The Brinsmere Fund - Conservative ETF
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 99.7% (a)
  
Shares
    
Value
  
Commodities - 1.8%
        
SPDR Gold MiniShares Trust (b)
    
88,667
    
$
5,809,462
  
                 
Commodities Broad Basket - 1.5%
          
abrdn Bloomberg All Commodity Strategy K-1 Free ETF
    
226,990
      
4,714,582
  
                 
Domestic Equity - 29.3%
          
Invesco QQQ Trust Series 1
    
17,881
      
9,863,875
  
Real Estate Select Sector SPDR Fund
    
113,881
      
4,716,951
  
SPDR Portfolio S&P 400 Mid Cap ETF
    
135,921
      
7,391,384
  
SPDR Portfolio S&P 500 ETF
    
457,391
      
33,247,752
  
Vanguard Growth ETF
    
39,621
      
17,369,846
  
Vanguard Small-Cap ETF
    
16,306
      
3,864,196
  
Vanguard Value ETF
    
98,869
      
17,474,107
  
             
93,928,111
  
                 
Domestic Fixed Income - 51.9%
          
iShares 20+ Year Treasury Bond ETF
    
124,714
      
11,006,011
  
iShares Short Treasury Bond ETF
    
195,248
      
21,559,284
  
Vanguard Intermediate-Term Bond ETF
    
372,748
      
28,828,330
  
Vanguard Intermediate-Term Corporate Bond ETF
    
220,044
      
18,246,049
  
Vanguard Long-Term Bond ETF
    
210,460
      
14,635,388
  
Vanguard Short-Term Bond ETF
    
552,759
      
43,502,133
  
Vanguard Short-Term Corporate Bond ETF
    
99,849
      
7,937,996
  
Vanguard Short-Term Treasury ETF
    
242,378
      
14,246,979
  
Xtrackers USD High Yield Corporate Bond ETF
    
173,047
      
6,388,895
  
             
166,351,065
  
                 
Foreign Equity - 15.2%
          
Columbia EM Core ex-China ETF
    
375,720
      
12,842,110
  
iShares China Large-Cap ETF
    
217,530
      
7,996,403
  
Vanguard FTSE Emerging Markets ETF
    
82,827
      
4,096,623
  
Vanguard FTSE Europe ETF
    
152,304
      
11,803,560
  
Vanguard FTSE Pacific ETF
    
147,225
      
12,098,950
  
             
48,837,646
  
TOTAL EXCHANGE TRADED FUNDS (Cost $299,045,193)
      
319,640,866
  
                 
SHORT-TERM INVESTMENTS - 0.3%
          
Value
 
Money Market Funds - 0.3%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.24% (c)
    
831,252
      
831,252
  
TOTAL SHORT-TERM INVESTMENTS (Cost $831,252)
      
831,252
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $299,876,445)
      
320,472,118
  
Other Assets in Excess of Liabilities - 0.0% (d)
      
54,880
  
TOTAL NET ASSETS - 100.0%
          
$
320,526,998
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(d)
Represents less than 0.05% of net assets.


Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
The Brinsmere Fund - Conservative ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Exchange Traded Funds
    
319,640,866
      
–
      
–
      
319,640,866
  
  Money Market Funds
    
831,252
      
–
      
–
      
831,252
  
Total Investments
    
320,472,118
      
–
      
–
      
320,472,118
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.