Standpoint
Multi-Asset
Fund
Consolidated
Schedule
of
Investments
July
31,
2026
(Unaudited)
Exchange-Traded
Funds
—
56.32%
Shares
Fair
Value
iShares
Core
MSCI
International
Developed
Markets
ETF
472,600
$
42,765,574
iShares
Core
MSCI
Total
International
Stock
ETF
444,300
42,004,122
iShares
Core
S&P
500
ETF
101,300
76,007,416
Schwab
US
Large-Cap
ETF
2,564,300
75,492,992
SPDR
Portfolio
S&P
500
ETF
884,900
77,782,710
Vanguard
FTSE
All-World
ex-US
ETF
509,600
42,220,360
Vanguard
S&P
500
ETF
114,300
78,484,095
Vanguard
Total
International
Stock
ETF
494,100
41,795,919
Total
Exchange-Traded
Funds
(Cost $311,221,840)
476,553,188
U.S.
Government
&
Agencies
—
14.13%
(a)(b)
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
3.60%,
8/25/2026
$
49,577,000
49,468,037
United
States
Treasury
Bill,
3.86%,
11/24/2026
70,885,000
70,045,618
Total
U.S.
Government
&
Agencies
(Cost $119,481,740)
119,513,655
Total
Investments
—
70.45%
(Cost
$430,703,580)
596,066,843
Other
Assets
in
Excess
of
Liabilities — 29.55%
(c)
249,990,445
Net
Assets
—
100.00%
$
846,057,288
(a)
The
rate
shown
represents
effective
yield
at
time
of
purchase.
(b)
Non-income
producing
security.
(c)
Includes
cash
held
as
margin
for
futures
contracts.
ETF
-
Exchange-Traded
Fund.
SPDR
-
Standard
&
Poor's
Depositary
Receipt.
Standpoint
Multi-Asset
Fund
Consolidated
Schedule
of
Futures
Contracts
July
31,
2026
(Unaudited)
Contracts
Expiration
Date
Notional
Value
Value
and
Unrealized
Appreciation
(Depreciation)
LONG
CONTRACTS
Canola
Future
(a)
142
November
2026
$
1,536,121
$
(75,588)
Cocoa
Future
(a)
28
March
2027
1,566,038
(91,454)
Copper
Future
(a)
41
September
2026
14,176,907
129,795
Copper
Future
(a)
73
September
2026
11,799,538
28,713
E-Mini
S&P
500
Index
Future
455
September
2026
171,062,937
(1,113,915)
EURO
STOXX
50
Future
444
September
2026
32,640,580
381,824
FTSE
100
Index
Future
38
September
2026
5,564,286
177,551
Gas
Oil
Future
(a)
316
September
2026
38,883,800
2,058,825
Hard
Red
Winter
Wheat
Future
(a)
113
September
2026
3,997,375
(193,675)
Mexican
Peso
Currency
Future
271
September
2026
7,796,670
84,565
Milling
Wheat
Future
(a)
242
December
2026
3,182,375
(248,948)
MSCI
Singapore
Index
Future
46
August
2026
1,867,255
32,619
Nikkei
225
Index
Future
15
September
2026
6,004,787
(465,353)
NY
Harbor
ULSD
Future
(a)
117
September
2026
20,125,287
1,240,361
RBOB
Gasoline
Future
(a)
91
September
2026
11,902,472
235,384
Robusta
Coffee
Future
(a)
13
September
2026
491,660
180
S&P
Toronto
Stock
Exchange
60
Index
Future
37
September
2026
11,004,159
96,118
Soybean
Oil
Future
(a)
299
December
2026
12,001,860
(546,042)
TOPIX
Future
86
September
2026
21,538,766
175,152
Wheat
Future
(a)
173
September
2026
5,529,513
(302,787)
White
Sugar
Future
(a)
71
September
2026
1,638,680
(39,745)
Zinc
Future
(a)
58
September
2026
5,314,497
128,339
$
1,691,919
SHORT
CONTRACTS
10-Year
US
Treasury
Note
Future
(2,757)
September
2026
$
(297,755,999)
$
4,149,052
Canadian
Dollar
Currency
Future
(443)
September
2026
(31,658,995)
(96,480)
Euro
Foreign
Exchange
Currency
Future
(1,014)
September
2026
(146,396,250)
(1,527,162)
French
Government
Bond
Future
(257)
September
2026
(34,724,200)
200,760
Gold
Future
(a)
(98)
December
2026
(40,248,600)
(175,940)
Henry
Hub
Natural
Gas
Future
(a)
(622)
August
2026
(17,086,340)
2,215,730
Japanese
10-Year
Bond
Future
(94)
September
2026
(75,041,496)
156,044
Japanese
Yen
Currency
Future
(566)
September
2026
(44,675,088)
(395,732)
Lean
Hogs
Future
(a)
(40)
October
2026
(1,357,600)
18,450
Platinum
Future
(a)
(14)
October
2026
(1,161,090)
(22,255)
Silver
Future
(a)
(13)
September
2026
(3,756,090)
(95,765)
Sugar
No.
11
Future
(a)
(147)
October
2026
(2,413,623)
(90,866)
Swiss
Franc
Currency
Future
(160)
September
2026
(24,860,000)
296,775
Ultra
10-Year
US
Treasury
Note
Future
(997)
September
2026
(109,374,016)
1,024,423
Volatility
Index
Future
(85)
August
2026
(1,538,891)
35,489
$
5,692,523
(a)
Holding
of
the
Standpoint
Multi-Asset
(Cayman)
Fund,
Ltd.