food – 0.1%**  | **Food – 0.1%**  | **Food – 0.1%**  |
| 20733 | Flowers Foods Inc.  | 311824  |
| 20669 | Mondelez International Inc., Class A Shares  | 1269904  |
|  | Total Food | 1581728  |
| **Healthcare-Products – 4.2%**  | **Healthcare-Products – 4.2%**  | **Healthcare-Products – 4.2%**  |
| 27675 | Abbott Laboratories  | 3671366  |
| 106771 | Agilent Technologies Inc.  | 13416844  |
| 139201 | Alcon AG  | 11109632  |
| 21588 | Align Technology Inc.<sup>\*</sup>  | 3064633  |
| 23620 | Boston Scientific Corp.<sup>\*</sup>  | 2491910  |
| 55037 | Danaher Corp.  | 11327715  |
| 116274 | Edwards Lifesciences Corp.<sup>\*</sup>  | 9457727  |
| 459733 | GE HealthCare Technologies Inc.  | 33896114  |
| 21836 | IDEXX Laboratories Inc.<sup>\*</sup>  | 14129857  |
| 5703 | Intuitive Surgical Inc.<sup>\*</sup>  | 2699201  |
| 264400 | Medtronic PLC  | 24538964  |
| 5470 | Stryker Corp.  | 2141013  |
| 28856 | Thermo Fisher Scientific Inc.  | 14217928  |
| 16489 | West Pharmaceutical Services Inc.  | 4071959  |
|  | Total Healthcare-Products | 150234863  |
| **Healthcare-Services – 1.6%**  | **Healthcare-Services – 1.6%**  | **Healthcare-Services – 1.6%**  |
| 4288 | Cigna Group  | 1290131  |
| 3650 | Elevance Health Inc.  | 1163072  |
| 2806 | HCA Healthcare Inc.  | 1133512  |

---

See Notes to Financial Statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Healthcare-Services – (continued)**  | **Healthcare-Services – (continued)**  | **Healthcare-Services – (continued)**  |
| 28664 | Humana Inc.  | $8704110  |
| 114212 | Labcorp Holdings Inc.  | 31749794  |
| 40514 | UnitedHealth Group Inc.  | 12554073  |
|  | Total Healthcare-Services | 56594692  |
| **Household Products/Wares – 0.0%**  | **Household Products/Wares – 0.0%**  | **Household Products/Wares – 0.0%**  |
| 5273 | Kimberly-Clark Corp.  | 680955  |
| **Pharmaceuticals – 3.0%**  | **Pharmaceuticals – 3.0%**  | **Pharmaceuticals – 3.0%**  |
| 84495 | AbbVie Inc.  | 17777748  |
| 116289 | Becton Dickinson & Co.  | 22441451  |
| 32578 | Bristol-Myers Squibb Co.  | 1537030  |
| 16470 | Cardinal Health Inc.  | 2450407  |
| 16857 | Cencora Inc.  | 4915670  |
| 20000 | CVS Health Corp.  | 1463000  |
| 58359 | DexCom Inc.<sup>\*</sup>  | 4396767  |
| 12814 | Eli Lilly & Co.  | 9387280  |
| 205017 | Johnson & Johnson  | 36322862  |
| 2003 | McKesson Corp.  | 1375340  |
| 40277 | Merck & Co., Inc.  | 3388101  |
| 90828 | Pfizer Inc.  | 2248901  |
| 7115 | Zoetis Inc., Class A Shares  | 1112786  |
|  | Total Pharmaceuticals | 108817343  |
|  | **TOTAL CONSUMER NON-CYCLICAL** | **427271046**  |
| **ENERGY – 2.7%**  | **ENERGY – 2.7%**  | **ENERGY – 2.7%**  |
| **Energy-Alternate Sources – 0.0%**  | **Energy-Alternate Sources – 0.0%**  | **Energy-Alternate Sources – 0.0%**  |
| 12284 | Enphase Energy Inc.<sup>\*</sup>  | 463107  |
| **Oil & Gas – 2.6%**  | **Oil & Gas – 2.6%**  | **Oil & Gas – 2.6%**  |
| 131131 | Chevron Corp.  | 21059639  |
| 20226 | ConocoPhillips  | 2001767  |
| 50054 | Diamondback Energy Inc.  | 7446033  |
| 8804 | EOG Resources Inc.  | 1098915  |
| 165742 | EQT Corp.  | 8592065  |
| 176653 | Exxon Mobil Corp.  | 20189671  |
| 87318 | Marathon Petroleum Corp.  | 15691918  |
| 122625 | Phillips 66  | 16380248  |
| 16178 | Weatherford International PLC  | 1030619  |
|  | Total Oil & Gas | 93490875  |
| **Oil & Gas Services – 0.0%**  | **Oil & Gas Services – 0.0%**  | **Oil & Gas Services – 0.0%**  |
| 24000 | Schlumberger NV  | 884160  |
| **Pipelines – 0.1%**  | **Pipelines – 0.1%**  | **Pipelines – 0.1%**  |
| 19500 | Williams Cos., Inc.  | 1128660  |
|  | **TOTAL ENERGY** | **95966802**  |

---

See Notes to Financial Statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **FINANCIAL – 17.1%**  | **FINANCIAL – 17.1%**  | **FINANCIAL – 17.1%**  |
| **Banks – 3.9%**  | **Banks – 3.9%**  | **Banks – 3.9%**  |
| 455158 | Bank of America Corp.  | $23094717  |
| 158372 | Citigroup Inc.  | 15293984  |
| 143775 | Comerica Inc.  | 10147639  |
| 554958 | First Horizon Corp.  | 12542051  |
| 28485 | Goldman Sachs Group Inc.  | 21228446  |
| 107140 | JPMorgan Chase & Co.  | 32294139  |
| 105804 | Morgan Stanley  | 15921386  |
| 51100 | NU Holdings Ltd., Class A Shares<sup>\*</sup>  | 756280  |
| 6338 | PNC Financial Services Group Inc.  | 1314755  |
| 20973 | Truist Financial Corp.  | 981956  |
| 24963 | US Bancorp  | 1218943  |
| 52130 | Wells Fargo & Co.  | 4284043  |
|  | Total Banks | 139078339  |
| **Diversified Financial Services – 4.0%**  | **Diversified Financial Services – 4.0%**  | **Diversified Financial Services – 4.0%**  |
| 77795 | AerCap Holdings NV  | 9607683  |
| 8762 | American Express Co.  | 2902675  |
| 29073 | Ameriprise Financial Inc.  | 14967071  |
| 6600 | Apollo Global Management Inc.  | 899118  |
| 2437 | Blackrock Inc.  | 2746840  |
| 6100 | Brookfield Asset Management Ltd., Class A Shares  | 366976  |
| 102021 | Capital One Financial Corp.  | 23181212  |
| 149819 | Charles Schwab Corp.  | 14358653  |
| 5795 | CME Group Inc., Class A Shares  | 1544426  |
| 6800 | Interactive Brokers Group Inc., Class A Shares  | 423232  |
| 66034 | Intercontinental Exchange Inc.  | 11661604  |
| 61486 | Mastercard Inc., Class A Shares  | 36602001  |
| 36598 | Visa Inc., Class A Shares  | 12874445  |
| 108370 | Voya Financial Inc.  | 8137503  |
| 111129 | Western Union Co.  | 963488  |
|  | Total Diversified Financial Services | 141236927  |
| **Equity Real Estate Investment Trusts (REITs) – 1.2%**  | **Equity Real Estate Investment Trusts (REITs) – 1.2%**  | **Equity Real Estate Investment Trusts (REITs) – 1.2%**  |
| 7511 | American Tower Corp.  | 1531117  |
| 1558 | Equinix Inc.  | 1224884  |
| 173853 | Mid-America Apartment Communities Inc.  | 25351245  |
| 14863 | Prologis Inc.  | 1691112  |
| 2558 | Public Storage  | 753561  |
| 10500 | Welltower Inc.  | 1766940  |
| 388213 | Weyerhaeuser Co.  | 10043070  |
|  | Total Equity Real Estate Investment Trusts (REITs) | 42361929  |
| **Insurance – 5.9%**  | **Insurance – 5.9%**  | **Insurance – 5.9%**  |
| 7800 | Aflac Inc.  | 833508  |
| 116857 | American International Group Inc.  | 9502811  |

---

See Notes to Financial Statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Insurance – (continued)**  | **Insurance – (continued)**  | **Insurance – (continued)**  |
| 53663 | Aon PLC, Class A Shares  | $19694321  |
| 3570 | Arch Capital Group Ltd.  | 326762  |
| 4100 | Arthur J Gallagher & Co.  | 1241275  |
| 99928 | Assurant Inc.  | 21545476  |
| 196758 | Berkshire Hathaway Inc., Class B Shares<sup>\*</sup>  | 98965339  |
| 5941 | Chubb Ltd.  | 1634191  |
| 8389 | Fairfax Financial Holdings Ltd.<sup>(a)</sup>  | 14439315  |
| 7927 | Marsh & McLennan Cos., Inc.  | 1631456  |
| 9029 | MetLife Inc.  | 734599  |
| 24259 | Progressive Corp.  | 5993429  |
| 3593 | Travelers Cos., Inc.  | 975535  |
| 107621 | Willis Towers Watson PLC  | 35169467  |
|  | Total Insurance | 212687484  |
| **Private Equity – 2.1%**  | **Private Equity – 2.1%**  | **Private Equity – 2.1%**  |
| 11700 | Blackstone Inc.  | 2005380  |
| 479351 | Brookfield Corp.  | 31502948  |
| 220469 | Carlyle Group Inc.  | 14233479  |
| 197456 | KKR & Co., Inc.  | 27543137  |
|  | Total Private Equity | 75284944  |
|  | **TOTAL FINANCIAL** | **610649623**  |
| **INDUSTRIAL – 9.8%**  | **INDUSTRIAL – 9.8%**  | **INDUSTRIAL – 9.8%**  |
| **Aerospace/Defense – 1.1%**  | **Aerospace/Defense – 1.1%**  | **Aerospace/Defense – 1.1%**  |
| 11587 | Boeing Co.<sup>\*</sup>  | 2719237  |
| 4088 | General Dynamics Corp.  | 1326842  |
| 16830 | General Electric Co.  | 4631616  |
| 15448 | Howmet Aerospace Inc.  | 2689497  |
| 70477 | L3Harris Technologies Inc.  | 19565825  |
| 3317 | Lockheed Martin Corp.  | 1511325  |
| 2140 | Northrop Grumman Corp.  | 1262685  |
| 21434 | RTX Corp.  | 3399432  |
| 886 | TransDigm Group Inc.  | 1239408  |
|  | Total Aerospace/Defense | 38345867  |
| **Building Materials – 3.1%**  | **Building Materials – 3.1%**  | **Building Materials – 3.1%**  |
| 547646 | Amrize Ltd.<sup>\*</sup>  | 28483069  |
| 12900 | Carrier Global Corp.  | 841080  |
| 602982 | CRH PLC  | 68106817  |
| 10535 | Johnson Controls International PLC  | 1126086  |
| 13418 | Martin Marietta Materials Inc.  | 8270855  |
| 9287 | Trane Technologies PLC  | 3859677  |
|  | Total Building Materials | 110687584 |

---

See Notes to Financial Statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Electrical Components & Equipment – 0.3%**  | **Electrical Components & Equipment – 0.3%**  | **Electrical Components & Equipment – 0.3%**  |
| 5238 | Acuity Inc.  | $1710050  |
| 6300 | Eaton Corp. PLC  | 2199582  |
| 51581 | Emerson Electric Co.  | 6808692  |
|  | Total Electrical Components & Equipment | 10718324  |
| **Electronics – 1.0%**  | **Electronics – 1.0%**  | **Electronics – 1.0%**  |
| 19300 | Amphenol Corp., Class A Shares  | 2100998  |
| 46720 | Honeywell International Inc.  | 10255040  |
| 29545 | Hubbell Inc., Class B Shares  | 12733600  |
| 45378 | TE Connectivity PLC  | 9370557  |
|  | Total Electronics | 34460195  |
| **Environmental Control – 0.4%**  | **Environmental Control – 0.4%**  | **Environmental Control – 0.4%**  |
| 3200 | Republic Services Inc., Class A Shares  | 748704  |
| 128968 | Veralto Corp.  | 13695112  |
| 5921 | Waste Management Inc.  | 1340455  |
|  | Total Environmental Control | 15784271  |
| **Machinery-Construction & Mining – 0.9%**  | **Machinery-Construction & Mining – 0.9%**  | **Machinery-Construction & Mining – 0.9%**  |
| 27925 | Caterpillar Inc.  | 11701692  |
| 31016 | GE Vernova Inc.  | 19011878  |
|  | Total Machinery-Construction & Mining | 30713570  |
| **Machinery-Diversified – 0.6%**  | **Machinery-Diversified – 0.6%**  | **Machinery-Diversified – 0.6%**  |
| 43582 | Deere & Co.  | 20860088  |
| **Miscellaneous Manufacturers – 1.0%**  | **Miscellaneous Manufacturers – 1.0%**  | **Miscellaneous Manufacturers – 1.0%**  |
| 8600 | 3M Co.  | 1337558  |
| 86045 | Carlisle Cos., Inc.  | 33203905  |
| 4734 | Illinois Tool Works Inc.  | 1252853  |
| 2060 | Parker-Hannifin Corp.  | 1564261  |
|  | Total Miscellaneous Manufacturers | 37358577  |
| **Packaging & Containers – 0.2%**  | **Packaging & Containers – 0.2%**  | **Packaging & Containers – 0.2%**  |
| 32317 | Packaging Corp. of America  | 7043813  |
| **Transportation – 1.2%**  | **Transportation – 1.2%**  | **Transportation – 1.2%**  |
| 1048467 | CSX Corp.  | 34085662  |
| 26078 | FedEx Corp.  | 6025843  |
| 3569 | Norfolk Southern Corp.  | 999249  |
| 9583 | Union Pacific Corp.  | 2142471  |
| 11779 | United Parcel Service Inc., Class B Shares  | 1029956  |
|  | Total Transportation | 44283181  |
|  | **TOTAL INDUSTRIAL** | **350255470**  |
| **TECHNOLOGY – 27.7%**  | **TECHNOLOGY – 27.7%**  | **TECHNOLOGY – 27.7%**  |
| **Computers – 6.7%**  | **Computers – 6.7%**  | **Computers – 6.7%**  |
| 10014 | Accenture PLC, Class A Shares  | 2603340  |
| 740002 | Apple Inc.  | 171784064  |
| 50196 | CACI International Inc., Class A Shares<sup>\*</sup>  | 24080025  |

---

See Notes to Financial Statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Computers – (continued)**  | **Computers – (continued)**  | **Computers – (continued)**  |
| 30170 | Check Point Software Technologies Ltd.<sup>\*</sup>  | $5827034  |
| 3900 | Crowdstrike Holdings Inc., Class A Shares<sup>\*</sup>  | 1652430  |
| 22896 | Dell Technologies Inc., Class C Shares  | 2796746  |
| 9034 | EPAM Systems Inc.<sup>\*</sup>  | 1593236  |
| 102023 | Fortinet Inc.<sup>\*</sup>  | 8036352  |
| 42070 | International Business Machines Corp.  | 10243624  |
| 16925 | NetApp Inc.  | 1908971  |
| 36228 | Pure Storage Inc., Class A Shares<sup>\*</sup>  | 2811655  |
| 4189 | Rubrik Inc., Class A Shares<sup>\*</sup>  | 374497  |
| 20026 | Zscaler Inc.<sup>\*</sup>  | 5548203  |
|  | Total Computers | 239260177  |
| **Semiconductors – 10.2%**  | **Semiconductors – 10.2%**  | **Semiconductors – 10.2%**  |
| 76627 | Advanced Micro Devices Inc.<sup>\*</sup>  | 12461849  |
| 7914 | Analog Devices Inc.  | 1988867  |
| 45739 | Applied Materials Inc.  | 7353002  |
| 325098 | Broadcom Inc.  | 96680894  |
| 201322 | Intel Corp.<sup>\*</sup>  | 4902191  |
| 3369 | KLA Corp.  | 2937768  |
| 165385 | Lam Research Corp.  | 16563308  |
| 40152 | Marvell Technology Inc.  | 2524156  |
| 17827 | Micron Technology Inc.  | 2121591  |
| 1179941 | NVIDIA Corp.  | 205522123  |
| 18746 | QUALCOMM Inc.  | 3013045  |
| 36063 | Teradyne Inc.  | 4264089  |
| 14540 | Texas Instruments Inc.  | 2944059  |
|  | Total Semiconductors | 363276942  |
| **Software – 10.8%**  | **Software – 10.8%**  | **Software – 10.8%**  |
| 44917 | Adobe Inc.<sup>\*</sup>  | 16021894  |
| 49711 | Akamai Technologies Inc.<sup>\*</sup>  | 3933631  |
| 8400 | AppLovin Corp., Class A Shares<sup>\*</sup>  | 4020156  |
| 2600 | Atlassian Corp., Class A Shares<sup>\*</sup>  | 462228  |
| 6335 | Autodesk Inc.<sup>\*</sup>  | 1993624  |
| 4410 | Cadence Design Systems Inc.<sup>\*</sup>  | 1545396  |
| 25157 | Datadog Inc., Class A Shares<sup>\*</sup>  | 3438459  |
| 1355 | Duolingo Inc., Class A Shares<sup>\*</sup>  | 403600  |
| 376473 | Fidelity National Information Services Inc.  | 26281580  |
| 8829 | Fiserv Inc.<sup>\*</sup>  | 1219991  |
| 479 | HubSpot Inc.<sup>\*</sup>  | 231438  |
| 22032 | Intuit Inc.  | 14695344  |
| 835 | Magic Leap Inc., Series D, Private Placement\*@<sup>(a)(b)</sup>  | 3282  |
| 389916 | Microsoft Corp.  | 197566538  |
| 1714 | MSCI Inc., Class A Shares  | 973072  |

---

See Notes to Financial Statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Software – (continued)**  | **Software – (continued)**  | **Software – (continued)**  |
| 142155 | Nutanix Inc., Class A Shares<sup>\*</sup>  | $9554238  |
| 83137 | Oracle Corp.  | 18799770  |
| 81050 | Palantir Technologies Inc., Class A Shares<sup>\*</sup>  | 12701346  |
| 21207 | Paycom Software Inc.  | 4817170  |
| 46146 | ROBLOX Corp., Class A Shares<sup>\*</sup>  | 5749330  |
| 1717 | Roper Technologies Inc.  | 903674  |
| 63093 | Salesforce Inc.  | 16167581  |
| 16787 | ServiceNow Inc.<sup>\*</sup>  | 15401401  |
| 22815 | Snowflake Inc., Class A Shares<sup>\*</sup>  | 5445028  |
| 4000 | Strategy Inc., Class A Shares<sup>\*</sup>  | 1337640  |
| 2967 | Synopsys Inc.<sup>\*</sup>  | 1790644  |
| 21817 | Tyler Technologies Inc.<sup>\*</sup>  | 12280353  |
| 33708 | Veeva Systems Inc., Class A Shares<sup>\*</sup>  | 9074194  |
| 3400 | Workday Inc., Class A Shares<sup>\*</sup>  | 784788  |
| 67314 | ZoomInfo Technologies Inc., Class A Shares<sup>\*</sup>  | 733723  |
|  | Total Software | 388331113  |
|  | **TOTAL TECHNOLOGY** | **990868232**  |
| **UTILITIES – 0.7%**  | **UTILITIES – 0.7%**  | **UTILITIES – 0.7%**  |
| **Electric – 0.7%**  | **Electric – 0.7%**  | **Electric – 0.7%**  |
| 8565 | American Electric Power Co., Inc.  | 950886  |
| 18981 | Constellation Energy Corp.  | 5845768  |
| 13605 | Dominion Energy Inc.  | 814940  |
| 12442 | Duke Energy Corp.  | 1524021  |
| 32946 | NextEra Energy Inc.  | 2373759  |
| 10406 | Sempra  | 859119  |
| 17577 | Southern Co.  | 1622357  |
| 19245 | Talen Energy Corp.<sup>\*</sup>  | 7292316  |
| 16078 | Vistra Corp.  | 3040511  |
|  | Total Electric | 24323677  |
|  | **TOTAL UTILITIES** | **24323677**  |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost – $2,548,577,180) | **3342856377**  |
| **EXCHANGE TRADED FUNDS (ETFs) – 5.7%**  | **EXCHANGE TRADED FUNDS (ETFs) – 5.7%**  | **EXCHANGE TRADED FUNDS (ETFs) – 5.7%**  |
| 67026 | iShares Russell 1000 Value  | 13514452  |
| 80698 | iShares S&P 500 Value  | 16454322  |
| 449438 | Vanguard Mega Capital Growth  | 172566215  |
|  | **TOTAL EXCHANGE TRADED FUNDS (ETFs)** |  |
|  | (Cost – $186,581,407) | **202534989**  |

---

See Notes to Financial Statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **INDUSTRIAL – 0.0%**  | **INDUSTRIAL – 0.0%**  | **INDUSTRIAL – 0.0%**  |
| **Machinery – 0.0%**  | **Machinery – 0.0%**  | **Machinery – 0.0%**  |
| 108389 | Nuro Inc., Series C, Private Placement\*@<sup>(a)(b)</sup>  | $619985  |
| 26242 | Nuro Inc., Series D\*@<sup>(a)(b)</sup>  | 185269  |
|  | Total Machinery | 805254  |
|  | **TOTAL INDUSTRIAL** | **805254**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br>**(Cost – $1,962,009)** | **805254**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br>**(Cost – $2,737,120,596)** | **3546196620** |

---

---

| | | |
|:---|:---|:---|
| **Face Amount†**  |  |  |
| **SHORT-TERM INVESTMENTS – 0.8%**  | **SHORT-TERM INVESTMENTS – 0.8%**  | **SHORT-TERM INVESTMENTS – 0.8%**  |
| **TIME DEPOSITS – 0.8%**  | **TIME DEPOSITS – 0.8%**  | **TIME DEPOSITS – 0.8%**  |
| 2425<sup>CHF</sup> | &nbsp;&nbsp;&nbsp; Brown Brothers Harriman - Grand Cayman:<br>(0.370)% due 9/1/25  | 3031  |
| 1 | &nbsp;&nbsp;&nbsp; 3.680% due 9/2/25  | 1  |
| 95005<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; Citibank – London:<br>0.870% due 9/1/25  | 111151  |
| 4<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 2.920% due 9/1/25  | 6  |
| 19194548 | Citibank – New York, 3.680% due 9/2/25  | 19194548  |
| 8258267 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25  | 8258267  |
| 1649901 | Royal Bank of Canada – Toronto, 3.680% due 9/2/25  | 1649901  |
| 6059 | Skandinaviska Enskilda Banken AB – Stockholm, 3.680% due 9/2/25  | 6059  |
| 954 | Sumitomo Mitsui Banking Corp. – Tokyo, 3.680% due 9/2/25  | 954  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS** <br>**(Cost – $29,223,918)** | **29223918**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 99.9%**<br>**(Cost – $2,766,344,514)** | **3575420538**  |
|  | Other Assets in Excess of Liabilities – 0.1% | 5335551  |
|  | **TOTAL NET ASSETS – 100.0%** | **$3580756089** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Face amount denominated in U.S. dollars, unless
 otherwise noted.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $15,247,851 and represents 0.43% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is valued in good faith at fair value
 by or under the direction of the Board of Trustees using significant unobservable inputs.

@ 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.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Large Cap Equity Fund(concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **First** <br>**Acquisition** <br>**Date** | **First** <br>**Acquisition** <br>**Cost** | **Market**<br>**Value** | **Percent of**<br>**Net Assets**  |
| Magic Leap Inc., Series D, Private Placement | 10/12/2017 | $406053 | $3282 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| Nuro Inc., Series C, Private Placement | 10/30/2020 | 940662 | 619985 | &nbsp;&nbsp;&nbsp; 0.02%  |
| Nuro Inc., Series D | 10/29/2021 | 547033 | 185269 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%\*  |
|  |  |  | **$808536** | &nbsp;&nbsp;&nbsp;&nbsp;0.02% |

---

\* Position represents less than 0.005%. 

<u>Abbreviations used in this schedule:</u>

ADR — American Depositary Receipts

PLC — Public Limited Company

**<u>Summary of Investments by Security Sector^</u>** 

---

| | |
|:---|:---|
| Technology  | 27.7%  |
| Financial  | 17.1  |
| Communications  | 12.4  |
| Consumer Non-cyclical  | 11.9  |
| Industrial  | 9.8  |
| Consumer Cyclical  | 9.7  |
| Energy  | 2.7  |
| Basic Materials  | 1.5  |
| Utilities  | 0.7  |
| Exchange Traded Funds (ETFs) | 5.7  |
| Short-Term Investments | 0.8  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments. |

---

At August 31, 2025, 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**<br>**Contracts** | **Expiration**<br>**Date (Month/Year)** | **Notional**<br>**Amounts** | **Market Value** | **Unrealized**<br>**Appreciation**  |
| **Contracts to Buy:**<br>|  |  |  |  |  |
| S&P 500 E-mini Index September Futures  | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/25 | $910555 | &nbsp;&nbsp; $970912 | &nbsp;&nbsp; $60357 |

---

At August 31, 2025, Destinations Large Cap Equity Fund had deposited cash of $3,258 with a broker or brokers as margin collateral on open exchange traded futures contracts.

<u>Currency Abbreviations used in this schedule:</u>

CHF

— Swiss Franc

EUR

— Euro

GBP

— British Pound

See Notes to Financial Statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – 94.3%** | **COMMON STOCKS – 94.3%** | **COMMON STOCKS – 94.3%** |
| **BASIC MATERIALS – 4.6%**  | **BASIC MATERIALS – 4.6%**  | **BASIC MATERIALS – 4.6%**  |
| **Chemicals – 1.7%**  | **Chemicals – 1.7%**  | **Chemicals – 1.7%**  |
| 641 | AdvanSix Inc.  | $13756  |
| 594 | Albemarle Corp.  | 50443  |
| 1025 | American Vanguard Corp.<sup>\*</sup> | 5535  |
| 292 | Ashland Inc.  | 16396  |
| 2211 | Avient Corp.  | 82691  |
| 29063 | Axalta Coating Systems Ltd.<sup>\*</sup> | 908509  |
| 822 | Balchem Corp.  | 133238  |
| 23432 | Cabot Corp.  | 1911114  |
| 1946 | Calumet Inc.<sup>\*</sup> | 31720  |
| 561 | Celanese Corp., Class A Shares | 26720  |
| 851 | CF Industries Holdings Inc.  | 73722  |
| 3583 | Chemours Co.  | 55178  |
| 1788 | Codexis Inc.<sup>\*</sup> | 4881  |
| 3650 | Dow Inc.  | 89900  |
| 2220 | DuPont de Nemours Inc.  | 170762  |
| 643 | Eastman Chemical Co.  | 45229  |
| 2936 | Ecovyst Inc.<sup>\*</sup> | 26688  |
| 1332 | Element Solutions Inc.  | 34259  |
| 619 | FMC Corp.  | 24203  |
| 469 | Hawkins Inc.  | 78478  |
| 1318 | HB Fuller Co.  | 80464  |
| 946 | Huntsman Corp.  | 10557  |
| 19974 | Ingevity Corp.<sup>\*</sup> | 1166082  |
| 8624 | Innospec Inc.  | 755376  |
| 1321 | International Flavors & Fragrances Inc.  | 89181  |
| 325 | Intrepid Potash Inc.<sup>\*</sup> | 9890  |
| 477 | Koppers Holdings Inc.  | 13823  |
| 907 | Kronos Worldwide Inc.  | 5787  |
| 1317 | LyondellBasell Industries NV, Class A Shares | 74213  |
| 1369 | Mativ Holdings Inc.  | 17208  |
| 851 | Minerals Technologies Inc.  | 55698  |
| 46453 | Mosaic Co.  | 1551530  |
| 29 | NewMarket Corp.  | 23982  |
| 225 | Oil-Dri Corp. of America | 13361  |
| 691 | Olin Corp.  | 16349  |
| 1426 | Orion SA | 15044  |
| 3517 | Perimeter Solutions Inc.<sup>\*</sup> | 78746  |
| 20115 | PPG Industries Inc.  | 2237391  |
| 369 | Quaker Chemical Corp.  | 53531  |
| 1554 | Rayonier Advanced Materials Inc.<sup>\*</sup> | 8656  |
| 16279 | Rogers Corp.<sup>\*</sup> | 1277250  |
| 653 | RPM International Inc.  | 81827  |

---

See Notes to Financial Statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **BASIC MATERIALS – (continued)**  | **BASIC MATERIALS – (continued)**  | **BASIC MATERIALS – (continued)**  |
| **Chemicals – (continued)**  | **Chemicals – (continued)**  | **Chemicals – (continued)**  |
| 1022 | Sensient Technologies Corp.  | $115956  |
| 559 | Stepan Co.  | 27967  |
| 1243 | Trinseo PLC | 2983  |
| 3099 | Tronox Holdings PLC | 13264  |
| 103 | Valhi Inc.  | 1680  |
| 197 | Westlake Corp.  | 17301  |
|  | Total Chemicals | 11598519  |
| **Forest Products & Paper – 0.3%**  | **Forest Products & Paper – 0.3%**  | **Forest Products & Paper – 0.3%**  |
| 40794 | International Paper Co.  | 2026646  |
| 1008 | Magnera Corp.<sup>\*</sup> | 12499  |
| 817 | Sylvamo Corp.  | 37688  |
|  | Total Forest Products & Paper | 2076833  |
| **Iron/Steel – 0.4%**  | **Iron/Steel – 0.4%**  | **Iron/Steel – 0.4%**  |
| 7890 | Carpenter Technology Corp.  | 1900543  |
| 2386 | Cleveland-Cliffs Inc.<sup>\*</sup> | 25649  |
| 2831 | Commercial Metals Co.  | 163264  |
| 240 | Friedman Industries Inc.  | 4582  |
| 1218 | Nucor Corp.  | 181153  |
| 272 | Reliance Inc.  | 80420  |
| 724 | Steel Dynamics Inc.  | 94786  |
|  | Total Iron/Steel | 2450397  |
| **Mining – 2.2%**  | **Mining – 2.2%**  | **Mining – 2.2%**  |
| 1308 | Alcoa Corp.  | 42105  |
| 67268 | Almonty Industries Inc.<sup>\*</sup> | 299343  |
| 2694 | American Battery Technology Co.<sup>\*</sup> | 6654  |
| 2687 | Anglogold Ashanti PLC | 152245  |
| 361 | Caledonia Mining Corp. PLC | 9234  |
| 20586 | Cameco Corp.  | 1593151  |
| 7694 | Centrus Energy Corp., Class A Shares<sup>\*</sup> | 1552111  |
| 1348 | Century Aluminum Co.<sup>\*</sup> | 30101  |
| 82488 | Coeur Mining Inc.<sup>\*</sup> | 1084717  |
| 1024 | Compass Minerals International Inc.<sup>\*</sup> | 19507  |
| 3390 | Constellium SE, Class A Shares<sup>\*</sup> | 49121  |
| 353 | Contango ORE Inc.<sup>\*</sup> | 7777  |
| 37376 | Critical Metals Corp.\*<sup>(a)</sup> | 231544  |
| 2447 | Dakota Gold Corp.<sup>\*</sup> | 10204  |
| 4551 | Encore Energy Corp.<sup>\*</sup> | 10831  |
| 58463 | Energy Fuels Inc.<sup>\*</sup> | 675832  |
| 3607 | Ferroglobe PLC | 15077  |
| 49000 | Freeport-McMoRan Inc.  | 2175600  |
| 15039 | Hecla Mining Co.  | 127982  |
| 94764 | IAMGOLD Corp.<sup>\*</sup> | 882253  |

---

See Notes to Financial Statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **BASIC MATERIALS – (continued)**  | **BASIC MATERIALS – (continued)**  | **BASIC MATERIALS – (continued)**  |
| **Mining – (continued)**  | **Mining – (continued)**  | **Mining – (continued)**  |
| 442 | Idaho Strategic Resources Inc.<sup>\*</sup> | $12438  |
| 37558 | Ivanhoe Electric Inc.<sup>\*</sup> | 335017  |
| 413 | Kaiser Aluminum Corp.  | 32160  |
| 1514 | Lifezone Metals Ltd.<sup>\*</sup> | 6783  |
| 2037 | MAC Copper Ltd.<sup>\*</sup> | 24729  |
| 7703 | MP Materials Corp.<sup>\*</sup> | 547991  |
| 253344 | NexGen Energy Ltd.<sup>\*</sup> | 1996351  |
| 1805 | NioCorp Developments Ltd.<sup>\*</sup> | 8303  |
| 6191 | Novagold Resources Inc.<sup>\*</sup> | 42346  |
| 33865 | Perpetua Resources Corp.<sup>\*</sup> | 639033  |
| 336 | Royal Gold Inc.  | 60339  |
| 5121 | SSR Mining Inc.<sup>\*</sup> | 98887  |
| 95585 | United States Antimony Corp.<sup>\*</sup> | 434912  |
| 272 | United States Lime & Minerals Inc.  | 34250  |
| 136692 | Uranium Energy Corp.<sup>\*</sup> | 1461238  |
| 372 | US Gold Corp.<sup>\*</sup> | 4884  |
| 29855 | USA Rare Earth Inc.<sup>\*</sup> | 445437  |
| 1378 | Vox Royalty Corp.  | 5071  |
|  | Total Mining | 15165558  |
|  | **TOTAL BASIC MATERIALS** | **31291307**  |
| **COMMUNICATIONS – 3.8%**  | **COMMUNICATIONS – 3.8%**  | **COMMUNICATIONS – 3.8%**  |
| **Advertising – 0.1%**  | **Advertising – 0.1%**  | **Advertising – 0.1%**  |
| 3342 | Advantage Solutions Inc.<sup>\*</sup> | 6083  |
| 554 | Boston Omaha Corp., Class A Shares<sup>\*</sup>  | 7390  |
| 2073 | Interpublic Group of Cos., Inc.  | 55639  |
| 11042 | MNTN Inc., Class A Shares<sup>\*</sup> | 225367  |
| 1720 | National CineMedia Inc.  | 7551  |
| 1156 | Nexxen International Ltd.<sup>\*</sup> | 11595  |
| 992 | Omnicom Group Inc.  | 77703  |
| 2762 | Stagwell Inc., Class A Shares<sup>\*</sup> | 15578  |
| 650 | TechTarget Inc.<sup>\*</sup> | 3835  |
| 2364 | Trade Desk Inc., Class A Shares<sup>\*</sup> | 129216  |
|  | Total Advertising | 539957  |
| **Internet – 1.1%**  | **Internet – 1.1%**  | **Internet – 1.1%**  |
| 1097 | 1-800-Flowers.com Inc., Class A Shares\* | 6143  |
| 1257 | Angi Inc., Class A Shares<sup>\*</sup> | 22274  |
| 346 | AudioEye Inc.<sup>\*</sup> | 4446  |
| 1452 | Backblaze Inc., Class A Shares<sup>\*</sup> | 12124  |
| 2614 | BARK Inc.<sup>\*</sup> | 2359  |
| 1568 | Bed Bath & Beyond Inc.<sup>\*</sup> | 14128  |
| 1595 | Bumble Inc., Class A Shares<sup>\*</sup> | 9841  |
| 1976 | Cargurus Inc., Class A Shares<sup>\*</sup> | 68370  |

---

See Notes to Financial Statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  |
| **Internet – (continued)**  | **Internet – (continued)**  | **Internet – (continued)**  |
| 1694 | Cars.com Inc.<sup>\*</sup> | $22107  |
| 680 | CDW Corp.  | 112037  |
| 1062 | Chewy Inc., Class A Shares<sup>\*</sup> | 43499  |
| 1175 | Cogent Communications Holdings Inc.  | 44920  |
| 1001 | Couchbase Inc.<sup>\*</sup> | 24414  |
| 6560 | Coupang Inc., Class A Shares<sup>\*</sup> | 187485  |
| 355 | Crexendo Inc.<sup>\*</sup> | 2244  |
| 2441 | eBay Inc.  | 221179  |
| 1100 | Entravision Communications Corp., Class A Shares | 2849  |
| 697 | ePlus Inc.  | 50442  |
| 515 | Etsy Inc.<sup>\*</sup> | 27300  |
| 2928 | Eventbrite Inc., Class A Shares<sup>\*</sup> | 7759  |
| 609 | EverQuote Inc., Class A Shares<sup>\*</sup> | 14159  |
| 647 | Expedia Group Inc.  | 138976  |
| 297 | F5 Inc.<sup>\*</sup> | 93003  |
| 1940 | Figs Inc., Class A Shares<sup>\*</sup> | 13677  |
| 7826 | fuboTV Inc.<sup>\*</sup> | 27626  |
| 625 | Gambling.com Group Ltd.<sup>\*</sup> | 5456  |
| 2827 | Gen Digital Inc.  | 85375  |
| 2372 | Getty Images Holdings Inc.<sup>\*</sup> | 4364  |
| 711 | GoDaddy Inc., Class A Shares<sup>\*</sup> | 105448  |
| 961 | Grindr Inc.<sup>\*</sup> | 15030  |
| 14497 | Groupon Inc., Class A Shares<sup>\*</sup> | 378372  |
| 611 | HealthStream Inc.  | 17157  |
| 4712 | Hims & Hers Health Inc.<sup>\*</sup> | 199553  |
| 430 | IAC Inc.<sup>\*</sup> | 15747  |
| 362 | Lands' End Inc.<sup>\*</sup> | 5198  |
| 841 | LifeMD Inc.<sup>\*</sup> | 5206  |
| 515 | Liquidity Services Inc.<sup>\*</sup> | 13694  |
| 2123 | Lyft Inc., Class A Shares<sup>\*</sup> | 34435  |
| 26517 | Magnite Inc.<sup>\*</sup> | 688116  |
| 922 | Maplebear Inc.<sup>\*</sup> | 39987  |
| 1238 | Match Group Inc.  | 46227  |
| 725 | MediaAlpha Inc., Class A Shares<sup>\*</sup> | 7663  |
| 1111 | Nerdy Inc.<sup>\*</sup> | 1511  |
| 272 | Newsmax Inc., Class B Shares<sup>\*</sup> | 3860  |
| 5858 | Nextdoor Holdings Inc.<sup>\*</sup> | 12009  |
| 2424 | Open Lending Corp.<sup>\*</sup> | 5115  |
| 581 | OptimizeRx Corp.<sup>\*</sup> | 10499  |
| 3050 | Pinterest Inc., Class A Shares<sup>\*</sup> | 111721  |
| 1509 | Q2 Holdings Inc.<sup>\*</sup> | 118804  |
| 1358 | QuinStreet Inc.<sup>\*</sup> | 21293  |

---

See Notes to Financial Statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  |
| **Internet – (continued)**  | **Internet – (continued)**  | **Internet – (continued)**  |
| 84511 | RealReal Inc.<sup>\*</sup> | $644819  |
| 623 | Reddit Inc., Class A Shares<sup>\*</sup> | 140225  |
| 1036 | Revolve Group Inc., Class A Shares<sup>\*</sup> | 23175  |
| 30471 | Robinhood Markets Inc., Class A Shares<sup>\*</sup> | 3169898  |
| 658 | Roku Inc., Class A Shares<sup>\*</sup> | 63536  |
| 2282 | Rumble Inc.<sup>\*</sup> | 16636  |
| 1396 | Serve Robotics Inc.<sup>\*</sup> | 15496  |
| 632 | Shutterstock Inc.  | 13228  |
| 2548 | Sprinklr Inc., Class A Shares<sup>\*</sup> | 22015  |
| 2392 | Stitch Fix Inc., Class A Shares<sup>\*</sup> | 12654  |
| 2755 | TripAdvisor Inc.<sup>\*</sup> | 47992  |
| 3536 | TrueCar Inc.<sup>\*</sup> | 7779  |
| 513 | Trump Media & Technology Group Corp.<sup>\*</sup> | 8993  |
| 182 | Tucows Inc., Class A Shares<sup>\*</sup> | 3327  |
| 3268 | Upwork Inc.<sup>\*</sup> | 50294  |
| 445 | VeriSign Inc.  | 121650  |
| 124 | Vivid Seats Inc., Class A Shares<sup>\*</sup> | 2201  |
| 547 | Wayfair Inc., Class A Shares<sup>\*</sup> | 40806  |
| 1476 | Yelp Inc., Class A Shares<sup>\*</sup> | 46671  |
| 1001 | Ziff Davis Inc.<sup>\*</sup> | 38248  |
| 288 | Zillow Group Inc., Class A Shares<sup>\*</sup> | 23466  |
| 832 | Zillow Group Inc., Class C Shares<sup>\*</sup> | 70146  |
|  | Total Internet | 7708456  |
| **Media – 0.2%**  | **Media – 0.2%**  | **Media – 0.2%**  |
| 7696 | Altice USA Inc., Class A Shares<sup>\*</sup> | 18009  |
| 1186 | AMC Networks Inc., Class A Shares<sup>\*</sup> | 8373  |
| 149 | Cable One Inc.  | 24061  |
| 482 | Charter Communications Inc., Class A Shares<sup>\*</sup> | 128010  |
| 1107 | CuriosityStream Inc.  | 5070  |
| 1114 | EW Scripps Co., Class A Shares<sup>\*</sup> | 3331  |
| 196 | FactSet Research Systems Inc.  | 73171  |
| 1104 | Fox Corp., Class A Shares | 65909  |
| 666 | Fox Corp., Class B Shares | 36330  |
| 4539 | Gannett Co., Inc.<sup>\*</sup> | 18655  |
| 2846 | Gray Media Inc.  | 17446  |
| 1923 | iHeartMedia Inc., Class A Shares<sup>\*</sup> | 4096  |
| 83 | Liberty Broadband Corp., Class A Shares<sup>\*</sup> | 5036  |
| 572 | Liberty Broadband Corp., Class C Shares<sup>\*</sup> | 34812  |
| 954 | Liberty Global Ltd., Class A Shares<sup>\*</sup> | 11200  |
| 921 | Liberty Global Ltd., Class C Shares<sup>\*</sup> | 11006  |
| 626 | Liberty Latin America Ltd., Class A Shares<sup>\*</sup> | 5046  |
| 3363 | Liberty Latin America Ltd., Class C Shares<sup>\*</sup> | 27711  |

---

See Notes to Financial Statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  |
| **Media – (continued)**  | **Media – (continued)**  | **Media – (continued)**  |
| 126 | Liberty Media Corp.-Liberty Formula One, Class A Shares<sup>\*</sup> | $11355  |
| 1083 | Liberty Media Corp.-Liberty Formula One, Class C Shares<sup>\*</sup> | 108192  |
| 816 | New York Times Co., Class A Shares | 48829  |
| 1935 | News Corp., Class A Shares | 56908  |
| 654 | News Corp., Class B Shares | 22151  |
| 140 | Nexstar Media Group Inc., Class A Shares | 28634  |
| 544 | Scholastic Corp.  | 13959  |
| 1034 | Sinclair Inc.  | 14962  |
| 938 | Sirius XM Holdings Inc.  | 22174  |
| 685 | Sphere Entertainment Co.<sup>\*</sup> | 31037  |
| 3860 | TEGNA Inc.  | 81832  |
| 1126 | Thryv Holdings Inc.<sup>\*</sup> | 14480  |
| 11842 | Warner Bros Discovery Inc.<sup>\*</sup> | 137841  |
| 1024 | WideOpenWest Inc.<sup>\*</sup> | 5212  |
|  | Total Media | 1094838  |
| **Telecommunications – 2.4%**  | **Telecommunications – 2.4%**  | **Telecommunications – 2.4%**  |
| 1822 | A10 Networks Inc.  | 32268  |
| 2127 | ADTRAN Holdings Inc.<sup>\*</sup> | 19951  |
| 233 | Anterix Inc.<sup>\*</sup> | 5531  |
| 50315 | Applied Digital Corp.<sup>\*</sup> | 804034  |
| 21519 | AST SpaceMobile Inc., Class A Shares<sup>\*</sup> | 1053140  |
| 418 | ATN International Inc.  | 7106  |
| 435 | Aviat Networks Inc.<sup>\*</sup> | 9988  |
| 92 | BK Technologies Corp.<sup>\*</sup> | 6512  |
| 36821 | BlackSky Technology Inc., Class A Shares<sup>\*</sup> | 646577  |
| 4494 | Calix Inc.<sup>\*</sup> | 267168  |
| 721 | Ciena Corp.<sup>\*</sup> | 67752  |
| 287 | Clearfield Inc.<sup>\*</sup> | 9362  |
| 5504 | CommScope Holding Co., Inc.<sup>\*</sup> | 88284  |
| 34123 | Corning Inc.  | 2287265  |
| 22608 | Credo Technology Group Holding Ltd.<sup>\*</sup> | 2782027  |
| 4071 | DigitalBridge Group Inc.  | 46450  |
| 3388 | EchoStar Corp., Class A Shares<sup>\*</sup> | 209345  |
| 3334 | Extreme Networks Inc.<sup>\*</sup> | 71281  |
| 222 | Frequency Electronics Inc.<sup>\*</sup> | 7160  |
| 1190 | Frontier Communications Parent Inc.<sup>\*</sup> | 44125  |
| 16 | GCI Liberty Inc., Class A Shares<sup>\*</sup> | 597  |
| 114 | GCI Liberty Inc., Class C Shares<sup>\*</sup> | 4177  |
| 1313 | Globalstar Inc.<sup>\*</sup> | 39298  |
| 1939 | Gogo Inc.<sup>\*</sup> | 21290  |
| 186890 | Harmonic Inc.<sup>\*</sup> | 1797882  |
| 387 | IDT Corp., Class B Shares | 24795  |

---

See Notes to Financial Statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  | **COMMUNICATIONS – (continued)**  |
| **Telecommunications – (continued)**  | **Telecommunications – (continued)**  | **Telecommunications – (continued)**  |
| 453 | Inseego Corp.<sup>\*</sup> | $5585  |
| 5147 | InterDigital Inc.  | 1398491  |
| 454 | Iridium Communications Inc.  | 11300  |
| 23058 | Lumen Technologies Inc.<sup>\*</sup> | 114598  |
| 629 | Millicom International Cellular SA | 30387  |
| 4500 | Motorola Solutions Inc.  | 2126070  |
| 700 | NETGEAR Inc.<sup>\*</sup> | 19019  |
| 563 | Ooma Inc.<sup>\*</sup> | 7274  |
| 2552 | Powerfleet Inc. NJ<sup>\*</sup> | 11918  |
| 54 | Preformed Line Products Co.  | 10318  |
| 2118 | Ribbon Communications Inc.<sup>\*</sup> | 8641  |
| 2250 | Satellogic Inc., Class A Shares<sup>\*</sup> | 8393  |
| 1155 | Shenandoah Telecommunications Co.  | 15304  |
| 397 | Spok Holdings Inc.  | 7210  |
| 2366 | Telephone & Data Systems Inc.  | 94853  |
| 24 | Ubiquiti Inc.  | 12675  |
| 2853 | Viasat Inc.<sup>\*</sup> | 92237  |
| 187229 | Viavi Solutions Inc.<sup>\*</sup> | 2111943  |
|  | Total Telecommunications | 16439581  |
|  | **TOTAL COMMUNICATIONS** | **25782832**  |
| **CONSUMER CYCLICAL – 11.8%**  | **CONSUMER CYCLICAL – 11.8%**  | **CONSUMER CYCLICAL – 11.8%**  |
| **Airlines – 0.4%** <br>|  |  |
| 614 | Alaska Air Group Inc.<sup>\*</sup> | 38547  |
| 398 | Allegiant Travel Co.<sup>\*</sup> | 24939  |
| 3296 | American Airlines Group Inc.<sup>\*</sup> | 44067  |
| 38447 | Delta Air Lines Inc.  | 2375256  |
| 2391 | Frontier Group Holdings Inc.<sup>\*</sup> | 11716  |
| 8209 | JetBlue Airways Corp.<sup>\*</sup> | 43918  |
| 1014 | SkyWest Inc.<sup>\*</sup> | 123100  |
| 2632 | Southwest Airlines Co.  | 86593  |
| 1498 | Sun Country Airlines Holdings Inc.<sup>\*</sup> | 19848  |
| 1727 | United Airlines Holdings Inc.<sup>\*</sup> | 181335  |
|  | Total Airlines | 2949319  |
| **Apparel – 0.7%**  | **Apparel – 0.7%**  | **Apparel – 0.7%**  |
| 298 | Birkenstock Holding PLC<sup>\*</sup> | 15535  |
| 2777 | Capri Holdings Ltd.<sup>\*</sup> | 57179  |
| 831 | Carter's Inc.  | 23733  |
| 188 | Columbia Sportswear Co.  | 10475  |
| 272 | Crocs Inc.<sup>\*</sup> | 23718  |
| 777 | Deckers Outdoor Corp.<sup>\*</sup> | 92953  |
| 1820 | Ermenegildo Zegna NV | 15361  |
| 9363 | Hanesbrands Inc.<sup>\*</sup> | 59081  |

---

See Notes to Financial Statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Apparel – (continued)**  | **Apparel – (continued)**  | **Apparel – (continued)**  |
| 1330 | Kontoor Brands Inc.  | $102743  |
| 317 | Lakeland Industries Inc.  | 4815  |
| 1126 | On Holding AG, Class A Shares<sup>\*</sup> | 50760  |
| 382 | Oxford Industries Inc.  | 16827  |
| 329 | PVH Corp.  | 27741  |
| 200 | Ralph Lauren Corp., Class A Shares | 59386  |
| 153 | Rocky Brands Inc.  | 4656  |
| 662 | Skechers USA Inc., Class A Shares<sup>\*</sup> | 41759  |
| 30770 | Steven Madden Ltd.  | 893561  |
| 552 | Superior Group of Cos., Inc.  | 7253  |
| 17032 | Tapestry Inc.  | 1734198  |
| 683 | Torrid Holdings Inc.<sup>\*</sup> | 1489  |
| 950 | Under Armour Inc., Class A Shares<sup>\*</sup> | 4750  |
| 948 | Under Armour Inc., Class C Shares<sup>\*</sup> | 4664  |
| 2095 | VF Corp.  | 31697  |
| 202 | Weyco Group Inc.  | 6121  |
| 34829 | Wolverine World Wide Inc.  | 1112438  |
|  | Total Apparel | 4402893  |
| **Auto Manufacturers – 0.3%**  | **Auto Manufacturers – 0.3%**  | **Auto Manufacturers – 0.3%**  |
| 11258 | Blue Bird Corp.<sup>\*</sup> | 657355  |
| 726 | Cummins Inc.  | 289267  |
| 2865 | Faraday Future Intelligent Electric Inc.<sup>\*</sup> | 6389  |
| 20607 | Ford Motor Co.  | 242544  |
| 5001 | Hyliion Holdings Corp.<sup>\*</sup> | 8402  |
| 655 | Lucid Group Inc.\*<sup>(a)</sup> | 12969  |
| 14427 | REV Group Inc.  | 767661  |
| 3954 | Rivian Automotive Inc., Class A Shares<sup>\*</sup> | 53656  |
| 1100 | Wabash National Corp.  | 12199  |
|  | Total Auto Manufacturers | 2050442  |
| **Auto Parts & Equipment – 0.8%**  | **Auto Parts & Equipment – 0.8%**  | **Auto Parts & Equipment – 0.8%**  |
| 1999 | Adient PLC<sup>\*</sup> | 49575  |
| 873 | Aeva Technologies Inc.<sup>\*</sup> | 12925  |
| 431 | Allison Transmission Holdings Inc.  | 37631  |
| 2783 | American Axle & Manufacturing Holdings Inc.<sup>\*</sup> | 16197  |
| 1178 | Aptiv PLC<sup>\*</sup> | 93686  |
| 5928 | Aurora Innovation Inc., Class A Shares<sup>\*</sup> | 33375  |
| 1205 | BorgWarner Inc.  | 51526  |
| 6432 | Cooper-Standard Holdings Inc.<sup>\*</sup> | 236826  |
| 3376 | Dana Inc.  | 68060  |
| 13731 | Dorman Products Inc.<sup>\*</sup> | 2221539  |
| 544 | Douglas Dynamics Inc.  | 18317  |
| 1105 | Fox Factory Holding Corp.<sup>\*</sup> | 31968  |

---

See Notes to Financial Statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Auto Parts & Equipment – (continued)**  | **Auto Parts & Equipment – (continued)**  | **Auto Parts & Equipment – (continued)**  |
| 2988 | Garrett Motion Inc.  | $38814  |
| 50045 | Gentex Corp.  | 1401760  |
| 817 | Gentherm Inc.<sup>\*</sup> | 30041  |
| 6271 | Goodyear Tire & Rubber Co.<sup>\*</sup> | 53178  |
| 958 | Holley Inc.<sup>\*</sup> | 3899  |
| 5337 | indie Semiconductor Inc., Class A Shares<sup>\*</sup> | 24177  |
| 266 | Lear Corp.  | 29260  |
| 664 | Luminar Technologies Inc., Class A Shares<sup>\*</sup> | 1129  |
| 1230 | Methode Electronics Inc.  | 9508  |
| 5712 | Microvast Holdings Inc.<sup>\*</sup> | 15251  |
| 270 | Miller Industries Inc.  | 11364  |
| 626 | Motorcar Parts of America Inc.<sup>\*</sup> | 9327  |
| 937 | Phinia Inc.  | 54796  |
| 2174 | QuantumScape Corp., Class A Shares<sup>\*</sup> | 17240  |
| 2971 | Solid Power Inc.<sup>\*</sup> | 12864  |
| 522 | Standard Motor Products Inc.  | 20259  |
| 128 | Strattec Security Corp.<sup>\*</sup> | 8431  |
| 1165 | Titan International Inc.<sup>\*</sup> | 10275  |
| 6057 | Visteon Corp.  | 750826  |
| 633 | XPEL Inc.<sup>\*</sup> | 23522  |
|  | Total Auto Parts & Equipment | 5397546  |
| **Distribution/Wholesale – 0.8%**  | **Distribution/Wholesale – 0.8%**  | **Distribution/Wholesale – 0.8%**  |
| 555 | A-Mark Precious Metals Inc.  | 12993  |
| 31972 | Core & Main Inc., Class A Shares<sup>\*</sup> | 2069228  |
| 117 | EVI Industries Inc.  | 3246  |
| 6055 | Fastenal Co.  | 300691  |
| 1048 | G-III Apparel Group Ltd.<sup>\*</sup> | 28296  |
| 480 | Global Industrial Co.  | 17918  |
| 799 | Hudson Technologies Inc.<sup>\*</sup> | 8118  |
| 1451 | LKQ Corp.  | 47332  |
| 2166 | MRC Global Inc.<sup>\*</sup> | 32663  |
| 22510 | OPENLANE Inc.<sup>\*</sup> | 650989  |
| 183 | Pool Corp.  | 56860  |
| 3720 | Resideo Technologies Inc.<sup>\*</sup> | 126666  |
| 1508 | Rush Enterprises Inc., Class A Shares | 86559  |
| 207 | Rush Enterprises Inc., Class B Shares | 12014  |
| 503 | ScanSource Inc.<sup>\*</sup> | 21956  |
| 221 | SiteOne Landscape Supply Inc.<sup>\*</sup> | 31656  |
| 72747 | ThredUp Inc., Class A Shares<sup>\*</sup> | 787122  |
| 475 | Titan Machinery Inc.<sup>\*</sup> | 9500  |
| 5242 | VSE Corp.  | 851301  |
| 179 | Watsco Inc.  | 72026  |

---

See Notes to Financial Statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Distribution/Wholesale – (continued)**  | **Distribution/Wholesale – (continued)**  | **Distribution/Wholesale – (continued)**  |
| 244 | WESCO International Inc.  | $53641  |
| 234 | WW Grainger Inc.  | 237159  |
|  | Total Distribution/Wholesale | 5517934  |
| **Entertainment – 1.1%**  | **Entertainment – 1.1%**  | **Entertainment – 1.1%**  |
| 1269 | Accel Entertainment Inc., Class A Shares<sup>\*</sup> | 14708  |
| 11090 | AMC Entertainment Holdings Inc., Class A Shares<sup>\*</sup> | 31163  |
| 238 | Atlanta Braves Holdings Inc., Class A Shares<sup>\*</sup> | 11306  |
| 1102 | Atlanta Braves Holdings Inc., Class C Shares<sup>\*</sup> | 49568  |
| 2659 | Brightstar Lottery PLC | 44246  |
| 1035 | Caesars Entertainment Inc.<sup>\*</sup> | 27707  |
| 327 | Churchill Downs Inc.  | 33920  |
| 2565 | Cinemark Holdings Inc.  | 66177  |
| 2571 | DraftKings Inc., Class A Shares<sup>\*</sup> | 123357  |
| 924 | Flutter Entertainment PLC<sup>\*</sup> | 283825  |
| 533 | Golden Entertainment Inc.  | 13256  |
| 26146 | IMAX Corp.<sup>\*</sup> | 746730  |
| 107 | Liberty Media Corp.-Liberty Live, Class A Shares<sup>\*</sup> | 10124  |
| 263 | Liberty Media Corp.-Liberty Live, Class C Shares<sup>\*</sup> | 25611  |
| 419 | Light & Wonder Inc.<sup>\*</sup> | 38745  |
| 4471 | Lionsgate Studios Corp.<sup>\*</sup> | 28748  |
| 845 | Live Nation Entertainment Inc.<sup>\*</sup> | 140684  |
| 1025 | Madison Square Garden Entertainment Corp., Class A Shares<sup>\*</sup> | 41728  |
| 78 | Madison Square Garden Sports Corp.<sup>\*</sup> | 15431  |
| 766 | Marriott Vacations Worldwide Corp.  | 59863  |
| 329 | Monarch Casino & Resort Inc.  | 34325  |
| 859 | Penn Entertainment Inc.<sup>\*</sup> | 17378  |
| 515 | Pursuit Attractions & Hospitality Inc.<sup>\*</sup> | 19209  |
| 291 | RCI Hospitality Holdings Inc.  | 10828  |
| 1171 | Red Rock Resorts Inc., Class A Shares | 72450  |
| 492 | Reservoir Media Inc.<sup>\*</sup> | 3877  |
| 75551 | Rush Street Interactive Inc.<sup>\*</sup> | 1684787  |
| 2308 | Six Flags Entertainment Corp.<sup>\*</sup> | 52368  |
| 54322 | Sportradar Group AG, Class A Shares<sup>\*</sup> | 1680723  |
| 317 | Starz Entertainment Corp.<sup>\*</sup> | 4048  |
| 4047 | Super Group SGHC Ltd.  | 47067  |
| 9774 | TKO Group Holdings Inc., Class A Shares | 1852759  |
| 638 | United Parks & Resorts Inc.<sup>\*</sup> | 33546  |
| 179 | Vail Resorts Inc.  | 29320  |
| 705 | Webtoon Entertainment Inc.<sup>\*</sup> | 10201  |
|  | Total Entertainment | 7359783  |

---

See Notes to Financial Statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Food Service – 0.0%**  | **Food Service – 0.0%**  | **Food Service – 0.0%**  |
| 1349 | Aramark | $52759  |
| **Home Builders – 1.1%**  | **Home Builders – 1.1%**  | **Home Builders – 1.1%**  |
| 756 | Beazer Homes USA Inc.<sup>\*</sup> | 19021  |
| 184 | Cavco Industries Inc.<sup>\*</sup> | 97610  |
| 635 | Century Communities Inc.  | 41834  |
| 1303 | Champion Homes Inc.<sup>\*</sup> | 98324  |
| 1454 | DR Horton Inc.  | 246424  |
| 8940 | Dream Finders Homes Inc., Class A Shares<sup>\*</sup> | 248443  |
| 440 | Forestar Group Inc.<sup>\*</sup> | 12175  |
| 822 | Green Brick Partners Inc.<sup>\*</sup> | 57408  |
| 127 | Hovnanian Enterprises Inc., Class A Shares<sup>\*</sup> | 17826  |
| 10164 | Installed Building Products Inc.  | 2661138  |
| 1689 | KB Home | 107336  |
| 4363 | LCI Industries | 459947  |
| 1204 | Lennar Corp., Class A Shares | 160301  |
| 38 | Lennar Corp., Class B Shares | 4833  |
| 551 | LGI Homes Inc.<sup>\*</sup> | 34112  |
| 637 | M/I Homes Inc.<sup>\*</sup> | 93805  |
| 1779 | Meritage Homes Corp.  | 138211  |
| 15 | NVR Inc.<sup>\*</sup> | 121765  |
| 1067 | PulteGroup Inc.  | 140865  |
| 2461 | Taylor Morrison Home Corp., Class A Shares<sup>\*</sup> | 165798  |
| 9059 | Thor Industries Inc.  | 992866  |
| 8001 | Toll Brothers Inc.  | 1112139  |
| 2150 | Tri Pointe Homes Inc.<sup>\*</sup> | 75959  |
| 741 | Winnebago Industries Inc.  | 26661  |
|  | Total Home Builders | 7134801  |
| **Home Furnishings – 0.4%**  | **Home Furnishings – 0.4%**  | **Home Furnishings – 0.4%**  |
| 1228 | Arhaus Inc., Class A Shares<sup>\*</sup> | 14404  |
| 1220 | Daktronics Inc.<sup>\*</sup> | 21167  |
| 342 | Dolby Laboratories Inc., Class A Shares | 24515  |
| 554 | Ethan Allen Interiors Inc.  | 16348  |
| 93 | Flexsteel Industries Inc.  | 4313  |
| 224 | Hamilton Beach Brands Holding Co., Class A Shares | 3302  |
| 3131 | Leggett & Platt Inc.  | 30089  |
| 309 | Lovesac Co.<sup>\*</sup> | 5911  |
| 1825 | MillerKnoll Inc.  | 38526  |
| 11509 | SharkNinja Inc.<sup>\*</sup> | 1346093  |
| 471 | Sleep Number Corp.<sup>\*</sup> | 4960  |
| 15038 | Somnigroup International Inc.  | 1262440  |
| 3224 | Sonos Inc.<sup>\*</sup> | 44878  |
| 2027 | Traeger Inc.<sup>\*</sup> | 2554  |

---

See Notes to Financial Statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Home Furnishings – (continued)**  | **Home Furnishings – (continued)**  | **Home Furnishings – (continued)**  |
| 313 | Whirlpool Corp.<sup>(a)</sup> | $29156  |
| 1443 | Xperi Inc.<sup>\*</sup> | 8658  |
|  | Total Home Furnishings | 2857314  |
| **Housewares – 0.0%**  | **Housewares – 0.0%**  | **Housewares – 0.0%**  |
| 2321 | Newell Brands Inc.  | 13740  |
| 246 | Scotts Miracle-Gro Co.  | 15060  |
|  | Total Housewares | 28800  |
| **Leisure Time – 1.1%**  | **Leisure Time – 1.1%**  | **Leisure Time – 1.1%**  |
| 672 | Acushnet Holdings Corp.  | 51509  |
| 27930 | Amer Sports Inc.<sup>\*</sup> | 1098208  |
| 423 | American Outdoor Brands Inc.<sup>\*</sup> | 4416  |
| 400 | Brunswick Corp.  | 25436  |
| 5733 | Carnival Corp.<sup>\*</sup> | 182825  |
| 535 | Clarus Corp.  | 1942  |
| 175 | Escalade Inc.  | 2205  |
| 2112 | Global Business Travel Group I<sup>\*</sup> | 17614  |
| 704 | Harley-Davidson Inc.  | 20500  |
| 98 | Johnson Outdoors Inc., Class A Shares | 3951  |
| 47393 | Life Time Group Holdings Inc.<sup>\*</sup> | 1323213  |
| 28327 | Lindblad Expeditions Holdings Inc.<sup>\*</sup> | 413008  |
| 1183 | Livewire Group Inc.<sup>\*</sup> | 4554  |
| 517 | Malibu Boats Inc., Class A Shares<sup>\*</sup> | 17164  |
| 442 | Marine Products Corp.  | 3859  |
| 354 | MasterCraft Boat Holdings Inc.<sup>\*</sup> | 7767  |
| 2437 | Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 60535  |
| 26289 | OneSpaWorld Holdings Ltd.  | 593343  |
| 9545 | Peloton Interactive Inc., Class A Shares<sup>\*</sup> | 72542  |
| 11724 | Planet Fitness Inc., Class A Shares<sup>\*</sup> | 1228675  |
| 1276 | Polaris Inc.  | 72196  |
| 1345 | Royal Caribbean Cruises Ltd.  | 488531  |
| 9739 | Sabre Corp.<sup>\*</sup> | 17433  |
| 3694 | Topgolf Callaway Brands Corp.<sup>\*</sup> | 35315  |
| 14385 | Viking Holdings Ltd.<sup>\*</sup> | 915174  |
| 554 | Xponential Fitness Inc., Class A Shares<sup>\*</sup> | 4659  |
| 17840 | YETI Holdings Inc.<sup>\*</sup> | 627254  |
|  | Total Leisure Time | 7293828  |
| **Lodging – 0.5%**  | **Lodging – 0.5%**  | **Lodging – 0.5%**  |
| 288 | Boyd Gaming Corp.  | 24728  |
| 157 | Choice Hotels International Inc.  | 18774  |
| 1469 | Hilton Grand Vacations Inc.<sup>\*</sup> | 69807  |
| 1229 | Hilton Worldwide Holdings Inc.  | 339278  |
| 201 | Hyatt Hotels Corp., Class A Shares | 29000  |

---

See Notes to Financial Statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Lodging – (continued)**  | **Lodging – (continued)**  | **Lodging – (continued)**  |
| 45646 | Las Vegas Sands Corp.  | $2630579  |
| 630 | Marcus Corp.  | 9727  |
| 1036 | MGM Resorts International<sup>\*</sup> | 41119  |
| 385 | Travel + Leisure Co.  | 24336  |
| 381 | Wyndham Hotels & Resorts Inc.  | 32998  |
| 424 | Wynn Resorts Ltd.  | 53742  |
|  | Total Lodging | 3274088  |
| **Office Furnishings – 0.0%**  | **Office Furnishings – 0.0%**  | **Office Furnishings – 0.0%**  |
| 1110 | HNI Corp.  | 49883  |
| 1472 | Interface Inc., Class A Shares | 39332  |
| 2388 | Steelcase Inc., Class A Shares | 39975  |
| 491 | Virco Mfg. Corp.  | 4228  |
|  | Total Office Furnishings | 133418  |
| **Retail – 4.6%**  | **Retail – 4.6%**  | **Retail – 4.6%**  |
| 1139 | Abercrombie & Fitch Co., Class A Shares<sup>\*</sup> | 106531  |
| 1596 | Academy Sports & Outdoors Inc.  | 85466  |
| 1443 | Advance Auto Parts Inc.  | 88009  |
| 3851 | American Eagle Outfitters Inc.  | 49832  |
| 226 | America's Car-Mart Inc.<sup>\*</sup> | 10127  |
| 1938 | Arko Corp.  | 9690  |
| 476 | Asbury Automotive Group Inc.<sup>\*</sup> | 119733  |
| 148 | AutoNation Inc.<sup>\*</sup> | 32424  |
| 519 | Barnes & Noble Education Inc.<sup>\*</sup> | 4479  |
| 280 | Bassett Furniture Industries Inc.  | 4710  |
| 1073 | Bath & Body Works Inc.  | 31342  |
| 992 | Best Buy Co., Inc.  | 73051  |
| 18 | Biglari Holdings Inc., Class B Shares<sup>\*</sup> | 5596  |
| 609 | BJ's Restaurants Inc.<sup>\*</sup> | 20438  |
| 6400 | BJ's Wholesale Club Holdings Inc.<sup>\*</sup> | 625152  |
| 2052 | Bloomin' Brands Inc.  | 15082  |
| 212 | BlueLinx Holdings Inc.<sup>\*</sup> | 17513  |
| 8440 | Boot Barn Holdings Inc.<sup>\*</sup> | 1500379  |
| 1099 | Brinker International Inc.<sup>\*</sup> | 171422  |
| 803 | Buckle Inc.  | 45442  |
| 337 | Build-A-Bear Workshop Inc.  | 20493  |
| 323 | Burlington Stores Inc.<sup>\*</sup> | 93890  |
| 878 | Caleres Inc.  | 13170  |
| 1520 | Camping World Holdings Inc., Class A Shares | 26615  |
| 778 | CarMax Inc.<sup>\*</sup> | 47730  |
| 11952 | Carvana Co., Class A Shares<sup>\*</sup> | 4445188  |
| 1602 | Casey's General Stores Inc.  | 792221  |
| 10541 | Cava Group Inc.<sup>\*</sup> | 712045  |

---

See Notes to Financial Statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Retail – (continued)**  | **Retail – (continued)**  | **Retail – (continued)**  |
| 13317 | Cheesecake Factory Inc.  | $818463  |
| 113 | Citi Trends Inc.<sup>\*</sup> | 4026  |
| 4002 | Clean Energy Fuels Corp.<sup>\*</sup> | 10525  |
| 569 | Cracker Barrel Old Country Store Inc.  | 34038  |
| 625 | Darden Restaurants Inc.  | 129337  |
| 624 | Dave & Buster's Entertainment Inc.<sup>\*</sup> | 16018  |
| 1927 | Denny's Corp.<sup>\*</sup> | 8806  |
| 1579 | Designer Brands Inc., Class A Shares | 5858  |
| 11177 | Dick's Sporting Goods Inc.  | 2378466  |
| 16 | Dillard's Inc., Class A Shares | 8526  |
| 347 | Dine Brands Global Inc.  | 8311  |
| 21136 | Dollar General Corp.  | 2298751  |
| 1049 | Dollar Tree Inc.<sup>\*</sup> | 114519  |
| 163 | Domino's Pizza Inc.  | 74703  |
| 29812 | Dutch Bros Inc., Class A Shares<sup>\*</sup> | 2141396  |
| 562 | El Pollo Loco Holdings Inc.<sup>\*</sup> | 5974  |
| 3770 | EVgo Inc., Class A Shares<sup>\*</sup> | 14590  |
| 1023 | Ferguson Enterprises Inc.  | 236466  |
| 1133 | First Watch Restaurant Group Inc.<sup>\*</sup> | 21346  |
| 991 | FirstCash Holdings Inc.  | 145945  |
| 11325 | Five Below Inc.<sup>\*</sup> | 1643257  |
| 540 | Floor & Decor Holdings Inc., Class A Shares<sup>\*</sup> | 44237  |
| 2198 | Foot Locker Inc.<sup>\*</sup> | 54291  |
| 277 | Freshpet Inc.<sup>\*</sup> | 15462  |
| 2196 | GameStop Corp., Class A Shares<sup>\*</sup> | 49212  |
| 1173 | Gap Inc.  | 25818  |
| 285 | Genesco Inc.<sup>\*</sup> | 9114  |
| 714 | Genuine Parts Co.  | 99482  |
| 932 | GMS Inc.<sup>\*</sup> | 102455  |
| 3443 | Group 1 Automotive Inc.  | 1600238  |
| 271 | Haverty Furniture Cos., Inc.  | 6111  |
| 80 | J Jill Inc.  | 1341  |
| 503 | Jack in the Box Inc.  | 9708  |
| 3108 | Kohl's Corp.<sup>(a)</sup> | 46806  |
| 2191 | Krispy Kreme Inc.  | 7778  |
| 5459 | Kura Sushi USA Inc., Class A Shares<sup>\*</sup> | 462950  |
| 1108 | La-Z-Boy Inc.  | 40963  |
| 130 | Lithia Motors Inc., Class A Shares | 43768  |
| 545 | Lululemon Athletica Inc.<sup>\*</sup> | 110199  |
| 1601 | Macy's Inc.  | 21181  |
| 518 | MarineMax Inc.<sup>\*</sup> | 13649  |
| 583 | Movado Group Inc.  | 10651  |

---

See Notes to Financial Statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Retail – (continued)**  | **Retail – (continued)**  | **Retail – (continued)**  |
| 266 | MSC Industrial Direct Co., Inc., Class A Shares | $24001  |
| 3626 | Murphy USA Inc.  | 1365189  |
| 34586 | National Vision Holdings Inc.<sup>\*</sup> | 793403  |
| 1123 | Nu Skin Enterprises Inc., Class A Shares | 13667  |
| 611 | ODP Corp.<sup>\*</sup> | 12379  |
| 10456 | Ollie's Bargain Outlet Holdings Inc.<sup>\*</sup> | 1326239  |
| 494 | OneWater Marine Inc., Class A Shares<sup>\*</sup> | 8314  |
| 873 | Papa John's International Inc.  | 42524  |
| 782 | Patrick Industries Inc.  | 87467  |
| 291 | PC Connection Inc.  | 18685  |
| 105 | Penske Automotive Group Inc.  | 19363  |
| 1883 | Petco Health & Wellness Co., Inc., Class A Shares<sup>\*</sup> | 7513  |
| 1650 | Portillo's Inc., Class A Shares<sup>\*</sup> | 11682  |
| 523 | Potbelly Corp.<sup>\*</sup> | 6768  |
| 616 | PriceSmart Inc.  | 66072  |
| 55519 | QXO Inc.<sup>\*</sup> | 1117597  |
| 1671 | Restaurant Brands International Inc.  | 105824  |
| 88 | RH<sup>\*</sup> | 19859  |
| 14201 | Ross Stores Inc.  | 2089819  |
| 2681 | Sally Beauty Holdings Inc.<sup>\*</sup> | 37159  |
| 451 | Savers Value Village Inc.<sup>\*</sup> | 5453  |
| 942 | Shake Shack Inc., Class A Shares<sup>\*</sup> | 99852  |
| 442 | Shoe Carnival Inc.  | 9238  |
| 1007 | Signet Jewelers Ltd.  | 88666  |
| 369 | Sonic Automotive Inc., Class A Shares | 30328  |
| 2445 | Sweetgreen Inc., Class A Shares<sup>\*</sup> | 22250  |
| 339 | Texas Roadhouse Inc., Class A Shares | 58494  |
| 505 | Tile Shop Holdings Inc.<sup>\*</sup> | 3136  |
| 2821 | Tractor Supply Co.  | 174225  |
| 238 | Ulta Beauty Inc.<sup>\*</sup> | 117270  |
| 13865 | Urban Outfitters Inc.<sup>\*</sup> | 930064  |
| 1610 | Victoria's Secret & Co.<sup>\*</sup> | 37062  |
| 2345 | Warby Parker Inc., Class A Shares<sup>\*</sup> | 61439  |
| 992 | Wendy's Co.  | 10525  |
| 633 | Williams-Sonoma Inc.  | 119124  |
| 141 | Wingstop Inc.  | 46265  |
| 75 | Winmark Corp.  | 34788  |
| 1472 | Yum! Brands Inc.  | 216340  |
| 637 | Zumiez Inc.<sup>\*</sup> | 10950  |
|  | Total Retail | 31311498  |

---

See Notes to Financial Statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Textiles – 0.0%**  | **Textiles – 0.0%**  | **Textiles – 0.0%**  |
| 362 | UniFirst Corp.  | $64371  |
| **Toys/Games/Hobbies – 0.0%**  | **Toys/Games/Hobbies – 0.0%**  | **Toys/Games/Hobbies – 0.0%**  |
| 720 | Funko Inc., Class A Shares<sup>\*</sup> | 2491  |
| 674 | Hasbro Inc.  | 54709  |
| 154 | JAKKS Pacific Inc.  | 2737  |
| 1615 | Mattel Inc.<sup>\*</sup> | 29554  |
|  | Total Toys/Games/Hobbies | 89491  |
|  | **TOTAL CONSUMER CYCLICAL** | **79918285**  |
| **CONSUMER NON-CYCLICAL – 18.1%**  | **CONSUMER NON-CYCLICAL – 18.1%**  | **CONSUMER NON-CYCLICAL – 18.1%**  |
| **Agriculture – 0.2%**  | **Agriculture – 0.2%**  | **Agriculture – 0.2%**  |
| 131 | Alico Inc.  | 4433  |
| 853 | Andersons Inc.  | 34888  |
| 2521 | Archer-Daniels-Midland Co.  | 157915  |
| 743 | Bunge Global SA | 62575  |
| 784 | Darling Ingredients Inc.<sup>\*</sup> | 26625  |
| 1534 | Dole PLC | 22581  |
| 871 | Fresh Del Monte Produce Inc.  | 31600  |
| 391 | Ispire Technology Inc.<sup>\*</sup> | 1243  |
| 392 | Limoneira Co.  | 6178  |
| 464 | Tejon Ranch Co.<sup>\*</sup> | 8078  |
| 432 | Turning Point Brands Inc.  | 42984  |
| 623 | Universal Corp.  | 34857  |
| 21253 | Vital Farms Inc.<sup>\*</sup> | 1085816  |
|  | Total Agriculture | 1519773  |
| **Beverages – 0.5%**  | **Beverages – 0.5%**  | **Beverages – 0.5%**  |
| 50 | Boston Beer Co., Inc., Class A Shares<sup>\*</sup> | 11055  |
| 2109 | BRC Inc., Class A Shares<sup>\*</sup> | 3269  |
| 240 | Brown-Forman Corp., Class A Shares | 7284  |
| 726 | Brown-Forman Corp., Class B Shares | 21737  |
| 35390 | Celsius Holdings Inc.<sup>\*</sup> | 2225323  |
| 259 | Coca-Cola Consolidated Inc.  | 30365  |
| 675 | Constellation Brands Inc., Class A Shares | 109310  |
| 8219 | MGP Ingredients Inc.  | 243036  |
| 953 | Molson Coors Beverage Co., Class B Shares | 48117  |
| 605 | National Beverage Corp.<sup>\*</sup> | 25440  |
| 1298 | Primo Brands Corp., Class A Shares | 32593  |
| 17306 | Vita Coco Co., Inc.<sup>\*</sup> | 618516  |
| 1130 | Westrock Coffee Co.<sup>\*</sup> | 6113  |
| 774 | Zevia PBC, Class A Shares<sup>\*</sup> | 2167  |
|  | Total Beverages | 3384325  |

---

See Notes to Financial Statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Biotechnology – 4.1%**  | **Biotechnology – 4.1%**  | **Biotechnology – 4.1%**  |
| 1848 | 4D Molecular Therapeutics Inc.<sup>\*</sup> | $11384  |
| 3071 | 89bio Inc.<sup>\*</sup> | 27731  |
| 1404 | Abeona Therapeutics Inc.<sup>\*</sup> | 9589  |
| 3065 | Absci Corp.<sup>\*</sup> | 7325  |
| 2984 | ACADIA Pharmaceuticals Inc.<sup>\*</sup> | 77554  |
| 3124 | ADC Therapeutics SA<sup>\*</sup> | 9591  |
| 5598 | ADMA Biologics Inc.<sup>\*</sup> | 96621  |
| 1685 | Akero Therapeutics Inc.<sup>\*</sup> | 78740  |
| 1104 | Aldeyra Therapeutics Inc.<sup>\*</sup> | 6447  |
| 3487 | Allogene Therapeutics Inc.<sup>\*</sup> | 3940  |
| 4693 | Alnylam Pharmaceuticals Inc.<sup>\*</sup> | 2095471  |
| 1655 | Altimmune Inc.<sup>\*</sup> | 6339  |
| 1811 | Alumis Inc.<sup>\*</sup> | 8403  |
| 6592 | Amicus Therapeutics Inc.<sup>\*</sup> | 50033  |
| 421 | AnaptysBio Inc.<sup>\*</sup> | 8559  |
| 2026 | Anavex Life Sciences Corp.<sup>\*</sup> | 19531  |
| 3092 | ANI Pharmaceuticals Inc.<sup>\*</sup> | 289102  |
| 3027 | Annexon Inc.<sup>\*</sup> | 6236  |
| 585 | Apellis Pharmaceuticals Inc.<sup>\*</sup> | 16128  |
| 40192 | Apogee Therapeutics Inc.<sup>\*</sup> | 1461783  |
| 3443 | Arbutus Biopharma Corp.<sup>\*</sup> | 12774  |
| 876 | Arcellx Inc.<sup>\*</sup> | 60786  |
| 525 | Arcturus Therapeutics Holdings Inc.<sup>\*</sup> | 8930  |
| 2015 | Arcus Biosciences Inc.<sup>\*</sup> | 21339  |
| 38502 | Arcutis Biotherapeutics Inc.<sup>\*</sup> | 597551  |
| 6049 | Ardelyx Inc.<sup>\*</sup> | 38472  |
| 1251 | Argenx SE, ADR<sup>\*</sup> | 890962  |
| 714 | ArriVent Biopharma Inc.<sup>\*</sup> | 13652  |
| 43703 | Arrowhead Pharmaceuticals Inc.<sup>\*</sup> | 962777  |
| 14748 | ARS Pharmaceuticals Inc.<sup>\*</sup> | 171372  |
| 48093 | Astria Therapeutics Inc.<sup>\*</sup> | 297215  |
| 1524 | Atea Pharmaceuticals Inc.<sup>\*</sup> | 5121  |
| 1446 | Aura Biosciences Inc.<sup>\*</sup> | 9052  |
| 2711 | Aurinia Pharmaceuticals Inc.<sup>\*</sup> | 32505  |
| 2864 | Avidity Biosciences Inc.<sup>\*</sup> | 133405  |
| 1014 | Axsome Therapeutics Inc.<sup>\*</sup> | 122978  |
| 2416 | Beam Therapeutics Inc.<sup>\*</sup> | 39526  |
| 493 | Benitec Biopharma Inc.<sup>\*</sup> | 6527  |
| 982 | Bicara Therapeutics Inc.<sup>\*</sup> | 11725  |
| 883 | BioAge Labs Inc.<sup>\*</sup> | 4353  |
| 30829 | BioCryst Pharmaceuticals Inc.<sup>\*</sup> | 256189  |
| 753 | Biogen Inc.<sup>\*</sup> | 99562  |

---

See Notes to Financial Statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Biotechnology – (continued)**  | **Biotechnology – (continued)**  | **Biotechnology – (continued)**  |
| 2320 | Biohaven Ltd.<sup>\*</sup> | $35705  |
| 1057 | BioMarin Pharmaceutical Inc.<sup>\*</sup> | 61591  |
| 115 | Bio-Rad Laboratories Inc., Class A Shares<sup>\*</sup> | 34256  |
| 26208 | Bridgebio Pharma Inc.<sup>\*</sup> | 1356526  |
| 158 | Bright Minds Biosciences Inc.<sup>\*</sup> | 6144  |
| 1217 | Candel Therapeutics Inc.<sup>\*</sup> | 7046  |
| 797 | Capricor Therapeutics Inc.\*<sup>(a)</sup> | 5005  |
| 1935 | Cardiff Oncology Inc.\*<sup>(a)</sup> | 4063  |
| 326 | Cartesian Therapeutics Inc.<sup>\*</sup> | 3276  |
| 715 | Celcuity Inc.<sup>\*</sup> | 36629  |
| 1694 | Celldex Therapeutics Inc.<sup>\*</sup> | 37404  |
| 921 | Certara Inc.<sup>\*</sup> | 9984  |
| 1485 | CG oncology Inc.<sup>\*</sup> | 39828  |
| 2720 | Cogent Biosciences Inc.<sup>\*</sup> | 32858  |
| 3209 | Compass Therapeutics Inc.<sup>\*</sup> | 11199  |
| 1073 | Contra Alimera Science\*<sup>(b)(c)</sup> | 43  |
| 3610 | Corteva Inc.  | 267826  |
| 109696 | Crinetics Pharmaceuticals Inc.<sup>\*</sup> | 3399479  |
| 2067 | CRISPR Therapeutics AG<sup>\*</sup> | 107133  |
| 1309 | Cullinan Therapeutics Inc.<sup>\*</sup> | 9870  |
| 3278 | Cytek Biosciences Inc.<sup>\*</sup> | 13571  |
| 2819 | Cytokinetics Inc.<sup>\*</sup> | 99595  |
| 2151 | Day One Biopharmaceuticals Inc.<sup>\*</sup> | 16154  |
| 3311 | Denali Therapeutics Inc.<sup>\*</sup> | 50559  |
| 1536 | Design Therapeutics Inc.<sup>\*</sup> | 8494  |
| 648 | DiaMedica Therapeutics Inc.<sup>\*</sup> | 3700  |
| 596 | Dianthus Therapeutics Inc.<sup>\*</sup> | 14048  |
| 626 | Disc Medicine Inc., Class A Shares<sup>\*</sup> | 37338  |
| 2447 | Dynavax Technologies Corp.<sup>\*</sup> | 24764  |
| 2660 | Dyne Therapeutics Inc.<sup>\*</sup> | 35883  |
| 19938 | Edgewise Therapeutics Inc.<sup>\*</sup> | 286110  |
| 2959 | Editas Medicine Inc.<sup>\*</sup> | 7605  |
| 2075 | Eledon Pharmaceuticals Inc.<sup>\*</sup> | 5374  |
| 1657 | Emergent BioSolutions Inc.<sup>\*</sup> | 13753  |
| 543 | Entrada Therapeutics Inc.<sup>\*</sup> | 2970  |
| 4782 | Erasca Inc.<sup>\*</sup> | 7508  |
| 4211 | Esperion Therapeutics Inc.<sup>\*</sup> | 9348  |
| 1358 | Evolus Inc.<sup>\*</sup> | 10362  |
| 22209 | Exelixis Inc.<sup>\*</sup> | 831061  |
| 1774 | EyePoint Pharmaceuticals Inc.<sup>\*</sup> | 20525  |
| 3093 | Fate Therapeutics Inc.<sup>\*</sup> | 3217  |
| 15412 | Geron Corp.<sup>\*</sup> | 21577  |

---

See Notes to Financial Statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Biotechnology – (continued)**  | **Biotechnology – (continued)**  | **Biotechnology – (continued)**  |
| 6117 | Gossamer Bio Inc.<sup>\*</sup> | $15109  |
| 331 | Greenwich Lifesciences Inc.<sup>\*</sup> | 3800  |
| 616 | Halozyme Therapeutics Inc.<sup>\*</sup> | 45060  |
| 3124 | Humacyte Inc.<sup>\*</sup> | 4842  |
| 1989 | Ideaya Biosciences Inc.<sup>\*</sup> | 48830  |
| 813 | Illumina Inc.<sup>\*</sup> | 81267  |
| 4803 | ImmunityBio Inc.<sup>\*</sup> | 11239  |
| 1945 | Immunome Inc.<sup>\*</sup> | 18497  |
| 1592 | Immunovant Inc.<sup>\*</sup> | 23386  |
| 808 | Incyte Corp.<sup>\*</sup> | 68365  |
| 489 | Inhibrx Biosciences Inc.<sup>\*</sup> | 13790  |
| 650 | Inmune Bio Inc.<sup>\*</sup> | 1320  |
| 1476 | Innoviva Inc.<sup>\*</sup> | 30155  |
| 7482 | Insmed Inc.<sup>\*</sup> | 1018300  |
| 2508 | Intellia Therapeutics Inc.<sup>\*</sup> | 28478  |
| 780 | Ionis Pharmaceuticals Inc.<sup>\*</sup> | 33255  |
| 7637 | Iovance Biotherapeutics Inc.\*<sup>(a)</sup> | 17031  |
| 1003 | Jade Biosciences Inc.  | 7924  |
| 917 | Janux Therapeutics Inc.<sup>\*</sup> | 20834  |
| 773 | Keros Therapeutics Inc.<sup>\*</sup> | 11757  |
| 21469 | Kiniksa Pharmaceuticals International PLC, Class A Shares<sup>\*</sup> | 718997  |
| 584 | Kodiak Sciences Inc.<sup>\*</sup> | 5279  |
| 3446 | Korro Bio Inc.<sup>\*</sup> | 79534  |
| 597 | Krystal Biotech Inc.<sup>\*</sup> | 88177  |
| 1878 | Kura Oncology Inc.<sup>\*</sup> | 14836  |
| 1116 | Kymera Therapeutics Inc.<sup>\*</sup> | 45979  |
| 1737 | Larimar Therapeutics Inc.<sup>\*</sup> | 6288  |
| 446 | LENZ Therapeutics Inc.<sup>\*</sup> | 17229  |
| 458 | Lexeo Therapeutics Inc.<sup>\*</sup> | 2194  |
| 5793 | Ligand Pharmaceuticals Inc.<sup>\*</sup> | 936786  |
| 1820 | Liquidia Corp.<sup>\*</sup> | 50378  |
| 2798 | Maravai LifeSciences Holdings Inc., Class A Shares<sup>\*</sup> | 6771  |
| 22938 | MBX Biosciences Inc.<sup>\*</sup> | 346134  |
| 1494 | MeiraGTx Holdings PLC<sup>\*</sup> | 10906  |
| 423 | Metsera Inc.<sup>\*</sup> | 14928  |
| 58122 | Mind Medicine MindMed Inc.<sup>\*</sup> | 516123  |
| 843 | Mineralys Therapeutics Inc.<sup>\*</sup> | 13050  |
| 199 | Mirati Therapeutics Inc.\*<sup>(b)(c)</sup> | 139  |
| 1809 | Moderna Inc.<sup>\*</sup> | 43579  |
| 135 | Monopar Therapeutics Inc.<sup>\*</sup> | 4610  |
| 950 | Monte Rosa Therapeutics Inc.<sup>\*</sup> | 4560  |
| 2357 | Myriad Genetics Inc.<sup>\*</sup> | 15014  |

---

See Notes to Financial Statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Biotechnology – (continued)**  | **Biotechnology – (continued)**  | **Biotechnology – (continued)**  |
| 3348 | NeoGenomics Inc.<sup>\*</sup> | $29395  |
| 1498 | Niagen Bioscience Inc.<sup>\*</sup> | 14830  |
| 2164 | Nkarta Inc.<sup>\*</sup> | 4588  |
| 3470 | Novavax Inc.<sup>\*</sup> | 25921  |
| 1901 | Nurix Therapeutics Inc.<sup>\*</sup> | 17755  |
| 1035 | Nuvalent Inc., Class A Shares<sup>\*</sup> | 79260  |
| 5681 | Nuvation Bio Inc.<sup>\*</sup> | 16873  |
| 1571 | Olema Pharmaceuticals Inc.<sup>\*</sup> | 8578  |
| 1323 | Omeros Corp.<sup>\*</sup> | 5504  |
| 2438 | Organogenesis Holdings Inc., Class A Shares<sup>\*</sup> | 12556  |
| 850 | Oruka Therapeutics Inc.<sup>\*</sup> | 12580  |
| 222 | Palvella Therapeutics Inc.<sup>\*</sup> | 12021  |
| 1850 | Perspective Therapeutics Inc.<sup>\*</sup> | 6216  |
| 1253 | Phathom Pharmaceuticals Inc.<sup>\*</sup> | 15262  |
| 9278 | Praxis Precision Medicines Inc.<sup>\*</sup> | 422520  |
| 111954 | Precigen Inc.\*<sup>(a)</sup> | 504913  |
| 2350 | Prime Medicine Inc.<sup>\*</sup> | 7614  |
| 2547 | Protalix BioTherapeutics Inc.<sup>\*</sup> | 3948  |
| 792 | Protara Therapeutics Inc.<sup>\*</sup> | 2471  |
| 1032 | Prothena Corp. PLC<sup>\*</sup> | 8462  |
| 22105 | PTC Therapeutics Inc.<sup>\*</sup> | 1090440  |
| 2018 | Puma Biotechnology Inc.<sup>\*</sup> | 10171  |
| 331 | Rapport Therapeutics Inc.<sup>\*</sup> | 5836  |
| 8057 | Recursion Pharmaceuticals Inc., Class A Shares\*<sup>(a)</sup> | 37868  |
| 1455 | REGENXBIO Inc.<sup>\*</sup> | 12993  |
| 3206 | Relay Therapeutics Inc.<sup>\*</sup> | 11510  |
| 1856 | Replimune Group Inc.<sup>\*</sup> | 10022  |
| 871 | Revolution Medicines Inc.<sup>\*</sup> | 33072  |
| 2118 | Rezolute Inc.<sup>\*</sup> | 15080  |
| 515 | Rigel Pharmaceuticals Inc.<sup>\*</sup> | 20008  |
| 1696 | Rocket Pharmaceuticals Inc.<sup>\*</sup> | 5563  |
| 1863 | Roivant Sciences Ltd.<sup>\*</sup> | 22226  |
| 2002 | Royalty Pharma PLC, Class A Shares | 72032  |
| 3020 | Sana Biotechnology Inc.<sup>\*</sup> | 9241  |
| 549 | Sarepta Therapeutics Inc.<sup>\*</sup> | 9992  |
| 3419 | Savara Inc.<sup>\*</sup> | 11214  |
| 18869 | Scholar Rock Holding Corp.<sup>\*</sup> | 616073  |
| 35682 | Septerna Inc.<sup>\*</sup> | 431752  |
| 967 | Soleno Therapeutics Inc.<sup>\*</sup> | 65437  |
| 1875 | Solid Biosciences Inc.<sup>\*</sup> | 10275  |
| 1118 | Stoke Therapeutics Inc.<sup>\*</sup> | 22092  |
| 12438 | Structure Therapeutics Inc., ADR<sup>\*</sup> | 240053  |

---

See Notes to Financial Statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Biotechnology – (continued)**  | **Biotechnology – (continued)**  | **Biotechnology – (continued)**  |
| 736 | Summit Therapeutics Inc.\*<sup>(a)</sup> | $17443  |
| 2149 | Syndax Pharmaceuticals Inc.<sup>\*</sup> | 35093  |
| 1655 | Tango Therapeutics Inc.<sup>\*</sup> | 11105  |
| 15210 | Tarsus Pharmaceuticals Inc.<sup>\*</sup> | 891002  |
| 4163 | Taysha Gene Therapies Inc.<sup>\*</sup> | 12156  |
| 363 | Tectonic Therapeutic Inc.<sup>\*</sup> | 9271  |
| 2299 | Terns Pharmaceuticals Inc.<sup>\*</sup> | 16001  |
| 3627 | TG Therapeutics Inc.<sup>\*</sup> | 106380  |
| 810 | Theravance Biopharma Inc.<sup>\*</sup> | 11243  |
| 840 | Third Harmonic Bio Inc.\*<sup>(b)</sup> | 25  |
| 719 | Tourmaline Bio Inc.<sup>\*</sup> | 16825  |
| 2308 | Travere Therapeutics Inc.<sup>\*</sup> | 40390  |
| 429 | Tyra Biosciences Inc.<sup>\*</sup> | 5435  |
| 529 | Ultragenyx Pharmaceutical Inc.<sup>\*</sup> | 15849  |
| 245 | United Therapeutics Corp.<sup>\*</sup> | 74666  |
| 1064 | Upstream Bio Inc.<sup>\*</sup> | 18226  |
| 907 | UroGen Pharma Ltd.<sup>\*</sup> | 17641  |
| 1203 | Vera Therapeutics Inc., Class A Shares<sup>\*</sup> | 26033  |
| 1870 | Veracyte Inc.<sup>\*</sup> | 56736  |
| 1463 | Verastem Inc.<sup>\*</sup> | 13533  |
| 1270 | Vericel Corp.<sup>\*</sup> | 46177  |
| 631 | Viking Therapeutics Inc.<sup>\*</sup> | 17069  |
| 2217 | Vir Biotechnology Inc.<sup>\*</sup> | 10952  |
| 1611 | Viridian Therapeutics Inc.<sup>\*</sup> | 29610  |
| 55064 | WaVe Life Sciences Ltd.<sup>\*</sup> | 528614  |
| 1886 | Xencor Inc.<sup>\*</sup> | 15333  |
| 51142 | Xenon Pharmaceuticals Inc.<sup>\*</sup> | 1979707  |
| 186 | XOMA Royalty Corp.<sup>\*</sup> | 6039  |
| 422 | Zenas Biopharma Inc.<sup>\*</sup> | 6752  |
| 1220 | Zevra Therapeutics Inc.<sup>\*</sup> | 11065  |
| 1409 | Zymeworks Inc.<sup>\*</sup> | 20867  |
|  | Total Biotechnology | 27562846  |
| **Commercial Services – 4.1%**  | **Commercial Services – 4.1%**  | **Commercial Services – 4.1%**  |
| 1488 | ABM Industries Inc.  | 73165  |
| 668 | Acacia Research Corp.<sup>\*</sup> | 2278  |
| 4126 | Acuren Corp.<sup>\*</sup> | 46500  |
| 1989 | ADT Inc.  | 17324  |
| 922 | Adtalem Global Education Inc.<sup>\*</sup> | 120736  |
| 24373 | Affirm Holdings Inc., Class A Shares<sup>\*</sup> | 2156036  |
| 727 | AirSculpt Technologies Inc.<sup>\*</sup> | 4689  |
| 1143 | Alarm.com Holdings Inc.<sup>\*</sup> | 67014  |
| 10331 | Alight Inc., Class A Shares | 40084  |

---

See Notes to Financial Statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Commercial Services – (continued)**  | **Commercial Services – (continued)**  | **Commercial Services – (continued)**  |
| 309 | Alta Equipment Group Inc.  | $2577  |
| 9029 | American Public Education Inc.<sup>\*</sup> | 272495  |
| 989 | AMN Healthcare Services Inc.<sup>\*</sup> | 20551  |
| 1886 | API Group Corp.<sup>\*</sup> | 67293  |
| 83908 | Arlo Technologies Inc.<sup>\*</sup> | 1460838  |
| 89 | Avis Budget Group Inc.<sup>\*</sup> | 14083  |
| 654 | Barrett Business Services Inc.  | 31915  |
| 2885 | Block Inc., Class A Shares<sup>\*</sup> | 229761  |
| 641 | Booz Allen Hamilton Holding Corp., Class A Shares | 69690  |
| 286 | Bright Horizons Family Solutions Inc.<sup>\*</sup> | 33759  |
| 1488 | BrightView Holdings Inc.<sup>\*</sup> | 21427  |
| 1085 | Brink's Co.  | 121563  |
| 988 | Cadiz Inc.<sup>\*</sup> | 3537  |
| 326 | Carriage Services Inc., Class A Shares | 14272  |
| 325 | Cass Information Systems Inc.  | 14014  |
| 1265 | CBIZ Inc.<sup>\*</sup> | 81643  |
| 447 | Cimpress PLC<sup>\*</sup> | 28212  |
| 2196 | Clarivate PLC<sup>\*</sup> | 9553  |
| 1280 | CompoSecure Inc., Class A Shares<sup>\*</sup> | 24474  |
| 2828 | CoreCivic Inc.<sup>\*</sup> | 57352  |
| 351 | Corpay Inc.<sup>\*</sup> | 114310  |
| 3716 | Coursera Inc.<sup>\*</sup> | 42734  |
| 237 | CPI Card Group Inc.<sup>\*</sup> | 3692  |
| 171 | CRA International Inc.  | 33133  |
| 876 | Cross Country Healthcare Inc.<sup>\*</sup> | 11721  |
| 1729 | Custom Truck One Source Inc.<sup>\*</sup> | 10616  |
| 1122 | Deluxe Corp.  | 22059  |
| 195 | Distribution Solutions Group Inc.<sup>\*</sup> | 6281  |
| 19333 | Driven Brands Holdings Inc.<sup>\*</sup> | 356114  |
| 422 | Emerald Holding Inc.  | 2173  |
| 603 | Ennis Inc.  | 11017  |
| 659 | Equifax Inc.  | 162312  |
| 200 | Euronet Worldwide Inc.<sup>\*</sup> | 18638  |
| 1262 | European Wax Center Inc., Class A Shares<sup>\*</sup> | 5414  |
| 1540 | EVERTEC Inc.  | 54947  |
| 1863 | First Advantage Corp.<sup>\*</sup> | 30479  |
| 3188 | Flywire Corp.<sup>\*</sup> | 41922  |
| 219 | Forrester Research Inc.<sup>\*</sup> | 2133  |
| 253 | Franklin Covey Co.<sup>\*</sup> | 4949  |
| 167 | FTI Consulting Inc.<sup>\*</sup> | 28163  |
| 3293 | GEO Group Inc.<sup>\*</sup> | 68297  |
| 1260 | Global Payments Inc.  | 111913  |

---

See Notes to Financial Statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Commercial Services – (continued)**  | **Commercial Services – (continued)**  | **Commercial Services – (continued)**  |
| 77 | Graham Holdings Co., Class B Shares | $83626  |
| 8089 | Grand Canyon Education Inc.<sup>\*</sup> | 1630500  |
| 1197 | Green Dot Corp., Class A Shares<sup>\*</sup> | 16662  |
| 574 | GXO Logistics Inc.<sup>\*</sup> | 30221  |
| 670 | H&R Block Inc.  | 33735  |
| 683 | Hackett Group Inc.  | 14220  |
| 1863 | Healthcare Services Group Inc.<sup>\*</sup> | 29081  |
| 509 | Heidrick & Struggles International Inc.  | 25862  |
| 790 | Herc Holdings Inc.  | 103324  |
| 2710 | Hertz Global Holdings Inc.<sup>\*</sup> | 15528  |
| 320 | HireQuest Inc.  | 3123  |
| 19460 | Huron Consulting Group Inc.<sup>\*</sup> | 2665242  |
| 435 | ICF International Inc.  | 42726  |
| 616 | Information Services Group Inc.  | 3185  |
| 862 | Insperity Inc.  | 47600  |
| 978 | John Wiley & Sons Inc., Class A Shares | 39687  |
| 716 | Kelly Services Inc., Class A Shares | 10189  |
| 481 | Kforce Inc.  | 15681  |
| 753 | KinderCare Learning Cos., Inc.<sup>\*</sup> | 5414  |
| 24515 | Korn Ferry | 1817542  |
| 3095 | Laureate Education Inc., Class A Shares<sup>\*</sup> | 85051  |
| 2570 | Legalzoom.com Inc.<sup>\*</sup> | 28476  |
| 756 | Lifecore Biomedical Inc.<sup>\*</sup> | 5753  |
| 13938 | Lincoln Educational Services Corp.<sup>\*</sup> | 262174  |
| 269 | ManpowerGroup Inc.  | 11406  |
| 185 | MarketAxess Holdings Inc.  | 34010  |
| 9191 | Marqeta Inc., Class A Shares<sup>\*</sup> | 58501  |
| 743 | Matthews International Corp., Class A Shares | 18256  |
| 410 | Medifast Inc.<sup>\*</sup> | 5752  |
| 1084 | Mercurity Fintech Holding Inc.<sup>\*</sup> | 7577  |
| 2345 | Mister Car Wash Inc.<sup>\*</sup> | 13390  |
| 757 | Monro Inc.  | 12551  |
| 119 | Morningstar Inc.  | 31228  |
| 528 | National Research Corp.  | 7756  |
| 2005 | NPK International Inc.<sup>\*</sup> | 20852  |
| 228 | Paylocity Holding Corp.<sup>\*</sup> | 40864  |
| 54653 | Paymentus Holdings Inc., Class A Shares<sup>\*</sup> | 2127641  |
| 6993 | Payoneer Global Inc.<sup>\*</sup> | 48601  |
| 805 | Paysafe Ltd.<sup>\*</sup> | 11359  |
| 1466 | Perdoceo Education Corp.  | 47997  |
| 2510 | Performant Healthcare Inc.<sup>\*</sup> | 19151  |
| 744 | Priority Technology Holdings Inc.<sup>\*</sup> | 6227  |

---

See Notes to Financial Statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Commercial Services – (continued)**  | **Commercial Services – (continued)**  | **Commercial Services – (continued)**  |
| 1093 | PROG Holdings Inc.  | $38517  |
| 1622 | Progyny Inc.<sup>\*</sup> | 38393  |
| 1041 | Quad/Graphics Inc.  | 6933  |
| 15052 | Quanta Services Inc.  | 5689054  |
| 956 | RB Global Inc.  | 109500  |
| 170 | RCM Technologies Inc.<sup>\*</sup> | 4612  |
| 3725 | Remitly Global Inc.<sup>\*</sup> | 69024  |
| 2093 | Repay Holdings Corp., Class A Shares<sup>\*</sup> | 12391  |
| 1227 | Resources Connection Inc.  | 6270  |
| 605 | Robert Half Inc.  | 22579  |
| 1444 | Rollins Inc.  | 81644  |
| 712 | Service Corp. International | 56426  |
| 4593 | Sezzle Inc.<sup>\*</sup> | 434498  |
| 363 | Shift4 Payments Inc., Class A Shares<sup>\*</sup> | 32826  |
| 176 | SoundThinking Inc.<sup>\*</sup> | 2241  |
| 781 | Spire Global Inc.<sup>\*</sup> | 7060  |
| 5853 | StoneCo Ltd., Class A Shares<sup>\*</sup> | 96399  |
| 575 | Strategic Education Inc.  | 46776  |
| 1067 | Stride Inc.<sup>\*</sup> | 174124  |
| 1220 | Target Hospitality Corp.<sup>\*</sup> | 11065  |
| 29994 | Toast Inc., Class A Shares<sup>\*</sup> | 1352729  |
| 259 | Transcat Inc.<sup>\*</sup> | 21743  |
| 1004 | TransUnion | 88754  |
| 715 | TriNet Group Inc.  | 51780  |
| 1175 | TrueBlue Inc.<sup>\*</sup> | 7015  |
| 2259 | Udemy Inc.<sup>\*</sup> | 15497  |
| 47 | U-Haul Holding Co.<sup>\*</sup> | 2705  |
| 599 | U-Haul Holding Co. (Non-Voting) | 31292  |
| 18549 | UL Solutions Inc., Class A Shares | 1171740  |
| 342 | United Rentals Inc.  | 327068  |
| 12982 | Universal Technical Institute Inc.<sup>\*</sup> | 345191  |
| 1404 | Upbound Group Inc.  | 35676  |
| 262 | USCB Financial Holdings Inc.  | 4556  |
| 34558 | Valvoline Inc.<sup>\*</sup> | 1340159  |
| 741 | Verisk Analytics Inc., Class A Shares | 198677  |
| 3858 | Verra Mobility Corp., Class A Shares<sup>\*</sup> | 95871  |
| 3335 | Vestis Corp.  | 15608  |
| 169 | WEX Inc.<sup>\*</sup> | 28958  |
| 356 | Willdan Group Inc.<sup>\*</sup> | 39110  |
| 885 | WillScot Holdings Corp.  | 21452  |
| 1692 | ZipRecruiter Inc., Class A Shares<sup>\*</sup> | 8460  |
|  | Total Commercial Services | 27931946  |

---

See Notes to Financial Statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Cosmetics/Personal Care – 0.6%**  | **Cosmetics/Personal Care – 0.6%**  | **Cosmetics/Personal Care – 0.6%**  |
| 3178 | Beauty Health Co.<sup>\*</sup> | $6610  |
| 2077 | Coty Inc., Class A Shares<sup>\*</sup> | 8889  |
| 1291 | Edgewell Personal Care Co.  | 31010  |
| 10486 | elf Beauty Inc.<sup>\*</sup> | 1310750  |
| 1206 | Estee Lauder Cos., Inc., Class A Shares | 110626  |
| 2231 | Honest Co., Inc.<sup>\*</sup> | 8835  |
| 439 | Interparfums Inc.  | 50459  |
| 10037 | Kenvue Inc.  | 207866  |
| 5994 | Olaplex Holdings Inc.<sup>\*</sup> | 8571  |
| 782 | Perrigo Co. PLC | 18565  |
| 36116 | Prestige Consumer Healthcare Inc.<sup>\*</sup> | 2457333  |
| 671 | Waldencast PLC, Class A Shares<sup>\*</sup> | 1047  |
|  | Total Cosmetics/Personal Care | 4220561  |
| **Food – 1.6%**  | **Food – 1.6%**  | **Food – 1.6%**  |
| 2105 | Albertsons Cos., Inc., Class A Shares | 40963  |
| 2550 | B&G Foods Inc.  | 11500  |
| 1969 | Beyond Meat Inc.\*<sup>(a)</sup> | 4922  |
| 392 | Calavo Growers Inc.  | 10721  |
| 1150 | Cal-Maine Foods Inc.  | 132986  |
| 973 | Campbell's Co.  | 31068  |
| 872 | Chefs' Warehouse Inc.<sup>\*</sup> | 55058  |
| 2667 | Conagra Brands Inc.  | 51020  |
| 1095 | Flowers Foods Inc.  | 16469  |
| 2888 | General Mills Inc.  | 142465  |
| 2220 | Grocery Outlet Holding Corp.<sup>\*</sup> | 40204  |
| 2265 | Hain Celestial Group Inc.<sup>\*</sup> | 4077  |
| 14268 | Hershey Co.  | 2621745  |
| 745 | HF Foods Group Inc.<sup>\*</sup> | 2444  |
| 1470 | Hormel Foods Corp.  | 37397  |
| 370 | Ingles Markets Inc., Class A Shares | 25045  |
| 10344 | Ingredion Inc.  | 1339962  |
| 404 | J & J Snack Foods Corp.  | 45074  |
| 578 | JM Smucker Co.  | 63875  |
| 225 | John B Sanfilippo & Son Inc.  | 14603  |
| 1435 | Kellanova | 114082  |
| 4566 | Kraft Heinz Co.  | 127711  |
| 3202 | Kroger Co.  | 217224  |
| 687 | Lamb Weston Holdings Inc.  | 39523  |
| 233 | Lifeway Foods Inc.<sup>\*</sup> | 7100  |
| 678 | Mama's Creations Inc.<sup>\*</sup> | 5410  |
| 5326 | Marzetti Co.  | 972528  |
| 1306 | McCormick & Co., Inc.  | 91903  |

---

See Notes to Financial Statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Food – (continued)**  | **Food – (continued)**  | **Food – (continued)**  |
| 1336 | Mission Produce Inc.<sup>\*</sup> | $16713  |
| 96 | Nathan's Famous Inc.  | 10051  |
| 7930 | Natural Grocers by Vitamin Cottage Inc.  | 304909  |
| 21037 | Performance Food Group Co.<sup>\*</sup> | 2133152  |
| 226 | Pilgrim's Pride Corp.  | 10046  |
| 292 | Post Holdings Inc.<sup>\*</sup> | 33040  |
| 1 | Seaboard Corp.  | 3969  |
| 106 | Seneca Foods Corp., Class A Shares<sup>\*</sup> | 11999  |
| 2256 | Simply Good Foods Co.<sup>\*</sup> | 64589  |
| 152 | Smithfield Foods Inc.  | 3865  |
| 846 | SpartanNash Co.  | 22673  |
| 3828 | Sprouts Farmers Market Inc.<sup>\*</sup> | 537987  |
| 2265 | SunOpta Inc.<sup>\*</sup> | 14202  |
| 2570 | Sysco Corp.  | 206808  |
| 515 | Tootsie Roll Industries Inc.  | 20708  |
| 38144 | TreeHouse Foods Inc.<sup>\*</sup> | 699561  |
| 1439 | Tyson Foods Inc., Class A Shares | 81706  |
| 1411 | United Natural Foods Inc.<sup>\*</sup> | 39903  |
| 1183 | US Foods Holding Corp.<sup>\*</sup> | 91801  |
| 1678 | Utz Brands Inc.  | 22519  |
| 309 | Village Super Market Inc., Class A Shares | 11211  |
| 423 | Weis Markets Inc.  | 30308  |
| 1691 | WK Kellogg Co.  | 38758  |
|  | Total Food | 10677557  |
| **Healthcare-Products – 3.4%**  | **Healthcare-Products – 3.4%**  | **Healthcare-Products – 3.4%**  |
| 2478 | 10X Genomics Inc., Class A Shares<sup>\*</sup> | 34717  |
| 1695 | Accuray Inc.<sup>\*</sup> | 2576  |
| 78004 | Adaptive Biotechnologies Corp.<sup>\*</sup> | 1028093  |
| 22517 | Agilent Technologies Inc.  | 2829486  |
| 351 | Align Technology Inc.<sup>\*</sup> | 49828  |
| 40731 | Alphatec Holdings Inc.<sup>\*</sup> | 647623  |
| 1353 | AngioDynamics Inc.<sup>\*</sup> | 13882  |
| 9405 | Artivion Inc.<sup>\*</sup> | 413162  |
| 1239 | AtriCure Inc.<sup>\*</sup> | 45831  |
| 1153 | Avanos Medical Inc.<sup>\*</sup> | 13767  |
| 3360 | Avantor Inc.<sup>\*</sup> | 45259  |
| 954 | Avita Medical Inc.\*<sup>(a)</sup> | 4140  |
| 1046 | Axogen Inc.<sup>\*</sup> | 16882  |
| 958 | Azenta Inc.<sup>\*</sup> | 29257  |
| 2635 | Baxter International Inc.  | 65058  |
| 25905 | Beta Bionics Inc.<sup>\*</sup> | 488050  |
| 915 | BioLife Solutions Inc.<sup>\*</sup> | 22921  |

---

See Notes to Financial Statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Healthcare-Products – (continued)**  | **Healthcare-Products – (continued)**  | **Healthcare-Products – (continued)**  |
| 795 | Bio-Techne Corp.  | $43431  |
| 1140 | Bioventus Inc., Class A Shares<sup>\*</sup> | 8436  |
| 509 | Bruker Corp.  | 17296  |
| 5866 | Butterfly Network Inc., Class A Shares<sup>\*</sup> | 9444  |
| 1305 | CareDx Inc.<sup>\*</sup> | 17826  |
| 659 | Castle Biosciences Inc.<sup>\*</sup> | 15823  |
| 742 | Ceribell Inc.<sup>\*</sup> | 8778  |
| 6901 | Cerus Corp.<sup>\*</sup> | 9040  |
| 818 | ClearPoint Neuro Inc.<sup>\*</sup> | 8581  |
| 815 | CONMED Corp.  | 44303  |
| 1023 | Cooper Cos., Inc.<sup>\*</sup> | 68945  |
| 460 | CVRx Inc.<sup>\*</sup> | 3611  |
| 909 | Delcath Systems Inc.<sup>\*</sup> | 10017  |
| 1188 | DENTSPLY SIRONA Inc.  | 16988  |
| 248 | Electromed Inc.<sup>\*</sup> | 6133  |
| 1468 | Embecta Corp.  | 21257  |
| 1360 | Enovis Corp.<sup>\*</sup> | 42024  |
| 35197 | Envista Holdings Corp.<sup>\*</sup> | 745472  |
| 1020 | Exact Sciences Corp.<sup>\*</sup> | 48368  |
| 2426 | GE HealthCare Technologies Inc.  | 178869  |
| 5771 | Glaukos Corp.<sup>\*</sup> | 552977  |
| 17601 | Globus Medical Inc., Class A Shares<sup>\*</sup> | 1078413  |
| 720 | GRAIL Inc.<sup>\*</sup> | 23609  |
| 45439 | Guardant Health Inc.<sup>\*</sup> | 3063497  |
| 1216 | Haemonetics Corp.<sup>\*</sup> | 66321  |
| 1146 | Hologic Inc.<sup>\*</sup> | 76920  |
| 582 | ICU Medical Inc.<sup>\*</sup> | 74298  |
| 426 | IDEXX Laboratories Inc.<sup>\*</sup> | 275660  |
| 483 | Inogen Inc.<sup>\*</sup> | 3859  |
| 174 | Inspire Medical Systems Inc.<sup>\*</sup> | 16302  |
| 6803 | Insulet Corp.<sup>\*</sup> | 2312204  |
| 833 | Integer Holdings Corp.<sup>\*</sup> | 89856  |
| 42710 | Integra LifeSciences Holdings Corp.<sup>\*</sup> | 646202  |
| 187 | iRadimed Corp.  | 13546  |
| 798 | iRhythm Technologies Inc.<sup>\*</sup> | 135644  |
| 431 | Kestra Medical Technologies Ltd.<sup>\*</sup> | 6956  |
| 1398 | KORU Medical Systems Inc.<sup>\*</sup> | 5900  |
| 1635 | Lantheus Holdings Inc.<sup>\*</sup> | 89761  |
| 533 | LeMaitre Vascular Inc.  | 50830  |
| 329 | LENSAR Inc.<sup>\*</sup> | 4040  |
| 1306 | LivaNova PLC<sup>\*</sup> | 73619  |
| 255 | Masimo Corp.<sup>\*</sup> | 35626  |

---

See Notes to Financial Statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Healthcare-Products – (continued)**  | **Healthcare-Products – (continued)**  | **Healthcare-Products – (continued)**  |
| 3354 | MaxCyte Inc.<sup>\*</sup> | $4662  |
| 1417 | Merit Medical Systems Inc.<sup>\*</sup> | 128295  |
| 3002 | MiMedx Group Inc.<sup>\*</sup> | 21314  |
| 11588 | Natera Inc.<sup>\*</sup> | 1949681  |
| 5809 | Neogen Corp.<sup>\*</sup> | 33402  |
| 20080 | NeuroPace Inc.<sup>\*</sup> | 183732  |
| 2414 | Novocure Ltd.<sup>\*</sup> | 29765  |
| 3430 | OmniAb Inc.<sup>\*</sup> | 5488  |
| 1206 | Omnicell Inc.<sup>\*</sup> | 39304  |
| 2423 | OraSure Technologies Inc.<sup>\*</sup> | 8020  |
| 826 | Orthofix Medical Inc.<sup>\*</sup> | 12373  |
| 380 | OrthoPediatrics Corp.<sup>\*</sup> | 8117  |
| 547 | Outset Medical Inc.<sup>\*</sup> | 7609  |
| 8898 | Pacific Biosciences of California Inc.<sup>\*</sup> | 11656  |
| 3208 | Penumbra Inc.<sup>\*</sup> | 874629  |
| 1262 | PROCEPT BioRobotics Corp.<sup>\*</sup> | 50695  |
| 842 | Pulmonx Corp.<sup>\*</sup> | 1440  |
| 411 | Pulse Biosciences Inc.\*<sup>(a)</sup> | 6387  |
| 1087 | QIAGEN NV | 50546  |
| 1247 | Quanterix Corp.<sup>\*</sup> | 5674  |
| 3978 | Quantum-Si Inc.<sup>\*</sup> | 4455  |
| 23081 | QuidelOrtho Corp.<sup>\*</sup> | 662194  |
| 265 | Repligen Corp.<sup>\*</sup> | 32415  |
| 773 | ResMed Inc.  | 212196  |
| 615 | Revvity Inc.  | 55418  |
| 944 | RxSight Inc.<sup>\*</sup> | 8534  |
| 91 | Sanara Medtech Inc.<sup>\*</sup> | 3063  |
| 230 | SANUWAVE Health Inc.<sup>\*</sup> | 9577  |
| 212 | Semler Scientific Inc.<sup>\*</sup> | 6284  |
| 1008 | SI-BONE Inc.<sup>\*</sup> | 16803  |
| 779 | Solventum Corp.<sup>\*</sup> | 56937  |
| 1291 | STAAR Surgical Co.<sup>\*</sup> | 35322  |
| 2874 | Stereotaxis Inc.<sup>\*</sup> | 8277  |
| 508 | STERIS PLC | 124490  |
| 323 | Surmodics Inc.<sup>\*</sup> | 10995  |
| 530 | Tactile Systems Technology Inc.<sup>\*</sup> | 7054  |
| 1708 | Tandem Diabetes Care Inc.<sup>\*</sup> | 21367  |
| 223 | Teleflex Inc.  | 28189  |
| 495 | Tempus AI Inc., Class A Shares<sup>\*</sup> | 37551  |
| 14657 | TransMedics Group Inc.<sup>\*</sup> | 1684969  |
| 1652 | Treace Medical Concepts Inc.<sup>\*</sup> | 12126  |
| 1412 | Twist Bioscience Corp.<sup>\*</sup> | 38082  |

---

See Notes to Financial Statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Healthcare-Products – (continued)**  | **Healthcare-Products – (continued)**  | **Healthcare-Products – (continued)**  |
| 191 | UFP Technologies Inc.<sup>\*</sup> | $40141  |
| 120 | Utah Medical Products Inc.  | 7465  |
| 912 | Varex Imaging Corp.<sup>\*</sup> | 10534  |
| 308 | Waters Corp.<sup>\*</sup> | 92954  |
| 368 | West Pharmaceutical Services Inc.  | 90878  |
| 1021 | Zimmer Biomet Holdings Inc.  | 108328  |
| 978 | Zimvie Inc.<sup>\*</sup> | 18465  |
|  | Total Healthcare-Products | 22649066  |
| **Healthcare-Services – 1.5%**  | **Healthcare-Services – 1.5%**  | **Healthcare-Services – 1.5%**  |
| 529 | Acadia Healthcare Co., Inc.<sup>\*</sup> | 12146  |
| 12099 | Addus HomeCare Corp.<sup>\*</sup> | 1393442  |
| 8464 | agilon health Inc.<sup>\*</sup> | 10834  |
| 749 | Ardent Health Inc.<sup>\*</sup> | 9505  |
| 1140 | Astrana Health Inc.<sup>\*</sup> | 36434  |
| 1149 | Aveanna Healthcare Holdings Inc.<sup>\*</sup> | 9192  |
| 2010 | BrightSpring Health Services Inc.<sup>\*</sup> | 47617  |
| 5430 | Brookdale Senior Living Inc.<sup>\*</sup> | 41811  |
| 2571 | Centene Corp.<sup>\*</sup> | 74662  |
| 247 | Charles River Laboratories International Inc.<sup>\*</sup> | 40338  |
| 72 | Chemed Corp.  | 32972  |
| 9414 | Clover Health Investments Corp., Class A Shares<sup>\*</sup> | 24665  |
| 3046 | Community Health Systems Inc.<sup>\*</sup> | 8407  |
| 2797 | Concentra Group Holdings Parent Inc.  | 66569  |
| 700 | CorVel Corp.<sup>\*</sup> | 62335  |
| 191 | DaVita Inc.<sup>\*</sup> | 26312  |
| 3054 | DocGo Inc.<sup>\*</sup> | 4764  |
| 24925 | Encompass Health Corp.  | 3034868  |
| 1193 | Enhabit Inc.<sup>\*</sup> | 9401  |
| 1394 | Ensign Group Inc.  | 239461  |
| 2724 | Fortrea Holdings Inc.<sup>\*</sup> | 26831  |
| 458 | Fulgent Genetics Inc.<sup>\*</sup> | 10154  |
| 4819 | GeneDx Holdings Corp., Class A Shares<sup>\*</sup> | 624012  |
| 1193 | Ginkgo Bioworks Holdings Inc.<sup>\*</sup> | 15115  |
| 2117 | HealthEquity Inc.<sup>\*</sup> | 189112  |
| 10137 | Humana Inc.  | 3078201  |
| 485 | Innovage Holding Corp.<sup>\*</sup> | 1857  |
| 934 | IQVIA Holdings Inc.<sup>\*</sup> | 178216  |
| 339 | Joint Corp.<sup>\*</sup> | 3641  |
| 432 | Labcorp Holdings Inc.  | 120092  |
| 3564 | LifeStance Health Group Inc.<sup>\*</sup> | 19531  |
| 115 | Medpace Holdings Inc.<sup>\*</sup> | 54684  |
| 276 | Molina Healthcare Inc.<sup>\*</sup> | 49909  |

---

See Notes to Financial Statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Healthcare-Services – (continued)**  | **Healthcare-Services – (continued)**  | **Healthcare-Services – (continued)**  |
| 1585 | Nano-X Imaging Ltd.<sup>\*</sup> | $6134  |
| 326 | National HealthCare Corp.  | 36994  |
| 1266 | Neuronetics Inc.<sup>\*</sup> | 4216  |
| 1959 | Oncology Institute Inc.<sup>\*</sup> | 6661  |
| 7757 | OPKO Health Inc.<sup>\*</sup> | 10705  |
| 4418 | Oscar Health Inc., Class A Shares<sup>\*</sup> | 73604  |
| 1036 | PACS Group Inc.<sup>\*</sup> | 12059  |
| 1999 | Pediatrix Medical Group Inc.<sup>\*</sup> | 34403  |
| 884 | Pennant Group Inc.<sup>\*</sup> | 21225  |
| 1577 | Personalis Inc.<sup>\*</sup> | 7711  |
| 2757 | Privia Health Group Inc.<sup>\*</sup> | 63521  |
| 575 | Quest Diagnostics Inc.  | 104443  |
| 1712 | RadNet Inc.<sup>\*</sup> | 122853  |
| 2887 | Select Medical Holdings Corp.  | 37560  |
| 180 | Sonida Senior Living Inc.<sup>\*</sup> | 4662  |
| 814 | Sotera Health Co.<sup>\*</sup> | 13325  |
| 1045 | Strata Critical Medical Inc.<sup>\*</sup> | 4567  |
| 2030 | Surgery Partners Inc.<sup>\*</sup> | 46061  |
| 4451 | Teladoc Health Inc.<sup>\*</sup> | 34406  |
| 471 | Tenet Healthcare Corp.<sup>\*</sup> | 86819  |
| 281 | Universal Health Services Inc., Class B Shares | 51024  |
| 387 | US Physical Therapy Inc.  | 32078  |
| 1334 | Viemed Healthcare Inc.<sup>\*</sup> | 9832  |
|  | Total Healthcare-Services | 10381953  |
| **Household Products/Wares – 0.1%**  | **Household Products/Wares – 0.1%**  | **Household Products/Wares – 0.1%**  |
| 3111 | ACCO Brands Corp.  | 12506  |
| 111 | Acme United Corp.  | 4775  |
| 399 | Avery Dennison Corp.  | 68488  |
| 216 | Central Garden & Pet Co.<sup>\*</sup> | 7869  |
| 1364 | Central Garden & Pet Co., Class A Shares<sup>\*</sup> | 45053  |
| 1273 | Church & Dwight Co., Inc.  | 118593  |
| 633 | Clorox Co.  | 74821  |
| 595 | Helen of Troy Ltd.<sup>\*</sup> | 14607  |
| 1150 | Quanex Building Products Corp.  | 24460  |
| 274 | Reynolds Consumer Products Inc.  | 6360  |
| 603 | Spectrum Brands Holdings Inc.  | 34365  |
| 327 | WD-40 Co.  | 70645  |
|  | Total Household Products/Wares | 482542  |
| **Pharmaceuticals – 2.0%**  | **Pharmaceuticals – 2.0%**  | **Pharmaceuticals – 2.0%**  |
| 3121 | Aclaris Therapeutics Inc.<sup>\*</sup> | 6023  |
| 2618 | AdaptHealth Corp., Class A Shares<sup>\*</sup> | 24845  |
| 1498 | Agios Pharmaceuticals Inc.<sup>\*</sup> | 56490  |

---

See Notes to Financial Statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Pharmaceuticals – (continued)**  | **Pharmaceuticals – (continued)**  | **Pharmaceuticals – (continued)**  |
| 6520 | Akebia Therapeutics Inc.<sup>\*</sup> | $20473  |
| 2403 | Alector Inc.<sup>\*</sup> | 5647  |
| 3924 | Alkermes PLC<sup>\*</sup> | 113678  |
| 4140 | Amneal Pharmaceuticals Inc.<sup>\*</sup> | 39578  |
| 1014 | Amphastar Pharmaceuticals Inc.<sup>\*</sup> | 31049  |
| 2086 | Amylyx Pharmaceuticals Inc.<sup>\*</sup> | 19567  |
| 266 | Anika Therapeutics Inc.<sup>\*</sup> | 2495  |
| 2165 | Aquestive Therapeutics Inc.<sup>\*</sup> | 8162  |
| 1686 | Arvinas Inc.<sup>\*</sup> | 13033  |
| 11888 | Ascendis Pharma AS, ADR<sup>\*</sup> | 2309482  |
| 2610 | aTyr Pharma Inc.<sup>\*</sup> | 14042  |
| 2410 | Avadel Pharmaceuticals PLC, ADR<sup>\*</sup> | 35572  |
| 641 | BellRing Brands Inc.<sup>\*</sup> | 26313  |
| 778 | Biote Corp., Class A Shares<sup>\*</sup> | 2676  |
| 1279 | Cardinal Health Inc.  | 190290  |
| 2771 | Catalyst Pharmaceuticals Inc.<sup>\*</sup> | 57055  |
| 966 | Cencora Inc.  | 281695  |
| 16921 | Centessa Pharmaceuticals PLC, ADR<sup>\*</sup> | 284104  |
| 5721 | Cidara Therapeutics Inc.<sup>\*</sup> | 374096  |
| 1851 | Coherus Oncology Inc.<sup>\*</sup> | 2147  |
| 840 | Collegium Pharmaceutical Inc.<sup>\*</sup> | 32592  |
| 8398 | Corcept Therapeutics Inc.<sup>\*</sup> | 585508  |
| 1791 | CorMedix Inc.<sup>\*</sup> | 26560  |
| 1741 | Corvus Pharmaceuticals Inc.<sup>\*</sup> | 9993  |
| 2073 | DexCom Inc.<sup>\*</sup> | 156180  |
| 2483 | Elanco Animal Health Inc.<sup>\*</sup> | 45563  |
| 796 | Enanta Pharmaceuticals Inc.<sup>\*</sup> | 6686  |
| 865 | Enliven Therapeutics Inc.<sup>\*</sup> | 17533  |
| 792 | Eton Pharmaceuticals Inc.<sup>\*</sup> | 13709  |
| 411 | Fennec Pharmaceuticals Inc.<sup>\*</sup> | 3646  |
| 484 | Foghorn Therapeutics Inc.<sup>\*</sup> | 2449  |
| 1233 | Fulcrum Therapeutics Inc.<sup>\*</sup> | 7990  |
| 14964 | Guardian Pharmacy Services Inc., Class A Shares<sup>\*</sup> | 395349  |
| 370 | Gyre Therapeutics Inc.<sup>\*</sup> | 2864  |
| 1030 | Harmony Biosciences Holdings Inc.<sup>\*</sup> | 37997  |
| 795 | Harrow Inc.<sup>\*</sup> | 31005  |
| 555 | Henry Schein Inc.<sup>\*</sup> | 38617  |
| 2517 | Herbalife Ltd.<sup>\*</sup> | 24616  |
| 4679 | Heron Therapeutics Inc.<sup>\*</sup> | 6317  |
| 14249 | Indivior PLC<sup>\*</sup> | 345966  |
| 2165 | Inhibikase Therapeutics Inc.<sup>\*</sup> | 3897  |
| 4866 | Ironwood Pharmaceuticals Inc., Class A Shares<sup>\*</sup> | 6423  |

---

See Notes to Financial Statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Pharmaceuticals – (continued)**  | **Pharmaceuticals – (continued)**  | **Pharmaceuticals – (continued)**  |
| 298 | Jazz Pharmaceuticals PLC<sup>\*</sup> | $38069  |
| 298 | Journey Medical Corp.<sup>\*</sup> | 2149  |
| 1162 | KalVista Pharmaceuticals Inc.<sup>\*</sup> | 15640  |
| 353 | Lifevantage Corp.  | 4624  |
| 421 | Madrigal Pharmaceuticals Inc.<sup>\*</sup> | 184335  |
| 8514 | MannKind Corp.<sup>\*</sup> | 39079  |
| 367 | Maze Therapeutics Inc.<sup>\*</sup> | 5318  |
| 397 | MediWound Ltd.<sup>\*</sup> | 6630  |
| 10382 | Merus NV<sup>\*</sup> | 683551  |
| 1126 | Mirum Pharmaceuticals Inc.<sup>\*</sup> | 83178  |
| 241 | Nature's Sunshine Products Inc.<sup>\*</sup> | 4061  |
| 7391 | Neurocrine Biosciences Inc.<sup>\*</sup> | 1031784  |
| 316 | Neurogene Inc.<sup>\*</sup> | 5840  |
| 316 | Nuvectis Pharma Inc.<sup>\*</sup> | 2073  |
| 3299 | Ocular Therapeutix Inc.<sup>\*</sup> | 40281  |
| 51068 | Option Care Health Inc.<sup>\*</sup> | 1464630  |
| 1515 | Organon & Co.  | 14271  |
| 973 | ORIC Pharmaceuticals Inc.<sup>\*</sup> | 9954  |
| 1930 | Owens & Minor Inc.<sup>\*</sup> | 9457  |
| 1155 | Pacira BioSciences Inc.<sup>\*</sup> | 30804  |
| 476 | Phibro Animal Health Corp., Class A Shares | 17645  |
| 2179 | Premier Inc., Class A Shares | 56436  |
| 15553 | Protagonist Therapeutics Inc.<sup>\*</sup> | 918405  |
| 21887 | Rhythm Pharmaceuticals Inc.<sup>\*</sup> | 2257644  |
| 530 | scPharmaceuticals Inc.<sup>\*</sup> | 2915  |
| 3306 | SELLAS Life Sciences Group Inc.<sup>\*</sup> | 6347  |
| 810 | SIGA Technologies Inc.  | 6796  |
| 423 | Sionna Therapeutics Inc.<sup>\*</sup> | 10414  |
| 13040 | Spyre Therapeutics Inc.<sup>\*</sup> | 215030  |
| 1280 | Supernus Pharmaceuticals Inc.<sup>\*</sup> | 57754  |
| 244 | Tonix Pharmaceuticals Holding Corp.<sup>\*</sup> | 7230  |
| 2045 | Trevi Therapeutics Inc.<sup>\*</sup> | 14836  |
| 256 | USANA Health Sciences Inc.<sup>\*</sup> | 8169  |
| 1092 | Vanda Pharmaceuticals Inc.<sup>\*</sup> | 5165  |
| 3037 | Vaxcyte Inc.<sup>\*</sup> | 93509  |
| 6057 | Viatris Inc.  | 63901  |
| 1516 | Voyager Therapeutics Inc.<sup>\*</sup> | 5094  |
| 72459 | Xeris Biopharma Holdings Inc.<sup>\*</sup> | 567354  |
| 1334 | Y-mAbs Therapeutics Inc.<sup>\*</sup> | 11406  |
|  | Total Pharmaceuticals | 13721750  |
|  | **TOTAL CONSUMER NON-CYCLICAL** | **122532319**  |

---

See Notes to Financial Statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **ENERGY – 4.2%**  | **ENERGY – 4.2%**  | **ENERGY – 4.2%**  |
| **Coal – 0.0%**  | **Coal – 0.0%**  | **Coal – 0.0%**  |
| 291 | Alpha Metallurgical Resources Inc.<sup>\*</sup> | $43414  |
| 1307 | Core Natural Resources Inc.  | 97058  |
| 749 | Hallador Energy Co.<sup>\*</sup> | 12216  |
| 74 | NACCO Industries Inc., Class A Shares | 2895  |
| 2898 | Peabody Energy Corp.  | 50425  |
| 856 | Ramaco Resources Inc., Class A Shares<sup>\*</sup> | 22196  |
| 2130 | SunCoke Energy Inc.  | 16444  |
| 1247 | Warrior Met Coal Inc.  | 76242  |
|  | Total Coal | 320890  |
| **Energy-Alternate Sources – 0.4%**  | **Energy-Alternate Sources – 0.4%**  | **Energy-Alternate Sources – 0.4%**  |
| 3917 | Array Technologies Inc.<sup>\*</sup> | 35292  |
| 47844 | ASP Isotopes Inc.<sup>\*</sup> | 443992  |
| 2107 | Complete Solaria Inc.<sup>\*</sup> | 3182  |
| 634 | Enphase Energy Inc.<sup>\*</sup> | 23902  |
| 238413 | Eos Energy Enterprises Inc.<sup>\*</sup> | 1645050  |
| 544 | First Solar Inc.<sup>\*</sup> | 106183  |
| 2019 | Fluence Energy Inc., Class A Shares<sup>\*</sup> | 14941  |
| 480 | FutureFuel Corp.  | 1862  |
| 7315 | Gevo Inc.<sup>\*</sup> | 12655  |
| 2042 | Green Plains Inc.<sup>\*</sup> | 22687  |
| 1406 | Montauk Renewables Inc.<sup>\*</sup> | 3023  |
| 3509 | NEXTracker Inc., Class A Shares<sup>\*</sup> | 236015  |
| 22071 | Plug Power Inc.\*<sup>(a)</sup> | 34651  |
| 385 | REX American Resources Corp.<sup>\*</sup> | 24089  |
| 4381 | Shoals Technologies Group Inc., Class A Shares<sup>\*</sup> | 28520  |
| 5275 | Sunrun Inc.<sup>\*</sup> | 84242  |
| 4984 | T1 Energy Inc.<sup>\*</sup> | 8224  |
|  | Total Energy-Alternate Sources | 2728510  |
| **Oil & Gas – 2.2%**  | **Oil & Gas – 2.2%**  | **Oil & Gas – 2.2%**  |
| 32304 | Antero Resources Corp.<sup>\*</sup> | 1031144  |
| 1786 | APA Corp.  | 41471  |
| 2782 | Berry Corp.  | 9292  |
| 389 | BKV Corp.<sup>\*</sup> | 9068  |
| 6078 | Borr Drilling Ltd.<sup>\*</sup> | 17687  |
| 1571 | California Resources Corp.  | 78047  |
| 296 | Chord Energy Corp.  | 32527  |
| 35868 | Civitas Resources Inc.  | 1319225  |
| 3446 | CNX Resources Corp.<sup>\*</sup> | 100623  |
| 1762 | Comstock Resources Inc.<sup>\*</sup> | 28421  |
| 3890 | Coterra Energy Inc.  | 95072  |
| 4424 | Crescent Energy Co., Class A Shares | 42205  |
| 833 | CVR Energy Inc.  | 25398  |

---

See Notes to Financial Statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **ENERGY – (continued)**  | **ENERGY – (continued)**  | **ENERGY – (continued)**  |
| **Oil & Gas – (continued)**  | **Oil & Gas – (continued)**  | **Oil & Gas – (continued)**  |
| 1626 | Delek US Holdings Inc.  | $45056  |
| 3209 | Devon Energy Corp.  | 115845  |
| 18806 | Diamondback Energy Inc.  | 2797581  |
| 1574 | Diversified Energy Co. PLC | 25924  |
| 322 | Empire Petroleum Corp.<sup>\*</sup> | 1626  |
| 644 | Epsilon Energy Ltd.  | 3774  |
| 3159 | EQT Corp.  | 163763  |
| 568 | Evolution Petroleum Corp.  | 2931  |
| 24336 | Expand Energy Corp.  | 2355238  |
| 1159 | Granite Ridge Resources Inc.  | 6444  |
| 3212 | Gulfport Energy Corp.<sup>\*</sup> | 558984  |
| 2575 | Helmerich & Payne Inc.  | 53792  |
| 804 | HF Sinclair Corp.  | 40907  |
| 638 | HighPeak Energy Inc.<sup>(a)</sup> | 4913  |
| 349 | Infinity Natural Resources Inc., Class A Shares<sup>\*</sup> | 5200  |
| 1147 | Kolibri Global Energy Inc.\*<sup>(b)</sup> | 6469  |
| 12290 | Kosmos Energy Ltd.<sup>\*</sup> | 21999  |
| 4503 | Magnolia Oil & Gas Corp., Class A Shares | 112035  |
| 1643 | Marathon Petroleum Corp.  | 295264  |
| 584 | Matador Resources Co.  | 29410  |
| 3254 | Murphy Oil Corp.  | 80894  |
| 431 | Nabors Industries Ltd.<sup>\*</sup> | 16068  |
| 3044 | Noble Corp. PLC | 87728  |
| 2217 | Northern Oil & Gas Inc.  | 57997  |
| 3588 | Occidental Petroleum Corp.  | 170825  |
| 1448 | Ovintiv Inc.  | 60990  |
| 1422 | Par Pacific Holdings Inc.<sup>\*</sup> | 49258  |
| 8434 | Patterson-UTI Energy Inc.  | 49002  |
| 1994 | PBF Energy Inc., Class A Shares | 54476  |
| 164505 | Permian Resources Corp., Class A Shares | 2350776  |
| 2150 | Phillips 66 | 287197  |
| 11 | PrimeEnergy Resources Corp.<sup>\*</sup> | 1664  |
| 1201 | Range Resources Corp.  | 41158  |
| 258 | Riley Exploration Permian Inc.  | 7549  |
| 1614 | Sable Offshore Corp.<sup>\*</sup> | 43546  |
| 733 | SandRidge Energy Inc.  | 8679  |
| 1490 | Seadrill Ltd.<sup>\*</sup> | 47546  |
| 2744 | SM Energy Co.  | 78341  |
| 2797 | Talos Energy Inc.<sup>\*</sup> | 27634  |
| 99 | Texas Pacific Land Corp.  | 92414  |
| 19423 | Transocean Ltd.<sup>\*</sup> | 58852  |
| 3503 | VAALCO Energy Inc.  | 13592  |

---

See Notes to Financial Statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **ENERGY – (continued)**  | **ENERGY – (continued)**  | **ENERGY – (continued)**  |
| **Oil & Gas – (continued)**  | **Oil & Gas – (continued)**  | **Oil & Gas – (continued)**  |
| 1530 | Valaris Ltd.<sup>\*</sup> | $75995  |
| 1647 | Valero Energy Corp.  | 250360  |
| 1030 | Viper Energy Inc., Class A Shares | 41040  |
| 722 | Vital Energy Inc.<sup>\*</sup> | 12866  |
| 780 | Vitesse Energy Inc.  | 20756  |
| 4198 | W&T Offshore Inc.  | 7640  |
| 17603 | Weatherford International PLC | 1121399  |
|  | Total Oil & Gas | 14693577  |
| **Oil & Gas Services – 1.0%**  | **Oil & Gas Services – 1.0%**  | **Oil & Gas Services – 1.0%**  |
| 3995 | Archrock Inc.  | 98916  |
| 805 | Aris Water Solutions Inc., Class A Shares | 19537  |
| 2114 | Atlas Energy Solutions Inc., Class A Shares | 24755  |
| 5253 | Baker Hughes Co., Class A Shares | 238486  |
| 809 | Bristow Group Inc.<sup>\*</sup> | 31154  |
| 1196 | Core Laboratories Inc.  | 13766  |
| 756 | DMC Global Inc.<sup>\*</sup> | 5065  |
| 2735 | DNOW Inc.<sup>\*</sup> | 43760  |
| 119289 | Expro Group Holdings NV<sup>\*</sup> | 1487534  |
| 479 | Flotek Industries Inc.<sup>\*</sup> | 5791  |
| 539 | Flowco Holdings Inc., Class A Shares | 8796  |
| 416 | Forum Energy Technologies Inc.<sup>\*</sup> | 11003  |
| 4418 | Halliburton Co.  | 100421  |
| 3748 | Helix Energy Solutions Group Inc.<sup>\*</sup> | 24699  |
| 818 | Innovex International Inc.<sup>\*</sup> | 14119  |
| 1282 | Kodiak Gas Services Inc.  | 45883  |
| 3759 | Liberty Energy Inc., Class A Shares | 42289  |
| 1322 | Mammoth Energy Services Inc.<sup>\*</sup> | 3133  |
| 590 | Matrix Service Co.<sup>\*</sup> | 8927  |
| 1877 | National Energy Services Reunited Corp.<sup>\*</sup> | 17569  |
| 230 | Natural Gas Services Group Inc.  | 6017  |
| 1854 | NOV Inc.  | 24640  |
| 2240 | Oceaneering International Inc.<sup>\*</sup> | 54656  |
| 1294 | Oil States International Inc.<sup>\*</sup> | 7246  |
| 471 | ProFrac Holding Corp., Class A Shares<sup>\*</sup> | 1884  |
| 2138 | ProPetro Holding Corp.<sup>\*</sup> | 10904  |
| 530 | Ranger Energy Services Inc., Class A Shares | 7563  |
| 2004 | RPC Inc.  | 9559  |
| 939 | SEACOR Marine Holdings Inc.<sup>\*</sup> | 6019  |
| 2336 | Select Water Solutions Inc., Class A Shares | 19903  |
| 77649 | Solaris Energy Infrastructure Inc., Class A Shares | 2452932  |
| 43758 | TechnipFMC PLC | 1608544  |
| 2978 | TETRA Technologies Inc.<sup>\*</sup> | 13997  |

---

See Notes to Financial Statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **ENERGY – (continued)**  | **ENERGY – (continued)**  | **ENERGY – (continued)**  |
| **Oil & Gas Services – (continued)**  | **Oil & Gas Services – (continued)**  | **Oil & Gas Services – (continued)**  |
| 10800 | Tidewater Inc.<sup>\*</sup> | $650160  |
|  | Total Oil & Gas Services | 7119627  |
| **Pipelines – 0.6%** <br>|  |  |
| 1677 | Antero Midstream Corp.  | 29834  |
| 1164 | Cheniere Energy Inc.  | 281478  |
| 518 | DT Midstream Inc.  | 53965  |
| 668 | Excelerate Energy Inc., Class A Shares | 16313  |
| 2413 | Golar LNG Ltd.  | 105738  |
| 10256 | Kinder Morgan Inc.  | 276707  |
| 1055 | Kinetik Holdings Inc., Class A Shares | 44131  |
| 5155 | New Fortress Energy Inc., Class A Shares | 12681  |
| 3125 | NextDecade Corp.<sup>\*</sup> | 33500  |
| 3297 | ONEOK Inc.  | 251825  |
| 322 | Summit Midstream Corp.<sup>\*</sup> | 7412  |
| 1138 | Targa Resources Corp.  | 190911  |
| 43300 | Williams Cos., Inc.  | 2506204  |
|  | Total Pipelines | 3810699  |
|  | **TOTAL ENERGY** | **28673303**  |
| **FINANCIAL – 18.7%**  | **FINANCIAL – 18.7%**  | **FINANCIAL – 18.7%**  |
| **Banks – 6.8%**  | **Banks – 6.8%**  | **Banks – 6.8%**  |
| 473 | 1st Source Corp.  | 30471  |
| 281 | ACNB Corp.  | 12735  |
| 687 | Alerus Financial Corp.  | 15299  |
| 676 | Amalgamated Financial Corp.  | 19530  |
| 948 | Amerant Bancorp Inc., Class A Shares | 20382  |
| 1658 | Ameris Bancorp | 121498  |
| 151 | Ames National Corp.  | 3017  |
| 385 | Arrow Financial Corp.  | 11446  |
| 87172 | Associated Banc-Corp.  | 2351029  |
| 3572 | Atlantic Union Bankshares Corp.  | 127628  |
| 501 | BancFirst Corp.  | 66618  |
| 1093 | Bancorp Inc.<sup>\*</sup> | 83330  |
| 250 | Bank First Corp.  | 32480  |
| 945 | Bank of Hawaii Corp.  | 64373  |
| 360 | Bank of Marin Bancorp | 8834  |
| 3772 | Bank of New York Mellon Corp.  | 398323  |
| 1037 | Bank of NT Butterfield & Son Ltd.  | 46789  |
| 625 | Bank OZK | 32794  |
| 101 | Bank7 Corp.  | 5011  |
| 1812 | BankUnited Inc.  | 71012  |
| 135 | Bankwell Financial Group Inc.  | 5708  |
| 815 | Banner Corp.  | 54629  |

---

See Notes to Financial Statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Banks – (continued)**  | **Banks – (continued)**  | **Banks – (continued)**  |
| 351 | Bar Harbor Bankshares | $11327  |
| 358 | BayCom Corp.  | 10833  |
| 279 | BCB Bancorp Inc.  | 2483  |
| 433 | Blue Foundry Bancorp<sup>\*</sup> | 4023  |
| 2146 | Blue Ridge Bankshares Inc.<sup>\*</sup> | 8605  |
| 125 | BOK Financial Corp.  | 13926  |
| 715 | Bridgewater Bancshares Inc.<sup>\*</sup> | 11712  |
| 344 | Burke & Herbert Financial Services Corp.  | 21865  |
| 824 | Business First Bancshares Inc.  | 20608  |
| 790 | Byline Bancorp Inc.  | 22839  |
| 105 | C&F Financial Corp.  | 7558  |
| 4377 | Cadence Bank | 164750  |
| 472 | California BanCorp<sup>\*</sup> | 7948  |
| 492 | Camden National Corp.  | 20118  |
| 285 | Capital Bancorp Inc.  | 9687  |
| 324 | Capital City Bank Group Inc.  | 14211  |
| 540 | Carter Bankshares Inc.<sup>\*</sup> | 10508  |
| 1621 | Cathay General Bancorp | 80904  |
| 158 | CB Financial Services Inc.  | 5260  |
| 669 | Central Pacific Financial Corp.  | 20953  |
| 62 | Chemung Financial Corp.  | 3343  |
| 298 | ChoiceOne Financial Services Inc.  | 9196  |
| 325 | Citizens & Northern Corp.  | 6565  |
| 51745 | Citizens Financial Group Inc.  | 2705229  |
| 161 | Citizens Financial Services Inc.  | 9654  |
| 8622 | City Holding Co.  | 1107755  |
| 319 | Civista Bancshares Inc.  | 6760  |
| 618 | CNB Financial Corp.  | 16260  |
| 12000 | Coastal Financial Corp.<sup>\*</sup> | 1374000  |
| 353 | Colony Bankcorp Inc.  | 6065  |
| 101150 | Columbia Banking System Inc.  | 2707786  |
| 661 | Comerica Inc.  | 46653  |
| 624 | Commerce Bancshares Inc.  | 38651  |
| 1274 | Community Financial System Inc.  | 76300  |
| 388 | Community Trust Bancorp Inc.  | 22667  |
| 533 | Community West Bancshares | 11364  |
| 1315 | ConnectOne Bancorp Inc.  | 33664  |
| 301 | Cullen/Frost Bankers Inc.  | 38838  |
| 771 | Customers Bancorp Inc.<sup>\*</sup> | 55273  |
| 3173 | CVB Financial Corp.  | 63872  |
| 930 | Dime Community Bancshares Inc.  | 28607  |
| 745 | Eagle Bancorp Inc.  | 14468  |

---

See Notes to Financial Statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Banks – (continued)**  | **Banks – (continued)**  | **Banks – (continued)**  |
| 152 | Eagle Financial Services Inc.  | $5689  |
| 702 | East West Bancorp Inc.  | 73808  |
| 4730 | Eastern Bankshares Inc.  | 80930  |
| 269 | ECB Bancorp Inc.<sup>\*</sup> | 4578  |
| 875 | Enterprise Financial Services Corp.  | 53585  |
| 481 | Equity Bancshares Inc., Class A Shares | 19495  |
| 169 | Esquire Financial Holdings Inc.  | 16579  |
| 280 | Farmers & Merchants Bancorp Inc.  | 7409  |
| 862 | Farmers National Banc Corp.  | 13085  |
| 603 | FB Bancorp Inc.<sup>\*</sup> | 7224  |
| 42345 | FB Financial Corp.  | 2273080  |
| 90 | Fidelity D&D Bancorp Inc.  | 3929  |
| 3548 | Fifth Third Bancorp | 162392  |
| 578 | Financial Institutions Inc.  | 15993  |
| 304 | Finwise Bancorp<sup>\*</sup> | 5876  |
| 3896 | First BanCorp (Puerto Rico) | 86608  |
| 1050 | First Bancorp (Southern Pines NC) | 57320  |
| 227 | First Bancorp Inc.  | 6170  |
| 461 | First Bank | 7754  |
| 2042 | First Busey Corp.  | 50437  |
| 181 | First Business Financial Services Inc.  | 9470  |
| 51 | First Citizens BancShares Inc., Class A Shares | 101179  |
| 2652 | First Commonwealth Financial Corp.  | 47073  |
| 424 | First Community Bankshares Inc.  | 16104  |
| 257 | First Community Corp.  | 7008  |
| 2282 | First Financial Bancorp | 60427  |
| 3258 | First Financial Bankshares Inc.  | 121100  |
| 274 | First Financial Corp.  | 16166  |
| 1977 | First Foundation Inc.<sup>\*</sup> | 11763  |
| 730 | First Hawaiian Inc.  | 18944  |
| 121052 | First Horizon Corp.  | 2735775  |
| 168 | First Internet Bancorp | 4219  |
| 74662 | First Interstate BancSystem Inc., Class A Shares | 2442941  |
| 1396 | First Merchants Corp.  | 57962  |
| 582 | First Mid Bancshares Inc.  | 23536  |
| 253 | First National Corp.  | 5910  |
| 209 | First United Corp.  | 7810  |
| 380 | Firstsun Capital Bancorp<sup>\*</sup> | 14444  |
| 404 | Five Star Bancorp | 13239  |
| 2101 | FNB Corp.  | 35066  |
| 138 | Franklin Financial Services Corp.  | 6445  |
| 4398 | Fulton Financial Corp.  | 86465  |

---

See Notes to Financial Statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Banks – (continued)**  | **Banks – (continued)**  | **Banks – (continued)**  |
| 295 | FVCBankcorp Inc.  | $4002  |
| 855 | German American Bancorp Inc.  | 35722  |
| 2861 | Glacier Bancorp Inc.  | 140618  |
| 204 | Great Southern Bancorp Inc.  | 12911  |
| 283 | Guaranty Bancshares Inc.  | 13907  |
| 2156 | Hancock Whitney Corp.  | 135656  |
| 752 | Hanmi Financial Corp.  | 18920  |
| 172 | Hanover Bancorp Inc.  | 3879  |
| 917 | HarborOne Bancorp Inc.  | 11793  |
| 207 | Hawthorn Bancshares Inc.  | 6920  |
| 282 | HBT Financial Inc.  | 7470  |
| 1439 | Heritage Commerce Corp.  | 14865  |
| 866 | Heritage Financial Corp.  | 21165  |
| 1215 | Hilltop Holdings Inc.  | 42622  |
| 4706 | Home BancShares Inc.  | 140051  |
| 435 | HomeStreet Inc.<sup>\*</sup> | 6033  |
| 2747 | Hope Bancorp Inc.  | 30574  |
| 1084 | Horizon Bancorp Inc.  | 18276  |
| 7729 | Huntington Bancshares Inc.  | 137653  |
| 31797 | Independent Bank Corp. (Massachusetts) | 2273803  |
| 496 | Independent Bank Corp. (Michingan) | 16313  |
| 1316 | International Bancshares Corp.  | 94147  |
| 168 | Investar Holding Corp.  | 3938  |
| 444 | John Marshall Bancorp Inc.  | 8796  |
| 1238 | Kearny Financial Corp.  | 8357  |
| 141268 | KeyCorp | 2734948  |
| 652 | Lakeland Financial Corp.  | 44629  |
| 157 | Landmark Bancorp Inc.  | 4171  |
| 242 | LCNB Corp.  | 3916  |
| 358 | LINKBANCORP Inc.  | 2606  |
| 903 | Live Oak Bancshares Inc.  | 34937  |
| 866 | M&T Bank Corp.  | 174638  |
| 235 | MainStreet Bancshares Inc.  | 5323  |
| 394 | Mercantile Bank Corp.  | 19405  |
| 741 | Merchants Bancorp | 24023  |
| 315 | Meridian Corp.  | 4958  |
| 440 | Metrocity Bankshares Inc.  | 13174  |
| 259 | Metropolitan Bank Holding Corp.  | 20562  |
| 603 | Mid Penn Bancorp Inc.  | 18174  |
| 144 | Middlefield Banc Corp.  | 4421  |
| 691 | Midland States Bancorp Inc.  | 12728  |
| 558 | MidWestOne Financial Group Inc.  | 16874  |

