| IPS Strategic Capital Absolute Return Fund | |||||||||
| Schedule of Investments | |||||||||
| May 31, 2026 (Unaudited) | |||||||||
| Shares/Principal Amount | Fair Value | % of Net Assets | |||||||
| EXCHANGE TRADED FUNDS | |||||||||
| Equity Funds | |||||||||
| 1 | State Street SPDR S&P 500 ETF | $ 756 | |||||||
| Fixed Income | |||||||||
| 22,052 | Alpha Architect 1-3 Month Box ETF + | 2,577,438 | |||||||
| Total for Exchange Traded Funds (Cost $2,538,312) | 2,578,194 | 5.97% | |||||||
| MONEY MARKET FUNDS | |||||||||
| 1,346,381 | Federated Hermes Government Obligations Fund - Institutional | ||||||||
| Class 3.48% ** | 1,346,381 | ||||||||
| 1,346,381 | 3.12% | ||||||||
| Total for Money Market Funds (Cost $1,346,381) | |||||||||
| 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 18, 2026 Call @ $5,000 | 10 | 5,000,000 | $ 2,590,500 | ||||||
| June 18, 2026 Call @ $5,400 | 119 | 64,260,000 | 26,070,520 | ||||||
| July 17, 2026 Call @ $5,000 | 1 | 500,000 | 260,385 | ||||||
| July 17, 2026 Call @ $6,000 | 20 | 12,000,000 | 3,227,200 | ||||||
| August 21, 2026 Call @ $6,000 | 19 | 11,400,000 | 3,117,805 | ||||||
| September 18, 2026 Call @ $6,000 | 35 | 21,000,000 | 5,823,825 | ||||||
| October 16, 2026 Call @ $6,000 | 35 | 21,000,000 | 5,915,000 | ||||||
| Invesco DB US Dollar Index Bullish Fund * | |||||||||
| January 15, 2027 Call @ $27 | 200 | 540,000 | 23,000 | ||||||
| State Street® Energy Select Sector SPDR® ETF * | |||||||||
| January 15, 2027 Call @ $57.50 | 50 | 287,500 | 21,625 | ||||||
| United States Oil Fund LP * | |||||||||
| June 18, 2026 Call @ $107 | 25 | 267,500 | 55,688 | ||||||
| July 17, 2026 Call @ $104 | 5 | 52,000 | 12,900 | ||||||
| January 15, 2027 Call @ $69 | 20 | 138,000 | 121,150 | ||||||
| Total for Call Options Purchased (Premiums Paid - $40,043,639) | 136,445,000 | 47,239,598 | |||||||
| Put Options Purchased | |||||||||
| Cboe S&P 500 Index * | |||||||||
| June 18, 2026 Put @ $6,000 | 10 | $ 6,000,000 | $ 1,250 | ||||||
| June 30, 2026 Put @ $7,320 | 30 | 21,960,000 | 119,400 | ||||||
| July 2, 2026 Put @ $7,450 | 100 | 74,500,000 | 675,500 | ||||||
| July 10, 2026 Put @ $7,550 | 170 | 128,350,000 | 1,857,250 | ||||||
| July 17, 2026 Put @ $7,000 | 21 | 14,700,000 | 62,475 | ||||||
| August 21, 2026 Put @ $7,000 | 19 | 13,300,000 | 120,935 | ||||||
| September 18, 2026 Put @ $7,000 | 35 | 24,500,000 | 319,375 | ||||||
| October 16, 2026 Put @ $7,000 | 35 | 24,500,000 | 407,750 | ||||||
| Total for Put Options Purchased (Premiums Paid - $7,079,498) | 307,810,000 | 3,563,935 | |||||||
| Total Options Purchased (Premiums Paid - $47,123,137) | $ 444,255,000 | 50,803,533 | 117.61% | ||||||
| Total Investment Securities (Cost - $51,007,830) | 54,728,108 | 126.70% | |||||||
| Liabilities in Excess of Other Assets | (11,532,461) | -26.70% | |||||||
| Net Assets | $ 43,195,647 | 100.00% | |||||||
| IPS Strategic Capital Absolute Return Fund | |||||||||
| Schedule of Options Written | |||||||||
| May 31, 2026 (Unaudited) | |||||||||
| CALL/PUT OPTIONS WRITTEN | Notional | ||||||||
| Expiration Date/Exercise Price | Contracts | Amount | Fair Value | ||||||
| Call Options Written | |||||||||
| Cboe S&P 500 Index * | |||||||||
| June 18, 2026 Call @ $5,390 | 1 | $ 539,000 | $ 220,105 | ||||||
| June 18, 2026 Call @ $6,000 | 10 | 6,000,000 | 1,593,850 | ||||||
| July 17, 2026 Call @ $7,000 | 21 | 14,700,000 | 1,348,620 | ||||||
| August 21, 2026 Call @ $7,000 | 19 | 13,300,000 | 1,324,585 | ||||||
| September 18, 2026 Call @ $7,000 | 35 | 24,500,000 | 2,592,100 | ||||||
| October 16, 2026 Call @ $7,000 | 35 | 24,500,000 | 2,744,175 | ||||||
| Total for Call Options Written (Premiums Received - $6,051,334) | 83,539,000 | 9,823,435 | |||||||
| Put Options Written | |||||||||
| Cboe S&P 500 Index * | |||||||||
| June 18, 2026 Put @ $5,000 | 10 | 5,000,000 | 350 | ||||||
| June 30, 2026 Put @ $6,850 | 45 | 30,825,000 | 46,800 | ||||||
| July 2, 2026 Put @ $7,000 | 150 | 105,000,000 | 258,750 | ||||||
| July 10, 2026 Put @ $7,120 | 255 | 181,560,000 | 807,075 | ||||||
| July 17, 2026 Put @ $5,000 | 1 | 500,000 | 195 | ||||||
| July 17, 2026 Put @ $6,000 | 20 | 12,000,000 | 12,100 | ||||||
| August 21, 2026 Put @ $6,000 | 19 | 11,400,000 | 32,300 | ||||||
| September 18, 2026 Put @ $6,000 | 35 | 21,000,000 | 96,425 | ||||||
| October 16, 2026 Put @ $6,000 | 35 | 21,000,000 | 135,100 | ||||||
| Total for Put Options Written (Premiums Received - $2,876,825) | 388,285,000 | 1,389,095 | |||||||
| Total Options Written (Premiums Received - $8,928,159) | $ 471,824,000 | $ 11,212,530 | |||||||
| * Non-Income Producing Securities. | |||||||||
| ** The rate shown represents the 7-day yield at May 31, 2026. | |||||||||
| + Portion or all of the security is pledged as collateral for options written. | |||||||||