| IPS Strategic Capital Absolute Return Fund |
| | | | Schedule of Investments |
| | | | May 31, 2024 (Unaudited) |
| Shares/Principal Amount | | | | | Fair Value | % of Net Assets |
| | | | | | | | | | |
| EXCHANGE TRADED FUNDS | | | | | | | |
| | | | | | | | | | |
| Equity Funds | | | | | | | | | |
| 1 | | SPDR S&P 500 ETF Trust | | | | | $ 527 | | 0.00% |
| | | | | | | | | | |
| Fixed Income | | | | | | | |
| 305,000 | | Invesco BulletShares 2024 Corporate Bond ETF | | | | 6,417,200 | | |
| | | | | | | | | | |
| Total for Exchange Traded Funds (Cost $6,391,393) | | | | | 6,417,727 | | 12.56% |
| | | | | | | | | | |
| U.S. TREASURY BILLS | | | | | | | |
| $ 2,800,000 | | 5.23%, due 10/03/2024 ** *** + | | | | | 2,750,705 | | |
| 2,078,000 | | 5.28%, due 11/29/2024 ** *** + | | | | | 2,024,720 | | |
| 2,070,000 | | 5.21%, due 12/26/2024 ** *** + | | | | | 2,010,011 | | |
| 1,540,000 | | 5.10%, due 01/23/2025 ** *** + | | | | | 1,490,651 | | |
| Total for Government Securities (Cost $8,283,707) | | | | | 8,276,087 | | 16.20% |
| | | | | | | | | | |
| MONEY MARKET FUNDS | | | | | | | |
| 1,584,707 | | Federated Hermes Government Obligations Fund - Institutional | | | | |
| | | Class 5.19% **** | | | | | 1,584,707 | | 3.10% |
| Total for Money Market Funds (Cost $1,584,707) | | | | | | | |
| | | | | | | | | | |
| 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 4, 2024 Calls @ $5,230 | 13 | | $ 6,799,000 | | 74,685 | | |
| June 14, 2024 Calls @ $5,230 | 35 | | 18,305,000 | | 307,300 | | |
| June 21, 2024 Calls @ $4,000 | 43 | | 17,200,000 | | 5,562,910 | | |
| July 19, 2024 Calls @ $4,400 | 8 | | 3,520,000 | | 731,920 | | |
| August 16, 2024 Calls @ $4,550 | 9 | | 4,095,000 | | 708,435 | | |
| September 20, 2024 Calls @ $4,000 | 53 | | 21,200,000 | | 7,121,345 | | |
| September 20, 2024 Calls @ $4,500 | 8 | | 3,600,000 | | 688,480 | | |
| November 15, 2024 Calls @ $4,000 | 60 | | 24,000,000 | | 8,265,900 | | |
| December 20, 2024 Calls @ $4,000 | 64 | | 25,600,000 | | 8,933,120 | | |
| December 20, 2024 Calls @ $5,250 | 11 | | 5,775,000 | | 339,570 | | |
| January 17, 2025 Calls @ $4,000 | 68 | | 27,200,000 | | 9,617,580 | | |
| February 21, 2025 Calls @ $4,000 | 16 | | 6,400,000 | | 2,291,680 | | |
| | | | | | | | | | |
| Total for Call Options Purchased (Premiums Paid - $29,318,264) | | 163,694,000 | | 44,642,925 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Put Options Purchased | | | | | | | |
| CBOE S&P 500 Index * | | | | | | | |
| June 21, 2024 Puts @ $5,000 | 43 | | 21,500,000 | | 23,005 | | |
| July 19, 2024 Puts @ $5,330 | 12 | | 6,396,000 | | 105,360 | | |
| September 20, 2024 Puts @ $5,000 | 53 | | 26,500,000 | | 250,690 | | |
| November 15, 2024 Puts @ $5,000 | 60 | | 30,000,000 | | 445,800 | | |
| December 20, 2024 Puts @ $5,000 | 64 | | 32,000,000 | | 565,120 | | |
| January 17, 2025 Puts @ $5,000 | 68 | | 34,000,000 | | 658,580 | | |
| February 21, 2025 Puts @ $5,000 | 16 | | 8,000,000 | | 175,200 | | |
| | | | | | | | | | |
| Total for Put Options Purchased (Premiums Paid - $10,608,210) | | 158,396,000 | | 2,223,755 | | |
