| IPS Strategic Capital Absolute Return Fund | |||||||||
| Schedule of Investments | |||||||||
| May 31, 2025 (Unaudited) | |||||||||
| Shares/Principal Amount | Fair Value | % of Net Assets | |||||||
| EXCHANGE TRADED FUNDS | |||||||||
| Equity Funds | |||||||||
| 1 | SPDR S&P 500 ETF Trust | $ 589 | 0.00% | ||||||
| Fixed Income | |||||||||
| 514,021 | Invesco BulletShares 2025 Corporate Bond ETF + | 10,629,954 | 20.36% | ||||||
| Total for Exchange Traded Funds (Cost $10,630,037) | 10,630,544 | 20.36% | |||||||
| U.S. TREASURY BILLS | |||||||||
| $ 1,750,000 | 3.80%, due 6/26/2025 ** + | 1,745,083 | |||||||
| 1,750,000 | 4.09%, due 7/31/2025 ** + | 1,737,854 | |||||||
| Total for Government Securities (Cost $3,482,086) | 3,482,936 | 6.67% | |||||||
| MONEY MARKET FUNDS | |||||||||
| 1,530,822 | Federated Hermes Government Obligations Fund - Institutional | ||||||||
| Class 4.17% *** | 1,530,822 | 2.93% | |||||||
| Total for Money Market Funds (Cost $1,530,822) | |||||||||
| CALL/PUT OPTIONS PURCHASED | Notional | ||||||||
| Expiration Date/Exercise Price | Contracts | Amount | Fair Value | % of Net Assets | |||||
| Call Options Purchased | |||||||||
| CBOE S&P 500 Index * | |||||||||
| June 2, 2025 Calls @ $5,635 | 48 | $ 27,048,000 | $ 1,297,680 | ||||||
| June 20, 2025 Calls @ $5,000 | 55 | 27,500,000 | 5,032,225 | ||||||
| June 30, 2025 Calls @ $5,700 | 96 | 54,720,000 | 2,550,720 | ||||||
| July 18, 2025 Calls @ $6,000 | 41 | 24,600,000 | 400,365 | ||||||
| September 19, 2025 Calls @ $5,000 | 31 | 15,500,000 | 3,098,295 | ||||||
| October 17, 2025 Calls @ $5,000 | 60 | 30,000,000 | 6,158,400 | ||||||
| November 21, 2025 Calls @ $5,000 | 10 | 5,000,000 | 1,056,450 | ||||||
| December 19, 2025 Calls @ $5,000 | 35 | 17,500,000 | 3,776,500 | ||||||
| January 16, 2026 Calls @ $5,000 | 30 | 15,000,000 | 3,314,250 | ||||||
| February 20, 2026 Calls @ $5,000 | 28 | 14,000,000 | 3,166,660 | ||||||
| March 20, 2026 Calls @ $5,000 | 28 | 14,000,000 | 3,221,680 | ||||||
| Total for Call Options Purchased (Premiums Paid - $35,923,315) | 244,868,000 | 33,073,225 | |||||||
| Put Options Purchased | |||||||||
| CBOE S&P 500 Index * | |||||||||
| June 20, 2025 Puts @ $6,000 | 55 | $ 33,000,000 | $ 698,225 | ||||||
| June 30, 2025 Puts @ $5,850 | 100 | 58,500,000 | 784,500 | ||||||
| July 18, 2025 Puts @ $5,950 | 140 | 83,300,000 | 1,969,100 | ||||||
| July 18, 2025 Puts @ $7,000 | 41 | 28,700,000 | 4,353,380 | ||||||
| September 19, 2025 Puts @ $6,000 | 31 | 18,600,000 | 709,280 | ||||||
| October 17, 2025 Puts @ $6,000 | 60 | 36,000,000 | 1,512,000 | ||||||
| November 21, 2025 Puts @ $6,000 | 10 | 6,000,000 | 277,450 | ||||||
| December 19, 2025 Puts @ $4,850 | 3 | 1,455,000 | 21,075 | ||||||
| December 19, 2025 Puts @ $6,000 | 35 | 21,000,000 | 1,029,175 | ||||||
| January 16, 2026 Puts @ $6,000 | 30 | 18,000,000 | 913,950 | ||||||
| February 20, 2026 Puts @ $6,000 | 28 | 16,800,000 | 901,040 | ||||||
| March 20, 2026 Puts @ $6,000 | 28 | 16,800,000 | 937,440 | ||||||
