| IPS Strategic Capital Absolute Return Fund |
| | | | Schedule of Investments |
| | | | November 30, 2024 (Unaudited) |
| Shares/Principal Amount | | | | | Fair Value | % of Net Assets |
| | | | | | | | | | |
| EXCHANGE TRADED FUNDS | | | | | | | |
| | | | | | | | | | |
| Equity Funds | | | | | | | | | |
| 1 | | SPDR S&P 500 ETF Trust | | | | | $ 603 | | 0.00% |
| | | | | | | | | | |
| Fixed Income | | | | | | | |
| 305,000 | | Invesco BulletShares 2024 Corporate Bond ETF + | | 6,444,650 | | |
| 324,753 | | Invesco BulletShares 2025 High Yield Corporate Bond ETF + | | 7,505,042 | | |
| | | | | | | | 13,949,692 | | |
| | | | | | | | | | |
| Total for Exchange Traded Funds (Cost $13,890,547) | | | | | 13,950,295 | | 25.30% |
| | | | | | | | | | |
| U.S. TREASURY BILLS | | | | | | | |
| $ 2,070,000 | | 4.07%, due 12/26/2024 ** *** + | | 2,063,728 | | |
| 1,540,000 | | 4.27%, due 01/23/2025 ** *** + | | 1,530,149 | | |
| Total for Government Securities (Cost $3,591,025) | | | | | 3,593,877 | | 6.52% |
| | | | | | | | | | |
| MONEY MARKET FUNDS | | | | | | | |
| 604,925 | | Federated Hermes Government Obligations Fund - Institutional | | | | | |
| | | Class 4.50% **** | | | | | 604,925 | | 1.10% |
| Total for Money Market Funds (Cost $604,925) | | | | | | | |
| | | | | | | | | | |
| CALL/PUT OPTIONS PURCHASED | | | Notional | | | | |
| Expiration Date/Exercise Price | Contracts | | Amount | | Fair Value | % of Net Assets |
| | | | | | | | | | |
| Call Options Purchased | | | | | | | |
| CBOE S&P 500 Index * | | | | | | | |
| December 6, 2024 Calls @ $5,895 | 13 | | $ 7,663,500 | | $ 192,985 | | |
| December 6, 2024 Calls @ $5,980 | 22 | | 13,156,000 | | 158,730 | | |
| December 20, 2024 Calls @ $4,000 | 64 | | 25,600,000 | | 13,085,120 | | |
| December 20, 2024 Calls @ $5,250 | 61 | | 32,025,000 | | 4,892,505 | | |
| January 17, 2025 Calls @ $4,000 | 68 | | 27,200,000 | | 14,038,940 | | |
| February 21, 2025 Calls @ $4,000 | 16 | | 6,400,000 | | 3,329,040 | | |
| March 21, 2025 Calls @ $4,000 | 44 | | 17,600,000 | | 9,212,500 | | |
| April 17, 2025 Calls @ $5,000 | 14 | | 7,000,000 | | 1,603,770 | | |
| May 16, 2025 Calls @ $5,000 | 20 | | 10,000,000 | | 2,334,300 | | |
| June 20, 2025 Calls @ $5,000 | 55 | | 27,500,000 | | 6,560,675 | | |
| | | | | | | | | | |
| Total for Call Options Purchased (Premiums Paid - $34,331,145) | 174,144,500 | | 55,408,565 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Put Options Purchased | | | | | | | |
| CBOE S&P 500 Index * | | | | | | | |
| December 20, 2024 Puts @ $5,000 | 64 | | $ 32,000,000 | | $ 13,440 | | |
| December 20, 2024 Puts @ $5,855 | 17 | | 9,953,500 | | 27,710 | | |
| January 17, 2025 Puts @ $5,000 | 68 | | 34,000,000 | | 42,840 | | |
| January 17, 2025 Puts @ $6,020 | 12 | | 7,224,000 | | 86,280 | | |
| February 21, 2025 Puts @ $5,000 | 16 | | 8,000,000 | | 21,600 | | |
| March 21, 2025 Puts @ $5,000 | 44 | | 22,000,000 | | 91,520 | | |
| April 17, 2025 Puts @ $6,000 | 14 | | 8,400,000 | | 191,940 | | |
| May 16, 2025 Puts @ $6,000 | 20 | | 12,000,000 | | 309,800 | | |
| June 20, 2025 Puts @ $6,000 | 55 | | 33,000,000 | | 958,925 | | |
