Sound
Mind
Investing
Fund
Schedule
of
Investments
July
31,
2026
-
(Unaudited)
Shares
Fair
Value
Exchange-Traded
Funds
—
66.22%
Large
Cap
ETFs
—
28.02%
SMI
3Fourteen
Full-Cycle
Trend
ETF
(a)(b)
886,640
$
25,802,022
Large
Value
ETFs
—
38.20%
iShares
MSCI
USA
Value
Factor
ETF
44,550
8,515,287
iShares
Russell
1000
Value
ETF
(b)
105,850
26,655,147
35,170,434
Total
Exchange-Traded
Funds
(Cost
$57,201,060)
60,972,456
Mutual
Funds
—
33.57%
International
Funds
—
0.01%
Artisan
International
Small
Cap
Fund
,
Investor
Class
100
2,062
Artisan
International
Value
Fund
,
Investor
Class
41
2,513
DFA
International
Small
Cap
Value
Portfolio
,
Institutional
Class
101
3,436
DFA
International
Small
Company
Portfolio
,
Institutional
Class
101
2,781
Hartford
International
Opportunities
Fund
(The)
,
Class
Y
99
2,533
Invesco
Oppenheimer
International
Small-Mid
Company
Fund
,
Class
Y
47
1,762
JOHCM
International
Select
Fund
,
Institutional
Class
103
3,000
Prudential
Jennison
International
Opportunities
,
Class
Z
64
2,267
T.
Rowe
Price
International
Discovery
Fund
,
Investor
Class
31
2,555
Wasatch
International
Growth
Fund
,
Investor
Class
(d)
119
1,867
24,776
Large
Cap
Funds
—
0.00%
(c)
Longleaf
Partners
Fund
79
1,811
Large
Growth
Funds
—
11.72%
JPMorgan
U.S.
Research
Enhanced
Equity
Fund
,
Institutional
Class
43
2,214
Delaware
Ivy
Large
Cap
Growth
Fund
,
Class
I
89
3,660
Needham
Small
Cap
Growth
Fund
,
Institutional
Class
(d)
315,022
10,767,458
10,773,332
Small
Cap
Funds
—
21.84%
Artisan
Mid
Cap
Value
Fund
,
Investor
Class
117
1,862
Champlain
Small
Company
Fund
,
Institutional
Class
122
2,292
Columbia
Acorn
Fund
,
Institutional
Class
138
1,949
DFA
U.S.
Small
Cap
Value
Portfolio
,
Institutional
Class
39
2,395
Franklin
Small
Cap
Value
Fund
,
Advisor
Class
31
2,279
Janus
Henderson
Mid
Cap
Value
Fund
,
Class
T
111
1,893
Janus
Henderson
Venture
Fund
,
Class
T
(d)
17
1,592
JPMorgan
Mid
Cap
Value
Fund
,
Institutional
Class
46
1,684
JPMorgan
Small
Cap
Equity
Fund
,
Select
Class
32
1,568
JPMorgan
Small
Cap
Growth
Fund
,
Class
L
100
2,659
Longleaf
Partners
Small-Cap
Fund
100
2,812
Lord
Abbett
Developing
Growth
Fund,
Inc.
,
Institutional
Class
100
4,032
Sound
Mind
Investing
Fund
Schedule
of
Investments
(continued)
July
31,
2026
-
(Unaudited)
Shares
Fair
Value
Mutual
Funds
—
33.57%
(continued)
Small
Cap
Funds
—
21.84%
(continued)
Oberweis
Micro-Cap
Fund
,
Institutional
Class
146,588
$
10,435,610
Paradigm
Select
Fund
(d)
76,600
9,627,149
PRIMECAP
Odyssey
Aggressive
Growth
Fund
40
2,408
Royce
Premier
Fund
,
Investment
Class
157
1,919
T.
Rowe
Price
Mid-Cap
Growth
Fund
,
Investor
Class
(d)
17
1,725
T.
Rowe
Price
New
Horizons
Fund
,
Investor
Class
(d)
32
1,838
T.
Rowe
Price
Small-Cap
Value
Fund
,
Investor
Class
32
1,981
Virtus
NFJ
Small-Cap
Value
Fund
,
Institutional
Class
167
3,023
20,102,670
Total
Mutual
Funds
(Cost
$32,350,786)
30,902,589
Money
Market
Funds
—
0.01%
(c)
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
3.59%
(e)
8,901
8,901
Total
Money
Market
Funds
(Cost
$8,901)
8,901
Total
Investments
—
99.80%
(Cost
$89,560,747)
91,883,946
Liabilities
in
Excess
of
Other
Assets
—
0.20%
182,140
Net
Assets
—
100.00%
$
92,066,086
(a)
Affiliated
(b)
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,
2026,
the
percentage
of
net
assets
invested
in
iShares
Russell
1000
Value
ETF
and
SMI
3Fourteen
Full-Cycle
Trend
ETF
was
28.95%
and
28.03%
of
the
Fund,
respectively.