---

See Notes to Financial Statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Banks – (continued)**  | **Banks – (continued)**  | **Banks – (continued)**  |
| 408 | MVB Financial Corp.  | $9955  |
| 50046 | National Bank Holdings Corp., Class A Shares | 1962804  |
| 102 | National Bankshares Inc.  | 3197  |
| 979 | NB Bancorp Inc.  | 18493  |
| 1223 | NBT Bancorp Inc.  | 54142  |
| 320 | Nicolet Bankshares Inc.  | 44253  |
| 202 | Northeast Bank | 22333  |
| 264 | Northeast Community Bancorp Inc.  | 5953  |
| 1033 | Northern Trust Corp.  | 135612  |
| 346 | Northpointe Bancshares Inc.  | 6166  |
| 123 | Northrim BanCorp Inc.  | 11566  |
| 272 | Norwood Financial Corp.  | 7360  |
| 124 | Oak Valley Bancorp | 3533  |
| 1080 | OFG Bancorp | 48330  |
| 131 | Ohio Valley Banc Corp.  | 4847  |
| 111993 | Old National Bancorp | 2563520  |
| 143 | Old Point Financial Corp.  | 6020  |
| 1093 | Old Second Bancorp Inc.  | 20177  |
| 380 | OP Bancorp | 5525  |
| 214 | Orange County Bancorp Inc.  | 5710  |
| 749 | Origin Bancorp Inc.  | 29129  |
| 458 | Orrstown Financial Services Inc.  | 15961  |
| 382 | Park National Corp.  | 65616  |
| 193 | Parke Bancorp Inc.  | 4352  |
| 8699 | Pathward Financial Inc.  | 691310  |
| 202 | PCB Bancorp | 4464  |
| 408 | Peapack-Gladstone Financial Corp.  | 11836  |
| 890 | Peoples Bancorp Inc.  | 27537  |
| 221 | Peoples Bancorp of North Carolina Inc.  | 7001  |
| 214 | Peoples Financial Services Corp.  | 11216  |
| 388 | Pinnacle Financial Partners Inc.  | 37721  |
| 309 | Pioneer Bancorp Inc.<sup>\*</sup> | 4051  |
| 188 | Plumas Bancorp | 8157  |
| 612 | Ponce Financial Group Inc.<sup>\*</sup> | 9082  |
| 342 | Popular Inc.  | 42969  |
| 319 | Preferred Bank | 30114  |
| 719 | Primis Financial Corp.  | 8233  |
| 116 | Princeton Bancorp Inc.  | 3963  |
| 460 | Prosperity Bancshares Inc.  | 31800  |
| 298 | Provident Bancorp Inc.<sup>\*</sup> | 3835  |
| 426 | QCR Holdings Inc.  | 33390  |
| 348 | RBB Bancorp | 7040  |

---

See Notes to Financial Statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Banks – (continued)**  | **Banks – (continued)**  | **Banks – (continued)**  |
| 168 | Red River Bancshares Inc.  | $10987  |
| 4803 | Regions Financial Corp.  | 131554  |
| 2273 | Renasant Corp.  | 88942  |
| 203 | Republic Bancorp Inc., Class A Shares | 15578  |
| 315 | Richmond Mutual BanCorp Inc.  | 4659  |
| 994 | S&T Bancorp Inc.  | 39273  |
| 213 | SB Financial Group Inc.  | 4473  |
| 2036 | Seacoast Banking Corp. of Florida | 63340  |
| 1247 | ServisFirst Bancshares Inc.  | 109923  |
| 717 | Shore Bancshares Inc.  | 12325  |
| 296 | Sierra Bancorp | 9075  |
| 3508 | Simmons First National Corp., Class A Shares | 72896  |
| 387 | SmartFinancial Inc.  | 14261  |
| 269 | South Plains Financial Inc.  | 10929  |
| 274 | Southern First Bancshares Inc.<sup>\*</sup> | 12357  |
| 734 | Southside Bancshares Inc.  | 22930  |
| 24511 | SouthState Corp.  | 2501593  |
| 288 | SR Bancorp Inc.  | 4340  |
| 1528 | State Street Corp.  | 175674  |
| 1278 | Stellar Bancorp Inc.  | 39516  |
| 534 | Sterling Bancorp Inc.\*<sup>(c)</sup> | —  |
| 671 | Stock Yards Bancorp Inc.  | 54156  |
| 701 | Synovus Financial Corp.  | 36179  |
| 1098 | Texas Capital Bancshares Inc.<sup>\*</sup> | 95054  |
| 260 | Third Coast Bancshares Inc.<sup>\*</sup> | 10356  |
| 316 | Tompkins Financial Corp.  | 22164  |
| 1693 | Towne Bank | 62116  |
| 833 | TriCo Bancshares | 37835  |
| 582 | Triumph Financial Inc.<sup>\*</sup> | 35787  |
| 459 | TrustCo Bank Corp. NY | 18264  |
| 1356 | Trustmark Corp.  | 54606  |
| 1804 | UMB Financial Corp.  | 219908  |
| 135 | Union Bankshares Inc.  | 3533  |
| 3544 | United Bankshares Inc.  | 135877  |
| 2907 | United Community Banks Inc.  | 97094  |
| 478 | United Security Bancshares | 4551  |
| 157 | Unity Bancorp Inc.  | 8219  |
| 38499 | Univest Financial Corp.  | 1219263  |
| 189000 | Valley National Bancorp | 1976940  |
| 1369 | Veritex Holdings Inc.  | 47025  |
| 106 | Virginia National Bankshares Corp.  | 4411  |
| 857 | Walker & Dunlop Inc.  | 72888  |

---

See Notes to Financial Statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Banks – (continued)**  | **Banks – (continued)**  | **Banks – (continued)**  |
| 575 | Washington Trust Bancorp Inc.  | $17440  |
| 852 | Webster Financial Corp.  | 53011  |
| 2278 | WesBanco Inc.  | 74718  |
| 363 | West BanCorp Inc.  | 7245  |
| 16567 | Westamerica BanCorp | 828516  |
| 548 | Western Alliance Bancorp | 49073  |
| 647 | Western New England Bancorp Inc.  | 8113  |
| 26110 | Wintrust Financial Corp.  | 3584642  |
| 734 | Zions Bancorp N.A. | 42579  |
|  | Total Banks | 45833350  |
| **Diversified Financial Services – 3.0%**  | **Diversified Financial Services – 3.0%**  | **Diversified Financial Services – 3.0%**  |
| 694 | Acadian Asset Management Inc.  | 35373  |
| 140 | Affiliated Managers Group Inc.  | 31475  |
| 522 | Air Lease Corp., Class A Shares | 31430  |
| 1410 | Ally Financial Inc.  | 57880  |
| 1542 | AlTi Global Inc.<sup>\*</sup> | 6677  |
| 504 | Ameriprise Financial Inc.  | 259464  |
| 997 | Ares Management Corp., Class A Shares | 178662  |
| 1504 | Artisan Partners Asset Management Inc., Class A Shares | 70372  |
| 189 | Atlanticus Holdings Corp.<sup>\*</sup> | 12606  |
| 126 | Bakkt Holdings Inc., Class A Shares<sup>\*</sup> | 1105  |
| 8648 | BGC Group Inc., Class A Shares | 84837  |
| 130420 | Blue Owl Capital Inc., Class A Shares | 2415378  |
| 1120 | Bread Financial Holdings Inc.  | 74133  |
| 643 | Brookfield Business Corp., Class A Shares | 21219  |
| 4597 | Burford Capital Ltd.  | 64358  |
| 560 | Cboe Global Markets Inc.  | 132132  |
| 3300 | Circle Internet Group Inc., Class A Shares\*<sup>(a)</sup> | 435534  |
| 730 | Cohen & Steers Inc.  | 53918  |
| 1085 | Coinbase Global Inc., Class A Shares<sup>\*</sup> | 330426  |
| 629 | Columbia Financial Inc.<sup>\*</sup> | 9454  |
| 487 | Consumer Portfolio Services Inc.<sup>\*</sup> | 3891  |
| 35 | Credit Acceptance Corp.<sup>\*</sup> | 18016  |
| 6056 | Dave Inc.<sup>\*</sup> | 1291260  |
| 60 | Diamond Hill Investment Group Inc.  | 8746  |
| 750 | Enact Holdings Inc.  | 28237  |
| 603 | Encore Capital Group Inc.<sup>\*</sup> | 25229  |
| 587 | Enova International Inc.<sup>\*</sup> | 71203  |
| 6288 | Evercore Inc., Class A Shares | 2021906  |
| 240 | Federal Agricultural Mortgage Corp., Class C Shares | 50297  |
| 163 | Finance Of America Cos., Inc., Class A Shares<sup>\*</sup> | 4354  |
| 141 | First Western Financial Inc.<sup>\*</sup> | 3294  |

---

See Notes to Financial Statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Diversified Financial Services – (continued)**  | **Diversified Financial Services – (continued)**  | **Diversified Financial Services – (continued)**  |
| 134 | Forge Global Holdings Inc.<sup>\*</sup> | $2526  |
| 1553 | Franklin Resources Inc.  | 39850  |
| 111 | Freedom Holding Corp.<sup>\*</sup> | 18972  |
| 282 | GBank Financial Holdings Inc.<sup>\*</sup> | 11202  |
| 1025 | GCM Grosvenor Inc., Class A Shares | 13284  |
| 200 | Hamilton Lane Inc., Class A Shares | 30868  |
| 276 | Houlihan Lokey Inc., Class A Shares | 54993  |
| 856 | International Money Express Inc.<sup>\*</sup> | 12412  |
| 1823 | Invesco Ltd.  | 39905  |
| 624 | Janus Henderson Group PLC | 27656  |
| 777 | Jefferies Financial Group Inc.  | 50388  |
| 650 | Lazard Inc., Class A Shares | 37154  |
| 57176 | LendingClub Corp.<sup>\*</sup> | 982284  |
| 311 | LendingTree Inc.<sup>\*</sup> | 21132  |
| 3009 | loanDepot Inc., Class A Shares<sup>\*</sup> | 6439  |
| 6624 | LPL Financial Holdings Inc.  | 2414315  |
| 746 | Marex Group PLC | 26379  |
| 344 | Medallion Financial Corp.  | 3633  |
| 6289 | Miami International Holdings Inc.<sup>\*</sup> | 236341  |
| 1860 | Moelis & Co., Class A Shares | 134125  |
| 319 | Mr Cooper Group Inc.<sup>\*</sup> | 60141  |
| 2185 | Nasdaq Inc.  | 207007  |
| 1639 | Navient Corp.  | 22471  |
| 372 | Nelnet Inc., Class A Shares | 47843  |
| 1244 | NerdWallet Inc., Class A Shares<sup>\*</sup> | 12863  |
| 669 | OneMain Holdings Inc., Class A Shares | 41384  |
| 207 | Onity Group Inc.<sup>\*</sup> | 8564  |
| 1101 | Oportun Financial Corp.<sup>\*</sup> | 7278  |
| 748 | OppFi Inc.  | 7637  |
| 4206 | Pagseguro Digital Ltd., Class A Shares | 37686  |
| 888 | Paysign Inc.<sup>\*</sup> | 4600  |
| 703 | PennyMac Financial Services Inc.  | 77400  |
| 1427 | Perella Weinberg Partners, Class A Shares | 31579  |
| 435 | Piper Sandler Cos | 145199  |
| 555 | PJT Partners Inc., Class A Shares | 99345  |
| 979 | PRA Group Inc.<sup>\*</sup> | 16731  |
| 3425 | Radian Group Inc.  | 119464  |
| 974 | Raymond James Financial Inc.  | 165035  |
| 287 | Regional Management Corp.  | 12582  |
| 69 | Resolute Holdings Management Inc.<sup>\*</sup> | 4560  |
| 1317 | Rocket Cos., Inc., Class A Shares<sup>(a)</sup> | 23403  |
| 509 | Security National Financial Corp., Class A Shares<sup>\*</sup> | 4581  |

---

See Notes to Financial Statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Diversified Financial Services – (continued)**  | **Diversified Financial Services – (continued)**  | **Diversified Financial Services – (continued)**  |
| 529 | SEI Investments Co.  | $46700  |
| 167 | Silvercrest Asset Management Group Inc., Class A Shares | 2737  |
| 1055 | SLM Corp.  | 33000  |
| 5979 | SoFi Technologies Inc.<sup>\*</sup> | 152704  |
| 1512 | StepStone Group Inc., Class A Shares | 93835  |
| 14910 | Stifel Financial Corp.  | 1718974  |
| 11986 | StoneX Group Inc.<sup>\*</sup> | 1224610  |
| 222 | SWK Holdings Corp.  | 3310  |
| 2028 | Synchrony Financial | 154818  |
| 1170 | T Rowe Price Group Inc.  | 125915  |
| 652 | TPG Inc., Class A Shares | 39348  |
| 600 | Tradeweb Markets Inc., Class A Shares | 74016  |
| 19024 | Upstart Holdings Inc.<sup>\*</sup> | 1394079  |
| 534 | UWM Holdings Corp.  | 3044  |
| 211 | Velocity Financial Inc.<sup>\*</sup> | 4026  |
| 1063 | Victory Capital Holdings Inc., Class A Shares | 75771  |
| 426 | Virtu Financial Inc., Class A Shares | 17858  |
| 176 | Virtus Investment Partners Inc.  | 35452  |
| 28283 | Voya Financial Inc.  | 2123770  |
| 1928 | Western Union Co.  | 16716  |
| 266 | Westwood Holdings Group Inc.  | 4724  |
| 2833 | WisdomTree Inc.  | 38557  |
| 102 | World Acceptance Corp.<sup>\*</sup> | 17486  |
| 2053 | XP Inc., Class A Shares | 37241  |
|  | Total Diversified Financial Services | 20592768  |
| **Equity Real Estate Investment Trusts (REITs) – 4.8%**  | **Equity Real Estate Investment Trusts (REITs) – 4.8%**  | **Equity Real Estate Investment Trusts (REITs) – 4.8%**  |
| 3161 | Acadia Realty Trust | 63252  |
| 222 | ACRES Commercial Realty Corp.<sup>\*</sup> | 4662  |
| 301 | Advanced Flower Capital Inc.  | 1403  |
| 569 | AG Mortgage Investment Trust Inc.  | 4302  |
| 5247 | AGNC Investment Corp.  | 51211  |
| 29740 | Agree Realty Corp.  | 2163288  |
| 1894 | Alexander & Baldwin Inc.  | 36630  |
| 50 | Alexander's Inc.  | 11517  |
| 879 | Alexandria Real Estate Equities Inc.  | 72465  |
| 238 | Alpine Income Property Trust Inc.  | 3634  |
| 1245 | American Assets Trust Inc.  | 26020  |
| 3974 | American Healthcare REIT Inc.  | 170047  |
| 57896 | American Homes 4 Rent, Class A Shares | 2073835  |
| 1702 | Americold Realty Trust Inc.  | 24577  |
| 290 | Angel Oak Mortgage REIT Inc.  | 2859  |
| 3057 | Annaly Capital Management Inc.  | 64778  |

---

See Notes to Financial Statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  |
| 3683 | Apartment Investment & Management Co., Class A Shares | $28838  |
| 3700 | Apollo Commercial Real Estate Finance Inc.  | 39183  |
| 5373 | Apple Hospitality REIT Inc.  | 70171  |
| 4891 | Arbor Realty Trust Inc.  | 58399  |
| 1981 | Ares Commercial Real Estate Corp.  | 9350  |
| 2285 | Armada Hoffler Properties Inc.  | 16635  |
| 2500 | ARMOUR Residential REIT Inc.  | 38275  |
| 758 | AvalonBay Communities Inc.  | 148454  |
| 3915 | Blackstone Mortgage Trust Inc., Class A Shares | 76577  |
| 1207 | Braemar Hotels & Resorts Inc.  | 3331  |
| 4307 | Brandywine Realty Trust | 18348  |
| 3263 | BrightSpire Capital Inc., Class A Shares | 18925  |
| 1542 | Brixmor Property Group Inc.  | 43161  |
| 4564 | Broadstone Net Lease Inc., Class A Shares | 84845  |
| 219 | BRT Apartments Corp.  | 3504  |
| 878 | BXP Inc.  | 63664  |
| 550 | Camden Property Trust | 61589  |
| 5168 | CareTrust REIT Inc.  | 177831  |
| 590 | CBL & Associates Properties Inc.  | 18791  |
| 474 | Centerspace | 28203  |
| 1602 | Chatham Lodging Trust | 12223  |
| 82031 | Chimera Investment Corp.  | 1162379  |
| 884 | City Office REIT Inc.  | 6126  |
| 3235 | Claros Mortgage Trust Inc.  | 11969  |
| 642 | Community Healthcare Trust Inc.  | 9893  |
| 57060 | COPT Defense Properties | 1642187  |
| 1001 | Cousins Properties Inc.  | 29519  |
| 23290 | Crown Castle Inc.  | 2308971  |
| 41870 | CTO Realty Growth Inc.  | 723514  |
| 1153 | CubeSmart | 47181  |
| 2509 | Curbline Properties Corp.  | 56528  |
| 5531 | DiamondRock Hospitality Co.  | 47345  |
| 1778 | Digital Realty Trust Inc.  | 298064  |
| 5365 | Diversified Healthcare Trust | 20441  |
| 3882 | Douglas Emmett Inc.  | 62927  |
| 2476 | Dynex Capital Inc.  | 31247  |
| 1009 | Easterly Government Properties Inc., Class A Shares | 23096  |
| 14291 | EastGroup Properties Inc.  | 2423182  |
| 2514 | Ellington Financial Inc.  | 34291  |
| 2299 | Elme Communities | 39267  |
| 3495 | Empire State Realty Trust Inc., Class A Shares | 26737  |
| 431 | EPR Properties | 23382  |

---

See Notes to Financial Statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  |
| 3000 | Equinix Inc.  | $2358570  |
| 970 | Equity LifeStyle Properties Inc.  | 58481  |
| 1959 | Equity Residential | 129529  |
| 4960 | Essential Properties Realty Trust Inc.  | 155347  |
| 328 | Essex Property Trust Inc.  | 88629  |
| 1117 | Extra Space Storage Inc.  | 160379  |
| 1048 | Farmland Partners Inc.  | 11549  |
| 469 | Federal Realty Investment Trust | 47158  |
| 642 | First Industrial Realty Trust Inc.  | 33769  |
| 2395 | Four Corners Property Trust Inc.  | 62007  |
| 2113 | Franklin BSP Realty Trust Inc.  | 24405  |
| 1845 | Franklin Street Properties Corp.  | 3063  |
| 475 | FrontView REIT Inc.  | 6351  |
| 1461 | Gaming & Leisure Properties Inc.  | 70143  |
| 1294 | Getty Realty Corp.  | 36995  |
| 1339 | Gladstone Commercial Corp.  | 18010  |
| 760 | Gladstone Land Corp.  | 6992  |
| 1435 | Global Medical REIT Inc.  | 10762  |
| 5254 | Global Net Lease Inc.  | 41349  |
| 1930 | Healthcare Realty Trust Inc., Class A Shares | 33543  |
| 3550 | Healthpeak Properties Inc.  | 63687  |
| 602 | Highwoods Properties Inc.  | 18981  |
| 3502 | Host Hotels & Resorts Inc.  | 60269  |
| 8439 | Hudson Pacific Properties Inc.<sup>\*</sup> | 23714  |
| 5618 | Independence Realty Trust Inc.  | 101742  |
| 1352 | Industrial Logistics Properties Trust | 8328  |
| 657 | Innovative Industrial Properties Inc., Class A Shares | 37226  |
| 1863 | InvenTrust Properties Corp.  | 55461  |
| 1624 | Invesco Mortgage Capital Inc.  | 12700  |
| 3157 | Invitation Homes Inc.  | 98782  |
| 1563 | Iron Mountain Inc.  | 144312  |
| 1733 | JBG SMITH Properties | 37155  |
| 687 | Kilroy Realty Corp.  | 28572  |
| 3430 | Kimco Realty Corp.  | 77141  |
| 5348 | Kite Realty Group Trust | 122041  |
| 1468 | KKR Real Estate Finance Trust Inc.  | 14137  |
| 2949 | Ladder Capital Corp., Class A Shares | 34267  |
| 487 | Lamar Advertising Co., Class A Shares | 61971  |
| 362 | Lineage Inc.  | 15171  |
| 1227 | LTC Properties Inc.  | 44785  |
| 1707 | Lument Finance Trust Inc.  | 3824  |
| 6981 | LXP Industrial Trust | 63387  |

---

See Notes to Financial Statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  |
| 6137 | Macerich Co.  | $112921  |
| 3362 | Medical Properties Trust Inc.  | 15129  |
| 2656 | MFA Financial Inc.  | 27091  |
| 16899 | Mid-America Apartment Communities Inc.  | 2464212  |
| 581 | Millrose Properties Inc.  | 20515  |
| 318 | Modiv Industrial Inc., Class C Shares | 4824  |
| 1113 | National Health Investors Inc.  | 87137  |
| 45554 | National Storage Affiliates Trust | 1468205  |
| 354 | NET Lease Office Properties | 10485  |
| 1937 | NETSTREIT Corp.  | 35428  |
| 2177 | New York Mortgage Trust Inc.  | 15718  |
| 196 | Nexpoint Real Estate Finance Inc.  | 2940  |
| 580 | NexPoint Residential Trust Inc.  | 20016  |
| 948 | NNN REIT Inc.  | 40679  |
| 1465 | Omega Healthcare Investors Inc.  | 62365  |
| 364 | One Liberty Properties Inc.  | 8696  |
| 2365 | Orchid Island Capital Inc.  | 16697  |
| 3332 | Outfront Media Inc.  | 62242  |
| 4701 | Paramount Group Inc.<sup>\*</sup> | 33847  |
| 1181 | Park Hotels & Resorts Inc.  | 13889  |
| 828 | Peakstone Realty Trust | 10532  |
| 3115 | Pebblebrook Hotel Trust | 34701  |
| 2247 | PennyMac Mortgage Investment Trust | 27661  |
| 3054 | Phillips Edison & Co., Inc.  | 107470  |
| 3200 | Piedmont Realty Trust Inc., Class A Shares | 27104  |
| 973 | Plymouth Industrial REIT Inc.  | 21406  |
| 814 | Postal Realty Trust Inc., Class A Shares | 12894  |
| 1885 | PotlatchDeltic Corp.  | 79227  |
| 912 | Rayonier Inc.  | 23967  |
| 4168 | Ready Capital Corp.  | 17756  |
| 4712 | Realty Income Corp.  | 276877  |
| 3370 | Redwood Trust Inc.  | 20624  |
| 926 | Regency Centers Corp.  | 67135  |
| 1301 | Rexford Industrial Realty Inc.  | 53874  |
| 3036 | Rithm Capital Corp.  | 37586  |
| 1505 | Rithm Property Trust Inc.  | 3868  |
| 3966 | RLJ Lodging Trust | 30538  |
| 1469 | Ryman Hospitality Properties Inc.  | 145122  |
| 5748 | Sabra Health Care REIT Inc.  | 109844  |
| 1335 | Safehold Inc.  | 21974  |
| 315 | Saul Centers Inc.  | 10764  |
| 556 | SBA Communications Corp., Class A Shares | 113897  |

---

See Notes to Financial Statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  | **Equity Real Estate Investment Trusts (REITs) – (continued)**  |
| 3830 | Service Properties Trust | $10341  |
| 590 | Seven Hills Realty Trust | 6384  |
| 1307 | Sila Realty Trust Inc.  | 32597  |
| 1709 | Simon Property Group Inc.  | 308748  |
| 1157 | SITE Centers Corp.  | 14208  |
| 1738 | SL Green Realty Corp.  | 98875  |
| 800 | Smartstop Self Storage REIT Inc.  | 29112  |
| 51500 | STAG Industrial Inc.  | 1897775  |
| 84822 | Starwood Property Trust Inc.  | 1719342  |
| 354 | Strawberry Fields REIT Inc.  | 4128  |
| 2608 | Summit Hotel Properties Inc.  | 14292  |
| 650 | Sun Communities Inc.  | 82465  |
| 400 | Sunrise Realty Trust Inc.  | 4424  |
| 4571 | Sunstone Hotel Investors Inc.  | 43333  |
| 2694 | Tanger Inc.  | 92081  |
| 2554 | Terreno Realty Corp.  | 147545  |
| 1453 | TPG RE Finance Trust Inc.  | 13586  |
| 2688 | Two Harbors Investment Corp.  | 26880  |
| 1695 | UDR Inc.  | 67071  |
| 2039 | UMH Properties Inc.  | 31992  |
| 307 | Universal Health Realty Income Trust | 12461  |
| 3045 | Urban Edge Properties | 63001  |
| 37724 | Ventas Inc.  | 2568250  |
| 2039 | Veris Residential Inc.  | 32073  |
| 5597 | VICI Properties Inc., Class A Shares | 189067  |
| 888 | Vornado Realty Trust | 33771  |
| 3737 | Weyerhaeuser Co.  | 96676  |
| 1220 | Whitestone REIT, Class B Shares | 16055  |
| 1112 | WP Carey Inc.  | 74615  |
| 2660 | Xenia Hotels & Resorts Inc.  | 37586  |
|  | Total Equity Real Estate Investment Trusts (REITs) | 32854298  |
| **Insurance – 2.4%**  | **Insurance – 2.4%**  | **Insurance – 2.4%**  |
| 1392 | Allstate Corp.  | 283202  |
| 1080 | Ambac Financial Group Inc.<sup>\*</sup> | 9752  |
| 525 | American Coastal Insurance Corp.  | 5801  |
| 335 | American Financial Group Inc.  | 45513  |
| 489 | AMERISAFE Inc.  | 22582  |
| 1935 | Arch Capital Group Ltd.  | 177111  |
| 7200 | Arthur J Gallagher & Co.  | 2179800  |
| 258 | Assurant Inc.  | 55627  |
| 229 | Assured Guaranty Ltd.  | 18824  |
| 12526 | Ategrity Specialty Holdings LLC<sup>\*</sup> | 283589  |

---

See Notes to Financial Statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Insurance – (continued)**  | **Insurance – (continued)**  | **Insurance – (continued)**  |
| 384 | Axis Capital Holdings Ltd.  | $37855  |
| 1689 | Baldwin Insurance Group Inc., Class A Shares<sup>\*</sup> | 53491  |
| 435 | Bowhead Specialty Holdings Inc.<sup>\*</sup> | 13511  |
| 352 | Brighthouse Financial Inc.<sup>\*</sup> | 16636  |
| 1469 | Brown & Brown Inc.  | 142420  |
| 824 | Cincinnati Financial Corp.  | 126566  |
| 1628 | Citizens Inc., Class A Shares<sup>\*</sup> | 8612  |
| 113 | CNA Financial Corp.  | 5599  |
| 2394 | CNO Financial Group Inc.  | 94491  |
| 1465 | Corebridge Financial Inc.  | 50938  |
| 327 | Crawford & Co., Class A Shares | 3545  |
| 483 | Donegal Group Inc., Class A Shares | 8641  |
| 1016 | eHealth Inc.<sup>\*</sup> | 3932  |
| 640 | Employers Holdings Inc.  | 27686  |
| 1575 | Equitable Holdings Inc.  | 83884  |
| 2485 | Essent Group Ltd.  | 155909  |
| 216 | Everest Group Ltd.  | 73846  |
| 468 | F&G Annuities & Life Inc.  | 16179  |
| 1693 | Fidelis Insurance Holdings Ltd.  | 29594  |
| 1336 | Fidelity National Financial Inc.  | 79986  |
| 22078 | First American Financial Corp.  | 1457148  |
| 9916 | Genworth Financial Inc., Class A Shares<sup>\*</sup> | 84980  |
| 462 | Globe Life Inc.  | 64657  |
| 298 | GoHealth Inc., Class A Shares<sup>\*</sup> | 1523  |
| 571 | Goosehead Insurance Inc., Class A Shares | 48369  |
| 622 | Greenlight Capital Re Ltd., Class A Shares<sup>\*</sup> | 8018  |
| 1209 | Hamilton Insurance Group Ltd., Class B Shares<sup>\*</sup> | 28823  |
| 10772 | Hanover Insurance Group Inc.  | 1868727  |
| 16504 | Hartford Insurance Group Inc.  | 2183644  |
| 4187 | HCI Group Inc.  | 698015  |
| 553 | Heritage Insurance Holdings Inc.<sup>\*</sup> | 12592  |
| 470 | Hippo Holdings Inc.<sup>\*</sup> | 15891  |
| 1075 | Horace Mann Educators Corp.  | 49428  |
| 31 | Investors Title Co.  | 7696  |
| 1789 | Jackson Financial Inc., Class A Shares | 176753  |
| 1462 | James River Group Holdings Ltd.  | 8216  |
| 352 | Kemper Corp.  | 18885  |
| 79 | Kestrel Group Ltd.<sup>\*</sup> | 2129  |
| 388 | Kingstone Cos., Inc.  | 5222  |
| 301 | Kingsway Financial Services Inc.<sup>\*</sup> | 4319  |
| 113 | Kinsale Capital Group Inc.  | 51692  |
| 1332 | Lemonade Inc.<sup>\*</sup> | 70463  |

---

See Notes to Financial Statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Insurance – (continued)**  | **Insurance – (continued)**  | **Insurance – (continued)**  |
| 853 | Lincoln National Corp.  | $36619  |
| 879 | Loews Corp.  | 85087  |
| 66 | Markel Group Inc.<sup>\*</sup> | 129298  |
| 900 | MBIA Inc.<sup>\*</sup> | 7164  |
| 704 | Mercury General Corp.  | 54440  |
| 66206 | MGIC Investment Corp.  | 1842513  |
| 211 | NI Holdings Inc.<sup>\*</sup> | 2825  |
| 30474 | NMI Holdings Inc., Class A Shares<sup>\*</sup> | 1199152  |
| 1291 | Old Republic International Corp.  | 51601  |
| 637 | Palomar Holdings Inc.<sup>\*</sup> | 78364  |
| 185 | Primerica Inc.  | 49828  |
| 1144 | Principal Financial Group Inc.  | 92103  |
| 1283 | ProAssurance Corp.<sup>\*</sup> | 30548  |
| 1879 | Prudential Financial Inc.  | 206051  |
| 338 | Reinsurance Group of America Inc.  | 65839  |
| 244 | RenaissanceRe Holdings Ltd.  | 59290  |
| 410 | RLI Corp.  | 27769  |
| 250 | Root Inc., Class A Shares<sup>\*</sup> | 23055  |
| 530 | Ryan Specialty Holdings Inc., Class A Shares | 29961  |
| 379 | Safety Insurance Group Inc.  | 28050  |
| 1502 | Selective Insurance Group Inc.  | 117501  |
| 3276 | Selectquote Inc.<sup>\*</sup> | 7404  |
| 2562 | SiriusPoint Ltd.<sup>\*</sup> | 47961  |
| 8679 | Skyward Specialty Insurance Group Inc.<sup>\*</sup> | 419196  |
| 712 | Stewart Information Services Corp.  | 51862  |
| 592 | Tiptree Inc.  | 13882  |
| 884 | Trupanion Inc.<sup>\*</sup> | 40982  |
| 1618 | TWFG Inc., Class A Shares<sup>\*</sup> | 42788  |
| 567 | United Fire Group Inc.  | 17430  |
| 674 | Universal Insurance Holdings Inc.  | 16439  |
| 888 | Unum Group | 62036  |
| 15 | White Mountains Insurance Group Ltd.  | 27453  |
| 528 | Willis Towers Watson PLC | 172545  |
| 1569 | WR Berkley Corp.  | 112482  |
|  | Total Insurance | 16231830  |
| **Investment Companies – 0.8%**  | **Investment Companies – 0.8%**  | **Investment Companies – 0.8%**  |
| 5468 | Bit Digital Inc.<sup>\*</sup> | 14053  |
| 2546 | Bitdeer Technologies Group, Class A Shares<sup>\*</sup> | 36382  |
| 1453 | Cannae Holdings Inc.  | 27171  |
| 51257 | Cipher Mining Inc.<sup>\*</sup> | 391603  |
| 6675 | Cleanspark Inc.<sup>\*</sup> | 63212  |
| 135506 | Core Scientific Inc.\*<sup>(a)</sup> | 1944511  |

---

See Notes to Financial Statements.

63<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Investment Companies – (continued)**  | **Investment Companies – (continued)**  | **Investment Companies – (continued)**  |
| 2422 | FTAI Infrastructure Inc.  | $11626  |
| 2947 | HA Sustainable Infrastructure Capital Inc., REIT | 83223  |
| 17590 | Hut 8 Corp.<sup>\*</sup> | 470181  |
| 8620 | MARA Holdings Inc.<sup>\*</sup> | 137748  |
| 919 | NewtekOne Inc.  | 11368  |
| 8271 | Riot Platforms Inc.<sup>\*</sup> | 113809  |
| 195111 | Terawulf Inc.<sup>\*</sup> | 1843799  |
|  | Total Investment Companies | 5148686  |
| **Private Equity – 0.0%**  | **Private Equity – 0.0%**  | **Private Equity – 0.0%**  |
| 1342 | Carlyle Group Inc.  | 86639  |
| 367 | Chicago Atlantic Real Estate Finance Inc., REIT | 5226  |
| 1605 | P10 Inc., Class A Shares | 19806  |
| 1705 | Patria Investments Ltd., Class A Shares | 23086  |
|  | Total Private Equity | 134757  |
| **Real Estate – 0.8%**  | **Real Estate – 0.8%**  | **Real Estate – 0.8%**  |
| 2212 | Anywhere Real Estate Inc.<sup>\*</sup> | 13515  |
| 1574 | CBRE Group Inc., Class A Shares<sup>\*</sup> | 255177  |
| 11440 | Compass Inc., Class A Shares<sup>\*</sup> | 103875  |
| 11046 | CoStar Group Inc.<sup>\*</sup> | 988506  |
| 5823 | Cushman & Wakefield PLC<sup>\*</sup> | 91829  |
| 2537 | Douglas Elliman Inc.<sup>\*</sup> | 6901  |
| 2112 | eXp World Holdings Inc.  | 22873  |
| 306 | FRP Holdings Inc.<sup>\*</sup> | 7864  |
| 173 | Howard Hughes Holdings Inc.<sup>\*</sup> | 13195  |
| 241 | Jones Lang LaSalle Inc.<sup>\*</sup> | 73642  |
| 2946 | Kennedy-Wilson Holdings Inc.  | 25925  |
| 241 | Legacy Housing Corp.<sup>\*</sup> | 6735  |
| 598 | Marcus & Millichap Inc.  | 19489  |
| 190 | Maui Land & Pineapple Co., Inc.<sup>\*</sup> | 3302  |
| 590 | McGrath RentCorp | 71679  |
| 204284 | Newmark Group Inc., Class A Shares | 3720012  |
| 638 | RE/MAX Holdings Inc., Class A Shares<sup>\*</sup> | 6010  |
| 2345 | Real Brokerage Inc.<sup>\*</sup> | 12616  |
| 595 | RMR Group Inc., Class A Shares | 10044  |
| 242 | Seaport Entertainment Group Inc.<sup>\*</sup> | 6040  |
| 593 | Sky Harbour Group Corp., Class A Shares<sup>\*</sup> | 6250  |
| 949 | St Joe Co.  | 47886  |
| 128 | Stratus Properties Inc.<sup>\*</sup> | 2491  |
|  | Total Real Estate | 5515856  |
| **Savings & Loans – 0.1%**  | **Savings & Loans – 0.1%**  | **Savings & Loans – 0.1%**  |
| 1306 | Axos Financial Inc.<sup>\*</sup> | 119120  |
| 3671 | Banc of California Inc.  | 62113  |

---

See Notes to Financial Statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Savings & Loans – (continued)**  | **Savings & Loans – (continued)**  | **Savings & Loans – (continued)**  |
| 382 | BankFinancial Corp.  | $4729  |
| 1110 | Berkshire Hills Bancorp Inc.  | 29004  |
| 2262 | Brookline Bancorp Inc.  | 24769  |
| 294 | BV Financial Inc.<sup>\*</sup> | 4933  |
| 3137 | Capitol Federal Financial Inc.  | 20328  |
| 94 | CF Bankshares Inc.  | 2312  |
| 323 | Citizens Community Bancorp Inc.  | 5339  |
| 255 | Eagle Bancorp Montana Inc.  | 4470  |
| 84 | Finward Bancorp | 2688  |
| 109 | First Capital Inc.  | 4480  |
| 185 | First Savings Financial Group Inc.  | 5073  |
| 7318 | Flagstar Financial Inc.  | 93817  |
| 987 | Flushing Financial Corp.  | 13581  |
| 236 | FS Bancorp Inc.  | 10080  |
| 248 | Greene County Bancorp Inc.  | 5949  |
| 36 | Hingham Institution For Savings The | 10229  |
| 156 | Home Bancorp Inc.  | 8777  |
| 350 | HomeTrust Bancshares Inc.  | 14476  |
| 882 | Northfield Bancorp Inc.  | 10452  |
| 3592 | Northwest Bancshares Inc.  | 45439  |
| 1479 | OceanFirst Financial Corp.  | 27199  |
| 1777 | Pacific Premier Bancorp Inc.  | 43519  |
| 3333 | Provident Financial Services Inc.  | 66127  |
| 725 | Riverview Bancorp Inc.  | 3668  |
| 80 | Sound Financial Bancorp Inc.  | 3782  |
| 233 | Southern Missouri Bancorp Inc.  | 13406  |
| 210 | TFS Financial Corp.  | 2953  |
| 153 | Timberland Bancorp Inc.  | 5118  |
| 1927 | WaFd Inc.  | 60604  |
| 338 | Waterstone Financial Inc.  | 5067  |
| 1397 | WSFS Financial Corp.  | 81431  |
|  | Total Savings & Loans | 815032  |
|  | **TOTAL FINANCIAL** | **127126577**  |
| **GOVERNMENT – 0.0%**  | **GOVERNMENT – 0.0%**  | **GOVERNMENT – 0.0%**  |
| **Multi-National – 0.0%**  | **Multi-National – 0.0%**  | **Multi-National – 0.0%**  |
| 696 | Banco Latinoamericano de Comercio Exterior SA, Class E Shares | 32106  |
| **INDUSTRIAL – 19.7%**  | **INDUSTRIAL – 19.7%**  | **INDUSTRIAL – 19.7%**  |
| **Aerospace/Defense – 3.3%**  | **Aerospace/Defense – 3.3%**  | **Aerospace/Defense – 3.3%**  |
| 904 | AAR Corp.<sup>\*</sup> | 68397  |
| 8224 | AeroVironment Inc.<sup>\*</sup> | 1984862  |
| 1374 | AerSale Corp.<sup>\*</sup> | 11858  |
| 5525 | AIRO Group Holdings Inc.<sup>\*</sup> | 130114  |

---

See Notes to Financial Statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Aerospace/Defense – (continued)**  | **Aerospace/Defense – (continued)**  | **Aerospace/Defense – (continued)**  |
| 45398 | Amprius Technologies Inc.<sup>\*</sup> | $321872  |
| 13543 | Archer Aviation Inc., Class A Shares<sup>\*</sup> | 121210  |
| 9290 | Astronics Corp.<sup>\*</sup> | 337877  |
| 715 | ATI Inc.<sup>\*</sup> | 55441  |
| 5641 | Curtiss-Wright Corp.  | 2697244  |
| 343 | Ducommun Inc.<sup>\*</sup> | 31288  |
| 1635 | Eve Holding Inc.<sup>\*</sup> | 6425  |
| 10538 | Firefly Aerospace Inc.<sup>\*</sup> | 478109  |
| 13819 | FTAI Aviation Ltd.  | 2126053  |
| 5500 | General Dynamics Corp.  | 1785135  |
| 218 | HEICO Corp.  | 68020  |
| 387 | HEICO Corp., Class A Shares | 94819  |
| 63816 | Hexcel Corp.  | 4029980  |
| 2108 | Howmet Aerospace Inc.  | 367003  |
| 2558 | Intuitive Machines Inc., Class A Shares<sup>\*</sup> | 22434  |
| 44224 | Joby Aviation Inc.<sup>\*</sup> | 625770  |
| 21653 | Karman Holdings Inc.<sup>\*</sup> | 1156487  |
| 13152 | Kratos Defense & Security Solutions Inc.<sup>\*</sup> | 865928  |
| 985 | L3Harris Technologies Inc.  | 273456  |
| 23531 | Leonardo DRS Inc.  | 980301  |
| 252 | Loar Holdings Inc.<sup>\*</sup> | 17806  |
| 8498 | Mercury Systems Inc.<sup>\*</sup> | 574040  |
| 703 | Moog Inc., Class A Shares | 137683  |
| 122 | National Presto Industries Inc.  | 12788  |
| 45279 | Red Cat Holdings Inc.\*<sup>(a)</sup> | 404794  |
| 990 | Redwire Corp.<sup>\*</sup> | 8821  |
| 45083 | Rocket Lab Corp.<sup>\*</sup> | 2191034  |
| 665 | Spirit AeroSystems Holdings Inc., Class A Shares<sup>\*</sup> | 27657  |
| 773 | StandardAero Inc.<sup>\*</sup> | 20477  |
| 9217 | TAT Technologies Ltd.<sup>\*</sup> | 335960  |
| 8467 | Voyager Technologies Inc., Class A Shares<sup>\*</sup> | 259852  |
|  | Total Aerospace/Defense | 22630995  |
| **Building Materials – 1.4%**  | **Building Materials – 1.4%**  | **Building Materials – 1.4%**  |
| 334 | AAON Inc.  | 27705  |
| 762 | AirJoule Technologies Corp.<sup>\*</sup> | 3505  |
| 406 | American Woodmark Corp.<sup>\*</sup> | 26216  |
| 573 | Apogee Enterprises Inc.  | 25198  |
| 7038 | Armstrong World Industries Inc.  | 1377829  |
| 1498 | Aspen Aerogels Inc.<sup>\*</sup> | 10246  |
| 919 | Boise Cascade Co.  | 79953  |
| 573 | Builders FirstSource Inc.<sup>\*</sup> | 79464  |
| 166 | Eagle Materials Inc.  | 38330  |

---

See Notes to Financial Statements.

66<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Building Materials – (continued)**  | **Building Materials – (continued)**  | **Building Materials – (continued)**  |
| 608 | Fortune Brands Innovations Inc.  | $35580  |
| 709 | Gibraltar Industries Inc.<sup>\*</sup> | 44376  |
| 943 | Griffon Corp.  | 71819  |
| 1241 | Hayward Holdings Inc.<sup>\*</sup> | 19955  |
| 885 | James Hardie Industries PLC<sup>\*</sup> | 17815  |
| 2225 | JELD-WEN Holding Inc.<sup>\*</sup> | 14218  |
| 1432 | Knife River Corp.<sup>\*</sup> | 115992  |
| 169 | Lennox International Inc.  | 94278  |
| 315 | Louisiana-Pacific Corp.  | 29960  |
| 683 | LSI Industries Inc.  | 15661  |
| 318 | Martin Marietta Materials Inc.  | 196015  |
| 1083 | Masco Corp.  | 79481  |
| 3352 | Masterbrand Inc.<sup>\*</sup> | 42604  |
| 12201 | Modine Manufacturing Co.<sup>\*</sup> | 1660922  |
| 256 | Mohawk Industries Inc.<sup>\*</sup> | 33969  |
| 226 | NWPX Infrastructure Inc.<sup>\*</sup> | 11969  |
| 14435 | Owens Corning | 2167704  |
| 211 | Simpson Manufacturing Co., Inc.  | 40326  |
| 30 | Smith-Midland Corp.<sup>\*</sup> | 1295  |
| 1192 | SPX Technologies Inc.<sup>\*</sup> | 223035  |
| 579 | Tecnoglass Inc.  | 42024  |
| 762 | Titan America SA<sup>\*</sup> | 11819  |
| 535 | Trex Co., Inc.<sup>\*</sup> | 32972  |
| 1508 | UFP Industries Inc.  | 152263  |
| 8501 | Vulcan Materials Co.  | 2475151  |
|  | Total Building Materials | 9299649  |
| **Electrical Components & Equipment – 0.7%**  | **Electrical Components & Equipment – 0.7%**  | **Electrical Components & Equipment – 0.7%**  |
| 157 | Acuity Inc.  | 51256  |
| 24371 | American Superconductor Corp.<sup>\*</sup> | 1216113  |
| 1217 | AMETEK Inc.  | 224902  |
| 10359 | Belden Inc.  | 1348742  |
| 1561 | Energizer Holdings Inc.  | 43021  |
| 947 | EnerSys | 97210  |
| 5215 | Generac Holdings Inc.<sup>\*</sup> | 966079  |
| 277 | Graham Corp.<sup>\*</sup> | 13587  |
| 446 | Insteel Industries Inc.  | 17118  |
| 145 | Littelfuse Inc.  | 37675  |
| 1323 | nLight Inc.<sup>\*</sup> | 38102  |
| 874 | Novanta Inc.<sup>\*</sup> | 101742  |
| 2469 | Powell Industries Inc.  | 657149  |
| 221 | Universal Display Corp.  | 30628  |
|  | Total Electrical Components & Equipment | 4843324  |

---

See Notes to Financial Statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Electronics – 2.7%**  | **Electronics – 2.7%**  | **Electronics – 2.7%**  |
| 943 | Advanced Energy Industries Inc.  | $141148  |
| 441 | Allegion PLC | 74882  |
| 318 | Allient Inc.  | 14431  |
| 13579 | Applied Optoelectronics Inc.<sup>\*</sup> | 328612  |
| 260 | Arrow Electronics Inc.<sup>\*</sup> | 32846  |
| 825 | Atkore Inc.  | 48007  |
| 2009 | Atmus Filtration Technologies Inc.  | 89441  |
| 425 | Avnet Inc.  | 23192  |
| 737 | Badger Meter Inc.  | 134812  |
| 84 | Bel Fuse Inc., Class A Shares | 9612  |
| 261 | Bel Fuse Inc., Class B Shares | 35120  |
| 934 | Benchmark Electronics Inc.  | 37911  |
| 7152 | Celestica Inc.<sup>\*</sup> | 1392852  |
| 9779 | Coherent Corp.<sup>\*</sup> | 884706  |
| 786 | CTS Corp.  | 33397  |
| 30097 | Enovix Corp.\*<sup>(a)</sup> | 289533  |
| 651 | ESCO Technologies Inc.  | 130792  |
| 113121 | Evolv Technologies Holdings Inc.<sup>\*</sup> | 932117  |
| 1965 | Flex Ltd.<sup>\*</sup> | 105363  |
| 1749 | Fortive Corp.  | 83707  |
| 864 | Garmin Ltd.  | 208932  |
| 4682 | Hubbell Inc., Class B Shares | 2017895  |
| 171 | Ingram Micro Holding Corp.  | 3346  |
| 1134 | Itron Inc.<sup>\*</sup> | 139414  |
| 13111 | Jabil Inc.  | 2685526  |
| 917 | Keysight Technologies Inc.<sup>\*</sup> | 149865  |
| 569 | Kimball Electronics Inc.<sup>\*</sup> | 16427  |
| 2273 | Knowles Corp.<sup>\*</sup> | 48529  |
| 4883 | Kopin Corp.<sup>\*</sup> | 10254  |
| 1149 | KULR Technology Group Inc.<sup>\*</sup> | 5400  |
| 126 | Mesa Laboratories Inc.  | 8537  |
| 108 | Mettler-Toledo International Inc.<sup>\*</sup> | 140512  |
| 6353 | MicroVision Inc.<sup>\*</sup> | 7306  |
| 5077 | Mirion Technologies Inc., Class A Shares<sup>\*</sup> | 104079  |
| 60 | M-Tron Industries Inc.<sup>\*</sup> | 2699  |
| 916 | Napco Security Technologies Inc.  | 34854  |
| 344 | Neonode Inc.\*<sup>(a)</sup> | 8239  |
| 107 | NVE Corp.  | 6910  |
| 8819 | nVent Electric PLC | 797149  |
| 387 | OSI Systems Inc.<sup>\*</sup> | 89029  |
| 648 | Plexus Corp.<sup>\*</sup> | 88783  |
| 655 | Ralliant Corp.<sup>\*</sup> | 27386  |

---

See Notes to Financial Statements.

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Electronics – (continued)**  | **Electronics – (continued)**  | **Electronics – (continued)**  |
| 1307 | Sanmina Corp.<sup>\*</sup> | $153599  |
| 883 | Sensata Technologies Holding PLC | 28733  |
| 7257 | Standard BioTools Inc.<sup>\*</sup> | 9144  |
| 15202 | TD SYNNEX Corp.  | 2250960  |
| 8700 | TE Connectivity PLC | 1796550  |
| 1228 | Trimble Inc.<sup>\*</sup> | 99247  |
| 2433 | TTM Technologies Inc.<sup>\*</sup> | 108439  |
| 358 | Turtle Beach Corp.<sup>\*</sup> | 5664  |
| 586 | Vicor Corp.<sup>\*</sup> | 29950  |
| 2885 | Vishay Intertechnology Inc.  | 44602  |
| 48839 | Vontier Corp.  | 2095682  |
| 304 | Woodward Inc.  | 75033  |
|  | Total Electronics | 18121155  |
| **Engineering & Construction – 1.9%**  | **Engineering & Construction – 1.9%**  | **Engineering & Construction – 1.9%**  |
| 502 | 908 Devices Inc.<sup>\*</sup> | 3138  |
| 680 | AECOM | 84925  |
| 1217 | Arcosa Inc.  | 120422  |
| 408 | Bowman Consulting Group Ltd.<sup>\*</sup> | 17434  |
| 795 | Centuri Holdings Inc.<sup>\*</sup> | 16886  |
| 3459 | Comfort Systems USA Inc.  | 2432991  |
| 473 | Concrete Pumping Holdings Inc.  | 3292  |
| 10280 | Construction Partners Inc., Class A Shares<sup>\*</sup> | 1232572  |
| 696 | Dycom Industries Inc.<sup>\*</sup> | 175719  |
| 3633 | EMCOR Group Inc.  | 2252460  |
| 413 | Energy Services of America Corp.  | 4209  |
| 277 | Everus Construction Group Inc.<sup>\*</sup> | 21728  |
| 1227 | Exponent Inc.  | 87583  |
| 4141 | Fluor Corp.<sup>\*</sup> | 169864  |
| 1799 | Frontdoor Inc.<sup>\*</sup> | 109289  |
| 1097 | Granite Construction Inc.  | 118202  |
| 1661 | Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 19367  |
| 217 | IES Holdings Inc.<sup>\*</sup> | 75800  |
| 625 | Jacobs Solutions Inc.  | 91394  |
| 71061 | Latham Group Inc.<sup>\*</sup> | 570620  |
| 5359 | Limbach Holdings Inc.<sup>\*</sup> | 613927  |
| 317 | MasTec Inc.<sup>\*</sup> | 57596  |
| 904 | Mistras Group Inc.<sup>\*</sup> | 8642  |
| 2435 | MYR Group Inc.<sup>\*</sup> | 456003  |
| 1271 | Orion Group Holdings Inc.<sup>\*</sup> | 9405  |
| 1337 | Primoris Services Corp.  | 158501  |
| 8126 | Sterling Infrastructure Inc.<sup>\*</sup> | 2263335  |
| 4016 | TopBuild Corp.<sup>\*</sup> | 1689772  |

---

See Notes to Financial Statements.

69<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Engineering & Construction – (continued)**  | **Engineering & Construction – (continued)**  | **Engineering & Construction – (continued)**  |
| 542 | TSS Inc.<sup>\*</sup> | $7547  |
| 1117 | Tutor Perini Corp.<sup>\*</sup> | 65836  |
| 3734 | Uniti Group Inc.<sup>\*</sup> | 23524  |
|  | Total Engineering & Construction | 12961983  |
| **Environmental Control – 0.7%**  | **Environmental Control – 0.7%**  | **Environmental Control – 0.7%**  |
| 1171 | Arq Inc.<sup>\*</sup> | 9040  |
| 1562 | Casella Waste Systems Inc., Class A Shares<sup>\*</sup> | 153951  |
| 17743 | CECO Environmental Corp.<sup>\*</sup> | 808903  |
| 9058 | Clean Harbors Inc.<sup>\*</sup> | 2193938  |
| 1458 | Energy Recovery Inc.<sup>\*</sup> | 20718  |
| 86726 | Enviri Corp.<sup>\*</sup> | 980004  |
| 807 | Montrose Environmental Group Inc.<sup>\*</sup> | 25066  |
| 842 | Pentair PLC | 90540  |
| 624 | Perma-Fix Environmental Services Inc.<sup>\*</sup> | 7419  |
| 711 | Pure Cycle Corp.<sup>\*</sup> | 7181  |
| 3229 | PureCycle Technologies Inc.<sup>\*</sup> | 46143  |
| 1360 | Tetra Tech Inc.  | 49531  |
| 1274 | Veralto Corp.  | 135286  |
|  | Total Environmental Control | 4527720  |
| **Hand/Machine Tools – 0.4%**  | **Hand/Machine Tools – 0.4%**  | **Hand/Machine Tools – 0.4%**  |
| 664 | Cadre Holdings Inc.  | 20458  |
| 29300 | Enerpac Tool Group Corp., Class A Shares | 1240562  |
| 963 | Franklin Electric Co., Inc.  | 94239  |
| 1838 | Kennametal Inc.  | 39388  |
| 3516 | Lincoln Electric Holdings Inc.  | 853087  |
| 606 | Luxfer Holdings PLC, ADR | 8133  |
| 186 | MSA Safety Inc.  | 31732  |
| 264 | Snap-on Inc.  | 85863  |
| 860 | Stanley Black & Decker Inc.  | 63889  |
|  | Total Hand/Machine Tools | 2437351  |
| **Machinery-Construction & Mining – 1.1%**  | **Machinery-Construction & Mining – 1.1%**  | **Machinery-Construction & Mining – 1.1%**  |
| 5213 | Argan Inc.  | 1189711  |
| 572 | Astec Industries Inc.  | 26478  |
| 13373 | Bloom Energy Corp., Class A Shares<sup>\*</sup> | 707967  |
| 16121 | BWX Technologies Inc.  | 2612247  |
| 288 | Hyster-Yale Inc.  | 10800  |
| 13659 | Lightbridge Corp.<sup>\*</sup> | 206661  |
| 779 | Manitowoc Co., Inc.<sup>\*</sup> | 7712  |
| 673 | NANO Nuclear Energy Inc.\*<sup>(a)</sup> | 21899  |
| 920 | Net Power Inc.<sup>\*</sup> | 2346  |
| 11844 | NuScale Power Corp.\*<sup>(a)</sup> | 410394  |
| 323 | Oshkosh Corp.  | 45016  |

---

See Notes to Financial Statements.

70<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Machinery-Construction & Mining – (continued)**  | **Machinery-Construction & Mining – (continued)**  | **Machinery-Construction & Mining – (continued)**  |
| 1568 | Terex Corp.  | $78306  |
| 18507 | Vertiv Holdings Co., Class A Shares | 2360568  |
|  | Total Machinery-Construction & Mining | 7680105  |
| **Machinery-Diversified – 3.1%**  | **Machinery-Diversified – 3.1%**  | **Machinery-Diversified – 3.1%**  |
| 795 | Aebi Schmidt Holding AG | 9771  |
| 312 | AGCO Corp.  | 33755  |
| 269 | Alamo Group Inc.  | 56883  |
| 721 | Albany International Corp., Class A Shares | 45791  |
| 194 | Applied Industrial Technologies Inc.  | 51134  |
| 33016 | Cactus Inc., Class A Shares | 1385021  |
| 1123 | Chart Industries Inc.<sup>\*</sup> | 223881  |
| 4490 | CNH Industrial NV | 51410  |
| 837 | Cognex Corp.  | 36778  |
| 724 | Columbus McKinnon Corp.  | 10845  |
| 12776 | Crane Co.  | 2367393  |
| 394 | CSW Industrials Inc.  | 107775  |
| 14723 | Dover Corp.  | 2633356  |
| 3570 | DXP Enterprises Inc.<sup>\*</sup> | 445822  |
| 1396 | Eastman Kodak Co.<sup>\*</sup> | 8236  |
| 287 | ESAB Corp.  | 33111  |
| 52987 | Flowserve Corp.  | 2843282  |
| 126340 | Gates Industrial Corp. PLC<sup>\*</sup> | 3229250  |
| 241 | Gencor Industries Inc.<sup>\*</sup> | 3919  |
| 517 | Gorman-Rupp Co.  | 22112  |
| 853 | Graco Inc.  | 72838  |
| 843 | Ichor Holdings Ltd.<sup>\*</sup> | 14205  |
| 388 | IDEX Corp.  | 63826  |
| 29139 | Ingersoll Rand Inc.  | 2314511  |
| 284 | Kadant Inc.  | 91811  |
| 281 | Lindsay Corp.  | 38562  |
| 255 | Middleby Corp.<sup>\*</sup> | 34897  |
| 14136 | Mueller Water Products Inc., Class A Shares | 372625  |
| 276 | Nordson Corp.  | 62125  |
| 2088 | Otis Worldwide Corp.  | 180361  |
| 853 | Palladyne AI Corp.<sup>\*</sup> | 6449  |
| 199 | Power Solutions International Inc.<sup>\*</sup> | 16495  |
| 79 | Pro-Dex Inc.<sup>\*</sup> | 3704  |
| 8877 | Regal Rexnord Corp.  | 1325602  |
| 2354 | Richtech Robotics Inc., Class B Shares<sup>\*</sup> | 7168  |
| 6098 | Rockwell Automation Inc.  | 2094236  |
| 497 | Tennant Co.  | 40774  |
| 849 | Thermon Group Holdings Inc.<sup>\*</sup> | 22515  |

---

See Notes to Financial Statements.

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Machinery-Diversified – (continued)**  | **Machinery-Diversified – (continued)**  | **Machinery-Diversified – (continued)**  |
| 561 | Toro Co.  | $45475  |
| 682 | Watts Water Technologies Inc., Class A Shares | 188846  |
| 898 | Westinghouse Air Brake Technologies Corp.  | 173763  |
| 1291 | Xylem Inc.  | 182754  |
| 3714 | Zurn Elkay Water Solutions Corp.  | 168467  |
|  | Total Machinery-Diversified | 21121534  |
| **Metal Fabricate/Hardware – 1.6%**  | **Metal Fabricate/Hardware – 1.6%**  | **Metal Fabricate/Hardware – 1.6%**  |
| 5773 | Advanced Drainage Systems Inc.  | 831139  |
| 296 | Ascent Industries Co.<sup>\*</sup> | 3617  |
| 5013 | AZZ Inc.  | 565918  |
| 254 | Eastern Co.  | 6035  |
| 4617 | Helios Technologies Inc.  | 250426  |
| 5188 | Hillman Solutions Corp.<sup>\*</sup> | 51257  |
| 3648 | Janus International Group Inc.<sup>\*</sup> | 37757  |
| 187 | L B Foster Co., Class A Shares<sup>\*</sup> | 4868  |
| 436 | Mayville Engineering Co., Inc.<sup>\*</sup> | 6366  |
| 1040 | Metallus Inc.<sup>\*</sup> | 17087  |
| 551 | Mueller Industries Inc.  | 52863  |
| 224 | Olympic Steel Inc.  | 7551  |
| 59 | Omega Flex Inc.  | 2083  |
| 305 | Park-Ohio Holdings Corp.  | 6161  |
| 642 | Proto Labs Inc.<sup>\*</sup> | 31978  |
| 5851 | RBC Bearings Inc.<sup>\*</sup> | 2281656  |
| 653 | Ryerson Holding Corp.  | 14888  |
| 12621 | Standex International Corp.  | 2575567  |
| 310 | Timken Co.  | 23941  |
| 890 | Tredegar Corp.<sup>\*</sup> | 6969  |
| 6689 | Valmont Industries Inc.  | 2455666  |
| 750 | Worthington Enterprises Inc.  | 49350  |
| 844 | Worthington Steel Inc.  | 28105  |
| 25184 | Xometry Inc., Class A Shares<sup>\*</sup> | 1246104  |
|  | Total Metal Fabricate/Hardware | 10557352  |
| **Miscellaneous Manufacturers – 2.1%**  | **Miscellaneous Manufacturers – 2.1%**  | **Miscellaneous Manufacturers – 2.1%**  |
| 585 | AO Smith Corp.  | 41705  |
| 5142 | Axon Enterprise Inc.<sup>\*</sup> | 3842565  |
| 18221 | Byrna Technologies Inc.<sup>\*</sup> | 371708  |
| 221 | Carlisle Cos., Inc.  | 85282  |
| 141 | Core Molding Technologies Inc.<sup>\*</sup> | 2707  |
| 604 | Donaldson Co., Inc.  | 48121  |
| 12939 | Enpro Inc.  | 2830665  |
| 7041 | Fabrinet<sup>\*</sup> | 2332613  |
| 4448 | Federal Signal Corp.  | 547059  |

---

See Notes to Financial Statements.

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Miscellaneous Manufacturers – (continued)**  | **Miscellaneous Manufacturers – (continued)**  | **Miscellaneous Manufacturers – (continued)**  |
| 1850 | Hillenbrand Inc.  | $46971  |
| 12653 | ITT Inc.  | 2154173  |
| 1298 | JBT Marel Corp.  | 185990  |
| 1221 | LSB Industries Inc.<sup>\*</sup> | 10159  |
| 544 | Materion Corp.  | 60275  |
| 844 | Myers Industries Inc.  | 14129  |
| 501 | NL Industries Inc.  | 3277  |
| 1659 | Outdoor Holding Co.<sup>\*</sup> | 2372  |
| 381 | Park Aerospace Corp.  | 7140  |
| 1044 | Sight Sciences Inc.<sup>\*</sup> | 4239  |
| 1056 | Smith & Wesson Brands Inc.  | 8628  |
| 408 | Sturm Ruger & Co., Inc.  | 14145  |
| 2443 | Teledyne Technologies Inc.<sup>\*</sup> | 1314749  |
| 924 | Textron Inc.  | 74068  |
| 1957 | Trinity Industries Inc.  | 55618  |
|  | Total Miscellaneous Manufacturers | 14058358  |
| **Packaging & Containers – 0.4%**  | **Packaging & Containers – 0.4%**  | **Packaging & Containers – 0.4%**  |
| 11752 | Amcor PLC | 101420  |
| 334 | AptarGroup Inc.  | 46516  |
| 3524 | Ardagh Metal Packaging SA | 13004  |
| 1453 | Ball Corp.  | 76486  |
| 377 | Clearwater Paper Corp.<sup>\*</sup> | 8132  |
| 592 | Crown Holdings Inc.  | 58833  |
| 1498 | Graphic Packaging Holding Co.  | 33360  |
| 652 | Greif Inc., Class A Shares | 42582  |
| 104 | Greif Inc., Class B Shares | 7101  |
| 140 | Karat Packaging Inc.  | 3539  |
| 64905 | O-I Glass Inc.<sup>\*</sup> | 843116  |
| 455 | Packaging Corp. of America | 99172  |
| 933 | Ranpak Holdings Corp., Class A Shares<sup>\*</sup> | 4926  |
| 860 | Sealed Air Corp.  | 27924  |
| 31693 | Silgan Holdings Inc.  | 1487036  |
| 2694 | Smurfit WestRock PLC | 127588  |
| 579 | Sonoco Products Co.  | 27358  |
| 769 | TriMas Corp.  | 29737  |
|  | Total Packaging & Containers | 3037830  |
| **Shipbuilding – 0.0%**  | **Shipbuilding – 0.0%**  | **Shipbuilding – 0.0%**  |
| 199 | Huntington Ingalls Industries Inc.  | 53887  |
| **Transportation – 0.3%**  | **Transportation – 0.3%**  | **Transportation – 0.3%**  |
| 549 | ArcBest Corp.  | 40494  |
| 953 | Ardmore Shipping Corp.  | 11074  |
| 7002 | CH Robinson Worldwide Inc.  | 901157  |

---

See Notes to Financial Statements.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Transportation – (continued)**  | **Transportation – (continued)**  | **Transportation – (continued)**  |
| 199 | Costamare Bulkers Holdings Ltd.<sup>\*</sup> | $2101  |
| 999 | Costamare Inc.  | 11429  |
| 372 | Covenant Logistics Group Inc., Class A Shares | 8976  |
| 1557 | CryoPort Inc.<sup>\*</sup> | 13795  |
| 3001 | DHT Holdings Inc.  | 35172  |
| 935 | Dorian LPG Ltd.  | 29901  |
| 705 | Expeditors International of Washington Inc.  | 84981  |
| 768 | FLEX LNG Ltd.  | 20928  |
| 638 | Forward Air Corp.<sup>\*</sup> | 19159  |
| 1014 | Genco Shipping & Trading Ltd.  | 17076  |
| 1098 | Heartland Express Inc.  | 9432  |
| 643 | Himalaya Shipping Ltd.<sup>\*</sup> | 4868  |
| 1426 | Hub Group Inc., Class A Shares | 53361  |
| 1061 | International Seaways Inc.  | 48191  |
| 408 | JB Hunt Transport Services Inc.  | 59156  |
| 285 | Kirby Corp.<sup>\*</sup> | 27702  |
| 795 | Knight-Swift Transportation Holdings Inc., Class A Shares | 34901  |
| 172 | Landstar System Inc.  | 22761  |
| 1480 | Marten Transport Ltd.  | 17523  |
| 784 | Matson Inc.  | 81575  |
| 973 | Navigator Holdings Ltd.  | 15656  |
| 5082 | Nordic American Tankers Ltd.  | 15805  |
| 992 | Old Dominion Freight Line Inc.  | 149762  |
| 309 | PAMT Corp.<sup>\*</sup> | 3785  |
| 665 | Pangaea Logistics Solutions Ltd.  | 3544  |
| 539 | Proficient Auto Logistics Inc.<sup>\*</sup> | 4258  |
| 1217 | Radiant Logistics Inc.<sup>\*</sup> | 7874  |
| 3901 | RXO Inc.<sup>\*</sup> | 63703  |
| 203 | Ryder System Inc.  | 38067  |
| 1214 | Safe Bulkers Inc.  | 5160  |
| 135 | Saia Inc.<sup>\*</sup> | 40022  |
| 242 | Schneider National Inc., Class B Shares | 5982  |
| 1033 | Scorpio Tankers Inc.  | 52063  |
| 2817 | SFL Corp., Ltd, Class B Shares | 22902  |
| 1378 | Teekay Corp., Ltd | 11300  |
| 620 | Teekay Tankers Ltd., Class A Shares | 30485  |
| 268 | Universal Logistics Holdings Inc.  | 6952  |
| 1424 | Werner Enterprises Inc.  | 41082  |
| 1308 | World Kinect Corp.  | 35068  |
| 589 | XPO Inc.<sup>\*</sup> | 76393  |
|  | Total Transportation | 2185576  |

---

See Notes to Financial Statements.

74<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Trucking & Leasing – 0.0%**  | **Trucking & Leasing – 0.0%**  | **Trucking & Leasing – 0.0%**  |
| 897 | GATX Corp.  | $150974  |
| 807 | Greenbrier Cos., Inc.  | 37631  |
| 97 | Willis Lease Finance Corp.  | 14422  |
|  | Total Trucking & Leasing | 203027  |
|  | **TOTAL INDUSTRIAL** | **133719846**  |
| **TECHNOLOGY – 9.8%**  | **TECHNOLOGY – 9.8%**  | **TECHNOLOGY – 9.8%**  |
| **Computers – 2.9%**  | **Computers – 2.9%**  | **Computers – 2.9%**  |
| 3019 | 3D Systems Corp.<sup>\*</sup> | 6944  |
| 619 | Amdocs Ltd.  | 52968  |
| 949 | Amentum Holdings Inc.<sup>\*</sup> | 23678  |
| 1023 | ASGN Inc.<sup>\*</sup> | 55498  |
| 7467 | CACI International Inc., Class A Shares<sup>\*</sup> | 3582069  |
| 1577 | Cantaloupe Inc.<sup>\*</sup> | 17142  |
| 2616 | Cognizant Technology Solutions Corp., Class A Shares | 189006  |
| 4943 | Conduent Inc.<sup>\*</sup> | 13742  |
| 1390 | Corsair Gaming Inc.<sup>\*</sup> | 12413  |
| 274 | Crane NXT Co.  | 16366  |
| 1004 | Cricut Inc., Class A Shares | 5723  |
| 14998 | Dell Technologies Inc., Class C Shares | 1832006  |
| 654 | Diebold Nixdorf Inc.<sup>\*</sup> | 39966  |
| 39451 | D-Wave Quantum Inc.<sup>\*</sup> | 616225  |
| 1034 | DXC Technology Co.<sup>\*</sup> | 14941  |
| 305 | EPAM Systems Inc.<sup>\*</sup> | 53790  |
| 34781 | ExlService Holdings Inc.<sup>\*</sup> | 1522712  |
| 388 | Gartner Inc.<sup>\*</sup> | 97462  |
| 813 | Genpact Ltd.  | 36861  |
| 253 | Globant SA<sup>\*</sup> | 17017  |
| 1774 | Grid Dynamics Holdings Inc.<sup>\*</sup> | 14706  |
| 6990 | Hewlett Packard Enterprise Co.  | 157764  |
| 5041 | HP Inc.  | 143870  |
| 670 | Insight Enterprises Inc.<sup>\*</sup> | 87207  |
| 2240 | Integral Ad Science Holding Corp.<sup>\*</sup> | 20138  |
| 645 | KBR Inc.  | 32547  |
| 1266 | Kyndryl Holdings Inc.<sup>\*</sup> | 40246  |
| 682 | Leidos Holdings Inc.  | 123387  |
| 37948 | Lumentum Holdings Inc.<sup>\*</sup> | 5039874  |
| 1418 | MAXIMUS Inc.  | 124671  |
| 1466 | Mitek Systems Inc.<sup>\*</sup> | 14909  |
| 1899 | NCR Atleos Corp.<sup>\*</sup> | 75238  |
| 3300 | NCR Voyix Corp.<sup>\*</sup> | 43494  |
| 1049 | NetApp Inc.  | 118317  |
| 1806 | NetScout Systems Inc.<sup>\*</sup> | 44951  |

---

See Notes to Financial Statements.

75<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Computers – (continued)**  | **Computers – (continued)**  | **Computers – (continued)**  |
| 2195 | NextNav Inc.<sup>\*</sup> | $39093  |
| 848 | Okta Inc., Class A Shares<sup>\*</sup> | 78669  |
| 808 | OneSpan Inc.  | 12221  |
| 962 | PAR Technology Corp.<sup>\*</sup> | 49235  |
| 270 | Parsons Corp.<sup>\*</sup> | 21627  |
| 1599 | Pure Storage Inc., Class A Shares<sup>\*</sup> | 124098  |
| 885 | Qualys Inc.<sup>\*</sup> | 120192  |
| 1641 | Rapid7 Inc.<sup>\*</sup> | 33985  |
| 7053 | Rigetti Computing Inc.<sup>\*</sup> | 114470  |
| 1184 | Rimini Street Inc.<sup>\*</sup> | 5127  |
| 13533 | Rubrik Inc., Class A Shares<sup>\*</sup> | 1209850  |
| 405 | SailPoint Inc.<sup>\*</sup> | 8359  |
| 766 | Sandisk Corp.<sup>\*</sup> | 40192  |
| 235 | Science Applications International Corp.  | 27659  |
| 2726 | Super Micro Computer Inc.<sup>\*</sup> | 113238  |
| 2476 | Telos Corp.<sup>\*</sup> | 15302  |
| 2885 | Tenable Holdings Inc.<sup>\*</sup> | 89204  |
| 354 | TTEC Holdings Inc.<sup>\*</sup> | 1342  |
| 1437 | Unisys Corp.<sup>\*</sup> | 5619  |
| 456 | V2X Inc.<sup>\*</sup> | 26220  |
| 2757 | Varonis Systems Inc., Class B Shares<sup>\*</sup> | 162718  |
| 2219 | Vuzix Corp.<sup>\*</sup> | 4704  |
| 28048 | Western Digital Corp.  | 2253376  |
| 39114 | Whitefiber Inc.<sup>\*</sup> | 661418  |
| 971 | WNS Holdings Ltd.<sup>\*</sup> | 73262  |
| 506 | Zscaler Inc.<sup>\*</sup> | 140187  |
|  | Total Computers | 19719215  |
| **Office/Business Equipment – 0.0%**  | **Office/Business Equipment – 0.0%**  | **Office/Business Equipment – 0.0%**  |
| 4376 | Pitney Bowes Inc.  | 53037  |
| 2975 | Xerox Holdings Corp.  | 11841  |
| 261 | Zebra Technologies Corp., Class A Shares<sup>\*</sup> | 82760  |
|  | Total Office/Business Equipment | 147638  |
| **Semiconductors – 2.8%**  | **Semiconductors – 2.8%**  | **Semiconductors – 2.8%**  |
| 1188 | ACM Research Inc., Class A Shares<sup>\*</sup> | 33525  |
| 607 | Aehr Test Systems<sup>\*</sup> | 15145  |
| 339 | Aeluma Inc.<sup>\*</sup> | 7726  |
| 696 | Allegro MicroSystems Inc.<sup>\*</sup> | 21472  |
| 594 | Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 17089  |
| 977 | Ambarella Inc.<sup>\*</sup> | 80583  |
| 641 | Amkor Technology Inc.  | 15506  |
| 593 | Arteris Inc.<sup>\*</sup> | 5586  |
| 27080 | Astera Labs Inc.<sup>\*</sup> | 4933976  |

---

See Notes to Financial Statements.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Semiconductors – (continued)**  | **Semiconductors – (continued)**  | **Semiconductors – (continued)**  |
| 972 | Atomera Inc.<sup>\*</sup> | $3188  |
| 771 | Axcelis Technologies Inc.<sup>\*</sup> | 61711  |
| 630 | CEVA Inc.<sup>\*</sup> | 13999  |
| 265 | Cirrus Logic Inc.<sup>\*</sup> | 30260  |
| 50468 | Cohu Inc.<sup>\*</sup> | 1004313  |
| 1100 | Diodes Inc.<sup>\*</sup> | 59879  |
| 768 | Entegris Inc.  | 64312  |
| 1870 | FormFactor Inc.<sup>\*</sup> | 54585  |
| 566 | GLOBALFOUNDRIES Inc.<sup>\*</sup> | 18899  |
| 4968 | Impinj Inc.<sup>\*</sup> | 931351  |
| 153 | IPG Photonics Corp.<sup>\*</sup> | 12518  |
| 1241 | Kulicke & Soffa Industries Inc.  | 46538  |
| 685 | Lattice Semiconductor Corp.<sup>\*</sup> | 45470  |
| 7829 | MACOM Technology Solutions Holdings Inc.<sup>\*</sup> | 1003286  |
| 2051 | MaxLinear Inc., Class A Shares<sup>\*</sup> | 32242  |
| 2795 | Microchip Technology Inc.  | 181675  |
| 338 | MKS Inc.  | 34929  |
| 245 | Monolithic Power Systems Inc.  | 204761  |
| 3074 | Navitas Semiconductor Corp., Class A Shares<sup>\*</sup> | 18014  |
| 2249 | ON Semiconductor Corp.<sup>\*</sup> | 111528  |
| 241 | Onto Innovation Inc.<sup>\*</sup> | 25546  |
| 26417 | Ouster Inc.<sup>\*</sup> | 753677  |
| 1309 | Penguin Solutions Inc.<sup>\*</sup> | 31586  |
| 1606 | Photronics Inc.<sup>\*</sup> | 36408  |
| 1365 | Power Integrations Inc.  | 61562  |
| 472 | Qorvo Inc.<sup>\*</sup> | 42810  |
| 2680 | Rambus Inc.<sup>\*</sup> | 197704  |
| 211 | Richardson Electronics Ltd.  | 2074  |
| 2154 | Semtech Corp.<sup>\*</sup> | 125126  |
| 14918 | Silicon Laboratories Inc.<sup>\*</sup> | 2004233  |
| 9170 | Silicon Motion Technology Corp., ADR | 730666  |
| 13699 | SiTime Corp.<sup>\*</sup> | 3310637  |
| 573 | SkyWater Technology Inc.<sup>\*</sup> | 6870  |
| 784 | Skyworks Solutions Inc.  | 58753  |
| 935 | Synaptics Inc.<sup>\*</sup> | 65319  |
| 23062 | Teradyne Inc.  | 2726851  |
| 1156 | Ultra Clean Holdings Inc.<sup>\*</sup> | 27767  |
| 1456 | Veeco Instruments Inc.<sup>\*</sup> | 35701  |
| 260 | Vishay Precision Group Inc.<sup>\*</sup> | 7389  |
|  | Total Semiconductors | 19314745  |

---

See Notes to Financial Statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Software – 4.1%**  | **Software – 4.1%**  | **Software – 4.1%**  |
| 2844 | 8x8 Inc.<sup>\*</sup> | $5631  |
| 19175 | Accelerant Holdings, Class A Shares<sup>\*</sup> | 384459  |
| 2642 | ACI Worldwide Inc.<sup>\*</sup> | 130383  |
| 4031 | ACV Auctions Inc., Class A Shares<sup>\*</sup> | 47001  |
| 2831 | Adeia Inc.  | 42578  |
| 6978 | Agilysys Inc.<sup>\*</sup> | 761439  |
| 710 | Airship AI Holdings Inc.<sup>\*</sup> | 3174  |
| 734 | Akamai Technologies Inc.<sup>\*</sup> | 58081  |
| 3032 | Alignment Healthcare Inc.<sup>\*</sup> | 49604  |
| 1626 | Alkami Technology Inc.<sup>\*</sup> | 41626  |
| 2029 | Amplitude Inc., Class A Shares<sup>\*</sup> | 23191  |
| 3605 | Appfolio Inc., Class A Shares<sup>\*</sup> | 999955  |
| 1051 | Appian Corp., Class A Shares<sup>\*</sup> | 32350  |
| 2191 | Asana Inc., Class A Shares<sup>\*</sup> | 31989  |
| 516 | Asure Software Inc.<sup>\*</sup> | 4334  |
| 25560 | AvePoint Inc.<sup>\*</sup> | 418162  |
| 4533 | AvidXchange Holdings Inc.<sup>\*</sup> | 45058  |
| 577 | Bandwidth Inc., Class A Shares<sup>\*</sup> | 8655  |
| 837 | Bentley Systems Inc., Class B Shares | 46579  |
| 6887 | BigBear.ai Holdings Inc.\*<sup>(a)</sup> | 34917  |
| 454 | BILL Holdings Inc.<sup>\*</sup> | 21075  |
| 917 | Blackbaud Inc.<sup>\*</sup> | 61173  |
| 1267 | BlackLine Inc.<sup>\*</sup> | 68887  |
| 5891 | Blend Labs Inc., Class A Shares<sup>\*</sup> | 21325  |
| 3400 | Box Inc., Class A Shares<sup>\*</sup> | 110942  |
| 1822 | Braze Inc., Class A Shares<sup>\*</sup> | 50469  |
| 621 | Broadridge Financial Solutions Inc.  | 158740  |
| 2910 | C3.ai Inc., Class A Shares<sup>\*</sup> | 49208  |
| 2891 | CCC Intelligent Solutions Holdings Inc.<sup>\*</sup> | 28621  |
| 973 | Cerence Inc.<sup>\*</sup> | 10246  |
| 240 | Claritev Corp.<sup>\*</sup> | 16538  |
| 2002 | Clear Secure Inc., Class A Shares | 72693  |
| 5978 | Clearwater Analytics Holdings Inc., Class A Shares<sup>\*</sup> | 123565  |
| 127 | Climb Global Solutions Inc.  | 15692  |
| 1627 | Cloudflare Inc., Class A Shares<sup>\*</sup> | 339571  |
| 2263 | Commerce.com Inc.<sup>\*</sup> | 10523  |
| 13882 | CommVault Systems Inc.<sup>\*</sup> | 2591006  |
| 241 | Concentrix Corp.  | 12715  |
| 1477 | Confluent Inc., Class A Shares<sup>\*</sup> | 29333  |
| 421 | Consensus Cloud Solutions Inc.<sup>\*</sup> | 11186  |
| 198 | CoreCard Corp.<sup>\*</sup> | 5479  |
| 1030 | CS Disco Inc.<sup>\*</sup> | 5634  |

---

See Notes to Financial Statements.

78<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Software – (continued)**  | **Software – (continued)**  | **Software – (continued)**  |
| 661 | CSG Systems International Inc.  | $42410  |
| 28 | Daily Journal Corp.<sup>\*</sup> | 13082  |
| 1629 | Datadog Inc., Class A Shares<sup>\*</sup> | 222652  |
| 775 | Dayforce Inc.<sup>\*</sup> | 54072  |
| 1830 | Definitive Healthcare Corp., Class A Shares<sup>\*</sup> | 7375  |
| 918 | Digi International Inc.<sup>\*</sup> | 31873  |
| 349 | Digimarc Corp.<sup>\*</sup> | 3022  |
| 2199 | Digital Turbine Inc.<sup>\*</sup> | 9236  |
| 1537 | DigitalOcean Holdings Inc.<sup>\*</sup> | 50137  |
| 1033 | DocuSign Inc., Class A Shares<sup>\*</sup> | 79190  |
| 753 | Domo Inc., Class B Shares<sup>\*</sup> | 11054  |
| 631 | Donnelley Financial Solutions Inc.<sup>\*</sup> | 35822  |
| 818 | DoubleVerify Holdings Inc.<sup>\*</sup> | 13309  |
| 693 | Doximity Inc., Class A Shares<sup>\*</sup> | 47082  |
| 1011 | Dropbox Inc., Class A Shares<sup>\*</sup> | 29380  |
| 193 | Duolingo Inc., Class A Shares<sup>\*</sup> | 57487  |
| 1510 | Dynatrace Inc.<sup>\*</sup> | 76406  |
| 483 | eGain Corp.<sup>\*</sup> | 3038  |
| 483 | Elastic NV<sup>\*</sup> | 41084  |
| 16781 | Electronic Arts Inc.  | 2885493  |
| 425 | EverCommerce Inc.<sup>\*</sup> | 4909  |
| 3065 | Evolent Health Inc., Class A Shares<sup>\*</sup> | 29577  |
| 2152 | Expensify Inc., Class A Shares<sup>\*</sup> | 4218  |
| 125 | Fair Isaac Corp.<sup>\*</sup> | 190205  |
| 3530 | Fastly Inc., Class A Shares<sup>\*</sup> | 26863  |
| 2788 | Fidelity National Information Services Inc.  | 194630  |
| 1822 | Five9 Inc.<sup>\*</sup> | 49048  |
| 4906 | Freshworks Inc., Class A Shares<sup>\*</sup> | 66084  |
| 90029 | Genius Sports Ltd.<sup>\*</sup> | 1151471  |
| 573 | GigaCloud Technology Inc., Class A Shares<sup>\*</sup> | 15167  |
| 764 | Gitlab Inc., Class A Shares<sup>\*</sup> | 36687  |
| 8124 | Guidewire Software Inc.<sup>\*</sup> | 1763070  |
| 2097 | Health Catalyst Inc.<sup>\*</sup> | 7109  |
| 270 | HubSpot Inc.<sup>\*</sup> | 130456  |
| 558 | I3 Verticals Inc., Class A Shares<sup>\*</sup> | 17549  |
| 202 | IBEX Holdings Ltd.<sup>\*</sup> | 5965  |
| 422 | Ibotta Inc., Class A Shares<sup>\*</sup> | 11369  |
| 644 | Immersion Corp.  | 4547  |
| 520 | Informatica Inc., Class A Shares<sup>\*</sup> | 12964  |
| 7862 | Innodata Inc.<sup>\*</sup> | 298599  |
| 394 | Inspired Entertainment Inc.<sup>\*</sup> | 3664  |
| 1331 | Intapp Inc.<sup>\*</sup> | 61213  |

---

See Notes to Financial Statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Software – (continued)**  | **Software – (continued)**  | **Software – (continued)**  |
| 5865 | IonQ Inc.<sup>\*</sup> | $250670  |
| 372 | Jack Henry & Associates Inc.  | 60733  |
| 1514 | Jamf Holding Corp.<sup>\*</sup> | 14110  |
| 1888 | Kaltura Inc.<sup>\*</sup> | 3002  |
| 374 | Life360 Inc.<sup>\*</sup> | 33826  |
| 1543 | LiveRamp Holdings Inc.<sup>\*</sup> | 43081  |
| 307 | Manhattan Associates Inc.<sup>\*</sup> | 66140  |
| 958 | MeridianLink Inc.<sup>\*</sup> | 19055  |
| 406 | MongoDB Inc., Class A Shares<sup>\*</sup> | 128138  |
| 398 | MSCI Inc., Class A Shares | 225953  |
| 1818 | N-able Inc.<sup>\*</sup> | 14653  |
| 603 | nCino Inc.<sup>\*</sup> | 19362  |
| 12441 | Nutanix Inc., Class A Shares<sup>\*</sup> | 836160  |
| 104 | Nutex Health Inc.<sup>\*</sup> | 8714  |
| 2829 | Olo Inc., Class A Shares<sup>\*</sup> | 28997  |
| 597 | ON24 Inc.<sup>\*</sup> | 3415  |
| 5609 | Pagaya Technologies Ltd., Class A Shares<sup>\*</sup> | 206860  |
| 1983 | PagerDuty Inc.<sup>\*</sup> | 33195  |
| 1703 | Paychex Inc.  | 237492  |
| 263 | Paycom Software Inc.  | 59740  |
| 792 | PDF Solutions Inc.<sup>\*</sup> | 16196  |
| 516 | Pegasystems Inc.  | 27972  |
| 1338 | Phreesia Inc.<sup>\*</sup> | 42361  |
| 176103 | Planet Labs PBC<sup>\*</sup> | 1248570  |
| 1550 | Playstudios Inc.<sup>\*</sup> | 1498  |
| 1639 | Playtika Holding Corp.  | 6081  |
| 107607 | Porch Group Inc.<sup>\*</sup> | 1826091  |
| 629 | Procore Technologies Inc.<sup>\*</sup> | 43722  |
| 1025 | Progress Software Corp.<sup>\*</sup> | 47447  |
| 1166 | PROS Holdings Inc.<sup>\*</sup> | 18073  |
| 637 | PTC Inc.<sup>\*</sup> | 135999  |
| 1007 | PubMatic Inc., Class A Shares<sup>\*</sup> | 8731  |
| 2752 | Quantum Computing Inc.\*<sup>(a)</sup> | 43427  |
| 1609 | Rackspace Technology Inc.<sup>\*</sup> | 2027  |
| 255 | Red Violet Inc.  | 12811  |
| 239 | ReposiTrak Inc.  | 3872  |
| 2926 | Rezolve AI PLC<sup>\*</sup> | 10943  |
| 468 | RingCentral Inc., Class A Shares<sup>\*</sup> | 14279  |
| 2970 | ROBLOX Corp., Class A Shares<sup>\*</sup> | 370032  |
| 4700 | Roper Technologies Inc.  | 2473657  |
| 1369 | Samsara Inc., Class A Shares<sup>\*</sup> | 49476  |
| 795 | Sapiens International Corp. NV | 34105  |

---

See Notes to Financial Statements.

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Software – (continued)**  | **Software – (continued)**  | **Software – (continued)**  |
| 1424 | Schrodinger Inc.<sup>\*</sup> | $27782  |
| 884 | SEMrush Holdings Inc., Class A Shares<sup>\*</sup> | 6984  |
| 1645 | SentinelOne Inc., Class A Shares<sup>\*</sup> | 31025  |
| 375 | Simulations Plus Inc.<sup>\*</sup> | 5314  |
| 8839 | SoundHound AI Inc., Class A Shares<sup>\*</sup> | 115084  |
| 1284 | Sprout Social Inc., Class A Shares<sup>\*</sup> | 20274  |
| 923 | SPS Commerce Inc.<sup>\*</sup> | 101807  |
| 1089 | SS&C Technologies Holdings Inc.  | 96551  |
| 11240 | Take-Two Interactive Software Inc.<sup>\*</sup> | 2621955  |
| 2774 | Talkspace Inc.<sup>\*</sup> | 7379  |
| 752 | Teads Holding Co.<sup>\*</sup> | 1316  |
| 556 | Teradata Corp.<sup>\*</sup> | 11665  |
| 329 | TruBridge Inc.<sup>\*</sup> | 6567  |
| 728 | Twilio Inc., Class A Shares<sup>\*</sup> | 76884  |
| 223 | Tyler Technologies Inc.<sup>\*</sup> | 125522  |
| 2175 | UiPath Inc., Class A Shares<sup>\*</sup> | 24186  |
| 1769 | Unity Software Inc.<sup>\*</sup> | 69716  |
| 781 | Veeva Systems Inc., Class A Shares<sup>\*</sup> | 210245  |
| 1588 | Verint Systems Inc.<sup>\*</sup> | 32379  |
| 1555 | Vertex Inc., Class A Shares<sup>\*</sup> | 40150  |
| 516 | Viant Technology Inc., Class A Shares<sup>\*</sup> | 5366  |
| 3710 | Vimeo Inc., Class A, Private Placement<sup>\*</sup> | 15582  |
| 1766 | VTEX, Class A Shares<sup>\*</sup> | 7205  |
| 2198 | Waystar Holding Corp.<sup>\*</sup> | 83260  |
| 1739 | Weave Communications Inc.<sup>\*</sup> | 13529  |
| 4846 | WM Technology Inc.<sup>\*</sup> | 6009  |
| 1211 | Workiva Inc., Class A Shares<sup>\*</sup> | 99593  |
| 2641 | Yext Inc.<sup>\*</sup> | 24007  |
| 4520 | Zeta Global Holdings Corp., Class A Shares<sup>\*</sup> | 88773  |
| 1356 | Zoom Communications Inc., Class A Shares<sup>\*</sup> | 110406  |
| 1693 | ZoomInfo Technologies Inc., Class A Shares<sup>\*</sup> | 18454  |
|  | Total Software | 27617990  |
|  | **TOTAL TECHNOLOGY** | **66799588**  |
| **UTILITIES – 3.6%**  | **UTILITIES – 3.6%**  | **UTILITIES – 3.6%**  |
| **Electric – 3.0%**  | **Electric – 3.0%**  | **Electric – 3.0%**  |
| 3591 | AES Corp.  | 48622  |
| 1412 | ALLETE Inc.  | 90580  |
| 1321 | Alliant Energy Corp.  | 85958  |
| 22439 | Ameren Corp.  | 2238963  |
| 826 | Ameresco Inc., Class A Shares<sup>\*</sup> | 21005  |
| 2067 | Avista Corp.  | 75528  |
| 17607 | Black Hills Corp.  | 1053075  |

---

See Notes to Financial Statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **UTILITIES – (continued)**  | **UTILITIES – (continued)**  | **UTILITIES – (continued)**  |
| **Electric – (continued)**  | **Electric – (continued)**  | **Electric – (continued)**  |
| 789 | Brookfield Renewable Corp.  | $26589  |
| 59483 | CenterPoint Energy Inc.  | 2243104  |
| 190 | Clearway Energy Inc., Class A Shares | 5356  |
| 456 | Clearway Energy Inc., Class C Shares | 13593  |
| 1536 | CMS Energy Corp.  | 109932  |
| 1910 | Consolidated Edison Inc.  | 187619  |
| 1104 | DTE Energy Co.  | 150862  |
| 1967 | Edison International | 110408  |
| 26283 | Entergy Corp.  | 2315270  |
| 1184 | Evergy Inc.  | 84372  |
| 1899 | Eversource Energy | 121669  |
| 5337 | Exelon Corp.  | 233120  |
| 2934 | FirstEnergy Corp.  | 127981  |
| 460 | Genie Energy Ltd., Class B Shares | 7038  |
| 4153 | Hawaiian Electric Industries Inc.<sup>\*</sup> | 53823  |
| 18992 | IDACORP Inc.  | 2375899  |
| 889 | MGE Energy Inc.  | 75698  |
| 1485 | Northwestern Energy Group Inc.  | 85402  |
| 1056 | NRG Energy Inc.  | 153711  |
| 1021 | OGE Energy Corp.  | 45598  |
| 17248 | Oklo Inc., Class A Shares<sup>\*</sup> | 1270143  |
| 11083 | Ormat Technologies Inc.  | 1018417  |
| 927 | Otter Tail Corp.  | 77859  |
| 11680 | PG&E Corp.  | 178470  |
| 608 | Pinnacle West Capital Corp.  | 54331  |
| 29391 | Portland General Electric Co.  | 1257347  |
| 63946 | PPL Corp.  | 2332111  |
| 2637 | Public Service Enterprise Group Inc.  | 217104  |
| 1814 | Talen Energy Corp.<sup>\*</sup> | 687361  |
| 2322 | TXNM Energy Inc.  | 131518  |
| 408 | Unitil Corp.  | 19160  |
| 1783 | Vistra Corp.  | 337183  |
| 1693 | WEC Energy Group Inc.  | 180321  |
| 3056 | Xcel Energy Inc.  | 221224  |
|  | Total Electric | 20123324  |
| **Gas – 0.6%**  | **Gas – 0.6%**  | **Gas – 0.6%**  |
| 844 | Atmos Energy Corp.  | 140214  |
| 2918 | Brookfield Infrastructure Corp., Class A Shares | 117362  |
| 589 | Chesapeake Utilities Corp.  | 72789  |
| 1167 | MDU Resources Group Inc.  | 19010  |
| 453 | National Fuel Gas Co.  | 39293  |
| 2444 | New Jersey Resources Corp.  | 115577  |

---

See Notes to Financial Statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** | **COMMON STOCKS – (continued)** |
| **UTILITIES – (continued)**  | **UTILITIES – (continued)**  | **UTILITIES – (continued)**  |
| **Gas – (continued)**  | **Gas – (continued)**  | **Gas – (continued)**  |
| 53926 | NiSource Inc.  | $2279452  |
| 959 | Northwest Natural Holding Co.  | 39827  |
| 1448 | ONE Gas Inc.  | 110772  |
| 141 | RGC Resources Inc.  | 3136  |
| 1622 | Southwest Gas Holdings Inc.  | 129565  |
| 12919 | Spire Inc.  | 989595  |
| 1192 | UGI Corp.  | 41291  |
|  | Total Gas | 4097883  |
| **Water – 0.0%**  | **Water – 0.0%**  | **Water – 0.0%**  |
| 930 | American States Water Co.  | 69313  |
| 1038 | American Water Works Co., Inc.  | 148963  |
| 1436 | California Water Service Group | 67392  |
| 345 | Consolidated Water Co., Ltd.  | 11478  |
| 1521 | Essential Utilities Inc.  | 60095  |
| 200 | Global Water Resources Inc.  | 1932  |
| 755 | H2O America | 38029  |
| 455 | Middlesex Water Co.  | 24361  |
| 335 | York Water Co.  | 10408  |
|  | Total Water | 431971  |
|  | **TOTAL UTILITIES** | **24653178**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost – $514,499,815)** | **640529341**  |
| **EXCHANGE TRADED FUNDS (ETFs) – 4.3%** | **EXCHANGE TRADED FUNDS (ETFs) – 4.3%** | **EXCHANGE TRADED FUNDS (ETFs) – 4.3%** |
| 8208 | iShares Russell 2000 Value | 1428767  |
| 314216 | SPDR S&P 600 Small CapValue | 27600733  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS (ETFs)** <br>**(Cost – $27,672,258)** | **29029500**  |
| **LIMITED PARTNERSHIP – 0.0%**  | **LIMITED PARTNERSHIP – 0.0%**  | **LIMITED PARTNERSHIP – 0.0%**  |
| **FINANCIAL – 0.0%**  | **FINANCIAL – 0.0%**  | **FINANCIAL – 0.0%**  |
| **Investment Companies – 0.0%**  | **Investment Companies – 0.0%**  | **Investment Companies – 0.0%**  |
| 1739 | &nbsp;&nbsp;&nbsp; Compass Diversified Holdings<br>(Cost – $35,399) | 13043  |
| **CLOSED-END FUND – 0.0%**  | **CLOSED-END FUND – 0.0%**  | **CLOSED-END FUND – 0.0%**  |
| 632 | &nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust, Class Common Shares<br>(Cost – $4,824) | 2484  |
| **WARRANT – 0.0%** | **WARRANT – 0.0%** | **WARRANT – 0.0%** |
| **CONSUMER NON-CYCLICAL – 0.0%**  | **CONSUMER NON-CYCLICAL – 0.0%**  | **CONSUMER NON-CYCLICAL – 0.0%**  |
| **Healthcare-Products – 0.0%**  | **Healthcare-Products – 0.0%**  | **Healthcare-Products – 0.0%**  |
| 30 | &nbsp;&nbsp;&nbsp; Pulse Biosciences Inc.<sup>\*</sup><br>(Cost – $0) | 136  |

---

See Notes to Financial Statements.

83<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **RIGHT – 0.0%**  | **RIGHT – 0.0%**  | **RIGHT – 0.0%**  |
| 322 | &nbsp;&nbsp;&nbsp; Empire Petroleum Corp.<sup>(b)</sup>\*<br>(Cost – $0) | $—  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br>**(Cost – $542,212,296)** | **669574504** |

---

---

| | | |
|:---|:---|:---|
| **Face Amount**<br>|  |  |
| **SHORT-TERM INVESTMENTS – 1.4%**  | **SHORT-TERM INVESTMENTS – 1.4%**  | **SHORT-TERM INVESTMENTS – 1.4%**  |
| **TIME DEPOSITS – 1.4%**  | **TIME DEPOSITS – 1.4%**  | **TIME DEPOSITS – 1.4%**  |
| $2855254 | Citibank – New York, 3.680% due 9/2/25 | 2855254  |
| 1412998 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25 | 1412998  |
| 4055430 | Royal Bank of Canada – Toronto, 3.680% due 9/2/25 | 4055430  |
| 1001486 | Sumitomo Mitsui Banking Corp. – Tokyo, 3.680% due 9/2/25 | 1001486  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $9,325,168)** | **9325168** |

---

---

| | | |
|:---|:---|:---|
| **Shares/Units** |  |  |
| **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6%**  |
| **MONEY MARKET FUND – 0.6%**  | **MONEY MARKET FUND – 0.6%**  | **MONEY MARKET FUND – 0.6%**  |
| 4348045 | &nbsp;&nbsp;&nbsp; Federated Government Obligations Fund, Premier Class, 4.151%<sup>(d)</sup><br>(Cost – $4,348,045) | $4348045  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 100.6%**<br>**(Cost – $555,885,509)** | **683247717**  |
|  | Liabilities in Excess of Other Assets – (0.6)% | (4276238)  |
|  | **TOTAL NET ASSETS – 100.0%** | **$678971479** |

---

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $6,676 and represents 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is valued in good faith at fair value
 by or under the direction of the Board of Trustees using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of collateral received from
 securities lending transactions.

<u>Abbreviations used in this schedule:</u>

ADR — American Depositary Receipts

AMBAC — American Bond Assurance Corporation

LLC — Limited Liability Company

MFA — Mortgage Finance Authority

PLC — Public Limited Company

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depository Receipts

See Notes to Financial Statements.

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Small-Mid Cap Equity Fund(concluded)** 

**<u>Summary of Investments by Security Sector^</u>**

---

| | |
|:---|:---|
| Industrial | 19.6%  |
| Financial | 18.6  |
| Consumer Non-cyclical | 17.9  |
| Consumer Cyclical | 11.7  |
| Technology | 9.8  |
| Basic Materials | 4.6  |
| Energy | 4.2  |
| Communications | 3.8  |
| Utilities | 3.6  |
| Government | 0.0\*  |
| Exchange Traded Funds (ETFs) | 4.2  |
| Closed-End Fund | 0.0\*  |
| Short-Term Investments | 1.4  |
| Money Market Fund | 0.6  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments.<br>|

---

\* Position represents less than 0.05%.

At August 31, 2025, 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** <br>**Contracts** | **Expiration** <br>**Date (Month/Year)** | **Notional** <br>**Amounts** | **Market Value** | **Unrealized** <br>**Appreciation**  |
| **Contracts to Buy:**<br>|  |  |  |  |  |
| E-mini Russell 2000 Index September Futures | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/25 | $863184 | &nbsp;&nbsp; $947920 | $84736  |
| S&P MidCap 400 Index September Futures | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/25 | 606200 | &nbsp;&nbsp; 651700 | 45500  |
|  |  |  |  |  | $130236 |

---

At August 31, 2025, Destinations Small-Mid Cap Equity Fund had deposited cash of $13,645 with a broker or brokers as margin collateral on open exchange traded futures contracts.

See Notes to Financial Statements.

85<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – 91.5%**  | **COMMON STOCKS – 91.5%**  | **COMMON STOCKS – 91.5%**  |
| **Australia – 2.1%**  | **Australia – 2.1%**  | **Australia – 2.1%**  |
| 148779 | AGL Energy Ltd.  | $800890  |
| 8566 | ALS Ltd.  | 103892  |
| 33522 | AMP Ltd.  | 37515  |
| 4019 | Ampol Ltd.  | 77165  |
| 1960 | Ansell Ltd.  | 43537  |
| 334837 | ANZ Group Holdings Ltd.  | 7360151  |
| 19153 | APA Group | 110446  |
| 9162 | Aristocrat Leisure Ltd.  | 435663  |
| 3351 | ASX Ltd.  | 137185  |
| 17818 | Atlas Arteria Ltd.  | 62044  |
| 31108 | Aurizon Holdings Ltd.  | 65738  |
| 9383 | Bank of Queensland Ltd.  | 44603  |
| 16624 | Beach Energy Ltd.  | 13054  |
| 9063 | Bendigo & Adelaide Bank Ltd.  | 78974  |
| 80893 | BHP Group Ltd.  | 2260584  |
| 6697 | BlueScope Steel Ltd.  | 100250  |
| 22708 | Brambles Ltd.  | 385256  |
| 6293 | CAR Group Ltd.  | 166176  |
| 7593 | Challenger Ltd.  | 41422  |
| 8219 | Charter Hall Group | 125979  |
| 36394 | Cleanaway Waste Management Ltd.  | 66089  |
| 1027 | Cochlear Ltd.  | 202640  |
| 22544 | Coles Group Ltd.  | 352349  |
| 27638 | Commonwealth Bank of Australia | 3075608  |
| 8504 | Computershare Ltd.  | 211862  |
| 8004 | CSL Ltd.  | 1116855  |
| 6567 | Deterra Royalties Ltd.  | 18005  |
| 19148 | Dexus | 93898  |
| 1578 | Domino's Pizza Enterprises Ltd.  | 15488  |
| 9664 | Downer EDI Ltd.  | 45481  |
| 33245 | Dyno Nobel Ltd.  | 66174  |
| 2617 | EBOS Group Ltd.  | 50310  |
| 22901 | Endeavour Group Ltd.  | 57158  |
| 33573 | Evolution Mining Ltd.  | 193832  |
| 3188 | Flight Centre Travel Group Ltd.  | 27103  |
| 26676 | Fortescue Ltd.  | 336781  |
| 32829 | Goodman Group | 737651  |
| 29829 | GPT Group | 109142  |
| 159647 | GrainCorp Ltd., Class A Shares | 833343  |
| 9902 | Harvey Norman Holdings Ltd.  | 44505  |
| 5914 | IDP Education Ltd.  | 21700  |
| 12879 | IGO Ltd.  | 43813  |
| 10739 | Iluka Resources Ltd.  | 44258  |

---

See Notes to Financial Statements.

86<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Australia – (continued)**  | **Australia – (continued)**  | **Australia – (continued)**  |
| 4882 | Insignia Financial Ltd.<sup>\*</sup> | $14406  |
| 37548 | Insurance Australia Group Ltd.  | 213949  |
| 38858 | JB Hi-Fi Ltd.  | 2972077  |
| 14290 | Lendlease Corp., Ltd.  | 51880  |
| 34638 | Lottery Corp., Ltd | 133110  |
| 16571 | Lynas Rare Earths Ltd.<sup>\*</sup> | 149763  |
| 5675 | Macquarie Group Ltd.  | 833675  |
| 3449 | Magellan Financial Group Ltd.  | 23053  |
| 45011 | Medibank Pvt Ltd.  | 150235  |
| 198614 | Metcash Ltd.  | 545538  |
| 2507 | Mineral Resources Ltd.<sup>\*</sup> | 61227  |
| 71491 | Mirvac Group | 110138  |
| 39200 | MMG Ltd.<sup>\*</sup> | 25915  |
| 50583 | National Australia Bank Ltd.  | 1412849  |
| 1941 | Netwealth Group Ltd.  | 43769  |
| 5455 | New Hope Corp., Ltd | 15816  |
| 11013 | NEXTDC Ltd.<sup>\*</sup> | 117345  |
| 173001 | Northern Star Resources Ltd.  | 2182525  |
| 8723 | Orica Ltd.  | 125181  |
| 27745 | Origin Energy Ltd.  | 234580  |
| 20515 | Orora Ltd.  | 27839  |
| 675435 | Perenti Ltd.  | 1041648  |
| 1441 | Perpetual Ltd.  | 20467  |
| 44102 | Pilbara Minerals Ltd.<sup>\*</sup> | 69986  |
| 869 | Pro Medicus Ltd.  | 169344  |
| 11642 | Qantas Airways Ltd.  | 89203  |
| 24628 | QBE Insurance Group Ltd.  | 348819  |
| 25075 | Qube Holdings Ltd.  | 68700  |
| 2908 | Ramsay Health Care Ltd.  | 64512  |
| 783 | REA Group Ltd.  | 128635  |
| 4543 | Reece Ltd.  | 33015  |
| 18711 | Region Group | 29902  |
| 6065 | Rio Tinto Ltd.  | 457322  |
| 52629 | Santos Ltd.  | 276748  |
| 83204 | Scentre Group | 222150  |
| 6293 | SEEK Ltd.  | 114064  |
| 3031 | SGH Ltd.  | 100150  |
| 2325 | Sims Ltd.  | 21578  |
| 7194 | Sonic Healthcare Ltd.  | 113271  |
| 68973 | South32 Ltd.  | 122326  |
| 18062 | Steadfast Group Ltd.  | 71772  |
| 42185 | Stockland | 170857  |
| 17801 | Suncorp Group Ltd.  | 247823  |

---

See Notes to Financial Statements.

87<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Australia – (continued)**  | **Australia – (continued)**  | **Australia – (continued)**  |
| 5243 | Technology One Ltd.  | $137042  |
| 4144 | Telix Pharmaceuticals Ltd.<sup>\*</sup> | 39434  |
| 67116 | Telstra Group Ltd.  | 214784  |
| 5739 | TPG Telecom Ltd.  | 19826  |
| 51864 | Transurban Group | 494829  |
| 11246 | Treasury Wine Estates Ltd.  | 57102  |
| 67749 | Vicinity Ltd.  | 115080  |
| 4069 | Washington H Soul Pattinson & Co., Ltd.  | 116519  |
| 18669 | Wesfarmers Ltd.  | 1118596  |
| 56606 | Westpac Banking Corp.  | 1429028  |
| 14521 | Whitehaven Coal Ltd.  | 62790  |
| 3064 | WiseTech Global Ltd.  | 203152  |
| 148275 | Woodside Energy Group Ltd.  | 2556748  |
| 19649 | Woolworths Group Ltd.  | 370048  |
| 8374 | Worley Ltd.  | 80177  |
| 123502 | Yancoal Australia Ltd.  | 438763  |
|  | Total Australia | 41095649  |
| **Austria – 0.0%**  | **Austria – 0.0%**  | **Austria – 0.0%**  |
| 980 | ANDRITZ AG | 69005  |
| 4668 | Erste Group Bank AG | 443635  |
| 2255 | OMV AG | 124136  |
| 2035 | Raiffeisen Bank International AG | 67517  |
| 783 | Telekom Austria AG, Class A Shares | 8571  |
| 1154 | Verbund AG | 82294  |
|  | Total Austria | 795158  |
| **Belgium – 0.2%**  | **Belgium – 0.2%**  | **Belgium – 0.2%**  |
| 392 | Ackermans & van Haaren NV | 101717  |
| 2834 | Ageas SA | 199654  |
| 15902 | Anheuser-Busch InBev SA | 995263  |
| 363 | D'ieteren Group | 78683  |
| 798 | Elia Group SA, Class B Shares | 91286  |
| 1170 | Groupe Bruxelles Lambert NV | 102745  |
| 3717 | KBC Group NV | 437855  |
| 7 | Lotus Bakeries NV | 68500  |
| 105821 | Proximus SADP | 916421  |
| 235 | Sofina SA | 71052  |
| 1276 | Syensqo SA | 112586  |
| 1973 | UCB SA | 462532  |
| 3154 | Warehouses De Pauw CVA | 80946  |
|  | Total Belgium | 3719240  |
| **Bermuda – 0.1%**  | **Bermuda – 0.1%**  | **Bermuda – 0.1%**  |
| 165964 | Hiscox Ltd.  | 2928958  |

---

See Notes to Financial Statements.

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Brazil – 1.4%**  | **Brazil – 1.4%**  | **Brazil – 1.4%**  |
| 42620 | Afya Ltd., Class A Shares | $646972  |
| 521008 | B3 SA – Brasil Bolsa Balcao | 1247382  |
| 164085 | Banco BTG Pactual SA | 1357715  |
| 399500 | GPS Participacoes e Empreendimentos SA<sup>(a)</sup> | 1273330  |
| 1103518 | Inter & Co., Inc.  | 9403769  |
| 446426 | Localiza Rent a Car SA | 2951196  |
| 997407 | Lojas Renner SA | 2991393  |
| 443208 | Metalurgica Gerdau SA | 773356  |
| 251000 | Odontoprev SA | 609271  |
| 63288 | Petroleo Brasileiro SA – Petrobras, ADR | 725913  |
| 310100 | TOTVS SA | 2465242  |
| 139105 | WEG SA | 966281  |
| 115928 | XP Inc., Class A Shares | 2102934  |
|  | Total Brazil | 27514754  |
| **Canada – 6.2%**  | **Canada – 6.2%**  | **Canada – 6.2%**  |
| 265108 | AGF Management Ltd., Class B Shares | 2366898  |
| 40986 | Agnico Eagle Mines Ltd.  | 5910019  |
| 156200 | Air Canada<sup>\*</sup> | 2218104  |
| 12673 | Alimentation Couche-Tard Inc.  | 642417  |
| 12112 | Bank of Montreal | 1465841  |
| 169023 | Bank of Nova Scotia | 10557168  |
| 28210 | Barrick Mining Corp.  | 752500  |
| 5385 | BCE Inc.  | 134390  |
| 23301 | Brookfield Corp.  | 1531737  |
| 7167 | Cameco Corp.  | 554487  |
| 11100 | Canadian Apartment Properties REIT | 343541  |
| 15505 | Canadian Imperial Bank of Commerce | 1197878  |
| 67368 | Canadian National Railway Co.  | 6520222  |
| 34194 | Canadian Natural Resources Ltd.  | 1082943  |
| 15332 | Canadian Pacific Kansas City Ltd.  | 1167988  |
| 17279 | Celestica Inc.<sup>\*</sup> | 3365957  |
| 20862 | Cenovus Energy Inc.  | 346991  |
| 119300 | Centerra Gold Inc.  | 973895  |
| 3333 | CGI Inc.  | 323688  |
| 1359 | Constellation Software Inc.<sup>(b)</sup> | 4503286  |
| 34742 | Definity Financial Corp.  | 1796049  |
| 31825 | Descartes Systems Group Inc.<sup>\*</sup> | 3180909  |
| 4409 | Dollarama Inc.  | 601245  |
| 60600 | Dundee Precious Metals Inc.  | 1123562  |
| 128794 | Element Fleet Management Corp.  | 3432756  |
| 128120 | Enbridge Inc.  | 6199806  |
| 363 | Fairfax Financial Holdings Ltd.<sup>(b)</sup> | 624999  |
| 61949 | Finning International Inc.  | 2568727  |

---

See Notes to Financial Statements.

89<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Canada – (continued)**  | **Canada – (continued)**  | **Canada – (continued)**  |
| 8246 | Fortis Inc.  | $410438  |
| 58725 | Franco-Nevada Corp.  | 11068884  |
| 2601 | George Weston Ltd.  | 167516  |
| 4315 | Great-West Lifeco Inc.  | 170941  |
| 5102 | Hydro One Ltd.<sup>(a)</sup> | 185808  |
| 2500 | Imperial Oil Ltd.  | 226879  |
| 2984 | Intact Financial Corp.  | 597647  |
| 7900 | Linamar Corp.  | 431359  |
| 9504 | Loblaw Cos., Ltd.  | 388202  |
| 4625 | Magna International Inc.  | 212322  |
| 28624 | Manulife Financial Corp.  | 880690  |
| 3165 | Metro Inc.  | 226888  |
| 6506 | National Bank of Canada | 683954  |
| 8158 | Nutrien Ltd.  | 470220  |
| 94700 | OceanaGold Corp.  | 1730971  |
| 9627 | Pembina Pipeline Corp.  | 363641  |
| 8787 | Power Corp. of Canada | 371969  |
| 5221 | Restaurant Brands International Inc.  | 330666  |
| 34400 | RioCan Real Estate Investment Trust | 462942  |
| 23458 | Royal Bank of Canada | 3409371  |
| 38568 | Russel Metals Inc.  | 1168387  |
| 44186 | Shopify Inc., Class A Shares<sup>\*</sup> | 6242225  |
| 9476 | Sun Life Financial Inc.  | 553572  |
| 218196 | Suncor Energy Inc.  | 9018605  |
| 113600 | Superior Plus Corp.  | 600594  |
| 178800 | Tamarack Valley Energy Ltd.  | 701815  |
| 17157 | TC Energy Corp.  | 893583  |
| 8116 | Teck Resources Ltd., Class B Shares | 277547  |
| 8220 | TELUS Corp.  | 135523  |
| 2254 | Thomson Reuters Corp.  | 400359  |
| 27777 | TMX Group Ltd.  | 1109502  |
| 29180 | Toronto-Dominion Bank | 2191262  |
| 5839 | Tourmaline Oil Corp.  | 247983  |
| 4256 | Waste Connections Inc.  | 786610  |
| 63012 | Wheaton Precious Metals Corp.  | 6328732  |
|  | Total Canada | 118935610  |
| **Chile – 0.1%**  | **Chile – 0.1%**  | **Chile – 0.1%**  |
| 5858 | Antofagasta PLC | 169747  |
| 20153 | Sociedad Quimica y Minera de Chile SA, ADR\*<sup>(c)</sup> | 917163  |
|  | Total Chile | 1086910  |
| **China – 3.6%**  | **China – 3.6%**  | **China – 3.6%**  |
| 13500 | AAC Technologies Holdings Inc.  | 74688  |
| 129421 | BYD Co., Ltd., Class H Shares<sup>(d)</sup> | 1881710  |

---

See Notes to Financial Statements.

90<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **China – (continued)**  | **China – (continued)**  | **China – (continued)**  |
| 817496 | China Mengniu Dairy Co., Ltd.  | $1586597  |
| 96076 | Contemporary Amperex Technology Co., Ltd., Class A Shares | 4120754  |
| 285655 | FinVolution Group, ADR | 2356654  |
| 34200 | Foshan Haitian Flavouring & Food Co., Ltd., Class H Shares\*<sup>(d)</sup> | 157629  |
| 662000 | Fufeng Group Ltd.  | 788660  |
| 238300 | Full Truck Alliance Co., Ltd., ADR | 3109815  |
| 157542 | Fuyao Glass Industry Group Co., Ltd., Class A Shares | 1453276  |
| 167106 | Hello Group Inc., ADR | 1386980  |
| 259360 | Hongfa Technology Co., Ltd., Class A Shares | 952496  |
| 166808 | Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares | 2100757  |
| 184035 | KE Holdings Inc., ADR | 3235335  |
| 1416010 | Kingdee International Software Group Co., Ltd.<sup>\*</sup> | 2936003  |
| 138542 | Kuaishou Technology, Class B Shares\*<sup>(a)</sup> | 1329315  |
| 22665 | Kweichow Moutai Co., Ltd., Class A Shares | 4710917  |
| 270500 | Legend Holdings Corp., Class H Shares\*<sup>(d)</sup> | 405468  |
| 122000 | Lenovo Group Ltd.  | 171792  |
| 35542 | Meituan, Class B Shares\*<sup>(a)</sup> | 472078  |
| 41345 | Midea Group Co., Ltd., Class A Shares | 427605  |
| 83266 | Pony AI Inc., ADR\*<sup>(c)</sup> | 1196532  |
| 344300 | SAIC Motor Corp., Ltd, Class A Shares | 908276  |
| 336777 | SF Holding Co., Ltd., Class H Shares<sup>(d)</sup> | 1727938  |
| 194700 | Shenzhen Inovance Technology Co., Ltd., Class A Shares | 2048745  |
| 266700 | Shenzhou International Group Holdings Ltd.  | 2086834  |
| 134731 | Tencent Holdings Ltd.  | 10418571  |
| 16891 | Tencent Holdings Ltd., ADR | 1310573  |
| 69675 | Tencent Music Entertainment Group, ADR | 1708431  |
| 533200 | Tongcheng Travel Holdings Ltd.<sup>@</sup> | 1501158  |
| 139636 | Weibo Corp., ADR | 1600229  |
| 98614 | Wuxi Biologics Cayman Inc.\*<sup>(a)</sup> | 416260  |
| 141200 | XD Inc.  | 1459043  |
| 122600 | Xiaomi Corp., Class B Shares\*<sup>(a)</sup> | 835896  |
| 36736 | XPeng Inc., ADR<sup>\*</sup> | 772191  |
| 34016 | XPeng Inc., Class A Shares<sup>\*</sup> | 359501  |
| 962100 | Yangzijiang Shipbuilding Holdings Ltd.  | 2176870  |
| 50372 | Zai Lab Ltd., ADR<sup>\*</sup> | 1667313  |
| 492243 | Zhejiang Sanhua Intelligent Controls Co., Ltd., Class H Shares\*<sup>(d)</sup> | 1965019  |
| 398314 | Zhejiang Shuanghuan Driveline Co., Ltd., Class A Shares | 2079339  |
|  | Total China | 69897248  |
| **Denmark – 1.2%**  | **Denmark – 1.2%**  | **Denmark – 1.2%**  |
| 47 | AP Moller – Maersk AS, Class A Shares | 96487  |
| 64 | AP Moller – Maersk AS, Class B Shares | 131737  |
| 44949 | Carlsberg AS, Class B Shares | 5497254  |
| 2049 | Coloplast AS, Class B Shares | 196983  |

---

See Notes to Financial Statements.

91<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Denmark – (continued)**  | **Denmark – (continued)**  | **Denmark – (continued)**  |
| 14271 | D/S Norden AS | $509463  |
| 10673 | Danske Bank AS | 437923  |
| 1470 | Demant AS<sup>\*</sup> | 56237  |
| 3150 | DSV AS | 697486  |
| 1009 | Genmab AS<sup>\*</sup> | 251400  |
| 4982 | H Lundbeck AS | 31451  |
| 32104 | ISS AS | 937838  |
| 46585 | Novo Nordisk AS, ADR | 2630189  |
| 52682 | Novo Nordisk AS, Class B Shares | 2973624  |
| 15066 | Novonesis Novozymes B | 957424  |
| 2594 | Orsted AS\*<sup>(a)</sup> | 80089  |
| 1260 | Pandora AS | 173961  |
| 1255 | ROCKWOOL AS, Class B Shares | 47477  |
| 5034 | Tryg AS | 132323  |
| 355697 | Vestas Wind Systems AS | 7049408  |
| 1292 | Zealand Pharma AS<sup>\*</sup> | 88733  |
|  | Total Denmark | 22977487  |
| **Finland – 1.5%**  | **Finland – 1.5%**  | **Finland – 1.5%**  |
| 2273 | Elisa OYJ | 121210  |
| 461396 | Fortum OYJ | 7984001  |
| 4770 | Kesko OYJ, Class B Shares | 105788  |
| 5175 | Kone OYJ, Class B Shares | 325205  |
| 11788 | Metso OYJ | 152415  |
| 7223 | Neste OYJ | 132671  |
| 82011 | Nokia OYJ | 352576  |
| 653819 | Nordea Bank Abp | 9971577  |
| 1673 | Orion OYJ, Class B Shares | 133508  |
| 38780 | Sampo OYJ, Class A Shares | 444867  |
| 732408 | Stora Enso OYJ, Class R Shares | 8615936  |
| 8287 | UPM-Kymmene OYJ | 235775  |
| 2318 | Valmet OYJ | 80519  |
| 7483 | Wartsila OYJ Abp | 219084  |
|  | Total Finland | 28875132  |
| **France – 6.7%**  | **France – 6.7%**  | **France – 6.7%**  |
| 3603 | Accor SA | 178419  |
| 645 | Aeroports de Paris SA | 84786  |
| 24342 | Air France-KLM<sup>\*</sup> | 382841  |
| 9517 | Air Liquide SA | 1963649  |
| 9656 | Airbus SE | 2024601  |
| 6056 | Alstom SA<sup>\*</sup> | 145674  |
| 948 | Amundi SA<sup>(a)</sup> | 70077  |
| 83366 | Arkema SA | 5905090  |
| 28831 | AXA SA | 1341414  |

---

See Notes to Financial Statements.

92<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **France – (continued)**  | **France – (continued)**  | **France – (continued)**  |
| 3273 | Ayvens SA<sup>(a)</sup> | $36224  |
| 737 | BioMerieux | 102317  |
| 132060 | BNP Paribas SA | 11861062  |
| 9638 | Bollore SE | 56277  |
| 2913 | Bouygues SA | 124913  |
| 5255 | Bureau Veritas SA | 158477  |
| 57416 | Capgemini SE | 8151387  |
| 8991 | Carrefour SA | 130267  |
| 51732 | Compania de Saint-Gobain SA | 5585338  |
| 11436 | Compania Generale des Etablissements Michelin SCA | 413642  |
| 939 | Covivio SA | 61459  |
| 15468 | Credit Agricole SA | 282731  |
| 10450 | Danone SA | 870164  |
| 8947 | Dassault Aviation SA | 2826884  |
| 130099 | Dassault Systemes SE | 4046752  |
| 4083 | Edenred SE | 118135  |
| 1127 | Eiffage SA | 141815  |
| 29157 | Engie SA | 603392  |
| 19532 | EssilorLuxottica SA | 5950547  |
| 786 | Eurazeo SE | 51464  |
| 1690 | FDJ UNITED | 54473  |
| 926 | Gecina SA | 90896  |
| 5280 | Getlink SE | 99756  |
| 1483 | Hermes International SCA | 3625351  |
| 16535 | ICADE | 401113  |
| 610 | Ipsen SA | 82829  |
| 1114 | Kering SA | 298353  |
| 3239 | Klepierre SA | 126330  |
| 65719 | Legrand SA | 10027699  |
| 3792 | L'Oreal SA | 1765098  |
| 5811 | LVMH Moet Hennessy Louis Vuitton SE | 3424227  |
| 34508 | Orange SA | 561963  |
| 33047 | Pernod Ricard SA | 3755852  |
| 3806 | Publicis Groupe SA | 350756  |
| 2966 | Renault SA | 116581  |
| 3700 | Rexel SA | 119711  |
| 18120 | Safran SA | 6000423  |
| 17744 | Sanofi SA | 1763067  |
| 13215 | Sartorius Stedim Biotech | 2702492  |
| 42741 | Schneider Electric SE | 10490417  |
| 295786 | SCOR SE | 9686076  |
| 507 | SEB SA | 36877  |
| 11885 | Societe Generale SA | 732313  |

---

See Notes to Financial Statements.

93<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **France – (continued)**  | **France – (continued)**  | **France – (continued)**  |
| 1445 | Sodexo SA | $86704  |
| 864 | Teleperformance SE | 66452  |
| 29717 | Thales SA | 7830379  |
| 167244 | TotalEnergies SE | 10496528  |
| 1599 | Unibail-Rodamco-Westfield | 166078  |
| 9957 | Veolia Environnement SA | 328527  |
| 8239 | Vinci SA | 1117633  |
| 379 | Wendel SE | 36536  |
|  | Total France | 130111288  |
| **Germany – 5.8%**  | **Germany – 5.8%**  | **Germany – 5.8%**  |
| 2744 | adidas AG | 534955  |
| 6382 | Allianz SE, Class Registered Shares | 2697148  |
| 172402 | BASF SE | 9165512  |
| 16229 | Bayer AG, Class Registered Shares | 532635  |
| 5614 | Bayerische Motoren Werke AG | 580319  |
| 1239 | Bechtle AG | 56456  |
| 20261 | Beiersdorf AG | 2331564  |
| 1943 | Brenntag SE | 120246  |
| 527 | Carl Zeiss Meditec AG | 26613  |
| 13864 | Commerzbank AG | 530384  |
| 93406 | Continental AG | 8194035  |
| 2797 | Covestro AG<sup>\*</sup> | 194431  |
| 907 | CTS Eventim AG & Co. KGaA | 85042  |
| 8229 | Daimler Truck Holding AG | 387554  |
| 3870 | Delivery Hero SE, Class A Shares\*<sup>(a)</sup> | 103012  |
| 30033 | Deutsche Bank AG, Class Registered Shares | 1054866  |
| 26524 | Deutsche Boerse AG | 7806723  |
| 10030 | Deutsche Lufthansa AG, Class Registered Shares | 93581  |
| 141827 | Deutsche Post AG | 6457719  |
| 152499 | Deutsche Telekom AG, Class Registered Shares | 5577779  |
| 1070 | Deutsche Wohnen SE | 27988  |
| 556 | DWS Group GmbH & Co. KGaA<sup>(a)</sup> | 34532  |
| 36471 | E.ON SE | 650350  |
| 4519 | Evonik Industries AG | 87360  |
| 460 | Fielmann Group AG | 27928  |
| 83989 | Fraport AG Frankfurt Airport Services Worldwide<sup>\*</sup> | 7186395  |
| 3441 | Fresenius Medical Care AG | 176465  |
| 6976 | Fresenius SE & Co. KGaA | 378709  |
| 1739 | FUCHS SE | 76663  |
| 10319 | GEA Group AG | 750827  |
| 987 | Hannover Rueck SE | 287632  |
| 2072 | Heidelberg Materials AG | 491153  |
| 1611 | Henkel AG & Co. KGaA | 123841  |

---

See Notes to Financial Statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Germany – (continued)**  | **Germany – (continued)**  | **Germany – (continued)**  |
| 2577 | Henkel AG & Co. KGaA | $217497  |
| 4529 | HOCHTIEF AG | 1148311  |
| 205793 | Infineon Technologies AG | 8437821  |
| 1041 | KION Group AG | 67913  |
| 24164 | Knorr-Bremse AG | 2522135  |
| 1314 | LEG Immobilien SE | 110054  |
| 12432 | Mercedes-Benz Group AG | 775686  |
| 2115 | Merck KGaA | 267936  |
| 884 | MTU Aero Engines AG | 394912  |
| 2161 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares | 1378573  |
| 994 | Nemetschek SE | 137609  |
| 1433 | Puma SE | 36122  |
| 86 | Rational AG | 64225  |
| 706 | Rheinmetall AG | 1395747  |
| 10934 | RWE AG | 438085  |
| 62858 | SAP SE | 17091678  |
| 44548 | Schott Pharma AG & Co. KGaA | 1189770  |
| 1124 | Scout24 SE<sup>(a)</sup> | 145642  |
| 25766 | Siemens AG, Class Registered Shares<sup>(a)</sup> | 7134323  |
| 10501 | Siemens Energy AG<sup>\*</sup> | 1114733  |
| 73440 | Siemens Healthineers AG | 4068180  |
| 25523 | Symrise AG, Class A Shares | 2473648  |
| 1067 | Talanx AG | 147029  |
| 959 | Traton SE | 35499  |
| 309891 | TUI AG<sup>\*</sup> | 3181522  |
| 3842 | Volkswagen AG | 448830  |
| 11549 | Vonovia SE | 373398  |
| 398 | Wacker Chemie AG | 30426  |
| 3666 | Zalando SE\*<sup>(a)</sup> | 102055  |
|  | Total Germany | 111759776  |
| **Greece – 0.2%**  | **Greece – 0.2%**  | **Greece – 0.2%**  |
| 182087 | National Bank of Greece SA | 2499466  |
| 247959 | Piraeus Financial Holdings SA<sup>\*</sup> | 1899815  |
|  | Total Greece | 4399281  |
| **Hong Kong – 1.8%**  | **Hong Kong – 1.8%**  | **Hong Kong – 1.8%**  |
| 1114785 | AIA Group Ltd.  | 10549224  |
| 34486 | Alibaba Group Holding Ltd., ADR | 4655610  |
| 13055 | Bank of East Asia Ltd.  | 21490  |
| 58500 | BOC Hong Kong Holdings Ltd.  | 264474  |
| 37100 | Budweiser Brewing Co. APAC Ltd.<sup>(a)</sup> | 39935  |
| 10000 | Cathay Pacific Airways Ltd.  | 13678  |
| 27400 | Chow Tai Fook Jewellery Group Ltd.  | 51143  |

---

See Notes to Financial Statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Hong Kong – (continued)**  | **Hong Kong – (continued)**  | **Hong Kong – (continued)**  |
| 28500 | CK Asset Holdings Ltd.  | $134334  |
| 44120 | CK Hutchison Holdings Ltd.  | 293026  |
| 10500 | CK Infrastructure Holdings Ltd.  | 70098  |
| 26658 | CLP Holdings Ltd.  | 225126  |
| 18000 | CTF Services Ltd.  | 17933  |
| 7500 | DFI Retail Group Holdings Ltd., Class Registered Shares | 23806  |
| 50000 | First Pacific Co., Ltd.  | 42783  |
| 37000 | Galaxy Entertainment Group Ltd.  | 193379  |
| 15000 | Hang Lung Group Ltd.  | 26122  |
| 20185 | Hang Lung Properties Ltd.  | 20489  |
| 11100 | Hang Seng Bank Ltd.  | 158532  |
| 24000 | Henderson Land Development Co., Ltd.  | 83117  |
| 188000 | Hong Kong & China Gas Co., Ltd.  | 168973  |
| 19700 | Hong Kong Exchanges & Clearing Ltd.  | 1155224  |
| 16200 | Hongkong Land Holdings Ltd.  | 100405  |
| 133300 | Hutchison Port Holdings Trust, Class U Shares | 28642  |
| 8000 | HUTCHMED China Ltd.<sup>\*</sup> | 24303  |
| 10000 | Hysan Development Co., Ltd.  | 18777  |
| 139437 | Jardine Matheson Holdings Ltd.  | 8438358  |
| 7500 | Johnson Electric Holdings Ltd.  | 27416  |
| 12000 | Kerry Properties Ltd.  | 30832  |
| 41710 | Link REIT | 221522  |
| 28400 | Man Wah Holdings Ltd.  | 17194  |
| 26500 | MTR Corp., Ltd | 89268  |
| 24000 | New World Development Co., Ltd.<sup>\*</sup> | 20161  |
| 2500 | Orient Overseas International Ltd.  | 43685  |
| 63000 | PCCW Ltd.  | 42516  |
| 24000 | Power Assets Holdings Ltd.  | 156221  |
| 43202 | Prudential PLC | 577476  |
| 34000 | Shangri-La Asia Ltd.  | 19904  |
| 48000 | Sino Land Co., Ltd.  | 57021  |
| 21000 | SITC International Holdings Co., Ltd.  | 74097  |
| 73000 | SJM Holdings Ltd.<sup>\*</sup> | 27127  |
| 23000 | Sun Hung Kai Properties Ltd.  | 270025  |
| 6500 | Swire Pacific Ltd., Class A Shares | 55735  |
| 12500 | Swire Pacific Ltd., Class B Shares | 18682  |
| 14600 | Swire Properties Ltd.  | 39419  |
| 1698000 | TCL Electronics Holdings Ltd.<sup>\*</sup>  | 2322484  |
| 23000 | Techtronic Industries Co., Ltd.  | 294681  |
| 136000 | United Energy Group Ltd.  | 9583  |
| 2128000 | VSTECS Holdings Ltd.  | 2947294  |
| 3600 | VTech Holdings Ltd.  | 29028  |
| 119000 | WH Group Ltd.<sup>(a)</sup> | 126889  |

---

See Notes to Financial Statements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Hong Kong – (continued)**  | **Hong Kong – (continued)**  | **Hong Kong – (continued)**  |
| 13000 | Wharf Holdings Ltd.  | $37194  |
| 28000 | Wharf Real Estate Investment Co., Ltd.  | 81101  |
| 27658 | Xinyi Glass Holdings Ltd.  | 30174  |
| 17500 | Yue Yuen Industrial Holdings Ltd.  | 30831  |
|  | Total Hong Kong | 34516541  |
| **India – 5.5%**  | **India – 5.5%**  | **India – 5.5%**  |
| 408416 | Afcons Infrastructure Ltd.  | 1933905  |
| 107461 | Akums Drugs & Pharmaceuticals Ltd.<sup>\*</sup> | 554153  |
| 572784 | ASK Automotive Ltd.  | 3131285  |
| 200788 | Axis Bank Ltd.  | 2380557  |
| 424480 | Bajaj Finance Ltd.  | 4231392  |
| 415474 | Bharat Wire Ropes Ltd.<sup>\*</sup> | 801956  |
| 179436 | Bharti Airtel Ltd.  | 3660268  |
| 237590 | Cello World Ltd.  | 1444891  |
| 402126 | Cholamandalam Investment & Finance Co., Ltd.  | 6492854  |
| 27162 | Cummins India Ltd.  | 1180753  |
| 253725 | DCW Ltd.<sup>\*</sup> | 209071  |
| 6854 | Dixon Technologies India Ltd.  | 1295967  |
| 10494 | Dr Lal PathLabs Ltd.  | 394713  |
| 898953 | Eternal Ltd.<sup>\*</sup> | 3200595  |
| 98530 | Godrej Consumer Products Ltd.  | 1388751  |
| 33449 | Godrej Properties Ltd.<sup>\*</sup> | 737755  |
| 89094 | HDFC Bank Ltd.  | 961139  |
| 17773 | HDFC Bank Ltd., ADR | 1264727  |
| 41320 | Hindustan Unilever Ltd.  | 1246740  |
| 617320 | Honasa Consumer Ltd.<sup>\*</sup> | 2047327  |
| 157009 | ICICI Bank Ltd.  | 2487423  |
| 55398 | ICICI Bank Ltd., ADR | 1758332  |
| 198033 | Indus Towers Ltd.<sup>\*</sup> | 765374  |
| 176810 | Info Edge India Ltd.  | 2719739  |
| 45745 | InterGlobe Aviation Ltd.<sup>(a)</sup> | 2928866  |
| 140503 | Inventurus Knowledge Solutions Ltd.<sup>\*</sup> | 2410243  |
| 268783 | Jio Financial Services Ltd.  | 949470  |
| 969613 | JM Financial Ltd.  | 1951500  |
| 24943 | Kaynes Technology India Ltd.<sup>\*</sup> | 1732377  |
| 157513 | Kotak Mahindra Bank Ltd.  | 3502613  |
| 43704 | KPIT Technologies Ltd.  | 589788  |
| 53732 | Larsen & Toubro Ltd.  | 2196581  |
| 111802 | LIC Housing Finance Ltd.  | 703388  |
| 22552 | Mahindra & Mahindra Ltd.  | 818339  |
| 46854 | Maruti Suzuki India Ltd.  | 7849001  |
| 170117 | Max Healthcare Institute Ltd.  | 2232549  |
| 725085 | National Aluminium Co., Ltd.  | 1530744  |

---

See Notes to Financial Statements.

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **India – (continued)**  | **India – (continued)**  | **India – (continued)**  |
| 165025 | Nippon Life India Asset Management Ltd.<sup>(a)</sup> | $1470702  |
| 209117 | NTPC Green Energy Ltd.<sup>\*</sup> | 244211  |
| 747905 | NTPC Ltd.  | 2778863  |
| 10415 | Nuvama Wealth Management Ltd.  | 753841  |
| 478722 | Power Finance Corp., Ltd.  | 2062894  |
| 437170 | Power Grid Corp. of India Ltd.  | 1364863  |
| 140459 | PTC India Ltd.  | 278425  |
| 679265 | Redington Ltd.  | 1854477  |
| 207510 | Reliance Industries Ltd.  | 3194197  |
| 81843 | SBI Life Insurance Co., Ltd.<sup>(a)</sup> | 1676292  |
| 21353 | SRF Ltd.  | 690797  |
| 46228 | Suyog Telematics Ltd.  | 418591  |
| 506844 | Swiggy Ltd.<sup>\*</sup> | 2355059  |
| 45818 | Tata Communications Ltd.  | 805132  |
| 40985 | Tata Consumer Products Ltd.  | 493812  |
| 183886 | Titan Co., Ltd.  | 7552170  |
| 27833 | Trent Ltd.  | 1670382  |
| 119080 | Varun Beverages Ltd.  | 657925  |
|  | Total India | 106007759  |
| **Indonesia – 0.7%**  | **Indonesia – 0.7%**  | **Indonesia – 0.7%**  |
| 15795700 | Aneka Tambang Tbk | 2932169  |
| 16384200 | Bank Central Asia Tbk PT | 8019644  |
| 409600 | Indo Tambangraya Megah Tbk PT | 549344  |
| 9795000 | Telkom Indonesia Persero Tbk PT | 1852383  |
|  | Total Indonesia | 13353540  |
| **Ireland – 1.4%**  | **Ireland – 1.4%**  | **Ireland – 1.4%**  |
| 982686 | AIB Group PLC | 8013277  |
| 368484 | Bank of Ireland Group PLC | 5452037  |
| 1552 | DCC PLC | 98730  |
| 139072 | Experian PLC | 7206341  |
| 2533 | Glanbia PLC | 42167  |
| 9081 | James Hardie Industries PLC, CDI<sup>\*</sup> | 184513  |
| 2732 | Kerry Group PLC, Class A Shares | 250038  |
| 19980 | Kingspan Group PLC | 1541400  |
| 10311 | PDD Holdings Inc., ADR<sup>\*</sup> | 1239588  |
| 31590 | Ryanair Holdings PLC, ADR | 2005017  |
| 3142 | Smurfit WestRock PLC | 148216  |
| 5403 | Smurfit WestRock PLC | 255886  |
|  | Total Ireland | 26437210  |
| **Israel – 0.4%**  | **Israel – 0.4%**  | **Israel – 0.4%**  |
| 1281 | Airport City Ltd.<sup>\*</sup> | 23305  |
| 4825 | Amot Investments Ltd.  | 34569  |
| 524 | Azrieli Group Ltd.  | 50349  |

---

See Notes to Financial Statements.

98<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Israel – (continued)**  | **Israel – (continued)**  | **Israel – (continued)**  |
| 22397 | Bank Hapoalim BM | $438430  |
| 24617 | Bank Leumi Le-Israel BM | 473740  |
| 288626 | Bezeq The Israeli Telecommunication Corp., Ltd.  | 531067  |
| 242 | Big Shopping Centers Ltd.  | 47711  |
| 369 | Camtek Ltd.<sup>\*</sup> | 32544  |
| 133 | Delek Group Ltd.  | 29503  |
| 439 | Elbit Systems Ltd.  | 212538  |
| 6484 | Energix-Renewable Energies Ltd.  | 25075  |
| 2487 | Enlight Renewable Energy Ltd.<sup>\*</sup> | 70513  |
| 57 | Fattal Holdings 1998 Ltd.<sup>\*</sup> | 9284  |
| 1031 | First International Bank Of Israel Ltd.  | 73197  |
| 1772 | Harel Insurance Investments & Financial Services Ltd.  | 59127  |
| 12202 | ICL Group Ltd.  | 79363  |
| 77 | Israel Corp., Ltd.  | 24924  |
| 19710 | Israel Discount Bank Ltd., Class A Shares | 195481  |
| 451 | Melisron Ltd.  | 52965  |
| 341 | Menora Mivtachim Holdings Ltd.  | 33141  |
| 10478 | Mivne Real Estate KD Ltd.  | 38535  |
| 2591 | Mizrahi Tefahot Bank Ltd.  | 169676  |
| 1104 | Nice Ltd.<sup>\*</sup> | 156145  |
| 4776 | Nice Ltd., ADR<sup>\*</sup> | 675088  |
| 475 | Nova Ltd.<sup>\*</sup> | 127746  |
| 3413 | Phoenix Financial Ltd.  | 121361  |
| 3042 | Shapir Engineering & Industry Ltd.  | 24059  |
| 2749 | Shufersal Ltd.  | 34128  |
| 160 | Strauss Group Ltd.  | 4205  |
| 18816 | Teva Pharmaceutical Industries Ltd.<sup>\*</sup> | 345628  |
| 2008 | Tower Semiconductor Ltd.<sup>\*</sup> | 121621  |
| 186764 | ZIM Integrated Shipping Services Ltd.<sup>(c)</sup> | 2541858  |
|  | Total Israel | 6856876  |
| **Italy – 3.1%**  | **Italy – 3.1%**  | **Italy – 3.1%**  |
| 27166 | A2A SpA | 68271  |
| 1931 | Amplifon SpA | 35189  |
| 275084 | Azimut Holding SpA | 9890329  |
| 68881 | Banca Mediolanum SpA | 1395766  |
| 287705 | Banca Monte dei Paschi di Siena SpA | 2648313  |
| 23793 | Banco BPM SpA | 327159  |
| 198361 | BPER Banca SpA | 2066341  |
| 605 | Brunello Cucinelli SpA | 70060  |
| 1488 | Buzzi SpA | 75704  |
| 8315 | Davide Campari-Milano NV | 62518  |
| 14050 | DiaSorin SpA | 1417791  |
| 861943 | Enel SpA | 7949748  |

---

See Notes to Financial Statements.

99<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Italy – (continued)**  | **Italy – (continued)**  | **Italy – (continued)**  |
| 33765 | Eni SpA | $603036  |
| 8090 | Ferrari NV | 3857795  |
| 9870 | FinecoBank Banca Fineco SpA | 217028  |
| 56282 | Generali | 2200118  |
| 101789 | Hera SpA | 437454  |
| 6069 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> | 73549  |
| 1183 | Interpump Group SpA | 56318  |
| 259913 | Intesa Sanpaolo SpA | 1639734  |
| 9559 | Italgas SpA | 85950  |
| 6649 | Leonardo SpA | 378955  |
| 9544 | Mediobanca Banca di Credito Finanziario SpA | 231811  |
| 3697 | Moncler SpA | 214736  |
| 9473 | Nexi SpA<sup>(a)</sup> | 60207  |
| 6281 | Pirelli & C SpA<sup>(a)</sup> | 43063  |
| 7256 | Poste Italiane SpA<sup>(a)</sup> | 170040  |
| 9000 | PRADA SpA | 52735  |
| 4785 | Prysmian SpA | 418803  |
| 1570 | Recordati Industria Chimica e Farmaceutica SpA | 96963  |
| 408 | Reply SpA | 58801  |
| 2065793 | Saipem SpA | 5807725  |
| 1608159 | Snam SpA | 9790071  |
| 241806 | Telecom Italia SpA<sup>\*</sup> | 120559  |
| 23083 | Terna – Rete Elettrica Nazionale | 232119  |
| 61267 | UniCredit SpA | 4741807  |
| 145442 | Unipol Assicurazioni SpA | 3042663  |
|  | Total Italy | 60639229  |
| **Japan – 13.8%**  | **Japan – 13.8%**  | **Japan – 13.8%**  |
| 1200 | ABC-Mart Inc.  | 23884  |
| 8500 | Acom Co., Ltd.  | 26575  |
| 26 | Activia Properties Inc.  | 23951  |
| 27600 | Adastria Co., Ltd.  | 564031  |
| 38 | Advance Residence Investment Corp.  | 42146  |
| 12100 | Advantest Corp.  | 940115  |
| 40620 | Aeon Co., Ltd.  | 493833  |
| 2300 | AEON Financial Service Co., Ltd.  | 23266  |
| 22 | AEON REIT Investment Corp.  | 19686  |
| 3200 | AGC Inc.  | 100742  |
| 800 | Aica Kogyo Co., Ltd.  | 20566  |
| 3700 | Air Water Inc.  | 64415  |
| 8000 | Aisin Corp.  | 131546  |
| 91400 | Ajinomoto Co., Inc.  | 2470979  |
| 76600 | Alfresa Holdings Corp.  | 1152131  |
| 87500 | Alps Alpine Co., Ltd.  | 1067622  |

---

See Notes to Financial Statements.

100<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 4500 | ALSOK Co., Ltd.  | $34485  |
| 5500 | Amada Co., Ltd.  | 69917  |
| 1100 | Amano Corp.  | 31626  |
| 2400 | ANA Holdings Inc.  | 48482  |
| 2100 | Aozora Bank Ltd.  | 32695  |
| 1000 | As One Corp.  | 17191  |
| 23746 | Asahi Group Holdings Ltd.  | 299863  |
| 2900 | Asahi Intecc Co., Ltd.  | 49520  |
| 18600 | Asahi Kasei Corp.  | 151719  |
| 10800 | Asics Corp.  | 292733  |
| 29300 | Astellas Pharma Inc.  | 324158  |
| 8000 | Azbil Corp.  | 80174  |
| 9200 | Bandai Namco Holdings Inc.  | 316223  |
| 2100 | BayCurrent Inc.  | 119545  |
| 1000 | Bic Camera Inc.  | 10729  |
| 14300 | BIPROGY Inc.  | 618661  |
| 9400 | Bridgestone Corp.  | 424875  |
| 53400 | Brother Industries Ltd.  | 899686  |
| 68400 | Calbee Inc.  | 1244755  |
| 14500 | Canon Inc.  | 423953  |
| 800 | Canon Marketing Japan Inc.  | 30854  |
| 5600 | Capcom Co., Ltd.  | 152334  |
| 3300 | Casio Computer Co., Ltd.  | 27006  |
| 14100 | Central Japan Railway Co.  | 375927  |
| 284900 | Chiba Bank Ltd.  | 2911977  |
| 11800 | Chubu Electric Power Co., Inc.  | 163285  |
| 71800 | Chugai Pharmaceutical Co., Ltd.  | 3178094  |
| 2900 | Chugin Financial Group Inc.  | 41260  |
| 138800 | Chugoku Electric Power Co., Inc.  | 836337  |
| 2000 | Coca-Cola Bottlers Japan Holdings Inc.  | 35112  |
| 22600 | COMSYS Holdings Corp.  | 567327  |
| 16400 | Concordia Financial Group Ltd.  | 125426  |
| 900 | Cosmo Energy Holdings Co., Ltd.  | 43252  |
| 600 | Cosmos Pharmaceutical Corp.  | 36445  |
| 101800 | Credit Saison Co., Ltd.  | 2603559  |
| 6200 | CyberAgent Inc.  | 75500  |
| 6300 | Dai Nippon Printing Co., Ltd.  | 105215  |
| 4800 | Daicel Corp.  | 44052  |
| 1900 | Daido Steel Co., Ltd.  | 16404  |
| 6000 | Daifuku Co., Ltd.  | 190231  |
| 58700 | Dai-ichi Life Holdings Inc.  | 481691  |
| 30500 | Daiichi Sankyo Co., Ltd.  | 727910  |
| 14300 | Daikin Industries Ltd.  | 1801264  |

---

See Notes to Financial Statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 1000 | Daito Trust Construction Co., Ltd.  | $106792  |
| 9600 | Daiwa House Industry Co., Ltd.  | 341334  |
| 70 | Daiwa House REIT Investment Corp., Class A Shares | 60451  |
| 10 | Daiwa Office Investment Corp., Class A Shares | 24883  |
| 23500 | Daiwa Securities Group Inc.  | 182250  |
| 38 | Daiwa Securities Living Investments Corp., Class A Shares | 27824  |
| 1500 | Denka Co., Ltd.  | 22685  |
| 30600 | Denso Corp.  | 437303  |
| 3600 | Dentsu Group Inc.  | 72321  |
| 500 | Dentsu Soken Inc.  | 22486  |
| 2100 | Dexerials Corp.  | 28267  |
| 1200 | DIC Corp.  | 27799  |
| 7500 | Disco Corp.  | 2082612  |
| 2200 | DMG Mori Co., Ltd.  | 45335  |
| 800 | Dowa Holdings Co., Ltd.  | 28136  |
| 16900 | East Japan Railway Co.  | 415788  |
| 6900 | Ebara Corp.  | 141942  |
| 4700 | Eisai Co., Ltd.  | 143904  |
| 32300 | Electric Power Development Co., Ltd.  | 617107  |
| 42900 | ENEOS Holdings Inc.  | 256572  |
| 3300 | EXEO Group Inc.  | 48800  |
| 35500 | Ezaki Glico Co., Ltd.  | 1185028  |
| 15700 | FANUC Corp.  | 436480  |
| 2900 | Fast Retailing Co., Ltd.  | 904127  |
| 1900 | Food & Life Cos., Ltd.  | 109978  |
| 1200 | FP Corp.  | 21414  |
| 40 | Frontier Real Estate Investment Corp.  | 23807  |
| 2100 | Fuji Electric Co., Ltd.  | 134023  |
| 900 | Fuji Media Holdings Inc.  | 20307  |
| 400 | Fuji Oil Co., Ltd.  | 9937  |
| 19600 | FUJIFILM Holdings Corp.  | 463884  |
| 4600 | Fujikura Ltd.  | 389293  |
| 1200 | Fujitec Co., Ltd.  | 45961  |
| 28500 | Fujitsu Ltd.  | 692050  |
| 2700 | Fukuoka Financial Group Inc.  | 80770  |
| 1200 | Furukawa Electric Co., Ltd.  | 74771  |
| 1200 | Fuyo General Lease Co., Ltd.  | 35572  |
| 839 | GLP J-Reit | 784411  |
| 1200 | GMO internet group Inc.  | 32231  |
| 600 | GMO Payment Gateway Inc.  | 34430  |
| 500 | Goldwin Inc.  | 24486  |
| 1400 | GS Yuasa Corp.  | 31420  |
| 3900 | Gunma Bank Ltd.  | 40724  |

---

See Notes to Financial Statements.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 6600 | Hachijuni Bank Ltd.  | $64071  |
| 5100 | Hakuhodo DY Holdings Inc.  | 40781  |
| 5400 | Hamamatsu Photonics KK | 56210  |
| 4000 | Hankyu Hanshin Holdings Inc.  | 118716  |
| 21300 | Hanwa Co., Ltd.  | 915855  |
| 900 | Harmonic Drive Systems Inc.  | 15416  |
| 4500 | Haseko Corp.  | 74538  |
| 1400 | Heiwa Corp.  | 20748  |
| 3800 | Hikari Tsushin Inc.  | 1017521  |
| 5700 | Hino Motors Ltd.<sup>\*</sup> | 14800  |
| 4100 | Hirogin Holdings Inc.  | 39002  |
| 14510 | Hirose Electric Co., Ltd.  | 1870909  |
| 900 | Hisamitsu Pharmaceutical Co., Inc.  | 25674  |
| 1300 | Hitachi Construction Machinery Co., Ltd.  | 40056  |
| 115900 | Hitachi Ltd.  | 3122807  |
| 68828 | Honda Motor Co., Ltd.  | 757894  |
| 500 | Horiba Ltd.  | 37129  |
| 1900 | Hoshizaki Corp.  | 73155  |
| 1700 | House Foods Group Inc.  | 32762  |
| 5600 | Hoya Corp.  | 723939  |
| 7600 | Hulic Co., Ltd.  | 81692  |
| 2100 | Ibiden Co., Ltd.  | 100810  |
| 14200 | Idemitsu Kosan Co., Ltd.  | 94104  |
| 2100 | IHI Corp.  | 217907  |
| 2600 | Iida Group Holdings Co., Ltd.  | 40771  |
| 48 | Industrial & Infrastructure Fund Investment Corp., Class A Shares | 42334  |
| 2100 | INFRONEER Holdings Inc.  | 20908  |
| 13000 | Inpex Corp.  | 221758  |
| 1400 | Internet Initiative Japan Inc.  | 26457  |
| 139 | Invincible Investment Corp.  | 63165  |
| 5200 | Isetan Mitsukoshi Holdings Ltd.  | 87375  |
| 8800 | Isuzu Motors Ltd.  | 115337  |
| 600 | Ito En Ltd.  | 13769  |
| 19400 | ITOCHU Corp.  | 1099432  |
| 200 | Itoham Yonekyu Holdings Inc.  | 7688  |
| 3200 | Iwatani Corp.  | 35121  |
| 3000 | Iyogin Holdings Inc.  | 41414  |
| 900 | Izumi Co., Ltd.  | 19861  |
| 3600 | J Front Retailing Co., Ltd.  | 55916  |
| 2900 | Japan Airlines Co., Ltd.  | 61847  |
| 1100 | Japan Airport Terminal Co., Ltd.  | 37524  |
| 16700 | Japan Exchange Group Inc.  | 175354  |
| 100 | Japan Hotel REIT Investment Corp., Class A Shares | 58827  |

---

See Notes to Financial Statements.

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 36 | Japan Logistics Fund Inc.  | $24009  |
| 99 | Japan Metropolitan Fund Invest | 75383  |
| 29600 | Japan Post Bank Co., Ltd.  | 371944  |
| 28600 | Japan Post Holdings Co., Ltd.  | 291471  |
| 3000 | Japan Post Insurance Co., Ltd.  | 84392  |
| 52 | Japan Prime Realty Investment Corp.  | 36587  |
| 116 | Japan Real Estate Investment Corp.  | 100940  |
| 1100 | Japan Steel Works Ltd.  | 67272  |
| 18200 | Japan Tobacco Inc.  | 580471  |
| 600 | Jeol Ltd.  | 18864  |
| 10100 | JFE Holdings Inc.  | 125105  |
| 1500 | JGC Holdings Corp.  | 14367  |
| 500 | JMDC Inc.  | 14070  |
| 4700 | JTEKT Corp.  | 45783  |
| 200 | Justsystems Corp.  | 6253  |
| 1500 | Kadokawa Corp.  | 34528  |
| 19200 | Kaga Electronics Co., Ltd.  | 445766  |
| 1500 | Kagome Co., Ltd.  | 29370  |
| 7100 | Kajima Corp.  | 212749  |
| 1800 | Kakaku.com Inc.  | 33724  |
| 1300 | Kamigumi Co., Ltd.  | 38989  |
| 2100 | Kandenko Co., Ltd.  | 56875  |
| 700 | Kaneka Corp.  | 20558  |
| 16300 | Kansai Electric Power Co., Inc.  | 229674  |
| 2500 | Kansai Paint Co., Ltd.  | 42095  |
| 7500 | Kao Corp.  | 340056  |
| 2400 | Kawasaki Heavy Industries Ltd.  | 146871  |
| 5900 | Kawasaki Kisen Kaisha Ltd.  | 90200  |
| 47600 | KDDI Corp.  | 824753  |
| 68 | KDX Realty Investment Corp., Class A Shares | 78298  |
| 1100 | Keihan Holdings Co., Ltd.  | 24070  |
| 4500 | Keikyu Corp.  | 47446  |
| 2000 | Keio Corp.  | 50466  |
| 6900 | Keisei Electric Railway Co., Ltd.  | 63829  |
| 1600 | Kewpie Corp.  | 45055  |
| 10500 | Keyence Corp.  | 4008767  |
| 12000 | Kikkoman Corp.  | 103224  |
| 1900 | Kinden Corp.  | 68055  |
| 3200 | Kintetsu Group Holdings Co., Ltd.  | 64389  |
| 1400 | Kioxia Holdings Corp.<sup>\*</sup> | 24109  |
| 12500 | Kirin Holdings Co., Ltd.  | 181550  |
| 800 | Kobayashi Pharmaceutical Co., Ltd.  | 28978  |
| 2200 | Kobe Bussan Co., Ltd.  | 62404  |

---

See Notes to Financial Statements.