| | | | | | | | | | |
| Total for Put Options Purchased (Premiums Paid - $7,379,615) | 166,577,500 | | 1,744,055 | | |
| | | | | | | | | | |
| Total Options Purchased (Premiums Paid - $41,710,760) | $ 340,722,000 | | 57,152,620 | | 103.65% |
| | | | | | | | | | |
| Total Investment Securities (Cost - $59,797,257) | | | 75,301,716 | | 136.57% |
| | | | | | | | | | |
| | | Liabilities in Excess of Other Assets | | | | | (20,161,767) | | -36.57% |
| | | | | | | | | | |
| | | Net Assets | | | | | $ 55,139,949 | | 100.00% |
| | | | | | | | | | |
| | | | | | | | | | |
| IPS Strategic Capital Absolute Return Fund | | | | |
| | | | Schedule of Options Written |
| | | | November 30, 2024 (Unaudited) |
| CALL/PUT OPTIONS WRITTEN | | | Notional | | | | |
| Expiration Date/Exercise Price | Contracts | | Amount | | Fair Value | |
| | | | | | | | | | |
| Call Options Written | | | | | | | |
| CBOE S&P 500 Index * | | | | | | | |
| December 20, 2024 Calls @ $5,000 | 64 | | $ 32,000,000 | | $ 6,723,200 | | |
| January 17, 2025 Calls @ $5,000 | 68 | | 34,000,000 | | 7,318,500 | | |
| February 21, 2025 Calls @ $5,000 | 16 | | 8,000,000 | | 1,761,840 | | |
| March 21, 2025 Calls @ $5,000 | 44 | | 22,000,000 | | 4,940,540 | | |
| April 17, 2025 Calls @ $6,000 | 14 | | 8,400,000 | | 383,670 | | |
| May 16, 2025 Calls @ $6,000 | 20 | | 12,000,000 | | 618,600 | | |
| June 20, 2025 Calls @ $6,000 | 55 | | 33,000,000 | | 1,920,600 | | |
| | | | | | | | | | |
| Total for Call Options Written (Premiums Received - $9,655,617) | 149,400,000 | | 23,666,950 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Put Options Written | | | | | | | |
| CBOE S&P 500 Index * | | | | | | | |
| November 29, 2024 Puts @ $5,250 | 5 | | 2,625,000 | | 25 | | |
| November 29, 2024 Puts @ $5,725 | 20 | | 11,450,000 | | 100 | | |
| December 20, 2024 Puts @ $4,000 | 64 | | 25,600,000 | | 2,720 | | |
| December 20, 2024 Puts @ $5,200 | 56 | | 29,120,000 | | 15,820 | | |
| December 20, 2024 Puts @ $5,575 | 30 | | 16,725,000 | | 15,900 | | |
| January 17, 2025 Puts @ $4,000 | 68 | | 27,200,000 | | 12,920 | | |
| January 17, 2025 Puts @ $5,390 | 44 | | 23,716,000 | | 49,060 | | |
| February 21, 2025 Puts @ $4,000 | 16 | | 6,400,000 | | 7,120 | | |
| March 21, 2025 Puts @ $4,000 | 44 | | 17,600,000 | | 30,140 | | |
| April 17, 2025 Puts @ $5,000 | 14 | | 7,000,000 | | 38,710 | | |
| May 16, 2025 Puts @ $5,000 | 20 | | 10,000,000 | | 70,500 | | |
| June 20, 2025 Puts @ $5,000 | 55 | | 27,500,000 | | 245,575 | | |
| | | | | | | | | | |
| Total for Put Options Written (Premiums Received - $2,096,152) | 204,936,000 | | 488,590 | | |
| | | | | | | | | | |
| Total Options (Premiums Received - $11,751,769) | $ 354,336,000 | | $ 24,155,540 | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| * Non-Income Producing Securities. | | | |
| ** Zero coupon bond. Coupon rate disclosed represents yield at November 30, 2024. | | | |
| *** Level 2 Security. | | | |
| **** The rate shown represents the 7-day yield at November 30, 2024. | | | |
| + Portion or all of the security is pledged as collateral for options written. | | | |