| | | | | | | | | | |
| Total Options Purchased (Premiums Paid - $39,926,474) | | $ 322,090,000 | | 46,866,680 | | 91.72% |
| | | | | | | | | | |
| Total Investment Securities (Cost - $56,186,281) | | | | | 63,145,201 | | 123.58% |
| | | | | | | | | | |
| | | Liabilities in Excess of Other Assets | | | | | (12,047,255) | | -23.58% |
| | | | | | | | | | |
| | | Net Assets | | | | | $ 51,097,946 | | 100.00% |
| | | | | | | | | | |
| | | | | | | | | | |
| IPS Strategic Capital Absolute Return Fund | | | | |
| | | | Schedule of Options Written |
| | | | May 31, 2024 (Unaudited) |
| CALL/PUT OPTIONS WRITTEN | | | Notional | | | | |
| Expiration Date/Exercise Price | Contracts | | Amount | | Fair Value | |
| | | | | | | | | | |
| Call Options Written | | | | | | | |
| CBOE S&P 500 Index * | | | | | | | |
| June 21, 2024 Calls @ $5,000 | 43 | | $ 21,500,000 | | $ 1,297,740 | | |
| September 20, 2024 Calls @ $5,000 | 53 | | 26,500,000 | | 2,124,505 | | |
| November 14, 2024 Calls @ $5,000 | 60 | | 30,000,000 | | 2,776,800 | | |
| December 20, 2024 Calls @ $5,000 | 64 | | 32,000,000 | | 3,172,160 | | |
| January 17, 2025 Calls @ $5,000 | 68 | | 34,000,000 | | 3,560,480 | | |
| February 21, 2025 Calls @ $5,000 | 16 | | 8,000,000 | | 887,200 | | |
| | | | | | | | | | |
| Total for Call Options Written (Premiums Received - $6,426,530) | | 152,000,000 | | 13,818,885 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Put Options Written | | | | | | | |
| CBOE S&P 500 Index * | | | | | | | |
| June 21, 2024 Puts @ $4,000 | 43 | | 17,200,000 | | 2,258 | | |
| June 21, 2024 Puts @ $4,995 | 67 | | 33,466,500 | | 34,840 | | |
| July 19, 2024 Puts @ $4,900 | 15 | | 7,350,000 | | 18,225 | | |
| July 19, 2024 Puts @ $5,085 | 24 | | 12,204,000 | | 63,360 | | |
| August 16, 2024 Puts @ $4,825 | 14 | | 6,755,000 | | 25,900 | | |
| September 20, 2024 Puts @ $4,000 | 53 | | 21,200,000 | | 40,280 | | |
| September 20, 2024 Puts @ $4,700 | 11 | | 5,170,000 | | 25,410 | | |
| November 15, 2024 Puts @ $4,000 | 60 | | 24,000,000 | | 87,600 | | |
| December 20, 2024 Puts @ $4,000 | 64 | | 25,600,000 | | 121,280 | | |
| December 20, 2024 Puts @ $4,150 | 11 | | 4,565,000 | | 24,970 | | |
| January 17, 2025 Puts @ $4,000 | 68 | | 27,200,000 | | 150,280 | | |
| February 21, 2025 Puts @ $4,000 | 16 | | 6,400,000 | | 42,640 | | |
| | | | | | | | | | |
| Total for Put Options Written (Premiums Received - $2,930,220) | | 191,110,500 | | 637,043 | | |
| | | | | | | | | | |
| Total Options (Premiums Received - $9,356,750) | | $ 343,110,500 | | $ 14,455,928 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| * Non-Income Producing Securities. | | | | | | | |
| ** Zero coupon bond. Coupon rate disclosed represents yield at May 31, 2024. | | | | |
| *** Level 2 Security. | | | | | | | |
| **** The rate shown represents the 7-day yield at May 31, 2024. | | | | | | |
| + Portion or all of the security is pledged as collateral for options written. Additionally, $2,482,152 was held at | | |
| the broker as collateral for options transactions. | | | | | | | |