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 83100 | Kobe Steel Ltd.  | $1025061  |
| 2200 | Koei Tecmo Holdings Co., Ltd.  | 28915  |
| 3800 | Koito Manufacturing Co., Ltd.  | 54055  |
| 2000 | Kokusai Electric Corp.  | 38326  |
| 7200 | Kokuyo Co., Ltd.  | 44765  |
| 200929 | Komatsu Ltd.  | 6774183  |
| 1600 | Konami Group Corp.  | 243730  |
| 6600 | Konica Minolta Inc.<sup>\*</sup> | 22330  |
| 6400 | Kose Corp.  | 248233  |
| 1300 | Kotobuki Spirits Co., Ltd.  | 16014  |
| 2200 | K's Holdings Corp.  | 22456  |
| 15900 | Kubota Corp.  | 186109  |
| 3700 | Kuraray Co., Ltd.  | 44323  |
| 1900 | Kurita Water Industries Ltd.  | 64747  |
| 1200 | Kusuri no Aoki Holdings Co., Ltd.  | 31971  |
| 21900 | Kyocera Corp.  | 293886  |
| 3800 | Kyoto Financial Group Inc.  | 74985  |
| 4300 | Kyowa Kirin Co., Ltd.  | 74547  |
| 600 | Kyudenko Corp.  | 28961  |
| 291500 | Kyushu Electric Power Co., Inc.  | 3082617  |
| 7600 | Kyushu Financial Group Inc.  | 44554  |
| 75300 | Kyushu Railway Co.  | 2083543  |
| 23 | LaSalle Logiport REIT | 22319  |
| 1300 | Lasertec Corp.  | 135782  |
| 28700 | Lion Corp.  | 306995  |
| 3900 | Lixil Corp.  | 50719  |
| 43500 | LY Corp.  | 138765  |
| 163400 | M3 Inc.  | 2425536  |
| 1200 | Mabuchi Motor Co., Ltd.  | 20514  |
| 2700 | Macnica Holdings Inc.  | 36776  |
| 250779 | Makita Corp.  | 8429432  |
| 24300 | Marubeni Corp.  | 552370  |
| 2200 | Marui Group Co., Ltd.  | 47462  |
| 700 | Maruichi Steel Tube Ltd.  | 18116  |
| 100 | Maruwa Co., Ltd.  | 27073  |
| 3800 | Matsui Securities Co., Ltd.  | 20084  |
| 6200 | MatsukiyoCocokara & Co.  | 128448  |
| 10100 | Mazda Motor Corp.  | 66838  |
| 1500 | McDonald's Holdings Co. Japan Ltd.  | 66848  |
| 119600 | Mebuki Financial Group Inc.  | 741966  |
| 49000 | Medipal Holdings Corp.  | 865919  |
| 3800 | MEIJI Holdings Co., Ltd.  | 79117  |
| 2200 | Mercari Inc.<sup>\*</sup> | 37406  |

---

See Notes to Financial Statements.

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 432804 | MINEBEA MITSUMI Inc.  | $7355947  |
| 429630 | MISUMI Group Inc.  | 6514674  |
| 19200 | Mitsubishi Chemical Group Corp.  | 109417  |
| 53500 | Mitsubishi Corp.  | 1210705  |
| 269468 | Mitsubishi Electric Corp.  | 6492331  |
| 18400 | Mitsubishi Estate Co., Ltd.  | 395046  |
| 2800 | Mitsubishi Gas Chemical Co., Inc.  | 51065  |
| 14500 | Mitsubishi HC Capital Inc.  | 119354  |
| 53000 | Mitsubishi Heavy Industries Ltd.  | 1332365  |
| 5100 | Mitsubishi Logistics Corp.  | 42149  |
| 2500 | Mitsubishi Materials Corp.  | 43351  |
| 13200 | Mitsubishi Motors Corp.  | 35714  |
| 183700 | Mitsubishi UFJ Financial Group Inc.  | 2776723  |
| 41800 | Mitsui & Co., Ltd.  | 962989  |
| 3000 | Mitsui Chemicals Inc.  | 74154  |
| 43100 | Mitsui Fudosan Co., Ltd.  | 461539  |
| 44 | Mitsui Fudosan Logistics Park Inc.  | 32815  |
| 900 | Mitsui Mining & Smelting Co., Ltd.  | 63411  |
| 5000 | Mitsui OSK Lines Ltd.  | 160177  |
| 800 | Miura Co., Ltd.  | 15336  |
| 44800 | MIXI Inc.  | 996661  |
| 40400 | Mizuho Financial Group Inc.  | 1321828  |
| 500 | Money Forward Inc.<sup>\*</sup> | 21933  |
| 4000 | MonotaRO Co., Ltd.  | 69332  |
| 28 | Mori Hills REIT Investment Corp., Class A Shares | 27110  |
| 1400 | Morinaga & Co., Ltd.  | 25434  |
| 1100 | Morinaga Milk Industry Co., Ltd.  | 24700  |
| 20500 | MS&AD Insurance Group Holdings Inc.  | 476852  |
| 468950 | Murata Manufacturing Co., Ltd.  | 7627730  |
| 306253 | Nabtesco Corp.  | 6450815  |
| 1600 | Nagase & Co., Ltd.  | 34240  |
| 3500 | Nagoya Railroad Co., Ltd.  | 39965  |
| 1800 | Nankai Electric Railway Co., Ltd.  | 32229  |
| 20400 | NEC Corp.  | 627205  |
| 6400 | Nexon Co., Ltd.  | 145382  |
| 79000 | Nextage Co., Ltd.  | 1158824  |
| 3700 | NGK Insulators Ltd.  | 58494  |
| 1400 | NH Foods Ltd.  | 52919  |
| 2700 | NHK Spring Co., Ltd.  | 33685  |
| 700 | Nichias Corp.  | 26982  |
| 2700 | Nichirei Corp.  | 31141  |
| 15400 | NIDEC Corp.  | 330720  |
| 1800 | Nifco Inc.  | 51602  |

---

See Notes to Financial Statements.

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 2800 | Nihon Kohden Corp.  | $31047  |
| 4300 | Nihon M&A Center Holdings Inc.  | 22003  |
| 4400 | Nikon Corp.  | 49340  |
| 16600 | Nintendo Co., Ltd.  | 1483615  |
| 27 | Nippon Accommodations Fund Inc., Class A Shares | 22687  |
| 120 | Nippon Building Fund Inc.  | 116077  |
| 19000 | Nippon Electric Glass Co., Ltd.  | 579656  |
| 225670 | NIPPON EXPRESS HOLDINGS Inc.  | 4950298  |
| 2400 | Nippon Kayaku Co., Ltd.  | 23276  |
| 16800 | Nippon Paint Holdings Co., Ltd.  | 122410  |
| 123 | Nippon Prologis REIT Inc.  | 71557  |
| 56700 | Nippon Sanso Holdings Corp.  | 2062446  |
| 20900 | Nippon Shinyaku Co., Ltd.  | 440566  |
| 2400 | Nippon Shokubai Co., Ltd.  | 30301  |
| 16200 | Nippon Steel Corp.  | 343124  |
| 300 | Nippon Television Holdings Inc.  | 7865  |
| 6700 | Nippon Yusen KK | 241311  |
| 2600 | Nipro Corp.  | 26589  |
| 2200 | Nissan Chemical Corp.  | 77628  |
| 30600 | Nissan Motor Co., Ltd.<sup>\*</sup> | 67904  |
| 4300 | Nisshin Seifun Group Inc.  | 52342  |
| 3200 | Nissin Foods Holdings Co., Ltd.  | 60346  |
| 2500 | Niterra Co., Ltd.  | 88849  |
| 1400 | Nitori Holdings Co., Ltd.  | 129252  |
| 109100 | Nitto Denko Corp.  | 2451625  |
| 3200 | NOF Corp.  | 59486  |
| 1500 | NOK Corp.  | 26014  |
| 48500 | Nomura Holdings Inc.  | 344258  |
| 81300 | Nomura Real Estate Holdings Inc.  | 502926  |
| 76 | Nomura Real Estate Master Fund Inc.  | 83263  |
| 56000 | Nomura Research Institute Ltd.  | 2212069  |
| 1200 | NS Solutions Corp.  | 28603  |
| 23600 | NS United Kaiun Kaisha Ltd.  | 796405  |
| 8720 | NSK Ltd.  | 45602  |
| 457300 | NTT Inc.  | 481901  |
| 10500 | Obayashi Corp.  | 171172  |
| 300 | OBIC Business Consultants Co., Ltd.  | 17357  |
| 5300 | Obic Co., Ltd.  | 187283  |
| 4800 | Odakyu Electric Railway Co., Ltd.  | 54894  |
| 11800 | Oji Holdings Corp.  | 65130  |
| 1000 | OKUMA Corp.  | 23515  |
| 773685 | Olympus Corp.  | 8996645  |
| 278645 | Omron Corp.  | 7085097  |

---

See Notes to Financial Statements.

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 5800 | Ono Pharmaceutical Co., Ltd.  | $65486  |
| 1300 | Open House Group Co., Ltd.  | 66866  |
| 500 | Oracle Corp. Japan | 51965  |
| 300 | Organo Corp.  | 22864  |
| 17100 | Oriental Land Co., Ltd.  | 408960  |
| 18100 | ORIX Corp.  | 469430  |
| 80 | Orix JREIT Inc.  | 53350  |
| 5700 | Osaka Gas Co., Ltd.  | 162693  |
| 3500 | Otsuka Corp.  | 72224  |
| 7100 | Otsuka Holdings Co., Ltd.  | 372075  |
| 700 | PALTAC Corp.  | 21573  |
| 6200 | Pan Pacific International Holdings Corp.  | 224019  |
| 36700 | Panasonic Holdings Corp.  | 372075  |
| 1700 | Park24 Co., Ltd.  | 23277  |
| 2000 | PeptiDream Inc.<sup>\*</sup> | 20405  |
| 3412209 | Persol Holdings Co., Ltd.  | 6381912  |
| 1700 | Pola Orbis Holdings Inc.  | 14872  |
| 1600 | Rakus Co., Ltd.  | 28625  |
| 18100 | Rakuten Bank Ltd.<sup>\*</sup> | 1010127  |
| 24100 | Rakuten Group Inc.<sup>\*</sup> | 148661  |
| 56400 | Recruit Holdings Co., Ltd.  | 3214591  |
| 1700 | Relo Group Inc.  | 20176  |
| 385100 | Renesas Electronics Corp.  | 4521752  |
| 4100 | Rengo Co., Ltd.  | 25546  |
| 833400 | Resona Holdings Inc.  | 8304236  |
| 3200 | Resonac Holdings Corp.  | 83145  |
| 2400 | Resorttrust Inc.  | 30739  |
| 9000 | Ricoh Co., Ltd.  | 79585  |
| 1600 | Rinnai Corp.  | 39583  |
| 4900 | Rohm Co., Ltd.  | 71699  |
| 142500 | Rohto Pharmaceutical Co., Ltd.  | 2429912  |
| 2200 | Rorze Corp.  | 27037  |
| 7800 | Ryohin Keikaku Co., Ltd.  | 169364  |
| 149700 | Sankyo Co., Ltd.  | 3025229  |
| 600 | Sankyu Inc.  | 33274  |
| 2900 | Sanrio Co., Ltd.  | 149622  |
| 72600 | Santen Pharmaceutical Co., Ltd.  | 772589  |
| 2900 | Sanwa Holdings Corp.  | 94161  |
| 1100 | Sapporo Holdings Ltd.  | 56315  |
| 2100 | Sawai Group Holdings Co., Ltd.  | 26678  |
| 4700 | SBI Holdings Inc.  | 220186  |
| 1500 | SCREEN Holdings Co., Ltd.  | 113836  |
| 2800 | SCSK Corp.  | 89566  |

---

See Notes to Financial Statements.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 6600 | Secom Co., Ltd.  | $244394  |
| 2500 | Sega Sammy Holdings Inc.  | 52208  |
| 3100 | Seibu Holdings Inc.  | 112646  |
| 4500 | Seiko Epson Corp.  | 57124  |
| 2300 | Seino Holdings Co., Ltd.  | 35874  |
| 6200 | Sekisui Chemical Co., Ltd.  | 117459  |
| 8800 | Sekisui House Ltd.  | 199135  |
| 51 | Sekisui House REIT Inc.  | 28049  |
| 215700 | Seven & i Holdings Co., Ltd.  | 2785803  |
| 9900 | Seven Bank Ltd.  | 19539  |
| 7400 | SG Holdings Co., Ltd.  | 79925  |
| 3200 | Sharp Corp.<sup>\*</sup> | 19396  |
| 3000 | SHIFT Inc.<sup>\*</sup> | 31204  |
| 3200 | Shikoku Electric Power Co., Inc.  | 30008  |
| 107000 | Shimadzu Corp.  | 2617622  |
| 800 | Shimamura Co., Ltd.  | 59203  |
| 1300 | Shimano Inc.  | 144725  |
| 7700 | Shimizu Corp.  | 103372  |
| 133000 | Shin-Etsu Chemical Co., Ltd.  | 4120806  |
| 12500 | Shionogi & Co., Ltd.  | 217254  |
| 47200 | Ship Healthcare Holdings Inc.  | 714049  |
| 6200 | Shiseido Co., Ltd.  | 101599  |
| 6600 | Shizuoka Financial Group Inc.  | 88202  |
| 400 | SHO-BOND Holdings Co., Ltd.  | 13842  |
| 3800 | Skylark Holdings Co., Ltd.  | 76256  |
| 900 | SMC Corp.  | 276895  |
| 2400 | Socionext Inc.  | 45580  |
| 473400 | SoftBank Corp.  | 731002  |
| 16200 | SoftBank Group Corp.  | 1754357  |
| 3700 | Sojitz Corp.  | 97639  |
| 14800 | Sompo Holdings Inc.  | 478547  |
| 258000 | Sony Group Corp.  | 7120653  |
| 1100 | Sotetsu Holdings Inc.  | 19403  |
| 1500 | Square Enix Holdings Co., Ltd.  | 103234  |
| 1900 | Stanley Electric Co., Ltd.  | 38457  |
| 9200 | Subaru Corp.  | 179460  |
| 25700 | Sugi Holdings Co., Ltd.  | 649270  |
| 4500 | SUMCO Corp.  | 37465  |
| 1200 | Sumitomo Bakelite Co., Ltd.  | 40065  |
| 26600 | Sumitomo Chemical Co., Ltd.  | 79996  |
| 16800 | Sumitomo Corp.  | 468565  |
| 12200 | Sumitomo Electric Industries Ltd.  | 343955  |
| 7500 | Sumitomo Forestry Co., Ltd.  | 85742  |

---

See Notes to Financial Statements.

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 1100 | Sumitomo Heavy Industries Ltd.  | $24307  |
| 4500 | Sumitomo Metal Mining Co., Ltd.  | 123377  |
| 61100 | Sumitomo Mitsui Financial Group Inc.  | 1654548  |
| 10700 | Sumitomo Mitsui Trust Group Inc.  | 305914  |
| 5300 | Sumitomo Realty & Development Co., Ltd.  | 218521  |
| 3800 | Sumitomo Rubber Industries Ltd.  | 44491  |
| 1400 | Sundrug Co., Ltd.  | 44111  |
| 2300 | Suntory Beverage & Food Ltd.  | 71228  |
| 33600 | Suzuken Co., Ltd.  | 1332325  |
| 28900 | Suzuki Motor Corp.  | 381495  |
| 7300 | Sysmex Corp.  | 92440  |
| 7900 | T&D Holdings Inc.  | 204335  |
| 25000 | Taiheiyo Cement Corp.  | 678116  |
| 42200 | Taisei Corp.  | 2857854  |
| 2000 | Taiyo Yuden Co., Ltd.  | 40200  |
| 2900 | Takara Holdings Inc.  | 33381  |
| 1000 | Takasago Thermal Engineering Co., Ltd.  | 60663  |
| 5600 | Takashimaya Co., Ltd.  | 49409  |
| 25900 | Takeda Pharmaceutical Co., Ltd.  | 779966  |
| 800 | TBS Holdings Inc.  | 29241  |
| 31100 | TDK Corp.  | 400269  |
| 2100 | TechnoPro Holdings Inc.  | 68814  |
| 2500 | Teijin Ltd.  | 21442  |
| 24100 | Terumo Corp.  | 437818  |
| 1500 | THK Co., Ltd.  | 40391  |
| 3500 | TIS Inc.  | 116543  |
| 3400 | Tobu Railway Co., Ltd.  | 61886  |
| 4100 | Toda Corp.  | 29063  |
| 1000 | Toei Animation Co., Ltd.  | 21304  |
| 1700 | Toho Co., Ltd.  | 107941  |
| 1600 | Toho Gas Co., Ltd.  | 48536  |
| 161700 | Tohoku Electric Power Co., Inc.  | 1250658  |
| 3700 | Tokai Carbon Co., Ltd.  | 25593  |
| 30400 | Tokio Marine Holdings Inc.  | 1308351  |
| 2000 | Tokyo Century Corp.  | 25208  |
| 20500 | Tokyo Electric Power Co. Holdings Inc.<sup>\*</sup> | 104341  |
| 7300 | Tokyo Electron Ltd.  | 996608  |
| 5800 | Tokyo Gas Co., Ltd.  | 222212  |
| 4000 | Tokyo Metro Co., Ltd.  | 46570  |
| 1600 | Tokyo Ohka Kogyo Co., Ltd.  | 50834  |
| 500 | Tokyo Seimitsu Co., Ltd.  | 27949  |
| 36300 | Tokyo Tatemono Co., Ltd.  | 683968  |
| 8300 | Tokyu Corp.  | 104870  |

---

See Notes to Financial Statements.

110<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 191400 | Tokyu Fudosan Holdings Corp.  | $1548105  |
| 1300 | Tomy Co., Ltd.  | 29714  |
| 3900 | TOPPAN Holdings Inc.  | 100520  |
| 23600 | Toray Industries Inc.  | 157930  |
| 900 | Toridoll Holdings Corp.  | 30298  |
| 4906 | Tosoh Corp.  | 77871  |
| 297752 | TOTO Ltd.  | 7686980  |
| 1700 | Toyo Seikan Group Holdings Ltd.  | 41287  |
| 62700 | Toyo Suisan Kaisha Ltd.  | 4307652  |
| 1500 | Toyo Tire Corp.  | 38120  |
| 700 | Toyoda Gosei Co., Ltd.  | 16968  |
| 44000 | Toyota Boshoku Corp.  | 717420  |
| 2800 | Toyota Industries Corp.  | 310913  |
| 175700 | Toyota Motor Corp.  | 3427190  |
| 11800 | Toyota Tsusho Corp.  | 314404  |
| 21800 | Transcosmos Inc.  | 533296  |
| 2200 | Trend Micro Inc.  | 116619  |
| 1800 | TS Tech Co., Ltd.  | 22614  |
| 1100 | Tsumura & Co.  | 26456  |
| 3000 | Tsuruha Holdings Inc.  | 46391  |
| 1700 | UBE Corp.  | 26986  |
| 1000 | Ulvac Inc.  | 40398  |
| 19800 | Unicharm Corp.  | 132470  |
| 43 | United Urban Investment Corp.  | 51847  |
| 1500 | Ushio Inc.  | 21730  |
| 6900 | USS Co., Ltd.  | 83651  |
| 47000 | Valor Holdings Co., Ltd.  | 900053  |
| 2011 | Welcia Holdings Co., Ltd.  | 35435  |
| 7800 | West Japan Railway Co.  | 174832  |
| 300 | Workman Co., Ltd.  | 10842  |
| 3900 | Yakult Honsha Co., Ltd.  | 63734  |
| 247400 | Yamada Holdings Co., Ltd.  | 782047  |
| 3200 | Yamaguchi Financial Group Inc.  | 38619  |
| 4500 | Yamaha Corp.  | 29378  |
| 15500 | Yamaha Motor Co., Ltd.  | 112206  |
| 4600 | Yamato Holdings Co., Ltd.  | 77779  |
| 500 | Yamato Kogyo Co., Ltd.  | 32971  |
| 2200 | Yamazaki Baking Co., Ltd.  | 51208  |
| 400 | Yaoko Co., Ltd.  | 24931  |
| 4400 | Yaskawa Electric Corp.  | 86542  |
| 4200 | Yokogawa Electric Corp.  | 122652  |
| 2100 | Yokohama Rubber Co., Ltd.  | 76907  |
| 2000 | Zenkoku Hosho Co., Ltd.  | 45983  |

---

See Notes to Financial Statements.

111<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Japan – (continued)**  | **Japan – (continued)**  | **Japan – (continued)**  |
| 1600 | Zensho Holdings Co., Ltd.  | $100792  |
| 48000 | Zeon Corp.  | 553877  |
| 7500 | ZOZO Inc.  | 69724  |
|  | Total Japan | 267103015  |
| **Luxembourg – 0.4%**  | **Luxembourg – 0.4%**  | **Luxembourg – 0.4%**  |
| 66230 | ArcelorMittal SA | 2210093  |
| 113758 | Aroundtown SA<sup>\*</sup> | 451086  |
| 113127 | CVC Capital Partners PLC<sup>(a)</sup> | 2279488  |
| 1741 | Eurofins Scientific SE | 132097  |
| 11352 | Globant SA<sup>\*</sup> | 763536  |
| 434 | RTL Group SA | 17905  |
| 97296 | Tenaris SA | 1763707  |
|  | Total Luxembourg | 7617912  |
| **Macau – 0.0%**  | **Macau – 0.0%**  | **Macau – 0.0%**  |
| 15600 | MGM China Holdings Ltd.  | 31891  |
| 42000 | Sands China Ltd.  | 109264  |
| 20800 | Wynn Macau Ltd.  | 19110  |
|  | Total Macau | 160265  |
| **Mexico – 0.6%**  | **Mexico – 0.6%**  | **Mexico – 0.6%**  |
| 3190 | Fresnillo PLC | 77081  |
| 749000 | Grupo Financiero Banorte SAB de CV, Class O Shares | 6820981  |
| 623476 | Grupo Mexico SAB de CV, Class B Shares | 4088822  |
|  | Total Mexico | 10986884  |
| **Netherlands – 3.5%**  | **Netherlands – 3.5%**  | **Netherlands – 3.5%**  |
| 1518 | Aalberts NV | 53087  |
| 282484 | ABN AMRO Bank NV<sup>(a)</sup> | 8135194  |
| 1493 | Adyen NV\*<sup>(a)</sup> | 2502024  |
| 20709 | Aegon Ltd.  | 162771  |
| 125763 | Akzo Nobel NV | 8664685  |
| 1009 | Argenx SE<sup>\*</sup> | 717632  |
| 3751 | Argenx SE, ADR<sup>\*</sup> | 2671462  |
| 4319 | ASM International NV | 2072785  |
| 17140 | ASML Holding NV | 12732947  |
| 2425 | ASR Nederland NV | 168122  |
| 1146 | BE Semiconductor Industries NV | 154208  |
| 1671 | CTP NV<sup>(a)</sup> | 35882  |
| 31771 | Euronext NV<sup>(a)</sup> | 5242904  |
| 1629 | EXOR NV | 163015  |
| 7939 | Ferrovial SE | 433864  |
| 2030 | Heineken Holding NV | 143882  |
| 4555 | Heineken NV | 368007  |
| 901 | IMCD NV | 101057  |
| 50522 | ING Groep NV | 1202659  |

---

See Notes to Financial Statements.

112<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Netherlands – (continued)**  | **Netherlands – (continued)**  | **Netherlands – (continued)**  |
| 2461 | JDE Peet's NV | $89909  |
| 14953 | Koninklijke Ahold Delhaize NV | 599275  |
| 62859 | Koninklijke KPN NV | 300216  |
| 13500 | Koninklijke Philips NV | 372716  |
| 1018 | Koninklijke Vopak NV | 49210  |
| 4299 | NN Group NV | 295725  |
| 126413 | Prosus NV<sup>\*</sup> | 7795603  |
| 55634 | QIAGEN NV | 2587196  |
| 127882 | Randstad NV | 6047692  |
| 35046 | Stellantis NV | 336664  |
| 15600 | Universal Music Group NV | 441028  |
| 20556 | Wolters Kluwer NV | 2588755  |
|  | Total Netherlands | 67230176  |
| **New Zealand – 0.1%**  | **New Zealand – 0.1%**  | **New Zealand – 0.1%**  |
| 11489 | a2 Milk Co., Ltd.  | 72367  |
| 39575 | Air New Zealand Ltd.  | 13768  |
| 29106 | Auckland International Airport Ltd.  | 129408  |
| 13445 | Contact Energy Ltd.  | 71698  |
| 9229 | Fisher & Paykel Healthcare Corp., Ltd | 198467  |
| 18829 | Fletcher Building Ltd.<sup>\*</sup> | 34994  |
| 14748 | Infratil Ltd.  | 98681  |
| 1194 | Mainfreight Ltd.  | 41717  |
| 10030 | Mercury NZ Ltd.  | 38821  |
| 18189 | Meridian Energy Ltd.  | 61266  |
| 12378 | Ryman Healthcare Ltd.<sup>\*</sup> | 17403  |
| 30230 | Spark New Zealand Ltd.  | 46279  |
| 2522 | Xero Ltd.<sup>\*</sup> | 269927  |
|  | Total New Zealand | 1094796  |
| **Norway – 1.0%**  | **Norway – 1.0%**  | **Norway – 1.0%**  |
| 343 | Aker ASA, Class A Shares | 25006  |
| 397683 | Aker BP ASA | 10065952  |
| 161772 | Aker Solutions ASA | 501281  |
| 13718 | DNB Bank ASA | 361320  |
| 218960 | Equinor ASA | 5399030  |
| 2802 | Gjensidige Forsikring ASA | 77853  |
| 37658 | Hoegh Autoliners ASA | 432180  |
| 6966 | Kongsberg Gruppen ASA | 207875  |
| 6943 | Mowi ASA | 142655  |
| 378343 | MPC Container Ships ASA | 675737  |
| 20114 | Norsk Hydro ASA | 130386  |
| 254351 | Norwegian Air Shuttle ASA | 430522  |
| 10714 | Orkla ASA | 119713  |
| 984 | Salmar ASA | 50386  |

---

See Notes to Financial Statements.

113<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Norway – (continued)**  | **Norway – (continued)**  | **Norway – (continued)**  |
| 9907 | Telenor ASA | $165181  |
| 14878 | Var Energi ASA | 50972  |
| 973 | Vend Marketplaces ASA | 37853  |
| 1739 | Vend Marketplaces ASA, Class B Shares | 63483  |
| 2828 | Yara International ASA | 102855  |
|  | Total Norway | 19040240  |
| **Peru – 0.2%**  | **Peru – 0.2%**  | **Peru – 0.2%**  |
| 11926 | Credicorp Ltd.  | 3067367  |
| **Philippines – 0.2%**  | **Philippines – 0.2%**  | **Philippines – 0.2%**  |
| 602476 | BDO Unibank Inc.  | 1424621  |
| 132300 | SM Investments Corp.  | 1746294  |
|  | Total Philippines | 3170915  |
| **Poland – 0.2%**  | **Poland – 0.2%**  | **Poland – 0.2%**  |
| 10677 | Allegro.eu SA<sup>\*(a)</sup> | 107186  |
| 3093 | Bank Polska Kasa Opieki SA | 155229  |
| 86835 | Dino Polska SA<sup>\*(a)</sup> | 1081741  |
| 129300 | InPost SA<sup>\*</sup> | 1875489  |
| 2435 | KGHM Polska Miedz SA<sup>\*</sup> | 85528  |
| 23 | LPP SA | 108877  |
| 198 | mBank SA<sup>\*</sup> | 47714  |
| 10038 | ORLEN SA | 214137  |
| 14016 | Powszechna Kasa Oszczednosci Bank Polski SA | 272518  |
| 9087 | Powszechny Zaklad Ubezpieczen SA | 151014  |
| 564 | Santander Bank Polska SA | 78179  |
|  | Total Poland | 4177612  |
| **Portugal – 0.3%**  | **Portugal – 0.3%**  | **Portugal – 0.3%**  |
| 143297 | Banco Comercial Portugues SA, Class R Shares | 121348  |
| 47661 | EDP SA | 211195  |
| 190839 | Galp Energia SGPS SA | 3710067  |
| 67023 | Jeronimo Martins SGPS SA | 1657401  |
| 137405 | NOS SGPS SA | 627979  |
|  | Total Portugal | 6327990  |
| **Russia – 0.0%**  | **Russia – 0.0%**  | **Russia – 0.0%**  |
| 4413 | Novatek PJSC, Class Registered Shares, GDR<sup>\*@(b)(e)</sup> | 88  |
| 1187 | Novatek PJSC, GDR<sup>\*@(b)(e)</sup> | 24  |
| 978392 | Sberbank of Russia PJSC<sup>\*@(b)(e)</sup> | 705  |
|  | Total Russia | 817  |
| **Saudi Arabia – 0.1%**  | **Saudi Arabia – 0.1%**  | **Saudi Arabia – 0.1%**  |
| 252582 | Saudi National Bank | 2341059  |
| **Singapore – 0.8%**  | **Singapore – 0.8%**  | **Singapore – 0.8%**  |
| 528843 | ASMPT Ltd.  | 4751867  |
| 4100 | BOC Aviation Ltd.<sup>(a)</sup> | 36593  |
| 54000 | CapitaLand Ascendas REIT | 114407  |

---

See Notes to Financial Statements.

114<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Singapore – (continued)**  | **Singapore – (continued)**  | **Singapore – (continued)**  |
| 32300 | CapitaLand Ascott Trust | $22270  |
| 98690 | CapitaLand Integrated Commercial Trust | 175382  |
| 34200 | CapitaLand Investment Ltd.  | 73506  |
| 9100 | City Developments Ltd.  | 48277  |
| 40900 | ComfortDelGro Corp., Ltd | 46222  |
| 33310 | DBS Group Holdings Ltd.  | 1312990  |
| 41400 | Frasers Logistics & Commercial Trust | 29341  |
| 93700 | Genting Singapore Ltd.  | 52552  |
| 1100 | Jardine Cycle & Carriage Ltd.  | 24247  |
| 59151 | JOYY Inc., ADR | 3197703  |
| 33231 | Keppel DC REIT | 61139  |
| 21100 | Keppel Ltd.  | 143963  |
| 48400 | Keppel REIT | 36763  |
| 23500 | Mapletree Industrial Trust | 37704  |
| 51500 | Mapletree Logistics Trust | 48929  |
| 655100 | Mapletree Pan Asia Commercial Trust | 704886  |
| 48500 | NETLINK NBN TRUST | 35156  |
| 3500 | Olam Group Ltd.  | 2756  |
| 53700 | Oversea-Chinese Banking Corp., Ltd | 700287  |
| 14400 | SATS Ltd.  | 37119  |
| 13407 | Sea Ltd., ADR<sup>\*</sup> | 2500942  |
| 35865 | Seatrium Ltd.  | 65349  |
| 16100 | Sembcorp Industries Ltd.  | 76122  |
| 23000 | Singapore Airlines Ltd.  | 117816  |
| 13100 | Singapore Exchange Ltd.  | 169222  |
| 24300 | Singapore Technologies Engineering Ltd.  | 145226  |
| 118300 | Singapore Telecommunications Ltd.  | 397509  |
| 37700 | Suntec Real Estate Investment Trust | 38780  |
| 20667 | United Overseas Bank Ltd.  | 566214  |
| 8900 | UOL Group Ltd.  | 51740  |
| 4500 | Venture Corp., Ltd | 47615  |
| 27300 | Wilmar International Ltd.  | 62717  |
|  | Total Singapore | 15933311  |
| **South Africa – 0.2%**  | **South Africa – 0.2%**  | **South Africa – 0.2%**  |
| 6036 | Gold Fields Ltd.  | 200099  |
| 18643 | Gold Fields Ltd., ADR | 624168  |
| 941927 | Growthpoint Properties Ltd.  | 771841  |
| 3067 | Naspers Ltd., Class N Shares | 1009972  |
| 346716 | Telkom SA SOC Ltd.  | 992123  |
|  | Total South Africa | 3598203  |
| **South Korea – 3.9%**  | **South Korea – 3.9%**  | **South Korea – 3.9%**  |
| 669 | Alteogen Inc.<sup>\*</sup> | 211587  |
| 466 | Amorepacific Corp.  | 40343  |

---

See Notes to Financial Statements.

115<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **South Korea – (continued)**  | **South Korea – (continued)**  | **South Korea – (continued)**  |
| 217 | BGF retail Co., Ltd.  | $18311  |
| 6404 | Binggrae Co., Ltd.  | 325575  |
| 2556 | BNK Financial Group Inc.  | 26485  |
| 2387 | Celltrion Inc.  | 287931  |
| 464 | Celltrion Pharm Inc.<sup>\*</sup> | 17236  |
| 1556 | Cheil Worldwide Inc.  | 22182  |
| 192 | CJ CheilJedang Corp.  | 31632  |
| 184 | CJ Corp.  | 21140  |
| 199 | CJ Logistics Corp.  | 11938  |
| 462 | CosmoAM&T Co., Ltd.<sup>\*</sup> | 14178  |
| 951 | Coway Co., Ltd.  | 70760  |
| 736 | DB Insurance Co., Ltd.  | 69857  |
| 118 | Dongsuh Cos., Inc.  | 2314  |
| 928 | Doosan Bobcat Inc.  | 35639  |
| 30958 | Doosan Enerbility Co., Ltd.<sup>\*</sup> | 1355475  |
| 853 | Ecopro BM Co., Ltd.<sup>\*</sup> | 74254  |
| 1815 | Ecopro Co., Ltd.  | 65956  |
| 211 | Ecopro Materials Co., Ltd.<sup>\*</sup> | 7640  |
| 380 | E-MART Inc.  | 19527  |
| 246 | F&F Co., Ltd.  | 11779  |
| 1811 | GS Engineering & Construction Corp.  | 24314  |
| 22071 | GS Holdings Corp.  | 722486  |
| 1045 | GS Retail Co., Ltd.  | 12186  |
| 4640 | Hana Financial Group Inc.  | 274202  |
| 505 | Hanjin Kal Corp.  | 40756  |
| 901 | Hankook Tire & Technology Co., Ltd.  | 26008  |
| 132 | Hanmi Pharm Co., Ltd.  | 28823  |
| 157 | Hanmi Science Co., Ltd.  | 4635  |
| 655 | Hanmi Semiconductor Co., Ltd.  | 40739  |
| 2894 | Hanon Systems<sup>\*</sup> | 7436  |
| 528 | Hanwha Aerospace Co., Ltd.  | 335979  |
| 57601 | Hanwha Corp.  | 3436154  |
| 1744 | Hanwha Life Insurance Co., Ltd.<sup>\*</sup> | 3929  |
| 1518 | Hanwha Ocean Co., Ltd.<sup>\*</sup> | 122458  |
| 1609 | Hanwha Solutions Corp.  | 32667  |
| 28900 | Hanwha Systems Co., Ltd.  | 1060047  |
| 774 | Hanwha Vision Co., Ltd.<sup>\*</sup> | 29679  |
| 701 | HD Hyundai Co., Ltd.  | 68984  |
| 353 | HD Hyundai Electric Co., Ltd.  | 124949  |
| 7690 | HD Hyundai Heavy Industries Co., Ltd.  | 2876289  |
| 213 | HD Hyundai Marine Solution Co., Ltd.  | 32649  |
| 375 | HD HYUNDAI MIPO | 55179  |
| 17236 | HD Korea Shipbuilding & Offshore Engineering Co., Ltd.  | 5037495  |

---

See Notes to Financial Statements.

116<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **South Korea – (continued)**  | **South Korea – (continued)**  | **South Korea – (continued)**  |
| 661 | HL Mando Co., Ltd.  | $16944  |
| 1750 | HLB Inc.<sup>\*</sup> | 47564  |
| 4819 | HMM Co., Ltd.  | 76516  |
| 520 | Hotel Shilla Co., Ltd.<sup>\*</sup> | 17556  |
| 18707 | HPSP Co., Ltd.  | 357064  |
| 325 | HYBE Co., Ltd.<sup>\*</sup> | 67133  |
| 9711 | Hyosung Corp.  | 605575  |
| 192 | Hyundai Autoever Corp.  | 24241  |
| 9115 | Hyundai Department Store Co., Ltd.  | 487435  |
| 1268 | Hyundai Engineering & Construction Co., Ltd.  | 56606  |
| 10645 | Hyundai Glovis Co., Ltd.  | 1411921  |
| 966 | Hyundai Marine & Fire Insurance Co., Ltd.<sup>\*</sup> | 19368  |
| 949 | Hyundai Mobis Co., Ltd.  | 217191  |
| 3293 | Hyundai Motor Co.  | 482190  |
| 1743 | Hyundai Steel Co.  | 40217  |
| 41493 | iM Financial Group Co., Ltd.  | 409087  |
| 3442 | Industrial Bank of Korea | 47080  |
| 24857 | ISC Co., Ltd.  | 1038498  |
| 4959 | Kakao Corp.  | 222681  |
| 1210 | Kakao Games Corp.<sup>\*</sup> | 14088  |
| 3172 | KakaoBank Corp.  | 56156  |
| 554 | Kakaopay Corp.<sup>\*</sup> | 23835  |
| 1709 | Kangwon Land Inc.  | 22202  |
| 6003 | KB Financial Group Inc.  | 466975  |
| 1690 | KCC Corp.  | 483328  |
| 190 | KEPCO Plant Service & Engineering Co., Ltd.  | 6877  |
| 4131 | Kia Corp.  | 313595  |
| 20482 | Korea Aerospace Industries Ltd.  | 1404464  |
| 3960 | Korea Electric Power Corp.  | 104063  |
| 280 | Korea Gas Corp.  | 7960  |
| 631 | Korea Investment Holdings Co., Ltd.  | 60887  |
| 81 | Korea Zinc Co., Ltd.  | 47839  |
| 2382 | Korean Air Lines Co., Ltd.  | 40680  |
| 56658 | Korean Reinsurance Co.  | 441845  |
| 480 | Krafton Inc.<sup>\*</sup> | 113130  |
| 1607 | KT&G Corp.  | 155889  |
| 176 | Kumho Petrochemical Co., Ltd.  | 13865  |
| 539 | L&F Co., Ltd.<sup>\*</sup> | 25547  |
| 831 | LG Chem Ltd.  | 155737  |
| 1418 | LG Corp.  | 75939  |
| 5562 | LG Display Co., Ltd.<sup>\*</sup> | 47925  |
| 1982 | LG Electronics Inc.  | 105338  |
| 682 | LG Energy Solution Ltd.<sup>\*</sup> | 172655  |

---

See Notes to Financial Statements.

117<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **South Korea – (continued)**  | **South Korea – (continued)**  | **South Korea – (continued)**  |
| 212 | LG H&H Co., Ltd.  | $45065  |
| 180 | LG Innotek Co., Ltd.  | 21822  |
| 3143 | LG Uplus Corp.  | 33600  |
| 460 | Lotte Chemical Corp.  | 20989  |
| 368 | Lotte Shopping Co., Ltd.  | 17511  |
| 4930 | LS Corp.  | 628664  |
| 242 | LS Electric Co., Ltd.  | 49374  |
| 55939 | LX INTERNATIONAL Corp.  | 1194787  |
| 1180 | Meritz Financial Group Inc.  | 107419  |
| 3433 | Mirae Asset Securities Co., Ltd.  | 47192  |
| 968 | Misto Holdings Corp.  | 29105  |
| 2432 | NAVER Corp.  | 374862  |
| 276 | NCSoft Corp.  | 40294  |
| 451 | Netmarble Corp.<sup>(a)</sup> | 19406  |
| 2677 | NH Investment & Securities Co., Ltd.  | 37368  |
| 66 | NongShim Co., Ltd.  | 19490  |
| 276 | Orion Corp.  | 21427  |
| 5618 | Pan Ocean Co., Ltd.  | 15724  |
| 4724 | Park Systems Corp.  | 863617  |
| 607 | Pearl Abyss Corp.<sup>\*</sup> | 14367  |
| 1105 | Posco DX Co., Ltd.  | 17831  |
| 481 | POSCO Future M Co., Ltd.<sup>\*</sup> | 48863  |
| 1133 | POSCO Holdings Inc.  | 233428  |
| 744 | Posco International Corp.  | 25670  |
| 478 | S-1 Corp.  | 27535  |
| 1665 | Samsung Biologics Co., Ltd.\*<sup>(a)</sup> | 1199537  |
| 1189 | Samsung C&T Corp.  | 143373  |
| 188 | Samsung Card Co., Ltd.  | 6829  |
| 134928 | Samsung E&A Co., Ltd.  | 2824734  |
| 953 | Samsung Electro-Mechanics Co., Ltd.  | 109887  |
| 13242 | Samsung Electronics Co., Ltd.  | 538962  |
| 354394 | Samsung Electronics Co., Ltd.  | 17755795  |
| 6706 | Samsung Fire & Marine Insurance Co., Ltd.  | 2132956  |
| 10204 | Samsung Heavy Industries Co., Ltd.<sup>\*</sup> | 156362  |
| 1212 | Samsung Life Insurance Co., Ltd.  | 124651  |
| 1017 | Samsung SDI Co., Ltd.  | 151021  |
| 628 | Samsung SDS Co., Ltd.  | 66565  |
| 12405 | Samsung Securities Co., Ltd.  | 613247  |
| 7108 | Shinhan Financial Group Co., Ltd.  | 333785  |
| 481 | SK Biopharmaceuticals Co., Ltd.<sup>\*</sup> | 34039  |
| 416 | SK Bioscience Co., Ltd.<sup>\*</sup> | 14141  |
| 44212 | SK Hynix Inc.  | 8475159  |
| 390 | SK IE Technology Co., Ltd.\*<sup>(a)</sup> | 7772  |

---

See Notes to Financial Statements.

118<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **South Korea – (continued)**  | **South Korea – (continued)**  | **South Korea – (continued)**  |
| 748 | SK Inc.  | $111161  |
| 1065 | SK Innovation Co., Ltd.  | 77279  |
| 1532 | SK Square Co., Ltd.<sup>\*</sup> | 163718  |
| 389 | SKC Co., Ltd.<sup>\*</sup> | 26228  |
| 6634 | SM Entertainment Co., Ltd.  | 662724  |
| 841 | S-Oil Corp.<sup>\*</sup> | 36511  |
| 11903 | Woori Financial Group Inc.  | 212151  |
| 17441 | Youngone Corp.  | 736911  |
| 99121 | Yuhan Corp.  | 8106809  |
|  | Total South Korea | 75923185  |
| **Spain – 1.5%**  | **Spain – 1.5%**  | **Spain – 1.5%**  |
| 396 | Acciona SA | 78457  |
| 3022 | ACS Actividades de Construccion y Servicios SA | 228116  |
| 11182 | Aena SME SA<sup>(a)</sup> | 323548  |
| 86664 | Amadeus IT Group SA | 7275278  |
| 93856 | Banco Bilbao Vizcaya Argentaria SA | 1699693  |
| 92193 | Banco de Sabadell SA | 349793  |
| 249917 | Banco Santander SA | 2383983  |
| 10265 | Bankinter SA | 152979  |
| 955336 | CaixaBank SA | 9527554  |
| 9334 | Cellnex Telecom SA<sup>(a)</sup> | 331981  |
| 796 | Corp. ACCIONA Energias Renovables SA | 21417  |
| 5186 | EDP Renovaveis SA | 60953  |
| 5260 | Endesa SA | 160215  |
| 4553 | Grifols SA | 64258  |
| 4065 | Grifols SA, Class B Shares | 40458  |
| 112353 | Iberdrola SA | 2113059  |
| 28711 | Indra Sistemas SA | 1157866  |
| 18316 | Industria de Diseno Textil SA | 903993  |
| 13582 | Mapfre SA | 59466  |
| 6070 | Merlin Properties Socimi SA | 90478  |
| 1516 | Naturgy Energy Group SA | 48064  |
| 6619 | Redeia Corp. SA | 128625  |
| 18428 | Repsol SA | 302247  |
| 67829 | Telefonica SA | 363265  |
| 282543 | Unicaja Banco SA | 782895  |
|  | Total Spain | 28648641  |
| **Sweden – 2.0%**  | **Sweden – 2.0%**  | **Sweden – 2.0%**  |
| 3110 | AAK AB | 89373  |
| 3335 | AddTech AB, Class B Shares | 116948  |
| 4709 | Alfa Laval AB | 214382  |
| 206508 | Assa Abloy AB, Class B Shares | 7298238  |
| 41590 | Atlas Copco AB, Class A Shares | 664203  |

---

See Notes to Financial Statements.

119<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Sweden – (continued)**  | **Sweden – (continued)**  | **Sweden – (continued)**  |
| 25192 | Atlas Copco AB, Class B Shares | $358204  |
| 1634 | Axfood AB | 51553  |
| 6978 | Beijer Ref AB, Class B Shares | 118725  |
| 254775 | Boliden AB<sup>\*</sup> | 8788584  |
| 6203 | Castellum AB | 70305  |
| 338837 | Elekta AB, Class B Shares | 1686334  |
| 66659 | Epiroc AB, Class A Shares | 1393751  |
| 7392 | Epiroc AB, Class B Shares | 137613  |
| 9473 | EQT AB | 340910  |
| 178852 | Essity AB, Class B Shares | 4832275  |
| 2238 | Evolution AB<sup>(a)</sup> | 193775  |
| 9511 | Fastighets AB Balder, Class B Shares<sup>\*</sup> | 67774  |
| 3982 | Getinge AB, Class B Shares | 87278  |
| 7887 | H & M Hennes & Mauritz AB, Class B Shares | 115829  |
| 34074 | Hexagon AB, Class B Shares | 379879  |
| 1350 | Holmen AB, Class B Shares | 52525  |
| 2066 | Industrivarden AB, Class A Shares | 82259  |
| 2211 | Industrivarden AB, Class C Shares | 88036  |
| 4024 | Indutrade AB | 100194  |
| 2486 | Investment AB Latour, Class B Shares | 63110  |
| 7398 | Investor AB, Class A Shares | 228107  |
| 29611 | Investor AB, Class B Shares | 912598  |
| 1374 | L E Lundbergforetagen AB, Class B Shares | 69576  |
| 3524 | Lifco AB, Class B Shares | 125204  |
| 26122 | Nibe Industrier AB, Class B Shares | 107247  |
| 23257 | Saab AB, Class B Shares | 1319200  |
| 3642 | Sagax AB, Class B Shares | 78933  |
| 963 | Sagax AB, Class D Shares | 3486  |
| 16966 | Sandvik AB | 429003  |
| 7751 | Securitas AB, Class B Shares | 118584  |
| 26250 | Skandinaviska Enskilda Banken AB, Class A Shares | 486000  |
| 5786 | Skanska AB, Class B Shares | 143689  |
| 5859 | SKF AB, Class B Shares | 150388  |
| 3571 | Spotify Technology SA<sup>\*</sup> | 2434994  |
| 3358 | SSAB AB, Class A Shares | 19554  |
| 109926 | SSAB AB, Class B Shares | 624091  |
| 114219 | Svenska Cellulosa AB SCA, Class B Shares | 1552860  |
| 24886 | Svenska Handelsbanken AB, Class A Shares | 320148  |
| 3604 | Sweco AB, Class B Shares | 60828  |
| 13339 | Swedbank AB, Class A Shares | 375524  |
| 3076 | Swedish Orphan Biovitrum AB<sup>\*</sup> | 93428  |
| 9594 | Tele2 AB, Class B Shares | 168851  |
| 45045 | Telefonaktiebolaget LM Ericsson, Class B Shares | 358756  |

---

See Notes to Financial Statements.

120<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Sweden – (continued)**  | **Sweden – (continued)**  | **Sweden – (continued)**  |
| 37265 | Telia Co. AB | $139044  |
| 3136 | Trelleborg AB, Class B Shares | 121430  |
| 3348 | Volvo AB, Class A Shares | 102816  |
| 25656 | Volvo AB, Class B Shares | 789262  |
| 13221 | Volvo Car AB, Class B Shares<sup>\*</sup> | 27581  |
|  | Total Sweden | 38753239  |
| **Switzerland – 4.3%**  | **Switzerland – 4.3%**  | **Switzerland – 4.3%**  |
| 25992 | ABB Ltd., Class Registered Shares | 1741672  |
| 2750 | Adecco Group AG, Class Registered Shares | 88069  |
| 61042 | Alcon AG | 4864168  |
| 1453 | Avolta AG | 83630  |
| 391 | Bachem Holding AG, Class B Shares | 31109  |
| 692 | Baloise Holding AG, Class Registered Shares | 179448  |
| 450 | Banque Cantonale Vaudoise, Class Registered Shares | 52323  |
| 64 | Barry Callebaut AG, Class Registered Shares | 86639  |
| 156 | Belimo Holding AG, Class Registered Shares | 171790  |
| 295 | BKW AG | 61440  |
| 91 | Chocoladefabriken Lindt & Spruengli AG | 1387113  |
| 2 | Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares | 299587  |
| 3758 | Clariant AG, Class Registered Shares<sup>\*</sup> | 38648  |
| 3301 | Coca-Cola HBC AG<sup>\*</sup> | 166721  |
| 35240 | Compania Financiere Richemont SA, Class Registered Shares | 6167504  |
| 512 | DKSH Holding AG | 37679  |
| 3087 | DSM-Firmenich AG | 301335  |
| 30 | Emmi AG, Class Registered Shares | 27979  |
| 106 | EMS-Chemie Holding AG, Class Registered Shares | 81353  |
| 347 | Flughafen Zurich AG, Class Registered Shares | 105974  |
| 2216 | Galderma Group AG | 386896  |
| 4919 | Galenica AG | 526991  |
| 543 | Geberit AG, Class Registered Shares | 398240  |
| 1268 | Georg Fischer AG, Class Registered Shares | 101410  |
| 126 | Givaudan SA, Class Registered Shares | 530512  |
| 954163 | Glencore PLC<sup>\*</sup> | 3770835  |
| 551 | Helvetia Holding AG, Class Registered Shares | 141777  |
| 8251 | Holcim AG<sup>\*</sup> | 691794  |
| 224044 | Julius Baer Group Ltd.  | 16197692  |
| 779 | Kuehne + Nagel International AG, Class Registered Shares | 158345  |
| 2370 | Logitech International SA, Class Registered Shares | 244402  |
| 1173 | Lonza Group AG, Class Registered Shares | 832355  |
| 41839 | Nestle SA, Class Registered Shares | 3941589  |
| 23200 | Novartis AG, ADR | 2935960  |
| 7712 | Novartis AG, Class Registered Shares | 976025  |
| 2318 | Partners Group Holding AG | 3184149  |

---

See Notes to Financial Statements.

121<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Switzerland – (continued)**  | **Switzerland – (continued)**  | **Switzerland – (continued)**  |
| 673 | PSP Swiss Property AG, Class Registered Shares | $111970  |
| 465 | Roche Holding AG | 159607  |
| 28262 | Roche Holding AG | 9226771  |
| 76740 | Sandoz Group AG | 4813032  |
| 5465 | Schindler Holding AG | 2031449  |
| 357 | Schindler Holding AG, Class Registered Shares | 127696  |
| 2764 | SGS SA, Class Registered Shares | 281917  |
| 4817 | SIG Group AG<sup>\*</sup> | 76248  |
| 8575 | Sika AG, Class Registered Shares | 1991507  |
| 6642 | Sonova Holding AG, Class Registered Shares | 1936487  |
| 10816 | STMicroelectronics NV | 292456  |
| 1750 | Straumann Holding AG, Class Registered Shares | 205434  |
| 547 | Swatch Group AG | 99047  |
| 546 | Swatch Group AG, Class Registered Shares | 20168  |
| 475 | Swiss Life Holding AG, Class Registered Shares | 513234  |
| 1308 | Swiss Prime Site AG, Class Registered Shares | 181790  |
| 4884 | Swiss Re AG | 885031  |
| 428 | Swisscom AG, Class Registered Shares | 309807  |
| 819 | Temenos AG, Class Registered Shares | 72860  |
| 193119 | UBS Group AG, Class Registered Shares | 7808879  |
| 431 | VAT Group AG<sup>(a)</sup> | 140719  |
| 2367 | Zurich Insurance Group AG | 1729655  |
|  | Total Switzerland | 84008917  |
| **Taiwan – 3.9%**  | **Taiwan – 3.9%**  | **Taiwan – 3.9%**  |
| 137000 | Arcadyan Technology Corp.  | 1059229  |
| 5240 | ASPEED Technology Inc.  | 844114  |
| 54882 | Chroma ATE Inc.  | 1037653  |
| 141652 | Delta Electronics Inc.  | 3269986  |
| 142510 | E Ink Holdings Inc.  | 1215202  |
| 11583 | eMemory Technology Inc.  | 773501  |
| 328000 | Primax Electronics Ltd.  | 888082  |
| 128000 | Sercomm Corp.  | 440424  |
| 217000 | Simplo Technology Co., Ltd.  | 2795386  |
| 289000 | Supreme Electronics Co., Ltd.  | 407836  |
| 188000 | T3EX Global Holdings Corp.  | 436607  |
| 1324269 | Taiwan Semiconductor Manufacturing Co., Ltd.  | 49860276  |
| 25113 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 5797838  |
| 175000 | Tripod Technology Corp.  | 1824492  |
| 55000 | United Integrated Services Co., Ltd.  | 2202306  |
| 130000 | Wah Lee Industrial Corp.  | 422988  |
| 216000 | WNC Corp.  | 892685  |
| 133000 | WT Microelectronics Co., Ltd.  | 533842  |
|  | Total Taiwan | 74702447  |

---

See Notes to Financial Statements.

122<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Thailand – 0.1%**  | **Thailand – 0.1%**  | **Thailand – 0.1%**  |
| 1519800 | Regional Container Lines PCL<sup>(b)</sup> | $1294749  |
| 16356700 | Sansiri PCL<sup>(b)</sup> | 729667  |
| 142400 | Thai Beverage PCL | 51048  |
|  | Total Thailand | 2075464  |
| **Turkey – 0.0%**  | **Turkey – 0.0%**  | **Turkey – 0.0%**  |
| 261427 | Torunlar Gayrimenkul Yatirim Ortakligi AS | 451404  |
| **United Arab Emirates – 0.0%**  | **United Arab Emirates – 0.0%**  | **United Arab Emirates – 0.0%**  |
| 1883365 | Talabat Holding PLC | 604336  |
| **United Kingdom – 9.9%**  | **United Kingdom – 9.9%**  | **United Kingdom – 9.9%**  |
| 15651 | 3i Group PLC | 850472  |
| 4207 | Admiral Group PLC | 206227  |
| 7340 | Airtel Africa PLC<sup>(a)</sup> | 22018  |
| 17544 | Anglo American PLC | 539858  |
| 6972 | Ashtead Group PLC | 512760  |
| 4682 | Associated British Foods PLC | 136632  |
| 24797 | AstraZeneca PLC | 3964192  |
| 73759 | AstraZeneca PLC, ADR | 5893344  |
| 14106 | Auto Trader Group PLC<sup>(a)</sup> | 153142  |
| 50577 | Aviva PLC | 445742  |
| 17600 | B&M European Value Retail SA | 57237  |
| 49697 | BAE Systems PLC | 1181148  |
| 79124 | Balfour Beatty PLC | 635065  |
| 236318 | Barclays PLC | 1150383  |
| 22663 | Barratt Redrow PLC | 110230  |
| 9913 | Beazley PLC | 104936  |
| 1417 | Berkeley Group Holdings PLC | 68991  |
| 263520 | BP PLC | 1546526  |
| 301940 | Bridgepoint Group PLC<sup>(a)</sup> | 1375530  |
| 32044 | British American Tobacco PLC | 1817621  |
| 14378 | British Land Co. PLC | 65366  |
| 93529 | BT Group PLC | 273714  |
| 5679 | Bunzl PLC | 192164  |
| 6390 | Burberry Group PLC<sup>\*</sup> | 110759  |
| 3733773 | Centrica PLC | 8121426  |
| 598080 | Chemring Group PLC | 4343407  |
| 3623 | Coca-Cola Europacific Partners PLC | 322871  |
| 28078 | Compass Group PLC | 954622  |
| 21268 | Computacenter PLC | 661302  |
| 29757 | Convatec Group PLC<sup>(a)</sup> | 95121  |
| 20260 | Croda International PLC | 686464  |
| 608505 | Currys PLC | 924006  |
| 177001 | Diageo PLC | 4924126  |
| 2036 | Diploma PLC | 148790  |

---

See Notes to Financial Statements.

123<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **United Kingdom – (continued)**  | **United Kingdom – (continued)**  | **United Kingdom – (continued)**  |
| 204980 | Drax Group PLC | $1800316  |
| 438321 | easyJet PLC | 2904853  |
| 3148 | Endeavour Mining PLC | 108455  |
| 9845 | Entain PLC | 116947  |
| 237118 | Firstgroup PLC | 710571  |
| 66939 | GSK PLC | 1319889  |
| 1366397 | Haleon PLC | 6718517  |
| 6260 | Halma PLC | 278333  |
| 2836 | Hikma Pharmaceuticals PLC | 68472  |
| 9170 | Howden Joinery Group PLC | 103850  |
| 291919 | HSBC Holdings PLC | 3740926  |
| 4512 | ICG PLC | 133182  |
| 152864 | IMI PLC | 4701233  |
| 12864 | Imperial Brands PLC | 543151  |
| 91160 | Inchcape PLC | 823396  |
| 21794 | Informa PLC | 256822  |
| 2421 | InterContinental Hotels Group PLC | 293833  |
| 39283 | International Consolidated Airlines Group SA | 203053  |
| 20730 | Intertek Group PLC | 1315026  |
| 28437 | J Sainsbury PLC | 115128  |
| 38702 | JD Sports Fashion PLC | 50184  |
| 116851 | JET2 PLC | 2572185  |
| 55219 | Keller Group PLC | 996235  |
| 29774 | Kingfisher PLC | 103540  |
| 13397 | Land Securities Group PLC | 100269  |
| 2245535 | Legal & General Group PLC | 7509240  |
| 4509200 | Lloyds Banking Group PLC | 4841175  |
| 54552 | London Stock Exchange Group PLC | 6761213  |
| 2432227 | LondonMetric Property PLC | 6067994  |
| 2195642 | M&G PLC | 7870302  |
| 32689 | Marks & Spencer Group PLC | 152586  |
| 20772 | Melrose Industries PLC | 165168  |
| 6459 | Mondi PLC | 90886  |
| 80922 | National Grid PLC | 1138106  |
| 1446280 | NatWest Group PLC | 10005941  |
| 1869 | Next PLC | 302105  |
| 309651 | Patisserie Holdings PLC\*<sup>(b)(e)</sup> | 4185  |
| 10518 | Pearson PLC | 153067  |
| 232323 | Persimmon PLC | 3340025  |
| 13431 | Phoenix Group Holdings PLC | 123740  |
| 705588 | QinetiQ Group PLC | 4538959  |
| 39117 | Reckitt Benckiser Group PLC | 2926433  |
| 70651 | RELX PLC | 3294974  |

---

See Notes to Financial Statements.

124<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **United Kingdom – (continued)**  | **United Kingdom – (continued)**  | **United Kingdom – (continued)**  |
| 40528 | Rentokil Initial PLC | $200576  |
| 11905 | Rightmove PLC | 119638  |
| 17061 | Rio Tinto PLC | 1065939  |
| 140254 | Rolls-Royce Holdings PLC | 2026829  |
| 7646 | RS GROUP PLC | 58426  |
| 16224 | Sage Group PLC | 238280  |
| 11161 | Schroders PLC | 57365  |
| 292402 | Segro PLC | 2482891  |
| 4646 | Severn Trent PLC | 162351  |
| 98954 | Shell PLC | 3639753  |
| 721631 | Smith & Nephew PLC | 13502399  |
| 5369 | Smiths Group PLC | 171076  |
| 15143 | Spirax Group PLC | 1493887  |
| 18283 | SSE PLC | 427394  |
| 568303 | St James's Place PLC | 9754800  |
| 709157 | Standard Chartered PLC | 13275529  |
| 55156 | Taylor Wimpey PLC | 71425  |
| 108029 | Tesco PLC | 617485  |
| 44233 | Unilever PLC | 2780805  |
| 40753 | Unilever PLC | 2564955  |
| 5655 | UNITE Group PLC | 53446  |
| 10887 | United Utilities Group PLC | 169167  |
| 321358 | Vodafone Group PLC | 384396  |
| 4152 | Weir Group PLC | 138342  |
| 2764 | Whitbread PLC | 117859  |
| 7276 | Willis Towers Watson PLC | 2377724  |
| 11589 | Wise PLC, Class A Shares<sup>\*</sup> | 165140  |
| 18785 | WPP PLC | 99583  |
| 12330 | YuLife Holdings Ltd., Private Placement, Class C Shares\*@<sup>(b)(e)</sup> | 151987  |
| 201385 | Zigup PLC | 855389  |
|  | Total United Kingdom | 191185493  |
| **United States – 1.9%**  | **United States – 1.9%**  | **United States – 1.9%**  |
| 30603 | Agilent Technologies Inc.  | 3845573  |
| 8248 | Amrize Ltd.<sup>\*</sup> | 430731  |
| 7767 | BeOne Medicines Ltd., ADR<sup>\*</sup> | 2377090  |
| 6357 | Brookfield Asset Management Ltd., Class A Shares | 382614  |
| 2615 | Cadence Design Systems Inc.<sup>\*</sup> | 916374  |
| 572 | Canva Inc., Private Placement\*@<sup>(b)(e)</sup> | 941592  |
| 122760 | Codere Online Luxembourg SA Private Shares\*<sup>(b)</sup> | 1013998  |
| 121511 | Coupang Inc., Class A Shares<sup>\*</sup> | 3472784  |
| 19452 | CRH PLC | 2197103  |
| 5678 | Estee Lauder Cos., Inc., Class A Shares | 520843  |
| 13870 | GQG Partners Inc., CDI | 15829  |

---

See Notes to Financial Statements.

125<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 173824 | Kenvue Inc.  | $3599895  |
| 2530 | Mastercard Inc., Class A Shares | 1506084  |
| 2103 | MSCI Inc., Class A Shares | 1193915  |
| 10597 | Philip Morris International Inc.  | 1771077  |
| 1 | S&P Global Inc.  | 548  |
| 20700 | Samsonite Group SA<sup>(a)</sup> | 44848  |
| 252625 | Sensata Technologies Holding PLC | 8220418  |
| 175917 | Silvaco Group Inc.<sup>\*</sup> | 939397  |
| 8837 | Waters Corp.<sup>\*</sup> | 2667007  |
|  | Total United States | 36057720  |
| **Uruguay – 0.5%**  | **Uruguay – 0.5%**  | **Uruguay – 0.5%**  |
| 4290 | MercadoLibre Inc.<sup>\*</sup> | 10608784  |
| **Vietnam – 0.1%**  | **Vietnam – 0.1%**  | **Vietnam – 0.1%**  |
| 961860 | Asia Commercial Bank JSC | 1015077  |
| 262600 | Bank for Foreign Trade of Vietnam JSC<sup>\*</sup> | 683770  |
| 25635 | FPT Corp.  | 98869  |
|  | Total Vietnam | 1797716  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost – $1,310,496,679)** | **1768575554**  |
| **EXCHANGE TRADED FUNDS (ETFs) – 6.2%**  | **EXCHANGE TRADED FUNDS (ETFs) – 6.2%**  | **EXCHANGE TRADED FUNDS (ETFs) – 6.2%**  |
| **United States – 6.2%**  | **United States – 6.2%**  | **United States – 6.2%**  |
| 888403 | iShares Core MSCI Emerging Markets | 55160942  |
| 557490 | iShares MSCI EAFE Value | 37329531  |
| 17108 | Vanguard FTSE All World ex-US Small-Capital | 2399739  |
| 421248 | Vanguard FTSE Developed Markets | 24731470  |
|  | Total United States | 119621682  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS (ETFs)** <br>**(Cost – $107,962,015)** | **119621682**  |
| **PREFERRED STOCKS – 0.2%**  | **PREFERRED STOCKS – 0.2%**  | **PREFERRED STOCKS – 0.2%**  |
| **Germany – 0.2%**  | **Germany – 0.2%**  | **Germany – 0.2%**  |
| 64890 | Dr Ing hc F Porsche AG<sup>(a)</sup> | 3450069  |
| **United States – 0.0%**  | **United States – 0.0%**  | **United States – 0.0%**  |
| 31 | Canva Inc., Series A, Private Placement<sup>\*@(b)(e)</sup> | 51030  |
| 1 | Canva Inc., Series A-3, Private Placement<sup>\*@(b)(e)</sup> | 1646  |
|  | Total United States | 52676  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br>**(Cost – $3,301,381)** | **3502745**  |
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| **Canada – 0.0%**  | **Canada – 0.0%**  | **Canada – 0.0%**  |
| 2323 | Constellation Software Inc.\*<sup>(e)</sup> | —  |

---

See Notes to Financial Statements.

126<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **WARRANTS – (continued)**  | **WARRANTS – (continued)**  | **WARRANTS – (continued)**  |
| **United States – 0.0%**  | **United States – 0.0%**  | **United States – 0.0%**  |
| 915 | Codere Online Luxembourg SA<sup>\*</sup> | $915  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost – $0)** | **915**  |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Italy – 0.0%**  | **Italy – 0.0%**  | **Italy – 0.0%**  |
| 167310 | Telecom Italia SpA\*<sup>(b)</sup> | 2  |
| 74496 | TIM SpA\*<sup>(b)</sup> | —  |
|  | Total Italy | 2  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost – $0)** | **2**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS** <br>**(Cost – $1,421,760,075)** | **1891700898** |

---

---

| | | |
|:---|:---|:---|
| **Face Amount†**  |  |  |
| **SHORT-TERM INVESTMENTS – 1.5%**  | **SHORT-TERM INVESTMENTS – 1.5%**  | **SHORT-TERM INVESTMENTS – 1.5%**  |
| **TIME DEPOSITS – 1.2%**  | **TIME DEPOSITS – 1.2%**  | **TIME DEPOSITS – 1.2%**  |
| 186104<sup>AUD</sup> | ANZ National Bank – Hong Kong, 2.270% due 9/1/25 | 121833  |
| 9063 | ANZ National Bank – London, 3.680% due 9/2/25 | 9063  |
|  | Brown Brothers Harriman – Grand Cayman:<br>|  |
| 102811<sup>CHF</sup> | &nbsp;&nbsp;&nbsp; (0.370)% due 9/1/25 | 128498  |
| 1<sup>SGD</sup> | &nbsp;&nbsp;&nbsp; 0.230% due 9/1/25 | 1  |
| 390876<sup>DKK</sup> | &nbsp;&nbsp;&nbsp; 0.650% due 9/1/25 | 61260  |
| 117414<sup>SEK</sup> | &nbsp;&nbsp;&nbsp; 0.820% due 9/1/25 | 12408  |
| 21955<sup>NZD</sup> | &nbsp;&nbsp;&nbsp; 1.700% due 9/1/25 | 12955  |
| 465849<sup>NOK</sup> | &nbsp;&nbsp;&nbsp; 2.980% due 9/1/25 | 46343  |
| 1898<sup>ZAR</sup> | &nbsp;&nbsp;&nbsp; 4.980% due 9/1/25 | 108  |
| 373961<sup>CAD</sup> | &nbsp;&nbsp;&nbsp; 1.590% due 9/2/25 | 272328  |
|  | Citibank – London:<br>|  |
| 931955<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 0.870% due 9/1/25 | 1090340  |
| 467062<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 2.920% due 9/1/25 | 631282  |
| 3393586 | Citibank – New York, 3.680% due 9/2/25 | 3393586  |
| 2801525<sup>HKD</sup> | Hong Kong & Shanghai Bank – Hong Kong, 2.020% due 9/1/25 | 359377  |
| 202437<sup>SGD</sup> | Hong Kong & Shanghai Bank – Singapore, 0.230% due 9/1/25 | 157784  |
| 10208494 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25 | 10208494  |
| 2772278 | Royal Bank of Canada – Toronto, 3.680% due 9/2/25 | 2772278  |
|  | Sumitomo Mitsui Banking Corp. – Tokyo:<br>|  |
| 224311609<sup>JPY</sup> | &nbsp;&nbsp;&nbsp; 0.120% due 9/1/25 | 1526552  |
| 2762980 | &nbsp;&nbsp;&nbsp; 3.680% due 9/2/25 | 2762980  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $23,567,470)** | **23567470** |

---

See Notes to Financial Statements.

127<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount†**  | **Security** | **Value**  |
| **SHORT-TERM INVESTMENTS – (continued)**  | **SHORT-TERM INVESTMENTS – (continued)**  | **SHORT-TERM INVESTMENTS – (continued)**  |
| **U.S. GOVERNMENT AGENCY – 0.3%**  | **U.S. GOVERNMENT AGENCY – 0.3%**  | **U.S. GOVERNMENT AGENCY – 0.3%**  |
| 6205000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Bank Discount Notes, 4.152% due 9/2/25<sup>(f)</sup> <br>(Cost – $6,204,285) | $6204285  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost – $29,771,755)** | **29771755** |

---

---

| | | |
|:---|:---|:---|
| **Shares/Units** |  |  |
| **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%**  |
| **MONEY MARKET FUND – 0.2%**  | **MONEY MARKET FUND – 0.2%**  | **MONEY MARKET FUND – 0.2%**  |
| 4089594 | &nbsp;&nbsp;&nbsp; Federated Government Obligations Fund, Premier Class, 4.151%<sup>(g)</sup> <br>(Cost – $4,089,594) | $4089594  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 99.6%** <br>**(Cost – $1,455,621,424)** | **1925562247**  |
|  | Other Assets in Excess of Liabilities – 0.4% | 7546339  |
|  | **TOTAL NET ASSETS – 100.0%** | **$1933108586** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Face amount denominated in U.S. dollars, unless
 otherwise noted.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025, amounts to $42,520,519 and represents 2.20% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $9,317,958 and represents 0.48% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security trades on the Hong Kong exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is valued in good faith at fair value
 by or under the direction of the Board of Trustees using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents investment of collateral received from
 securities lending transactions.

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

See Notes to Financial Statements.

128<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **First** <br>**Acquisition** <br>**Date** | **First** <br>**Acquisition** <br>**Cost** | **Market**<br>**Value** | **Percent of**<br>**Net Assets**  |
| Canva Inc., Private Placement | 8/16/2021 | $397070 | $941592 | &nbsp;&nbsp;&nbsp; 0.05%  |
| Canva Inc., Series A, Private Placement | 11/4/2021 | 52848 | 51031 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| Canva Inc., Series A-3, Private Placement | 11/4/2021 | 1705 | 1646 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| Novatek PJSC, Class Registered Shares, GDR | 3/19/2020 | 251081 | 88 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| Novatek PJSC, GDR | 4/25/2022 | 52881 | 24 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| Sberbank of Russia PJSC | 4/6/2017 | 557253 | 705 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| YuLife Holdings Ltd., Private Placement, Class C Shares | 10/11/2022 | 243652 | 151987 | &nbsp;&nbsp;&nbsp; 0.01%  |
| Tongcheng Travel Holdings Ltd.  | 3/28/2025 | 118294 | 1501158 | &nbsp;&nbsp;&nbsp;&nbsp;0.08% |
|  |  |  | **2648231** | &nbsp;&nbsp;&nbsp; **0.14%** |

---

\* Position represents less than 0.005% 

<u>Abbreviations used in this schedule:</u>

ADR — American Depositary Receipts

CDI — Clearing House Electronics Systems (CHESS) Depositary Interest

GDR — Global Depositary Receipts

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

**<u>Summary of Investments by Security Sector^</u>** 

---

| | |
|:---|:---|
| Financial | 22.7%  |
| Industrial | 17.2  |
| Consumer Non-cyclical | 14.4  |
| Technology | 9.9  |
| Consumer Cyclical | 8.5  |
| Basic Materials | 5.9  |
| Communications | 5.9  |
| Energy | 4.1  |
| Utilities | 3.0  |
| Diversified | 0.4  |
| Exchange Traded Funds (ETFs) | 6.2  |
| Short-Term Investments | 1.5  |
| Money Market Fund | 0.3  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments.  |

---

At August 31, 2025, 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**<br>**Contracts** | **Expiration** <br>**Date (Month/Year)** | **Notional**<br>**Amounts** | **Market Value** | **Unrealized** <br>**Appreciation**  |
| **Contracts to Buy:**<br>|  |  |  |  |  |
| MSCI EAFE Index September Futures  | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/25 | $4101314 | $4217705 | $116391 |

---

At August 31, 2025, Destinations International Equity Fund had deposited cash of $2,190 with a broker or brokers as margin collateral on open exchange traded futures contracts.

See Notes to Financial Statements.

129<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations International Equity Fund(concluded)** 

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency** | **Notional** <br>**Amount** | **Maturity** <br>**Date** | **Counterparty** | **Payment** <br>**Frequency** | **Pay** | **Receive** | **Unrealized**<br>**Appreciation/**<br>(Depreciation)  |
| USD | 4550383 | 11/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; MSCS | 3-Month | Daily FED + 0.40% | Investcorp Capital PLC | $(1454178)  |
| USD | 4719504 | 3/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; MSCS | 3-Month | Daily FED + 0.85% | Samsung Electronics Co., Ltd.  | (920773)  |
| USD | 3295847 | 3/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; MSCS | 3-Month | Daily FED + 0.85% | Samsung Electronics Co., Ltd.  | (433853)  |
|  |  |  |  |  |  |  | **$(2808804)** |

---

<u>Currency Abbreviations used in this schedule:</u>

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

---

| | |
|:---|:---|
| EUR<br>| — Euro<br>|

---

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

<u>Counterparty Abbreviations used in this schedule:</u>

MSCS — Morgan Stanley Capital Services LLC

See Notes to Financial Statements.

130<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – 82.7%**  | **COMMON STOCKS – 82.7%**  | **COMMON STOCKS – 82.7%**  |
| **BASIC MATERIALS – 2.4%**  | **BASIC MATERIALS – 2.4%**  | **BASIC MATERIALS – 2.4%**  |
| **Chemicals – 1.0%** | **Chemicals – 1.0%** | **Chemicals – 1.0%** |
| 17922  | DSM-Firmenich AG  | $1749444  |
| 46602  | Nutrien Ltd.  | 2685732  |
| 72620  | Tate & Lyle PLC  | 521561  |
|  | Total Chemicals | 4956737  |
| **Mining – 1.4%**  | **Mining – 1.4%**  | **Mining – 1.4%**  |
| 29434  | Agnico Eagle Mines Ltd.  | 4243500  |
| 82984  | BHP Group Ltd.  | 2319018  |
| 1661  | Southern Copper Corp.  | 159605  |
|  | Total Mining | 6722123  |
|  | **TOTAL BASIC MATERIALS** | **11678860**  |
| **COMMUNICATIONS – 5.9%**  | **COMMUNICATIONS – 5.9%**  | **COMMUNICATIONS – 5.9%**  |
| **Advertising – 0.4%**  | **Advertising – 0.4%**  | **Advertising – 0.4%**  |
| 18396  | Publicis Groupe SA  | 1695352  |
| **Internet – 1.3%**  | **Internet – 1.3%**  | **Internet – 1.3%**  |
| 11084  | Alibaba Group Holding Ltd., ADR  | 1496340  |
| 11425  | Alphabet Inc., Class A Shares  | 2432497  |
| 2965  | Meta Platforms Inc., Class A Shares  | 2190245  |
|  | Total Internet | 6119082  |
| **Media – 0.4%**  | **Media – 0.4%**  | **Media – 0.4%**  |
| 17122  | Walt Disney Co.  | 2026902  |
| **Telecommunications – 3.8%**  | **Telecommunications – 3.8%**  | **Telecommunications – 3.8%**  |
| 135482  | AT&T Inc.  | 3968268  |
| 36062  | Cisco Systems Inc.  | 2491524  |
| 728000  | Singapore Telecommunications Ltd.  | 2446206  |
| 157571  | Telenor ASA  | 2627208  |
| 152971  | Verizon Communications Inc.  | 6765907  |
|  | Total Telecommunications | 18299113  |
|  | **TOTAL COMMUNICATIONS** | **28140449**  |
| **CONSUMER CYCLICAL – 5.9%**  | **CONSUMER CYCLICAL – 5.9%**  | **CONSUMER CYCLICAL – 5.9%**  |
| **Airlines – 0.4%**  | **Airlines – 0.4%**  | **Airlines – 0.4%**  |
| 29500  | Delta Air Lines Inc.  | 1822510  |
| **Apparel – 0.1%**  | **Apparel – 0.1%**  | **Apparel – 0.1%**  |
| 1091  | LVMH Moet Hennessy Louis Vuitton SE  | 642890  |
| **Auto Manufacturers – 0.5%**  | **Auto Manufacturers – 0.5%**  | **Auto Manufacturers – 0.5%**  |
| 40457  | General Motors Co.  | 2370376  |
| **Distribution/Wholesale – 0.6%**  | **Distribution/Wholesale – 0.6%**  | **Distribution/Wholesale – 0.6%**  |
| 103300  | Mitsui & Co., Ltd.  | 2379828  |
| 1135  | Watsco Inc.  | 456701  |
|  | Total Distribution/Wholesale | 2836529  |
| **Entertainment – 0.4%**  | **Entertainment – 0.4%**  | **Entertainment – 0.4%**  |
| 57521  | Warner Music Group Corp., Class A Shares  | 1918325  |

---

See Notes to Financial Statements.

131<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Retail – 3.9%**  | **Retail – 3.9%**  | **Retail – 3.9%**  |
| 23825  | Best Buy Co., Inc.  | $1754473  |
| 12287  | Darden Restaurants Inc.  | 2542672  |
| 14850  | Genuine Parts Co.  | 2069050  |
| 12291  | Home Depot Inc.  | 4999610  |
| 24127  | Industria de Diseno Textil SA  | 1190798  |
| 4420  | McDonald's Corp.<sup>(a)</sup>  | 1385847  |
| 10975  | Target Corp.  | 1053380  |
| 35544  | Walmart Inc.  | 3447057  |
|  | Total Retail | 18442887  |
|  | **TOTAL CONSUMER CYCLICAL** | **28033517**  |
| **CONSUMER NON-CYCLICAL – 17.2%**  | **CONSUMER NON-CYCLICAL – 17.2%**  | **CONSUMER NON-CYCLICAL – 17.2%**  |
| **Agriculture – 1.9%**  | **Agriculture – 1.9%**  | **Agriculture – 1.9%**  |
| 92250  | British American Tobacco PLC  | 5232666  |
| 21901  | Philip Morris International Inc.  | 3660314  |
|  | Total Agriculture | 8892980  |
| **Beverages – 2.5%**  | **Beverages – 2.5%**  | **Beverages – 2.5%**  |
| 60708  | Coca-Cola Co.  | 4188245  |
| 100825  | Diageo PLC  | 2804928  |
| 21365  | Heineken NV  | 1726118  |
| 20900  | PepsiCo Inc.  | 3106785  |
|  | Total Beverages | 11826076  |
| **Biotechnology – 1.5%**  | **Biotechnology – 1.5%**  | **Biotechnology – 1.5%**  |
| 17674  | Amgen Inc.  | 5084987  |
| 16687  | Gilead Sciences Inc.  | 1885130  |
|  | Total Biotechnology | 6970117  |
| **Cosmetics/Personal Care – 1.5%**  | **Cosmetics/Personal Care – 1.5%**  | **Cosmetics/Personal Care – 1.5%**  |
| 435577  | Haleon PLC  | 2141714  |
| 37110  | Kao Corp.  | 1682595  |
| 85750  | Kenvue Inc.  | 1775883  |
| 10427  | Procter & Gamble Co.  | 1637456  |
|  | Total Cosmetics/Personal Care | 7237648  |
| **Food – 0.4%**  | **Food – 0.4%**  | **Food – 0.4%**  |
| 7167  | Hershey Co.  | 1316936  |
| 7225  | Mondelez International Inc., Class A Shares  | 443904  |
|  | Total Food | 1760840  |
| **Healthcare-Products – 0.9%**  | **Healthcare-Products – 0.9%**  | **Healthcare-Products – 0.9%**  |
| 33646  | Abbott Laboratories  | 4463478  |
| **Household Products/Wares – 0.4%**  | **Household Products/Wares – 0.4%**  | **Household Products/Wares – 0.4%**  |
| 15400  | Kimberly-Clark Corp.  | 1988756  |
| **Pharmaceuticals – 8.1%**  | **Pharmaceuticals – 8.1%**  | **Pharmaceuticals – 8.1%**  |
| 20908  | AbbVie Inc.  | 4399043  |
| 12245  | AstraZeneca PLC  | 1957557  |

---

See Notes to Financial Statements.

132<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Pharmaceuticals – (continued)**  | **Pharmaceuticals – (continued)**  | **Pharmaceuticals – (continued)**  |
| 40610  | AstraZeneca PLC, ADR  | $3244739  |
| 173275  | GSK PLC  | 3416599  |
| 32825  | Johnson & Johnson  | 5815605  |
| 6807  | Merck & Co., Inc.  | 572605  |
| 189575  | Pfizer Inc.  | 4693877  |
| 5983  | Roche Holding AG  | 1953286  |
| 41531  | Roche Holding AG, ADR  | 1693219  |
| 87463  | Sanofi SA  | 8690438  |
| 10491  | UCB SA  | 2459416  |
|  | Total Pharmaceuticals | 38896384  |
|  | **TOTAL CONSUMER NON-CYCLICAL** | **82036279**  |
| **ENERGY – 9.0%**  | **ENERGY – 9.0%**  | **ENERGY – 9.0%**  |
| **Oil & Gas – 6.2%**  | **Oil & Gas – 6.2%**  | **Oil & Gas – 6.2%**  |
| 42717  | Chevron Corp.  | 6860350  |
| 12115  | ConocoPhillips<sup>(a)</sup>  | 1199022  |
| 16855  | Expand Energy Corp.  | 1631227  |
| 69961  | Exxon Mobil Corp.  | 7995843  |
| 59290  | Noble Corp. PLC  | 1708738  |
| 113821  | Shell PLC  | 4186595  |
| 91105  | TotalEnergies SE  | 5717910  |
|  | Total Oil & Gas | 29299685  |
| **Pipelines – 2.8%**  | **Pipelines – 2.8%**  | **Pipelines – 2.8%**  |
| 9527  | Cheniere Energy Inc.  | 2303819  |
| 115950  | Enbridge Inc.  | 5610892  |
| 74426  | TC Energy Corp.  | 3876309  |
| 28286  | Williams Cos., Inc.  | 1637194  |
|  | Total Pipelines | 13428214  |
|  | **TOTAL ENERGY** | **42727899**  |
| **FINANCIAL – 20.8%**  | **FINANCIAL – 20.8%**  | **FINANCIAL – 20.8%**  |
| **Banks – 12.4%**  | **Banks – 12.4%**  | **Banks – 12.4%**  |
| 36140  | Bank of America Corp.  | 1833744  |
| 27450  | Bank of Montreal  | 3322106  |
| 46545  | Fifth Third Bancorp  | 2130365  |
| 1901  | Goldman Sachs Group Inc.  | 1416720  |
| 206915  | Huntington Bancshares Inc.  | 3685156  |
| 98214  | ING Groep NV  | 2337950  |
| 23041  | JPMorgan Chase & Co.<sup>(a)</sup>  | 6945018  |
| 22936  | Morgan Stanley  | 3451409  |
| 147293  | Nordea Bank Abp  | 2246407  |
| 160656  | Oversea-Chinese Banking Corp., Ltd.  | 2095072  |
| 28775  | PNC Financial Services Group Inc.  | 5969086  |
| 153980  | Sumitomo Mitsui Trust Group Inc.  | 4402301  |

---

See Notes to Financial Statements.

133<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Banks – (continued)**  | **Banks – (continued)**  | **Banks – (continued)**  |
| 111200  | Truist Financial Corp.  | $5206384  |
| 117098  | US Bancorp  | 5717896  |
| 99618  | Wells Fargo & Co.  | 8186607  |
|  | Total Banks | 58946221  |
| **Diversified Financial Services – 0.7%**  | **Diversified Financial Services – 0.7%**  | **Diversified Financial Services – 0.7%**  |
| 4200  | CME Group Inc., Class A Shares<sup>(a)</sup>  | 1119342  |
| 7551  | Deutsche Boerse AG  | 2222461  |
|  | Total Diversified Financial Services | 3341803  |
| **Equity Real Estate Investment Trusts (REITs) – 3.8%**  | **Equity Real Estate Investment Trusts (REITs) – 3.8%**  | **Equity Real Estate Investment Trusts (REITs) – 3.8%**  |
| 114335  | Brixmor Property Group Inc.  | 3200237  |
| 19764  | Equity LifeStyle Properties Inc.  | 1191571  |
| 181075  | Kimco Realty Corp.  | 4072377  |
| 40137  | NNN REIT Inc.  | 1722279  |
| 41325  | Prologis Inc.  | 4701958  |
| 9800  | Terreno Realty Corp.  | 566146  |
| 15985  | Ventas Inc.  | 1088259  |
| 52509  | VICI Properties Inc., Class A Shares  | 1773754  |
|  | Total Equity Real Estate Investment Trusts (REITs) | 18316581  |
| **Insurance – 3.6%**  | **Insurance – 3.6%**  | **Insurance – 3.6%**  |
| 9046  | Allianz SE, Class Registered Shares  | 3823003  |
| 31690  | American International Group Inc.  | 2577031  |
| 32617  | NN Group NV  | 2243698  |
| 5979  | Progressive Corp.  | 1477172  |
| 378901  | Prudential PLC  | 5064722  |
| 2954  | Zurich Insurance Group AG  | 2158598  |
|  | Total Insurance | 17344224  |
| **Real Estate – 0.3%**  | **Real Estate – 0.3%**  | **Real Estate – 0.3%**  |
| 1419000  | Hang Lung Properties Ltd.  | 1440356  |
|  | **TOTAL FINANCIAL** | **99389185**  |
| **INDUSTRIAL – 8.1%**  | **INDUSTRIAL – 8.1%**  | **INDUSTRIAL – 8.1%**  |
| **Aerospace/Defense – 1.9%**  | **Aerospace/Defense – 1.9%**  | **Aerospace/Defense – 1.9%**  |
| 9541  | Airbus SE  | 2000489  |
| 93315  | BAE Systems PLC  | 2217816  |
| 6089  | General Dynamics Corp.  | 1976307  |
| 1065  | Lockheed Martin Corp.  | 485246  |
| 7175  | RTX Corp.  | 1137955  |
| 221000  | Singapore Technologies Engineering Ltd.  | 1320779  |
|  | Total Aerospace/Defense | 9138592  |
| **Building Materials – 1.0%**  | **Building Materials – 1.0%**  | **Building Materials – 1.0%**  |
| 15878  | CRH PLC  | 1793420  |
| 12994  | Heidelberg Materials AG  | 3080136  |
|  | Total Building Materials | 4873556  |

---

See Notes to Financial Statements.

134<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Electrical Components & Equipment – 1.2%**  | **Electrical Components & Equipment – 1.2%**  | **Electrical Components & Equipment – 1.2%**  |
| 8767  | Eaton Corp. PLC<sup>(a)</sup>  | $3060910  |
| 20935  | Emerson Electric Co.  | 2763420  |
|  | Total Electrical Components & Equipment | 5824330  |
| **Engineering & Construction – 1.0%**  | **Engineering & Construction – 1.0%**  | **Engineering & Construction – 1.0%**  |
| 34600  | Aena SME SA  | 1001140  |
| 71045  | Ferrovial SE  | 3882585  |
|  | Total Engineering & Construction | 4883725  |
| **Machinery-Construction & Mining – 0.6%**  | **Machinery-Construction & Mining – 0.6%**  | **Machinery-Construction & Mining – 0.6%**  |
| 111800  | Mitsubishi Electric Corp.  | 2693614  |
| **Miscellaneous Manufacturers – 0.5%**  | **Miscellaneous Manufacturers – 0.5%**  | **Miscellaneous Manufacturers – 0.5%**  |
| 9237  | Siemens AG, Class Registered Shares  | 2557624  |
| **Packaging & Containers – 1.0%**  | **Packaging & Containers – 1.0%**  | **Packaging & Containers – 1.0%**  |
| 337325  | Amcor PLC  | 2911115  |
| 40168  | Smurfit WestRock PLC  | 1902356  |
|  | Total Packaging & Containers | 4813471  |
| **Transportation – 0.9%**  | **Transportation – 0.9%**  | **Transportation – 0.9%**  |
| 61989  | Deutsche Post AG  | 2822506  |
| 5595  | Union Pacific Corp.  | 1250874  |
|  | Total Transportation | 4073380  |
|  | **TOTAL INDUSTRIAL** | **38858292**  |
| **TECHNOLOGY – 3.5%**  | **TECHNOLOGY – 3.5%**  | **TECHNOLOGY – 3.5%**  |
| **Computers – 0.4%**  | **Computers – 0.4%**  | **Computers – 0.4%**  |
| 7318  | International Business Machines Corp.  | 1781860  |
| **Semiconductors – 1.9%**  | **Semiconductors – 1.9%**  | **Semiconductors – 1.9%**  |
| 6688  | Analog Devices Inc.  | 1680761  |
| 14086  | Broadcom Inc.  | 4189036  |
| 38275  | Samsung Electronics Co., Ltd.  | 1557829  |
| 8190  | Texas Instruments Inc.  | 1658311  |
|  | Total Semiconductors | 9085937  |
| **Software – 1.2%**  | **Software – 1.2%**  | **Software – 1.2%**  |
| 2822  | Microsoft Corp.  | 1429879  |
| 8642  | Oracle Corp.  | 1954215  |
| 18184  | Paychex Inc.  | 2535850  |
|  | Total Software | 5919944  |
|  | **TOTAL TECHNOLOGY** | **16787741**  |
| **UTILITIES – 9.9%**  | **UTILITIES – 9.9%**  | **UTILITIES – 9.9%**  |
| **Electric – 9.0%**  | **Electric – 9.0%**  | **Electric – 9.0%**  |
| 180330  | Algonquin Power & Utilities Corp.  | 1045914  |
| 55384  | Alliant Energy Corp.  | 3603837  |
| 32485  | American Electric Power Co., Inc.  | 3606485  |
| 69085  | CenterPoint Energy Inc.  | 2605195  |
| 20551  | Duke Energy Corp.  | 2517292  |

---

See Notes to Financial Statements.

135<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **UTILITIES – (continued)**  | **UTILITIES – (continued)**  | **UTILITIES – (continued)**  |
| **Electric – (continued)**  | **Electric – (continued)**  | **Electric – (continued)**  |
| 236024  | Enel SpA  | $2176862  |
| 62400  | Evergy Inc.  | 4446624  |
| 32352  | Eversource Energy  | 2072792  |
| 71850  | FirstEnergy Corp.  | 3134097  |
| 562219  | National Grid PLC  | 7907178  |
| 52510  | PPL Corp.  | 1915040  |
| 31475  | Public Service Enterprise Group Inc.  | 2591337  |
| 21395  | Sempra  | 1766371  |
| 12050  | Southern Co.  | 1112215  |
| 21425  | WEC Energy Group Inc.  | 2281977  |
|  | Total Electric | 42783216  |
| **Gas – 0.9%**  | **Gas – 0.9%**  | **Gas – 0.9%**  |
| 59130  | MDU Resources Group Inc.  | 963228  |
| 20250  | Southwest Gas Holdings Inc.  | 1617570  |
| 54275  | UGI Corp.  | 1880086  |
|  | Total Gas | 4460884  |
|  | **TOTAL UTILITIES** | **47244100**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost – $302,879,704)** | **394896322**  |
| **EXCHANGE TRADED FUNDS (ETFs) – 14.3%**  | **EXCHANGE TRADED FUNDS (ETFs) – 14.3%**  | **EXCHANGE TRADED FUNDS (ETFs) – 14.3%**  |
| 944702  | iShares Core Dividend Growth  | 63228905  |
| 28550  | iShares Core High Dividend  | 3522499  |
| 34311  | iShares U.S. Healthcare Providers<sup>(b)</sup>  | 1620508  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS (ETFs)** <br>**(Cost – $60,234,917)** | **68371912**  |
| **CONVERTIBLE PREFERRED STOCK – 0.6%**  | **CONVERTIBLE PREFERRED STOCK – 0.6%**  | **CONVERTIBLE PREFERRED STOCK – 0.6%**  |
| **INDUSTRIAL – 0.6%**  | **INDUSTRIAL – 0.6%**  | **INDUSTRIAL – 0.6%**  |
| **Aerospace/Defense – 0.6%**  | **Aerospace/Defense – 0.6%**  | **Aerospace/Defense – 0.6%**  |
| 34800  | &nbsp;&nbsp;&nbsp; Boeing Co., 6.000% <br>(Cost – $1,925,735) | 2589816  |
| **LIMITED PARTNERSHIP – 0.5%**  | **LIMITED PARTNERSHIP – 0.5%**  | **LIMITED PARTNERSHIP – 0.5%**  |
| **ENERGY – 0.5%**  | **ENERGY – 0.5%**  | **ENERGY – 0.5%**  |
| **Pipelines – 0.5%**  | **Pipelines – 0.5%**  | **Pipelines – 0.5%**  |
| 77765  | &nbsp;&nbsp;&nbsp; Enterprise Products Partners LP <br>(Cost – $1,821,865) | 2499367  |
| **WARRANT – 0.3%**  | **WARRANT – 0.3%**  | **WARRANT – 0.3%**  |
| **FINANCIAL – 0.3%**  | **FINANCIAL – 0.3%**  | **FINANCIAL – 0.3%**  |
| **Banks – 0.3%**  | **Banks – 0.3%**  | **Banks – 0.3%**  |
| 9500  | &nbsp;&nbsp;&nbsp; BofA Finance LLC\*<sup>(c)</sup> <br>(Cost – $1,300,388) | 1313438  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS** <br>**(Cost – $368,162,609)** | **469670855** |

---

See Notes to Financial Statements.

136<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount†** | **Security** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.4%**  | **SHORT-TERM INVESTMENTS – 1.4%**  | **SHORT-TERM INVESTMENTS – 1.4%**  |
| **CORPORATE NOTE – 0.3%**  | **CORPORATE NOTE – 0.3%**  | **CORPORATE NOTE – 0.3%**  |
| 9460 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A., zero coupon, due 12/23/25<sup>(c)</sup> <br>(Cost – $1,577,343) | $1345950  |
| **TIME DEPOSITS – 1.1%**  | **TIME DEPOSITS – 1.1%**  | **TIME DEPOSITS – 1.1%**  |
| 57<sup>AUD</sup> | ANZ National Bank – Hong Kong, 2.270% due 9/1/25  | 37  |
| 1831974 | ANZ National Bank – London, 3.680% due 9/2/25  | 1831974  |
|  | Brown Brothers Harriman – Grand Cayman:<br>|  |
| 3<sup>CHF</sup> | &nbsp;&nbsp;&nbsp; (0.370)% due 9/1/25  | 4  |
| 620<sup>NOK</sup> | &nbsp;&nbsp;&nbsp; 2.980% due 9/1/25  | 62  |
|  | Citibank – London:<br>|  |
| 97921<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 0.870% due 9/1/25  | 114562  |
| 267<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 2.920% due 9/1/25  | 361  |
| 1870099 | Citibank – New York, 3.680% due 9/2/25  | 1870099  |
| 302<sup>HKD</sup> | Hong Kong & Shanghai Bank – Hong Kong, 2.020% due 9/1/25  | 39  |
| 159<sup>SGD</sup> | Hong Kong & Shanghai Bank – Singapore, 0.230% due 9/1/25  | 124  |
| 893003 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25  | 893003  |
| 569609 | Skandinaviska Enskilda Banken AB – Stockholm, 3.680% due 9/2/25  | 569609  |
| 230<sup>JPY</sup> | Sumitomo Mitsui Banking Corp. – Tokyo, 0.120% due 9/1/25  | 2  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS** <br>**(Cost – $5,279,876)** | **5279876**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost – $6,857,219)** | **6625826** |

---

---

| | | |
|:---|:---|:---|
| **Shares/Units** |  |  |
| **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.1%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.1%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.1%**  |
| **MONEY MARKET FUND – 0.1%**  | **MONEY MARKET FUND – 0.1%**  | **MONEY MARKET FUND – 0.1%**  |
| 678050 | &nbsp;&nbsp;&nbsp; Federated Government Obligations Fund, Premier Class, 4.151%<sup>(d)</sup> <br>(Cost – $678,050) | 678050  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 99.9%**<br>**(Cost – $375,697,878)** | **476974731**  |
|  | Other Assets in Excess of Liabilities – 0.1% | 577058  |
|  | **TOTAL NET ASSETS – 100.0%** | **$477551789** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Face amount denominated in U.S. dollars, unless
 otherwise noted.

\* Non-income producing security.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $2,659,388 and represents 0.56% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of collateral received from
 securities lending transactions.

See Notes to Financial Statements.

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(continued)** 

<u>Abbreviations used in this schedule:</u>

ADR — American Depositary Receipts

LLC — Limited Liability Company

LP — Limited Partnership

PLC — Public Limited Company

REIT — Real Estate Investment Trust

**<u>Summary of Investments by Security Sector^</u>** 

---

| | |
|:---|:---|
| Financial | 21.2%  |
| Consumer Non-cyclical | 17.2  |
| Utilities | 9.9  |
| Energy | 9.5  |
| Industrial | 8.7  |
| Communications | 5.9  |
| Consumer Cyclical | 5.9  |
| Technology | 3.5  |
| Basic Materials | 2.4  |
| Exchange Traded Funds (ETFs) | 14.3  |
| Short-Term Investments | 1.4  |
| Money Market Fund | 0.1  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments. |

---

**Schedule of Options Contracts Written**

**Equity Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Security Name** | **Counterparty** | **Expiration** <br>**Date** | **Exercise** <br>**Rate** | **Value**  |
| 15 | $216255 | &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd., Call | &nbsp;&nbsp;&nbsp;&nbsp; BNP | 9/19/25 | $165.00 | $(450)  |
| 20 | 225900 | &nbsp;&nbsp;&nbsp; CRH Public Ltd., Call | &nbsp;&nbsp;&nbsp;&nbsp; BNP | 9/19/25 | 120.00 | (1340)  |
| 295 | 1822510 | &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Call | &nbsp;&nbsp;&nbsp;&nbsp; MSC | 9/19/25 | 55.00 | (221840)  |
| 7 | 244398 | &nbsp;&nbsp;&nbsp; Eaton Corp., Call | &nbsp;&nbsp;&nbsp;&nbsp; BNP | 9/19/25 | 440.00 | (1435)  |
| 20 | 264000 | &nbsp;&nbsp;&nbsp; Emerson Electric Co., Call | &nbsp;&nbsp;&nbsp;&nbsp; BNP | 9/19/25 | 165.00 | (1700)  |
| 40 | 387120 | &nbsp;&nbsp;&nbsp; Expand Energy Corp., Put | &nbsp;&nbsp;&nbsp;&nbsp; BNP | 9/19/25 | 75.00 | (3960)  |
| 60 | 345720 | &nbsp;&nbsp;&nbsp; Nutrien Ltd., Put | &nbsp;&nbsp;&nbsp;&nbsp; BNP | 9/19/25 | 50.00 | (900)  |
| 15 | 335355 | &nbsp;&nbsp;&nbsp; Union Pacific Corp., Put | &nbsp;&nbsp;&nbsp;&nbsp; BNP | 9/19/25 | 200.00 | (360)  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL OPTIONS CONTRACTS WRITTEN**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Premiums received – $85,949)** |  |  |  | **$(231985)** |

---

See Notes to Financial Statements.

138<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Equity Income Fund(concluded)** 

<u>Currency Abbreviations used in this schedule:</u>

AUD

— Australian Dollar

CHF — Swiss Franc

---

| | |
|:---|:---|
| EUR<br>| — Euro |

---

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

NOK — Norwegian Krone

SGD — Singapore Dollar

<u>Counterparty Abbreviations used in this schedule:</u>

BNP — BNP Paribas SA

MSC — Morgan Stanley

See Notes to Financial Statements.

139<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – 28.0%**  | **MORTGAGE-BACKED SECURITIES – 28.0%**  | **MORTGAGE-BACKED SECURITIES – 28.0%**  |
| **FHLMC – 7.4%**  | **FHLMC – 7.4%**  | **FHLMC – 7.4%**  |
|  | Federal Home Loan Mortgage Corp. (FHLMC)., Gold:<br>|  |
| $145747  | &nbsp;&nbsp;&nbsp; 2.000% due 6/1/36  | $134591  |
| 76710  | &nbsp;&nbsp;&nbsp; 2.000% due 12/1/40  | 65961  |
| 497323  | &nbsp;&nbsp;&nbsp; 2.000% due 5/1/41  | 425073  |
| 587975  | &nbsp;&nbsp;&nbsp; 2.000% due 12/1/41  | 505141  |
| 251025  | &nbsp;&nbsp;&nbsp; 2.000% due 9/1/50  | 201939  |
| 444262  | &nbsp;&nbsp;&nbsp; 2.000% due 10/1/50  | 356313  |
| 6624035  | &nbsp;&nbsp;&nbsp; 2.000% due 3/1/51  | 5302900  |
| 1095537  | &nbsp;&nbsp;&nbsp; 2.000% due 4/1/51  | 876859  |
| 425672  | &nbsp;&nbsp;&nbsp; 2.000% due 5/1/51  | 344093  |
| 167067  | &nbsp;&nbsp;&nbsp; 2.000% due 8/1/51  | 133850  |
| 169756  | &nbsp;&nbsp;&nbsp; 2.000% due 11/1/51  | 136591  |
| 664836  | &nbsp;&nbsp;&nbsp; 2.000% due 4/1/52  | 536004  |
| 252606  | &nbsp;&nbsp;&nbsp; 2.500% due 5/1/50  | 213840  |
| 292222  | &nbsp;&nbsp;&nbsp; 2.500% due 6/1/50  | 246151  |
| 1650439  | &nbsp;&nbsp;&nbsp; 2.500% due 7/1/50  | 1391051  |
| 442390  | &nbsp;&nbsp;&nbsp; 2.500% due 9/1/50  | 373008  |
| 63412  | &nbsp;&nbsp;&nbsp; 2.500% due 10/1/50  | 53888  |
| 505707  | &nbsp;&nbsp;&nbsp; 2.500% due 11/1/50  | 424247  |
| 154612  | &nbsp;&nbsp;&nbsp; 2.500% due 2/1/51  | 131172  |
| 394557  | &nbsp;&nbsp;&nbsp; 2.500% due 3/1/51  | 328986  |
| 185632  | &nbsp;&nbsp;&nbsp; 2.500% due 5/1/51  | 155678  |
| 250547  | &nbsp;&nbsp;&nbsp; 2.500% due 7/1/51  | 210108  |
| 278392  | &nbsp;&nbsp;&nbsp; 2.500% due 10/1/51  | 233166  |
| 5289879  | &nbsp;&nbsp;&nbsp; 2.500% due 12/1/51  | 4414990  |
| 6808574  | &nbsp;&nbsp;&nbsp; 2.500% due 1/1/52  | 5737133  |
| 789855  | &nbsp;&nbsp;&nbsp; 2.500% due 4/1/52  | 659671  |
| 483606  | &nbsp;&nbsp;&nbsp; 3.000% due 2/1/33  | 469130  |
| 259257  | &nbsp;&nbsp;&nbsp; 3.000% due 5/1/33  | 252646  |
| 217062  | &nbsp;&nbsp;&nbsp; 3.000% due 3/1/35  | 207179  |
| 379957  | &nbsp;&nbsp;&nbsp; 3.000% due 5/1/35  | 365056  |
| 3478931  | &nbsp;&nbsp;&nbsp; 3.000% due 3/1/42  | 3199265  |
| 101809  | &nbsp;&nbsp;&nbsp; 3.000% due 1/1/47  | 90982  |
| 205180  | &nbsp;&nbsp;&nbsp; 3.000% due 2/1/47  | 183358  |
| 4836823  | &nbsp;&nbsp;&nbsp; 3.000% due 4/1/50  | 4085187  |
| 591728  | &nbsp;&nbsp;&nbsp; 3.000% due 8/1/51  | 519371  |
| 434272  | &nbsp;&nbsp;&nbsp; 3.000% due 9/1/51  | 381329  |
| 522890  | &nbsp;&nbsp;&nbsp; 3.000% due 10/1/51  | 460063  |
| 6546934  | &nbsp;&nbsp;&nbsp; 3.000% due 1/1/52  | 5755877  |
| 7013362  | &nbsp;&nbsp;&nbsp; 3.000% due 5/1/52  | 6168539  |
| 6110581  | &nbsp;&nbsp;&nbsp; 3.000% due 6/1/52  | 5342762  |
| 3586789  | &nbsp;&nbsp;&nbsp; 3.030% due 1/1/50  | 2869568  |
| 688534  | &nbsp;&nbsp;&nbsp; 3.500% due 8/1/43  | 644478  |

---

See Notes to Financial Statements.

140<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  |
| **FHLMC – (continued)**  | **FHLMC – (continued)**  | **FHLMC – (continued)**  |
| $301220  | &nbsp;&nbsp;&nbsp; 3.500% due 1/1/48  | $278227  |
| 315258  | &nbsp;&nbsp;&nbsp; 3.500% due 4/1/50  | 290796  |
| 2665288  | &nbsp;&nbsp;&nbsp; 3.500% due 8/1/52  | 2441808  |
| 552648  | &nbsp;&nbsp;&nbsp; 4.000% due 10/1/44  | 527403  |
| 35801  | &nbsp;&nbsp;&nbsp; 4.000% due 4/1/47  | 34470  |
| 699759  | &nbsp;&nbsp;&nbsp; 4.000% due 12/1/47  | 665986  |
| 5010935  | &nbsp;&nbsp;&nbsp; 4.000% due 3/1/49  | 4767694  |
| 374627  | &nbsp;&nbsp;&nbsp; 4.000% due 4/1/49  | 355270  |
| 131315  | &nbsp;&nbsp;&nbsp; 4.000% due 5/1/49  | 125229  |
| 441376  | &nbsp;&nbsp;&nbsp; 4.000% due 7/1/49  | 422332  |
| 6302952  | &nbsp;&nbsp;&nbsp; 4.000% due 2/1/51  | 5997325  |
| 1263988  | &nbsp;&nbsp;&nbsp; 4.000% due 8/1/51  | 1201711  |
| 252738  | &nbsp;&nbsp;&nbsp; 4.500% due 5/1/48  | 246802  |
| 151857  | &nbsp;&nbsp;&nbsp; 5.000% due 8/1/52  | 150728  |
| 727842  | &nbsp;&nbsp;&nbsp; 5.000% due 10/1/52  | 720544  |
| 738157  | &nbsp;&nbsp;&nbsp; 5.000% due 1/1/53  | 731417  |
| 275643  | &nbsp;&nbsp;&nbsp; 5.000% due 4/1/53  | 273811  |
| 3099570  | &nbsp;&nbsp;&nbsp; 5.000% due 6/1/53  | 3100077  |
| 3835434  | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/54  | 3823072  |
| 765755  | &nbsp;&nbsp;&nbsp; 5.500% due 12/1/37  | 783341  |
| 562493  | &nbsp;&nbsp;&nbsp; 5.500% due 2/1/53  | 568961  |
| 6055368  | &nbsp;&nbsp;&nbsp; 5.500% due 5/1/53  | 6113944  |
| 3117266  | &nbsp;&nbsp;&nbsp; 5.500% due 9/1/53  | 3181540  |
| 5837429  | &nbsp;&nbsp;&nbsp; 5.500% due 11/1/53  | 5888490  |
| 315725  | &nbsp;&nbsp;&nbsp; 6.000% due 11/1/52  | 324111  |
| 363677  | &nbsp;&nbsp;&nbsp; 6.000% due 12/1/52  | 374460  |
| 147216  | &nbsp;&nbsp;&nbsp; 6.000% due 3/1/53  | 152271  |
| 3217027  | &nbsp;&nbsp;&nbsp; 6.000% due 8/1/53  | 3317712  |
| 2911645  | &nbsp;&nbsp;&nbsp; 6.000% due 4/1/54  | 3011742  |
| 1268940  | &nbsp;&nbsp;&nbsp; 6.000% due 6/1/54  | 1301891  |
| 1217165  | &nbsp;&nbsp;&nbsp; 6.000% due 8/1/54  | 1247050  |
|  | Federal National Mortgage Association (FNMA):<br>|  |
| 6505525  | &nbsp;&nbsp;&nbsp; 5.000% due 8/1/55  | 6455574  |
| 999900  | &nbsp;&nbsp;&nbsp; 5.500% due 7/1/55  | 1005922  |
|  | **TOTAL FHLMC** | **114468905**  |
| **FNMA – 17.8%**  | **FNMA – 17.8%**  | **FNMA – 17.8%**  |
|  | Federal National Mortgage Association (FNMA):<br>|  |
| 965991  | &nbsp;&nbsp;&nbsp; 1.500% due 9/1/51  | 729325  |
| 226994  | &nbsp;&nbsp;&nbsp; 1.500% due 10/1/51  | 171501  |
| 140280  | &nbsp;&nbsp;&nbsp; 1.500% due 11/1/51  | 105910  |
| 786087  | &nbsp;&nbsp;&nbsp; 1.500% due 4/1/52  | 593495  |
| 199563  | &nbsp;&nbsp;&nbsp; 2.000% due 5/1/36  | 183038  |
| 415566  | &nbsp;&nbsp;&nbsp; 2.000% due 8/1/36  | 381629  |

---

See Notes to Financial Statements.

141<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  |
| **FNMA – (continued)**  | **FNMA – (continued)**  | **FNMA – (continued)**  |
| $270903  | &nbsp;&nbsp;&nbsp; 2.000% due 9/1/36  | $250991  |
| 295029  | &nbsp;&nbsp;&nbsp; 2.000% due 9/1/40  | 258423  |
| 732305  | &nbsp;&nbsp;&nbsp; 2.000% due 12/1/40  | 635389  |
| 337534  | &nbsp;&nbsp;&nbsp; 2.000% due 4/1/41  | 289996  |
| 101517  | &nbsp;&nbsp;&nbsp; 2.000% due 5/1/41  | 87221  |
| 425790  | &nbsp;&nbsp;&nbsp; 2.000% due 10/1/41  | 365809  |
| 13112607  | &nbsp;&nbsp;&nbsp; 2.000% due 6/1/50  | 10473410  |
| 9890696  | &nbsp;&nbsp;&nbsp; 2.000% due 8/1/50  | 7913800  |
| 1117195  | &nbsp;&nbsp;&nbsp; 2.000% due 9/1/50  | 898738  |
| 737701  | &nbsp;&nbsp;&nbsp; 2.000% due 12/1/50  | 592881  |
| 3423453  | &nbsp;&nbsp;&nbsp; 2.000% due 2/1/51  | 2752645  |
| 5252916  | &nbsp;&nbsp;&nbsp; 2.000% due 3/1/51  | 4200248  |
| 2665813  | &nbsp;&nbsp;&nbsp; 2.000% due 4/1/51  | 2131472  |
| 12336952  | &nbsp;&nbsp;&nbsp; 2.000% due 5/1/51  | 9901489  |
| 128698  | &nbsp;&nbsp;&nbsp; 2.000% due 7/1/51  | 103019  |
| 225065  | &nbsp;&nbsp;&nbsp; 2.250% due 4/1/33  | 196248  |
| 52689  | &nbsp;&nbsp;&nbsp; 2.500% due 6/1/30  | 51212  |
| 5327130  | &nbsp;&nbsp;&nbsp; 2.500% due 2/1/47  | 4558700  |
| 273872  | &nbsp;&nbsp;&nbsp; 2.500% due 4/1/50  | 229930  |
| 265889  | &nbsp;&nbsp;&nbsp; 2.500% due 6/1/50  | 223285  |
| 272180  | &nbsp;&nbsp;&nbsp; 2.500% due 7/1/50  | 230089  |
| 461024  | &nbsp;&nbsp;&nbsp; 2.500% due 9/1/50  | 386274  |
| 4523046  | &nbsp;&nbsp;&nbsp; 2.500% due 10/1/50  | 3838196  |
| 8758018  | &nbsp;&nbsp;&nbsp; 2.500% due 11/1/50  | 7311023  |
| 267246  | &nbsp;&nbsp;&nbsp; 2.500% due 1/1/51  | 225847  |
| 950019  | &nbsp;&nbsp;&nbsp; 2.500% due 2/1/51  | 794989  |
| 4531737  | &nbsp;&nbsp;&nbsp; 2.500% due 5/1/51  | 3808302  |
| 379482  | &nbsp;&nbsp;&nbsp; 2.500% due 7/1/51  | 318250  |
| 9483150  | &nbsp;&nbsp;&nbsp; 2.500% due 8/1/51  | 7903767  |
| 235780  | &nbsp;&nbsp;&nbsp; 2.500% due 9/1/51  | 197752  |
| 7207224  | &nbsp;&nbsp;&nbsp; 2.500% due 10/1/51  | 6016553  |
| 7041434  | &nbsp;&nbsp;&nbsp; 2.500% due 11/1/51  | 5885184  |
| 5827156  | &nbsp;&nbsp;&nbsp; 2.500% due 12/1/51  | 4866411  |
| 432724  | &nbsp;&nbsp;&nbsp; 2.500% due 1/1/52  | 364765  |
| 291316  | &nbsp;&nbsp;&nbsp; 2.500% due 3/1/52  | 244163  |
| 2110000  | &nbsp;&nbsp;&nbsp; 2.500% due 9/1/55<sup>(a)</sup>  | 1751589  |
| 586886  | &nbsp;&nbsp;&nbsp; 2.500% due 1/1/57  | 490567  |
| 206732  | &nbsp;&nbsp;&nbsp; 3.000% due 2/1/30  | 202763  |
| 127602  | &nbsp;&nbsp;&nbsp; 3.000% due 10/1/30  | 124900  |
| 298078  | &nbsp;&nbsp;&nbsp; 3.000% due 1/1/31  | 291679  |
| 789769  | &nbsp;&nbsp;&nbsp; 3.000% due 11/1/36  | 749655  |
| 2947197  | &nbsp;&nbsp;&nbsp; 3.000% due 3/1/43  | 2692655  |
| 5356955  | &nbsp;&nbsp;&nbsp; 3.000% due 6/1/43  | 4891783  |

---

See Notes to Financial Statements.

142<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  |
| **FNMA – (continued)**  | **FNMA – (continued)**  | **FNMA – (continued)**  |
| $99692  | &nbsp;&nbsp;&nbsp; 3.000% due 11/1/48  | $88426  |
| 3516689  | &nbsp;&nbsp;&nbsp; 3.000% due 11/1/49  | 3084438  |
| 188812  | &nbsp;&nbsp;&nbsp; 3.000% due 2/1/50  | 167113  |
| 756491  | &nbsp;&nbsp;&nbsp; 3.000% due 8/1/50  | 660341  |
| 319487  | &nbsp;&nbsp;&nbsp; 3.000% due 10/1/50  | 277934  |
| 447523  | &nbsp;&nbsp;&nbsp; 3.000% due 12/1/50  | 389249  |
| 358138  | &nbsp;&nbsp;&nbsp; 3.000% due 5/1/51  | 318048  |
| 572013  | &nbsp;&nbsp;&nbsp; 3.000% due 7/1/51  | 499316  |
| 877005  | &nbsp;&nbsp;&nbsp; 3.000% due 8/1/51  | 767165  |
| 87538  | &nbsp;&nbsp;&nbsp; 3.000% due 9/1/51  | 76219  |
| 993440  | &nbsp;&nbsp;&nbsp; 3.000% due 10/1/51  | 869518  |
| 192904  | &nbsp;&nbsp;&nbsp; 3.000% due 11/1/51  | 168801  |
| 177156  | &nbsp;&nbsp;&nbsp; 3.000% due 12/1/51  | 154853  |
| 263806  | &nbsp;&nbsp;&nbsp; 3.000% due 1/1/52  | 230484  |
| 5788223  | &nbsp;&nbsp;&nbsp; 3.000% due 2/1/52  | 5027641  |
| 285051  | &nbsp;&nbsp;&nbsp; 3.000% due 4/1/52  | 249687  |
| 399102  | &nbsp;&nbsp;&nbsp; 3.000% due 5/1/52  | 349607  |
| 6227510  | &nbsp;&nbsp;&nbsp; 3.000% due 6/1/52  | 5466132  |
| 3465537  | &nbsp;&nbsp;&nbsp; 3.000% due 4/1/53  | 3088200  |
| 146402  | &nbsp;&nbsp;&nbsp; 3.500% due 7/1/32  | 144682  |
| 450881  | &nbsp;&nbsp;&nbsp; 3.500% due 3/1/33  | 445066  |
| 321675  | &nbsp;&nbsp;&nbsp; 3.500% due 7/1/37  | 310941  |
| 555538  | &nbsp;&nbsp;&nbsp; 3.500% due 8/1/43  | 517204  |
| 549968  | &nbsp;&nbsp;&nbsp; 3.500% due 3/1/46  | 509081  |
| 563246  | &nbsp;&nbsp;&nbsp; 3.500% due 5/1/47  | 526164  |
| 693552  | &nbsp;&nbsp;&nbsp; 3.500% due 11/1/47  | 639158  |
| 699357  | &nbsp;&nbsp;&nbsp; 3.500% due 2/1/48  | 648604  |
| 357266  | &nbsp;&nbsp;&nbsp; 3.500% due 7/1/50  | 326207  |
| 143619  | &nbsp;&nbsp;&nbsp; 3.500% due 9/1/50  | 132289  |
| 538414  | &nbsp;&nbsp;&nbsp; 3.500% due 1/1/51  | 491809  |
| 1183721  | &nbsp;&nbsp;&nbsp; 3.500% due 2/1/51  | 1081257  |
| 6074438  | &nbsp;&nbsp;&nbsp; 3.500% due 7/1/51  | 5551119  |
| 590395  | &nbsp;&nbsp;&nbsp; 3.500% due 4/1/52  | 539290  |
| 861175  | &nbsp;&nbsp;&nbsp; 3.500% due 10/1/56  | 776128  |
| 171980  | &nbsp;&nbsp;&nbsp; 3.500% due 2/1/57  | 154995  |
| 216347  | &nbsp;&nbsp;&nbsp; 4.000% due 8/1/38  | 214744  |
| 370277  | &nbsp;&nbsp;&nbsp; 4.000% due 11/1/38  | 367275  |
| 77177  | &nbsp;&nbsp;&nbsp; 4.000% due 3/1/46  | 73950  |
| 477739  | &nbsp;&nbsp;&nbsp; 4.000% due 3/1/47  | 454825  |
| 46966  | &nbsp;&nbsp;&nbsp; 4.000% due 12/1/47  | 44810  |
| 67317  | &nbsp;&nbsp;&nbsp; 4.000% due 2/1/48  | 64057  |
| 96989  | &nbsp;&nbsp;&nbsp; 4.000% due 1/1/49  | 93204  |
| 1953647  | &nbsp;&nbsp;&nbsp; 4.000% due 3/1/49  | 1858158  |

---

See Notes to Financial Statements.

143<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  |
| **FNMA – (continued)**  | **FNMA – (continued)**  | **FNMA – (continued)**  |
| $128420  | &nbsp;&nbsp;&nbsp; 4.000% due 5/1/49  | $122254  |
| 32702  | &nbsp;&nbsp;&nbsp; 4.000% due 8/1/49  | 31335  |
| 1584988  | &nbsp;&nbsp;&nbsp; 4.000% due 11/1/49  | 1507966  |
| 534676  | &nbsp;&nbsp;&nbsp; 4.000% due 4/1/50  | 509462  |
| 8017590  | &nbsp;&nbsp;&nbsp; 4.000% due 5/1/51  | 7614639  |
| 339734  | &nbsp;&nbsp;&nbsp; 4.000% due 8/1/51  | 324309  |
| 396512  | &nbsp;&nbsp;&nbsp; 4.000% due 6/1/52  | 372610  |
| 793797  | &nbsp;&nbsp;&nbsp; 4.390% due 4/1/29  | 804469  |
| 281304  | &nbsp;&nbsp;&nbsp; 4.500% due 12/1/37  | 281875  |
| 180132  | &nbsp;&nbsp;&nbsp; 4.500% due 5/1/48  | 176413  |
| 184034  | &nbsp;&nbsp;&nbsp; 4.500% due 6/1/48  | 180121  |
| 3047452  | &nbsp;&nbsp;&nbsp; 4.500% due 10/1/50  | 2984215  |
| 1051788  | &nbsp;&nbsp;&nbsp; 4.500% due 6/1/52  | 1015044  |
| 3398171  | &nbsp;&nbsp;&nbsp; 4.500% due 7/1/52  | 3279806  |
| 731849  | &nbsp;&nbsp;&nbsp; 4.500% due 3/1/53  | 704997  |
| 270000  | &nbsp;&nbsp;&nbsp; 4.500% due 9/1/55<sup>(a)</sup>  | 259661  |
| 120000  | &nbsp;&nbsp;&nbsp; 4.750% due 4/1/28  | 121865  |
| 525241  | &nbsp;&nbsp;&nbsp; 5.000% due 7/1/52  | 521339  |
| 15419784  | &nbsp;&nbsp;&nbsp; 5.000% due 9/1/52  | 15264512  |
| 784933  | &nbsp;&nbsp;&nbsp; 5.000% due 10/1/52  | 777067  |
| 119249  | &nbsp;&nbsp;&nbsp; 5.000% due 11/1/52  | 118194  |
| 1578884  | &nbsp;&nbsp;&nbsp; 5.000% due 12/1/52  | 1563813  |
| 62934  | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/53  | 62212  |
| 7704162  | &nbsp;&nbsp;&nbsp; 5.000% due 4/1/53  | 7630338  |
| 585000  | &nbsp;&nbsp;&nbsp; 5.065% due 12/1/28  | 602271  |
| 254008  | &nbsp;&nbsp;&nbsp; 5.500% due 4/1/38  | 259841  |
| 5035000  | &nbsp;&nbsp;&nbsp; 5.500% due 9/1/40<sup>(a)</sup>  | 5146740  |
| 357987  | &nbsp;&nbsp;&nbsp; 5.500% due 10/1/52  | 362527  |
| 1058515  | &nbsp;&nbsp;&nbsp; 5.500% due 11/1/52  | 1071491  |
| 1228451  | &nbsp;&nbsp;&nbsp; 5.500% due 12/1/52  | 1242760  |
| 5267613  | &nbsp;&nbsp;&nbsp; 5.500% due 1/1/53  | 5321954  |
| 5034564  | &nbsp;&nbsp;&nbsp; 5.500% due 2/1/53  | 5085466  |
| 657986  | &nbsp;&nbsp;&nbsp; 5.500% due 6/1/53  | 665492  |
| 6532778  | &nbsp;&nbsp;&nbsp; 5.500% due 7/1/53  | 6661623  |
| 6056729  | &nbsp;&nbsp;&nbsp; 5.500% due 11/1/54  | 6178453  |
| 39996  | &nbsp;&nbsp;&nbsp; 5.500% due 1/1/55  | 40237  |
| 999901  | &nbsp;&nbsp;&nbsp; 5.500% due 6/1/55  | 1005922  |
| 999900  | &nbsp;&nbsp;&nbsp; 5.500% due 7/1/55  | 1005921  |
| 999901  | &nbsp;&nbsp;&nbsp; 5.500% due 8/1/55  | 1005922  |
| 18765000  | &nbsp;&nbsp;&nbsp; 5.500% due 9/1/55<sup>(a)</sup>  | 18870642  |
| 381369  | &nbsp;&nbsp;&nbsp; 6.000% due 5/1/53  | 394771  |
| 9243094  | &nbsp;&nbsp;&nbsp; 6.000% due 6/1/54  | 9543328  |
| 409745  | &nbsp;&nbsp;&nbsp; 6.000% due 9/1/54  | 419324  |

---

See Notes to Financial Statements.

144<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  |
| **FNMA – (continued)**  | **FNMA – (continued)**  | **FNMA – (continued)**  |
| $20855000  | &nbsp;&nbsp;&nbsp; 6.000% due 9/1/55<sup>(a)</sup>  | $21304710  |
| 2045000  | &nbsp;&nbsp;&nbsp; 6.500% due 9/1/55<sup>(a)</sup>  | 2119173  |
| 800000  | &nbsp;&nbsp;&nbsp; 7.000% due 9/1/55<sup>(a)</sup>  | 841500  |
|  | **TOTAL FNMA** | **275143733**  |
| **GNMA – 2.8%**  | **GNMA – 2.8%**  | **GNMA – 2.8%**  |
|  | Government National Mortgage Association (GNMA):<br>|  |
| 2705000  | &nbsp;&nbsp;&nbsp; 2.000% due 9/1/55<sup>(a)</sup>  | 2215315  |
| 9349000  | &nbsp;&nbsp;&nbsp; 2.500% due 9/1/55<sup>(a)</sup>  | 7968383  |
| 935000  | &nbsp;&nbsp;&nbsp; 4.500% due 9/1/55<sup>(a)</sup>  | 900384  |
| 1705000  | &nbsp;&nbsp;&nbsp; 5.000% due 9/1/55<sup>(a)</sup>  | 1687681  |
| 3085000  | &nbsp;&nbsp;&nbsp; 5.500% due 9/1/55<sup>(a)</sup>  | 3107645  |
| 3952000  | &nbsp;&nbsp;&nbsp; 6.000% due 9/1/41<sup>(a)</sup>  | 4030358  |
|  | Government National Mortgage Association (GNMA) II:<br>|  |
| 571135  | &nbsp;&nbsp;&nbsp; 2.000% due 10/20/50  | 468033  |
| 1272218  | &nbsp;&nbsp;&nbsp; 2.000% due 12/20/50  | 1042556  |
| 542007  | &nbsp;&nbsp;&nbsp; 2.500% due 11/20/49  | 464622  |
| 427357  | &nbsp;&nbsp;&nbsp; 2.500% due 3/20/51  | 364811  |
| 3457346  | &nbsp;&nbsp;&nbsp; 2.500% due 10/20/51  | 2940524  |
| 152911  | &nbsp;&nbsp;&nbsp; 3.000% due 4/20/31  | 149735  |
| 419828  | &nbsp;&nbsp;&nbsp; 3.000% due 6/20/50  | 371396  |
| 78396  | &nbsp;&nbsp;&nbsp; 3.000% due 12/20/50  | 69557  |
| 1906889  | &nbsp;&nbsp;&nbsp; 3.000% due 6/20/51  | 1690998  |
| 709905  | &nbsp;&nbsp;&nbsp; 3.000% due 9/20/51  | 629014  |
| 402787  | &nbsp;&nbsp;&nbsp; 3.000% due 12/20/52  | 356913  |
| 96339  | &nbsp;&nbsp;&nbsp; 3.500% due 8/20/42  | 90233  |
| 361602  | &nbsp;&nbsp;&nbsp; 3.500% due 10/20/43  | 338198  |
| 64788  | &nbsp;&nbsp;&nbsp; 3.500% due 12/20/43  | 60395  |
| 289885  | &nbsp;&nbsp;&nbsp; 3.500% due 3/20/44  | 270792  |
| 12945  | &nbsp;&nbsp;&nbsp; 3.500% due 7/20/44  | 12074  |
| 321215  | &nbsp;&nbsp;&nbsp; 3.500% due 6/20/46  | 299080  |
| 269892  | &nbsp;&nbsp;&nbsp; 3.500% due 2/20/49  | 249763  |
| 196074  | &nbsp;&nbsp;&nbsp; 3.500% due 6/20/49  | 179093  |
| 478018  | &nbsp;&nbsp;&nbsp; 3.500% due 11/20/49  | 438520  |
| 418036  | &nbsp;&nbsp;&nbsp; 3.500% due 6/20/50  | 382535  |
| 535949  | &nbsp;&nbsp;&nbsp; 3.500% due 9/20/50  | 489261  |
| 449188  | &nbsp;&nbsp;&nbsp; 3.500% due 2/20/51  | 409981  |
| 2554271  | &nbsp;&nbsp;&nbsp; 3.500% due 10/20/51  | 2334922  |
| 3790345  | &nbsp;&nbsp;&nbsp; 3.500% due 2/20/52  | 3464726  |
| 732143  | &nbsp;&nbsp;&nbsp; 3.500% due 1/20/53  | 667359  |
| 403194  | &nbsp;&nbsp;&nbsp; 4.000% due 10/20/44  | 384232  |
| 267696  | &nbsp;&nbsp;&nbsp; 4.000% due 2/20/45  | 255111  |
| 184153  | &nbsp;&nbsp;&nbsp; 4.000% due 10/20/45  | 176003  |
| 229156  | &nbsp;&nbsp;&nbsp; 4.000% due 2/20/47  | 217025  |

---

See Notes to Financial Statements.

145<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  |
| **GNMA – (continued)**  | **GNMA – (continued)**  | **GNMA – (continued)**  |
| $476650  | &nbsp;&nbsp;&nbsp; 4.000% due 10/20/48  | $451869  |
| 392033  | &nbsp;&nbsp;&nbsp; 4.000% due 3/20/49  | 370770  |
| 1086767  | &nbsp;&nbsp;&nbsp; 4.000% due 2/20/52  | 1021625  |
| 517302  | &nbsp;&nbsp;&nbsp; 4.500% due 2/20/40  | 516229  |
| 174402  | &nbsp;&nbsp;&nbsp; 4.500% due 7/20/49  | 170259  |
| 178655  | &nbsp;&nbsp;&nbsp; 4.500% due 8/20/49  | 173686  |
| 253865  | &nbsp;&nbsp;&nbsp; 4.500% due 8/20/52  | 247070  |
| 236856  | &nbsp;&nbsp;&nbsp; 4.500% due 9/20/52  | 229931  |
| 1063763  | &nbsp;&nbsp;&nbsp; 4.500% due 10/20/52  | 1033316  |
| 231865  | &nbsp;&nbsp;&nbsp; 5.000% due 5/20/40  | 236302  |
| 184067  | &nbsp;&nbsp;&nbsp; 5.000% due 6/20/40  | 188151  |
| 72177  | &nbsp;&nbsp;&nbsp; 5.000% due 7/20/40  | 73601  |
| 237164  | &nbsp;&nbsp;&nbsp; 6.000% due 7/20/55  | 241992  |
|  | **TOTAL GNMA** | **44132029**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost – $458,520,440)** | **433744667**  |
| **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 27.0%**  | **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 27.0%**  | **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 27.0%**  |
| **U.S. GOVERNMENT OBLIGATIONS – 27.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 27.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 27.0%**  |
|  | U.S. Treasury Bonds:<br>|  |
| 22000000  | &nbsp;&nbsp;&nbsp; 1.125% due 5/15/40  | 13690703  |
| 3565000  | &nbsp;&nbsp;&nbsp; 2.000% due 11/15/41  | 2444392  |
| 1555000  | &nbsp;&nbsp;&nbsp; 3.250% due 5/15/42  | 1278684  |
| 5735000  | &nbsp;&nbsp;&nbsp; 3.375% due 8/15/42  | 4783348  |
| 33950000  | &nbsp;&nbsp;&nbsp; 3.875% due 2/15/43  | 30166432  |
| 6715000  | &nbsp;&nbsp;&nbsp; 3.625% due 2/15/44  | 5695684  |
| 12905000  | &nbsp;&nbsp;&nbsp; 3.375% due 5/15/44  | 10515055  |
| 980000  | &nbsp;&nbsp;&nbsp; 4.625% due 5/15/44  | 953280  |
| 6380000 | &nbsp;&nbsp;&nbsp; 4.125% due 8/15/44  | 5795582  |
| 3155000 | &nbsp;&nbsp;&nbsp; 4.625% due 11/15/44  | 3060596  |
| 2470000 | &nbsp;&nbsp;&nbsp; 2.500% due 2/15/45  | 1720895  |
| 4065000 | &nbsp;&nbsp;&nbsp; 2.250% due 8/15/46  | 2633675  |
| 8500000 | &nbsp;&nbsp;&nbsp; 3.000% due 2/15/48  | 6235215  |
| 9545000 | &nbsp;&nbsp;&nbsp; 3.125% due 5/15/48  | 7147192  |
| 5110000 | &nbsp;&nbsp;&nbsp; 3.375% due 11/15/48  | 3987596  |
| 47114000 | &nbsp;&nbsp;&nbsp; 1.250% due 5/15/50  | 22200632  |
| 11550000 | &nbsp;&nbsp;&nbsp; 1.375% due 8/15/50  | 5580094  |
| 29315000 | &nbsp;&nbsp;&nbsp; 2.375% due 5/15/51  | 18215379  |
| 12330000 | &nbsp;&nbsp;&nbsp; 1.875% due 11/15/51  | 6710217  |
| 7170000 | &nbsp;&nbsp;&nbsp; 3.000% due 8/15/52  | 5070534  |
| 2801600 | &nbsp;&nbsp;&nbsp; 4.000% due 11/15/52  | 2404342  |
| 5797000 | &nbsp;&nbsp;&nbsp; 3.625% due 5/15/53  | 4635109  |
| 9490000 | &nbsp;&nbsp;&nbsp; 4.125% due 8/15/53  | 8311535  |

---

See Notes to Financial Statements.

146<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)**  | **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)**  | **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)**  |
| **U.S. GOVERNMENT OBLIGATIONS – (continued)**  | **U.S. GOVERNMENT OBLIGATIONS – (continued)**  | **U.S. GOVERNMENT OBLIGATIONS – (continued)**  |
| $2880000 | &nbsp;&nbsp;&nbsp; 4.250% due 8/15/54  | $2576700  |
| 1565000 | &nbsp;&nbsp;&nbsp; 4.500% due 11/15/54  | 1460891  |
| 6190000 | &nbsp;&nbsp;&nbsp; 4.625% due 2/15/55  | 5899844  |
|  | U.S. Treasury Inflation Indexed Bonds:<br>|  |
| 4889222 | &nbsp;&nbsp;&nbsp; 0.750% due 2/15/42  | 3804029  |
| 2130023 | &nbsp;&nbsp;&nbsp; 0.750% due 2/15/45  | 1543597  |
| 2145434 | &nbsp;&nbsp;&nbsp; 0.250% due 2/15/50  | 1219857  |
|  | U.S. Treasury Inflation Indexed Notes:<br>|  |
| 1529611 | &nbsp;&nbsp;&nbsp; 0.375% due 7/15/27  | 1521962  |
| 1981780 | &nbsp;&nbsp;&nbsp; 1.625% due 10/15/27  | 2020498  |
| 1543062 | &nbsp;&nbsp;&nbsp; 0.500% due 1/15/28  | 1529367  |
| 3394647 | &nbsp;&nbsp;&nbsp; 1.750% due 1/15/34  | 3411967  |
|  | U.S. Treasury Notes:<br>|  |
| 24800000 | &nbsp;&nbsp;&nbsp; 0.750% due 3/31/26  | 24347012  |
| 4650000 | &nbsp;&nbsp;&nbsp; 0.750% due 5/31/26  | 4540943  |
| 6800000 | &nbsp;&nbsp;&nbsp; 0.875% due 9/30/26  | 6588828  |
| 19865000 | &nbsp;&nbsp;&nbsp; 3.750% due 6/30/27  | 19899143  |
| 12098000 | &nbsp;&nbsp;&nbsp; 0.625% due 11/30/27  | 11330061  |
| 5000000 | &nbsp;&nbsp;&nbsp; 0.750% due 1/31/28  | 4673438  |
| 9790000 | &nbsp;&nbsp;&nbsp; 3.875% due 7/15/28  | 9865720  |
| 27090000 | &nbsp;&nbsp;&nbsp; 2.375% due 3/31/29<sup>(c)</sup>  | 25973596  |
| 6015000 | &nbsp;&nbsp;&nbsp; 4.125% due 11/30/29  | 6125197  |
| 26290000 | &nbsp;&nbsp;&nbsp; 4.375% due 12/31/29  | 27034541  |
| 14500000 | &nbsp;&nbsp;&nbsp; 3.875% due 4/30/30  | 14622910  |
| 3245000 | &nbsp;&nbsp;&nbsp; 3.875% due 6/30/30  | 3271619  |
| 26000000 | &nbsp;&nbsp;&nbsp; 0.875% due 11/15/30  | 22536719  |
| 13415000 | &nbsp;&nbsp;&nbsp; 4.500% due 12/31/31  | 13889765  |
| 20305000 | &nbsp;&nbsp;&nbsp; 4.250% due 11/15/34  | 20438252  |
| 4890000 | &nbsp;&nbsp;&nbsp; 4.250% due 5/15/35  | 4905281  |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | **418267908**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS** <br>**(Cost – $455,792,156)** | **418267908**  |
| **CORPORATE BONDS & NOTES – 17.6%**  | **CORPORATE BONDS & NOTES – 17.6%**  | **CORPORATE BONDS & NOTES – 17.6%**  |
| **Basic Materials – 0.3%**  | **Basic Materials – 0.3%**  | **Basic Materials – 0.3%**  |
| 200000 | AngloGold Ashanti Holdings PLC, Company Guaranteed Notes, 3.375% due 11/1/28  | 192630  |
| 83000 | ArcelorMittal SA, Senior Unsecured Notes, 6.000% due 6/17/34  | 87657  |
| 200000 | Aris Mining Corp., Company Guaranteed Notes, 8.000% due 10/31/29<sup>(b)</sup> | 207000  |
| 40000 | Arsenal AIC Parent LLC, Senior Secured Notes, 8.000% due 10/1/30<sup>(b)</sup>  | 42367  |
| 100000 | Avient Corp., Senior Unsecured Notes, 6.250% due 11/1/31<sup>(b)</sup>  | 101851  |
|  | BHP Billiton Finance USA Ltd., Company Guaranteed Notes:<br>|  |
| 60000 | &nbsp;&nbsp;&nbsp; 5.125% due 2/21/32  | 61957  |
| 245000 | &nbsp;&nbsp;&nbsp; 4.900% due 2/28/33  | 247899  |

---

See Notes to Financial Statements.

147<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Basic Materials – (continued)**  | **Basic Materials – (continued)**  | **Basic Materials – (continued)**  |
| $25000 | &nbsp;&nbsp;&nbsp; 5.250% due 9/8/33  | $25779  |
| 400000 | CAP SA, Senior Unsecured Notes, 3.900% due 4/27/31  | 319041  |
|  | Celanese US Holdings LLC, Company Guaranteed Notes:<br>|  |
| 45000 | &nbsp;&nbsp;&nbsp; 6.500% due 4/15/30  | 45406  |
| 45000 | &nbsp;&nbsp;&nbsp; 6.750% due 4/15/33  | 45311  |
| 65000 | Cleveland-Cliffs Inc., Company Guaranteed Notes, 6.875% due 11/1/29<sup>(b)</sup> | 66016  |
| 200000 | CSN Resources SA, Company Guaranteed Notes, 5.875% due 4/8/32  | 167889  |
| 213000 | EIDP Inc., Senior Unsecured Notes, 5.125% due 5/15/32  | 218540  |
|  | Glencore Funding LLC, Company Guaranteed Notes:<br>|  |
| 575000 | &nbsp;&nbsp;&nbsp; 5.371% due 4/4/29<sup>(b)</sup>  | 592279  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.375% due 10/6/30<sup>(b)</sup>  | 53904  |
| 145000 | &nbsp;&nbsp;&nbsp; 2.850% due 4/27/31<sup>(b)</sup>  | 132195  |
| 80000 | &nbsp;&nbsp;&nbsp; 6.500% due 10/6/33<sup>(b)</sup>  | 87305  |
| 95000 | &nbsp;&nbsp;&nbsp; 5.634% due 4/4/34<sup>(b)</sup>  | 97476  |
| 200000 | Gold Fields Orogen Holdings BVI Ltd., Company Guaranteed Notes, 6.125% due 5/15/29 | 208677  |
| 105000 | Illuminate Buyer LLC/Illuminate Holdings IV Inc., Senior Unsecured Notes, 9.000% due 7/1/28<sup>(b)</sup>  | 105037  |
| 25000 | Mativ Holdings Inc., Company Guaranteed Notes, 8.000% due 10/1/29<sup>(b)</sup> | 24745  |
| 156000 | Newmont Corp./Newcrest Finance Pty Ltd., Company Guaranteed Notes, 5.350% due 3/15/34  | 160845  |
| 35000 | Novelis Corp., Company Guaranteed Notes, 6.875% due 1/30/30<sup>(b)</sup>  | 36316  |
| 200000 | OCP SA, Senior Unsecured Notes, 6.750% due 5/2/34  | 211185  |
| 35000 | Olin Corp., Senior Unsecured Notes, 6.625% due 4/1/33<sup>(b)</sup>  | 34955  |
| 300000 | Rio Tinto Alcan Inc., Senior Unsecured Notes, 6.125% due 12/15/33  | 326395  |
|  | Rio Tinto Finance USA PLC, Company Guaranteed Notes:<br>|  |
| 95000 | &nbsp;&nbsp;&nbsp; 5.000% due 3/14/32  | 97382  |
| 91000 | &nbsp;&nbsp;&nbsp; 5.750% due 3/14/55  | 91023  |
| 190000 | &nbsp;&nbsp;&nbsp; 5.875% due 3/14/65  | 190392  |
| 295000 | Sherwin-Williams Co., Senior Unsecured Notes, 2.300% due 5/15/30  | 270131  |
| 86000 | Vale Overseas Ltd., Company Guaranteed Notes, 6.400% due 6/28/54  | 86017  |
| 50000 | WR Grace Holdings LLC, Senior Unsecured Notes, 5.625% due 8/15/29<sup>(b)</sup> | 46782  |
|  | Total Basic Materials | 4682384  |
| **Communications – 1.6%**  | **Communications – 1.6%**  | **Communications – 1.6%**  |
| 200000 | Acuris Finance U.S. Inc./Acuris Finance SARL, Senior Secured Notes, 5.000% due 5/1/28<sup>(b)</sup>  | 194618  |
| 780000 | Alphabet Inc., Senior Unsecured Notes, 5.300% due 5/15/65  | 750166  |
|  | AT&T Inc., Senior Unsecured Notes:<br>|  |
| 660000 | &nbsp;&nbsp;&nbsp; 1.650% due 2/1/28  | 622783  |
| 1986000 | &nbsp;&nbsp;&nbsp; 2.250% due 2/1/32  | 1719989  |
| 3495000 | &nbsp;&nbsp;&nbsp; 2.550% due 12/1/33  | 2941746  |
| 319000 | &nbsp;&nbsp;&nbsp; 6.050% due 8/15/56  | 320737  |

---

See Notes to Financial Statements.

148<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Communications – (continued)**  | **Communications – (continued)**  | **Communications – (continued)**  |
| $93000 | Bell Telephone Co. of Canada or Bell Canada, Company Guaranteed Notes, 6.875% (5-Year CMT Index + 2.390%) due 9/15/55<sup>(d)</sup>  | $94982  |
|  | CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:<br>|  |
| 115000 | &nbsp;&nbsp;&nbsp; 5.125% due 5/1/27<sup>(b)</sup>  | 114420  |
| 140000 | &nbsp;&nbsp;&nbsp; 4.750% due 3/1/30<sup>(b)</sup>  | 134550  |
| 95000 | &nbsp;&nbsp;&nbsp; 4.750% due 2/1/32<sup>(b)</sup>  | 88125  |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:<br>|  |
| 320000 | &nbsp;&nbsp;&nbsp; 4.200% due 3/15/28  | 318109  |
| 180000 | &nbsp;&nbsp;&nbsp; 2.800% due 4/1/31  | 161966  |
| 235000 | &nbsp;&nbsp;&nbsp; 6.550% due 6/1/34  | 249286  |
| 3965000 | &nbsp;&nbsp;&nbsp; 6.384% due 10/23/35  | 4131609  |
| 230000 | &nbsp;&nbsp;&nbsp; 5.850% due 12/1/35  | 230406  |
| 126000 | &nbsp;&nbsp;&nbsp; 3.500% due 3/1/42  | 89446  |
| 310000 | &nbsp;&nbsp;&nbsp; 4.800% due 3/1/50  | 239845  |
| 80000 | &nbsp;&nbsp;&nbsp; 4.400% due 12/1/61  | 54324  |
| 25000 | Clear Channel Outdoor Holdings Inc., Company Guaranteed Notes, 7.500% due 6/1/29<sup>(b)</sup>  | 23242  |
| 65000  | Clear Channel Outdoor Holdings Inc., Senior Secured Notes, 7.125% due 2/15/31<sup>(b)</sup>  | 66026  |
|  | Comcast Corp., Company Guaranteed Notes:<br>|  |
| 585000  | &nbsp;&nbsp;&nbsp; 3.750% due 4/1/40  | 485954  |
| 375000  | &nbsp;&nbsp;&nbsp; 2.887% due 11/1/51  | 224514  |
| 35000  | CommScope LLC, Company Guaranteed Notes, 7.125% due 7/1/28<sup>(b)</sup>  | 35114  |
|  | CommScope LLC, Senior Secured Notes:<br>|  |
| 27000  | &nbsp;&nbsp;&nbsp; 4.750% due 9/1/29<sup>(b)</sup>  | 26676  |
| 35000  | &nbsp;&nbsp;&nbsp; 9.500% due 12/15/31<sup>(b)</sup>  | 36197  |
| 45000  | CommScope Technologies LLC, Company Guaranteed Notes, 5.000% due 3/15/27<sup>(b)</sup>  | 44544  |
| 90000  | Consolidated Communications Inc., Senior Secured Notes, 5.000% due 10/1/28<sup>(b)</sup>  | 90846  |
|  | Cox Communications Inc., Company Guaranteed Notes:  |  |
| 80000  | &nbsp;&nbsp;&nbsp; 5.450% due 9/1/34<sup>(b)</sup>  | 78972  |
| 375000  | &nbsp;&nbsp;&nbsp; 5.950% due 9/1/54<sup>(b)</sup>  | 340171  |
| 235000  | &nbsp;&nbsp;&nbsp; Cox Communications Inc., Senior Unsecured Notes, 2.600% due <br>6/15/31<sup>(b)</sup>  | 209133  |
| 109449  | Digicel Group Holdings Ltd., Senior Secured Notes, zero coupon, due 12/31/30<sup>(b)</sup>  | 1776  |
| 95000 | Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27<sup>(b)</sup>  | 94525  |
| 60000  | DISH DBS Corp., Company Guaranteed Notes, 5.125% due 6/1/29<sup>(e)</sup>  | 49530  |
| 80000  | DISH DBS Corp., Senior Secured Notes, 5.750% due 12/1/28<sup>(b)</sup>  | 75281  |
| 85000  | EchoStar Corp., Senior Secured Notes, 10.750% due 11/30/29  | 91481  |
| 25000  | Embarq LLC, Senior Unsecured Notes, 7.995% due 6/1/36  | 11864  |

---

See Notes to Financial Statements.

149<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Communications – (continued)**  | **Communications – (continued)**  | **Communications – (continued)**  |
| $344000  | Expedia Group Inc., Company Guaranteed Notes, 3.800% due 2/15/28  | $340684  |
| 135000  | GCI LLC, Company Guaranteed Notes, 4.750% due 10/15/28<sup>(b)</sup>  | 131474  |
| 45000  | Gray Media Inc., Secured Notes, 9.625% due 7/15/32<sup>(b)</sup>  | 45230  |
| 45000  | Gray Media Inc., Senior Secured Notes, 7.250% due 8/15/33<sup>(b)</sup>  | 44332  |
| 40000  | &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Company Guaranteed Notes, 3.750% due <br>7/15/29<sup>(b)</sup>  | 33400  |
| 65000  | Level 3 Financing Inc., Secured Notes, 4.500% due 4/1/30<sup>(b)</sup>  | 58338  |
| 90000  | Level 3 Financing Inc., Senior Secured Notes, 6.875% due 6/30/33<sup>(b)</sup>  | 90808  |
| 150000  | Match Group Holdings II LLC, Senior Unsecured Notes, 5.000% due 12/15/27<sup>(b)</sup>  | 149195  |
|  | McGraw-Hill Education Inc., Senior Secured Notes:<br>|  |
| 60000  | &nbsp;&nbsp;&nbsp; 5.750% due 8/1/28<sup>(b)</sup>  | 60312  |
| 20000  | &nbsp;&nbsp;&nbsp; 7.375% due 9/1/31<sup>(b)</sup>  | 20996  |
|  | Meta Platforms Inc., Senior Unsecured Notes:<br>|  |
| 267000  | &nbsp;&nbsp;&nbsp; 5.600% due 5/15/53  | 263940  |
| 520000  | &nbsp;&nbsp;&nbsp; 5.550% due 8/15/64  | 503156  |
| 180000  | Millicom International Cellular SA, Senior Unsecured Notes, 6.250% due 3/25/29  | 180412  |
| 131000  | Motorola Solutions Inc., Senior Unsecured Notes, 5.200% due 8/15/32  | 134292  |
|  | Netflix Inc., Senior Unsecured Notes:<br>|  |
| 121000  | &nbsp;&nbsp;&nbsp; 5.375% due 11/15/29<sup>(b)</sup>  | 126774  |
| 101000  | &nbsp;&nbsp;&nbsp; 5.400% due 8/15/54  | 98449  |
|  | NTT Finance Corp., Senior Unsecured Notes:<br>|  |
| 200000  | &nbsp;&nbsp;&nbsp; 4.876% due 7/16/30<sup>(b)</sup>  | 203088  |
| 600000  | &nbsp;&nbsp;&nbsp; 5.171% due 7/16/32<sup>(b)</sup>  | 611317  |
| 55000  | Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Secured Notes, 7.375% due 2/15/31<sup>(b)</sup>  | 58037  |
|  | Paramount Global, Company Guaranteed Notes:<br>|  |
| 120000  | &nbsp;&nbsp;&nbsp; 4.375% due 3/15/43  | 91198  |
| 230000 | &nbsp;&nbsp;&nbsp; 5.850% due 9/1/43  | 206931  |
| 20000  | Radiate Holdco LLC/Radiate Finance Inc., Senior Secured Notes, 4.500% due 9/15/26<sup>(b)</sup>  | 18150  |
| 125000  | Sirius XM Radio LLC, Company Guaranteed Notes, 5.500% due 7/1/29<sup>(b)</sup> | 124822  |
| 157000 | &nbsp;&nbsp;&nbsp; TELUS Corp., Junior Subordinated Notes, 7.000% (5-Year CMT <br>Index + 2.709%) due 10/15/55<sup>(d)</sup>  | 161110  |
|  | T-Mobile USA Inc., Company Guaranteed Notes:<br>|  |
| 295000  | &nbsp;&nbsp;&nbsp; 3.875% due 4/15/30  | 288950  |
| 2001000  | &nbsp;&nbsp;&nbsp; 2.875% due 2/15/31  | 1837003  |
| 35000  | &nbsp;&nbsp;&nbsp; 5.125% due 5/15/32  | 35861  |
| 90000  | &nbsp;&nbsp;&nbsp; 5.050% due 7/15/33  | 90923  |
| 20000  | &nbsp;&nbsp;&nbsp; 5.750% due 1/15/34  | 21002  |
| 235000  | &nbsp;&nbsp;&nbsp; 4.700% due 1/15/35  | 227805  |
| 395000  | &nbsp;&nbsp;&nbsp; 5.500% due 1/15/55  | 368841  |
| 305000  | Uber Technologies Inc., Senior Unsecured Notes, 4.800% due 9/15/34  | 301513  |

---

See Notes to Financial Statements.

150<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Communications – (continued)**  | **Communications – (continued)**  | **Communications – (continued)**  |
| $90000  | Univision Communications Inc., Senior Secured Notes, 8.500% due 7/31/31<sup>(b)</sup>  | $92741  |
| 194000  | VeriSign Inc., Senior Unsecured Notes, 5.250% due 6/1/32  | 197838  |
| 3376000  | &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Unsecured Notes, 1.750% due <br>1/20/31  | 2945132  |
| 155000  | Videotron Ltd., Company Guaranteed Notes, 5.700% due 1/15/35<sup>(b)</sup>  | 156782  |
| 50000  | Wayfair LLC, Senior Secured Notes, 7.250% due 10/31/29<sup>(b)</sup>  | 50981  |
| 65000 | Windstream Services LLC/Windstream Escrow Finance Corp., Senior Secured Notes, 8.250% due 10/1/31<sup>(b)</sup>  | 67612  |
|  | Total Communications | 24882382  |
| **Consumer Cyclical – 0.5%**  | **Consumer Cyclical – 0.5%**  | **Consumer Cyclical – 0.5%**  |
| 90000  | Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27<sup>(b)</sup>  | 90094  |
| 65000  | Acushnet Co., Company Guaranteed Notes, 7.375% due 10/15/28<sup>(b)</sup>  | 67940  |
| 25000  | Advance Auto Parts Inc., Senior Unsecured Notes, 7.375% due 8/1/33<sup>(b)</sup>  | 25625  |
| 30000  | AMC Entertainment Holdings Inc., Senior Secured Notes, 7.500% due 2/15/29<sup>(b)</sup>  | 24225  |
| 60000  | American Airlines Inc., Senior Secured Notes, 8.500% due 5/15/29<sup>(b)</sup>  | 62877  |
| 60000  | American Axle & Manufacturing Inc., Company Guaranteed Notes, 5.000% due 10/1/29  | 56637  |
| 60000  | Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes, 4.625% due 4/1/30<sup>(b)</sup>  | 56612  |
|  | AutoZone Inc., Senior Unsecured Notes:<br>|  |
| 156000  | &nbsp;&nbsp;&nbsp; 5.125% due 6/15/30  | 161009  |
| 100000  | &nbsp;&nbsp;&nbsp; 6.550% due 11/1/33  | 110841  |
| 40000  | &nbsp;&nbsp;&nbsp; 5.400% due 7/15/34  | 41103  |
| 155000  | Caesars Entertainment Inc., Company Guaranteed Notes, 6.000% due 10/15/32<sup>(b)</sup>  | 151970  |
| 54000  | Carnival Corp., Company Guaranteed Notes, 6.125% due 2/15/33<sup>(b)</sup>  | 55453  |
| 45000  | Carnival Corp., Senior Unsecured Notes, 5.750% due 8/1/32<sup>(b)</sup>  | 45742  |
|  | Carvana Co., Senior Secured Notes:<br>|  |
| 38411  | &nbsp;&nbsp;&nbsp; 9.000% due 12/1/28<sup>(b)(f)</sup>  | 39286  |
| 55000  | &nbsp;&nbsp;&nbsp; 9.000% due 6/1/30<sup>(b)(f)</sup>  | 57532  |
|  | Clarios Global LP/Clarios US Finance Co., Senior Secured Notes:<br>|  |
| 140000  | &nbsp;&nbsp;&nbsp; 6.750% due 5/15/28<sup>(b)</sup>  | 143125  |
| 125000  | &nbsp;&nbsp;&nbsp; 6.750% due 2/15/30<sup>(b)</sup>  | 129527  |
| 50000  | &nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, Senior Unsecured Notes, 8.000% due <br>5/15/32<sup>(b)</sup>  | 52991  |
| 45000  | Dana Inc., Senior Unsecured Notes, 5.375% due 11/15/27  | 44928  |
| 55000  | Dealer Tire LLC/DT Issuer LLC, Senior Unsecured Notes, 8.000% due 2/1/28<sup>(b)</sup>  | 53328  |
| 45000  | Dornoch Debt Merger Sub Inc., Senior Unsecured Notes, 6.625% due 10/15/29<sup>(b)</sup>  | 39054  |
| 40000  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Company Guaranteed Notes, 6.750% due 1/15/30<sup>(b)</sup>  | 37618  |

---

See Notes to Financial Statements.

