Ironclad Managed Risk Fund
SCHEDULE OF INVESTMENTS
As of June 30, 2026 (Unaudited)
Number
of Shares 		  Value
  EXCHANGE-TRADED FUNDS – 98.4%  
153,639 iShares Core S&P 500 ETF $115,058,711
6,805 State Street SPDR S&P 500 ETF Trust 5,081,770
164,258 Vanguard S&P 500 ETF 112,814,037
  TOTAL EXCHANGE-TRADED FUNDS  
  (Cost $143,362,010) 232,954,518
    
Number
of Contracts 		   
  PURCHASED OPTIONS CONTRACTS – 1.3%  
  PUT OPTIONS – 1.3%  
  S&P 500 Index  
160 Exercise Price: $5,400.00, Notional Amount: $86,400,000, Expiration Date: August 21, 2026 67,200
160 Exercise Price: $7,400.00, Notional Amount: $118,400,000, Expiration Date: August 21, 2026 1,805,600
160 Exercise Price: $5,400.00, Notional Amount: $86,400,000, Expiration Date: July 31, 2026 28,000
160 Exercise Price: $7,400.00, Notional Amount: $118,400,000, Expiration Date: July 31, 2026 1,292,000
  TOTAL PUT OPTIONS  
  (Cost $4,715,021) 3,192,800
  TOTAL PURCHASED OPTIONS CONTRACTS  
  (Cost $4,715,021) 3,192,800
    
Principal
Amount 		   
  SHORT-TERM INVESTMENTS–1.0%  
$2,310,040 UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.06%1 2,310,040
  TOTAL SHORT-TERM INVESTMENTS  
  (Cost $2,310,040) 2,310,040
  TOTAL INVESTMENTS – 100.7%  
  (Cost $150,387,071) 238,457,358
  Liabilities in Excess of Other Assets – (0.7)% (1,708,162)
  TOTAL NET ASSETS – 100.0% $236,749,196
    
Ironclad Managed Risk Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2026 (Unaudited)
Number
of Contracts 		  Value
  WRITTEN OPTIONS CONTRACTS – (1.1)%  
  CALL OPTIONS – (0.7)%  
  State Street Technology Select Sector SPDR ETF  
(1,179) Exercise Price: $180.00, Notional Amount: $(21,222,000), Expiration Date: July 17, 2026 $(1,512,068)
  TOTAL CALL OPTIONS  
  (Proceeds $1,701,105) (1,512,068)
  PUT OPTIONS – (0.4)%  
  Cboe Volatility Index  
(5,000) Exercise Price: $17.00, Notional Amount: $(8,500,000), Expiration Date: July 22, 2026 (350,000)
  S&P 500 Index  
(320) Exercise Price: $6,400.00, Notional Amount: $(204,800,000), Expiration Date: August 21, 2026 (449,600)
(320) Exercise Price: $6,400.00, Notional Amount: $(204,800,000), Expiration Date: July 31, 2026 (195,200)
  TOTAL PUT OPTIONS  
  (Proceeds $1,585,910) (994,800)
  TOTAL WRITTEN OPTIONS CONTRACTS  
  (Proceeds $3,287,015) $(2,506,868)
    
ETF – Exchange-Traded Fund
    
1The rate is the annualized seven-day yield at period end.