Sound
Mind
Investing
Fund
Schedule
of
Investments
July
31,
2025
-
(Unaudited)
EXCHANGE-TRADED
FUNDS
—
82.65%
Shares
Fair
Value
Cambria
Global
Value
ETF
315,540
$
8,648,951
First
Trust
STOXX®
European
Select
Dividend
Index
Fund
532,350
8,155,602
Invesco
International
BuyBack
Achievers
ETF
58,510
2,893,922
SMI
3Fourteen
Full-Cycle
Trend
ETF
(a)(b)
1,952,740
50,576,356
USCF
SummerHaven
Dynamic
Commodity
Strategy
No
K-1
Fund
(c)
433,520
9,528,770
Total
Exchange-Traded
Funds
(Cost
$78,275,135)
79,803,601
MUTUAL
FUNDS
—
16.92%
Aegis
Value
Fund,
Inc.,
Institutional
Class
208,800
9,675,770
Artisan
International
Small
Cap
Fund,
Investor
Class
(c)
100
1,900
Artisan
International
Value
Fund,
Investor
Class
(c)
40
2,097
Artisan
Mid
Cap
Value
Fund,
Investor
Class
117
1,780
Champlain
Small
Company
Fund,
Institutional
Class
(c)
100
2,211
Columbia
Acorn
Fund,
Institutional
Class
(c)
137
1,682
Delaware
Ivy
Large
Cap
Growth
Fund,
Class
I
(c)
89
3,797
DFA
International
Small
Cap
Value
Portfolio,
Institutional
Class
100
2,761
DFA
International
Small
Company
Portfolio,
Institutional
Class
100
2,333
DFA
U.S.
Small
Cap
Value
Portfolio,
Institutional
Class
38
1,798
Franklin
Small
Cap
Value
Fund,
Advisor
Class
29
1,732
Hartford
International
Opportunities
Fund
(The),
Class
Y
98
2,173
Invesco
Oppenheimer
International
Small-Mid
Company
Fund,
Class
Y
47
1,966
Janus
Henderson
Mid
Cap
Value
Fund,
Class
T
111
1,767
Janus
Henderson
Venture
Fund,
Class
T
(c)
17
1,383
JOHCM
International
Select
Fund,
Institutional
Class
100
2,576
JPMorgan
Mid
Cap
Value
Fund,
Institutional
Class
46
1,721
JPMorgan
Small
Cap
Equity
Fund,
Select
Class
31
1,688
JPMorgan
Small
Cap
Growth
Fund,
Class
L
100
2,172
JPMorgan
U.S.
Research
Enhanced
Equity
Fund,
Institutional
Class
42
1,977
Longleaf
Partners
Fund
79
1,906
Longleaf
Partners
Small-Cap
Fund
100
2,869
Lord
Abbett
Developing
Growth
Fund,
Inc.,
Institutional
Class
(c)
100
2,996
Morgan
Stanley
Institutional
Fund,
Inc.,
Institutional
Class
96,790
6,596,225
PRIMECAP
Odyssey
Aggressive
Growth
Fund
40
1,884
Prudential
Jennison
International
Opportunities,
Class
Z
(c)
64
2,161
Royce
Premier
Fund,
Investment
Class
157
1,741
T.
Rowe
Price
International
Discovery
Fund,
Investor
Class
30
2,145
T.
Rowe
Price
Mid-Cap
Growth
Fund,
Investor
Class
(c)
17
1,759
T.
Rowe
Price
New
Horizons
Fund,
Investor
Class
(c)
32
1,745
T.
Rowe
Price
Small-Cap
Value
Fund,
Investor
Class
32
1,675
Virtus
NFJ
Small-Cap
Value
Fund,
Institutional
Class
162
2,387
Wasatch
International
Growth
Fund,
Investor
Class
(c)
77
1,862
Total
Mutual
Funds
(Cost
$14,548,605)
16,336,639
Sound
Mind
Investing
Fund
Schedule
of
Investments
(continued)
July
31,
2025
-
(Unaudited)
MONEY
MARKET
FUNDS
-
0.53%
Shares
Fair
Value
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
4.26%
(d)
507,074
$
507,074
Total
Money
Market
Funds
(Cost
$507,074)
507,074
Total
Investments
—
100.10%
(Cost
$93,330,814)
96,647,314
Liabilities
in
Excess
of
Other
Assets — (0.10)%
(94,877)
NET
ASSETS
—
100.00%
$
96,552,437
(a)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets.
Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
July
31,
2025,
the
percentage
of
net
assets
invested
in
SMI
3Fourteen
Full-Cycle
Trend
ETF
was
52.38%
of
the
Fund.
The
financial
statements
and
portfolio
holdings
for
these
securities
can
be
found
at
www.sec.gov.
(b)
Affiliated
Company.
(c)
Non-income
producing
security.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2025.
ETF
-
Exchange-Traded
Fund
SMI
Dynamic
Allocation
Fund
Schedule
of
Investments
July
31,
2025
-
(Unaudited)
EXCHANGE-TRADED
FUNDS
—
77.84%
Shares
Fair
Value
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
111,500
$
13,578,469
Franklin
FTSE
Europe
ETF
16,430
544,819
Franklin
FTSE
Japan
ETF
8,520
270,510
Grayscale
Bitcoin
Mini
Trust
ETF
(a)
17,200
889,240
Invesco
QQQ
Trust,
Series
1
12,150
6,864,871
iShares
Core
U.S.
REIT
ETF
9,540
534,335
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
12,610
1,375,877
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
14,770
1,371,690
iShares
MSCI
EAFE
ETF
133,540
11,687,421
iShares
MSCI
Emerging
Markets
ex
China
ETF
8,590
539,624
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF
(a)
21,050
807,899
ProShares
S&P
®
500
®
Dividend
Aristocrats
ETF
13,380
1,361,683
Schwab
High
Yield
Bond
ETF
104,230
2,754,799
Schwab
International
Equity
ETF
26,180
570,462
Schwab
Long-Term
U.S.
Treasury
ETF
8,650
272,129
Schwab
U.S.
Tips
ETF
30,820
819,812
SMI
3Fourteen
Real
Asset
Allocation
ETF
(a)(b)
342,320
8,872,010
SPDR
®
Bloomberg
1-3
Month
T-Bill
ETF
2,220
203,685
SPDR
®
S&P
®
500
®
ETF
Trust
3,620
2,288,130
USCF
SummerHaven
Dynamic
Commodity
Strategy
No
K-1
Fund
(a)
11,380
250,132
Vanguard
Energy
Index
Fund
ETF
2,250
275,513
Vanguard
Small-Cap
Index
Fund
ETF
2,230
538,657
Total
Exchange-Traded
Funds
(Cost
$52,012,138)
56,671,767
CLOSED-END
FUNDS
—
20.12%
Sprott
Physical
Gold
Trust
(a)
582,020
14,649,443
Total
Closed-End
Funds
Cost
($10,332,733)
14,649,443
MUTUAL
FUNDS
—
1.87%
AQR
Diversifying
Strategies
Fund,
Class
I
(a)
101,955
1,362,125
Total
Mutual
Funds
(Cost
$1,331,878)
1,362,125
MONEY
MARKET
FUNDS
-
0.07%
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
4.26%
(c)
53,618
53,618
Total
Money
Market
Funds
(Cost
$53,618)
53,618
Total
Investments
—
99.90%
(Cost
$63,730,367)
72,736,953
Other
Assets
in
Excess
of
Liabilities — 0.10%
76,158
NET
ASSETS
—
100.00%
$
72,813,111
(a)
Non-income
producing
security.
(b)
Affiliated
Company.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2025.