151<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Cyclical – (continued)**  | **Consumer Cyclical – (continued)**  | **Consumer Cyclical – (continued)**  |
| $40000  | Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28<sup>(b)</sup>  | $38298  |
| 70000  | Gates Corp., Company Guaranteed Notes, 6.875% due 7/1/29<sup>(b)</sup>  | 72782  |
| 146000  | Genuine Parts Co., Senior Unsecured Notes, 4.950% due 8/15/29  | 149038  |
| 55000  | Goodyear Tire & Rubber Co., Company Guaranteed Notes, 5.250% due 7/15/31  | 52230  |
| 70000  | Group 1 Automotive Inc., Company Guaranteed Notes, 6.375% due 1/15/30<sup>(b)</sup>  | 71723  |
| 260000  | Hyundai Capital America, Senior Unsecured Notes, 5.300% due 1/8/29<sup>(b)</sup> | 266650  |
| 80000  | Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28<sup>(b)</sup>  | 79856  |
| 30000  | JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes, 9.875% due 9/20/31<sup>(b)</sup>  | 29811  |
| 20000  | LBM Acquisition LLC, Company Guaranteed Notes, 6.250% due 1/15/29<sup>(b)</sup>  | 18348  |
| 30000  | LBM Acquisition LLC, Senior Secured Notes, 9.500% due 6/15/31<sup>(b)</sup>  | 31441  |
| 105000  | Life Time Inc., Senior Secured Notes, 6.000% due 11/15/31<sup>(b)</sup>  | 106117  |
| 65000  | Light & Wonder International Inc., Company Guaranteed Notes, 7.250% due 11/15/29<sup>(b)</sup>  | 66684  |
| 40000  | Lindblad Expeditions LLC, Senior Secured Notes, 7.000% due 9/15/30<sup>(b)</sup> | 40964  |
| 80000  | Lowe's Cos., Inc., Senior Unsecured Notes, 5.625% due 4/15/53  | 76377  |
|  | Marriott International Inc., Senior Unsecured Notes:<br>|  |
| 160000  | &nbsp;&nbsp;&nbsp; 4.500% due 10/15/31  | 158655  |
| 292000  | &nbsp;&nbsp;&nbsp; 5.350% due 3/15/35  | 294809  |
| 80000  | Mattamy Group Corp., Senior Unsecured Notes, 4.625% due 3/1/30<sup>(b)</sup>  | 76633  |
|  | McDonald's Corp., Senior Unsecured Notes:<br>|  |
| 350000  | &nbsp;&nbsp;&nbsp; 5.000% due 2/13/36  | 350272  |
| 330000  | &nbsp;&nbsp;&nbsp; 3.625% due 9/1/49  | 239700  |
| 154000  | &nbsp;&nbsp;&nbsp; 5.450% due 8/14/53  | 147691  |
| 45000  | Michaels Cos., Inc., Senior Secured Notes, 5.250% due 5/1/28<sup>(b)</sup>  | 35515  |
| 100000  | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Senior Secured Notes, 4.875% due 5/1/29<sup>(b)</sup>  | 96742  |
| 13000  | NCL Corp., Ltd., Company Guaranteed Notes, 5.875% due 3/15/26<sup>(b)</sup>  | 13031  |
|  | NCL Corp., Ltd., Senior Unsecured Notes:<br>|  |
| 15000  | &nbsp;&nbsp;&nbsp; 6.250% due 3/1/30<sup>(b)</sup>  | 15222  |
| 35000  | &nbsp;&nbsp;&nbsp; 6.750% due 2/1/32<sup>(b)</sup>  | 36096  |
| 130000  | Ontario Gaming GTA LP/OTG Co.-Issuer Inc., Senior Secured Notes, 8.000% due 8/1/30<sup>(b)</sup>  | 130943  |
|  | O'Reilly Automotive Inc., Senior Unsecured Notes:<br>|  |
| 70000  | &nbsp;&nbsp;&nbsp; 5.750% due 11/20/26  | 71167  |
| 89000  | &nbsp;&nbsp;&nbsp; 4.700% due 6/15/32  | 89098  |
| 200000  | &nbsp;&nbsp;&nbsp; 5.000% due 8/19/34  | 200095  |
| 55000  | Penn Entertainment Inc., Senior Unsecured Notes, 4.125% due 7/1/29<sup>(b)(e)</sup> | 51259  |
| 30000  | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Company Guaranteed Notes, 5.625% due 9/1/29<sup>(b)</sup>  | 17475  |
| 40000  | Qnity Electronics Inc., Senior Unsecured Notes, 6.250% due 8/15/33<sup>(b)</sup>  | 41349  |

---

See Notes to Financial Statements.

152<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Cyclical – (continued)**  | **Consumer Cyclical – (continued)**  | **Consumer Cyclical – (continued)**  |
| $35000  | QXO Building Products Inc., Senior Secured Notes, 6.750% due 4/30/32<sup>(b)</sup> | $36148  |
| 145000  | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., Senior Secured Notes, 6.625% due 2/1/33<sup>(b)</sup>  | 146621  |
| 180000  | Royal Caribbean Cruises Ltd., Senior Unsecured Notes, 5.375% due 7/15/27<sup>(b)</sup>  | 181469  |
|  | Sabre GLBL Inc., Senior Secured Notes:<br>|  |
| 12000  | &nbsp;&nbsp;&nbsp; 8.625% due 6/1/27<sup>(b)</sup>  | 12146  |
| 37000  | &nbsp;&nbsp;&nbsp; 10.750% due 11/15/29<sup>(b)</sup>  | 35769  |
| 50000  | Six Flags Entertainment Corp., Company Guaranteed Notes, 7.250% due 5/15/31<sup>(b)</sup>  | 50240  |
| 60000  | &nbsp;&nbsp;&nbsp; Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due <br>11/15/29<sup>(b)</sup>  | 58327  |
| 60000  | Staples Inc., Senior Secured Notes, 10.750% due 9/1/29<sup>(b)</sup>  | 57450  |
| 20000  | Starz Capital Holdings LLC, Company Guaranteed Notes, 5.500% due 4/15/29<sup>(b)</sup>  | 15703  |
| 55000  | Station Casinos LLC, Company Guaranteed Notes, 6.625% due 3/15/32<sup>(b)</sup> | 56569  |
| 65000  | Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Unsecured Notes, 5.000% due 6/1/31<sup>(b)</sup>  | 61500  |
| 20000  | SWF Holdings I Corp., Senior Unsecured Notes, 6.500% due 10/1/29<sup>(b)</sup>  | 8000  |
|  | Tapestry Inc., Senior Unsecured Notes:<br>|  |
| 150000  | &nbsp;&nbsp;&nbsp; 5.100% due 3/11/30  | 153307  |
| 135000  | &nbsp;&nbsp;&nbsp; 5.500% due 3/11/35  | 136463  |
| 1072917  | United Airlines 2016-2 Class B Pass-Through Trust, Pass Thru Certificates, 3.650% due 10/7/25  | 1070613  |
| 45000  | Vail Resorts Inc., Company Guaranteed Notes, 6.500% due 5/15/32<sup>(b)</sup>  | 46611  |
| 100000  | Victra Holdings LLC/Victra Finance Corp., Senior Secured Notes, 8.750% due 9/15/29<sup>(b)</sup>  | 104577  |
| 145000  | Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 9/15/27<sup>(b)</sup> | 144807  |
| 50000  | Voyager Parent LLC, Senior Secured Notes, 9.250% due 7/1/32<sup>(b)</sup>  | 52769  |
|  | Warnermedia Holdings Inc., Company Guaranteed Notes:<br>|  |
| 55000  | &nbsp;&nbsp;&nbsp; 4.054% due 3/15/29  | 52250  |
| 680000  | &nbsp;&nbsp;&nbsp; 4.279% due 3/15/32  | 586840  |
| 55000  | &nbsp;&nbsp;&nbsp; 5.050% due 3/15/42  | 37056  |
| 160000  | &nbsp;&nbsp;&nbsp; 5.141% due 3/15/52  | 99570  |
| 45000  | Whirlpool Corp., Senior Unsecured Notes, 6.500% due 6/15/33  | 45314  |
| 155000  | Wyndham Hotels & Resorts Inc., Company Guaranteed Notes, 4.375% due 8/15/28<sup>(b)</sup>  | 151328  |
|  | Total Consumer Cyclical | 8115035  |
| **Consumer Non-cyclical – 1.8%**  | **Consumer Non-cyclical – 1.8%**  | **Consumer Non-cyclical – 1.8%**  |
| 200000  | 1261229 BC Ltd., Senior Secured Notes, 10.000% due 4/15/32<sup>(b)</sup>  | 207670  |
| 159000  | AbbVie Inc., Senior Unsecured Notes, 5.500% due 3/15/64  | 152751  |
| 240000  | Adani International Container Terminal Pvt Ltd., Senior Secured Notes, 3.000% due 2/16/31<sup>(b)</sup>  | 217832  |

---

See Notes to Financial Statements.

153<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  |
| $200000 | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.100% due 2/2/31  | $174045  |
| 35000  | AdaptHealth LLC, Company Guaranteed Notes, 5.125% due 3/1/30<sup>(b)</sup>  | 33384  |
| 165000  | Agilent Technologies Inc., Senior Unsecured Notes, 4.750% due 9/9/34  | 162688  |
| 490000  | Alcon Finance Corp., Company Guaranteed Notes, 2.750% due 9/23/26<sup>(b)</sup> | 481101  |
| 140000  | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Senior Secured Notes, <br>7.875% due 2/15/31<sup>(b)</sup>  | 147122  |
| 229000  | Amgen Inc., Senior Unsecured Notes, 5.750% due 3/2/63  | 220090  |
| 490000  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes, 4.900% due 2/1/46  | 447287  |
| 76000  | Avery Dennison Corp., Senior Unsecured Notes, 5.750% due 3/15/33  | 80083  |
| 179000  | Bacardi Ltd./Bacardi-Martini BV, Senior Unsecured Notes, 5.400% due 6/15/33<sup>(b)</sup>  | 179440  |
| 155000  | Bacardi-Martini BV, Senior Unsecured Notes, 6.000% due 2/1/35<sup>(b)</sup>  | 159400  |
|  | BAT Capital Corp., Company Guaranteed Notes:<br>|  |
| 160000  | &nbsp;&nbsp;&nbsp; 5.834% due 2/20/31  | 169204  |
| 448000  | &nbsp;&nbsp;&nbsp; 5.625% due 8/15/35  | 459634  |
| 182000  | &nbsp;&nbsp;&nbsp; 4.540% due 8/15/47  | 147455  |
| 170000  | Bausch + Lomb Corp., Senior Secured Notes, 8.375% due 10/1/28<sup>(b)</sup>  | 177081  |
| 20000  | Bausch Health Americas Inc., Company Guaranteed Notes, 8.500% due 1/31/27<sup>(b)</sup>  | 19950  |
| 35000  | Bausch Health Cos., Inc., Company Guaranteed Notes, 5.250% due 1/30/30<sup>(b)</sup>  | 25484  |
| 60000  | Bausch Health Cos., Inc., Senior Secured Notes, 4.875% due 6/1/28<sup>(b)</sup>  | 54150  |
| 313000  | Biogen Inc., Senior Unsecured Notes, 5.050% due 1/15/31  | 321223  |
| 340000  | Block Financial LLC, Company Guaranteed Notes, 5.375% due 9/15/32  | 342107  |
| 182000  | &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., Company Guaranteed Notes, 4.650% due <br>9/17/34  | 177248  |
| 72000  | Campbell's Co., Senior Unsecured Notes, 5.400% due 3/21/34  | 73090  |
|  | Cardinal Health Inc., Senior Unsecured Notes:<br>|  |
| 445000  | &nbsp;&nbsp;&nbsp; 5.000% due 11/15/29  | 456008  |
| 345000  | &nbsp;&nbsp;&nbsp; 4.500% due 9/15/30  | 345628  |
| 339000  | &nbsp;&nbsp;&nbsp; 4.900% due 9/15/45  | 295914  |
| 520000  | Cencora Inc., Senior Unsecured Notes, 4.850% due 12/15/29  | 531854  |
| 300000  | Cencosud SA, Company Guaranteed Notes, 4.375% due 7/17/27  | 298938  |
|  | Centene Corp., Senior Unsecured Notes:<br>|  |
| 105000  | &nbsp;&nbsp;&nbsp; 2.500% due 3/1/31  | 89467  |
| 350000  | &nbsp;&nbsp;&nbsp; 2.625% due 8/1/31  | 296617  |
| 35000  | &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes, 6.875% due <br>4/15/29<sup>(b)</sup>  | 27825  |
|  | CHS/Community Health Systems Inc., Senior Secured Notes:<br>|  |
| 70000  | &nbsp;&nbsp;&nbsp; 6.000% due 1/15/29<sup>(b)</sup>  | 67483  |
| 45000  | &nbsp;&nbsp;&nbsp; 4.750% due 2/15/31<sup>(b)</sup>  | 38358  |

---

See Notes to Financial Statements.

154<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  |
| $55000 | Clarivate Science Holdings Corp., Company Guaranteed Notes, 4.875% due 7/1/29<sup>(b)</sup>  | $51966  |
| 295000  | Constellation Brands Inc., Senior Unsecured Notes, 4.800% due 5/1/30  | 299516  |
|  | CVS Health Corp., Senior Unsecured Notes:<br>|  |
| 135000  | &nbsp;&nbsp;&nbsp; 3.250% due 8/15/29  | 129143  |
| 30000  | &nbsp;&nbsp;&nbsp; 3.750% due 4/1/30  | 28983  |
| 60000  | &nbsp;&nbsp;&nbsp; 1.750% due 8/21/30  | 52438  |
| 165000  | &nbsp;&nbsp;&nbsp; 1.875% due 2/28/31  | 142845  |
| 220000  | &nbsp;&nbsp;&nbsp; 2.125% due 9/15/31  | 189920  |
| 255000  | &nbsp;&nbsp;&nbsp; 5.450% due 9/15/35  | 255572  |
| 55000  | Dcli Bidco LLC, 2nd Mortgage Notes, 7.750% due 11/15/29<sup>(b)</sup>  | 56355  |
| 159000  | Element Fleet Management Corp., Senior Unsecured Notes, 5.037% due 3/25/30<sup>(b)</sup>  | 162122  |
| 299000  | Elevance Health Inc., Senior Unsecured Notes, 5.125% due 2/15/53  | 264224  |
|  | Eli Lilly & Co., Senior Unsecured Notes:<br>|  |
| 725000  | &nbsp;&nbsp;&nbsp; 4.550% due 10/15/32  | 728601  |
| 145000  | &nbsp;&nbsp;&nbsp; 5.500% due 2/12/55  | 142983  |
| 160900  | Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35  | 165325  |
| 153000 | Flowers Foods Inc., Senior Unsecured Notes, 5.750% due 3/15/35  | 155835  |
| 115000  | Garda World Security Corp., Senior Secured Notes, 4.625% due 2/15/27<sup>(b)</sup> | 114177  |
| 90000  | &nbsp;&nbsp;&nbsp; Garda World Security Corp., Senior Unsecured Notes, <br>8.250% due 8/1/32<sup>(b)</sup>  | 93570  |
|  | GE HealthCare Technologies Inc., Senior Unsecured Notes:<br>|  |
| 158000  | &nbsp;&nbsp;&nbsp; 4.800% due 1/15/31  | 160645  |
| 225000  | &nbsp;&nbsp;&nbsp; 5.905% due 11/22/32  | 240387  |
| 220000  | &nbsp;&nbsp;&nbsp; 5.500% due 6/15/35  | 225891  |
| 305000  | Haleon US Capital LLC, Company Guaranteed Notes, 3.375% due 3/24/27 | 301460  |
| 50000  | Herc Holdings Inc., Senior Unsecured Notes, 7.000% due 6/15/30<sup>(b)</sup>  | 52038  |
|  | Humana Inc., Senior Unsecured Notes:<br>|  |
| 30000  | &nbsp;&nbsp;&nbsp; 5.375% due 4/15/31  | 30964  |
| 295000  | &nbsp;&nbsp;&nbsp; 5.550% due 5/1/35  | 298283  |
| 200000  | Icon Investments Six DAC, Senior Secured Notes, 5.809% due 5/8/27  | 204154  |
| 60000  | IQVIA Inc., Company Guaranteed Notes, 6.250% due 6/1/32<sup>(b)</sup>  | 61849  |
| 98000  | IQVIA Inc., Senior Secured Notes, 6.250% due 2/1/29  | 103162  |
|  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, Company Guaranteed Notes:<br>|  |
| 242000  | &nbsp;&nbsp;&nbsp; 3.750% due 12/1/31  | 227460  |
| 115000  | &nbsp;&nbsp;&nbsp; 3.625% due 1/15/32  | 105992  |
| 190000  | &nbsp;&nbsp;&nbsp; 5.750% due 4/1/33  | 196823  |
| 215000  | &nbsp;&nbsp;&nbsp; 6.750% due 3/15/34  | 235777  |
| 115000  | &nbsp;&nbsp;&nbsp; 7.250% due 11/15/53  | 127679  |
|  | JBS USA Holding Lux SARL/JBS USA Foods Group Holdings Inc./JBS USA Food Co., Company Guaranteed Notes:<br>|  |
| 405000  | &nbsp;&nbsp;&nbsp; 5.500% due 1/15/36<sup>(b)</sup>  | 406336  |

---

See Notes to Financial Statements.

155<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  |
| $340000  | &nbsp;&nbsp;&nbsp; 6.375% due 4/15/66<sup>(b)</sup>  | $335173  |
|  | Kaiser Foundation Hospitals, Unsecured Notes:<br>|  |
| 90000  | &nbsp;&nbsp;&nbsp; 2.810% due 6/1/41  | 64794  |
| 40000  | &nbsp;&nbsp;&nbsp; 3.002% due 6/1/51  | 25577  |
| 215000  | Kenvue Inc., Company Guaranteed Notes, 5.050% due 3/22/53  | 196409  |
| 225000  | Kenvue Inc., Senior Unsecured Notes, 4.850% due 5/22/32  | 229102  |
|  | Keurig Dr Pepper Inc., Company Guaranteed Notes:<br>|  |
| 245000  | &nbsp;&nbsp;&nbsp; 4.600% due 5/15/30  | 245028  |
| 132000  | &nbsp;&nbsp;&nbsp; 5.200% due 3/15/31  | 134996  |
| 535000  | Kraft Heinz Foods Co., Company Guaranteed Notes, 5.200% due 3/15/32 | 546463  |
| 159000  | Kroger Co., Senior Unsecured Notes, 5.650% due 9/15/64  | 149167  |
|  | Laboratory Corp. of America Holdings, Company Guaranteed Notes:<br>|  |
| 255000  | &nbsp;&nbsp;&nbsp; 4.550% due 4/1/32  | 252860  |
| 358000  | &nbsp;&nbsp;&nbsp; 4.800% due 10/1/34  | 351433  |
| 65000  | LifePoint Health Inc., Senior Unsecured Notes, 10.000% due 6/1/32<sup>(b)</sup>  | 66943  |
|  | Mars Inc., Senior Unsecured Notes:<br>|  |
| 205000  | &nbsp;&nbsp;&nbsp; 4.600% due 3/1/28<sup>(b)</sup>  | 207553  |
| 755000  | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/32<sup>(b)</sup>  | 770600  |
| 2700000  | &nbsp;&nbsp;&nbsp; 5.200% due 3/1/35<sup>(b)</sup>  | 2725031  |
| 430000  | &nbsp;&nbsp;&nbsp; 5.650% due 5/1/45<sup>(b)</sup>  | 423899  |
| 160000  | &nbsp;&nbsp;&nbsp; 5.700% due 5/1/55<sup>(b)</sup>  | 156024  |
| 140000  | &nbsp;&nbsp;&nbsp; 5.800% due 5/1/65<sup>(b)</sup>  | 137377  |
| 35000  | Mavis Tire Express Services Topco Corp., Senior Unsecured Notes, 6.500% due 5/15/29<sup>(b)</sup>  | 34964  |
| 105000  | Medline Borrower LP, Senior Unsecured Notes, 5.250% due 10/1/29<sup>(b)</sup>  | 103979  |
|  | Philip Morris International Inc., Senior Unsecured Notes:<br>|  |
| 480000  | &nbsp;&nbsp;&nbsp; 4.375% due 11/1/27  | 483505  |
| 220000  | &nbsp;&nbsp;&nbsp; 5.125% due 2/15/30  | 227672  |
| 120000  | &nbsp;&nbsp;&nbsp; 5.125% due 2/13/31  | 123997  |
| 180000  | &nbsp;&nbsp;&nbsp; 4.750% due 11/1/31  | 182598  |
| 454000  | &nbsp;&nbsp;&nbsp; 5.375% due 2/15/33  | 469976  |
| 145000  | &nbsp;&nbsp;&nbsp; 5.250% due 2/13/34  | 148153  |
| 85000  | Post Holdings Inc., Company Guaranteed Notes, 6.375% due 3/1/33<sup>(b)</sup>  | 85863  |
| 60000  | Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes, 6.250% due 1/15/28<sup>(b)</sup>  | 59982  |
| 85000  | Primo Water Holdings Inc./Triton Water Holdings Inc., Company Guaranteed Notes, 6.250% due 4/1/29<sup>(b)</sup>  | 85448  |
| 202630  | Prumo Participacoes e Investimentos S/A, Senior Secured Notes, 7.500% due 12/31/31  | 205669  |
|  | Quanta Services Inc., Senior Unsecured Notes:<br>|  |
| 272000  | &nbsp;&nbsp;&nbsp; 5.250% due 8/9/34  | 275392  |
| 37000  | &nbsp;&nbsp;&nbsp; 3.050% due 10/1/41  | 26580  |
| 148000  | Quest Diagnostics Inc., Senior Unsecured Notes, 5.000% due 12/15/34  | 148213  |
| 30188  | Radiology Partners Inc., Secured Notes, 9.781% due 2/15/30<sup>(b)(f)</sup>  | 29433  |

---

See Notes to Financial Statements.

156<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  |
| $85000  | Radiology Partners Inc., Senior Secured Notes, 8.500% due 7/15/32<sup>(b)</sup>  | $86773  |
| 64000  | Rollins Inc., Company Guaranteed Notes, 5.250% due 2/24/35  | 64423  |
| 158000  | Royalty Pharma PLC, Company Guaranteed Notes, 5.400% due 9/2/34  | 160011  |
| 306667  | Rutas 2 & 7 Finance Ltd., Senior Secured Notes, zero coupon, due 9/30/36 | 228007  |
| 100000  | Select Medical Corp., Company Guaranteed Notes, 6.250% due 12/1/32<sup>(b)</sup> | 100578  |
| 225000  | Smith & Nephew PLC, Senior Unsecured Notes, 2.032% due 10/14/30  | 200679  |
| 504000  | Solventum Corp., Company Guaranteed Notes, 5.400% due 3/1/29  | 525487  |
| 60000  | Sotera Health Holdings LLC, Senior Secured Notes, 7.375% due 6/1/31<sup>(b)</sup>  | 63069  |
| 90000  | Tenet Healthcare Corp., Company Guaranteed Notes, 6.125% due 10/1/28  | 90065  |
| 100000  | Tenet Healthcare Corp., Secured Notes, 6.250% due 2/1/27  | 100059  |
| 120000  | Tenet Healthcare Corp., Senior Secured Notes, 6.125% due 6/15/30  | 121837  |
| 162000  | Triton Container International Ltd./TAL International Container Corp., Company Guaranteed Notes, 3.250% due 3/15/32  | 142945  |
| 295000  | United Natural Foods Inc., Company Guaranteed Notes, 6.750% due 10/15/28<sup>(b)</sup>  | 294435  |
|  | UnitedHealth Group Inc., Senior Unsecured Notes:<br>|  |
| 35000  | &nbsp;&nbsp;&nbsp; 5.300% due 2/15/30  | 36420  |
| 145000  | &nbsp;&nbsp;&nbsp; 5.300% due 6/15/35  | 148223  |
| 260000  | &nbsp;&nbsp;&nbsp; 3.500% due 8/15/39  | 211049  |
| 80000  | &nbsp;&nbsp;&nbsp; 2.750% due 5/15/40  | 58079  |
| 385000  | &nbsp;&nbsp;&nbsp; 5.375% due 4/15/54  | 355367  |
| 85000  | &nbsp;&nbsp;&nbsp; 4.950% due 5/15/62  | 71907  |
| 100000  | &nbsp;&nbsp;&nbsp; 6.050% due 2/15/63  | 100289  |
| 45000  | &nbsp;&nbsp;&nbsp; 5.750% due 7/15/64  | 43082  |
| 45000  | Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29<sup>(b)</sup>  | 44105  |
| 145000  | US Foods Inc., Company Guaranteed Notes, 5.750% due 4/15/33<sup>(b)</sup>  | 145473  |
| 153000  | Verisk Analytics Inc., Senior Unsecured Notes, 5.250% due 6/5/34  | 156001  |
| 40000  | Veritiv Operating Co., Senior Secured Notes, 10.500% due 11/30/30<sup>(b)</sup>  | 43299  |
| 2880  | &nbsp;&nbsp;&nbsp; Vortex Opco LLC, Senior Secured Notes, 10.542% (3-Month <br>TSFR + 6.250%) due 4/30/30<sup>(b)(d)(g)</sup>  | 2707  |
| 90000  | VT Topco Inc., Senior Secured Notes, 8.500% due 8/15/30<sup>(b)</sup>  | 96043  |
| 80000  | Wand NewCo 3 Inc., Senior Secured Notes, 7.625% due 1/30/32<sup>(b)</sup>  | 84641  |
| 146000  | Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 5.200% due 9/15/34  | 147942  |
|  | Zoetis Inc., Senior Unsecured Notes:<br>|  |
| 159000  | &nbsp;&nbsp;&nbsp; 4.150% due 8/17/28  | 159407  |
| 64000  | &nbsp;&nbsp;&nbsp; 4.700% due 2/1/43  | 57846  |
|  | Total Consumer Non-cyclical | 26940187  |
| **Energy – 2.7%**  | **Energy – 2.7%**  | **Energy – 2.7%**  |
| 167000  | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, Senior Secured Notes, 4.625% due 10/15/39  | 138342  |
| 105000 | Aethon United BR LP/Aethon United Finance Corp., Senior Unsecured Notes, 7.500% due 10/1/29<sup>(b)</sup>  | 109520  |

---

See Notes to Financial Statements.

157<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Energy – (continued)**  | **Energy – (continued)**  | **Energy – (continued)**  |
|  | Aker BP ASA, Senior Unsecured Notes:<br>|  |
| $150000  | &nbsp;&nbsp;&nbsp; 4.000% due 1/15/31<sup>(b)</sup>  | $144030  |
| 150000  | &nbsp;&nbsp;&nbsp; 6.000% due 6/13/33<sup>(b)</sup>  | 155619  |
| 150000  | &nbsp;&nbsp;&nbsp; 5.125% due 10/1/34<sup>(b)</sup>  | 145306  |
| 220000  | &nbsp;&nbsp;&nbsp; 5.800% due 10/1/54<sup>(b)</sup>  | 196423  |
|  | AL Candelaria - spain- SA, Senior Secured Notes:<br>|  |
| 162500  | &nbsp;&nbsp;&nbsp; 7.500% due 12/15/28  | 163617  |
| 250000  | &nbsp;&nbsp;&nbsp; 5.750% due 6/15/33<sup>(b)</sup>  | 219250  |
| 105000  | Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.625% due 9/1/32<sup>(b)</sup>  | 107634  |
| 50000  | Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.250% due 7/15/32<sup>(b)</sup>  | 53062  |
|  | BP Capital Markets America Inc., Company Guaranteed Notes:<br>|  |
| 2790000  | &nbsp;&nbsp;&nbsp; 4.812% due 2/13/33  | 2798891  |
| 2690000  | &nbsp;&nbsp;&nbsp; 4.893% due 9/11/33  | 2705531  |
| 200000  | BPRL International Singapore Pte Ltd., Company Guaranteed Notes, 4.375% due 1/18/27  | 199958  |
| 90000  | Buckeye Partners LP, Senior Unsecured Notes, 6.875% due 7/1/29<sup>(b)</sup>  | 93271  |
| 200000  | Canacol Energy Ltd., Company Guaranteed Notes, 5.750% due 11/24/28  | 76250  |
| 271000  | Cheniere Energy Inc., Senior Unsecured Notes, 4.625% due 10/15/28  | 270787  |
|  | Cheniere Energy Partners LP, Company Guaranteed Notes:<br>|  |
| 158000  | &nbsp;&nbsp;&nbsp; 4.000% due 3/1/31  | 152261  |
| 555000  | &nbsp;&nbsp;&nbsp; 5.550% due 10/30/35<sup>(b)</sup>  | 560101  |
| 145000  | Chord Energy Corp., Company Guaranteed Notes, 6.750% due 3/15/33<sup>(b)</sup>  | 148714  |
| 40000  | Civitas Resources Inc., Company Guaranteed Notes, 8.375% due 7/1/28<sup>(b)</sup> | 41541  |
| 125000  | CNX Midstream Partners LP, Company Guaranteed Notes, 4.750% due 4/15/30<sup>(b)</sup>  | 118573  |
| 70000  | CNX Resources Corp., Company Guaranteed Notes, 6.000% due 1/15/29<sup>(b)</sup> | 70151  |
| 97000  | Colonial Enterprises Inc., Company Guaranteed Notes, 5.627% due 11/15/35<sup>(b)</sup>  | 97033  |
|  | Columbia Pipelines Holding Co. LLC, Senior Unsecured Notes:<br>|  |
| 120000  | &nbsp;&nbsp;&nbsp; 5.097% due 10/1/31<sup>(b)</sup>  | 121877  |
| 160000  | &nbsp;&nbsp;&nbsp; 5.681% due 1/15/34<sup>(b)</sup>  | 163817  |
| 115000  | Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes, 6.036% due 11/15/33<sup>(b)</sup>  | 121736  |
|  | ConocoPhillips Co., Company Guaranteed Notes:<br>|  |
| 70000  | &nbsp;&nbsp;&nbsp; 4.700% due 1/15/30  | 71329  |
| 371000  | &nbsp;&nbsp;&nbsp; 3.800% due 3/15/52  | 268180  |
| 85000  | &nbsp;&nbsp;&nbsp; 5.300% due 5/15/53  | 77900  |
| 50000  | &nbsp;&nbsp;&nbsp; 5.550% due 3/15/54  | 47442  |
| 245000  | &nbsp;&nbsp;&nbsp; 4.025% due 3/15/62  | 175503  |
| 150000  | &nbsp;&nbsp;&nbsp; 5.700% due 9/15/63  | 142717  |
| 130000  | &nbsp;&nbsp;&nbsp; 5.650% due 1/15/65  | 122746  |
| 300000  | Cosan Overseas Ltd., Company Guaranteed Notes, 8.250%<sup>(h)</sup>  | 296070  |

---

See Notes to Financial Statements.

158<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Energy – (continued)**  | **Energy – (continued)**  | **Energy – (continued)**  |
|  | Coterra Energy Inc., Senior Unsecured Notes:<br>|  |
| $319000  | &nbsp;&nbsp;&nbsp; 5.600% due 3/15/34  | $322990  |
| 391000  | &nbsp;&nbsp;&nbsp; 5.400% due 2/15/35  | 389363  |
|  | Diamondback Energy Inc., Company Guaranteed Notes:<br>|  |
| 160000  | &nbsp;&nbsp;&nbsp; 5.550% due 4/1/35  | 161798  |
| 100000  | &nbsp;&nbsp;&nbsp; 6.250% due 3/15/53  | 99032  |
| 45000  | &nbsp;&nbsp;&nbsp; 5.750% due 4/18/54  | 41701  |
| 75000  | &nbsp;&nbsp;&nbsp; 5.900% due 4/18/64  | 69395  |
|  | DT Midstream Inc., Company Guaranteed Notes:<br>|  |
| 80000  | &nbsp;&nbsp;&nbsp; 4.125% due 6/15/29<sup>(b)</sup>  | 77750  |
| 290000  | &nbsp;&nbsp;&nbsp; 5.800% due 12/15/34<sup>(b)</sup>  | 295512  |
| 162000  | Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 5.650% due 10/15/54  | 154671  |
| 550000  | Ecopetrol SA, Senior Unsecured Notes, 5.875% due 11/2/51  | 388944  |
|  | Enbridge Inc., Company Guaranteed Notes:<br>|  |
| 85000  | &nbsp;&nbsp;&nbsp; 5.625% due 4/5/34  | 87753  |
| 135000  | &nbsp;&nbsp;&nbsp; 5.550% due 6/20/35  | 137485  |
|  | Energy Transfer LP, Senior Unsecured Notes:<br>|  |
| 200000  | &nbsp;&nbsp;&nbsp; 6.400% due 12/1/30  | 216395  |
| 3354000  | &nbsp;&nbsp;&nbsp; 4.900% due 3/15/35  | 3220567  |
| 265000  | &nbsp;&nbsp;&nbsp; 5.700% due 4/1/35  | 269778  |
| 1683000  | &nbsp;&nbsp;&nbsp; 5.950% due 10/1/43  | 1634102  |
|  | ENI SpA, Senior Unsecured Notes:<br>|  |
| 365000  | &nbsp;&nbsp;&nbsp; 5.500% due 5/15/34<sup>(b)</sup>  | 372189  |
| 200000  | &nbsp;&nbsp;&nbsp; 5.750% due 5/19/35<sup>(b)</sup>  | 206507  |
|  | Enterprise Products Operating LLC, Company Guaranteed Notes:<br>|  |
| 255000  | &nbsp;&nbsp;&nbsp; 4.600% due 1/15/31  | 257302  |
| 100000  | &nbsp;&nbsp;&nbsp; 5.200% due 1/15/36  | 100910  |
| 70000  | &nbsp;&nbsp;&nbsp; 3.300% due 2/15/53  | 45908  |
| 154000  | &nbsp;&nbsp;&nbsp; 5.550% due 2/16/55  | 146974  |
|  | EOG Resources Inc., Senior Unsecured Notes:<br>|  |
| 215000  | &nbsp;&nbsp;&nbsp; 5.000% due 7/15/32  | 218917  |
| 320000  | &nbsp;&nbsp;&nbsp; 5.350% due 1/15/36  | 324774  |
| 130000  | &nbsp;&nbsp;&nbsp; 5.650% due 12/1/54  | 125670  |
| 210000  | Equinor ASA, Company Guaranteed Notes, 3.700% due 4/6/50  | 158840  |
|  | Expand Energy Corp., Company Guaranteed Notes:<br>|  |
| 57000  | &nbsp;&nbsp;&nbsp; 6.750% due 4/15/29<sup>(b)</sup>  | 57620  |
| 80000  | &nbsp;&nbsp;&nbsp; 4.750% due 2/1/32  | 77867  |
| 67000  | Florida Gas Transmission Co. LLC, Senior Unsecured Notes, 5.750% due 7/15/35<sup>(b)</sup>  | 69021  |
| 94160  | GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29  | 94006  |
| 105000  | Gulfport Energy Operating Corp., Company Guaranteed Notes, 6.750% due 9/1/29<sup>(b)</sup>  | 107422  |

---

See Notes to Financial Statements.

159<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Energy – (continued)**  | **Energy – (continued)**  | **Energy – (continued)**  |
| $96000  | Gulfstream Natural Gas System LLC, Senior Unsecured Notes, 5.600% due 7/23/35<sup>(b)</sup>  | $97067  |
| 100000  | Harvest Midstream I LP, Senior Unsecured Notes, 7.500% due 5/15/32<sup>(b)</sup>  | 102961  |
|  | Hess Corp., Senior Unsecured Notes:<br>|  |
| 25000  | &nbsp;&nbsp;&nbsp; 7.300% due 8/15/31  | 28822  |
| 463000  | &nbsp;&nbsp;&nbsp; 7.125% due 3/15/33  | 532938  |
|  | Hess Midstream Operations LP, Company Guaranteed Notes:<br>|  |
| 81000  | &nbsp;&nbsp;&nbsp; 5.875% due 3/1/28<sup>(b)</sup>  | 82358  |
| 91000  | &nbsp;&nbsp;&nbsp; 5.500% due 10/15/30<sup>(b)</sup>  | 91495  |
| 40000  | Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 7.250% due 2/15/35<sup>(b)</sup>  | 39029  |
| 71000  | Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38  | 79023  |
| 75000  | Kinetik Holdings LP, Company Guaranteed Notes, 5.875% due 6/15/30<sup>(b)</sup>  | 75642  |
| 125000  | Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29<sup>(b)</sup>  | 129295  |
| 90000  | Matador Resources Co., Company Guaranteed Notes, 6.500% due 4/15/32<sup>(b)</sup> | 91312  |
|  | MPLX LP, Senior Unsecured Notes:<br>|  |
| 3070000  | &nbsp;&nbsp;&nbsp; 5.000% due 1/15/33  | 3043134  |
| 55000  | &nbsp;&nbsp;&nbsp; 5.500% due 6/1/34  | 55461  |
| 50000  | Nabors Industries Inc., Company Guaranteed Notes, 9.125% due 1/31/30<sup>(b)</sup> | 51237  |
| 30000  | NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.125% due 2/15/29<sup>(b)</sup>  | 30602  |
| 168000  | NGPL PipeCo LLC, Senior Unsecured Notes, 3.250% due 7/15/31<sup>(b)</sup>  | 151306  |
| 135000  | NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26  | 135464  |
| 4720000  | Occidental Petroleum Corp., Senior Unsecured Notes, 7.150% due 5/15/28 | 4997630  |
|  | ONEOK Inc., Company Guaranteed Notes:<br>|  |
| 80000  | &nbsp;&nbsp;&nbsp; 4.750% due 10/15/31  | 79999  |
| 125000  | &nbsp;&nbsp;&nbsp; 6.050% due 9/1/33  | 131520  |
| 350000  | &nbsp;&nbsp;&nbsp; 5.050% due 11/1/34  | 341250  |
| 375000  | &nbsp;&nbsp;&nbsp; 5.400% due 10/15/35  | 371426  |
| 40000  | &nbsp;&nbsp;&nbsp; 6.625% due 9/1/53  | 41072  |
| 60000  | Parkland Corp., Company Guaranteed Notes, 4.625% due 5/1/30<sup>(b)</sup>  | 58077  |
| 265000  | Patterson-UTI Energy Inc., Senior Unsecured Notes, 7.150% due 10/1/33  | 276728  |
| 25000  | PBF Holding Co. LLC/PBF Finance Corp., Company Guaranteed Notes, 6.000% due 2/15/28  | 24556  |
|  | Permian Resources Operating LLC, Company Guaranteed Notes:<br>|  |
| 140000  | &nbsp;&nbsp;&nbsp; 7.000% due 1/15/32<sup>(b)</sup>  | 145153  |
| 138000  | &nbsp;&nbsp;&nbsp; 6.250% due 2/1/33<sup>(b)</sup>  | 140567  |
| 166680  | Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30  | 158462  |
| 150000  | Petroleos Mexicanos, Company Guaranteed Notes, 6.750% due 9/21/47  | 117563  |
| 290000  | Shell Finance US Inc., Company Guaranteed Notes, 3.250% due 4/6/50  | 198216  |
| 20000  | Shell International Finance BV, Company Guaranteed Notes, 3.000% due 11/26/51  | 12820  |

---

See Notes to Financial Statements.

160<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Energy – (continued)**  | **Energy – (continued)**  | **Energy – (continued)**  |
| $65000  | SM Energy Co., Senior Unsecured Notes, 7.000% due 8/1/32<sup>(b)</sup>  | $65467  |
| 41000  | Southern Natural Gas Co. LLC, Senior Unsecured Notes, 5.450% due 8/1/35<sup>(b)</sup>  | 41233  |
| 100000  | SunCoke Energy Inc., Senior Secured Notes, 4.875% due 6/30/29<sup>(b)</sup>  | 91289  |
| 55000  | Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 6.000% due 4/15/27  | 55044  |
| 65000  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Unsecured Notes, 7.375% due 2/15/29<sup>(b)</sup>  | 66972  |
|  | Targa Resources Corp., Company Guaranteed Notes:<br>|  |
| 130000  | &nbsp;&nbsp;&nbsp; 6.500% due 3/30/34  | 140496  |
| 57000  | &nbsp;&nbsp;&nbsp; 5.500% due 2/15/35  | 57492  |
| 265000  | &nbsp;&nbsp;&nbsp; 5.550% due 8/15/35  | 266927  |
| 30000  | &nbsp;&nbsp;&nbsp; 5.650% due 2/15/36  | 30300  |
| 455000  | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes, 4.000% due 1/15/32  | 427746  |
| 6275000  | Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30<sup>(b)</sup>  | 5865093  |
|  | TotalEnergies Capital SA, Company Guaranteed Notes:<br>|  |
| 415000  | &nbsp;&nbsp;&nbsp; 5.638% due 4/5/64  | 398120  |
| 150000  | &nbsp;&nbsp;&nbsp; 5.425% due 9/10/64  | 138838  |
| 155000  | Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 3.250% due 5/15/30  | 147440  |
| 30000  | Transocean Inc., Company Guaranteed Notes, 8.000% due 2/1/27<sup>(b)</sup>  | 29947  |
| 400000  | Var Energi ASA, Senior Unsecured Notes, 5.875% due 5/22/30<sup>(b)</sup>  | 414591  |
|  | Venture Global LNG Inc., Senior Secured Notes:<br>|  |
| 95000  | &nbsp;&nbsp;&nbsp; 8.125% due 6/1/28<sup>(b)</sup>  | 98439  |
| 50000  | &nbsp;&nbsp;&nbsp; 8.375% due 6/1/31<sup>(b)</sup>  | 52459  |
| 30000  | &nbsp;&nbsp;&nbsp; 9.875% due 2/1/32<sup>(b)</sup>  | 32666  |
| 50000  | Venture Global Plaquemines LNG LLC, Senior Secured Notes, 6.500% due 1/15/34<sup>(b)</sup>  | 52198  |
|  | Viper Energy Partners LLC, Company Guaranteed Notes:<br>|  |
| 114000  | &nbsp;&nbsp;&nbsp; 4.900% due 8/1/30  | 114890  |
| 290000  | &nbsp;&nbsp;&nbsp; 5.700% due 8/1/35  | 290774  |
| 45000  | Vital Energy Inc., Company Guaranteed Notes, 7.875% due 4/15/32<sup>(b)</sup>  | 44338  |
| 30000  | Weatherford International Ltd., Company Guaranteed Notes, 8.625% due 4/30/30<sup>(b)</sup>  | 30747  |
|  | Whistler Pipeline LLC, Senior Unsecured Notes:<br>|  |
| 10000  | &nbsp;&nbsp;&nbsp; 5.400% due 9/30/29<sup>(b)</sup>  | 10281  |
| 136000  | &nbsp;&nbsp;&nbsp; 5.700% due 9/30/31<sup>(b)</sup>  | 141403  |
| 162000  | &nbsp;&nbsp;&nbsp; 5.950% due 9/30/34<sup>(b)</sup>  | 166086  |
| 40000  | Williams Cos., Inc., Senior Unsecured Notes, 5.650% due 3/15/33  | 41635  |
|  | Total Energy | 41531441  |

---

See Notes to Financial Statements.

161<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – 6.4%**  | **Financial – 6.4%**  | **Financial – 6.4%**  |
| $75000 | Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 6.750% due 7/1/32<sup>(b)</sup>  | $76950  |
| 35000  | Acrisure LLC/Acrisure Finance Inc., Senior Unsecured Notes, 6.000% due 8/1/29<sup>(b)</sup>  | 34300  |
| 106000  | Agree LP, Company Guaranteed Notes, 5.625% due 6/15/34  | 109028  |
| 65000  | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 6.500% due 10/1/31<sup>(b)</sup>  | 66445  |
| 100000  | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Unsecured Notes, 6.750% due 10/15/27<sup>(b)</sup>  | 100240  |
|  | American Express Co., Senior Unsecured Notes:<br>|  |
| 440000  | &nbsp;&nbsp;&nbsp; 5.085% (SOFRRATE + 1.020%) due 1/30/31<sup>(d)</sup>  | 453491  |
| 754000  | &nbsp;&nbsp;&nbsp; 5.016% (SOFRRATE + 1.440%) due 4/25/31<sup>(d)</sup>  | 774755  |
| 212000  | American Homes 4 Rent LP, Senior Unsecured Notes, 5.500% due 2/1/34  | 217704  |
| 67000  | American International Group Inc., Senior Unsecured Notes, 5.450% due 5/7/35  | 69089  |
|  | American National Group Inc., Senior Unsecured Notes:<br>|  |
| 71000  | &nbsp;&nbsp;&nbsp; 5.750% due 10/1/29  | 73310  |
| 212000  | &nbsp;&nbsp;&nbsp; 6.000% due 7/15/35  | 214311  |
|  | American Tower Corp., Senior Unsecured Notes:<br>|  |
| 1680000  | &nbsp;&nbsp;&nbsp; 3.950% due 3/15/29  | 1662649  |
| 2618000  | &nbsp;&nbsp;&nbsp; 2.100% due 6/15/30  | 2354541  |
| 240000  | &nbsp;&nbsp;&nbsp; 2.700% due 4/15/31  | 217707  |
| 57000  | &nbsp;&nbsp;&nbsp; 3.700% due 10/15/49  | 41264  |
| 475000  | Ameriprise Financial Inc., Senior Unsecured Notes, 5.200% due 4/15/35  | 480607  |
| 100000  | AmWINS Group Inc., Senior Unsecured Notes, 4.875% due 6/30/29<sup>(b)</sup>  | 97557  |
| 50000  | Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., Secured Notes, 7.000% due 4/15/30<sup>(b)</sup>  | 49224  |
| 20000  | Anywhere Real Estate Group LLC/Realogy Co.-Issuer Corp., Company Guaranteed Notes, 5.250% due 4/15/30<sup>(b)</sup>  | 17527  |
| 40000  | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves, Senior Unsecured Notes, 7.875% due 11/1/29<sup>(b)</sup>  | 41511  |
| 800000  | Ares Strategic Income Fund, Senior Unsecured Notes, 5.800% due 9/9/30<sup>(b)</sup> | 812242  |
|  | Arthur J Gallagher & Co., Senior Unsecured Notes:<br>|  |
| 87000  | &nbsp;&nbsp;&nbsp; 4.850% due 12/15/29  | 88689  |
| 192000  | &nbsp;&nbsp;&nbsp; 5.150% due 2/15/35  | 192541  |
| 137000 | Aspen Insurance Holdings Ltd., Senior Unsecured Notes, 5.750% due 7/1/30  | 142231  |
|  | Athene Global Funding, Secured Notes:<br>|  |
| 448000 | &nbsp;&nbsp;&nbsp; 4.721% due 10/8/29<sup>(b)</sup>  | 450031  |
| 90000  | &nbsp;&nbsp;&nbsp; 5.033% due 7/17/30<sup>(b)</sup>  | 91414  |
| 455000  | &nbsp;&nbsp;&nbsp; 2.646% due 10/4/31<sup>(b)</sup>  | 404305  |
| 115000  | Athene Holding Ltd., Junior Subordinated Notes, 6.625% (5-Year CMT Index + 2.607%) due 10/15/54<sup>(d)</sup>  | 115352  |
| 101000  | &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, Senior Unsecured Notes, 5.375% due <br>7/15/29<sup>(b)</sup> | 103576  |

---

See Notes to Financial Statements.

162<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| $263000  | Avolon Holdings Funding Ltd., Company Guaranteed Notes, 5.750% due 3/1/29<sup>(b)</sup>  | $272168  |
|  | Azorra Finance Ltd., Company Guaranteed Notes:<br>|  |
| 55000  | &nbsp;&nbsp;&nbsp; 7.750% due 4/15/30<sup>(b)</sup>  | 57738  |
| 70000  | &nbsp;&nbsp;&nbsp; 7.250% due 1/15/31<sup>(b)</sup>  | 72298  |
| 200000  | Banco Davivienda SA, Junior Subordinated Notes, 8.125% (5-Year CMT Index + 4.588%) due 7/2/35<sup>(b)(d)</sup>  | 206860  |
| 200000  | Banco de Bogota SA, Subordinated Notes, 6.250% due 5/12/26  | 201218  |
| 450000  | Banco de Credito del Peru SA, Subordinated Notes, 3.250% (5-Year CMT Index + 2.450%) due 9/30/31<sup>(d)</sup>  | 440285  |
| 400000  | &nbsp;&nbsp;&nbsp; Banco do Brasil SA, Junior Subordinated Notes, 8.748% (5-Year CMT <br>Index + 4.398%)<sup>(d)(h)</sup>  | 399060  |
| 300000  | &nbsp;&nbsp;&nbsp; Banco Industrial SA, Subordinated Notes, 4.875% (5-Year CMT <br>Index + 4.442%) due 1/29/31<sup>(d)</sup>  | 297750  |
| 150000 | Banco Internacional del Peru SAA Interbank, Subordinated Notes, 6.397% (5-Year CMT Index + 2.067%) due 4/30/35<sup>(b)(d)</sup>  | 155250  |
| 79000  | Bank of America Corp., Junior Subordinated Notes, 6.625% (5-Year CMT Index + 2.684%)<sup>(d)(h)</sup>  | 81331  |
|  | Bank of America Corp., Senior Unsecured Notes:<br>|  |
| 100000  | &nbsp;&nbsp;&nbsp; 3.974% (3-Month TSFR + 1.472%) due 2/7/30<sup>(d)</sup>  | 99168  |
| 155000  | &nbsp;&nbsp;&nbsp; 5.162% (SOFRRATE + 1.000%) due 1/24/31<sup>(d)</sup>  | 159973  |
| 685000  | &nbsp;&nbsp;&nbsp; 2.592% (SOFRRATE + 2.150%) due 4/29/31<sup>(d)</sup>  | 633468  |
| 200000  | &nbsp;&nbsp;&nbsp; 1.898% (SOFRRATE + 1.530%) due 7/23/31<sup>(d)</sup>  | 177799  |
| 4925000  | &nbsp;&nbsp;&nbsp; 1.922% (SOFRRATE + 1.370%) due 10/24/31<sup>(d)</sup>  | 4349433  |
| 2615000  | &nbsp;&nbsp;&nbsp; 2.687% (SOFRRATE + 1.320%) due 4/22/32<sup>(d)</sup>  | 2372292  |
| 335000  | &nbsp;&nbsp;&nbsp; 2.972% (SOFRRATE + 1.330%) due 2/4/33<sup>(d)</sup>  | 302552  |
| 114000  | &nbsp;&nbsp;&nbsp; 5.468% (SOFRRATE + 1.650%) due 1/23/35<sup>(d)</sup>  | 117797  |
|  | Bank of America Corp., Subordinated Notes:<br>|  |
| 390000  | &nbsp;&nbsp;&nbsp; 5.518% (SOFRRATE + 1.738%) due 10/25/35<sup>(d)</sup>  | 393476  |
| 133000  | &nbsp;&nbsp;&nbsp; 5.744% (SOFRRATE + 1.697%) due 2/12/36<sup>(d)</sup>  | 136263  |
| 335000  | &nbsp;&nbsp;&nbsp; 2.482% (5-Year CMT Index + 1.200%) due 9/21/36<sup>(d)</sup>  | 289813  |
|  | Bank of New York Mellon Corp., Senior Unsecured Notes:<br>|  |
| 361000  | &nbsp;&nbsp;&nbsp; 5.060% (SOFRRATE + 1.230%) due 7/22/32<sup>(d)</sup>  | 371855  |
| 100000  | &nbsp;&nbsp;&nbsp; 5.188% (SOFRRATE + 1.418%) due 3/14/35<sup>(d)</sup>  | 101898  |
|  | Barclays PLC, Senior Unsecured Notes:<br>|  |
| 5000000  | &nbsp;&nbsp;&nbsp; 4.972% (3-Month USD-SOFR + 1.902%) due 5/16/29<sup>(d)</sup>  | 5074463  |
| 200000  | &nbsp;&nbsp;&nbsp; 4.476% (SOFRRATE + 1.080%) due 11/11/29<sup>(d)</sup>  | 200358  |
| 375000  | BNP Paribas SA, Subordinated Notes, 5.906% (SOFRRATE + 1.920%) due 11/19/35<sup>(b)(d)</sup>  | 382078  |
|  | BPCE SA, Senior Non-Preferred Notes:<br>|  |
| 250000  | &nbsp;&nbsp;&nbsp; 4.625% due 9/12/28<sup>(b)</sup>  | 251317  |
| 550000  | &nbsp;&nbsp;&nbsp; 5.876% (SOFRRATE + 1.680%) due 1/14/31<sup>(b)(d)</sup>  | 573071  |
| 385000  | &nbsp;&nbsp;&nbsp; 5.389% (SOFRRATE + 1.581%) due 5/28/31<sup>(b)(d)</sup>  | 394227  |

---

See Notes to Financial Statements.

163<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| $470000  | BPCE SA, Subordinated Notes, 6.508% (SOFRRATE + 2.791%) due 1/18/35<sup>(b)(d)</sup>  | $492388  |
| 67000  | Brown & Brown Inc., Senior Unsecured Notes, 6.250% due 6/23/55  | 68499  |
| 156000  | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.245% (SOFRRATE + 1.105%) due 1/13/31<sup>(d)</sup>  | 161035  |
|  | Capital One Financial Corp., Senior Unsecured Notes:<br>|  |
| 530000 | &nbsp;&nbsp;&nbsp; 7.624% (SOFRRATE + 3.070%) due 10/30/31<sup>(d)</sup>  | 601322  |
| 125000  | &nbsp;&nbsp;&nbsp; 6.051% (SOFRRATE + 2.260%) due 2/1/35<sup>(d)</sup>  | 131698  |
| 85000  | &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Subordinated Notes, 6.183% <br>(SOFRRATE + 2.036%) due 1/30/36<sup>(d)</sup>  | 87674  |
| 530000  | Citibank NA, Senior Unsecured Notes, 4.914% due 5/29/30  | 543885  |
| 81000  | &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes, 6.875% (5-Year CMT <br>Index + 2.890%)<sup>(d)(h)</sup>  | 82418  |
|  | Citigroup Inc., Senior Unsecured Notes:<br>|  |
| 135000  | &nbsp;&nbsp;&nbsp; 5.174% (SOFRRATE + 1.364%) due 2/13/30<sup>(d)</sup>  | 138534  |
| 464000  | &nbsp;&nbsp;&nbsp; 4.952% (SOFRRATE + 1.463%) due 5/7/31<sup>(d)</sup>  | 472717  |
| 6930000  | &nbsp;&nbsp;&nbsp; 2.520% (SOFRRATE + 1.177%) due 11/3/32<sup>(d)</sup>  | 6134977  |
| 75000  | Citigroup Inc., Subordinated Notes, 6.174% (SOFRRATE + 2.661%) due 5/25/34<sup>(d)</sup>  | 79014  |
| 265000  | Citizens Financial Group Inc., Senior Unsecured Notes, 5.253% (SOFRRATE + 1.259%) due 3/5/31<sup>(d)</sup>  | 270931  |
| 125000  | Corebridge Global Funding, Senior Secured Notes, 4.900% due 8/21/32<sup>(b)</sup>  | 125361  |
| 665000  | &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Non-Preferred Notes, 5.222% <br>(SOFRRATE + 1.460%) due 5/27/31<sup>(b)(d)</sup>  | 680213  |
|  | Crown Castle Inc., Senior Unsecured Notes:<br>|  |
| 45000  | &nbsp;&nbsp;&nbsp; 3.800% due 2/15/28  | 44414  |
| 110000  | &nbsp;&nbsp;&nbsp; 4.800% due 9/1/28  | 111307  |
| 185000  | &nbsp;&nbsp;&nbsp; 3.100% due 11/15/29  | 175488  |
| 405000  | &nbsp;&nbsp;&nbsp; 2.250% due 1/15/31  | 358668  |
| 200000  | &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd., Subordinated Notes, 1.822% (5-Year CMT <br>Index + 1.100%) due 3/10/31<sup>(d)</sup>  | 197239  |
|  | Equinix Inc., Senior Unsecured Notes:<br>|  |
| 157000  | &nbsp;&nbsp;&nbsp; 3.900% due 4/15/32  | 149477  |
| 275000  | &nbsp;&nbsp;&nbsp; 2.950% due 9/15/51  | 168773  |
| 250000  | Equitable Financial Life Global Funding, Secured Notes, 5.000% due 3/27/30<sup>(b)</sup>  | 256337  |
| 80000  | Equitable Holdings Inc., Senior Unsecured Notes, 4.350% due 4/20/28  | 80307  |
| 88000  | Essential Properties LP, Company Guaranteed Notes, 5.400% due 12/1/35  | 86824  |
|  | Extra Space Storage LP, Company Guaranteed Notes:<br>|  |
| 79000  | &nbsp;&nbsp;&nbsp; 4.950% due 1/15/33  | 79255  |
| 145000  | &nbsp;&nbsp;&nbsp; 5.400% due 2/1/34  | 147735  |
| 206000  | First Industrial LP, Company Guaranteed Notes, 5.250% due 1/15/31  | 210333  |
| 40000  | Freedom Mortgage Holdings LLC, Senior Unsecured Notes, 8.375% due 4/1/32<sup>(b)</sup>  | 41255  |

---

See Notes to Financial Statements.

164<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| $105000  | GGAM Finance Ltd., Company Guaranteed Notes, 6.875% due 4/15/29<sup>(b)</sup>  | $108675  |
| 285000  | Global Aircraft Leasing Co., Ltd., Senior Secured Notes, 8.750% due 9/1/27<sup>(b)</sup>  | 293244  |
| 140000  | GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due 1/15/29  | 142539  |
| 75000  | Goldman Sachs Group Inc., Junior Subordinated Notes, 6.850% (5-Year CMT Index + 2.461%)<sup>(d)(h)</sup>  | 77241  |
|  | Goldman Sachs Group Inc., Senior Unsecured Notes:<br>|  |
| 510000  | &nbsp;&nbsp;&nbsp; 5.049% (SOFRRATE + 1.210%) due 7/23/30<sup>(d)</sup>  | 522124  |
| 535000  | &nbsp;&nbsp;&nbsp; 4.692% (SOFRRATE + 1.135%) due 10/23/30<sup>(d)</sup>  | 540880  |
| 245000  | &nbsp;&nbsp;&nbsp; 5.207% (SOFRRATE + 1.078%) due 1/28/31<sup>(d)</sup>  | 252452  |
| 210000  | &nbsp;&nbsp;&nbsp; 5.218% (SOFRRATE + 1.580%) due 4/23/31<sup>(d)</sup>  | 216812  |
| 55000  | &nbsp;&nbsp;&nbsp; 2.615% (SOFRRATE + 1.281%) due 4/22/32<sup>(d)</sup>  | 49638  |
| 154000  | &nbsp;&nbsp;&nbsp; 5.330% (SOFRRATE + 1.550%) due 7/23/35<sup>(d)</sup>  | 156623  |
| 45000  | &nbsp;&nbsp;&nbsp; 5.016% (SOFRRATE + 1.420%) due 10/23/35<sup>(d)</sup>  | 44717  |
| 140000  | Guardian Life Global Funding, Secured Notes, 4.798% due 4/28/30<sup>(b)</sup>  | 142981  |
| 65000  | &nbsp;&nbsp;&nbsp; Hightower Holding LLC, Company Guaranteed Notes, 6.750% due <br>4/15/29<sup>(b)</sup>  | 64778  |
|  | HSBC Holdings PLC, Senior Unsecured Notes:<br>|  |
| 430000  | &nbsp;&nbsp;&nbsp; 5.130% (SOFRRATE + 1.290%) due 3/3/31<sup>(d)</sup>  | 440487  |
| 400000  | &nbsp;&nbsp;&nbsp; 5.240% (SOFRRATE + 1.570%) due 5/13/31<sup>(d)</sup>  | 411187  |
| 200000  | &nbsp;&nbsp;&nbsp; 2.848% (SOFRRATE + 2.387%) due 6/4/31<sup>(d)</sup>  | 185587  |
| 65000  | HUB International Ltd., Senior Secured Notes, 7.250% due 6/15/30<sup>(b)</sup>  | 67988  |
| 76000  | &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc., Senior Unsecured Notes, 5.709% <br>(SOFRRATE + 1.870%) due 2/2/35<sup>(d)</sup>  | 78534  |
| 200000  | InRetail Shopping Malls, Company Guaranteed Notes, 5.750% due 4/3/28 | 200228  |
| 490000  | &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Unsecured Notes, 2.650% due <br>9/15/40  | 356186  |
|  | Iron Mountain Inc., Company Guaranteed Notes:<br>|  |
| 80000  | &nbsp;&nbsp;&nbsp; 7.000% due 2/15/29<sup>(b)</sup>  | 82405  |
| 20000  | &nbsp;&nbsp;&nbsp; 6.250% due 1/15/33<sup>(b)</sup>  | 20466  |
|  | JPMorgan Chase & Co., Senior Unsecured Notes:<br>|  |
| 555000  | &nbsp;&nbsp;&nbsp; 4.505% (SOFRRATE + 0.860%) due 10/22/28<sup>(d)</sup>  | 558695  |
| 340000  | &nbsp;&nbsp;&nbsp; 5.299% (SOFRRATE + 1.450%) due 7/24/29<sup>(d)</sup>  | 350224  |
| 485000  | &nbsp;&nbsp;&nbsp; 5.581% (SOFRRATE + 1.160%) due 4/22/30<sup>(d)</sup>  | 506340  |
| 565000  | &nbsp;&nbsp;&nbsp; 4.995% (SOFRRATE + 1.125%) due 7/22/30<sup>(d)</sup>  | 579474  |
| 317000  | &nbsp;&nbsp;&nbsp; 5.140% (SOFRRATE + 1.010%) due 1/24/31<sup>(d)</sup>  | 326677  |
| 531000  | &nbsp;&nbsp;&nbsp; 5.103% (SOFRRATE + 1.435%) due 4/22/31<sup>(d)</sup>  | 547828  |
| 5000000  | &nbsp;&nbsp;&nbsp; 2.545% (SOFRRATE + 1.180%) due 11/8/32<sup>(d)</sup>  | 4457970  |
| 1975000  | &nbsp;&nbsp;&nbsp; 5.336% (SOFRRATE + 1.620%) due 1/23/35<sup>(d)</sup>  | 2028696  |
| 283000  | &nbsp;&nbsp;&nbsp; 5.294% (SOFRRATE + 1.460%) due 7/22/35<sup>(d)</sup>  | 288475  |
| 95000  | &nbsp;&nbsp;&nbsp; 4.946% (SOFRRATE + 1.340%) due 10/22/35<sup>(d)</sup>  | 94464  |
| 358000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes, 5.576% <br>(SOFRRATE + 1.635%) due 7/23/36<sup>(d)</sup>  | 365163  |

---

See Notes to Financial Statements.

165<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| $25000  | LFS Topco LLC, Senior Unsecured Notes, 8.750% due 7/15/30<sup>(b)</sup>  | $24456  |
| 180000  | Lincoln Financial Global Funding, Secured Notes, 4.625% due 5/28/28<sup>(b)</sup>  | 181793  |
| 158000  | Lineage OP LP, Company Guaranteed Notes, 5.250% due 7/15/30<sup>(b)</sup>  | 159432  |
|  | Macquarie Airfinance Holdings Ltd., Senior Unsecured Notes:<br>|  |
| 80000  | &nbsp;&nbsp;&nbsp; 5.200% due 3/27/28<sup>(b)</sup>  | 81153  |
| 71000  | &nbsp;&nbsp;&nbsp; 6.400% due 3/26/29<sup>(b)</sup>  | 74550  |
| 18000  | &nbsp;&nbsp;&nbsp; 5.150% due 3/17/30<sup>(b)</sup>  | 18202  |
| 33000  | &nbsp;&nbsp;&nbsp; 6.500% due 3/26/31<sup>(b)</sup>  | 35295  |
| 324000  | Massachusetts Mutual Life Insurance Co., Subordinated Notes, 3.375% due 4/15/50<sup>(b)</sup>  | 218847  |
| 132000  | MetLife Inc., Subordinated Notes, 6.350% (5-Year CMT Index + 2.078%) due 3/15/55<sup>(d)</sup>  | 137481  |
|  | Morgan Stanley, Senior Unsecured Notes:<br>|  |
| 35000  | &nbsp;&nbsp;&nbsp; 5.449% (SOFRRATE + 1.630%) due 7/20/29<sup>(d)</sup>  | 36117  |
| 330000  | &nbsp;&nbsp;&nbsp; 4.654% (SOFRRATE + 1.100%) due 10/18/30<sup>(d)</sup>  | 333172  |
| 15000  | &nbsp;&nbsp;&nbsp; 5.230% (SOFRRATE + 1.108%) due 1/15/31<sup>(d)</sup>  | 15483  |
| 1290000  | &nbsp;&nbsp;&nbsp; 2.699% (SOFRRATE + 1.143%) due 1/22/31<sup>(d)</sup>  | 1202254  |
| 3485000  | &nbsp;&nbsp;&nbsp; 5.831% (SOFRRATE + 1.580%) due 4/19/35<sup>(d)</sup>  | 3677874  |
| 3055000  | &nbsp;&nbsp;&nbsp; 5.320% (SOFRRATE + 1.555%) due 7/19/35<sup>(d)</sup>  | 3113209  |
|  | Morgan Stanley, Subordinated Notes:<br>|  |
| 77000  | &nbsp;&nbsp;&nbsp; 5.948% (5-Year CMT Index + 2.430%) due 1/19/38<sup>(d)</sup>  | 80008  |
| 151000  | &nbsp;&nbsp;&nbsp; 5.942% (5-Year CMT Index + 1.800%) due 2/7/39<sup>(d)</sup>  | 156880  |
| 50000  | Nassau Cos. of New York, Senior Unsecured Notes, 7.875% due 7/15/30<sup>(b)</sup> | 50752  |
|  | Navient Corp., Senior Unsecured Notes:<br>|  |
| 30000  | &nbsp;&nbsp;&nbsp; 5.000% due 3/15/27  | 29782  |
| 30000  | &nbsp;&nbsp;&nbsp; 7.875% due 6/15/32<sup>(e)</sup>  | 31647  |
|  | Omega Healthcare Investors Inc., Company Guaranteed Notes:<br>|  |
| 78000  | &nbsp;&nbsp;&nbsp; 4.750% due 1/15/28  | 78631  |
| 92000  | &nbsp;&nbsp;&nbsp; 3.250% due 4/15/33  | 80061  |
|  | OneMain Finance Corp., Company Guaranteed Notes:<br>|  |
| 41000  | &nbsp;&nbsp;&nbsp; 7.125% due 3/15/26  | 41452  |
| 125000  | &nbsp;&nbsp;&nbsp; 7.500% due 5/15/31  | 131036  |
| 35000 | &nbsp;&nbsp;&nbsp; 7.125% due 9/15/32  | 36444  |
| 1320000  | Ontario Teachers 'Cadillac Fairview Properties Trust, Senior Unsecured Notes, 2.500% due 10/15/31<sup>(b)</sup>  | 1173308  |
| 200000  | Oversea-Chinese Banking Corp., Ltd, Subordinated Notes, 4.602% (5-Year CMT Index + 1.575%) due 6/15/32<sup>(d)</sup>  | 200648  |
| 90000  | Panther Escrow Issuer LLC, Senior Secured Notes, 7.125% due 6/1/31<sup>(b)</sup>  | 93392  |
| 155000  | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, Company Guaranteed Notes, 7.000% due 2/1/30<sup>(b)</sup>  | 160050  |
|  | PennyMac Financial Services Inc., Company Guaranteed Notes:<br>|  |
| 45000  | &nbsp;&nbsp;&nbsp; 4.250% due 2/15/29<sup>(b)</sup>  | 43403  |
| 80000  | &nbsp;&nbsp;&nbsp; 7.875% due 12/15/29<sup>(b)</sup>  | 85031  |
| 35000  | &nbsp;&nbsp;&nbsp; 6.875% due 5/15/32<sup>(b)</sup>  | 35834  |

---

See Notes to Financial Statements.

166<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| $158000  | Phillips Edison Grocery Center Operating Partnership I LP, Company Guaranteed Notes, 5.750% due 7/15/34  | $163168  |
|  | PNC Financial Services Group Inc., Senior Unsecured Notes:<br>|  |
| 3610000  | &nbsp;&nbsp;&nbsp; 5.068% (SOFRRATE + 1.933%) due 1/24/34<sup>(d)</sup>  | 3652448  |
| 107000  | &nbsp;&nbsp;&nbsp; 5.373% (SOFRRATE + 1.417%) due 7/21/36<sup>(d)</sup>  | 108735  |
| 215000  | Protective Life Global Funding, Secured Notes, 4.803% due 6/5/30<sup>(b)</sup>  | 219009  |
| 99000  | Prudential Financial Inc., Senior Unsecured Notes, 5.200% due 3/14/35  | 100733  |
| 220000  | Realty Income Corp., Senior Unsecured Notes, 5.125% due 4/15/35  | 221577  |
| 80000 | RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes, 6.500% due 6/15/33<sup>(b)</sup>  | 82629  |
|  | Rocket Cos., Inc., Company Guaranteed Notes:<br>|  |
| 45000  | &nbsp;&nbsp;&nbsp; 6.125% due 8/1/30<sup>(b)</sup>  | 46303  |
| 45000  | &nbsp;&nbsp;&nbsp; 6.375% due 8/1/33<sup>(b)</sup>  | 46698  |
| 400000  | &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Unsecured Notes, 5.153% <br>(SOFRRATE + 1.030%) due 2/4/31<sup>(d)</sup>  | 412022  |
| 300000  | Sammons Financial Group Global Funding, Secured Notes, 4.950% due 6/12/30<sup>(b)</sup>  | 304697  |
| 101000  | Santander Holdings USA Inc., Senior Unsecured Notes, 5.473% (SOFRRATE + 1.610%) due 3/20/29<sup>(d)</sup>  | 103394  |
| 3415000  | SBA Tower Trust, Asset Backed, 1.631% due 11/15/26<sup>(b)</sup>  | 3303356  |
|  | Service Properties Trust, Company Guaranteed Notes:<br>|  |
| 25000  | &nbsp;&nbsp;&nbsp; 5.500% due 12/15/27  | 24673  |
| 40000  | &nbsp;&nbsp;&nbsp; 8.875% due 6/15/32  | 41281  |
|  | Starwood Property Trust Inc., Senior Unsecured Notes:<br>|  |
| 70000  | &nbsp;&nbsp;&nbsp; 7.250% due 4/1/29<sup>(b)</sup>  | 73357  |
| 35000  | &nbsp;&nbsp;&nbsp; 6.000% due 4/15/30<sup>(b)</sup>  | 35562  |
| 171000  | Sun Communities Operating LP, Company Guaranteed Notes, 2.700% due 7/15/31  | 154765  |
| 40000  | &nbsp;&nbsp;&nbsp; Synchrony Financial, Senior Unsecured Notes, 6.000% <br>(SOFRRATE + 2.070%) due 7/29/36<sup>(d)</sup>  | 40429  |
|  | Travelers Cos., Inc., Senior Unsecured Notes:<br>|  |
| 70000  | &nbsp;&nbsp;&nbsp; 5.050% due 7/24/35  | 70438  |
| 65000  | &nbsp;&nbsp;&nbsp; 5.700% due 7/24/55  | 65090  |
|  | Truist Financial Corp., Senior Unsecured Notes:<br>|  |
| 66000  | &nbsp;&nbsp;&nbsp; 7.161% (SOFRRATE + 2.446%) due 10/30/29<sup>(d)</sup>  | 71633  |
| 146000  | &nbsp;&nbsp;&nbsp; 5.153% (SOFRRATE + 1.571%) due 8/5/32<sup>(d)</sup>  | 150265  |
| 3295000  | &nbsp;&nbsp;&nbsp; 5.122% (SOFRRATE + 1.852%) due 1/26/34<sup>(d)</sup>  | 3318339  |
|  | UBS Group AG, Senior Unsecured Notes:<br>|  |
| 3400000  | &nbsp;&nbsp;&nbsp; 3.091% (SOFRRATE + 1.730%) due 5/14/32<sup>(b)(d)</sup>  | 3129475  |
| 1850000  | &nbsp;&nbsp;&nbsp; 2.746% (1-Year CMT Index + 1.100%) due 2/11/33<sup>(b)(d)</sup>  | 1630530  |
| 5160000  | UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30  | 4937173  |
| 200000  | &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd., Subordinated Notes, 2.000% (5-Year CMT <br>Index + 1.230%) due 10/14/31<sup>(d)</sup>  | 194782  |

---

See Notes to Financial Statements.

167<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| $40000  | Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC, Company Guaranteed Notes, 8.625% due 6/15/32<sup>(b)</sup>  | $39332  |
| 51000  | Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC, Senior Secured Notes, 10.500% due 2/15/28<sup>(b)</sup>  | 53664  |
| 1145000  | US Bancorp, Senior Unsecured Notes, 4.839% (SOFRRATE + 1.600%) due 2/1/34<sup>(d)</sup>  | 1138140  |
| 316000  | VICI Properties LP/VICI Note Co., Inc., Company Guaranteed Notes, 4.625% due 12/1/29<sup>(b)</sup>  | 312664  |
| 60000  | Walker & Dunlop Inc., Company Guaranteed Notes, 6.625% due 4/1/33<sup>(b)</sup>  | 62425  |
|  | Wells Fargo & Co., Senior Unsecured Notes:<br>|  |
| 270000  | &nbsp;&nbsp;&nbsp; 3.000% due 4/22/26  | 267888  |
| 225000  | &nbsp;&nbsp;&nbsp; 5.244% (SOFRRATE + 1.110%) due 1/24/31<sup>(d)</sup>  | 232424  |
| 130000  | &nbsp;&nbsp;&nbsp; 2.572% (3-Month TSFR + 1.262%) due 2/11/31<sup>(d)</sup>  | 120490  |
| 592000  | &nbsp;&nbsp;&nbsp; 5.150% (SOFRRATE + 1.500%) due 4/23/31<sup>(d)</sup>  | 609697  |
| 735000  | &nbsp;&nbsp;&nbsp; 3.350% (SOFRRATE + 1.500%) due 3/2/33<sup>(d)</sup>  | 677719  |
| 5845000  | &nbsp;&nbsp;&nbsp; 5.389% (SOFRRATE + 2.020%) due 4/24/34<sup>(d)</sup>  | 6014955  |
| 95000  | &nbsp;&nbsp;&nbsp; 6.491% (SOFRRATE + 2.060%) due 10/23/34<sup>(d)</sup>  | 104470  |
| 45000  | &nbsp;&nbsp;&nbsp; 5.013% (3-Month TSFR + 4.502%) due 4/4/51<sup>(d)</sup>  | 40670  |
| 255000  | XHR LP, Company Guaranteed Notes, 6.625% due 5/15/30<sup>(b)</sup>  | 261738  |
|  | Total Financial | 99312220  |
| **Industrial – 1.0%**  | **Industrial – 1.0%**  | **Industrial – 1.0%**  |
| 70000  | AAR Escrow Issuer LLC, Company Guaranteed Notes, 6.750% due 3/15/29<sup>(b)</sup>  | 72031  |
| 68000  | &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Company Guaranteed Notes, 4.950% due <br>4/7/30<sup>(b)</sup>  | 69406  |
| 40000 | Arcosa Inc., Company Guaranteed Notes, 6.875% due 8/15/32<sup>(b)</sup>  | 41729  |
| 163000  | Arrow Electronics Inc., Senior Unsecured Notes, 5.150% due 8/21/29  | 166735  |
| 15000  | Artera Services LLC, Senior Secured Notes, 8.500% due 2/15/31<sup>(b)</sup>  | 13108  |
| 296000  | Avnet Inc., Senior Unsecured Notes, 6.250% due 3/15/28  | 308234  |
| 385000  | BAE Systems PLC, Senior Unsecured Notes, 5.125% due 3/26/29<sup>(b)</sup>  | 397074  |
| 332969  | Bioceanico Sovereign Certificate Ltd., Senior Secured Notes, zero coupon, due 6/5/34  | 267374  |
|  | Boeing Co., Senior Unsecured Notes:<br>|  |
| 125000  | &nbsp;&nbsp;&nbsp; 3.200% due 3/1/29  | 120218  |
| 126000  | &nbsp;&nbsp;&nbsp; 2.950% due 2/1/30  | 118154  |
| 100000  | &nbsp;&nbsp;&nbsp; 5.150% due 5/1/30  | 102573  |
| 110000  | &nbsp;&nbsp;&nbsp; 6.388% due 5/1/31  | 119468  |
| 205000  | &nbsp;&nbsp;&nbsp; 6.528% due 5/1/34  | 224505  |
| 330000  | &nbsp;&nbsp;&nbsp; 5.705% due 5/1/40  | 331116  |
| 20000  | Brand Industrial Services Inc., Senior Secured Notes, 10.375% due 8/1/30<sup>(b)</sup> | 19636  |
|  | Builders FirstSource Inc., Company Guaranteed Notes:<br>|  |
| 65000  | &nbsp;&nbsp;&nbsp; 6.375% due 3/1/34<sup>(b)</sup>  | 66946  |
| 50000  | &nbsp;&nbsp;&nbsp; 6.750% due 5/15/35<sup>(b)</sup>  | 52143  |

---

See Notes to Financial Statements.

168<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Industrial – (continued)**  | **Industrial – (continued)**  | **Industrial – (continued)**  |
| $144000  | Burlington Northern Santa Fe LLC, Senior Unsecured Notes, 5.500% due 3/15/55  | $139885  |
| 65000  | Carlisle Cos., Inc., Senior Unsecured Notes, 5.550% due 9/15/40  | 65058  |
| 171000  | CCL Industries Inc., Senior Unsecured Notes, 3.050% due 6/1/30<sup>(b)</sup>  | 159809  |
| 200000  | &nbsp;&nbsp;&nbsp; Cemex SAB de CV, Subordinated Notes, 5.125% (5-Year CMT <br>Index + 4.534%)<sup>(d)(h)</sup>  | 199077  |
| 95000  | Clydesdale Acquisition Holdings Inc., Senior Secured Notes, 6.750% due 4/15/32<sup>(b)</sup>  | 97609  |
| 15000  | Cornerstone Building Brands Inc., Company Guaranteed Notes, 6.125% due 1/15/29<sup>(b)</sup>  | 11550  |
| 55000  | Cornerstone Building Brands Inc., Senior Secured Notes, 9.500% due 8/15/29<sup>(b)</sup>  | 52936  |
| 364000  | CSX Corp., Senior Unsecured Notes, 3.350% due 9/15/49  | 251642  |
| 115000  | EMRLD Borrower LP/Emerald Co.-Issuer Inc., Senior Secured Notes, 6.625% due 12/15/30<sup>(b)</sup>  | 118108  |
| 50000  | FTAI Aviation Investors LLC, Company Guaranteed Notes, 5.875% due 4/15/33<sup>(b)</sup>  | 50098  |
|  | GATX Corp., Senior Unsecured Notes:<br>|  |
| 92000  | &nbsp;&nbsp;&nbsp; 5.500% due 6/15/35  | 93665  |
| 34000  | &nbsp;&nbsp;&nbsp; 5.200% due 3/15/44  | 31453  |
| 66000 | General Electric Co., Senior Unsecured Notes, 4.900% due 1/29/36  | 66289  |
| 210000 | Genesee & Wyoming Inc., Senior Secured Notes, 6.250% due 4/15/32<sup>(b)</sup>  | 213528  |
| 55000 | Goat Holdco LLC, Senior Secured Notes, 6.750% due 2/1/32<sup>(b)</sup>  | 55954  |
| 30000 | GrafTech Finance Inc., Secured Notes, 4.625% due 12/23/29<sup>(b)</sup>  | 21300  |
| 115000 | Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28  | 114834  |
| 92000 | Hexcel Corp., Senior Unsecured Notes, 5.875% due 2/26/35  | 93811  |
| 155000 | Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC, Senior Secured Notes, 9.000% due 2/15/29<sup>(b)</sup>  | 162647  |
| 274000 | Jacobs Engineering Group Inc., Company Guaranteed Notes, 5.900% due 3/1/33  | 286599  |
| 380000 | John Deere Capital Corp., Senior Unsecured Notes, 4.250% due 6/5/28  | 383200  |
| 140000 | L3Harris Technologies Inc., Senior Unsecured Notes, 5.050% due 6/1/29  | 143747  |
| 233695 | Lima Metro Line 2 Finance Ltd., Senior Secured Notes, 5.875% due 7/5/34 | 239620  |
| 159000 | Lockheed Martin Corp., Senior Unsecured Notes, 5.000% due 8/15/35  | 159991  |
| 145000 | Madison IAQ LLC, Senior Unsecured Notes, 5.875% due 6/30/29<sup>(b)</sup>  | 143556  |
| 153000 | MasTec Inc., Senior Unsecured Notes, 5.900% due 6/15/29  | 159813  |
| 105000 | Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured Notes, 6.750% due 4/1/32<sup>(b)</sup>  | 108241  |
| 157000 | Molex Electronic Technologies LLC, Senior Unsecured Notes, 5.250% due 4/30/32<sup>(b)</sup>  | 159384  |
| 292928 | MV24 Capital BV, Senior Secured Notes, 6.748% due 6/1/34  | 287133  |
|  | Northrop Grumman Corp., Senior Unsecured Notes:<br>|  |
| 150000 | &nbsp;&nbsp;&nbsp; 4.650% due 7/15/30  | 152569  |
| 260000 | &nbsp;&nbsp;&nbsp; 5.150% due 5/1/40  | 255085  |

---

See Notes to Financial Statements.

169<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Industrial – (continued)**  | **Industrial – (continued)**  | **Industrial – (continued)**  |
| $97000 | &nbsp;&nbsp;&nbsp; 4.030% due 10/15/47  | $76928  |
| 266000 | &nbsp;&nbsp;&nbsp; 5.200% due 6/1/54  | 244741  |
|  | Otis Worldwide Corp., Senior Unsecured Notes:<br>|  |
| 565000 | &nbsp;&nbsp;&nbsp; 2.565% due 2/15/30  | 526663  |
| 70000 | &nbsp;&nbsp;&nbsp; 5.125% due 11/19/31  | 72443  |
| 143000 | Owens Corning, Senior Unsecured Notes, 5.700% due 6/15/34  | 149554  |
|  | Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes:<br>|  |
| 35000 | &nbsp;&nbsp;&nbsp; 5.750% due 5/24/26<sup>(b)</sup>  | 35259  |
| 170000 | &nbsp;&nbsp;&nbsp; 6.050% due 8/1/28<sup>(b)</sup>  | 177869  |
| 310000 | &nbsp;&nbsp;&nbsp; 5.250% due 2/1/30<sup>(b)</sup>  | 319831  |
| 85000 | Quikrete Holdings Inc., Senior Unsecured Notes, 6.750% due 3/1/33<sup>(b)</sup>  | 88105  |
| 155000 | Regal Rexnord Corp., Company Guaranteed Notes, 6.050% due 4/15/28  | 160471  |
|  | Republic Services Inc., Senior Unsecured Notes:<br>|  |
| 50000 | &nbsp;&nbsp;&nbsp; 4.875% due 4/1/29  | 51272  |
| 55000 | &nbsp;&nbsp;&nbsp; 1.450% due 2/15/31  | 47349  |
| 385000 | &nbsp;&nbsp;&nbsp; 5.200% due 11/15/34  | 395038  |
| 314000 | &nbsp;&nbsp;&nbsp; 5.150% due 3/15/35  | 320559  |
|  | RTX Corp., Senior Unsecured Notes:<br>|  |
| 155000 | &nbsp;&nbsp;&nbsp; 5.750% due 11/8/26  | 157572  |
| 353000 | &nbsp;&nbsp;&nbsp; 4.125% due 11/16/28  | 353380  |
| 105000 | Sealed Air Corp./Sealed Air Corp. US, Company Guaranteed Notes, 7.250% due 2/15/31<sup>(b)</sup>  | 110544  |
| 95000 | Seaspan Corp., Senior Unsecured Notes, 5.500% due 8/1/29<sup>(b)</sup>  | 90064  |
| 305000 | Simpar Europe SA, Company Guaranteed Notes, 5.200% due 1/26/31  | 254858  |
| 75000 | Sonoco Products Co., Senior Unsecured Notes, 4.600% due 9/1/29  | 75356  |
| 50000 | Standard Building Solutions Inc., Senior Unsecured Notes, 6.500% due 8/15/32<sup>(b)</sup>  | 51606  |
| 30000 | Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30<sup>(b)</sup>  | 29676  |
| 90000 | TransDigm Inc., Company Guaranteed Notes, 6.375% due 5/31/33<sup>(b)</sup>  | 91196  |
|  | TransDigm Inc., Senior Secured Notes:<br>|  |
| 135000 | &nbsp;&nbsp;&nbsp; 6.875% due 12/15/30<sup>(b)</sup>  | 139994  |
| 5000 | &nbsp;&nbsp;&nbsp; 6.250% due 1/31/34<sup>(b)</sup>  | 5130  |
| 10000 | TransDigm Inc., Senior Subordinated Notes, 6.750% due 1/31/34<sup>(b)</sup>  | 10323  |
| 90000 | Trident TPI Holdings Inc., Company Guaranteed Notes, 12.750% due 12/31/28<sup>(b)</sup>  | 96241  |
|  | Veralto Corp., Company Guaranteed Notes:<br>|  |
| 130000 | &nbsp;&nbsp;&nbsp; 5.500% due 9/18/26  | 131347  |
| 53000 | &nbsp;&nbsp;&nbsp; 5.350% due 9/18/28  | 54730  |
| 80000 | &nbsp;&nbsp;&nbsp; 5.450% due 9/18/33  | 82635  |
| 80000 | Vertiv Group Corp., Senior Secured Notes, 4.125% due 11/15/28<sup>(b)</sup>  | 78091  |
| 131000 | Waste Connections Inc., Senior Unsecured Notes, 5.250% due 9/1/35  | 133945  |
| 85000 | Waste Management Inc., Company Guaranteed Notes, 4.950% due 3/15/35 | 85425  |
| 110000 | Watco Cos LLC/Watco Finance Corp., Senior Unsecured Notes, 7.125% due 8/1/32<sup>(b)</sup>  | 115009  |

---

See Notes to Financial Statements.

170<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Industrial – (continued)**  | **Industrial – (continued)**  | **Industrial – (continued)**  |
| $35000 | WESCO Distribution Inc., Company Guaranteed Notes, 6.375% due 3/15/33<sup>(b)</sup>  | $36303  |
|  | Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes:<br>|  |
| 589000 | &nbsp;&nbsp;&nbsp; 4.900% due 5/29/30  | 602110  |
| 235000 | &nbsp;&nbsp;&nbsp; 5.611% due 3/11/34  | 243892  |
| 2400000 | WRKCo Inc., Company Guaranteed Notes, 3.900% due 6/1/28  | 2382259  |
| 170000 | XPO Inc., Company Guaranteed Notes, 7.125% due 6/1/31<sup>(b)</sup>  | 176957  |
| 200000 | Yinson Bergenia Production BV, Senior Secured Notes, 8.498% due 1/31/45<sup>(b)</sup>  | 208913  |
|  | Total Industrial | 15432279  |
| **Technology – 0.6%**  | **Technology – 0.6%**  | **Technology – 0.6%**  |
| 450000 | Accenture Capital Inc., Company Guaranteed Notes, 4.250% due 10/4/31  | 448560  |
| 40000 | Amentum Holdings Inc., Company Guaranteed Notes, 7.250% due 8/1/32<sup>(b)</sup> | 41718  |
| 75000 | AppLovin Corp., Senior Unsecured Notes, 5.375% due 12/1/31  | 77279  |
| 110000 | AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30<sup>(b)</sup> | 107903  |
| 101000 | Atlassian Corp., Senior Unsecured Notes, 5.250% due 5/15/29  | 104030  |
| 404000 | Broadcom Inc., Company Guaranteed Notes, 3.500% due 2/15/41<sup>(b)</sup>  | 320228  |
|  | Broadcom Inc., Senior Unsecured Notes:<br>|  |
| 260000 | &nbsp;&nbsp;&nbsp; 4.150% due 2/15/28  | 260291  |
| 95000 | &nbsp;&nbsp;&nbsp; 5.050% due 7/12/29  | 97686  |
| 610000 | &nbsp;&nbsp;&nbsp; 5.200% due 7/15/35  | 615551  |
| 35000 | CACI International Inc., Company Guaranteed Notes, 6.375% due 6/15/33<sup>(b)</sup>  | 36101  |
| 18000 | Castle US Holding Corp., Secured Notes, 10.000% due 6/30/31<sup>(b)</sup>  | 2489  |
| 40000 | Cloud Software Group Inc., Secured Notes, 9.000% due 9/30/29<sup>(b)</sup>  | 41697  |
|  | Cloud Software Group Inc., Senior Secured Notes:<br>|  |
| 65000 | &nbsp;&nbsp;&nbsp; 6.500% due 3/31/29<sup>(b)</sup>  | 65715  |
| 35000 | &nbsp;&nbsp;&nbsp; 6.625% due 8/15/33<sup>(b)</sup>  | 35484  |
| 55000 | CoreWeave Inc., Company Guaranteed Notes, 9.250% due 6/1/30<sup>(b)</sup>  | 55197  |
| 74000 | Dell Inc., Senior Unsecured Notes, 6.500% due 4/15/38  | 78478  |
| 30000 | Diebold Nixdorf Inc., Senior Secured Notes, 7.750% due 3/31/30<sup>(b)</sup>  | 31740  |
| 95000 | Ellucian Holdings Inc., Senior Secured Notes, 6.500% due 12/1/29<sup>(b)</sup>  | 96642  |
|  | Fiserv Inc., Senior Unsecured Notes:<br>|  |
| 162000 | &nbsp;&nbsp;&nbsp; 4.550% due 2/15/31  | 161971  |
| 131000 | &nbsp;&nbsp;&nbsp; 5.450% due 3/15/34  | 134175  |
|  | Foundry JV Holdco LLC, Senior Secured Notes:<br>|  |
| 360000 | &nbsp;&nbsp;&nbsp; 5.500% due 1/25/31<sup>(b)</sup>  | 373827  |
| 600000 | &nbsp;&nbsp;&nbsp; 6.150% due 1/25/32<sup>(b)</sup>  | 637004  |
|  | Hewlett Packard Enterprise Co., Senior Unsecured Notes:<br>|  |
| 358000 | &nbsp;&nbsp;&nbsp; 5.000% due 10/15/34  | 351966  |
| 465000 | &nbsp;&nbsp;&nbsp; 5.600% due 10/15/54  | 429416  |
|  | Intel Corp., Senior Unsecured Notes:<br>|  |
| 185000 | &nbsp;&nbsp;&nbsp; 4.150% due 8/5/32  | 176074  |
| 265000 | &nbsp;&nbsp;&nbsp; 3.734% due 12/8/47  | 184392  |

---

See Notes to Financial Statements.

171<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Technology – (continued)**  | **Technology – (continued)**  | **Technology – (continued)**  |
| $325000 | &nbsp;&nbsp;&nbsp; 3.250% due 11/15/49  | $202957  |
| 240000 | &nbsp;&nbsp;&nbsp; 4.750% due 3/25/50  | 192179  |
| 90000 | &nbsp;&nbsp;&nbsp; 3.050% due 8/12/51  | 53216  |
| 125000 | &nbsp;&nbsp;&nbsp; 5.050% due 8/5/62  | 100327  |
| 445000 | International Business Machines Corp., Senior Unsecured Notes, 4.800% due 2/10/30  | 456018  |
| 295000 | Kyndryl Holdings Inc., Senior Unsecured Notes, 4.100% due 10/15/41  | 232051  |
| 289000 | Marvell Technology Inc., Senior Unsecured Notes, 5.950% due 9/15/33  | 305991  |
| 25000 | McAfee Corp., Senior Unsecured Notes, 7.375% due 2/15/30<sup>(b)</sup>  | 23087  |
| 305000 | Micron Technology Inc., Senior Unsecured Notes, 5.650% due 11/1/32  | 318917  |
| 75000 | NetApp Inc., Senior Unsecured Notes, 5.500% due 3/17/32  | 77652  |
|  | NVIDIA Corp., Senior Unsecured Notes:<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; 2.850% due 4/1/30  | 95573  |
| 335000 | &nbsp;&nbsp;&nbsp; 3.500% due 4/1/40  | 283566  |
| 127000 | NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 4.850% due 8/19/32  | 126931  |
|  | Oracle Corp., Senior Unsecured Notes:<br>|  |
| 165000 | &nbsp;&nbsp;&nbsp; 2.950% due 4/1/30  | 155379  |
| 90000 | &nbsp;&nbsp;&nbsp; 4.700% due 9/27/34  | 87001  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.800% due 11/15/37  | 213250  |
| 549000 | &nbsp;&nbsp;&nbsp; 3.600% due 4/1/50  | 375449  |
| 55000 | &nbsp;&nbsp;&nbsp; 5.500% due 9/27/64  | 48776  |
| 312000 | Paychex Inc., Senior Unsecured Notes, 5.350% due 4/15/32  | 322746  |
| 106000 | Qorvo Inc., Company Guaranteed Notes, 3.375% due 4/1/31<sup>(b)</sup>  | 96384  |
|  | QUALCOMM Inc., Senior Unsecured Notes:<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.750% due 5/20/32  | 407131  |
| 70000 | &nbsp;&nbsp;&nbsp; 4.800% due 5/20/45  | 63916  |
| 97000 | Roper Technologies Inc., Senior Unsecured Notes, 4.250% due 9/15/28  | 97371  |
| 105000 | UKG Inc., Senior Secured Notes, 6.875% due 2/1/31<sup>(b)</sup>  | 108576  |
| 79000 | Workday Inc., Senior Unsecured Notes, 3.800% due 4/1/32  | 74883  |
|  | Total Technology | 9484941  |
| **Utilities – 2.7%**  | **Utilities – 2.7%**  | **Utilities – 2.7%**  |
| 200000 | Adani Electricity Mumbai Ltd., Senior Secured Notes, 3.949% due 2/12/30 | 185617  |
| 278000 | Adani Transmission Step-One Ltd., Senior Secured Notes, 4.250% due 5/21/36  | 245452  |
| 84000 | AEP Texas Inc., Senior Unsecured Notes, 5.450% due 5/15/29  | 87183  |
|  | Alabama Power Co., Senior Unsecured Notes:<br>|  |
| 30000 | &nbsp;&nbsp;&nbsp; 5.100% due 4/2/35  | 30373  |
| 280000 | &nbsp;&nbsp;&nbsp; 3.450% due 10/1/49  | 197993  |
|  | Arizona Public Service Co., Senior Unsecured Notes:<br>|  |
| 270000 | &nbsp;&nbsp;&nbsp; 5.700% due 8/15/34  | 279727  |
| 323000 | &nbsp;&nbsp;&nbsp; 5.900% due 8/15/55  | 321779  |
| 115000 | Atmos Energy Corp., Senior Unsecured Notes, 5.900% due 11/15/33  | 123841  |
| 185000 | Baltimore Gas & Electric Co., Senior Unsecured Notes, 5.450% due 6/1/35 | 190630  |

---

See Notes to Financial Statements.

172<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Utilities – (continued)**  | **Utilities – (continued)**  | **Utilities – (continued)**  |
| $1100000 | Berkshire Hathaway Energy Co., Senior Unsecured Notes, 5.950% due 5/15/37  | $1170383  |
| 149000 | Black Hills Corp., Senior Unsecured Notes, 6.000% due 1/15/35  | 156719  |
| 75000 | Boston Gas Co., Senior Unsecured Notes, 3.757% due 3/16/32<sup>(b)</sup>  | 70330  |
| 345000 | Brooklyn Union Gas Co., Senior Unsecured Notes, 4.866% due 8/5/32<sup>(b)</sup>  | 337358  |
| 198982 | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, Senior Secured Notes, 7.875% due 2/15/39<sup>(b)</sup>  | 212413  |
| 292000 | CenterPoint Energy Inc., Senior Unsecured Notes, 5.400% due 6/1/29  | 302505  |
| 200000 | Chile Electricity Lux Mpc II SARL, Government Guaranteed Notes, 5.672% due 10/20/35<sup>(b)</sup>  | 203998  |
| 179000 | Chile Electricity Lux MPC SARL, Government Guaranteed Notes, 6.010% due 1/20/33  | 186504  |
| 180833 | Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28<sup>(b)</sup>  | 161665  |
| 100000 | Cleco Corporate Holdings LLC, Senior Unsecured Notes, 3.375% due 9/15/29  | 93395  |
| 79000 | &nbsp;&nbsp;&nbsp; CMS Energy Corp., Junior Subordinated Notes, 6.500% (5-Year CMT <br>Index + 1.961%) due 6/1/55<sup>(d)</sup>  | 80583  |
| 200000 | Comision Federal de Electricidad, Company Guaranteed Notes, 6.450% due 1/24/35<sup>(b)</sup>  | 201371  |
| 320000 | Commonwealth Edison Co., 1st Mortgage Notes, 5.950% due 6/1/55  | 328841  |
|  | Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.200% due 12/1/51  | 262879  |
| 110000 | &nbsp;&nbsp;&nbsp; 5.700% due 5/15/54  | 108756  |
| 185000 | &nbsp;&nbsp;&nbsp; 5.500% due 3/15/55  | 177666  |
| 934152 | Consumers 2023 Securitization Funding LLC, Senior Secured Notes, 5.550% due 3/1/28  | 941795  |
| 96000 | Consumers Energy Co., 1st Mortgage Notes, 4.500% due 1/15/31  | 96898  |
|  | Dominion Energy Inc., Senior Unsecured Notes:<br>|  |
| 160000 | &nbsp;&nbsp;&nbsp; 4.600% due 5/15/28  | 161771  |
| 3100000 | &nbsp;&nbsp;&nbsp; 3.375% due 4/1/30  | 2974608  |
| 435000 | &nbsp;&nbsp;&nbsp; 5.000% due 6/15/30  | 446878  |
| 212000 | DTE Energy Co., Senior Unsecured Notes, 5.850% due 6/1/34  | 222626  |
| 480000 | Duke Energy Carolinas LLC, 1st Mortgage Notes, 5.300% due 2/15/40  | 480839  |
|  | Duke Energy Corp., Senior Unsecured Notes:<br>|  |
| 705000 | &nbsp;&nbsp;&nbsp; 2.550% due 6/15/31  | 634518  |
| 85000 | &nbsp;&nbsp;&nbsp; 5.450% due 6/15/34  | 87748  |
| 175000 | &nbsp;&nbsp;&nbsp; 5.000% due 8/15/52  | 152639  |
| 272000 | &nbsp;&nbsp;&nbsp; 5.800% due 6/15/54  | 265098  |
| 180000 | Duke Energy Ohio Inc., 1st Mortgage Notes, 5.550% due 3/15/54  | 174768  |
|  | Duke Energy Progress LLC, 1st Mortgage Notes:<br>|  |
| 270000 | &nbsp;&nbsp;&nbsp; 5.050% due 3/15/35  | 272507  |
| 215000 | &nbsp;&nbsp;&nbsp; 5.550% due 3/15/55  | 209192  |

---

See Notes to Financial Statements.

173<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Utilities – (continued)**  | **Utilities – (continued)**  | **Utilities – (continued)**  |
|  | Edison International, Senior Unsecured Notes:<br>|  |
| $310000 | &nbsp;&nbsp;&nbsp; 6.250% due 3/15/30  | $322468  |
| 35000 | &nbsp;&nbsp;&nbsp; 5.250% due 3/15/32  | 34425  |
| 62060 | &nbsp;&nbsp;&nbsp; Empresa Electrica Cochrane SpA, Senior Secured Notes, 5.500% due <br>5/14/27  | 61047  |
| 200000 | Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 4.375% due 2/15/31  | 182098  |
| 200000 | Energuate Trust, Company Guaranteed Notes, 5.875% due 5/3/27  | 200102  |
| 81000 | Entergy Arkansas LLC, 1st Mortgage Notes, 5.750% due 6/1/54  | 80641  |
| 151000 | &nbsp;&nbsp;&nbsp; Entergy Corp., Junior Subordinated Notes, 7.125% (5-Year CMT <br>Index + 2.670%) due 12/1/54<sup>(d)</sup>  | 157259  |
| 111000 | Entergy Louisiana LLC, 1st Mortgage Notes, 4.750% due 9/15/52  | 95327  |
| 164000 | Evergy Kansas Central Inc., 1st Mortgage Notes, 5.700% due 3/15/53  | 161315  |
|  | Eversource Energy, Senior Unsecured Notes:<br>|  |
| 370000 | &nbsp;&nbsp;&nbsp; 5.125% due 5/15/33  | 371161  |
| 392000 | &nbsp;&nbsp;&nbsp; 5.500% due 1/1/34  | 400699  |
| 198101 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, Senior Secured Notes, 7.250% due 1/31/41<sup>(b)</sup>  | 203397  |
| 85000 | FirstEnergy Corp., Senior Unsecured Notes, 3.900% due 7/15/27  | 84379  |
| 1945000 | Florida Power & Light Co., 1st Mortgage Notes, 5.300% due 6/15/34  | 2011332  |
|  | Georgia Power Co., Senior Unsecured Notes:<br>|  |
| 365000 | &nbsp;&nbsp;&nbsp; 4.550% due 3/15/30  | 370798  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.200% due 3/15/35  | 203012  |
| 315000 | Interstate Power & Light Co., Senior Unsecured Notes, 5.600% due 6/29/35 | 325701  |
| 220000 | ITC Holdings Corp., Senior Unsecured Notes, 2.950% due 5/14/30<sup>(b)</sup>  | 206731  |
| 80000 | Jersey Central Power & Light Co., Senior Unsecured Notes, 5.100% due 1/15/35  | 79931  |
| 284000 | JSW Hydro Energy Ltd., Senior Secured Notes, 4.125% due 5/18/31  | 266423  |
| 68000 | Kentucky Utilities Co., 1st Mortgage Notes, 5.850% due 8/15/55  | 67506  |
| 65000 | Lightning Power LLC, Senior Secured Notes, 7.250% due 8/15/32<sup>(b)</sup>  | 68955  |
| 219436 | Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due 12/6/32  | 220882  |
| 169400 | Mong Duong Finance Holdings BV, Senior Secured Notes, 5.125% due 5/7/29  | 167305  |
| 30000 | Monongahela Power Co., 1st Mortgage Notes, 5.850% due 2/15/34<sup>(b)</sup>  | 31548  |
| 67000 | National Fuel Gas Co., Senior Unsecured Notes, 5.950% due 3/15/35  | 69115  |
| 2960000 | National Rural Utilities Cooperative Finance Corp., Collateral Trust, 5.000% due 8/15/34  | 2987980  |
| 735000 | NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.250% due 6/1/30  | 670065  |
| 160000 | Niagara Mohawk Power Corp., Senior Unsecured Notes, 4.647% due 10/3/30<sup>(b)</sup>  | 160695  |
| 73000 | &nbsp;&nbsp;&nbsp; NiSource Inc., Junior Subordinated Notes, 6.950% (5-Year CMT <br>Index + 2.451%) due 11/30/54<sup>(d)</sup>  | 75905  |

---

See Notes to Financial Statements.

174<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Utilities – (continued)**  | **Utilities – (continued)**  | **Utilities – (continued)**  |
|  | NiSource Inc., Senior Unsecured Notes:<br>|  |
| $259000 | &nbsp;&nbsp;&nbsp; 3.600% due 5/1/30  | $250982  |
| 227000 | &nbsp;&nbsp;&nbsp; 5.350% due 4/1/34  | 232192  |
| 205000 | &nbsp;&nbsp;&nbsp; 5.350% due 7/15/35  | 207013  |
| 132000 | &nbsp;&nbsp;&nbsp; 5.850% due 4/1/55  | 129798  |
| 60000 | NRG Energy Inc., Company Guaranteed Notes, 6.000% due 2/1/33<sup>(b)</sup>  | 60808  |
|  | NSTAR Electric Co., Senior Unsecured Notes:<br>|  |
| 95000 | &nbsp;&nbsp;&nbsp; 5.400% due 6/1/34  | 98195  |
| 195000 | &nbsp;&nbsp;&nbsp; 5.200% due 3/1/35  | 198048  |
| 110000 | Oglethorpe Power Corp., 1st Mortgage Notes, 5.050% due 10/1/48  | 97650  |
|  | Ohio Edison Co., Senior Unsecured Notes:<br>|  |
| 125000 | &nbsp;&nbsp;&nbsp; 4.950% due 12/15/29<sup>(b)</sup>  | 127756  |
| 70000 | &nbsp;&nbsp;&nbsp; 5.500% due 1/15/33<sup>(b)</sup>  | 72175  |
| 455000 | Ohio Power Co., Senior Unsecured Notes, 5.000% due 6/1/33  | 457641  |
| 245000 | Oncor Electric Delivery Co. LLC, Senior Secured Notes, 5.350% due 4/1/35<sup>(b)</sup>  | 251863  |
| 200000 | Orazul Energy Peru SA, Company Guaranteed Notes, 5.625% due 4/28/27 | 199400  |
|  | Pacific Gas & Electric Co., 1st Mortgage Notes:<br>|  |
| 885000 | &nbsp;&nbsp;&nbsp; 2.500% due 2/1/31  | 784850  |
| 340000 | &nbsp;&nbsp;&nbsp; 6.150% due 1/15/33  | 357194  |
| 225000 | &nbsp;&nbsp;&nbsp; 6.950% due 3/15/34  | 246488  |
| 35000 | &nbsp;&nbsp;&nbsp; 5.800% due 5/15/34  | 35789  |
| 112000 | &nbsp;&nbsp;&nbsp; 3.300% due 8/1/40  | 82826  |
| 95000 | &nbsp;&nbsp;&nbsp; 4.750% due 2/15/44  | 78687  |
| 61000 | &nbsp;&nbsp;&nbsp; 4.950% due 7/1/50  | 50509  |
| 85000 | &nbsp;&nbsp;&nbsp; 3.500% due 8/1/50  | 55749  |
| 218000 | &nbsp;&nbsp;&nbsp; 6.750% due 1/15/53  | 225037  |
| 213000 | &nbsp;&nbsp;&nbsp; 5.900% due 10/1/54  | 199170  |
| 66000 | &nbsp;&nbsp;&nbsp; 6.150% due 3/1/55  | 63865  |
| 280000 | Pacific Gas & Electric Co., Senior Secured Notes, 3.250% due 6/1/31  | 256750  |
| 200000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured Notes, 4.125% due 5/15/27  | 199254  |
| 65000 | Pike Corp., Senior Unsecured Notes, 8.625% due 1/31/31<sup>(b)</sup>  | 69558  |
|  | Pinnacle West Capital Corp., Senior Unsecured Notes:<br>|  |
| 182000 | &nbsp;&nbsp;&nbsp; 4.900% due 5/15/28  | 184719  |
| 267000 | &nbsp;&nbsp;&nbsp; 5.150% due 5/15/30  | 274677  |
| 109000 | PSEG Power LLC, Senior Unsecured Notes, 5.200% due 5/15/30<sup>(b)</sup>  | 112151  |
| 265000 | Public Service Co. of Oklahoma, Senior Unsecured Notes, 5.200% due 1/15/35  | 265734  |
|  | Public Service Enterprise Group Inc., Senior Unsecured Notes:<br>|  |
| 435000 | &nbsp;&nbsp;&nbsp; 4.900% due 3/15/30  | 444759  |
| 40000 | &nbsp;&nbsp;&nbsp; 6.125% due 10/15/33  | 42896  |
| 620000 | &nbsp;&nbsp;&nbsp; 5.400% due 3/15/35  | 632773  |

---

See Notes to Financial Statements.

175<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Utilities – (continued)**  | **Utilities – (continued)**  | **Utilities – (continued)**  |
|  | Puget Energy Inc., Senior Secured Notes:<br>|  |
| $75000 | &nbsp;&nbsp;&nbsp; 4.100% due 6/15/30  | $73117  |
| 760000 | &nbsp;&nbsp;&nbsp; 5.725% due 3/15/35  | 773037  |
| 200000 | Saavi Energia SARL, Senior Unsecured Notes, 8.875% due 2/10/35<sup>(b)</sup>  | 212000  |
| 245000 | San Diego Gas & Electric Co., 1st Mortgage Notes, 5.400% due 4/15/35  | 251109  |
|  | Southern California Edison Co., 1st Mortgage Notes:<br>|  |
| 360000 | &nbsp;&nbsp;&nbsp; 5.950% due 11/1/32  | 378699  |
| 255000 | &nbsp;&nbsp;&nbsp; 5.200% due 6/1/34  | 253682  |
| 130000 | &nbsp;&nbsp;&nbsp; 4.650% due 10/1/43  | 109341  |
| 5000 | &nbsp;&nbsp;&nbsp; 4.000% due 4/1/47  | 3718  |
| 440000 | &nbsp;&nbsp;&nbsp; 4.125% due 3/1/48  | 332277  |
| 65000 | &nbsp;&nbsp;&nbsp; 5.700% due 3/1/53  | 59875  |
| 5000 | &nbsp;&nbsp;&nbsp; 5.875% due 12/1/53  | 4748  |
| 192000 | &nbsp;&nbsp;&nbsp; 5.900% due 3/1/55  | 183343  |
| 60000 | &nbsp;&nbsp;&nbsp; 6.200% due 9/15/55  | 59619  |
|  | Southern California Gas Co., 1st Mortgage Notes:<br>|  |
| 5855000 | &nbsp;&nbsp;&nbsp; 5.750% due 6/1/53  | 5726104  |
| 65000 | &nbsp;&nbsp;&nbsp; 5.600% due 4/1/54  | 62819  |
| 430000 | &nbsp;&nbsp;&nbsp; 6.000% due 6/15/55  | 436079  |
| 51000 | &nbsp;&nbsp;&nbsp; Southern Co., Junior Subordinated Notes, 6.375% (5-Year CMT <br>Index + 2.069%) due 3/15/55<sup>(d)</sup>  | 53363  |
|  | Southern Co., Senior Unsecured Notes:<br>|  |
| 65000 | &nbsp;&nbsp;&nbsp; 4.850% due 6/15/28  | 66301  |
| 45000 | &nbsp;&nbsp;&nbsp; 5.700% due 3/15/34  | 47123  |
| 130000 | &nbsp;&nbsp;&nbsp; 4.850% due 3/15/35  | 127640  |
| 193000 | Southwest Gas Corp., Senior Unsecured Notes, 2.200% due 6/15/30  | 174845  |
| 90000 | Southwestern Electric Power Co., Senior Unsecured Notes, 5.300% due 4/1/33  | 91430  |
| 169056 | Tierra Mojada Luxembourg II SARL, Senior Secured Notes, 5.750% due 12/1/40  | 162560  |
| 356000 | Trans-Allegheny Interstate Line Co., Senior Unsecured Notes, 5.000% due 1/15/31<sup>(b)</sup>  | 364708  |
| 15000 | Venture Global Plaquemines LNG LLC, Senior Secured Notes, 7.500% due 5/1/33<sup>(b)</sup>  | 16453  |
|  | Virginia Electric & Power Co., Senior Unsecured Notes:<br>|  |
| 130000 | &nbsp;&nbsp;&nbsp; 5.000% due 4/1/33  | 131821  |
| 510000 | &nbsp;&nbsp;&nbsp; 5.000% due 1/15/34  | 512400  |
| 145000 | &nbsp;&nbsp;&nbsp; 5.050% due 8/15/34  | 146274  |
| 25000 | &nbsp;&nbsp;&nbsp; 4.200% due 5/15/45  | 20458  |
| 105000 | &nbsp;&nbsp;&nbsp; 5.350% due 1/15/54  | 97839  |
| 71000 | &nbsp;&nbsp;&nbsp; 5.550% due 8/15/54  | 68388  |
| 155000 | &nbsp;&nbsp;&nbsp; 5.650% due 3/15/55  | 151646  |
| 115000 | &nbsp;&nbsp;&nbsp; Wisconsin Power & Light Co., Senior Unsecured Notes, 5.375% due <br>3/30/34  | 118757  |

---

See Notes to Financial Statements.

176<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Utilities – (continued)**  | **Utilities – (continued)**  | **Utilities – (continued)**  |
|  | Xcel Energy Inc., Senior Unsecured Notes:<br>|  |
| $180000 | &nbsp;&nbsp;&nbsp; 4.600% due 6/1/32  | $177238  |
| 365000 | &nbsp;&nbsp;&nbsp; 5.600% due 4/15/35  | 373115  |
|  | Total Utilities | 42046930  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost – $273,842,835)** | **272427799**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – 16.2%**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – 16.2%**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – 16.2%**  |
| **Asset Backed Securities – 0.5%**  | **Asset Backed Securities – 0.5%**  | **Asset Backed Securities – 0.5%**  |
| 193701 | &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust, Series 2021-MH1, Class A1, 1.753% due <br>2/25/46<sup>(b)</sup>  | 175691  |
|  | FMC GMSR Issuer Trust:<br>|  |
| 4000000 | &nbsp;&nbsp;&nbsp; Series 2021-GT1, Class A, 3.620% due 7/25/26<sup>(b)(d)</sup>  | 3834507  |
| 3420000 | &nbsp;&nbsp;&nbsp; Series 2021-GT2, Class A, 3.850% due 10/25/26<sup>(b)(d)</sup>  | 3272532  |
|  | Total Asset Backed Securities | 7282730  |
| **Mortgage Securities – 15.7%**  | **Mortgage Securities – 15.7%**  | **Mortgage Securities – 15.7%**  |
| 130000 | 1345T, Series 2025-AOA, Class A, 5.963% (1-Month TSFR + 1.600%) due 6/15/42<sup>(b)(d)</sup>  | 130528  |
| 220000 | &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 5.538% <br>(1-Month TSFR + 1.180%) due 9/15/34<sup>(b)(d)</sup> | 218350  |
| 260000 | ACRES LLC, Series 2025-FL3, Class A, 5.939% (1-Month TSFR + 1.619%) due 8/18/40<sup>(b)(d)</sup>  | 260466  |
| 171032 | Ajax Mortgage Loan Trust, Series 2021-C, Class A, step bond to yield, 5.115% due 1/25/61<sup>(b)</sup>  | 171201  |
|  | Alternative Loan Trust:<br>|  |
| 477335 | &nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 1A7, 5.500% due 8/25/35  | 408201  |
| 4064904 | &nbsp;&nbsp;&nbsp; Series 2005-7CB, Class 2A2, 0.613% (1-Month TSFR + 4.936%) due 3/1/38<sup>(d)(i)</sup> | 244975  |
| 4064904 | &nbsp;&nbsp;&nbsp; Series 2005-7CB, Class 2A5, 4.887% (1-Month TSFR + 0.564%) due 3/1/38<sup>(d)</sup> | 2984839  |
| 3405180 | &nbsp;&nbsp;&nbsp; Series 2006-OA2, Class A1, 4.875% (1-Month TSFR + 0.534%) due 5/20/46<sup>(d)</sup>  | 3022889  |
| 1815522 | &nbsp;&nbsp;&nbsp; Series 2007-4CB, Class 1A1, 5.037% (1-Month TSFR + 0.714%) due 4/25/37<sup>(d)</sup> | 1384448  |
| 6372703 | &nbsp;&nbsp;&nbsp; Series 2007-9T1, Class 2A2, 6.000% due 5/25/37  | 2630789  |
|  | Angel Oak Mortgage Trust:<br>|  |
| 284309 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.909% due 1/25/66(b)(d)  | 248032  |
| 261275 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.985% due 4/25/66(b)(d)  | 225499  |
| 498431 | &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.068% due 5/25/66(b)(d)  | 428702  |
| 422606 | &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.035% due 1/20/65(b)(d)  | 357204  |
| 599066 | &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 0.951% due 7/25/66(b)(d)  | 523809  |
| 994302 | &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.458% due 9/25/66(b)(d)  | 846811  |
| 1135839 | &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, step bond to yield, 2.881% due 12/25/66(b)  | 1066639  |
| 260000 | Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, 5.694% (1-Month TSFR + 1.354%) due 8/20/42<sup>(b)(d)</sup>  | 259674  |

---

See Notes to Financial Statements.

177<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| $130000 | &nbsp;&nbsp;&nbsp; ARDN Mortgage Trust, Series 2025-ARCP, Class A, 6.113% (1-Month <br>TSFR + 1.750%) due 6/15/35<sup>(b)(d)</sup>  | $129831  |
| 82600 | AREIT Ltd., Series 2024-CRE9, Class A, 6.050% (1-Month TSFR + 1.686%) due 5/17/41<sup>(b)(d)</sup>  | 82596  |
|  | BANK:<br>|  |
| 9688741 | &nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class XA, 1.487% due 5/15/50<sup>(d)(i)</sup>  | 159982  |
| 14950564 | &nbsp;&nbsp;&nbsp; Series 2018-BN10, Class XA, 0.828% due 2/15/61<sup>(d)(i)</sup>  | 206980  |
| 6404223 | &nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, 0.524% due 2/15/55<sup>(d)(i)</sup>  | 145676  |
| 1675272 | &nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, 1.205% due 2/15/56<sup>(d)(i)</sup>  | 90468  |
| 3454632 | &nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, 1.042% due 6/15/57<sup>(d)(i)</sup>  | 195461  |
| 3863987 | &nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, 1.350% due 10/15/57<sup>(d)(i)</sup>  | 316179  |
|  | BANK5:<br>|  |
| 1033182 | &nbsp;&nbsp;&nbsp; Series 2023-5YR4, Class XA, 1.258% due 12/15/56<sup>(d)(i)</sup> | 28399  |
| 12259168 | &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class XA, 1.126% due 8/15/57<sup>(d)(i)</sup> | 376202  |
| 360000 | &nbsp;&nbsp;&nbsp; Series 2024-5YR9, Class A3, 5.614% due 8/15/57  | 375763  |
| 180000 | &nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class AS, 5.762% due 7/15/58  | 187137  |
| 343000 | &nbsp;&nbsp;&nbsp; Series 2025-5YR16, Class AS, 5.751% due 8/15/63<sup>(d)</sup> | 355747  |
| 270000 | BANK5 Trust, Series 2024-5YR6, Class A3, 6.225% due 5/15/57  | 285790  |
|  | BBCMS Mortgage Trust:<br>|  |
| 1419837 | &nbsp;&nbsp;&nbsp; Series 2020-C7, Class XA, 1.705% due 4/15/53<sup>(d)(i)</sup>  | 66488  |
| 305000 | &nbsp;&nbsp;&nbsp; Series 2022-C15, Class A5, 3.662% due 4/15/55<sup>(d)</sup>  | 283205  |
| 362000 | &nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3, 5.208% due 9/15/57  | 372740  |
| 2488268 | &nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, 1.864% due 2/15/57<sup>(d)(i)</sup>  | 240337  |
| 3675948 | &nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, 1.241% due 5/15/57<sup>(d)(i)</sup>  | 265338  |
| 2423616 | &nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, 1.327% due 9/15/57<sup>(d)(i)</sup>  | 185422  |
| 1958402 | &nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, 1.356% due 2/15/62<sup>(d)(i)</sup>  | 164734  |
| 360000 | BDS LLC, Series 2024-FL13, Class A, 5.929% (1-Month TSFR + 1.576%) due 9/19/39<sup>(b)(d)</sup>  | 361794  |
| 1741896 | Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 4.505% due 2/25/36<sup>(d)</sup> | 1233263  |
|  | Benchmark Mortgage Trust:<br>|  |
| 2343809 | &nbsp;&nbsp;&nbsp; Series 2020-B22, Class XA, 1.614% due 1/15/54<sup>(d)(i)</sup>  | 149339  |
| 2375000 | &nbsp;&nbsp;&nbsp; Series 2022-B35, Class A5, 4.591% due 5/15/55<sup>(d)</sup>  | 2316970  |
| 6199505 | &nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, 0.722% due 7/15/56<sup>(d)(i)</sup>  | 224896  |
| 1697169 | &nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, 1.428% due 12/15/56<sup>(d)(i)</sup>  | 96236  |
| 358000 | &nbsp;&nbsp;&nbsp; Series 2024-V9, Class A3, 5.602% due 8/15/57  | 372896  |
| 180000 | &nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3, 5.439% due 8/15/58<sup>(d)</sup>  | 187586  |
|  | BFLD Trust:<br>|  |
| 130000 | &nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class C, 6.463% (1-Month TSFR + 2.100%) due 6/15/42<sup>(b)(d)</sup>  | 129972  |
| 170000 | &nbsp;&nbsp;&nbsp; Series 2025-FPM, Class A, 5.011% due 10/10/30<sup>(b)(d)</sup>  | 170791  |
| 283717 | BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.034% due 6/25/56<sup>(b)(d)</sup>  | 258114  |

---

See Notes to Financial Statements.

178<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
|  | BMO Mortgage Trust:<br>|  |
| $7277490 | &nbsp;&nbsp;&nbsp; Series 2024-5C5, Class XA, 1.392% due 2/15/57<sup>(d)(i)</sup> | $281999  |
| 361000 | &nbsp;&nbsp;&nbsp; Series 2024-5C6, Class A3, 5.316% due 9/15/57  | 371953  |
| 232000 | &nbsp;&nbsp;&nbsp; Series 2024-5C7, Class AS, 5.888% due 11/15/57<sup>(d)</sup> | 240781  |
| 3406285 | &nbsp;&nbsp;&nbsp; Series 2024-C9, Class XA, 1.078% due 7/15/57<sup>(d)(i)</sup>  | 217584  |
| 1410000 | BOCA Commercial Mortgage Trust, Series 2024-BOCA, Class A, 6.284% (1-Month TSFR + 1.921%) due 8/15/41<sup>(b)(d)</sup>  | 1416169  |
| 620000 | BPR Trust, Series 2024-PMDW, Class A, 5.358% due 11/5/41<sup>(b)(d)</sup>  | 632792  |
| 135657 | BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.941% due 2/25/49<sup>(b)(d)</sup>  | 127073  |
| 357000 | BRSP Ltd., Series 2024-FL2, Class A, 6.299% (1-Month TSFR + 1.945%) due 8/19/37<sup>(b)(d)</sup>  | 356979  |
| 695000 | BWAY Trust, Series 2025-1535, Class A, 6.519% due 5/5/42(b)(d)  | 722141  |
|  | BX:<br>|  |
| 175000 | &nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class D, 5.977% (1-Month TSFR + 1.614%) due 1/15/34<sup>(b)(d)</sup>  | 175055  |
| 3375000 | &nbsp;&nbsp;&nbsp; Series 2024-PALM, Class B, 6.154% (1-Month TSFR + 1.791%) due 6/15/37<sup>(b)(d)</sup>  | 3359831  |
|  | BX Commercial Mortgage Trust:<br>|  |
| 80330 | &nbsp;&nbsp;&nbsp; Series 2021-21M, Class A, 5.207% (1-Month TSFR + 0.844%) due 10/15/36(b)(d)  | 80305  |
| 96883 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class E, 6.478% (1-Month TSFR + 2.114%) due 9/15/36<sup>(b)(d)</sup>  | 96489  |
| 148744 | &nbsp;&nbsp;&nbsp; Series 2021-XL2, Class A, 5.166% (1-Month TSFR + 0.803%) due 10/15/38<sup>(b)(d)</sup>  | 148698  |
| 205507 | &nbsp;&nbsp;&nbsp; Series 2022-LP2, Class A, 5.376% (1-Month TSFR + 1.013%) due 2/15/39<sup>(b)(d)</sup>  | 205507  |
| 2288850 | &nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class B, 6.204% (1-Month TSFR + 1.841%) due 5/15/41<sup>(b)(d)</sup>  | 2294572  |
| 2400000 | &nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, 5.730% (1-Month TSFR + 1.380%) due 8/15/42<sup>(b)(d)</sup>  | 2402250  |
| 130000 | &nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C, 6.250% (1-Month TSFR + 1.900%) due 8/15/42<sup>(b)(d)</sup>  | 130325  |
|  | BX Trust:<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 4.075% due 12/9/41<sup>(b)(d)</sup>  | 184379  |
| 280000 | &nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 6.453% (1-Month TSFR + 2.090%) due 3/15/41<sup>(b)(d)</sup>  | 280525  |
| 182000 | BXP Trust, Series 2017-GM, Class B, 3.539% due 6/13/39<sup>(b)(d)</sup>  | 176549  |
| 15231685 | CD Mortgage Trust, Series 2017-CD4, Class XA, 1.370% due 5/10/50<sup>(d)(i)</sup> | 209670  |
| 240000 | CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, 5.352% (1-Month TSFR + 0.988%) due 2/15/39<sup>(b)(d)</sup>  | 236447  |
| 326000 | CENT, Series 2025-CITY, Class A, 5.091% due 7/10/40<sup>(b)(d)</sup>  | 330292  |
| 738425 | CIM Trust, Series 2021-R6, Class A1, 1.425% due 7/25/61<sup>(b)(d)</sup>  | 668234  |

---

See Notes to Financial Statements.

179<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
|  | Citigroup Commercial Mortgage Trust:<br>|  |
| $234319 | &nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4, 3.762% due 6/10/48  | $230150  |
| 24674670 | &nbsp;&nbsp;&nbsp; Series 2015-GC35, Class XA, 0.830% due 11/10/48<sup>(d)(i)</sup>  | 27048  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2016-P4, Class B, 3.377% due 7/10/49  | 376497  |
| 170000 | &nbsp;&nbsp;&nbsp; Series 2020-555, Class A, 2.647% due 12/10/41(b)  | 153662  |
| 2195000 | &nbsp;&nbsp;&nbsp; Series 2023-SMRT, Class B, 6.048% due 10/12/40<sup>(b)(d)</sup>  | 2243064  |
|  | COLT Mortgage Loan Trust:<br>|  |
| 405290 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.910% due 6/25/66<sup>(b)(d)</sup> | 351697  |
| 422173 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.924% due 8/25/66<sup>(b)(d)</sup>  | 358290  |
| 761263 | &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 0.956% due 9/27/66<sup>(b)(d)</sup>  | 639725  |
| 1091148 | &nbsp;&nbsp;&nbsp; Series 2021-HX1, Class A1, 1.110% due 10/25/66<sup>(b)(d)</sup>  | 946052  |
| 1060090 | &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.284% due 12/27/66<sup>(b)(d)</sup>  | 967874  |
|  | Commercial Mortgage Trust:<br>|  |
| 203000 | &nbsp;&nbsp;&nbsp; Series 2022-HC, Class A, 2.819% due 1/10/39<sup>(b)</sup>  | 194110  |
| 300000 | &nbsp;&nbsp;&nbsp; Series 2022-HC, Class C, 3.376% due 1/10/39<sup>(b)</sup>  | 281467  |
| 370000 | &nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 6.338% due 8/10/44<sup>(b)</sup> | 391004  |
| 255000 | &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.867% due 12/10/41<sup>(b)(d)</sup>  | 259748  |
| 230000 | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, 6.148% (SOFR30A + 1.800%) due 2/25/44<sup>(b)(d)</sup>  | 231867  |
|  | Credit Suisse Commercial Mortgage Capital Trust:<br>|  |
| 967532 | &nbsp;&nbsp;&nbsp; Series 2018-RPL9, Class A, 3.850% due 9/25/57<sup>(b)(d)</sup>  | 934766  |
| 325839 | &nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 0.830% due 3/25/56<sup>(b)(d)</sup>  | 268589  |
| 405819 | &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A1, 0.938% due 5/25/66<sup>(b)(d)</sup>  | 343714  |
| 2434122 | &nbsp;&nbsp;&nbsp; Series 2021-RPL3, Class A1, 2.000% due 1/25/60<sup>(b)(d)</sup>  | 2162055  |
| 284754 | &nbsp;&nbsp;&nbsp; Series 2021-RPL4, Class A1, 4.134% due 12/27/60<sup>(b)(d)</sup>  | 283885  |
| 1293295 | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6, 5.500% due 10/25/35  | 630797  |
|  | CSMC:<br>|  |
| 775805 | &nbsp;&nbsp;&nbsp; Series 2010-8R, Class 5A11, 5.662% due 2/26/37<sup>(b)(d)</sup>  | 775080  |
| 163601 | &nbsp;&nbsp;&nbsp; Series 2021-B33, Class A1, 3.053% due 10/10/43<sup>(b)</sup>  | 155939  |
| 113859 | &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.809% due 5/25/65<sup>(b)(d)</sup>  | 103481  |
| 546369 | &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.179% due 2/25/66<sup>(b)(d)</sup>  | 490383  |
| 634208 | &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, 1.101% due 5/25/66<sup>(b)(d)</sup>  | 553114  |
| 494002 | &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A1, 1.841% due 10/25/66<sup>(b)(d)</sup>  | 448082  |
|  | Csmc Trust:<br>|  |
| 1033506 | &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class A1, 1.174% due 7/25/66<sup>(b)(d)</sup>  | 885176  |
| 1258737 | &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.265% due 11/25/66<sup>(b)(d)</sup>  | 1156971  |
|  | DBJPM Mortgage Trust:<br>|  |
| 21195000 | &nbsp;&nbsp;&nbsp; Series 2017-C6, Class XB, 0.381% due 6/10/50<sup>(d)(i)</sup>  | 109953  |
| 1764397 | &nbsp;&nbsp;&nbsp; Series 2020-C9, Class XA, 1.699% due 9/15/53<sup>(d)(i)</sup>  | 82061  |
| 300000 | DC Trust, Series 2024-HLTN, Class A, 5.933% due 4/13/40<sup>(b)(d)</sup>  | 303598  |
|  | Deephaven Residential Mortgage Trust:<br>|  |
| 65093 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.715% due 5/25/65<sup>(b)(d)</sup>  | 62142  |
| 170266 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.899% due 4/25/66<sup>(b)(d)</sup>  | 151335  |

---

See Notes to Financial Statements.

180<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| $180000 | Del Amo Fashion Center Trust, Series 2017-AMO, Class A, 3.757% due 6/5/35<sup>(b)(d)</sup>  | $173578  |
| 3589501 | DSLA Mortgage Loan Trust, Series 2005-AR4, Class 1A, 4.985% (1-Month TSFR + 0.634%) due 8/19/45<sup>(d)</sup>  | 2771414  |
| 180000 | Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% due 8/10/42<sup>(b)(d)</sup>  | 183300  |
|  | Ellington Financial Mortgage Trust:<br>|  |
| 68569 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.797% due 2/25/66<sup>(b)(d)</sup>  | 60070  |
| 186669 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.931% due 6/25/66<sup>(b)(d)</sup>  | 157235  |
| 698967 | &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.241% due 9/25/66<sup>(b)(d)</sup>  | 584807  |
| 573478 | &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.206% due 1/25/67<sup>(b)(d)</sup>  | 506646  |
| 306322 | Extended Stay America Trust, Series 2021-ESH, Class A, 5.557% (1-Month TSFR + 1.194%) due 7/15/38<sup>(b)(d)</sup>  | 306227  |
|  | Federal Home Loan Mortgage Corp. (FHLMC). REMICS:<br>|  |
| 3952231 | &nbsp;&nbsp;&nbsp; Series 4223, Class SB, 0.049% (SOFR30A + 5.293%) due 7/15/43<sup>(d)</sup>  | 2717675  |
| 541920 | &nbsp;&nbsp;&nbsp; Series 4447, Class IO, 5.000% due 3/15/45<sup>(i)</sup>  | 111209  |
| 631912 | &nbsp;&nbsp;&nbsp; Series 4504, Class DZ, 3.500% due 8/15/45  | 596785  |
| 141011 | &nbsp;&nbsp;&nbsp; Series 4518, Class CZ, 3.500% due 10/15/45  | 131791  |
| 161375 | &nbsp;&nbsp;&nbsp; Series 4751, Class PL, 3.000% due 12/15/47  | 126323  |
| 3432927 | &nbsp;&nbsp;&nbsp; Series 4892, Class ES, 1.687% (SOFR30A + 6.036%) due 7/25/45<sup>(d)(i)</sup>  | 402614  |
| 7278947 | &nbsp;&nbsp;&nbsp; Series 4957, Class PB, 2.500% due 3/25/50  | 6150424  |
| 299677 | &nbsp;&nbsp;&nbsp; Series 5018, Class LW, 1.000% due 10/25/40  | 244010  |
| 10026310 | &nbsp;&nbsp;&nbsp; Series 5068, Class UZ, 2.500% due 1/25/51  | 6256266  |
| 634255 | &nbsp;&nbsp;&nbsp; Series 5083, Class AI, 2.500% due 3/25/51<sup>(i)</sup>  | 95192  |
| 1255841 | &nbsp;&nbsp;&nbsp; Series 5092, Class WI, 2.500% due 4/25/36<sup>(i)</sup>  | 112005  |
| 5471373 | &nbsp;&nbsp;&nbsp; Series 5131, Class IG, 3.500% due 8/25/51<sup>(i)</sup>  | 1005627  |
| 730022 | &nbsp;&nbsp;&nbsp; Series 5169, Class IO, 3.000% due 9/25/51<sup>(i)</sup>  | 118400  |
| 605161 | &nbsp;&nbsp;&nbsp; Series 5178, Class IO, 4.000% due 3/25/45<sup>(i)</sup>  | 100529  |
| 467066 | &nbsp;&nbsp;&nbsp; Series 5201, Class PA, 2.500% due 3/25/52  | 420582  |
| 1285131 | &nbsp;&nbsp;&nbsp; Series 5537, Class CS, 1.402% (SOFR30A + 5.750%) due 5/25/55<sup>(d)(i)</sup>  | 92235  |
|  | Federal National Mortgage Association (FNMA), Aces:<br>|  |
| 30150088 | &nbsp;&nbsp;&nbsp; Series 2020-M12, Class IO, 1.406% due 7/25/29<sup>(d)(i)</sup>  | 1070295  |
| 9090810 | &nbsp;&nbsp;&nbsp; Series 2020-M15, Class X1, 1.563% due 9/25/31<sup>(d)(i)</sup>  | 551633  |
| 20577185 | &nbsp;&nbsp;&nbsp; Series 2020-M7, Class X2, 1.328% due 3/25/31<sup>(d)(i)</sup>  | 852068  |
| 4219616 | &nbsp;&nbsp;&nbsp; Series 2022-M4, Class A1X, 2.540% due 5/25/30<sup>(d)</sup>  | 4020489  |
| 6597218 | &nbsp;&nbsp;&nbsp; Series 2022-M5, Class A1, 2.422% due 1/1/34<sup>(d)</sup>  | 6213629  |
| 6844000 | &nbsp;&nbsp;&nbsp; Series 2025-M1, Class A2, 4.700% due 1/25/35<sup>(d)</sup>  | 6844125  |
|  | Federal National Mortgage Association (FNMA), Interest Strip:<br>|  |
| 1073467 | &nbsp;&nbsp;&nbsp; Series 426, Class C38, 2.000% due 3/25/52<sup>(i)</sup>  | 137038  |
| 874149 | &nbsp;&nbsp;&nbsp; Series 429, Class C3, 2.500% due 9/25/52<sup>(i)</sup>  | 138437  |
| 892004 | &nbsp;&nbsp;&nbsp; Series 437, Class C8, 2.500% due 6/25/52<sup>(i)</sup>  | 144207  |
|  | Federal National Mortgage Association (FNMA), REMICS:<br>|  |
| 471000 | &nbsp;&nbsp;&nbsp; Series 2011-142, Class PE, 3.500% due 1/25/42  | 446003  |
| 97028 | &nbsp;&nbsp;&nbsp; Series 2011-51, Class TO, 0.000% due 6/25/41<sup>(j)</sup> | 73564  |

---

See Notes to Financial Statements.

181<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| $107457 | &nbsp;&nbsp;&nbsp; Series 2013-2, Class MA, 3.500% due 2/25/43  | $102778  |
| 795041 | &nbsp;&nbsp;&nbsp; Series 2013-72, Class IW, 3.500% due 7/25/33<sup>(i)</sup>  | 55082  |
| 567838 | &nbsp;&nbsp;&nbsp; Series 2014-95, Class ZC, 3.000% due 1/25/45  | 518757  |
| 333774 | &nbsp;&nbsp;&nbsp; Series 2015-55, Class PD, 2.500% due 3/25/43  | 327373  |
| 446329 | &nbsp;&nbsp;&nbsp; Series 2016-3, Class MI, 5.500% due 2/25/46<sup>(i)</sup>  | 60832  |
| 542719 | &nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ, 3.000% due 7/25/46  | 482970  |
| 835058 | &nbsp;&nbsp;&nbsp; Series 2017-105, Class ZE, 3.000% due 1/25/48  | 657523  |
| 729630 | &nbsp;&nbsp;&nbsp; Series 2017-22, Class BZ, 3.500% due 4/25/47  | 679562  |
| 324408 | &nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, 3.000% due 6/25/50<sup>(i)</sup>  | 52301  |
| 584093 | &nbsp;&nbsp;&nbsp; Series 2020-37, Class IM, 4.000% due 6/25/50<sup>(i)</sup>  | 118553  |
| 494549 | &nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, 5.500% due 10/25/50<sup>(i)</sup>  | 86502  |
| 629521 | &nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, 4.000% due 11/25/50<sup>(i)</sup>  | 124921  |
| 1462344 | &nbsp;&nbsp;&nbsp; Series 2020-99, Class KI, 1.500% due 11/25/35<sup>(i)</sup>  | 69618  |
| 841806 | &nbsp;&nbsp;&nbsp; Series 2021-3, Class NI, 2.500% due 2/25/51<sup>(i)</sup>  | 127444  |
| 837644 | &nbsp;&nbsp;&nbsp; Series 2021-3, Class TI, 2.500% due 2/25/51<sup>(i)</sup>  | 154683  |
| 822026 | &nbsp;&nbsp;&nbsp; Series 2021-95, Class GI, 3.000% due 1/25/52<sup>(i)</sup>  | 131287  |
| 10325522 | &nbsp;&nbsp;&nbsp; Series 2021-95, Class ZV, 2.500% due 1/25/52  | 5927618  |
| 707317 | &nbsp;&nbsp;&nbsp; Series 2022-3, Class PI, 3.000% due 1/25/52<sup>(i)</sup>  | 101013  |
| 291782 | &nbsp;&nbsp;&nbsp; Series 2022-5, Class AB, 2.000% due 3/25/50  | 244052  |
| 8022372 | &nbsp;&nbsp;&nbsp; Series 2023-36, Class IO, 2.500% due 10/25/52<sup>(i)</sup>  | 1265637  |
| 1308096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, 1.602% (SOFR30A + 5.950%) due <br>10/25/54<sup>(d)(i)</sup>  | 84672  |
| 840160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19, Class SC, 1.492% (SOFR30A + 5.840%) due <br>3/25/55<sup>(d)(i)</sup> | 56156  |
| 447160 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class BA, 5.500% due 3/25/52  | 451892  |
| 404910 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class DA, 5.500% due 4/25/52  | 409516  |
| 380892 | &nbsp;&nbsp;&nbsp; Series 2025-34, Class BA, 5.000% due 12/25/51  | 379445  |
|  | Freddie Mac Multifamily Structured Pass-Through Certificates:<br>|  |
| 101069625 | &nbsp;&nbsp;&nbsp; Series K064, Class X1, 0.724% due 3/25/27<sup>(d)(i)</sup>  | 735878  |
| 26382756 | &nbsp;&nbsp;&nbsp; Series K066, Class X1, 0.866% due 6/25/27<sup>(d)(i)</sup>  | 265595  |
| 2049154 | &nbsp;&nbsp;&nbsp; Series K118, Class X1, 1.043% due 9/25/30<sup>(d)(i)</sup>  | 80350  |
| 5035915 | &nbsp;&nbsp;&nbsp; Series K124, Class X1, 0.806% due 12/25/30<sup>(d)(i)</sup>  | 158587  |
| 53363853 | &nbsp;&nbsp;&nbsp; Series K125, Class X1, 0.668% due 1/25/31<sup>(d)(i)</sup>  | 1354994  |
| 30432853 | &nbsp;&nbsp;&nbsp; Series K129, Class X1, 1.136% due 5/25/31<sup>(d)(i)</sup>  | 1349058  |
| 27640847 | &nbsp;&nbsp;&nbsp; Series K130, Class X1, 1.141% due 6/25/31<sup>(d)(i)</sup> | 1346762  |
| 31263429 | &nbsp;&nbsp;&nbsp; Series K132, Class X1, 0.606% due 8/25/31<sup>(d)(i)</sup>  | 790067  |
| 5565000 | &nbsp;&nbsp;&nbsp; Series K-158, Class A2, 4.050% due 7/25/33  | 5440087  |
| 1770495 | &nbsp;&nbsp;&nbsp; Series K-162, Class X1, 0.570% due 12/25/33<sup>(d)(i)</sup>  | 51267  |
| 2994382 | &nbsp;&nbsp;&nbsp; Series K-164, Class X1, 0.470% due 5/25/34<sup>(d)(i)</sup>  | 72574  |
| 46096311 | &nbsp;&nbsp;&nbsp; Series K-165, Class X1, 0.785% due 9/25/34<sup>(d)(i)</sup>  | 2127137  |
| 1572775 | &nbsp;&nbsp;&nbsp; Series K-170, Class X1, 0.399% due 2/25/35<sup>(d)(i)</sup>  | 31513  |
| 2348442 | &nbsp;&nbsp;&nbsp; Series K753, Class X1, 0.401% due 10/25/30<sup>(d)(i)</sup>  | 30426  |
| 1500000 | &nbsp;&nbsp;&nbsp; Series Q001, Class A3, 3.815% due 2/25/32  | 1462141  |

---

See Notes to Financial Statements.

182<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
|  | Freddie Mac Seasoned Credit Risk Transfer Trust:<br>|  |
| $247733 | &nbsp;&nbsp;&nbsp; Series 2019-1, Class MA, 3.500% due 7/25/58  | $240532  |
| 547110 | &nbsp;&nbsp;&nbsp; Series 2020-1, Class MT, 2.500% due 8/25/59  | 449300  |
| 5340978 | &nbsp;&nbsp;&nbsp; Series 2020-2, Class MT, 2.000% due 11/25/59  | 4297903  |
| 4926561 | &nbsp;&nbsp;&nbsp; Series 2020-3, Class M5TW, 3.000% due 5/25/60  | 4412213  |
|  | Freddie Mac STACR REMIC Trust:<br>|  |
| 550000 | &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.698% (SOFR30A + 3.350%) due 5/25/42<sup>(b)(d)</sup>  | 570913  |
| 245000 | &nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1B, 9.348% (SOFR30A + 5.000%) due 3/25/52<sup>(b)(d)</sup>  | 263912  |
| 570000 | &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.898% (SOFR30A + 3.550%) due 8/25/42<sup>(b)(d)</sup>  | 596868  |
|  | Freddie Mac Strips:<br>|  |
| 562940 | &nbsp;&nbsp;&nbsp; Series 303, Class C10, 3.500% due 1/15/33<sup>(i)</sup>  | 45748  |
| 815961 | &nbsp;&nbsp;&nbsp; Series 375, Class C1, 2.500% due 1/25/51<sup>(i)</sup>  | 129107  |
| 733384 | &nbsp;&nbsp;&nbsp; Series 386, Class C14, 2.500% due 3/15/52<sup>(i)</sup>  | 112695  |
| 2268911 | &nbsp;&nbsp;&nbsp; Series 389, Class C1, 1.500% due 5/15/37<sup>(i)</sup>  | 122461  |
| 1129818 | &nbsp;&nbsp;&nbsp; Series 389, Class C35, 2.000% due 6/15/52<sup>(i)</sup>  | 149212  |
| 904916 | &nbsp;&nbsp;&nbsp; Series 405, Class C17, 2.500% due 8/25/52<sup>(i)</sup>  | 147425  |
|  | GCAT Trust:<br>|  |
| 323484 | &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.874% due 1/25/66<sup>(b)(d)</sup>  | 290440  |
| 371120 | &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.036% due 5/25/66<sup>(b)(d)</sup>  | 319837  |
| 469044 | &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.091% due 5/25/66<sup>(b)(d)</sup>  | 409754  |
| 695723 | &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, 1.093% due 8/25/66<sup>(b)(d)</sup>  | 583164  |
| 999478 | &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A1, 1.262% due 7/25/66<sup>(b)(d)</sup>  | 848364  |
| 313125 | &nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class A1, 1.915% due 8/25/66<sup>(b)(d)</sup>  | 291691  |
|  | Government National Mortgage Association (GNMA):<br>|  |
| 593288 | &nbsp;&nbsp;&nbsp; Series 2012-116, Class IB, 4.000% due 9/16/42<sup>(i)</sup>  | 140493  |
| 1073235 | &nbsp;&nbsp;&nbsp; Series 2012-32, Class Z, 3.500% due 3/20/42  | 999337  |
| 650242 | &nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB, 3.000% due 1/16/44  | 599620  |
| 492996 | &nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, 5.000% due 3/16/44<sup>(i)</sup>  | 68173  |
| 377648 | &nbsp;&nbsp;&nbsp; Series 2019-5, Class JI, 5.000% due 7/16/44<sup>(i)</sup>  | 60044  |
| 7053933 | &nbsp;&nbsp;&nbsp; Series 2020-151, Class MI, 2.500% due 10/20/50<sup>(i)</sup>  | 1051609  |
| 20940291 | &nbsp;&nbsp;&nbsp; Series 2020-173, Class JI, 2.000% due 11/20/50<sup>(i)</sup>  | 2484342  |
| 14546498 | &nbsp;&nbsp;&nbsp; Series 2021-129, Class IO, 0.983% due 6/16/63<sup>(d)(i)</sup>  | 1023564  |
| 9081682 | &nbsp;&nbsp;&nbsp; Series 2021-137, Class IQ, 3.000% due 8/20/51<sup>(i)</sup>  | 1499020  |
| 20729424 | &nbsp;&nbsp;&nbsp; Series 2021-184, Class IO, 0.885% due 12/16/61<sup>(d)(i)</sup>  | 1395787  |
| 717045 | &nbsp;&nbsp;&nbsp; Series 2021-215, Class KA, 2.500% due 10/20/49  | 640434  |
| 11889328 | &nbsp;&nbsp;&nbsp; Series 2021-30, Class IB, 2.500% due 2/20/51<sup>(i)</sup>  | 1753273  |
| 16458548 | &nbsp;&nbsp;&nbsp; Series 2021-35, Class IO, 1.033% due 12/16/62<sup>(d)(i)</sup>  | 1190197  |
| 18390508 | &nbsp;&nbsp;&nbsp; Series 2021-52, Class IO, 0.722% due 4/16/63<sup>(d)(i)</sup>  | 946673  |
| 13580961 | &nbsp;&nbsp;&nbsp; Series 2021-58, Class SL, 0.000% (1-Month TSFR + 3.636%) due 4/20/51<sup>(d)(i)</sup>  | 520727  |
| 3799054 | &nbsp;&nbsp;&nbsp; Series 2021-77, Class EA, 1.000% due 7/20/50  | 2866958  |

---

See Notes to Financial Statements.

183<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| $13080318 | &nbsp;&nbsp;&nbsp; Series 2021-77, Class IT, 2.500% due 5/20/51<sup>(i)</sup>  | $2232551  |
| 18252241 | &nbsp;&nbsp;&nbsp; Series 2021-79, Class IO, 0.864% due 8/16/63<sup>(d)(i)</sup>  | 1173515  |
| 6531703 | &nbsp;&nbsp;&nbsp; Series 2022-213, Class DO, 0.000% due 1/20/52<sup>(j)</sup> | 1718707  |
| 377948 | &nbsp;&nbsp;&nbsp; Series 2022-24, Class GA, 3.000% due 2/20/52  | 350660  |
| 26975601 | &nbsp;&nbsp;&nbsp; Series 2022-49, Class IO, 0.756% due 3/16/64<sup>(d)(i)</sup>  | 1388321  |
| 13462188 | &nbsp;&nbsp;&nbsp; Series 2022-61, Class EI, 3.000% due 7/20/51<sup>(i)</sup>  | 2207275  |
| 7345205 | &nbsp;&nbsp;&nbsp; Series 2022-64, Class IO, 2.500% due 2/20/50<sup>(i)</sup>  | 774737  |
| 30243382 | &nbsp;&nbsp;&nbsp; Series 2022-80, Class IO, 0.594% due 6/16/64<sup>(d)(i)</sup>  | 1306287  |
| 27697665 | &nbsp;&nbsp;&nbsp; Series 2022-82, Class IO, 0.540% due 2/16/64<sup>(d)(i)</sup>  | 1153522  |
| 23811719 | &nbsp;&nbsp;&nbsp; Series 2024-29, Class AI, 0.725% due 10/16/65<sup>(d)(i)</sup>  | 1406072  |
| 1405000 | GS Mortgage Securities Corp. II, Series 2024-70P, Class A, 5.487% due 3/10/41<sup>(b)(d)</sup>  | 1420227  |
|  | GS Mortgage Securities Corp. Trust:<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2018-TWR, Class D, 6.261% (1-Month TSFR + 1.897%) due 7/15/31<sup>(b)(d)</sup>  | 53928  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2018-TWR, Class E, 6.761% (1-Month TSFR + 2.397%) due 7/15/31<sup>(b)(d)</sup>  | 39968  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2018-TWR, Class F, 7.461% (1-Month TSFR + 3.097%) due 7/15/31<sup>(b)(d)</sup>  | 36008  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2018-TWR, Class G, 8.586% (1-Month TSFR + 4.222%) due 7/15/31<sup>(b)(d)</sup>  | 32048  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2021-IP, Class C, 6.028% (1-Month TSFR + 1.664%) due 10/15/36<sup>(b)(d)</sup>  | 199000  |
|  | GS Mortgage Securities Trust:<br>|  |
| 9409392 | &nbsp;&nbsp;&nbsp; Series 2017-GS7, Class XA, 1.169% due 8/10/50<sup>(d)(i)</sup>  | 140660  |
| 1400000 | &nbsp;&nbsp;&nbsp; Series 2018-GS9, Class A4, 3.992% due 3/10/51<sup>(d)</sup>  | 1384824  |
| 350000 | &nbsp;&nbsp;&nbsp; Series 2018-GS9, Class C, 4.489% due 3/10/51<sup>(d)</sup>  | 305656  |
| 344839 | HIH Trust, Series 2024-61P, Class A, 6.205% (1-Month TSFR + 1.842%) due 10/15/41<sup>(b)(d)</sup>  | 345270  |
| 1388841 | Homes Trust, Series 2023-NQM2, Class A1, step bond to yield, 6.456% due 2/25/68<sup>(b)</sup>  | 1394949  |
| 320000 | HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 6.071% due 5/10/39<sup>(b)(d)</sup>  | 324583  |
| 170000 | ILPT Commercial Mortgage Trust, Series 2025-LPF2, Class D, 6.725% due 7/13/42<sup>(b)(d)</sup>  | 173782  |
|  | Imperial Fund Mortgage Trust:<br>|  |
| 365313 | &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.073% due 9/25/56<sup>(b)(d)</sup>  | 312309  |
| 722255 | &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.595% due 11/25/56<sup>(b)(d)</sup>  | 633570  |
| 1175403 | &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, step bond to yield, 3.638% due 3/25/67<sup>(b)</sup>  | 1135717  |
|  | JP Morgan Chase Commercial Mortgage Securities Trust:<br>|  |
| 1950000 | &nbsp;&nbsp;&nbsp; Series 2019-OSB, Class A, 3.397% due 6/5/39<sup>(b)</sup>  | 1845433  |
| 292884 | &nbsp;&nbsp;&nbsp; Series 2022-NLP, Class A, 5.210% (1-Month TSFR + 0.847%) due 4/15/37<sup>(b)(d)</sup>  | 290138  |

---

See Notes to Financial Statements.

184<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
|  | JP Morgan Mortgage Trust:<br>|  |
| $6350248 | &nbsp;&nbsp;&nbsp; Series 2006-S4, Class A7, 6.000% due 1/25/37  | $2246682  |
| 1447717 | &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 2.934% due 7/25/51<sup>(b)(d)</sup>  | 1215396  |
| 529000 | JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A5, 3.576% due 3/17/49  | 526241  |
| 1100000 | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A5, 3.490% due 7/15/50  | 1070427  |
|  | Legacy Mortgage Asset Trust:<br>|  |
| 269903 | &nbsp;&nbsp;&nbsp; Series 2021-GS2, Class A1, step bond to yield, 5.750% due 4/25/61<sup>(b)</sup>  | 269903  |
| 374001 | &nbsp;&nbsp;&nbsp; Series 2021-GS3, Class A1, step bond to yield, 5.750% due 7/25/61<sup>(b)</sup>  | 373637  |
| 181566 | &nbsp;&nbsp;&nbsp; Series 2021-GS4, Class A1, step bond to yield, 5.650% due 11/25/60<sup>(b)</sup>  | 181640  |
| 2312695 | &nbsp;&nbsp;&nbsp; Lehman XS Trust, Series 2007-4N, Class 1A3, 4.917% (1-Month <br>TSFR + 0.594%) due 3/25/47(d)  | 1988478  |
|  | Life Mortgage Trust:<br>|  |
| 756000 | &nbsp;&nbsp;&nbsp; Series 2021-BMR, Class D, 5.877% (1-Month TSFR + 1.514%) due 3/15/38<sup>(b)(d)</sup>  | 751275  |
| 2400000 | &nbsp;&nbsp;&nbsp; Series 2022-BMR2, Class D, 6.905% (1-Month TSFR + 2.542%) due 5/15/39<sup>(b)(d)</sup>  | 2181958  |
| 320000 | LoanCore 2025 Issuer LLC, Series 2025-CRE8, Class A, 5.745% (1-Month TSFR + 1.385%) due 8/17/42<sup>(b)(d)</sup>  | 319211  |
| 5981249 | Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750% due 8/25/36  | 2496006  |
| 360000 | MF1, Series 2024-FL15, Class A, 6.048% (1-Month TSFR + 1.688%) due 8/18/41<sup>(b)(d)</sup>  | 360920  |
| 320000 | MF1 LLC, Series 2025-FL17, Class A, 5.680% (1-Month TSFR + 1.320%) due 2/18/40<sup>(b)(d)</sup>  | 320213  |
|  | MFA Trust:<br>|  |
| 160829 | &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.153% due 4/25/65<sup>(b)(d)</sup>  | 151150  |
| 258176 | &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.029% due 11/25/64<sup>(b)(d)</sup>  | 228554  |
| 12339 | &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.278% <br>(1-Month TSFR + 0.915%) due 4/15/38<sup>(b)(d)</sup>  | 12339  |
| 112000 | &nbsp;&nbsp;&nbsp; MHC Trust, Series 2021-MHC2, Class D, 5.977% (1-Month <br>TSFR + 1.614%) due 5/15/38<sup>(b)(d)</sup>  | 112070  |
| 635616 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A5, 3.531% due 10/15/48  | 634326  |
|  | Morgan Stanley Capital I Trust:<br>|  |
| 13023770 | &nbsp;&nbsp;&nbsp; Series 2016-UB11, Class XA, 1.564% due 8/15/49<sup>(d)(i)</sup>  | 98733  |
| 10960152 | &nbsp;&nbsp;&nbsp; Series 2016-UB12, Class XA, 0.761% due 12/15/49<sup>(d)(i)</sup>  | 50661  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2019-H7, Class AS, 3.524% due 7/15/52  | 379684  |
| 20499448 | &nbsp;&nbsp;&nbsp; Series 2019-L3, Class XA, 0.721% due 11/15/52<sup>(d)(i)</sup>  | 444436  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2020-L4, Class B, 3.082% due 2/15/53  | 362100  |
| 348548 | &nbsp;&nbsp;&nbsp; Series 2024-NSTB, Class A, 3.900% due 9/24/57<sup>(b)(d)</sup>  | 343658  |
| 797438 | MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 1.141% due 12/15/56<sup>(d)(i)</sup>  | 46074  |

---

See Notes to Financial Statements.

