| IPS Strategic Capital Absolute Return Fund | |||||||||
| Schedule of Investments | |||||||||
| November 30, 2025 (Unaudited) | |||||||||
| Shares/Principal Amount | Fair Value | % of Net Assets | |||||||
| EXCHANGE TRADED FUNDS | |||||||||
| Equity Funds | |||||||||
| 1 | SPDR S&P 500 ETF Trust | $ 683 | |||||||
| Fixed Income | |||||||||
| 523,227 | Invesco BulletShares 2025 Corporate Bond ETF + | 10,822,951 | |||||||
| Total for Exchange Traded Funds (Cost $10,820,619) | 10,823,634 | 21.96% | |||||||
| MONEY MARKET FUNDS | |||||||||
| 1,585,573 | Federated Hermes Government Obligations Fund - Institutional | ||||||||
| Class 3.84% ** | 1,585,573 | ||||||||
| 1,585,573 | 3.22% | ||||||||
| Total for Money Market Funds (Cost $1,585,573) | |||||||||
| 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 4, 2025 Calls @ $5,200 | 91 | $ 47,320,000 | $ 14,966,770 | ||||||
| December 5, 2025 Calls @ $6,845 | 10 | 6,845,000 | 43,800 | ||||||
| December 19, 2025 Calls @ $5,000 | 35 | 17,500,000 | 6,486,375 | ||||||
| January 16, 2026 Calls @ $5,000 | 30 | 15,000,000 | 5,616,750 | ||||||
| February 20, 2026 Calls @ $5,000 | 35 | 17,500,000 | 6,621,825 | ||||||
| March 20, 2026 Calls @ $5,000 | 28 | 14,000,000 | 5,339,740 | ||||||
| April 17, 2026 Calls @ $5,000 | 25 | 12,500,000 | 4,815,625 | ||||||
| May 15, 2026 Calls @ $5,000 | 40 | 20,000,000 | 7,776,600 | ||||||
| Total for Call Options Purchased (Premiums Paid - $38,417,022) | 150,665,000 | 51,667,485 | |||||||
| Put Options Purchased | |||||||||
| CBOE S&P 500 Index * | |||||||||
| December 19, 2025 Puts @ $6,000 | 35 | $ 21,000,000 | $ 15,050 | ||||||
| January 16, 2026 Puts @ $6,000 | 30 | 18,000,000 | 48,150 | ||||||
| January 16, 2026 Puts @ $6,185 | 200 | 123,700,000 | 465,000 | ||||||
| January 16, 2026 Puts @ $6,755 | 160 | 108,080,000 | 1,532,800 | ||||||
| February 20, 2026 Puts @ $6,000 | 35 | 21,000,000 | 131,950 | ||||||
| March 20, 2026 Puts @ $6,000 | 28 | 16,800,000 | 159,740 | ||||||
| April 17, 2026 Puts @ $6,000 | 25 | 15,000,000 | 186,875 | ||||||
| May 15, 2026 Puts @ $6,000 | 40 | 24,000,000 | 370,800 | ||||||
| Total for Put Options Purchased (Premiums Paid - $8,955,246) | 347,580,000 | 2,910,365 | |||||||
| Total Options Purchased (Premiums Paid - $47,372,268) | $ 498,245,000 | 54,577,850 | 110.75% | ||||||
| Total Investment Securities (Cost - $59,778,460) | 66,987,057 | 135.93% | |||||||
| Liabilities in Excess of Other Assets | (17,706,628) | -35.93% | |||||||
| Net Assets | $ 49,280,429 | 100.00% | |||||||
| IPS Strategic Capital Absolute Return Fund | |||||||||
| Schedule of Options Written | |||||||||
| November 30, 2025 (Unaudited) | |||||||||
| CALL/PUT OPTIONS WRITTEN | Notional | ||||||||
| Expiration Date/Exercise Price | Contracts | Amount | Fair Value | ||||||
| Call Options Written | |||||||||
| CBOE S&P 500 Index * | |||||||||
| December 19, 2025 Calls @ $6,000 | 35 | $ 21,000,000 | $ 3,007,900 | ||||||
| January 16, 2026 Calls @ $6,000 | 30 | 18,000,000 | 2,672,250 | ||||||
| February 20, 2026 Calls @ $6,000 | 35 | 21,000,000 | 3,250,625 | ||||||
| March 20, 2026 Calls @ $6,000 | 28 | 16,800,000 | 2,689,260 | ||||||
| April 17, 2026 Calls @ $6,000 | 25 | 15,000,000 | 2,481,250 | ||||||
| May 15, 2026 Calls @ $6,000 | 40 | 24,000,000 | 4,096,800 | ||||||
| Total for Call Options Written (Premiums Received - $9,667,696) | 115,800,000 | 18,198,085 | |||||||
| Put Options Written | |||||||||
| CBOE S&P 500 Index * | |||||||||
| December 19, 2025 Puts @ $5,000 | 35 | 17,500,000 | 3,063 | ||||||
| January 16, 2026 Puts @ $5,000 | 30 | 15,000,000 | 13,200 | ||||||
| January 16, 2026 Puts @ $5,830 | 300 | 174,900,000 | 361,500 | ||||||
| January 16, 2026 Puts @ $6,265 | 240 | 150,360,000 | 664,800 | ||||||
| February 20, 2026 Puts @ $5,000 | 35 | 17,500,000 | 39,725 | ||||||
| March 20, 2026 Puts @ $5,000 | 28 | 14,000,000 | 50,820 | ||||||
| April 17, 2026 Puts @ $5,000 | 25 | 12,500,000 | 63,375 | ||||||
| May 15, 2026 Puts @ $5,000 | 40 | 20,000,000 | 131,000 | ||||||
| Total for Put Options Written (Premiums Received - $3,725,252) | 421,760,000 | 1,327,483 | |||||||
| Total Options Written (Premiums Received - $13,392,948) | $ 537,560,000 | $ 19,525,568 | |||||||
| * Non-Income Producing Securities. | |||||||||
| ** The rate shown represents the 7-day yield at November 30, 2025. | |||||||||
| + Portion or all of the security is pledged as collateral for options written. | |||||||||