Optima Strategic Credit Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 30.9%
  
Shares
    
Value
  
iShares iBoxx $ High Yield Corporate Bond ETF (a)
    
130,000
    
$
10,344,100
  
TOTAL EXCHANGE TRADED FUNDS (Cost $10,326,199)
      
10,344,100
  
                 
SHORT-TERM INVESTMENTS - 52.4%
          
Value
 
Money Market Funds - 52.4%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.24% (a)(b)
    
17,544,320
      
17,544,320
  
TOTAL SHORT-TERM INVESTMENTS (Cost $17,544,320)
      
17,544,320
  
                 
TOTAL INVESTMENTS - 83.3% (Cost $27,870,519)
      
27,888,420
  
Other Assets in Excess of Liabilities - 16.6%
      
5,563,036
  
TOTAL NET ASSETS - 100.0%
          
$
33,451,456
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.


Optima Strategic Credit Fund
Schedule of Credit Default Swaps
May 31, 2025 (Unaudited)

REFERENCE OBLIGATION *
  
FINANCING
RATE RECEIVED
(PAID)
  
RATING OF
REFERENCE
ENTITY
  
MATURITY
DATE
  
NOTIONAL
AMOUNT (b)
    
VALUE (c)
    
UPFRONT PAYMENTS
(RECEIPTS)
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
  
SELL PROTECTION(a):
MARKIT CDX.NA.HY.44
06/30 (Sell Protection)
  
5.00%
Quarterly
  
B/BB(d)
  
06/20/2030
    
32,000,000
    
$
2,018,656
    
$
1,973,440
    
$
45,216
  
                       
$
 2,018,656     $
 1,973,440     $
 45,216  

* Centrally cleared swap.

The Fund has recorded an asset of $24,028 as of May 31, 2025 related to the current day’s variation margin related to these contracts.
  
   
(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.
  
   
(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
  
   
(c) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(d) Rating provided by Markit
  


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Optima Strategic Credit Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Exchange Traded Funds
    
10,344,100
      
–
      
–
      
10,344,100
  
  Money Market Funds
    
17,544,320
      
–
      
–
      
17,544,320
  
Total Investments
    
27,888,420
      
–
      
–
      
27,888,420
  
   
Other Financial Instruments:
                                
  Credit Default Swaps*
    
–
      
45,216
      
–
      
45,216
  
Total Other Financial Instruments
    
–
      
45,216
      
–
      
45,216
  
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.