185<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| $180000 | &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 5.767% <br>(1-Month TSFR + 1.397%) due 3/15/39<sup>(b)(d)</sup>  | $179887  |
|  | New Residential Mortgage Loan Trust:<br>|  |
| 229517 | &nbsp;&nbsp;&nbsp; Series 2021-NQ1R, Class A1, 0.943% due 7/25/55<sup>(b)(d)</sup>  | 208045  |
| 114761 | &nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.941% due 10/25/58<sup>(b)(d)</sup>  | 109476  |
| 773900 | &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.156% due 11/27/56<sup>(b)(d)</sup>  | 684744  |
| 722000 | NJ, Series 2025-WBRK, Class A, 5.867% due 3/5/35<sup>(b)(d)</sup>  | 750816  |
| 745944 | NMLT Trust, Series 2021-INV1, Class A1, 1.185% due 5/25/56<sup>(b)(d)</sup>  | 658304  |
| 2650000 | NXPT Commercial Mortgage Trust, Series 2024-STOR, Class A, 4.455% due 11/5/41<sup>(b)(d)</sup>  | 2623963  |
| 195000 | NY Commercial Mortgage Trust, Series 2025-299P, Class A, 5.853% due 2/10/47<sup>(b)(d)</sup>  | 203200  |
| 590000 | &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class A, 5.576% <br>(1-Month TSFR + 1.213%) due 2/15/42<sup>(b)(d)</sup>  | 588841  |
|  | OBX Trust:<br>|  |
| 529578 | &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.072% due 2/25/66<sup>(b)(d)</sup>  | 457190  |
| 476681 | &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.054% due 7/25/61<sup>(b)(d)</sup>  | 392643  |
| 981429 | &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.305% due 11/25/61<sup>(b)(d)</sup>  | 882006  |
| 950967 | PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 4.843% due 9/25/51<sup>(b)</sup>  | 950872  |
|  | PRPM LLC:<br>|  |
| 233188 | &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, step bond to yield, 5.729% due 7/25/30<sup>(b)</sup>  | 235101  |
| 595000 | &nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, step bond to yield, 5.774% due 8/25/30<sup>(b)</sup>  | 595749  |
| 406000 | &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, step bond to yield, 5.503% due 8/25/30<sup>(b)</sup>  | 407051  |
|  | Rali Trust:<br>|  |
| 825558 | &nbsp;&nbsp;&nbsp; Series 2005-QS13, Class 1A3, 5.500% due 9/25/35  | 658192  |
| 2517161 | &nbsp;&nbsp;&nbsp; Series 2006-QS17, Class A8, 6.000% due 12/25/36  | 2106478  |
| 88053 | RCO VIII Mortgage LLC, Series 2025-3, Class A1, step bond to yield, 6.435% due 5/25/30<sup>(b)</sup>  | 88224  |
| 3272485 | Residential Asset Securitization Trust, Series 2005-A8CB, Class A6, 5.000% due 7/25/35  | 1681113  |
|  | Residential Mortgage Loan Trust:<br>|  |
| 3100000 | &nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 3.242% due 1/26/60<sup>(b)(d)</sup>  | 3012799  |
| 97974 | &nbsp;&nbsp;&nbsp; Series 2021-1R, Class A1, 0.859% due 1/25/65<sup>(b)(d)</sup>  | 94110  |
| 174000 | ROCK Trust, Series 2024-CNTR, Class A, 5.388% due 11/13/41<sup>(b)</sup>  | 179108  |
| 180000 | &nbsp;&nbsp;&nbsp; SFO Commercial Mortgage Trust, Series 2021-555, Class B, 5.977% <br>(1-Month TSFR + 1.614%) due 5/15/38<sup>(b)(d)</sup>  | 178425  |
|  | SG Residential Mortgage Trust:<br>|  |
| 748574 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 1.160% due 7/25/61<sup>(b)(d)</sup>  | 624898  |
| 5238000 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 4.038% due 12/25/61<sup>(b)(d)</sup>  | 3978717  |
| 1455000 | SHR Trust, Series 2024-LXRY, Class A, 6.313% (1-Month TSFR + 1.950%) due 10/15/41<sup>(b)(d)</sup>  | 1459363  |
| 1170000 | SMRT, Series 2022-MINI, Class D, 6.314% (1-Month TSFR + 1.950%) due 1/15/39<sup>(b)(d)</sup>  | 1162687  |

---

See Notes to Financial Statements.

186<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
|  | SREIT Trust:<br>|  |
| $109049 | &nbsp;&nbsp;&nbsp; Series 2021-MFP, Class C, 5.807% (1-Month TSFR + 1.443%) due 11/15/38<sup>(b)(d)</sup>  | $109015  |
| 180000 | &nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class C, 5.848% (1-Month TSFR + 1.485%) due 11/15/36<sup>(b)(d)</sup>  | 179944  |
| 303174 | STAR Trust, Series 2021-1, Class A1, 1.219% due 5/25/65<sup>(b)(d)</sup>  | 284479  |
|  | Starwood Mortgage Residential Trust:<br>|  |
| 100761 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.943% due 5/25/65<sup>(b)(d)</sup>  | 94651  |
| 743412 | &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.920% due 11/25/66<sup>(b)(d)</sup>  | 660200  |
| 220000 | &nbsp;&nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, 6.355% <br>(1-Month TSFR + 1.992%) due 12/15/39<sup>(b)(d)</sup>  | 220550  |
| 985000 | TEXAS Commercial Mortgage Trust, Series 2025-TWR, Class A, 5.656% (1-Month TSFR + 1.293%) due 4/15/42<sup>(b)(d)</sup>  | 985119  |
|  | Towd Point Mortgage Trust:<br>|  |
| 1386854 | &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 2.918% due 11/30/60<sup>(b)(d)</sup>  | 1239376  |
| 2309427 | &nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 3.750% due 9/25/62<sup>(b)</sup> | 2221248  |
| 254557 | TRK Trust, Series 2021-INV1, Class A1, 1.153% due 7/25/56<sup>(b)(d)</sup>  | 230980  |
| 299373 | TRTX Issuer Ltd., Series 2022-FL5, Class A, 6.013% (1-Month TSFR + 1.650%) due 2/15/39<sup>(b)(d)</sup>  | 299378  |
| 3627178 | UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.617% due 6/15/50<sup>(d)(i)</sup>  | 62159  |
| 173000 | VEGAS Trust, Series 2024-TI, Class A, 5.518% due 11/10/39<sup>(b)</sup>  | 175708  |
|  | Verus Securitization Trust:<br>|  |
| 3814000 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class B1, 2.977% due 1/25/66<sup>(b)(d)</sup>  | 3027048  |
| 187404 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 1.031% due 2/25/66<sup>(b)(d)</sup>  | 167421  |
| 341237 | &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 0.938% due 7/25/66<sup>(b)(d)</sup>  | 290082  |
| 828403 | &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.013% due 9/25/66<sup>(b)(d)</sup>  | 721222  |
| 857613 | &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.630% due 10/25/66<sup>(b)(d)</sup>  | 753817  |
| 1074630 | &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, step bond to yield, 1.829% due 10/25/66<sup>(b)</sup> | 981463  |
| 91902 | &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 0.820% due 10/25/63<sup>(b)(d)</sup>  | 88437  |
| 208644 | &nbsp;&nbsp;&nbsp; Series 2021-R2, Class A1, 0.918% due 2/25/64<sup>(b)(d)</sup>  | 194289  |
| 753714 | &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, step bond to yield, 2.724% due 1/25/67<sup>(b)</sup> | 706212  |
| 124879 | VOLT C LLC, Series 2021-NPL9, Class A1, step bond to yield, 5.992% due 5/25/51<sup>(b)</sup>  | 124821  |
| 146038 | VOLT XCVII LLC, Series 2021-NPL6, Class A1, step bond to yield, 6.240% due 4/25/51<sup>(b)</sup>  | 145991  |
|  | Wells Fargo Commercial Mortgage Trust:<br>|  |
| 1400000 | &nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class A3, 2.652% due 8/15/49  | 1371814  |
| 8570358 | &nbsp;&nbsp;&nbsp; Series 2017-C38, Class XA, 1.049% due 7/15/50<sup>(d)(i)</sup>  | 97023  |
| 443351 | &nbsp;&nbsp;&nbsp; Series 2018-C45, Class ASB, 4.147% due 6/15/51  | 443139  |
| 4335883 | &nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, 1.213% due 8/15/57<sup>(d)(i)</sup>  | 313594  |
|  | Total Mortgage Securities | 244020879  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>**(Cost – $294,947,298)** | **251303609**  |

---

See Notes to Financial Statements.

187<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – 10.7%**  | **ASSET-BACKED SECURITIES – 10.7%**  | **ASSET-BACKED SECURITIES – 10.7%**  |
| **Automobile ABS – 2.5%**  | **Automobile ABS – 2.5%**  | **Automobile ABS – 2.5%**  |
| $1000000 | Chase Auto Owner Trust, Series 2024-5A, Class A4, 4.150% due 3/25/30<sup>(b)</sup> | $1002757  |
| 2311457 | Enterprise Fleet Financing LLC, Series 2024-3, Class A2, 5.310% due 4/20/27<sup>(b)</sup>  | 2323627  |
|  | Exeter Automobile Receivables Trust:<br>|  |
| 828347 | &nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, 2.210% due 2/15/28<sup>(b)</sup>  | 825890  |
| 230000 | &nbsp;&nbsp;&nbsp; Series 2025-4A, Class B, 4.400% due 5/15/30  | 230731  |
|  | Ford Credit Auto Lease Trust:<br>|  |
| 5640000 | &nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 6.200% due 2/15/27  | 5680260  |
| 5800000 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.990% due 12/15/27  | 5842114  |
|  | Ford Credit Auto Owner Trust:<br>|  |
| 3650000 | &nbsp;&nbsp;&nbsp; Series 2020-2, Class C, 1.740% due 4/15/33<sup>(b)</sup>  | 3634770  |
| 3350000 | &nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 5.560% due 3/15/29  | 3410311  |
| 2405000 | &nbsp;&nbsp;&nbsp; Series 2023-B, Class C, 5.710% due 12/15/30  | 2449765  |
|  | GM Financial Consumer Automobile Receivables Trust:<br>|  |
| 2455000 | &nbsp;&nbsp;&nbsp; Series 2023-2, Class B, 4.820% due 10/16/28  | 2469678  |
| 1500000 | &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 5.210% due 12/18/28  | 1514473  |
| 1555000 | &nbsp;&nbsp;&nbsp; Series 2023-3, Class B, 5.720% due 1/16/29  | 1586042  |
| 2290000 | &nbsp;&nbsp;&nbsp; Series 2023-3, Class C, 5.920% due 2/16/29  | 2338979  |
| 51603 | Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.980% due 2/15/28  | 51614  |
| 136865 | Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% due 7/25/31<sup>(b)</sup>  | 137952  |
| 5332013 | Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, Class A1, 4.870% due 6/21/39<sup>(b)</sup>  | 5374286  |
|  | Total Automobile ABS | 38873249  |
| **Commercial MBS – 0.2%**  | **Commercial MBS – 0.2%**  | **Commercial MBS – 0.2%**  |
| 370000 | &nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd., Series 2021-FL7, Class B, 6.528% (1-Month <br>TSFR + 2.164%) due 12/15/38<sup>(b)(d)</sup>  | 368654  |
| 264884 | FS RIALTO, Series 2021-FL2, Class A, 5.694% (1-Month TSFR + 1.334%) due 5/16/38<sup>(b)(d)</sup>  | 264910  |
| 31588 | Greystone CRE Notes Ltd., Series 2021-FL3, Class A, 5.498% (1-Month TSFR + 1.134%) due 7/15/39<sup>(b)(d)</sup>  | 31545  |
| 175571 | KREF Ltd., Series 2021-FL2, Class A, 5.548% (1-Month TSFR + 1.184%) due 2/15/39<sup>(b)(d)</sup>  | 175418  |
| 300440 | MF1 LLC, Series 2022-FL9, Class A, 6.503% (1-Month TSFR + 2.150%) due 6/19/37<sup>(b)(d)</sup>  | 300438  |
|  | MF1 Ltd.:<br>|  |
| 153984 | &nbsp;&nbsp;&nbsp; Series 2021-FL7, Class A, 5.554% (1-Month TSFR + 1.194%) due 10/16/36<sup>(b)(d)</sup>  | 153602  |
| 100633 | &nbsp;&nbsp;&nbsp; Series 2022-FL8, Class A, 5.703% (1-Month TSFR + 1.350%) due 2/19/37<sup>(b)(d)</sup>  | 100563  |
| 845000 | &nbsp;&nbsp;&nbsp; Series 2022-FL8, Class AS, 6.103% (1-Month TSFR + 1.750%) due 2/19/37<sup>(b)(d)</sup>  | 843545  |
| 268757 | STWD Ltd., Series 2021-FL2, Class A, 5.674% (1-Month TSFR + 1.314%) due 4/18/38<sup>(b)(d)</sup>  | 268606  |

---

See Notes to Financial Statements.

188<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Commercial MBS – (continued)**  | **Commercial MBS – (continued)**  | **Commercial MBS – (continued)**  |
| $181559 | &nbsp;&nbsp;&nbsp; TRTX Issuer Ltd., Series 2021-FL4, Class A, 5.678% (1-Month <br>TSFR + 1.314%) due 3/15/38<sup>(b)(d)</sup>  | $181557  |
|  | Total Commercial MBS | 2688838  |
| **Credit Card ABS – 0.1%**  | **Credit Card ABS – 0.1%**  | **Credit Card ABS – 0.1%**  |
| 1430000 | Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.740% due 10/15/29  | 1454388  |
| **Home Equity ABS – 1.0%**  | **Home Equity ABS – 1.0%**  | **Home Equity ABS – 1.0%**  |
| 1271050 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Class A4, 4.667% (1-Month TSFR + 0.344%) due 5/25/37<sup>(d)</sup>  | 898551  |
| 4098085 | C-BASS Trust, Series 2006-CB9, Class A4, 4.897% (1-Month TSFR + 0.574%) due 11/25/36<sup>(d)</sup>  | 1845075  |
| 3809760 | Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4, Class AV4, 2.872% (1-Month TSFR + 0.594%) due 5/25/36<sup>(d)</sup>  | 2565457  |
| 7045463 | Merrill Lynch Mortgage Investors Trust, Series 2006-HE6, Class A1, 3.972% (1-Month TSFR + 0.394%) due 11/25/37<sup>(d)</sup>  | 3375393  |
| 4000000 | New Century Home Equity Loan Trust, Series 2005-B, Class M2, 5.172% (1-Month TSFR + 0.849%) due 10/25/35<sup>(d)</sup>  | 3482723  |
| 8700000 | Structured Asset Investment Loan Trust, Series 2006-4, Class A5, 5.057% (1-Month TSFR + 0.734%) due 7/25/36<sup>(d)</sup>  | 3113935  |
|  | Total Home Equity ABS | 15281134  |
| **Other ABS – 6.4%**  | **Other ABS – 6.4%**  | **Other ABS – 6.4%**  |
| 405000 | Affirm Asset Securitization Trust, Series 2024-A, Class A, 5.610% due 2/15/29<sup>(b)</sup>  | 407070  |
|  | AMSR Trust:<br>|  |
| 2392000 | &nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class B, step bond to yield, 4.290% due 7/17/41<sup>(b)</sup>  | 2348445  |
| 415000 | &nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class A, 4.150% due 11/17/41<sup>(b)</sup>  | 410147  |
| 440000 | Auxilior Term Funding LLC, Series 2024-1A, Class A3, 5.490% due 7/15/31<sup>(b)</sup>  | 448898  |
| 750000 | Avant Loans Funding Trust, Series 2024-REV1, Class A, 5.920% due 10/15/33<sup>(b)</sup>  | 758802  |
| 835000 | Barings CLO Ltd., Series 2024-1A, Class B, 6.425% (3-Month TSFR + 2.100%) due 1/20/37<sup>(b)(d)</sup> | 836540  |
| 1000000 | Battalion CLO XI Ltd., Series 2017-11A, Class AR, 5.730% (3-Month TSFR + 1.412%) due 4/24/34<sup>(b)(d)</sup>  | 1002733  |
| 251174 | Blue Owl Asset Leasing Trust LLC, Series 2024-1A, Class A2, 5.050% due 3/15/29<sup>(b)</sup>  | 252143  |
| 500000 | &nbsp;&nbsp;&nbsp; Brant Point CLO Ltd., Series 2024-5A, Class D1, 7.425% (3-Month <br>TSFR + 3.100%) due 10/20/37<sup>(b)(d)</sup>  | 500627  |
| 500000 | &nbsp;&nbsp;&nbsp; Carlyle US CLO, Series 2024-4A, Class D, 7.525% (3-Month <br>TSFR + 3.200%) due 7/20/37<sup>(b)(d)</sup>  | 498397  |
| 500000 | CARLYLE US CLO Ltd., Series 2018-4A, Class D1R, 7.422% (3-Month TSFR + 3.100%) due 10/17/37<sup>(b)(d)</sup>  | 502301  |
|  | CBAM Ltd.:<br>|  |
| 1495000 | &nbsp;&nbsp;&nbsp; Series 2017-2A, Class BR, 6.434% (3-Month TSFR + 2.112%) due 7/17/34<sup>(b)(d)</sup>  | 1510339  |

---

See Notes to Financial Statements.

189<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Other ABS – (continued)**  | **Other ABS – (continued)**  | **Other ABS – (continued)**  |
| $750000 | &nbsp;&nbsp;&nbsp; Series 2019-10A, Class DR, 8.087% (3-Month TSFR + 3.762%) due 4/20/32<sup>(b)(d)</sup>  | $751478  |
| 1000000 | Cedar Funding XIX CLO Ltd., Series 2024-19A, Class D1, 7.319% (3-Month TSFR + 3.000%) due 1/23/38<sup>(b)(d)</sup>  | 1004480  |
|  | CF Hippolyta Issuer LLC:<br>|  |
| 284566 | &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 1.690% due 7/15/60<sup>(b)</sup>  | 246390  |
| 122234 | &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 1.530% due 3/15/61<sup>(b)</sup>  | 102152  |
| 108381 | &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1, 1.980% due 3/15/61<sup>(b)</sup>  | 83638  |
| 183275 | &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.970% due 8/15/62<sup>(b)</sup>  | 177355  |
| 500000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2018-2A, Class D1R, 7.375% (3-Month <br>TSFR + 3.050%) due 10/20/37<sup>(b)(d)</sup>  | 498759  |
|  | Clover CLO LLC:<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1RR, 5.855% (3-Month TSFR + 1.530%) due 4/20/37<sup>(b)(d)</sup>  | 501750  |
| 500000 | &nbsp;&nbsp;&nbsp; Series 2021-3A, Class DR, 6.868% (3-Month TSFR + 2.550%) due 1/25/35<sup>(b)(d)</sup>  | 497504  |
|  | CNH Equipment Trust:<br>|  |
| 1571905 | &nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.300% due 2/18/28  | 1571514  |
| 2670000 | &nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.030% due 1/15/30  | 2672707  |
| 1000000 | Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2, 3.300% due 12/26/51<sup>(b)</sup>  | 970977  |
| 286110 | Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.970% due 7/16/29<sup>(b)</sup>  | 289239  |
| 1000000 | CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, 4.500% due 5/20/49<sup>(b)</sup>  | 982046  |
|  | DB Master Finance LLC:<br>|  |
| 1565100 | &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A23, 4.352% due 5/20/49<sup>(b)</sup>  | 1549026  |
| 321475 | &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A23, 2.791% due 11/20/51<sup>(b)</sup>  | 284336  |
|  | Domino's Pizza Master Issuer LLC:<br>|  |
| 974400 | &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2, 3.668% due 10/25/49<sup>(b)</sup>  | 937142  |
| 1248690 | &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.662% due 4/25/51<sup>(b)</sup>  | 1179856  |
| 655000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 23 Ltd., Series 2023-2A, Class BR, 6.068% (3-Month <br>TSFR + 1.750%) due 4/16/36<sup>(b)(d)</sup>  | 655722  |
| 500000 | &nbsp;&nbsp;&nbsp; Empower CLO Ltd., Series 2023-2A, Class AR, 5.610% (3-Month <br>TSFR + 1.320%) due 10/15/38<sup>(b)(d)</sup>  | 500792  |
| 500000 | ExteNet Issuer LLC, Series 2024-1A, Class B, 6.150% due 7/25/54<sup>(b)</sup>  | 507379  |
| 800000 | &nbsp;&nbsp;&nbsp; Fillmore Park CLO Ltd., Series 2018-1A, Class D, 7.479% (3-Month <br>TSFR + 3.162%) due 7/15/30<sup>(b)(d)</sup>  | 801188  |
| 1357279 | GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class C, 3.500% due 10/20/48<sup>(b)</sup>  | 711990  |
| 165000 | GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A3, 5.020% due 6/25/60<sup>(b)</sup>  | 167516  |
|  | Home Partners of America Trust:<br>|  |
| 1608940 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class D, 2.477% due 9/17/41<sup>(b)</sup>  | 1435078  |
| 734948 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class E, 2.577% due 9/17/41<sup>(b)</sup>  | 641838  |

---

See Notes to Financial Statements.

190<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Other ABS – (continued)**  | **Other ABS – (continued)**  | **Other ABS – (continued)**  |
| $846680 | &nbsp;&nbsp;&nbsp; Series 2021-1, Class F, 3.325% due 9/17/41<sup>(b)</sup>  | $729305  |
| 2786043 | Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425% due 11/15/39<sup>(b)</sup>  | 2654483  |
| 477100 | Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, 5.375% due 9/15/49<sup>(b)</sup>  | 481798  |
|  | HPEFS Equipment Trust:<br>|  |
| 2563438 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.180% due 5/20/31<sup>(b)</sup>  | 2568213  |
| 1725000 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.350% due 10/20/31<sup>(b)</sup>  | 1744065  |
| 500000 | Jamestown CLO XII Ltd., Series 2019-1A, Class ARR, 0.000% (3-Month TSFR + 1.370%) due 3/20/38<sup>(b)</sup>(d)(g)  | 500000  |
|  | John Deere Owner Trust:<br>|  |
| 1950000 | &nbsp;&nbsp;&nbsp; Series 2023-B, Class A4, 5.110% due 5/15/30  | 1974732  |
| 2400000 | &nbsp;&nbsp;&nbsp; Series 2023-C, Class A4, 5.390% due 8/15/30  | 2453197  |
| 6900000 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 4.910% due 2/18/31  | 7033958  |
| 1000000 | &nbsp;&nbsp;&nbsp; Katayma CLO I Ltd., Series 2023-1A, Class D, 9.575% (3-Month <br>TSFR + 5.250%) due 10/20/36<sup>(b)(d)</sup>  | 1007152  |
| 3350000 | Kubota Credit Owner Trust, Series 2024-1A, Class A3, 5.190% due 7/17/28<sup>(b)</sup>  | 3395815  |
| 1000000 | LCM XV LP, Series 15A, Class DR, 8.287% (3-Month TSFR + 3.962%) due 7/20/30<sup>(b)(d)</sup>  | 1005128  |
| 1000000 | Marble Point CLO XXI Ltd., Series 2021-3A, Class A1, 5.824% (3-Month TSFR + 1.502%) due 10/17/34<sup>(b)(d)</sup>  | 1003090  |
| 351000 | NMEF Funding LLC, Series 2025-B, Class A2, 4.640% due 1/18/33<sup>(b)</sup>  | 351842  |
| 600000 | Octagon Investment Partners 44 Ltd., Series 2019-1A, Class DR, 7.829% (3-Month TSFR + 3.512%) due 10/15/34<sup>(b)(d)</sup>  | 585954  |
| 1000000 | OHA Credit Funding 2 Ltd., Series 2019-2A, Class D1R2, 7.025% (3-Month TSFR + 2.700%) due 1/21/38<sup>(b)(d)</sup>  | 993321  |
| 2915000 | PFS Financing Corp., Series 2023-C, Class A, 5.520% due 10/15/28<sup>(b)</sup>  | 2955038  |
|  | Progress Residential Trust:<br>|  |
| 319782 | &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 3.200% due 4/17/39<sup>(b)</sup>  | 313353  |
| 236200 | &nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, 4.451% due 6/17/39<sup>(b)</sup>  | 236224  |
| 1057688 | &nbsp;&nbsp;&nbsp; Series 2022-SFR6, Class A, 4.451% due 7/20/39<sup>(b)</sup>  | 1058435  |
| 547353 | &nbsp;&nbsp;&nbsp; Series 2023-SFR1, Class A, 4.300% due 3/17/40<sup>(b)</sup>  | 546241  |
| 466692 | &nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class A, 3.300% due 4/17/41<sup>(b)</sup>  | 449209  |
| 729099 | &nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class A, 3.400% due 2/17/42<sup>(b)</sup>  | 697603  |
| 750000 | &nbsp;&nbsp;&nbsp; Series 2025-SFR4, Class A, 4.300% due 8/17/42<sup>(b)</sup>  | 742382  |
|  | Retained Vantage Data Centers Issuer LLC:<br>|  |
| 1040000 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2A, 5.000% due 9/15/48<sup>(b)</sup>  | 1043252  |
| 500000 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 5.750% due 9/15/48<sup>(b)</sup>  | 491100  |
| 560000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 4.992% due 9/15/49<sup>(b)</sup>  | 560945  |
| 165000 | Sabey Data Center Issuer LLC, Series 2024-1, Class A2, 6.000% due 4/20/49<sup>(b)</sup>  | 167664  |
| 285000 | SCF Equipment Leasing LLC, Series 2024-1A, Class A3, 5.520% due 1/20/32<sup>(b)</sup>  | 292192  |

---

See Notes to Financial Statements.

191<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Other ABS – (continued)**  | **Other ABS – (continued)**  | **Other ABS – (continued)**  |
| $500000 | &nbsp;&nbsp;&nbsp; Shackleton CLO Ltd., Series 2013-3A, Class DR, 7.599% (3-Month <br>TSFR + 3.282%) due 7/15/30<sup>(b)(d)</sup>  | $501444  |
| 500000 | Sound Point CLO VI-R Ltd., Series 2014-2RA, Class B, 6.387% (3-Month TSFR + 2.062%) due 10/20/31<sup>(b)(d)</sup>  | 501205  |
|  | Stack Infrastructure Issuer LLC:<br>|  |
| 590000 | &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2, 5.900% due 7/25/48<sup>(b)</sup>  | 594752  |
| 320000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.900% due 3/25/49<sup>(b)</sup>  | 325114  |
| 3500000 | STAR Trust, Series 2021-SFR1, Class G, 7.678% (1-Month TSFR + 3.314%) due 4/17/38<sup>(b)(d)</sup>  | 3494815  |
| 496250 | Subway Funding LLC, Series 2024-1A, Class A23, 6.505% due 7/30/54<sup>(b)</sup> | 510743  |
| 1609278 | Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.270% due 1/30/57<sup>(b)</sup>  | 1437009  |
| 1000000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.200% due 6/25/54<sup>(b)</sup>  | 1012256  |
| 1473750 | Taco Bell Funding LLC, Series 2021-1A, Class A23, 2.542% due 8/25/51<sup>(b)</sup> | 1285901  |
|  | T-Mobile US Trust:<br>|  |
| 2300000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.050% due 9/20/29<sup>(b)</sup>  | 2317762  |
| 6000000 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.250% due 5/21/29<sup>(b)</sup>  | 6017215  |
|  | Tricon Residential Trust:<br>|  |
| 260000 | &nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class A, 4.650% due 4/17/41<sup>(b)</sup>  | 260588  |
| 895000 | &nbsp;&nbsp;&nbsp; Series 2025-SFR2, Class A, 5.200% due 8/17/44<sup>(b)</sup>  | 908108  |
|  | Upstart Pass-Through Trust:<br>|  |
| 3568 | &nbsp;&nbsp;&nbsp; Series 2021-ST3, Class A, 2.000% due 5/20/27<sup>(b)</sup>  | 3561  |
| 27354 | &nbsp;&nbsp;&nbsp; Series 2021-ST4, Class A, 2.000% due 7/20/27<sup>(b)</sup>  | 27256  |
| 670000 | VB-S1 Issuer LLC - VBTEL, Series 2024-1A, Class C2, 5.590% due 5/15/54<sup>(b)</sup>  | 679681  |
| 1710000 | &nbsp;&nbsp;&nbsp; Venture 42 CLO Ltd., Series 2021-42A, Class A1A, 5.709% (3-Month <br>TSFR + 1.392%) due 4/15/34<sup>(b)(d)</sup>  | 1716990  |
|  | Verizon Master Trust:<br>|  |
| 3355000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.490% due 12/20/28  | 3362660  |
| 2695000 | &nbsp;&nbsp;&nbsp; Series 2024-8, Class B, 4.820% due 11/20/30  | 2723708  |
| 1055000 | &nbsp;&nbsp;&nbsp; Series 2024-8, Class C, 4.990% due 11/20/30  | 1063503  |
| 500000 | &nbsp;&nbsp;&nbsp; Wellfleet CLO Ltd., Series 2019-1A, Class CR, 8.137% (3-Month <br>TSFR + 3.812%) due 7/20/32<sup>(b)(d)</sup>  | 499301  |
| 940900 | Wendy's Funding LLC, Series 2022-1A, Class A2I, 4.236% due 3/15/52<sup>(b)</sup> | 929092  |
| 985000 | Wingstop Funding LLC, Series 2020-1A, Class A2, 2.841% due 12/5/50<sup>(b)</sup> | 945726  |
| 685000 | Zayo Issuer LLC, Series 2025-1A, Class A2, 5.648% due 3/20/55<sup>(b)</sup>  | 700263  |
|  | Total Other ABS | 99052638  |
| **Student Loan ABS – 0.1%**  | **Student Loan ABS – 0.1%**  | **Student Loan ABS – 0.1%**  |
|  | Navient Private Education Refi Loan Trust:<br>|  |
| 283513 | &nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, 0.970% due 12/16/69<sup>(b)</sup>  | 255477  |
| 445588 | &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.110% due 2/18/70<sup>(b)</sup>  | 398630  |
| 559479 | &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.510% due 10/15/71<sup>(b)</sup>  | 574049  |
| 1000000 | Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due 8/25/47<sup>(b)</sup>  | 968279  |
|  | Total Student Loan ABS | 2196435  |

---

See Notes to Financial Statements.

192<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **WL Collateral CMO – 0.4%** | **WL Collateral CMO – 0.4%** | **WL Collateral CMO – 0.4%** |
| $4796809 | &nbsp;&nbsp;&nbsp; First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A1, 4.717% <br>(1-Month TSFR + 0.394%) due 3/25/37<sup>(d)</sup>  | $2464154  |
|  | PRET LLC:<br>|  |
| 1060672 | &nbsp;&nbsp;&nbsp; Series 2025-NPL6, Class A1, step bond to yield, 5.744% due 6/25/55<sup>(b)</sup>  | 1068251  |
| 1665582 | &nbsp;&nbsp;&nbsp; Series 2025-NPL7, Class A1, step bond to yield, 5.657% due 7/25/55<sup>(b)</sup>  | 1672698  |
| 630750 | &nbsp;&nbsp;&nbsp; Series 2025-NPL8, Class A1, step bond to yield, 5.732% due 8/25/55<sup>(b)</sup>  | 633599  |
| 305537 | VOLT CII LLC, Series 2021-NP11, Class A1, step bond to yield, 5.868% due 8/25/51<sup>(b)</sup>  | 305402  |
| 347638 | VOLT CIII LLC, Series 2021-CF1, Class A1, step bond to yield, 5.992% due 8/25/51<sup>(b)</sup>  | 347806  |
| 74154 | VOLT XCV LLC, Series 2021-NPL4, Class A1, step bond to yield, 6.240% due 3/27/51<sup>(b)</sup>  | 74130  |
|  | Total WL Collateral CMO | 6566040  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>**(Cost – $174,575,658)** | **166112722**  |
| **SOVEREIGN BONDS – 0.5%**  | **SOVEREIGN BONDS – 0.5%**  | **SOVEREIGN BONDS – 0.5%**  |
| **Bermuda – 0.1%**  | **Bermuda – 0.1%**  | **Bermuda – 0.1%**  |
| 890000 | Bermuda Government International Bond, 2.375% due 8/20/30  | 803937  |
| **Colombia – 0.0%**  | **Colombia – 0.0%**  | **Colombia – 0.0%**  |
| 200000 | Colombia Government International Bond, 4.125% due 5/15/51  | 127148  |
| **Dominican Republic – 0.0%**  | **Dominican Republic – 0.0%**  | **Dominican Republic – 0.0%**  |
|  | Dominican Republic International Bond:<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.950% due 1/25/27  | 101375  |
| 150000 | &nbsp;&nbsp;&nbsp; 4.500% due 1/30/30  | 145133  |
|  | Total Dominican Republic | 246508  |
| **Guatemala – 0.0%**  | **Guatemala – 0.0%**  | **Guatemala – 0.0%**  |
|  | Guatemala Government Bond:<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.500% due 5/3/26  | 198800  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.375% due 6/5/27  | 198100  |
|  | Total Guatemala | 396900  |
| **Hungary – 0.0%**  | **Hungary – 0.0%**  | **Hungary – 0.0%**  |
|  | Hungary Government International Bond:<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.375% due 9/26/30<sup>(b)</sup>  | 204768  |
| 435000 | &nbsp;&nbsp;&nbsp; 5.500% due 3/26/36<sup>(b)</sup>  | 428363  |
|  | Total Hungary | 633131  |
| **Israel – 0.1%**  | **Israel – 0.1%**  | **Israel – 0.1%**  |
|  | Israel Government International Bond:<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 5.375% due 2/19/30  | 307866  |
| 400000 | &nbsp;&nbsp;&nbsp; 2.750% due 7/3/30  | 366637  |
|  | Total Israel | 674503  |

---

See Notes to Financial Statements.

193<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **SOVEREIGN BONDS – (continued)**  | **SOVEREIGN BONDS – (continued)**  | **SOVEREIGN BONDS – (continued)**  |
| **Mexico – 0.2%**  | **Mexico – 0.2%**  | **Mexico – 0.2%**  |
|  | Mexico Government International Bond:<br>|  |
| $210000 | &nbsp;&nbsp;&nbsp; 3.500% due 2/12/34  | $178038  |
| 1095000 | &nbsp;&nbsp;&nbsp; 6.000% due 5/7/36  | 1094288  |
| 620000 | &nbsp;&nbsp;&nbsp; 6.875% due 5/13/37  | 652023  |
| 290000 | &nbsp;&nbsp;&nbsp; 6.625% due 1/29/38  | 295322  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.338% due 5/4/53  | 277005  |
| 200000 | &nbsp;&nbsp;&nbsp; 6.400% due 5/7/54  | 185340  |
|  | Total Mexico | 2682016  |
| **Panama – 0.0%**  | **Panama – 0.0%**  | **Panama – 0.0%**  |
| 450000 | Panama Government International Bond, 2.252% due 9/29/32  | 355855  |
| **Romania – 0.1%**  | **Romania – 0.1%**  | **Romania – 0.1%**  |
|  | Romanian Government International Bond:<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 5.875% due 1/30/29<sup>(b)</sup>  | 306531  |
| 1130000 | &nbsp;&nbsp;&nbsp; 3.625% due 3/27/32  | 993523  |
| 160000 | &nbsp;&nbsp;&nbsp; 5.750% due 3/24/35<sup>(b)</sup>  | 151799  |
| 166000 | &nbsp;&nbsp;&nbsp; 7.500% due 2/10/37<sup>(b)</sup>  | 176652  |
|  | Total Romania | 1628505  |
| **Uruguay – 0.0%**  | **Uruguay – 0.0%**  | **Uruguay – 0.0%**  |
| 315000 | Uruguay Government International Bond, 4.375% due 1/23/31  | 315850  |
|  | **TOTAL SOVEREIGN BONDS** |  |
|  | (Cost – $7,863,874) | **7864353**  |
| **SENIOR LOANS<sup>(d)</sup> – 0.3%**  | **SENIOR LOANS<sup>(d)</sup> – 0.3%**  | **SENIOR LOANS<sup>(d)</sup> – 0.3%**  |
| **Canada – 0.0%**  | **Canada – 0.0%**  | **Canada – 0.0%**  |
| 10000 | 1261229 BC Ltd., 10.566% (1-Month USD-SOFR + 0.625%) due 10/8/30  | 9853  |
| 80000 | &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., 8.566% (1-Month USD-SOFR + 0.425%) due <br>1/15/31  | 80014  |
| 78984 | &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., 8.731% (3-Month <br>USD-SOFR + 0.450%) due 2/15/29  | 79195  |
| 21490 | Ontario Gaming GTA LP, 8.546% (3-Month USD-SOFR + 0.425%) due 8/1/30  | 20764  |
|  | Total Canada | 189826  |
| **Cayman Islands – 0.0%**  | **Cayman Islands – 0.0%**  | **Cayman Islands – 0.0%**  |
| 34913 | AAdvantage Loyality IP Ltd., 7.575% (3-Month USD-SOFR + 0.325%) due 5/28/32  | 35076  |
| **France – 0.0%**  | **France – 0.0%**  | **France – 0.0%**  |
| 59074 | Altice France SA, 9.818% (3-Month USD-SOFR + 0.550%) due 8/15/28<sup>(k)</sup> | 54023  |
| **Germany – 0.0%**  | **Germany – 0.0%**  | **Germany – 0.0%**  |
| 25000 | MV Holding GmbH, 6.566% (1-Month USD-SOFR + 0.225%) due 3/17/32 | 25031  |
| **Ireland – 0.0%**  | **Ireland – 0.0%**  | **Ireland – 0.0%**  |
| 15000 | Flutter Entertainment PLC, 6.296% (3-Month USD-SOFR + 0.200%) due 6/4/32  | 14944  |

---

See Notes to Financial Statements.

194<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  |
| **Netherlands – 0.0%**  | **Netherlands – 0.0%**  | **Netherlands – 0.0%**  |
| $49750 | GBT Group Services BV, 6.814% (3-Month USD-SOFR + 0.250%) due 7/28/31  | $49812 |
| 34713 | Hunter Douglas Holding BV, 7.546% (3-Month USD-SOFR + 0.325%) due 1/19/32  | 34699  |
|  | Total Netherlands | 84511  |
| **United Kingdom – 0.0%**  | **United Kingdom – 0.0%**  | **United Kingdom – 0.0%**  |
| 44888 | Ardonagh Midco 3 Ltd., 6.955% (6-Month USD-SOFR + 0.275%) due 2/15/31  | 44804  |
| 56337 | EG Group Ltd., 7.699% (3-Month USD-SOFR + 0.350%) due 2/7/28  | 56553  |
| 55000 | Froneri International Ltd., due 7/16/32<sup>(l)</sup>  | 54890  |
|  | Ineos Quattro Holdings UK Ltd.:<br>|  |
| 4079 | &nbsp;&nbsp;&nbsp; 8.666% (1-Month USD-SOFR + 0.425%) due 4/2/29 | 3661  |
| 59850 | &nbsp;&nbsp;&nbsp; 8.566% (1-Month USD-SOFR + 0.425%) due 10/7/31 | 50424  |
|  | Total United Kingdom | 210332  |
| **United States – 0.3%**  | **United States – 0.3%**  | **United States – 0.3%**  |
| 77421 | Acuris Finance US Inc., 8.046% (3-Month USD-SOFR + 0.375%) due 2/16/28  | 77479  |
| 53104 | ADMI Corp., 8.180% (1-Month USD-SOFR + 0.375%) due 12/23/27  | 48006  |
| 35000 | Alera Group Inc., 7.566% (1-Month USD-SOFR + 0.325%) due 5/30/32  | 35123  |
| 35000 | Allied Universal Holdco LLC, due 8/6/32<sup>(l)</sup>  | 35099  |
| 10000 | AmWINS Group Inc., due 1/30/32<sup>(l)</sup>  | 9992  |
| 20000 | &nbsp;&nbsp;&nbsp; Applied Systems Inc., 8.796% (3-Month USD-SOFR + 0.450%) due <br>2/23/32  | 20460  |
| 89325 | Apro LLC, 8.107% (1-Month USD-SOFR + 0.375%) due 7/9/31  | 89158  |
| 74733 | Ascend Learning LLC, 7.316% (1-Month USD-SOFR + 0.300%) due 12/11/28  | 74663  |
| 69648 | Aspire Bakeries Holdings LLC, 7.831% (1-Month USD-SOFR + 0.350%) due 12/23/30  | 69866  |
|  | Asurion LLC:<br>|  |
| 20000 | &nbsp;&nbsp;&nbsp; 9.680% (1-Month USD-SOFR + 0.525%) due 1/31/28 | 19431  |
| 38830 | &nbsp;&nbsp;&nbsp; 8.666% (1-Month USD-SOFR + 0.425%) due 8/19/28 | 38775  |
| 5000 | &nbsp;&nbsp;&nbsp; 8.566% (1-Month USD-SOFR + 0.425%) due 9/19/30 | 4940  |
| 79793 | Aveanna Healthcare LLC, 8.049% (3-Month USD-SOFR + 0.375%) due 7/17/28  | 79704  |
| 30000 | Boots Group Finco LP, due 8/30/32<sup>(l)</sup>  | 30062  |
| 26304 | Brand Industrial Services Inc., 8.796% (3-Month USD-SOFR + 0.450%) due 8/1/30  | 23042  |
| 35000 | Camelot U.S. Acquisition LLC, 7.566% (1-Month USD-SOFR + 0.325%) due 1/31/31  | 35077  |
| 44551 | Cengage Learning Inc., 7.760% (1-Month USD-SOFR + 0.350%) due 3/24/31  | 44599  |
| 15000 | Clearwater Analytics LLC, 6.460% (6-Month USD-SOFR + 0.225%) due 4/21/32  | 15009  |

---

See Notes to Financial Statements.

195<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| $24825 | Cloud Software Group Inc., 7.476% (3-Month USD-SOFR + 0.325%) due 3/21/31  | $24882  |
| 95000 | Colossus AcquireCo LLC, 6.050% (3-Month USD-SOFR + 0.175%) due 7/30/32  | 94389  |
| 90401 | Commscope LLC, (1-Month + 0.000%) due 12/17/29<sup>(l)</sup>  | 91898  |
| 19900 | &nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co. LLC, 6.066% (1-Month <br>USD-SOFR + 0.175%) due 4/28/28  | 19884  |
| 80000 | Cotiviti Inc., 7.104% (1-Month USD-SOFR + 0.275%) due 3/26/32  | 79866  |
| 34825 | Crown Finance US Inc., 8.854% (1-Month USD-SOFR + 0.450%) due 12/2/31  | 34781  |
|  | CSC Holdings LLC:<br>|  |
| 18281 | &nbsp;&nbsp;&nbsp; 9.000% (3-Month USD-SOFR + 0.150%) due 4/15/27 | 17850  |
| 9974 | &nbsp;&nbsp;&nbsp; 8.863% (1-Month USD-SOFR + 0.450%) due 1/18/28 | 9935  |
| 27565 | Cyxtera DC Holdings Inc, 0.000% (3-Month USD-SOFR + 3.000%) due 6/12/25<sup>(g)</sup>  | —  |
| 26076 | DexKo Global Inc., 8.180% (1-Month USD-SOFR + 0.375%) due 10/4/28 | 25442  |
| 95000 | &nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2 Inc., 8.102% (1-Month <br>USD-SOFR + 0.375%) due 7/9/32  | 95238  |
| 10633 | DIRECTV Financing LLC, 9.570% (3-Month USD-SOFR + 0.500%) due 8/2/27  | 10643  |
| 24250 | EAB Global Inc., 7.316% (1-Month USD-SOFR + 0.300%) due 8/16/30  | 23826  |
| 63944 | Eagle Parent Corp., 8.546% (3-Month USD-SOFR + 0.425%) due 4/2/29 | 63718  |
| 50000 | &nbsp;&nbsp;&nbsp; Edelman Financial Engines Center LLC, 9.566% (1-Month <br>USD-SOFR + 0.525%) due 10/6/28  | 50032  |
| 24813 | &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 6.566% (1-Month USD-SOFR + 0.225%) due <br>8/4/31  | 24755  |
| 56183 | Fertitta Entertainment LLC, 7.566% (1-Month USD-SOFR + 0.325%) due 1/27/29  | 56120  |
| 15000 | Finastra USA Inc., due 7/30/32<sup>(l)</sup>  | 14892  |
| 15000 | Focus Financial Partners LLC, 7.066% (1-Month USD-SOFR + 0.275%) due 9/15/31  | 14988  |
| 42952 | Freeport LNG investments LLLP, 7.575% (3-Month USD-SOFR + 0.325%) due 12/21/28  | 42928  |
| 77811 | Gainwell Acquisition Corp., 8.396% (3-Month USD-SOFR + 0.400%) due 10/1/27  | 76391  |
| 4987 | Golden State Foods LLC, 8.226% (1-Month USD-SOFR + 0.400%) due 12/4/31  | 5011  |
| 35000 | Grant Thornton Advisors LLC, 7.316% (1-Month USD-SOFR + 0.300%) due 6/2/31  | 35079  |
| 7313 | &nbsp;&nbsp;&nbsp; Gray Television Inc., 7.468% (1-Month USD-SOFR + 0.300%) due <br>12/1/28  | 7276  |
| 15000 | Herc Holdings Inc., 6.351% (1-Month USD-SOFR + 0.200%) due 6/2/32  | 15064  |
| 49584 | Hexion Inc., 8.360% (1-Month USD-SOFR + 0.400%) due 3/15/29  | 49470  |
| 55000 | HighTower Holding LLC, 7.071% (3-Month USD-SOFR + 0.275%) due 2/3/32  | 54897  |

---

See Notes to Financial Statements.

196<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| $52277 | &nbsp;&nbsp;&nbsp; Ineos US Finance LLC, 7.316% (1-Month USD-SOFR + 0.300%) due <br>2/7/31  | $47092  |
| 25000 | Kenan Advantage Group Inc., due 1/25/29<sup>(l)</sup>  | 24477  |
| 75926 | &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 8.210% (1-Month USD-SOFR + 0.375%) due <br>6/6/31  | 73634 |
| 64674 | LC Ahab US Bidco LLC, 7.316% (1-Month USD-SOFR + 0.300%) due 5/1/31  | 64715  |
| 60892 | &nbsp;&nbsp;&nbsp; LifePoint Health Inc., 8.068% (3-Month USD-SOFR + 0.375%) due <br>5/17/31  | 60382  |
| 10463 | Lumen Technologies Inc., 6.780% (1-Month USD-SOFR + 0.235%) due 4/16/29  | 10393  |
| 50000 | Madison IAQ LLC, 7.452% (6-Month USD-SOFR + 0.325%) due 5/6/32  | 50212  |
| 44663 | Madison Safety & Flow LLC, 7.066% (1-Month USD-SOFR + 0.275%) due 9/26/31  | 44797  |
| 22213 | McAfee Corp., 7.349% (1-Month USD-SOFR + 0.300%) due 3/1/29  | 21130  |
| 52928 | MH Sub I LLC, (1-Month + 0.000%) due 12/31/31<sup>(l)</sup>  | 45651  |
| 34912 | MI Windows and Doors LLC, 7.066% (1-Month USD-SOFR + 0.275%) due 3/28/31  | 35048  |
| 9974 | &nbsp;&nbsp;&nbsp; Michaels Cos., Inc., 8.807% (3-Month USD-SOFR + 0.425%) due <br>4/15/28  | 8322  |
|  | Mitchell International Inc.:<br>|  |
| 49641 | &nbsp;&nbsp;&nbsp; 7.566% (1-Month USD-SOFR + 0.325%) due 6/17/31 | 49698  |
| 10000 | &nbsp;&nbsp;&nbsp; 9.566% (1-Month USD-SOFR + 0.525%) due 6/17/32 | 9865  |
| 50863 | NEP Group Inc., 9.210% (3-Month USD-SOFR + 0.475%) due 8/19/26  | 49041  |
| 25000 | PetSmart LLC, 8.360% (1-Month USD-SOFR + 0.400%) due 8/18/32  | 24735  |
| 37562 | Polaris Newco LLC, 8.320% (3-Month USD-SOFR + 0.375%) due 6/2/28  | 35615  |
| 50000 | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC, 6.101% (1-Month <br>USD-SOFR + 0.175%) due 3/7/32  | 49536  |
| 70000 | Qnity Electronics Inc., due 8/11/32<sup>(l)</sup>  | 69782  |
| 79800 | Quikrete Holdings Inc., 6.566% (1-Month USD-SOFR + 0.225%) due 2/10/32  | 79751  |
| 55000 | Radiology Partners Inc., 8.796% (3-Month USD-SOFR + 0.450%) due 6/30/32  | 54977  |
| 34913 | RealPage Inc., 8.046% (3-Month USD-SOFR + 0.375%) due 4/24/28  | 34973  |
| 45000 | Resideo Funding Inc., 6.362% (1-Month USD-SOFR + 0.200%) due 8/13/32  | 44888  |
|  | Sabre GLBL Inc.:<br>|  |
| 13918 | &nbsp;&nbsp;&nbsp; 7.930% (1-Month USD-SOFR + 0.700%) due 12/17/27 | 13187  |
| 33737 | &nbsp;&nbsp;&nbsp; 10.416% (1-Month USD-SOFR + 1.200%) due 11/15/29 | 31951  |
|  | Savor Acquisition Inc.:<br>|  |
| 63966 | &nbsp;&nbsp;&nbsp; 7.316% (1-Month USD-SOFR + 0.300%) due 2/19/32 | 64237  |
| 14962 | Staples Inc., 10.046% (3-Month USD-SOFR + 0.575%) due 9/4/29  | 13690  |
| 38140 | Stubhub Holdco Sub LLC, 9.066% (1-Month USD-SOFR + 0.475%) due 3/15/30  | 36805  |
| 30000 | Team Health Holdings Inc., due 6/23/28<sup>(l)</sup>  | 29863  |

---

See Notes to Financial Statements.

197<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** |  | **Security** | **Value**  |
| **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  | **SENIOR LOANS<sup>(d)</sup> – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| $80000 |  | Tecta America Corp., 7.316% (1-Month USD-SOFR + 0.300%) due 2/18/32  | $80200  |
| 110000 |  | TransDigm Inc., 6.853% (1-Month USD-SOFR + 0.250%) due 8/19/32  | 110025  |
| 45000 |  | Trucordia Insurance Holdings LLC, 7.566% (1-Month USD-SOFR + 0.325%) due 6/17/32  | 45141  |
| 19850 |  | Verde Purchaser LLC, 8.296% (3-Month USD-SOFR + 0.400%) due 11/30/30  | 19599  |
| 58188 |  | Vestis Corp., 6.448% (3-Month USD-SOFR + 0.225%) due 2/22/31  | 54842  |
| 48750 |  | &nbsp;&nbsp;&nbsp; Victra Holdings LLC, 8.546% (3-Month USD-SOFR + 0.425%) due <br>3/31/29  | 48826  |
| 40000 |  | Virgin Media Bristol LLC, due 3/31/31<sup>(l)</sup>  | 39200  |
| 55000 |  | Voyager Parent LLC, 9.041% (3-Month USD-SOFR + 0.475%) due 7/1/32 | 55058  |
| 24775 |  | WaterBridge Midstream Operating LLC, 9.314% (3-Month USD-SOFR + 0.475%) due 6/27/29  | 24744  |
| 79425 |  | White Cap Supply Holdings LLC, 7.566% (1-Month USD-SOFR + 0.325%) due 10/19/29  | 79433  |
| 10000 |  | &nbsp;&nbsp;&nbsp; WhiteWater Matterhorn Holdings LLC, 6.568% (3-Month <br>USD-SOFR + 0.225%) due 6/16/32  | 10002  |
|  |  | Zayo Group Holdings Inc.:<br>|  |
| 54897 |  | &nbsp;&nbsp;&nbsp; due 3/9/27<sup>(l)</sup> | 53715  |
| 5000 |  | &nbsp;&nbsp;&nbsp; 7.430% (1-Month USD-SOFR + 0.300%) due 3/9/27 | 4825  |
| 84575 |  | Zelis Cost Management Buyer Inc., 7.566% (1-Month USD-SOFR + 0.325%) due 11/26/31  | 84628  |
|  |  | Total United States | 3684485  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL SENIOR LOANS**<br>**(Cost – $4,336,363)** | **4292168**  |
|  | **Rating ††** |  |  |
| **MUNICIPAL BONDS – 0.1%**  | **MUNICIPAL BONDS – 0.1%**  | **MUNICIPAL BONDS – 0.1%**  | **MUNICIPAL BONDS – 0.1%**  |
| **California – 0.0%**  | **California – 0.0%**  | **California – 0.0%**  | **California – 0.0%**  |
| 20000 | AA- | Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 6.548% due 5/15/48  | 21243  |
| 245000 | AA- | State of California, GO, 7.300% due 10/1/39  | 282846  |
|  |  | Total California | 304089  |
| **District of Columbia – 0.0%**  | **District of Columbia – 0.0%**  | **District of Columbia – 0.0%**  | **District of Columbia – 0.0%**  |
| 80000 | A- | District of Columbia, Revenue Bonds, 5.751% due 4/1/35  | 83774  |
| **New York – 0.1%**  | **New York – 0.1%**  | **New York – 0.1%**  | **New York – 0.1%**  |
| 435000 | A | Metropolitan Transportation Authority, Revenue Bonds, 6.814% due 11/15/40  | 472776  |
| 695000 | A+ | New York Transportation Development Corp., Revenue Bonds, 4.248% due 9/1/35  | 683022  |
|  |  | Total New York | 1155798  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br>**(Cost – $1,792,876)** | **1543661** |

---

See Notes to Financial Statements.

198<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **EXCHANGE TRADED FUND (ETF) – 1.9%** | **EXCHANGE TRADED FUND (ETF) – 1.9%** |  |
| 303968 | &nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond <br>(Cost – $29,839,821) | $30232657  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br>**(Cost – $1,701,517,378)** | **1585795604**  |
| **Face Amount†**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **SHORT-TERM INVESTMENTS – 2.1%**  | &nbsp;&nbsp;&nbsp; **SHORT-TERM INVESTMENTS – 2.1%**  |  |
| &nbsp;&nbsp;&nbsp; **TIME DEPOSITS – 2.1%**  | &nbsp;&nbsp;&nbsp; **TIME DEPOSITS – 2.1%**  |  |
| 2 | ANZ National Bank – London, 3.680% due 9/2/25  | 2  |
| 56<sup>EUR</sup> | Citibank – London, 0.870% due 9/1/25  | 66  |
| 8792964 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25  | 8792964  |
| 19060095 | Royal Bank of Canada – Toronto, 3.680% due 9/2/25  | 19060095  |
| 4764832 | Sumitomo Mitsui Banking Corp. – Tokyo, 3.680% due 9/2/25  | 4764832  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $32,617,959)** | **32617959**  |
| **Shares/Units**<br>|  |  |
| **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0%**  |
| **MONEY MARKET FUND – 0.0%**  | **MONEY MARKET FUND – 0.0%**  | **MONEY MARKET FUND – 0.0%**  |
| 129981 | &nbsp;&nbsp;&nbsp; Federated Government Obligations Fund, Premier Class, 4.151%<sup>(m)</sup> <br>(Cost – $129,981) | 129981  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 104.4%**<br>**(Cost – $1,734,259,261)** | **1618537484**  |
|  | Liabilities in Excess of Other Assets – (4.4)% | (68834153)  |
|  | **TOTAL NET ASSETS – 100.0%** | **$1549703331** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Face amount denominated in U.S. dollars, unless
 otherwise noted.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security is traded on a TBA basis.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Restricted security that may be sold to "qualified
 institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has
 been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted
 144A holdings at August 31, 2025, amounts to $257,604,633 and represents 16.62% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this security is pledged by
 the Fund as collateral for short sales or derivative transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate security. Interest rate disclosed
 is that which was in effect at August 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payment in-kind security for which part of the
 income earned may be paid as additional principal. At the option of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $502,707 and represents 0.03% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is perpetual in nature and has no stated
 maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Principal only security.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Security is currently in default.

See Notes to Financial Statements.

199<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(l) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents investment of collateral received from
 securities lending transactions.

<u>Abbreviations used in this schedule:</u>

CBT — Chicago Board of Trade

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury Index

GO — General Obligation

LLC — Limited Liability Company

LP — Limited Partnership

MFA — Mortgage Finance Authority

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

**<u>Summary of Investments by Security Type^</u>** 

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 26.8%  |
| U.S. Government Agencies & Obligations | 25.8  |
| Corporate Bonds & Notes | 16.8  |
| Collateralized Mortgage Obligations | 15.5  |
| Asset-Backed Securities | 10.3  |
| Exchange Traded Fund (ETF) | 1.9  |
| Sovereign Bonds | 0.5  |
| Senior Loans | 0.3  |
| Municipal Bonds | 0.1  |
| Short-Term Investments | 2.0  |
| Money Market Fund | 0.0\*  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments.  |

---

\* Position represents less than 0.05%. 

At August 31, 2025, Destinations Core Fixed Income Fund had open exchange traded futures contracts as described below.

See Notes to Financial Statements.

200<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Number of**<br>**Contracts** | **Expiration**<br>**Date** <br>**(Month/Year)** | **Notional**<br>**Amounts** | **Market Value** | **Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **Contracts to Buy:**<br>|  |  |  |  |  |
| U.S. 10 Year Ultra  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | $2746016 | $2745750 | &nbsp;&nbsp;&nbsp; $(266)  |
| U.S. 5 Year Note (CBT)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | 327633 | 328406 | &nbsp;&nbsp;&nbsp; 773  |
| U.S. Long Bond (CBT)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | 1518000 | 1515313 | &nbsp;&nbsp;&nbsp; (2687)  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(2180)  |
| **Contracts to Sell:**<br>|  |  |  |  |  |
| U.S. 10 Year Note (CBT) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | $(2701891) | $2700000 | &nbsp;&nbsp;&nbsp; $1891  |
| U.S. 2 Year Note (CBT) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | (33153133) | 33157711 | &nbsp;&nbsp;&nbsp; (4578)  |
| U.S. Long Bond (CBT) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | (11872250) | 11882000 | &nbsp;&nbsp;&nbsp; (9750)  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(12437)  |
| Net Unrealized Depreciation on Open Exchange Traded Futures Contracts | Net Unrealized Depreciation on Open Exchange Traded Futures Contracts | Net Unrealized Depreciation on Open Exchange Traded Futures Contracts | Net Unrealized Depreciation on Open Exchange Traded Futures Contracts | Net Unrealized Depreciation on Open Exchange Traded Futures Contracts | &nbsp;&nbsp;&nbsp; $(14617) |

---

At August 31, 2025, Destinations Core Fixed Income Fund had deposited cash of $67,067 with a broker or brokers as margin collateral on open exchange traded futures contracts.

At August 31, 2025, Destinations Core Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate** | **Floating** <br>**Rate** <br>**Index** | **Fixed** <br>**Rate** | **Maturity**<br>**Date**  | **Notional**<br>**Amounts** | **Notional**<br>**Amounts** | **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>(Received) | **Unrealized** <br>**Appreciation/** <br>(Depreciation)  |
| Receive | 1D SOFTR | 4.160% | 3/19/45 | USD | 7445000 | &nbsp;&nbsp; $(84074) | $(14325) | &nbsp;&nbsp; $(69749)  |
| Receive | 1D SOFTR | 3.590% | 9/20/53 | USD | 1175000 | &nbsp;&nbsp; 109086 | 5065 | &nbsp;&nbsp; 104021  |
| Receive | 1D SOFTR | 3.250% | 6/21/53 | USD | 960000 | &nbsp;&nbsp; 137106 | (10562) | &nbsp;&nbsp; 147668  |
| Receive | 1D SOFTR | 2.970% | 3/15/53 | USD | 3065000 | &nbsp;&nbsp; 592937 | 9928 | &nbsp;&nbsp; 583009  |
|  |  |  |  |  |  | &nbsp;&nbsp; **$755055** | **$(9894)** | &nbsp;&nbsp; **$764949** |

---

**Schedule of Forward Sale Commitments** 

---

| | | |
|:---|:---|:---|
| **Face Amounts** | **Security** | **Value**  |
|  | Federal National Mortgage Association:<br>|  |
| $300000 | &nbsp;&nbsp;&nbsp; 2.000% due 9/1/40<sup>(a)</sup> (Proceeds – $273,164) | $(275206)  |
| 1550000 | &nbsp;&nbsp;&nbsp; 3.000% due 9/1/40<sup>(a)</sup> (Proceeds – $1,475,406) | (1481818)  |
| 675000 | &nbsp;&nbsp;&nbsp; 3.500% due 9/1/40<sup>(a)</sup> (Proceeds – $649,793) | (653498)  |
| 5625000 | &nbsp;&nbsp;&nbsp; 2.000% due 9/1/55<sup>(a)</sup> (Proceeds – $4,447,073) | (4466083)  |
| 1486000 | &nbsp;&nbsp;&nbsp; 2.500% due 9/1/55<sup>(a)</sup> (Proceeds – $1,233,032) | (1233584)  |
| 1990000 | &nbsp;&nbsp;&nbsp; 3.000% due 9/1/55<sup>(a)</sup> (Proceeds – $1,724,521) | (1723753)  |
| 1186000 | &nbsp;&nbsp;&nbsp; 3.500% due 9/1/55<sup>(a)</sup> (Proceeds – $1,071,755) | (1071293)  |
| 6520000 | &nbsp;&nbsp;&nbsp; 4.000% due 9/1/55<sup>(a)</sup> (Proceeds – $6,079,958) | (6083478)  |
| 1096000 | &nbsp;&nbsp;&nbsp; 4.500% due 9/1/55<sup>(a)</sup> (Proceeds – $1,050,965) | (1054031)  |
| 1645000 | &nbsp;&nbsp;&nbsp; 5.000% due 9/1/55<sup>(a)</sup> (Proceeds – $1,616,388) | (1622180)  |
| 1979000 | &nbsp;&nbsp;&nbsp; 5.500% due 9/1/55<sup>(a)</sup> (Proceeds – $1,981,087) | (1990141)  |
| 2045000 | &nbsp;&nbsp;&nbsp; 6.500% due 9/1/55<sup>(a)</sup> (Proceeds – $2,113,300) | (2119173)  |
| 1390000 | &nbsp;&nbsp;&nbsp; 4.500% due 10/1/55<sup>(a)</sup> (Proceeds – $1,332,771) | (1335688)  |
| 2950000 | &nbsp;&nbsp;&nbsp; 6.500% due 10/1/55<sup>(a)</sup> (Proceeds – $3,053,544) | (3055500)  |

---

See Notes to Financial Statements.

201<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Core Fixed Income Fund(concluded)** 

---

| | | |
|:---|:---|:---|
| **Face Amounts** | **Security** | **Value**  |
|  | Government National Mortgage Association:<br>|  |
| $1313000 | &nbsp;&nbsp;&nbsp; 3.500% due 9/1/55<sup>(a)</sup> (Proceeds – $1,182,931) | $(1194888)  |
| 240000 | &nbsp;&nbsp;&nbsp; 4.000% due 9/1/55<sup>(a)</sup> (Proceeds – $223,448) | (223859)  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL OPEN FORWARD SALE COMMITMENTS**<br>**(Proceeds – $29,509,136)** | **$(29584173)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security is traded on a TBA basis (see Note 5).

<u>Currency Abbreviations used in this schedule:</u>

---

| | |
|:---|:---|
| EUR<br>| **—** Euro  |

---

See Notes to Financial Statements.

202<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – 40.8%**  | **CORPORATE BONDS & NOTES – 40.8%**  | **CORPORATE BONDS & NOTES – 40.8%**  |
| **Basic Materials – 0.4%**  | **Basic Materials – 0.4%**  | **Basic Materials – 0.4%**  |
| 200000 | Freeport Indonesia PT, Senior Unsecured Notes, 4.763% due 4/14/27<sup>(a)</sup> | $200152  |
| 200000 | Freeport-McMoRan Inc., Company Guaranteed Notes, 4.125% due 3/1/28 | 198984  |
| 200000 | Gold Fields Orogen Holdings BVI Ltd., Company Guaranteed Notes, 6.125% due 5/15/29 | 208677  |
| 200000 | OCP SA, Senior Unsecured Notes, 6.100% due 4/30/30 | 205972  |
| 108000 | Rio Tinto Finance USA PLC, Company Guaranteed Notes, 4.875% due 3/14/30 | 110731  |
|  | Sherwin-Williams Co., Senior Unsecured Notes: |  |
| 35000 | 4.550% due 3/1/28 | 35360  |
| 80000 | 4.300% due 8/15/28 | 80345  |
| 125276 | Trinseo Luxco Finance SPV SARL/Trinseo N.A. Finance SPV LLC, Secured Notes, 7.625% due 5/3/29<sup>(a)(b)</sup> | 43847  |
|  | Total Basic Materials | 1084068  |
| **Communications – 7.1%**  | **Communications – 7.1%**  | **Communications – 7.1%**  |
|  | Consolidated Communications Inc., Senior Secured Notes:<br>|  |
| 1456000 | &nbsp;&nbsp;&nbsp; 5.000% due 10/1/28<sup>(a)</sup> | 1469679  |
| 4915000 | &nbsp;&nbsp;&nbsp; 6.500% due 10/1/28<sup>(a)</sup> | 4996722  |
| 1701000 | GCI LLC, Company Guaranteed Notes, 4.750% due 10/15/28<sup>(a)</sup> | 1656578  |
| 1351000 | Gen Digital Inc., Company Guaranteed Notes, 6.750% due 9/30/27<sup>(a)</sup> | 1375056  |
| 2126000 | Getty Images Inc., Company Guaranteed Notes, 9.750% due 3/1/27<sup>(a)</sup> | 1978052  |
| 2169000 | Getty Images Inc., Senior Secured Notes, 11.250% due 2/21/30<sup>(a)</sup> | 1984483  |
| 120352 | Go North Group AB, zero coupon, due 12/31/49<sup>(c)(d)</sup> | —  |
| 2374465 | Go North Group AB, Senior Secured Notes, 10.127% (SOFRRATE + 5.762%) due 2/9/26<sup>(e)</sup> | 1258467  |
| 1973668<sup>SEK</sup> | Go North Group AB, Senior Unsecured Notes, 15.000% due 2/2/28<sup>(c)</sup> | —  |
| 1966000 | GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27<sup>(a)(f)</sup> | 1959233  |
| 180000 | &nbsp;&nbsp;&nbsp; Millicom International Cellular SA, Senior Unsecured Notes, <br>5.125% due 1/15/28 | 178381  |
| 200000 | Telefonica Celular del Paraguay SA, Senior Unsecured Notes, 5.875% due 4/15/27 | 199100  |
|  | Uber Technologies Inc., Company Guaranteed Notes:<br>|  |
| 1207000 | &nbsp;&nbsp;&nbsp; 7.500% due 9/15/27<sup>(a)</sup> | 1206765  |
| 1655000 | &nbsp;&nbsp;&nbsp; 6.250% due 1/15/28<sup>(a)</sup> | 1656574  |
| 214000 | Videotron Ltd., Company Guaranteed Notes, 5.125% due 4/15/27<sup>(a)</sup> | 214187  |
|  | Total Communications | 20133277  |
| **Consumer Cyclical – 1.3%**  | **Consumer Cyclical – 1.3%**  | **Consumer Cyclical – 1.3%**  |
| 523000 | CCM Merger Inc., Senior Unsecured Notes, 6.375% due 5/1/26<sup>(a)</sup> | 523499  |
| 590000 | Dana Inc., Senior Unsecured Notes, 5.625% due 6/15/28 | 589669  |
| 48000 | Darden Restaurants Inc., Senior Unsecured Notes, 4.350% due 10/15/27 | 48227  |
| 159000 | Delta Air Lines Inc., Senior Unsecured Notes, 4.950% due 7/10/28 | 160955  |
| 372000 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Senior Unsecured Notes, 6.050% <br>due 10/10/25 | 372494  |
| 186000 | Genuine Parts Co., Senior Unsecured Notes, 4.950% due 8/15/29 | 189871  |
| 114000 | Hyundai Capital America, Senior Unsecured Notes, 4.550% due 9/26/29<sup>(a)</sup> | 114063  |
| 106000 | Marriott International Inc., Senior Unsecured Notes, 4.800% due 3/15/30 | 107727  |

---

See Notes to Financial Statements.

203<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Cyclical – (continued)**  | **Consumer Cyclical – (continued)**  | **Consumer Cyclical – (continued)**  |
|  | Meritage Homes Corp., Company Guaranteed Notes:<br>|  |
| 77000 | &nbsp;&nbsp;&nbsp; 5.125% due 6/6/27 | $77454  |
| 10000 | &nbsp;&nbsp;&nbsp; 3.875% due 4/15/29<sup>(a)</sup> | 9770  |
| 791000 | &nbsp;&nbsp;&nbsp; Papa John's International Inc., Company Guaranteed Notes, 3.875% due <br>9/15/29<sup>(a)</sup> | 759350  |
| 659000<sup>EUR</sup> | Secop Group Holding GmbH, Senior Secured Notes, 10.380% (3-Month EURIBOR + 8.400%) due 12/29/26<sup>(e)</sup> | 781633  |
|  | Total Consumer Cyclical | 3734712  |
| **Consumer Non-cyclical – 11.1%**  | **Consumer Non-cyclical – 11.1%**  | **Consumer Non-cyclical – 11.1%**  |
|  | AbbVie Inc., Senior Unsecured Notes:<br>|  |
| 890000 | &nbsp;&nbsp;&nbsp; 2.950% due 11/21/26 | 878334  |
| 64000 | &nbsp;&nbsp;&nbsp; 4.875% due 3/15/30 | 65934  |
| 200000 | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 4.000% due 7/30/27 | 194496  |
| 9000 | Agilent Technologies Inc., Senior Unsecured Notes, 4.200% due 9/9/27 | 9004  |
|  | Altria Group Inc., Company Guaranteed Notes:<br>|  |
| 28000 | &nbsp;&nbsp;&nbsp; 6.200% due 11/1/28 | 29601  |
| 47000 | &nbsp;&nbsp;&nbsp; 4.500% due 8/6/30 | 47012  |
| 17000 | Avery Dennison Corp., Senior Unsecured Notes, 4.875% due 12/6/28 | 17314  |
| 7000 | BAT Capital Corp., Company Guaranteed Notes, 4.906% due 4/2/30 | 7118  |
| 75000 | BAT International Finance PLC, Company Guaranteed Notes, 5.931% due 2/2/29 | 78817  |
| 159000 | Biogen Inc., Senior Unsecured Notes, 5.050% due 1/15/31 | 163177  |
| 200000 | BRF GmbH, Company Guaranteed Notes, 4.350% due 9/29/26 | 198108  |
| 79000 | Bunge Ltd. Finance Corp., Company Guaranteed Notes, 4.200% due 9/17/29 | 78624  |
| 13681000 | Cannabist Co. Holdings Inc., Senior Secured Notes, 9.250% due 12/31/28<sup>(d)</sup> | 6908905  |
| 78000 | Cardinal Health Inc., Senior Unsecured Notes, 5.125% due 2/15/29 | 80275  |
| 826000 | Charles River Laboratories International Inc., Company Guaranteed Notes, 4.250% due 5/1/28<sup>(a)</sup> | 806656  |
| 86000 | Edwards Lifesciences Corp., Senior Unsecured Notes, 4.300% due 6/15/28 | 86496  |
| 266000 | Element Fleet Management Corp., Senior Unsecured Notes, 5.037% due 3/25/30<sup>(a)</sup> | 271223  |
| 103000 | Elevance Health Inc., Senior Unsecured Notes, 5.150% due 6/15/29 | 106055  |
| 112000 | Equifax Inc., Senior Unsecured Notes, 4.800% due 9/15/29 | 113843  |
| 500000 | Euronet Worldwide Inc., Senior Unsecured Notes, 0.625% due 10/1/30<sup>(a)</sup> | 493700  |
| 1199000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; Formycon AG, Company Guaranteed Notes, 8.944% (3-Month <br>EURIBOR + 7.000%) due 7/9/29<sup>(e)</sup> | 1374715  |
| 208000 | GE HealthCare Technologies Inc., Senior Unsecured Notes, 4.800% due 8/14/29 | 212350  |
| 40000 | Global Payments Inc., Senior Unsecured Notes, 5.300% due 8/15/29 | 40977  |
| 70000 | Illumina Inc., Senior Unsecured Notes, 4.650% due 9/9/26 | 70172  |
| 200000 | JSW Infrastructure Ltd., Senior Secured Notes, 4.950% due 1/21/29<sup>(f)</sup> | 200342  |
| 114000 | Laboratory Corp. of America Holdings, Company Guaranteed Notes, 4.350% due 4/1/30 | 114057  |
| 7148000 | Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 7/1/25@<sup>(c)(d)</sup> | 6075800  |
| 11250000<sup>SEK</sup> | Magle Chemoswed Holding AB, Senior Secured Notes, 8.628% (3-Month SEK-STIBOR + 6.500%) due 7/4/28<sup>(e)(d)</sup> | 1153212  |

---

See Notes to Financial Statements.

204<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  | **Consumer Non-cyclical – (continued)**  |
| 185000 | Mars Inc., Senior Unsecured Notes, 4.800% due 3/1/30<sup>(a)</sup> | $188535  |
| 97000 | Merck Sharp & Dohme Corp., Company Guaranteed Notes, 5.950% due 12/1/28 | 102758  |
| 200000 | NBM US Holdings Inc., Company Guaranteed Notes, 7.000% due 5/14/26 | 200022  |
| 2300000 <sup>EUR</sup> | OP Holdco GmbH, Senior Secured Notes, 8.471% (3-Month EURIBOR + 6.500%) due 6/5/29<sup>(a)(e)</sup> | 2603418  |
| 55000 | PayPal Holdings Inc., Senior Unsecured Notes, 4.450% due 3/6/28 | 55620  |
| 2354000 | Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27<sup>(a)</sup> | 2350800  |
| 412000 | Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes, 5.750% due 4/15/26<sup>(a)</sup> | 413728  |
| 135087 | Prumo Participacoes e Investimentos S/A, Senior Secured Notes, 7.500% due 12/31/31 | 137113  |
|  | Quanta Services Inc., Senior Unsecured Notes:<br>|  |
| 96000 | &nbsp;&nbsp;&nbsp; 4.750% due 8/9/27 | 97039  |
| 81000 | &nbsp;&nbsp;&nbsp; 4.500% due 1/15/31 | 80900  |
| 93000 | Quest Diagnostics Inc., Senior Unsecured Notes, 4.200% due 6/30/29 | 93066  |
| 153333 | Rutas 2 & 7 Finance Ltd., Senior Secured Notes, zero coupon, due 9/30/36 | 114003  |
| 81000 | Sysco Corp., Company Guaranteed Notes, 5.100% due 9/23/30 | 83519  |
| 87000 | Verisk Analytics Inc., Senior Unsecured Notes, 4.500% due 8/15/30 | 87350  |
| 3532000 | &nbsp;&nbsp;&nbsp; WASH Multifamily Acquisition Inc., Senior Secured Notes, 5.750% <br>due 4/15/26<sup>(a)</sup> | 3530022  |
| 1370000 | Williams Scotsman Inc., Senior Secured Notes, 4.625% due 8/15/28<sup>(a)</sup> | 1347969  |
|  | Zimmer Biomet Holdings Inc., Senior Unsecured Notes:<br>|  |
| 31000 | &nbsp;&nbsp;&nbsp; 4.700% due 2/19/27 | 31220  |
| 90000 | &nbsp;&nbsp;&nbsp; 5.050% due 2/19/30 | 92624  |
|  | Total Consumer Non-cyclical | 31486023  |
| **Energy – 5.3%**  | **Energy – 5.3%**  | **Energy – 5.3%**  |
| 162500 | AI Candelaria - spain- SA, Senior Secured Notes, 7.500% due 12/15/28 | 163617  |
| 337000 | Array Technologies Inc., Senior Unsecured Notes, 1.000% due 12/1/28 | 289045  |
| 55000 | Boardwalk Pipelines LP, Company Guaranteed Notes, 4.450% due 7/15/27 | 55109  |
| 1765000 | &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, Company Guaranteed Notes, 4.375% (5-Year CMT <br>Index + 4.036%)<sup>(e)(g)</sup> | 1762877  |
| 133000 | Cheniere Energy Partners LP, Company Guaranteed Notes, 4.500% due 10/1/29 | 132719  |
|  | Coterra Energy Inc., Senior Unsecured Notes:<br>|  |
| 10000 | &nbsp;&nbsp;&nbsp; 3.900% due 5/15/27 | 9933  |
| 7000 | &nbsp;&nbsp;&nbsp; 4.375% due 3/15/29 | 6988  |
| 24000 | &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, Company Guaranteed Notes, 5.125% due <br>5/15/29 | 24524  |
| 27000 | Devon Energy Corp., Senior Unsecured Notes, 5.250% due 10/15/27 | 27038  |
| 44000 | Enbridge Inc., Company Guaranteed Notes, 6.000% due 11/15/28 | 46365  |
| 183000 | Energy Transfer LP, Senior Unsecured Notes, 6.050% due 12/1/26 | 186509  |
| 2400000 | Forum Energy Technologies Inc., Senior Secured Notes, 10.500% due 11/7/29 | 2481865  |
| 94160 | GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29 | 94006  |
| 1161000 | Golar LNG Ltd., Senior Unsecured Notes, 7.000% due 10/20/25<sup>(a)</sup> | 1154308  |

---

See Notes to Financial Statements.

205<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Energy – (continued)**  | **Energy – (continued)**  | **Energy – (continued)**  |
| 2800000 | HMH Holding BV, Senior Secured Notes, 10.019% due 11/16/26 | $2884520  |
| 76000 | Kinder Morgan Inc., Company Guaranteed Notes, 5.000% due 2/1/29 | 77602  |
| 158000 | MPLX LP, Senior Unsecured Notes, 4.800% due 2/15/29 | 160036  |
| 413000 | Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27<sup>(a)</sup> | 419883  |
| 1901000 | Nabors Industries Ltd., Company Guaranteed Notes, 7.500% due 1/15/28<sup>(a)</sup> | 1908193  |
| 123000 | NGPL PipeCo LLC, Senior Unsecured Notes, 4.875% due 8/15/27<sup>(a)</sup> | 123167  |
|  | ONEOK Inc., Company Guaranteed Notes:<br>|  |
| 160000 | &nbsp;&nbsp;&nbsp; 5.375% due 6/1/29 | 164737  |
| 79000 | &nbsp;&nbsp;&nbsp; 4.400% due 10/15/29 | 78888  |
|  | Petrobras Global Finance BV, Company Guaranteed Notes:<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; 7.375% due 1/17/27 | 103408  |
| 50000 | &nbsp;&nbsp;&nbsp; 5.999% due 1/27/28 | 51090  |
|  | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:<br>|  |
| 116000 | &nbsp;&nbsp;&nbsp; 6.875% due 1/15/29 | 118262  |
| 117000 | &nbsp;&nbsp;&nbsp; 5.500% due 3/1/30 | 119231  |
| 2197000 | Welltec International ApS, Senior Secured Notes, 8.250% due 10/15/26<sup>(a)</sup> | 2183837  |
|  | Western Midstream Operating LP, Senior Unsecured Notes:<br>|  |
| 16000 | &nbsp;&nbsp;&nbsp; 6.350% due 1/15/29 | 16829  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.050% due 2/1/30 | 97231  |
| 109000 | Williams Cos., Inc., Senior Unsecured Notes, 4.800% due 11/15/29 | 110933  |
|  | Total Energy | 15052750  |
| **Financial – 5.3%**  | **Financial – 5.3%**  | **Financial – 5.3%**  |
| 258000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 5.750% due 6/6/28 | 267597  |
| 256000 | American Express Co., Senior Unsecured Notes, 4.731% (SOFRRATE + 1.260%) due 4/25/29<sup>(e)</sup> | 260206  |
| 57000 | American Homes 4 Rent LP, Senior Unsecured Notes, 4.250% due 2/15/28 | 56838  |
| 88000 | American International Group Inc., Senior Unsecured Notes, 4.850% due 5/7/30 | 90036  |
| 50000 | American National Group Inc., Senior Unsecured Notes, 5.750% due 10/1/29 | 51627  |
| 288000 | American Tower Corp., Senior Unsecured Notes, 4.900% due 3/15/30 | 293536  |
|  | Athene Global Funding, Secured Notes:<br>|  |
| 107000 | &nbsp;&nbsp;&nbsp; 4.721% due 10/8/29<sup>(a)</sup> | 107485  |
| 181000 | &nbsp;&nbsp;&nbsp; 5.033% due 7/17/30<sup>(a)</sup> | 183844  |
|  | Aviation Capital Group LLC, Senior Unsecured Notes:<br>|  |
| 16000 | &nbsp;&nbsp;&nbsp; 6.250% due 4/15/28<sup>(a)</sup> | 16703  |
| 189000 | &nbsp;&nbsp;&nbsp; 4.800% due 10/24/30<sup>(a)</sup> | 188915  |
|  | Avolon Holdings Funding Ltd., Company Guaranteed Notes:<br>|  |
| 75000 | &nbsp;&nbsp;&nbsp; 6.375% due 5/4/28<sup>(a)</sup> | 78442  |
| 174000 | &nbsp;&nbsp;&nbsp; 5.375% due 5/30/30<sup>(a)</sup> | 178696  |
|  | Banco Continental SAECA, Senior Unsecured Notes:<br>|  |
| 150000 | &nbsp;&nbsp;&nbsp; 2.750% due 12/10/25 | 148875  |
| 150000 | &nbsp;&nbsp;&nbsp; 2.750% due 12/10/25<sup>(a)</sup> | 148875  |
| 200000 | Banco de Bogota SA, Subordinated Notes, 6.250% due 5/12/26 | 201218  |

---

See Notes to Financial Statements.

206<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| 100000 | &nbsp;&nbsp;&nbsp; Banco de Credito del Peru SA, Subordinated Notes, 3.250% (5-Year CMT <br>Index + 2.450%) due 9/30/31<sup>(e)</sup> | $97841  |
| 300000 | Banco Industrial SA, Subordinated Notes, 4.875% (5-Year CMT Index + 4.442%) due 1/29/31<sup>(e)</sup> | 297750  |
| 200000 | 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<sup>(e)</sup> | 213271  |
| 200000 | &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT, Subordinated Notes, 3.750% due <br>3/30/26 | 198117  |
|  | Bank of America Corp., Senior Unsecured Notes:<br>|  |
| 58000 | &nbsp;&nbsp;&nbsp; 3.559% (3-Month TSFR + 1.322%) due 4/23/27<sup>(e)</sup> | 57711  |
| 157000 | &nbsp;&nbsp;&nbsp; 4.979% (SOFRRATE + 0.830%) due 1/24/29<sup>(e)</sup> | 159795  |
| 2104000 | BGC Group Inc., Senior Unsecured Notes, 4.375% due 12/15/25 | 2099068  |
|  | Brown & Brown Inc., Senior Unsecured Notes:<br>|  |
| 25000 | &nbsp;&nbsp;&nbsp; 4.700% due 6/23/28 | 25240  |
| 26000 | &nbsp;&nbsp;&nbsp; 4.500% due 3/15/29 | 26098  |
| 78000 | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.245% (SOFRRATE + 1.105%) due 1/13/31<sup>(e)</sup> | 80518  |
|  | Citigroup Inc., Senior Unsecured Notes:<br>|  |
| 95000 | &nbsp;&nbsp;&nbsp; 4.786% (SOFRRATE + 0.870%) due 3/4/29<sup>(e)</sup> | 96243  |
| 201000 | &nbsp;&nbsp;&nbsp; 4.542% (SOFRRATE + 1.338%) due 9/19/30<sup>(e)</sup> | 201911  |
| 28000 | CNA Financial Corp., Senior Unsecured Notes, 3.900% due 5/1/29 | 27595  |
| 1220000 | Compass Group Diversified Holdings LLC, Company Guaranteed Notes, 5.250% due 4/15/29<sup>(a)</sup> | 1125453  |
| 100000 | Corebridge Global Funding, Senior Secured Notes, 5.750% due 7/2/26<sup>(a)</sup> | 101240  |
| 55000 | CubeSmart LP, Company Guaranteed Notes, 4.375% due 2/15/29 | 54978  |
| 200000 | &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd., Subordinated Notes, 1.822% (5-Year CMT <br>Index + 1.100%) due 3/10/31<sup>(e)</sup> | 197239  |
| 313000 | Extra Space Storage LP, Company Guaranteed Notes, 5.500% due 7/1/30 | 327035  |
| 1470955 | Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, step bond to yield, 10.500% due 1/15/28<sup>(a)</sup> | 1481163  |
| 124000 | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Unsecured Notes, 5.133% <br>(SOFRRATE + 0.770%) due 3/18/27<sup>(e)</sup> | 124265  |
| 2734000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes, 5.250% due 5/15/27 | 2667057  |
| 50000 | InRetail Shopping Malls, Company Guaranteed Notes, 5.750% due 4/3/28 | 50057  |
| 260000 | &nbsp;&nbsp;&nbsp; Intercorp Financial Services Inc., Senior Unsecured Notes, 4.125% due <br>10/19/27 | 256475  |
| 1902 | Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due 11/30/25 | 1874  |
| 200000 | &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA, Subordinated Notes, 3.875% (5-Year CMT <br>Index + 3.446%) due 4/15/31<sup>(e)</sup> | 197938  |
|  | JPMorgan Chase & Co., Senior Unsecured Notes:<br>|  |
| 182000 | &nbsp;&nbsp;&nbsp; 5.284% (SOFRRATE + 0.920%) due 4/22/28<sup>(e)</sup> | 183043  |
| 127000 | &nbsp;&nbsp;&nbsp; 4.915% (SOFRRATE + 0.800%) due 1/24/29<sup>(e)</sup> | 129263  |
| 110000 | LPL Holdings Inc., Company Guaranteed Notes, 4.625% due 11/15/27<sup>(a)</sup> | 109974  |

---

See Notes to Financial Statements.

207<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Financial – (continued)**  | **Financial – (continued)**  | **Financial – (continued)**  |
| 53000 | M&T Bank Corp., Senior Unsecured Notes, 4.833% (SOFRRATE + 0.930%) due 1/16/29<sup>(e)</sup> | $53600  |
|  | New York Life Global Funding, Secured Notes:<br>|  |
| 10000 | &nbsp;&nbsp;&nbsp; 4.837% (SOFRRATE + 0.480%) due 6/9/26<sup>(a)(e)</sup> | 10014  |
| 13000 | &nbsp;&nbsp;&nbsp; 4.700% due 1/29/29<sup>(a)</sup> | 13248  |
| 2500000<sup>SEK</sup> | &nbsp;&nbsp;&nbsp; Novedo Holding AB, Senior Secured Notes, 9.155% (3-Month <br>SEK-STIBOR + 7.000%) due 9/23/27<sup>(e)</sup> | 259572  |
| 573000 | Oaktree Strategic Credit Fund, Senior Unsecured Notes, 6.190% due 7/15/30<sup>(a)</sup> | 582248  |
| 75000 | Omega Healthcare Investors Inc., Company Guaranteed Notes, 4.750% due 1/15/28 | 75606  |
| 200000 | Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 1.832% (5-Year CMT Index + 1.580%) due 9/10/30<sup>(e)</sup> | 199844  |
| 9000 | &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II, Senior Secured Notes, 4.976% <br>(SOFRRATE + 0.620%) due 6/4/26<sup>(a)(e)</sup> | 9026  |
| 154000 | Royal Bank of Canada, Senior Unsecured Notes, 5.223% (SOFRRATE + 0.860%) due 10/18/28<sup>(e)</sup> | 154567  |
| 101000 | &nbsp;&nbsp;&nbsp; Santander Holdings USA Inc., Senior Unsecured Notes, 5.473% <br>(SOFRRATE + 1.610%) due 3/20/29<sup>(e)</sup> | 103394  |
| 59000 | State Street Corp., Senior Unsecured Notes, 4.543% (SOFRRATE + 0.950%) due 4/24/28<sup>(e)</sup> | 59447  |
| 264000 | Truist Financial Corp., Senior Unsecured Notes, 7.161% (SOFRRATE + 2.446%) due 10/30/29<sup>(e)</sup> | 286531  |
| 225000 | VICI Properties LP/VICI Note Co., Inc., Company Guaranteed Notes, 4.250% due 12/1/26<sup>(a)</sup> | 223999  |
|  | Wells Fargo & Co., Senior Unsecured Notes:<br>|  |
| 164000 | &nbsp;&nbsp;&nbsp; 5.434% (SOFRRATE + 1.070%) due 4/22/28<sup>(e)</sup> | 165092  |
| 76000 | &nbsp;&nbsp;&nbsp; 6.303% (SOFRRATE + 1.790%) due 10/23/29<sup>(e)</sup> | 80559  |
|  | Total Financial | 15137852  |
| **Healthcare – 1.7%**  | **Healthcare – 1.7%**  | **Healthcare – 1.7%**  |
| 6068970 | ProSomnus Inc., Senior Secured Notes, 8.000% due 12/31/26<sup>@(c)(d)</sup> | 5006900  |
| **Industrial – 3.2%**  | **Industrial – 3.2%**  | **Industrial – 3.2%**  |
| 90000 | Amrize Finance US LLC, Company Guaranteed Notes, 4.700% due 4/7/28<sup>(a)</sup> | 91114  |
| 128000 | Arrow Electronics Inc., Senior Unsecured Notes, 5.150% due 8/21/29 | 130933  |
| 221979 | Bioceanico Sovereign Certificate Ltd., Senior Secured Notes, zero coupon, due 6/5/34 | 178249  |
| 15590000<sup>SEK</sup> | Cabonline Group Holding AB, Senior Secured Notes, 10.000% due 3/19/28 | 1565145  |
| 185000 | Canadian Pacific Railway Co., Company Guaranteed Notes, 4.800% due 3/30/30 | 189405  |
| 200000 | Cemex SAB de CV, Subordinated Notes, 5.125% (5-Year CMT Index + 4.534%)<sup>(e)(g)</sup> | 199077  |
|  | GATX Corp., Senior Unsecured Notes:<br>|  |
| 81000 | &nbsp;&nbsp;&nbsp; 4.700% due 4/1/29 | 81958  |
| 5000 | &nbsp;&nbsp;&nbsp; 4.000% due 6/30/30 | 4914  |
| 2845000 | Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29<sup>(a)</sup> | 2773603  |

---

See Notes to Financial Statements.

208<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Industrial – (continued)**  | **Industrial – (continued)**  | **Industrial – (continued)**  |
| 249000 | Jacobs Engineering Group Inc., Company Guaranteed Notes, 6.350% due 8/18/28 | $262517  |
| 116848 | Lima Metro Line 2 Finance Ltd., Senior Secured Notes, 5.875% due 7/5/34 | 119810  |
| 165000 | MasTec Inc., Company Guaranteed Notes, 4.500% due 8/15/28<sup>(a)</sup> | 163992  |
| 67000 | Molex Electronic Technologies LLC, Senior Unsecured Notes, 4.750% due 4/30/28<sup>(a)</sup> | 67710  |
| 146464 | MV24 Capital BV, Senior Secured Notes, 6.748% due 6/1/34 | 143567  |
| 214000 | New Enterprise Stone & Lime Co., Inc., Senior Unsecured Notes, 9.750% due 7/15/28<sup>(a)</sup> | 214606  |
| 172000 | Northrop Grumman Corp., Senior Unsecured Notes, 4.650% due 7/15/30 | 174945  |
| 159000 | Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 5.250% due 2/1/30<sup>(a)</sup> | 164042  |
| 157000 | Republic Services Inc., Senior Unsecured Notes, 4.750% due 7/15/30 | 161172  |
|  | Ryder System Inc., Senior Unsecured Notes:<br>|  |
| 6000 | &nbsp;&nbsp;&nbsp; 5.250% due 6/1/28 | 6163  |
| 25000 | &nbsp;&nbsp;&nbsp; 4.950% due 9/1/29 | 25545  |
| 63000 | Sonoco Products Co., Senior Unsecured Notes, 4.450% due 9/1/26 | 62981  |
| 167000 | Veralto Corp., Company Guaranteed Notes, 5.500% due 9/18/26 | 168730  |
| 2077000 | XPO Inc., Senior Secured Notes, 6.250% due 6/1/28<sup>(a)</sup> | 2113071  |
|  | Total Industrial | 9063249  |
| **Technology – 4.1%**  | **Technology – 4.1%**  | **Technology – 4.1%**  |
| 98000 | AppLovin Corp., Senior Unsecured Notes, 5.125% due 12/1/29 | 100227  |
| 76000 | Atlassian Corp., Senior Unsecured Notes, 5.250% due 5/15/29 | 78280  |
| 2045000<sup>EUR</sup> | Azerion Group NV, Senior Secured Notes, 8.694% (3-Month EURIBOR + 6.750%) due 10/2/26<sup>(e)</sup> | 2388853  |
| 142000 | Broadcom Inc., Company Guaranteed Notes, 3.150% due 11/15/25 | 141642  |
| 67000 | Broadcom Inc., Senior Unsecured Notes, 4.350% due 2/15/30 | 67194  |
| 163000 | Dell International LLC/EMC Corp., Company Guaranteed Notes, 4.350% due 2/1/30 | 162660  |
| 1115000 | Fair Isaac Corp., Senior Unsecured Notes, 5.250% due 5/15/26<sup>(a)</sup> | 1114636  |
| 252000 | Fiserv Inc., Senior Unsecured Notes, 4.750% due 3/15/30 | 255621  |
| 213000 | Hewlett Packard Enterprise Co., Senior Unsecured Notes, 4.550% due 10/15/29 | 214287  |
| 16984165<sup>SEK</sup> | Impala BondCo PLC, Senior Secured Notes, 12.000% due 10/30/27<sup>(d)(h)</sup> | 1076912  |
| 74000 | Kyndryl Holdings Inc., Senior Unsecured Notes, 2.050% due 10/15/26 | 72014  |
| 81000 | Marvell Technology Inc., Company Guaranteed Notes, 4.750% due 7/15/30 | 81738  |
| 63000 | Marvell Technology Inc., Senior Unsecured Notes, 5.750% due 2/15/29 | 65726  |
| 79000 | Microchip Technology Inc., Company Guaranteed Notes, 4.250% due 9/1/25 | 79000  |
| 121000 | NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 4.300% due 8/19/28 | 121255  |
| 2134000 | Okta Inc., Senior Unsecured Notes, 0.125% due 9/1/25<sup>(d)</sup> | 2123330  |
| 162000 | Oracle Corp., Senior Unsecured Notes, 5.800% due 11/10/25 | 162368  |
| 46000 | Paychex Inc., Senior Unsecured Notes, 5.100% due 4/15/30 | 47346  |
| 49000 | Roper Technologies Inc., Senior Unsecured Notes, 4.250% due 9/15/28 | 49188  |
| 2653000 | SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27<sup>(a)</sup> | 2653849  |

---

See Notes to Financial Statements.

209<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Technology – (continued)**  | **Technology – (continued)**  | **Technology – (continued)**  |
| 612000 | Western Digital Corp., Company Guaranteed Notes, 4.750% due 2/15/26 | $610565  |
|  | Total Technology | 11666691  |
| **Utilities – 1.3%**  | **Utilities – 1.3%**  | **Utilities – 1.3%**  |
| 208000 | American Electric Power Co., Inc., Senior Unsecured Notes, 5.200% due 1/15/29 | 214492  |
| 50000 | CenterPoint Energy Inc., Senior Unsecured Notes, 5.400% due 6/1/29 | 51799  |
| 179000 | Chile Electricity Lux MPC SARL, Government Guaranteed Notes, 6.010% due 1/20/33 | 186504  |
| 271250 | Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28 | 242498  |
| 151600 | Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35 | 157199  |
| 200000 | Comision Federal de Electricidad, Senior Unsecured Notes, 4.750% due 2/23/27 | 199928  |
| 92000 | Dominion Energy Inc., Senior Unsecured Notes, 5.000% due 6/15/30 | 94512  |
| 95000 | DTE Energy Co., Senior Unsecured Notes, 5.200% due 4/1/30 | 97922  |
| 200000 | Energuate Trust, Company Guaranteed Notes, 5.875% due 5/3/27 | 200102  |
|  | Essential Utilities Inc., Senior Unsecured Notes:<br>|  |
| 63000 | &nbsp;&nbsp;&nbsp; 4.800% due 8/15/27 | 63670  |
| 4000 | &nbsp;&nbsp;&nbsp; 3.566% due 5/1/29 | 3892  |
| 157000 | Evergy Kansas Central Inc., Senior Unsecured Notes, 4.700% due 3/13/28 | 158962  |
| 98000 | Exelon Corp., Senior Unsecured Notes, 5.150% due 3/15/29 | 100840  |
| 4000 | FirstEnergy Transmission LLC, Senior Unsecured Notes, 4.550% due 1/15/30 | 4032  |
| 323000 | Interstate Power & Light Co., Senior Unsecured Notes, 3.600% due 4/1/29 | 316959  |
| 142000 | JSW Hydro Energy Ltd., Senior Secured Notes, 4.125% due 5/18/31 | 133212  |
| 219436 | &nbsp;&nbsp;&nbsp; Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due <br>12/6/32 | 220882  |
| 78000 | National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 3/15/30 | 80589  |
|  | National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes:<br>|  |
| 124000 | &nbsp;&nbsp;&nbsp; 4.750% due 2/7/28 | 125941  |
| 169000 | &nbsp;&nbsp;&nbsp; 4.150% due 8/25/28 | 169611  |
| 179000 | NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 4.685% due 9/1/27 | 180692  |
| 160000 | Niagara Mohawk Power Corp., Senior Unsecured Notes, 4.647% due 10/3/30<sup>(a)</sup> | 160695  |
| 159000 | NiSource Inc., Senior Unsecured Notes, 5.200% due 7/1/29 | 164040  |
| 200000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured Notes, 4.125% due 5/15/27 | 199254  |
| 44000 | Pinnacle West Capital Corp., Senior Unsecured Notes, 4.900% due 5/15/28 | 44657  |
| 150000 | Public Service Enterprise Group Inc., Senior Unsecured Notes, 5.875% due 10/15/28 | 157039  |
|  | Total Utilities | 3729923  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS & NOTES**<br>**(Cost – $125,383,201)** | **116095445**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – 13.3%**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – 13.3%**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – 13.3%**  |
| **Mortgage Securities – 13.3%**  | **Mortgage Securities – 13.3%**  | **Mortgage Securities – 13.3%**  |
| 200000 | 280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 5.538% (1-Month TSFR + 1.180%) due 9/15/34<sup>(a)(e)</sup> | 198500  |
| 146742 | Angel Oak Mortgage Trust, Series 2020-6, Class A1, 1.261% due 5/25/65<sup>(a)(e)</sup> | 134285  |

---

See Notes to Financial Statements.

210<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| 183000 | Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A2, 2.023% due 6/15/54<sup>(a)</sup> | $178787  |
| 210000 | Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class A, 5.694% (1-Month TSFR + 1.354%) due 8/20/42<sup>(a)(e)</sup> | 209737  |
| 173631 | Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, 5.828% (1-Month TSFR + 1.464%) due 11/15/36<sup>(a)(e)</sup> | 173646  |
|  | BANK:<br>|  |
| 1214541 | &nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class XA, 1.487% due 5/15/50<sup>(e)(i)</sup> | 20055  |
| 1402457 | &nbsp;&nbsp;&nbsp; Series 2017-BNK6, Class XA, 0.905% due 7/15/60<sup>(e)(i)</sup> | 14886  |
| 220000 | &nbsp;&nbsp;&nbsp; Series 2021-BN33, Class ASB, 2.218% due 5/15/64 | 206346  |
|  | BANK5:<br>|  |
| 206944 | &nbsp;&nbsp;&nbsp; Series 2024-5YR5, Class A3, 5.702% due 2/15/29 | 215309  |
| 263035 | &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class A1, 5.188% due 8/15/57 | 267461  |
|  | BBCMS Mortgage Trust:<br>|  |
| 190668 | &nbsp;&nbsp;&nbsp; Series 2024-C24, Class A1, 5.229% due 2/15/57 | 192330  |
| 261095 | &nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A1, 4.971% due 3/15/58 | 262847  |
|  | Benchmark Mortgage Trust:<br>|  |
| 9215699 | &nbsp;&nbsp;&nbsp; Series 2018-B4, Class XA, 0.613% due 7/15/51<sup>(e)(i)</sup> | 90948  |
| 3544456 | &nbsp;&nbsp;&nbsp; Series 2020-B16, Class XA, 1.029% due 2/15/53<sup>(e)(i)</sup> | 109054  |
| 259984 | &nbsp;&nbsp;&nbsp; Series 2024-V8, Class A1, 5.514% due 7/15/57 | 264851  |
| 310000 | &nbsp;&nbsp;&nbsp; Series 2025-V16, Class A1, 4.653% due 8/15/58 | 311434  |
| 150000 | &nbsp;&nbsp;&nbsp; BFLD Mortgage Trust, Series 2024-VICT, Class A, 6.253% (1-Month <br>TSFR + 1.890%) due 7/15/41<sup>(a)(e)</sup> | 150562  |
| 303625 | BLP Commercial Mortgage Trust, Series 2024-IND2, Class A, 5.705% (1-Month TSFR + 1.342%) due 3/15/41<sup>(a)(e)</sup> | 304194  |
|  | BMO Mortgage Trust:<br>|  |
| 143019 | &nbsp;&nbsp;&nbsp; Series 2023-C5, Class A1, 5.740% due 6/15/56 | 144624  |
| 256555 | &nbsp;&nbsp;&nbsp; Series 2024-5C4, Class A1, 6.017% due 5/15/57 | 263163  |
| 269115 | &nbsp;&nbsp;&nbsp; Series 2024-C9, Class A1, 5.478% due 7/15/57 | 273622  |
| 160000 | BPR Trust, Series 2021-TY, Class A, 5.528% (1-Month TSFR + 1.164%) due 9/15/38<sup>(a)(e)</sup> | 160050  |
|  | BRAVO Residential Funding Trust:<br>|  |
| 709071 | &nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class A1, 2.750% due 9/25/61<sup>(a)(e)</sup> | 651158  |
| 376248 | &nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1, step bond to yield, 6.505% due 6/25/63<sup>(a)</sup> | 379197  |
| 277000 | BRSP Ltd., Series 2024-FL2, Class A, 6.299% (1-Month TSFR + 1.945%) due 8/19/37<sup>(a)(e)</sup> | 276983  |
| 285393 | BSPRT Issuer Ltd., Series 2023-FL10, Class A, 6.622% (1-Month TSFR + 2.259%) due 9/15/35<sup>(a)(e)</sup> | 285448  |
| 154000 | BX, Series 2021-MFM1, Class B, 5.427% (1-Month TSFR + 1.064%) due 1/15/34<sup>(a)(e)</sup> | 153952  |
|  | BX Commercial Mortgage Trust:<br>|  |
| 62181 | &nbsp;&nbsp;&nbsp; Series 2021-21M, Class A, 5.207% (1-Month TSFR + 0.844%) due 10/15/36<sup>(a)(e)</sup> | 62162  |

---

See Notes to Financial Statements.

211<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| 120022 | &nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B, 5.727% (1-Month TSFR + 1.364%) due 11/15/38<sup>(a)(e)</sup> | $119947  |
| 121970 | &nbsp;&nbsp;&nbsp; Series 2021-XL2, Class A, 5.166% (1-Month TSFR + 0.803%) due 10/15/38<sup>(a)(e)</sup> | 121932  |
| 102753 | &nbsp;&nbsp;&nbsp; Series 2022-LP2, Class A, 5.376% (1-Month TSFR + 1.013%) due 2/15/39<sup>(a)(e)</sup> | 102753  |
| 120000 | &nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, 5.730% (1-Month TSFR + 1.380%) due 8/15/42<sup>(a)(e)</sup> | 120112  |
| 160000 | BX Mortgage Trust, Series 2021-PAC, Class A, 5.167% (1-Month TSFR + 0.804%) due 10/15/36<sup>(a)(e)</sup> | 159900  |
|  | BX Trust:<br>|  |
| 111357 | &nbsp;&nbsp;&nbsp; Series 2021-SDMF, Class B, 5.215% (1-Month TSFR + 0.852%) due 9/15/34<sup>(a)(e)</sup> | 110940  |
| 1840000 | &nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 5.863% (1-Month TSFR + 1.500%) due 6/15/40<sup>(a)(e)</sup> | 1844025  |
| 156583 | Cantor Commercial Real Estate Lending, Series 2019-CF1, Class A2, 3.623% due 5/15/52 | 151850  |
| 1274034 | CD Mortgage Trust, Series 2017-CD4, Class XA, 1.370% due 5/10/50<sup>(e)(i)</sup> | 17538  |
| 287000 | CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XB, 1.054% due 6/15/50<sup>(e)(i)</sup> | 3810  |
|  | Citigroup Commercial Mortgage Trust:<br>|  |
| 192415 | &nbsp;&nbsp;&nbsp; Series 2016-P3, Class A3, 3.063% due 4/15/49 | 191142  |
| 400000 | &nbsp;&nbsp;&nbsp; Series 2016-P3, Class A4, 3.329% due 4/15/49 | 395763  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2016-P4, Class A4, 2.902% due 7/10/49 | 196584  |
| 250513 | &nbsp;&nbsp;&nbsp; Series 2017-P7, Class A3, 3.442% due 4/14/50 | 247338  |
| 83890 | COLT Mortgage Pass-Through Certificates, Series 2021-1R, Class A1, 0.857% due 5/25/65(a)(e) | 76268  |
| 551333 | COLT Trust, Series 2021-RPL1, Class A1, 1.665% due 9/25/61<sup>(a)(e)</sup> | 507343  |
| 227000 | &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series 2018-HCLV, Class A, 5.659% (1-Month <br>TSFR + 1.296%) due 9/15/33<sup>(a)(e)</sup> | 204338  |
| 557517 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, 5.398% (SOFR30A + 1.050%) due 1/25/44<sup>(a)(e)</sup> | 557517  |
|  | Cross Mortgage Trust:<br>|  |
| 579801 | &nbsp;&nbsp;&nbsp; Series 2024-H1, Class A1, step bond to yield, 6.085% due 12/25/68<sup>(a)</sup> | 585180  |
| 631568 | &nbsp;&nbsp;&nbsp; Series 2024-H5, Class A1, step bond to yield, 5.854% due 8/26/69<sup>(a)</sup> | 637114  |
|  | CSAIL Commercial Mortgage Trust:<br>|  |
| 553437 | &nbsp;&nbsp;&nbsp; Series 2017-C8, Class XA, 1.201% due 6/15/50<sup>(e)(i)</sup> | 7204  |
| 3451189 | &nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XA, 0.982% due 11/15/50<sup>(e)(i)</sup> | 42148  |
| 2936313 | &nbsp;&nbsp;&nbsp; Series 2018-CX12, Class XA, 0.704% due 8/15/51<sup>(e)(i)</sup> | 38536  |
|  | DBJPM Mortgage Trust:<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2016-C3, Class A5, 2.890% due 8/10/49 | 196946  |
| 19087 | &nbsp;&nbsp;&nbsp; Series 2020-C9, Class A2, 1.900% due 8/15/53 | 19100  |
| 170000 | Del Amo Fashion Center Trust, Series 2017-AMO, Class A, 3.757% due 6/5/35<sup>(a)(e)</sup> | 163935  |
| 964082 | Ellington Financial Mortgage Trust, Series 2022-3, Class A1, step bond to yield, 5.000% due 8/25/67<sup>(a)</sup> | 960613  |

---

See Notes to Financial Statements.

212<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| 148760 | ELP Commercial Mortgage Trust, Series 2021-ELP, Class A, 5.179% (1-Month TSFR + 0.815%) due 11/15/38<sup>(a)(e)</sup> | $148668  |
| 208976 | &nbsp;&nbsp;&nbsp; EQUS Mortgage Trust, Series 2021-EQAZ, Class A, 5.383% (1-Month <br>TSFR + 1.019%) due 10/15/38<sup>(a)(e)</sup> | 208911  |
|  | Federal Home Loan Mortgage Corp. (FHLMC), REMICS:<br>|  |
| 315671 | &nbsp;&nbsp;&nbsp; Series 4631, Class FA, 4.957% (SOFR30A + 0.614%) due 11/15/46<sup>(e)</sup> | 309383  |
| 1062286 | &nbsp;&nbsp;&nbsp; Series 4987, Class BF, 4.863% (SOFR30A + 0.514%) due 6/25/50<sup>(e)</sup> | 1042085  |
| 612244 | &nbsp;&nbsp;&nbsp; Series 4990, Class FN, 4.813% (SOFR30A + 0.464%) due 5/25/50<sup>(e)</sup> | 590382  |
| 440833 | &nbsp;&nbsp;&nbsp; Series 5475, Class FG, 5.498% (SOFR30A + 1.150%) due 11/25/54<sup>(e)</sup> | 439965  |
| 488342 | &nbsp;&nbsp;&nbsp; Series 5480, Class FD, 5.698% (SOFR30A + 1.350%) due 3/25/54<sup>(e)</sup> | 491334  |
| 241923 | &nbsp;&nbsp;&nbsp; Series 5524, Class AF, 5.548% (SOFR30A + 1.200%) due 4/25/55<sup>(e)</sup> | 240437  |
|  | Federal National Mortgage Association (FNMA), Aces:<br>|  |
| 945106 | &nbsp;&nbsp;&nbsp; Series 2020-M49, Class 1A1, 1.297% due 11/25/30<sup>(e)</sup> | 882743  |
| 158281 | &nbsp;&nbsp;&nbsp; Series 2021-M7, Class A1, 1.783% due 3/25/31<sup>(e)</sup> | 151070  |
|  | Federal National Mortgage Association (FNMA), REMICS:<br>|  |
| 369052 | &nbsp;&nbsp;&nbsp; Series 2024-82, Class FH, 5.498% (SOFR30A + 1.150%) due 11/25/54<sup>(e)</sup> | 368986  |
| 570057 | &nbsp;&nbsp;&nbsp; Series 2024-89, Class FD, 5.748% (SOFR30A + 1.400%) due 9/25/53<sup>(e)</sup> | 571343  |
| 384109 | &nbsp;&nbsp;&nbsp; Series 2024-93, Class FL, 5.798% (SOFR30A + 1.450%) due 12/25/54<sup>(e)</sup> | 387688  |
| 397021 | &nbsp;&nbsp;&nbsp; Series 2025-28, Class FM, 5.598% (SOFR30A + 1.250%) due 4/25/55<sup>(e)</sup> | 398066  |
| 732425 | GCAT Trust, Series 2022-NQM4, Class A1, step bond to yield, 5.269% due 8/25/67<sup>(a)</sup> | 731064  |
|  | GPMT Ltd.:<br>|  |
| 76590 | &nbsp;&nbsp;&nbsp; Series 2021-FL3, Class A, 5.974% (1-Month TSFR + 1.614%) due 7/16/35<sup>(a)(e)</sup> | 76405  |
| 230000 | &nbsp;&nbsp;&nbsp; Series 2021-FL3, Class AS, 6.324% (1-Month TSFR + 1.964%) due 7/16/35<sup>(a)(e)</sup> | 229447  |
| 150000 | Great Wolf Trust, Series 2024-WOLF, Class A, 5.905% (1-Month TSFR + 1.542%) due 3/15/39<sup>(a)(e)</sup> | 150609  |
|  | GS Mortgage Securities Corp. Trust:<br>|  |
| 208000 | &nbsp;&nbsp;&nbsp; Series 2021-IP, Class A, 5.428% (1-Month TSFR + 1.064%) due 10/15/36<sup>(a)(e)</sup> | 207871  |
| 250000 | &nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class A, 4.466% due 9/10/38<sup>(a)(e)</sup> | 249033  |
|  | GS Mortgage Securities Trust:<br>|  |
| 144663 | &nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4, 3.506% due 10/10/48 | 144079  |
| 3282335 | &nbsp;&nbsp;&nbsp; Series 2016-GS4, Class XA, 0.630% due 11/10/49<sup>(e)(i)</sup> | 10647  |
| 1641529 | &nbsp;&nbsp;&nbsp; Series 2017-GS6, Class XA, 1.140% due 5/10/50<sup>(e)(i)</sup> | 23083  |
| 3112594 | &nbsp;&nbsp;&nbsp; Series 2017-GS8, Class XA, 1.071% due 11/10/50<sup>(e)(i)</sup> | 45531  |
| 250000 | INCREF LLC, Series 2025-FL1, Class A, 6.082% (1-Month TSFR + 1.728%) due 10/19/42<sup>(a)(e)</sup> | 249997  |
| 285000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.822% due 8/15/49 | 280826  |
|  | JPMBB Commercial Mortgage Securities Trust:<br>|  |
| 560997 | &nbsp;&nbsp;&nbsp; Series 2015-C32, Class XA, 1.231% due 11/15/48<sup>(e)(i)</sup> | 36  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2016-C1, Class A5, 3.576% due 3/17/49 | 198957  |
| 220000 | KREF Ltd., Series 2021-FL2, Class B, 6.128% (1-Month TSFR + 1.764%) due 2/15/39<sup>(a)(e)</sup> | 214494  |

---

See Notes to Financial Statements.

213<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| 288200 | Legacy Mortgage Asset Trust, Series 2021-GS4, Class A1, step bond to yield, 5.650% due 11/25/60<sup>(a)</sup> | $288317  |
| 85076 | LFT CRE Ltd., Series 2021-FL1, Class A, 5.648% (1-Month TSFR + 1.284%) due 6/15/39<sup>(a)(e)</sup> | 85083  |
| 250000 | MF1, Series 2024-FL15, Class A, 6.048% (1-Month TSFR + 1.688%) due 8/18/41<sup>(a)(e)</sup> | 250639  |
| 330000 | MF1 Ltd., Series 2021-FL7, Class AS, 5.924% (1-Month TSFR + 1.564%) due 10/16/36<sup>(a)(e)</sup> | 328366  |
| 444689 | MFA Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.617% due 7/25/68<sup>(a)</sup> | 447938  |
| 41954 | MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.278% (1-Month TSFR + 0.915%) due 4/15/38<sup>(a)(e)</sup> | 41954  |
| 10558 | MHP, Series 2022-MHIL, Class A, 5.178% (1-Month TSFR + 0.815%) due 1/15/39<sup>(a)(e)</sup> | 10558  |
|  | Morgan Stanley Capital I Trust:<br>|  |
| 1090043 | &nbsp;&nbsp;&nbsp; Series 2016-UB11, Class XA, 1.564% due 8/15/49<sup>(e)(i)</sup> | 8264  |
| 3167653 | &nbsp;&nbsp;&nbsp; Series 2016-UB12, Class XA, 0.761% due 12/15/49<sup>(e)(i)</sup> | 14642  |
| 237000 | &nbsp;&nbsp;&nbsp; Series 2016-UBS9, Class A4, 3.594% due 3/15/49 | 235292  |
| 771825 | &nbsp;&nbsp;&nbsp; Series 2017-H1, Class XA, 1.447% due 6/15/50<sup>(e)(i)</sup> | 10972  |
| 149415 | &nbsp;&nbsp;&nbsp; Series 2021-L6, Class A2, 2.126% due 6/15/54<sup>(e)</sup> | 142746  |
| 155123 | &nbsp;&nbsp;&nbsp; Series 2024-NSTB, Class A, 3.900% due 9/24/57<sup>(a)(e)</sup> | 152947  |
|  | New Residential Mortgage Loan Trust:<br>|  |
| 743737 | &nbsp;&nbsp;&nbsp; Series 2019-RPL3, Class A1, 2.750% due 7/25/59<sup>(a)(e)</sup> | 717336  |
| 112429 | &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A2, 2.718% due 1/26/60<sup>(a)(e)</sup> | 106822  |
| 1205683 | &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, step bond to yield, 6.129% due 3/25/64<sup>(a)</sup> | 1216008  |
|  | OBX Trust:<br>|  |
| 520307 | &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.305% due 11/25/61<sup>(a)(e)</sup> | 467597  |
| 659129 | &nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class A1, 6.120% due 11/25/62<sup>(a)(e)</sup> | 658616  |
| 649692 | &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64<sup>(a)</sup> | 654876  |
| 686573 | &nbsp;&nbsp;&nbsp; Series 2024-NQM7, Class A1, step bond to yield, 6.243% due 3/25/64<sup>(a)</sup> | 694462  |
| 593274 | &nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A3, step bond to yield, 5.618% due 7/25/65<sup>(a)</sup> | 594476  |
| 938301 | &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, step bond to yield, 5.560% due 5/25/55<sup>(a)</sup> | 947475  |
| 798991 | PRPM Trust, Series 2025-NQM2, Class A1, step bond to yield, 5.688% due 4/25/70<sup>(a)</sup> | 805459  |
| 330000 | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, 5.755% (1-Month TSFR + 1.392%) due 5/15/39<sup>(a)(e)</sup> | 330000  |
|  | SREIT Trust:<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IND, Class B, 5.574% (1-Month TSFR + 1.211%) due <br>10/15/38<sup>(a)(e)</sup> | 199751  |
| 176157 | &nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 5.208% (1-Month TSFR + 0.845%) due 11/15/38<sup>(a)(e)</sup> | 176102  |
| 120000 | &nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class A, 5.299% (1-Month TSFR + 0.936%) due 11/15/36<sup>(a)(e)</sup> | 119963  |
| 266110 | TRTX Issuer Ltd., Series 2022-FL5, Class A, 6.013% (1-Month TSFR + 1.650%) due 2/15/39<sup>(a)(e)</sup> | 266114  |

---

See Notes to Financial Statements.

214<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| 702785 | UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.617% due 6/15/50<sup>(e)(i)</sup> | $12044  |
| 159000 | VEGAS Trust, Series 2024-TI, Class A, 5.518% due 11/10/39<sup>(a)</sup> | 161488  |
|  | Velocity Commercial Capital Loan Trust:<br>|  |
| 732304 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.520% due 8/25/51<sup>(a)(e)</sup> | 629252  |
| 295062 | &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 1.820% due 8/25/51<sup>(a)(e)</sup> | 243421  |
| 835984 | &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, 5.490% due 10/25/54<sup>(a)(e)</sup> | 839481  |
|  | Verus Securitization Trust:<br>|  |
| 439907 | &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, step bond to yield, 1.829% due 10/25/66<sup>(a)</sup> | 401769  |
| 84065 | &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A2, 1.057% due 10/25/63<sup>(a)(e)</sup> | 80982  |
| 388699 | &nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, step bond to yield, 5.850% due 12/25/67<sup>(a)</sup> | 388450  |
| 443090 | &nbsp;&nbsp;&nbsp; Series 2023-INV2, Class A1, step bond to yield, 6.443% due 8/25/68<sup>(a)</sup> | 446468  |
| 426802 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, step bond to yield, 5.712% due 1/25/69<sup>(a)</sup> | 429386  |
| 924024 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, step bond to yield, 6.095% due 2/25/69<sup>(a)</sup> | 931673  |
| 52231 | &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust, Series 2020-2, Class A1, 1.475% due <br>4/25/65<sup>(a)(e)</sup> | 50275  |
|  | Wells Fargo Commercial Mortgage Trust:<br>|  |
| 296539 | &nbsp;&nbsp;&nbsp; Series 2015-LC22, Class XA, 0.813% due 9/15/58<sup>(e)(i)</sup> | 10  |
| 546235 | &nbsp;&nbsp;&nbsp; Series 2015-NXS2, Class XA, 0.047% due 7/15/58<sup>(e)(i)</sup> | 45  |
| 325000 | &nbsp;&nbsp;&nbsp; Series 2016-C33, Class A4, 3.426% due 3/15/59 | 322935  |
| 173120 | &nbsp;&nbsp;&nbsp; Series 2021-C60, Class A2, 2.042% due 8/15/54 | 168563  |
| 26171 | &nbsp;&nbsp;&nbsp; Series 2021-SAVE, Class A, 5.728% (1-Month TSFR + 1.364%) due 2/15/40<sup>(a)(e)</sup> | 26146  |
|  | Total Mortgage Securities | 37883770  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>**(Cost – $40,371,251)** | **37883770**  |
| **ASSET-BACKED SECURITIES – 10.4%**  | **ASSET-BACKED SECURITIES – 10.4%**  | **ASSET-BACKED SECURITIES – 10.4%**  |
| **Automobile ABS – 1.1%**  | **Automobile ABS – 1.1%**  | **Automobile ABS – 1.1%**  |
|  | American Credit Acceptance Receivables Trust:<br>|  |
| 4016 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.900% due 2/12/27<sup>(a)</sup> | 4018  |
| 43382 | &nbsp;&nbsp;&nbsp; Series 2024-3, Class A, 5.760% due 11/12/27<sup>(a)</sup> | 43437  |
| 300000 | Carvana Auto Receivables Trust, Series 2024-P3, Class A4, 4.310% due 9/10/30 | 301700  |
| 309889 | DT Auto Owner Trust, Series 2021-3A, Class D, 1.310% due 5/17/27<sup>(a)</sup> | 306765  |
| 344773 | GLS Auto Select Receivables Trust, Series 2024-3A, Class A2, 5.590% due 10/15/29<sup>(a)</sup> | 348276  |
| 992000 | Hertz Vehicle Financing III LLC, Series 2025-1A, Class A, 4.910% due 9/25/29<sup>(a)</sup> | 1003514  |
|  | Lendbuzz Securitization Trust:<br>|  |
| 178168 | &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2, 7.090% due 10/16/28<sup>(a)</sup> | 181163  |
| 296616 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.990% due 5/15/29<sup>(a)</sup> | 299311  |
| 398240 | Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A, 5.044% due 6/27/33<sup>(a)</sup> | 399782  |
| 250000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.780% due 1/15/31 | 252017  |

---

See Notes to Financial Statements.

215<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Automobile ABS – (continued)**  | **Automobile ABS – (continued)**  | **Automobile ABS – (continued)**  |
| 2238 | Westlake Automobile Receivables Trust, Series 2023-4A, Class A2, 6.230% due 1/15/27<sup>(a)</sup> | $2240  |
|  | Total Automobile ABS | 3142223  |
| **Commercial MBS – 0.8%**  | **Commercial MBS – 0.8%**  | **Commercial MBS – 0.8%**  |
|  | ACREC Ltd.:<br>|  |
| 67450 | &nbsp;&nbsp;&nbsp; Series 2021-FL1, Class A, 5.624% (1-Month TSFR + 1.264%) due 10/16/36<sup>(a)(e)</sup> | 67456  |
| 350000 | &nbsp;&nbsp;&nbsp; Series 2021-FL1, Class AS, 5.974% (1-Month TSFR + 1.614%) due 10/16/36<sup>(a)(e)</sup> | 350030  |
| 114664 | BDS Ltd., Series 2021-FL10, Class A, 5.824% (1-Month TSFR + 1.464%) due 12/16/36<sup>(a)(e)</sup> | 114675  |
| 147972 | BRSP Ltd., Series 2021-FL1, Class A, 5.618% (1-Month TSFR + 1.264%) due 8/19/38<sup>(a)(e)</sup> | 147327  |
| 93344 | BSPRT Issuer Ltd., Series 2021-FL7, Class A, 5.798% (1-Month TSFR + 1.434%) due 12/15/38<sup>(a)(e)</sup> | 93349  |
| 203398 | FS Rialto, Series 2021-FL3, Class A, 5.724% (1-Month TSFR + 1.364%) due 11/16/36<sup>(a)(e)</sup> | 203288  |
| 208123 | FS RIALTO, Series 2021-FL2, Class A, 5.694% (1-Month TSFR + 1.334%) due 5/16/38<sup>(a)(e)</sup> | 208144  |
| 200043 | GPMT Ltd., Series 2021-FL4, Class A, 5.804% (1-Month TSFR + 1.464%) due 12/15/36<sup>(a)(e)</sup> | 195326  |
| 39801 | &nbsp;&nbsp;&nbsp; Greystone CRE Notes Ltd., Series 2021-FL3, Class A, 5.498% (1-Month <br>TSFR + 1.134%) due 7/15/39<sup>(a)(e)</sup> | 39747  |
| 160940 | KREF Ltd., Series 2021-FL2, Class A, 5.548% (1-Month TSFR + 1.184%) due 2/15/39<sup>(a)(e)</sup> | 160800  |
|  | LoanCore Issuer Ltd.:<br>|  |
| 107819 | &nbsp;&nbsp;&nbsp; Series 2021-CRE5, Class A, 5.778% (1-Month TSFR + 1.414%) due 7/15/36<sup>(a)(e)</sup> | 107828  |
| 182528 | &nbsp;&nbsp;&nbsp; Series 2021-CRE6, Class A, 5.778% (1-Month TSFR + 1.414%) due 11/15/38<sup>(a)(e)</sup> | 182288  |
|  | MF1 Ltd.:<br>|  |
| 28706 | &nbsp;&nbsp;&nbsp; Series 2021-FL6, Class A, 5.574% (1-Month TSFR + 1.214%) due 7/16/36<sup>(a)(e)</sup> | 28696  |
| 71880 | &nbsp;&nbsp;&nbsp; Series 2022-FL8, Class A, 5.703% (1-Month TSFR + 1.350%) due 2/19/37<sup>(a)(e)</sup> | 71831  |
| 89586 | STWD Ltd., Series 2021-FL2, Class A, 5.674% (1-Month TSFR + 1.314%) due 4/18/38<sup>(a)(e)</sup> | 89535  |
| 66022 | TRTX Issuer Ltd., Series 2021-FL4, Class A, 5.678% (1-Month TSFR + 1.314%) due 3/15/38<sup>(a)(e)</sup> | 66021  |
|  | Total Commercial MBS | 2126341  |
| **Other ABS – 8.2%**  | **Other ABS – 8.2%**  | **Other ABS – 8.2%**  |
|  | Affirm Asset Securitization Trust:<br>|  |
| 275000 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.610% due 2/15/29<sup>(a)</sup> | 276405  |
| 217083 | &nbsp;&nbsp;&nbsp; Series 2025-X1, Class A, 5.080% due 4/15/30<sup>(a)</sup> | 217357  |
| 19607 | APL Finance DAC, Series 2023-1A, Class A, 7.000% due 7/21/31<sup>(a)</sup> | 19661  |
| 12671 | Aqua Finance Trust, Series 2020-AA, Class A, 1.900% due 7/17/46<sup>(a)</sup> | 11986  |
| 500000 | Avant Loans Funding Trust, Series 2024-REV1, Class A, 5.920% due 10/15/33<sup>(a)</sup> | 505868  |

---

See Notes to Financial Statements.

216<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Other ABS – (continued)**  | **Other ABS – (continued)**  | **Other ABS – (continued)**  |
| 500000 | Bain Capital Credit CLO Ltd., Series 2022-6A, Class A1R, 5.702% (3-Month TSFR + 1.370%) due 1/22/38<sup>(a)(e)</sup> | $500373  |
| 2000000 | Brant Point CLO Ltd., Series 2024-3A, Class A1, 5.804% (3-Month TSFR + 1.600%) due 2/20/37<sup>(a)(e)</sup> | 2009617  |
| 289896 | CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220% due 9/25/45<sup>(a)</sup> | 275161  |
| 1000000 | &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd., Series 2019-4A, Class A11R, 5.638% (3-Month <br>TSFR + 1.320%) due 4/15/35<sup>(a)(e)</sup> | 1003445  |
| 500000 | CarVal CLO IX-C Ltd., Series 2024-1A, Class A, 6.005% (3-Month TSFR + 1.680%) due 4/20/37<sup>(a)(e)</sup> | 500871  |
|  | DataBank Issuer:<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, 2.060% due 2/27/51<sup>(a)</sup> | 492415  |
| 500000 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 5.116% due 2/25/53<sup>(a)</sup> | 498572  |
| 470000 | Domino's Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118% due 7/25/47<sup>(a)</sup> | 466144  |
| 500000 | Franklin Park Place CLO I LLC, Series 2022-1A, Class AR, 5.570% (3-Month TSFR + 1.250%) due 4/14/38<sup>(a)(e)(d)</sup> | 500250  |
| 274249 | &nbsp;&nbsp;&nbsp; Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 5.765% (3-Month <br>TSFR + 1.440%) due 10/20/31<sup>(a)(e)</sup> | 274819  |
| 500000 | &nbsp;&nbsp;&nbsp; Halseypoint CLO 5 Ltd., Series 2021-5A, Class A1A, 5.782% (3-Month <br>TSFR + 1.472%) due 1/30/35<sup>(a)(e)</sup> | 500250  |
| 88432 | Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.740% due 2/25/39<sup>(a)</sup> | 86752  |
| 1000000 | Katayma CLO I Ltd., Series 2023-1A, Class A1, 6.325% (3-Month TSFR + 2.000%) due 10/20/36<sup>(a)(e)</sup> | 1002320  |
| 1000000 | Katayma CLO II Ltd., Series 2024-2A, Class A1, 5.975% (3-Month TSFR + 1.650%) due 4/20/37<sup>(a)(e)</sup> | 1005336  |
| 862000 | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.604% due 9/20/65<sup>(a)</sup> | 872276  |
| 1000000 | Madison Park Funding LXIII Ltd., Series 2023-63A, Class A1R, 5.725% (3-Month TSFR + 1.400%) due 7/21/38<sup>(a)(e)</sup> | 1003500  |
| 1000000 | &nbsp;&nbsp;&nbsp; Marble Point CLO XXI Ltd., Series 2021-3A, Class A1, 5.824% (3-Month <br>TSFR + 1.502%) due 10/17/34<sup>(a)(e)</sup> | 1003090  |
| 250000 | Mariner Finance Issuance Trust, Series 2025-AA, Class A, 4.980% due 5/20/38<sup>(a)</sup> | 253745  |
|  | Marlette Funding Trust:<br>|  |
| 28478 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.950% due 7/17/34<sup>(a)</sup> | 28493  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.950% due 7/16/35<sup>(a)</sup> | 200677  |
| 301268 | &nbsp;&nbsp;&nbsp; Ocean Trails CLO V, Series 2014-5A, Class ARR, 5.862% (3-Month <br>TSFR + 1.542%) due 10/13/31<sup>(a)(e)</sup> | 302184  |
| 6229 | OCP CLO Ltd., Series 2014-5A, Class A1R, 5.655% (3-Month TSFR + 1.342%) due 4/26/31<sup>(a)(e)</sup> | 6230  |
|  | Pagaya AI Debt Grantor Trust:<br>|  |
| 249974 | &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 5.329% due 10/15/32<sup>(a)</sup> | 250931  |
| 339529 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, 5.028% due 5/16/32<sup>(a)</sup> | 339688  |
| 500000 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 5.365% due 12/15/32<sup>(a)</sup> | 503056  |
| 36973 | Prosper Marketplace Issuance Trust, Series 2024-1A, Class A, 6.120% due 8/15/29<sup>(a)</sup> | 36996  |

---

See Notes to Financial Statements.

217<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Other ABS – (continued)**  | **Other ABS – (continued)**  | **Other ABS – (continued)**  |
| 238306 | Reach ABS Trust, Series 2025-2A, Class A, 4.930% due 8/18/32<sup>(a)</sup> | $238975  |
| 1000000 | &nbsp;&nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2024-1A, Class A1, 5.935% (3-Month <br>TSFR + 1.610%) due 4/20/37<sup>(a)(e)</sup> | 1003973  |
| 329713 | Slam Ltd., Series 2024-1A, Class A, 5.335% due 9/15/49<sup>(a)</sup> | 332789  |
|  | SoFi Consumer Loan Program Trust:<br>|  |
| 324716 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 4.800% due 2/27/34<sup>(a)</sup> | 325818  |
| 250000 | &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 4.970% due 6/25/34<sup>(a)</sup> | 252829  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A, 4.470% due 8/15/34<sup>(a)</sup> | 200128  |
| 490925 | &nbsp;&nbsp;&nbsp; Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 5.837% (3-Month <br>TSFR + 1.512%) due 10/20/31<sup>(a)(e)</sup> | 492531  |
| 72809 | &nbsp;&nbsp;&nbsp; Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 5.707% (3-Month <br>TSFR + 1.382%) due 1/21/31<sup>(a)(e)</sup> | 72878  |
| 207536 | &nbsp;&nbsp;&nbsp; Steele Creek CLO Ltd., Series 2018-2A, Class A, 5.647% (3-Month <br>TSFR + 1.462%) due 8/18/31<sup>(a)(e)</sup> | 208035  |
| 515689 | Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.080% due 6/21/50<sup>(a)</sup> | 519127  |
| 18141 | Theorem Funding Trust, Series 2023-1A, Class A, 7.580% due 4/15/29<sup>(a)</sup> | 18175  |
| 2000000 | THL Credit Wind River CLO Ltd., Series 2017-1A, Class ARR, 5.651% (3-Month TSFR + 1.322%) due 4/18/36<sup>(a)(e)</sup> | 1999532  |
|  | Upstart Securitization Trust:<br>|  |
| 156131 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 5.330% due 11/20/34<sup>(a)</sup> | 156565  |
| 195170 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.450% due 4/20/35<sup>(a)</sup> | 196460  |
| 205000 | Vantage Data Centers Issuer LLC, Series 2021-1A, Class A2, 2.165% due 10/15/46<sup>(a)</sup> | 198512  |
| 1000000 | &nbsp;&nbsp;&nbsp; Warwick Capital CLO 4 Ltd., Series 2024-4A, Class A1, 5.725% (3-Month <br>TSFR + 1.400%) due 7/20/37<sup>(a)(e)</sup> | 1003235  |
| 1000000 | &nbsp;&nbsp;&nbsp; Wellfleet CLO Ltd., Series 2020-2A, Class AR, 5.799% (3-Month <br>TSFR + 1.482%) due 7/15/34<sup>(a)(e)</sup> | 1002916  |
|  | Total Other ABS | 23170946  |
| **Student Loan ABS – 0.1%**  | **Student Loan ABS – 0.1%**  | **Student Loan ABS – 0.1%**  |
| 107230 | Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.980% due 8/25/50<sup>(a)</sup> | 96199  |
| 335 | Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX, 2.340% due 10/25/48<sup>(a)</sup> | 334  |
|  | Navient Private Education Refi Loan Trust:<br>|  |
| 40256 | &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.170% due 9/16/69<sup>(a)</sup> | 37751  |
| 238332 | &nbsp;&nbsp;&nbsp; Series 2022-A, Class A, 2.230% due 7/15/70<sup>(a)</sup> | 217916  |
|  | Total Student Loan ABS | 352200  |

---

See Notes to Financial Statements.

218<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **WL Collateral CMO – 0.2%** | **WL Collateral CMO – 0.2%** | **WL Collateral CMO – 0.2%** |
| 630856 | First Franklin Mortgage Loan Trust, Series 2003-FF2, Class M1, 6.268% (1-Month TSFR + 1.914%) due 7/25/33<sup>(e)</sup> | $624218  |
| 4202 | VOLT XCIV LLC, Series 2021-NPL3, Class A1, step bond to yield, 6.240% due 2/27/51<sup>(a)</sup> | 4200  |
|  | Total WL Collateral CMO | 628418  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>**(Cost – $29,168,858)** | **29420128**  |
| **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 10.0%**  | **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 10.0%**  | **U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 10.0%**  |
| **U.S. GOVERNMENT OBLIGATIONS – 10.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 10.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 10.0%**  |
| 239924 | U.S. Treasury Inflation Indexed Bonds, 2.375% due 1/15/27 | 244731  |
|  | U.S. Treasury Inflation Indexed Notes:<br>|  |
| 365578 | &nbsp;&nbsp;&nbsp; 0.125% due 4/15/27 | 360721  |
| 185111 | &nbsp;&nbsp;&nbsp; 1.625% due 10/15/27 | 188728  |
|  | U.S. Treasury Notes:<br>|  |
| 8500000 | &nbsp;&nbsp;&nbsp; 0.375% due 1/31/26 | 8370242  |
| 1550000 | &nbsp;&nbsp;&nbsp; 0.750% due 5/31/26 | 1513647  |
| 2450000 | &nbsp;&nbsp;&nbsp; 0.625% due 7/31/26 | 2378816  |
| 4450000 | &nbsp;&nbsp;&nbsp; 0.500% due 6/30/27 | 4204555  |
| 11300000 | &nbsp;&nbsp;&nbsp; 0.750% due 1/31/28 | 10561969  |
| 800000 | &nbsp;&nbsp;&nbsp; 0.875% due 11/15/30 | 693437  |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | **28516846**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS**<br>**(Cost – $28,474,227)** | **28516846**  |
| **SENIOR LOANS<sup>(e)</sup> – 3.4%** | **SENIOR LOANS<sup>(e)</sup> – 3.4%** | **SENIOR LOANS<sup>(e)</sup> – 3.4%** |
| **United States – 3.4%**  | **United States – 3.4%**  | **United States – 3.4%**  |
| 2706368 | Bally's Corp., due 10/2/28<sup>(j)</sup> | 2673891  |
| 2365328 | Fiserv Investment Solutions Inc., 8.204% (3-Month USD-SOFR + 0.400%) due 2/18/27 | 2335762  |
| 2865899 | K&N Parent Inc., 0.000% (1-Month USD-SOFR + 0.500%) due 2/3/27<sup>(c)(d)</sup> | 2851569  |
| 1922352 | Magnite Inc., 7.316% (1-Month USD-SOFR + 0.300%) due 2/6/31 | 1922352  |
|  | Total United States | 9783574  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SENIOR LOANS**<br>**(Cost – $9,640,321)** | **9783574**  |
| **MORTGAGE-BACKED SECURITIES – 0.8%**  | **MORTGAGE-BACKED SECURITIES – 0.8%**  | **MORTGAGE-BACKED SECURITIES – 0.8%**  |
| **FHLMC – 0.3%**  |  |  |
|  | Freddie Mac Pool:<br>|  |
| 416796 | &nbsp;&nbsp;&nbsp; 5.500% due 2/1/55 | 422802  |
| 458216 | &nbsp;&nbsp;&nbsp; 6.000% due 4/1/54 | 472391  |
|  | **TOTAL FHLMC** | **895193**  |
| **FNMA – 0.5%**  | **FNMA – 0.5%**  | **FNMA – 0.5%**  |
|  | Federal National Mortgage Association (FNMA) Pool:<br>|  |
| 401772 | &nbsp;&nbsp;&nbsp; 5.000% due 8/1/43 | 405122  |
| 415096 | &nbsp;&nbsp;&nbsp; 5.500% due 2/1/55 | 421404  |

---

See Notes to Financial Statements.

219<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  | **MORTGAGE-BACKED SECURITIES – (continued)**  |
| **FNMA – (continued)**  | **FNMA – (continued)**  | **FNMA – (continued)**  |
| 340021 | &nbsp;&nbsp;&nbsp; 5.500% due 4/1/55 | $342248  |
| 300866 | &nbsp;&nbsp;&nbsp; 6.000% due 10/1/53 | 310010  |
|  | **TOTAL FNMA** | **1478784**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES**<br>**(Cost – $2,334,147)** | **2373977**  |
| **SOVEREIGN BONDS – 0.1%**  | **SOVEREIGN BONDS – 0.1%**  | **SOVEREIGN BONDS – 0.1%**  |
| **Guatemala – 0.1%**  | **Guatemala – 0.1%**  | **Guatemala – 0.1%**  |
| 200000 | Guatemala Government Bond, 4.500% due 5/3/26 | 198800  |
| **Paraguay – 0.0%**  | **Paraguay – 0.0%**  | **Paraguay – 0.0%**  |
| 50000 | Paraguay Government International Bond, 5.000% due 4/15/26 | 50010  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br>**(Cost – $248,185)** | **248810**  |
| **Shares/Units**  |  |  |
| **EXCHANGE TRADED FUND (ETF) – 11.4%**  | **EXCHANGE TRADED FUND (ETF) – 11.4%**  | **EXCHANGE TRADED FUND (ETF) – 11.4%**  |
| 662309 | iShares Core 1-5 Year USD Bond |  |
|  | (Cost - $30,569,980) | 32347171  |
| **PREFERRED STOCKS – 0.9%**  | **PREFERRED STOCKS – 0.9%**  | **PREFERRED STOCKS – 0.9%**  |
| **FINANCIAL – 0.9%**  | **FINANCIAL – 0.9%**  | **FINANCIAL – 0.9%**  |
| **Diversified Financial Services – 0.5%**  | **Diversified Financial Services – 0.5%**  | **Diversified Financial Services – 0.5%**  |
| 56213 | SWK Holdings Corp., 9.000% | 1450295  |
| **Equity Real Estate Investment Trusts (REITs) – 0.4%**  | **Equity Real Estate Investment Trusts (REITs) – 0.4%**  | **Equity Real Estate Investment Trusts (REITs) – 0.4%**  |
| 45017 | Gladstone Land Corp., 5.000% | 1118673  |
|  | **TOTAL FINANCIAL** | **2568968**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br>**(Cost – $2,469,592)** | **2568968**  |
| **COMMON STOCKS – 0.9%**  | **COMMON STOCKS – 0.9%**  | **COMMON STOCKS – 0.9%**  |
| **CONSUMER NON-CYCLICAL – 0.3%**  | **CONSUMER NON-CYCLICAL – 0.3%**  | **CONSUMER NON-CYCLICAL – 0.3%**  |
| **Healthcare-Products – 0.3%**  | **Healthcare-Products – 0.3%**  | **Healthcare-Products – 0.3%**  |
| 833981 | ProSomnus Sleep Technologies Inc.\*<sup>@(c)(d)</sup> | 833981  |
| **Healthcare-Services – 0.0%**  | **Healthcare-Services – 0.0%**  | **Healthcare-Services – 0.0%**  |
| 161689 | UpHealth Inc.\*<sup>@(c)(d)</sup> | —  |
| **Pharmaceuticals – 0.0%**  | **Pharmaceuticals – 0.0%**  | **Pharmaceuticals – 0.0%**  |
| 6449526 | Cannabist Co. Holdings Inc.\*<sup>(d)</sup> | —  |
|  | **TOTAL CONSUMER NON-CYCLICAL** | **833981**  |
| **DIVERSIFIED – 0.6%**  | **DIVERSIFIED – 0.6%**  | **DIVERSIFIED – 0.6%**  |
| **SPACs – 0.6%**  | **SPACs – 0.6%**  | **SPACs – 0.6%**  |
| 8880 | Copley Acquisition Corp.\*<sup>(d)</sup> | 89688  |
| 108500 | Mercer Park Opportunities Corp.\*<sup>(d)</sup> | 1109955  |
| 51284 | Translational Development Acquisition Corp.\*<sup>(d)</sup> | 530276  |
|  | Total SPACs | 1729919  |
|  | **TOTAL DIVERSIFIED** | **1729919** |

---

See Notes to Financial Statements.

220<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units**  | **Security**  | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **FINANCIAL – 0.0%**  | **FINANCIAL – 0.0%**  | **FINANCIAL – 0.0%**  |
| **Financial Services – 0.0%**  | **Financial Services – 0.0%**  | **Financial Services – 0.0%**  |
| 16305 | Alpha Partners Technology\*<sup>(c)(d)</sup> | $2935  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost – $2,514,919)** | **2566835**  |
| **WARRANT – 0.0%**  | **WARRANT – 0.0%**  | **WARRANT – 0.0%**  |
| **DIVERSIFIED – 0.0%**  | **DIVERSIFIED – 0.0%**  | **DIVERSIFIED – 0.0%**  |
| **Holding Companies-Diversified – 0.0%**  | **Holding Companies-Diversified – 0.0%**  | **Holding Companies-Diversified – 0.0%**  |
| 43327 | Leafly Holdings Inc.<sup>\*@</sup> |  |
|  | (Cost – $0) | 347  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br>**(Cost – $271,174,681)** | **261805871**  |
| **Face Amount** |  |  |
| **SHORT-TERM INVESTMENTS – 7.4%**  | **SHORT-TERM INVESTMENTS – 7.4%**  | **SHORT-TERM INVESTMENTS – 7.4%**  |
| **COMMERCIAL PAPERS – 3.6%**  | **COMMERCIAL PAPERS – 3.6%**  | **COMMERCIAL PAPERS – 3.6%**  |
| $2080000 | Bacardi-Martini BV, 4.705% due 9/4/25<sup>(k)</sup> | 2078335  |
| 1341000 | Dollarama Inc., 4.665% due 9/15/25<sup>(a)(k)</sup> | 1337964  |
| 1224000 | FMC Corp., 5.221% due 9/22/25<sup>(a)(k)</sup> | 1219764  |
| 1571000 | Genuine Parts Co., 4.572% due 9/11/25<sup>(a)(k)</sup> | 1568434  |
| 2547000 | PPG Industries Inc., 4.538% due 9/29/25<sup>(k)</sup> | 2537152  |
| 1637000 | Stanley Black & Decker Inc., 4.566% due 9/19/25<sup>(a)(k)</sup> | 1632582  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL PAPERS**<br>**(Cost – $10,378,379)** | **10374231**  |
| **CORPORATE NOTE – 0.1%**  | **CORPORATE NOTE – 0.1%**  | **CORPORATE NOTE – 0.1%**  |
| 1468461 | &nbsp;&nbsp;&nbsp; Tacora Resources Inc., 13.000% due 11/3/23<sup>(a)(c)(d)</sup><br>(Cost – $1,468,631) | 202501  |
| **TIME DEPOSITS – 3.7%**  | **TIME DEPOSITS – 3.7%**  | **TIME DEPOSITS – 3.7%**  |
| 818455<sup>EUR</sup> | Citibank – London, 0.870% due 9/1/25 | 957551  |
| 4381602 | Citibank – New York, 3.680% due 9/2/25 | 4381602  |
| 1503072 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25 | 1503072  |
| 3666543 | Royal Bank of Canada – Toronto, 3.680% due 9/2/25 | 3666543  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $10,508,768)** | **10508768**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost – $22,355,778)** | **21085500**  |
| **Shares/Units** |  |  |
| **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.8%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.8%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.8%**  |
| **MONEY MARKET FUND – 0.8%**  | **MONEY MARKET FUND – 0.8%**  | **MONEY MARKET FUND – 0.8%**  |
| 2223994 | &nbsp;&nbsp;&nbsp; Federated Government Obligations Fund, Premier Class, 4.151%<sup>(l)</sup><br>(Cost – $2,223,994) | 2223994  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 100.2%**<br>**(Cost – $295,754,453)** | **285115365**  |
|  | Liabilities in Excess of Other Assets – (0.2)% | (624637)  |
|  | **TOTAL NET ASSETS – 100.0%** | **$284490728** |

---

See Notes to Financial Statements.

221<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;† Face amount denominated in U.S. dollars, unless
 otherwise noted.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025, amounts to $112,470,257 and represents 39.53% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment in-kind security for which part of the
 income earned may be paid as additional principal. At the option of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is valued in good faith at fair value
 by or under the direction of the Board of Trustees using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $28,466,214 and represents 10.01% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. Interest rate disclosed
 is that which was in effect at August 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is perpetual in nature and has no stated
 maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is currently in default.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Represents investment of collateral received from
 securities lending transactions.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **First** <br>**Acquisition** <br>**Date** | **First** <br>**Acquisition** <br>**Cost** | **Market**<br>**Value** | **Percent of**<br>**Net Assets**  |
| Leafly Holdings Inc. | 2/7/2022 | $—  | $347 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 7/1/25 | 2/4/2022 | 8497000 | 6075800 | &nbsp;&nbsp;&nbsp; 2.14%  |
| ProSomnus Inc., Senior Secured Notes, 8.000% due 12/31/26 | 8/6/2024 | 4810432 | 5006900 | &nbsp;&nbsp;&nbsp; 1.76%  |
| ProSomnus Sleep Technologies Inc. | 8/6/2024 | 728853 | 833981 | &nbsp;&nbsp;&nbsp; 0.29%  |
| UpHealth Inc. | 11/22/2023 | 85141 |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00%\*  |
|  |  |  | **$11917028** | &nbsp;&nbsp;&nbsp;&nbsp;4.19% |

---

<u>Abbreviations used in this schedule:</u>

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury Index

EURIBOR — Euro Interbank Offered Rate

LLC — Limited Liability Company

LP — Limited Partnership

MFA — Mortgage Finance Authority

PLC — Public Limited Company

REMICS — Real Estate Mortgage Investment Conduit

SARL — Société à Responsabilité Limitée

SOFR — Secured Overnight Financing Rate

SPACs — Special Purpose Acquisition Companies

STIBOR — Stockholm Interbank Offered Rate

TSFR — CME Term SOFR Reference Rate

See Notes to Financial Statements.

222<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Low Duration Fixed Income Fund(concluded)** 

**<u>Summary of Investments by Security Type^</u>** 

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 40.7%  |
| Collateralized Mortgage Obligations | 13.3  |
| Exchange Traded Fund (ETF) | 11.4  |
| Asset-Backed Securities | 10.3  |
| U.S. Government Agencies & Obligations | 10.0  |
| Senior Loans | 3.4  |
| Preferred Stocks | 0.9  |
| Common Stocks | 0.9  |
| Mortgage-Backed Securities | 0.8  |
| Sovereign Bonds | 0.1  |
| Warrant | 0.0\*  |
| Short-Term Investments | 7.4  |
| Money Market Fund | 0.8  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments.<br>|

---

\* Position represents less than 0.05%.

At August 31, 2025, Destinations Low Duration Fixed Income Fund had open forward foreign currency contracts as described below.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local** <br>**Currency** | **Market**<br>**Value** | **Settlement** <br>**Date** | **Unrealized** <br>**Appreciation** | **Unrealized** <br>(Depreciation) | **Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **Contracts to Sell:**<br>|  |  |  |  |  |  |
| Euro | 6615000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | $7745267 | &nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp; $19155 | &nbsp;&nbsp; — | &nbsp;&nbsp; $19155  |
| Swedish Krona | 36375000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 3847018 | &nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (16659) | &nbsp;&nbsp; (16659)  |
| Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $19155 | &nbsp;&nbsp; $(16659) | &nbsp;&nbsp; $2496 |

---

<u>Counterparty Abbreviations used in this schedule:</u>

BBH — Brown Brothers Harriman & Co.

<u>Currency Abbreviations used in this schedule:</u>

---

| | |
|:---|:---|
| EUR<br>| — Euro |

---

SEK — Swedish Krona

See Notes to Financial Statements.

223<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – 77.5%**  | **CORPORATE BONDS & NOTES – 77.5%**  | **CORPORATE BONDS & NOTES – 77.5%**  |
| **Australia – 0.1%**  | **Australia – 0.1%**  | **Australia – 0.1%**  |
| 300000 | Hillgrove Mines Pty Ltd., Senior Secured Notes, 12.000% due 8/1/29  | $295104  |
| 150000 | Mineral Resources Ltd., Senior Unsecured Notes, 9.250% due 10/1/28<sup>(a)</sup>  | 156812  |
|  | Total Australia | 451916  |
| **Bermuda – 0.9%**  | **Bermuda – 0.9%**  | **Bermuda – 0.9%**  |
| 125000<sup>EUR</sup> | Aegon Ltd., Subordinated Notes, 0.496% (10-Year Netherlands Government Bond Yield + 0.850%)<sup>(b)(c)(d)</sup>  | 105442  |
| 255020 | &nbsp;&nbsp;&nbsp; Digicel Group Holdings Ltd., Senior Secured Notes, zero coupon, due <br>12/31/30<sup>(a)</sup>  | 9036  |
| 200000 | Fidelis Insurance Holdings Ltd., Subordinated Notes, 7.750% (5-Year CMT Index + 4.280%) due 6/15/55<sup>(c)</sup>  | 211130  |
| 584000 | Lancashire Holdings Ltd., Junior Subordinated Notes, 5.625% (5-Year CMT Index + 5.080%) due 9/18/41<sup>(c)</sup>  | 570967  |
| 3527000 | Nabors Industries Ltd., Company Guaranteed Notes, 7.500% due 1/15/28<sup>(a)</sup>  | 3540346  |
| 875000 | SP Cruises Intermediate Ltd., Senior Secured Notes, 11.500% due 3/14/30 | 830416  |
| 850000 | Viking Cruises Ltd., Company Guaranteed Notes, 9.125% due 7/15/31<sup>(a)</sup>  | 915796  |
|  | Total Bermuda | 6183133  |
| **Brazil – 1.1%**  | **Brazil – 1.1%**  | **Brazil – 1.1%**  |
| 4000000 | &nbsp;&nbsp;&nbsp; Banco do Brasil SA, Junior Subordinated Notes, 8.748% (5-Year CMT <br>Index + 4.398%)<sup>(c)(d)</sup>  | 3990600  |
| 800000 | &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA, Subordinated Notes, 3.875% (5-Year CMT <br>Index + 3.446%) due 4/15/31<sup>(c)</sup>  | 791754  |
| 3039448 | Prumo Participacoes e Investimentos S/A, Senior Secured Notes, 7.500% due 12/31/31 | 3085040  |
|  | Total Brazil | 7867394  |
| **British Virgin Islands – 0.2%**  | **British Virgin Islands – 0.2%**  | **British Virgin Islands – 0.2%**  |
| 1400000 | Gold Fields Orogen Holdings BVI Ltd., Company Guaranteed Notes, 6.125% due 5/15/29 . | 1460740  |
| **Canada – 2.6%**  | **Canada – 2.6%**  | **Canada – 2.6%**  |
| 100000 | AltaGas Ltd., Junior Subordinated Notes, 7.200% (5-Year CMT Index + 3.573%) due 10/15/54<sup>(a)(c)</sup>  | 101332  |
| 2100000 | Aris Mining Corp., Company Guaranteed Notes, 8.000% due 10/31/29<sup>(a)</sup>  | 2173500  |
| 50000 | Bell Telephone Co. of Canada or Bell Canada, Company Guaranteed Notes, 6.875% (5-Year CMT Index + 2.390%) due 9/15/55<sup>(c)</sup>  | 51066  |
| 1793000 | Brookfield Residential Properties Inc./Brookfield Residential US LLC, Company Guaranteed Notes, 4.875% due 2/15/30<sup>(a)</sup>  | 1644296  |
| 3800000 | Canacol Energy Ltd., Company Guaranteed Notes, 5.750% due 11/24/28  | 1448750  |
| 10024000 | Cannabist Co. Holdings Inc., Senior Secured Notes, 9.250% due 12/31/28<sup>(b)</sup>  | 5062120  |
| 1114000 | Enerflex Ltd., Senior Secured Notes, 9.000% due 10/15/27<sup>(a)</sup>  | 1143451  |
| 200000 | New Gold Inc., Senior Unsecured Notes, 6.875% due 4/1/32<sup>(a)</sup>  | 208473  |
| 2500000 | Polaris Renewable Energy Inc., Senior Secured Notes, 9.500% due 12/3/29 | 2587500  |
| 50000 | &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Subordinated Notes, 7.000% (5-Year CMT <br>Index + 2.653%) due 4/15/55<sup>(c)</sup>  | 51289  |

---

See Notes to Financial Statements.