The
financial
statements
and
portfolio
holdings
for
these
securities
can
be
found
at
www.sec.gov.
(c)
Percentage
rounds
to
less
than
0.05%
(d)
Non-income
producing
security.
(e)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2026.
ETF
-
Exchange-Traded
Fund
SMI
Dynamic
Allocation
Fund
Schedule
of
Investments
July
31,
2026
-
(Unaudited)
Shares
Fair
Value
Exchange-Traded
Funds
—
99.48%
Alternative
ETFs
—
8.90%
Grayscale
Bitcoin
Mini
Trust
ETF
(a)(b)
18,610
$
517,544
Simplify
DBi
CTA
Managed
Futures
Index
ETF
(a)
117,810
3,068,951
SPDR®
S&P®
Metals
&
Mining
ETF
8,010
806,207
USCF
SummerHaven
Dynamic
Commodity
Strategy
No
K-1
Fund
85,910
2,487,095
6,879,797
Domestic
Equity
ETFs
—
31.52%
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
201,140
9,580,297
Invesco
QQQ
Trust,
Series
1
6,430
4,423,776
iShares
Russell
2000
Growth
ETF
18,210
6,749,901
ProShares
S&P®
500®
Dividend
Aristocrats
ETF
24,050
1,372,774
Vanguard
Energy
Index
Fund
ETF
8,270
1,389,112
Vanguard
Small-Cap
Index
Fund
ETF
2,790
823,441
24,339,301
Dynamic
Asset
Allocation
ETFs
—
14.34%
SMI
3Fourteen
Real
Asset
Allocation
ETF
(c)
376,400
11,079,673
Fixed
Income
ETFs
—
8.18%
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
10,330
1,097,563
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
11,720
1,109,415
Schwab
High
Yield
Bond
ETF
63,480
1,651,115
Schwab
Long-Term
U.S.
Treasury
ETF
54,720
1,638,317
Schwab
U.S.
Tips
ETF
31,590
824,183
6,320,593
International
ETFs
—
20.75%
Franklin
FTSE
Europe
ETF
6,880
268,870
Franklin
FTSE
Japan
ETF
13,820
544,232
iShares
MSCI
EAFE
ETF
53,910
5,691,818
iShares
MSCI
Emerging
Markets
ex
China
ETF
89,010
8,199,600
Schwab
International
Equity
ETF
48,540
1,331,452
16,035,972
Real
Estate
ETFs
—
15.08%
iShares
Core
U.S.
REIT
ETF
171,640
11,652,639
Short
Term
Treasury
ETF
—
0.71%
SPDR®
Bloomberg
1-3
Month
T-Bill
ETF
6,010
550,997
Total
Exchange-Traded
Funds
(Cost
$66,994,502)
76,858,972
Closed-End
Funds
—
0.33%
Gold
Funds
—
0.33%
Sprott
Physical
Gold
Trust
(a)(b)
8,400
256,956
Total
Closed-End
Funds
(Cost
$127,235)
256,956
SMI
Dynamic
Allocation
Fund
Schedule
of
Investments
(continued)
July
31,
2026
-
(Unaudited)
Shares
Fair
Value
Money
Market
Funds
—
0.19%
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
3.59%
(d)
148,673
$
148,673
Total
Money
Market
Funds
(Cost
$148,673)
148,673
Total
Investments
—
100.00%
(Cost
$67,270,410)
77,264,601
Liabilities
in
Excess
of
Other
Assets
—
0.00%
(e)
(1,472)
Net
Assets
—
100.00%
$
77,263,129
(a)
Non-income
producing
security.
(b)
Security
is
not
registered
under
the
1940
ACT.
(c)
Affiliated.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2026.
(e)
Percentage
rounds
to
less
than
0.05%.
ETF
-
Exchange-Traded
Fund
REIT
-
Real
Estate
Investment
Trust
SPDR
-
Standard
&
Poor's
Depositary
Receipt
SMI
Multi-Strategy
Fund
Schedule
of
Investments
July
31,
2026
-
(Unaudited)
Shares
Fair
Value
Exchange-Traded
Funds
—
86.11%
DAA
Alternative
ETFs
—
3.90%
Grayscale
Bitcoin
Mini
Trust
ETF
(a)(b)
5,970
$
166,026
Simplify
DBi
CTA
Managed
Futures
Index
ETF
(a)
43,340
1,129,007
USCF
SummerHaven
Dynamic
Commodity
Strategy
No
K-1
Fund
31,610
915,110
2,210,143
DAA
Domestic
ETFs
—
11.45%
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
74,340
3,540,813
Invesco
QQQ
Trust,
Series
1
2,370
1,630,536
ProShares
S&P®
500®
Dividend
Aristocrats
ETF
8,840
504,587
Vanguard
Energy
Index
Fund
ETF
3,040
510,629
Vanguard
Small-Cap
Index
Fund
ETF
1,020
301,043
6,487,608
DAA
Dynamic
Allocation
ETFs
—
6.93%
SMI
3Fourteen
Real
Asset
Allocation
ETF
(c)
133,380
3,926,160
DAA
Fixed
Income
ETFs
—
4.10%
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
3,810
404,813
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
4,330
409,878
Schwab
High
Yield
Bond
ETF
23,690
616,177
Schwab
Long-Term
U.S.
