The Brinsmere Fund - Conservative ETF
Schedule of Investments
June 30, 2026 (Unaudited)

EXCHANGE TRADED FUNDS - 99.9%

Shares  

Value  
Alternatives - 2.3%

iMGP DBi Managed Futures Strategy ETF

            270,033

    $        8,265,710






Commodities - 2.1%

SPDR Gold MiniShares Trust (a)

            95,625

             7,594,538






Domestic Equity - 30.9%

Invesco RAFI US 1000 ETF

            236,767

             12,792,521
Invesco S&P 500 Momentum ETF

            110,300

             17,817,862
State Street SPDR Portfolio S&P 400 Mid Cap ETF

            138,669

             9,368,478
State Street SPDR Portfolio S&P 500 ETF

            298,825

             26,260,741
State Street SPDR Portfolio S&P 600 Small Cap ETF

            166,444

             9,598,825
Vanguard Growth ETF

            176,543

             15,207,414
Vanguard Mega Cap Growth ETF

            171,945

             15,115,685
Vanguard Small-Cap Growth ETF

            15,752

             5,760,506




             111,922,032






Domestic Fixed Income - 53.8%

iShares 0-1 Year Treasury Bond ETF

            252,668

             27,881,914
iShares MBS ETF

            225,258

             21,291,386
Vanguard Intermediate-Term Corporate Bond ETF

            434,746

             35,931,757
Vanguard Intermediate-Term Treasury ETF

            891,096

             52,556,842
Vanguard Long-Term Treasury ETF

            194,316

             10,722,357
Vanguard Short-Term Inflation-Protected Securities ETF

            251,191

             12,617,324
Xtrackers USD High Yield Corporate Bond ETF

            921,943

             33,669,358




             194,670,938






Foreign Equity - 10.8%

Avantis International Small Cap Value ETF

            53,807

             5,544,811
Columbia EM Core ex-China ETF

            99,435

             5,258,123
Dimensional Emerging Markets Value ETF

            133,625

             5,701,391
Dimensional International Core Equity 2 ETF

            153,761

             5,729,135
Dimensional International Value ETF

            104,966

             5,670,263
iShares MSCI EAFE Min Vol Factor ETF

            64,295

             5,639,315
Schwab Fundamental International Equity ETF

            109,092

             5,755,694




             39,298,732
TOTAL EXCHANGE TRADED FUNDS (Cost $349,379,540)

             361,751,950






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.1%
Shares  

Value  
First American Treasury Obligations Fund - Class X, 3.58% (b)

            429,759

             429,759
TOTAL MONEY MARKET FUNDS (Cost $429,759)

             429,759






TOTAL INVESTMENTS - 100.0% (Cost $349,809,299)

             362,181,709
Liabilities in Excess of Other Assets - (0.0)% (c)
(0.00028)
            (99,902)
TOTAL NET ASSETS - 100.0%




    $        362,081,807


Percentages are stated as a percent of net assets.










(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized yield as of June 30, 2026.
(c)

Represents less than 0.05% of net assets.













Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
The Brinsmere Fund - Conservative ETF 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Exchange Traded Funds
    $        361,751,950

    $        –

    $        –

    $        361,751,950
  Money Market Funds
            429,759

            –

            –

            429,759
Total Investments
    $        362,181,709

    $        –

    $        –

    $        362,181,709




 

Refer to the Schedule of Investments for further disaggregation of investment categories.