224<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Canada – (continued)**  | **Canada – (continued)**  | **Canada – (continued)**  |
| 300000 | Saturn Oil & Gas Inc., Senior Secured Notes, 9.625% due 6/15/29<sup>(a)</sup>  | $306276  |
| 3595000 | Trulieve Cannabis Corp., Senior Secured Notes, 8.000% due 10/6/26 | 3550062  |
|  | Total Canada | 18328115  |
| **Cayman Islands – 2.2%**  | **Cayman Islands – 2.2%**  | **Cayman Islands – 2.2%**  |
| 4920538 | Bioceanico Sovereign Certificate Ltd., Senior Secured Notes, zero coupon, due 6/5/34 | 3951192  |
| 848000 | C&W Senior Finance Ltd., Company Guaranteed Notes, 9.000% due 1/15/33<sup>(a)</sup> | 890343  |
| 1409000 | CHC Group LLC, Senior Secured Notes, 11.750% due 9/1/30<sup>(a)</sup>  | 1402599  |
| 1900000 | Cosan Overseas Ltd., Company Guaranteed Notes, 8.250%<sup>(d)</sup>  | 1875110  |
| 200000 | Energuate Trust, Company Guaranteed Notes, 5.875% due 5/3/27 | 200102  |
| 19023 | Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due 11/30/25 | 18736  |
| 3115938 | Lima Metro Line 2 Finance Ltd., Senior Secured Notes, 5.875% due 7/5/34  | 3194927  |
| 2014800 | Rutas 2 & 7 Finance Ltd., Senior Secured Notes, zero coupon, due 9/30/36 | 1498003  |
| 2507000 | Sable International Finance Ltd., Senior Secured Notes, 7.125% due 10/15/32<sup>(a)</sup>  | 2549000  |
|  | Total Cayman Islands | 15580012  |
| **Chile – 1.6%**  | **Chile – 1.6%**  | **Chile – 1.6%**  |
| 5000000 | CAP SA, Senior Unsecured Notes, 3.900% due 4/27/31  | 3988014 |
| 1041000 | Cencosud SA, Company Guaranteed Notes, 4.375% due 7/17/27 | 1037316  |
| 3074169 | Chile Electricity PEC SpA, Senior Secured Notes, zero coupon, due 1/25/28<sup>(a)</sup>  | 2748307  |
| 300000 | Corp. Nacional del Cobre de Chile, Senior Unsecured Notes, 3.000% due 9/30/29 | 281015  |
| 243250 | Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29 | 219503  |
| 1055020 | Empresa Electrica Cochrane SpA, Senior Secured Notes, 5.500% due 5/14/27 | 1037799  |
| 1741960 | GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29 | 1739103  |
|  | Total Chile | 11051057  |
| **Colombia – 0.7%**  | **Colombia – 0.7%**  | **Colombia – 0.7%**  |
| 1700000 | &nbsp;&nbsp;&nbsp; Banco Davivienda SA, Junior Subordinated Notes, 8.125% (5-Year CMT <br>Index + 4.588%) due 7/2/35<sup>(a)(c)</sup>  | 1758310  |
| 1000000 | Banco de Bogota SA, Subordinated Notes, 6.250% due 5/12/26 | 1006089  |
| 150000 | &nbsp;&nbsp;&nbsp; Banco GNB Sudameris SA, Subordinated Notes, 7.500% (5-Year CMT <br>Index + 6.660%) due 4/16/31<sup>(c)</sup>  | 150065  |
| 1300000 | Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 4.375% due 2/15/31 | 1183636  |
| 643600 | Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35 | 661299  |
|  | Total Colombia | 4759399  |
| **Czech Republic – 0.7%**  | **Czech Republic – 0.7%**  | **Czech Republic – 0.7%**  |
|  | Czechoslovak Group AS, Senior Secured Notes:<br>|  |
| 1207000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 5.250% due 1/10/31 | 1459400  |
| 1720000 | &nbsp;&nbsp;&nbsp; 6.500% due 1/10/31 | 1761433  |
| 800000 | Energo-Pro AS, Company Guaranteed Notes, 11.000% due 11/2/28 | 849067  |
| 1039000<sup>EUR</sup> | Energo-Pro AS, Local Government Guaranteed Notes, 8.000% due 5/27/30 | 1288930  |
|  | Total Czech Republic | 5358830  |
| **France – 0.6%**  | **France – 0.6%**  | **France – 0.6%**  |
| 100000<sup>EUR</sup> | CAB SELAS, Senior Secured Notes, 3.375% due 2/1/28 | 108882  |
| 201000<sup>EUR</sup> | Emeria SASU, Senior Secured Notes, 7.750% due 3/31/28 | 220718  |

---

See Notes to Financial Statements.

225<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **France – (continued)**  | **France – (continued)**  | **France – (continued)**  |
| 200000 | Forvia SE, Senior Unsecured Notes, 8.000% due 6/15/30<sup>(a)</sup>  | $210906  |
| 393000<sup>EUR</sup> | Laboratoire Eimer SELAS, Company Guaranteed Notes, 5.000% due 2/1/29  | 389890  |
| 850000 | Maya SAS, Senior Secured Notes, 8.500% due 4/15/31<sup>(a)</sup>  | 914490  |
|  | Viridien, Senior Secured Notes:<br>|  |
| 1491000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 8.500% due 10/15/30 | 1747694  |
| 426000 | &nbsp;&nbsp;&nbsp; 10.000% due 10/15/30<sup>(a)</sup>  | 425715  |
|  | Total France | 4018295  |
| **Germany – 2.9%**  | **Germany – 2.9%**  | **Germany – 2.9%**  |
| 1400000 | &nbsp;&nbsp;&nbsp; Aareal Bank AG, Junior Subordinated Notes, 9.875% (5-Year CMT <br>Index + 5.068%)<sup>(c)(d)</sup>  | 1506912  |
| 1800000 | Cerdia Finanz GmbH, Senior Secured Notes, 9.375% due 10/3/31<sup>(a)</sup>  | 1904904  |
|  | Cheplapharm Arzneimittel GmbH, Senior Secured Notes:<br>|  |
| 1359000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 7.500% due 5/15/30 | 1633478  |
| 874000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 7.125% due 6/15/31 | 1041703  |
|  | IHO Verwaltungs GmbH, Senior Secured Notes:<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 7.750% due 11/15/30<sup>(a)(e)</sup> | 415922  |
| 500000 | &nbsp;&nbsp;&nbsp; 8.000% due 11/15/32<sup>(a)(e)</sup> | 522039  |
| 2253000<sup>EUR</sup> | JDC Group AG, Senior Secured Notes, 6.522% (3-Month EURIBOR + 4.500%) due 8/28/29<sup>(a)(c)</sup>  | 2694151  |
| 1000000<sup>EUR</sup> | Kolibri Beteiligungsgesellschaft mbH & Co. KGaA, Senior Secured Notes, 9.029% (3- Month EURIBOR + 7.000%) due 2/13/29<sup>(c)</sup> | 1199784  |
| 1305000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; LifeFit Group MidCo GmbH, Senior Secured Notes, 9.032% (3-Month <br>EURIBOR + 7.000%) due 8/29/29<sup>(c)</sup>  | 1576812  |
| 4914000<sup>EUR</sup> | Platform Group AG, Company Guaranteed Notes, 8.875% due 7/11/28 | 5814126  |
| 1487000<sup>EUR</sup> | Secop Group Holding GmbH, Senior Secured Notes, 10.380% (3-Month EURIBOR + 8.400%) due 12/29/26<sup>(c)</sup>  | 1763716  |
| 443000<sup>EUR</sup> | smava GmbH, Senior Secured Notes, 9.034% (3-Month EURIBOR + 7.000%) due 5/22/29<sup>(c)</sup>  | 528653  |
|  | Total Germany | 20602200  |
| **Gibraltar – 0.4%**  | **Gibraltar – 0.4%**  | **Gibraltar – 0.4%**  |
|  | 888 Acquisitions Ltd., Senior Secured Notes:<br>|  |
| 300000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 7.526% (3-Month EURIBOR + 5.500%) due 7/15/28<sup>(c)</sup>  | 349985 |
| 1600000<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 10.750% due 5/15/30 | 2236707  |
|  | Total Gibraltar | 2586692  |
| **Guatemala – 0.3%**  | **Guatemala – 0.3%**  | **Guatemala – 0.3%**  |
| 2267000 | Banco Industrial SA, Subordinated Notes, 4.875% (5-Year CMT Index + 4.442%) due 1/29/31<sup>(c)</sup>  | 2249998  |
| **India – 2.1%**  | **India – 2.1%**  | **India – 2.1%**  |
|  | Adani Electricity Mumbai Ltd., Senior Secured Notes:<br>|  |
| 2703000 | &nbsp;&nbsp;&nbsp; 3.949% due 2/12/30 | 2508610  |
| 600000 | &nbsp;&nbsp;&nbsp; 3.867% due 7/22/31 | 543826  |
| 1880000 | Adani International Container Terminal Pvt Ltd., Senior Secured Notes, 3.000% due 2/16/31  | 1706354  |

---

See Notes to Financial Statements.

226<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **India – (continued)**  | **India – (continued)**  | **India – (continued)**  |
|  | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes:<br>|  |
| 2100000 | &nbsp;&nbsp;&nbsp; 4.000% due 7/30/27 | $2042208  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.375% due 7/3/29 | 385374  |
| 200000 | &nbsp;&nbsp;&nbsp; 3.100% due 2/2/31 | 174045  |
| 751500 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, Senior Secured Notes, 4.625% due 10/15/39  | 622540  |
|  | Adani Transmission Step-One Ltd., Senior Secured Notes:<br>|  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.000% due 8/3/26 | 988358  |
| 1807000 | &nbsp;&nbsp;&nbsp; 4.250% due 5/21/36 | 1595436  |
| 2911000 | JSW Hydro Energy Ltd., Senior Secured Notes, 4.125% due 5/18/31  | 2730838  |
| 900000 | JSW Infrastructure Ltd., Senior Secured Notes, 4.950% due 1/21/29<sup>(f)</sup>  | 901541  |
| 750000 | Reliance Industries Ltd., Senior Unsecured Notes, 3.667% due 11/30/27 | 741127  |
|  | Total India | 14940257  |
| **Indonesia – 0.3%**  | **Indonesia – 0.3%**  | **Indonesia – 0.3%**  |
| 1300000 | Pertamina Persero PT, Senior Unsecured Notes, 1.400% due 2/9/26  | 1281494  |
| 1100000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Unsecured Notes, 4.125% due 5/15/27 | 1095899  |
|  | Total Indonesia | 2377393  |
| **Ireland – 0.5%**  | **Ireland – 0.5%**  | **Ireland – 0.5%**  |
|  | Flutter Treasury DAC, Senior Secured Notes:<br>|  |
| 1609000 | &nbsp;&nbsp;&nbsp; 5.875% due 6/4/31<sup>(a)</sup>  | 1638300  |
| 120000<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 6.125% due 6/4/31 | 163279  |
| 2125000 | Priority 1 Issuer Logistics DAC, Senior Secured Notes, 12.625% due 11/19/27 | 2058985  |
|  | Total Ireland | 3860564  |
| **Isle of Man – 0.3%**  | **Isle of Man – 0.3%**  | **Isle of Man – 0.3%**  |
| 2500000 | AngloGold Ashanti Holdings PLC, Company Guaranteed Notes, 3.375% due 11/1/28  | 2407872  |
| **Italy – 0.5%**  | **Italy – 0.5%**  | **Italy – 0.5%**  |
| 1600000<sup>EUR</sup> | EVOCA SpA, Senior Secured Notes, 7.194% (3-Month EURIBOR + 5.250%) due 4/9/29<sup>(c)</sup>  | 1828130  |
| 900000<sup>EUR</sup> | Fiber Midco SpA, Senior Unsecured Notes, 10.750% due 6/15/29<sup>(e)</sup>  | 925689  |
| 662000<sup>EUR</sup> | Nexture SpA, Senior Secured Notes, 5.944% (3-Month EURIBOR + 4.000%) due 7/30/32<sup>(c)</sup>  | 784188  |
|  | Total Italy | 3538007  |
| **Japan – 0.3%**  | **Japan – 0.3%**  | **Japan – 0.3%**  |
| 759000 | Nissan Motor Co., Ltd., Senior Unsecured Notes, 7.500% due 7/17/30<sup>(a)</sup>  | 792998  |
|  | Rakuten Group Inc., Senior Unsecured Notes:<br>|  |
| 1150000 | &nbsp;&nbsp;&nbsp; 11.250% due 2/15/27<sup>(a)</sup>  | 1243432  |
| 300000 | &nbsp;&nbsp;&nbsp; 9.750% due 4/15/29<sup>(a)</sup> | 333283  |
|  | Total Japan | 2369713  |
| **Jersey, Channel Islands – 0.5%**  | **Jersey, Channel Islands – 0.5%**  | **Jersey, Channel Islands – 0.5%**  |
| 1100000 | Aptiv Swiss Holdings Ltd., Company Guaranteed Notes, 6.875% (5-Year CMT Index + 3.385%) due 12/15/54<sup>(c)</sup>  | 1111779  |
| 1059888 | Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes, 2.940% due 9/30/40 | 887448  |

---

See Notes to Financial Statements.

227<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Jersey, Channel Islands – (continued)**  | **Jersey, Channel Islands – (continued)**  | **Jersey, Channel Islands – (continued)**  |
| 1087552<sup>GBP</sup> | Wheel Bidco Ltd., Senior Secured Notes, 9.875% due 9/15/29 | $1349318  |
|  | Total Jersey, Channel Islands | 3348545 |
| **Kuwait – 0.0%**  | **Kuwait – 0.0%**  | **Kuwait – 0.0%**  |
| 300000 | EQUATE Petrochemical Co. KSC, Company Guaranteed Notes, 4.250% due 11/3/26  | 298522  |
| **Liberia – 0.0%**  | **Liberia – 0.0%**  | **Liberia – 0.0%**  |
| 50000 | Royal Caribbean Cruises Ltd., Senior Unsecured Notes, 5.500% due 8/31/26<sup>(a)</sup> | 50199  |
| **Luxembourg – 5.6%**  | **Luxembourg – 5.6%**  | **Luxembourg – 5.6%**  |
| 1370502 | Acu Petroleo Luxembourg SARL, Senior Secured Notes, 7.500% due 1/13/32 | 1390258  |
| 900000 | Albion Financing 1 SARL/Aggreko Holdings Inc., Senior Secured Notes, 7.000% due 5/21/30<sup>(a)</sup>  | 928713  |
|  | Altice Financing SA, Senior Secured Notes:<br>|  |
| 1059000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 3.000% due 1/15/28 | 979295  |
| 1112000 | &nbsp;&nbsp;&nbsp; 5.000% due 1/15/28<sup>(a)</sup> | 908004  |
| 3151000 | Auna SA, Senior Secured Notes, 10.000% due 12/18/29 | 3327298  |
| 1000000 | Chile Electricity Lux Mpc II SARL, Government Guaranteed Notes, 5.672% due 10/20/35<sup>(a)</sup>  | 1019990  |
| 1165400 | Chile Electricity Lux MPC SARL, Government Guaranteed Notes, 6.010% due 1/20/33 | 1214254  |
| 3000000 | CSN Resources SA, Company Guaranteed Notes, 5.875% due 4/8/32  | 2518334  |
| 1134231<sup>EUR</sup> | Cullinan Holdco Scsp, Senior Secured Notes, 8.500% due 10/15/29<sup>(b)</sup>  | 1186712  |
| 1637000<sup>EUR</sup> | Flamingo Lux II SCA, Senior Unsecured Notes, 5.000% due 3/31/29 | 1070031  |
| 2711000<sup>EUR</sup> | GTC Aurora Luxembourg SA, Company Guaranteed Notes, 2.250% due 6/23/26 | 2901695  |
| 1536580 | Guara Norte SARL, Senior Secured Notes, 5.198% due 6/15/34 | 1488576  |
| 200000 | Herens Holdco SARL, Senior Secured Notes, 4.750% due 5/15/28<sup>(a)</sup>  | 172040  |
| 737000<sup>EUR</sup> | Herens Midco SARL, Company Guaranteed Notes, 5.250% due 5/15/29 | 544748  |
|  | Mangrove Luxco III SARL, Senior Secured Notes:<br>|  |
| 5237000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 7.026% (3-Month EURIBOR + 5.000%) due 7/15/29<sup>(c)</sup>  | 6144002  |
| 1998000<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 7.026% (3-Month EURIBOR + 5.000%) due 7/15/29<sup>(c)</sup>  | 2344036  |
|  | Millicom International Cellular SA, Senior Unsecured Notes: <br>|  |
| 900000 | 5.125% due 1/15/28 | 891905  |
| 270000 | &nbsp;&nbsp;&nbsp; 6.250% due 3/25/29 | 270618  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.500% due 4/27/31 | 186367  |
| 1400000 | Movida Europe SA, Company Guaranteed Notes, 7.850% due 4/11/29  | 1349731  |
| 1500000<sup>EUR</sup> | Odyssey Europe Holdco SARL, Senior Secured Notes, 10.000% due 12/31/25<sup>(e)</sup> | 1674880  |
| 1366100 | OHI Group SA, Senior Secured Notes, 13.000% due 7/22/29 | 1448749  |
| 500000 | Raizen Fuels Finance SA, Company Guaranteed Notes, 5.700% due 1/17/35 | 458450  |
| 600000 | Saavi Energia SARL, Senior Unsecured Notes, 8.875% due 2/10/35<sup>(a)</sup> | 636000  |
| 200000 | Simpar Europe SA, Company Guaranteed Notes, 5.200% due 1/26/31  | 167120  |
|  | Telecom Italia Capital SA, Company Guaranteed Notes:<br>|  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.375% due 11/15/33 | 51813  |
| 150000 | &nbsp;&nbsp;&nbsp; 6.000% due 9/30/34 | 149414  |
| 1700000 | &nbsp;&nbsp;&nbsp; 7.200% due 7/18/36 | 1799455  |
| 1014334 | Tierra Mojada Luxembourg II SARL, Senior Secured Notes, 5.750% due 12/1/40  | 975358  |

---

See Notes to Financial Statements.

228<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Luxembourg – (continued)**  | **Luxembourg – (continued)**  | **Luxembourg – (continued)**  |
| 214826 | Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC, Secured Notes, 7.625% due 5/3/29<sup>(a)(e)</sup>  | $75189  |
| 1229000 | Tyco Electronics Group SA, Company Guaranteed Notes, 4.500% due 2/9/31  | 1238842  |
|  | Total Luxembourg | 39511877  |
| **Marshall Islands – 0.2%**  | **Marshall Islands – 0.2%**  | **Marshall Islands – 0.2%**  |
| 1200000 | Navios South American Logistics Inc., Senior Secured Notes, 8.875% due 7/14/30  | 1235836  |
| **Mexico – 3.7%**  | **Mexico – 3.7%**  | **Mexico – 3.7%**  |
| 900000 | Banco Mercantil del Norte SA, Junior Subordinated Notes, 8.375% (5-Year CMT Index + 4.072%)<sup>(a)(c)(d)</sup>  | 936000  |
|  | BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico, Subordinated Notes:<br>|  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.875% (5-Year CMT Index + 4.308%) due 9/13/34<sup>(c)</sup>  | 1992462  |
| 842000 | &nbsp;&nbsp;&nbsp; 7.625% (5-Year CMT Index + 3.375%) due 2/11/35<sup>(c)</sup>  | 879890  |
| 900000 | Braskem Idesa SAPI, Senior Secured Notes, 6.990% due 2/20/32  | 622320  |
| 1092967 | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, Senior Secured Notes, 7.875% due 2/15/39<sup>(a)</sup> | 1166742  |
| 3000000 | Cemex SAB de CV, Subordinated Notes, 5.125% (5-Year CMT Index + 4.534%)<sup>(c)(d)</sup>  | 2986153  |
| 909600 | Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35  | 943196 |
|  | Comision Federal de Electricidad, Company Guaranteed Notes:<br>|  |
| 600000 | 3.348% due 2/9/31 | 535596  |
| 1200000 | 6.450% due 1/24/35<sup>(a)</sup> | 1208225  |
| 1743368 | Fermaca Enterprises S de RL de CV, Senior Secured Notes, 6.375% due 3/30/38 | 1734651  |
|  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, Senior Secured Notes:<br>|  |
| 1584812 | &nbsp;&nbsp;&nbsp; 7.250% due 1/31/41<sup>(a)</sup> | 1627174  |
| 693355 | &nbsp;&nbsp;&nbsp; 7.250% due 1/31/41 | 711889  |
|  | Grupo Aeromexico SAB de CV, Senior Secured Notes:<br>|  |
| 1820000 | &nbsp;&nbsp;&nbsp; 8.250% due 11/15/29 | 1799410  |
| 1717000 | &nbsp;&nbsp;&nbsp; 8.625% due 11/15/31 | 1695366  |
| 3236681 | Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due 12/6/32  | 3258004  |
| 2000000 | Petroleos Mexicanos, Company Guaranteed Notes, 6.750% due 9/21/47 | 1567501  |
|  | Total Play Telecomunicaciones SA de CV, Senior Secured Notes:<br>|  |
| 1800000 | &nbsp;&nbsp;&nbsp; 10.500% due 12/31/28 | 1756253  |
| 1300000 | &nbsp;&nbsp;&nbsp; 11.125% due 12/31/32 | 1266307  |
|  | Total Mexico | 26687139  |
| **Morocco – 0.3%**  | **Morocco – 0.3%**  | **Morocco – 0.3%**  |
| 1900000 | OCP SA, Senior Unsecured Notes, 6.750% due 5/2/34 | 2006262  |
| **Multinational – 0.6%**  | **Multinational – 0.6%**  | **Multinational – 0.6%**  |
| 478000 | Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes, 10.000% due 11/15/28<sup>(a)</sup>  | 485212  |
| 500000 | Cascades Inc./Cascades USA Inc., Company Guaranteed Notes, 5.375% due 1/15/28<sup>(a)</sup> | 492616  |
| 1900000 | Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 9.000% due 9/15/29<sup>(a)</sup>  | 1979475  |

---

See Notes to Financial Statements.

229<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Multinational – (continued)**  | **Multinational – (continued)**  | **Multinational – (continued)**  |
| 1150000 | Digicel International Finance Ltd./Difl US LLC, Senior Secured Notes, 8.625% due 8/1/32 . | $1178840  |
|  | Total Multinational | 4136143  |
| **Netherlands – 1.9%**  | **Netherlands – 1.9%**  | **Netherlands – 1.9%**  |
| 3979000<sup>EUR</sup> | Azerion Group NV, Senior Secured Notes, 8.694% (3-Month EURIBOR + 6.750%) due 10/2/26<sup>(c)</sup>  | 4648043  |
| 800000 | Braskem Netherlands Finance BV, Company Guaranteed Notes, 4.500% due 1/31/30 | 564241  |
| 109000<sup>EUR</sup> | Centrient Holding BV, Senior Secured Notes, 6.750% due 5/30/30  | 125639  |
| 993000<sup>EUR</sup> | Eastern European Electric Co. BV, Senior Secured Notes, 6.500% due 5/15/30  | 1211814  |
| 1863402 | Mong Duong Finance Holdings BV, Senior Secured Notes, 5.125% due 5/7/29 | 1840359  |
| 2929280 | MV24 Capital BV, Senior Secured Notes, 6.748% due 6/1/34 | 2871334  |
| 385000 | Trivium Packaging Finance BV, Secured Notes, 12.250% due 1/15/31<sup>(a)</sup>  | 412842  |
| 500000 | Yinson Bergenia Production BV, Senior Secured Notes, 8.498% due 1/31/45<sup>(a)</sup>  | 522281  |
| 1150000 | Ziggo Bond Co. BV, Company Guaranteed Notes, 5.125% due 2/28/30<sup>(a)</sup> | 1015039  |
|  | Total Netherlands | 13211592  |
| **Norway – 1.4%**  | **Norway – 1.4%**  | **Norway – 1.4%**  |
| 875000 | Archer Norge AS, Senior Secured Notes, 9.500% due 2/25/30 | 925386  |
| 700000 | BLUENORD ASA, Senior Unsecured Notes, 9.500% due 7/2/29 | 731626  |
| 17500000<sup>NOK</sup> | Bonheur ASA, Senior Unsecured Notes, 6.670% (3-Month NIBOR + 2.350%) due 10/9/29<sup>(a)(c)</sup>  | 1740904  |
| 1254000 | DNO ASA, Senior Unsecured Notes, 8.500% due 3/27/30 | 1282315  |
| 1800000 | DNO ASA, Subordinated Notes, step bond to yield, 10.750% due 6/17/85  | 1829197  |
| 2100000<sup>NOK</sup> | &nbsp;&nbsp;&nbsp; Hawk Infinity Software AS, Senior Secured Notes, 10.830% (3-Month <br>NIBOR + 6.500%) due 10/3/28<sup>(c)</sup>  | 218311  |
| 2000000 | NES Fircroft Bondco AS, Senior Secured Notes, 8.000% due 9/30/29 | 2015432  |
| 11700000<sup>NOK</sup> | Norske Skog ASA, Senior Unsecured Notes, 8.880% (3-Month NIBOR + 4.500%) due 6/25/29<sup>(c)</sup>  | 1131911  |
|  | Total Norway | 9875082  |
| **Panama – 0.2%**  | **Panama – 0.2%**  | **Panama – 0.2%**  |
| 100000 | Carnival Corp., Senior Unsecured Notes, 5.750% due 8/1/32<sup>(a)</sup> | 101650  |
| 1300000 | Intercorp Financial Services Inc., Senior Unsecured Notes, 4.125% due 10/19/27  | 1282377  |
|  | Total Panama | 1384027 |
| **Paraguay – 0.3%**  | **Paraguay – 0.3%**  | **Paraguay – 0.3%**  |
| 1500000 | Banco Continental SAECA, Senior Unsecured Notes, 2.750% due 12/10/25 | 1488750  |
| 800000 | Frigorifico Concepcion SA, Senior Secured Notes, 7.700% due 7/21/28<sup>(f)</sup>  | 599979  |
| 200000 | Telefonica Celular del Paraguay SA, Senior Unsecured Notes, 5.875% due 4/15/27 | 199100  |
|  | Total Paraguay | 2287829  |
| **Peru – 1.4%** | **Peru – 1.4%** | **Peru – 1.4%** |
| 3200000 | &nbsp;&nbsp;&nbsp; Banco de Credito del Peru SA, Subordinated Notes, 3.250% (5-Year CMT <br>Index + 2.450%) due 9/30/31<sup>(c)</sup>  | 3130914  |
| 900000 | Banco Internacional del Peru SAA Interbank, Subordinated Notes, 6.397% (5-Year CMT Index + 2.067%) due 4/30/35<sup>(a)(c)</sup>  | 931500  |
| 1500000 | InRetail Consumer, Senior Secured Notes, 3.250% due 3/22/28 | 1453924  |

---

See Notes to Financial Statements.

230<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Peru – (continued)** | **Peru – (continued)** | **Peru – (continued)** |
| 2000000 | InRetail Shopping Malls, Company Guaranteed Notes, 5.750% due 4/3/28 | $2002277  |
| 1806000 | Minsur SA, Senior Unsecured Notes, 4.500% due 10/28/31 | 1722181  |
| 416700 | Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30 | 396155  |
| 500000 | Scotiabank Peru SAA, Subordinated Notes, 6.100% (1-Year CMT Index + 2.309%) due 10/1/35<sup>(a)(c)</sup>  | 515750  |
|  | Total Peru | 10152701  |
| **Portugal – 0.0%**  | **Portugal – 0.0%**  | **Portugal – 0.0%**  |
| 70068 | Invepar, zero coupon, due 12/30/28<sup>(b)</sup> | —  |
| **Romania – 0.0%**  | **Romania – 0.0%**  | **Romania – 0.0%**  |
| 158000<sup>EUR</sup> | Banca Transilvania SA, Senior Non-Preferred Notes, 8.875% (1-Year EURIBOR ICE Swap Rate + 5.580%) due 4/27/27<sup>(c)</sup>  | 191040  |
| **Serbia – 0.2%**  | **Serbia – 0.2%**  | **Serbia – 0.2%**  |
| 1600000 | Telecommunications co Telekom Srbija AD Belgrade, Senior Unsecured Notes, 7.000% due 10/28/29 | 1609127  |
| **Singapore – 2.7%**  | **Singapore – 2.7%**  | **Singapore – 2.7%**  |
| 2500000 | BPRL International Singapore Pte Ltd., Company Guaranteed Notes, 4.375% due 1/18/27  | 2499475  |
| 2900000 | &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd., Subordinated Notes, 1.822% (5-Year CMT <br>Index + 1.100%) due 3/10/31<sup>(c)</sup>  | 2859968  |
| 800000 | Medco Laurel Tree Pte Ltd., Company Guaranteed Notes, 6.950% due 11/12/28 | 806194  |
| 2800000 | ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 3.750% due 7/27/26 | 2783993  |
| 1700000 | Oversea-Chinese Banking Corp., Ltd, Subordinated Notes, 4.602% (5-Year CMT Index + 1.575%) due 6/15/32<sup>(c)</sup>  | 1705508  |
|  | Oversea-Chinese Banking Corp., Ltd., Subordinated Notes:<br>|  |
| 1700000 | &nbsp;&nbsp;&nbsp; 1.832% (5-Year CMT Index + 1.580%) due 9/10/30<sup>(c)</sup>  | 1698673  |
| 300000 | &nbsp;&nbsp;&nbsp; 1.832% (5-Year CMT Index + 1.580%) due 9/10/30<sup>(a)(c)</sup> | 299766  |
|  | Seagate Data Storage Technology Pte Ltd., Company Guaranteed Notes:<br>|  |
| 50000 | &nbsp;&nbsp;&nbsp; 4.091% due 6/1/29<sup>(a)</sup>  | 47460  |
| 650000 | &nbsp;&nbsp;&nbsp; 5.875% due 7/15/30<sup>(a)</sup> | 657800  |
| 200000 | &nbsp;&nbsp;&nbsp; 9.625% due 12/1/32<sup>(a)</sup> | 227065  |
| 1083000 | &nbsp;&nbsp;&nbsp; 5.750% due 12/1/34<sup>(a)</sup> | 1051691  |
|  | United Overseas Bank Ltd., Subordinated Notes:<br>|  |
| 1600000 | &nbsp;&nbsp;&nbsp; 1.750% (5-Year CMT Index + 1.520%) due 3/16/31<sup>(c)</sup>  | 1577288  |
| 1800000 | &nbsp;&nbsp;&nbsp; 2.000% (5-Year CMT Index + 1.230%) due 10/14/31<sup>(c)</sup>  | 1753037  |
| 895445 | Yinson Production Financial Services Pte Ltd., Senior Secured Notes, 9.625% due 5/3/29 . | 940853  |
|  | Total Singapore | 18908771  |
| **Spain – 0.6%**  | **Spain – 0.6%**  | **Spain – 0.6%**  |
|  | AI Candelaria - spain- SA, Senior Secured Notes:<br>|  |
| 1494996 | &nbsp;&nbsp;&nbsp; 7.500% due 12/15/28 | 1505280  |
| 3050000 | &nbsp;&nbsp;&nbsp; 5.750% due 6/15/33 | 2674850  |
| 200000 | Termocandelaria Power SA, Company Guaranteed Notes, 7.750% due 9/17/31<sup>(a)</sup>  | 206006  |
|  | Total Spain | 4386136  |

---

See Notes to Financial Statements.

231<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **Sweden – 1.0%**  | **Sweden – 1.0%**  | **Sweden – 1.0%**  |
| 522000<sup>EUR</sup> | Geveko AB, Senior Secured Notes, 6.497% (3-Month EURIBOR + 4.500%) due 12/26/28<sup>(c)</sup>  | $622925 |
| 206358 | Go North Group AB, zero coupon, due 12/31/49<sup>(b)(g)</sup> . | —  |
| 4071308 | Go North Group AB, Senior Secured Notes, 10.127% (SOFRRATE + 5.762%) due 2/9/26<sup>(c)</sup>  | 2157793  |
| 3383448<sup>SEK</sup> | Go North Group AB, Senior Unsecured Notes, 15.000% due 2/2/28<sup>(g)</sup>  | —  |
| 7500000<sup>SEK</sup> | &nbsp;&nbsp;&nbsp; Goldcup 100865 AB, Senior Secured Notes, 7.643% (3-Month <br>SEK-STIBOR + 5.500%) due 7/11/28<sup>(c)</sup>  | 802493  |
| 1200000<sup>EUR</sup> | Inteno Group AB, Senior Secured Notes, 9.460% (3-Month EURIBOR + 7.500%) due 9/6/26<sup>(c)</sup>  | 898555  |
| 6250000<sup>SEK</sup> | Novedo Holding AB, Senior Secured Notes, 12.000% due 9/18/28<sup>(e)</sup>  | 660488  |
| 2250000 | Nynas AB, Senior Secured Notes, 11.750% due 6/17/28 | 2315335  |
|  | Total Sweden | 7457589  |
| **United Arab Emirates – 0.1%**  | **United Arab Emirates – 0.1%**  | **United Arab Emirates – 0.1%**  |
| 641000 | Axian Telecom Holding & Management PLC, Company Guaranteed Notes, 7.250% due 7/11/30  | 642191  |
| **United Kingdom – 5.1%**  | **United Kingdom – 5.1%**  | **United Kingdom – 5.1%**  |
| 1500000 | 3t Global Bidco PLC, Senior Secured Notes, 11.250% due 5/22/28 | 1510876  |
| 2029000 | Azule Energy Finance PLC, Company Guaranteed Notes, 8.125% due 1/23/30 | 2046776  |
| 5331000<sup>GBP</sup> | Bellis Acquisition Co. PLC, Senior Secured Notes, 8.125% due 5/14/30 | 6924341  |
| 1750000<sup>GBP</sup> | Bracken MidCo1 PLC, Senior Unsecured Notes, 6.750% due 11/1/27<sup>(e)</sup>  | 2361498  |
| 655000<sup>GBP</sup> | Close Brothers Group PLC, Junior Subordinated Notes, 11.125% (5-Year UK Government Note Generic Bid Yield + 7.039%)<sup>(c)(d)</sup>  | 962229  |
| 411000 | Endeavour Mining PLC, Company Guaranteed Notes, 7.000% due 5/28/30  | 419758  |
| 1360000 | EnQuest PLC, Company Guaranteed Notes, 11.625% due 11/1/27 | 1406411  |
| 1900000 | Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Unsecured Notes, 11.500% due 8/15/29<sup>(a)</sup>  | 1883524  |
| 15440150<sup>SEK</sup> | Impala BondCo PLC, Senior Secured Notes, 12.000% due 10/30/27<sup>(b)(h)</sup>  | 979011  |
| 800000 | Ithaca Energy North Sea PLC, Senior Unsecured Notes, 8.125% due 10/15/29<sup>(a)</sup> | 832606  |
|  | Jerrold Finco PLC, Senior Secured Notes:<br>|  |
| 2600000<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 7.875% due 4/15/30 | 3656322  |
| 1095000<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 7.500% due 6/15/31 | 1523695  |
| 187000<sup>GBP</sup> | Liverpool Victoria Friendly Society Ltd., Subordinated Notes, 9.440% (5-Year UK Government Note Generic Bid Yield + 5.630%) due 5/22/43<sup>(c)</sup>  | 260330  |
| 850000 | Marks & Spencer PLC, Senior Unsecured Notes, 7.125% due 12/1/37<sup>(a)</sup>  | 931699  |
| 401000<sup>EUR</sup> | Mobico Group PLC, Company Guaranteed Notes, 4.875% due 9/26/31 | 403904  |
| 800000<sup>GBP</sup> | Oaknorth Bank PLC, Subordinated Notes, 10.000% (5-Year UK Government Note Generic Bid Yield + 6.199%) due 1/9/35<sup>(c)</sup>  | 1148991  |
| 641000<sup>EUR</sup> | OEG Finance PLC, Senior Secured Notes, 7.250% due 9/27/29 | 781271  |
| 511000<sup>EUR</sup> | Project Grand UK PLC, Senior Secured Notes, 9.000% due 6/1/29 | 633156  |
| 1515000<sup>GBP</sup> | Punch Finance PLC, Senior Secured Notes, 7.875% due 12/30/30 | 2103132  |
| 2700000<sup>GBP</sup> | RAC Bond Co. PLC, Senior Secured Notes, 5.250% due 11/4/27 | 3603662  |
| 1000000 | Trident Energy Finance PLC, Company Guaranteed Notes, 12.500% due 11/30/29 | 1027430  |

---

See Notes to Financial Statements.

232<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **United Kingdom – (continued)**  | **United Kingdom – (continued)**  | **United Kingdom – (continued)**  |
| 558000<sup>GBP</sup> | Zopa Group PLC, Subordinated Notes, 14.400% (5-Year UK Government Note Generic Bid Yield + 9.740%) due 11/25/33<sup>(c)</sup>  | $869207  |
|  | Total United Kingdom | 36269829  |
| **United States – 33.4%**  | **United States – 33.4%**  | **United States – 33.4%**  |
| 1150000 | Adtalem Global Education Inc., Senior Secured Notes, 5.500% due 3/1/28<sup>(a)</sup> | 1145173  |
|  | Advance Auto Parts Inc., Company Guaranteed Notes:<br>|  |
| 850000 | &nbsp;&nbsp;&nbsp; 3.900% due 4/15/30 | 784060  |
| 100000 | &nbsp;&nbsp;&nbsp; 3.500% due 3/15/32 | 87268  |
| 312000 | Advance Auto Parts Inc., Senior Unsecured Notes, 7.000% due 8/1/30<sup>(a)</sup>  | 320152  |
|  | Albertsons Cos., Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.625% due 1/15/27<sup>(a)</sup> | 99391  |
| 200000 | &nbsp;&nbsp;&nbsp; 3.500% due 3/15/29<sup>(a)</sup> | 190153  |
| 750000 | Allegiant Travel Co., Senior Secured Notes, 7.250% due 8/15/27<sup>(a)</sup>  | 762968  |
| 1450000 | Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., Company Guaranteed Notes, 8.625% due 6/15/29<sup>(a)</sup>  | 1532322 |
| 350000 | AMC Networks Inc., Senior Secured Notes, 10.250% due 1/15/29<sup>(a)</sup> . | 364315  |
| 650000 | American Axle & Manufacturing Inc., Company Guaranteed Notes, 5.000% due 10/1/29 | 613563  |
|  | AmeriGas Partners LP/AmeriGas Finance Corp., Senior Unsecured Notes:<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.750% due 5/20/27 | 498949  |
| 1250000 | &nbsp;&nbsp;&nbsp; 9.375% due 6/1/28<sup>(a)</sup>  | 1289977  |
| 100000 | Amneal Pharmaceuticals LLC, Senior Secured Notes, 6.875% due 8/1/32<sup>(a)</sup>  | 102892  |
| 215000 | ANGI Group LLC, Company Guaranteed Notes, 3.875% due 8/15/28<sup>(a)</sup>  | 202462  |
| 50000 | Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., Secured Notes, 7.000% due 4/15/30<sup>(a)</sup>  | 49224  |
| 1650000 | Anywhere Real Estate Group LLC/Realogy Co.-Issuer Corp., Secured Notes, 9.750% due 4/15/30<sup>(a)</sup>  | 1752730  |
| 350000 | Arbor Realty SR Inc., Senior Unsecured Notes, 7.875% due 7/15/30<sup>(a)</sup> | 364352  |
| 608000 | AutoNation Inc., Senior Unsecured Notes, 2.400% due 8/1/31  | 530093  |
|  | Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes:<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 8.250% due 1/15/30<sup>(a)</sup> | 362294  |
| 150000 | &nbsp;&nbsp;&nbsp; 8.000% due 2/15/31<sup>(a)</sup> | 154768  |
| 1500000 | &nbsp;&nbsp;&nbsp; 8.375% due 6/15/32<sup>(a)</sup> | 1565667  |
| 1719000 | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer Inc., Senior Secured Notes, 9.500% due 7/1/32<sup>(a)</sup>  | 1782747  |
| 191000 | Block Inc., Senior Unsecured Notes, 5.625% due 8/15/30<sup>(a)</sup>  | 195240  |
| 450000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.000% due 7/15/29<sup>(a)</sup>  | 468164  |
| 205000<sup>GBP</sup> | Boots Group Finco LP, Senior Secured Notes, 7.375% due 8/31/32  | 282769  |
| 950000 | Brand Industrial Services Inc., Senior Secured Notes, 10.375% due 8/1/30<sup>(a)</sup>  | 932696  |

---

See Notes to Financial Statements.

233<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 450000 | Brandywine Operating Partnership LP, Company Guaranteed Notes, 8.875% due 4/12/29<sup>(a)</sup>  | $489229  |
| 1600000 | &nbsp;&nbsp;&nbsp; Bread Financial Holdings Inc., Subordinated Notes, 8.375% (5-Year CMT <br>Index + 4.300%) due 6/15/35<sup>(c)</sup>  | 1651826  |
| 50000 | Brinker International Inc., Company Guaranteed Notes, 8.250% due 7/15/30<sup>(a)</sup>  | 53166  |
| 150000 | Brink's Co., Company Guaranteed Notes, 6.500% due 6/15/29<sup>(a)</sup>  | 154259  |
| 495000 | Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, Senior Secured Notes, 4.500% due 4/1/27<sup>(a)</sup> | 486441  |
| 946000 | Brundage-Bone Concrete Pumping Holdings Inc., Senior Secured Notes, 7.500% due 2/1/32<sup>(a)</sup>  | 943875  |
| 781000 | C&S Group Enterprises LLC, Company Guaranteed Notes, 5.000% due 12/15/28<sup>(a)</sup> | 710123  |
| 1550000 | California Resources Corp., Company Guaranteed Notes, 8.250% due 6/15/29<sup>(a)</sup>  | 1601423  |
| 150000 | Carpenter Technology Corp., Senior Unsecured Notes, 7.625% due 3/15/30  | 154447  |
| 550000 | Carriage Services Inc., Company Guaranteed Notes, 4.250% due 5/15/29<sup>(a)</sup>  | 518734  |
| 1765500 | Carvana Co., Senior Secured Notes, 9.000% due 6/1/31<sup>(a)(e)</sup>  | 2003115  |
|  | CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:<br>|  |
| 50000 | &nbsp;&nbsp;&nbsp; 5.125% due 5/1/27<sup>(a)</sup>  | 49748  |
| 350000 | &nbsp;&nbsp;&nbsp; 5.000% due 2/1/28<sup>(a)</sup>  | 347149  |
|  | Charles River Laboratories International Inc., Company Guaranteed Notes:<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.750% due 3/15/29<sup>(a)</sup> | 331814  |
| 6063000 | &nbsp;&nbsp;&nbsp; 4.000% due 3/15/31<sup>(a)</sup> | 5608907  |
| 500000 | Ciena Corp., Company Guaranteed Notes, 4.000% due 1/31/30<sup>(a)</sup> | 474637  |
| 250000 | Clearway Energy Operating LLC, Company Guaranteed Notes, 4.750% due 3/15/28<sup>(a)</sup>  | 247214  |
| 1450000 | CommScope LLC, Senior Secured Notes, 9.500% due 12/15/31<sup>(a)</sup>  | 1499578  |
| 3204000 | Compass Group Diversified Holdings LLC, Company Guaranteed Notes, 5.250% due 4/15/29<sup>(a)</sup>  | 2955698  |
| 1700000 | Compass Minerals International Inc., Senior Unsecured Notes, 8.000% due 7/1/30<sup>(a)</sup>  | 1778174  |
|  | Consolidated Communications Inc., Senior Secured Notes:<br>|  |
| 2679000 | &nbsp;&nbsp;&nbsp; 5.000% due 10/1/28<sup>(a)</sup> | 2704169  |
| 9708000 | &nbsp;&nbsp;&nbsp; 6.500% due 10/1/28<sup>(a)</sup> | 9869415  |
| 1300000 | CoreCivic Inc., Company Guaranteed Notes, 8.250% due 4/15/29 | 1375878  |
|  | CoreWeave Inc., Company Guaranteed Notes:<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 9.250% due 6/1/30<sup>(a)</sup>  | 250896 |
| 200000 | &nbsp;&nbsp;&nbsp; 9.000% due 2/1/31<sup>(a)</sup>  | 197999  |
| 186000 | CPI CG Inc., Senior Secured Notes, 10.000% due 7/15/29<sup>(a)</sup>  | 194695  |
| 6101000 | Crocs Inc., Company Guaranteed Notes, 4.125% due 8/15/31<sup>(a)</sup>  | 5476727  |
| 50000 | Crown Americas LLC/Crown Americas Capital Corp. V, Company Guaranteed Notes, 4.250% due 9/30/26 | 49769  |
| 1600000 | CVR Energy Inc., Company Guaranteed Notes, 5.750% due 2/15/28<sup>(a)</sup>  | 1559136  |

---

See Notes to Financial Statements.

234<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
|  | DaVita Inc., Company Guaranteed Notes:<br>|  |
| 1100000 | &nbsp;&nbsp;&nbsp; 4.625% due 6/1/30<sup>(a)</sup>  | $1058997  |
| 200000 | &nbsp;&nbsp;&nbsp; 3.750% due 2/15/31<sup>(a)</sup> | 182501  |
| 150000 | &nbsp;&nbsp;&nbsp; 6.875% due 9/1/32<sup>(a)</sup>  | 155180  |
|  | Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes:<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 8.625% due 3/15/29<sup>(a)</sup> | 313592  |
| 550000 | &nbsp;&nbsp;&nbsp; 7.375% due 6/30/33<sup>(a)</sup> | 550357  |
| 800000 | Deluxe Corp., Senior Secured Notes, 8.125% due 9/15/29<sup>(a)</sup>  | 833410  |
| 450000 | Directv Financing LLC, Senior Secured Notes, 8.875% due 2/1/30<sup>(a)</sup>  | 446714  |
| 1900000 | Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27<sup>(a)</sup>  | 1890499  |
| 150000 | Discovery Communications LLC, Company Guaranteed Notes, 3.625% due 5/15/30  | 135310  |
| 1125000 | Diversified Gas & Oil Corp., Senior Secured Notes, 9.750% due 4/9/29 | 1097062  |
| 50000 | Dotdash Meredith Inc., Senior Secured Notes, 7.625% due 6/15/32<sup>(a)</sup>  | 48985  |
| 300000 | DT Midstream Inc., Company Guaranteed Notes, 4.375% due 6/15/31<sup>(a)</sup>  | 288630  |
|  | Enova International Inc., Company Guaranteed Notes:<br>|  |
| 1300000 | &nbsp;&nbsp;&nbsp; 11.250% due 12/15/28<sup>(a)</sup>  | 1385856  |
| 450000 | &nbsp;&nbsp;&nbsp; 9.125% due 8/1/29<sup>(a)</sup>  | 474507  |
| 200000 | Esab Corp., Company Guaranteed Notes, 6.250% due 4/15/29<sup>(a)</sup>  | 205643  |
| 568000<sup>EUR</sup> | Euronet Worldwide Inc., Senior Unsecured Notes, 1.375% due 5/22/26 | 658276  |
| 250000 | Excelerate Energy LP, Company Guaranteed Notes, 8.000% due 5/15/30<sup>(a)</sup>  | 266222  |
| 618000 | EZCORP Inc., Company Guaranteed Notes, 7.375% due 4/1/32<sup>(a)</sup>  | 651607  |
| 2382746 | Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, step bond to yield, 10.500% due 1/15/28<sup>(a)</sup>  | 2399282  |
| 195000<sup>GBP</sup> | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 6.184% due 8/29/31 | 263868  |
| 10650000 | Forum Energy Technologies Inc., Senior Secured Notes, 10.500% due 11/7/29  | 11013274  |
| 950000 | Garrett Motion Holdings Inc./Garrett LX I SARL, Company Guaranteed Notes, 7.750% due 5/31/32<sup>(a)</sup>  | 993378  |
| 1117000 | GE HealthCare Technologies Inc., Senior Unsecured Notes, 4.800% due 8/14/29 | 1140362  |
| 1000000 | Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 8.000% due 5/15/33 | 1044552  |
|  | Genworth Holdings Inc., Company Guaranteed Notes:<br>|  |
| 911000 | &nbsp;&nbsp;&nbsp; 6.500% due 6/15/34 | 930495  |
| 1080000 | &nbsp;&nbsp;&nbsp; 6.475% (3-Month TSFR + 2.264%) due 11/15/36<sup>(c)</sup>  | 929611  |
| 1500000 | GEO Group Inc., Company Guaranteed Notes, 10.250% due 4/15/31. | 1653560  |
| 150000 | GEO Group Inc., Senior Secured Notes, 8.625% due 4/15/29 | 158631  |
| 3753000 | Getty Images Inc., Company Guaranteed Notes, 9.750% due 3/1/27<sup>(a)</sup> | 3491829  |
| 4148000 | Getty Images Inc., Senior Secured Notes, 11.250% due 2/21/30<sup>(a)</sup>  | 3795130  |
| 250000 | Global Atlantic Finance Co., Company Guaranteed Notes, 7.950% (5-Year CMT Index + 3.608%) due 10/15/54<sup>(a)(c)</sup>  | 263074  |
| 400000 | Gran Tierra Energy Inc., Senior Secured Notes, 9.500% due 10/15/29<sup>(a)</sup>  | 325110  |
| 550000 | Gray Media Inc., Senior Secured Notes, 7.250% due 8/15/33<sup>(a)</sup> | 541841  |
| 4514000 | GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27<sup>(a)(f)</sup>  | 4498464  |

---

See Notes to Financial Statements.

235<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 50000 | HA Sustainable Infrastructure Capital Inc., Company Guaranteed Notes, 6.375% due 7/1/34  | $49567  |
| 2055000 | Hawaii Electric Light Co., Inc., 3.280% due 12/30/40<sup>(b)(g)</sup>  | 1231973  |
| 89000 | Hecla Mining Co., Company Guaranteed Notes, 7.250% due 2/15/28  | 89884  |
| 400000 | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., Company Guaranteed Notes, 4.875% due 7/1/31<sup>(a)</sup>  | 372445  |
| 50000 | HLF Financing SARL LLC/Herbalife International Inc., Company Guaranteed Notes, 4.875% due 6/1/29<sup>(a)</sup>  | 43779  |
| 1500000 | HLF Financing Sarl LLC/Herbalife International Inc., Senior Secured Notes, 12.250% due 4/15/29<sup>(a)</sup>  | 1627543  |
|  | Howard Hughes Corp., Company Guaranteed Notes:<br>|  |
| 600000 | &nbsp;&nbsp;&nbsp; 4.125% due 2/1/29<sup>(a)</sup>  | 573942  |
| 1250000 | &nbsp;&nbsp;&nbsp; 4.375% due 2/1/31<sup>(a)</sup>  | 1164230  |
|  | Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes:<br>|  |
| 2569000 | &nbsp;&nbsp;&nbsp; 6.250% due 5/15/26 | 2564738  |
| 1469000 | &nbsp;&nbsp;&nbsp; 10.000% due 11/15/29<sup>(a)</sup>  | 1454140  |
| 5157000 | Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29<sup>(a)</sup>  | 5027583  |
| 950000 | Iron Mountain Inc., Company Guaranteed Notes, 4.500% due 2/15/31<sup>(a)</sup> | 903768  |
|  | Jane Street Group/JSG Finance Inc., Senior Secured Notes:<br>|  |
| 3297000 | &nbsp;&nbsp;&nbsp; 6.125% due 11/1/32<sup>(a)</sup> | 3312239  |
| 354000 | &nbsp;&nbsp;&nbsp; 6.750% due 5/1/33<sup>(a)</sup>  | 365808  |
| 1900000 | Jefferies Finance LLC/JFIN Co.-Issuer Corp., Senior Unsecured Notes, 5.000% due 8/15/28<sup>(a)</sup>  | 1843873  |
|  | Jefferson Capital Holdings LLC, Company Guaranteed Notes:<br>|  |
| 23000 | &nbsp;&nbsp;&nbsp; 9.500% due 2/15/29<sup>(a)</sup> | 24436  |
| 403000 | &nbsp;&nbsp;&nbsp; 8.250% due 5/15/30<sup>(a)</sup> | 421987  |
| 900000 | Karoon USA Finance Inc., Senior Secured Notes, 10.500% due 5/14/29<sup>(a)</sup>  | 934068  |
| 1750000 | Kinetik Holdings LP, Senior Unsecured Notes, 6.625% due 12/15/28<sup>(a)</sup>  | 1800430  |
| 150000 | Knife River Corp., Senior Unsecured Notes, 7.750% due 5/1/31<sup>(a)</sup>  | 157321  |
| 1100000 | Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29<sup>(a)</sup>  | 1137796  |
| 100000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 4.250% due 2/1/27<sup>(a)</sup>  | 98361  |
| 600000 | Lamar Media Corp., Company Guaranteed Notes, 3.750% due 2/15/28 | 583378  |
| 5978000 | Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 7/1/25@<sup>(b)(g)</sup>  | 5081300  |
| 200000 | M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28 | 197903  |
| 350000 | Macy's Retail Holdings LLC, Company Guaranteed Notes, 7.375% due 8/1/33<sup>(a)</sup>  | 359373  |
| 250000 | Manitowoc Co., Inc., Secured Notes, 9.250% due 10/1/31<sup>(a)</sup> | 263128  |
| 400000 | Match Group Holdings II LLC, Senior Unsecured Notes, 5.625% due 2/15/29<sup>(a)</sup>  | 400358  |
| 350000 | Merlin Entertainments Group US Holdings Inc., Senior Secured Notes, 7.375% due 2/15/31<sup>(a)</sup> | 299224 |
| 400000 | Midcap Financial Issuer Trust, Senior Unsecured Notes, 6.500% due 5/1/28<sup>(a)</sup> | 398741  |
|  | Molina Healthcare Inc., Senior Unsecured Notes:<br>|  |
| 600000 | &nbsp;&nbsp;&nbsp; 4.375% due 6/15/28<sup>(a)</sup> | 584771  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.250% due 1/15/33<sup>(a)</sup> | 50356  |

---

See Notes to Financial Statements.

236<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 750000 | Moog Inc., Company Guaranteed Notes, 4.250% due 12/15/27<sup>(a)</sup>  | $738274  |
| 750000 | Moss Creek Resources Holdings Inc., Senior Unsecured Notes, 8.250% due 9/1/31<sup>(a)</sup>  | 741729  |
| 3990000<sup>GBP</sup> | MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes, 3.692% due 6/5/28 | 4305813  |
| 1622000<sup>EUR</sup> | MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes, 7.000% due 2/15/32  | 1964961  |
| 607000 | Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27<sup>(a)</sup>  | 617117  |
| 241000 | Nassau Cos. of New York, Senior Unsecured Notes, 7.875% due 7/15/30<sup>(a)</sup>  | 244624  |
|  | Navient Corp., Senior Unsecured Notes:<br>|  |
| 320000 | &nbsp;&nbsp;&nbsp; 7.875% due 6/15/32 | 337566  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.625% due 8/1/33 | 136962  |
| 1150000 | NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29<sup>(a)</sup>  | 1246970  |
| 1977000 | New Flyer Holdings Inc., Secured Notes, 9.250% due 7/1/30<sup>(a)</sup>  | 2120720  |
| 100000 | NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.375% due 2/15/32<sup>(a)</sup>  | 101587  |
| 50000 | Nordstrom Inc., Senior Secured Notes, 4.375% due 4/1/30  | 46047  |
| 500000 | Novelis Corp., Company Guaranteed Notes, 4.750% due 1/30/30<sup>(a)</sup> | 480832  |
| 100000 | NuStar Logistics LP, Company Guaranteed Notes, 5.625% due 4/28/27 | 100535  |
| 500000 | Oceaneering International Inc., Senior Unsecured Notes, 6.000% due 2/1/28 | 505178  |
|  | OneMain Finance Corp., Company Guaranteed Notes:<br>|  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.375% due 11/15/29 | 148315  |
| 50000 | &nbsp;&nbsp;&nbsp; 7.875% due 3/15/30 | 52899  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.750% due 3/15/32 | 307118  |
| 250000 | &nbsp;&nbsp;&nbsp; 7.125% due 9/15/32 | 260315  |
| 300000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV, Company Guaranteed Notes, 7.875% due 5/15/34<sup>(a)</sup> | 270451  |
| 200000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Secured Notes, 4.125% due 4/30/28<sup>(a)</sup>  | 191529  |
| 1700000 | Pagaya US Holdings Co. LLC, Company Guaranteed Notes, 8.875% due 8/1/30<sup>(a)</sup>  | 1704374  |
| 2498000 | Paradigm Parent LLC & Paradigm Parent CO-Issuer Inc., Senior Secured Notes, 8.750% due 4/17/32<sup>(a)</sup>  | 2386165  |
| 150000 | Pediatrix Medical Group Inc., Company Guaranteed Notes, 5.375% due 2/15/30<sup>(a)</sup> | 148384  |
| 200000 | Phinia Inc., Senior Secured Notes, 6.750% due 4/15/29<sup>(a)</sup>  | 206450  |
| 1350000 | Pitney Bowes Inc., Company Guaranteed Notes, 7.250% due 3/15/29<sup>(a)</sup> | 1356516  |
| 847000 | Porch Group Inc., Senior Secured Notes, 6.750% due 10/1/28<sup>(a)</sup>  | 868599  |
| 1536000 | PRA Group Inc., Company Guaranteed Notes, 8.875% due 1/31/30<sup>(a)</sup>  | 1613349  |
| 5742000 | Prime Healthcare Services Inc., Senior Secured Notes, 9.375% due 9/1/29<sup>(a)</sup>  | 5925227  |
| 450000 | PROG Holdings Inc., Company Guaranteed Notes, 6.000% due 11/15/29<sup>(a)</sup>  | 437018  |
| 100000 | Prospect Capital Corp., Senior Unsecured Notes, 3.364% due 11/15/26 | 96240  |
| 150000 | QXO Building Products Inc., Senior Secured Notes, 6.750% due 4/30/32<sup>(a)</sup> | 154921  |
| 1500000 | Rain Carbon Inc., Senior Secured Notes, 12.250% due 9/1/29<sup>(a)</sup>  | 1610415  |
| 600000 | Rand Parent LLC, Senior Secured Notes, 8.500% due 2/15/30<sup>(a)</sup>  | 621811  |

---

See Notes to Financial Statements.

237<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
|  | Resorts World Las Vegas LLC/RWLV Capital Inc., Company Guaranteed Notes:<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.625% due 4/16/29<sup>(a)</sup> | $359659  |
| 1200000 | &nbsp;&nbsp;&nbsp; 8.450% due 7/27/30<sup>(a)</sup> | 1206527  |
|  | Rithm Capital Corp., Senior Unsecured Notes:<br>|  |
| 1400000 | &nbsp;&nbsp;&nbsp; 8.000% due 4/1/29<sup>(a)</sup>  | 1433159  |
| 300000 | &nbsp;&nbsp;&nbsp; 8.000% due 7/15/30<sup>(a)</sup> | 306291  |
| 1450000 | Rockies Express Pipeline LLC, Senior Unsecured Notes, 6.875% due 4/15/40<sup>(a)</sup>  | 1459844  |
| 637000 | RR Donnelley & Sons Co., Secured Notes, 10.875% due 8/1/29<sup>(a)</sup> | 614364  |
| 974000 | RR Donnelley & Sons Co., Senior Secured Notes, 9.500% due 8/1/29<sup>(a)</sup> | 988197  |
| 597000 | Sabre GLBL Inc., Senior Secured Notes, 11.125% due 7/15/30<sup>(a)</sup>  | 585120  |
| 150000 | Sealed Air Corp., Company Guaranteed Notes, 6.500% due 7/15/32<sup>(a)</sup> | 155161  |
| 100000 | Sealed Air Corp./Sealed Air Corp. US, Company Guaranteed Notes, 6.125% due 2/1/28<sup>(a)</sup>  | 101440  |
| 250000 | Sirius XM Radio LLC, Company Guaranteed Notes, 4.000% due 7/15/28<sup>(a)</sup> | 241271  |
| 1450000 | Sotheby's, Senior Secured Notes, 7.375% due 10/15/27<sup>(a)</sup>  | 1434040  |
| 350000 | Specialty Building Products Holdings LLC/SBP Finance Corp., Senior Secured Notes, 7.750% due 10/15/29<sup>(a)</sup> | 351234  |
| 50000 | Spirit AeroSystems Inc., Senior Secured Notes, 9.375% due 11/30/29<sup>(a)</sup> | 52881  |
| 4747000 | Sprint LLC, Company Guaranteed Notes, 7.625% due 3/1/26 | 4770604  |
| 208000 | Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30<sup>(a)</sup> | 205751  |
| 2791000 | Stonex Escrow Issuer LLC, Secured Notes, 6.875% due 7/15/32<sup>(a)</sup>  | 2868835  |
| 4040000 | StoneX Group Inc., Secured Notes, 7.875% due 3/1/31<sup>(a)</sup>  | 4270551  |
| 4518000 | Summit Midstream Holdings LLC, Senior Secured Notes, 8.625% due 10/31/29<sup>(a)</sup>  | 4505312  |
| 600000 | SunCoke Energy Inc., Senior Secured Notes, 4.875% due 6/30/29<sup>(a)</sup>  | 547732  |
| 1250000 | Synchrony Financial, Subordinated Notes, 7.250% due 2/2/33 | 1317237  |
| 350000 | Taylor Morrison Communities Inc., Company Guaranteed Notes, 5.750% due 1/15/28<sup>(a)</sup> | 354412  |
| 550000 | TEGNA Inc., Company Guaranteed Notes, 4.625% due 3/15/28 | 545442  |
| 300000 | Tidewater Inc., Company Guaranteed Notes, 9.125% due 7/15/30<sup>(a)</sup>  | 320096  |
| 50000 | TransDigm Inc., Senior Secured Notes, 6.375% due 3/1/29<sup>(a)</sup>  | 51192  |
|  | Travel + Leisure Co., Senior Secured Notes:<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.000% due 4/1/27 | 506542  |
| 150000 | &nbsp;&nbsp;&nbsp; 4.625% due 3/1/30<sup>(a)</sup>  | 144500  |
| 50000 | TriMas Corp., Company Guaranteed Notes, 4.125% due 4/15/29<sup>(a)</sup>  | 48116  |
| 350000 | TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29<sup>(a)</sup>  | 334827  |
| 1700000 | Turning Point Brands Inc., Senior Secured Notes, 7.625% due 3/15/32<sup>(a)</sup>  | 1777195  |
| 942000 | Unisys Corp., Senior Secured Notes, 10.625% due 1/15/31<sup>(a)</sup> | 980774 |
| 50000 | United Rentals North America Inc., Company Guaranteed Notes, 4.875% due 1/15/28 | 49724  |
| 300000 | Univision Communications Inc., Senior Secured Notes, 8.500% due 7/31/31<sup>(a)</sup>  | 309138  |
| 150000 | VF Corp., Senior Unsecured Notes, 2.800% due 4/23/27 | 144812  |
| 50000 | Viavi Solutions Inc., Company Guaranteed Notes, 3.750% due 10/1/29<sup>(a)</sup>  | 46593  |
| 3576000 | Viking Baked Goods Acquisition Corp., Senior Secured Notes, 8.625% due 11/1/31<sup>(a)</sup>  | 3541599  |

---

See Notes to Financial Statements.

238<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  | **CORPORATE BONDS & NOTES – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 1450000 | Vornado Realty LP, Senior Unsecured Notes, 3.400% due 6/1/31 | $1292926  |
| 1476000 | Voyager Parent LLC, Senior Secured Notes, 9.250% due 7/1/32<sup>(a)</sup>  | 1557729  |
| 900000 | Warnermedia Holdings Inc., Company Guaranteed Notes, 4.279% due 3/15/32  | 776700  |
| 6403000 | WASH Multifamily Acquisition Inc., Senior Secured Notes, 5.750% due 4/15/26<sup>(a)</sup>  | 6399414  |
|  | Wayfair LLC, Senior Secured Notes:<br>|  |
| 700000 | &nbsp;&nbsp;&nbsp; 7.250% due 10/31/29<sup>(a)</sup>  | 713740  |
| 1150000 | &nbsp;&nbsp;&nbsp; 7.750% due 9/15/30<sup>(a)</sup> | 1188127  |
| 2133000 | Western Digital Corp., Senior Secured Notes, 3.100% due 2/1/32 | 1899894  |
|  | Whirlpool Corp., Senior Unsecured Notes:<br>|  |
| 1750000 | &nbsp;&nbsp;&nbsp; 5.500% due 3/1/33 | 1686349  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.750% due 3/1/34 | 96985  |
| 1000000 | Wipro IT Services LLC, Company Guaranteed Notes, 1.500% due 6/23/26 | 977053  |
| 350000 | Wyndham Hotels & Resorts Inc., Company Guaranteed Notes, 4.375% due 8/15/28<sup>(a)</sup>  | 341709  |
|  | XPLR Infrastructure Operating Partners LP, Company Guaranteed Notes:<br>|  |
| 1100000 | &nbsp;&nbsp;&nbsp; 4.500% due 9/15/27<sup>(a)</sup> | 1078868  |
| 50000 | &nbsp;&nbsp;&nbsp; 8.375% due 1/15/31<sup>(a)</sup> | 52287  |
| 100000 | &nbsp;&nbsp;&nbsp; 8.625% due 3/15/33<sup>(a)</sup> | 105464  |
| 850000 | XPLR Infrastructure Operating Partners LP, Senior Unsecured Notes, 7.250% due 1/15/29<sup>(a)</sup>  | 868135  |
| 5394000 | XPO Inc., Senior Secured Notes, 6.250% due 6/1/28<sup>(a)</sup>  | 5487678  |
| 500000 | ZF North America Capital Inc., Company Guaranteed Notes, 6.875% due 4/14/28<sup>(a)</sup> | 506453  |
| 5959000 | Ziff Davis Inc., Company Guaranteed Notes, 4.625% due 10/15/30<sup>(a)</sup> | 5616953  |
|  | Total United States | 237302529  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS & NOTES**<br>**(Cost – $546,828,380)** | **550944553**  |
| **SENIOR LOANS<sup>(c)</sup> – 7.6%**  | **SENIOR LOANS<sup>(c)</sup> – 7.6%**  | **SENIOR LOANS<sup>(c)</sup> – 7.6%**  |
| **United States – 7.6%**  | **United States – 7.6%**  | **United States – 7.6%**  |
| 4560592 | Audacy Capital LLC, 10.430% (1-Month USD-SOFR + 0.600%) due 10/1/29 | 3659875  |
| 5266085 | Bally's Corp., due 10/2/28<sup>(i)</sup> | 5202892  |
| 1176000 | Beach Acquisition Bidco LLC, due 6/25/32<sup>(i)</sup> | 1182856  |
| 2126000<sup>EUR</sup> | Boots Group Finco LP, due 8/30/32<sup>(i)</sup>  | 2448555  |
| 3272555 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, 6.541% (3-Month <br>USD-SOFR + 0.225%) due 12/15/31 | 3275009  |
| 7522501 | CMG Media Corp., 7.896% (3-Month USD-SOFR + 0.350%) due 6/18/29 | 7217840  |
| 1674685 | Container Store Inc., 5.197% (6-Month + 0.100%) due 7/30/29<sup>@</sup> | 837343  |
| 330781 | Elevate Textiles Inc., 12.941% (3-Month USD-SOFR + 0.865%) due 9/30/27 | 331194  |
| 5719790 | Fiserv Investment Solutions Inc., 8.204% (3-Month USD-SOFR + 0.400%) due 2/18/27. | 5648293  |
| 994453 | GemmaCert Ltd., 0.000% due 5/19/24<sup>(b)(g)</sup> | —  |
| 8056265 | Inotiv Inc., 10.964% (1-Month USD-SOFR + 0.650%) due 11/5/26<sup>@</sup> | 6636348  |
| 6034489 | Magnite Inc., 7.316% (1-Month USD-SOFR + 0.300%) due 2/6/31 | 6034489  |

---

See Notes to Financial Statements.

239<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **SENIOR LOANS<sup>(c)</sup> – (continued)**  | **SENIOR LOANS<sup>(c)</sup> – (continued)**  | **SENIOR LOANS<sup>(c)</sup> – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
|  | Mountaineer Merger Corp.:<br>|  |
| 95545 | &nbsp;&nbsp;&nbsp; 4.929% (3-Month USD-SOFR + 0.800%) due 6/14/30. | $95545  |
| 146824 | &nbsp;&nbsp;&nbsp; 12.323% (1-Month USD-SOFR + 0.000%) due 6/14/30<sup>(g)</sup> | 146824  |
| 3224000 | Solaris Energy Infrastructure LLC, 10.296% (3-Month USD-SOFR + 0.600%) due 9/11/29<sup>(b)(g)</sup>  | 3280420  |
| 6552578 | TPC Group Inc., 9.952% (6-Month + 0.575%) due 12/16/31 | 6208567  |
| 1666713 | Trulite Holding Corp., 10.292% (3-Month USD-SOFR + 0.600%) due 3/1/30 | 1641712  |
|  | Total United States | 53991081  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SENIOR LOANS** <br>**(Cost – $56,653,302)** | **53847762** |
| **SOVEREIGN BONDS – 1.8%** | **SOVEREIGN BONDS – 1.8%** | **SOVEREIGN BONDS – 1.8%** |
| **Dominican Republic – 0.3%** | **Dominican Republic – 0.3%** | **Dominican Republic – 0.3%** |
|  | Dominican Republic International Bond:<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.950% due 1/25/27 | 506875  |
| 1200000 | &nbsp;&nbsp;&nbsp; 5.500% due 2/22/29 | 1208640  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.500% due 1/30/30 | 483775  |
|  | Total Dominican Republic | 2199290  |
| **Guatemala – 0.5%**  | **Guatemala – 0.5%**  | **Guatemala – 0.5%**  |
|  | Guatemala Government Bond:<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 4.500% due 5/3/26 | 298200  |
| 1300000 | &nbsp;&nbsp;&nbsp; 4.375% due 6/5/27 | 1287650  |
| 1800000 | &nbsp;&nbsp;&nbsp; 5.250% due 8/10/29 | 1806300  |
|  | Total Guatemala | 3392150  |
| **Luxembourg – 0.3%**  | **Luxembourg – 0.3%**  | **Luxembourg – 0.3%**  |
| 2379000 | Eagle Funding Luxco SARL, 5.500% due 8/17/30 | 2412544  |
| **Mexico – 0.0%**  | **Mexico – 0.0%**  | **Mexico – 0.0%**  |
| 450000 | Mexico Government International Bond, 4.500% due 4/22/29 | 448133  |
| **Morocco – 0.2%**  | **Morocco – 0.2%**  | **Morocco – 0.2%**  |
|  | Morocco Government International Bond:<br>|  |
| 800000 | &nbsp;&nbsp;&nbsp; 2.375% due 12/15/27 | 761601  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.000% due 12/15/32 | 431238  |
|  | Total Morocco | 1192839  |
| **Paraguay – 0.2%**  | **Paraguay – 0.2%**  | **Paraguay – 0.2%**  |
| 1400000 | Paraguay Government International Bond, 4.700% due 3/27/27 | 1403094  |
| **Romania – 0.3%**  | **Romania – 0.3%**  | **Romania – 0.3%**  |
| 1724000<sup>EUR</sup> | Romanian Government International Bond, 6.750% due 7/11/39 | 2061343  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** <br>**(Cost – $12,932,087)** | **13109393**  |

---

See Notes to Financial Statements.

240<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units†** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – 1.0%**  | **ASSET-BACKED SECURITIES – 1.0%**  | **ASSET-BACKED SECURITIES – 1.0%**  |
| **Real Estate – 1.0%**  | **Real Estate – 1.0%**  | **Real Estate – 1.0%**  |
|  | Vivion Investments SARL:<br>|  |
| 4965980<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 6.500% due 8/31/28<sup>(e)</sup> | $5745585  |
| 1204600<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 6.500% due 2/28/29<sup>(e)</sup> | 1382756  |
|  | Total Real Estate | 7128341  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost – $6,492,327)** | **7128341**  |
| **Shares/Units** |  |  |
| **COMMON STOCKS – 2.4%**  | **COMMON STOCKS – 2.4%**  | **COMMON STOCKS – 2.4%**  |
| **Canada – 0.0%**  | **Canada – 0.0%**  | **Canada – 0.0%**  |
| 4725534 | Cannabist Co. Holdings Inc.\*<sup>(b)</sup> | —  |
|  | Total Canada | —  |
| **Mexico – 0.1%**  | **Mexico – 0.1%**  | **Mexico – 0.1%**  |
| 59000 | Globa Terra Acquisition Corp., Class A Shares<sup>\*</sup>  | 587935  |
| **Norway – 0.1%**  | **Norway – 0.1%**  | **Norway – 0.1%**  |
| 24300 | FLEX LNG Ltd. | 662175  |
| **United Kingdom – 0.5%**  | **United Kingdom – 0.5%**  | **United Kingdom – 0.5%**  |
| 349999 | Tavia Acquisition Corp.\*<sup>(b)</sup> | 3603240  |
| **United States – 1.7%**  | **United States – 1.7%**  | **United States – 1.7%**  |
| 15560 | Alpha Partners Technology\*<sup>(b)(g)</sup>. | 2801  |
| 700 | Alpine Income Property Trust Inc.  | 10689  |
| 67918 | CTO Realty Growth Inc. | 1173623  |
| 5904 | Euronet Worldwide Inc.<sup>\*</sup> | 550193  |
| 110024 | GCI Liberty Inc., Class A Shares<sup>\*</sup>  | 4107196  |
| 4821523 | Mountaineer Merger Corp.<sup>\*</sup> | —  |
| 2835078 | ProSomnus Sleep Technologies Inc.\*<sup>@(b)(g)</sup> | 2835078  |
| 57 | Real Alloy Holding Inc.\*<sup>(b)(g)</sup>  | 3650560 |
| 238311 | UpHealth Inc.\*<sup>@(b)(g)</sup>  | —  |
|  | Total United States | 12330140  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost – $17,195,543)** | **17183490**  |
| **EXCHANGE TRADED FUND (ETF) – 1.9%**  | **EXCHANGE TRADED FUND (ETF) – 1.9%**  | **EXCHANGE TRADED FUND (ETF) – 1.9%**  |
| **United States – 1.9%**  | **United States – 1.9%**  | **United States – 1.9%**  |
| 354055 | &nbsp;&nbsp;&nbsp; Xtrackers USD High Yield Corporate Bond <br>(Cost – $12,674,849) | 13100035  |
| **PREFERRED STOCKS – 1.1%**  | **PREFERRED STOCKS – 1.1%**  | **PREFERRED STOCKS – 1.1%**  |
| **United States – 1.1%**  | **United States – 1.1%**  | **United States – 1.1%**  |
| 71733 | CTO Realty Growth Inc., 6.375%<sup>(d)</sup>. | 1598929  |
| 4821523 | Mountaineer Merger Corp., 0.000%<sup>\*</sup> | 640162  |
| 196289 | NGL Energy Partners LP, 11.646% (3-Month TSFR + 7.475%)<sup>(c)(d)</sup>  | 4491092  |
| 43599 | Saratoga Investment Corp., 6.000% | 1084743  |
|  | Total United States | 7814926  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost – $11,217,288)** | **7814926** |

---

See Notes to Financial Statements.

241<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units**  | **Security** | **Value**  |
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| **Israel – 0.0%**  | **Israel – 0.0%**  | **Israel – 0.0%**  |
| 41956 | GemmaCert Ltd.\*<sup>(b)(g)</sup> | $— |
| **United States – 0.0%** | **United States – 0.0%** | **United States – 0.0%** |
| 14538 | Audacy Capital Corp.\*<sup>(b)(g)</sup> | 145380  |
| 36249 | Leafly Holdings Inc.<sup>\*@</sup>  | 290  |
| 1061473 | Mcdermott International Ltd.\*<sup>(b)(g)</sup>  | —  |
|  | Total United States | 145670  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost – $868,011)** | **145670**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS** <br>**(Cost – $664,861,787)** | **663274170**  |
| **Face Amount†** |  |  |
| **SHORT-TERM INVESTMENTS – 6.0%** | **SHORT-TERM INVESTMENTS – 6.0%** | **SHORT-TERM INVESTMENTS – 6.0%** |
| **COMMERCIAL PAPER – 0.7%**  | **COMMERCIAL PAPER – 0.7%**  | **COMMERCIAL PAPER – 0.7%**  |
| 4965000 | &nbsp;&nbsp;&nbsp; Phillips 66, 4.586% due 9/29/25<sup>(j)</sup> <br>(Cost – $4,947,982) | 4945671  |
| **CORPORATE NOTE – 0.1%**  | **CORPORATE NOTE – 0.1%**  | **CORPORATE NOTE – 0.1%**  |
| 2165123 | &nbsp;&nbsp;&nbsp; Tacora Resources Inc., 13.000% due 11/3/23<sup>(a)(b)(g)</sup> <br>(Cost – $2,165,713) | 298571  |
| **TIME DEPOSITS – 3.5%**  | **TIME DEPOSITS – 3.5%**  | **TIME DEPOSITS – 3.5%**  |
|  | Brown Brothers Harriman - Grand Cayman:<br>|  |
| 101395<sup>SEK</sup> | &nbsp;&nbsp;&nbsp; 0.820% due 9/1/25 | 10715  |
| 120369<sup>NOK</sup> | &nbsp;&nbsp;&nbsp; 2.980% due 9/1/25 | 11974  |
|  | Citibank – London:<br>|  |
| 3576617<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 0.870% due 9/1/25 | 4184464  |
| 555542<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 2.920% due 9/1/25 | 750870  |
| 2222579 | Citibank – New York, 3.680% due 9/2/25 | 2222579  |
| 13765765 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25 | 13765765  |
| 4183691 | Royal Bank of Canada – Toronto, 3.680% due 9/2/25  | 4183691  |
| 1970 | Sumitomo Mitsui Banking Corp. – Tokyo, 3.680% due 9/2/25  | 1970  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS** <br>**(Cost – $25,132,028)** | **25132028** |
| **U.S. GOVERNMENT OBLIGATION – 1.7%**  | **U.S. GOVERNMENT OBLIGATION – 1.7%**  | **U.S. GOVERNMENT OBLIGATION – 1.7%**  |
| 12000000 | &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 4.282% due 9/16/25<sup>(j)</sup><br>(Cost – $11,978,725) | 11978725  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost – $44,224,448)** | **42354995**  |

---

See Notes to Financial Statements.

242<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units**  | **Security** | **Value**  |
| **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5%** | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5%** | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5%** |
| **MONEY MARKET FUND – 0.5%**  | **MONEY MARKET FUND – 0.5%**  | **MONEY MARKET FUND – 0.5%**  |
| 3632631 | &nbsp;&nbsp;&nbsp; Federated Government Obligations Fund, Premier Class, 4.151%<sup>(k)</sup><br>(Cost – $3,632,631) | $3632631  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 99.8%** <br>**(Cost – $712,718,866)** | **709261796**  |
|  | Other Assets in Excess of Liabilities - 0.2% | 1789211  |
|  | **TOTAL NET ASSETS – 100.0%** | **$711051007** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Face amount denominated in U.S. dollars, unless
 otherwise noted. \* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025, amounts to $235,292,293 and represents 33.09% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $27,462,608 and represents 3.86% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Interest rate disclosed
 is that which was in effect at August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is perpetual in nature and has no stated
 maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payment in-kind security for which part of
 the income earned may be paid as additional principal. At the option of the issuer.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is valued in good faith at fair value
 by or under the direction of the Board of Trustees using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is currently in default.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents investment of collateral received from
 securities lending transactions.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **First**<br>**Acquisition**<br>**Date** | **First**<br>**Acquisition**<br>**Cost** | **Market**<br>**Value** | **Percent of**<br>**Net Assets**  |
|  Container Store Inc., 5.197% (2-Month USD-SOFR + 0.100%) due 7/30/29 | 1/28/2025 | $1061707 | $837343 | &nbsp;&nbsp;&nbsp; 0.12%  |
| Inotiv Inc., 10.964% (1-Month USD-SOFR + 0.650%) due 11/5/26 | 9/21/2021 | 4204200 | 6636348 | &nbsp;&nbsp;&nbsp; 0.93%  |
| Leafly Holdings Inc., Senior Unsecured Notes, 8.000% due 7/1/25 | 2/4/2022 | 7109000 | 5081300 | &nbsp;&nbsp;&nbsp; 0.71%  |
| Leafly Holdings Inc. | 2/7/2022 |  | 290 | &nbsp;&nbsp;&nbsp; 0.00%\*  |
| ProSomnus Sleep Technologies Inc. | 8/6/2024 | 4003437 | 2835078 | &nbsp;&nbsp;&nbsp;&nbsp;0.40%  |
|  |  |  | **$15390359** | &nbsp;&nbsp;&nbsp;&nbsp;2.16% |

---

<u>Abbreviations used in this schedule:</u>

CMT — Constant Maturity Treasury Index

EURIBOR — Euro Interbank Offered Rate

GO — General Obligation

ICE — Intercontinental Exchange

LLC — Limited Liability Company

See Notes to Financial Statements.

243<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

LP — Limited Partnership

NIBOR — Norwegian Interbank Offered Rate

PLC — Public Limited Company

REIT — Real Estate Investment Trust

SARL — Société à Responsabilité Limitée

SOFR — Secured Overnight Financing Rate

STIBOR — Stockholm Interbank Offered Rate

TSFR — CME Term SOFR Reference Rate

**<u>Summary of Investments by Security Type^</u>** 

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.7%  |
| Senior Loans | 7.6  |
| Common Stocks | 2.4  |
| Sovereign Bonds | 1.9  |
| Exchange Traded Fund (ETF) | 1.8  |
| Preferred Stocks | 1.1  |
| Asset-Backed Securities. | 1.0  |
| Warrants | 0.0\*  |
| Short-Term Investments | 6.0  |
| Money Market Fund. | 0.5  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments. |

---

\* Position represents less than 0.05%. 

**Schedule of Options Contracts Written** 

**Equity Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Notional**<br>**Amount** | **Security Name** | **Counterparty** | **Expiration** <br>**Date** | **Exercise**<br>**Rate** | **Value**  |
| 59 | $549821 | &nbsp;&nbsp;&nbsp; Euronet Worldwide Inc., Put. | &nbsp;&nbsp;&nbsp;&nbsp; RJA | 9/19/25 | $95.00 | $(29500)  |
| 59 | 549821 | &nbsp;&nbsp;&nbsp; Euronet Worldwide Inc., Call | &nbsp;&nbsp;&nbsp;&nbsp; RJA | 9/19/25 | 100.00 | (3068)  |
| 243 | 662175 | &nbsp;&nbsp;&nbsp; FLEX LNG Ltd., Call | &nbsp;&nbsp;&nbsp;&nbsp; RJA | 10/17/25 | 26.00 | (34020)  |
| 37 | 299182 | &nbsp;&nbsp;&nbsp; iShares iBoxx HighYield, Call | &nbsp;&nbsp;&nbsp;&nbsp; RJA | 9/19/25 | 80.00 | (3182)  |
| 103 | 393563 | &nbsp;&nbsp;&nbsp; Ziff Davis Inc., Put | &nbsp;&nbsp;&nbsp;&nbsp; RJA | 12/19/25 | 30.00 | (19055)  |
| 103 | 393563 | &nbsp;&nbsp;&nbsp; Ziff Davis Inc., Put | &nbsp;&nbsp;&nbsp;&nbsp; RJA | 12/19/25 | 35.00 | (47380)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL OPTIONS CONTRACTS WRITTEN**<br>**(Premiums received – $88,746)** |  |  |  | **$(136205)** |

---

See Notes to Financial Statements.

244<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(continued)** 

At August 31, 2025, 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** <br>**Currency** | **Market** <br>**Value** | **Settlement** <br>**Date** | **Unrealized** <br>**Appreciation** | **Unrealized** <br>(Depreciation) | **Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **Contracts to Buy:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro | 3060759<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | $3582823  | 9/11/25  | &nbsp;&nbsp; 10345 | $— | $10345  |
| **Contracts to Sell:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; British Pound | 22209864<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 30021647 | 9/11/25 | &nbsp;&nbsp; — | (116731) | (116731)  |
| &nbsp;&nbsp;&nbsp; British Pound | 994000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 1343615 | 9/11/25 | &nbsp;&nbsp; 2330 |  | 2330  |
| &nbsp;&nbsp;&nbsp; British Pound | 1293721<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 1748756 | 9/11/25 | &nbsp;&nbsp; 8852 |  | 8852  |
| &nbsp;&nbsp;&nbsp; British Pound | 302480<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 408884 | 9/15/25 | &nbsp;&nbsp; — | (908) | (908)  |
| &nbsp;&nbsp;&nbsp; Euro | 37782354<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 44226769 | 9/11/25 | &nbsp;&nbsp; — | (289707) | (289707)  |
| &nbsp;&nbsp;&nbsp; Euro | 18835000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 22053227 | 9/15/25 | &nbsp;&nbsp; 54542 |  | 54542  |
| &nbsp;&nbsp;&nbsp; Euro | 535000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 626412 | 9/15/25 | &nbsp;&nbsp; — | (837) | (837)  |
| &nbsp;&nbsp;&nbsp; Euro | 2050000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 2400272 | 9/15/25 | &nbsp;&nbsp; — | (1638) | (1638)  |
| &nbsp;&nbsp;&nbsp; Norwegian Krone | 26000000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 2586670 | 9/15/25 | &nbsp;&nbsp; — | (15803) | (15803)  |
| &nbsp;&nbsp;&nbsp; Swedish Krona | 15600000<br> &nbsp;&nbsp;&nbsp;&nbsp; BBH | 1649855 | 9/15/25 | &nbsp;&nbsp; — | (7145) | (7145)  |
|  |  |  |  | &nbsp;&nbsp; $65724 | $(432769) | $(367045)  |
| Net Unrealized Depreciation on Open Forward Foreign Currency Contracts | Net Unrealized Depreciation on Open Forward Foreign Currency Contracts | Net Unrealized Depreciation on Open Forward Foreign Currency Contracts | Net Unrealized Depreciation on Open Forward Foreign Currency Contracts | &nbsp;&nbsp; $76069 | $(432769) | $(356700) |

---

<u>Currency Abbreviations used in this schedule:</u>

EUR — Euro

GBP — British Pound

NOK — Norwegian Krone

SEK — Swedish Krona

<u>Counterparty Abbreviations used in this schedule:</u>

BBH — Brown Brothers Harriman & Co.

RJA — Raymond James & Associates

---

| | | |
|:---|:---|:---|
| **Face Amount** | **Security** | **Value**  |
| **SECURITIES SOLD SHORT – 0.7%**  | **SECURITIES SOLD SHORT – 0.7%**  | **SECURITIES SOLD SHORT – 0.7%**  |
| **CORPORATE BONDS & NOTES – 0.6%**  | **CORPORATE BONDS & NOTES – 0.6%**  | **CORPORATE BONDS & NOTES – 0.6%**  |
| **Communications – 0.2%**  | **Communications – 0.2%**  | **Communications – 0.2%**  |
| $1519000 | Comcast Corp., Company Guaranteed Notes, 5.300% due 6/1/34  | $1563558  |
| **Consumer Non-cyclical – 0.4%**  | **Consumer Non-cyclical – 0.4%**  | **Consumer Non-cyclical – 0.4%**  |
|  | General Mills Inc., Senior Unsecured Notes:<br>|  |
| 304000 | &nbsp;&nbsp;&nbsp; 4.875% due 1/30/30. | 310828  |
| 304000 | &nbsp;&nbsp;&nbsp; 4.950% due 3/29/33. | 306061  |
| 1519000 | PepsiCo Inc., Senior Unsecured Notes, 5.000% due 2/7/35 | 1546052  |
|  | Total Consumer Non-cyclical | 2162941  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS & NOTES**<br>**(Proceeds – $3,670,796)** | **3726499** |

---

See Notes to Financial Statements.

245<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Global Fixed Income Opportunities Fund(concluded)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **SECURITIES SOLD SHORT – (continued)**  | **SECURITIES SOLD SHORT – (continued)**  | **SECURITIES SOLD SHORT – (continued)**  |
| **EXCHANGE TRADED FUND (ETF) – 0.1%**  | **EXCHANGE TRADED FUND (ETF) – 0.1%**  | **EXCHANGE TRADED FUND (ETF) – 0.1%**  |
| 11100 | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond<br>(Proceeds – $888,222) | $897546  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT – 0.7%**<br>**(Proceeds – $4,559,018)**  | **$4624045** |

---

See Notes to Financial Statements.

246<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – 92.5%**  | **MUNICIPAL BONDS – 92.5%**  | **MUNICIPAL BONDS – 92.5%**  | **MUNICIPAL BONDS – 92.5%**  |
| **Alabama – 1.5%**  | **Alabama – 1.5%**  | **Alabama – 1.5%**  | **Alabama – 1.5%**  |
| $1500000 | AA+ | County of Jefferson AL, Revenue Bonds, 5.000% due 9/15/35  | $1514670  |
| 1500000 | BB+ | Hoover Industrial Development Board, Revenue Bonds, 5.750% due 10/1/49<sup>(a)</sup>  | 1504435  |
| 2540000 | A2<sup>(b)</sup> | Lower Alabama Gas District, Revenue Bonds, 4.000% due 12/1/50<sup>(c)</sup>  | 2545457  |
|  |  | Mobile County Board of School Commissioners, Special Tax:<br>|  |
| 260000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/28  | 263032  |
| 175000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/29  | 176922  |
| 180000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/30  | 181758  |
| 185000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/31  | 186622  |
| 145000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/32  | 146155  |
| 215000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 3/1/33  | 216558  |
|  |  | Mobile County Industrial Development Authority, Revenue Bonds:<br>|  |
| 1500000 | BBB | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/1/54<sup>(a)</sup>  | 1357942  |
| 1000000 | BBB | &nbsp;&nbsp;&nbsp; Series B, 4.750% due 12/1/54<sup>(a)</sup>  | 868469  |
| 1000000 | NR | Tuscaloosa County Industrial Development Authority, Revenue Bonds, Series A, 5.250% due 5/1/44<sup>(d)</sup>  | 976870  |
|  |  | Total Alabama | 9938890  |
| **Alaska – 0.2%**  | **Alaska – 0.2%**  | **Alaska – 0.2%**  | **Alaska – 0.2%**  |
| 1000000 | AA+ | &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due <br>6/1/30  | 1038254  |
| **Arizona – 2.2%**  | **Arizona – 2.2%**  | **Arizona – 2.2%**  | **Arizona – 2.2%**  |
| 2500000 | AA+ | Arizona Department of Transportation State Highway Fund Revenue, Revenue Bonds, 5.000% due 7/1/27  | 2552648  |
| 1695000 | BB- | Arizona Industrial Development Authority, Revenue Bonds, 5.000% due 7/1/49<sup>(d)</sup>  | 1451521  |
| 6365000 | AAA | City of Phoenix Civic Improvement Corp., Revenue Bonds, Series B, 4.000% due 7/1/29  | 6367355  |
|  |  | Maricopa County Industrial Development Authority, Revenue Bonds:<br>|  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; Series A, 6.250% due 7/1/44<sup>(d)</sup>  | 1000451  |
| 800000 | AA- | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 1/1/46<sup>(c)</sup>  | 812791  |
| 1350000 | Aa3<sup>(b)</sup> | Maricopa County Special Health Care District, GO, Series D, 4.000% due 7/1/35  | 1372609  |
| 1000000 | NR | Sierra Vista Industrial Development Authority, Revenue Bonds, 5.750% due 6/15/58<sup>(d)</sup>  | 957280  |
|  |  | Total Arizona | 14514655  |
| **Arkansas – 0.6%**  | **Arkansas – 0.6%**  | **Arkansas – 0.6%**  | **Arkansas – 0.6%**  |
|  |  | Arkansas Development Finance Authority, Revenue Bonds:<br>|  |
| 1000000 | BB+ | &nbsp;&nbsp;&nbsp; 4.500% due 9/1/49<sup>(a)(d)</sup>  | 915529  |
| 1150000 | BB+ | &nbsp;&nbsp;&nbsp; 5.700% due 5/1/53<sup>(a)</sup>  | 1156562  |
| 1000000 | NR | City of Osceola AR, Revenue Bonds, 5.500% due 4/1/36<sup>(a)(c)</sup>  | 999903  |
| 500000 | NR | Clarksville Public Educational Facilities Board, Revenue Bonds, Series B, 6.250% due 8/1/49  | 504079  |
|  |  | Total Arkansas | 3576073  |

---

See Notes to Financial Statements.

247<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **California – 3.3%**  | **California – 3.3%**  | **California – 3.3%**  | **California – 3.3%**  |
| $1000000 | NR | California Community Housing Agency, Revenue Bonds, Series A2, 4.000% due 2/1/50<sup>(d)</sup>  | $719124  |
| 1300000 | NR | California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.500% due 1/1/65<sup>(a)(d)</sup>  | 1194691  |
| 300000 | BB | California Municipal Finance Authority, Revenue Bonds, 6.375% due 6/15/64<sup>(d)</sup>  | 308870  |
| 990000 | NR | California Public Finance Authority, Revenue Bonds, Series A1, 6.750% due 7/1/65<sup>(d)</sup>  | 1011602  |
|  |  | California Statewide Communities Development Authority, Revenue Bonds:<br>|  |
| 2525000 | BB | &nbsp;&nbsp;&nbsp; 5.500% due 12/1/54  | 2437085  |
| 1000000 | BB | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 12/1/46<sup>(d)</sup>  | 917441  |
| 650000 | AA- | City of Los Angeles Department of Airports, Revenue Bonds, 4.000% due 5/15/38<sup>(a)</sup>  | 618987  |
| 1105000 | NR | CMFA Special Finance Agency VII, Revenue Bonds, Series A1, 3.000% due 8/1/56<sup>(d)</sup>  | 716937  |
| 1000000 | NR | CMFA Special Finance Agency, Revenue Bonds, Series A, 4.000% due 12/1/45<sup>(d)</sup>  | 752513  |
|  |  | CSCDA Community Improvement Authority, Revenue Bonds:<br>|  |
| 1500000 | NR | &nbsp;&nbsp;&nbsp; 3.000% due 6/1/47<sup>(d)</sup>  | 991961  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; 3.000% due 12/1/56<sup>(d)</sup>  | 665400  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; 4.000% due 8/1/56<sup>(d)</sup>  | 846197  |
| 1000000 | NR | Fairfield Community Facilities District, Special Tax, Series A, 5.000% due 9/1/54  | 959709  |
| 1260000 | A | Los Angeles Department of Water & Power, Revenue Bonds, Series B, 5.000% due 7/1/34  | 1317028  |
| 2000000 | WD<sup>(e)</sup> | Silicon Valley Tobacco Securitization Authority, Revenue Bonds, Series A, zero coupon, due 6/1/41  | 693535  |
| 1345000 | Aa2<sup>(b)</sup> | Southern California Public Power Authority, Revenue Bonds, Series 2, 5.000% due 7/1/53<sup>(c)</sup>  | 1430633  |
|  |  | State of California, GO:<br>|  |
| 760000 | AA- | &nbsp;&nbsp;&nbsp; 4.000% due 3/1/26  | 766983  |
| 2250000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 9/1/26  | 2314489  |
| 435000 | AA- | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 8/1/26  | 446394  |
| 205000 | AA- | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 8/1/29  | 209946  |
| 2000000 | AA | University of California, Revenue Bonds, Series CA, 5.000% due 5/15/39  | 2184428  |
|  |  | Total California | 21503953  |
| **Colorado – 2.4%**  | **Colorado – 2.4%**  | **Colorado – 2.4%**  | **Colorado – 2.4%**  |
| 1000000 | AA | Board of Governors of Colorado State University System, Revenue Bonds, Series A, 5.000% due 3/1/43  | 1049236  |
|  |  | Boulder Larimer & Weld Counties St Vrain Valley School District Re1J, GO:<br>|  |
| 650000 | AA+ | &nbsp;&nbsp;&nbsp; 5.000% due 12/15/29  | 720498  |
| 775000 | AA+ | &nbsp;&nbsp;&nbsp; 5.000% due 12/15/38  | 845498  |

---

See Notes to Financial Statements.

248<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Colorado – (continued)**  | **Colorado – (continued)**  | **Colorado – (continued)**  | **Colorado – (continued)**  |
|  |  | City & County of Denver CO Airport System Revenue, Revenue Bonds:<br>|  |
| $315000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 12/1/26<sup>(a)</sup>  | $323318  |
| 195000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 11/15/28<sup>(a)</sup>  | 203229  |
| 455000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 11/15/29<sup>(a)</sup>  | 473245  |
| 115000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 11/15/30<sup>(a)</sup>  | 119268  |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 12/1/37<sup>(a)</sup>  | 1016237  |
| 3400000 | AA- | &nbsp;&nbsp;&nbsp; Series D, 5.500% due 11/15/30<sup>(a)</sup>  | 3801557  |
|  |  | Colorado Bridge & Tunnel Enterprise, Revenue Bonds:<br>|  |
| 500000 | AA | &nbsp;&nbsp;&nbsp; Series A, AGM-Insured, 5.000% due 12/1/41  | 524052  |
| 1200000 | AA | &nbsp;&nbsp;&nbsp; Series A, AGM-Insured, 5.250% due 12/1/54  | 1224089  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; Series A, AGM-Insured, 5.500% due 12/1/54  | 1042185  |
| 600000 | BB | Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 5.800% due 4/1/54<sup>(d)</sup>  | 566834  |
| 60000 | NR | Colorado Health Facilities Authority, Revenue Bonds, Series Prerefunded 11/19/26<sup>@</sup> 100, 5.000% due 11/15/49<sup>(c)(f)</sup>  | 61737  |
| 40000 | AA | Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250% due 11/1/49  | 40588  |
| 1330000 | AAA | Regional Transportation District Sales Tax Revenue, Revenue Bonds, Series A, 4.250% due 11/1/36  | 1396081  |
|  |  | Vauxmont Metropolitan District, GO, AGM-Insured:<br>|  |
| 125000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 12/15/27  | 128867  |
| 120000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 12/15/29  | 123711  |
| 135000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 12/15/31  | 139171  |
| 1750000 | NR | Village Metropolitan District, GO, 5.000% due 12/1/49  | 1666922  |
|  |  | Total Colorado | 15466323  |
| **Connecticut – 0.5%**  | **Connecticut – 0.5%**  | **Connecticut – 0.5%**  | **Connecticut – 0.5%**  |
| 1500000 | AAA | Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Series B2, 5.000% due 7/1/64<sup>(c)</sup>  | 1682580  |
|  |  | State of Connecticut, GO:<br>|  |
| 375000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 4/15/26  | 380940  |
| 150000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 4/15/30  | 162603  |
| 170000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 4/15/34  | 180207  |
| 175000 | AA- | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 1/15/26  | 176630  |
| 100000 | AA- | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 10/15/26  | 102904  |
| 150000 | AA- | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 10/15/29  | 154088  |
| 330000 | AA- | University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27  | 348932  |
|  |  | Total Connecticut | 3188884  |
| **District of Columbia – 0.8%**  | **District of Columbia – 0.8%**  | **District of Columbia – 0.8%**  | **District of Columbia – 0.8%**  |
|  |  | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds:<br>|  |
| 1820000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 10/1/36<sup>(a)</sup>  | 1847339  |
| 1000000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/35<sup>(a)</sup>  | 1087852  |

---

See Notes to Financial Statements.

249<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **District of Columbia – (continued)**  | **District of Columbia – (continued)**  | **District of Columbia – (continued)**  | **District of Columbia – (continued)**  |
|  |  | Washington Metropolitan Area Transit Authority Dedicated Revenue, Revenue Bonds:<br>|  |
| $1000000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 7/15/37  | $1083284  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 7/15/38  | 1071711  |
|  |  | Total District of Columbia | 5090186  |
| **Florida – 7.4%**  | **Florida – 7.4%**  | **Florida – 7.4%**  | **Florida – 7.4%**  |
| 1000000 | NR | Cabot Citrus Farms Community Development District, Special Assessment, 5.250% due 3/1/29  | 1011682  |
|  |  | Capital Trust Agency Inc., Revenue Bonds:<br>|  |
| 500000 | BB | &nbsp;&nbsp;&nbsp; 6.375% due 5/1/53<sup>(d)</sup>  | 493274  |
| 250000 | NR | &nbsp;&nbsp;&nbsp; Series A1, 4.000% due 6/15/29<sup>(d)</sup>  | 245921  |
| 2000000 | NR | &nbsp;&nbsp;&nbsp; Series A1, 5.000% due 7/1/56<sup>(d)</sup>  | 1664440  |
| 1200000 | BB | Capital Trust Authority, Revenue Bonds, Series A, 5.250% due 7/1/55<sup>(d)</sup>  | 1101740  |
| 1000000 | AA- | Central Florida Expressway Authority, Revenue Bonds, Series B, 4.000% due 7/1/36  | 1001207  |
| 2535000 | AA | City of Jacksonville FL, Revenue Bonds, 5.000% due 10/1/37  | 2777262  |
| 2500000 | AA- | City Of South Miami Health Facilities Authority Inc., Revenue Bonds, 5.000% due 8/15/42  | 2504323  |
|  |  | County of Broward FL Airport System Revenue, Revenue Bonds:<br>|  |
| 120000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/29<sup>(a)</sup>  | 120133  |
| 85000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/31<sup>(a)</sup>  | 85069  |
| 115000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/32<sup>(a)</sup>  | 115080  |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 10/1/29<sup>(a)</sup>  | 1077259  |
|  |  | County of Miami-Dade FL Water & Sewer System Revenue, Revenue Bonds:<br>|  |
| 4335000 | AA | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 10/1/38  | 4257340  |
| 10000000 | AA | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 10/1/44  | 10070130  |
| 600000 | NR | Florida Development Finance Corp., Revenue Bonds, Series A, 6.750% due 6/15/53<sup>(d)</sup>  | 617570  |
|  |  | Florida Higher Educational Facilities Financing Authority, Revenue Bonds:<br>|  |
| 1600000 | NR | &nbsp;&nbsp;&nbsp; 5.000% due 6/1/48<sup>(d)</sup>  | 1319626  |
| 2000000 | BB+ | &nbsp;&nbsp;&nbsp; 6.250% due 7/1/55<sup>(d)</sup>  | 1920935  |
| 2000000 | A | Florida Insurance Assistance Interlocal Agency Inc., Revenue Bonds, Series A1, 5.000% due 9/1/25  | 2000000  |
| 45000 | A2<sup>(b)</sup> | Florida Municipal Power Agency, Revenue Bonds, 5.000% due 10/1/27  | 45087  |
|  |  | Greater Orlando Aviation Authority, Revenue Bonds:<br>|  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; 5.000% due 11/15/36<sup>(a)</sup>  | 1000050  |
| 100000 | AA- | &nbsp;&nbsp;&nbsp; Series A, Prerefunded 10/1/27<sup>@</sup> 100, 5.000% due 10/1/28<sup>(a)(f)</sup>  | 104681  |
|  |  | Hillsborough County Port District, Revenue Bonds:<br>|  |
| 850000 | A+<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 6/1/33<sup>(a)</sup>  | 887353  |
| 185000 | A+<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 6/1/38<sup>(a)</sup>  | 189849  |
| 750000 | NR | &nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District, Special Assessment, 5.875% due <br>5/1/55  | 734993  |

---

See Notes to Financial Statements.

250<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Florida – (continued)**  | **Florida – (continued)**  | **Florida – (continued)**  | **Florida – (continued)**  |
|  |  | Lakewood Ranch Stewardship District, Special Assessment:<br>|  |
| $350000 | NR | &nbsp;&nbsp;&nbsp; 6.000% due 5/1/56<sup>(g)</sup>  | $346422  |
| 500000 | NR | &nbsp;&nbsp;&nbsp; 6.300% due 5/1/54  | 512164  |
|  |  | Lee County Industrial Development Authority, Revenue Bonds:<br>|  |
| 580000 | A+ | &nbsp;&nbsp;&nbsp; Series 2019A1, 5.000% due 4/1/33  | 608835  |
| 515000 | A+ | &nbsp;&nbsp;&nbsp; Series 2019A1, 5.000% due 4/1/35  | 534511  |
| 755000 | A+ | &nbsp;&nbsp;&nbsp; Series 2019A2, 5.000% due 4/1/33<sup>(c)</sup>  | 756182  |
|  |  | Marion County School Board, COP, AGM-Insured:<br>|  |
| 1950000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 6/1/31  | 2171992  |
| 2000000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 6/1/37  | 2162704  |
|  |  | Miami-Dade County Expressway Authority, Revenue Bonds:<br>|  |
| 235000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/40  | 234258  |
| 85000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/44  | 84268  |
| 200000 | A+ | Orange County Health Facilities Authority, Revenue Bonds, Series A, 5.000% due 10/1/39  | 201462  |
|  |  | School Board of Miami-Dade County, COP:<br>|  |
| 570000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 5/1/31  | 577887  |
| 220000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 8/1/27  | 224695  |
| 115000 | A+ | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 2/1/29  | 116061  |
| 190000 | A+ | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 2/1/30  | 191705  |
| 115000 | AA | South Florida Water Management District, COP, 5.000% due 10/1/30  | 116421  |
| 2625000 | AA+ | Tampa Bay Water, Revenue Bonds, Series A, 5.000% due 10/1/49  | 2653341  |
| 990000 | NR | Village Community Development District No 12, Special Assessment, 4.250% due 5/1/43  | 888557  |
|  |  | Total Florida | 47726469  |
| **Georgia – 1.8%**  | **Georgia – 1.8%**  | **Georgia – 1.8%**  | **Georgia – 1.8%**  |
|  |  | City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds:<br>|  |
| 30000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 11/1/27  | 30061  |
| 70000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 11/1/29  | 70138  |
| 2000000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 11/1/40  | 1999945  |
| 335000 | BBB<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; Fayette County Development Authority, Revenue Bonds, 5.000% due <br>10/1/30  | 362924  |
| 1500000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., Revenue Bonds, Series C, 5.000% due <br>9/1/53<sup>(c)</sup>  | 1592178  |
| 4000000 | AAA | Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds, Series B, 5.000% due 7/1/33  | 4565126  |
| 3000000 | Aa1<sup>(b)</sup> | Upper Oconee Basin Water Authority, Revenue Bonds, 5.000% due 7/1/55  | 3046194  |
|  |  | Total Georgia | 11666566  |
| **Hawaii – 0.9%**  | **Hawaii – 0.9%**  | **Hawaii – 0.9%**  | **Hawaii – 0.9%**  |
| 5000000 | Aa2<sup>(b)</sup> | City & County of Honolulu HI, GO, Series C, 4.000% due 10/1/32  | 5043889  |
| 1000000 | AA- | State of Hawaii Department of Budget & Finance, Revenue Bonds, Series A, 5.000% due 7/1/36  | 1108931  |
|  |  | Total Hawaii | 6152820  |

---

See Notes to Financial Statements.

251<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Idaho – 0.5%**  | **Idaho – 0.5%**  | **Idaho – 0.5%**  | **Idaho – 0.5%**  |
| $1500000 | NR | Idaho Falls Auditorium District, COP, 5.250% due 5/15/51<sup>(d)</sup>  | $1346915  |
| 1000000 | NR | Idaho Health Facilities Authority, Revenue Bonds, 7.125% due 11/1/57  | 1041574  |
|  |  | Idaho Housing & Finance Association, Revenue Bonds:<br>|  |
| 25000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 4.000% due 1/1/50  | 25248  |
| 250000 | Aa3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/15/30  | 276073  |
| 250000 | Aa3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/15/31  | 278811  |
|  |  | Total Idaho | 2968621  |
| **Illinois – 4.9%**  | **Illinois – 4.9%**  | **Illinois – 4.9%**  | **Illinois – 4.9%**  |
| 1040000 | BB+ | Chicago Board of Education, GO, Series A, 5.000% due 12/1/47  | 894821  |
|  |  | Chicago O'Hare International Airport, Revenue Bonds:<br>|  |
| 1635000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 1/1/41  | 1635505  |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp; Series D, 5.250% due 1/1/42  | 1009003  |
| 1000000 | AA | City of Aurora IL, GO, Series C, 5.000% due 12/30/42  | 1026494  |
| 1100000 | BBB | City of Chicago IL, GO, Series E, 6.000% due 1/1/42  | 1153923  |
|  |  | County of Cook IL Sales Tax Revenue, Revenue Bonds:<br>|  |
| 980000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 11/15/41  | 1000912  |
| 980000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 11/15/42  | 993253  |
| 5000 | NR | Grundy & Will Counties Community Unit School District No 1 Coal City, GO, Series Prerefunded 2/1/27<sup>@</sup> 100, 5.000% due 2/1/29<sup>(f)</sup>  | 5176  |
|  |  | Illinois Finance Authority, Revenue Bonds:<br>|  |
| 2000000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 11/15/38  | 2000031  |
| 870000 | AA- | &nbsp;&nbsp;&nbsp; Series A, Prerefunded 1/1/28<sup>@</sup> 100, 5.000% due 1/1/38<sup>(f)</sup>  | 922523  |
| 1300000 | AA- | &nbsp;&nbsp;&nbsp; Series A, Prerefunded 1/1/28<sup>@</sup> 100, 5.000% due 1/1/44<sup>(f)</sup>  | 1378483  |
| 255000 | Aa3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, Prerefunded 7/1/26<sup>@</sup> 100, 5.000% due 7/1/36<sup>(f)</sup>  | 260229  |
| 95000 | WD<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; Series A, Prerefunded 8/15/26<sup>@</sup> 100, 5.000% due 8/15/33<sup>(f)</sup>  | 97061  |
| 20000 | NR | &nbsp;&nbsp;&nbsp; Series C, Prerefunded 2/15/27<sup>@</sup> 100, 4.000% due 2/15/41<sup>(f)</sup>  | 20440  |
| 170000 | AA- | &nbsp;&nbsp;&nbsp; Series Prerefunded 1/1/27<sup>@</sup> 100, 5.000% due 1/1/36<sup>(f)</sup>  | 175631  |
|  |  | Illinois Municipal Electric Agency, Revenue Bonds:<br>|  |
| 290000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 2/1/28  | 290135  |
| 105000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 2/1/31  | 105049  |
| 1000000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 2/1/32  | 1000464  |
|  |  | Illinois State Toll Highway Authority, Revenue Bonds:<br>|  |
| 1535000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 1/1/42  | 1540384  |
| 1500000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 1/1/45  | 1506827  |
| 2000000 | AA- | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 1/1/40  | 2001107  |
| 1045000 | Aa1<sup>(b)</sup> | Maine Township High School District No 207, GO, Series 2022, 4.000% due 12/1/25  | 1048307  |
| 2880000 | A | State of Illinois Sales Tax Revenue, Revenue Bonds, Series A, 5.000% due 6/15/28  | 3054248  |
|  |  | State of Illinois, GO:<br>|  |
| 195000 | A- | &nbsp;&nbsp;&nbsp; 5.000% due 2/1/27  | 201349  |
| 180000 | A- | &nbsp;&nbsp;&nbsp; 5.000% due 2/1/28  | 185833  |
| 2980000 | A- | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 5/1/32  | 3297289  |
| 405000 | A- | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 11/1/25  | 406532  |

---

See Notes to Financial Statements.

252<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Illinois – (continued)**  | **Illinois – (continued)**  | **Illinois – (continued)**  | **Illinois – (continued)**  |
| $390000 | A- | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 11/1/26  | $400527  |
| 1500000 | A- | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 7/1/32  | 1660101  |
|  |  | Will County Community Unit School District No 365-U Valley View, GO:<br>|  |
| 2420000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 11/1/25  | 2428265  |
| 165000 | AA | &nbsp;&nbsp;&nbsp; Series B, AGM-Insured, zero coupon, due 11/1/26  | 160161  |
|  |  | Total Illinois | 31860063  |
| **Indiana – 1.6%**  | **Indiana – 1.6%**  | **Indiana – 1.6%**  | **Indiana – 1.6%**  |
| 3750000 | AA | Carmel Redevelopment Authority, Revenue Bonds, Series B, 5.000% due 7/15/35  | 4079724  |
| 105000 | Aaa<sup>(b)</sup> | Indiana Housing & Community Development Authority, Revenue Bonds, Series B, 3.500% due 1/1/49  | 105301  |
|  |  | Indianapolis Local Public Improvement Bond Bank, Revenue Bonds:<br>|  |
| 550000 | A1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 1/1/35<sup>(a)</sup>  | 582996  |
| 550000 | A1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.250% due 1/1/36<sup>(a)</sup>  | 588615  |
| 600000 | A1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.250% due 1/1/37<sup>(a)</sup>  | 636967  |
| 1250000 | A1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.250% due 1/1/38<sup>(a)</sup>  | 1315837  |
| 1895000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series 202, 6.000% due 1/15/41  | 2097031  |
| 580000 | AA | Warrick County Industrial Building Corp., Revenue Bonds, 5.000% due 8/1/32  | 638753  |
|  |  | Total Indiana | 10045224  |
| **Iowa – 1.9%**  | **Iowa – 1.9%**  | **Iowa – 1.9%**  | **Iowa – 1.9%**  |
| 1000000 | Aa1<sup>(b)</sup> | City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/40  | 1039213  |
| 1785000 | Aaa<sup>(b)</sup> | City of West Des Moines IA, GO, Series A, 5.000% due 6/1/32  | 2014822  |
| 1000000 | AAA | County of Polk IA, GO, Series A, 5.000% due 6/1/38<sup>(a)</sup>  | 1045644  |
| 2000000 | BBB | Iowa Finance Authority, Revenue Bonds, 4.750% due 8/1/42  | 1907359  |
| 6440000 | A3<sup>(b)</sup> | PEFA Inc., Revenue Bonds, 5.000% due 9/1/49<sup>(c)</sup>  | 6550336  |
|  |  | Total Iowa | 12557374  |
| **Kansas – 0.2%**  | **Kansas – 0.2%**  | **Kansas – 0.2%**  | **Kansas – 0.2%**  |
| 1000000 | NR | City of Colby KS, Revenue Bonds, 5.500% due 7/1/26  | 1002465  |
| 20000 | SP-1+ | City of Maize KS, GO, Series B, 4.000% due 10/1/26  | 20003  |
|  |  | Total Kansas | 1022468  |
| **Kentucky – 1.0%**  | **Kentucky – 1.0%**  | **Kentucky – 1.0%**  | **Kentucky – 1.0%**  |
| 2200000 | AA- | Fayette County School District Finance Corp., Revenue Bonds, 5.000% due 6/1/43  | 2222362  |
|  |  | Kentucky State Property & Building Commission, Revenue Bonds:<br>|  |
| 160000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 4/1/27  | 166661  |
| 145000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 5/1/28  | 155043  |
| 165000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 2/1/29  | 166660  |
| 170000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 2/1/30  | 171639  |
| 1795000 | A | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 11/1/26  | 1849835  |
| 2000000 | AA | Louisville & Jefferson County Metropolitan Sewer District, Revenue Bonds, Series A, 3.000% due 5/15/44  | 1498772  |
|  |  | Total Kentucky | 6230972  |

---

See Notes to Financial Statements.

253<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Louisiana – 3.0%**  | **Louisiana – 3.0%**  | **Louisiana – 3.0%**  | **Louisiana – 3.0%**  |
| $2505000 | AA | &nbsp;&nbsp;&nbsp; City of Lafayette LA Utilities Revenue, Revenue Bonds, 5.000% due <br>11/1/42  | $2590089  |
| 265000 | AA+ | Lafayette Parish School Board Sale Tax Revenue, Revenue Bonds, 5.000% due 4/1/37  | 285549  |
|  |  | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds:<br>|  |
| 1500000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 10/1/26  | 1539623  |
| 2800000 | A1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 8/15/37  | 2839082  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Revenue Bonds, 6.000% due <br>6/15/59<sup>(d)</sup>  | 960767  |
| 1000000 | BB+ | Parish of St James LA, Revenue Bonds, Series 2, 6.350% due 10/1/40<sup>(d)</sup>  | 1072150  |
| 1000000 | A2<sup>(b)</sup> | St John the Baptist Parish School District No 1, GO, 5.250% due 3/1/37  | 1056078  |
|  |  | State of Louisiana, GO:<br>|  |
| 3350000 | AA | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 9/1/31  | 3755355  |
| 4835000 | AA | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 9/1/33  | 5475084  |
|  |  | Total Louisiana | 19573777  |
| **Maine – 0.3%**  | **Maine – 0.3%**  | **Maine – 0.3%**  | **Maine – 0.3%**  |
| 2500000 | AA+ | Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due 11/15/39  | 2126361  |
| **Maryland – 2.0%**  | **Maryland – 2.0%**  | **Maryland – 2.0%**  | **Maryland – 2.0%**  |
| 5805000 | AAA | County of Prince George's MD, GO, Series A, 5.000% due 7/15/29  | 6224138  |
|  |  | Maryland Community Development Administration, Revenue Bonds:<br>|  |
| 120000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 9/1/49  | 120531  |
| 110000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series C, 3.500% due 3/1/50  | 110266  |
| 320000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 9/1/28  | 341288  |
| 2000000 | NR | Maryland Economic Development Corp., Special Tax, 4.000% due 9/1/50  | 1583950  |
| 1405000 | Baa3<sup>(b)</sup> | Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.500% due 1/1/46  | 1407216  |
| 3000000 | AAA | State of Maryland Department of Transportation, Revenue Bonds, 3.500% due 10/1/33  | 2991504  |
|  |  | Total Maryland | 12778893  |
| **Massachusetts – 1.9%**  | **Massachusetts – 1.9%**  | **Massachusetts – 1.9%**  | **Massachusetts – 1.9%**  |
|  |  | Commonwealth of Massachusetts, GO:<br>|  |
| 1250000 | AA+ | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 8/1/41  | 1330999  |
| 1500000 | AA+ | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 11/1/45  | 1532548  |
| 2665000 | AA+ | Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds, Series B, 5.000% due 7/1/38  | 2925016  |
|  |  | Massachusetts Development Finance Agency, Revenue Bonds:<br>|  |
| 1500000 | AA- | &nbsp;&nbsp;&nbsp; 4.000% due 4/1/41  | 1393015  |
| 1000000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 7/1/35  | 1012488  |
| 1290000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 4.000% due 7/15/36  | 1285771  |
| 500000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 11/1/55<sup>(c)</sup>  | 569351  |

---

See Notes to Financial Statements.

254<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Massachusetts – (continued)**  | **Massachusetts – (continued)**  | **Massachusetts – (continued)**  | **Massachusetts – (continued)**  |
| $500000 | AA | &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Revenue Bonds, Series E, 5.000% due <br>7/1/31<sup>(a)</sup>  | $548521  |
| 1700000 | AA+ | Massachusetts Water Resources Authority, Revenue Bonds, AGM-Insured, Series B, 5.250% due 8/1/38  | 1963703  |
|  |  | Total Massachusetts | 12561412  |
| **Michigan – 1.1%**  | **Michigan – 1.1%**  | **Michigan – 1.1%**  | **Michigan – 1.1%**  |
| 160000 | AA | &nbsp;&nbsp;&nbsp; City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds, <br>AGM-Insured, Series D, 3.650% due 7/1/32<sup>(c)</sup>  | 158503  |
| 495000 | AA- | Michigan State Building Authority, Revenue Bonds, Series I, 5.000% due 10/15/34  | 504177  |
| 4870000 | AA+ | Michigan State Housing Development Authority, Revenue Bonds, Series A, 3.700% due 4/1/30  | 4878033  |
| 1295000 | Aa1<sup>(b)</sup> | Thornapple Kellogg School District, GO, 5.000% due 5/1/43  | 1306965  |
|  |  | Total Michigan | 6847678  |
| **Minnesota – 2.0%**  | **Minnesota – 2.0%**  | **Minnesota – 2.0%**  | **Minnesota – 2.0%**  |
|  |  | Metropolitan Council, GO:<br>|  |
| 2000000 | AAA | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 12/1/27  | 2120756  |
| 2500000 | AAA | &nbsp;&nbsp;&nbsp; Series I, 3.000% due 3/1/27  | 2500802  |
| 5000000 | AAA | State of Minnesota, GO, Series A, 5.000% due 8/1/37  | 5194399  |
| 2850000 | Aa1<sup>(b)</sup> | Willmar Independent School District No 347, GO, Series A, 5.000% due 2/1/28  | 3024810  |
|  |  | Total Minnesota | 12840767  |
| **Mississippi – 0.7%**  | **Mississippi – 0.7%**  | **Mississippi – 0.7%**  | **Mississippi – 0.7%**  |
|  |  | State of Mississippi, GO:<br>|  |
| 160000 | AA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/30  | 167726  |
| 4000000 | AA | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 10/1/35  | 4185814  |
|  |  | Total Mississippi | 4353540  |
| **Missouri – 1.2%**  | **Missouri – 1.2%**  | **Missouri – 1.2%**  | **Missouri – 1.2%**  |
| 2550000 | AA+ | Grain Valley No R-V School District, GO, Series A, 5.000% due 3/1/35  | 2656438  |
| 350000 | NR | Kansas City Industrial Development Authority, Revenue Bonds, Series A1, 5.000% due 6/1/54<sup>(d)</sup>  | 307835  |
| 2500000 | AAA | Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due 5/1/37  | 2543865  |
| 2100000 | AA- | &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Revenue Bonds, 5.500% due <br>5/1/41  | 2200592  |
| 40000 | AA+ | Missouri Housing Development Commission, Revenue Bonds, Series B, 4.000% due 5/1/50  | 40334  |
|  |  | Total Missouri | 7749064  |
| **Montana – 0.2%**  | **Montana – 0.2%**  | **Montana – 0.2%**  | **Montana – 0.2%**  |
| 15000 | AA+ | Montana Board of Housing, Revenue Bonds, Series B, 4.000% due 6/1/50  | 15222  |
| 1390000 | AA | Yellowstone & Carbon Counties School District No 7-70 Laurel, GO, 5.000% due 7/1/42  | 1439663  |
|  |  | Total Montana | 1454885  |

---

See Notes to Financial Statements.

255<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Nebraska – 0.9%**  | **Nebraska – 0.9%**  | **Nebraska – 0.9%**  | **Nebraska – 0.9%**  |
| $340000 | A | Douglas County Hospital Authority No 3, Revenue Bonds, 5.250% due 11/1/43  | $349671  |
|  |  | Nebraska Investment Finance Authority, Revenue Bonds:<br>|  |
| 75000 | AAA | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 9/1/49<sup>(a)</sup>  | 75355  |
| 60000 | AAA | &nbsp;&nbsp;&nbsp; Series E, 3.750% due 9/1/49<sup>(a)</sup>  | 60028  |
|  |  | Nebraska Public Power District, Revenue Bonds:<br>|  |
| 115000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 1/1/31  | 115830  |
| 125000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 1/1/34  | 125786  |
| 155000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 1/1/36  | 155851  |
|  |  | Public Power Generation Agency, Revenue Bonds:<br>|  |
| 1815000 | A2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 1/1/41  | 1836508  |
| 1885000 | A2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 1/1/27  | 1948812  |
| 1000000 | Aa3<sup>(b)</sup> | Ralston Public Schools, GO, 5.000% due 12/15/43  | 1027280  |
|  |  | Total Nebraska | 5695121  |
| **Nevada – 1.0%**  | **Nevada – 1.0%**  | **Nevada – 1.0%**  | **Nevada – 1.0%**  |
| 1520000 | AAA | Clark County Water Reclamation District, GO, 4.000% due 7/1/35  | 1520134  |
|  |  | County of Clark NV, GO:<br>|  |
| 2750000 | AAA | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 11/1/34  | 2761279  |
| 2000000 | AAA | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 12/1/39  | 1945825  |
| 40000 | AA+ | Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49  | 40355  |
|  |  | Total Nevada | 6267593  |
| **New Hampshire – 0.1%**  | **New Hampshire – 0.1%**  | **New Hampshire – 0.1%**  | **New Hampshire – 0.1%**  |
| 1000000 | B+ | New Hampshire Business Finance Authority, Revenue Bonds, 2.950% due 4/1/29<sup>(a)(d)</sup>  | 965573  |
| **New Jersey – 2.8%**  | **New Jersey – 2.8%**  | **New Jersey – 2.8%**  | **New Jersey – 2.8%**  |
| 1000000 | A | New Jersey Economic Development Authority, Revenue Bonds, Series EEE, 5.000% due 6/15/30  | 1074500  |
|  |  | New Jersey Educational Facilities Authority, Revenue Bonds:<br>|  |
| 1000000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/64<sup>(c)</sup>  | 1110078  |
| 1315000 | AAA | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 3/1/28  | 1401388  |
| 1000000 | A | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 5.000% due 9/15/32  | 1108806  |
|  |  | New Jersey Transportation Trust Fund Authority, Revenue Bonds:<br>|  |
| 1320000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 12/15/28  | 1425350  |
| 870000 | A | &nbsp;&nbsp;&nbsp; Series A, zero coupon, due 12/15/27  | 817272  |
| 195000 | A | &nbsp;&nbsp;&nbsp; Series A, zero coupon, due 12/15/28  | 177806  |
| 895000 | A | &nbsp;&nbsp;&nbsp; Series A, 4.000% due 6/15/39  | 847211  |
| 220000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 12/15/33  | 231137  |
| 5580000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/15/36  | 6093940  |
| 1050000 | A | &nbsp;&nbsp;&nbsp; Series AA, 5.000% due 6/15/40  | 1078888  |
| 1770000 | A | &nbsp;&nbsp;&nbsp; Series BB, 5.000% due 6/15/44  | 1775883  |
| 1000000 | AA- | &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, Revenue Bonds, Series A, 5.250% due <br>1/1/50  | 1039958  |
|  |  | Total New Jersey | 18182217  |

---

See Notes to Financial Statements.

256<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **New Mexico – 0.0%**  | **New Mexico – 0.0%**  | **New Mexico – 0.0%**  | **New Mexico – 0.0%**  |
| $90000 | Aa1<sup>(b)</sup> | New Mexico Mortgage Finance Authority, Revenue Bonds, Series D, 3.750% due 1/1/50  | $90656  |
| **New York – 11.2%**  | **New York – 11.2%**  | **New York – 11.2%**  | **New York – 11.2%**  |
| 1430000 | Ba1<sup>(b)</sup> | Brooklyn Arena Local Development Corp., Revenue Bonds, zero coupon, due 7/15/46<sup>(h)</sup>  | 450784  |
| 1650000 | BBB+ | Build NYC Resource Corp., Revenue Bonds, 5.500% due 7/1/55<sup>(a)</sup>  | 1653596  |
|  |  | City of New York NY, GO:<br>|  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 8/1/40  | 1047642  |
| 2035000 | AA | &nbsp;&nbsp;&nbsp; Series B1, 5.000% due 12/1/38  | 2059699  |
| 2500000 | AA | &nbsp;&nbsp;&nbsp; Series B1, 5.000% due 12/1/41  | 2520633  |
| 500000 | AA | &nbsp;&nbsp;&nbsp; Series B1, 5.250% due 10/1/41  | 525631  |
| 3000000 | AA | &nbsp;&nbsp;&nbsp; Series C1, 5.000% due 8/1/31  | 3293304  |
| 3425000 | AA | &nbsp;&nbsp;&nbsp; Series D1, 5.000% due 12/1/34  | 3583008  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; Series F1, 5.000% due 4/1/43  | 1007584  |
|  |  | Empire State Development Corp., Revenue Bonds:<br>|  |
| 1000000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 3.000% due 3/15/50  | 697413  |
| 3500000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 3/15/38  | 3561317  |
| 1780000 | AA | Metropolitan Transportation Authority Dedicated Tax Fund, Revenue Bonds, Series A, 5.250% due 11/15/27  | 1835326  |
|  |  | Metropolitan Transportation Authority, Revenue Bonds:<br>|  |
| 245000 | A | &nbsp;&nbsp;&nbsp; Series A2, 5.000% due 11/15/29  | 253262  |
| 270000 | A | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 11/15/30  | 276967  |
| 290000 | A | &nbsp;&nbsp;&nbsp; Series C1, 5.000% due 11/15/27  | 298615  |
| 685000 | A | &nbsp;&nbsp;&nbsp; Series C1, 5.000% due 11/15/28  | 687707  |
| 300000 | A | &nbsp;&nbsp;&nbsp; Series C1, 5.000% due 11/15/31  | 316153  |
| 370000 | A3<sup>(b)</sup> | MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.000% due 11/15/51  | 360466  |
| 250000 | CCC+ | Nassau County Tobacco Settlement Corp., Revenue Bonds, Series A3, 5.000% due 6/1/35  | 210307  |
|  |  | New York City Municipal Water Finance Authority, Revenue Bonds:<br>|  |
| 1000000 | AA+ | &nbsp;&nbsp;&nbsp; 5.000% due 6/15/41  | 1033624  |
| 2430000 | AA+ | &nbsp;&nbsp;&nbsp; Series DD, 5.000% due 6/15/28  | 2616177  |
| 1945000 | AA+ | &nbsp;&nbsp;&nbsp; Series EE, 5.000% due 6/15/45  | 1965161  |
| 1500000 | AA | New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S2, 5.000% due 7/15/37<sup>(g)</sup> | 1630908  |
|  |  | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds:<br>|  |
| 3200000 | AAA | &nbsp;&nbsp;&nbsp; Series A1, 5.000% due 8/1/41  | 3312427  |
| 2185000 | AAA | &nbsp;&nbsp;&nbsp; Series A1, 5.000% due 8/1/43  | 2232006  |
| 275000 | AAA | &nbsp;&nbsp;&nbsp; Series C2, 5.000% due 5/1/32  | 288351  |
| 1000000 | AAA | &nbsp;&nbsp;&nbsp; Series C3, 5.000% due 5/1/41  | 1016448  |
| 1600000 | AAA | &nbsp;&nbsp;&nbsp; Series F1, 5.000% due 2/1/41  | 1665601  |
| 1000000 | NR | New York Liberty Development Corp., Revenue Bonds, 5.000% due 11/15/44<sup>(d)</sup>  | 969908  |

---

See Notes to Financial Statements.

257<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **New York – (continued)**  | **New York – (continued)**  | **New York – (continued)**  | **New York – (continued)**  |
|  |  | New York State Dormitory Authority, Revenue Bonds:<br>|  |
| $1000000 | B- | &nbsp;&nbsp;&nbsp; 4.000% due 7/1/45  | $795405  |
| 605000 | Aa3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/34  | 624342  |
| 1000000 | BBB- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/15/42  | 992638  |
| 3000000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 5.250% due 3/15/38  | 3112701  |
| 1000000 | AAA | New York State Environmental Facilities Corp., Revenue Bonds, Series C, 5.250% due 6/15/43  | 1072775  |
| 925000 | Aa2<sup>(b)</sup> | New York State Housing Finance Agency, Revenue Bonds, Series B2, 3.600% due 11/1/64<sup>(c)</sup>  | 934836  |
|  |  | New York Transportation Development Corp., Revenue Bonds:<br>|  |
| 2000000 | Baa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 12/1/36<sup>(a)</sup>  | 2084902  |
| 2500000 | Baa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 12/1/37<sup>(a)</sup>  | 2574049  |
| 1500000 | BBB- | &nbsp;&nbsp;&nbsp; 5.625% due 4/1/40<sup>(a)</sup>  | 1545192  |
| 1500000 | BBB- | &nbsp;&nbsp;&nbsp; 6.000% due 4/1/35<sup>(a)</sup>  | 1626576  |
| 1585000 | Baa3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6.000% due 6/30/50<sup>(a)</sup>  | 1638237  |
| 1500000 | B | Niagara Area Development Corp., Revenue Bonds, Series A, 4.750% due 11/1/42<sup>(a)(d)</sup>  | 1324004  |
|  |  | Port Authority of New York & New Jersey, Revenue Bonds:<br>|  |
| 1500000 | AA- | &nbsp;&nbsp;&nbsp; Series 205, 5.000% due 11/15/33  | 1561923  |
| 4000000 | AA- | &nbsp;&nbsp;&nbsp; Series 249, 5.000% due 10/15/29<sup>(a)</sup>  | 4323426  |
| 2250000 | AA- | &nbsp;&nbsp;&nbsp; Series 249, 5.000% due 10/15/31<sup>(a)</sup>  | 2461451  |
| 1000000 | AA- | &nbsp;&nbsp;&nbsp; Series 250, 5.000% due 10/15/37  | 1105825  |
| 40000 | Aa1<sup>(b)</sup> | State of New York Mortgage Agency Homeowner Mortgage Revenue, Revenue Bonds, Series 221, 3.500% due 10/1/32<sup>(a)</sup>  | 39975  |
| 2000000 | AA- | Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.000% due 11/15/25  | 2010812  |
| 1500000 | NR | TSASC Inc., Revenue Bonds, 5.000% due 6/1/48  | 1271749  |
|  |  | Total New York | 72470843  |
| **North Carolina – 0.6%**  | **North Carolina – 0.6%**  | **North Carolina – 0.6%**  | **North Carolina – 0.6%**  |
| 615000 | Aa3<sup>(b)</sup> | City of Charlotte NC Airport Revenue, Revenue Bonds, Series B, 5.000% due 7/1/34<sup>(a)</sup>  | 672515  |
| 1210000 | AA+ | County of Wake NC, Revenue Bonds, Series A, 5.000% due 5/1/28  | 1294781  |
| 1725000 | Aa1<sup>(b)</sup> | North Carolina Turnpike Authority, Revenue Bonds, 5.000% due 1/1/34  | 1970206  |
| 105000 | Aa3<sup>(b)</sup> | Raleigh Durham Airport Authority, Revenue Bonds, Series A, 5.000% due 5/1/29<sup>(a)</sup>  | 112749  |
|  |  | Total North Carolina | 4050251  |
| **Ohio – 1.3%**  | **Ohio – 1.3%**  | **Ohio – 1.3%**  | **Ohio – 1.3%**  |
| 2945000 | NR | Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Series B2, 5.000% due 6/1/55  | 2378763  |
| 2000000 | BB+ | Cleveland-Cuyahoga County Port Authority, Revenue Bonds, 5.500% due 12/1/43  | 1993135  |
| 5000 | NR | Columbus City School District, GO, Series Prerefunded 6/1/26<sup>@</sup> 100, 5.000% due 12/1/32<sup>(f)</sup>  | 5090  |
| 140000 | BB+ | County of Muskingum OH, Revenue Bonds, 5.000% due 2/15/44  | 128770  |

---

See Notes to Financial Statements.

258<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Ohio – (continued)**  | **Ohio – (continued)**  | **Ohio – (continued)**  | **Ohio – (continued)**  |
| $1000000 | NR | County of Washington OH, Revenue Bonds, 6.625% due 12/1/42  | $1029689  |
|  |  | Jefferson County Port Authority, Revenue Bonds:<br>|  |
| 1000000 | Ba1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3.500% due 12/1/51<sup>(a)(d)</sup>  | 720150  |
| 1000000 | Ba1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 12/1/53<sup>(a)(c)(d)</sup>  | 1002051  |
| 1250000 | CCC+ | Ohio Air Quality Development Authority, Revenue Bonds, 5.000% due 7/1/49<sup>(a)(d)</sup>  | 1086753  |
| 30000 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Revenue Bonds, Series B, 4.500% due <br>3/1/50  | 30434  |
|  |  | Total Ohio | 8374835  |
| **Oklahoma – 2.1%**  | **Oklahoma – 2.1%**  | **Oklahoma – 2.1%**  | **Oklahoma – 2.1%**  |
|  |  | Creek County Educational Facilities Authority, Revenue Bonds:<br>|  |
| 850000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 9/1/38  | 908188  |
| 800000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 9/1/39  | 846296  |
| 1150000 | AA | &nbsp;&nbsp;&nbsp; 5.000% due 9/1/40  | 1202351  |
| 1000000 | Aa3<sup>(b)</sup> | Oklahoma County Independent School District No 52 Midwest City-Del City, GO, 4.000% due 7/1/28  | 1035314  |
| 2500000 | AA | Oklahoma County Independent School District No 89 Oklahoma City, GO, Series A, 1.250% due 7/1/26  | 2474827  |
|  |  | Oklahoma Development Finance Authority, Revenue Bonds:<br>|  |
| 2000000 | BB | &nbsp;&nbsp;&nbsp; Series B, 5.500% due 8/15/52  | 1904295  |
| 825000 | BB | &nbsp;&nbsp;&nbsp; Series B, 5.500% due 8/15/57  | 779228  |
| 2000000 | AA- | Oklahoma Industries Authority, Revenue Bonds, 5.000% due 4/1/31  | 2213665  |
| 60000 | A | Oklahoma Municipal Power Authority, Revenue Bonds, Series B, 5.000% due 1/1/27  | 60099  |
| 2155000 | AAA | Oklahoma Water Resources Board, Revenue Bonds, 5.000% due 4/1/38  | 2341270  |
|  |  | Total Oklahoma | 13765533  |
| **Oregon – 0.2%**  | **Oregon – 0.2%**  | **Oregon – 0.2%**  | **Oregon – 0.2%**  |
| 750000 | AA | City of Tigard OR Water Revenue, Revenue Bonds, 5.000% due 8/1/43<sup>(g)</sup> | 773539  |
|  |  | Port of Portland OR Airport Revenue, Revenue Bonds:<br>|  |
| 300000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 7/1/28<sup>(a)</sup>  | 318093  |
| 165000 | AA- | &nbsp;&nbsp;&nbsp; 5.000% due 7/1/29  | 175071  |
| 205000 | AA- | &nbsp;&nbsp;&nbsp; Series 24B, 5.000% due 7/1/32<sup>(a)</sup>  | 208256  |
|  |  | Total Oregon | 1474959  |
| **Pennsylvania – 3.7%**  | **Pennsylvania – 3.7%**  | **Pennsylvania – 3.7%**  | **Pennsylvania – 3.7%**  |
| 1000000 | B+ | Bucks County Industrial Development Authority, Revenue Bonds, 4.000% due 7/1/51  | 764468  |
|  |  | City of Philadelphia PA, GO:<br>|  |
| 3000000 | A+ | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 8/1/30  | 3336177  |
| 6795000 | A+ | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 8/1/32  | 7669093  |
| 500000 | AA- | City of Pittsburgh PA, GO, 5.000% due 9/1/40  | 528534  |
| 1010000 | A | Commonwealth Financing Authority, Revenue Bonds, Series A, 5.000% due 6/1/28  | 1075871  |

---

See Notes to Financial Statements.

259<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Pennsylvania – (continued)**  | **Pennsylvania – (continued)**  | **Pennsylvania – (continued)**  | **Pennsylvania – (continued)**  |
|  |  | Commonwealth of Pennsylvania, GO:<br>|  |
| $2000000 | A+ | &nbsp;&nbsp;&nbsp; 4.000% due 3/15/34  | $2000726  |
| 2950000 | A+ | &nbsp;&nbsp;&nbsp; 4.000% due 9/15/34  | 2961752  |
| 810000 | A+ | &nbsp;&nbsp;&nbsp; 5.000% due 9/15/29  | 830208  |
|  |  | Pennsylvania Economic Development Financing Authority, Revenue Bonds:<br>|  |
| 1000000 | Baa2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.500% due 6/30/37<sup>(a)</sup>  | 1058826  |
| 600000 | B | &nbsp;&nbsp;&nbsp; Series B, 5.250% due 12/1/38<sup>(c)</sup>  | 603177  |
|  |  | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds:<br>|  |
| 775000 | AA | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 8/15/38  | 759510  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; Series C, 4.000% due 8/15/41  | 942543  |
| 1500000 | Aa2<sup>(b)</sup> | West Shore School District, GO, 5.000% due 11/15/43  | 1504073  |
|  |  | Total Pennsylvania | 24034958  |
| **Puerto Rico – 0.7%**  | **Puerto Rico – 0.7%**  | **Puerto Rico – 0.7%**  | **Puerto Rico – 0.7%**  |
|  |  | Commonwealth of Puerto Rico, GO:<br>|  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; Series A1, 4.000% due 7/1/41  | 869713  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; Series A1, 4.000% due 7/1/46  | 825399  |
|  |  | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds:<br>|  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/47<sup>(d)</sup>  | 934281  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 7/1/47<sup>(d)</sup>  | 802902  |
| 1000000 | NR | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds, Series A1, 5.000% due 7/1/58  | 914479  |
|  |  | Total Puerto Rico | 4346774  |
| **Rhode Island – 0.5%**  | **Rhode Island – 0.5%**  | **Rhode Island – 0.5%**  | **Rhode Island – 0.5%**  |
|  |  | Providence Public Building Authority, Revenue Bonds:<br>|  |
| 400000 | AA | &nbsp;&nbsp;&nbsp; Series A, 5.250% due 9/15/41  | 422542  |
| 410000 | AA | &nbsp;&nbsp;&nbsp; Series A, 5.250% due 9/15/43  | 425953  |
| 1000000 | AA- | Rhode Island Health & Educational Building Corp., Revenue Bonds, Series A, 5.000% due 5/15/42  | 1026355  |
| 55000 | AA+ | Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds, Series 70, 4.000% due 10/1/49  | 55417  |
|  |  | Rhode Island Student Loan Authority, Revenue Bonds:<br>|  |
| 55000 | AA | &nbsp;&nbsp;&nbsp; Series A, 3.500% due 12/1/34<sup>(a)</sup>  | 51934  |
| 1125000 | AA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 12/1/26<sup>(a)</sup>  | 1150874  |
|  |  | Total Rhode Island | 3133075  |
| **South Carolina – 0.9%**  | **South Carolina – 0.9%**  | **South Carolina – 0.9%**  | **South Carolina – 0.9%**  |
| 1000000 | A1<sup>(b)</sup> | Patriots Energy Group Financing Agency, Revenue Bonds, Series A1, 5.250% due 10/1/54<sup>(c)</sup>  | 1065388  |
|  |  | South Carolina Jobs-Economic Development Authority, Revenue Bonds:<br>|  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; 7.500% due 11/15/53  | 1032775  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; 7.750% due 11/15/58  | 1045082  |
| 1600000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.250% due 11/1/41  | 1681037  |
| 140000 | A+ | South Carolina Ports Authority, Revenue Bonds, 5.000% due 7/1/30<sup>(a)</sup>  | 146277  |

---

See Notes to Financial Statements.

260<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **South Carolina – (continued)**  | **South Carolina – (continued)**  | **South Carolina – (continued)**  | **South Carolina – (continued)**  |
|  |  | South Carolina Public Service Authority, Revenue Bonds:<br>|  |
| $185000 | A- | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 12/1/35  | $187414  |
| 275000 | A- | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 12/1/36  | 277920  |
|  |  | South Carolina State Housing Finance & Development Authority, Revenue Bonds:<br>|  |
| 80000 | Aaa<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 4.000% due 1/1/50  | 81009  |
| 70000 | Aaa<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 4.000% due 7/1/50  | 70859  |
|  |  | Total South Carolina | 5587761  |
| **Tennessee – 0.8%**  | **Tennessee – 0.8%**  | **Tennessee – 0.8%**  | **Tennessee – 0.8%**  |
| 1000000 | A | Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, 5.000% due 12/1/34  | 1089774  |
| 1000000 | AA+ | County of Shelby TN, GO, Series A, 4.000% due 4/1/37  | 1001160  |
| 25000 | A | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds, 5.000% due 7/1/31  | 27463  |
| 1000000 | AA | Metropolitan Government Nashville & Davidson County Sports Authority, Revenue Bonds, AGM-Insured, Series B, 5.250% due 7/1/48  | 1020267  |
| 1125000 | A1<sup>(b)</sup> | Metropolitan Nashville Airport Authority, Revenue Bonds, Series B, 5.250% due 7/1/33<sup>(a)</sup>  | 1242989  |
| 1000000 | AA+ | &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Revenue Bonds, 5.000% due <br>11/1/42  | 1019664  |
|  |  | Total Tennessee | 5401317  |
| **Texas – 12.6%**  | **Texas – 12.6%**  | **Texas – 12.6%**  | **Texas – 12.6%**  |
| 1765000 | AAA | Academy Independent School District, GO, PSF-GTD-Insured, 5.000% due 8/15/43  | 1820483  |
| 2500000 | AAA | Aldine Independent School District, GO, PSF-GTD-Insured, Series B, 5.000% due 2/15/33  | 2817604  |
| 1000000 | Aaa<sup>(b)</sup> | Argyle Independent School District, GO, PSF-GTD-Insured, Series B1, 4.000% due 8/15/57<sup>(c)</sup>  | 1021811  |
| 1000000 | AAA | Arlington Higher Education Finance Corp., Revenue Bonds, PSF-GTD-Insured, 5.000% due 8/15/48  | 1012535  |
| 1500000 | Aaa<sup>(b)</sup> | Brazosport Independent School District, GO, PSF-GTD-Insured, 4.000% due 2/15/33  | 1511082  |
|  |  | Central Texas Regional Mobility Authority, Revenue Bonds:<br>|  |
| 600000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 1/1/41  | 559807  |
| 375000 | A+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 1/1/29  | 403603  |
| 1800000 | A+ | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 1/1/38  | 1863532  |
| 80000 | A+ | City of Austin TX Airport System Revenue, Revenue Bonds, 5.000% due 11/15/29<sup>(a)</sup>  | 80063  |
| 980000 | AA- | City of Corpus Christi TX Utility System Revenue, Revenue Bonds, 5.000% due 7/15/40  | 1029041  |
|  |  | City of Houston TX Airport System Revenue, Revenue Bonds:<br>|  |
| 360000 | A1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 7/1/29  | 383791  |
| 800000 | Ba3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series B, 5.500% due 7/15/37<sup>(a)</sup>  | 840133  |
| 2330000 | A1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 7/1/26  | 2378923  |

---

See Notes to Financial Statements.

261<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Texas – (continued)**  | **Texas – (continued)**  | **Texas – (continued)**  | **Texas – (continued)**  |
|  |  | City of Houston TX Combined Utility System Revenue, Revenue Bonds:<br>|  |
| $1000000 | Aa2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 11/15/41  | $1041467  |
| 3000000 | Aa2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Series B, 4.000% due 11/15/31  | 3031541  |
|  |  | City of San Antonio TX Airport System, Revenue Bonds:<br>|  |
| 500000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/27<sup>(a)</sup>  | 519307  |
| 480000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/28<sup>(a)</sup>  | 508680  |
|  |  | City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds:<br>|  |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp; 1.750% due 2/1/49<sup>(c)</sup>  | 995992  |
| 500000 | A+ | &nbsp;&nbsp;&nbsp; 4.000% due 2/1/43  | 450635  |
| 2345000 | AAA | Community Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/41  | 2452388  |
| 700000 | NR | County of Denton TX, Special Assessment, 6.125% due 12/31/55<sup>(d)</sup>  | 693237  |
| 1795000 | Aaa<sup>(b)</sup> | County of Harris TX, GO, Series A, 5.000% due 9/15/32  | 2023880  |
| 1490000 | AAA | County of Travis TX, GO, Series A, 5.000% due 3/1/38  | 1543568  |
|  |  | Cypress-Fairbanks Independent School District, GO, PSF-GTD-Insured:<br>|  |
| 1975000 | AAA | &nbsp;&nbsp;&nbsp; 4.000% due 2/15/32  | 1980971  |
| 105000 | AAA | &nbsp;&nbsp;&nbsp; 5.000% due 2/15/27  | 106203  |
| 1000000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 3.400% due 2/15/31  | 1000162  |
| 1925000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 2/15/26  | 1948014  |
| 1415000 | AA- | &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Revenue Bonds, 5.000% due <br>11/1/40  | 1498272  |
| 1000000 | AAA | Dripping Springs Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/38  | 1077440  |
|  |  | Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD-Insured:<br>|  |
| 1270000 | Aaa<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 8/15/29  | 1387904  |
| 1000000 | Aaa<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 8/15/30  | 1107847  |
|  |  | Georgetown Independent School District, GO, PSF-GTD-Insured:<br>|  |
| 1000000 | AAA | &nbsp;&nbsp;&nbsp; 3.750% due 8/15/41  | 918304  |
| 1000000 | AAA | &nbsp;&nbsp;&nbsp; 3.875% due 8/15/44  | 897226  |
|  |  | Grand Parkway Transportation Corp., Revenue Bonds:<br>|  |
| 150000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/31  | 157997  |
| 125000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/32  | 131107  |
| 190000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/33  | 198333  |
| 145000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 10/1/34  | 150789  |
| 1500000 | AA- | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, 5.000% due 7/1/39  | 1507456  |
| 325000 | AA+ | &nbsp;&nbsp;&nbsp; Houston Independent School District, GO, Series A, 5.000% due <br>7/15/45<sup>(c)</sup>  | 344649  |
| 800000 | AAA | Hutto Independent School District, GO, PSF-GTD-Insured, 5.000% due 8/1/35  | 902297  |
| 5050000 | AAA | Lamar Consolidated Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/34  | 5169582  |

---

See Notes to Financial Statements.

262<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Texas – (continued)**  | **Texas – (continued)**  | **Texas – (continued)**  | **Texas – (continued)**  |
|  |  | Love Field Airport Modernization Corp., Revenue Bonds:<br>|  |
| $40000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 11/1/30<sup>(a)</sup>  | $40052  |
| 90000 | A | &nbsp;&nbsp;&nbsp; 5.000% due 11/1/31<sup>(a)</sup>  | 90096  |
| 1180000 | AAA | Lovejoy Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/34  | 1324947  |
| 1200000 | NR | New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Series A, 6.500% due 7/1/56<sup>(d)</sup>  | 1072703  |
| 1000000 | Aaa<sup>(b)</sup> | North East Independent School District, GO, PSF-GTD-Insured, Series A, 4.000% due 8/1/41  | 952625  |
| 1000000 | NR | North Parkway Municipal Management District No 1, Special Assessment, 5.000% due 9/15/51<sup>(d)</sup>  | 895356  |
|  |  | North Texas Tollway Authority, Revenue Bonds:<br>|  |
| 1750000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 1/1/28  | 1764801  |
| 200000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 1/1/39  | 200531  |
| 985000 | Aaa<sup>(b)</sup> | Northside Independent School District, GO, PSF-GTD-Insured, Series B, 3.450% due 8/1/54<sup>(c)</sup>  | 994364  |
| 1000000 | AAA | Pecos Barstow Toyah Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/38  | 1005343  |
|  |  | Permanent University Fund - University of Texas System, Revenue Bonds:<br>|  |
| 5335000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/39  | 5958744  |
| 3025000 | AAA | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 7/1/36  | 3430667  |
| 1000000 | NR | Port of Beaumont Navigation District, Revenue Bonds, Series A, 5.250% due 1/1/54<sup>(a)(d)</sup>  | 883714  |
|  |  | State of Texas, GO:<br>|  |
| 150000 | AAA | &nbsp;&nbsp;&nbsp; 5.000% due 8/1/26<sup>(a)</sup>  | 150278  |
| 200000 | AAA | &nbsp;&nbsp;&nbsp; 5.500% due 8/1/26<sup>(a)</sup>  | 204892  |
| 2750000 | A1<sup>(b)</sup> | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Series A, 5.000% due 7/1/32  | 3010687  |
|  |  | Texas Department of Housing & Community Affairs, Revenue Bonds:<br>|  |
| 383067 | Aa1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2.950% due 7/1/36  | 332666  |
| 205000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 4.000% due 3/1/50  | 208071  |
| 2640000 | A1<sup>(b)</sup> | Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds, 5.000% due 1/1/33  | 2834681  |
| 600000 | AA+ | Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28  | 636607  |
| 135000 | Aa2<sup>(b)</sup> | Texas State University System, Revenue Bonds, Series A, 5.000% due 3/15/29  | 139849  |
|  |  | Texas Water Development Board, Revenue Bonds:<br>|  |
| 2000000 | AAA | &nbsp;&nbsp;&nbsp; 4.650% due 10/15/40  | 2042228  |
| 125000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 4/15/26  | 127058  |
| 190000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 4/15/29  | 199897  |
| 505000 | AAA | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 4/15/30  | 529818  |

---

See Notes to Financial Statements.