ETF
-
Exchange-Traded
Fund
REIT
-
Real
Estate
Investment
Trust
SPDR
-
Standard
&
Poor's
Depositary
Receipt
SMI
Multi-Strategy
Fund
Schedule
of
Investments
July
31,
2025
-
(Unaudited)
EXCHANGE-TRADED
FUNDS
—
77.91%
Shares
Fair
Value
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
39,660
$
4,829,795
Cambria
Global
Value
ETF
60,720
1,664,335
First
Trust
STOXX
®
European
Select
Dividend
Index
Fund
114,510
1,754,293
Franklin
FTSE
Europe
ETF
5,790
191,996
Franklin
FTSE
Japan
ETF
3,070
97,473
Global
X
Defense
Tech
ETF
27,420
1,681,394
Grayscale
Bitcoin
Mini
Trust
ETF
(a)
6,230
322,091
Invesco
International
BuyBack
Achievers
ETF
13,570
671,176
Invesco
QQQ
Trust,
Series
1
4,300
2,429,543
iShares
Core
US
REIT
ETF
3,470
194,355
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
4,410
481,175
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
5,390
500,569
iShares
MSCI
EAFE
ETF
47,830
4,186,082
iShares
MSCI
Emerging
Markets
ex
China
ETF
2,930
184,063
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF
7,620
292,456
ProShares
S&P
®
500
®
Dividend
Aristocrats
ETF
4,660
474,248
Schwab
High
Yield
Bond
ETF
37,270
985,047
Schwab
International
Equity
ETF
6,880
149,915
Schwab
Long-Term
U.S.
Treasury
ETF
3,170
99,728
Schwab
U.S.
Tips
ETF
11,030
293,398
SMI
3Fourteen
Full-Cycle
Trend
ETF
(b)
393,330
10,187,325
SMI
3Fourteen
Real
Asset
Allocation
ETF
(a)(b)
113,470
2,940,836
SPDR
®
S&P
®
Aerospace
&
Defense
ETF
(a)
5,010
1,084,865
SPDR
®
Bloomberg
1-3
Month
T-Bill
ETF
1,070
98,173
SPDR
®
S&P
®
500
®
ETF
Trust
1,260
796,421
USCF
SummerHaven
Dynamic
Commodity
Strategy
No
K-1
Fund
(a)
96,640
2,124,147
VanEck
Uranium
and
Nuclear
ETF
9,590
1,099,014
Vanguard
Energy
Index
Fund
ETF
800
97,960
Vanguard
Small-Cap
Index
Fund
ETF
800
193,240
Total
Exchange-Traded
Funds
(Cost
$37,682,943)
40,105,113
CLOSED-END
FUNDS
—
10.05%
Sprott
Physical
Gold
Trust
(a)
205,520
5,172,938
Total
Closed-End
Funds
Cost
($3,682,781)
5,172,938
MUTUAL
FUNDS
—
11.74%
Aegis
Value
Fund,
Inc.,
Institutional
Class
48,916
2,266,748
AQR
Diversifying
Strategies
Fund,
Class
I
(a)
36,517
487,862
Fidelity
Select
Defense
and
Aerospace
Portfolio
67,138
1,628,760
Invesco
International
Small-Mid
Company
Fund,
Class
Y
(a)
100
4,154
Lord
Abbett
Developing
Growth
Fund,
Inc.,
Institutional
Class
(a)
100
2,996
Morgan
Stanley
Institutional
Fund,
Inc.
,
Institutional
Class
24,197
1,649,056
Wasatch
International
Growth
Fund,
Investor
Class
(a)
100
2,415
Total
Mutual
Funds
(Cost
$5,493,743)
6,041,991
SMI
Multi-Strategy
Fund
Schedule
of
Investments
(continued)
July
31,
2025
-
(Unaudited)
MONEY
MARKET
FUNDS
-
0.34%
Shares
Fair
Value
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
4.26%
(c)
175,977
$
175,977
Total
Money
Market
Funds
(Cost
$175,977)
175,977
Total
Investments
—
100.04%
(Cost
$47,035,444)
51,496,019
Liabilities
in
Excess
of
Other
Assets — (0.04)%
(21,756)
NET
ASSETS
—
100.00%
$
51,474,263
(a)
Non-income
producing
security.
(b)
Affiliated
Company.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2025.
ETF
-
Exchange-Traded
Fund
REIT
-
Real
Estate
Investment
Trust
SPDR
-
Standard
&
Poor's
Depositary
Receipt