Treasury
ETF
19,560
585,626
Schwab
U.S.
Tips
ETF
11,790
307,601
2,324,095
DAA
International
ETFs
—
10.39%
Franklin
FTSE
Europe
ETF
2,550
99,654
Franklin
FTSE
Japan
ETF
5,110
201,232
iShares
MSCI
EAFE
ETF
19,260
2,033,471
iShares
MSCI
Emerging
Markets
ex
China
ETF
32,780
3,019,694
Schwab
International
Equity
ETF
19,130
524,736
5,878,787
DAA
Real
Estate
ETFs
—
7.48%
iShares
Core
US
REIT
ETF
62,400
4,236,336
Domestic
Equity
ETFs
—
4.41%
iShares
Russell
2000
Growth
ETF
6,740
2,498,316
Large
Cap
ETFs
—
23.59%
iShares
Russell
1000
Value
ETF
27,200
6,849,503
SMI
3Fourteen
Full-Cycle
Trend
ETF
(c)
223,770
6,511,907
13,361,410
Large
Value
ETFs
—
3.85%
iShares
MSCI
USA
Value
Factor
ETF
11,420
2,182,819
Sector
ETFs
—
9.65%
Communication
Services
Select
Sector
SPDR®
ETF
2,750
297,660
Consumer
Discretionary
Select
Sector
SPDR®
Fund
460
53,401
SMI
Multi-Strategy
Fund
Schedule
of
Investments
(continued)
July
31,
2026
-
(Unaudited)
Shares
Fair
Value
Exchange-Traded
Funds
—
86.11%
(continued)
Sector
ETFs
—
9.65%
(continued)
Consumer
Staples
Select
Sector
SPDR®
Fund
280
$
23,814
Energy
Select
Sector
SPDR®
Fund
270
16,079
Financial
Select
Sector
SPDR®
Fund
970
55,232
Health
Care
Select
Sector
SPDR®
ETF
2,470
401,498
Industrial
Select
Sector
SPDR®
Fund
2,090
375,866
Materials
Select
Sector
SPDR®
Fund
170
8,573
Real
Estate
Select
Sector
SPDR®
ETF
1,180
53,183
SPDR®
S&P®
Metals
&
Mining
ETF
2,960
297,924
SPDR®
S&P®
Semiconductor
ETF
4,880
2,378,854
Technology
Select
Sector
SPDR®
ETF
8,540
1,497,489
Utilities
Select
Sector
SPDR®
Fund
170
7,540
5,467,113
Short
Term
Treasury
ETF
—
0.36%
SPDR®
Bloomberg
1-3
Month
T-Bill
ETF
2,250
206,280
Total
Exchange-Traded
Funds
(Cost
$44,120,255)
48,779,067
Closed-End
Funds
—
0.17%
DAA
Gold
Funds
—
0.17%
Sprott
Physical
Gold
Trust
(a)(b)
3,120
95,441
Total
Closed-End
Funds
(Cost
$48,080)
95,441
Mutual
Funds
—
13.52%
International
Funds
—
0.01%
Invesco
International
Small-Mid
Company
Fund
,
Class
Y
100
3,724
Wasatch
International
Growth
Fund
,
Investor
Class
(a)
100
1,567
5,291
Small
Cap
Funds
—
13.51%
Lord
Abbett
Developing
Growth
Fund,
Inc.
,
Institutional
Class
100
4,032
Needham
Small
Cap
Growth
Fund
,
Institutional
Class
(a)
77,745
2,657,337
Oberweis
Micro-Cap
Fund
,
Institutional
Class
36,151
2,573,607
Paradigm
Select
Fund
(a)
19,225
2,416,157
7,651,133
Total
Mutual
Funds
(Cost
$7,978,665)
7,656,424
Money
Market
Funds
—
0.22%
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
3.59%
(d)
127,399
127,399
Total
Money
Market
Funds
(Cost
$127,399)
127,399
SMI
Multi-Strategy
Fund
Schedule
of
Investments
(continued)
July
31,
2026
-
(Unaudited)
Shares
Fair
Value
Money
Market
Funds
—
0.22%
(continued)
Total
Investments
—
100.02%
(Cost
$52,274,399)
$
56,658,331
Liabilities
in
Excess
of
Other
Assets
—
(0.02)%
(10,212)
Net
Assets
—
100.00%
$
56,648,119
(a)
Non-income
producing
security.
(b)
Security
is
not
registered
under
the
1940
ACT.
(c)
Affiliated
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2026.
ETF
-
Exchange-Traded
Fund
REIT
-
Real
Estate
Investment
Trust
SPDR
-
Standard
&
Poor's
Depositary
Receipt