263<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Texas – (continued)**  | **Texas – (continued)**  | **Texas – (continued)**  | **Texas – (continued)**  |
|  |  | Tomball Independent School District, GO, PSF-GTD-Insured:<br>|  |
| $1500000 | AAA | &nbsp;&nbsp;&nbsp; 4.000% due 2/15/50  | $1296351  |
| 2000000 | AAA | &nbsp;&nbsp;&nbsp; 5.000% due 2/15/26  | 2023184  |
|  |  | Total Texas | 81817866  |
| **Utah – 1.4%**  | **Utah – 1.4%**  | **Utah – 1.4%**  | **Utah – 1.4%**  |
| 600000 | NR | Black Desert Public Infrastructure District, Special Assessment, 5.625% due 12/1/53<sup>(d)</sup>  | 580852  |
|  |  | City of Salt Lake City UT Airport Revenue, Revenue Bonds:<br>|  |
| 115000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/28<sup>(a)</sup>  | 119107  |
| 155000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/30<sup>(a)</sup>  | 162532  |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 7/1/32<sup>(a)</sup>  | 1069678  |
| 625000 | A+ | &nbsp;&nbsp;&nbsp; Series A, 5.250% due 7/1/36<sup>(a)</sup>  | 675346  |
| 1250000 | AA | City of Vineyard UT Water & Sewer Revenue, Revenue Bonds, 5.000% due 5/1/43  | 1283965  |
| 1400000 | A2<sup>(b)</sup> | Duchesne County School District, Revenue Bonds, 5.000% due 6/1/37  | 1445479  |
| 500000 | NR | Grapevine Wash Local District, Special Assessment, Series A2, 5.250% due 12/1/44<sup>(d)</sup>  | 463313  |
| 1165000 | NR | Mida Mountain Village Public Infrastructure District, Special Assessment, 4.000% due 8/1/50<sup>(d)</sup>  | 928682  |
| 500000 | NR | Mida Mountain Village Public Infrastructure District, Special Tax, Series 2, 6.000% due 6/15/54<sup>(d)</sup>  | 495712  |
| 1000000 | NR | Verk Industrial Regional Public Infrastructure District, Special Tax, 6.625% due 9/1/47<sup>(d)</sup>  | 1013536  |
| 700000 | NR | Wolf Creek Infrastructure Financing District No 1, Special Assessment, 5.750% due 12/1/44  | 691782  |
|  |  | Total Utah | 8929984  |
| **Vermont – 0.2%**  | **Vermont – 0.2%**  | **Vermont – 0.2%**  | **Vermont – 0.2%**  |
|  |  | Vermont Student Assistance Corp., Revenue Bonds:<br>|  |
| 750000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/15/29<sup>(a)</sup>  | 781050  |
| 675000 | A | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/15/30<sup>(a)</sup>  | 711705  |
|  |  | Total Vermont | 1492755  |
| **Virginia – 1.2%**  | **Virginia – 1.2%**  | **Virginia – 1.2%**  | **Virginia – 1.2%**  |
| 3180000 | AA | Hampton Roads Transportation Accountability Commission, Revenue Bonds, Series A, Prerefunded 1/1/28<sup>@</sup> 100, 5.000% due 7/1/35<sup>(f)</sup>  | 3383171  |
| 1800000 | NR | Peninsula Town Center Community Development Authority, Special Assessment, 4.500% due 9/1/45<sup>(d)</sup>  | 1572409  |
| 2000000 | B- | Tobacco Settlement Financing Corp., Revenue Bonds, Series B1, 5.000% due 6/1/47  | 1662629  |
|  |  | Virginia College Building Authority, Revenue Bonds:<br>|  |
| 165000 | AA+ | &nbsp;&nbsp;&nbsp; Series D, 5.000% due 2/1/26  | 166804  |
| 265000 | AA+ | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 2/1/30  | 279869  |
| 305000 | AA+ | &nbsp;&nbsp;&nbsp; Series E, 5.000% due 2/1/31  | 321013  |
| 500000 | AAA | Virginia Resources Authority, Revenue Bonds, Series C, 5.000% due 11/1/29  | 552222  |
|  |  | Total Virginia | 7938117  |

---

See Notes to Financial Statements.

264<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Washington – 4.9%**  | **Washington – 4.9%**  | **Washington – 4.9%**  | **Washington – 4.9%**  |
| $1070000 | AA | City of Seattle WA Municipal Light & Power Revenue, Revenue Bonds, 5.000% due 2/1/34  | $1212408  |
| 1690000 | Baa2<sup>(b)</sup> | Grant County Public Hospital District No 1, GO, 5.500% due 12/1/43  | 1715832  |
| 1000000 | BB+ | Grays Harbor County Public Hospital District No 1, Revenue Bonds, 6.875% due 12/1/53  | 1075091  |
|  |  | Port of Seattle WA, Revenue Bonds:<br>|  |
| 1245000 | AA- | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 5/1/36<sup>(a)</sup>  | 1261038  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 10/1/26<sup>(a)</sup>  | 1012009  |
| 980000 | AA | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 10/1/27<sup>(a)</sup>  | 991316  |
| 135000 | AA | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 10/1/29<sup>(a)</sup>  | 136411  |
| 575000 | Baa3<sup>(b)</sup> | Skagit County Public Hospital District No 1, Revenue Bonds, 5.500% due 12/1/54  | 579905  |
|  |  | State of Washington, GO:<br>|  |
| 430000 | AA+ | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 8/1/32  | 447276  |
| 7500000 | AA+ | &nbsp;&nbsp;&nbsp; Series A3, 5.000% due 8/1/45  | 7667648  |
| 2500000 | AA+ | &nbsp;&nbsp;&nbsp; Series B, 5.000% due 6/1/44  | 2571525  |
| 5000000 | AA+ | &nbsp;&nbsp;&nbsp; Series C, 5.000% due 2/1/33  | 5312085  |
| 355000 | AA+ | &nbsp;&nbsp;&nbsp; Series R2018C, 5.000% due 8/1/30  | 371491  |
| 640000 | AA+ | &nbsp;&nbsp;&nbsp; Series R2018D, 5.000% due 8/1/33  | 663893  |
| 1375000 | AA+ | &nbsp;&nbsp;&nbsp; Series R2024C, 5.000% due 8/1/37  | 1517122  |
| 1800000 | AA+ | &nbsp;&nbsp;&nbsp; Series R2025B, 5.000% due 7/1/29  | 1975208  |
| 1000000 | BBB- | Washington State Convention Center Public Facilities District, Revenue Bonds, Series B, 3.000% due 7/1/48  | 666193  |
|  |  | Washington State Housing Finance Commission, Revenue Bonds:<br>|  |
| 1000000 | BBB- | &nbsp;&nbsp;&nbsp; 5.500% due 7/1/59  | 1001306  |
| 500000 | BBB | &nbsp;&nbsp;&nbsp; 6.250% due 7/1/59<sup>(d)</sup>  | 527318  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; Series A, 5.250% due 7/1/55<sup>(d)</sup>  | 973485  |
|  |  | Total Washington | 31678560  |
| **Wisconsin – 1.3%**  | **Wisconsin – 1.3%**  | **Wisconsin – 1.3%**  | **Wisconsin – 1.3%**  |
| 1000000 | AA | Oshkosh Area School District, GO, 4.750% due 3/1/44  | 986544  |
|  |  | Public Finance Authority, Revenue Bonds:<br>|  |
| 1000000 | NR | &nbsp;&nbsp;&nbsp; 4.250% due 7/1/54<sup>(a)</sup>  | 769237  |
| 2500000 | Baa3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.750% due 12/31/65<sup>(a)</sup>  | 2442320  |
| 500000 | NR | &nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/1/36<sup>(d)</sup>  | 499545  |
| 1000000 | BBB- | &nbsp;&nbsp;&nbsp; Series A, 5.750% due 7/1/53<sup>(d)</sup>  | 954768  |
| 250000 | NR | &nbsp;&nbsp;&nbsp; Series A, 6.250% due 9/1/46<sup>(a)(d)</sup>  | 251470  |
| 1000000 | NR | Public Finance Authority, Special Tax, Series A, 5.000% due 6/1/41<sup>(d)</sup>  | 976318  |
|  |  | Wisconsin Health & Educational Facilities Authority, Revenue Bonds:<br>|  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp; 4.000% due 4/1/39  | 938769  |
| 30000 | A2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 6/1/32  | 30063  |
| 70000 | A2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.000% due 6/1/39  | 70069  |

---

See Notes to Financial Statements.

265<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount/Units** | **Rating††** | **Security** | **Value**  |
| **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  | **MUNICIPAL BONDS – (continued)**  |
| **Wisconsin – (continued)**  | **Wisconsin – (continued)**  | **Wisconsin – (continued)**  | **Wisconsin – (continued)**  |
| $260000 | AA+ | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, Series A, 3.500% due 9/1/50  | $261050  |
|  |  | Total Wisconsin | 8180153  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br>**(Cost – $607,405,788)** | **598713073**  |
| **Shares/Units** |  |  |  |
| **EXCHANGE TRADED FUND (ETF) – 1.1%**  | **EXCHANGE TRADED FUND (ETF) – 1.1%**  | **EXCHANGE TRADED FUND (ETF) – 1.1%**  | **EXCHANGE TRADED FUND (ETF) – 1.1%**  |
| 147810 |  | &nbsp;&nbsp;&nbsp; Vanguard Tax-Exempt Bond Index <br>(Cost – $7,223,974) | 7244168  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br>**(Cost – $614,629,762)** | **605957241**  |
| **Face Amount** |  |  |  |
| **SHORT-TERM INVESTMENTS – 5.9%**  | **SHORT-TERM INVESTMENTS – 5.9%**  | **SHORT-TERM INVESTMENTS – 5.9%**  | **SHORT-TERM INVESTMENTS – 5.9%**  |
| **TIME DEPOSITS – 5.9%**  | **TIME DEPOSITS – 5.9%**  | **TIME DEPOSITS – 5.9%**  | **TIME DEPOSITS – 5.9%**  |
| $15445100 |  | Citibank – New York, 3.680% due 9/2/25  | 15445100  |
| 19630801 |  | Royal Bank of Canada – Toronto, 3.680% due 9/2/25  | 19630801  |
| 3165778 |  | Sumitomo Mitsui Banking Corp. – Tokyo, 3.680% due 9/2/25  | 3165778  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $38,241,679)** | **38241679**  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 99.5%**<br>**(Cost – $652,871,441)** | **644198920**  |
|  |  | Other Assets in Excess of Liabilities – 0.5% | 3096954  |
|  |  | **TOTAL NET ASSETS – 100.0%** | **$647295874** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rating by Moody's Investors Service. All
 ratings are unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Interest rate disclosed
 is that which was in effect at August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security that may be sold to "qualified
 institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has
 been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted
 144A holdings at August 31, 2025, amounts to $45,632,434 and represents 7.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rating by Fitch Ratings Service. All ratings are
 unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) When-Issued or delayed delivery security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $450,784 and represents 0.07% of net assets.

See Notes to Financial Statements.

266<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Municipal Fixed Income Fund(concluded)** 

<u>Abbreviations used in this schedule:</u>

AGM — Assured Guaranty Municipal Corporation

COP — Certificate of Participation

ETF — Exchange Traded Fund

GO — General Obligation

MTA — Metropolitan Transportation Authority

PSF-GTD — Permanent School Fund Guaranteed

**<u>Summary of Investments by Security Industry^</u>** 

---

| | |
|:---|:---|
| General Obligation  | 36.7%  |
| Education  | 15.0  |
| Water and Sewer  | 8.6  |
| Airport  | 6.8  |
| Development  | 6.0  |
| Health Care Providers & Services  | 5.8  |
| Transportation  | 5.3  |
| Multifamily Housing  | 1.7  |
| Power  | 1.5  |
| Utilities  | 1.0  |
| Tobacco Settlement  | 1.0  |
| Bond Bank  | 0.8  |
| Single Family Housing  | 0.8  |
| Nursing Homes  | 0.6  |
| Housing  | 0.6  |
| Student Loan  | 0.4  |
| Pollution  | 0.2  |
| Mello-Roos  | 0.1  |
| Facilities | 0.1  |
| Exchange Traded Fund (ETF) | 1.1  |
| Short-Term Investments | 5.9  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments.<br>|

---

See Notes to Financial Statements.

267<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – 23.5%**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – 23.5%**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – 23.5%**  |
| **Mortgage Securities – 23.5%**  | **Mortgage Securities – 23.5%**  | **Mortgage Securities – 23.5%**  |
| $1138490 | Adjustable Rate Mortgage Trust, Series 2005-2, Class 6M2, 5.417% (1-Month TSFR + 1.094%) due 6/25/35<sup>(a)</sup> | $1140435  |
| 5400000 | BBCMS Mortgage Trust, Series 2023-C19, Class A2A, 5.756% due 4/15/56  | 5527964  |
| 348033 | Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 4.757% (1-Month TSFR + 0.434%) due 2/25/34<sup>(a)</sup> | 327712  |
| 2000000 | Benchmark Mortgage Trust, Series 2023-B38, Class A2, 5.626% due 4/15/56  | 2052911  |
|  | Citigroup Commercial Mortgage Trust:<br>|  |
| 5890000 | &nbsp;&nbsp;&nbsp; Series 2015-GC35, Class AS, 4.072% due 11/10/48<sup>(a)</sup>  | 5547112  |
| 5000000 | &nbsp;&nbsp;&nbsp; Series 2017-P8, Class AS, 3.789% due 9/15/50<sup>(a)</sup>  | 4730850  |
| 531955 | Commercial Mortgage Trust, Series 2015-LC23, Class A4, 3.774% due 10/10/48 | 530970  |
| 8200000 | Connecticut Avenue Securities Trust, Series 2019-HRP1, Class B1, 13.713% (SOFR30A + 9.364%) due 11/25/39<sup>(a)(b)</sup>  | 8801829  |
| 2988524 | Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-OA5, Class A1A, 4.837% (1-Month TSFR + 0.514%) due 8/25/47<sup>(a)</sup>  | 2808925  |
|  | Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:<br>|  |
| 3379086 | &nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1B, 16.713% (SOFR30A + 12.364%) due 9/25/28@<sup>(a)</sup> | 3567175  |
| 1110372 | &nbsp;&nbsp;&nbsp; Series 2016-C03, Class 2M2, 10.363% (SOFR30A + 6.014%) due 10/25/28@<sup>(a)</sup>  | 1132580  |
| 1250890 | &nbsp;&nbsp;&nbsp; Series 2016-C04, Class 1B, 14.713% (SOFR30A + 10.364%) due 1/25/29@<sup>(a)</sup> | 1338166  |
| 4620826 | &nbsp;&nbsp;&nbsp; Series 2016-C06, Class 1B, 13.713% (SOFR30A + 9.364%) due 4/25/29@<sup>(a)</sup>  | 4969701  |
| 1957636 | FNBA Mortgage Loan Trust, Series 2004-AR1, Class M2, 6.118% (1-Month TSFR + 1.764%) due 8/19/34<sup>(a)</sup>  | 2143976  |
|  | Freddie Mac STACR REMIC Trust:<br>|  |
| 5438000 | &nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class B2, 9.713% (SOFR30A + 5.364%) due 1/25/50<sup>(a)(b)</sup> | 5993738  |
| 3780000 | &nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class B2, 15.848% (SOFR30A + 11.500%) due 10/25/50<sup>(a)(b)</sup>  | 5292715  |
| 1500000 | &nbsp;&nbsp;&nbsp; Series 2020-DNA6, Class B2, 9.998% (SOFR30A + 5.650%) due 12/25/50<sup>(a)(b)</sup> | 1705877  |
| 1280000 | &nbsp;&nbsp;&nbsp; Series 2020-HQA3, Class B2, 14.463% (SOFR30A + 10.114%) due 7/25/50<sup>(a)(b)</sup>  | 1678382  |
| 1260000 | &nbsp;&nbsp;&nbsp; Series 2020-HQA4, Class B2, 13.863% (SOFR30A + 9.514%) due 9/25/50<sup>(a)(b)</sup> | 1624254  |
|  | Freddie Mac STACR Trust:<br>|  |
| 5000000 | &nbsp;&nbsp;&nbsp; Series 2019-DNA2, Class B2, 14.963% (SOFR30A + 10.614%) due 3/25/49<sup>(a)(b)</sup>  | 5873363  |
| 4870000 | &nbsp;&nbsp;&nbsp; Series 2019-DNA3, Class B2, 12.613% (SOFR30A + 8.264%) due 7/25/49<sup>(a)(b)</sup> | 5526080  |
| 4588000 | &nbsp;&nbsp;&nbsp; Series 2019-DNA4, Class B2, 10.713% (SOFR30A + 6.364%) due 10/25/49<sup>(a)(b)</sup>  | 5129419  |
| 5800000 | &nbsp;&nbsp;&nbsp; Series 2019-FTR1, Class B2, 12.813% (SOFR30A + 8.464%) due 1/25/48<sup>(a)(b)</sup> | 6922870  |
| 4030000 | &nbsp;&nbsp;&nbsp; Series 2019-HQA1, Class B2, 16.713% (SOFR30A + 12.364%) due 2/25/49<sup>(a)(b)</sup>  | 4928804  |
| 3100000 | &nbsp;&nbsp;&nbsp; Series 2019-HRP1, Class B1, 8.513% (SOFR30A + 4.164%) due 2/25/49<sup>(a)(b)</sup> | 3363473  |
|  | Freddie Mac Structured Agency Credit Risk Debt Notes:<br>|  |
| 1903775 | &nbsp;&nbsp;&nbsp; Series 2016-DNA1, Class B, 14.463% (SOFR30A + 10.114%) due 7/25/28@<sup>(a)</sup> | 1965560  |
| 4290000 | &nbsp;&nbsp;&nbsp; Series 2017-HQA3, Class B1, 8.913% (SOFR30A + 4.564%) due 4/25/30@<sup>(a)</sup> | 4600217  |
| 2812057 | &nbsp;&nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, Series 2006-FLX1, Class A1, 4.857% <br>(1-Month TSFR + 0.534%) due 11/25/36<sup>(a)</sup>  | 2673131  |

---

See Notes to Financial Statements.

268<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)**  |
| **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  | **Mortgage Securities – (continued)**  |
| $9209944 | JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class AS, 3.984% due 11/15/48  | $8964907  |
|  | STACR Trust:<br>|  |
| 3218947 | &nbsp;&nbsp;&nbsp; Series 2018-HRP1, Class B1, 8.213% (SOFR30A + 3.864%) due 4/25/43<sup>(a)(b)</sup> | 3313790  |
| 4682167 | &nbsp;&nbsp;&nbsp; Series 2018-HRP1, Class B2, 16.213% (SOFR30A + 11.864%) due 5/25/43<sup>(a)(b)</sup>  | 5647331  |
| 8098000 | Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A5, 3.635% due 3/15/50  | 7857183  |
| 2960594  | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class AS, 4.069% due 9/15/57<sup>(a)</sup>  | 2812624  |
|  | Total Mortgage Securities | 130494024  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>**(Cost – $124,161,403)** | **130494024**  |
| **ASSET-BACKED SECURITIES – 15.4%**  | **ASSET-BACKED SECURITIES – 15.4%**  | **ASSET-BACKED SECURITIES – 15.4%**  |
| **Automobile ABS – 5.3%**  | **Automobile ABS – 5.3%**  | **Automobile ABS – 5.3%**  |
| 4393828 | BMW Vehicle Owner Trust, Series 2025-A, Class A2A, 4.430% due 10/25/27  | 4397702  |
| 2869510 | Carmax Auto Owner Trust, Series 2025-1, Class A2A, 4.630% due 3/15/28  | 2874564  |
| 679560 | CarMax Auto Owner Trust, Series 2024-1, Class A2A, 5.300% due 3/15/27  | 680054  |
| 1538746 | Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.580% due 4/17/28  | 1545830  |
| 1994707 | Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.230% due 5/15/28  | 2007971  |
|  | GM Financial Consumer Automobile Receivables Trust:<br>|  |
| 2690675 | &nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 4.660% due 2/16/28  | 2696504  |
| 2298984 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.440% due 1/18/28  | 2300769  |
| 1040000 | Honda Auto Receivables Owner Trust, Series 2024-1, Class A3, 5.210% due 8/15/28  | 1049001  |
| 3383089 | Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.480% due 4/17/28  | 3407882  |
| 2200000 | Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A3, 4.800% due 4/16/29  | 2212954  |
| 4094510 | Toyota Auto Receivables Owner Trust, Series 2022-A, Class A4, 1.540% due 5/17/27  | 4057111  |
| 2136488 | World Omni Auto Receivables Trust, Series 2025-A, Class A2A, 4.490% due 4/17/28  | 2138589  |
|  | Total Automobile ABS | 29368931  |
| **Home Equity ABS – 5.4%**  | **Home Equity ABS – 5.4%**  | **Home Equity ABS – 5.4%**  |
| 706197 | Aames Mortgage Investment Trust, Series 2005-4, Class M3, 5.217% (1-Month TSFR + 0.894%) due 10/25/35<sup>(a)</sup> | 700059  |
| 3208430 | ABFC Trust Series 2003-OPT1, Class A3, 5.117% (1-Month TSFR + 0.794%) due 4/25/33<sup>(a)</sup>  | 3154561  |
| 2430000 | Accredited Mortgage Loan Trust, Series 2006-2, Class M1, 4.707% (1-Month TSFR + 0.384%) due 9/25/36<sup>(a)</sup> | 2318068  |
| 658305 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE1, Class A4, 3.664% (1-Month TSFR + 0.394%) due 12/25/36<sup>(a)</sup>  | 647685  |
| 1448456 | Carrington Mortgage Loan Trust, Series 2006-NC3, Class A3, 4.737% (1-Month TSFR + 0.414%) due 8/25/36<sup>(a)</sup>  | 1398380  |

---

See Notes to Financial Statements.

269<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **Home Equity ABS – (continued)**  | **Home Equity ABS – (continued)**  | **Home Equity ABS – (continued)**  |
| $1496923 | CHEC Loan Trust, Series 2004-1, Class A3, 5.437% (1-Month TSFR + 1.114%) due 7/25/34<sup>(a)(b)</sup> | $1474131  |
| 1137703 | Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 5.537% (1-Month TSFR + 1.214%) due 5/25/37<sup>(a)(b)</sup> | 1113682  |
| 2190774 | EquiFirst Mortgage Loan Trust, Series 2003-2, Class 1A1, 5.599% (1-Month TSFR + 1.239%) due 9/25/33<sup>(a)</sup> | 2180964  |
| 3507462 | Fremont Home Loan Trust, Series 2003-A, Class M1, 5.412% (1-Month TSFR + 1.089%) due 8/25/33<sup>(a)</sup>  | 3754438  |
| 1281276 | &nbsp;&nbsp;&nbsp; Mastr Asset Backed Securities Trust, Series 2004-WMC1, Class M1, 5.217% <br>(1-Month TSFR + 0.894%) due 2/25/34<sup>(a)</sup>  | 1412493  |
|  | Merrill Lynch Mortgage Investors Trust:<br>|  |
| 62057 | &nbsp;&nbsp;&nbsp; Series 2005-FM1, Class M1, 5.157% (1-Month TSFR + 0.834%) due 5/25/36<sup>(a)</sup> | 61848  |
| 1021439 | &nbsp;&nbsp;&nbsp; Series 2006-OPT1, Class A2C, 4.737% (1-Month TSFR + 0.414%) due 8/25/37<sup>(a)</sup>  | 975858  |
| 69919 | &nbsp;&nbsp;&nbsp; NovaStar Mortgage Funding Trust, Series 2006-1, Class A2C, 4.757% <br>(1-Month TSFR + 0.434%) due 5/25/36<sup>(a)</sup> | 69753  |
| 3479168 | Park Place Securities Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M5, 5.757% (1-Month TSFR + 1.434%) due 1/25/36<sup>(a)</sup>  | 3334346  |
| 2321320 | &nbsp;&nbsp;&nbsp; Structured Asset Investment Loan Trust, Series 2004-2, Class A4, 5.142% <br>(1-Month TSFR + 0.819%) due 3/25/34<sup>(a)</sup> | 2424223  |
|  | Structured Asset Securities Corp. Mortgage Loan Trust:<br>|  |
| 2600000 | &nbsp;&nbsp;&nbsp; Series 2005-WF4, Class M8, 7.062% (1-Month TSFR + 2.739%) due 11/25/35<sup>(a)</sup>  | 2553230  |
| 35758 | &nbsp;&nbsp;&nbsp; Series 2006-BC6, Class A4, 4.777% (1-Month TSFR + 0.454%) due 1/25/37<sup>(a)</sup> | 35694  |
| 464195 | &nbsp;&nbsp;&nbsp; Series 2007-BC3, Class 2A3, 4.617% (1-Month TSFR + 0.294%) due 5/25/47<sup>(a)</sup> | 454796  |
| 2465000 | Terwin Mortgage Trust, Series 2006-7, Class 1A2C, 4.977% (1-Month TSFR + 0.654%) due 7/25/37<sup>(a)(b)</sup> | 2219014  |
|  | Total Home Equity ABS | 30283223  |
| **Other ABS – 4.0%**  | **Other ABS – 4.0%**  | **Other ABS – 4.0%**  |
| 5000000 | Anchorage Capital CLO 18 Ltd., Series 2021-18A, Class A1, 5.729% (3-Month TSFR + 1.412%) due 4/15/34<sup>(a)(b)</sup> | 5011088  |
| 13505000 | Barings CLO Ltd., Series 2021-1A, Class B, 5.980% (3-Month TSFR + 1.662%) due 4/25/34<sup>(a)(b)</sup>  | 13523082  |
| 380000 | Steele Creek CLO Ltd., Series 2016-1A, Class ER, 10.330% (3-Month TSFR + 6.012%) due 6/15/31<sup>(a)(b)</sup>  | 325579  |
| 1039760 | Venture XVIII CLO Ltd., Series 2014-18A, Class ER, 11.169% (3-Month TSFR + 6.852%) due 10/15/29<sup>(a)(b)</sup>  | 653649  |
| 2850000 | Wellfleet CLO Ltd., Series 2019-1A, Class A2R, 6.387% (3-Month TSFR + 2.062%) due 7/20/32<sup>(a)(b)</sup>  | 2861245  |
|  | Total Other ABS | 22374643  |

---

See Notes to Financial Statements.

270<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount/Units** | **Security** | **Value**  |
| **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  | **ASSET-BACKED SECURITIES – (continued)**  |
| **WL Collateral CMO – 0.7%** | **WL Collateral CMO – 0.7%** | **WL Collateral CMO – 0.7%** |
| $1768946 | Ramp Trust, Series 2004-RS8, Class MII2, 5.302% (1-Month TSFR + 1.264%) due 8/25/34<sup>(a)</sup>  | $1780510  |
| 2000797 | Specialty Underwriting & Residential Finance Trust, Series 2004-BC1, Class M1, 5.202% (1-Month TSFR + 0.879%) due 2/25/35<sup>(a)</sup>  | 2075287  |
|  | Total WL Collateral CMO | 3855797  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>**(Cost – $85,128,820)** | **85882594**  |
| **CORPORATE BONDS & NOTES – 7.2%**  | **CORPORATE BONDS & NOTES – 7.2%**  | **CORPORATE BONDS & NOTES – 7.2%**  |
| **Financial – 2.0%**  | **Financial – 2.0%**  | **Financial – 2.0%**  |
| 8018000 | Genworth Holdings Inc., Company Guaranteed Notes, 6.475% (3-Month TSFR + 2.264%) due 11/15/36<sup>(a)</sup>  | 6901502  |
| 3710000 | Service Properties Trust, Senior Secured Notes, 8.625% due 11/15/31<sup>(b)</sup>  | 3954393  |
|  | Total Financial | 10855895  |
| **Industrial – 1.6%**  | **Industrial – 1.6%**  | **Industrial – 1.6%**  |
| 8665000 | Danaos Corp., Senior Unsecured Notes, 8.500% due 3/1/28<sup>(b)(c)</sup>  | 8796127  |
| **Technology – 0.2%**  | **Technology – 0.2%**  | **Technology – 0.2%**  |
| 1153000 | NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29<sup>(b)</sup>  | 1250223  |
| **Utilities – 3.4%**  | **Utilities – 3.4%**  | **Utilities – 3.4%**  |
| 6965420 | NRG Energy Inc., Junior Subordinated Notes, 10.250% (5-Year CMT Index + 5.920%)<sup>(a)(b)(d)</sup>  | 7678393  |
| 11154000 | Vistra Corp., Junior Subordinated Notes, 7.000% (5-Year CMT Index + 5.740%)<sup>(a)(b)(c)(d)</sup>  | 11288317  |
|  | Total Utilities | 18966710  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS & NOTES**<br>**(Cost – $37,700,329)** | **39868955**  |
| **SENIOR LOANS<sup>(a)</sup> – 2.1%**  | **SENIOR LOANS<sup>(a)</sup> – 2.1%**  | **SENIOR LOANS<sup>(a)</sup> – 2.1%**  |
| **United States – 2.1%**  | **United States – 2.1%**  | **United States – 2.1%**  |
| 3537711 | Crown Finance US Inc., 8.854% (1-Month USD-SOFR + 0.450%) due 12/2/31  | 3533289  |
| 3977820 | Crown Subsea Communications Holding Inc., 7.818% (3-Month USD-SOFR + 0.350%) due 1/30/31  | 4006421  |
| 3965951 | Recess Holdings Inc., 8.069% (3-Month USD-SOFR + 0.375%) due 2/20/30  | 3983321  |
|  | Total United States | 11523031  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SENIOR LOANS**<br>**(Cost – $11,523,321)** | **11523031** |

---

---

| | | |
|:---|:---|:---|
| **Shares/Units**  |  |  |
| **COMMON STOCKS – 18.4%**  | **COMMON STOCKS – 18.4%**  | **COMMON STOCKS – 18.4%**  |
| **CONSUMER CYCLICAL – 1.8%**  | **CONSUMER CYCLICAL – 1.8%**  | **CONSUMER CYCLICAL – 1.8%**  |
| **Entertainment – 1.2%**  | **Entertainment – 1.2%**  | **Entertainment – 1.2%**  |
| 144905 | Golden Entertainment Inc.  | 3603787  |
| 161554 | Penn Entertainment Inc.<sup>\*</sup>  | 3268238  |
|  | Total Entertainment | 6872025  |
| **Leisure Time – 0.6%**  | **Leisure Time – 0.6%**  | **Leisure Time – 0.6%**  |
| 320268 | Lucky Strike Entertainment Corp.<sup>(e)</sup>  | 3426867  |
|  | **TOTAL CONSUMER CYCLICAL** | **10298892** |

---

See Notes to Financial Statements.

271<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units**  | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER NON-CYCLICAL – 6.9%**  | **CONSUMER NON-CYCLICAL – 6.9%**  | **CONSUMER NON-CYCLICAL – 6.9%**  |
| **Biotechnology – 4.6%**  | **Biotechnology – 4.6%**  | **Biotechnology – 4.6%**  |
| 37200 | Apogee Therapeutics Inc.<sup>\*</sup>  | $1352964  |
| 56440 | Arrowhead Pharmaceuticals Inc.<sup>\*</sup>  | 1243373  |
| 207221 | Crinetics Pharmaceuticals Inc.<sup>\*</sup>  | 6421779  |
| 204085 | Septerna Inc.<sup>\*</sup>  | 2469428  |
| 228407 | Viridian Therapeutics Inc.<sup>\*</sup>  | 4198121  |
| 249562 | Xenon Pharmaceuticals Inc.<sup>\*</sup>  | 9660545  |
|  | Total Biotechnology | 25346210  |
| **Commercial Services – 1.7%**  | **Commercial Services – 1.7%**  | **Commercial Services – 1.7%**  |
| 72946 | GXO Logistics Inc.<sup>\*</sup>  | 3840607  |
| 227395 | WillScot Holdings Corp.  | 5512055  |
|  | Total Commercial Services | 9352662  |
| **Food – 0.6%**  | **Food – 0.6%**  | **Food – 0.6%**  |
| 39726 | Kellanova  | 3158217  |
| **Healthcare-Products – 0.0%**  | **Healthcare-Products – 0.0%**  | **Healthcare-Products – 0.0%**  |
| 17331 | Beta Bionics Inc.<sup>\*</sup>  | 326516  |
|  | **TOTAL CONSUMER NON-CYCLICAL** | **38183605**  |
| **DIVERSIFIED – 6.3%**  | **DIVERSIFIED – 6.3%**  | **DIVERSIFIED – 6.3%**  |
| **SPACs – 6.3%**  | **SPACs – 6.3%**  | **SPACs – 6.3%**  |
| 406488 | Archimedes Tech SPAC Partners II Co.<sup>\*</sup>  | 4125853  |
| 91525 | Armada Acquisition Corp. II, Class A Shares<sup>\*</sup>  | 941792  |
| 267238 | Berto Acquisition Corp.<sup>\*</sup>  | 2760569  |
| 138476 | Blue Water Acquisition Corp. III, Class A Shares<sup>\*</sup>  | 1377836  |
| 545548 | Bold Eagle Acquisition Corp., Class A Shares<sup>\*</sup>  | 5651877  |
| 63886 | Cantor Equity Partners III Inc., Class A Shares<sup>\*</sup>  | 664414  |
| 59292 | Churchill Capital Corp. X, Class A Shares<sup>\*</sup>  | 599442  |
| 213051 | Gesher Acquisition Corp. II, Class A Shares<sup>\*</sup>  | 2158207  |
| 33162 | HCM III Acquisition Corp.<sup>\*</sup>  | 335931  |
| 332626 | Highview Merger Corp.\*<sup>(f)</sup>  | 3346218  |
| 511975 | K&F Growth Acquisition Corp. II, Class A Shares<sup>\*</sup>  | 5201666  |
| 265063 | NewHold Investment Corp. III, Class A Shares\*<sup>(f)</sup>  | 2693040  |
| 479838 | Oaktree Acquisition Corp. III Life Sciences, Class A Shares<sup>\*</sup>  | 5009509  |
|  | Total SPACs | 34866354  |
|  | **TOTAL DIVERSIFIED** | **34866354**  |
| **FINANCIAL – 2.3%**  | **FINANCIAL – 2.3%**  | **FINANCIAL – 2.3%**  |
| **Banks – 0.4%**  | **Banks – 0.4%**  | **Banks – 0.4%**  |
| 256100 | Blue Foundry Bancorp<sup>\*</sup>  | 2379169  |
| **Diversified Financial Services – 0.9%**  | **Diversified Financial Services – 0.9%**  | **Diversified Financial Services – 0.9%**  |
| 255546 | Jefferson Capital Inc.  | 4806820  |
| **Investment Companies – 1.0%**  | **Investment Companies – 1.0%**  | **Investment Companies – 1.0%**  |
| 290604 | Cannae Holdings Inc.  | 5434295  |
|  | **TOTAL FINANCIAL** | **12620284**  |

---

See Notes to Financial Statements.

272<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units**  | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **INDUSTRIAL – 1.1%**  | **INDUSTRIAL – 1.1%**  | **INDUSTRIAL – 1.1%**  |
| **Metal Fabricate/Hardware – 1.1%**  | **Metal Fabricate/Hardware – 1.1%**  | **Metal Fabricate/Hardware – 1.1%**  |
| 658377 | Hillman Solutions Corp.<sup>\*</sup>  | $6504765  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost – $95,693,822)** | **102473900**  |
| **OPEN-END FUND – 14.5%**  | **OPEN-END FUND – 14.5%**  | **OPEN-END FUND – 14.5%**  |
| 7003107 | &nbsp;&nbsp;&nbsp; JPMorgan Strategic Income Opportunities Fund, Class R6 Shares <br>(Cost – $79,960,918) | 80325636  |
| **WARRANTS – 0.1%**  | **WARRANTS – 0.1%**  | **WARRANTS – 0.1%**  |
| **DIVERSIFIED – 0.1%**  | **DIVERSIFIED – 0.1%**  | **DIVERSIFIED – 0.1%**  |
| **SPACs – 0.1%**  | **SPACs – 0.1%**  | **SPACs – 0.1%**  |
| 203244 | Archimedes Tech SPAC Partners II Co.\*<sup>(f)</sup>  | 63006  |
| 45762 | Armada Acquisition Corp. II\*<sup>(f)</sup>  | 27457  |
| 133619 | Berto Acquisition Corp.\*<sup>(f)</sup>  | 76163  |
| 69238 | Blue Water Acquisition Corp. III\*<sup>(f)</sup>  | 9763  |
| 468723 | Bridger Aerospace Group Holdings Inc.\*<sup>(f)</sup>  | 35623  |
| 556875 | Calidi Biotherapeutics Inc.\*<sup>(f)</sup>  | 2840  |
| 14823 | Churchill Capital Corp. X\*<sup>(f)</sup>  | 8895  |
| 106525 | Gesher Acquisition Corp. II\*<sup>(f)</sup>  | 32256  |
| 146171 | Haymaker Acquisition Corp. 4\*<sup>(f)</sup>  | 38005  |
| 131807 | Inspirato Inc.\*<sup>(f)</sup>  | 1608  |
| 132531 | NewHold Investment Corp. III\*<sup>(f)</sup>  | 34458  |
| 100093 | Oaktree Acquisition Corp. III Life Sciences\*<sup>(f)</sup>  | 68033  |
| 358816 | Pagaya Technologies Ltd.\*<sup>(f)</sup>  | 176143  |
| 88320 | Revolution Medicines Inc.\*<sup>(f)</sup>  | 15014  |
| 77310 | SomaLogic Inc.\*<sup>(f)</sup>  | 7808  |
|  | Total SPACs | 597072  |
|  | **TOTAL DIVERSIFIED** | **597072**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS**<br>**(Cost – $1,757,081)** | **597072**  |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| 667287 | Bold Eagle Acquisition Corp.\*<sup>(f)</sup>  | 157880  |
| 611174 | K&F Growth Acquisition Corp. II\*<sup>(f)</sup>  | 67290  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS**<br>**(Cost – $232,028)** | **225170**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br>**(Cost – $436,157,722)** | **451390382**  |
| **Face Amount** |  |  |
| **SHORT-TERM INVESTMENTS – 14.9%**  | **SHORT-TERM INVESTMENTS – 14.9%**  | **SHORT-TERM INVESTMENTS – 14.9%**  |
| **TIME DEPOSITS – 14.9%**  | **TIME DEPOSITS – 14.9%**  | **TIME DEPOSITS – 14.9%**  |
| $553 | Citibank – New York, 3.680% due 9/2/25  | 553  |
| 82510034 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25  | 82510034  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $82,510,587)** | **82510587** |

---

See Notes to Financial Statements.

273<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value** |
| **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6%**  | **INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.6%**  |
| **MONEY MARKET FUND – 0.6%**  | **MONEY MARKET FUND – 0.6%**  | **MONEY MARKET FUND – 0.6%**  |
| 3408307 | &nbsp;&nbsp;&nbsp; Federated Government Obligations Fund, Premier Class, 4.151%<sup>(g)</sup> <br>(Cost – $3,408,307) | $3408307  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 96.7%**<br>**(Cost – $522,076,616)** | **537309276**  |
|  | Other Assets in Excess of Liabilities – 3.3% | 18254130  |
|  | **TOTAL NET ASSETS – 100.0%** | **$555563406** |

---

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. Interest rate disclosed
 is that which was in effect at August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Restricted security that may be sold to "qualified
 institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has
 been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted
 144A holdings at August 31, 2025, amounts to $125,950,848 and represents 22.67% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this security is pledged by
 the Fund as collateral for short sales or derivative transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is perpetual in nature and has no stated
 maturity date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $6,861,500 and represents 1.24% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents investment of collateral received from
 securities lending transactions.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **First** <br>**Acquisition** <br>**Date** | **First** <br>**Acquisition** <br>**Cost** | **Market**<br>**Value** | **Percent of**<br>**Net Assets**  |
|  Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1B, 16.713% (SOFR30A + 12.364%) due 9/25/28 | 8/10/2021 | $537977 | $3567175 | &nbsp;&nbsp;&nbsp; 0.64%  |
| &nbsp;&nbsp;&nbsp; Series 2016-C03, Class 2M2, 10.363% (SOFR30A + 6.014%) due 10/25/28 | 3/17/2020 | 2941204 | 1132580 | &nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Series 2016-C04, Class 1B, 14.713% (SOFR30A + 10.364%) due 1/25/29 | 4/13/2022 | 1355446 | 1338166 | &nbsp;&nbsp;&nbsp; 0.24%  |
| &nbsp;&nbsp;&nbsp; Series 2016-C06, Class 1B, 13.713% (SOFR30A + 9.364%) due 4/25/29 | 3/11/2022 | 2850909 | 4969701 | &nbsp;&nbsp;&nbsp; 0.89%  |
| Freddie Mac Structured Agency Credit Risk Debt Notes:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-DNA1, Class B, 14.463% (SOFR30A + 10.114%) due 7/25/28 | 1/11/2022 | 611767 | 1965560 | &nbsp;&nbsp;&nbsp; 0.35%  |
| &nbsp;&nbsp;&nbsp; Series 2017-HQA3, Class B1, 8.913% (SOFR30A + 4.564%) due 4/25/30 | 4/29/2021 | 4504500 | 4600217 | &nbsp;&nbsp;&nbsp;&nbsp;0.83%  |
|  |  |  | **$17573399** | &nbsp;&nbsp;&nbsp;&nbsp;3.15% |

---

<u>Abbreviations used in this schedule:</u>

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury Index

LLC — Limited Liability Company

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

SPACs — Special Purpose Acquisition Companies

TSFR — CME Term SOFR Reference Rate

See Notes to Financial Statements.

274<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

**<u>Summary of Investments by Security Industry^</u>**

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 24.3%  |
| Common Stocks | 19.1  |
| Asset-Backed Securities | 16.0  |
| Open-End Fund | 14.9  |
| Corporate Bonds & Notes | 7.4  |
| Senior Loans | 2.2  |
| Warrants | 0.1  |
| Rights | 0.0\*  |
| Short-Term Investments | 15.4  |
| Money Market Fund | 0.6  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments. |

---

\* Position represents less than 0.05%. 

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency** | **Notional** <br>**Amount** | **Maturity** <br>**Date** | **Counterparty** | **Payment** <br>**Frequency** | **Pay** | **Receive** | **Unrealized**<br>**Appreciation/**<br>(Depreciation)  |
| USD | 10557028 | 5/4/2026 | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp;&nbsp; 1-Month | &nbsp;&nbsp;&nbsp; USD-Federal Funds-H.15 - 95 bps | &nbsp;&nbsp;&nbsp; MSXXBIOH Basket\* | $(666832)  |
| USD | 2297243 | 2/11/2026 | &nbsp;&nbsp;&nbsp; GSC | &nbsp;&nbsp;&nbsp; 1-Month | &nbsp;&nbsp;&nbsp; 1D USD SOFR - 60 bps | &nbsp;&nbsp;&nbsp; GSCBDNYB Basket\*\* | (267109)  |
| USD | 2477254 | 5/4/2026 | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp;&nbsp; 1-Month | &nbsp;&nbsp;&nbsp; USD-Federal Funds-H.15 - 35 bps | &nbsp;&nbsp;&nbsp; MSDRCASI Basket\*\*\* | (212828)  |
| USD | 2016927 | 5/14/2026 | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp;&nbsp; 1-Month | &nbsp;&nbsp;&nbsp; USD-Federal Funds-H.15 - 50 bps | &nbsp;&nbsp;&nbsp; KRE U.S. Equity | (273848)  |
| USD | 3984023 | 5/4/2026 | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp;&nbsp; 1-Month | &nbsp;&nbsp;&nbsp; USD-Federal Funds-H.15 - 36 bps | &nbsp;&nbsp;&nbsp; MSHEWSC Basket\*\*\*\* | (196392)  |
| USD | 11207345 | 10/29/2025 | &nbsp;&nbsp;&nbsp; GSC | &nbsp;&nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; USD-Federal Funds-H.15 - 1.18 | &nbsp;&nbsp;&nbsp; GSUCDHY1 Basket\*\*\*\*\* | (84827)  |
|  |  |  |  |  |  |  | **$(1701836)** |

---

\* MSXXBIOH Basket consists of a portfolio of:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Arrowhead Pharmaceuticals Inc. | 4688  | &nbsp;&nbsp;&nbsp;&nbsp; $6602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%  |
| Syndax Pharmaceuticals Inc. | 5919  | &nbsp;&nbsp;&nbsp;&nbsp; 6001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%  |
| Madrigal Pharmaceuticals Inc.  | 220  | &nbsp;&nbsp;&nbsp;&nbsp; 6001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%  |
| Insmed Inc.  | 689  | &nbsp;&nbsp;&nbsp;&nbsp; 5801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87%  |
| Ardelyx Inc. | 14648  | &nbsp;&nbsp;&nbsp;&nbsp; 5801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87%  |
| Dyne Therapeutics Inc.  | 6728  | &nbsp;&nbsp;&nbsp;&nbsp; 5668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Natera Inc. | 534  | &nbsp;&nbsp;&nbsp;&nbsp; 5601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84%  |
| Halozyme Therapeutics Inc.  | 1212  | &nbsp;&nbsp;&nbsp;&nbsp; 5535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83%  |
| Protagonist Therapeutics Inc.  | 1477  | &nbsp;&nbsp;&nbsp;&nbsp; 5401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%  |
| Mirum Pharmaceuticals Inc. | 1176  | &nbsp;&nbsp;&nbsp;&nbsp; 5401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%  |
| Xenon Pharmaceuticals Inc.  | 2239  | &nbsp;&nbsp;&nbsp;&nbsp; 5401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%  |
| Metsera Inc. | 2437  | &nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Caris Life Sciences Inc. | 2235  | &nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Apellis Pharmaceuticals Inc. | 3094  | &nbsp;&nbsp;&nbsp;&nbsp; 5268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Bridgebio Pharma Inc. | 1638  | &nbsp;&nbsp;&nbsp;&nbsp; 5268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Amicus Therapeutics Inc.  | 11088  | &nbsp;&nbsp;&nbsp;&nbsp; 5201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78%  |
| Rhythm Pharmaceuticals Inc.  | 814  | &nbsp;&nbsp;&nbsp;&nbsp; 5201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78%  |
| Cogent Biosciences Inc.  | 6933  | &nbsp;&nbsp;&nbsp;&nbsp; 5201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78%  |
| Neurocrine Biosciences Inc.  | 599  | &nbsp;&nbsp;&nbsp;&nbsp; 5201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78%  |

---

See Notes to Financial Statements.

275<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| CG oncology Inc. | 3092  | &nbsp;&nbsp;&nbsp;&nbsp; $5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| Arcutis Biotherapeutics Inc.  | 5332  | &nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| Exact Sciences Corp. | 1744  | &nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| Vera Therapeutics Inc. | 3818  | &nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| Veracyte Inc.  | 2720  | &nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| Ideaya Biosciences Inc. | 3360  | &nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| Alkermes PLC | 2831  | &nbsp;&nbsp;&nbsp;&nbsp; 5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%  |
| Revolution Medicines Inc. | 2154  | &nbsp;&nbsp;&nbsp;&nbsp; 5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%  |
| Krystal Biotech Inc. | 553  | &nbsp;&nbsp;&nbsp;&nbsp; 5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%  |
| Incyte Corp. | 963  | &nbsp;&nbsp;&nbsp;&nbsp; 5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%  |
| Twist Bioscience Corp.  | 3012  | &nbsp;&nbsp;&nbsp;&nbsp; 5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%  |
| Ultragenyx Pharmaceutical Inc.  | 2705  | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| MoonLake Immunotherapeutics | 1451  | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Denali Therapeutics Inc.  | 5291  | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| ACADIA Pharmaceuticals Inc. | 3086  | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Nuvalent Inc. | 1043  | &nbsp;&nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| Cidara Therapeutics Inc.  | 1220  | &nbsp;&nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| AbbVie Inc. | 379  | &nbsp;&nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| TG Therapeutics Inc. | 2699  | &nbsp;&nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| Aurinia Pharmaceuticals Inc.  | 6587  | &nbsp;&nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| Catalyst Pharmaceuticals Inc. | 3834  | &nbsp;&nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| UroGen Pharma Ltd. | 4050  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Disc Medicine Inc.  | 1319  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Vertex Pharmaceuticals Inc.  | 200  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Scholar Rock Holding Corp. | 2398  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Merus NV | 1188  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Ionis Pharmaceuticals Inc. | 1834  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Verastem Inc. | 8448  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Regeneron Pharmaceuticals Inc. | 134  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Biogen Inc.  | 589  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Travere Therapeutics Inc.  | 4452  | &nbsp;&nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Roivant Sciences Ltd.  | 6518  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| ADMA Biologics Inc. | 4495  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| Sana Biotechnology Inc. | 25350  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| aTyr Pharma Inc. | 14368  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| Alnylam Pharmaceuticals Inc. | 173  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| Vaxcyte Inc. | 2509  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| Gilead Sciences Inc.  | 683  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| Ascendis Pharma AS | 396  | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| United Therapeutics Corp.  | 251  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Agios Pharmaceuticals Inc. | 2032  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Sarepta Therapeutics Inc.  | 4192  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Kiniksa Pharmaceuticals International PLC | 2274  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Amgen Inc.  | 264  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Biohaven Ltd.  | 4943  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Apogee Therapeutics Inc.  | 2091  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Kymera Therapeutics Inc. | 1843  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Janux Therapeutics Inc. | 3334  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| uniQure NV | 4639  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Vericel Corp.  | 2083  | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Celldex Therapeutics Inc.  | 3424  | &nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Cytokinetics Inc.  | 2136  | &nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |

---

See Notes to Financial Statements.

276<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Exelixis Inc. | 2014  | &nbsp;&nbsp;&nbsp;&nbsp; $4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| BioCryst Pharmaceuticals Inc.  | 9017  | &nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| GRAIL Inc.  | 2284  | &nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Intellia Therapeutics Inc. | 6570  | &nbsp;&nbsp;&nbsp;&nbsp; 4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%  |
| Replimune Group Inc. | 13739  | &nbsp;&nbsp;&nbsp;&nbsp; 4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%  |
| Avidity Biosciences Inc.  | 1584  | &nbsp;&nbsp;&nbsp;&nbsp; 4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%  |
| BioMarin Pharmaceutical Inc.  | 1266  | &nbsp;&nbsp;&nbsp;&nbsp; 4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%  |
| PTC Therapeutics Inc. | 1495  | &nbsp;&nbsp;&nbsp;&nbsp; 4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%  |
| Arcellx Inc.  | 1058  | &nbsp;&nbsp;&nbsp;&nbsp; 4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68%  |
| Zai Lab Ltd. | 2209  | &nbsp;&nbsp;&nbsp;&nbsp; 4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68%  |
| Praxis Precision Medicines Inc.  | 1593  | &nbsp;&nbsp;&nbsp;&nbsp; 4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68%  |
| CareDx Inc. | 5252  | &nbsp;&nbsp;&nbsp;&nbsp; 4468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%  |
| Immunovant Inc.  | 4786  | &nbsp;&nbsp;&nbsp;&nbsp; 4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Legend Biotech Corp.  | 2011  | &nbsp;&nbsp;&nbsp;&nbsp; 4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Akero Therapeutics Inc.  | 1492  | &nbsp;&nbsp;&nbsp;&nbsp; 4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| CRISPR Therapeutics AG | 1345  | &nbsp;&nbsp;&nbsp;&nbsp; 4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Newamsterdam Pharma Co., NV | 2870  | &nbsp;&nbsp;&nbsp;&nbsp; 4268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64%  |
| Beam Therapeutics Inc. | 4215  | &nbsp;&nbsp;&nbsp;&nbsp; 4268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64%  |
| Moderna Inc. | 2829  | &nbsp;&nbsp;&nbsp;&nbsp; 4201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%  |
| ImmunityBio Inc.  | 28974  | &nbsp;&nbsp;&nbsp;&nbsp; 4201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%  |
| BioNTech SE | 676  | &nbsp;&nbsp;&nbsp;&nbsp; 4201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%  |
| Prime Medicine Inc.  | 20459  | &nbsp;&nbsp;&nbsp;&nbsp; 4134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62%  |
| Centessa Pharmaceuticals PLC | 3916  | &nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| ProKidney Corp.  | 27843  | &nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| Recursion Pharmaceuticals Inc. | 13917  | &nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| KalVista Pharmaceuticals Inc. | 4857  | &nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| Soleno Therapeutics Inc. | 957  | &nbsp;&nbsp;&nbsp;&nbsp; 4001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Novavax Inc.  | 8575  | &nbsp;&nbsp;&nbsp;&nbsp; 4001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Iovance Biotherapeutics Inc. | 28518  | &nbsp;&nbsp;&nbsp;&nbsp; 3934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| Summit Therapeutics Inc.  | 2682  | &nbsp;&nbsp;&nbsp;&nbsp; 3934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| Celcuity Inc.  | 1206  | &nbsp;&nbsp;&nbsp;&nbsp; 3868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| Viking Therapeutics Inc. | 2117  | &nbsp;&nbsp;&nbsp;&nbsp; 3534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53%  |
| Geron Corp. | 37178  | &nbsp;&nbsp;&nbsp;&nbsp; 3201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
| Dynavax Technologies Corp.  | 5004  | &nbsp;&nbsp;&nbsp;&nbsp; 3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%  |
| Viridian Therapeutics Inc. | 2728  | &nbsp;&nbsp;&nbsp;&nbsp; 3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%  |
| 89bio Inc. | 5545  | &nbsp;&nbsp;&nbsp;&nbsp; 3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%  |
| ARS Pharmaceuticals Inc. | 4266  | &nbsp;&nbsp;&nbsp;&nbsp; 3067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%  |
| Altimmune Inc.  | 12859  | &nbsp;&nbsp;&nbsp;&nbsp; 3067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%  |
| MannKind Corp.  | 10711  | &nbsp;&nbsp;&nbsp;&nbsp; 3067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%  |
| Absci Corp.  | 20405  | &nbsp;&nbsp;&nbsp;&nbsp; 3001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| Stoke Therapeutics Inc. | 2461  | &nbsp;&nbsp;&nbsp;&nbsp; 3001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| Day One Biopharmaceuticals Inc. | 6099  | &nbsp;&nbsp;&nbsp;&nbsp; 2867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43%  |
| Akebia Therapeutics Inc. | 14313  | &nbsp;&nbsp;&nbsp;&nbsp; 2801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42%  |
| Precigen Inc.  | 9765  | &nbsp;&nbsp;&nbsp;&nbsp; 2734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41%  |
| AnaptysBio Inc. | 2166  | &nbsp;&nbsp;&nbsp;&nbsp; 2734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41%  |
| Tango Therapeutics Inc. | 6399  | &nbsp;&nbsp;&nbsp;&nbsp; 2667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%  |
| Mineralys Therapeutics Inc.  | 2755  | &nbsp;&nbsp;&nbsp;&nbsp; 2667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%  |
| Kura Oncology Inc. | 5233  | &nbsp;&nbsp;&nbsp;&nbsp; 2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%  |
| Compass Pathways PLC | 8861  | &nbsp;&nbsp;&nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| Spyre Therapeutics Inc. | 2347  | &nbsp;&nbsp;&nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| Relay Therapeutics Inc. | 10624  | &nbsp;&nbsp;&nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| Gossamer Bio Inc. | 14863  | &nbsp;&nbsp;&nbsp;&nbsp; 2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34%  |

---

See Notes to Financial Statements.

277<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Solid Biosciences Inc. | 6285  | &nbsp;&nbsp;&nbsp;&nbsp; $2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32%  |
| Immunome Inc. | 3584  | &nbsp;&nbsp;&nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32%  |
| Anavex Life Sciences Corp.  | 3517  | &nbsp;&nbsp;&nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32%  |
| Nurix Therapeutics Inc. | 3613  | &nbsp;&nbsp;&nbsp;&nbsp; 2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31%  |
| Rocket Pharmaceuticals Inc. | 9898  | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| Taysha Gene Therapies Inc.  | 10964  | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| Arcus Biosciences Inc.  | 2833  | &nbsp;&nbsp;&nbsp;&nbsp; 1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28%  |
| Aldeyra Therapeutics Inc. | 5093  | &nbsp;&nbsp;&nbsp;&nbsp; 1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28%  |
| Dianthus Therapeutics Inc.  | 1247  | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27%  |
| Rigel Pharmaceuticals Inc.  | 736  | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27%  |
| Upstream Bio Inc. | 1660  | &nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26%  |
| Myriad Genetics Inc. | 4450  | &nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26%  |
| Immunocore Holdings PLC | 860  | &nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26%  |
| Prothena Corp. PLC | 3370  | &nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26%  |
| ORIC Pharmaceuticals Inc. | 2654  | &nbsp;&nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Emergent BioSolutions Inc.  | 3178  | &nbsp;&nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| X4 Pharmaceuticals Inc.  | 7022  | &nbsp;&nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| MiMedx Group Inc. | 3617  | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24%  |
| Keros Therapeutics Inc. | 1687  | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24%  |
| Sagimet Biosciences Inc. | 3412  | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24%  |
| Editas Medicine Inc.  | 9814  | &nbsp;&nbsp;&nbsp;&nbsp; 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23%  |
| Arcturus Therapeutics Holdings Inc.  | 1448  | &nbsp;&nbsp;&nbsp;&nbsp; 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23%  |
| Palvella Therapeutics Inc. | 423  | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%  |
| Zymeworks Inc. | 1514  | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%  |
| Vir Biotechnology Inc.  | 4496  | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%  |
| Rezolute Inc.  | 3034  | &nbsp;&nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| REGENXBIO Inc. | 2359  | &nbsp;&nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| ArriVent Biopharma Inc. | 1079  | &nbsp;&nbsp;&nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| Instil Bio Inc. | 734  | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Candel Therapeutics Inc. | 3363  | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Xencor Inc.  | 2394  | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Kodiak Sciences Inc. | 2090  | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Abeona Therapeutics Inc.  | 2679  | &nbsp;&nbsp;&nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17%  |
| Tectonic Therapeutic Inc.  | 716  | &nbsp;&nbsp;&nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17%  |
| Tenaya Therapeutics Inc. | 15459  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| Allogene Therapeutics Inc.  | 15362  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| Inovio Pharmaceuticals Inc.  | 7277  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| Humacyte Inc. | 11111  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| Mereo Biopharma Group PLC | 10003  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| Cardiff Oncology Inc.  | 8124  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| Agenus Inc.  | 4021  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| Immuneering Corp. | 2921  | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16%  |
| KALA BIO Inc. | 1432  | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Organogenesis Holdings Inc. | 3115  | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Tourmaline Bio Inc. | 681  | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Puma Biotechnology Inc. | 3116  | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Lexicon Pharmaceuticals Inc.  | 14092  | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| Bicara Therapeutics Inc.  | 1296  | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| Ironwood Pharmaceuticals Inc. | 11651  | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| MeiraGTx Holdings PLC | 2075  | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| Korro Bio Inc.  | 646  | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| Sionna Therapeutics Inc. | 593  | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |

---

See Notes to Financial Statements.

278<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Caribou Biosciences Inc. | 7640  | &nbsp;&nbsp;&nbsp;&nbsp; $867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| Corvus Pharmaceuticals Inc. | 2482  | &nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| Inhibrx Biosciences Inc.  | 480  | &nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| Coherus Oncology Inc.  | 11599  | &nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| Larimar Therapeutics Inc. | 3655  | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| Compass Therapeutics Inc.  | 3688  | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| Savara Inc. | 3898  | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| Lineage Cell Therapeutics Inc.  | 10783  | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| Vistagen Therapeutics Inc.  | 3756  | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| NuCana PLC | 3918  | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| Black Diamond Therapeutics Inc. | 4497  | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| Enanta Pharmaceuticals Inc. | 1467  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Biomea Fusion Inc. | 6290  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Tyra Biosciences Inc.  | 964  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| I-Mab | 2921  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| DiaMedica Therapeutics Inc.  | 2127  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| CytomX Therapeutics Inc.  | 5934  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Annexon Inc. | 5811  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| ADC Therapeutics SA | 3884  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Olema Pharmaceuticals Inc.  | 2172  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Monte Rosa Therapeutics Inc.  | 2424  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Achieve Life Sciences Inc.  | 3884  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Vanda Pharmaceuticals Inc.  | 2441  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| Sangamo Therapeutics Inc. | 21835  | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  |
| MacroGenics Inc.  | 6368  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Exagen Inc.  | 1140  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Zenas Biopharma Inc. | 701  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Arbutus Biopharma Corp. | 3015  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Perspective Therapeutics Inc.  | 3329  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Oruka Therapeutics Inc.  | 750  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| ABVC BioPharma Inc.  | 3913  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Jade Biosciences Inc.  | 1401  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Lexeo Therapeutics Inc.  | 2304  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Erasca Inc. | 7022  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Cullinan Therapeutics Inc. | 1458  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| C4 Therapeutics Inc.  | 4204  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| 4D Molecular Therapeutics Inc.  | 1774  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Fate Therapeutics Inc. | 10461  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Nkarta Inc. | 5101  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Voyager Therapeutics Inc. | 3184  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Corbus Pharmaceuticals Holdings Inc. | 1139  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Unicycive Therapeutics Inc.  | 2525  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Jasper Therapeutics Inc.  | 3756  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Cabaletta Bio Inc.  | 7071  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Amarin Corp. PLC | 679  | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Bicycle Therapeutics PLC | 1374  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Skye Bioscience Inc. | 2888  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Alvotech SA | 1215  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Aura Biosciences Inc.  | 1565  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Spero Therapeutics Inc. | 4725  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Eledon Pharmaceuticals Inc. | 3735  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Astria Therapeutics Inc.  | 1537  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |

---

See Notes to Financial Statements.

279<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Immunic Inc. | 11363  | &nbsp;&nbsp;&nbsp;&nbsp; $600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Metagenomi Inc.  | 5340  | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| Neurogene Inc.  | 478  | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%  |
| Autolus Therapeutics PLC | 5877  | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%  |
| Lantern Pharma Inc.  | 2055  | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%  |
| Immatics NV | 1622  | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%  |
| Heron Therapeutics Inc.  | 5572  | &nbsp;&nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| Outlook Therapeutics Inc. | 5572  | &nbsp;&nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% |

---

\*\* GSCBDNYB Basket consists of a portfolio of:

---

| | |
|:---|:---|
| Valley National Bancorp | 46%  |
| Metropolitan Bank Holding Corp. | 16%  |
| Dime Community Bancshares Inc.  | 15%  |
| Amalgamated Financial Corp. | 7%  |
| Northfield Bancorp Inc. | 4%  |
| ConnectOne Bancorp Inc.  | 4%  |
| Flushing Financial Corp. | 4%  |
| Peapack-Gladstone Financial Corp. | 3%  |
| Bankwell Financial Group Inc.  | 1%  |
|  | 100% |

---

\*\*\* MSDRCASI Basket consists of a portfolio of:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Boyd Gaming Corp. | 15712  | &nbsp;&nbsp;&nbsp;&nbsp; $24953  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13%  |
| Red Rock Resorts Inc. | 14691  | &nbsp;&nbsp;&nbsp;&nbsp; 16812  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9%  |
| Wyndham Hotels & Resorts Inc. | 9981  | &nbsp;&nbsp;&nbsp;&nbsp; 15989  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8%  |
| Travel + Leisure Co.  | 13167  | &nbsp;&nbsp;&nbsp;&nbsp; 15394  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7%  |
| MGM Resorts International | 19457  | &nbsp;&nbsp;&nbsp;&nbsp; 14283  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7%  |
| Carnival Corp. | 21926  | &nbsp;&nbsp;&nbsp;&nbsp; 12932  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%  |
| Marriott Vacations Worldwide Corp. | 8063  | &nbsp;&nbsp;&nbsp;&nbsp; 11654  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5%  |
| Brightstar Lottery PLC | 33083  | &nbsp;&nbsp;&nbsp;&nbsp; 10182  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5%  |
| Norwegian Cruise Line Holdings Ltd.  | 20471  | &nbsp;&nbsp;&nbsp;&nbsp; 9405  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Wynn Resorts Ltd. | 3958  | &nbsp;&nbsp;&nbsp;&nbsp; 9278  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Marriott International Inc./MD | 1794  | &nbsp;&nbsp;&nbsp;&nbsp; 8888  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Las Vegas Sands Corp.  | 8325  | &nbsp;&nbsp;&nbsp;&nbsp; 8874  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Vail Resorts Inc.  | 2840  | &nbsp;&nbsp;&nbsp;&nbsp; 8604  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| DraftKings Inc.  | 8037  | &nbsp;&nbsp;&nbsp;&nbsp; 7132  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Monarch Casino & Resort Inc.  | 3573  | &nbsp;&nbsp;&nbsp;&nbsp; 6894  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Hyatt Hotels Corp. | 2150  | &nbsp;&nbsp;&nbsp;&nbsp; 5738  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Airbnb Inc.  | 2136  | &nbsp;&nbsp;&nbsp;&nbsp; 5156  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Portillo's Inc. | 36175  | &nbsp;&nbsp;&nbsp;&nbsp; 4737  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Topgolf Callaway Brands Corp.  | 24907  | &nbsp;&nbsp;&nbsp;&nbsp; 4404  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Dine Brands Global Inc.  | 9481  | &nbsp;&nbsp;&nbsp;&nbsp; 4200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |

---

See Notes to Financial Statements.

280<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Churchill Downs Inc. | 2178  | &nbsp;&nbsp;&nbsp;&nbsp; $4179  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Bloomin' Brands Inc.  | 23095  | &nbsp;&nbsp;&nbsp;&nbsp; 3140  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1% |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% |

---

\*\*\*\* MSHEWSC Basket consists of a portfolio of:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| United Rentals Inc.  | 1226  | &nbsp;&nbsp;&nbsp;&nbsp; $16240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8%  |
| Ferguson Enterprises Inc.  | 3835  | &nbsp;&nbsp;&nbsp;&nbsp; 12280  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%  |
| API Group Corp.  | 24072  | &nbsp;&nbsp;&nbsp;&nbsp; 11899  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%  |
| McGrath Rent Corp.  | 6888  | &nbsp;&nbsp;&nbsp;&nbsp; 11593  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%  |
| SiteOne Landscape Supply Inc.  | 5829  | &nbsp;&nbsp;&nbsp;&nbsp; 11567  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%  |
| AECOM | 6253  | &nbsp;&nbsp;&nbsp;&nbsp; 10818  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%  |
| Comfort Systems USA Inc.  | 1083  | &nbsp;&nbsp;&nbsp;&nbsp; 10551  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5%  |
| Ryder System Inc.  | 3808  | &nbsp;&nbsp;&nbsp;&nbsp; 9893  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5%  |
| GMS Inc.  | 6125  | &nbsp;&nbsp;&nbsp;&nbsp; 9328  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5%  |
| MasTec Inc.  | 3292  | &nbsp;&nbsp;&nbsp;&nbsp; 8287  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| MSC Industrial Direct Co., Inc.  | 6203  | &nbsp;&nbsp;&nbsp;&nbsp; 7753  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Genuine Parts Co.  | 4010  | &nbsp;&nbsp;&nbsp;&nbsp; 7740  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Quanta Services Inc.  | 1473  | &nbsp;&nbsp;&nbsp;&nbsp; 7710  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Air Lease Corp.  | 7787  | &nbsp;&nbsp;&nbsp;&nbsp; 6495  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Pitney Bowes Inc.  | 37435  | &nbsp;&nbsp;&nbsp;&nbsp; 6286  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Advanced Drainage Systems Inc.  | 2741  | &nbsp;&nbsp;&nbsp;&nbsp; 5467  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Core & Main Inc.  | 5806  | &nbsp;&nbsp;&nbsp;&nbsp; 5206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Construction Partners Inc.  | 2898  | &nbsp;&nbsp;&nbsp;&nbsp; 4814  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Primoris Services Corp.  | 2926  | &nbsp;&nbsp;&nbsp;&nbsp; 4805  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Sensata Technologies Holding PLC  | 10134  | &nbsp;&nbsp;&nbsp;&nbsp; 4568  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Fastenal Co.  | 6406  | &nbsp;&nbsp;&nbsp;&nbsp; 4407  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Fluor Corp.  | 6927  | &nbsp;&nbsp;&nbsp;&nbsp; 3936  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| AerCap Holdings NV | 1788  | &nbsp;&nbsp;&nbsp;&nbsp; 3059  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Terex Corp.  | 3872  | &nbsp;&nbsp;&nbsp;&nbsp; 2678  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| Stanley Black & Decker Inc.  | 2340  | &nbsp;&nbsp;&nbsp;&nbsp; 2409  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1%  |
| Atkore Inc.  | 2740  | &nbsp;&nbsp;&nbsp;&nbsp; 2208  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1%  |
| Trex Co Inc.  | 1802  | &nbsp;&nbsp;&nbsp;&nbsp; 1539  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1%  |
| nVent Electric PLC | 1152  | &nbsp;&nbsp;&nbsp;&nbsp; 1443  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1%  |
| Builders FirstSource Inc.  | 736  | &nbsp;&nbsp;&nbsp;&nbsp; 1413  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1% |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% |

---

\*\*\*\*\* GSUCDHY1 Basket consists of a portfolio of:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Absury Automotive Group Inc. | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; $2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Ardagh Metal Packaging Finance USA LLC  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Aramark Services Inc. | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Ball Corporation | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Bath & BodyWorks Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| 1011778 B.C. Unlimited Liability Company | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Builders FirstSource Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Standard Building Solutions Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Mauser Packaging Solutions Holding Company | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |

---

See Notes to Financial Statements.

281<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value as of** <br>**August 31, 2025** | **% of the Basket**  |
| Carnival Corp.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; $2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| Emerald Debt Merger Sub LLC | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Fertitta Entertainment LLC  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| GFL Environment Inc. | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Chart Industries Inc. | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Hilton Domestic Operating Company Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Imola Merger Corp.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Las Vegas Sands Corp.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| MGM Resorts International  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| NCL Corporation Ltd.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| PetSmart LLC | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Transocean Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Rolls-Royce PLC  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Spirit Aerosystems, Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Sensata Technologies BV | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Transdigm Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Viking Cruises Ltd.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Wesco Distribution Inc.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Weatherford International Ltd.  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Wynn LasVegas, LLC  | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| Yum! Brands, Inc. | 373426 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% |

---

At August 31, 2025, 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<sup>(1)</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Obligation** | **Fixed** <br>**Deal**<br>**Receive** <br>**Rate** | **Maturity** <br>**Date** | **Payment**<br>**Frequency<sup>(2)</sup>** | **Counterparty** | **Implied** <br>**Credit** <br>**Spread at** <br>**8/31/25<sup>(3)</sup>** | **Notional** <br>**Amounts** | **Notional** <br>**Amounts** | **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/(Received)** | **Unrealized**<br>**Appreciation/** <br>(Depreciation)  |
| CDX.NA.HY.35 | 5.000% | 12/20/25 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp; 0.238% | USD | 10000000 | $245922 | &nbsp;&nbsp; $405000 | &nbsp;&nbsp; $(159078)  |
| CDX.NA.HY.35 | 5.000% | 12/20/25 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp; 0.238% | USD | 10000000 | 248699 | &nbsp;&nbsp; 246500 | &nbsp;&nbsp; 2199  |
| CDX.NA.HY.37 | 5.000% | 12/20/26 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; GSC | &nbsp;&nbsp; 0.390% | USD | 15000000 | 1041754 | &nbsp;&nbsp; 1228500 | &nbsp;&nbsp; (186746)  |
| CDX.NA.HY.39 | 5.000% | 12/20/27 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; GSC | &nbsp;&nbsp; 1.280% | USD | 20000000 | 1855021 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; 130021  |
| CDX.NA.HY.41 | 5.000% | 12/20/28 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp; 0.794% | USD | 30000000 | 4266281 | &nbsp;&nbsp; 1366800 | &nbsp;&nbsp; 2899481  |
| CDX.NA.HY.41 | 5.000% | 12/20/28 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; GSC | &nbsp;&nbsp; 0.794% | USD | 15000000 | 2133141 | &nbsp;&nbsp; 1945500 | &nbsp;&nbsp; 187641  |
| CDX.NA.IG.43 | 1.000% | 12/20/29 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; MSCS | &nbsp;&nbsp; 1.663% | USD | 20000000 | (484758) | &nbsp;&nbsp; (1176000) | &nbsp;&nbsp; 691242  |
| CDX.NA.IG.43 | 1.000% | 12/20/29 | &nbsp;&nbsp; 3-month | &nbsp;&nbsp;&nbsp; GSC | &nbsp;&nbsp; 4.989% | USD | 60000000 | (1454272) | &nbsp;&nbsp; (3560000) | &nbsp;&nbsp; 2105728  |
|  |  |  |  |  |  |  |  | **$7851788** | &nbsp;&nbsp; **$2181300** | &nbsp;&nbsp; **$5670488** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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

See Notes to Financial Statements.

282<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Multi Strategy Alternatives Fund(concluded)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

<u>Counterparty Abbreviations used in this schedule:</u>

GSC — Goldman Sachs & Co.

MSCS — Morgan Stanley Capital Services LLC

---

| | | |
|:---|:---|:---|
| **Face Amount** | **Security** | **Value**  |
| **SECURITIES SOLD SHORT – 0.2%**  | **SECURITIES SOLD SHORT – 0.2%**  | **SECURITIES SOLD SHORT – 0.2%**  |
| **CORPORATE BOND & NOTE – 0.2%**  | **CORPORATE BOND & NOTE – 0.2%**  | **CORPORATE BOND & NOTE – 0.2%**  |
| **Financial – 0.2%**  | **Financial – 0.2%**  | **Financial – 0.2%**  |
| $1086000 | &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Unsecured Notes, 4.750% due 10/1/26 <br>(Proceeds – $1,008,368) | $1075980 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT – 0.2%**<br>**(Proceeds – $1,008,368)** | **$1075980** |

---

See Notes to Financial Statements.

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – 98.9%**  | **COMMON STOCKS – 98.9%**  | **COMMON STOCKS – 98.9%**  |
| **BASIC MATERIALS – 1.3%**  | **BASIC MATERIALS – 1.3%**  | **BASIC MATERIALS – 1.3%**  |
| **Chemicals – 1.0%**  | **Chemicals – 1.0%**  | **Chemicals – 1.0%**  |
| 1139  | Linde PLC  | $544772  |
| 1146  | LyondellBasell Industries NV, Class A Shares  | 64577  |
| 2160  | Nutrien Ltd.  | 124459  |
| 1472  | RPM International Inc.  | 184457  |
|  | Total Chemicals | 918265  |
| **Iron/Steel – 0.0%**  | **Iron/Steel – 0.0%**  | **Iron/Steel – 0.0%**  |
| 3110  | Vale SA, Class B Shares, ADR  | 31971  |
| **Mining – 0.3%**  | **Mining – 0.3%**  | **Mining – 0.3%**  |
| 1743  | Barrick Mining Corp.  | 46416  |
| 4479  | Freeport-McMoRan Inc.  | 198868  |
| 90  | Rio Tinto PLC, ADR  | 5645  |
| 414  | Southern Copper Corp.  | 39781  |
|  | Total Mining | 290710  |
|  | **TOTAL BASIC MATERIALS** | **1240946**  |
| **COMMUNICATIONS – 16.1%**  | **COMMUNICATIONS – 16.1%**  | **COMMUNICATIONS – 16.1%**  |
| **Internet – 14.3%**  | **Internet – 14.3%**  | **Internet – 14.3%**  |
| 801  | Alphabet Inc., Class A Shares<sup>(a)</sup>  | 170541  |
| 18789  | Alphabet Inc., Class C Shares<sup>(a)</sup>  | 4012015  |
| 17805  | Amazon.com Inc.\*<sup>(a)</sup>  | 4077345  |
| 104  | Booking Holdings Inc.  | 582301  |
| 19  | MercadoLibre Inc.<sup>\*</sup>  | 46985  |
| 4097  | Meta Platforms Inc., Class A Shares<sup>(a)</sup>  | 3026454  |
| 940  | Netflix Inc.\*<sup>(a)</sup>  | 1135755  |
| 952  | Roku Inc., Class A Shares<sup>\*</sup>  | 91925  |
| 779  | Shopify Inc., Class A Shares<sup>\*</sup>  | 110057  |
| 4496  | Uber Technologies Inc.<sup>\*</sup>  | 421500  |
|  | Total Internet | 13674878  |
| **Media – 0.7%**  | **Media – 0.7%**  | **Media – 0.7%**  |
| 11134  | Comcast Corp., Class A Shares  | 378222  |
| 253  | New York Times Co., Class A Shares  | 15140  |
| 2285  | Walt Disney Co.<sup>(a)</sup>  | 270498  |
|  | Total Media | 663860  |
| **Telecommunications – 1.1%**  | **Telecommunications – 1.1%**  | **Telecommunications – 1.1%**  |
| 7852  | Cisco Systems Inc.<sup>(a)</sup>  | 542495  |
| 13618  | Telefonaktiebolaget LM Ericsson, ADR  | 107174  |
| 8902  | Verizon Communications Inc.<sup>(a)</sup>  | 393735  |
|  | Total Telecommunications | 1043404  |
|  | **TOTAL COMMUNICATIONS** | **15382142**  |
| **CONSUMER CYCLICAL – 8.3%**  | **CONSUMER CYCLICAL – 8.3%**  | **CONSUMER CYCLICAL – 8.3%**  |
| **Airlines – 0.3%**  | **Airlines – 0.3%**  | **Airlines – 0.3%**  |
| 4554  | Delta Air Lines Inc.  | 281346  |

---

See Notes to Financial Statements.

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  | **CONSUMER CYCLICAL – (continued)**  |
| **Apparel – 0.1%**  | **Apparel – 0.1%**  | **Apparel – 0.1%**  |
| 2125  | Skechers USA Inc., Class A Shares<sup>\*</sup>  | $134045  |
| **Auto Manufacturers – 1.8%**  | **Auto Manufacturers – 1.8%**  | **Auto Manufacturers – 1.8%**  |
| 4992  | Tesla Inc.\*<sup>(a)</sup>  | 1666679  |
| **Auto Parts & Equipment – 0.2%**  | **Auto Parts & Equipment – 0.2%**  | **Auto Parts & Equipment – 0.2%**  |
| 630  | Autoliv Inc.  | 78164  |
| 2785  | Goodyear Tire & Rubber Co.<sup>\*</sup>  | 23617  |
| 1368  | Magna International Inc.  | 62791  |
|  | Total Auto Parts & Equipment | 164572  |
| **Distribution/Wholesale – 0.3%**  | **Distribution/Wholesale – 0.3%**  | **Distribution/Wholesale – 0.3%**  |
| 307  | WW Grainger Inc.  | 311144  |
| **Entertainment – 0.0%**  | **Entertainment – 0.0%**  | **Entertainment – 0.0%**  |
| 318  | DraftKings Inc., Class A Shares<sup>\*</sup>  | 15258  |
| 198  | Light & Wonder Inc.<sup>\*</sup>  | 18309  |
|  | Total Entertainment | 33567  |
| **Food Service – 0.1%**  | **Food Service – 0.1%**  | **Food Service – 0.1%**  |
| 1163  | Aramark  | 45485  |
| **Home Builders – 0.4%**  | **Home Builders – 0.4%**  | **Home Builders – 0.4%**  |
| 2377  | Toll Brothers Inc.  | 330403  |
| **Leisure Time – 0.1%**  | **Leisure Time – 0.1%**  | **Leisure Time – 0.1%**  |
| 1057  | Brunswick Corp.  | 67215  |
| 1408  | Harley-Davidson Inc.  | 41001  |
| 223  | Planet Fitness Inc., Class A Shares<sup>\*</sup>  | 23370  |
|  | Total Leisure Time | 131586  |
| **Lodging – 0.1%**  | **Lodging – 0.1%**  | **Lodging – 0.1%**  |
| 1825  | Las Vegas Sands Corp.  | 105175  |
| **Retail – 4.9%**  | **Retail – 4.9%**  | **Retail – 4.9%**  |
| 211  | Burlington Stores Inc.<sup>\*</sup>  | 61334  |
| 1119  | Costco Wholesale Corp.  | 1055575  |
| 248  | Dick's Sporting Goods Inc.  | 52774  |
| 1712  | Home Depot Inc.<sup>(a)</sup>  | 696390  |
| 1686  | Lowe's Cos., Inc.  | 435089  |
| 1807  | McDonald's Corp.  | 566567  |
| 831  | Restaurant Brands International Inc.  | 52627  |
| 4005  | TJX Cos., Inc.  | 547123  |
| 11892  | Walmart Inc.<sup>(a)</sup>  | 1153286  |
| 482  | Williams-Sonoma Inc.  | 90708  |
|  | Total Retail | 4711473  |
|  | **TOTAL CONSUMER CYCLICAL** | **7915475**  |

---

See Notes to Financial Statements.

285<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER NON-CYCLICAL – 12.1%**  | **CONSUMER NON-CYCLICAL – 12.1%**  | **CONSUMER NON-CYCLICAL – 12.1%**  |
| **Agriculture – 1.1%**  | **Agriculture – 1.1%**  | **Agriculture – 1.1%**  |
| 2467  | British American Tobacco PLC, ADR  | $140348  |
| 5541  | Philip Morris International Inc.  | 926067  |
|  | Total Agriculture | 1066415  |
| **Beverages – 0.9%**  | **Beverages – 0.9%**  | **Beverages – 0.9%**  |
| 6957  | Coca-Cola Co.  | 479963  |
| 2726  | Molson Coors Beverage Co., Class B Shares  | 137636  |
| 3491  | Monster Beverage Corp.<sup>\*</sup>  | 217873  |
|  | Total Beverages | 835472  |
| **Biotechnology – 0.8%**  | **Biotechnology – 0.8%**  | **Biotechnology – 0.8%**  |
| 185  | Alnylam Pharmaceuticals Inc.<sup>\*</sup>  | 82604  |
| 1564  | Amgen Inc.  | 449979  |
| 203  | Biogen Inc.<sup>\*</sup>  | 26841  |
| 326  | Regeneron Pharmaceuticals Inc.  | 189308  |
| 182  | United Therapeutics Corp.<sup>\*</sup>  | 55466  |
|  | Total Biotechnology | 804198  |
| **Commercial Services – 1.3%**  | **Commercial Services – 1.3%**  | **Commercial Services – 1.3%**  |
| 1769 | Automatic Data Processing Inc.  | 537864  |
| 1470  | Block Inc., Class A Shares<sup>\*</sup>  | 117071  |
| 509  | Booz Allen Hamilton Holding Corp., Class A Shares  | 55338  |
| 65  | Herc Holdings Inc.  | 8501  |
| 913  | S&P Global Inc.  | 500726  |
| 394  | TransUnion  | 34830  |
|  | Total Commercial Services | 1254330  |
| **Cosmetics/Personal Care – 0.2%**  | **Cosmetics/Personal Care – 0.2%**  | **Cosmetics/Personal Care – 0.2%**  |
| 1742  | Estee Lauder Cos., Inc., Class A Shares  | 159794  |
| **Food – 0.5%**  | **Food – 0.5%**  | **Food – 0.5%**  |
| 1549  | Campbell's Co.  | 49459  |
| 174  | JM Smucker Co.  | 19229  |
| 2996  | Kellanova  | 238182  |
| 1696  | US Foods Holding Corp.<sup>\*</sup>  | 131610  |
|  | Total Food | 438480  |
| **Healthcare-Products – 1.8%**  | **Healthcare-Products – 1.8%**  | **Healthcare-Products – 1.8%**  |
| 3801  | Abbott Laboratories  | 504241  |
| 1138  | Alcon AG  | 90824  |
| 1346  | Danaher Corp.  | 277034  |
| 389  | Exact Sciences Corp.<sup>\*</sup>  | 18446  |
| 1694  | GE HealthCare Technologies Inc.  | 124898  |
| 948  | Intuitive Surgical Inc.<sup>\*</sup>  | 448684  |
| 538  | Waters Corp.<sup>\*</sup>  | 162368  |
| 1278  | Zimmer Biomet Holdings Inc.  | 135596  |
|  | Total Healthcare-Products | 1762091  |

---

See Notes to Financial Statements.

286<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  | **CONSUMER NON-CYCLICAL – (continued)**  |
| **Healthcare-Services – 0.9%**  | **Healthcare-Services – 0.9%**  | **Healthcare-Services – 0.9%**  |
| 1135  | Cigna Group  | $341488  |
| 230  | ICON PLC, ADR<sup>\*</sup>  | 40926  |
| 1508  | UnitedHealth Group Inc.<sup>(a)</sup>  | 467284  |
|  | Total Healthcare-Services | 849698  |
| **Household Products/Wares – 0.5%**  | **Household Products/Wares – 0.5%**  | **Household Products/Wares – 0.5%**  |
| 3421  | Kimberly-Clark Corp.  | 441788  |
| **Pharmaceuticals – 4.1%**  | **Pharmaceuticals – 4.1%**  | **Pharmaceuticals – 4.1%**  |
| 3952  | AbbVie Inc.  | 831501  |
| 1291  | AstraZeneca PLC, ADR  | 103151  |
| 525  | DexCom Inc.<sup>\*</sup>  | 39553  |
| 1719  | Eli Lilly & Co.  | 1259305  |
| 238  | Jazz Pharmaceuticals PLC<sup>\*</sup>  | 30405  |
| 3985  | Johnson & Johnson<sup>(a)</sup>  | 706022  |
| 6076  | Merck & Co., Inc.  | 511113  |
| 183  | Novartis AG, ADR  | 23159  |
| 16231  | Pfizer Inc.  | 401880  |
| 2538  | Teva Pharmaceutical Industries Ltd., ADR<sup>\*</sup>  | 46648  |
|  | Total Pharmaceuticals | 3952737  |
|  | **TOTAL CONSUMER NON-CYCLICAL** | **11565003**  |
| **ENERGY – 3.1%**  | **ENERGY – 3.1%**  | **ENERGY – 3.1%**  |
| **Oil & Gas – 2.6%**  | **Oil & Gas – 2.6%**  | **Oil & Gas – 2.6%**  |
| 3338  | Canadian Natural Resources Ltd.  | 105648  |
| 1579  | Cenovus Energy Inc.  | 26227  |
| 3651  | Chevron Corp.  | 586351  |
| 10298  | Exxon Mobil Corp.<sup>(a)</sup>  | 1176958  |
| 982  | HF Sinclair Corp.  | 49964  |
| 3501  | Occidental Petroleum Corp.  | 166683  |
| 786  | Ovintiv Inc.  | 33106  |
| 1598  | Phillips 66  | 213461  |
| 629  | Range Resources Corp.  | 21556  |
| 2703  | Suncor Energy Inc.  | 111634  |
|  | Total Oil & Gas | 2491588  |
| **Oil & Gas Services – 0.2%**  | **Oil & Gas Services – 0.2%**  | **Oil & Gas Services – 0.2%**  |
| 1770  | NOV Inc.  | 23523  |
| 4005  | Schlumberger NV  | 147544  |
|  | Total Oil & Gas Services | 171067  |
| **Pipelines – 0.3%**  | **Pipelines – 0.3%**  | **Pipelines – 0.3%**  |
| 451  | Enbridge Inc.  | 21801  |
| 51  | South Bow Corp.  | 1415  |
| 1562  | Targa Resources Corp.  | 262041  |

---

See Notes to Financial Statements.

287<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **ENERGY – (continued)**  | **ENERGY – (continued)**  | **ENERGY – (continued)**  |
| **Pipelines – (continued)**  | **Pipelines – (continued)**  | **Pipelines – (continued)**  |
| 257  | TC Energy Corp.  | $13380  |
|  | Total Pipelines | 298637  |
|  | **TOTAL ENERGY** | **2961292**  |
| **FINANCIAL – 16.4%**  | **FINANCIAL – 16.4%**  | **FINANCIAL – 16.4%**  |
| **Banks – 4.8%**  | **Banks – 4.8%**  | **Banks – 4.8%**  |
| 2682  | Banco Bradesco SA, ADR  | 8341  |
| 7616  | Bank of America Corp.<sup>(a)</sup>  | 386436  |
| 60  | Bank of Montreal  | 7260  |
| 1227  | East West Bancorp Inc.  | 129007  |
| 2100  | First Horizon Corp.  | 47460  |
| 1246  | Goldman Sachs Group Inc.  | 928581  |
| 554  | ICICI Bank Ltd., ADR  | 17584  |
| 4796  | Itau Unibanco Holding SA, ADR  | 34243  |
| 6735  | JPMorgan Chase & Co.<sup>(a)</sup>  | 2030064  |
| 872  | M&T Bank Corp.  | 175848  |
| 9852  | Wells Fargo & Co.  | 809637  |
|  | Total Banks | 4574461  |
| **Diversified Financial Services – 4.9%**  | **Diversified Financial Services – 4.9%**  | **Diversified Financial Services – 4.9%**  |
| 2097  | American Express Co.  | 694694  |
| 940  | Ameriprise Financial Inc.  | 483921  |
| 470  | Brookfield Asset Management Ltd., Class A Shares  | 28275  |
| 20  | Credit Acceptance Corp.<sup>\*</sup>  | 10295  |
| 684  | Evercore Inc., Class A Shares  | 219940  |
| 1682  | Jefferies Financial Group Inc.  | 109078  |
| 2305  | Mastercard Inc., Class A Shares<sup>(a)</sup>  | 1372144  |
| 2501  | Nasdaq Inc.  | 236945  |
| 4380  | Visa Inc., Class A Shares<sup>(a)</sup>  | 1540796  |
| 249  | Voya Financial Inc.  | 18697  |
|  | Total Diversified Financial Services | 4714785  |
| **Equity Real Estate Investment Trusts (REITs) – 1.9%**  | **Equity Real Estate Investment Trusts (REITs) – 1.9%**  | **Equity Real Estate Investment Trusts (REITs) – 1.9%**  |
| 5707  | CubeSmart  | 233530  |
| 3415  | Equity Residential  | 225800  |
| 9042  | Realty Income Corp.  | 531308  |
| 515  | SBA Communications Corp., Class A Shares  | 105498  |
| 15232  | VICI Properties Inc., Class A Shares  | 514537  |
| 2986  | WP Carey Inc.  | 200360  |
|  | Total Equity Real Estate Investment Trusts (REITs) | 1811033  |
| **Insurance – 4.3%**  | **Insurance – 4.3%**  | **Insurance – 4.3%**  |
| 3161  | Aflac Inc.  | 337784  |
| 756  | Aon PLC, Class A Shares  | 277452  |
| 1800  | Arthur J Gallagher & Co.  | 544950  |
| 3624  | Berkshire Hathaway Inc., Class B Shares<sup>\*</sup>  | 1822800  |

---

See Notes to Financial Statements.

288<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  | **FINANCIAL – (continued)**  |
| **Insurance – (continued)**  | **Insurance – (continued)**  | **Insurance – (continued)**  |
| 2817  | Brown & Brown Inc.  | $273108  |
| 2124  | Fidelity National Financial Inc.  | 127164  |
| 5545  | Manulife Financial Corp.  | 170509  |
| 104  | Markel Group Inc.<sup>\*</sup>  | 203742  |
| 187  | RenaissanceRe Holdings Ltd.  | 45439  |
| 1618  | Unum Group  | 113034  |
| 2545  | WR Berkley Corp.  | 182451  |
|  | Total Insurance | 4098433  |
| **Private Equity – 0.3%**  | **Private Equity – 0.3%**  | **Private Equity – 0.3%**  |
| 4187  | Brookfield Corp.  | 275170  |
| **Real Estate – 0.2%**  | **Real Estate – 0.2%**  | **Real Estate – 0.2%**  |
| 665  | Jones Lang LaSalle Inc.<sup>\*</sup>  | 203204  |
|  | **TOTAL FINANCIAL** | **15677086**  |
| **INDUSTRIAL – 8.1%**  | **INDUSTRIAL – 8.1%**  | **INDUSTRIAL – 8.1%**  |
| **Aerospace/Defense – 2.0%**  | **Aerospace/Defense – 2.0%**  | **Aerospace/Defense – 2.0%**  |
| 1360  | Boeing Co.<sup>\*</sup>  | 319165  |
| 1276  | General Dynamics Corp.  | 414151  |
| 3203  | General Electric Co.  | 881466  |
| 893  | HEICO Corp.  | 278634  |
|  | Total Aerospace/Defense | 1893416  |
| **Building Materials – 0.3%**  | **Building Materials – 0.3%**  | **Building Materials – 0.3%**  |
| 315  | Lennox International Inc.  | 175726  |
| 877  | Louisiana-Pacific Corp.  | 83411  |
|  | Total Building Materials | 259137  |
| **Electrical Components & Equipment – 0.4%**  | **Electrical Components & Equipment – 0.4%**  | **Electrical Components & Equipment – 0.4%**  |
| 359  | Acuity Inc.  | 117203  |
| 1651  | AMETEK Inc.  | 305105  |
|  | Total Electrical Components & Equipment | 422308  |
| **Electronics – 0.7%**  | **Electronics – 0.7%**  | **Electronics – 0.7%**  |
| 6245  | Amphenol Corp., Class A Shares  | 679831  |
| **Engineering & Construction – 0.1%**  | **Engineering & Construction – 0.1%**  | **Engineering & Construction – 0.1%**  |
| 694  | AECOM  | 86674  |
| **Environmental Control – 0.5%**  | **Environmental Control – 0.5%**  | **Environmental Control – 0.5%**  |
| 1466  | Republic Services Inc., Class A Shares  | 343000  |
| 806  | Waste Connections Inc.  | 148957  |
|  | Total Environmental Control | 491957  |
| **Hand/Machine Tools – 0.3%**  | **Hand/Machine Tools – 0.3%**  | **Hand/Machine Tools – 0.3%**  |
| 1037  | Lincoln Electric Holdings Inc.  | 251607  |
| **Machinery-Construction & Mining – 1.3%**  | **Machinery-Construction & Mining – 1.3%**  | **Machinery-Construction & Mining – 1.3%**  |
| 1347  | BWX Technologies Inc.  | 218268  |
| 1605  | Caterpillar Inc.  | 672559  |

---

See Notes to Financial Statements.

289<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  | **INDUSTRIAL – (continued)**  |
| **Machinery-Construction & Mining – (continued)**  | **Machinery-Construction & Mining – (continued)**  | **Machinery-Construction & Mining – (continued)**  |
| 587  | GE Vernova Inc.  | $359813  |
|  | Total Machinery-Construction & Mining | 1250640  |
| **Machinery-Diversified – 1.1%**  | **Machinery-Diversified – 1.1%**  | **Machinery-Diversified – 1.1%**  |
| 911  | Deere & Co.  | 436041  |
| 1956  | Graco Inc.  | 167023  |
| 461  | Rockwell Automation Inc.  | 158321  |
| 1686  | Xylem Inc.  | 238670  |
|  | Total Machinery-Diversified | 1000055  |
| **Miscellaneous Manufacturers – 0.6%**  | **Miscellaneous Manufacturers – 0.6%**  | **Miscellaneous Manufacturers – 0.6%**  |
| 2170  | 3M Co.  | 337500  |
| 330  | Carlisle Cos., Inc.  | 127344  |
| 1487  | Textron Inc.  | 119198  |
|  | Total Miscellaneous Manufacturers | 584042  |
| **Packaging & Containers – 0.3%**  | **Packaging & Containers – 0.3%**  | **Packaging & Containers – 0.3%**  |
| 617  | Crown Holdings Inc.  | 61317  |
| 906  | Packaging Corp. of America  | 197472  |
| 1417  | Sonoco Products Co.  | 66953  |
|  | Total Packaging & Containers | 325742  |
| **Transportation – 0.5%**  | **Transportation – 0.5%**  | **Transportation – 0.5%**  |
| 368  | Canadian National Railway Co.  | 35615  |
| 1121  | Canadian Pacific Kansas City Ltd.  | 85409  |
| 3128  | United Parcel Service Inc., Class B Shares  | 273512  |
| 441  | XPO Inc.<sup>\*</sup>  | 57198  |
|  | Total Transportation | 451734  |
|  | **TOTAL INDUSTRIAL** | **7697143**  |
| **TECHNOLOGY – 31.1%**  | **TECHNOLOGY – 31.1%**  | **TECHNOLOGY – 31.1%**  |
| **Computers – 7.2%**  | **Computers – 7.2%**  | **Computers – 7.2%**  |
| 26341  | Apple Inc.<sup>(a)</sup>  | 6114800  |
| 484  | Check Point Software Technologies Ltd.<sup>\*</sup>  | 93480  |
| 1189  | Dell Technologies Inc., Class C Shares  | 145236  |
| 1944  | International Business Machines Corp.  | 473344  |
| 1289  | Super Micro Computer Inc.<sup>\*</sup>  | 53545  |
|  | Total Computers | 6880405  |
| **Semiconductors – 13.5%**  | **Semiconductors – 13.5%**  | **Semiconductors – 13.5%**  |
| 2964  | Advanced Micro Devices Inc.<sup>\*</sup>  | 482035  |
| 2051  | Applied Materials Inc.  | 329719  |
| 85  | ASML Holding NV, Class NY Registered Shares, ADR  | 63123  |
| 9477  | Broadcom Inc.<sup>(a)</sup>  | 2818365  |
| 272  | Cirrus Logic Inc.<sup>\*</sup>  | 31060  |
| 682  | Entegris Inc.  | 57111  |
| 7458  | Intel Corp.<sup>\*</sup>  | 181602  |
| 4910  | Lam Research Corp.  | 491736  |

---

See Notes to Financial Statements.

290<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  | **TECHNOLOGY – (continued)**  |
| **Semiconductors – (continued)**  | **Semiconductors – (continued)**  | **Semiconductors – (continued)**  |
| 832  | Marvell Technology Inc.  | $52304  |
| 2601  | Micron Technology Inc.  | 309545  |
| 44707  | NVIDIA Corp.<sup>(a)</sup>  | 7787065  |
| 852  | NXP Semiconductors NV  | 200092  |
| 781  | ON Semiconductor Corp.<sup>\*</sup>  | 38730  |
| 477  | Silicon Laboratories Inc.<sup>\*</sup>  | 64085  |
| 176  | Taiwan Semiconductor Manufacturing Co., Ltd., ADR  | 40633  |
|  | Total Semiconductors | 12947205  |
| **Software – 10.4%**  | **Software – 10.4%**  | **Software – 10.4%**  |
| 611  | Intuit Inc.  | 407537  |
| 13714  | Microsoft Corp.<sup>(a)</sup>  | 6948747  |
| 3507  | Oracle Corp.  | 793038  |
| 3775  | Palantir Technologies Inc., Class A Shares<sup>\*</sup>  | 591580  |
| 2148  | Salesforce Inc.<sup>(a)</sup>  | 550425  |
| 470  | SAP SE, ADR  | 127915  |
| 468  | ServiceNow Inc.<sup>\*</sup>  | 429371  |
| 107  | Veeva Systems Inc., Class A Shares<sup>\*</sup>  | 28805  |
| 546  | Zoom Communications Inc., Class A Shares<sup>\*</sup>  | 44455  |
|  | Total Software | 9921873  |
|  | **TOTAL TECHNOLOGY** | **29749483**  |
| **UTILITIES – 2.4%**  | **UTILITIES – 2.4%**  | **UTILITIES – 2.4%**  |
| **Electric – 2.2%**  | **Electric – 2.2%**  | **Electric – 2.2%**  |
| 4555  | Ameren Corp.  | 454498  |
| 3696  | American Electric Power Co., Inc.  | 410330  |
| 3809  | Consolidated Edison Inc.  | 374158  |
| 11604  | PPL Corp.  | 423198  |
| 5435  | Xcel Energy Inc.  | 393440  |
|  | Total Electric | 2055624  |
| **Water – 0.2%**  | **Water – 0.2%**  | **Water – 0.2%**  |
| 5724  | Essential Utilities Inc.  | 226155  |
|  | **TOTAL UTILITIES** | **2281779**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost - $55,465,927)** | **94470349** |

---

See Notes to Financial Statements.

291<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br>**Contracts** | **Notional**<br>**Amounts** | **Security** | **Value** |
| **PURCHASED OPTIONS – 0.7%**  | **PURCHASED OPTIONS – 0.7%**  | **PURCHASED OPTIONS – 0.7%**  | **PURCHASED OPTIONS – 0.7%**  |
| **Index Option – 0.7%**  | **Index Option – 0.7%**  | **Index Option – 0.7%**  | **Index Option – 0.7%**  |
| 48 | $31009248  | S&P 500 Index Options, Put, @ $5,900.00, expires 09/30/2025, Counterparty: MSC  | $57600  |
| 48 | 31009248 | S&P 500 Index Options, Put, @ $6,025.00, expires 10/31/2025, Counterparty: MSC  | 214560 |
| 49 | 31655274 | S&P 500 Index Options, Put, @ $6,125.00, expires 11/28/2025, Counterparty: MSC  | 390775 |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS**<br>**(Cost – $1,252,462)** | **662935**  |
|  |  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS** <br>**(Cost – $56,718,389)** | **95133284** |

---

---

| | | |
|:---|:---|:---|
| **Face Amount** |  |  |
| **SHORT-TERM INVESTMENTS – 2.2%**  | **SHORT-TERM INVESTMENTS – 2.2%**  | **SHORT-TERM INVESTMENTS – 2.2%**  |
| **TIME DEPOSITS – 2.2%**  | **TIME DEPOSITS – 2.2%**  | **TIME DEPOSITS – 2.2%**  |
| $1592808 | Citibank – New York, 3.680% due 9/2/25  | 1592808  |
| 491425 | Sumitomo Mitsui Banking Corp. – Tokyo, 3.680% due 9/2/25  | 491425  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $2,084,233)** | **2084233**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 101.8%**<br>**(Cost – $58,802,622)** | **97217517**  |
|  | Liabilities in Excess of Other Assets – (1.8)% | (1689191)  |
|  | **TOTAL NET ASSETS – 100.0%** | **$95528326** |

---

\* Non-income producing security.

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

<u>Abbreviations used in this schedule:</u>

ADR — American Depositary Receipts

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

292<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Shelter Fund(concluded)** 

**<u>Summary of Investments by Security Sector^</u>** 

---

| | |
|:---|:---|
| Technology  | 30.6%  |
| Financial  | 16.1  |
| Communications  | 15.8  |
| Consumer Non-cyclical  | 11.9  |
| Consumer Cyclical  | 8.2  |
| Industrial  | 7.9  |
| Energy  | 3.0  |
| Utilities  | 2.4  |
| Basic Materials  | 1.3  |
| Purchased Options | 0.7  |
| Short-Term Investments | 2.1  |
|  | 100.0% |

---

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments.<br>|

---

**Schedule of Options Contracts Written** 

**Equity Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of Contracts** | **Notional** <br>**Amount** | **Security Name** | **Counterparty** | **Expiration** <br>**Date** | **Exercise** <br>**Rate** | **Value**  |
| 48 | $31009248 | S&P 500 Index Options, Put | &nbsp;&nbsp;&nbsp;&nbsp; MSC | 9/30/25 | $4950.00 | $(10320)  |
| 24 | 15504624 | S&P 500 Index Options, Call | &nbsp;&nbsp;&nbsp;&nbsp; MSC | 9/30/25 | 6485.00 | (207000)  |
| 48 | 31009248 | S&P 500 Index Options, Put | &nbsp;&nbsp;&nbsp;&nbsp; MSC | 10/31/25 | 5100.00 | (46080)  |
| 24 | 15504624 | S&P 500 Index Options, Call | &nbsp;&nbsp;&nbsp;&nbsp; MSC | 10/31/25 | 6635.00 | (167760)  |
| 49 | 31655274 | S&P 500 Index Options, Put | &nbsp;&nbsp;&nbsp;&nbsp; MSC | 11/28/25 | 5150.00 | (90160)  |
| 25 | 16150650 | S&P 500 Index Options, Call | &nbsp;&nbsp;&nbsp;&nbsp; MSC | 11/28/25 | 6745.00 | (157250)  |
|  |  | **TOTAL OPTIONS CONTRACTS WRITTEN**<br>**(Premiums received — $751,604)** |  |  |  | **$(678570)** |

---

<u>Counterparty Abbreviations used in this schedule:</u>

MSC

— Morgan Stanley

See Notes to Financial Statements.

293<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – 87.6%**  | **COMMON STOCKS – 87.6%**  | **COMMON STOCKS – 87.6%**  |
| **Australia – 3.7%**  | **Australia – 3.7%**  | **Australia – 3.7%**  |
| 361077 | Atlas Arteria Ltd.  | $1257304  |
| 17040 | Charter Hall Group | 261186  |
| 57416 | Cleanaway Waste Management Ltd.  | 104263  |
| 44678 | Dexus | 219092  |
| 128951 | Goodman Group | 2897462  |
| 76315 | HMC Capital Ltd., REIT | 191212  |
| 144915 | Ingenia Communities Group | 559606  |
| 33540 | Lifestyle Communities Ltd.  | 124834  |
| 141810 | NEXTDC Ltd.<sup>\*</sup> | 1510999  |
| 225673 | Qube Holdings Ltd.  | 618295  |
| 271419 | Scentre Group | 724672  |
| 198058 | Stockland | 802173  |
| 293535 | Transurban Group | 2800587  |
| 90617 | Vicinity Ltd.  | 153924  |
|  | Total Australia | 12225609  |
| **Belgium – 0.6%**  | **Belgium – 0.6%**  | **Belgium – 0.6%**  |
| 4159 | Aedifica SA | 319552  |
| 4938 | Montea NV | 394467  |
| 31750 | Titan America SA<sup>\*</sup> | 492443  |
| 8867 | Titan SA | 383566  |
| 858 | VGP NV | 97969  |
| 9161 | Warehouses De Pauw CVA | 235113  |
|  | Total Belgium | 1923110  |
| **Bermuda – 0.1%**  | **Bermuda – 0.1%**  | **Bermuda – 0.1%**  |
| 38325 | DHT Holdings Inc.  | 449169  |
| **Brazil – 0.0%**  | **Brazil – 0.0%**  | **Brazil – 0.0%**  |
| 63322 | Rumo SA | 169941  |
| **Canada – 8.8%**  | **Canada – 8.8%**  | **Canada – 8.8%**  |
| 13185 | AltaGas Ltd.  | 390884  |
| 51894 | ARC Resources Ltd.  | 998804  |
| 5222 | Cameco Corp.  | 404130  |
| 8386 | Canadian National Railway Co.  | 811913  |
| 47704 | Canadian Natural Resources Ltd.  | 1510812  |
| 2258 | Canadian Pacific Kansas City Ltd.  | 172037  |
| 39385 | Canfor Corp.<sup>\*</sup> | 373429  |
| 207554 | Capstone Copper Corp.<sup>\*</sup> | 1484256  |
| 27708 | Chartwell Retirement Residences | 373691  |
| 23057 | Dream Industrial Real Estate Investment Trust | 205854  |
| 20791 | Enbridge Inc.  | 1005037  |
| 75986 | Enbridge Inc.  | 3677010  |
| 68704 | ERO Copper Corp.<sup>\*</sup> | 986632  |
| 19929 | First Capital Real Estate Investment Trust | 280678  |
| 4722 | GFL Environmental Inc.  | 236289  |

---

See Notes to Financial Statements.

294<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Canada – (continued)**  | **Canada – (continued)**  | **Canada – (continued)**  |
| 55872 | Gibson Energy Inc.  | $1059094  |
| 170508 | Hudbay Minerals Inc.  | 2046096  |
| 34181 | Ivanhoe Mines Ltd., Class A Shares<sup>\*</sup> | 302183  |
| 18842 | Killam Apartment Real Estate Investment Trust | 246571  |
| 51142 | Methanex Corp.  | 1816052  |
| 27541 | Nutrien Ltd.  | 1586912  |
| 31251 | Pan American Silver Corp.  | 1060034  |
| 39914 | Parex Resources Inc.  | 502849  |
| 19216 | Pembina Pipeline Corp.  | 725848  |
| 26384 | Primaris Real Estate Investment Trust | 288587  |
| 30476 | Sienna Senior Living Inc.  | 394155  |
| 41052 | Suncor Energy Inc.  | 1695448  |
| 15185 | TC Energy Corp.  | 790876  |
| 23886 | Teck Resources Ltd., Class B Shares | 816662  |
| 2694 | Waste Connections Inc.  | 497878  |
| 11715 | West Fraser Timber Co., Ltd.  | 853458  |
| 16266 | Wheaton Precious Metals Corp.  | 1633432  |
|  | Total Canada | 29227591  |
| **China – 0.2%**  | **China – 0.2%**  | **China – 0.2%**  |
| 404500 | China Tower Corp., Ltd, Class H Shares<sup>(a)(b)</sup> | 608957  |
| **France – 1.7%**  | **France – 1.7%**  | **France – 1.7%**  |
| 19691 | Aeroports de Paris SA | 2588393  |
| 16185 | Carmila SA | 325695  |
| 13420 | Engie SA | 277722  |
| 31640 | Getlink SE | 597780  |
| 13189 | Unibail-Rodamco-Westfield | 1369854  |
| 13364 | Veolia Environnement SA | 440939  |
|  | Total France | 5600383  |
| **Germany – 0.9%**  | **Germany – 0.9%**  | **Germany – 0.9%**  |
| 34658 | E.ON SE | 618020  |
| 5341 | Fraport AG Frankfurt Airport Services Worldwide<sup>\*</sup> | 456995  |
| 6162 | LEG Immobilien SE | 516100  |
| 6411 | RWE AG | 256865  |
| 306265 | Sirius Real Estate Ltd., REIT | 420660  |
| 35310 | TAG Immobilien AG | 632184  |
| 6759 | Vonovia SE | 218529  |
|  | Total Germany | 3119353  |
| **Greece – 0.2%**  | **Greece – 0.2%**  | **Greece – 0.2%**  |
| 48967 | Athens International Airport SA | 607027  |
| **Hong Kong – 1.6%**  | **Hong Kong – 1.6%**  | **Hong Kong – 1.6%**  |
| 463400 | China Gas Holdings Ltd.  | 462556  |
| 141500 | CLP Holdings Ltd.  | 1194961  |
| 377500 | HK Electric Investments & HK Electric Investments Ltd.  | 290008  |

---

See Notes to Financial Statements.

295<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Hong Kong – (continued)**  | **Hong Kong – (continued)**  | **Hong Kong – (continued)**  |
| 150923 | Hongkong Land Holdings Ltd.  | $935394  |
| 125214 | Link REIT | 665013  |
| 106100 | Sun Hung Kai Properties Ltd.  | 1245636  |
| 132441 | Swire Properties Ltd.  | 357579  |
|  | Total Hong Kong | 5151147  |
| **Ireland – 0.3%**  | **Ireland – 0.3%**  | **Ireland – 0.3%**  |
| 21506 | Smurfit WestRock PLC | 1018524  |
| **Italy – 2.2%**  | **Italy – 2.2%**  | **Italy – 2.2%**  |
| 427854 | Enav SpA<sup>(a)</sup> | 2106380  |
| 223182 | Enel SpA | 2058420  |
| 40358 | ERG SpA | 975288  |
| 35427 | Infrastrutture Wireless Italiane SpA | 429333  |
| 41977 | Snam SpA | 255546  |
| 148576 | Terna - Rete Elettrica Nazionale | 1494060  |
|  | Total Italy | 7319027  |
| **Japan – 3.1%**  | **Japan – 3.1%**  | **Japan – 3.1%**  |
| 203 | Advance Residence Investment Corp.  | 225148  |
| 93 | GLP J-Reit | 86949  |
| 1216 | Invincible Investment Corp.  | 552576  |
| 417 | Japan Real Estate Investment Corp.  | 362861  |
| 434 | KDX Realty Investment Corp., Class A Shares | 499726  |
| 157 | LaSalle Logiport REIT | 152352  |
| 61851 | Mitsubishi Estate Co., Ltd.  | 1327934  |
| 195927 | Mitsui Fudosan Co., Ltd.  | 2098097  |
| 670 | Nippon Accommodations Fund Inc., Class A Shares | 562980  |
| 498 | Nippon Building Fund Inc.  | 481721  |
| 1998 | Nippon Prologis REIT Inc.  | 1162371  |
| 140 | Nomura Real Estate Master Fund Inc.  | 153380  |
| 6347 | Open House Group Co., Ltd.  | 326460  |
| 860 | Orix JREIT Inc.  | 573516  |
| 566 | Star Asia Investment Corp.  | 235318  |
| 27478 | Sumitomo Realty & Development Co., Ltd.  | 1132930  |
| 33189 | Tokyo Metro Co., Ltd.  | 386404  |
| 84 | United Urban Investment Corp.  | 101283  |
|  | Total Japan | 10422006  |
| **Luxembourg – 0.5%**  | **Luxembourg – 0.5%**  | **Luxembourg – 0.5%**  |
| 47225 | ArcelorMittal SA | 1575426  |
| **Mexico – 1.3%**  | **Mexico – 1.3%**  | **Mexico – 1.3%**  |
| 14984 | Corp. Inmobiliaria Vesta SAB de CV, ADR | 411460  |
| 3608 | Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 368774  |
| 3705 | Grupo Aeroportuario del Pacifico SAB de CV, ADR | 892905  |
| 7756 | Grupo Aeroportuario del Sureste SAB de CV, ADR | 2526207  |
|  | Total Mexico | 4199346  |

---

See Notes to Financial Statements.

296<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Netherlands – 0.6%**  | **Netherlands – 0.6%**  | **Netherlands – 0.6%**  |
| 27800 | CTP NV<sup>(a)</sup> | $596967  |
| 3721 | Ferrovial SE | 203351  |
| 21476 | Koninklijke Vopak NV | 1038148  |
|  | Total Netherlands | 1838466  |
| **New Zealand – 0.8%**  | **New Zealand – 0.8%**  | **New Zealand – 0.8%**  |
| 570867 | Auckland International Airport Ltd.  | 2538122  |
| 35916 | Infratil Ltd.  | 240319  |
|  | Total New Zealand | 2778441  |
| **Norway – 0.1%**  | **Norway – 0.1%**  | **Norway – 0.1%**  |
| 9950 | Frontline PLC | 207955  |
| **Philippines – 0.1%**  | **Philippines – 0.1%**  | **Philippines – 0.1%**  |
| 35994 | International Container Terminal Services Inc.  | 303740  |
| **Singapore – 1.2%**  | **Singapore – 1.2%**  | **Singapore – 1.2%**  |
| 320321 | CapitaLand Ascendas REIT | 678646  |
| 139154 | Capitaland India Trust, REIT | 127952  |
| 555377 | CapitaLand Integrated Commercial Trust | 986959  |
| 319232 | Frasers Centrepoint Trust | 579610  |
| 219463 | Keppel DC REIT | 403772  |
| 71732 | Mapletree Industrial Trust | 115088  |
| 902871 | NTT DC REIT<sup>\*</sup> | 848699  |
| 68152 | Sembcorp Industries Ltd.  | 322228  |
|  | Total Singapore | 4062954  |
| **South Africa – 0.4%**  | **South Africa – 0.4%**  | **South Africa – 0.4%**  |
| 41877 | Impala Platinum Holdings Ltd., ADR\*<sup>(c)</sup> | 379615  |
| 17507 | Valterra Platinum Ltd.  | 795812  |
|  | Total South Africa | 1175427  |
| **Spain – 4.4%**  | **Spain – 4.4%**  | **Spain – 4.4%**  |
| 122540 | Aena SME SA<sup>(a)</sup> | 3545657  |
| 98197 | Cellnex Telecom SA<sup>(a)</sup> | 3492563  |
| 148585 | EDP Renovaveis SA | 1746366  |
| 63003 | Iberdrola SA | 1184918  |
| 25302 | Inmobiliaria Colonial Socimi SA | 167105  |
| 22281 | Merlin Properties Socimi SA | 332114  |
| 5683 | Neinor Homes SA\*<sup>(a)</sup> | 113309  |
| 68739 | Redeia Corp. SA | 1335780  |
| 63151 | Repsol SA | 1035772  |
| 340652 | Sacyr SA | 1436556  |
|  | Total Spain | 14390140  |
| **Sweden – 0.6%**  | **Sweden – 0.6%**  | **Sweden – 0.6%**  |
| 4342 | Catena AB | 199499  |
| 18191 | Cibus Nordic Real Estate AB publ | 327658  |
| 61834 | Dios Fastigheter AB | 419605  |
| 116709 | Fastighets AB Balder, Class B Shares<sup>\*</sup> | 831649  |

---

See Notes to Financial Statements.

297<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **Sweden – (continued)**  | **Sweden – (continued)**  | **Sweden – (continued)**  |
| 9671 | Wihlborgs Fastigheter AB | $96049  |
|  | Total Sweden | 1874460  |
| **Switzerland – 0.2%**  | **Switzerland – 0.2%**  | **Switzerland – 0.2%**  |
| 23914 | Amcor PLC | 206378  |
| 1186 | Flughafen Zurich AG, Class Registered Shares | 362204  |
|  | Total Switzerland | 568582  |
| **Thailand – 0.1%**  | **Thailand – 0.1%**  | **Thailand – 0.1%**  |
| 375500 | Airports of Thailand PCL<sup>(c)</sup> | 418773  |
| **United Kingdom – 6.1%**  | **United Kingdom – 6.1%**  | **United Kingdom – 6.1%**  |
| 86834 | Anglo American PLC | 2672026  |
| 13868 | Big Yellow Group PLC | 170830  |
| 193302 | BP PLC | 1134436  |
| 80999 | British Land Co. PLC | 368244  |
| 11467 | Derwent London PLC | 264271  |
| 22981 | Endeavour Mining PLC | 791739  |
| 76483 | Helios Towers PLC<sup>\*</sup> | 135523  |
| 35478 | Land Securities Group PLC | 265534  |
| 182639 | LondonMetric Property PLC | 455653  |
| 259924 | National Grid PLC | 3655631  |
| 2657 | National Grid PLC, ADR | 187505  |
| 185707 | Pennon Group PLC | 1189181  |
| 22127 | Rio Tinto PLC | 1382454  |
| 30718 | Safestore Holdings PLC | 261785  |
| 8233 | Segro PLC | 69909  |
| 8973 | Severn Trent PLC | 313555  |
| 117895 | Shaftesbury Capital PLC | 232632  |
| 63512 | Shell PLC | 2336116  |
| 37701 | SSE PLC | 881319  |
| 285677 | Tritax Big Box REIT PLC | 536180  |
| 68465 | UNITE Group PLC | 647070  |
| 140540 | United Utilities Group PLC | 2183768  |
|  | Total United Kingdom | 20135361  |
| **United States – 47.8%**  | **United States – 47.8%**  | **United States – 47.8%**  |
| 27555 | Acadia Realty Trust | 551376  |
| 3558 | AGCO Corp.  | 384940  |
| 30236 | Agree Realty Corp.  | 2199367  |
| 26834 | Alcoa Corp.  | 863786  |
| 8134 | Alliant Energy Corp.  | 529279  |
| 8744 | Ameren Corp.  | 872476  |
| 14844 | American Electric Power Co., Inc.  | 1647981  |
| 20586 | American Healthcare REIT Inc.  | 880875  |
| 10155 | American Homes 4 Rent, Class A Shares | 363752  |
| 6436 | American Tower Corp.  | 1311979  |

---

See Notes to Financial Statements.

298<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 8451 | Arcosa Inc.  | $836226  |
| 8338 | AvalonBay Communities Inc.  | 1632997  |
| 4590 | Brixmor Property Group Inc.  | 128474  |
| 22711 | Broadstone Net Lease Inc., Class A Shares | 422197  |
| 11050 | Bunge Global SA | 930631  |
| 1591 | Camden Property Trust | 178160  |
| 26184 | CareTrust REIT Inc.  | 900991  |
| 3623 | Casella Waste Systems Inc., Class A Shares<sup>\*</sup> | 357083  |
| 948 | Caterpillar Inc.  | 397250  |
| 365 | CBRE Group Inc., Class A Shares<sup>\*</sup> | 59174  |
| 38890 | CenterPoint Energy Inc.  | 1466542  |
| 1983 | Centerspace | 117988  |
| 20804 | CF Industries Holdings Inc.  | 1802250  |
| 11497 | Cheniere Energy Inc.  | 2780205  |
| 4881 | Chord Energy Corp.  | 536373  |
| 23016 | CMS Energy Corp.  | 1647255  |
| 47911 | Coeur Mining Inc.<sup>\*</sup> | 630030  |
| 11829 | ConocoPhillips | 1170716  |
| 1156 | Constellation Energy Corp.  | 356025  |
| 20103 | COPT Defense Properties | 578564  |
| 29853 | Corteva Inc.  | 2214794  |
| 1469 | Cousins Properties Inc.  | 43321  |
| 112260 | Crescent Energy Co., Class A Shares | 1070960  |
| 11954 | CRH PLC | 1347162  |
| 28854 | Crown Castle Inc.  | 2860586  |
| 4127 | Crown Holdings Inc.  | 410141  |
| 11418 | CSX Corp.  | 371199  |
| 3114 | CubeSmart | 127425  |
| 17087 | Curbline Properties Corp.  | 384970  |
| 37694 | Darling Ingredients Inc.<sup>\*</sup> | 1280088  |
| 727 | Deere & Co.  | 347971  |
| 14702 | Diamondback Energy Inc.  | 2187070  |
| 18009 | Digital Realty Trust Inc.  | 3019029  |
| 42127 | DigitalBridge Group Inc.  | 480669  |
| 31905 | Dominion Energy Inc.  | 1911109  |
| 2908 | DT Midstream Inc.  | 302955  |
| 1106 | DTE Energy Co.  | 151135  |
| 6416 | EastGroup Properties Inc.  | 1087897  |
| 35918 | Empire State Realty Trust Inc., Class A Shares | 274773  |
| 24969 | Entergy Corp.  | 2199519  |
| 10702 | EQT Corp.  | 554792  |
| 7895 | Equinix Inc.  | 6206970  |
| 8063 | Equity LifeStyle Properties Inc.  | 486118  |

---

See Notes to Financial Statements.

299<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 28971 | Equity Residential | $1915563  |
| 15418 | Essential Properties Realty Trust Inc.  | 482892  |
| 45765 | Essential Utilities Inc.  | 1808175  |
| 2832 | Essex Property Trust Inc.  | 765235  |
| 10445 | Evergy Inc.  | 744311  |
| 16042 | Eversource Energy | 1027811  |
| 41232 | Exelon Corp.  | 1801014  |
| 24719 | Expand Energy Corp.  | 2392305  |
| 8602 | Extra Space Storage Inc.  | 1235075  |
| 12596 | Exxon Mobil Corp.  | 1439597  |
| 984 | Federal Realty Investment Trust | 98941  |
| 23482 | First Industrial Realty Trust Inc.  | 1235153  |
| 3906 | First Solar Inc.<sup>\*</sup> | 762412  |
| 5204 | Four Corners Property Trust Inc.  | 134732  |
| 36526 | Freeport-McMoRan Inc.  | 1621754  |
| 16810 | Gaming & Leisure Properties Inc.  | 807048  |
| 35446 | GO Residential Real Estate Investment Trust | 448746  |
| 13969 | Healthpeak Properties Inc.  | 250604  |
| 28608 | Helmerich & Payne Inc.  | 597621  |
| 14310 | HF Sinclair Corp.  | 728093  |
| 6954 | Highwoods Properties Inc.  | 219260  |
| 3088 | Hyatt Hotels Corp., Class A Shares | 445537  |
| 465 | IDACORP Inc.  | 58171  |
| 62986 | International Paper Co.  | 3129144  |
| 83523 | Invitation Homes Inc.  | 2613435  |
| 14620 | Iron Mountain Inc.  | 1349865  |
| 771 | Jones Lang LaSalle Inc.<sup>\*</sup> | 235594  |
| 8848 | Kilroy Realty Corp.  | 367988  |
| 75540 | Kimbell Royalty Partners LP | 1055294  |
| 43084 | Kimco Realty Corp.  | 968959  |
| 67748 | Kinder Morgan Inc.  | 1827841  |
| 14907 | Kite Realty Group Trust | 340178  |
| 1795 | Lamar Advertising Co., Class A Shares | 228414  |
| 8409 | Lineage Inc.  | 352421  |
| 5653 | Louisiana-Pacific Corp.  | 537657  |
| 5894 | Macerich Co.  | 108450  |
| 8269 | Marathon Petroleum Corp.  | 1486022  |
| 1249 | Marriott International Inc., Class A Shares | 334557  |
| 38526 | Metallus Inc.<sup>\*</sup> | 632982  |
| 561 | Mid-America Apartment Communities Inc.  | 81805  |
| 32842 | Mosaic Co.  | 1096923  |
| 7805 | MP Materials Corp.<sup>\*</sup> | 555248  |
| 27743 | NETSTREIT Corp.  | 507419  |

---

See Notes to Financial Statements.

300<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 25456 | Newmont Corp.  | $1893926  |
| 70841 | NextEra Energy Inc.  | 5104094  |
| 25853 | NiSource Inc.  | 1092806  |
| 8568 | NNN REIT Inc.  | 367653  |
| 2205 | Norfolk Southern Corp.  | 617356  |
| 3376 | NRG Energy Inc.  | 491411  |
| 3832 | Nucor Corp.  | 569933  |
| 5393 | Omega Healthcare Investors Inc.  | 229580  |
| 25591 | ONEOK Inc.  | 1954641  |
| 4707 | Packaging Corp. of America | 1025938  |
| 22090 | Peabody Energy Corp.  | 384366  |
| 116534 | Permian Resources Corp., Class A Shares | 1665271  |
| 115861 | PG&E Corp.  | 1770356  |
| 13544 | Phillips 66 | 1809208  |
| 1153 | Pinnacle West Capital Corp.  | 103032  |
| 22646 | PPL Corp.  | 825900  |
| 38799 | Prologis Inc.  | 4414550  |
| 7519 | Public Storage | 2215022  |
| 8717 | Rayonier Inc.  | 229083  |
| 7074 | Realty Income Corp.  | 415668  |
| 7050 | Regency Centers Corp.  | 511125  |
| 3162 | Republic Services Inc., Class A Shares | 739813  |
| 4700 | Ryman Hospitality Properties Inc.  | 464313  |
| 9777 | Sabra Health Care REIT Inc.  | 186838  |
| 39963 | Sempra | 3299345  |
| 15974 | Simon Property Group Inc.  | 2885863  |
| 8178 | SITE Centers Corp.  | 100426  |
| 6148 | SL Green Realty Corp.  | 349760  |
| 2114 | Smartstop Self Storage REIT Inc.  | 76928  |
| 5007 | Southern Co.  | 462146  |
| 6527 | Spire Inc.  | 499968  |
| 35873 | SSR Mining Inc.<sup>\*</sup>  | 692277  |
| 2495 | STAG Industrial Inc.  | 91941  |
| 10367 | Steel Dynamics Inc.  | 1357248  |
| 5110 | Sun Communities Inc.  | 648306  |
| 16526 | Tanger Inc.  | 564859  |
| 2637 | Targa Resources Corp.  | 442383  |
| 5603 | Terreno Realty Corp.  | 323685  |
| 12788 | UDR Inc.  | 506021  |
| 20926 | Unit Corp.<sup>(c)</sup> | 623176  |
| 13975 | Urban Edge Properties | 289143  |
| 11875 | Valero Energy Corp.  | 1805119  |
| 44534 | Ventas Inc.  | 3031875  |

---

See Notes to Financial Statements.

301<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Shares/Units** | **Security** | **Value**  |
| **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  | **COMMON STOCKS – (continued)**  |
| **United States – (continued)**  | **United States – (continued)**  | **United States – (continued)**  |
| 13914 | Veris Residential Inc.  | $218867  |
| 63963 | VICI Properties Inc., Class A Shares | 2160670  |
| 3231 | Vistra Corp.  | 611014  |
| 7376 | Waste Management Inc.  | 1669853  |
| 6560 | WEC Energy Group Inc.  | 698706  |
| 41724 | Welltower Inc.  | 7021315  |
| 26612 | Williams Cos., Inc.  | 1540303  |
| 32617 | Xcel Energy Inc.  | 2361145  |
|  | Total United States | 158100066  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost – $273,210,061)** | **289470981**  |
| **EXCHANGE TRADED FUNDS (ETFs) – 10.6%**  | **EXCHANGE TRADED FUNDS (ETFs) – 10.6%**  | **EXCHANGE TRADED FUNDS (ETFs) – 10.6%**  |
| **United States – 10.6%**  | **United States – 10.6%**  | **United States – 10.6%**  |
| 751894 | Pimco Commodity Strategy Active Exchange-Traded Fund | 20071810  |
| 220029 | SPDR Gold MiniShares Trust<sup>\*</sup> | 15049984  |
|  | Total United States | 35121794  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS (ETFs)**<br>**(Cost – $32,900,398)** | **35121794**  |
| **LIMITED PARTNERSHIPS – 0.2%**  | **LIMITED PARTNERSHIPS – 0.2%**  | **LIMITED PARTNERSHIPS – 0.2%**  |
| **United States – 0.2%**  | **United States – 0.2%**  | **United States – 0.2%**  |
| 36615 | Energy Transfer LP | 648818  |
| 1298 | Plains All American Pipeline LP | 23364  |
|  | Total United States | 672182  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL LIMITED PARTNERSHIPS**<br>**(Cost – $679,035)** | **672182**  |
| **CLOSED-END FUND – 0.0%**  | **CLOSED-END FUND – 0.0%**  | **CLOSED-END FUND – 0.0%**  |
| **Jersey, Channel Islands – 0.0%**  | **Jersey, Channel Islands – 0.0%**  | **Jersey, Channel Islands – 0.0%**  |
| 33279 | &nbsp;&nbsp;&nbsp; 3i Infrastructure PLC <br>(Cost – $138,982) | 153425  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br>**(Cost – $306,928,476)** | **325418382** |

---

---

| | | |
|:---|:---|:---|
| **Face Amount†**  |  |  |
| **SHORT-TERM INVESTMENTS – 1.4%**  | **SHORT-TERM INVESTMENTS – 1.4%**  | **SHORT-TERM INVESTMENTS – 1.4%**  |
| **TIME DEPOSITS – 1.4%**  | **TIME DEPOSITS – 1.4%**  | **TIME DEPOSITS – 1.4%**  |
| 154544<sup>AUD</sup> | ANZ National Bank - Hong Kong, 2.270% due 9/1/25  | 101172  |
|  | Brown Brothers Harriman - Grand Cayman:<br>|  |
| 56<sup>SEK</sup> | &nbsp;&nbsp;&nbsp; 0.820% due 9/1/25  | 6  |
| 8<sup>NZD</sup> | &nbsp;&nbsp;&nbsp; 1.700% due 9/1/25  | 5  |
| 23928<sup>CAD</sup> | &nbsp;&nbsp;&nbsp; 1.590% due 9/2/25  | 17425  |
|  | Citibank - London: |  |
| 111<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 0.870% due 9/1/25  | 129  |
| 35046<sup>GBP</sup> | &nbsp;&nbsp;&nbsp; 2.920% due 9/1/25  | 47369  |
| 839371 | Citibank - New York, 3.680% due 9/2/25  | 839371 |

---

See Notes to Financial Statements.

302<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(continued)** 

---

| | | |
|:---|:---|:---|
| **Face Amount†**  | **Security**  | **Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **TIME DEPOSITS – (continued)** | **TIME DEPOSITS – (continued)** | **TIME DEPOSITS – (continued)** |
| 123<sup>HKD</sup> | Hong Kong & Shanghai Bank – Hong Kong, 2.020% due 9/1/25  | $16  |
| 3<sup>SGD</sup> | Hong Kong & Shanghai Bank – Singapore, 0.230% due 9/1/25  | 2  |
| 3593894 | JPMorgan Chase & Co. – New York, 3.680% due 9/2/25  | 3593894  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL TIME DEPOSITS**<br>**(Cost – $4,599,389)** | **4599389**  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 99.8%**<br>**(Cost – $311,527,865)** | **330017771**  |
|  | Other Assets in Excess of Liabilities – 0.2% | 532982  |
|  | **TOTAL NET ASSETS – 100.0%** | **$330550753** |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Face amount denominated in U.S. dollars, unless
 otherwise noted.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025, amounts to $10,463,833 and represents 3.17% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security trades on the Hong Kong exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Illiquid security. The aggregate value of illiquid
 holdings at August 31, 2025, amounts to $1,421,564 and represents 0.43% of net assets.

<u>Abbreviations used in this schedule:</u>

ADR — American Depositary Receipts

LP — Limited Partnership

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depository Receipts

**<u>Summary of Investments by Security Sector^</u>**

---

| | |
|:---|:---|
| Financial  | 30.6%  |
| Utilities  | 16.5  |
| Energy  | 14.6  |
| Industrial  | 12.0  |
| Basic Materials  | 10.4  |
| Consumer Non-cyclical  | 2.9  |
| Communications  | 0.6  |
| Consumer Cyclical  | 0.4  |
| Exchange Traded Funds (ETFs) | 10.6  |
| Closed-End Fund | 0.0\*  |
| Short-Term Investments | 1.4  |
|  | 100.0% |

---

See Notes to Financial Statements.

303<br>

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**Schedules of Investments** 

**August 31, 2025 (unaudited)** 

**Destinations Real Assets Fund(concluded)** 

---

| | |
|:---|:---|
| ^<br>| As a percentage of total investments. |

---

\* Position represents less than 0.05%. 

<u>Currency Abbreviations used in this schedule:</u>

AUD

— Australian Dollar

CAD

— Canadian Dollar

EUR

— Euro

GBP

— British Pound

HKD

— Hong Kong Dollar

NZD

— New Zealand Dollar

SEK

— Swedish Krona

SGD

— Singapore Dollar

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.

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.

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**Ratings (unaudited)(concluded)** 

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

e — Expected.

u — Upgraded.

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

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

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

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

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

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

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

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

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

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

**Short-Term Security Ratings** 

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

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

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

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

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

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

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

306<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Assets and Liabilities** 

**August 31, 2025 (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Destinations** <br>**Large Cap** <br>**Equity** <br>**Fund** | **Destinations** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** | **Destinations** <br>**International** <br>**Equity Fund** | **Destinations** <br>**Equity Income** <br>**Fund** | **Destinations** <br>**Core Fixed** <br>**Income** <br>**Fund**  |
| **ASSETS:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value<sup>(1),(2)</sup> | $3575420538 | $683247717 | $1925562247 | &nbsp;&nbsp; $476974731 | $1618537484  |
| &nbsp;&nbsp;&nbsp; Cash |  |  |  | &nbsp;&nbsp; — | 99  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments |  |  |  | &nbsp;&nbsp; — | 3  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value<sup>(3)</sup> | 82 |  | 2511382 | &nbsp;&nbsp; 28366 | —  |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold | 8504214 | 462391 | 26631094 | &nbsp;&nbsp; — | 59760578  |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3519508 | 461727 | 9585694 | &nbsp;&nbsp; 1983336 | 9572511  |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 950824 | 175276 | 524022 | &nbsp;&nbsp; 47348 | 245803  |
| &nbsp;&nbsp;&nbsp; Variation margin on open future contracts (Note 4) |  |  |  | &nbsp;&nbsp; — | 52430  |
| &nbsp;&nbsp;&nbsp; Deposits with counterparty |  |  | 7986606<sup>(7)</sup> | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Cash held at Broker | 70385<sup>(4)</sup> | 125445<sup>(4)</sup> | 140426<sup>(4)</sup> | &nbsp;&nbsp; — | 950423<sup>(7)</sup>  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 50322 | 7902 | 57023 | &nbsp;&nbsp; 14606 | 19410  |
| &nbsp;&nbsp;&nbsp; Prepaid Chief Compliance Officer expenses | 50736 | 9036 | 24656 | &nbsp;&nbsp; 5814 | 9511  |
| &nbsp;&nbsp;&nbsp; Other assets | 560755 | 73932 | 181357 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | **3589127364** | **684563426** | **1973204507** | &nbsp;&nbsp; **479054201** | **1689148252**  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for collateral received from securities on loan |  | 4348045 | 4089594 | &nbsp;&nbsp; 678050 | 129981  |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 1537125 | 274679 | 795719 | &nbsp;&nbsp; 130251 | 961760  |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased | 3837821 | 232058 | 25894107 | &nbsp;&nbsp; — | 106322718  |
| &nbsp;&nbsp;&nbsp; Investment management fee payable | 1893042 | 440453 | 1215691 | &nbsp;&nbsp; 299140 | 797086  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees payable | 812181 | 161741 | 418642 | &nbsp;&nbsp; 95220 | 360286  |
| &nbsp;&nbsp;&nbsp; Custody fee payable | 148978 | 73690 | 249983 | &nbsp;&nbsp; 31475 | 145858  |
| &nbsp;&nbsp;&nbsp; Trustees' fees payable  | 66798 | 15220 | 27396 | &nbsp;&nbsp; 7738 | 23867  |
| &nbsp;&nbsp;&nbsp; Shareholder services | 23344 | 24598 | 109867 | &nbsp;&nbsp; 19885 | 15535  |
| &nbsp;&nbsp;&nbsp; Variation margin on open future contracts (Note 4) | 6769 | 8854 | 26224 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Variation margin on open swap contracts (Note 4) |  |  |  | &nbsp;&nbsp; — | 886127  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap contracts (Note 4) |  |  | 2808804 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Forward sale commitments<sup>(5)</sup> (Note 5) |  |  |  | &nbsp;&nbsp; — | 29584173  |
| &nbsp;&nbsp;&nbsp; Due to custodian<sup>(3)</sup> |  | 6 | 272484 | &nbsp;&nbsp; 1702 | —  |
| &nbsp;&nbsp;&nbsp; Options contracts written, at value<sup>(6)</sup> (Note 4) |  |  |  | &nbsp;&nbsp; 231985 | —  |
| &nbsp;&nbsp;&nbsp; Foreign capital gains tax payable |  |  | 3960128 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 45217 | 12603 | 227282 | &nbsp;&nbsp; 6966 | 217530  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **8371275** | **5591947** | **40095921** | &nbsp;&nbsp; **1502412** | **139444921**  |
| **Total Net Assets** | **$3580756089** | **$678971479** | **$1933108586** | &nbsp;&nbsp; **$477551789** | **$1549703331**  |
| **NET ASSETS:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Par value  | $221116 | $49164 | $128485 | &nbsp;&nbsp; $33843 | $182827  |
| &nbsp;&nbsp;&nbsp; Paid-in capital in excess of par value | 2067445208 | 471447343 | 1303372359 | &nbsp;&nbsp; 328981661 | 1906820407  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (losses) | 1513089765 | 207474972 | 629607742 | &nbsp;&nbsp; 148536285 | (357299903)  |
| **Total Net Assets** | **$3580756089** | **$678971479** | **$1933108586** | &nbsp;&nbsp; **$477551789** | **$1549703331**  |
| **Total Net Assets Class I** | **$3259034795** | **$618452610** | **$1758385605** | &nbsp;&nbsp; **$441730809** | **$1416791592**  |
| **Total Net Assets Class Z** | **$321721294** | **$60518869** | **$174722981** | &nbsp;&nbsp; **$35820980** | **$132911739**  |
| **Shares Outstanding Class I** | **194163330** | **43256006** | **115113049** | &nbsp;&nbsp; **31217149** | **167586352**  |
| **Shares Outstanding Class Z** | **26952261** | **5907570** | **13371902** | &nbsp;&nbsp; **2626151** | **15241094**  |
| **Net Asset Value Class I** | **$16.79** | **$14.30** | **$15.28** | &nbsp;&nbsp; **$14.15** | **$8.45**  |
| **Net Asset Value Class Z** | **$11.94** | **$10.24** | **$13.07** | &nbsp;&nbsp; **$13.64** | **$8.72**  |
| (1) Investments, at cost | $2766344514 | $555885509 | $1455621424 | &nbsp;&nbsp; $375697878 | $1734259261  |
| (2) Includes securities on loan | $— | $4293876 | $3915730 | &nbsp;&nbsp; $670666 | $125487  |
| (3) Foreign currency, at cost | $76 | $— | $2508349 | &nbsp;&nbsp; $28176 | $—  |
| (4) Related to futures contracts | $70385 | $125445 | $140426 | &nbsp;&nbsp; $— | $—  |
| (5) Proceeds received | $— | $— | $— | &nbsp;&nbsp; $— | $29509136  |
| (6) Premiums received  | $— | $— | $— | &nbsp;&nbsp; $85949 | $—  |
| (7) Related to swap contracts  | $— | $— | $7986606 | &nbsp;&nbsp; $— | $950423  |
| (8) Related to securities sold short  | $— | $— | $— | &nbsp;&nbsp; $— | $— |

---

See Notes to Financial Statements.

307<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Assets and Liabilities** 

**August 31, 2025 (unaudited)(concluded)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Destinations** <br>**Low Duration** <br>**Fixed Income** <br>**Fund** | **Destinations** <br>**Global Fixed** <br>**Income** <br>**Opportunities** <br>**Fund** | **Destinations** <br>**Municipal** <br>**Fixed Income** <br>**Fund** | **Destinations** <br>**Multi Strategy** <br>**Alternatives** <br>**Fund** | **Destinations** <br>**Shelter** <br>**Fund** | **Destinations** <br>**Real Assets** <br>**Fund**  |
| **ASSETS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value<sup>(1),(2)</sup> | $285115365 | $709261796 | $644198920 | $537309276 | $97217517 | $330017771  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments |  | 71373 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value<sup>(3)</sup> | 163 | 239582 |  |  |  | 105  |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold | 20851 | 3402680 |  | 3104532 | 243457 | 705501  |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2567240 | 10959506 | 6797609 | 1822679 | 103891 | 827882  |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 54529 | 115705 | 90337 | 79096 | 166 | 56681  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward foreign currency contracts (Note 4) | 19155 | 76069 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts (Note 4) |  |  |  | 6016312 |  | —  |
| &nbsp;&nbsp;&nbsp; Upfront premiums paid on swap contracts |  |  |  | 6917300 |  | —  |
| &nbsp;&nbsp;&nbsp; Deposits with counterparty |  | 3487500<sup>(8)</sup> |  | 10663778<sup>(7),(8)</sup> |  | —  |
| &nbsp;&nbsp;&nbsp; Cash held at Broker |  | 7078599<sup>(8)</sup> |  | 2025616<sup>(7)</sup> |  | —  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 15722 | 21858 | 9060 | 2756 |  | 36400  |
| &nbsp;&nbsp;&nbsp; Prepaid Chief Compliance Officer expenses | 3320 | 10298 | 8015 | 6662 | 1458 | —  |
| &nbsp;&nbsp;&nbsp; **Total Assets**  | **287796345** | **734724966** | **651103941** | **567948007** | **97566489** | **331644340**  |
| **LIABILITIES:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for collateral received from securities on loan | 2223994 | 3632631 |  | 3408307 |  | —  |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 178896 | 340827 | 308620 | 285351 | 109448 | 131405  |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased | 569893 | 12602619 | 2879236 |  | 1039992 | 672748  |
| &nbsp;&nbsp;&nbsp; Investment management fee payable | 107763 | 496946 | 355511 | 524726 | 63904 | 206892  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees payable | 82761 | 155560 | 130884 | 133632 | 50247 | 45266  |
| &nbsp;&nbsp;&nbsp; Custody fee payable | 33338 | 52792 | 56335 | 44698 | 12216 | —  |
| &nbsp;&nbsp;&nbsp; Trustees' fees payable | 4990 | 10316 | 10774 | 9303 | 1220 | 2956  |
| &nbsp;&nbsp;&nbsp; Registration fees payable |  |  |  | 12956 | 54649 | —  |
| &nbsp;&nbsp;&nbsp; Shareholder services | 15235 | 28090 | 22180 | 25855 | 3028 | 14118  |
| &nbsp;&nbsp;&nbsp; Upfront premiums received on swap contracts |  |  |  | 4736000 |  | —  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap contracts (Note 4) |  |  |  | 2047660 |  | —  |
| &nbsp;&nbsp;&nbsp; Securities sold short<sup>(5)</sup> (Note 5) |  | 4624045 |  | 1075980 |  | —  |
| &nbsp;&nbsp;&nbsp; Due to custodian<sup>(3)</sup> |  | 11 |  |  | 216 | 105  |
| &nbsp;&nbsp;&nbsp; Options contracts written, at value<sup>(6)</sup> (Note 4) |  | 136205 |  |  | 678570 | —  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward foreign currency contracts (Note 4) | 16659 | 432769 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Investment interest payable on securities sold short |  | 32820 |  | 21494 |  | —  |
| &nbsp;&nbsp;&nbsp; Distributions payable |  |  |  |  | 5 | —  |
| &nbsp;&nbsp;&nbsp; Accrued Chief Compliance Officer expenses |  |  |  |  |  | 3356  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 72088 | 47400 | 44492 | 58639 | 24668 | 16741  |
| &nbsp;&nbsp;&nbsp; Other liabilities |  | 1080928 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **3305617** | **23673959** | **3808032** | **12384601** | **2038163** | **1093587**  |
| **Total Net Assets** | **$284490728** | **$711051007** | **$647295909** | **$555563406** | **$95528326** | **$330550753**  |
| **NET ASSETS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Par value  | $30415 | $75147 | $68408 | $53575 | $7627 | $138634  |
| &nbsp;&nbsp;&nbsp; Paid-in capital in excess of par value | 314167215 | 757592154 | 697259830 | 529967987 | 74771241 | 308648274  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (losses) | (29706902) | (46616294) | (50032329) | 25541844 | 20749458 | 21763845  |
| **Total Net Assets** | **$284490728** | **$711051007** | **$647295909** | **$555563406** | **$95528326** | **$330550753**  |
| **Total Net Assets Class I** | **$263283839** | **$658450031** | **$609836917** | **$513341762** | **$93640562** | **$302631863**  |
| **Total Net Assets Class Z** | **$21206889** | **$52600976** | **$37458992** | **$42221644** | **$1887764** | **$27918890**  |
| **Shares Outstanding Class I** | **28205905** | **69704523** | **64467792** | **49391464** | **7474865** | **125606938**  |
| **Shares Outstanding Class Z** | **2208731** | **5442489** | **3939928** | **4183310** | **152519** | **13027028**  |
| **Net Asset Value Class I** | **$9.33** | **$9.45** | **$9.46** | **$10.39** | **$12.53** | **$2.41**  |
| **Net Asset Value Class Z** | **$9.60** | **$9.66** | **$9.51** | **$10.09** | **$12.38** | **$2.14**  |
| (1) Investments, at cost | $295754453 | $712718866 | $652871441 | $522076616 | $58802622 | $311527865  |
| (2) Includes securities on loan | $2133984 | $3501689 | $— | $3392585 | $— | $—  |
| (3) Foreign currency, at cost | $163 | $239577 | $— | $— | $— | $105  |
| (4) Related to futures contracts  | $— | $— | $— | $— | $— | $—  |
| (5) Proceeds received | $— | $4559018 | $— | $1008368 | $— | $—  |
| (6) Premiums received  | $— | $88746 | $— | $— | $751604 | $—  |
| (7) Related to swap contracts  | $— | $— | $— | $9839394 | $— | $—  |
| (8) Related to securities sold short  | $— | $10566099 | $— | $2850000 | $— | $— |

---

See Notes to Financial Statements.

308<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Operations** 

**For the Six Months Ended August 31, 2025 (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Destinations** <br>**Large Cap** <br>**Equity** <br>**Fund** | **Destinations** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** | **Destinations** <br>**International** <br>**Equity** | **Destinations** <br>**Equity** <br>**Income** <br>**Fund** | **Destinations** <br>**Core Fixed** <br>**Income** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends | $20691615 | $4164689 | $39314591 | $9011789 | $803459  |
| &nbsp;&nbsp;&nbsp; Interest | 719475 | 290795 | 666358 | 188515 | 39240181  |
| &nbsp;&nbsp;&nbsp; Income from securities lending (net of any rebate or fees paid to borrowers) | 14855 | 65909 | 87848 | 6304 | 351  |
| &nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld (Note 5) | (183534) | (4937) | (4148248) | (437276) | —  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **21242411** | **4516456** | **35920549** | **8769332** | **40043991**  |
| **EXPENSES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment management fee (Note 7) | 13574491 | 2995745 | 9642884 | 1918410 | 5290714  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2522643 | 471586 | 1348579 | 347981 | 1145081  |
| &nbsp;&nbsp;&nbsp; Custody fees | 399245 | 174962 | 690305 | 93473 | 369617  |
| &nbsp;&nbsp;&nbsp; Trustees' fees | 190658 | 36907 | 88933 | 23064 | 77767  |
| &nbsp;&nbsp;&nbsp; Insurance | 53755 | 10552 | 25345 | 6576 | 23340  |
| &nbsp;&nbsp;&nbsp; Audit and tax | 34515 | 18508 | 27810 | 22663 | 26101  |
| &nbsp;&nbsp;&nbsp; Legal expense | 183454 | 34589 | 97237 | 24844 | 81160  |
| &nbsp;&nbsp;&nbsp; Printing expense | 162 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer expense | 116392 | 22935 | 55859 | 14570 | 63758  |
| &nbsp;&nbsp;&nbsp; Shareholder reports fees | 49 | 64 | 64 | 52 | 49  |
| &nbsp;&nbsp;&nbsp; Shareholder services | 83645 | 42278 | 35654 | 41049 | 41335  |
| &nbsp;&nbsp;&nbsp; Registration fees | 47132 | 27657 | 32916 | 31137 | 32100  |
| &nbsp;&nbsp;&nbsp; Miscellaneous expense | 184127 | 33931 | 110066 | 11030 | 60148  |
| &nbsp;&nbsp;&nbsp; Interest and dividend expense | 9282 | 8566 | 19812 | 5560 | 19309  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | **17399550** | **3878280** | **12175464** | **2540409** | **7230479**  |
| &nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement (Note 7) | (2638345) | (308148) | (2066357) | (271693) | (288681)  |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | **14761205** | **3570132** | **10109107** | **2268716** | **6941798**  |
| **Net Investment Income (Loss)** | **$6481206** | **$946324** | **$25811442** | **$6500616** | **$33102193**  |
|  **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):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) From:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | $506826502<sup>(a)</sup> | $46437201<sup>(a)</sup> | $126,826,809<sup>(a)</sup>\* | $32211157<sup>(a)</sup> | $(9773650)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8062) | (137260) | 525922 |  | (495441)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options contracts written |  |  | 53813 | 266527 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short |  | 4044 |  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward sale commitments |  |  |  |  | (296192)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  | 38032 |  | 267667  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 357842 | (14566) | 98  |
| &nbsp;&nbsp;&nbsp; **Realized Gain (Loss)** | **506818440** | **46303985** | **127802418** | **32463118** | **(10297518)**  |
| &nbsp;&nbsp;&nbsp; Change in Net Unrealized Appreciation (Depreciation) From:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (251315427) | 5731435 | 111,485,090\*\* | (5987468) | 381585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 124420 | 248243 | 70593 |  | 123267  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options contracts written |  |  | (12567) | (145336) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments |  |  |  |  | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward sale commitments |  |  |  |  | 497361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  | 1088771 |  | 252264  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 13033 |  | 666701 | 97001 | 3  |
| **Change in Net Unrealized Appreciation (Depreciation):** | **(251177974)** | **5979678** | **113298588** | **(6035803)** | **1254483**  |
| &nbsp;&nbsp;&nbsp; **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** | **255640466** | **52283663** | **241101006** | **26427315** | **(9043035)**  |
| **Total Increase (Decrease) in Net Assets from Operations** | **$262121672** | **$53229987** | **$266912448** | **$32927931** | **$24059158** |

---

\* Includes foreign capital gains tax of $(130986) for Destinations International Equity Fund. 

\*\* Includes accrued foreign capital gains tax of $1,449,901 for Destinations International Equity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes realized gain on In-Kind transactions
 of $476,677,494, $53,176,217, $40,174,080 and $19,136,618 for Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund,
 Destinations International Equity and Destinations Equity Income Fund, respectively. See Note 11 and Note 12.

See Notes to Financial Statements.

309<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Operations** 

**For the Six Months Ended August 31, 2025 (unaudited)(continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Destinations** <br>**Low Duration** <br>**Fixed Income** <br>**Fund** | **Destinations** <br>**Global Fixed Income** <br>**Opportunities** <br>**Fund** | **Destinations** <br>**Municipal** <br>**Fixed Income** <br>**Fund** | **Destinations** <br>**Multi Strategy** <br>**Alternatives** <br>**Fund** | **Destinations** <br>**Shelter** <br>**Fund**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp; $949124 | &nbsp;&nbsp;&nbsp;&nbsp; $1137757 | $202447 | &nbsp;&nbsp; $2189483 | $627574  |
| &nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 8297983 | &nbsp;&nbsp;&nbsp;&nbsp; 26159620 | 12771303 | &nbsp;&nbsp; 12280548 | 20533  |
| &nbsp;&nbsp;&nbsp; Income from securities lending (net of any rebate or fees paid to borrowers) | &nbsp;&nbsp; 17226 | &nbsp;&nbsp;&nbsp;&nbsp; 42736 | 27685 | &nbsp;&nbsp; 171402 | —  |
| &nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld (Note 5) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | (4506)  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | &nbsp;&nbsp; **9264333** | &nbsp;&nbsp;&nbsp;&nbsp; **27340113** | **13001435** | &nbsp;&nbsp; **14641433** | **643601**  |
| **EXPENSES:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment management fee (Note 7) | &nbsp;&nbsp; 1057391 | &nbsp;&nbsp;&nbsp;&nbsp; 3021415 | 2396948 | &nbsp;&nbsp; 3778559 | 405496  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 222805 | &nbsp;&nbsp;&nbsp;&nbsp; 511632 | 499894 | &nbsp;&nbsp; 404324 | 73815  |
| &nbsp;&nbsp;&nbsp; Custody fees | &nbsp;&nbsp; 100735 | &nbsp;&nbsp;&nbsp;&nbsp; 158792 | 140316 | &nbsp;&nbsp; 106008 | 42106  |
| &nbsp;&nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 14884 | &nbsp;&nbsp;&nbsp;&nbsp; 33187 | 33957 | &nbsp;&nbsp; 28533 | 4337  |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 4377 | &nbsp;&nbsp;&nbsp;&nbsp; 9870 | 10160 | &nbsp;&nbsp; 8090 | 1288  |
| &nbsp;&nbsp;&nbsp; Audit and tax | &nbsp;&nbsp; 28432 | &nbsp;&nbsp;&nbsp;&nbsp; 26688 | 25555 | &nbsp;&nbsp; 24283 | 23627  |
| &nbsp;&nbsp;&nbsp; Legal expense | &nbsp;&nbsp; 12440 | &nbsp;&nbsp;&nbsp;&nbsp; 37574 | 37705 | &nbsp;&nbsp; 23983 | 4595  |
| &nbsp;&nbsp;&nbsp; Printing expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer expense | &nbsp;&nbsp; 9689 | &nbsp;&nbsp;&nbsp;&nbsp; 21596 | 21775 | &nbsp;&nbsp; 17825 | 2743  |
| &nbsp;&nbsp;&nbsp; Shareholder reports fees | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shareholder services | &nbsp;&nbsp; 39096 | &nbsp;&nbsp;&nbsp;&nbsp; 73523 | 20278 | &nbsp;&nbsp; 47334 | 1824  |
| &nbsp;&nbsp;&nbsp; Registration fees | &nbsp;&nbsp; 22088 | &nbsp;&nbsp;&nbsp;&nbsp; 25900 | 27252 | &nbsp;&nbsp; 31761 | 19691  |
| &nbsp;&nbsp;&nbsp; Miscellaneous expense | &nbsp;&nbsp; 16137 | &nbsp;&nbsp;&nbsp;&nbsp; 22972 | 13743 | &nbsp;&nbsp; 8886 | 6074  |
| &nbsp;&nbsp;&nbsp; Interest and dividend expense | &nbsp;&nbsp; 2458 | &nbsp;&nbsp;&nbsp;&nbsp; 98045 | 6688 | &nbsp;&nbsp; 65263 | 3408  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | &nbsp;&nbsp; **1530577** | &nbsp;&nbsp;&nbsp;&nbsp; **4041270** | **3234271** | &nbsp;&nbsp; **4544849** | **589004**  |
| &nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement (Note 7) | &nbsp;&nbsp; (76072) | &nbsp;&nbsp;&nbsp;&nbsp; (297522) | (382615) | &nbsp;&nbsp; (1010366) | (26591)  |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | &nbsp;&nbsp; **1454505** | &nbsp;&nbsp;&nbsp;&nbsp; **3743748** | **2851656** | &nbsp;&nbsp; **3534483** | **562413**  |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **$7809828** | &nbsp;&nbsp;&nbsp;&nbsp; **$23596365** | **$10149779** | &nbsp;&nbsp; **$11106950** | **$81188**  |
|  **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):** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) From: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; $(1630512) | &nbsp;&nbsp;&nbsp;&nbsp; $2952578 | $(5045674) | &nbsp;&nbsp; $(111968) | $(1274822)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94994 |  | &nbsp;&nbsp; — | (891742)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (544192) |  | &nbsp;&nbsp; 164070 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 2941321 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp; (1397132) | &nbsp;&nbsp;&nbsp;&nbsp; (13110305) |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; 74980 | &nbsp;&nbsp;&nbsp;&nbsp; 568729 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Realized Gain (Loss)** | &nbsp;&nbsp; **(2952664)** | &nbsp;&nbsp;&nbsp;&nbsp; **(10038196)** | **(5045674)** | &nbsp;&nbsp; **2993423** | **(2166564)**  |
| &nbsp;&nbsp;&nbsp; Change in Net Unrealized Appreciation (Depreciation) From: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 2450079 | &nbsp;&nbsp;&nbsp;&nbsp; 8945248 | (11874182) | &nbsp;&nbsp; 1886252 | 6572249  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93111 |  | &nbsp;&nbsp; — | (181702)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71373 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 253696 |  | &nbsp;&nbsp; (156868) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; (1249437) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp; 83246 | &nbsp;&nbsp;&nbsp;&nbsp; 495447 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | &nbsp;&nbsp; 1111 | &nbsp;&nbsp;&nbsp;&nbsp; 41557 |  | &nbsp;&nbsp; — | —  |
| **Change in Net Unrealized Appreciation (Depreciation):** | &nbsp;&nbsp; **2534436** | &nbsp;&nbsp;&nbsp;&nbsp; **9900432** | **(11874182)** | &nbsp;&nbsp; **479947** | **6390547**  |
| &nbsp;&nbsp;&nbsp; **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** | &nbsp;&nbsp; **(418228)** | &nbsp;&nbsp;&nbsp;&nbsp; **(137764)** | **(16919856)** | &nbsp;&nbsp; **3473370** | **4223983**  |
| **Total Increase (Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; **$7391600** | &nbsp;&nbsp;&nbsp;&nbsp; **$23458601** | **$(6770077)** | &nbsp;&nbsp; **$14580320** | **$4305171**  |

---

See Notes to Financial Statements.