| Total for Put Options Purchased (Premiums Paid - $14,525,699) | 338,155,000 | 14,106,615 | |||||||
| Total Options Purchased (Premiums Paid - $50,449,014) | $ 583,023,000 | 47,179,840 | 90.35% | ||||||
| Total Investment Securities (Cost - $66,091,959) | 62,824,142 | 120.31% | |||||||
| Liabilities in Excess of Other Assets | (10,607,867) | -20.31% | |||||||
| Net Assets | $ 52,216,275 | 100.00% | |||||||
| IPS Strategic Capital Absolute Return Fund | |||||||||
| Schedule of Options Written | |||||||||
| May 31, 2025 (Unaudited) | |||||||||
| CALL/PUT OPTIONS WRITTEN | Notional | ||||||||
| Expiration Date/Exercise Price | Contracts | Amount | Fair Value | ||||||
| Call Options Written | |||||||||
| CBOE S&P 500 Index * | |||||||||
| June 20, 2025 Calls @ $6,000 | 55 | $ 33,000,000 | $ 241,450 | ||||||
| July 18, 2025 Calls @ $7,000 | 41 | 28,700,000 | 923 | ||||||
| September 19, 2025 Calls @ $6,000 | 31 | 18,600,000 | 616,900 | ||||||
| October 17, 2025 Calls @ $6,000 | 60 | 36,000,000 | 1,434,900 | ||||||
| November 21, 2025 Calls @ $6,000 | 10 | 6,000,000 | 283,450 | ||||||
| December 19, 2025 Calls @ $6,000 | 35 | 21,000,000 | 1,098,650 | ||||||
| January 16, 2026 Calls @ $6,000 | 30 | 18,000,000 | 1,034,100 | ||||||
| February 20, 2026 Calls @ $6,000 | 28 | 16,800,000 | 1,061,900 | ||||||
| March 20, 2026 Calls @ $6,000 | 28 | 16,800,000 | 1,132,040 | ||||||
| Total for Call Options Written (Premiums Received - $9,467,283) | 194,900,000 | 6,904,313 | |||||||
| Put Options Written | |||||||||
| CBOE S&P 500 Index * | |||||||||
| June 2, 2025 Puts @ $5,640 | 50 | 28,200,000 | 625 | ||||||
| June 20, 2025 Puts @ $4,050 | 9 | 3,645,000 | 428 | ||||||
| June 20, 2025 Puts @ $4,650 | 124 | 57,660,000 | 16,430 | ||||||
| June 20, 2025 Puts @ $5,000 | 55 | 27,500,000 | 14,438 | ||||||
| June 30, 2025 Puts @ $5,580 | 150 | 83,700,000 | 448,500 | ||||||
| July 18, 2025 Puts @ $5,435 | 210 | 114,135,000 | 746,550 | ||||||
| July 18, 2025 Puts @ $6,000 | 41 | 24,600,000 | 666,865 | ||||||
| September 19, 2025 Puts @ $5,000 | 31 | 15,500,000 | 136,245 | ||||||
| October 17, 2025 Puts @ $5,000 | 60 | 30,000,000 | 344,400 | ||||||
| November 21, 2025 Puts @ $5,000 | 10 | 5,000,000 | 73,350 | ||||||
| December 19, 2025 Puts @ $5,000 | 35 | 17,500,000 | 296,975 | ||||||
| January 16, 2026 Puts @ $5,000 | 30 | 15,000,000 | 282,000 | ||||||
| February 20, 2026 Puts @ $5,000 | 28 | 14,000,000 | 299,180 | ||||||
| March 20, 2026 Puts @ $5,000 | 28 | 14,000,000 | 327,320 | ||||||
| Total for Put Options Written (Premiums Received - $5,185,184) | 450,440,000 | 3,653,305 | |||||||
| Total Options Written (Premiums Received - $14,652,467) | $ 645,340,000 | $ 10,557,618 | |||||||
| * Non-Income Producing Securities. | |||||||||
| ** Zero coupon bond. Coupon rate disclosed represents yield at May 31, 2025. | |||||||||
| *** The rate shown represents the 7-day yield at May 31, 2025. | |||||||||
| + Portion or all of the security is pledged as collateral for options written. | |||||||||