310<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Operations** 

**For the Six Months Ended August 31, 2025 (unaudited)(concluded)** 

---

| | |
|:---|:---|
|  | **Destinations Real** <br>**Assets Fund**  |
| **INVESTMENT INCOME:**<br>|  |
| &nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp; $6227714  |
| &nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 119207  |
| &nbsp;&nbsp;&nbsp; Income from securities lending (net of any rebate or fees paid to borrowers) | &nbsp;&nbsp; 22599  |
| &nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld (Note 5) | &nbsp;&nbsp; (304535)  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | &nbsp;&nbsp; **6064985**  |
| **EXPENSES:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investment management fee (Note 7) | &nbsp;&nbsp; 1564638  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 221463  |
| &nbsp;&nbsp;&nbsp; Custody fees | &nbsp;&nbsp; 206496  |
| &nbsp;&nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 15324  |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 7506  |
| &nbsp;&nbsp;&nbsp; Audit and tax | &nbsp;&nbsp; 13854  |
| &nbsp;&nbsp;&nbsp; Legal expense | &nbsp;&nbsp; 10040  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer expense | &nbsp;&nbsp; 10637  |
| &nbsp;&nbsp;&nbsp; Shareholder reports fees | &nbsp;&nbsp; 42  |
| &nbsp;&nbsp;&nbsp; Shareholder services | &nbsp;&nbsp; 45402  |
| &nbsp;&nbsp;&nbsp; Registration fees | &nbsp;&nbsp; 50091  |
| &nbsp;&nbsp;&nbsp; Miscellaneous expense | &nbsp;&nbsp; 6200  |
| &nbsp;&nbsp;&nbsp; Interest and dividend expense | &nbsp;&nbsp; 2922  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | &nbsp;&nbsp; **2154615**  |
| &nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement (Note 7) | &nbsp;&nbsp; (385075)  |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | &nbsp;&nbsp; **1769540**  |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **$4295445**  |
|  **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):**<br>|  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) From:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; $(423386)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; (43573)  |
| &nbsp;&nbsp;&nbsp; **Realized Gain (Loss)** | &nbsp;&nbsp; **(466959)**  |
| &nbsp;&nbsp;&nbsp; Change in Net Unrealized Appreciation (Depreciation) From:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 24742753  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; 3335  |
| **Change in Net Unrealized Appreciation (Depreciation):** | &nbsp;&nbsp; **24746088**  |
| &nbsp;&nbsp;&nbsp; **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** | &nbsp;&nbsp; **24279129**  |
| **Total Increase (Decrease) in Net Assets from Operations** | &nbsp;&nbsp; **$28574574** |

---

See Notes to Financial Statements.

311<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets** 

**For the Six Months Ended August 31, 2025 and Year Ended February 28, 2025 (unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Destinations** <br>**Large Cap Equity Fund** | **Destinations** <br>**Large Cap Equity Fund** | **Destinations** <br>**Small-Mid Cap Equity Fund** | **Destinations** <br>**Small-Mid Cap Equity Fund** | **Destinations** <br>**International Equity Fund**  | **Destinations** <br>**International Equity Fund**  |
|  | **August 31,** <br>**2025** | **February 28,** <br>**2025** | **August 31,** <br>**2025** | **February 28,** <br>**2025** | **August 31,** <br>**2025** | **February 28,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6481206 | $15951097 | $946324 | $2251534 | $25811442 | $36590347  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 506818440 | 814176233 | 46303985 | 117006604 | 127802418 | 183044664  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (251177974) | (212638944) | 5979678 | (53453118) | 113298588 | (45982350)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets From Operations** | **262121672** | **617488386** | **53229987** | **65805020** | **266912448** | **173652661**  |
|  **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income/realized gains: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (503104051) |  | (53432050) |  | (62537296)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | (60404106) |  | (6447275) |  | (6844464)  |
| &nbsp;&nbsp;&nbsp; **Decrease in Net Assets From Distributions to Shareholders** | **—** | **(563508157)** | **—** | **(59879325)** | **—** | **(69381760)**  |
| **FUND SHARE TRANSACTIONS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sale of shares: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 415058603 | 776617278 | 22697767 | 117602808 | 60277679 | 169733065  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 489320756 | 206973040 | 127862899 | 47988892 | 115226437 | 28673039  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 497842444 |  | 52902360 |  | 61888659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | 59297429 |  | 6321522 |  | 6715166  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1041947538) | (1486366178) | (139894698) | (262615321) | (330648325) | (762847638)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (532134011) | (335806573) | (136185722) | (75164227) | (128833999) | (120464003)  |
|  **Increase (Decrease) in Net Assets From Fund Share Transactions** | **(669702190)** | **(281442560)** | **(125519754)** | **(112963966)** | **(283978208)** | **(616301712)**  |
| **Increase (Decrease) in Net Assets** | **(407580518)** | **(227462331)** | **(72289767)** | **(107038271)** | **(17065760)** | **(512030811)**  |
| **NET ASSETS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3988336607 | 4215798938 | 751261246 | 858299517 | 1950174346 | 2462205157  |
| &nbsp;&nbsp;&nbsp; **End of period** | **$3580756089** | **$3988336607** | **$678971479** | **$751261246** | **$1933108586** | **$1950174346** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Destinations** <br>**Equity Income Fund** | **Destinations** <br>**Equity Income Fund** | **Destinations** <br>**Core Fixed Income Fund**  | **Destinations** <br>**Core Fixed Income Fund**  |
|  | **August 31,** <br>**2025** | **February 28,** <br>**2025** | **August 31,** <br>**2025** | **February 28,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6500616 | $15585955 | $33102193 | $73491277  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 32463118 | 41729332 | (10297518) | (28149505)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (6035803) | 43869868 | 1254483 | 71414361  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets From Operations** | **32927931** | **101185155** | **24059158** | **116756133**  |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income/realized gains: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (4809319) | (14248022) | (29830229) | (66261451)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (444128) | (1366858) | (2767762) | (6673219)  |
| &nbsp;&nbsp;&nbsp; **Decrease in Net Assets From Distributions to Shareholders** | **(5253447)** | **(15614880)** | **(32597991)** | **(72934670)**  |
| **FUND SHARE TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 20069162 | 56725520 | 63604055 | 185304812  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 55476122 | 22428274 | 9160798 | 25602213  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 4756268 | 14115335 | 29430600 | 65558012  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 394433 | 1321557 | 2717873 | 6558623  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (83993985) | (223795561) | (280017392) | (499257354)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (57947243) | (50402428) | (20331878) | (86894652)  |
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | **(61245243)** | **(179607303)** | **(195435944)** | **(303128346)**  |
| **Increase (Decrease) in Net Assets** | **(33570759)** | **(94037028)** | **(203974777)** | **(259306883)**  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 511122548 | 605159576 | 1753678108 | 2012984991  |
| &nbsp;&nbsp;&nbsp; **End of period** | **$477551789** | **$511122548** | **$1549703331** | **$1753678108** |

---

See Notes to Financial Statements.

312<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets** 

**For the Six Months Ended August 31, 2025 and Year Ended February 28, 2025 (unaudited)(continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Destinations Low Duration** <br>**Fixed Income Fund** | **Destinations Low Duration** <br>**Fixed Income Fund** | **Destinations Global Fixed** <br>**Income Opportunities Fund** | **Destinations Global Fixed** <br>**Income Opportunities Fund** | **Destinations Municipal** <br>**Fixed Income Fund**  | **Destinations Municipal** <br>**Fixed Income Fund**  |
|  | **August 31,** <br>**2025** | **February 28,** <br>**2025** | **August 31,** <br>**2025** | **February 28,** <br>**2025** | **August 31,** <br>**2025** | **February 28,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7809828 | $19659275 | $23596365 | $52011048 | $10149779 | $22614838  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2952664) | (911181) | (10038196) | 8836122 | (5045674) | 155360  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 2534436 | 2800775 | 9900432 | 613542 | (11874182) | 1746882  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets From Operations** | **7391600** | **21548869** | **23458601** | **61460712** | **(6770077)** | **24517080**  |
|  **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income/realized gains: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (7008253) | (18238753) | (21643777) | (47216425) | (10110243) | (23023763)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (562663) | (1540006) | (1711718) | (4177705) | (616373) | (1334811)  |
| &nbsp;&nbsp;&nbsp; **Decrease in Net Assets From Distributions to Shareholders** | **(7570916)** | **(19778759)** | **(23355495)** | **(51394130)** | **(10726616)** | **(24358574)**  |
| **FUND SHARE TRANSACTIONS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sale of shares: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 20732420 | 61812158 | 77491248 | 112672168 | 32997417 | 70782590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 2305864 | 7601425 | 5056840 | 12610023 | 6039436 | 13772481  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 6915212 | 18055182 | 21367906 | 46714270 | 9958456 | 22732761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 554059 | 1515513 | 1671979 | 4084374 | 596633 | 1291099  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (63087157) | (153152676) | (127634609) | (233835397) | (131797889) | (190744803)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (4642778) | (20015299) | (6380864) | (35708821) | (6279931) | (25744203)  |
|  **Increase (Decrease) in Net Assets From Fund Share Transactions** | **(37222380)** | **(84183697)** | **(28427500)** | **(93463383)** | **(88485878)** | **(107910075)**  |
| **Increase (Decrease) in Net Assets** | **(37401696)** | **(82413587)** | **(28324394)** | **(83396801)** | **(105982571)** | **(107751569)**  |
| **NET ASSETS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 321892424 | 404306011 | 739375401 | 822772202 | 753278480 | 861030049  |
| &nbsp;&nbsp;&nbsp; **End of period** | **$284490728** | **$321892424** | **$711051007** | **$739375401** | **$647295909** | **$753278480** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Destinations Multi Strategy** <br>**Alternatives Fund** | **Destinations Multi Strategy** <br>**Alternatives Fund** | **Destinations** <br>**Shelter Fund**  | **Destinations** <br>**Shelter Fund**  |
|  | **August 31,** <br>**2025** | **February 28,** <br>**2025** | **August 31,** <br>**2025** | **February 28,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $11106950 | $33364267 | $81188 | $183387  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2993423 | 29356971 | (2166564) | (2770746)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 479947 | (28811903) | 6390547 | 16103937  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets From Operations** | **14580320** | **33909335** | **4305171** | **13516578**  |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income/realized gains: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (8767723) | (37824480) | (81540) | (321053)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (745222) | (3445373) | (2826) | (10762)  |
| &nbsp;&nbsp;&nbsp; **Decrease in Net Assets From Distributions to Shareholders** | **(9512945)** | **(41269853)** | **(84366)** | **(331815)**  |
| **FUND SHARE TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 51689412 | 55251873 | 6437154 | 9101952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 4630635 | 8103661 | 131286 | 203245  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 8652326 | 37412072 | 81540 | 321053  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 727733 | 3378198 | 2826 | 10762  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (97586109) | (279173481) | (12694834) | (24385545)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (5456929) | (36003559) | (538413) | (473000)  |
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | **(37342932)** | **(211031236)** | **(6580441)** | **(15221533)**  |
| **Increase (Decrease) in Net Assets** | **(32275557)** | **(218391754)** | **(2359636)** | **(2036770)**  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 587838963 | 806230717 | 97887962 | 99924732  |
| &nbsp;&nbsp;&nbsp; **End of period** | **$555563406** | **$587838963** | **$95528326** | **$97887962** |

---

See Notes to Financial Statements.

313<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets** 

**For the Six Months Ended August 31, 2025 and Year Ended February 28, 2025 (unaudited)(concluded)** 

---

| | | |
|:---|:---|:---|
|  | **Destinations** <br>**Real Assets Fund**  | **Destinations** <br>**Real Assets Fund**  |
|  | **August 31,** <br>**2025** | **February 28,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4295445 | $1654800  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (466959) | (1415897)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 24746088 | (6252993)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets From Operations** | **28574574** | **(6014090)**  |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5):**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From net investment income/realized gains:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (737152)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | (59487)  |
| &nbsp;&nbsp;&nbsp; **Decrease in Net Assets From Distributions to Shareholders** | **—** | **(796639)**  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sale of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 37187941 | 322781590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 5204088 | 25169195  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 728474  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | 57605  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (52729884) | (25285541)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (2829904) | (1496656)  |
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | **(13167759)** | **321954667**  |
| **Increase (Decrease) in Net Assets** | **15406815** | **315143938**  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 315143938 | —  |
| &nbsp;&nbsp;&nbsp; **End of period** | **$330550753** | **$315143938** |

---

See Notes to Financial Statements.

314<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $15.51 | $15.53 | $12.69 | $14.44 | $15.84 | $11.88  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.03 | 0.06 | 0.07 | 0.08 | 0.04 | 0.07  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.25 | 2.25 | 3.45 | (1.14) | 1.33 | 4.19  |
| Total Income (Loss) from Operations | 1.28 | 2.31 | 3.52 | (1.06) | 1.37 | 4.26  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.07) | (0.07) | (0.07) | (0.10) | (0.01)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (2.26) | (0.61) | (0.62) | (2.67) | (0.29)  |
| Total Distributions |  | (2.33) | (0.68) | (0.69) | (2.77) | (0.30)  |
| **Net Asset Value, End of Period** | $16.79 | $15.51 | $15.53 | $12.69 | $14.44 | $15.84  |
| **Total Return<sup>(3)</sup>** | 8.25%<sup>(4)</sup> | 15.06% | 28.18% | (7.21)% | 7.48% | 35.94%  |
| **Net Assets, End of Period (millions)** | $3259 | $3650 | $3810 | $3992 | $4783 | $4450  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.97%<sup>(5)</sup> | 0.96% | 0.95% | 0.96% | 0.95% | 0.95%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.83%<sup>(5)</sup> | 0.81% | 0.80% | 0.82% | 0.80% | 0.82%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 0.34%<sup>(5)</sup> | 0.35% | 0.50% | 0.64% | 0.21% | 0.56%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 49%<sup>(4)</sup> | 90% | 95% | 71% | 83% | 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

315<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $11.02 | $11.64 | $9.65 | $11.18 | $12.81 | $9.65  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.03 | 0.06 | 0.07 | 0.08 | 0.05 | 0.08  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.89 | 1.67 | 2.63 | (0.90) | 1.12 | 3.40  |
| Total Income (Loss) from Operations | 0.92 | 1.73 | 2.70 | (0.82) | 1.17 | 3.48  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.09) | (0.10) | (0.09) | (0.13) | (0.03)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (2.26) | (0.61) | (0.62) | (2.67) | (0.29)  |
| Total Distributions |  | (2.35) | (0.71) | (0.71) | (2.80) | (0.32)  |
| **Net Asset Value, End of Period** | $11.94 | $11.02 | $11.64 | $9.65 | $11.18 | $12.81  |
| **Total Return<sup>(3)</sup>** | 8.35%<sup>(4)</sup> | 15.18% | 28.50% | (7.16)% | 7.65% | 36.16%  |
| **Net Assets, End of Period (millions)** | $322 | $338 | $406 | $397 | $506 | $283  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.83%<sup>(5)</sup> | 0.81% | 0.80% | 0.81% | 0.80% | 0.80%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.68%<sup>(5)</sup> | 0.66% | 0.65% | 0.67% | 0.65% | 0.67%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 0.49%<sup>(5)</sup> | 0.51% | 0.65% | 0.79% | 0.36% | 0.70%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 49%<sup>(4)</sup> | 90% | 95% | 71% | 83% | 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

316<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $13.09 | $13.17 | $11.79 | $12.97 | $16.43 | $10.92  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(2)</sup> | 0.02 | 0.03 | 0.04 | 0.04 | (0.01) | 0.01  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.19 | 0.93 | 1.37 | (0.82) | 0.55 | 5.80  |
| Total Income (Loss) from Operations | 1.21 | 0.96 | 1.41 | (0.78) | 0.54 | 5.81  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.22) | (0.03) |  |  | (0.00)<sup>\*</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (0.82) |  | (0.40) | (4.00) | (0.30)  |
| Total Distributions |  | (1.04) | (0.03) | (0.40) | (4.00) | (0.30)  |
| **Net Asset Value, End of Period** | $14.30 | $13.09 | $13.17 | $11.79 | $12.97 | $16.43  |
| **Total Return<sup>(3)</sup>** | 9.24%<sup>(4)\*\*</sup> | 7.07% | 12.00% | (5.86)% | 1.66% | 53.65%  |
| **Net Assets, End of Period (millions)** | $618 | $688 | $775 | $1036 | $1198 | $1167  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.18%<sup>(5)</sup> | 1.15% | 1.15% | 1.13% | 1.11% | 1.11%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 1.09%<sup>(5)</sup> | 1.05% | 1.11% | 1.12% | 1.10% | 1.11%  |
| &nbsp;&nbsp;&nbsp; Net investment income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<sup>(6)(7)</sup> | 0.27%<sup>(5)</sup> | 0.25% | 0.38% | 0.36% | (0.05)% | 0.09%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 69%<sup>(4)</sup> | 129% | 115% | 125% | 111% | 145% |

---

\* Amount is less than $0.005 per share. 

\*\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the period ended August 31, 2025 by 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

317<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.37 | $9.71 | $8.70 | $9.68 | $13.17 | $8.80  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.02 | 0.04 | 0.05 | 0.05 | 0.01 | 0.02  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.85 | 0.68 | 1.01 | (0.63) | 0.50 | 4.67  |
| Total Income (Loss) from Operations | 0.87 | 0.72 | 1.06 | (0.58) | 0.51 | 4.69  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.24) | (0.05) |  |  | (0.02)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (0.82) |  | (0.40) | (4.00) | (0.30)  |
| Total Distributions |  | (1.06) | (0.05) | (0.40) | (4.00) | (0.32)  |
| **Net Asset Value, End of Period** | $10.24 | $9.37 | $9.71 | $8.70 | $9.68 | $13.17  |
| **Total Return<sup>(3)</sup>** | 9.28%<sup>(4)\*</sup> | 7.13% | 12.25% | (5.78)% | 1.86% | 53.85%  |
| **Net Assets, End of Period (millions)** | $61 | $63 | $83 | $101 | $126 | $74  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.03%<sup>(5)</sup> | 1.00% | 1.00% | 0.98% | 0.96% | 0.96%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.94%<sup>(5)</sup> | 0.90% | 0.96% | 0.97% | 0.95% | 0.96%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 0.43%<sup>(5)</sup> | 0.40% | 0.53% | 0.51% | 0.10% | 0.22%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 69%<sup>(4)</sup> | 129% | 115% | 125% | 111% | 145% |

---

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the period ended August 31, 2025 by 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

318<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $13.28 | $12.75 | $11.72 | $13.24 | $15.11 | $11.30  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.19 | 0.22 | 0.21 | 0.12 | 0.01 | 0.00<sup>\*</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.81 | 0.77 | 1.06 | (1.33) | (1.22) | 3.81  |
| Total Income (Loss) from Operations | 2.00 | 0.99 | 1.27 | (1.21) | (1.21) | 3.81  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.32) | (0.24) | (0.20) | (0.03) | (0.00)<sup>\*</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (0.14) |  | (0.11) | (0.63) | —  |
| Total Distributions |  | (0.46) | (0.24) | (0.31) | (0.66) | —  |
| **Net Asset Value, End of Period** | $15.28 | $13.28 | $12.75 | $11.72 | $13.24 | $15.11  |
| **Total Return<sup>(3)</sup>** | 15.06%<sup>(4)</sup> | 7.95% | 10.84% | (9.07)% | (8.36)% | 33.76%  |
| **Net Assets, End of Period (millions)** | $1758 | $1785 | $2222 | $1840 | $2419 | $2288  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.28%<sup>(5)</sup> | 1.27% | 1.25% | 1.26% | 1.24% | 1.24%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 1.06%<sup>(5)</sup> | 1.06% | 1.05% | 1.16% | 1.20% | 1.23%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 2.66%<sup>(5)</sup> | 1.67% | 1.73% | 1.02% | 0.05% | 0.02%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 26%<sup>(4)</sup> | 62% | 69% | 66% | 48% | 38% |

---

\* Amount is less than $0.005 per share. 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

319<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $11.35 | $10.97 | $10.11 | $11.48 | $13.18 | $9.86  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.17 | 0.21 | 0.19 | 0.12 | 0.02 | 0.02  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.55 | 0.65 | 0.92 | (1.16) | (1.05) | 3.32  |
| Total Income (Loss) from Operations | 1.72 | 0.86 | 1.11 | (1.04) | (1.03) | 3.34  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.34) | (0.25) | (0.22) | (0.04) | (0.02)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (0.14) |  | (0.11) | (0.63) | —  |
| Total Distributions |  | (0.48) | (0.25) | (0.33) | (0.67) | (0.02)  |
| **Net Asset Value, End of Period** | $13.07 | $11.35 | $10.97 | $10.11 | $11.48 | $13.18  |
| **Total Return<sup>(3)</sup>** | 15.15%<sup>(4)</sup> | 8.07% | 11.06% | (8.98)% | (8.16)% | 33.91%  |
| **Net Assets, End of Period (millions)** | $175 | $165 | $240 | $184 | $253 | $145  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.12%<sup>(5)</sup> | 1.13% | 1.10% | 1.11% | 1.09% | 1.09%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.91%<sup>(5)</sup> | 0.91% | 0.90% | 1.01% | 1.05% | 1.08%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 2.81%<sup>(5)</sup> | 1.85% | 1.84% | 1.18% | 0.13% | 0.14%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 26%<sup>(4)</sup> | 62% | 69% | 66% | 48% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

320<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $13.31 | $11.49 | $11.27 | $11.91 | $10.26 | $9.74  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.18 | 0.34 | 0.34 | 0.36 | 0.34 | 0.34  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.81 | 1.82 | 0.32 | (0.47) | 1.65 | 0.63  |
| Total Income (Loss) from Operations | 0.99 | 2.16 | 0.66 | (0.11) | 1.99 | 0.97  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.34) | (0.39) | (0.34) | (0.34) | (0.31)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  | (0.05) | (0.19) |  | (0.14)  |
| Total Distributions | (0.15) | (0.34) | (0.44) | (0.53) | (0.34) | (0.45)  |
| **Net Asset Value, End of Period** | $14.15 | $13.31 | $11.49 | $11.27 | $11.91 | $10.26  |
| **Total Return<sup>(3)</sup>** | 7.49%<sup>(4)\*</sup> | 19.07% | 6.09% | (0.83)% | 19.68% | 10.37%  |
| **Net Assets, End of Period (millions)** | $442 | $475 | $550 | $652 | $469 | $375  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.07%<sup>(5)</sup> | 1.05% | 1.06% | 1.04% | 1.04% | 1.03%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.96%<sup>(5)</sup> | 0.93% | 0.96% | 0.94% | 0.92% | 0.92%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 2.70%<sup>(5)</sup> | 2.72% | 3.10% | 3.10% | 2.94% | 3.60%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 38%<sup>(4)</sup> | 45% | 51% | 46% | 58% | 54% |

---

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the period ended August 31, 2025 by 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

321<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $12.83 | $11.08 | $10.89 | $11.52 | $9.94 | $9.44  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.18 | 0.35 | 0.34 | 0.36 | 0.35 | 0.34  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.78 | 1.76 | 0.30 | (0.45) | 1.59 | 0.62  |
| Total Income (Loss) from Operations | 0.96 | 2.11 | 0.64 | (0.09) | 1.94 | 0.96  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.36) | (0.40) | (0.35) | (0.36) | (0.32)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  | (0.05) | (0.19) |  | (0.14)  |
| Total Distributions | (0.15) | (0.36) | (0.45) | (0.54) | (0.36) | (0.46)  |
| **Net Asset Value, End of Period** | $13.64 | $12.83 | $11.08 | $10.89 | $11.52 | $9.94  |
| **Total Return<sup>(3)</sup>** | 7.59%<sup>(4)\*</sup> | 19.30% | 6.17% | (0.65)% | 19.71% | 10.63%  |
| **Net Assets, End of Period (millions)** | $36 | $36 | $55 | $60 | $44 | $24  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.92%<sup>(5)</sup> | 0.90% | 0.91% | 0.89% | 0.89% | 0.88%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.81%<sup>(5)</sup> | 0.78% | 0.81% | 0.79% | 0.77% | 0.77%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 2.87%<sup>(5)</sup> | 2.93% | 3.23% | 3.24% | 3.09% | 3.72%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 38%<sup>(4)</sup> | 45% | 51% | 46% | 58% | 54% |

---

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the period ended August 31, 2025 by 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

322<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $8.49 | $8.30 | $8.31 | $9.52 | $10.19 | $10.42  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.17 | 0.32 | 0.26 | 0.24 | 0.12 | 0.20  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.04) | 0.19 | 0.02 | (1.21) | (0.38) | (0.20)  |
| Total Income (Loss) from Operations | 0.13 | 0.51 | 0.28 | (0.97) | (0.26) | —  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.32) | (0.27) | (0.24) | (0.13) | (0.20)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  |  | (0.28) | (0.03)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  | —  |
| Total Distributions | (0.17) | (0.32) | (0.29) | (0.24) | (0.41) | (0.23)  |
| **Net Asset Value, End of Period** | $8.45 | $8.49 | $8.30 | $8.31 | $9.52 | $10.19  |
| **Total Return<sup>(3)</sup>** | 1.57%<sup>(4)</sup> | 6.30% | 3.42% | (10.19)% | (2.72)% | 0.05%  |
| **Net Assets, End of Period (millions)** | $1417 | $1612 | $1821 | $1793 | $2002 | $2079  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.90%<sup>(5)</sup> | 0.89% | 0.88% | 0.89% | 0.87% | 0.87%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.87%<sup>(5)</sup> | 0.84% | 0.80% | 0.81% | 0.79% | 0.78%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 4.05%<sup>(5)</sup> | 3.84% | 3.14% | 2.82% | 1.18% | 1.91%  |
| **Portfolio Turnover Rate<sup>(7)</sup>** | 80%<sup>(4)</sup> | 168% | 181% | 198% | 240% | 204% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

323<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $8.75 | $8.54 | $8.55 | $9.79 | $10.46 | $10.69  |
| **Income (Loss) from Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.18 | 0.34 | 0.28 | 0.26 | 0.14 | 0.22  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.03) | 0.21 | 0.01 | (1.24) | (0.39) | (0.21)  |
| Total Income (Loss) from Operations | 0.15 | 0.55 | 0.29 | (0.98) | (0.25) | 0.01  |
| **Less Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.34) | (0.28) | (0.26) | (0.14) | (0.21)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  |  | (0.28) | (0.03)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  | —  |
| Total Distributions | (0.18) | (0.34) | (0.30) | (0.26) | (0.42) | (0.24)  |
| **Net Asset Value, End of Period** | $8.72 | $8.75 | $8.54 | $8.55 | $9.79 | $10.46  |
| **Total Return<sup>(3)</sup>** | 1.72%<sup>(4)</sup> | 6.51% | 3.45% | (10.08)% | (2.50)% | 0.17%  |
| **Net Assets, End of Period (millions)** | $133 | $142 | $192 | $170 | $202 | $121  |
| **Ratios to Average Net Assets:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.75%<sup>(5)</sup> | 0.74% | 0.73% | 0.74% | 0.72% | 0.72%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.72%<sup>(5)</sup> | 0.69% | 0.65% | 0.66% | 0.64% | 0.63%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 4.20%<sup>(5)</sup> | 3.98% | 3.28% | 2.96% | 1.36% | 2.05%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 80%<sup>(4)</sup> | 168% | 181% | 198% | 240% | 204% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

324<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.34 | $9.30 | $9.19 | $9.68 | $9.73 | $9.75  |
| **Income (Loss) from Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.24 | 0.49 | 0.55 | 0.42 | 0.30 | 0.34  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.01) | 0.05 | 0.12 | (0.39) | 0.03 | (0.02)  |
| Total Income from Operations | 0.23 | 0.54 | 0.67 | 0.03 | 0.33 | 0.32  |
| **Less Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.24) | (0.50) | (0.56) | (0.51) | (0.37) | (0.34)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.01) | (0.01) | —  |
| Total Distributions | (0.24) | (0.50) | (0.56) | (0.52) | (0.38) | (0.34)  |
| **Net Asset Value, End of Period** | $9.33 | $9.34 | $9.30 | $9.19 | $9.68 | $9.73  |
| **Total Return<sup>(3)</sup>** | 2.49%<sup>(4)</sup> | 5.87% | 7.55% | 0.37% | 3.40% | 3.43%  |
| **Net Assets, End of Period (millions)** | $263 | $299 | $371 | $451 | $539 | $418  |
| **Ratios to Average Net Assets:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.02%<sup>(5)</sup> | 0.99% | 0.99% | 0.96% | 0.93% | 0.95%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.97%<sup>(5)</sup> | 0.93% | 0.95% | 0.94% | 0.93% | 0.95%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 5.16%<sup>(5)</sup> | 5.19% | 5.98% | 4.51% | 3.09% | 3.63%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 37%<sup>(4)</sup> | 87% | 98% | 98% | 107% | 168% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

325<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.60 | $9.53 | $9.40 | $9.89 | $9.93 | $9.94  |
| **Income (Loss) from Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.26 | 0.51 | 0.58 | 0.44 | 0.33 | 0.36  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.01) | 0.05 | 0.12 | (0.40) | 0.02 | (0.02)  |
| Total Income from Operations | 0.25 | 0.56 | 0.70 | 0.04 | 0.35 | 0.34  |
| **Less Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (0.49) | (0.57) | (0.52) | (0.38) | (0.35)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.01) | (0.01) | —  |
| Total Distributions | (0.25) | (0.49) | (0.57) | (0.53) | (0.39) | (0.35)  |
| **Net Asset Value, End of Period** | $9.60 | $9.60 | $9.53 | $9.40 | $9.89 | $9.93  |
| **Total Return<sup>(3)</sup>** | 2.60%<sup>(4)</sup> | 6.03% | 7.74% | 0.49% | 3.56% | 3.60%  |
| **Net Assets, End of Period (millions)** | $21 | $23 | $34 | $37 | $49 | $22  |
| **Ratios to Average Net Assets:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.87%<sup>(5)</sup> | 0.84% | 0.84% | 0.80% | 0.78% | 0.80%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.82%<sup>(5)</sup> | 0.78% | 0.80% | 0.79% | 0.78% | 0.80%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 5.31%<sup>(5)</sup> | 5.35% | 6.13% | 4.63% | 3.28% | 3.78%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 37%<sup>(4)</sup> | 87% | 98% | 98% | 107% | 168% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

326<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.44 | $9.32 | $9.12 | $9.76 | $10.02 | $9.83  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.31 | 0.60 | 0.58 | 0.44 | 0.32 | 0.40  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 | 0.12 | 0.21 | (0.65) | (0.17) | 0.19  |
| Total Income (Loss) from Operations | 0.32 | 0.72 | 0.79 | (0.21) | 0.15 | 0.59  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.31) | (0.60) | (0.59) | (0.43) | (0.41) | (0.40)  |
| Total Distributions | (0.31) | (0.60) | (0.59) | (0.43) | (0.41) | (0.40)  |
| **Net Asset Value, End of Period** | $9.45 | $9.44 | $9.32 | $9.12 | $9.76 | $10.02  |
| **Total Return<sup>(3)</sup>** | 3.37%<sup>(4)</sup> | 7.98% | 8.98% | (2.09)% | 1.49% | 6.28%  |
| **Net Assets, End of Period (millions)** | $658 | $687 | $752 | $662 | $699 | $718  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses<sup>(5)</sup> | 1.15%<sup>(6)</sup> | 1.15% | 1.15% | 1.14% | 1.19% | 1.13%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(5)(7)(8)</sup> | 1.06%<sup>(6)</sup> | 1.03% | 1.02% | 1.03% | 1.08% | 1.02%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(7)(8)</sup> | 6.63%<sup>(6)</sup> | 6.44% | 6.42% | 4.70% | 3.17% | 4.17%  |
| **Portfolio Turnover Rate<sup>(9)</sup>** | 54%<sup>(4)</sup> | 112% | 83% | 58% | 90% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Ratios include interest and dividend expense
 on short sales which represent 0.01%, 0.05%, 0.05%, 0.04%, 0.09% and 0.05% (annualized) for the period ended August 31, 2025, for
 the year ended February 28, 2025, for the year ended February 29, 2024, for the year ended February 28, 2023, for the year
 ended February 28, 2022 and for the year ended February 28, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

327<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.65 | $9.51 | $9.30 | $9.94 | $10.19 | $9.99  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.33 | 0.63 | 0.61 | 0.46 | 0.34 | 0.42  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  | 0.12 | 0.20 | (0.66) | (0.17) | 0.19  |
| Total Income (Loss) from Operations | 0.33 | 0.75 | 0.81 | (0.20) | 0.17 | 0.61  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.61) | (0.60) | (0.44) | (0.42) | (0.41)  |
| Total Distributions | (0.32) | (0.61) | (0.60) | (0.44) | (0.42) | (0.41)  |
| **Net Asset Value, End of Period** | $9.66 | $9.65 | $9.51 | $9.30 | $9.94 | $10.19  |
| **Total Return<sup>(3)</sup>** | 3.48%<sup>(4)</sup> | 8.18% | 9.06% | (1.91)% | 1.67% | 6.43%  |
| **Net Assets, End of Period (millions)** | $53 | $52 | $70 | $57 | $66 | $40  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses<sup>(5)</sup> | 1.00%<sup>(6)</sup> | 1.00% | 1.00% | 0.99% | 1.04% | 0.98%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(5)(7)(8)</sup> | 0.91%<sup>(6)</sup> | 0.88% | 0.87% | 0.88% | 0.93% | 0.87%  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(7)(8)</sup> | 6.78%<sup>(6)</sup> | 6.60% | 6.58% | 4.83% | 3.30% | 4.31%  |
| **Portfolio Turnover Rate<sup>(9)</sup>** | 54%<sup>(4)</sup> | 112% | 83% | 58% | 90% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Ratios include interest and dividend expense
 on short sales which represent 0.01%, 0.05%, 0.05%, 0.04%, 0.09% and 0.05% (annualized) for the period ended August 31, 2025, for
 the year ended February 28, 2025, for the year ended February 29, 2024, for the year ended February 28, 2023, for the year
 ended February 28, 2022 and for the year ended February 28, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

328<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.69 | $9.68 | $9.54 | $10.07 | $10.38 | $10.61  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.14 | 0.27 | 0.25 | 0.16 | 0.10 | 0.13  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.22) | 0.03 | 0.16 | (0.50) | (0.26) | (0.13)  |
| Total Income (Loss) from Operations | (0.08) | 0.30 | 0.41 | (0.34) | (0.16) | —  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.29) | (0.27) | (0.19) | (0.13) | (0.16)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  |  | (0.02) | (0.07)  |
| Total Distributions | (0.15) | (0.29) | (0.27) | (0.19) | (0.15) | (0.23)  |
| **Net Asset Value, End of Period** | $9.46 | $9.69 | $9.68 | $9.54 | $10.07 | $10.38  |
| **Total Return<sup>(3)</sup>** | (0.80)%<sup>(4)</sup> | 3.16% | 4.42% | (3.37)% | (1.53)% | 0.00%  |
| **Net Assets, End of Period (millions)** | $610 | $715 | $812 | $819 | $887 | $884  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.95%<sup>(5)</sup> | 0.94% | 0.94% | 0.94% | 0.93% | 0.93%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.84%<sup>(5)</sup> | 0.81% | 0.78% | 0.78% | 0.76% | 0.77%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 2.96%<sup>(5)</sup> | 2.77% | 2.59% | 1.62% | 0.97% | 1.26%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 26%<sup>(4)</sup> | 42% | 58% | 48% | 41% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

329<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.74 | $9.71 | $9.57 | $10.10 | $10.40 | $10.64  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.15 | 0.29 | 0.26 | 0.17 | 0.12 | 0.15  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.22) | 0.03 | 0.17 | (0.50) | (0.25) | (0.14)  |
| Total Income (Loss) from Operations | (0.07) | 0.32 | 0.43 | (0.33) | (0.13) | 0.01  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.29) | (0.29) | (0.20) | (0.15) | (0.18)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  |  | (0.02) | (0.07)  |
| Total Distributions | (0.16) | (0.29) | (0.29) | (0.20) | (0.17) | (0.25)  |
| **Net Asset Value, End of Period** | $9.51 | $9.74 | $9.71 | $9.57 | $10.10 | $10.40  |
| **Total Return<sup>(3)</sup>** | (0.72)%<sup>(4)</sup> | 3.34% | 4.56% | (3.21)% | (1.29)% | 0.05%  |
| **Net Assets, End of Period (millions)** | $37 | $38 | $49 | $44 | $45 | $26  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 0.80%<sup>(5)</sup> | 0.79% | 0.79% | 0.79% | 0.78% | 0.78%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.69%<sup>(5)</sup> | 0.66% | 0.63% | 0.63% | 0.61% | 0.62%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)(7)</sup> | 3.09%<sup>(5)</sup> | 2.94% | 2.74% | 1.77% | 1.14% | 1.40%  |
| **Portfolio Turnover Rate<sup>(8)</sup>** | 26%<sup>(4)</sup> | 42% | 58% | 48% | 41% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

330<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $10.29 | $10.45 | $10.10 | $10.22 | $10.57 | $9.67  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.20 | 0.50 | 0.53 | 0.31 | 0.10 | 0.14  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07 | (0.02) | 0.50 | (0.13) | 0.03 | 0.91  |
| Total Income from Operations | 0.27 | 0.48 | 1.03 | 0.18 | 0.13 | 1.05  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.63) | (0.68) | (0.27) | (0.22) | (0.15)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (0.01) |  | (0.03) | (0.26) | —  |
| Total Distributions | (0.17) | (0.64) | (0.68) | (0.30) | (0.48) | (0.15)  |
| **Net Asset Value, End of Period** | $10.39 | $10.29 | $10.45 | $10.10 | $10.22 | $10.57  |
| **Total Return<sup>(3)</sup>** | 2.69%<sup>(4)\*</sup> | 4.71% | 10.51% | 1.87% | 1.25% | 11.09%  |
| **Net Assets, End of Period (millions)** | $514 | $546 | $739 | $851 | $1165 | $1102  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses<sup>(5)</sup> | 1.63%<sup>(6)</sup> | 1.63% | 1.67% | 1.75% | 1.75% | 1.79%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(5)(7)(8)</sup> | 1.27%<sup>(6)</sup> | 1.22% | 1.23% | 1.30% | 1.31% | 1.40%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(7)(8)</sup> | 3.96%<sup>(6)</sup> | 4.75% | 5.20% | 3.13% | 0.93% | 1.40%  |
| **Portfolio Turnover Rate<sup>(9)</sup>** | 30%<sup>(4)</sup> | 58% | 79% | 70% | 90% | 150% |

---

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the period ended August 31, 2025 by 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Ratios include interest and dividend expense
 on short sales which represent 0.01%, 0.03%, 0.08%, 0.15%, 0.19% and 0.22% (annualized) for the period ended August 31, 2025, for
 the year ended February 28, 2025, for the year ended February 29, 2024, for the year ended February 28, 2023, for the year
 ended February 28, 2022 and for the year ended February 28, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

331<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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), unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net asset value, Beginning of Period** | $9.99 | $10.16 | $9.85 | $9.96 | $10.32 | $9.44  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.20 | 0.51 | 0.54 | 0.32 | 0.11 | 0.14  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.08 | (0.02) | 0.47 | (0.12) | 0.03 | 0.91  |
| Total Income from Operations | 0.28 | 0.49 | 1.01 | 0.20 | 0.14 | 1.05  |
| **Less Distributions From:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.64) | (0.70) | (0.28) | (0.24) | (0.17)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  | (0.02) |  | (0.03) | (0.26) | —  |
| Total Distributions | (0.18) | (0.66) | (0.70) | (0.31) | (0.50) | (0.17)  |
| **Net Asset Value, End of Period** | $10.09 | $9.99 | $10.16 | $9.85 | $9.96 | $10.32  |
| **Total Return<sup>(3)</sup>** | 2.83%<sup>(4)\*</sup> | 4.88% | 10.50% | 2.16% | 1.31% | 11.29%  |
| **Net Assets, End of Period (millions)** | $42 | $42 | $67 | $72 | $108 | $60  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses<sup>(5)</sup> | 1.48%<sup>(6)</sup> | 1.48% | 1.52% | 1.60% | 1.60% | 1.64%  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(5)(7)(8)</sup> | 1.12%<sup>(6)</sup> | 1.08% | 1.08% | 1.15% | 1.16% | 1.25%  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(7)(8)</sup> | 4.08%<sup>(6)</sup> | 4.96% | 5.36% | 3.24% | 1.10% | 1.52%  |
| **Portfolio Turnover Rate<sup>(9)</sup>** | 30%<sup>(4)</sup> | 58% | 79% | 70% | 90% | 150% |

---

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the period ended August 31, 2025 by 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Ratios include interest and dividend expense
 on short sales which represent 0.01%, 0.03%, 0.08%, 0.15%, 0.19% and 0.22% (annualized) for the period ended August 31, 2025, for
 the year ended February 28, 2025, for the year ended February 29, 2024, for the year ended February 28, 2023, for the year
 ended February 28, 2022 and for the year ended February 28, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

332<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022<sup>(1)</sup>**  |
| **Net asset value, Beginning of Period** | $11.98 | $10.48 | $8.70 | $9.56 | $10.00  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.01 | 0.02 | 0.04 | 0.03 | 0.01  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.55 | 1.52 | 1.78 | (0.85) | (0.44)  |
| Total Income (Loss) from Operations | 0.56 | 1.54 | 1.82 | (0.82) | (0.43)  |
| **Less Distributions From:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.04) | (0.04) | (0.02) | (0.01)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.02) | —  |
| Total Distributions | (0.01) | (0.04) | (0.04) | (0.04) | (0.01)  |
| **Net Asset Value, End of Period** | $12.53 | $11.98 | $10.48 | $8.70 | $9.56  |
| **Total Return<sup>(3)</sup>** | 4.68%<sup>(4)\*</sup> | 14.70% | 20.91% | (8.56)% | (4.33)%<sup>(4)</sup>  |
| **Net Assets, End of Period (millions)** | $94 | $96 | $98 | $99 | $123  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.24%<sup>(5)</sup> | 1.22% | 1.31% | 1.40% | 1.40%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)</sup> | 1.18%<sup>(5)</sup> | 1.16% | 1.19% | 1.29% | 1.27%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)</sup> | 0.17%<sup>(5)</sup> | 0.18% | 0.47% | 0.33% | 0.27%<sup>(5)</sup>  |
| **Portfolio Turnover Rate<sup>(7)</sup>** | 3%<sup>(4)</sup> | 9% | 5% | 5% | 2%<sup>(4)</sup> |

---

\* The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements. 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited) and for the period from Class inception (October 26, 2021) through the period ended February 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

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**Financial Highlights(continued)** 

**Destinations 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**  | **Class Z**  | **Class Z**  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022<sup>(1)</sup>**  |
| **Net asset value, Beginning of Period** | $11.83 | $10.35 | $8.60 | $9.44 | $10.00  |
| **Income (Loss) from Operations:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.02 | 0.04 | 0.06 | 0.04 | 0.01  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.55 | 1.49 | 1.74 | (0.83) | (0.56)  |
| Total Income (Loss) from Operations | 0.57 | 1.53 | 1.80 | (0.79) | (0.55)  |
| **Less Distributions From:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.05) | (0.05) | (0.03) | (0.01)  |
| &nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.02) | —  |
| Total Distributions | (0.02) | (0.05) | (0.05) | (0.05) | (0.01)  |
| **Net Asset Value, End of Period** | $12.38 | $11.83 | $10.35 | $8.60 | $9.44  |
| **Total Return<sup>(3)</sup>** | 4.79%<sup>(4)\*</sup> | 14.93% | 20.95% | (8.33)% | 5.51%<sup>(4)</sup>  |
| **Net Assets, End of Period (millions)** | $2 | $2 | $2 | $2 | $2  |
| **Ratios to Average Net Assets:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.09%<sup>(5)</sup> | 1.06% | 1.15% | 1.25% | 1.22%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(6)</sup> | 1.03%<sup>(5)</sup> | 1.00% | 1.04% | 1.14% | 1.04%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(6)</sup> | 0.32%<sup>(5)</sup> | 0.33% | 0.63% | 0.48% | 0.30%<sup>(5)</sup>  |
| **Portfolio Turnover Rate<sup>(7)</sup>** | 3%<sup>(4)</sup> | 9% | 5% | 5% | 2%<sup>(4)</sup> |

---

\* The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements. 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited) and for the period from Class inception (December 2, 2021) through the period ended February 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

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**Financial Highlights(continued)** 

**Destinations Real Assets Fund** 

For a share of beneficial interest outstanding throughout the period ended February 28, 2025, unless otherwise noted:

---

| | | |
|:---|:---|:---|
|  | **Class I**  | **Class I**  |
|  | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>**  |
| **Net asset value, Beginning of Period** | $2.20 | $2.24<sup>(2</sup><sup>)</sup>  |
| **Income (Loss) from Operations:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(3)</sup> | 0.03 | 0.01  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 0.18 | (0.05)  |
| Total Income (Loss) from Operations | 0.21 | (0.04)  |
| **Less Distributions From:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.00)<sup>(4)</sup>  |
| Total Distributions |  | (0.00)<sup>(4)</sup>  |
| **Net Asset Value, End of Period** | $2.41 | $2.20  |
| **Total Return<sup>(5)</sup>** | 9.55%<sup>(6)</sup> | (1.54)%<sup>(6)</sup>  |
| **Net Assets, End of Period (millions)**  | $303 | $292  |
| **Ratios to Average Net Assets:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.39%<sup>(7)</sup> | 1.49%<sup>(7)</sup>  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(8)(9)</sup> | 1.14%<sup>(7)</sup> | 1.24%<sup>(7)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(8)(9)</sup>  | 2.73%<sup>(7)</sup> | 1.86%<sup>(7)</sup>  |
| **Portfolio Turnover Rate<sup>(10)</sup>**  | 48%<sup>(6)</sup> | 27%<sup>(6)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited) and for the period from November 14, 2024, when the Fund reopened, through the period ended February 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects opening NAV on November 14, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Amounts represent less than 0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

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**Financial Highlights(concluded)** 

**Destinations Real Assets Fund** 

For a share of beneficial interest outstanding throughout the period ended February 28, 2025, unless otherwise noted:

---

| | | |
|:---|:---|:---|
|  | **Class Z**  | **Class Z**  |
|  | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>**  |
| **Net asset value, Beginning of Period** | $1.95 | $1.99<sup>(2</sup><sup>)</sup>  |
| **Income (Loss) from Operations:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(3)</sup> | 0.03 | 0.01  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 0.16 | (0.04)  |
| Total Income (Loss) from Operations | 0.19 | (0.03)  |
| **Less Distributions From:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.01)  |
| Total Distributions |  | (0.01)  |
| **Net Asset Value, End of Period** | $2.14 | $1.95  |
| **Total Return<sup>(4)</sup>** | 9.74%<sup>(5)</sup> | (1.71)%<sup>(5)</sup>  |
| **Net Assets, End of Period (millions)**  | $28 | $23  |
| **Ratios to Average Net Assets:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 1.23%<sup>(6)</sup> | 1.39%<sup>(6)</sup>  |
| &nbsp;&nbsp;&nbsp; Net expenses<sup>(7)(8)</sup> | 0.98%<sup>(6)</sup> | 1.13%<sup>(6)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(7)(8)</sup>  | 2.89%<sup>(6)</sup> | 1.88%<sup>(6)</sup>  |
| **Portfolio Turnover Rate<sup>(9)</sup>** | 48%<sup>(5)</sup> | 27%<sup>(5)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Figures are for the period ended August 31,
 2025 (unaudited) and for the period from November 14, 2024, when the Fund reopened, through the period ended February 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects opening NAV on November 14, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Per share amounts have been calculated using the
 average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Performance figures may reflect fee waivers
 and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements,
 the total return would have been lower. Past performance is no guarantee of future results.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects fee waivers and/or expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Does not reflect the proportionate share of expenses
 and income of the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Reflects the rate for the Fund as a whole; not
 on a share class basis.

See Notes to Financial Statements.

336<br>

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)** 

1. Organization

Brinker Capital Destinations Trust ("Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust currently consists of Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations International Equity Fund, Destinations Equity Income Fund, Destinations 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 and Destinations Real Assets Fund (reopened on November 14, 2024) (individually, a "Fund" and collectively, the "Funds"). The Destinations Funds are used to implement certain model-based advisory programs. Client assets from such advisory programs were reallocated into the Fund as of November 14, 2024, and, accordingly, audited financial statements have only been provided for the period from November 14, 2024 until the Fund's fiscal year end on February 28, 2025. Because the Fund was not an active component in those advisory programs during its 2022, 2023 and 2024 fiscal years, there were no audited financial statements for the Fund during those fiscal years. For the Fund's 2022, 2023 and 2024 fiscal years, the Adviser was the sole beneficial owner of the Fund, and the Fund had only de minimis assets, which consisted entirely of cash. Because the Fund was not obligated to conduct an audit for the fiscal years ended 2022, 2023 and 2024, unaudited financial statements for those time periods have not been included within this report. 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;

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events.

The Board of Trustees (the "Board") has ultimate responsibility for ensuring the Funds' investments are valued appropriately. 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.

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

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

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

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

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

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

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

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

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Large Cap Equity Fund** <br>|  |  |  |  |
| Investments, at value <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $53858578 | $53858578 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications  | 442001218 | 442001218 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 347661731 | 347661731 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical  | 427271046 | 427271046 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy  | 95966802 | 95966802 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial  | 610649623 | 610649623 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial  | 350255470 | 350255470 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology  | 990868232 | 990864950 |  | 3282  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities  | 24323677 | 24323677 |  | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds (ETFs) | 202534989 | 202534989 |  | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 805254 |  |  | 805254  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 29223918 |  | 29223918 | —  |
| **Total Investments, at value** | **$3575420538** | **$3545388084** | **$29223918** | **$808536**  |
| **Other Financial Instruments – Assets** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $60357 | $60357 | $— | $—  |
| **Total Other Financial Instruments – Assets** | **$60357** | **$60357** | **$—** | **$—** |
| **Destinations Small-Mid Cap Equity Fund** | **Destinations Small-Mid Cap Equity Fund** | **Destinations Small-Mid Cap Equity Fund** | **Destinations Small-Mid Cap Equity Fund** | **Destinations Small-Mid Cap Equity Fund** |
| Investments, at value <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $31291307 | $31291307 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications  | 25782832 | 25782832 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 79918285 | 79918285 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical  | 122532319 | 122532137 |  | 182  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy  | 28673303 | 28673303 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial  | 127126577 | 127126577 |  | —\*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government  | 32106 | 32106 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial  | 133719846 | 133719846 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology  | 66799588 | 66799588 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities  | 24653178 | 24653178 |  | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds (ETFs) | 29029500 | 29029500 |  | —  |
| &nbsp;&nbsp;&nbsp; Limited Partnership | 13043 | 13043 |  | —  |
| &nbsp;&nbsp;&nbsp; Closed-End Fund | 2484 | 2484 |  | —  |
| &nbsp;&nbsp;&nbsp; Warrant | 136 | 136 |  | —  |
| &nbsp;&nbsp;&nbsp; Right | —\* |  | —\* | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 9325168 |  | 9325168 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 4348045 | 4348045 |  | —  |
| **Total Investments, at value** | **$683247717** | **$673922367** | **$9325168** | **$182**  |

---

340<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Small-Mid Cap Equity Fund (continued)** | **Destinations Small-Mid Cap Equity Fund (continued)** | **Destinations Small-Mid Cap Equity Fund (continued)** | **Destinations Small-Mid Cap Equity Fund (continued)** | **Destinations Small-Mid Cap Equity Fund (continued)** |
| **Other Financial Instruments – Assets** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $130236 | $130236 | $— | $—  |
| **Total Other Financial Instruments – Assets** | **$130236** | **$130236** | **$—** | **$—**  |
| **Destinations International Equity Fund**  | **Destinations International Equity Fund**  | **Destinations International Equity Fund**  | **Destinations International Equity Fund**  | **Destinations International Equity Fund**  |
| Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  |
| &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $41095649 | $— | $41095649 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 795158 |  | 795158 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 3719240 |  | 3719240 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | 2928958 |  | 2928958 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 27514754 | 3475819 | 24038935 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 118935610 | 26144493 | 92791117 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 1086910 | 917163 | 169747 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 69897248 | 18344053 | 51553195 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 22977487 | 2630189 | 20347298 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 28875132 |  | 28875132 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 130111288 |  | 130111288 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 111759776 |  | 111759776 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 4399281 |  | 4399281 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 34516541 | 4655610 | 29860931 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 106007759 | 3023059 | 102984700 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 13353540 |  | 13353540 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 26437210 | 3500491 | 22936719 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 6856876 | 3216946 | 3639930 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 60639229 |  | 60639229 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 267103015 |  | 267103015 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 7617912 | 763536 | 6854376 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau | 160265 |  | 160265 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 10986884 |  | 10986884 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 67230176 | 2671462 | 64558714 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 1094796 |  | 1094796 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 19040240 |  | 19040240 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 3067367 | 3067367 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 3170915 |  | 3170915 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 4177612 |  | 4177612 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 6327990 |  | 6327990 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 817 |  |  | 817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 2341059 |  | 2341059 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 15933311 | 5698645 | 10234666 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3598203 | 624168 | 2974035 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 75923185 |  | 75923185 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 28648641 |  | 28648641 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 38753239 | 2434994 | 36318245 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 84008917 | 2935960 | 81072957 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 74702447 | 5797838 | 68904609 | —  |

---

341<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations International Equity Fund (continued)**  | **Destinations International Equity Fund (continued)**  | **Destinations International Equity Fund (continued)**  | **Destinations International Equity Fund (continued)**  | **Destinations International Equity Fund (continued)**  |
| Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  |
| &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | $2075464 | $— | $2075464 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 451404 |  | 451404 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 604336 |  | 604336 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 191185493 | 8271068 | 182758253 | 156172  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 36057720 | 34242106 | 874022 | 941592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 10608784 | 10608784 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 1797716 |  | 1797716 | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds (ETFs) | 119621682 | 119621682 |  | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3450069 |  | 3450069 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 52676 |  |  | 52676  |
| &nbsp;&nbsp;&nbsp; Warrants: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | —\* |  |  | —\*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 915 | 915 |  | —  |
| &nbsp;&nbsp;&nbsp; Rights | 2 |  | 2 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 23567470 |  | 23567470 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency | 6204285 |  | 6204285 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 4089594 | 4089594 |  | —  |
| **Total Investments, at value** | **$1925562247** | **$266735942** | **$1657675048** | **$1151257**  |
| **Other Financial Instruments – Assets** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $116391 | $116391 | $— | $—  |
| **Total Other Financial Instruments – Assets** | **$116391** | **$116391** | **$—** | **$—**  |
| **Other Financial Instruments – Liabilities** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | $(2808804) | $— | $(2808804) | $—  |
| **Total Other Financial Instruments – Liabilities** | **$(2808804)** | **$—** | **$(2808804)** | **$—**  |
| **Destinations Equity Income Fund**  | **Destinations Equity Income Fund**  | **Destinations Equity Income Fund**  | **Destinations Equity Income Fund**  | **Destinations Equity Income Fund**  |
| Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $11678860 | $5505088 | $6173772 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications  | 28140449 | 21371683 | 6768766 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 28033517 | 23820001 | 4213516 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical  | 82036279 | 49970962 | 32065317 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy  | 42727899 | 23336193 | 19391706 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial  | 99389185 | 68032511 | 31356674 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial  | 38858292 | 17281603 | 21576689 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology  | 16787741 | 15229912 | 1557829 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities  | 47244100 | 37160060 | 10084040 | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds (ETFs) | 68371912 | 68371912 |  | —  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stock | 2589816 | 2589816 |  | —  |
| &nbsp;&nbsp;&nbsp; Limited Partnership | 2499367 | 2499367 |  | —  |
| &nbsp;&nbsp;&nbsp; Warrant | 1313438 | 1313438 |  | —  |

---

342<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Equity Income Fund (continued)**  | **Destinations Equity Income Fund (continued)**  | **Destinations Equity Income Fund (continued)**  | **Destinations Equity Income Fund (continued)**  | **Destinations Equity Income Fund (continued)**  |
| Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Note | $1345950 | $— | $1345950 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 5279876 |  | 5279876 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 678050 | 678050 |  | —  |
| **Total Investments, at value** | **$476974731** | **$337160596** | **$139814135** | **$—**  |
| **Other Financial Instruments – Liabilities** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options Contracts Written | $(231985) | $(231985) | **$—** | **$—**  |
| **Total Other Financial Instruments – Liabilities** | **$(231985)** | **$(231985)** | **$—** | **$—** |
| **Destinations Core Fixed Income Fund** <br>|  |  |  |  |
| Investments, at value <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $433744667 | $— | $433744667 | $—  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies & Obligations | 418267908 |  | 418267908 | —  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 272427799 |  | 272427799 | —  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 251303609 |  | 251303609 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 166112722 |  | 166112722 | —  |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | 7864353 |  | 7864353 | —  |
| &nbsp;&nbsp;&nbsp; Senior Loans | 4292168 |  | 4292168 | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 1543661 |  | 1543661 | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund (ETF) | 30232657 | 30232657 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 32617959 |  | 32617959 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 129981 | 129981 |  | —  |
| **Total Investments, at value** | **$1618537484** | **$30362638** | **$1588174846** | **$—**  |
| **Other Financial Instruments – Assets** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $2664 | $2664 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 834698 |  | 834698 | —  |
| **Total Other Financial Instruments – Assets** | **$837362** | **$2664** | **$834698** | **$—**  |
| **Other Financial Instruments – Liabilities** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(17281) | $(17281) | $— | $—  |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swap | (69749) |  | (69749) | —  |
| &nbsp;&nbsp;&nbsp; Forward Sale Commitments | (29584173) |  | (29584173) | —  |
| **Total Other Financial Instruments – Liabilities** | **$(29671203)** | **$(17281)** | **$(29653922)** | **$—**  |
| **Destinations Low Duration Fixed Income Fund**  | **Destinations Low Duration Fixed Income Fund**  | **Destinations Low Duration Fixed Income Fund**  | **Destinations Low Duration Fixed Income Fund**  | **Destinations Low Duration Fixed Income Fund**  |
| Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $1084068 | $— | $1084068 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 20133277 |  | 20133277 | —\*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 3734712 |  | 3734712 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 31486023 |  | 25410223 | 6075800  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 15052750 |  | 15052750 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 15137852 |  | 15137852 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 5006900 |  |  | 5006900  |

---

343<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Low Duration Fixed Income Fund (continued)**  | **Destinations Low Duration Fixed Income Fund (continued)**  | **Destinations Low Duration Fixed Income Fund (continued)**  | **Destinations Low Duration Fixed Income Fund (continued)**  | **Destinations Low Duration Fixed Income Fund (continued)**  |
| Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | $9063249 | $— | $9063249 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 11666691 |  | 11666691 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 3729923 |  | 3729923 | —  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 37883770 |  | 37883770 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 29420128 |  | 29420128 | —  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies & Obligations | 28516846 |  | 28516846 | —  |
| &nbsp;&nbsp;&nbsp; Senior Loans | 9783574 |  | 6932005 | 2851569  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 2373977 |  | 2373977 | —  |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | 248810 |  | 248810 | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund (ETF) | 32347171 | 32347171 |  | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 2568968 | 2568968 |  | —  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical  | 833981 |  | —\* | 833981  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified  | 1729919 | 1729919 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial  | 2935 |  |  | 2935  |
| &nbsp;&nbsp;&nbsp; Warrant | 347 | 347 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers | 10374231 |  | 10374231 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Note | 202501 |  |  | 202501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 10508768 |  | 10508768 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2223994 | 2223994 |  | —  |
| **Total Investments, at value** | **$285115365** | **$38870399** | **$231271280** | **$14973686**  |
| **Other Financial Instruments – Assets** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contract | $19155 | $— | $19155 | $—  |
| **Total Other Financial Instruments – Assets** | **$19155** | **$—** | **$19155** | **$—**  |
| **Other Financial Instruments – Liabilities** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contract | $(16659) | $— | $(16659) | $— |
| **Total Other Financial Instruments – Liabilities** | **$(16659)** | **$—** | **$(16659)** | **$—**  |
| **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  |
| Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $451916 | $— | $451916 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | 6183133 |  | 6183133 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 7867394 |  | 7867394 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Virgin Islands | 1460740 |  | 1460740 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 18328115 |  | 18328115 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 15580012 |  | 15580012 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 11051057 |  | 11051057 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 4759399 |  | 4759399 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | 5358830 |  | 5358830 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 4018295 |  | 4018295 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 20602200 |  | 20602200 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar | 2586692 |  | 2586692 | —  |

---

344<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  |
| Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  | &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: (continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | $2249998 | $— | $2249998 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 14940257 |  | 14940257 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 2377393 |  | 2377393 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3860564 |  | 3860564 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isle of Man | 2407872 |  | 2407872 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 3538007 |  | 3538007 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 2369713 |  | 2369713 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey, Channel Islands | 3348545 |  | 3348545 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait | 298522 |  | 298522 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberia | 50199 |  | 50199 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 39511877 |  | 39511877 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marshall Island | 1235836 |  | 1235836 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 26687139 |  | 26687139 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morocco | 2006262 |  | 2006262 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multinational | 4136143 |  | 4136143 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 13211592 |  | 13211592 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 9875082 |  | 9875082 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 1384027 |  | 1384027 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 2287829 |  | 2287829 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 10152701 |  | 10152701 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | —\* |  | —\* | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romania | 191040 |  | 191040 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serbia | 1609127 |  | 1609127 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 18908771 |  | 18908771 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 4386136 |  | 4386136 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 7457589 |  | 7457589 | —\*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 642191 |  | 642191 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 36269829 |  | 36269829 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 237302529 |  | 230989256 | 6313273  |
| &nbsp;&nbsp;&nbsp; Senior Loans: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 53847762 |  | 50420518 | 3427244  |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | 13109393 |  | 13109393 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 7128341 |  | 7128341 | —  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | —\* |  | —\* | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 587935 | 587935 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 662175 | 662175 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 3603240 | 3603240 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 12330140 | 5841701 |  | 6488439  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund (ETF) | 13100035 | 13100035 |  | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 7814926 | 7814926 |  | —  |
| &nbsp;&nbsp;&nbsp; Warrants: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | —\* |  |  | —\*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 145670 | 290 |  | 145380  |

---

345<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  | **Destinations Global Fixed Income Opportunities Fund (continued)**  |
| Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments:  | &nbsp;&nbsp;&nbsp; Short-Term Investments:  | &nbsp;&nbsp;&nbsp; Short-Term Investments:  | &nbsp;&nbsp;&nbsp; Short-Term Investments:  | &nbsp;&nbsp;&nbsp; Short-Term Investments:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | $4945671 | $— | $4945671 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Note | 298571 |  |  | 298571  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 25132028 |  | 25132028 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligation | 11978725 |  | 11978725 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 3632631 | 3632631 |  | —  |
| **Total Investments, at value** | **$709261796** | **$35242933** | **$657345956** | **$16672907**  |
| **Other Financial Instruments – Assets** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $76069 | $— | $76069 | $—  |
| **Total Other Financial Instruments – Assets** | **$76069** | **$—** | **$76069** | **$—**  |
| **Other Financial Instruments – Liabilities** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options Contracts Written | $(136205) | $(136205) | $— | $—  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (432769) |  | (432769) | —  |
| **Securities Sold Short:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | (3726499) |  | (3726499) | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund (ETF) | (897546) | (897546) |  | —  |
| **Total Other Financial Instruments – Liabilities** | **$(5193019)** | **$(1033751)** | **$(4159268)** | **$—**  |
| **Destinations Municipal Fixed Income Fund** <br>|  |  |  |  |
| Investments, at value <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $598713073 | $— | $598713073 | $—  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund (ETF) | 7244168 | 7244168 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 38241679 |  | 38241679 | —  |
| **Total Investments, at value** | **$644198920** | **$7244168** | **$636954752** | **$—**  |
| **Destinations Multi Strategy Alternatives Fund**  | **Destinations Multi Strategy Alternatives Fund**  | **Destinations Multi Strategy Alternatives Fund**  | **Destinations Multi Strategy Alternatives Fund**  | **Destinations Multi Strategy Alternatives Fund**  |
| Investments, at value <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | $130494024 | $— | $130494024 | $—  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 85882594 |  | 85882594 | —  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 39868955 |  | 39868955 | —  |
| &nbsp;&nbsp;&nbsp; Senior Loans | 11523031 |  | 11523031 | —  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 102473900 | 102473900 |  | —  |
| &nbsp;&nbsp;&nbsp; Open-End Fund | 80325636 | 80325636 |  | —  |
| &nbsp;&nbsp;&nbsp; Warrants  | 597072 | 597072 |  | —  |
| &nbsp;&nbsp;&nbsp; Rights | 225170 | 225170 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 82510587 |  | 82510587 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 3408307 | 3408307 |  | —  |
| **Total Investments, at value** | **$537309276** | **$187030085** | **$350279191** | **$—**  |
| **Other Financial Instruments – Assets** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; OTC Credit Default Swaps | $6016312 | $— | $6016312 | $—  |
| **Total Other Financial Instruments – Assets** | **$6016312** | **$—** | **$6016312** | **$—**  |

---

346<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Multi Strategy Alternatives Fund (continued)**  | **Destinations Multi Strategy Alternatives Fund (continued)**  | **Destinations Multi Strategy Alternatives Fund (continued)**  | **Destinations Multi Strategy Alternatives Fund (continued)**  | **Destinations Multi Strategy Alternatives Fund (continued)**  |
| **Other Financial Instruments – Liabilities** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; OTC Credit Default Swaps | $(345824) | $— | $(345824) | $—  |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | (1701836) |  | (1701836) | —  |
| **Securities Sold Short:**<br>|  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Corporate Bond & Note | (1075980) |  | (1075980) | —  |
| **Total Other Financial Instruments - Liabilities** | **$(3123640)** | **$—** | **$(3123640)** | **$—**  |
| **Destinations Shelter Fund** <br>|  |  |  |  |
| Investments, at value <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $94470349 | $94470349 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 662935 | 662935 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 2084233 |  | 2084233 | —  |
| **Total Investments, at value** | **$97217517** | **$95133284** | **$2084233** | **$—**  |
| **Other Financial Instruments – Liabilities** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options Contracts Written | $(678570) | $(678570) | $— | $—  |
| **Total Other Financial Instruments – Liabilities** | **$(678570)** | **$(678570)** | **$—** | **$—**  |
| **Destinations Real Assets Fund**  | **Destinations Real Assets Fund**  | **Destinations Real Assets Fund**  | **Destinations Real Assets Fund**  | **Destinations Real Assets Fund**  |
| Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  | Investments, at value  |
| &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  | &nbsp;&nbsp;&nbsp; Common Stocks:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $12225609 | $— | $12225609 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 1923110 | 492443 | 1430667 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | 449169 | 449169 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 169941 |  | 169941 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 29227591 | 13781920 | 15445671 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 608957 |  | 608957 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 5600383 |  | 5600383 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3119353 |  | 3119353 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 607027 |  | 607027 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 5151147 |  | 5151147 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1018524 | 1018524 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 7319027 |  | 7319027 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 10422006 |  | 10422006 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 1575426 | 1575426 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 4199346 | 4199346 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1838466 |  | 1838466 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 2778441 |  | 2778441 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 207955 | 207955 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 303740 |  | 303740 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 4062954 |  | 4062954 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1175427 | 379615 | 795812 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 14390140 |  | 14390140 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 1874460 |  | 1874460 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 568582 | 206378 | 362204 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 418773 |  | 418773 |  |

---

347<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at**<br>**August 31, 2025** | **Unadjusted Quoted** <br>**Prices in Active** <br>**Markets for** <br>**Identical** <br>**Investments**<br>**(Level 1)** | **Significant** <br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)**  |
| **Destinations Real Assets Fund (continued)**  | **Destinations Real Assets Fund (continued)**  | **Destinations Real Assets Fund (continued)**  | **Destinations Real Assets Fund (continued)**  | **Destinations Real Assets Fund (continued)**  |
| Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  | Investments, at value (continued)  |
| &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks: (continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | $20135361  | $187505  | $19947856  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States  | 158100066  | 156060627  | 2039439  | —  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds (ETFs) | 35121794 | 35121794 |  | —  |
| &nbsp;&nbsp;&nbsp; Limited Partnerships | 672182 | 672182 |  | —  |
| &nbsp;&nbsp;&nbsp; Closed-End Fund | 153425 |  | 153425 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 4599389 |  | 4599389 | —  |
| **Total Investments, at value** | **$330017771** | **$214352884** | **$115664887** | **$—** |

---

\* Includes securities that are fair valued at $0.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**August 31, 2025** | **Valuation Technique** | **Unobservable Input** | **Range** | **Weighted** <br>**Average**  |
| **Destinations Low Duration Fixed Income Fund**<br>|  |  |  |  |  |
| Senior Loans | &nbsp;&nbsp; $2851569 | Prior Transaction Analysis | Transaction Price | 99.50 | 99.50  |
| Common Stock | &nbsp;&nbsp; $2935 | Prior Transaction Analysis | Transaction Price | 0.18 | 0.18  |
| Common Stock | &nbsp;&nbsp; $833981 | Asset-Based Valuation | Discounted Price Share 15% | 1.00 | 1.00  |
| Corporate Bond | &nbsp;&nbsp; $6278301 | Prior Transaction Analysis | Transaction Price | 13.79 – 85 | 80.70  |
| Corporate Bond | &nbsp;&nbsp; $5006900 | Market Comparables | Yield to Maturity 25% | 75.25 | 75.25  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; **$14973686** |  |  |  |  |
|  **Destinations Global Fixed Income Opportunities Fund**<br>|  |  |  |  |  |
| Senior Loans | &nbsp;&nbsp; $3427244 | Prior Transaction Analysis | Transaction Price | 100 – 101.75 | 101.68  |
| Common Stock | &nbsp;&nbsp; $148181 | Prior Transaction Analysis | Transaction Price | 0.18 – 10 | 9.81  |
| Common Stock | &nbsp;&nbsp; $2835078 | Asset-Based Valuation | Discounted Price Share 15% | 1.00 | 1.00  |
| Common Stock | &nbsp;&nbsp; $3650560 | LTM EBITDA | Enterprise Value $64-$66mm | 64000 | 64000  |
| Corporate Bond | &nbsp;&nbsp; $5379871 | Prior Transaction Analysis | Transaction Price | 13.79 – 85 | 80.28  |
| Corporate Bond | &nbsp;&nbsp; $1231973 | Spread-Based Valuation | Spread to Worst | +294 | +294  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; **$16672907** |  |  |  |  |

---

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

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended August 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Corporate** <br>**Bonds &** <br>**Notes** | **Senior** <br>**Loans** | **Common** <br>**Stocks** | **Warrants** | **Short** <br>**Terms**  |
| **Destinations Low Duration Fixed Income Fund** <br>|  |  |  |  |  |  |
| Balance as of February 28, 2025 | $17914916 | $10711118 | $5562972 | $1347134 | $— | $293692  |
| &nbsp;&nbsp;&nbsp; Purchases | 571089 | 484733 | 86356 |  |  | —  |
| &nbsp;&nbsp;&nbsp; (Sales/Paydowns) | (3136973) | (288000) | (2261296) | (587677) |  | —  |
| &nbsp;&nbsp;&nbsp; Total realized gain (loss) | (2635863) |  | (2950202) | 314339 |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation)  | 2260517 | 174849 | 2413739 | (236880) |  | (91191)  |
| &nbsp;&nbsp;&nbsp; Transfers In |  |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Transfers Out  |  |  |  |  |  | —  |
| Balance as of August 31, 2025 | $14973686 | $11082700 | $2851569 | $836916 | $— | $202501 |
|  Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2025  | $2460942 | $124497 | $2664516 | $(236880) | $— | $(91191)  |

---

348<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

3. Investment valuation (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Corporate** <br>**Bonds &** <br>**Notes** | **Senior** <br>**Loans** | **Common** <br>**Stocks** | **Warrants** | **Short** <br>**Terms**  |
| **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  | **Destinations Global Fixed Income Opportunities Fund**  |
| Balance as of February 28, 2025 | $15634693 | $6537468 | $1280084 | $7180584 | $203,532\* | $433025  |
| &nbsp;&nbsp;&nbsp; Purchases | 377761 | 230937 | 146824 |  |  | —  |
| &nbsp;&nbsp;&nbsp; (Sales/Paydowns) | (242000) | (242000) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total realized gain (loss) |  |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1540624) | (213132) | (442741) | (692145) | (58152) | (134454)  |
| &nbsp;&nbsp;&nbsp; Transfers In\*\* | 3280420 |  | 3280420 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Transfers Out\*\*\* | (837343) |  | (837343) |  |  | —  |
| Balance as of August 31, 2025 | $16672907 | $6313273 | $3427244 | $6488439 | $145,380\* | $298571  |
|  Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2025 | $8005029 | $8889780 | $— | $(692145) | $(58152) | $(134454) |

---

\* Includes securities that are fair valued at $0.

\*\* Amounts were transferred into Level 3 as the observability of price inputs has decreased during the reporting period. 

\*\*\* Amounts were transferred out of Level 3 as the observability of price inputs has increased during the reporting period. 

Level 3 investments held during and at the end of the period ended August 31, 2025 in relation to net assets of the Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund and Destinations International Equity Fund were not significant (0.02%, 0.00%, and 0.06% of total net assets, respectively) and accordingly, a reconciliation of Level 3 assets for the period ended August 31, 2025 is not presented.

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:

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 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.** 

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;i. **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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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.** 

&nbsp;&nbsp;&nbsp;&nbsp;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.** 

&nbsp;&nbsp;&nbsp;&nbsp;v. **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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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

The following is a summary of the fair valuations of the Funds' derivative instruments categorized by risk exposure at August 31, 2025:

**Destinations Large Cap Equity Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
| Unrealized appreciation on open futures contracts<sup>(a)</sup> | $— | $— | $— | $60357 | $60357  |
|  | $— | $— | $— | $60357 | $60357 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on futures contracts | $— | $— | $— | $(8062) | $(8062)  |
|  | $— | $— | $— | $(8062) | $(8062)  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on futures contracts | $— | $— | $— | $124420 | $124420  |
|  | $— | $— | $— | $124420 | $124420 |

---

**Destinations Small-Mid Cap Equity Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
| Unrealized appreciation on open futures contracts<sup>(a)</sup> | $— | $— | $— | $130236 | $130236  |
|  | $— | $— | $— | $130236 | $130236 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on futures contracts | $— | $— | $— | $(137260) | $(137260)  |
|  | $— | $— | $— | $(137260) | $(137260)  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on futures contracts | $— | $— | $— | $248243 | $248243  |
|  | $— | $— | $— | $248243 | $248243 |

---

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

**Destinations International Equity Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
| Unrealized appreciation on open futures contracts<sup>(a)</sup> | $— | $— | $— | $116391 | $116391  |
|  | $— | $— | $— | $116391 | $116391  |
| **Liability derivatives** <br>|  |  |  |  |  |
| Unrealized depreciation on swaps contracts<sup>(d)</sup> | $— | $— | $— | $2808804 | $2808804  |
|  | $— | $— | $— | $2808804 | $2808804 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on futures contracts | $— | $— | $— | $525922 | $525922  |
| Net realized gain (loss) on options contracts written |  |  |  | 53813 | 53813  |
| Net realized gain (loss) on swaps contracts |  |  |  | 38032 | 38032  |
|  | $— | $— | $— | $617767 | $617767  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on futures contracts | $— | $— | $— | $70593 | $70593  |
|  Net change in unrealized appreciation (depreciation) on options contracts written |  |  |  | (12567) | (12567)  |
|  Net change in unrealized appreciation (depreciation) on swaps contracts |  |  |  | 1088771 | 1088771  |
|  | $— | $— | $— | $1146797 | $1146797 |

---

**Destinations Equity Income Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Liability derivatives** <br>|  |  |  |  |  |
| Options contracts written outstanding<sup>(e)</sup> | $— | $— | $— | $231985 | $231985  |
|  | $— | $— | $— | $231985 | $231985 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on options contracts written  | $— | $— | $— | $266527 | $266527  |
|  | $— | $— | $— | $266527 | $266527  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on options contracts written | $— | $— | $— | $(145336) | $(145336)  |
|  | $— | $— | $— | $(145336) | $(145336) |

---

**Destinations Core Fixed Income Fund** 

**Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
| Unrealized appreciation on open futures contracts<sup>(a)</sup> | $2664 | $— | $— | $— | $2664  |
| Unrealized appreciation on swaps contracts<sup>(f)</sup> | 834698 |  |  |  | 834698  |
|  | $837362 | $— | $— | $— | $837362  |
| **Liability derivatives** <br>|  |  |  |  |  |
| Unrealized depreciation on open futures contracts<sup>(a)</sup> | $17281 | $— | $— | $— | $17281  |
| Unrealized depreciation on swaps contracts<sup>(d)</sup> | 69749 |  |  |  | 69749  |
|  | $87030 | $— | $— | $— | $87030 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on futures contracts | $(495441) | $— | $— | $— | $(495441)  |
| Net realized gain (loss) on swaps contracts | 267667 |  |  |  | 267667  |
|  | $(227774) | $— | $— | $— | $(227774)  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on futures contracts | $123267 | $— | $— | $— | $123267  |
|  Net change in unrealized appreciation (depreciation) on swaps contracts | 252264 |  |  |  | 252264  |
|  | $375531 | $— | $— | $— | $375531 |

---

**Destinations Low Duration Fixed Income Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
|  Unrealized appreciation on forward currency contracts<sup>(g)</sup> | $— | $19155 | $— | $— | $19155  |
|  | $— | $19155 | $— | $— | $19155  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Liability derivatives** <br>|  |  |  |  |  |
|  Unrealized depreciation on forward currency contracts<sup>(h)</sup> | $— | $16659 | $— | $— | $16659  |
|  | $— | $16659 | $— | $— | $16659 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(a)</sup>** <br>|  |  |  |  |  |
|  Net realized gain (loss) on forward foreign currency contracts | $— | $(1397132) | $— | $— | $(1397132)  |
|  | $— | $(1397132) | $— | $— | $(1397132)  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $— | $83246 | $— | $— | $83246  |
|  | $— | $83246 | $— | $— | $83246 |

---

**Destinations Global Fixed Income Opportunities Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
|  Unrealized appreciation on forward currency contracts<sup>(g)</sup> | $— | $76069 | $— | $— | $76069  |
|  | $— | $76069 | $— | $— | $76069  |
| **Liability derivatives** <br>|  |  |  |  |  |
| Options contracts written outstanding<sup>(e)</sup>  | $— | $— | $— | $136205 | $136205  |
|  Unrealized depreciation on forward currency contracts<sup>(h)</sup> |  | 432769 |  |  | 432769  |
|  | $— | $432769 | $— | $136205 | $568974 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on options contracts written | $— | $— | $— | $94994 | $94994  |
|  Net realized gain (loss) on forward foreign currency contracts |  | (13110305) |  |  | (13110305)  |
|  | $— | $(13110305) | $— | $94994 | $(13015311)  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on options contracts written | $— | $— | $— | $93111 | $93111  |
|  Net change in unrealized appreciation (depreciation) on forward foreign currency contracts |  | 495447 |  |  | 495447  |
|  | $— | $495447 | $— | $93111 | $588558 |

---

**Destinations Multi Strategy Alternatives Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
| Unrealized appreciation on swaps contracts<sup>(f)</sup> | $— | $— | $6016312 | $— | $6016312  |
|  | $— | $— | $6016312 | $— | $6016312  |
| **Liability derivatives** <br>|  |  |  |  |  |
| Unrealized depreciation on swaps contracts<sup>(d)</sup> | $— | $— | $345824 | $1701836 | $2047660  |
|  | $— | $— | $345824 | $1701836 | $2047660 |

---

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on swaps contracts | $— | $— | $3098579 | $(157258) | $2941321  |
|  | $— | $— | $3098579 | $(157258) | $2941321  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on swaps contracts | $— | $— | $603391 | $(1852828) | $(1249437)  |
|  | $— | $— | $603391 | $(1852828) | $(1249437) |

---

**Destinations Shelter Fund** 

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
| **Asset derivatives** <br>|  |  |  |  |  |
| Purchased options<sup>(i)</sup> | $— | $— | $— | $662935 | $662935  |
|  | $— | $— | $— | $662935 | $662935  |
| **Liability derivatives** <br>|  |  |  |  |  |
| Options contracts written outstanding<sup>(e)</sup> | $— | $— | $— | $678570 | $678570  |
|  | $— | $— | $— | $678570 | $678570 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

Effect of Derivative Instruments on the Statements of Operations of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Interest**<br>**rate risk** | **Foreign**<br>**exchange**<br>**risk** | **Credit**<br>**risk** | **Equity**<br>**risk** | **Total**  |
|  **Realized gain/(loss) on derivatives recognized in income<sup>(b)</sup>** <br>|  |  |  |  |  |
| Net realized gain (loss) on purchased options | $— | $— | $— | $(2132065) | $(2132065)  |
| Net realized gain (loss) on options contracts written |  |  |  | (891742) | (891742)  |
|  | $— | $— | $— | $(3023807) | $(3023807)  |
|  **Change in unrealized appreciation (depreciation) on derivatives recognized in income<sup>(c)</sup>** <br>|  |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) on purchased options | $— | $— | $— | $(323625) | $(323625)  |
|  Net change in unrealized appreciation (depreciation) on options contracts written |  |  |  | (181702) | (181702)  |
|  | $— | $— | $— | $(505327) | $(505327) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Statements of Assets and Liabilities location:
 Unrealized depreciation on swap contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Statements of Assets and Liabilities location:
 Options contracts written, at value

&nbsp;&nbsp;&nbsp;&nbsp;(f) Statements of Assets and Liabilities location:
 Unrealized appreciation on swap contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Statements of Assets and Liabilities location:
 Unrealized appreciation on open forward foreign currency contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Statements of Assets and Liabilities location:
 Unrealized depreciation on open forward foreign currency contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(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 period ended August 31, 2025 were as follows:

**Destinations Large Cap Equity Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Futures contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1720350 |

---

**Destinations Small-Mid Cap Equity Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Futures contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1368002 |

---

**Destinations International Equity Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8880<sup>(a)</sup>  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3635136  |
| Swaps contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11040426 |

---

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

4. Accounting for Derivative Instruments (continued)

**Destinations Equity Income Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $116445 |

---

**Destinations Core Fixed Income Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46931338  |
| Swaps contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13069286 |

---

**Destinations Low Duration Fixed Income Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11559374 |

---

**Destinations Global Fixed Income Opportunities Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95629  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $123235338 |

---

**Destinations Multi Strategy Alternatives Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Swaps contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $212764436 |

---

**Destinations Shelter Fund** 

---

| | |
|:---|:---|
|  | **Average notional amounts** <br>|
| Purchased options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $994403  |
| Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1015832 |

---

**Destinations Real Assets Fund** 

Forward foreign currency contracts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $349895<sup>(b)</sup><br>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for five months during the
 period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for one month during the period.

5. Accounting for Other Instruments

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(c) **Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances. See Note 5(o).** 

The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the Statements of Assets and Liabilities**  |
|  | **Gross Asset**<br>**Amount**<br>**Presented in**<br>**Statements of** <br>**Assets and**<br>**Liabilities<sup>(a)</sup>** | **Financial**<br>**Instrument** | **Collateral**<br>**Received<sup>(b)(c)</sup>** | **Net**<br>**Amount**<br>**(Not Less**<br>**than $0)**  |
| Destinations Small-Mid Cap Equity Fund | $4293876 | $— | $(4293876) | $—  |
| Destinations International Equity Fund | 3915730 |  | (3915730) | —  |
| Destinations Equity Income Fund | 670666 |  | (670666) | —  |
| Destinations Core Fixed Income Fund . | 125487 |  | (125487) | —  |
| Destinations Low Duration Fixed Income Fund . | 2133984 |  | (2133984) | —  |
| Destinations Global Fixed Income Opportunities Fund | 3501689 |  | (3501689) | —  |
| Destinations Multi Strategy Alternatives Fund | 3392585 |  | (3392585) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents market value of securities on loan
 at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Funds received cash collateral of $4,348,045,
 $4,089,594, $678,050, $129,981, $2,223,994, $3,632,631 and $3,408,307, respectively, which was subsequently invested in Federated Government
 Obligations Fund as reported in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The actual collateral received could be greater
 than the amount shown here due to overcollateralization.

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

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

The table below represents the disaggregation at August 31, 2025 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  |
|  | **Overnight**<br>**and**<br>**Continuous** | **< 30 days** | **Between**<br>**30 & 90**<br>**days** | **> 90 days** | **Total**  |
|  **Destinations Small-Mid Cap Equity Fund Securities Lending Transactions** <br>|  |  |  |  |  |
| Common Stocks  | $4348045 | $— | $— | $— | $4348045  |
| **Total Borrowings**  | $4348045 | $— | $— | $— | $4348045  |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $4348045  |
|  **Destinations International Equity Fund Securities Lending Transactions** <br>|  |  |  |  |  |
| Common Stocks  | $4089594 | $— | $— | $— | $4089594  |
| **Total Borrowings**  | $4089594 | $— | $— | $— | $4089594  |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $4089594  |
|  **Destinations Equity Income Fund Securities Lending Transactions** <br>|  |  |  |  |  |
| Common Stocks  | $678050 | $— | $— | $— | $678050  |
| **Total Borrowings** | $678050 | $— | $— | $— | $678050  |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $678050  |
|  **Destinations Core Fixed Income Fund Securities Lending Transactions** <br>|  |  |  |  |  |
| Corporate Bonds . | $129981 | $— | $— | $— | $129981  |
| **Total Borrowings** | $129981 | $— | $— | $— | $129981  |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $129981  |
|  **Destinations Low Duration Fixed Income Fund Securities Lending Transactions** <br>|  |  |  |  |  |
| Corporate Bonds . | $2223994 | $— | $— | $— | $2223994  |
| **Total Borrowings** | $2223994 | $— | $— | $— | $2223994  |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $2223994  |
|  **Destinations Global Fixed Income Opportunities Fund Securities Lending Transactions** <br>|  |  |  |  |  |
| Corporate Bonds . | $3632631 | $— | $— | $— | $3632631  |
| **Total Borrowings** | $3632631 | $— | $— | $— | $3632631  |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $3632631  |

---

361<br>

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  | **Remaining Contractual Maturity of the Agreements** <br>**As of August 31, 2025**  |
|  | **Overnight**<br>**and**<br>**Continuous** | **< 30 days** | **Between**<br>**30 & 90**<br>**days** | **> 90 days** | **Total**  |
|  **Destinations Multi Strategy Alternatives Fund Securities Lending Transactions** <br>|  |  |  |  |  |
| Common Stocks | $3408307 | $— | $— | $— | $3408307  |
| **Total Borrowings** | $3408307 | $— | $— | $— | $3408307  |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $3408307 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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** 

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(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

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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, Destinations International Equity and Destinations Real Assets Funds to distribute their investment income annually. It is the policy of the Destinations Core Fixed Income, Destinations Municipal Fixed Income, Destinations Global Fixed Income Opportunities and Destinations Low Duration Fixed Income Funds to distribute their investment income monthly. The Funds will make distributions of any undistributed capital gains earned annually. A Fund may make an additional payment of dividends or other distributions if it deems it to be desirable or necessary at other times during any year.** 

&nbsp;&nbsp;&nbsp;&nbsp;(k) **All distributions will be paid in cash. Generally, distributions are taxable events for shareholders whether the distributions are received in cash or reinvested.** 

&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(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** 

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**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

be more restricted than, those held by the assigning Lender. Participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement or any rights of setoff against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.

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

The following table summarizes the Funds' unfunded loans positions as of August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Unfunded**<br>**Bank Loan**<br>**Interest**<br>(Cost) | **Value of**<br>**Underlying**<br>**Bank Loan**<br>**Interest**<br>(Value) | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Destinations Core Fixed Income Fund** <br>|  |  |  |  |
| Savor Acquisition Inc.  | &nbsp;&nbsp; $6034 | &nbsp;&nbsp;&nbsp; $6057 | &nbsp;&nbsp; $6060 | &nbsp;&nbsp;&nbsp; $3  |
| **Destinations Global Fixed Income Opportunities Fund** <br>|  |  |  |  |
| Mountaineer Merger Corp. | &nbsp;&nbsp; $143318 | &nbsp;&nbsp;&nbsp; $71945 | &nbsp;&nbsp; $143318 | &nbsp;&nbsp;&nbsp; $71373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(q) **Segment Information. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. The President and Chief Executive Officer of the Company acts as the Funds' CODM. Each Fund operates through a single operating and reporting segment pursuant to its investment objective and principal investment strategy. A Fund's prospectus describes the Fund's fees, investment objective, principal investment strategy and principal risks, among other items. Each Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within such Fund's financial statements. The accompanying financial statements detail each Fund's segment assets, liabilities, revenues, and expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;(r) **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.

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by a counterparty for the benefit of a Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of such deposits due to brokers at August 31, 2025 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 3).

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

The following table presents the Funds' gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of August 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Assets** | **Liabilities**  |
| <br>**Derivative Instruments<sup>(a)</sup>** | **Gross Amounts of**<br>**Recognized Assets**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Gross Amounts of**<br>**Recognized Liabilities**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities**  |
| **Destinations International Equity Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2808804  |
|  **Total Derivative Instruments, subject to master netting arrangement or similar arrangement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2808804  |
| **Destinations Low Duration Fixed Income Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16659  |
|  **Total Derivative Instruments, subject to master netting arrangement or similar arrangement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16659  |
| **Destinations Global Fixed Income Opportunities Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $76069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $432769  |
|  **Total Derivative Instruments, subject to master netting arrangement or similar arrangement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $76069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $432769  |
| **Destinations Multi Strategy Alternatives Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6016312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2047660  |
|  **Total Derivative Instruments, subject to master netting arrangement or similar arrangement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6016312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2047660 |

---

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

The following table presents the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts** <br>**of Recognized Assets**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset<sup>(a)</sup>** | **Other Cash**<br>**Collateral<sup>(b)</sup>** | **Net**<br>**Amount<sup>(c)</sup>**  |
| **Destinations International Equity Fund** <br>|  |  |  |  |
| **Over-the-counter** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC.  | &nbsp;&nbsp;&nbsp; $2808804 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(2808804) | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  **Total Over-the-counter derivative instruments** | &nbsp;&nbsp;&nbsp; **$2808804** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(2808804)** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts** <br>**of Recognized Assets**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset<sup>(a)</sup>** | **Other Cash**<br>**Collateral<sup>(b)</sup>** | **Net**<br>**Amount<sup>(c)</sup>**  |
|  **Destinations Low Duration Fixed Income Fund** <br>|  |  |  |  |
| **Over-the-counter** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co.  | &nbsp;&nbsp;&nbsp;&nbsp; $19155 | &nbsp;&nbsp;&nbsp;&nbsp; $(16659) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2496  |
|  **Total Over-the-counter derivative instruments** | &nbsp;&nbsp;&nbsp;&nbsp; **$19155** | &nbsp;&nbsp;&nbsp;&nbsp; **$(16659)** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$2496** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts**<br>**of Recognized Liabilities**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset<sup>(a)</sup>** | **Other Cash**<br>**Collateral<sup>(b)</sup>** | **Net**<br>**Amount<sup>(c)</sup>**  |
|  **Destinations Low Duration Fixed Income Fund** <br>|  |  |  |  |
| **Over-the-counter** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co. | &nbsp;&nbsp;&nbsp;&nbsp; $16659 | &nbsp;&nbsp;&nbsp;&nbsp; $(16659) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  **Total Over-the-counter derivative instruments** | &nbsp;&nbsp;&nbsp;&nbsp; **$16659** | &nbsp;&nbsp;&nbsp;&nbsp; **$(16659)** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** |

---

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts** <br>**of Recognized** <br>**Assets**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset<sup>(d)</sup>** | **Other Cash**<br>**Collateral<sup>(b)</sup>** | **Net**<br>**Amount<sup>(e)</sup>**  |
|  **Destinations Global Fixed Income Opportunities Fund** <br>|  |  |  |  |
| **Over-the-counter** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co. | &nbsp;&nbsp;&nbsp;&nbsp; $76069 | &nbsp;&nbsp;&nbsp;&nbsp; $(76069) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  **Total Over-the-counter derivative instruments** | &nbsp;&nbsp;&nbsp;&nbsp; **$76069** | &nbsp;&nbsp;&nbsp;&nbsp; **$(76069)** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts** <br>**of Recognized** <br>**Liabilities**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset<sup>(a)</sup>** | **Other Cash**<br>**Collateral<sup>(b)</sup>** | **Net**<br>**Amount<sup>(c)</sup>**  |
|  **Destinations Global Fixed Income Opportunities Fund** <br>|  |  |  |  |
| **Over-the-counter** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co.  | &nbsp;&nbsp;&nbsp;&nbsp; $432769 | &nbsp;&nbsp;&nbsp;&nbsp; $(76069) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $356700  |
|  **Total Over-the-counter derivative instruments** | &nbsp;&nbsp;&nbsp;&nbsp; **$432769** | &nbsp;&nbsp;&nbsp;&nbsp; **$(76069)** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$356700** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts** <br>**of Recognized** <br>**Assets**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset<sup>(d)</sup>** | **Other Cash**<br>**Collateral<sup>(b)</sup>** | **Net**<br>**Amount<sup>(e)</sup>**  |
|  **Destinations Multi Strategy Alternatives Fund** <br>|  |  |  |  |
| **Over-the-counter** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co.  | &nbsp;&nbsp;&nbsp; $2423390 | &nbsp;&nbsp; $(538682) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1884708  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC  | &nbsp;&nbsp;&nbsp; $3592922 | &nbsp;&nbsp; $(1508978) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2083944  |
|  **Total Over-the-counter derivative instruments** | &nbsp;&nbsp;&nbsp; **$6016312** | &nbsp;&nbsp; **$(2047660)** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; **$3968652** |

---

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

5. Accounting for Other Instruments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts**<br>**of Recognized Liabilities**<br>**Presented in the**<br>**Statements of**<br>**Assets and Liabilities** | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset<sup>(a)</sup>** | **Other Cash**<br>**Collateral<sup>(b)</sup>** | **Net**<br>**Amount<sup>(c)</sup>**  |
|  **Destinations Multi Strategy Alternatives Fund** <br>|  |  |  |  |
| **Over-the-counter** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co.  | &nbsp;&nbsp;&nbsp; $538682 | &nbsp;&nbsp; $(538682) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC  | &nbsp;&nbsp;&nbsp; $1508978 | &nbsp;&nbsp; $(1508978) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  **Total Over-the-counter derivative instruments** | &nbsp;&nbsp;&nbsp; **$2047660** | &nbsp;&nbsp; **$(2047660)** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In some instances, the actual collateral received
 and/or pledged may be more than the amount shown here due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net amount represents the net amount receivable
 from the counterparty in the event of default.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Net amount represents the net amount payable to
 the counterparty in the event of default.

6. Significant Risks and Uncertainties

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Active Management Risk. Due to the active management investment strategies used by the Fund's Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers' judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect.** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Asia Region Risk. Many Asian economies have at various times been negatively affected by inflation, currency devaluations, an over-reliance on international trade and exports, political and social instability, and less developed financial systems and securities trading markets. Trade restrictions, unexpected decreases in exports, changes in government policies, expropriation and/or nationalization of assets, confiscatory taxation, or natural disasters could have a significant impact on companies doing business in Asia. The Asian region may be significantly affected by political unrest, military conflict, economic sanctions, and less demand for Asian products and services.** 

&nbsp;&nbsp;&nbsp;&nbsp;(c) **Asset-Backed Securities Risk. Asset-backed investments tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on asset-backed investments in lower-yielding investments. There is a risk that borrowers may default on their obligations in respect of certain underlying obligations of asset-backed securities. Certain assets underlying asset-backed securities are subject to prepayment, which may reduce the overall return to asset-backed security holders. The insolvency of entities that generate receivables or that utilize the assets may result in added costs and delays in addition to losses associated with a decline in the value of underlying assets. Certain asset-backed securities do not have the benefit of the same security interest in the related collateral as do mortgage-backed securities; nor are they provided government guarantees of repayment as are some mortgage-backed securities. Credit card receivables generally are unsecured, and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. In addition, some issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables.** 

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**August 31, 2025 (unaudited)(continued)** 

6. Significant Risks and Uncertainties (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(d) **Bank Loans Risk. Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in standardized market interest rates. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions incorporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund's redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund invests are usually rated below investment grade.** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) **Call Risk. If, during periods of falling interest rates, an issuer calls higher-yielding debt securities held by the Strategy, the Strategy may have to reinvest in securities with lower yields or higher of default, which may adversely impact the Strategy's performance.** 

&nbsp;&nbsp;&nbsp;&nbsp;(f) **Cash Position Risk. To the extent the Fund holds assets in cash and cash equivalents, the ability of the Fund to meet its objective may be limited.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) **Collateralized Loan Obligations (CLOs) Risk. CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CLO securities will depend on the performance and characteristics of the related underlying collateral.** 

&nbsp;&nbsp;&nbsp;&nbsp;(h) **Commercial Paper Risk. Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall.** 

&nbsp;&nbsp;&nbsp;&nbsp;(i) **Commodity Investments Risk. The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, pandemics, epidemics, embargoes, tariffs, and health, political, international and regulatory developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of shares of the Fund to fall. Exposure to commodities and commodities markets may subject the fund to greater volatility than investments in traditional securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;(j) **Concentration Risk. Issuers in a single industry, sector, country, or region can react similarly to market, currency, political, economic, regulatory, geopolitical, and other conditions. The fund's performance will be affected by the conditions in the industries, sectors, countries and regions to which the fund is exposed.** 

&nbsp;&nbsp;&nbsp;&nbsp;(k) **Contingent Capital Security Risk. Contingent capital securities (sometimes referred to as "CoCos") have loss absorption mechanisms benefitting the issuer built into their terms. Upon the occurrence of a specified trigger or event, CoCos may be subject to automatic conversion into the issuer's common stock, which likely will have declined in value and which will be subordinate to the issuer's other classes of securities, or to an automatic write-down of the principal amount of the securities, potentially to zero, which could result in the Strategy losing a portion or all of its investment in such securities. CoCos are often rated below investment grade and are subject to the risks of high yield securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;(l) **Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock's price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock's price is low** 

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

6. Significant Risks and Uncertainties (continued)

relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk — that is, the value of convertible securities will move in the direction opposite to movements in interest rates; they are subject to the risk that the issuer will not be able to pay interest or dividends when due; and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly known as "junk bonds"). Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the economy is weak or is expected to become weak. To the extent the Fund invests in convertible securities issued by small- or mid-cap companies, it will be subject to the risks of investing in such companies.

&nbsp;&nbsp;&nbsp;&nbsp;(m) **Credit Risk. Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on the issuer's financial condition and on the terms of the securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;(n) **Currency Risk. Exchange rates for currencies fluctuate daily. The combination of currency risk and market risks tends to make securities traded in foreign markets more volatile than securities traded exclusively in the United States. Investing in currencies or securities denominated in a foreign currency, entails risk of being exposed to a currency that may not fully reflect the strengths and weaknesses of the economy of the country or region utilizing the currency. In addition, it is possible that a currency (such as, for example, the Euro) could be abandoned in the future by countries that have already adopted its use, and the effects of such an abandonment on the applicable country and the rest of the countries utilizing the currency are uncertain but could negatively affect the Fund's investments denominated in the currency. If a currency used by a country or countries is replaced by another currency, the Fund's Adviser would evaluate whether to continue to hold any investments denominated in such currency, or whether to purchase investments denominated in the currency that replaces such currency, at the time.** 

Such investments may continue to be held, or purchased, to the extent consistent with the Fund's investment objective(s) and permitted under applicable law.

Many countries rely heavily upon export-dependent businesses and any strength in the exchange rate between a currency and the U.S. dollar or other currencies can have either a positive or a negative effect upon corporate profits and the performance of investments in the country or region utilizing the currency. Adverse economic events within such country or region may increase the volatility of exchange rates against other currencies, subjecting the Fund's investments denominated in such country's or region's currency to additional risks.

&nbsp;&nbsp;&nbsp;&nbsp;(o) **Derivatives Risk. Derivatives, such as forwards, futures, swaps and options, may involve significant risks. Derivatives are financial instruments, traded on an exchange or in the over-the-counter (OTC) markets, with a value in relation to, or derived from, the value of an underlying asset(s) (such as a security, commodity or currency) or other reference, such as an index, rate or other economic indicator (each an underlying reference).** 

Derivatives could result in Fund losses if the underlying references do not perform as anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments. The Fund's derivatives strategy may not be successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund's actual investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying reference may result in substantial loss for the Fund. Derivatives may be more volatile than other types of investments. Derivatives can increase the Fund's risk exposure to underlying references and their attendant risks, including the risk of an adverse credit event associated with the underlying reference (credit risk), the risk of adverse movement in the value, price or rate of the underlying reference(market risk), the risk of adverse movement in the value of underlying currencies (foreign currency risk) and the risk of adverse movement in underlying interest rates (interest rate risk).

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6. Significant Risks and Uncertainties (continued)

Derivatives may expose the Fund to additional risks, including the risk of loss due to a derivative position that is imperfectly correlated with the underlying reference it is intended to hedge or replicate (correlation risk), the risk that a counterparty will fail to perform as agreed (counterparty risk), the risk that a hedging strategy may fail to mitigate losses, and may offset gains (hedging risk), the risk that losses may be greater than the amount invested (leverage risk), the risk that the Fund may be unable to sell an investment at an advantageous time or price (liquidity risk), the risk that the investment may be difficult to value (pricing risk), and the risk that the price or value of the investment fluctuates significantly over short periods of time (volatility risk). The value of derivatives may be influenced by a variety of factors, including national and international political and economic developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or performance of derivatives.

Regulation relating to a Fund's use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;(p) **Dividend Income Risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. Because a dividend is always a positive contributor to total return, dividend-paying stocks are typically less volatile than non-dividend-paying stocks. Accordingly, the Fund's performance may lag behind the general market when dividend-paying stocks are out of favor.** 

&nbsp;&nbsp;&nbsp;&nbsp;(q) **Equity Securities Risk. The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.** 

Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market, economic or political conditions, or because of factors that affect a particular company or industry. A particular company in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund's performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.

With respect to investments in preferred stocks, in the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline.

&nbsp;&nbsp;&nbsp;&nbsp;(r) **Europe and United Kingdom Risk. The European financial markets have experienced increased volatility due to concerns about economic downturns, political unrest, war, military conflict, economic sanctions, rising government debt levels, energy crises, and public pandemics, and these events may continue to significantly affect all of Europe. European economies could be significantly affected by, among other things, rising unemployment, the imposition or unexpected elimination of fiscal and monetary controls by member countries of the European Economic and Monetary Union, uncertainty surrounding the Euro, the success of governmental actions to reduce budget deficits, and ongoing uncertainties surrounding Brexit, the formal withdrawal by the United Kingdom from the European Union. In addition, acts of war may amplify already existing geopolitical tensions and could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies.** 

&nbsp;&nbsp;&nbsp;&nbsp;(s) **Event-Driven Risk. The evaluation of the outcome of a proposed investment opportunity, whether a corporate event such as a merger, acquisition, refinancing, reorganization, regulatory issue, or other investment opportunity, may prove incorrect and the Fund's return on the investment may be negative. Even if the judgment regarding the likelihood of a specific outcome proves correct, the expected event may be delayed or completed on terms other than those originally** 

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6. Significant Risks and Uncertainties (continued)

proposed, which may cause the Fund to lose money or fail to achieve a desired rate of return. These risks may be realized for a variety of reasons, such as the inability to finance a transaction, lack of regulatory approval from state, federal or international agencies or failure of shareholders to approve a transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(t) **Exchange-Traded Notes (ETNs) Risk. The Fund may invest in ETNs, which are notes representing unsecured debt of the issuer. ETNs are typically linked to the performance of an index plus a specified rate of interest that could be earned on cash collateral. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced index.** 

&nbsp;&nbsp;&nbsp;&nbsp;(u) **Extension Risk. When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.** 

&nbsp;&nbsp;&nbsp;&nbsp;(v) **Fixed Income Market Risk. The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk.** 

Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. As a result of these conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

&nbsp;&nbsp;&nbsp;&nbsp;(w) **Foreign Securities and Emerging Markets Risk. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency's strength or weakness relative to the U.S. dollar. Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets. Frontier markets, considered by the Fund to be a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.** 

&nbsp;&nbsp;&nbsp;&nbsp;(x) **Growth Stock Risk. Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.** 

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6. Significant Risks and Uncertainties (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(y) **Hedging Risk. The Fund may use derivative investments for hedging purposes. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund's hedging transactions will be effective. In addition, the use of hedging may result in certain adverse tax consequences.** 

&nbsp;&nbsp;&nbsp;&nbsp;(z) **High Yield (Junk Bonds) Risk. Debt instruments rated below investment grade or debt instruments that are unrated and determined by the Adviser to be of comparable quality are predominantly speculative. They are usually issued by companies without long track records of sales and earnings or by companies with questionable credit strength. These instruments, commonly known as 'junk bonds,' have a higher degree of default risk and may be less liquid than higher-rated bonds.** 

These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, general economic downturn, and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the Fund to value these instruments accurately. An economic downturn could severely affect the ability of issuers (particularly those that are highly leveraged) to service their debt obligations or to repay their obligations upon maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(aa) **Indian Market and India Region Risk. Government actions, bureaucratic obstacles and inconsistent economic and tax reform policies within the Indian government have had a significant effect on the economy and could adversely affect market conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could hinder development of the Indian economy, and escalating tensions could impact the broader region, including China. Because the Fund may invest a large percentage of its assets in India, the value of the Fund's shares may be affected by events that adversely affect India and may fluctuate more than the value of a less concentrated fund's shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ab) **Interest Rate Risk. The risk that the values of debt instruments held by the Fund will change in response to changes in interest rates. In general, the value of a fixed-income instrument with positive duration will generally decline if interest rates increase, whereas the value of an instrument with negative duration will generally decline if interest rates decrease. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to increases in interest rates than a similar instrument with a shorter duration. Duration is a measure of the expected life of a bond that is used to determine the sensitivity of an instrument's price to changes in interest rates. For example, the price of a bond fund with an average duration of three years generally would be expected to fall approximately 3% if interest rates rose by one percentage point. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Adjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other things). During periods of increasing interest rates, changes in the interest rate payments of adjustable rate instruments may lag the changes in market interest rates or may have limits on the maximum increase in interest rates.** 

Conversely, there may not be any limitations or caps on the adjustment down of interest rate payments during periods of declining market interest rates. The Fund may face a heightened level of interest rate risk during periods when the Federal Reserve raises interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(ac) **Investment Company and Exchange-Traded Funds (ETFs) Risk. When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, although the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments.** 

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6. Significant Risks and Uncertainties (continued)

For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share that is less than the net asset value per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined net asset value, but rather, are subject to supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their net asset value. The Fund may invest in shares of closed-end funds that are trading at a discount to net asset value or at a premium to net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, there by adversely affecting the net asset value of the Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund. Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. The Fund's investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and net asset value than an investment in shares of investment companies without a leveraged capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;(ad) **Investment Style Risk. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser's approach to investing could cause it to underperform other managers that employ a different investment style. For example, growth stocks tend to be more volatile than certain other types of stocks, and their prices may fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ae) **Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;(af) **Loan Assignment/Loan Participation Risk. If a bank loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. If a bank loan is acquired through a participation, the Fund generally will have no right to enforce against the borrower compliance by the borrower with the terms of the loan agreement, and the Fund may not 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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ag) **Management Risk. Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers' choice of securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ah) **Market Risk. Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.** 

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6. Significant Risks and Uncertainties (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(ai) **Mid-Cap Securities Risk. Mid-capitalization stocks tend to perform differently from other segments of the equity market or the equity market as a whole and can be more volatile than stocks of large-capitalization companies. Mid-capitalization companies may be newer or less established, and may have limited resources, products and markets, and may be less liquid.** 

&nbsp;&nbsp;&nbsp;&nbsp;(aj) **MLP Risk. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting the industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ak) **Mortgage-Backed Securities Risk. The risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security.** 

&nbsp;&nbsp;&nbsp;&nbsp;(al) **Multi-Manager Risk. The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;(am) **Municipal Securities Risk. The risk that municipal securities may be subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests more than 25% of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). The municipal market can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. In recent periods an increasing number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. Municipalities continue to experience difficulties in the current economic and political environment.** 

&nbsp;&nbsp;&nbsp;&nbsp;(an) **Natural Resources Investment Risk. Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ao) **Portfolio Turnover Risk. Frequent buying and selling of investments may involve higher trading costs and other expenses and may affect the Fund's performance over time. High rates of portfolio turnover may result in the realization of short-term capital gains and losses. The payment of taxes on these gains could adversely affect your after tax return on your investment in the Fund. Any distributions resulting from such gains or losses may be considered ordinary income for federal income tax purposes.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ap) **Preferred Securities Risk. The risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer's call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer's capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;(aq) **Prepayment Risk. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off** 

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6. Significant Risks and Uncertainties (continued)

debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally beat lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(ar) **Private Placement Risk. A private placement involves the sale of securities that have not been registered under U.S. or foreign securities laws to certain institutional and qualified individual purchasers. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. Securities sold through private placements are not publicly traded and, therefore, are less liquid. Companies seeking private placement investments tend to be in earlier stages of development and have not yet been fully tested in the public marketplace. Additionally, many private placement securities are issued by companies that are not required to file periodic financial reports, leading to challenges in evaluating the company's overall business prospects and gauging how the investment is likely to perform over time. The more limited financial information and lack of publicly available prices require the Fund to determine a fair value for such investments. The assignments of fair value prices to private placements consider a wide variety of factors and are reviewed on a regular basis and updated as additional information becomes available. However, the valuation involves a significant amount of judgment by the Fund's independent pricing service and the fair value prices determined for the Fund could differ from those of other market participants.** 

&nbsp;&nbsp;&nbsp;&nbsp;(as) **Puerto Rico Investments Risk. To the extent the Fund invests in Puerto Rico municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Developments in Puerto Rico may adversely affect the securities held by the Fund. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market.** 

&nbsp;&nbsp;&nbsp;&nbsp;(at) **Real Assets Risk. Investments in the energy, materials, industrials, utilities and real estate sectors involve a high degree of risk, including significant financial, operating, and competitive risks. Investments in royalty trusts, REITs and MLPs expose the fund to adverse macroeconomic conditions, such as changes and volatility in commodity prices, a rise in interest rates or a downturn in the economy in which the asset is located, elevating the risk of loss.** 

&nbsp;&nbsp;&nbsp;&nbsp;(au) **Real Estate Investment Trusts (REITs) Risk. REITs, including foreign REITS and REIT-like entities, are subject to risks associated with the ownership of real estate. Some REITs experience market risk due to investment in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such REIT could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a REIT holds, which could reduce the cash flow needed to make distributions to investors. In addition, REITs may also be affected by tax and regulatory requirements impacting the REITs' ability to qualify for preferential tax treatments or exemptions. REITs require specialized management and pay management expenses. REITs also are subject to physical risks to real property, including weather, natural disasters, terrorist attacks, war, or other events that destroy real property. Foreign REITS and REIT-like entities can also be subject to currency risk, emerging market risk, limited public information, illiquid trading and the impact of local laws.** 

REITs include equity REITs and mortgage REITs. Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidations. In addition, equity and mortgage REITs could possibly fail to qualify for tax-free pass-through of income under applicable tax laws or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or less or and may incur substantial costs associated with protecting its investments. In addition, even many of the larger REITs in the industry tend to be small to medium-sized companies in relation to the equity markets as a whole.

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6. Significant Risks and Uncertainties (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(av) **Sector Risk. Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be more susceptible to any economic, business or other developments which generally affect that sector.** 

&nbsp;&nbsp;&nbsp;&nbsp;(aw) **Securities Lending Risk. The Fund may lend portfolio securities to broker-dealers or other financial intermediaries on a fully collateralized basis in order to earn additional income. The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ax) **Senior Loans Risk. Senior loans are business loans made to borrowers that may be corporations, partnerships or other entities. These borrowers operate in a variety of industries and across geographic regions. Investing in senior loans involves investment risk and some borrowers default on their senior loan repayments. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risks of their borrowers. Such borrowers are more likely to default on their payments of interest and principal owed, and such defaults could reduce a Fund's net asset value and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Adverse market conditions may impair the liquidity of some actively traded senior loans. To the extent that a secondary market does exist for certain senior loans, the market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Senior loans are subject to the risk that when sold, such sale may not settle in a timely manner, resulting in a settlement date that may be much later than the trade date. Delayed settlement interferes with the Fund's ability to realize the proceeds of senior loan sales in a timely way. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower's obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Senior loans may not be deemed to be securities and, in such case, may not be afforded the anti- fraud protections of the Federal securities laws in the event of fraud or misrepresentation by a borrower.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ay) **Short Sale Risk. Positions in shorted securities are speculative and more risky than long positions (purchases) in securities. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce the Fund's return. Generally, the short sales in which the Fund may invest will not be "against the box," meaning the Fund will not own the shorted security, so theoretically the potential loss resulting from short sales is unlimited.** 

&nbsp;&nbsp;&nbsp;&nbsp;(az) **Small-Cap and Micro-Cap Securities Risk. Small capitalization stocks may underperform other types of stocks or the equity market as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources or may be dependent upon a small or inexperienced management group. In addition, small-cap stocks typically are traded in lower volume, are less liquid, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. These risks may be heightened with respect to micro-cap companies.** 

&nbsp;&nbsp;&nbsp;&nbsp;(ba) **Sovereign Obligation Risk. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the underlying funds may have limited recourse in the event of a default.** 

&nbsp;&nbsp;&nbsp;&nbsp;(bb) **Special Purpose Acquisition Companies Risks. The Fund may, to the extent permitted by the 1940 Act and its investment policies, invest in special purpose acquisition companies ("SPACs"). Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Certain SPACs** 

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

6. Significant Risks and Uncertainties (continued)

may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;(bc) **Structured Notes Risk. Typically, the value of the principal and/or interest on these instruments is determined by reference to changes in the value of specific currencies, interest rates, indexes or other financial indicators ("Reference") or the relevant change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured securities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in the loss of the Fund's entire investment. The value of structured securities may move in the same or the opposite direction as the value of the Reference, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, the change in interest rate or the value of the security at maturity may be a multiple of the change in the value of the Reference so that the security may be more or less volatile than the Reference, depending on the multiple. Consequently, structured securities may entail a greater degree of market risk and volatility than other types of debt obligations. Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities include structured notes as well as securities other than debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities may include a multiplier that multiplies the indexed element by a specified factor and, therefore, the value of such securities may be very volatile. To the extent the Fund invests in these securities, however, the Sub-adviser analyzes these securities in its overall assessment of the effective duration the Fund's portfolio in an effort to monitor the Fund's interest rate risk. Certain restrictions imposed on the Fund by the Internal Revenue Code of 1986, as amended (the "Code") may limit the Fund's ability to use structured notes.** 

&nbsp;&nbsp;&nbsp;&nbsp;(bd) **Tax Risk. The risk that future legislative or administrative changes or court decisions may materially affect the value of municipal instruments or the ability of the Fund to pay tax-exempt dividends. The Fund may rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. In such instances, neither the Fund nor the Sub-adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Some of the Fund's income distributions may be, and distributions of the Fund's gains may be, subject to federal taxation. The Fund may realize taxable gains on the sale of its securities or other transactions, and some of the Fund's income distributions may be subject to the AMT tax applicable to certain shareholders. This may result in a lower tax-adjusted return. Additionally, distributions of the Fund's income and gains generally will be subject to state taxation.** 

&nbsp;&nbsp;&nbsp;&nbsp;(be) **TBA and When-Issued Transaction Risk. TBA and When-Issued securities involve risk that a security the Fund buys will lose value prior to its delivery. There is also risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.** 

&nbsp;&nbsp;&nbsp;&nbsp;(bf) **U.S. Government Securities Risk. Obligations of U.S. Government agencies, authorities, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, not all U.S. Government securities are backed by the full faith and credit of the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the U.S. Government are backed by the full faith and credit of the United States (e.g., the Government National Mortgage Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury (e.g., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S. Government to purchase an agency's obligations. Still others are backed only by the credit of the agency, authority, instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government would provide financial support to any of these entities if it is not obligated to do so by law.** 

&nbsp;&nbsp;&nbsp;&nbsp;(bg) **Value Stocks Risk. The risk that the Fund will underperform when value investing is out of favor or that the Fund's investments will not appreciate in value as anticipated.** 

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

6. Significant Risks and Uncertainties (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(bh) **Warrants Risk. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.** 

7. Investment Management Agreement

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Sub-advisory** <br>**Fee** | **Brinker** <br>**Capital** <br>**Investments,** <br>**LLC** <br>**Fee** | **Maximum** <br>**Allowable** <br>**Annual** <br>**Management** <br>**Fee**  |
| Destinations Large Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Destinations Small-Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%  |
| Destinations International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |
| Destinations Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Destinations Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Destinations Low Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Destinations Global Fixed Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Destinations Municipal Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Destinations Multi Strategy Alternatives Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%  |
| Destinations Shelter Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Destinations Real Assets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% |

---

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.

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

7. Investment Management Agreement (continued)

For the period ended August 31, 2025, the amounts waived by the Adviser, which are not recoupable, were as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Destinations Large Cap Equity Fund | $2638345  |
| Destinations Small-Mid Cap Equity Fund | 308148  |
| Destinations International Equity Fund | 2066357  |
| Destinations Equity Income Fund | 271693  |
| Destinations Core Fixed Income Fund | 288681  |
| Destinations Low Duration Fixed Income Fund | 76072  |
| Destinations Global Fixed Income Opportunities Fund | 297522  |
| Destinations Municipal Fixed Income Fund | 382615  |
| Destinations Multi Strategy Alternatives Fund | 1010366  |
| Destinations Shelter Fund | 26591  |
| Destinations Real Assets Fund | 385075 |

---

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 period ended, pursuant to these Procedures, each Funds' total cross trades transactions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**  |
| Destinations International Equity Fund | $— | $541380 | $308633  |
| Destinations Global Fixed Income Opportunities Fund | 52419 | 1726529 | 41696 |

---

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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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

8. Class Specific Expenses (continued)

For the period ended August 31, 2025, class specific expenses were as follows:

---

| | |
|:---|:---|
| | **Sub-Transfer** <br>**Agent Fees** <br>|
| <br>**Fund** | **Class I** |
| Destinations Large Cap Equity Fund | &nbsp;&nbsp; $2475068  |
| Destinations Small-Mid Cap Equity Fund | &nbsp;&nbsp; 454662  |
| Destinations International Equity Fund | &nbsp;&nbsp; 1318334  |
| Destinations Equity Income Fund | &nbsp;&nbsp; 333012  |
| Destinations Core Fixed Income Fund | &nbsp;&nbsp; 1118189  |
| Destinations Low Duration Fixed Income Fund | &nbsp;&nbsp; 209778  |
| Destinations Global Fixed Income Opportunities Fund | &nbsp;&nbsp; 494201  |
| Destinations Municipal Fixed Income Fund | &nbsp;&nbsp; 485588  |
| Destinations Multi Strategy Alternatives Fund | &nbsp;&nbsp; 388673  |
| Destinations Shelter Fund | &nbsp;&nbsp; 70077  |
| Destinations Real Assets Fund | &nbsp;&nbsp; 215931 |

---

9. Investments

During the period ended August 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **U.S. Government &** <br>**Agency Obligations**  | **U.S. Government &** <br>**Agency Obligations**  |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| Destinations Large Cap Equity Fund | $1858166551  | $1755150142  | $—  | $—  |
| Destinations Small-Mid Cap Equity Fund  | 450849809 | 449989631 |  | —  |
| Destinations International Equity Fund  | 495696894 | 645190482 |  | —  |
| Destinations Equity Income Fund  | 178664869 | 186056881 |  | —  |
| Destinations Core Fixed Income Fund  | 1084111752 | 1259051004 | 867060359 | 892482117  |
| Destinations Low Duration Fixed Income Fund | 102943657 | 136865176 | 2664962 | 2995053  |
|  Destinations Global Fixed Income Opportunities Fund  | 350957907 | 403992365 |  | 9723703  |
| Destinations Municipal Fixed Income Fund | 168357678 | 272431150 |  | —  |
| Destinations Multi Strategy Alternatives Fund | 137710372 | 192910070 |  | —  |
| Destinations Shelter Fund | 3042034 | 13223432 |  | —  |
| Destinations Real Assets Fund  | 147469148 | 156744822 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **U.S. Government & Agency**<br>**Obligations**  | **U.S. Government & Agency**<br>**Obligations**  |
| <br>**Fund** | **Securities**<br>**Sold Short** | **Covers on**<br>**Securities**<br>**Sold Short** | **Securities**<br>**Sold Short** | **Covers on**<br>**Securities**<br>**Sold Short**  |
| Destinations Large Cap Equity Fund | $—  | $—  | $— | $—  |
| Destinations Small-Mid Cap Equity Fund  | 2495731 | 2499775 |  | —  |
| Destinations International Equity Fund  |  |  |  | —  |
| Destinations Equity Income Fund  |  |  |  | —  |
| Destinations Core Fixed Income Fund  | 213256042 | 211048851 | 213256042 | 211048851  |
| Destinations Low Duration Fixed Income Fund |  |  |  | —  |
|  Destinations Global Fixed Income Opportunities Fund  | 8628438 | 7633034 |  | —  |
| Destinations Municipal Fixed Income Fund |  |  |  | —  |
| Destinations Multi Strategy Alternatives Fund | 4371751 | 3799345 | 3793438 | 3799345  |
| Destinations Shelter Fund |  |  |  | —  |
| Destinations Real Assets Fund  | 8857 | 8785 |  |  |

---

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

9. Investments (continued)

At August 31, 2025, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost** <br>**For Federal Income** <br>**Tax Purposes** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>(Depreciation) | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Destinations Large Cap Equity Fund  | $2766344514 | $837776849 | $(28640468)  | $809136381  |
| Destinations Small-Mid Cap Equity Fund  | 555885509 | 143627461 | (16135017) | 127492444  |
| Destinations International Equity Fund  | 1455621424 | 541696470 | (74448060) | 467248410  |
| Destinations Equity Income Fund | 375611929 | 105944320 | (4813503) | 101130817  |
| Destinations Core Fixed Income Fund | 1704750125 | 19247595 | (134294077) | (115046482)  |
| Destinations Low Duration Fixed Income Fund  | 295754453 | 4875727 | (15512319) | (10636592)  |
|  Destinations Global Fixed Income Opportunities Fund  | 708071102 | 21851939 | (25778195) | (3926256)  |
| Destinations Municipal Fixed Income Fund  | 652871441 | 9661751 | (18334272) | (8672521)  |
| Destinations Multi Strategy Alternatives Fund  | 521068248 | 26935675 | (7801975) | 19133700  |
| Destinations Shelter Fund  | 58051018 | 39746590 | (1258661) | 38487929  |
| Destinations Real Assets Fund | 311527865 | 27650309 | (9160403) | 18489906 |

---

10. Shares of Beneficial Interest

At August 31, 2025, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At August 31, 2025, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period ended** <br>**31 August, 2025** | **Period ended** <br>**31 August, 2025** | **Period ended** <br>**31 August, 2025** | **Period ended** <br>**31 August, 2025** | **Year ended** <br>**28 February, 2025** | **Year ended** <br>**28 February, 2025** | **Year ended** <br>**28 February, 2025**  | **Year ended** <br>**28 February, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount**  |
|  | **Class I** | **Class I** | **Class Z** | **Class Z** | **Class I** | **Class I** | **Class Z** | **Class Z**  |
|  **Destinations Large Cap Equity Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 26788304 | $415058603 | 45150298 | $489320756 | 47936226 | $776617278 | 18123352 | $206973040  |
|  Shares issued on reinvestment |  |  |  |  | 32581312 | 497842444 | 5465201 | 59297429  |
| Shares repurchased | (67883603) | (1041947538) | (48909752) | (532134011) | (90555445) | (1486366178) | (27754971) | (335806573)  |
| Net Decrease | **(41095299)** | **$(626888935)** | **(3759454)** | **$(42813255)** | **(10037907)** | **$(211906456)** | **(4166418)** | **$(69536104)**  |
|  **Destinations Small-Mid Cap Equity Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 1765598 | $22697767 | 14028599 | $127862899 | 8475286 | $117602808 | 4984628 | $47988892  |
|  Shares issued on reinvestment |  |  |  |  | 3939119 | 52902360 | 657807 | 6321522  |
| Shares repurchased | (11071494) | (139894698) | (14891850) | (136185722) | (18713154) | (262615321) | (7416958) | (75164227)  |
| Net Decrease | **(9305896)** | **$(117196931)** | **(863251)** | **$(8322823)** | **(6298749)** | **$(92110153)** | **(1774523)** | **$(20853813)**  |
|  **Destinations International Equity Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 4223137 | $60277679 | 9175824 | $115226436 | 12798432 | $169733065 | 2515401 | $28673039  |
|  Shares issued on reinvestment |  |  |  |  | 4931367 | 61888659 | 625831 | 6715166  |
| Shares repurchased | (23537151) | (330648325) | (10303443) | (128833999) | (57581642) | (762847638) | (10564096) | (120464003)  |
| Net Decrease | **(19314014)** | **$(270370646)** | **(1127619)** | **$(13607563)** | **(39851843)** | **$(531225914)** | **(7422864)** | **$(85075798)**  |
|  **Destinations Equity Income Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 1512389 | $20069162 | 4303601 | $55476122 | 4563391 | $56725520 | 1799693 | $22428274  |
|  Shares issued on reinvestment | 356042 | 4756268 | 30622 | 394433 | 1149834 | 14115335 | 111768 | 1321557  |
| Shares repurchased | (6363371) | (83993985) | (4491735) | (57947243) | (17895047) | (223795561) | (4099653) | (50402428)  |
| Net Decrease | **(4494940)** | **$(59168555)** | **(157512)** | **$(2076688)** | **(12181822)** | **$(152954706)** | **(2188192)** | **$(26652597)**  |

---

383<br>

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

10. Shares of Beneficial Interest (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period ended** <br>**31 August, 2025** | **Period ended** <br>**31 August, 2025** | **Period ended** <br>**31 August, 2025** | **Period ended** <br>**31 August, 2025** | **Year ended** <br>**28 February, 2025** | **Year ended** <br>**28 February, 2025** | **Year ended** <br>**28 February, 2025**  | **Year ended** <br>**28 February, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount**  |
|  | **Class I** | **Class I** | **Class Z** | **Class Z** | **Class I** | **Class I** | **Class Z** | **Class Z**  |
|  **Destinations Core Fixed Income Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 7568458 | $63604055 | 1057337 | $9160798 | 22071426 | $185304812 | 2961846 | $25602213  |
|  Shares issued on reinvestment | 3499676 | 29430600 | 313447 | 2717873 | 7816163 | 65558012 | 759086 | 6558623  |
| Shares repurchased | (33397822) | (280017392) | (2349063) | (20331878) | (59385723) | (499257354) | (10019343) | (86894652)  |
| Net Decrease | **(22329688)** | **$(186982737)** | **(978279)** | **$(8453207)** | **(29498134)** | **$(248394530)** | **(6298411)** | **$(54733816)**  |
|  **Destinations Low Duration Fixed Income Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 2224588 | $20732420 | 240759 | $2305864 | 6608538 | $61812158 | 791820 | $7601425  |
|  Shares issued on reinvestment | 742692 | 6915212 | 57872 | 554059 | 1935803 | 18055182 | 158218 | 1515513  |
| Shares repurchased | (6769891) | (63087157) | (484017) | (4642778) | (16386201) | (153152676) | (2086269) | (20015299)  |
| Net Decrease | **(3802611)** | **$(35439525)** | **(185386)** | **$(1782855)** | **(7841860)** | **$(73285336)** | **(1136231)** | **$(10898361)**  |
|  **Destinations Global Fixed Income Opportunities Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 8246908 | $77491248 | 526207 | $5056840 | 11998520 | $112672168 | 1316276 | $12610023  |
|  Shares issued on reinvestment | 2277730 | 21367906 | 174215 | 1671979 | 4998004 | 46714270 | 427746 | 4084374  |
| Shares repurchased | (13641144) | (127634609) | (665662) | (6380864) | (24901718) | (233835397) | (3722078) | (35708821)  |
| Net Increase/(Decrease) | **(3116506)** | **$(28775455)** | **34760** | **$347955** | **(7905194)** | **$(74448959)** | **(1978056)** | **$(19014424)**  |
|  **Destinations Municipal Fixed Income Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 3480821 | $32997417 | 634789 | $6039436 | 7322867 | $70782590 | 1421209 | $13772481  |
|  Shares issued on reinvestment | 1053523 | 9958456 | 62815 | 596633 | 2358382 | 22732761 | 133259 | 1291099  |
| Shares repurchased | (13907258) | (131797889) | (658402) | (6279931) | (19744435) | (190744803) | (2651132) | (25744203)  |
| Net Increase/(Decrease) | **(9372914)** | **$(88842016)** | **39202** | **$356138** | **(10063186)** | **$(97229452)** | **(1096664)** | **$(10680623)**  |
|  **Destinations Multi Strategy Alternatives Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 5024441 | $51689412 | 463805 | $4630635 | 5248885 | $55251873 | 794428 | $8103661  |
|  Shares issued on reinvestment | 845504 | 8652326 | 73237 | 727733 | 3605145 | 37412072 | 334755 | 3378198  |
| Shares repurchased | (9551820) | (97586109) | (549749) | (5456929) | (26562859) | (279173481) | (3511921) | (36003559)  |
| Net Decrease | **(3681875)** | **$(37244371)** | **(12707)** | **$(98561)** | **(17708829)** | **$(186509536)** | **(2382738)** | **$(24521700)**  |
| **Destinations Shelter Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 549559 | $6437154 | 11135 | $131286 | 787554 | $9101952 | 18043 | $203245  |
|  Shares issued on reinvestment | 6914 | 81540 | 242 | 2826 | 27724 | 321053 | 944 | 10762  |
| Shares repurchased | (1066511) | (12694834) | (46874) | (538413) | (2156683) | (24385545) | (41153) | (473000)  |
| Net Decrease | **(510038)** | **$(6176140)** | **(35497)** | **$(404301)** | **(1341405)** | **$(14962540)** | **(22166)** | **$(258993)**  |
|  **Destinations Real Assets Fund**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 16075348 | $37187941 | 2550900 | $5204088 | 144171965 | $322781590 | 12623123 | $25169195  |
|  Shares issued on reinvestment |  |  |  |  | 342007 | 728474 | 30318 | 57605  |
| Shares repurchased | (23469100) | (52729884) | (1409032) | (2829904) | (11513282) | (25285541) | (768281) | (1496656)  |
| Net Increase/(Decrease) | **(7393752)** | **$(15541943)** | **1141868** | **$2374184** | **133000690** | **$298224523** | **11885160** | **$23730144** |

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11. ReFlow Liquidity Program

The Funds may participate in one or more optional liquidity programs, which are designed to provide an alternative liquidity source for mutual funds when conducting normal business activities. Pursuant to the programs, a third-party purchases shares of a fund that settle the next business day and the fund has the ability to use incoming cash to meet net shareholder redemptions, as necessary. A Fund is not guaranteed to receive cash under the program on any given day. Following purchases of fund shares, the third-party then generally expects to redeem those shares when the fund experiences net sales or at other times at the third-party's

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(continued)** 

11. ReFlow Liquidity Program (continued)

discretion, subject to the third-party's independent decision making. While the third-party holds fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. The third-party could redeem its entire share position in the Fund and may request that such redemption be met in-kind in accordance with the Fund's redemption in-kind policies.

For use of the liquidity program, a Fund may pay a fee to the third-party each time it purchases shares of such Fund. Fees associated with the use of the liquidity program are included within the miscellaneous expense on the Fund's Statement of Operations. Purchases of a Fund's shares through the liquidity program are made on an investment-blind basis without regard to such Fund's objective, policies, or anticipated performance. In accordance with federal securities laws, the third-party is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. The third-party will purchase shares of the Fund at net asset value and will not be subject to any investment minimum applicable to such shares.

The following table presents ReFlow activity during the period ended August 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares** <br>**Purchased** | **Value of** <br>**Shares** <br>**Purchased** | **Shares** <br>**Redeemed** | **Value of Cash** <br>**and Securities** <br>**Sold** | **In-kind Gain** <br>**of Securities** <br>**Sold**  |
| Destinations Large Cap Equity Fund | 43287380 | $468728803 | 44061238 | $479494808 | $246926115  |
| Destinations Small-Mid Cap Equity Fund | 7740174 | $69648786 | 7896751 | $71523324 | $25043264  |
| Destinations International Equity Fund | 5916871 | $73440365 | 5909217 | $73501967 | $29120582  |
| Destinations Equity Income Fund | 1124065 | $14480662 | 1124065 | $14482377 | $3702078 |

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12. In-Kind Transactions

During the period ended August 31, 2025, Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations International Equity Fund and Destinations Equity Income Fund redeemed shares of beneficial interest in exchange for securities. These securities were transferred at their current value on the date of such transactions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Transaction** <br>**Dates** | **Shares** <br>**Redeemed** | **Securities at** <br>**Value** | **Cash** | **Total** <br>**Assets** | **Realized** <br>**Gain**  |
|  Destinations Large Cap Equity Fund | 27-Mar-25 | 6935271 | $100672073 | $2871520 | $103543593 | $82560055  |
|  Destinations Small-Mid Cap Equity Fund | 27-Mar-25 | 1653804 | $14153873 | $548442 | $14702315 | $6623019  |
|  Destinations Equity Income Fund | 27-Mar-25 | 787402 | $9669564 | $322562 | $9992126 | $4845377  |
|  Destinations Large Cap Equity Fund | 9-May-25 | 7118644 | $102462082 | $3178596 | $105640678 | $75363624  |
|  Destinations Small-Mid Cap Equity Fund | 9-May-25 | 2283105 | $19590839 | $660303 | $20251142 | $10367382  |
|  Destinations Equity Income Fund | 9-May-25 | 1117318 | $13534088 | $465912 | $14000000 | $2231625  |
|  Destinations Large Cap Equity Fund | 14-Aug-25 | 6257449 | $102636284 | $2676588 | $105312872 | $71827700  |
|  Destinations Small-Mid Cap Equity Fund | 14-Aug-25 | 1998002 | $19316293 | $723667 | $20039960 | $11142552  |
|  Destinations International Equity Fund | 14-Aug-25 | 2298851 | $29047811 | $1021155 | $30068966 | $11053498  |
|  Destinations Equity Income Fund | 14-Aug-25 | 1120239 | $14708574 | $381045 | $15089619 | $8357538 |

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**Notes to Financial Statements** 

**August 31, 2025 (unaudited)(concluded)** 

13. Segment Reporting

During the reporting period, the Funds adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The adoption of this new standard only impacts financial statement disclosures and does not affect the Funds' financial positions or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Adviser is deemed to be the CODM of the Funds. Each of the Funds is considered to be a single operating segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations is the information used for the day-to-day management of the Funds. The operating results are consistent with, but not limited to, the information presented in the Funds' Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

14. New Accounting Pronouncement

In December 2023, FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09") Improvements to Income Tax Disclosures, to enhance income tax disclosures. Main provisions include disaggregated tax rate reconciliation as well as income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. At this time, management is currently evaluating the amendment's impact on the financial statements.

15. Subsequent Events

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

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

Brinker Capital Destinations Trust (the "Trust" and, each series thereof a "Fund," and together, the "Funds") and Orion Portfolio Solutions, LLC (d/b/a Brinker Capital Investments) (the "Adviser"), operate under an investment advisory agreement (the "Advisory Agreement"), pursuant to which the Adviser selects investments in third-party funds and serves as a "manager of managers" for the Funds in that it selects and oversees professional third-party money managers (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") who are responsible for investing allocated assets of one or more Funds' assets 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 agreement be specifically approved by the vote of a majority of the outstanding shareholders of the Fund and the vote of a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) of any party to the Agreements (the "Independent Trustees") cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the Investment Company Act requires that the continuation or renewal of any investment advisory agreement be approved at least annually (after an initial period of up to two years), which requires the vote of a majority of the Board of Trustees (the "Board"), including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required because of an exemptive order that was granted to the Trust by the U.S. Securities and Exchange Commission ("SEC"). In addition, as a result of the impact of the coronavirus and COVID-19 pandemic, the SEC issued three Orders in 2020 that conditionally exempt registered investment companies and their investment advisers and principal underwriters from in-person voting requirements. The relief provided by those Orders has not yet been withdrawn by the SEC Staff, and the Trust remains able to rely on that relief under certain circumstances.

**Board Considerations of the Sub-Advisory Agreements** 

During the period covered by this Semi-Annual Report, the Board considered the renewal of certain Sub-Advisory Agreements with existing Sub-Advisers. In particular, at a meeting of the Board held on March 4-5, 2025, 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 the: (i) Destinations Large Cap Equity Fund by SSGA Funds Management Inc. ("SSGA"); (ii) Destinations Small-Mid Cap Equity Fund by SSGA; and (iii) Destinations International Equity Fund by BAMCO, Inc., Barrow Hanley Global Investors; Causeway Capital Management, Loomis, Sayles & Company, L.P., MFS Investment Management. SSGA, and T. Rowe Price Associates, Inc. Further, at a meeting of the Board held on May 28, 2025, 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 the: (i) Destinations Large Cap Equity Fund by Newton Investment Management North America, LLC, River Road Asset Management, LLC, and William Blair Investment Management, LLC; and (ii) Destinations Shelter Fund by Gateway Investment Advisers, LLC. In the context of its deliberation on these renewals, the Board also considered information provided by the Adviser during prior meetings.

For these meetings, the Board requested and received information from the Adviser and the Sub-Advisers that it deemed reasonably necessary for its review of the Sub-Advisory Agreements and to evaluate the relevant performance of each Sub-Adviser, with respect to the Funds. This information was provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Board also received a memorandum from counsel regarding the responsibilities of the Board in connection with its consideration of whether to renew the Trust's Sub-Advisory Agreements. Finally, the Independent Trustees received advice from independent counsel to the Independent Trustees, met in executive sessions outside the presence of Fund management and participated in question and answer sessions with representatives of the Adviser and the Sub-Advisers.

Specifically, during the course of the Trust's fiscal year, the Board requested and received written materials from the Adviser and the Sub-Advisers regarding: (i) the quality of the Sub-Advisers' investment management and other services; (ii) the Sub-Advisers' investment management personnel; (iii) the Sub-Advisers' operations and financial condition; (iv) the Sub-Advisers' brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the sub-advisory fees that the Adviser pays the Sub-Advisers, compared with fees charged to comparable accounts; (vi) the Sub-Advisers' compliance program, including a description of material compliance matters and material compliance violations; (vii) the Sub-Advisers' expertise and resources in domestic and/or international financial markets; and (viii) the Funds' performance over various periods of time compared with peer groups of mutual funds or the Funds' benchmark indexes.

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In voting to renew or approve the Sub-Advisory Agreements, as applicable, the Trustees considered whether the renewal or the approval of the Sub-Advisory Agreements would be in the best interests of the respective Fund and its shareholders, including an evaluation based on several factors, some of which are listed below.

**Nature, Extent and Quality of the Sub-Advisory Services Provided** 

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' specific responsibilities in all aspects of the day-to-day management of the portion of the Funds' assets allocated to them, as well as the qualifications, experience and responsibilities of the persons serving as the portfolio managers for the Funds' assets to be managed by the Sub-Adviser and of other key personnel of the Sub-Adviser. The 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 expected to 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.

The Board discussed with representatives of the Adviser, the portfolio management strategy that would continue to be employed by each of the Sub-Advisers. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by each Sub-Adviser was adequate and appropriate in light of: (i) the Sub-Adviser's experience and the qualifications of its investment personnel in providing portfolio management services to other investment portfolios, (ii) the portfolio management and research resources expected to be applied by the Sub-Adviser in managing the portion of the Fund's assets allocated to them, (iii) how the Sub-Adviser is expected to complement the applicable Fund's existing Sub-Advisers, (iv) the Sub-Adviser's compliance program, and (v) the Adviser's recommendation to engage the Sub-Adviser.

**Performance** 

The Board received information from the Adviser 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, its 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.

**Management Fees and Expense Ratios** 

As to each Fund, the Board noted that it had reviewed and considered at the November 2024 Governance Committee meeting and the December 2024 Board Meeting, and in conversations at meetings throughout the year, the contractual management fees payable by the Adviser to the Sub-Advisers in light of the nature, extent and quality of the sub-advisory services provided by the Sub-Advisers. The Board also reviewed and considered whether any fee waiver and/or expense reimbursement arrangements were in place for a Fund and considered the actual fee rate (after taking any such waivers and reimbursements into account) ("Actual Management Fee"), noting in particular the existence of an ongoing contractual fee waiver that limits the total amount of advisory fees that may be retained by the Adviser to 44.4 basis points of each Fund's assets. The Board noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and each Sub-Adviser, whereby the Adviser has no incentive to not vigorously negotiate the sub-advisory fees, given that a lower total advisory fee will make the Funds more competitive in the marketplace, generally. The Board also noted that the Actual Management Fee for each of the Funds was lower than the contractual management fee. Additionally, the Board considered and discussed information about the Sub-Advisers' fees and comparable information for other sub-advised funds and accounts managed by the Sub-Advisers.

**Profitability** 

For certain Sub-Advisers, the Board considered whether the levels of compensation and profitability realized by each Sub-Adviser were reasonable in connection with its management of the Funds. For other Sub-Advisers, that were unwilling to provide account-specific profitability due to confidentiality concerns, the Board determined that the absence of such information was not determinative to the Board's decision to renew or approve the Sub-Advisory Agreement. Further, in those cases where Sub-Advisers were willing and able to provide account-specific profitability information, the Board took into consideration that calculating an investment adviser's performance on the basis of a single account (in particular a single sub-advised account) may

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not be an accurate reflection of the profitability of that investment adviser at the firm level or at the level of an investment strategy. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to each Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and the Adviser.

**Economies of Scale** 

As to each Sub-Advisory Agreement, the Board considered and discussed whether the size of the assets allocated to the Sub-Adviser and, if applicable, the size of the Sub-Adviser's investment strategy as a whole, warranted consideration of whether sufficient economies of scale could be realized by the Sub-Adviser with respect to its management of the Fund, such that the implementation of a breakpoint fee or a fee reduction might be appropriate. As part of this assessment, the Board took into consideration inflow and outflow trends across the Fund complex, across various periods, as well as recent market trends for mutual funds overall. As to each Fund, the Board also noted that to the extent the Fund's assets increase over time, the Fund and its shareholders, in general, should realize economies of scale as certain expenses, such as fixed fees, become a smaller percentage of overall assets.

**Other Benefits** 

As to each Fund, the Board considered other benefits received or that could be expected to be received by each Sub-Adviser and its affiliates as a result of their relationship with the Funds, including soft dollar arrangements, receipt of brokerage, the opportunity to offer additional products and services to Fund shareholders, or other benefits that could accrue to the Sub-Advisers in terms of increased visibility or reputation within the industry (so-called "fall-out benefits"). In light of each Sub-Adviser's day-to-day management of the portion of the respective Fund's assets allocated to it, the Board determined that any such ancillary benefits that the Sub-Adviser and its affiliates receive through their management of the Funds are reasonable.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, including the Independent Trustees, with the advice of Fund counsel and independent legal counsel, unanimously 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.

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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 Adviser, 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 "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 80. 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br>**Date of Birth** | **Position(s)** <br>**Held with**<br>**Trust** | **Term of** <br>**Office**<br>**and Length of**<br>**Time Served\*** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years** | **Number of** <br>**Funds** <br>**in Fund** <br>**Complex** <br>**Overseen**<br>**By Trustee** | **Other Board** <br>**Memberships** <br>**Held During** <br>**Past Five Years** <br>**by Trustee**  |
| **INDEPENDENT TRUSTEES\***  | **INDEPENDENT TRUSTEES\***  | **INDEPENDENT TRUSTEES\***  | **INDEPENDENT TRUSTEES\***  | **INDEPENDENT TRUSTEES\***  | **INDEPENDENT TRUSTEES\***  |
| J. Scott Coleman, CFA<br>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. | 11 | Osterweis Capital Management since May 2022, Optimum Fund Trust from 2011 to 2015.  |
| Nicholas Marsini, Jr.<br>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. | 11 | FundVantage Trust, Third Avenue Trust, Third Avenue Variable Series Trust.  |

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|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br>**Date of Birth** | **Position(s)** <br>**Held with**<br>**Trust** | **Term of** <br>**Office**<br>**and Length of**<br>**Time Served\*** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years** | **Number of** <br>**Funds** <br>**in Fund** <br>**Complex** <br>**Overseen**<br>**By Trustee** | **Other Board** <br>**Memberships** <br>**Held During** <br>**Past Five Years** <br>**by Trustee**  |
| Gregory E. McGowan<br>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. | 11 | 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), The Dar Group (sub-advisory board), Hammerspace Inc. (sub-advisory board). |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br>**Date of Birth** | **Position(s)**<br>**Held with** <br>**Trust** | **Term of** <br>**Office and** <br>**Length of** <br>**Time Served\*** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years** | **Number of**<br>**Funds** <br>**in Fund** <br>**Complex** <br>**Overseen** <br>**by Trustee** | **Other Board** <br>**Memberships** <br>**Held During** <br>**Past Five Years** <br>**by Trustee**  |
| **INTERESTED TRUSTEES\***  | **INTERESTED TRUSTEES\***  | **INTERESTED TRUSTEES\***  | **INTERESTED TRUSTEES\***  | **INTERESTED TRUSTEES\***  | **INTERESTED TRUSTEES\***  |
| Joseph V. Del Raso\*\*<br>Birth Year: 1952 | Trustee | Since 2017 (Chair of the Board until April 1, 2018). | Partner at Troutman Pepper Hamilton LLP (law firm) since 1998. | 11 | Lifestar Holdings (Formerly Global Capital PLC a Malta Public Company).  |
| Noreen D. Beaman<br>Birth Year: 1964 | Chair of the Board of Trustees  | Since 2018 | Executive Coach at East Bay Merchant Partners since 2023; 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 2014 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. | 11 | Advisory Council to the Adviser since 2025. Board of Directors/Managers for following entities from 2020 to 2025 and Vice Chair from 2022 to 2025: GT Polaris GP, LLC, GT Polaris Holdings, Inc., GT Polaris Midco, Inc., Orion Advisor Solutions, Inc.; Commonwealth Financial Network, Advisory Board from May 2023 to May 2025. |

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\* 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)**<br>**Held with**<br>**Trust** | **Term of** <br>**Office and**<br>**Length of**<br>**Time**<br>**Served** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years**  |
| **OFFICERS\*\*\*** |  |  |  |
| Brian Ferko<br>Birth Year: 1971 | President & Chief Operating Officer  | Since March 2024 and September 2023 respectively | Chief 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 <br>Birth Year: 1980 | 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<br>Birth Year: 1977 | Secretary, Chief Compliance Officer & Anti Money Laundering Officer | Since January 2017 and March 2024 respectively. | Deputy Funds Chief Compliance Officer of Brinker Capital Investments since 2017; Director of Compliance of Penn Capital Management Company, Inc. from 2015 to 2017; Director of Compliance of Cipperman Compliance Services from 2013 to 2015; Associate of J.P. Morgan Chase & Co. from 2008 to 2013.  |
| Toni Gretsky, IACCP<sup>®</sup> <br>Birth Year: 1976 | Assistant Secretary | Since June 2024 | Senior Compliance and Fund Operations Manager of Brinker Capital Investments since 2023; Senior Compliance Associate at Orion Portfolio Solutions from 2020-2023; Compliance Coordinator at Brinker Capital from 2008-2020: Administrative Assistant/Supervisor for Brinker Capital from 2004-2008.  |
| Kylee Beach<br>Birth Year: 1984 | Assistant Secretary | Since March 2024 | General Counsel and Secretary, Orion Advisor Solutions, Inc., since 2019; Orion Advisor Technology, LLC, since 2014; Brinker Capital Investments, 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, NorthStar Financial Services Group, LLC from 2012 to 2018.  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Date of Birth** | **Position(s)**<br>**Held with**<br>**Trust** | **Term of** <br>**Office and**<br>**Length of**<br>**Time**<br>**Served** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years**  |
| Brian Storey, CFA<br>Birth Year: 1974 | Investment Officer | Since June 2022 | Head of Multi-Asset Strategies at Brinker Capital Investments since 2024; Deputy Chief Investment Officer - Destinations Portfolios at Brinker Capital Investments from 2023 to 2024; Senior Portfolio Manager at Brinker Capital Investments from 2022 to 2023; Senior Vice President and Senior Portfolio Manager at First Citizens Bank & Trust from 2016 to 2021.  |
| Andrew Goins, CFA <br>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.  |
| Timothy Holland, CFA <br>Birth Year: 1969 | Investment Officer | Since June 2022 | Chief Investment Officer of Brinker Capital Investments since September 2024 and from 2020 to 2023; Chief Investment Officer of TownSquare Capital, LLC, an Orion Company since 2023; Portfolio Manager of Brinker Capital Investments since 2017; 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.  |
| Patrick Amerson <br>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. |

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\*\*\* 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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**[**TABLE OF CONTENTS**](#TOC)**

![](brinker_logoefp-18167.jpg)

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** 

**2222 Market Street** 

**Philadelphia, PA 19103-3007** 

**www.morganlewis.com**

**Independent Registered Public Accounting Firm** 

**KPMG LLP** 

**1735 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 <u>www.destinationsfunds.com</u> for more information.

DSA_SAR

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There were no changes in and/or disagreements with Accountants during the period covered by this report.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT COMPANIES.**

The aggregate renumeration paid to all Trustees is included within the financial statements under Item 7 of this Form N-CSR.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

The basis for approval of the Investment Advisory Contracts is included within the financial statements under Item 7 of this Form N-CSR.

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not Applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not Applicable.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not Applicable.

**ITEM 15. 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 since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or this Item.

**ITEM 16. CONTROLS AND PROCEDURES.**

(a) The
 Registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness
 of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a
 date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation
 of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that
 occurred during the Registrant's period covered by this report, that have materially affected, or are reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not Applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

Not Applicable.

**ITEM 19. EXHIBITS.**

(a)(1) Not Applicable. <br>(a)(2) Not Applicable.

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| | |
|:---|:---|
| (a)(3) | [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.](bcdt-efp18167_ex99cert.htm) |
| (a)(4) | Not Applicable. |
| (a)(5) | There has been no change to the Registrant's independent public accountant during the reporting period. |
| (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.](bcdt-efp18167_ex99906cert.htm) |

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**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.

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| | |
|:---|:---|
| **Brinker Capital Destinations Trust** | **Brinker Capital Destinations Trust** |
| By: | (Signature and Title) |
| /s/ Brian Ferko | /s/ Brian Ferko |
| Brian Ferko | Brian Ferko |
| Title: | President |
| Date: | October 23, 2025 |

---

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.

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| | |
|:---|:---|
| By: (Signature and Title) | By: (Signature and Title) |
| /s/ Brian Ferko | /s/ Brian Ferko |
| Brian Ferko | Brian Ferko |
| Title: | President |
| Date: | October 23, 2025 |
| By: | (Signature and Title) |
| /s/ Kevin Fustos | /s/ Kevin Fustos |
| Kevin Fustos | Kevin Fustos |
| Title: | Chief Financial Officer and Treasurer |
| Date: | October 23, 2025 |

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## Ex-99.Cert

**EXHIBIT 99.CERT**

**CERTIFICATION**

I, Brian Ferko, certify that:

1. I have reviewed this report on Form N-CSR of Brinker Capital Destinations Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: October 23, 2025 |  |
|  | /s/ Brian Ferko |
|  | Brian Ferko |
|  | President |

---

**CERTIFICATION**

I, Kevin Fustos, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Brinker Capital Destinations Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: October 23, 2025 |  |
|  | /s/ Kevin Fustos |
|  | Kevin Fustos |
|  | Chief Financial Officer and Treasurer |

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## Exhibit 99.906

**EXHIBIT 99.906CERT**

CERTIFICATION PURSUANT TO 18 U.S.C. Section 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

I, Brian Ferko, President of Brinker Capital Destinations Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant for the semi-annual period ended August 31, 2025, as filed with the Securities and Exchange Commission
on the date hereof (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

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| | |
|:---|:---|
| Date: October 23, 2025 |  |
|  | /s/ Brian Ferko |
|  | Brian Ferko, President |

---

CERTIFICATION PURSUANT TO 18 U.S.C. Section 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

I, Kevin Fustos, Chief Financial Officer of Brinker Capital Destinations Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant
for the semi-annual period ended August 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"),
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: October 23, 2025 |  |
|  | /s/ Kevin Fustos |
|  | Kevin Fustos, Chief Financial Officer and Treasurer |

---